新氧：2025Q3业绩点评报告：线下门店快速扩张，大单品策略稳步推进

Investment Rating - The report maintains an "Overweight" rating for the company [1][9] Core Insights - The company has shown strong growth in its beauty treatment services, with Q3 revenue reaching 184 million yuan, a year-on-year increase of 304.6%, exceeding management's guidance [4][5] - The company is expected to continue expanding its offline medical beauty stores, with a target of reaching 50 stores by the end of the year [5][6] - The report forecasts revenue growth for the company from 15.6 billion yuan in 2025 to 37.4 billion yuan in 2027, with corresponding net profits turning positive by 2026 [8][9] Financial Performance Summary - For Q3 2025, total revenue was 387 million yuan, up 4.0% year-on-year [4][5] - The beauty treatment service revenue was 184 million yuan, significantly driven by the expansion of beauty centers [5] - The company reported a GAAP net loss of 64 million yuan for Q3 2025, compared to a net profit of 20 million yuan in the same period last year [6][8] - The gross margin for Q3 2025 was 47.3%, a decrease of 14.5 percentage points year-on-year, primarily due to the lower margin of the beauty treatment business [5][6] Future Projections - Revenue is projected to grow at a rate of 6% in 2025, 68% in 2026, and 43% in 2027 [7][8] - The company is expected to achieve a net profit of 61 million yuan in 2026 and 155 million yuan in 2027 [8][9] - The report anticipates improvements in profit margins as the company optimizes its product mix and benefits from seasonal demand recovery in Q4 2025 [5][6]