透视新氧中期业绩：不止是“第二曲线”，而是一场价值重估的开端

Core Viewpoint - The article discusses the strategic transformation of the company, So-Young, from a traditional internet medical beauty platform to a chain of physical aesthetic clinics, highlighting the challenges and opportunities this shift presents [4][7][33]. Financial Performance - In Q2, So-Young reported total revenue of 379 million RMB, a year-on-year decline of 7.0%, with a net loss of 36 million RMB [2]. - The traditional information and reservation services segment generated revenue of 135 million RMB, down 35.6%, accounting for 35.7% of total revenue [5]. - In contrast, the aesthetic treatment services segment saw revenue of 144 million RMB, a significant increase of 426.1%, making it the largest revenue source at 38.1% of total revenue [5]. Strategic Transformation - The company is transitioning from a "traffic broker" model to an "industry landlord" model, focusing on offline aesthetic clinic chains, which is seen as a response to rising traffic costs and regulatory pressures [7][8]. - This transformation is characterized by a significant shift in revenue sources, with the offline aesthetic business rapidly growing and offsetting declines in traditional services [8]. Business Model and Competitive Advantage - So-Young's business model now integrates "platform + supply chain + stores," creating a comprehensive ecosystem that enhances customer acquisition and operational efficiency [12][23]. - The company has established a large private traffic pool, allowing for lower customer acquisition costs compared to industry averages [13][14]. - By controlling key supply chain elements and standardizing store operations, So-Young aims to achieve rapid and scalable expansion while maintaining service quality [15][16]. Market Potential - The light medical beauty market in China is projected to grow from 176 billion RMB in 2023 to over 250 billion RMB by 2025, with a compound annual growth rate exceeding 20% [30][31]. - As a leading player in the industry, So-Young is well-positioned to capitalize on this growth, supported by its strategic initiatives and market influence [32]. Future Outlook - The company aims to expand its store count significantly, with plans to reach 50 stores by the end of 2025 and a long-term goal of 1,000 stores within 8 to 10 years [25][26]. - The successful establishment of a positive cash flow from its clinics indicates a promising path toward profitability as the business matures [27]. - The integration of AI and digital capabilities is expected to enhance operational efficiency and service quality, further solidifying So-Young's competitive edge [28][29].