Core Viewpoint - New Oxygen Technology is undergoing a strategic transformation amid a slowdown in online traffic and increasing regulation in the medical beauty industry, resulting in a decline in overall revenue and a shift towards offline business growth [1][2]. Financial Performance - In Q2, New Oxygen's total revenue decreased by 7.0% year-on-year to 379 million yuan, with a net loss of 36 million yuan compared to a profit of 18.9 million yuan in the same period last year [3][4]. - Revenue from information and appointment services, a core business, fell by 35.6% to 135 million yuan, indicating intensified competition and regulatory pressures in the online medical beauty service market [3][4]. - Revenue from medical product sales and maintenance services dropped by 28.1% to 76 million yuan, attributed to reduced order volumes and market demand changes [3][4]. Business Transformation - New Oxygen's offline light medical beauty chain business has seen explosive growth, with revenue from medical treatment services soaring by 426.1% year-on-year to 144 million yuan, becoming the largest revenue source for the company [1][4]. - The CEO expressed optimism about the offline business, indicating a significant structural breakthrough in the company's strategic transformation [1][6]. Expansion Plans - As of June 30, 2025, New Oxygen operates 29 light medical beauty chain stores in nine major cities, with plans to expand to 50 stores by the end of 2025 [6][7]. - The company aims to achieve a scale of 1,000 stores within 8 to 10 years, reflecting confidence in the long-term potential of the light medical beauty chain business [5][7]. - The management plans to pilot 2 to 3 franchise stores in Q4 2025, indicating a potential shift towards a franchise model in the future [8]. Market Challenges - Despite the growth in offline business, New Oxygen faces challenges from increasing competition in the light medical beauty market, with more participants entering the field [8][9].

Core Viewpoint - New Oxygen Technology is undergoing a significant strategic transformation amid a slowdown in online traffic and increasing regulation in the medical beauty industry, with a notable shift from online services to offline light medical beauty chain operations [1][2]. Financial Performance - In Q2, New Oxygen reported total revenue of 379 million yuan, a year-on-year decline of 7.0% [3]. - The company experienced a net loss of 36 million yuan in Q2, compared to a profit of 18.9 million yuan in the same period last year [4]. - Revenue from information and appointment services, a core business, fell by 35.6% to 135 million yuan, indicating intensified competition and regulatory pressures [3][4]. Business Transition - New Oxygen's offline light medical beauty chain business saw a remarkable growth of 426.1% in revenue, reaching 144 million yuan, becoming the largest revenue source for the company [1][6]. - The company plans to expand its "New Oxygen Youth Clinic" brand across China, aiming for a thousand-store scale in 8 to 10 years [6][7]. Operational Strategy - The management emphasizes a self-operated model for new stores, which allows for controlled capital expenditure and shorter payback periods, supported by a cash reserve of 999 million yuan [8]. - A franchise model is also being considered, with plans to pilot 2 to 3 franchise stores later this year [9]. Market Outlook - The rapid growth of the light medical beauty market is attracting more participants, leading to increased competition, which poses ongoing challenges for New Oxygen [9].

每经记者｜赵雯琪 每经编辑｜魏官红 整体营收下滑，传统业务承压 财报数据显示，新氧第二季度总营收为3.79亿元，同比下降了7.0%。这意味着，新氧曾经的核心业务信 息及预约服务正面临严峻挑战。 记者从财报数据发现，信息及预约服务作为新氧的起家业务，在本季度收入为1.35亿元，较2024年同期 的2.1亿元大幅下降35.6%。这一业务板块的下滑，也可以看出医美行业线上信息服务市场竞争加剧，新 氧面临着来自同行以及新兴平台的双重挤压。同时，行业监管趋严，部分不合规或竞争力较弱的医美机 构离场，导致新氧平台上订阅信息服务的机构数量减少，进而影响了该板块的收入。 财报披露，新氧第二季度医疗产品销售及维护服务收入为7600万元，较2024年同期的1.06亿元下降 28.1%，主要因医美产品订单量减少。这背后可能是由于市场需求变化、竞争产品冲击，以及公司自身 业务重心调整，对该板块资源投入相对减少等多方面因素所致。 在医美行业线上流量红利减缓、监管持续深化的大背景下，曾经的互联网医美平台巨头新氧科技 （Nasdaq：SY，股价3.74美元，市值3.75亿美元），正经历一场深刻的战略转型阵痛与机遇期。 8月15日，新氧发布 ...