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].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The retail sector shows steady recovery with a year-on-year increase of 4.8% in total retail sales from January to July 2025, and a 3.7% increase in July alone [5][25] - Online channels continue to grow, while offline growth rates are marginally slowing down; specific categories like gold and jewelry, as well as cosmetics, show significant improvement [5][30] - The report emphasizes the importance of consumer sentiment and suggests focusing on high-growth segments such as gold jewelry and domestic beauty brands [8][34] Summary by Sections Retail Market Overview - The retail index closed at 2214.55 points, up 0.44% for the week, underperforming the Shanghai Composite Index which rose by 0.86% [7][16] - The commercial property management sector saw the highest increase this week, while the jewelry sector has led the gains since the beginning of 2025 with a 30.19% increase [20][22] Retail Sales Data - In July 2025, retail sales reached 38,780 billion yuan, with a year-on-year growth of 3.7% [25] - Online retail sales for the first seven months of 2025 reached 86,835 billion yuan, growing by 9.2% year-on-year, with physical goods online sales at 70,790 billion yuan, up 6.3% [27][28] Key Investment Themes - **Gold and Jewelry**: Focus on brands with differentiated product offerings and consumer insights, recommending companies like Laopuhuangjin and Chaohongji [8][34] - **Cosmetics**: Highlighting the rise of domestic brands and the need for innovation in product offerings, with recommendations for brands like Maogeping and Pola [8][35] - **Offline Retail**: Emphasizing the transformation of retail enterprises to adapt to changing consumer behaviors, recommending companies like Yonghui Supermarket and Aiyingshi [8][34] - **Medical Aesthetics**: Suggesting investment in companies with differentiated product lines, recommending Aimeike and Kedi-B [8][36] Company Performance Highlights - Laopuhuangjin reported a revenue of 85.06 billion yuan in 2024, with a net profit increase of 253.9% [40] - Maogeping achieved a revenue of 38.85 billion yuan in FY2024, with a growth of 34.6% [36] - Yonghui Supermarket's revenue for Q1 2025 was 174.79 billion yuan, reflecting a decline of 19.3% [36]

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].

Core Insights - The company is undergoing a significant transformation, facing structural challenges in the traditional internet medical beauty platform, as evidenced by a 7% year-over-year decline in total revenue to 379 million yuan and a net loss of 36 million yuan compared to a profit of 18.9 million yuan in the same period last year [1][3]. Revenue Performance - Total revenue for the first half of the year was 676 million yuan, down 6.9% year-over-year, with net losses widening to 67.95 million yuan from just 60,000 yuan in the same period last year [3]. - Revenue from information and appointment services, the company's core business, fell by 35.6% to 135 million yuan from 210 million yuan year-over-year, highlighting intense competition in the online medical beauty information service market [4]. - Revenue from medical product sales and maintenance services decreased by 28.1% to 76 million yuan from 106 million yuan year-over-year, reflecting a significant drop in order volume for medical beauty products [4]. Business Segment Analysis - The total transaction volume facilitated by the platform was 304 million yuan, down from 428 million yuan in the same period last year, indicating challenges in the traditional business sector [4]. - The offline chain business has seen explosive growth, with medical treatment service revenue increasing by 426.1% to 144 million yuan, becoming the largest revenue source for the company [5]. - As of June 30, the company operated 29 light medical beauty chain stores in major cities, with 25 stores achieving positive monthly operational cash flow, indicating a promising profitability outlook [5]. Strategic Initiatives - The company plans to expand the number of medical beauty centers to 50 by the end of 2025, with a long-term goal of reaching 1,000 stores within 8 to 10 years, reflecting management's confidence in the offline business strategy [5]. - The company is innovating its operational model by reducing drug and device distribution costs through centralized procurement and self-built product lines, achieving store efficiency rates 3 to 5 times higher than similar institutions [6].

8月16日，SILKROSE丝玫瑰新品发布会在北京盛大举行并圆满落幕。这场聚焦轻医美技术创新的行业 盛会，汇聚了医美专家、学者、主流媒体及跨界嘉宾。中整协新技术新材料分会会长杨蓉娅、同济医院 整形美容外科主任崔海燕、北京键凯科技股份有限公司(以下简称"键凯科技"，股票代码：688356.SH) 董事长赵宣、天津泰达医药健康产业促进局副局长王泳江、键凯科技医美总监王辰、中国医学科学院整 形外科医院原注射美容中心主任陈光宇、华西医院整形烧伤科博士生导师李正勇副主任、江西省人民医 院整形颌面外科主任刘诚、北京首玺丽格医疗美容诊所院长韩胜、北京博瑞娜医疗美容门诊部院长王博 等众多权威专家到场，共同见证国内首款拥有完全自主知识产权的PEG交联透明质酸钠凝胶的上市里程 碑时刻。 核心技术突围：PEG交联成全场焦点 发布会上，丝玫瑰的核心技术优势备受瞩目。键凯科技医美事业部总监王辰先生详细解读了PEG交联技 术的创新突破：相较于传统产品，丝玫瑰的PEG交联结构构建了更丰富的三维空间网络，赋予产品良好 的柔弹性，能让静动态表情自然融合，有效避免移位变形问题。 圆桌会落幕后迎来战略合作签约与新品上市两大核心环节。键凯科技与华润 ...

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 Transformation - New Oxygen's offline light medical beauty chain business saw a dramatic increase, with revenue soaring by 426.1% to 144 million yuan, becoming the largest revenue source for the company [1][5]. - The company aims to expand its "New Oxygen Youth Clinic" brand across major cities, with plans to increase the number of medical centers to 50 by the end of 2025 [6][7]. Market Position and Strategy - The management emphasizes the importance of standardization and product innovation to maintain market leadership in the light medical beauty sector [5]. - New Oxygen plans to adopt a mixed model of self-operated and franchised stores, with pilot franchise stores expected to launch in Q4 [7]. Future Outlook - The company has set a long-term goal of achieving a thousand-store scale within 8 to 10 years, reflecting confidence in the growth potential of the light medical beauty market [6][7]. - Despite the positive developments, New Oxygen faces challenges from increasing competition as more players enter the light medical beauty market [8].

（文章来源：证券日报） 证券日报网讯爱美客8月15日在互动平台回答投资者提问时表示，公司在引进海外先进技术、开展海外 临床试验与注册、拓展海外市场等方面持续探索。收购韩国REGEN公司不仅将国外先进的产品、技术 与服务引入国内，同时可以利用REGEN公司丰富的市场经验和渠道实现产品出海。公司通过收购项目 获取产品和技术，缩短自主研发的时间成本，加速产品迭代升级，从而不断提升公司的核心竞争力。 ...

Group 1 - The company, Aimeike (300896), emphasizes a steady development philosophy in its operations [1] - The company aims to enhance market competitiveness through improved product performance, differentiation, service quality, and brand influence [1] - The long-term strategy is believed to be more beneficial for the company's sustainable development [1]

Market Overview - US stock index futures showed mixed performance, with Dow futures up by 0.59% and S&P 500 futures up by 0.12%, while Nasdaq futures declined by 0.05% [1] - European indices had varied results, with Germany's DAX up by 0.09%, UK's FTSE 100 down by 0.11%, France's CAC40 up by 0.58%, and the Euro Stoxx 50 up by 0.27% [2][3] - WTI crude oil prices fell by 0.53% to $63.62 per barrel, while Brent crude oil prices decreased by 0.39% to $66.58 per barrel [3][4] Geopolitical Events - A significant meeting is scheduled between US President Trump and Russian President Putin in Alaska, focusing on the Russia-Ukraine conflict and peace prospects, marking their first in-person meeting in four years [5] Federal Reserve Insights - Federal Reserve Chairman Powell is set to speak at the Jackson Hole conference on August 22, with market expectations leaning towards a potential 25 basis point rate cut due to inflation and a slowing job market [6] - Bank of America warns that if the Fed signals a dovish stance at Jackson Hole, US stocks may face a "buy the rumor, sell the news" scenario, indicating potential market corrections [7] Hedge Fund Activity - Hedge funds have significantly increased their holdings in technology stocks during Q2, with notable purchases in Microsoft and Netflix, amidst a backdrop of market volatility due to trade policies [8] Economic Concerns - Bank of America raised concerns about the potential for the dollar to face challenges if the Fed lowers rates while inflation is rising, a scenario not seen in nearly 20 years [9] Company Performance - Tuniu (TOUR.US) reported a 15.3% year-over-year increase in Q2 revenue, with a new $10 million stock buyback plan announced [10] - New Oxygen (SY.US) experienced a 7.0% decline in Q2 revenue, attributed to a decrease in the number of medical service providers subscribing to its platform [11] - Applied Materials (AMAT.US) provided disappointing Q4 guidance, raising concerns about demand suppression due to US-China trade tensions [11] - Cloud Mi Technology (VIOT.US) expects over 1.4 billion RMB in revenue for the first half of 2025, a growth of over 70% year-over-year, driven by increased sales of home water purification devices [12]

Investment Rating - The industry investment rating is "Overweight" [8] Core Viewpoints - The report indicates that social retail sales maintained steady growth, with a year-on-year increase of 3.7% in July, supported by national subsidies [3][4] - Essential categories like grain, oil, and food showed stronger resilience, while discretionary categories such as gold and jewelry, and cosmetics saw improved performance [4] - Online retail channels continued to grow, with a 9.2% year-on-year increase in online retail sales from January to July 2025, while offline retail growth showed signs of marginal slowdown [5] Summary by Sections Social Retail Sales - The total retail sales of consumer goods from January to July 2025 reached 28,423.8 billion yuan, with July sales at 3,878 billion yuan, reflecting a year-on-year growth of 4.8% and 3.7% respectively [3] - Urban and rural retail sales increased by 4.8% and 4.7% year-on-year [3] Price Factors - The overall Consumer Price Index (CPI) remained stable, with food CPI down by 1.6% year-on-year [4] - Retail sales in various categories showed different growth rates, with essential goods like grain and oil up by 8.6% year-on-year, while discretionary items like cosmetics and jewelry saw increases of 4.5% and 8.2% respectively [4] Online vs Offline Channels - Online retail sales reached 86,835 billion yuan from January to July 2025, with physical goods online sales at 70,790 billion yuan, accounting for 24.9% of total retail sales [5] - Offline retail growth rates for supermarkets, convenience stores, and department stores showed a slight decline compared to the previous month [5] Investment Recommendations - The report suggests focusing on high-quality companies in sectors aligned with "emotional consumption," particularly in gold jewelry, offline retail, cosmetics, and medical aesthetics [6] - Specific recommendations include brands like Lao Pu Gold and Chao Hong Ji in gold jewelry, and companies like Mao Ge Ping and Pechoin in cosmetics [6]