雷递网 雷建平 8月16日 新氧（股票代码：Nasdaq: SY）日前发布截至2025年上半年及第二季度的财报。财报显示，新氧2025年上半年营收为6.76亿元（约9437万美元），较上年同 期的7.26亿元下降6.9%。 新氧2025年上半年净亏损为6795万元，上年同期的净亏损为6万元。 新氧Q2营收3.79亿 同比降7% 新氧2025年第二季度毛利为1.94亿元，毛利率为51%。 新氧Q2费用2.413亿 同比降1.8% 新氧2025年第二季度营收为3.79亿元（约5290万美元），较上年同期的4.07亿元下降7%。 新氧2025年第二季医美治疗服务收入为1.444亿（约2020万美元），较上年同期的2740万元增长426%。增长主要源于品牌医美中心业务的扩张。 新氧2025年第二季度信息及预约服务收入为1.352 亿元（约1890 万美元），较上年同期的2.097 亿元下降35.6%。下降主要源于在新氧平台上订阅信息服务的 医疗服务提供商数量减少。 新氧2025年第二季医疗产品及维修服务销售额为7600万（约1060 万美元），较上年同期的1.058亿降28.1%，主要源于医疗产品订单量下降。 新氧2 ...

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, and 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 impacts and a slowing job market [6] - Bank of America strategist Hartnett warns that if the Fed signals a dovish stance at Jackson Hole, US stocks may face a "buy the rumor, sell the news" scenario [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 raises alarms about the potential for the Fed to lower rates in a rising inflation environment, a scenario not seen in nearly two decades [9] Company Performance - Tuniu (TOUR.US) reported a 15.3% year-over-year revenue increase in Q2, 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 [12] - Viomi Technology (VIOT.US) anticipates over 70% year-over-year revenue growth for the first half of 2025, driven by strong sales of home water purification devices [12]

8月15日，医美与消费医疗服务平台新氧科技公布第二季度财报。财报显示，第二季度，新氧总营收为3.787亿元，2024年同期为4.074亿元，同比下滑7%； 净亏损为3600万元，2024年同期为净利润1890万元；在非美国通用会计准则（Non-GAAP）下，新氧经调整后净亏损为3050万元，2024年同期为净利润2220 万元。 | | For the Inree M | | | --- | --- | --- | | | June 30, | June | | | 2024 | 207 | | | RMB | RM | | Revenues: | | | | Aesthetic treatment services | 27,444 | 144 | | Information and reservation services | 209,734 | 135 | | Sales of medical products and maintenance services | 105,808 | 76 | | Other services | 64,394 | 23 | | Total revenues | 407 ...

智通财经APP获悉，周三，新氧(SY.US)股价走高，截至发稿，该股涨超7.7%，报5.181美元。该公司将 于08月15日盘前发布最新财报。 ...

新华社伦敦8月7日电 英国卫生安全局7日发布公报警告说，英国已确诊多起美容手术后发生的肉毒 杆菌中毒病例。该机构提醒公众接受涉及肉毒杆菌毒素的美容手术时要警惕相关风险。 肉毒杆菌毒素是肉毒杆菌产生的含有高分子蛋白的神经毒素，具有很强的神经毒性。该毒素通过麻 痹皮下神经，可在一段时间内消除皱纹或避免皱纹生成，因此广泛应用于医美领域。 英国卫生安全局已向全英临床医生发布建议，确保他们密切关注近期接受过美容手术的人群是否出 现肉毒杆菌中毒症状，以对患者提供治疗。该机构建议公众在寻求美容治疗时采取预防措施，包括检查 所用产品是否获得许可，以及不要从网上购买产品自行使用。 英国卫生安全局医学微生物学顾问高丽·戈德博尔表示，与美容手术相关的肉毒杆菌中毒虽然罕 见，但可能非常严重，症状可能需要长达4周才会出现。 公报说，今年6月4日至8月6日期间，已报告41例临床确诊的医源性肉毒杆菌中毒病例，症状包括吞 咽困难、言语不清、呼吸困难等。尽管调查仍在进行，但现有证据表明，中毒事件与使用未经许可的肉 毒杆菌毒素产品有关，一些病例与手术操作有关。 ...

《财经调查》记者根据消费者给出的线索，来到位于广州市的广东韩妃整形外科医院。 这家持有《医疗机构执业许可证》的正规医美机构在大众点评上发布了一款售价仅为228元，明确标注"医 用械字号"的"丝丽516动能素"水光产品。 记者进店咨询，顾问向记者介绍说，注射进皮肤的水光针剂，生产过程更加严格，一定是"械字号"，就算 记者明确问到这款"丝丽516动能素"究竟是第几类医疗器械，顾问依然强调，只要是"械字号"就可以放心注 射。 央视新闻消息，水光针凭借"微创变美"的特点，成了不少年轻人的选择。但记者发现，个别正规医美机构 违规将械二类水光产品用于注射；一些没有注射资质的生活美容店、工作室，在这个暑期里公然提供代打 服务；在部分化妆品批发市场，违禁的水光针剂、麻贴等产品，正通过各种渠道流向市场。 0:00 / 30:00 广东韩妃整形外科医院 从顾问到院长刻意混淆"械字号"概念 蒙骗记者注射丝丽516动能素水光产品 记者又见到了这家医院的院长，并再次询问这款水光产品的批号，站在一旁的顾问用同样的说辞忽悠记 者，院长只点头默许，却不发一言。直到顾问建议尽快进入敷麻环节，院长才张口催促进行下一环节。 这家广东韩妃整形外科医 ...

Core Viewpoint - The report highlights the misuse of medical products in the cosmetic industry, specifically the injection of products not approved for facial use, raising concerns about safety and regulatory compliance [1]. Group 1: Product Misuse - A medical beauty store in Lianyungang was found to be using a product intended for abdominal surgery, specifically a sodium hyaluronate gel, for facial injections, which is not its approved application [1]. - The store required customers to purchase an additional product under the pretense that the initially chosen product was insufficient for full facial treatment, despite the second product also being inappropriate for facial use [1]. Group 2: Regulatory Concerns - The report indicates that similar products, which are classified as Class III medical devices, are being marketed inappropriately within the medical beauty sector, leading to potential health risks for consumers [1]. - The use of these products, which are meant to prevent postoperative adhesions in the abdominal cavity, raises significant questions about the enforcement of regulations in the cosmetic industry [1].

Group 1 - The article highlights the illegal practices in the beauty industry, particularly regarding the use of Class II medical devices for injection, which are not approved for such procedures [1][4][24] - Several medical institutions, including Guangdong Hanfei Plastic Surgery Hospital and Jiyuanxi Medical Beauty Clinic, mislead consumers about the safety and classification of their products, promoting Class II devices as safe for injection [6][16][26] - The investigation reveals that unauthorized beauty salons and studios are openly providing injection services without proper medical qualifications, using smuggled and unapproved products [29][33][49] Group 2 - The report details specific instances where medical professionals and institutions provided injections of products that are not legally permitted for such use, including the "Silk 516" and "Lizhulan" products [7][18][24] - The article also discusses the role of social media platforms like Xiaohongshu in facilitating the promotion and sale of these illegal beauty products, allowing unlicensed practitioners to connect with customers [44][56] - The investigation uncovers a broader issue of counterfeit and unregulated beauty products flooding the market, posing significant risks to consumer safety [38][41][47]

Financial Data and Key Metrics Changes - Revenue for Q2 2025 was $44 million, a decline of 13.7% from the prior year quarter, with adjusted EBITDA at $5.8 million, reflecting a margin of 13.3% compared to 13.5% in Q2 2024 [7][18][20] - Same store revenue declined approximately 22% year-over-year, although it improved marginally from Q1 2025 [8][18] - Average revenue per case was approximately $12,975, consistent with the previous year [18] Business Line Data and Key Metrics Changes - Cases declined by 14.1% to 3,392, primarily due to a challenging market environment [18] - The percentage of patients using financing for procedures increased to 50%, up from 44% in Q1 2025 [19] - Customer acquisition cost decreased to $2,905 per case from $3,325 in the prior year quarter, marking the first quarter-over-quarter decline since going public [20] Market Data and Key Metrics Changes - The company experienced strong consumer interest, with record levels of lead growth and increased consultation volume [7][11] - The macroeconomic environment remains challenging, impacting consumer spending and leading to hesitancy in purchasing decisions [28][46] Company Strategy and Development Direction - The company is focused on five business priorities: enhancing marketing strategies, optimizing sales, introducing new services, improving customer experience, and investing in technology [10][11][12][14] - A pilot for a new skin tightening procedure was launched in Q2 2025, with plans to expand it further [13][31] - The company aims to stabilize sales and return to growth, with no planned new center openings for 2025 [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strategy to stabilize sales and improve profitability despite the challenging operating environment [7][15] - The company reiterated its annual outlook, expecting revenue between $160 million and $170 million and adjusted EBITDA between $16 million and $18 million for fiscal 2025 [23] Other Important Information - The CFO announced plans to retire later in the year, with a search underway for a replacement [5] - The company repaid $16 million in debt during the quarter, improving its financial position [21][22] Q&A Session Summary Question: Guidance implies revenues that are flattish in the second half, what are the drivers for the acceleration? - Management noted that while consumer uncertainty persists, record high leads and consultation growth are expected to stabilize revenue and improve EBITDA margins in the second half [28][29] Question: Update on the skin tightening offering and its impact on revenue? - Management confirmed that there are no standalone expectations for skin tightening in guidance, but strong interest has been observed [31][32] Question: Performance of the new centers opened in 2024? - The new centers are performing in line with expectations, though lower than historical averages due to consumer pressures [36][37] Question: Any seasonality considerations for Q3? - Management indicated typical softening in Q3, with expectations for improvement in Q4 as cost initiatives take effect [38][39] Question: Update on the London facility's performance? - The London facility has shown improvement but remains cash flow negative, with management focused on enhancing results [41] Question: Insights on consumer sentiment and market dynamics? - Management noted a choppiness in consumer behavior, with consumers hesitant to make purchases, but believes the company is well-positioned compared to competitors [46]

Core Viewpoint - The article highlights the booming trend of "medical beauty + tourism" among young students in China, particularly after the college entrance examination, indicating a significant increase in demand for cosmetic procedures during the summer months [3][10][11]. Group 1: Market Trends - The summer period post-exams sees a surge in medical beauty procedures, with reports indicating a 10% to 30% increase in student patients at certain hospitals [5][8]. - Popular procedures among students include double eyelid surgery, rhinoplasty, and facial contouring, with a reported 30% increase in related business during the summer [7][10]. - The trend of students traveling to major cities or abroad for cosmetic procedures is growing, with a notable flow from second and third-tier cities to first-tier cities and international destinations like South Korea and Japan [8][10]. Group 2: Economic Impact - The report from Deloitte indicates that 31% of middle to high-income individuals plan to seek cosmetic procedures abroad in 2024, translating to over 9 million potential outbound medical beauty seekers based on current estimates [10]. - Chengdu is positioning itself as an "international medical beauty capital," with plans to achieve a revenue target of 100 billion yuan by 2025 [16]. Group 3: Consumer Behavior - Young consumers are increasingly calculating the cost-benefit ratio of beauty procedures, often opting for international options due to lower prices and perceived higher quality [9][14]. - Social media plays a significant role in promoting this trend, with platforms like Xiaohongshu and Douyin generating substantial discussions and views on beauty transformations and travel experiences [11]. Group 4: Service and Infrastructure - South Korea offers comprehensive services for medical tourists, including medical visas and bilingual support, enhancing the appeal for Chinese students seeking cosmetic procedures [15]. - Domestic cities are also exploring innovative models that combine tourism and medical beauty, with initiatives to develop unique beauty tourism routes [16]. Group 5: Risks and Challenges - Despite the growing trend, there are significant risks associated with low-cost procedures, including the potential for infections and financial pitfalls from "beauty loans" [18][19]. - Language barriers and lack of regulatory oversight for local guides can lead to miscommunication and unsafe practices in foreign medical settings [20].