Core Viewpoint - The company is undergoing a strategic transformation from a traditional internet medical beauty platform to a more controllable and growth-oriented offline light medical beauty chain model, which has become its primary revenue source despite facing challenges in its traditional business [1][4][7]. Financial Performance - In Q2, the company reported total revenue of 379 million RMB, a year-on-year decline of 7.0%, with a net loss of 36 million RMB. However, the stock price had increased over fivefold prior to the earnings announcement [1][3]. - The traditional information and reservation services segment generated revenue of 135 million RMB, down 35.6% year-on-year, while the aesthetic treatment services segment saw revenue of 144 million RMB, up 426.1% year-on-year, becoming the largest revenue contributor [4][5]. Strategic Transformation - The company is shifting from a "traffic broker" model to an "industry landlord" model, focusing on offline chain operations, which has led to a significant increase in revenue from light medical beauty services [6][7]. - The rapid growth of the offline chain business has largely offset the decline in traditional business, indicating a successful transition to a new growth engine [7][8]. Business Model and Competitive Advantage - The company has established a comprehensive business model combining "platform + supply chain + stores," creating a closed-loop system that enhances customer acquisition, operational efficiency, and service delivery [10][19]. - The company has built a large private traffic pool, allowing for lower customer acquisition costs compared to industry averages, which supports the expansion of its offline chain business [10][11]. Market Potential - The light medical beauty market in China is projected to grow from 176 billion RMB in 2023 to over 258 billion RMB by 2025, with a compound annual growth rate exceeding 20% [26][29]. - As a leading player in the industry, the company is well-positioned to capitalize on this growth, with plans to expand its store count significantly in the coming years [29]. Future Outlook - The company is expected to achieve a positive cash flow from its 25 stores, indicating a clear path to profitability as it continues to scale its operations [24][25]. - The ongoing digital transformation and integration of AI technologies are anticipated to enhance operational efficiency and service quality, further solidifying the company's competitive edge [25][26].

智通财经APP获悉，周五美股盘前，新氧(SY.US)公布了截至2025年6月30日的第二季度未经审计的财务 业绩。财报显示，新氧二季度营收3.787亿元（单位：人民币，下同），同比下降7.0%，高于市场预 期；每股ADS亏损为0.35元，上年同期每股ADS收益为0.18元。 业绩公布后，新氧盘前跌超10%，截至发稿，新氧跌10.74%，报4.32美元。 归属于新氧的净亏损为人民币3600万元，上年同期归属于新氧的净利润为人民币1890万元。 新氧表示，营收下降的主要原因是订阅新氧平台信息服务的医疗服务提供商数量减少。 按业务划分，美容治疗服务营收为1.444亿元，同比增长426.1%；信息及预订服务营收1.352亿元同比下 降35.6%；医疗产品及维修服务销售额为7600万元，同比下降28.1%；其他服务收入为2320万元同比减 少64.0%。 二季度，新氧平台促成的医疗美容交易总额为3.039亿元，而2024年同期为4.278亿元。 本季度，品牌美容中心的验证治疗次数超过67,400次，而2024年同期约为14,000次。经过验证的有偿美 容手术数量超过15.45万例，而2024年同期约为2.76万例。 对 ...