周一（23日）收盘时（美国东部时间下午4点）新氧股价大涨41.88%，为在美上市中概股上涨幅度最 高，上涨后公司股价达到1.66美元/股，市值达到1.66亿美元。 此前一个交易日，新氧股价已上涨15.84%。新氧股价长期低迷。该公司2019年5月2日正式登陆纳斯达 克，上市首日上涨31.88%，股价从13.8美元涨至18.2美元，市值达18.23亿美元（约合人民币123亿 元）。该公司一度计划在市值5亿美元时退市。 针对昨日大涨，有专业人士表示，公司连锁业务增长良好，广告业务和上游业务基本没有估值，公司现 在着力发展的方向是连锁业务。 一季度显示，由于平台信息服务订阅机构数减少，新氧信息及预约服务等其他收入同比下降34.1%，至 人民币1.429亿元（合1970万美元），由于医疗设备订单量下降，新氧医疗器械销售及维保服务收入同 比下降35.7%，至人民币5560万元（合770万美元）。 其轻医美连锁业务涨幅明显，达9880万元，同比增长551%。新氧预计2025年第二季度线下连锁收入将 达到1.2亿至1.4亿元，同比增长337%至410%。 新氧集团创立于2013年，最初是一个互联网医美平台，以分享医美体验的 ...

Core Viewpoint - New Oxygen (SY.O), known as the "first stock in internet medical beauty," is transitioning to offline institutions, having opened 23 self-operated medical beauty institutions across 9 cities in China within two years since May 2023 [1] Group 1: Business Expansion - In Q1 2025, New Oxygen's medical beauty chain business revenue reached 99 million yuan, a year-on-year increase of over 500% [1] - Management expects the revenue for this business in Q2 to be between 120 million and 140 million yuan [1] Group 2: Conflict with Suppliers - Tensions are rising between New Oxygen and upstream medical beauty material companies, particularly regarding the compliance issues of the "Aivilan" product used in New Oxygen's self-operated clinics [2] - The supplier, Changchun Shengboma Biological Materials Co., claims it does not guarantee the authenticity of the products sold by New Oxygen and has not trained their medical staff on the product [2][3] Group 3: Pricing Strategy - New Oxygen's pricing strategy involves selling a combination product called "Miracle Youth," which includes Aivilan and is priced at 5,999 yuan, significantly lower than the standard price of around 18,000 yuan for Aivilan alone [6][7] - This pricing strategy has raised concerns about whether the use of Aivilan for purposes beyond its approved indications constitutes off-label use [8] Group 4: Industry Dynamics - The conflict reflects broader issues in the medical beauty industry, where upstream manufacturers are losing pricing power amid fierce competition and price wars [10][11] - New Oxygen argues that its pricing strategy is a necessary correction to an unreasonable profit structure in the industry, aiming to make medical beauty services more accessible to a wider audience [13]