Core Viewpoint - New Oxygen (SY) reported a strong financial performance for Q1 2025, with revenue reaching 297 million yuan, driven by a significant growth in its light medical beauty chain business, which achieved 98.88 million yuan in revenue, marking a 551% year-on-year increase, indicating a successful strategic transformation [1][4]. Group 1: Financial Performance - In Q1 2025, New Oxygen's revenue was 297 million yuan, with the light medical beauty chain business contributing 98.88 million yuan, a 551% increase year-on-year, achieving a record high for a single quarter [1]. - The chain business has shown continuous growth for six consecutive quarters, with over 92,900 projects redeemed in the quarter, a 989% increase year-on-year, and over 45,500 paid users, an 874% increase [4]. Group 2: Business Strategy and Growth - The company is focusing on its transformation strategy, emphasizing the development of the light medical beauty chain business and investing in vertical integration and business diversification to strengthen its competitive position in the evolving medical beauty sector [1][8]. - New Oxygen has established its first light medical beauty chain store in May 2023, rapidly expanding its presence and becoming a leading player in the industry [1]. Group 3: Customer Satisfaction and Service Model - New Oxygen's service model emphasizes transparency, high quality, and cost-effectiveness, leading to a user satisfaction score of 4.98 out of 5 in Q1 [5]. - The company has expanded its professional doctor team with a 10% acceptance rate, ensuring consistent quality in medical delivery through systematic training and digital management [6]. Group 4: Product and Platform Development - The company has developed a robust upstream product ecosystem, with over 1,500 service institutions and a 14% year-on-year increase in the shipment of its hyaluronic acid brand, exceeding 27,900 units in Q1 2025 [8]. - New Oxygen is transitioning its platform to a "premium mall" model to enhance user experience and conversion rates, with a total transaction value (GMV) of 303 million yuan in Q1 2025 [8].

经济观察报 记者 瞿依贤 成立12年的新氧（SY.US），来到了业务转型的分叉口。 这家在外界印象中一直做医美平台业务的公司，现在重点发力医美连锁业务，同时向产业链上游延伸。2024年，新氧全年营业收入为14.7亿元，同比下降 2.1%，其中，核心业务信息及预约服务收入同比锐减19.3%至9.3亿元。与此同时，连锁业务实现营收1.7亿元，同比增长超12倍。 2025年4月，新氧集团董事长兼CEO金星在接受经济观察报采访时表示，新氧早在几年前就开始筹划转型。其起家的核心业务是互联网医美平台业务，而互 联网的流量越来越向超级平台聚拢，跟美团、阿里这些平台比，新氧没有竞争优势，线上业务必然趋于疲软——转型，既是选择，也是唯一出路。 金星和管理层算过一笔账，哪怕是阿里、美团这样的互联网巨头，在医美这个赛道的年营收也不超过50亿元。以此估算，流量池子更小的新氧平台业务如果 能做到20亿元已经是天花板。而从财报来看，新氧的信息及预约服务收入已经连续3年下滑。 冲突最激烈的一次是新氧青春诊所在北京某商场的开业。这家门店的隔壁是中国一家大型民营医美集团旗下的门店，这家医美集团是新氧的大客户之一，每 年在新氧平台的广告投放金额 ...