So-Young's "Heavy Asset Game" Awaits Its Moment of Profitability
Wallstreetcn·- In the second quarter of 2025, New Oxygen experienced financial challenges while transitioning from platform advertising to a heavy asset chain medical aesthetic service model. - The company's revenue reached 1.523 billion yuan, with a notable increase in Q4's medical service income, which accounted for over 50% of total revenue. - Despite these gains, New Oxygen still faced a net loss of 242 million yuan and plans to open at least 35 new stores in 2026, focusing on second-tier cities to enhance profitability.From "Declaration of War" to "Alliance": So-Young and Jin Bo's "Great Reconciliation"
Wallstreetcn·- In 2024, Jinbo Bio publicly criticized New Oxygen for low-price promotions of its core product, Wei Yi Mei, creating significant market tension. - Two years later, the companies reversed positions, as New Oxygen formed a partnership with Jinbo Bio and other manufacturers, highlighting shifts in the medical aesthetics industry's power dynamics. - With increased competition and regulatory approvals for similar products, Jinbo Bio is adapting to a market where traditional pricing power has diminished in favor of downstream sales channels.