So-Young International Inc
NASDAQ:SY
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So-Young International Inc
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So-Young International Inc
So-Young International, Inc. engages in discovering, evaluating and reserving medical aesthetic services. The company is headquartered in Beijing, Beijing. The company went IPO on 2019-05-02. The firm operates through two segments: Information Services segment and Reservation Services segment.
So-Young International, Inc. engages in discovering, evaluating and reserving medical aesthetic services. The company is headquartered in Beijing, Beijing. The company went IPO on 2019-05-02. The firm operates through two segments: Information Services segment and Reservation Services segment.
Revenue: Total Q4 revenue RMB 460.7 million, a record quarter and up 24.8% YoY; aesthetic center revenue RMB 248.1 million, up 205.3% YoY and ~10% above the high end of guidance.
Scale: So‑Young operated 49 clinics at year‑end (largest by center count nationwide); Q4 verified treatment visits exceeded 125,000 and verified procedures exceeded 289,400; active users surpassed 170,000.
Profitability progress: 25 centers were profitable and 39 centers generated positive operating cash flow in Q4; management plans to shift in 2026 from “scale first” to balancing scale with efficiency.
Cash & runway: Cash, restricted cash, term deposits and short‑term investments totaled RMB 936.4 million as of Dec 31, 2025 (down from RMB 1,253.2 million a year earlier due to center investment).
Losses narrowed: Net loss attributable to So‑Young was RMB 108.8 million in Q4 (improved from RMB 607.6 million a year ago); non‑GAAP net loss RMB 93.4 million; basic/diluted loss per ADS RMB 1.08.
Guidance & 2026 plan: Q4 2026 aesthetic treatment revenue guidance RMB 268–278 million (implies YoY growth of 171.2%–181.3%); company plans to open no fewer than 35 new centers in 2026.
Key investor questions: Analysts pressed management on gross margin expansion levers, performance in second‑tier cities, CAC sustainability and core member LTV improvements.