So-Young International Inc
NASDAQ:SY

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So-Young International Inc Logo
So-Young International Inc
NASDAQ:SY
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Price: 2.87 USD 5.9% Market Closed
Market Cap: $293.6m

So-Young International Inc
Investor Relations

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.

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Last Earnings Call
Fiscal Period
Q4 2025
Call Date
Mar 25, 2026
AI Summary
Q4 2025

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.

Key Financials
Total revenue (Q4 2025)
RMB 460.7 million
Aesthetic treatment services revenue (Q4 2025)
RMB 248.1 million
Information and reservation services revenue (Q4 2025)
RMB 125.7 million
Medical products and maintenance services revenue (Q4 2025)
RMB 69.3 million
Other services revenue (Q4 2025)
RMB 17.7 million
Cost of revenues (Q4 2025)
RMB 255.9 million
Cost of aesthetic treatment services (Q4 2025)
RMB 189.0 million
Total operating expenses (Q4 2025)
RMB 327.7 million
Sales and marketing expenses (Q4 2025)
RMB 168.7 million
G&A expenses (Q4 2025)
RMB 101.9 million
R&D expenses (Q4 2025)
RMB 37.4 million
Impairment of goodwill and long‑lived assets (Q4 2025)
RMB 19.7 million
Net loss attributable to So‑Young (Q4 2025)
RMB 108.8 million (loss)
Non‑GAAP net loss attributable to So‑Young (Q4 2025)
RMB 93.4 million (loss)
Basic and diluted loss per ADS (Q4 2025)
RMB 1.08 (loss)
Cash and equivalents, restricted cash, term deposits and short‑term investments (Dec 31, 2025)
RMB 936.4 million
Branded clinics (Dec 31, 2025)
49 centers
Verified treatment visits (Q4 2025)
over 125,000
Verified aesthetic treatments performed (Q4 2025)
over 289,400
Total active users (Dec 2025)
over 170,000
Full‑time physician team (Dec 2025)
211 physicians
Procured devices (cumulative)
nearly 1,400 devices
Injectable units procured (cumulative)
over 700,000 units
Blockbuster products revenue contribution (Q4 2025)
over 37% of revenue
Q4 2026 aesthetic treatment services revenue guidance
RMB 268 million to RMB 278 million
Earnings Call Recording
Other Earnings Calls

Management

Mr. Xing Jin
Co-Founder, CEO & Chairman
No Bio Available
Mr. Tao Yu
Co-Founder & Consultant
No Bio Available
Mr. Hui Zhao
CFO & Director
No Bio Available
Mr. Nan Huang
Chief HR Officer
No Bio Available
Mr. Xiaodong Ying
Chief Growth Officer & Director
No Bio Available
Ms. Vivian XU
Investor Relations Officer
No Bio Available
Ms. Mona Qiao
Investor Relation Officer
No Bio Available

Contacts

Address
BEIJING
Beijing
3/F, Wangjing Soho-Tower 3A, Chaoyang District
Contacts
+861057076564.0
www.soyoung.com
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