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].

Core Viewpoint - So-Young International Inc. reported a decline in total revenue for Q1 2025, with a significant growth in its light medical beauty chain business, indicating a strategic shift amidst increasing competition in the medical beauty industry [1][4]. Financial Performance - Total revenue for Q1 2025 was RMB 297 million, a year-on-year decrease of 6.6% [1]. - Net loss expanded from RMB 21.2 million in the same period last year to RMB 33.1 million [1]. - Revenue from the light medical beauty chain business surged by 551.4% to RMB 98.8 million, marking a record high for a single quarter [1]. Online Business Challenges - Revenue from information, reservation services, and others fell by 34.1% to RMB 143 million, previously RMB 217 million in Q1 2024 [4]. - Revenue from medical product sales and maintenance services decreased by 35.7% to RMB 55.6 million [4]. - Combined revenue from online services accounted for less than 67% of total revenue, down from 94% in the same period last year [4]. Industry Competition - The medical beauty industry is experiencing intensified competition, with major players like Alibaba Health and Meituan expanding their presence [1][4]. - New platforms such as Douyin and Xiaohongshu are reshaping traffic acquisition through live streaming and short videos, impacting traditional online models [5]. Strategic Initiatives - The company is focusing on vertical integration and business diversification to strengthen its competitive position [1]. - New-Young has launched its light medical beauty chain brand "So-Young Youth Clinic" and aims to improve service efficiency and reduce costs through centralized procurement [7][8]. - As of March 31, 2025, So-Young operates 23 medical beauty centers across nine major cities, with 18 centers achieving positive monthly cash flow [8]. Future Outlook - For Q2 2025, the company anticipates medical treatment service revenue to reach between RMB 120 million and RMB 140 million, representing a year-on-year growth of 337% to 410% [8]. - The company plans to continue expanding its offline medical beauty center business and improve operational efficiency [8].

Market Capitalization Overview - The market capitalization of TAL Education Group is 14.95 billion, while Vipshop Holdings has a market cap of 9.21 billion [2] - Other companies such as Miniso and Qifu Technology have market caps of 7.77 billion and 6.33 billion respectively [2] - The market cap of various companies shows a range from 5.22 million to 149.53 billion, indicating a diverse market landscape [2] Stock Performance - TAL Education Group's stock increased by 1.64 (+1.55%), while Vipshop's stock rose by 0.07 (+1.88%) [2] - Miniso's stock saw a significant increase of 1.24 (+6.99%), indicating strong market performance [2] - Companies like Huya and Yiren Digital experienced slight declines in their stock prices, with decreases of -0.03 (-0.81%) and -0.10 (-0.96%) respectively [2] Comparative Analysis - The comparison of market caps shows that TAL Education Group leads with 14.95 billion, followed by Vipshop and Miniso [2] - The performance of stocks varies significantly, with some companies like Miniso showing robust growth compared to others that faced declines [2] - The data indicates a competitive environment among these companies, with varying degrees of market success and stock performance [2]

Group 1 - The core viewpoint of the article highlights that New Oxygen Technology (SY.US) reported a revenue decline in Q1 2025, but still exceeded market expectations [1] - In Q1 2025, the company's revenue reached 40.97 million USD, a decrease of 6.6% year-on-year, while the GAAP diluted loss per share was 0.04 USD, slightly better than the market average expectation of a loss of 0.05 USD [1] - The decline in revenue was primarily due to a reduction in the number of medical beauty institutions on the subscription platform [1] Group 2 - The total transaction amount for medical beauty treatments facilitated by the platform in Q1 was 30.32 million RMB, down from 36.71 million RMB in the same period of 2024 [1] - The number of verified paid visits exceeded 45,500, showing a nearly ninefold increase compared to approximately 4,600 visits in the same period of 2024 [1] - The number of active users as of March 31, 2025, was over 75,700, compared to about 8,000 in the same period of 2024 [1] Group 3 - As of March 31, 2025, New Oxygen operates 23 medical beauty centers in nine major cities, with 18 centers achieving positive monthly operating cash flow [2] - For Q2 2025, the company expects medical beauty service revenue to be between 120 million RMB (approximately 16.5 million USD) and 140 million RMB (approximately 19.3 million USD), representing a year-on-year growth of 337.3% to 410.1% compared to the same period in 2024 [2]

Financial Data and Key Metrics Changes - Total revenues for the quarter were CNY 297.3 million, down 60.6% year over year, primarily due to a decrease in the number of medical service providers subscribing to information services on the platform [16] - Net loss attributable to So Young was CNY 33.1 million, compared to a net loss of CNY 21.2 million during the same period last year [20] - Non-GAAP net loss attributable to So Young was CNY 31.5 million, compared to non-GAAP net income of CNY 4.1 million during the same period of 2024 [20] - Basic and diluted losses per ADS attributable to ordinary shareholders were CNY 0.32, compared to CNY 0.21 during the same period of 2024 [21] - Cash and cash equivalents totaled CNY 1.1 billion as of March 31, 2025, indicating a robust cash position [21] Business Line Data and Key Metrics Changes - Revenue from aesthetic treatment services reached CNY 98.8 million, a remarkable 551.4% year over year increase, primarily due to the expansion of the aesthetic center business [17] - Total verified paid visits exceeded 45,500, up 18.5% quarter on quarter and 874.3% year over year [8] - Total number of verified paid aesthetic treatments performed surpassed 92,900, up 14% quarter on quarter and 989.4% year over year [8] - Customer satisfaction remains high at 4.98 out of 5, reflecting the commitment to maintaining high service delivery standards [9] Market Data and Key Metrics Changes - The aesthetic center business is gradually becoming the main growth driver, with 23 centers opened in nine major cities, including Beijing and Shanghai [7] - 18 centers have achieved positive monthly operating cash flow, and 16 centers are profitable on a monthly basis as of March [7] Company Strategy and Development Direction - The company is pursuing a vertical integration strategy and expanding its network of aesthetic centers in key cities, focusing on high-quality, cost-effective, and standardized services [6] - The strategy is inspired by the Sam's Club retail model, emphasizing proprietary products, value-for-money pricing, and end-to-end supply chain management [13][22] - The company aims to build a differentiated nationwide light medical aesthetic chain with strong brand recognition [12] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential of the aesthetic center business, emphasizing the importance of maintaining a robust cash position and careful management of capital expenditures [21][36] - The company expects aesthetic treatment services revenues for Q2 2025 to be between CNY 120 million and CNY 140 million, representing a 337.3% to 410.1% increase from the same period in 2024 [21][22] - Management views trade tensions as an opportunity to strengthen the domestic supply chain and support import replacement, with minimal direct impact on the aesthetic center business [45][46] Other Important Information - The company has allocated additional marketing resources and implemented sales incentives to boost revenue contribution from proprietary products, aiming to improve overall gross margins for aesthetic centers [11] - The number of institutions served with supply chain solutions for injectables grew to over 1,500, with shipments of elasticity reaching approximately 27,900 units in Q1, up roughly 14% year over year [11] Q&A Session Summary Question: How is So Young Clinic different from traditional medical institutions like Meilai and Istar? - The aesthetic center business operates on a fast casual model, offering focused services in smaller clinics with higher visit frequency, contrasting with traditional models that require larger spaces and generate higher per customer spend but with less frequency [26][27][28] Question: Will CapEx become a burden for the company as the clinic network grows? - The company emphasizes careful management of CapEx and plans to open around 30 new clinics per year, with a focus on profitability and the potential rollout of a franchise model to reduce CapEx pressure [36][37] Question: How does the Miracle Laser create more synergy with the company's core business? - The integration of Wuhan Medical Laser improves R&D capabilities and supports the growth model by supplying high-quality, cost-effective equipment to aesthetic centers, reducing reliance on imported devices [40][41] Question: How will ongoing trade tensions impact the company's business? - The direct impact is limited, with only a small portion of offerings relying on U.S. imports. The company sees this as an opportunity to enhance the domestic supply chain and pivot to alternative products if necessary [45][46] Question: Can management elaborate on future investment plans and cost reduction strategies? - The company remains focused on sustainable growth, optimizing service offerings, and enhancing efficiency at the clinic level while increasing investment in proprietary product lines to support margin expansion [50][52]

Financial Data and Key Metrics Changes - Total revenues for Q1 2025 were CNY 297.3 million, down 60.6% year over year, primarily due to a decrease in the number of medical service providers subscribing to information services [14] - Net loss attributable to So Young was CNY 33.1 million, compared to a net loss of CNY 21.2 million in the same period last year [17] - Non-GAAP net loss attributable to So Young was CNY 31.5 million, compared to non-GAAP net income of CNY 4.1 million during the same period in 2024 [17] - Basic and diluted losses per ADS were CNY 0.32, compared to CNY 0.21 in the same period of 2024 [18] - Cash and cash equivalents totaled CNY 1.1 billion as of March 31, 2025, indicating a robust cash position [18] Business Line Data and Key Metrics Changes - Revenue from aesthetic treatment services reached CNY 98.8 million, a remarkable 551.4% year over year increase, primarily due to the expansion of the aesthetic center business [15] - Total verified paid visits exceeded 45,500, up 18.5% quarter on quarter and 874.3% year over year [7] - Total number of verified paid aesthetic treatments performed surpassed 92,900, up 14% quarter on quarter and 989.4% year over year [7] - Cost of aesthetic treatment services was CNY 80.3 million, up 547.6% year over year, primarily due to the expansion of the aesthetic center business [16] Market Data and Key Metrics Changes - The aesthetic center business is gradually becoming the main growth driver, with 18 centers achieving positive monthly operating cash flow and 16 centers being profitable on a monthly basis as of March [6] - The company aims to build a differentiated nationwide light medical aesthetic chain with strong brand recognition [10] Company Strategy and Development Direction - The company is pursuing a vertical integration strategy and expanding its network of aesthetic centers in major cities [5] - A franchise model is being planned to accelerate geographic reach and network density while reducing capital expenditure pressure [32] - The company aims to develop proprietary products and control the supply chain, inspired by the Sam's Club retail model [11][19] - The focus is on high-quality proprietary products and services at fair prices, aiming to become a leading player in the medical aesthetics industry [12] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential of the aesthetic center business, emphasizing the importance of maintaining a sustainable financial model [32] - The company views trade tensions as an opportunity to strengthen its domestic supply chain and support import replacement [41] - The outlook for Q2 2025 expects aesthetic treatment services revenues to be between CNY 120 million and CNY 140 million, representing a 337.3% to 410.1% increase from the same period in 2024 [18][19] Other Important Information - The company has allocated additional marketing resources and implemented sales incentives to boost revenue contribution from proprietary products [9] - The number of institutions served with supply chain solutions for injectables grew to over 1,500 as of Q1 [9] Q&A Session Summary Question: How is So Young Clinic different from traditional medical institutions like Meilai and Istar? - The aesthetic center business uses a fast casual model, offering focused services with higher frequency and lower per customer spend compared to traditional models [23][24] Question: Will CapEx become a burden for the company as the clinic network grows? - The company emphasizes careful management of CapEx and plans to open around 30 new clinics per year while exploring a franchise model to reduce CapEx pressure [32][33] Question: How does the Miracle Laser create more synergy with the company's core business? - The integration of Wuhan Medical Laser improves R&D capabilities and supports the growth model by supplying high-quality, cost-effective equipment to aesthetic centers [35][36] Question: How will ongoing trade tensions impact the company's business? - The direct impact is limited, but the company sees it as an opportunity to strengthen its domestic supply chain and pivot to alternative products if necessary [41][43] Question: Can management elaborate on the company's future investment plan and cost reduction plan? - The company remains focused on sustainable growth, optimizing offerings, and increasing investment in proprietary product lines to support margin expansion [45][46]

Exhibit 99.1 So-Young Reports Unaudited First Quarter 2025 Financial Results BEIJING, China, May 16, 2025 — So-Young International Inc. (Nasdaq: SY) ("So-Young" or the "Company"), the leading aesthetic treatment platform in China connecting consumers with online services and offline treatments, today announced its unaudited financial results for the first quarter ended March 31, 2025. First Quarter 2025 Financial Highlights First Quarter 2025 Operational Highlights This press release contains translations o ...

Core Viewpoint - So-Young International Inc. reported its first quarter 2025 financial results, highlighting a decrease in total revenues but significant growth in aesthetic treatment services, indicating a shift in business dynamics and ongoing strategic investments to support long-term growth [1][5][19]. Financial Highlights - Total revenues for Q1 2025 were RMB 297.3 million (US$ 41.0 million), a decrease of 6.6% from RMB 318.3 million in Q1 2024 [5][6]. - Net loss attributable to So-Young was RMB 33.1 million (US$ 4.6 million), compared to a net loss of RMB 21.2 million in the same period of 2024 [12][13]. - Non-GAAP net loss was RMB 31.5 million (US$ 4.3 million), a significant decline from a non-GAAP net income of RMB 4.1 million in Q1 2024 [13][6]. - The aggregate value of medical aesthetic treatment transactions facilitated by So-Young's platform was RMB 303.2 million, down from RMB 367.1 million in Q1 2024 [6]. Operational Highlights - The number of verified paid visits for the quarter reached over 45,500, compared to approximately 4,600 in the same period of 2024 [6]. - The number of verified paid aesthetic treatments performed surpassed 92,900, compared to approximately 8,500 in Q1 2024 [6]. - As of March 31, 2025, So-Young operated 23 aesthetic centers across nine major cities, with 18 centers achieving positive monthly operating cash flow [6]. Revenue Breakdown - Revenue from aesthetic treatment services was RMB 98.8 million (US$ 13.6 million), an increase of 551.4% from RMB 15.2 million in Q1 2024 [16]. - Revenue from information, reservation services, and other sources was RMB 142.9 million (US$ 19.7 million), a decrease of 34.1% from RMB 216.6 million in Q1 2024 [5][16]. - Sales of medical products and maintenance services were RMB 55.6 million (US$ 7.7 million), a decrease of 35.7% from RMB 86.5 million in Q1 2024 [16]. Cost and Expenses - Cost of revenues was RMB 151.4 million (US$ 20.9 million), an increase of 29.1% from RMB 117.3 million in Q1 2024, primarily due to the expansion of branded aesthetic centers [7]. - Total operating expenses decreased by 20.4% to RMB 189.3 million (US$ 26.1 million) from RMB 237.8 million in Q1 2024 [10]. Business Outlook - For Q2 2025, So-Young expects aesthetic treatment services revenues to be between RMB 120.0 million (US$ 16.5 million) and RMB 140.0 million (US$ 19.3 million), representing a 337.3% to 410.1% increase from the same period in 2024 [19].

Market Capitalization Overview - The market capitalizations of various companies are listed, with notable figures including 74.11 billion, 88.55 billion, and 76.47 billion [2] - Companies such as SON, VIPS, and TAL have market caps of 72.19 billion, 60.28 billion, and 55.72 billion respectively [2] Stock Performance - Stock price changes are highlighted, with SON showing a decrease of 0.95 (-1.99%) while VIPS increased by 0.15 (+0.85%) [2] - Other companies like TAL and Lufax also experienced minor fluctuations, with TAL decreasing by 0.04 (-0.49%) and Lufax increasing by 0.96 (+3.75%) [2] Additional Company Insights - Companies such as Huya and Yatsen have market caps of 8.06 billion and 3.27 billion respectively, with stock price changes of -0.03 (-0.77%) and 0.00 (0.00%) [2] - The performance of companies like New Oxygen and Huami Technology is also noted, with market caps of 83.07 million and 37.63 million, showing no change in stock price [3] Summary of Smaller Companies - Smaller companies like Tuniu and Cheetah Mobile have market caps of 1.08 billion and 1.17 billion respectively, with Tuniu experiencing a slight decrease of -0.01 (-1.20%) [3] - The market cap of Baosheng E-commerce is reported at 2.02 billion, with a stock price increase of 0.17 (+5.18%) [3]

Core Viewpoint - So-Young International Inc. is set to report its financial results for Q1 2025 on May 16, 2025, before U.S. markets open, highlighting its position as a leading aesthetic treatment platform in China [1][2]. Group 1: Financial Reporting - The financial results for the first quarter ended March 31, 2025, will be announced before U.S. markets open on May 16, 2025 [1]. - An earnings conference call is scheduled for May 16, 2025, at 7:30 AM U.S. Eastern Time, with dial-in details provided for international and local participants [2]. Group 2: Company Overview - So-Young International Inc. is recognized as the leading aesthetic treatment platform in China, connecting consumers with both online services and offline treatments [3]. - The company offers access to aesthetic treatments through its online platform and branded aesthetic centers, providing curated treatment information and facilitating online reservations [3]. - So-Young is positioned to grow along the medical aesthetic value chain due to its strong brand recognition, digital reach, affordable treatments, and efficient supply chain [3].