Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was RMB 387 million, up 305% year-over-year and approximately 8% above the high end of guidance [3][17] - Net loss attributable to So-Young increased to RMB 64.3 million compared to a net income of RMB 20.3 million in the same period last year [21] - Non-GAAP net loss was RMB 61.6 million compared to a non-GAAP net income of RMB 22.2 million during the same period of 2024 [21] Business Line Data and Key Metrics Changes - Revenue from the aesthetic center business reached RMB 184 million, up 305% year-over-year and 26% quarter-to-quarter [3][5] - Information and reservation services revenues were RMB 117.2 million, down 34.5% year-over-year [17] - Revenues from sales of medical products and maintenance services were RMB 67 million, down 25% year-over-year [17] Market Data and Key Metrics Changes - Total number of active users of So-Young Clinic exceeded 130,000, with verified treatment visits surpassing 89,800, up 33% quarter-to-quarter and 280% year-over-year [6][8] - The proportion of new customers acquired via referrals rose to 46% [7] - Customer satisfaction score remained high at 4.99 out of 5 [8] Company Strategy and Development Direction - The company aims to reach 1,000 centers in the long term, focusing on disciplined expansion in core cities and commercial hubs [15][22] - The strategy includes enhancing standardized and digital management to improve service delivery and user experience [15] - The company is shifting from marketing-driven to trust-driven operations, emphasizing transparency and compliance [12] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in stabilizing revenues from non-aesthetic center businesses in Q4 [3] - The outlook for Q4 2025 expects aesthetic treatment services revenues to be between RMB 216 million and RMB 226 million, representing a 165.8%-178.1% increase from the same period in 2024 [22] - The company plans to continue optimizing customer acquisition costs and enhancing profitability as the operating model matures [50][52] Other Important Information - The company upgraded its quality control framework, implementing a six-tier compliance system to ensure service quality [10][44] - The launch of Miracle PLLA 3.0 was successful, with over 1,300 orders completed within two days [9][36] - The company completed 55 center inspections and emergency drills in Q3 [10] Q&A Session Summary Question: Plans for next year's clinic openings - Management plans to open no less than 35 new centers next year, focusing on first-tier cities and gradually expanding into second-tier cities [26][27] Question: Membership system operations - The membership system is tiered, with core members contributing significantly to revenue and having a high repurchase rate [30][31] Question: Miracle PLLA 3.0 performance - Miracle PLLA 3.0 has received high attention, with a successful launch and strong market feedback [36][37] Question: Ensuring safety and compliance - The company has established a six-pillar compliance framework and conducts regular inspections to maintain high service standards [43][44] Question: Improving profitability of the aesthetic center business - Management believes profitability will improve as the user base expands and operational efficiencies are realized [50][52]

Core Insights - New Oxygen (SY.US) reported Q3 revenue of $54.3 million, a 4.0% year-over-year increase, exceeding market expectations; the company recorded a loss of $0.09 per share [1] - Revenue from beauty treatment services surged 304.6% year-over-year to RMB 183.6 million ($25.8 million), surpassing guidance [1] - The number of verified treatment visits at brand beauty centers exceeded 89,800 in Q3, compared to approximately 23,600 in the same period last year [1] Financial Performance - Active users visiting brand beauty centers over the 12 months ending September 30, 2025, exceeded 130,000, up from about 30,300 year-over-year [1] - The number of core users increased by over 10,000 in the quarter, achieving a 40% quarter-over-quarter growth; these core members contributed 88% of beauty care service revenue with a quarterly repurchase rate of approximately 70% [1] - As of September 30, 2025, total cash and cash equivalents, restricted cash, time deposits, and short-term investments amounted to RMB 942.8 million (approximately $132.4 million), down from RMB 1.2532 billion as of December 31, 2024, primarily due to increased investments in brand beauty centers [1] Future Outlook - For Q4 2025, New Oxygen expects revenue from beauty care services to be between RMB 216 million (approximately $30.3 million) and RMB 226 million (approximately $31.7 million), representing a year-over-year growth of 165.8% to 178.1% [2]

Exhibit 99.1 So-Young Reports Unaudited Third Quarter 2025 Financial Results BEIJING, China, November 17, 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 third quarter ended September 30, 2025. Third Quarter 2025 Financial Highlights Third Quarter 2025 Operational Highlights This press release contains trans ...

Core Insights - So-Young International Inc. reported its unaudited financial results for Q3 2025, highlighting significant growth in aesthetic treatment services and an increase in operational efficiency despite a net loss [1][7][9]. Financial Highlights - Total revenues for Q3 2025 were RMB 386.7 million (US$ 54.3 million), a 4.0% increase from RMB 371.8 million in Q3 2024 [10]. - Aesthetic treatment services revenues surged to RMB 183.6 million (US$ 25.8 million), marking a 304.6% increase from RMB 45.4 million in the same period of 2024 [14]. - The net loss attributable to So-Young was RMB 64.3 million (US$ 9.0 million), compared to a net income of RMB 20.3 million in Q3 2024 [19]. - Non-GAAP net loss was RMB 61.6 million (US$ 8.7 million), contrasting with a non-GAAP net income of RMB 22.2 million in Q3 2024 [20]. Operational Highlights - The number of verified treatment visits to branded aesthetic centers exceeded 89,800, up from approximately 23,600 in Q3 2024 [7]. - Active users reached over 130,000, a significant increase from approximately 30,300 users in the same period last year [7]. - The company operated 39 fully functional branded aesthetic centers across ten major cities, with 20 centers achieving profitability in Q3 2025 [7][9]. Cost and Expenses - Cost of revenues increased to RMB 203.8 million (US$ 28.6 million), a 43.4% rise from RMB 142.2 million in Q3 2024 [13]. - Operating expenses totaled RMB 255.6 million (US$ 35.9 million), reflecting a 13.6% increase from RMB 225.0 million in the same quarter of 2024 [17]. Business Outlook - For Q4 2025, So-Young anticipates aesthetic treatment services revenues to be between RMB 216.0 million (US$ 30.3 million) and RMB 226.0 million (US$ 31.7 million), representing a projected increase of 165.8% to 178.1% compared to Q4 2024 [24].

1. Report Industry Investment Rating - The industry rating is "Bullish" [1] 2. Core Views of the Report - The cosmetics industry continues to show differentiation, with brand demand being weak in the off - season, agents seeking change in difficult situations, and producers seizing supply - chain reconstruction opportunities. The medical aesthetics industry has new entrants with better - than - expected shipments, and new product catalysts are worth attention [3][4] 3. Summaries According to Relevant Catalogs 3.1 Cosmetics: Continued Differentiation 3.1.1 Brand Merchants - In 1 - 3Q25, beauty brand merchants' revenue was 28.4 billion yuan, a year - on - year decrease of 0.6%; personal care brand merchants' revenue was 5.7 billion yuan, a year - on - year increase of 12.4%. In 3Q25, beauty and personal care brand merchants' revenues were 8.05 billion and 1.805 billion yuan, a year - on - year decrease of 1.3% and an increase of 7.6% respectively. Beauty revenue weakened quarter - on - quarter, while personal care remained flat [18] - Beauty: Affected by the earlier Double Eleven promotion, consumer enthusiasm declined in September, and brands reduced live - streaming activities. In terms of single - quarter revenue growth, Shuiyang Co., Ltd. and Shanghai Jahwa increased by over 20%, Marubi Co., Ltd. had double - digit growth, Proya had low - double - digit decline, and Betaine and Freda had high - single - digit decline [18] - Personal care: Runben Co., Ltd.'s Q3 revenue increased by 17% year - on - year, with a slight increase in growth rate quarter - on - quarter. Baiya Co., Ltd.'s 3Q25 revenue improved, and Dengkang Oral Care had steady growth [18] - In 1 - 3Q25, beauty brand merchants' net profit after non - recurring items was 2.33 billion yuan, a year - on - year decrease of 15%; personal care brand merchants' was 604 million yuan, a year - on - year decrease of 3.4%. Some companies showed initial cost - control effects [24] 3.1.2 Agents - Agents are seeking change in difficult situations by exploring three paths: incubating self - owned brands (represented by Ruoyuchen), using AI to reduce costs and increase efficiency (represented by Yiwow), and expanding high - growth categories (such as Qingmu Technology expanding into trendy toy agency operations) [30] - Ruoyuchen's self - owned brands Feicui and Zhanjia continued to gain momentum. In Q3, self - owned brand revenue was 451 million yuan, a year - on - year increase of 344.5%, accounting for 55.1%. Zhanjia's Q3 revenue was 227 million yuan, a year - on - year increase of 119%, and 1 - 3Q revenue was 680 million yuan. Feicui's Q3 revenue was 203 million yuan, a quarter - on - quarter increase of over 98.8%, and 1 - 3Q revenue was 362 million yuan [30] 3.1.3 Producers - Demand continued to recover, and the revenue of the producer sector increased by 9%, 17%, and 30% year - on - year from Q1 to Q3, with the growth rate increasing quarter by quarter [33] - QingSong Co., Ltd. focused on optimizing customers and product structure, and its profit turned positive for four consecutive quarters from 2Q24 to 1Q25. Jieya Co., Ltd. had increasing orders from overseas big customers, and its Q3 performance growth accelerated. Jiaheng Home Co., Ltd. increased revenue but not profit, mainly due to the short - term impact of the Huzhou base's capacity ramp - up [33] 3.2 Medical Aesthetics: New Entrants with Better - than - Expected Shipments 3.2.1 Upstream Consumables - The growth rate of demand expansion slowed down, and supply - side competition intensified. In terms of the cumulative number of Class III medical device approvals, hyaluronic acid > regenerative (Sculptra/Poly - L - Lactic Acid) > botulinum toxin > recombinant collagen. Old products of hyaluronic acid and regenerative types faced growth pressure, and the growth rate of recombinant collagen Class III medical device products slowed down significantly quarter - on - quarter [38] - Hyaluronic acid: Aimeike's revenue growth rate from 24Q1 to 25Q3 was + 28.2%/+2.3%/+1.1%/ - 7%/ - 18%/ - 25%/ - 21% year - on - year, showing a quarterly decline since 24Q2 [38] - Collagen: Jinbo Biotech's revenue growth rate from 24Q1 to 25Q1 was + 76%/+100%/+92%/+73%/+63% year - on - year, and in 2Q25/3Q25, it was + 30%/+13% year - on - year. On October 23, the "Recombinant Type I α1 Subtype Collagen Freeze - Dried Fiber" Class III medical device certificate of Giant Biogene was approved by NMPA [38] - Leapmed Medical's medical aesthetics shipments were better than expected, with Q3 medical service and health management business revenue of 320 million yuan, a year - on - year increase of 28%, and the revenue of Sculptra and Hydrodermabrasion reaching 86.1367 million yuan [36] 3.2.2 Downstream - The new model of Xinoxygen Medical Clinics showed high - growth potential. The Q3 revenue guidance was 150 - 170 million yuan, a year - on - year increase of 231% - 275%, and a quarter - on - quarter increase of 4% - 18%. It plans to implement the "100 - City, 1000 - Store" plan in the long term [40] - Stores are expanding from first - tier cities to new first - tier and second - tier cities. As of November 6, it covered 42 stores in 10 cities. The promotion of self - owned brands was remarkable, and it cooperated with Xihong Miracle Sculptra 3.0, priced at 2999 yuan, which was officially launched on September 25 [43] 3.3 Investment Recommendations - Brands with upward potential and both growth and certainty: Recommend Maogeping (Oriental aesthetics, dual - wheel drive of makeup and skincare, and the second - curve of perfume is worth looking forward to) and Shangmei Co., Ltd. (with one cornerstone brand, five growth brands, and N seed businesses) [8][46] - Companies with new product pipelines and expected performance elasticity: Pay attention to Giant Biogene and Leapmed Medical [8][46] - Companies in strategic adjustment and expected to reach an inflection point: Recommend Shuiyang Co., Ltd. (the effect of high - end transformation is gradually emerging), and pay attention to Shanghai Jahwa, Betaine, and Freda [8][46]

Market Overview - The US stock market saw slight gains on Wednesday, with the S&P 500 index rising by 0.37% to 6796.29 points, the Nasdaq Composite increasing by 0.65% to 23499.8 points, and the Dow Jones Industrial Average up by 0.48% to 47311 points [1]. Economic Indicators - Following sharp questioning of Trump's tariffs by the US Supreme Court, traders reduced the probability of a government victory in the market [4]. - Ford and General Motors, as economic indicators, both rose over 2%, while Caterpillar saw an increase of nearly 4% [4]. Technology Sector - AI concept stocks experienced a turnaround, with AMD rebounding after an initial drop, and companies like Broadcom, Google, and Oracle also seeing gains [5]. - Micron Technology surged by 8.93%, reaching a historical high, driven by rumors of rising HBM4 chip prices. Other storage stocks like Seagate and SanDisk also rose over 10% [6]. - However, not all AI stocks rebounded; AMD's competitor, Supermicro, fell over 11%, and Arista Networks dropped nearly 9% [7]. Stock Performance - Notable stock performances included Nvidia down 1.75%, Apple up 0.04%, Microsoft down 1.39%, Google-C up 2.41% (hitting a historical closing high), Amazon up 0.35%, and Tesla up 4.01% [8]. Renewable Energy Sector - Solid Power's stock surged by 51.56% after a favorable earnings report, while SolarEdge rose by 28.91%, boosting the battery storage and solar panel sectors overall [9]. Chinese Stocks - The Nasdaq Golden Dragon China Index saw a slight increase of 0.15%. Key performances included Alibaba up 0.32%, JD.com up 0.69%, and Pinduoduo up 1.87%, while NIO fell by 3.97% [10].

Core Viewpoint - The stock price of New Oxygen (SY.US) increased by over 14%, reaching $4.04, following the announcement of its upcoming financial results for Q3 2025, which will be released before the market opens on November 17, 2025 [1] Group 1 - New Oxygen's stock price rose significantly, indicating positive market sentiment [1] - The company is scheduled to announce its Q3 financial results for the period ending September 30, 2025 [1]

Core Viewpoint - The stock price of New Oxygen (SY.US) increased by over 14%, reaching $4.04, following the announcement of its upcoming financial results for Q3 2025 [1] Financial Performance - New Oxygen is set to release its financial results for the third quarter ending September 30, 2025, on November 17, 2025, before the U.S. market opens [1]

Core Viewpoint - So-Young International Inc. is set to report its financial results for the third quarter of 2025 on November 17, 2025, before U.S. markets open [1]. Company Overview - So-Young International Inc. is the leading aesthetic treatment platform in China, connecting consumers with online services and offline treatments [3]. - The company provides access to aesthetic treatments through its online platform and branded aesthetic centers, offering curated treatment information, facilitating online reservations, and delivering high-quality treatments [3]. - So-Young also develops, produces, and distributes optoelectronic medical equipment and injectable products, positioning itself well for long-term growth in the medical aesthetic value chain [3]. Earnings Conference Call - The management will hold an earnings conference call on November 17, 2025, at 7:00 AM U.S. Eastern Time [2]. - Dial-in details for the conference call include international and local numbers for various regions, with a passcode provided for access [2]. - A telephone replay will be available two hours after the call, and a live and archived webcast will be accessible on the company's investor relations website [2].

Core Viewpoint - Chinese concept stocks experienced significant gains, with Kuke Music leading the surge with a remarkable increase of 321.3% in its stock price [1]. Group 1: Stock Performance - Kuke Music (KUKEY) saw a price increase to 0.4213, up 321.3%, with a gain of 0.3213 and a trading volume of 1.22 billion [1]. - EZGO (EZGO) rose by 29.11% to 0.1752, gaining 0.0395, with a trading volume of 46.41 million [1]. - Gran Capital (GRAN) increased by 23.9% to 3.085, with a gain of 0.595 and a trading volume of 112,400 [1]. - Agencia Comercial Sp (AGCC) experienced a 19.81% rise to 6.410, gaining 1.060, with a trading volume of 1.25 million [1]. - New Oxygen (SY) rose by 19.24% to 3.470, with a gain of 0.560 and a trading volume of 9.95 million [1].