Financial Data and Key Metrics Changes - Total revenue for Q4 2025 reached RMB 461 million, representing a year-over-year increase of approximately 25% [3][20] - Net loss attributable to So-Young was RMB 108.8 million, an improvement from RMB 607.6 million in the same period of 2024 [27] - Basic and diluted loss per ADS improved to 1.08 compared to 5.92 in the same period of 2024 [27] Business Line Data and Key Metrics Changes - Revenues from the aesthetic center business reached RMB 248 million, up over 205% year-over-year, becoming the largest revenue segment [4][21] - Information and reservation services revenues were RMB 125.7 million, down 26.8% year-over-year [24] - Sales of medical products and maintenance services revenues were RMB 69.3 million, down 19.9% year-over-year [24] Market Data and Key Metrics Changes - As of year-end 2025, So-Young operated 49 clinics across 15 major cities, with a net addition of 10 centers during the quarter [23] - Verified treatment visits exceeded 125,000 in Q4, up 178% year-over-year [4] - Total active users surpassed 170,000 by the end of December 2025 [5] Company Strategy and Development Direction - The company aims to shift from a scale-first approach to a dual engine of scale and efficiency in 2026, focusing on profitability alongside expansion [17] - Plans to open at least 35 new centers in 2026 while improving growth margins and driving efficiency gains across the network [28] - Continued investment in enhancing medical service delivery capabilities and building a long-term trust-driven moat [8][10] Management's Comments on Operating Environment and Future Outlook - The management noted that the medical aesthetic industry is shifting back to a rational, quality-driven path, with a focus on delivering trusted services [17] - The company expressed confidence in the sustained momentum of its branded aesthetic center business, expecting aesthetic treatment services revenues to grow significantly in Q1 2026 [28] - Management emphasized the importance of user trust and the ongoing recognition from consumers as foundational for sustainable growth [11] Other Important Information - The company has established a six-pillar compliance framework and achieved PIA certification for data security, setting a benchmark in the industry [10] - The average annual spending of core members is around RMB 16,500, with an 80% return rate among core members [11] Q&A Session Summary Question: Gross margin prospects and plans for further margin expansion - Management highlighted three core factors shaping margin performance: pace of center openings, consumable costs, and seasonal promotions [31][32] Question: Development of So-Young Clinic in second-tier cities - Management confirmed that centers in second-tier cities are performing well, with revenue per center approaching first-tier levels [36][38] Question: Customer acquisition costs and strategy for 2026 - Management stated that customer acquisition costs remain below 10% of revenue, with strategies focusing on customer referrals and co-branding initiatives [41][42] Question: Measures to improve the lifetime value (LTV) of core members - Management plans to expand the product portfolio and optimize the membership system to enhance core members' perception of brand value [44][47]

Core Viewpoint - The Chinese liquor industry is undergoing a fundamental transformation in 2025, marked by a mix of pain and rebirth, as major players adjust strategies amidst changing consumer preferences and regulatory pressures [1]. Group 1: Key Events in the Liquor Industry - Moutai launched its Flying Moutai on its app at an official price of 1499 yuan, aiming to break market speculation and regain pricing power [2]. - At the beginning of 2025, major liquor companies like Wuliangye and Yanghe paused shipments to alleviate inventory pressure [2]. - Major brands are introducing affordable bottled liquor to capture a large consumer market worth over 200 billion yuan [3]. - New low-alcohol products were launched by companies like Gujing Gongjiu and Wuliangye to appeal to younger consumers [2][3]. - Instant retail platforms entered the market with significant subsidies, disrupting traditional distribution channels [2]. - Douyin e-commerce initiated a crackdown on false liquor marketing, shutting down unauthorized Moutai stores [2]. Group 2: Industry Challenges and Changes - A leadership change wave occurred in the industry, with over ten companies, including China Resources Beer and Moutai, replacing their executives [3]. - The first three quarters of 2025 saw a 5.9% decline in revenue and a 6.93% drop in net profit for 20 listed liquor companies, marking the worst quarterly results in a decade [3]. - A strict ban on alcohol at official dining events was implemented, negatively impacting the liquor market and causing stock declines [3]. - The liquor industry was officially recognized as a "historical classic industry," alongside silk and porcelain, marking a positive development [3]. Group 3: Future Outlook - The narrative of the liquor industry is being rewritten, with a focus on embracing youth and returning to value, fostering new hope for the sector [4].