Core Viewpoint - So-Young International Inc. reported its second quarter financial results for 2025, highlighting a significant transformation in its revenue structure, with aesthetic treatment services becoming the largest revenue contributor for the first time, despite an overall revenue decline compared to the previous year [1][5][6]. Financial Highlights - Total revenues for Q2 2025 were RMB 378.7 million (US$ 52.9 million), a decrease of 7.0% from RMB 407.4 million in Q2 2024 [6][7]. - Aesthetic treatment services revenues increased to RMB 144.4 million (US$ 20.2 million), up 426.1% from RMB 27.4 million in the same period of 2024 [7][8]. - Net loss attributable to So-Young was RMB 36.0 million (US$ 5.0 million), compared to a net income of RMB 18.9 million in Q2 2024 [15][16]. - Non-GAAP net loss was RMB 30.5 million (US$ 4.3 million), contrasting with a non-GAAP net income of RMB 22.2 million in the same period of 2024 [16][22]. Operational Highlights - The number of verified treatment visits to branded aesthetic centers exceeded 67,400, compared to approximately 14,000 in Q2 2024 [7]. - The number of active users visiting branded aesthetic centers in the last 12 months surpassed 100,400, compared to around 16,000 in the same period of 2024 [7]. - As of June 30, 2025, So-Young operated 29 branded aesthetic centers across nine major cities in China, with 25 centers achieving positive monthly operating cash flow [7][8]. Cost and Expenses - Cost of revenues was RMB 184.6 million (US$ 25.8 million), an increase of 19.0% from RMB 155.1 million in Q2 2024, primarily due to the expansion of branded aesthetic centers [11]. - Total operating expenses were RMB 241.3 million (US$ 33.7 million), a slight decrease of 1.8% from RMB 245.6 million in Q2 2024 [12]. Business Outlook - For Q3 2025, So-Young expects aesthetic treatment services revenues to be between RMB 150.0 million (US$ 20.9 million) and RMB 170.0 million (US$ 23.7 million), representing a projected increase of 230.5% to 274.6% from the same period in 2024 [21].