Core Insights - The company's growth in the fourth quarter was primarily driven by its branded aesthetic center business, with revenue from aesthetic treatment services reaching RMB 248.1 million, a year-over-year increase of 205.3%, marking over 50% of total revenue for the first time [1][7] - Fourth-quarter revenue was reported at RMB 460.7 million, reflecting a year-over-year growth of 24.8%, and setting a record-high quarterly revenue for the company [2][7] - The company is focusing on scaling its aesthetic center network while improving profitability and operational efficiency, indicating a strategic turning point for 2026 [5] Financial Performance - Revenue from aesthetic treatment services significantly contributed to overall growth, with verified treatment visits exceeding 125,000, up 178% year-over-year, and verified aesthetic treatments performed exceeding 289,400, up 168% year-over-year [9][7] - The company plans to open at least 35 new centers in 2026 while balancing expansion with profitability [12][22] - By the end of 2025, the company operated 49 laser medical aesthetic centers across 15 major cities, with a net addition of 10 centers during the quarter [8][7] Operational Improvements - The full-time physician team grew to 211, representing a 41% increase from the previous quarter, with all physicians having public-hospital backgrounds and passing internal certification [14][6] - Management reported that 25 centers achieved profitability in Q4, with 39 centers generating positive operating cash flow [12][7] - The average revenue per center nearly doubles as locations progress from growth phase to maturity, indicating a built-in revenue growth driver [10][11] Market Dynamics - The medical aesthetic industry in China is undergoing structural adjustments, with a shift towards value-driven consumer behavior, creating opportunities for companies that can deliver trusted services [4] - The company is enhancing its supply chain capabilities, working with 18 top-tier domestic device suppliers and 42 upstream partners for injectables, which improves product selection and procurement costs [17][18] Future Outlook - The company guided first-quarter 2026 aesthetic treatment services revenue to be between RMB 268 million and RMB 278 million, representing year-over-year growth of 171.2% to 181.3% [22] - Management emphasized a referral-driven approach and membership benefits as key drivers for customer acquisition, maintaining annual customer acquisition costs below 10% of revenue [24] - Centers in second-tier cities have shown good growth, with revenue levels approaching those of first-tier cities, indicating potential for further expansion in these markets [25]

Core Insights - So-Young International Inc. reported strong financial results for the fourth quarter and fiscal year 2025, highlighting significant growth in aesthetic treatment services and a reduction in net losses compared to the previous year. Financial Highlights - Total revenues for Q4 2025 were RMB 460.7 million (US$ 65.9 million), a 24.8% increase from RMB 369.2 million in Q4 2024 [4][11] - Aesthetic treatment services revenues reached RMB 248.1 million (US$ 35.5 million), up 205.3% from RMB 81.3 million in the same period of 2024 [15] - The net loss attributable to So-Young was RMB 108.8 million (US$ 15.6 million), significantly reduced from RMB 607.6 million in Q4 2024 [4][19] - Non-GAAP net loss for Q4 2025 was RMB 93.4 million (US$ 13.2 million), compared to RMB 53.2 million in Q4 2024 [22] Operational Highlights - The number of verified treatment visits to branded aesthetic centers exceeded 125,000 in Q4 2025, compared to approximately 45,000 in Q4 2024 [4] - Active users reached over 171,000, a significant increase from approximately 52,700 in the same period of 2024 [4] - The company operated 49 branded aesthetic centers as of December 31, 2025, with 25 centers achieving profitability in Q4 [4][10] Fiscal Year 2025 Overview - Total revenues for fiscal year 2025 were RMB 1,523.4 million (US$ 217.8 million), a 3.9% increase from RMB 1,466.7 million in fiscal year 2024 [7][23] - The net loss for fiscal year 2025 was RMB 242.3 million (US$ 34.6 million), down from RMB 589.5 million in the prior year [14][27] - Non-GAAP net loss for fiscal year 2025 was RMB 217.1 million (US$ 31.0 million), compared to RMB 4.7 million in fiscal year 2024 [28] Cost and Expense Management - Cost of revenues for Q4 2025 was RMB 255.9 million (US$ 36.6 million), a 67.2% increase from RMB 153.1 million in Q4 2024 [14] - Total operating expenses decreased by 59.8% to RMB 327.7 million (US$ 46.9 million) in Q4 2025 from RMB 815.2 million in Q4 2024 [18] - Sales and marketing expenses increased by 25.8% to RMB 168.7 million (US$ 24.1 million) in Q4 2025, primarily due to branding and user acquisition activities [21] Business Outlook - For Q1 2026, So-Young expects aesthetic treatment services revenues to be between RMB 268.0 million (US$ 38.3 million) and RMB 278.0 million (US$ 39.8 million), representing a projected increase of 171.2% to 181.3% from Q1 2025 [30]

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].