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]