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]

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 [20] - 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 [20] Business Line Data and Key Metrics Changes - Revenue from the aesthetic center business reached RMB 184 million, up 305% year-over-year [3][17] - 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 [6] - The proportion of new customers acquired via referrals rose to 46% [7] - Cumulative service visits exceeded 600,000, ranking first among mass-market chain brands in China [4] Company Strategy and Development Direction - The company aims to expand its aesthetic center network to 1,000 centers, focusing on core cities and commercial hubs [15] - A disciplined approach to expansion will be maintained, emphasizing operational excellence and cost optimization [21] - The company is enhancing its membership system to increase user retention and customer lifetime value [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in stabilizing revenues from non-aesthetic center businesses in Q4 [3] - The company is focused on improving operational efficiency and service quality, with 20 centers achieving profitability in Q3 [6] - Future profitability is expected to improve as the operating model matures and customer acquisition costs are optimized [52][54] Other Important Information - The company upgraded its quality control framework, implementing a six-tier compliance system [11][44] - The launch of Miracle PLLA 3.0 was highlighted as a significant product upgrade, with strong pre-sale performance [9][36] - The company received recognition from mainstream media for its disciplined operations and compliance management [12] 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 systematically establishing a presence in second-tier cities [25] Question: Membership system operations - The membership system is tiered, with core members contributing significantly to revenue and repeat purchase rates [30][32] Question: Performance of Miracle PLLA 3.0 - Miracle PLLA 3.0 has received high attention, with the first batch sold out quickly, and plans for further market penetration are in place [36][37] Question: Ensuring safety and compliance - A six-pillar compliance framework has been established to ensure safety and quality across all centers [43][46] Question: Improving profitability of the aesthetic center business - Management believes profitability will improve as the user base expands and operational efficiencies are realized [52][54]