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].