In the second quarter of last year, So-Young endured its most challenging period financially. At that time, the company was at a critical juncture, transitioning from its platform-based advertising business to an asset-heavy chain medical aesthetics service model, with the pains of this shift being particularly acute. By directly entering the offline light medical aesthetics market, So-Young inevitably competed with its original platform-based medical aesthetic institution clients for business, which accelerated the loss of traditional advertising customers. Now, with the growth of its offline chain business, So-Young's difficult period has finally reached a turning point. In 2025, So-Young's revenue reached 1.523 billion yuan, a year-on-year increase of 3.87%. Specifically, the fourth-quarter revenue was 461 million yuan, growing over 20% compared to the same period last year. The heavily invested offline light medical aesthetics chain business has finally become a major revenue pillar. In the fourth quarter of 2025, revenue from So-Young's medical aesthetic services, which refers to its offline store operations, reached 248 million yuan, a surge of 205.3% year-on-year. This segment's contribution to total revenue exceeded 50% for the first time. By the end of 2025, the number of So-Young's offline stores had reached 49. Although the business restructuring has shown initial success, So-Young has not yet fully emerged from losses, reporting a net loss of 242 million yuan for 2025. In response, So-Young stated it aims to achieve profitability on a quarterly basis by the fourth quarter of 2026. The core drivers for returning to profitability lie in improving efficiency at existing stores and expanding into lower-tier cities with new locations. In 2026, So-Young plans to open no fewer than 35 new stores, focusing on strengthening its presence in first-tier cities while prioritizing expansion into high-potential second-tier cities. During an earnings call on the evening of March 25, the management elaborated on the rationale behind the focus on second-tier cities. They noted that compared to first-tier cities, there remains a significant gap in medical delivery capabilities and operational standards within the medical aesthetics sector in China's second-tier cities. So-Young's standardized service delivery model can ensure that stores in these cities offer services and results comparable to those in first-tier cities. Management further disclosed that as of December 2025, mature stores in second-tier cities, such as the Wuhan Tiandi and Changsha locations, achieved an average sales per square foot of 7,000 yuan. Among recently opened stores in second-tier cities, the Suzhou Sūyuè Plaza location surpassed monthly revenue of one million yuan within three months of operation, demonstrating the feasibility of replicating the business model in these markets. The management also pointed out that, based on the profitability of mature stores in second-tier cities, profit margins are even slightly higher there due to lower salaries for medical personnel and reduced rental costs compared to first-tier cities. With the potential benefits of expansion into second-tier cities and their higher profit margins, attention is focused on whether So-Young can successfully execute its path to profitability.