BEIJING, Nov. 17, 2025 /PRNewswire/ -- So-Young International Inc. (Nasdaq: SY) ("So-Young" or the "Company"), the leading aesthetic treatment platform in China connecting consumers with online services and offline treatments, today announced its unaudited financial results for the third quarter ended September 30, 2025.
Third Quarter 202 5 Financial Highlights
-- Total revenues were RMB386.7 million (US$54.3 million[1]), compared with
RMB371.8 million in the corresponding period of 2024. The aesthetic
treatment services revenues were RMB183.6 million (US$25.8 million),
compared with RMB45.4 million in the corresponding period of 2024,
exceeding the high end of guidance.
-- Net loss attributable to So-Young International Inc. was RMB64.3 million
(US$9.0 million), compared with net income attributable to So-Young
International Inc. of RMB20.3 million in the same period of 2024.
-- Non-GAAP net loss attributable to So-Young International Inc.[2] was
RMB61.6 million (US$8.7 million), compared with non-GAAP net income
attributable to So-Young International Inc. of RMB22.2 million in the
same period of 2024.
Third Quarter 2025 Operational Highlights
-- The number of verified treatment visits to the branded aesthetic centers
for the quarter reached over 89,800, compared with approximately 23,600
in the same period of 2024. The number of verified aesthetic treatments
performed surpassed 194,700, compared with approximately 49,100 in the
same period of 2024.
-- The number of active users, defined as those who visited branded
aesthetic centers at least once during the 12-month period ended on
September 30, 2025, exceeded 130,000, compared with approximately 30,300
users during the corresponding period in 2024.
-- The number of core members grew by over 10,000 during the quarter,
representing a 40% sequential increase. These core members contributed
88% of aesthetic treatment services revenues, with a quarterly repurchase
rate of approximately 70%.
-- As of September 30, 2025, So-Young had 39 fully operational branded
aesthetic centers (38 directly-operated, 1 franchised) across ten major
cities: Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou, Chengdu, Wuhan,
Chongqing, Ningbo and Changsha. Among them, 20 centers achieved
profitability in the third quarter, including 14 centers in the mature
phase. In addition, 29 centers generated positive quarterly operating
cash flow. The following table shows the revenues generated by So-Young
aesthetic centers, categorized by their phase of development:
([1]) This press release contains translations of certain Renminbi (RMB)
amounts into U.S. dollars (US$) solely for the convenience of the reader.
Unless otherwise specified, all translations of Renminbi amounts into U.S.
dollar amounts in this press release are made at RMB7.1190 to US$1.00, which
was the U.S. dollars middle rate announced by the Board of Governors of the
Federal Reserve System of the United States on September 30, 2025.
([2]) Non-GAAP net income/(loss) attributable to So-Young International Inc.
is defined as net income/(loss) attributable to So-Young International
Inc. excluding share-based compensation expenses. See "Reconciliation of GAAP
and Non-GAAP Results" at the end of this press release.
Phase * (O Average Revenue
perating duration Number of Revenue per Center Average Center
) Centers (RMB) (RMB) Age (Month)
----------------- --------- ----------- ---------------- -----------------
Ramp-up (0-3
months) 10 9,537,000 954,000 1.0
----------------- --------- ----------- ---------------- -----------------
Growth (4-12
months) 15 72,274,000 4,818,000 6.5
----------------- --------- ----------- ---------------- -----------------
Maturity (over 12
months) 14 101,799,000 7,271,000 15.8
----------------- --------- ----------- ---------------- -----------------
* For the purposes of this table, "Phase" refers to the length of time since
commencement of actual operations rather than the legal establishment or
registration date of a branded aesthetic center. In cases where a center has
been relocated, merged, or its team and customer base transferred to another
location, the operating duration of the branded aesthetic center is calculated
from the commencement date of the predecessor center's operations. Periods
during which a center is temporarily closed and not conducting external
operations (e.g., due to renovation or other suspensions of business) are
excluded from the calculation of operating duration. Branded aesthetic centers
that have been converted to other uses or are no longer within the reporting
scope are excluded from the statistics.
Mr. Xing Jin, Co-Founder and Chief Executive Officer of So-Young, commented, "In the third quarter, our branded aesthetic centers continued to deliver strong, high-quality growth with aesthetic treatment services revenues once again exceeding our guidance range. Our network comprises of 39 centers nationwide by the end of September, underscoring the growing trust in the So-Young Clinic brand and our continued progress toward making high-quality aesthetic treatments more accessible and affordable. By deepening integration with our supply chain and upholding industry-leading medical and compliance standards, we are redefining how value is created and shared, ensuring consumers receive transparent pricing and safe, standardized services. Looking ahead, we will continue to scale with discipline, enhance operational efficiency, and drive greater transparency and professionalism across the medical aesthetics industry."
Mr. Hui Zhao, Chief Financial Officer of So-Young, added, "In the third quarter, we continued to deliver healthy financial results, driven by consistent execution across our aesthetic center network. As we rapidly approach our year-end target of 50 centers, we are seeing clear and tangible improvements in operating efficiency and cost structure. As we move into the next phase of expansion, we will continue to invest prudently and allocate resources with discipline to support sustainable growth and long-term value creation."
Third Quarter 2025 Financial Results
Revenues
Total revenues were RMB386.7 million (US$54.3 million), an increase of 4.0% from RMB371.8 million in the same period of 2024. The increase was primarily due to business expansion of the branded aesthetic centers.
-- Aesthetic treatment services[3] revenues were RMB183.6 million (US$25.8
million), an increase of 304.6% from RMB45.4 million in the same period
of 2024. The increase was primarily due to the business expansion of the
branded aesthetic centers.
-- Information and reservation services revenues were RMB117.2 million
(US$16.5 million), a decrease of 34.5% from RMB178.9 million in the same
period of 2024. The decrease was primarily due to a decrease in the
number of medical service providers subscribing to information services
on So-Young's platform.
-- Sales of medical products and maintenance services revenues were RMB67.0
million (US$9.4 million), a decrease of 25.0% from RMB89.3 million in the
same period of 2024, primarily due to a decrease in the order volume of
medical equipment.
-- Other services revenues were RMB18.9 million (US$2.7 million), a decrease
of 67.6% from RMB58.3 million in the same period of 2024, primarily due
to a decrease in revenues from So-Young Prime.
([3]) Since the second quarter of 2025, in light of the better monitoring
business development of branded aesthetic centers, the previous line item
information services and others was separated into three line items, which are
aesthetic treatment services, information services and other services. And the
Company grouped the revenue generated from information services and
reservation services, which is renamed as information and reservation
services.
The revenue generated from aesthetic treatment services was previously
reported in line item of information services and others. The revenue
generated from information and reservation services and other services for the
third quarter of 2024 have also been retrospectively updated. The amount
reclassified from previous line item information services and others to
aesthetic treatment services and information and reservation services is
RMB45.4 million and RMB159.3 million for the third quarter of 2024,
respectively.
Cost of Revenues
Cost of revenues was RMB203.8 million (US$28.6 million), an increase of 43.4% from RMB142.2 million in the third quarter of 2024. The increase was primarily due to business expansion of the branded aesthetic centers.
-- Cost of aesthetic treatment services were RMB140.1 million (US$19.7
million), an increase of 333.2% from RMB32.3 million in the third quarter
of 2024. The increase was primarily due to the business expansion of the
branded aesthetic centers.
-- Cost of information and reservation services[4] were RMB12.9 million
(US$1.8 million), a decrease of 44.7% from RMB23.3 million in the third
quarter of 2024. The decrease was in line with the decrease in revenue
generated from information and reservation services.
-- Cost of medical products sold and maintenance services were RMB35.6
million (US$5.0 million), a decrease of 18.3% from RMB43.5 million in the
third quarter of 2024. The decrease was primarily due to a decrease in
costs associated with the sales of medical equipment.
-- Cost of other services were RMB15.2 million (US$2.1 million), a decrease
of 64.6% from RMB43.0 million in the third quarter of 2024. The decrease
was primarily due to a decrease in costs associated with So-Young Prime.
([4]) Since the second quarter of 2025, the previous line item cost of
services and others was separated into three line items, which are cost of
aesthetic treatment services, cost of information and reservation services and
cost of other services. Cost of aesthetic treatment services primarily
consists of expenditures relating to aesthetic treatment services in branded
aesthetic centers, cost of information and reservation services primarily
consists of expenditures relating to operation of platform business, and the
remaining cost of services and others is reclassified into cost of other
services. The cost of aesthetic treatment services, cost of information and
reservation services and cost of other services for the third quarter of 2024
have also been retrospectively reclassified.
Operating Expenses
Total operating expenses were RMB255.6 million (US$35.9 million), an increase of 13.6% from RMB225.0 million in the third quarter of 2024.
-- Sales and marketing expenses were RMB130.7 million (US$18.4 million), an
increase of 13.8% from RMB114.9 million in the third quarter of 2024. The
increase was primarily attributable to an increase in expenses associated
with branding and user acquisition activities for the branded aesthetic
centers.
-- General and administrative expenses were RMB88.6 million (US$12.4
million), an increase of 26.7% from RMB69.9 million in the third quarter
of 2024. The increase was primarily due to the business expansion of the
branded aesthetic centers.
-- Research and development expenses were RMB36.3 million (US$5.1 million),
a decrease of 9.6% from RMB40.2 million in the third quarter of 2024. The
decrease was primarily attributable to improvements in staff efficiency.
Income Tax Expenses
Income tax expenses were RMB1.1 million (US$0.2 million), compared with RMB2.1 million in the same period of 2024.
Net (Loss)/Income Attributable to So-Young International Inc.
Net loss attributable to So-Young International Inc. was RMB64.3 million (US$9.0 million), compared with a net income attributable to So-Young International Inc. of RMB20.3 million in the third quarter of 2024.
Non-GAAP Net (Loss)/Income Attributable to So-Young International Inc.
Non-GAAP net loss attributable to So-Young International Inc., which excludes the impact of share-based compensation expenses, was RMB61.6 million (US$8.7 million), compared with RMB22.2 million non-GAAP net income attributable to So-Young International Inc. in the same period of 2024.
Basic and Diluted (Loss)/Earnings per ADS
Basic and diluted loss per ADS attributable to ordinary shareholders were RMB0.64 (US$0.09) and RMB0.64 (US$0.09), respectively, compared with basic and diluted earnings per ADS attributable to ordinary shareholders of RMB0.20 and RMB0.20, respectively, in the same period of 2024.
Cash and Cash Equivalents, Restricted Cash and Term Deposits, Term Deposits and Short-Term Investments
As of September 30, 2025, cash and cash equivalents, restricted cash and term deposits, term deposits and short-term investments were RMB942.8 million (US$132.4 million), compared with RMB1,253.2 million as of December 31, 2024, primarily due to an increase of investment in branded aesthetic centers.
Business Outlook
For the fourth quarter of 2025, So-Young expects aesthetic treatment services revenues to be between RMB216.0 million (US$30.3 million) and RMB226.0 million (US$31.7 million), representing a 165.8% to 178.1% increase from the same period in 2024. The above outlook is based on the current market conditions and reflects the Company's preliminary estimates of market and operating conditions, as well as customer demand, which are all subject to change.
Non-GAAP Financial Measures
To supplement the financial measures prepared in accordance with generally accepted accounting principles in the United States, or GAAP, this press release presents non-GAAP income/(loss) from operations and non-GAAP net income/(loss) attributable to So-Young International Inc. by excluding share-based compensation expenses from income/(loss) from operations and net income/(loss) attributable to So-Young International Inc., respectively. The Company believes these non-GAAP financial measures are important to help investors understand the Company's operating and financial performance, compare business trends among different reporting periods on a consistent basis and assess the Company's core operating results, as they exclude certain expenses that are not expected to result in cash payments. The use of the above non-GAAP financial measures has certain limitations. Share-based compensation expenses are non-cash in nature. All these are not reflected in the presentation of the non-GAAP financial measures, but should be considered in the overall evaluation of the Company's results. The Company compensates for these limitations by providing the relevant disclosure of its share-based compensation expenses in the reconciliations to the most directly comparable GAAP financial measures, which should be considered when evaluating the Company's performance. These non-GAAP financial measures should be considered in addition to financial measures prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP. Reconciliation of each of these non-GAAP financial measures to the most directly comparable GAAP financial measure is set forth at the end of this release.
Conference Call Information
So-Young's management will hold an earnings conference call on Monday, November 17, 2025, at 7:00 AM U.S. Eastern Time (8:00 PM on the same day, Beijing/Hong Kong Time). Dial-in details for the earnings conference call are as follows:
International: +1-412-902-4272 Mainland China: 4001-201203 US: +1-888-346-8982 Hong Kong: +852-301-84992 Passcode: So Young
A telephone replay will be available two hours after the conclusion of the conference call through 23:59 U.S. Eastern Time, November 24, 2025. The dial-in details are:
International: +1-412-317-0088 US: +1-877-344-7529 Passcode: 2998578
Additionally, a live and archived webcast of this conference call will be available at http://ir.soyoung.com.
About So-Young International Inc.
So-Young International Inc. (Nasdaq: SY) ("So-Young" or the "Company") is the leading aesthetic treatment platform in China connecting consumers with online services and offline treatments. The Company provides access to aesthetic treatments through its online platform and branded aesthetic centers, offering curated treatment information, facilitating online reservations, delivering high-quality treatments, and developing, producing and distributing optoelectronic medical equipment and injectable products. With its strong brand recognition, digital reach, affordable treatments and efficient supply chain, So-Young is well-positioned to serve its audience over the long term and grow along the medical aesthetic value chain.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, the Financial Guidance and quotations from management in this announcement, as well as So-Young's strategic and operational plans, contain forward-looking statements. So-Young may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about So-Young's beliefs and expectations, are forward-looking statements. Forward looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: So-Young's strategies; So-Young's future business development, financial condition and results of operations; So-Young's ability to retain and increase the number of users and medical service providers, and expand its service offerings; competition in the online medical aesthetic service industry; changes in So-Young's revenues, costs or expenditures; Chinese governmental policies and regulations relating to the online medical aesthetic service industry, general economic and business conditions globally and in China; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company's filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and So-Young undertakes no duty to update such information, except as required under applicable law.
For more information, please contact:
So-Young
Investor Relations
Ms. Mona Qiao
Phone: +86-10-8790-2012
E-mail: ir@soyoung.com
Christensen
In China
Ms. Charlie Chi
Phone: +86-10-5900-1548
E-mail: charlie.chi@christensencomms.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
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