So Young has shifted its growth engine, yet its new profitability framework is still being refined.

On the evening of August 31, So Young released its Q2 2026 financial report. The quarter generated revenue of RMB 505 million, up 33.4% year-over-year. The net loss attributable to So Young narrowed to RMB 22.692 million, a 37% improvement from the RMB 36.039 million loss recorded in the same period last year.

The performance driver for So Young is its aesthetic treatment services, which have seen continuous expansion in recent years.

In Q2 2026, revenue from aesthetic treatment services reached RMB 331 million, surging 129.5% year-over-year. This segment now accounts for 65.6% of total revenue, a jump of over 25 percentage points from the prior year. Meanwhile, So Young's former core business—information and booking services—continues to contract. That segment posted revenue of RMB 87.92 million in the quarter, down 35% year-over-year.

Looking at the revenue mix, So Young is evolving from a platform that primarily supplied traffic, information, and booking services to aesthetic clinics, into a company that is increasingly embedded in the delivery of aesthetic care itself.

This growth is partly fueled by the continued expansion of its clinic network.

As of the end of June, So Young operated 65 clinics across 18 cities, including Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou, and Chengdu, adding 16 locations since the end of last year.

The increase in outlets has directly scaled up service volume. In Q2, So Young's branded aesthetic institutions completed approximately 165,200 verified treatments, up 145% year-over-year. The number of aesthetic treatment sessions exceeded 362,300, a 134% increase from the prior year.

Profitability improvements at individual clinics provided another key lift to this quarter's results.

By the end of Q2, 47 of the 65 clinics had achieved center-level profitability, and 51 generated positive quarterly operating cash flow. Customer retention is also strengthening the per-clinic model. In Q2, core members grew by over 15,000, a quarter-over-quarter increase of about 24%. These members contributed more than 80% of aesthetic treatment service revenue, with a quarterly repurchase rate approaching 70%.

It is important to note that the center-level profitability metric excludes central platform costs, meaning it does not yet reflect group-wide profitability.

Clinic expansion continues to require investment. In Q2, So Young's sales and marketing expenses reached RMB 153 million, up 16.8% year-over-year, while general and administrative expenses were RMB 88.62 million, an increase of 12.5%.

Looking ahead, So Young projects Q3 2026 revenue from aesthetic treatment services to range between RMB 352 million and RMB 362 million, representing year-over-year growth of 91.7% to 97.2%.

As the number of clinics grows, more locations are crossing the breakeven threshold. The key question now is whether this model can be replicated in new outlets, and whether rising scale from mature clinics can eventually cover group-level expenses such as headquarters overhead and marketing costs.