So-Young International Inc., a prominent aesthetic treatment platform in China listed on Nasdaq as SY, has released its unaudited financial results for the first quarter of 2025, ending March 31. The company reported total revenues of RMB297.3 million (approximately US$41.0 million), a decrease from RMB318.3 million in the same period of 2024, yet within the upper range of its previous guidance. Net loss attributable to the company was RMB33.1 million (US$4.6 million), compared to a net loss of RMB21.2 million in the first quarter of the previous year. On a non-GAAP basis, the net loss was RMB31.5 million (US$4.3 million), shifting from a non-GAAP net income of RMB4.1 million in the same period of 2024. Operationally, the value of medical aesthetic treatment transactions facilitated by So-Young's platform was RMB303.2 million, down from RMB367.1 million year-over-year. However, the company saw a substantial increase in verified paid visits, which reached over 45,500 compared to approximately 4,600 in the first quarter of 2024. The number of verified paid aesthetic treatments performed also rose significantly, surpassing 92,900 from about 8,500 in the previous year. The active user base grew to exceed 75,700, a substantial jump from around 8,000 users during the same period in 2024. As of the end of March 2025, So-Young operated 23 aesthetic centers across nine major Chinese cities, with 18 centers achieving positive monthly operating cash flow. The centers are categorized based on their phase of development: ramp-up, growth, and maturity, generating varying revenues with average revenues per center being RMB354,000, RMB5,057,000, and RMB5,388,000 respectively. These operational highlights underscore the company's focus on disciplined expansion and its strategic investments aimed at long-term sustainable growth.