So-Young Reports Unaudited Third Quarter 2025 Financial Results

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:

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.

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.

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:

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:

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: [email protected] 

Christensen

In China
Ms. Charlie Chi
Phone: +86-10-5900-1548
E-mail: [email protected] 

In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: [email protected] 

SOURCE So-Young International Inc.