Earnings release
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So Young IR Room 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$8.7 million ), compared with non-GAAP net income attributable to So-Young International Inc. of RMB22.2 million in the same period of 2024. Third Quarter 2025 Operational Highlights The number of verified treatment visits to the branded aesthetic centers for the quarter reached over 89,800, compared with approximately 23,600 in the same period of 2024. The number of verified aesthetic treatments performed surpassed 194,700, compared with approximately 49,100 in the same period of 2024. The number of active users, defined as those who visited branded aesthetic centers at least once during the 12-month period ended on September 30, 2025 , exceeded 130,000, compared with approximately 30,300 users during the corresponding period in 2024. The number of core members grew by over 10,000 during the quarter, representing a 40% sequential increase. These core members contributed 88% of aesthetic treatment services revenues, with a quarterly repurchase rate of approximately 70%. As of September 30, 2025 , So-Young had 39 fully operational branded aesthetic centers (38 directly-operated, 1 franchised) across ten major cities: Beijing , Shanghai , Guangzhou , Shenzhen , Hangzhou , Chengdu , Wuhan , Chongqing , Ningbo and Changsha . Among them, 20 centers achieved profitability in the third quarter, including 14 centers in the mature phase. In addition, 29 centers generated positive quarterly operating cash flow. The following table shows the revenues generated by So-Young aesthetic centers, categorized by their phase of development: [1] This press release contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) 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 perating duration ) Number of Centers Revenue (RMB) Average Revenue per Center (RMB) Average Center 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
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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
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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 Email: linda.bergkamp@christensencomms.com SO-YOUNG INTERNATIONAL INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except for share and per share data) As of December 31, September 30, September 30, 2024 2025 2025 RMB RMB US$ Assets Current assets: Cash and cash equivalents 587,749 333,372 46,828 Restricted cash and term deposits 66,367 67,579 9,493 Trade receivables 98,774 69,750 9,798 Inventories 151,754 193,951 27,244 Receivables from online payment platforms 24,255 22,395 3,146 Amounts due from related parties 1,218 154 22 Term deposits and short-term investments 599,041 541,874 76,117 Prepayment and other current assets 195,202 251,268 35,295 Total current assets 1,724,360 1,480,343 207,943 Non-current assets: Long-term investments 280,281 277,056 38,918 Intangible assets 126,615 131,511 18,473 Goodwill 684 684 96 Property and equipment, net 155,352 270,793 38,038 Deferred tax assets 84,950 84,607 11,885 Operating lease right-of-use assets 162,764 219,185 30,789 Other non-current assets 200,152 179,943 25,276 Total non-current assets 1,010,798 1,163,779 163,475 Total assets 2,735,158 2,644,122 371,418 Liabilities Current liabilities: Short-term borrowings 69,771 39,858 5,599 Taxes payable 61,862 41,578 5,840 Contract liabilities 76,579 75,785 10,645 Salary and welfare payables 111,396 107,174 15,055 Amounts due to related parties 477 618 87 Accrued expenses and other current liabilities 265,216 341,827 48,016 Operating lease liabilities-current 44,905 65,765 9,238 Total current liabilities 630,206 672,605 94,480 Non-current liabilities: Operating lease liabilities-non current 125,200 159,970 22,471 Deferred tax liabilities 19,758 18,004 2,529 Other non-current liabilities 1,264 2,235 314 Total non-current liabilities 146,222 180,209 25,314 Total liabilities 776,428 852,814 119,794 Shareholders ' equity: Treasury stock (376,690) (391,944) (55,056)
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Class A ordinary shares (US$0.0005 par value; 750,000,000 shares authorized as of December 31, 2024 and September 30, 2025; 77,897,969 and 65,659,510 shares issued and outstanding as of December 31, 2024, 78,571,861 and 64,644,535 shares issued and outstanding as of September 30, 2025, respectively) 253 255 36 Class B ordinary shares (US$0.0005 par value; 20,000,000 shares authorized as of December 31, 2024 and September 30, 2025; 12,000,000 shares issued and outstanding as of December 31, 2024 and September 30, 2025) 37 37 5 Additional paid-in capital 3,069,799 3,060,605 429,921 Statutory reserves 40,552 40,552 5,696 Accumulated deficit (926,390) (1,059,842) (148,875) Accumulated other comprehensive income 31,560 20,874 2,932 Total So-Young International Inc. shareholders ' equity 1,839,121 1,670,537 234,659 Non-controlling interests 119,609 120,771 16,965 Total shareholders' equity 1,958,730 1,791,308 251,624 Total liabilities and shareholders ' equity 2,735,158 2,644,122 371,418 SO-YOUNG INTERNATIONAL INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except for share and per share data) For the Three Months Ended For the Nine Months Ended September 30 , 2024 September 30 , 2025 September 30 , 2025 September 30 , 2024 September 30 , 2025 September 30 , 2025 RMB RMB US$ RMB RMB US$ Revenues : Aesthetic treatment services 45,381 183,610 25,792 87,996 426,827 59,956 Information and reservation services 178,874 117,213 16,465 564,983 374,010 52,537 Sales of medical products and maintenance services 89,270 66,956 9,405 281,548 198,582 27,895 Other services 58,300 18,891 2,654 162,960 63,269 8,887 Total revenues 371,825 386,670 54,316 1,097,487 1,062,688 149,275 Cost of revenues: Cost of aesthetic treatment services (32,340) (140,098) (19,679) (66,372) (329,732) (46,317) Cost of information and reservation services (23,313) (12,897) (1,812) (86,574) (52,899) (7,431) Cost of medical products sold and maintenance services (43,548) (35,599) (5,001) (139,839) (105,515) (14,822) Cost of other services (42,967) (15,208) (2,136) (121,749) (51,629) (7,252) Total cost of revenues (142,168) (203,802) (28,628) (414,534) (539,775) (75,822) Gross profit 229,657 182,868 25,688 682,953 522,913 73,453 Operating expenses: Sales and marketing expenses (114,884) (130,704) (18,360) (360,448) (359,913) (50,557) General and administrative expenses (69,901) (88,560) (12,440) (225,653) (226,630) (31,835) Research and development expenses (40,188) (36,318) (5,102) (122,277) (99,604) (13,991) Total operating expenses (224,973) (255,582) (35,902) (708,378) (686,147) (96,383) Income/(Loss) from operations 4,684 (72,714) (10,214) (25,425) (163,234) (22,930) Other income/(expenses): Investment income, net 510 866 122 3,397 965 136 Interest income, net 14,239 5,130 721 38,270 20,103 2,824 Exchange gains 465 2,293 322 875 3,019 424 Share of losses of equity method investee (3,873) (6) (1) (11,602) (3,460) (486) Others, net 6,915 735 103 12,234 11,232 1,578 Income/(Loss) before tax 22,940 (63,696) (8,947) 17,749 (131,375) (18,454) Income tax (expenses)/benefits (2,097) (1,143) (161) 3,031 (1,415) (199) Net income/(loss) 20,843 (64,839) (9,108) 20,780 (132,790) (18,653) Net (income)/loss attributable to noncontrolling interests (495) 564 79 (2,731) (662) (93) Net income/(loss) attributable to So-Young International Inc. 20,348 (64,275) (9,029) 18,049 (133,452) (18,746) SO-YOUNG INTERNATIONAL INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Continued) (Amounts in thousands, except for share and per share data) For the Three Months Ended For the Nine Months Ended September 30 , 2024 September 30 , 2025 September 30 , 2025 September 30 , 2024 September 30 , 2025 September 30 , 2025 RMB RMB US$ RMB RMB US$ Net earnings/(loss) per ordinary share Net earnings/(loss) per ordinary share attributable to ordinary shareholder - basic 0.26 (0.83) (0.12) 0.23 (1.71) (0.24) Net earnings/(loss) per ordinary share attributable to ordinary shareholder - diluted 0.26 (0.83) (0.12) 0.23 (1.71) (0.24) Net earnings/(loss) per ADS attributable to ordinary shareholders - basic (13 ADS represents 10 Class A ordinary shares) 0.20 (0.64) (0.09) 0.18 (1.32) (0.19) Net earnings/(loss) per ADS attributable to ordinary shareholders - diluted (13 ADS represents 10 Class A ordinary shares) 0.20 (0.64) (0.09) 0.18 (1.32) (0.19)
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Weighted average number of ordinary shares used in computing earnings/(loss) per share, basic* 79,493,819 77,472,293 77,472,293 79,544,066 77,953,854 77,953,854 Weighted average number of ordinary shares used in computing earnings/(loss) per share, diluted* 79,708,518 77,472,293 77,472,293 79,810,666 77,953,854 77,953,854 Share-based compensation expenses included in: Cost of revenues (81) (35) (5) (255) (189) (27) Sales and marketing expenses (183) (137) (19) (420) (865) (122) General and administrative expenses (1,328) (2,199) (309) (27,796) (7,889) (1,108) Research and development expenses (309) (266) (37) (1,969) (846) (119) * Both Class A and Class B ordinary shares are included in the calculation of the weighted average number of ordinary shares outstanding, basic and diluted. SO-YOUNG INTERNATIONAL INC. Reconciliation of GAAP and Non-GAAP Results (Amounts in thousands, except for share and per share data) For the Three Months Ended For the Nine Months Ended September 30 , 2024 September 30 , 2025 September 30 , 2025 September 30 , 2024 September 30 , 2025 September 30 , 2025 RMB RMB US$ RMB RMB US$ GAAP income/(loss) from operations 4,684 (72,714) (10,214) (25,425) (163,234) (22,930) Add back: Share-based compensation expenses 1,901 2,637 370 30,440 9,789 1,376 Non-GAAP income/(loss) from operations 6,585 (70,077) (9,844) 5,015 (153,445) (21,554) GAAP n et income/(loss) attributable to So-Young International Inc. 20,348 (64,275) (9,029) 18,049 (133,452) (18,746) Add back: Share-based compensation expenses 1,901 2,637 370 30,440 9,789 1,376 Non-GAAP n et income/(loss) attributable to So-Young International Inc. 22,249 (61,638) (8,659) 48,489 (123,663) (17,370) SOURCE So-Young International Inc. https://ir.soyoung.com/2025-11-17-So-Young-Reports-Unaudited-Third-Quarter-2025-Financial-Results