So-Young International (SY) Q4 2025 earnings summary

Executive summary

• Achieved rapid expansion in branded aesthetic centers, reaching 49 centers by year-end 2025, the largest network nationwide by center count.

• Verified treatment visits in Q4 exceeded 125,000, up 178% year-over-year, with active users surpassing 171,000.

• 25 centers achieved profitability and 39 generated positive operating cash flow in Q4.

• Net loss attributable was RMB 108.8 million in Q4 2025, improved from RMB 607.6 million in Q4 2024; non-GAAP net loss was RMB 93.4 million.

• Aesthetic treatment services became the main growth engine, with Q4 revenues up 205.3% year-over-year.

Financial highlights

• Q4 2025 revenues reached RMB 460.7 million, up 24.8% year-over-year, driven by branded center expansion.

• Revenues from aesthetic treatment services were RMB 248.1 million, up 205.3% year-over-year, surpassing 50% of total revenue for the first time.

• Cash and equivalents at year-end 2025 were RMB 936.4 million, down from RMB 1,253.2 million a year earlier, mainly due to investment in new centers.

• Basic and diluted loss per ADS improved to 1.08 from 5.92 year-over-year.

• Q4 2025 gross profit was RMB 204.8 million, with gross margin at approximately 44.4%.

Outlook and guidance

• 2026 will focus on balancing scale and efficiency, with at least 35 new centers planned.

• Q1 2026 aesthetic treatment services revenue expected between RMB 268–278 million, representing 171.2%–181.3% year-over-year growth.

• Emphasis on improving profitability and gross margins as mature centers increase in proportion.

• Management plans steady store expansion, operational excellence, and strategic alliances to drive sustainable value.