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So-Young International (SY) investor relations material
So-Young International Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary17 Nov, 2025
Executive summary
Q3 revenue reached RMB 386.7 million, up 4% year-over-year, driven by a 305% surge in aesthetic center business, exceeding guidance.
Net loss attributable was RMB 64.3 million, reversing from net income of RMB 20.3 million a year ago, due to higher costs and investments.
The company operated 39–42 branded aesthetic centers by quarter-end, with 20 achieving profitability and 29 generating positive operating cash flow.
Active users and core members grew significantly, with core members up 40% sequentially and contributing 88% of treatment revenues.
The company leads the market in service volume and center count, rapidly approaching its year-end target of 50 centers.
Financial highlights
Total Q3 revenue was RMB 386.7 million (+4% YoY); aesthetic treatment services revenue was RMB 183.6 million (+304.6% YoY).
Information and reservation services revenue fell 34.5% YoY to RMB 117.2 million; medical products and maintenance services down 25% YoY.
Cost of revenues rose 43.4% YoY to RMB 203.8 million, mainly from center expansion.
Operating expenses increased 13.6% YoY to RMB 255.6 million, led by higher sales/marketing and G&A costs.
Cash and equivalents stood at RMB 942.8 million as of September 30, 2025, down from RMB 1,253.2 million at 2024 year-end.
Outlook and guidance
Q4 2025 aesthetic treatment services revenue expected between RMB 216–226 million, up 165.8%–178.1% YoY.
Guidance reflects current market and operating conditions, with continued disciplined expansion and focus on operational excellence.
Long-term goal to reach 1,000 centers, with at least 35 new centers planned for next year, focusing on first- and second-tier cities.
Path to overall profitability given center expansion?
Center profitability and cash flow by phase?
Core member growth and revenue concentration risk?
Rationale for 4th-tier city focus in expansion
Miracle PLLA v3's impact on supply chain costs
Key drivers for aesthetic center profit margin growth
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Next So-Young International earnings date
Q4 202520 Mar, 2026
Next So-Young International earnings date
Q4 202520 Mar, 2026
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Frequently asked questions
So-Young International Inc. is a an online platform in the medical aesthetics industry. The company primarily operates through its mobile app and website, providing users with a comprehensive suite of services that include detailed information on medical aesthetic treatments, reviews, and ratings of service providers, as well as community interaction and social networking features. So-Young International facilitates connections between consumers and certified medical professionals, enabling appointments and consultations through its platform. The company is headquartered in Beijing, China, and its shares are listed on the NASDAQ.
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