So-Young International (SY) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached RMB 510 million, up 33% year-over-year, setting a quarterly record and exceeding guidance.

• Aesthetic treatment services revenue surged 130% year-over-year to RMB 331.4 million, marking the 10th consecutive quarter of triple-digit growth.

• Net loss attributable to shareholders narrowed by 37% year-over-year to RMB 22.7 million.

• Verified treatment visits and active users more than doubled year-over-year, reflecting robust demand and network expansion.

• 47 out of 65 branded centers achieved profitability, and 51 generated positive operating cash flow in the quarter.

Financial highlights

• Group revenue: RMB 510 million, up 33% year-over-year.

• Aesthetic treatment revenue: RMB 331.4 million, up 130% year-over-year.

• Gross margin for aesthetic treatment improved by 3.8 percentage points year-over-year to 28.1%.

• Basic and diluted loss per ADS: RMB 0.22, improved from RMB 0.35 year-over-year.

• Cash and equivalents, including term deposits and short-term investments, stood at RMB 848.2 million as of June 30, 2026.

Outlook and guidance

• Q3 2026 revenue from aesthetic treatment services expected between RMB 352 million and RMB 362 million, representing 91.7%-97.2% year-over-year growth.

• Management anticipates continued topline growth and a clear path toward profitability as scale and efficiency improve.

• Continued focus on transparency, uniform delivery, and accessibility to drive high-quality growth.