So-Young International (SY) Q3 2025 earnings summary

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.