So Young International Inc (SY)

So-Young Reports Unaudited First Quarter 2026 Financial ResultsMay 22, 2026 5:00 AM
PR Newswire (US) BEIJING, May 22, 2026 /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 first quarter ended March 31, 2026.First Quarter 2026 Financial HighlightsTotal revenues were RMB432.8 million (US$62.7 million[1]), compared with RMB297.3 million in the corresponding period of 2025. The aesthetic treatment services revenues were RMB282.4 million (US$40.9 million), compared with RMB98.8 million in the corresponding period of 2025, exceeding the high end of guidance.Net loss attributable to So-Young International Inc. was RMB49.2 million (US$7.1 million), compared with net loss attributable to So-Young International Inc. of RMB33.1 million in the same period of 2025.Non-GAAP net loss attributable to So-Young International Inc.[2] was RMB46.6 million (US$6.8 million), compared with non-GAAP net loss attributable to So-Young International Inc. of RMB31.5 million in the same period of 2025.First Quarter 2026 Operational HighlightsThe number of verified treatment visits to the branded aesthetic centers for the quarter reached approximately 148,000, compared with approximately 54,400 in the same period of 2025. The number of verified aesthetic treatments performed surpassed 325,800, compared with approximately 123,400 in the same period of 2025.The number of active users, defined as those who visited branded aesthetic centers at least once during the 12-month period ended on March 31, 2026, exceeded 213,000, compared with approximately 75,700 users during the corresponding period in 2025.The number of core members grew by over 11,700 during the quarter, representing an approximately 22% sequential increase. These core members contributed over 80% of aesthetic treatment services revenues, with a quarterly repurchase rate nearly 80%.As of March 31, 2026, So-Young had 54 fully operational branded aesthetic centers (53 directly-operated, 1 franchised) across sixteen major cities: Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou, Chengdu, Wuhan, Chongqing, Ningbo, Changsha, Tianjin, Xi'an, Suzhou, Hefei, Kunming and Nanjing. Among them, 41 centers achieved profitability* in the first quarter of 2026. In addition, 48 centers generated positive quarterly operating cash flow* in the first quarter of 2026. The following table shows the revenues generated by So-Young aesthetic centers, categorized by their phase of development:[1] This press release contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) 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 RMB6.8980 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 March 31, 2026.[2] Non-GAAP net loss attributable to So-Young International Inc. is defined as net loss attributable to So-Young International Inc. excluding share-based compensation expenses, impairment of long-lived assets attributable to So-Young International Inc., and tax effects on non-GAAP adjustments. See "Reconciliation of GAAP and Non-GAAP Results" at the end of this press release. Phase** (Operating duration)Number of CentersRevenue (RMB)Average Revenue per
Center (RMB)Average Center Age
(Month)Ramp-up (0-3 months)1122,948,0002,086,0002.1Growth (4-12 months)23109,490,0004,760,0008.0Maturity (over 12 months)20149,994,0007,500,00019.8* Center-level profitability measures whether an individual aesthetic center achieved positive profit in a given period. It is calculated by deducting consumable materials costs, personnel costs, center rental expenses, center depreciation expenses, and other center-level operating costs from the company's self-operated store revenues, before allocation of any back-office or mid-office expenses. Quarterly operating cash flow refers to total cash collected from orders less center-level operating payments in a given period, and excluding operating expense payments made by back-office or mid-office departments during the same period. Center-level profitability and quarterly operating cash flow are metrics derived from the Company's internal management accounts, which have not been audited.** 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.Management CommentaryMr. Xing Jin, Co-Founder and Chief Executive Officer of So-Young, commented, "Driven by our dual-engine strategy, which emphasizes scale and efficiency, our core aesthetic center business gained further traction with record-high quarterly segment revenue and improved profitability. As the medical aesthetics industry is increasingly shaped by demand for higher quality and broader accessibility, our competitive edge across the value chain positions us well to capitalize on these trends. We will continue to enhance our standardized medical delivery capabilities and expand our network at a measured pace, while reinforcing our supply chain advantages and improving operational efficiency. We are confident that these ongoing efforts will create lasting value for our users, partners, and shareholders."First Quarter 2026 Financial ResultsRevenuesTotal revenues were RMB432.8 million (US$62.7 million), an increase of 45.6% from RMB297.3 million in the same period of 2025. The increase was primarily due to business expansion of the branded aesthetic centers.Aesthetic treatment services revenues were RMB282.4 million (US$40.9 million), an increase of 185.8% from RMB98.8 million in the same period of 2025. The increase was primarily due to the business expansion of the branded aesthetic centers.Information and reservation services[3] revenues were RMB80.3 million (US$11.6 million), a decrease of 34.0% from RMB121.6 million in the same period of 2025. 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 RMB57.1 million (US$8.3 million), an increase of 2.8% from RMB55.6 million in the same period of 2025, primarily due to an increase in the order volume of medical products.
 Other services revenues were RMB12.9 million (US$1.9 million), a decrease of 39.3% from RMB21.2 million in the same period of 2025, primarily due to a decrease in revenues from insurance brokerage services.[3] Since the second quarter of 2025, in light of the better monitoring business development of branded aesthetic centers, the previous line item information, reservation services and others was separated into two line items, which are information and reservation services and other services. The revenue generated from information and reservation services and other services for the first quarter of 2025 have also been retrospectively updated. The amount reclassified from previous line item information, reservation services and others to information and reservation services is RMB121.6 million for the first quarter of 2025.Cost of RevenuesCost of revenues was RMB251.0 million (US$36.4 million), an increase of 65.8% from RMB151.4 million in the first quarter of 2025. The increase was primarily due to the business expansion of the branded aesthetic centers.Cost of aesthetic treatment services were RMB205.8 million (US$29.8 million), an increase of 156.4% from RMB80.3 million in the first quarter of 2025. The increase was primarily due to the business expansion of the branded aesthetic centers.Cost of information and reservation services[4] were RMB6.4 million (US$0.9 million), a decrease of 72.5% from RMB23.3 million in the first quarter of 2025. The decrease was in line with the decrease in revenue generated from information and reservation services.Cost of medical products sold and maintenance services were RMB30.4 million (US$4.4 million), a decrease of 0.1% from RMB30.4 million in the first quarter of 2025. The decrease was primarily due to a decrease in costs associated with the sales of medical equipment.  Cost of other services was RMB8.4 million (US$1.2 million), a decrease of 51.6% from RMB17.4 million in the first quarter of 2025. The decrease was primarily due to a decrease in costs associated with insurance brokerage services.[4] Since the second quarter of 2025, the previous line item cost of information, reservation services and others was separated into two line items, which are cost of information and reservation services and cost of other services. Cost of information and reservation services primarily consists of expenditures relating to operation of platform business, and the remaining cost of information, reservation services and others is reclassified into cost of other services. The cost of information and reservation services and cost of other services for the first quarter of 2025 have also been retrospectively reclassified.Operating ExpensesTotal operating expenses were RMB239.7 million (US$34.7 million), an increase of 26.6% from RMB189.3 million in the first quarter of 2025.Sales and marketing expenses were RMB130.8 million (US$19.0 million), an increase of 33.7% from RMB97.9 million in the first quarter of 2025. The increase was mainly due to the increases in expenses associated with branding and user acquisition activities and payroll costs for the branded aesthetic centers.General and administrative expenses were RMB84.5 million (US$12.3 million), an increase of 42.5% from RMB59.3 million in the first quarter of 2025. The increase was primarily due to the business expansion of the branded aesthetic centers.Research and development expenses were RMB24.3 million (US$3.5 million), a decrease of 24.2% from RMB32.1 million in the first quarter of 2025. The decrease was primarily attributable to improvements in staff efficiency.  Income Tax BenefitsIncome tax benefits were RMB0.8 million (US$0.1 million), compared with income tax benefits of RMB1.6 million in the same period of 2025.Net Loss Attributable to So-Young International Inc.Net loss attributable to So-Young International Inc. was RMB49.2 million (US$7.1 million), compared with a net loss attributable to So-Young International Inc. of RMB33.1 million in the first quarter of 2025.Non-GAAP Net Loss 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 RMB46.6 million (US$6.8 million), compared with RMB31.5 million non-GAAP net loss attributable to So-Young International Inc. in the same period of 2025.Basic and Diluted Loss per ADSBasic and diluted loss per ADS attributable to ordinary shareholders were RMB0.48 (US$0.07) and RMB0.48 (US$0.07), respectively, compared with basic and diluted loss per ADS attributable to ordinary shareholders of RMB0.32 and RMB0.32, respectively, in the same period of 2025.Cash and Cash Equivalents, Restricted Cash and Term Deposits, Term Deposits and Short-Term InvestmentsAs of March 31, 2026, cash and cash equivalents, restricted cash and term deposits, term deposits and short-term investments were RMB880.0 million (US$127.6 million), compared with RMB936.4 million as of December 31, 2025.Business OutlookFor the second quarter of 2026, So-Young expects aesthetic treatment services revenues to be between RMB307.0 million (US$44.5 million) and RMB317.0 million (US$46.0 million), representing an 112.6% to 119.5% increase from the same period in 2025. 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 MeasuresTo supplement the financial measures prepared in accordance with generally accepted accounting principles in the United States, or GAAP, this press release presents non-GAAP loss from operations and non-GAAP net loss attributable to So-Young International Inc. by excluding share-based compensation expenses and impairment of long-lived assets from loss from operations, and excluding share-based compensation expenses, impairment of long-lived assets, and tax effects on non-GAAP adjustments from net 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 (i) that are not expected to result in cash payments or (ii) that are non-recurring in nature or may not be indicative of the Company's core operating results and business outlook. The use of the above non-GAAP financial measures has certain limitations. Share-based compensation expenses and the impairment of long-lived assets are non-recurring 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, impairment of long-lived assets, and tax effects on non-GAAP adjustments 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 InformationSo-Young's management will hold an earnings conference call on Friday, May 22, 2026, at 7:30 AM U.S. Eastern Time (7:30 PM on the same day, Beijing/Hong Kong Time). Dial-in details for the earnings conference call are as follows:International:+1-412-902-4272China:4001-201203US:+1-888-346-8982Hong Kong:+852-800-905945Passcode:So YoungA telephone replay will be available two hours after the conclusion of the conference call through 23:59 U.S. Eastern Time, May 29, 2026. The dial-in details are:International: +1-412-317-0088US:+1-855-669-9658Passcode:5918252Additionally, 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 StatementThis 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-YoungInvestor Relations
Ms. Mona Qiao
Phone: +86-10-8790-2012
E-mail: ir @glenp-5900-1548
E-mail: sy@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,
March 31,
March 31,202520262026
RMB
RMB
US$Assets




Current assets:




Cash and cash equivalents418,213
386,813
56,076Restricted cash and term deposits64,683
82,512
11,962Trade receivables51,532
43,417
6,294Inventories233,389
262,555
38,062Receivables from online payment platforms16,296
17,174
2,490Amounts due from related parties774
1,687
245Term deposits and short-term investments453,472
410,649
59,532Prepayment and other current assets246,237
283,832
41,147Total current assets1,484,596
1,488,639
215,808Non-current assets:




Long-term investments274,753
274,180
39,748Intangible assets144,097
139,815
20,269Goodwill684
684
99Property and equipment, net293,560
307,370
44,559Deferred tax assets69,313
69,363
10,056Operating lease right-of-use assets251,635
253,238
36,712Other non-current assets130,998
131,527
19,067Total non-current assets1,165,040
1,176,177
170,510Total assets2,649,636
2,664,816
386,318





Liabilities




Current liabilities:




Short-term borrowings39,814
119,746
17,360Taxes payable43,461
36,606
5,307Contract liabilities65,948
64,564
9,360Salary and welfare payables130,170
106,727
15,472Amounts due to related parties618
552
80Accrued expenses and other current liabilities427,507
453,930
65,805Operating lease liabilities-current76,536
78,374
11,362Total current liabilities784,054
860,499
124,746Non-current liabilities:




Operating lease liabilities-non current183,364
182,302
26,428Deferred tax liabilities10,615
9,266
1,343Other non-current liabilities2,783
3,925
569Total non-current liabilities196,762
195,493
28,340Total liabilities980,816
1,055,992
153,086
Shareholders' equity:




Treasury stock(391,944)
(391,944)
(56,820)Class A ordinary shares (US$0.0005 par value; 750,000,000
     shares authorized as of December 31, 2025 and March 31,
     2026; 79,016,808 and 65,089,482 shares issued and
     outstanding as of December 31, 2025, 79,142,997 and
     65,215,671 shares issued and outstanding as of March 31,
     2026, respectively)257
257
37Class B ordinary shares (US$0.0005 par value; 20,000,000
     shares authorized as of December 31, 2025 and March 31,
     2026; 12,000,000 shares issued and outstanding as of
     December 31, 2025 and March 31, 2026)37
37
5Additional paid-in capital3,059,764
3,062,378
443,952Statutory reserves46,448
46,448
6,734Accumulated deficit(1,174,587)
(1,223,763)
(177,408)Accumulated other comprehensive income13,340
935
136Total So-Young International Inc. shareholders' equity1,553,315
1,494,348
216,636Non-controlling interests115,505
114,476
16,596Total shareholders' equity1,668,820
1,608,824
233,232Total liabilities and shareholders' equity2,649,636
2,664,816
386,318   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
March 31, 2025
December 31, 2025
March 31, 2026
March 31, 2026
RMB
RMB
RMB
US$







Revenues:






Aesthetic treatment services98,827
248,076
282,432
40,944Information and reservation services121,625
125,675
80,311
11,643Sales of medical products and maintenance services55,590
69,257
57,141
8,284Other services21,228
17,714
12,891
1,869Total revenues297,270
460,722
432,775
62,740Cost of revenues:






Cost of aesthetic treatment services(80,264)
(189,017)
(205,758)
(29,829)Cost of information and reservation services(23,297)
(10,071)
(6,401)
(928)Cost of medical products sold and maintenance services(30,425)
(41,595)
(30,403)
(4,408)Cost of other services(17,429)
(15,265)
(8,436)
(1,223)Total cost of revenues(151,415)
(255,948)
(250,998)
(36,388)Gross profit145,855
204,774
181,777
26,352Operating expenses:






Sales and marketing expenses(97,876)
(168,678)
(130,826)
(18,966)General and administrative expenses(59,284)
(101,893)
(84,504)
(12,251)Research and development expenses(32,109)
(37,436)
(24,339)
(3,528)Impairment of long-lived assets—
(19,710)
—
—Total operating expenses(189,269)
(327,717)
(239,669)
(34,745)Loss from operations(43,414)
(122,943)
(57,892)
(8,393)Other income/(expenses):






Investment (loss)/income, net(785)
773
206
30Interest income, net7,025
3,453
3,734
541Exchange gains25
2,929
4,910
712Share of losses of equity method investee(2,442)
(616)
(187)
(27)Others, net4,834
1,670
(1,729)
(252)Loss before tax(34,757)
(114,734)
(50,958)
(7,389)Income tax benefits1,605
619
753
109Net loss(33,152)
(114,115)
(50,205)
(7,280)Net loss attributable to noncontrolling interests14
5,266
1,029
149Net loss attributable to So-Young International Inc.(33,138)
(108,849)
(49,176)
(7,131) 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
March 31,
2025
December 31,
2025
March 31,
2026
March 31,
2026
RMB
RMB
RMB
US$







Net loss per ordinary share






Net loss per ordinary share attributable to ordinary shareholder - basic(0.42)
(1.40)
(0.63)
(0.09)Net loss per ordinary share attributable to ordinary shareholder - diluted(0.42)
(1.40)
(0.63)
(0.09)Net loss per ADS attributable to ordinary shareholders - basic (13 ADS represents 10 Class
A ordinary shares)(0.32)
(1.08)
(0.48)
(0.07)Net loss per ADS attributable to ordinary shareholders - diluted (13 ADS represents 10
Class A ordinary shares)(0.32)
(1.08)
(0.48)
(0.07)Weighted average number of ordinary shares used in computing earnings/(loss) per share,
basic*78,562,865
77,593,230
77,671,152
77,671,152Weighted average number of ordinary shares used in computing earnings/(loss) per share,
diluted*78,562,865
77,593,230
77,671,152
77,671,152







Share-based compensation expenses included in:






Cost of revenues(30)
4
(3)
(0)Sales and marketing expenses(130)
30
(87)
(13)General and administrative expenses(1,404)
771
(2,480)
(360)Research and development expenses(93)
66
(35)
(5)







*  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
March 31, 2025
December 31,2025
March 31, 2026
March 31, 2026
RMB
RMB
RMB
US$







GAAP loss from operations(43,414)
(122,943)
(57,892)
(8,393)Add back: Share-based compensation expenses1,657
(871)
2,605
378Add back: Impairment of long-lived assets—
19,710
—
—Non-GAAP loss from operations(41,757)
(104,104)
(55,287)
(8,015)















GAAP net loss attributable to So-Young International Inc.(33,138)
(108,849)
(49,176)
(7,131)Add back: Share-based compensation expenses1,657
(871)
2,605
378Add back: Impairment of long-lived assets attributable to So-Young International Inc.—
18,782
—
—Reversal: Tax effects on non-GAAP adjustments (1)—
(2,483)
—
—Non-GAAP net loss attributable to So-Young International Inc.(31,481)
(93,421)
(46,571)
(6,753)
(1) To adjust the income tax effects of non-GAAP adjustments, which is primarily related to impairment of long-lived assets. Other non-GAAP adjustment items have no tax effect, because full valuation allowances were provided for related deferred tax assets as it is more-likely-than-not they will not be realized.   View original content:https://www.prnewswire.com/news-releases/so-young-reports-unaudited-first-quarter-2026-financial-results-302779989.htmlSOURCE So-Young International Inc. Original: So-Young Reports Unaudited First Quarter 2026 Financial Results

So-Young to Report First Quarter 2026 Financial Results on May 22, 2026May 14, 2026 5:00 AM
PR Newswire (US) BEIJING, May 14, 2026 /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 that it will report its financial results for the first quarter ended March 31, 2026, before U.S. markets open on May 22, 2026.So-Young's management will hold an earnings conference call on Friday, May 22, 2026, at 7:30 AM U.S. Eastern Time (7:30 PM on the same day, Beijing/Hong Kong Time). Dial-in details for the earnings conference call are as follows:International:+1-412-902-4272China:4001-201203US:+1-888-346-8982Hong Kong:+852-800-905945Passcode:So YoungA telephone replay will be available two hours after the conclusion of the conference call through 23:59 U.S. Eastern Time, May 29, 2026. The dial-in details are:International:+1-412-317-0088US:+1-855-669-9658Passcode:5918252Additionally, 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.For more information, please contact:So-YoungInvestor Relations
Ms. Mona Qiao
Phone: +86-10-8790-2012
E-mail: ir @glenp-5900-1548
E-mail: sy@christensencomms.com  View original content:https://www.prnewswire.com/news-releases/so-young-to-report-first-quarter-2026-financial-results-on-may-22-2026-302772099.htmlSOURCE So-Young International Inc. Original: So-Young to Report First Quarter 2026 Financial Results on May 22, 2026

So-Young International Inc. Files Its Annual Report on Form 20-FApril 23, 2026 6:38 AM
PR Newswire (US)

BEIJING, April 23, 2026 /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 that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2025 with the Securities and Exchange Commission on April 23, 2026. The annual report is available on the Company's investor relations website at https://ir.soyoung.com/.The Company will provide a hard copy of its annual report containing the audited consolidated financial statements, free of charge, to its shareholders and ADS holders upon request. Requests should be submitted to 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 StatementThis 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 U.S. 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-YoungInvestor Relations
Ms. Mona Qiao
Phone: +86-10-8790-2012
E-mail: ir @glenp-5900-1548
E-mail: sy@christensencomms.com



View original content:https://www.prnewswire.com/news-releases/so-young-international-inc-files-its-annual-report-on-form-20-f-302751647.htmlSOURCE So-Young International Inc.

Original: So-Young International Inc. Files Its Annual Report on Form 20-F

So-Young Reports Unaudited Fourth Quarter and Fiscal Year 2025 Financial ResultsMarch 25, 2026 5:15 AM
PR Newswire (US)

BEIJING, March 25, 2026 /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 fourth quarter and fiscal year ended December 31, 2025.Fourth Quarter 2025 Financial HighlightsTotal revenues were RMB460.7 million (US$65.9 million[1]), compared with RMB369.2 million in the corresponding period of 2024. The aesthetic treatment services revenues were RMB248.1 million (US$35.5 million), compared with RMB81.3 million in the corresponding period of 2024, exceeding the high end of guidance.Net loss attributable to So-Young International Inc. was RMB108.8 million (US$15.6 million), compared with net loss attributable to So-Young International Inc. of RMB607.6 million in the same period of 2024.Non-GAAP net loss attributable to So-Young International Inc.[2] was RMB93.4 million (US$13.2 million), compared with non-GAAP net loss attributable to So-Young International Inc. of RMB53.2 million in the same period of 2024.Fourth Quarter 2025 Operational HighlightsThe number of verified treatment visits to the branded aesthetic centers for the quarter reached over 125,000, compared with approximately 45,000 in the same period of 2024. The number of verified aesthetic treatments performed surpassed 289,400, compared with approximately 107,900 in the same period of 2024.The number of active users, defined as those who visited branded aesthetic centers at least once during the 12-month period ended on December 31, 2025, exceeded 171,000, compared with approximately 52,700 users during the corresponding period in 2024.The number of core members grew by over 14,500 during the quarter, representing an approximately 39% sequential increase. Both the revenue contribution from core members to aesthetic treatment services and their quarterly repurchase rate exceeded 80%.As of December 31, 2025, So-Young had 49 fully operational branded aesthetic centers (48 directly-operated, 1 franchised) across fifteen major cities: Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou, Chengdu, Wuhan, Chongqing, Ningbo, Changsha, Tianjin, Xi'an, Suzhou, Hefei and Kunming. Among them, 25 centers achieved profitability* in the fourth quarter. In addition, 39 centers generated positive quarterly operating cash flow* in the fourth quarter. The following table shows the revenues generated by So-Young aesthetic centers, categorized by their phase of development: [1] This press release contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) 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 RMB6.9931 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 December 31, 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, impairment of goodwill and long-lived assets attributable to So-Young International Inc., impairment of long-term investment attributable to So-Young International Inc., allowance for credit loss from loans to investees attributable to So-Young International Inc., gain/(loss) on disposal of long-term investment and fair value change of long-term investment attributable to So-Young International Inc., and tax effects on non-GAAP adjustments. See "Reconciliation of GAAP and Non-GAAP Results" at the end of this press release. Phase** (Operating
duration)Number of
CentersRevenue
(RMB)Average Revenue per
Center (RMB)Average Center Age
(Month)Ramp-up (0-3 months)1316,598,0001,277,0001.2Growth (4-12 months)1988,955,0004,682,0007.1Maturity (over 12 months)17142,523,0008,384,00017.8 * Center-level profitability measures whether an individual aesthetic center achieved positive profit in a given period. It is calculated by deducting consumable materials costs, personnel costs, center rental expenses, center depreciation expenses, and other center-level operating costs from the company's self-operated store revenues, before allocation of any back-office or mid-office expenses. Quarterly operating cash flow refers to total cash collected from orders less center-level operating payments in a given period, and excluding operating expense payments made by back-office or mid-office departments during the same period. Center-level profitability and quarterly operating cash flow are metrics derived from the Company's internal management accounts, which have not been audited.** 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.Fiscal Year 2025 Financial HighlightsTotal revenues were RMB1,523.4 million (US$217.8 million) in fiscal year 2025, compared with RMB1,466.7 million in the prior year.Net loss attributable to So-Young International Inc. was RMB242.3 million (US$34.6 million) in fiscal year 2025, compared with a net loss attributable to So-Young International Inc. of RMB589.5 million in the prior year.Non-GAAP net loss attributable to So-Young International Inc. was RMB217.1 million (US$31.0 million) in fiscal year 2025, compared with a non-GAAP net loss attributable to So-Young International Inc. of RMB4.7 million in the prior year.Extension of Share Repurchase ProgramThe share repurchase program, initially approved on March 18, 2024, authorizing the repurchase of up to US$25 million in ADSs or ordinary shares, has been extended for an additional 12-month period through March 31, 2027. In 2024 and 2025, the Company repurchased approximately 4.8 million ADSs. All other terms remain unchanged.Mr. Xing Jin, Co-Founder and Chief Executive Officer of So-Young, commented, "In the fourth quarter, our aesthetic center business maintained its strong momentum, solidifying its role as a core growth engine for the Group. We have retained our position as China's leading light medical aesthetics chain by scale, which serves as a clear validation of our business model's strength and sustainability. Looking ahead, we will pursue steady store expansion while prioritizing operational excellence and industry-leading standards. Through strategic alliances with upstream manufacturers and a commitment to genuine product traceability, we are building competitive advantages rooted in both unit economics and trust. We are confident that this disciplined approach will drive sustainable value for our shareholders."Fourth Quarter 2025 Financial Results     RevenuesTotal revenues were RMB460.7 million (US$65.9 million), an increase of 24.8% from RMB369.2 million in the same period of 2024. The increase was primarily due to business expansion of the branded aesthetic centers.Aesthetic treatment services revenues were RMB248.1 million (US$35.5 million), an increase of 205.3% from RMB81.3 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[3] revenues were RMB125.7 million (US$18.0 million), a decrease of 26.8% from RMB171.6 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 RMB69.3 million (US$9.9 million), a decrease of 19.9% from RMB86.4 million in the same period of 2024, primarily due to a decrease in the order volume for medical equipment.Other services revenues were RMB17.7 million (US$2.5 million), a decrease of 40.7% from RMB29.9 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, reservation services and others was separated into two line items, which are information and reservation services and other services.The revenue generated from information and reservation services and other services for the fourth quarter of 2024 have also been retrospectively updated. The amount reclassified from previous line item information, reservation services and others to information and reservation services is RMB171.6 million for the fourth quarter of 2024.Cost of RevenuesCost of revenues was RMB255.9 million (US$36.6 million), an increase of 67.2% from RMB153.1 million in the fourth quarter of 2024. The increase was primarily due to business expansion of the branded aesthetic centers.Cost of aesthetic treatment services was RMB189.0 million (US$27.0 million), an increase of 189.9% from RMB65.2 million in the fourth quarter of 2024. The increase was primarily due to the business expansion of the branded aesthetic centers.Cost of information and reservation services[4] was RMB10.1 million (US$1.4 million), a decrease of 50.6% from RMB20.4 million in the fourth quarter of 2024. The decrease was in line with the decrease in revenue generated from information and reservation services.Cost of medical products sold and maintenance services was RMB41.6 million (US$5.9 million), a decrease of 4.0% from RMB43.3 million in the fourth quarter of 2024. The decrease was primarily due to a decrease in costs associated with the sales of medical equipment.Cost of other services was RMB15.3 million (US$2.2 million), a decrease of 36.7% from RMB24.1 million in the fourth 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 information, reservation services and others was separated into two line items, which are cost of information and reservation services and cost of other services. Cost of information and reservation services primarily consists of expenditures relating to operation of platform business, and the remaining cost of information, reservation services and others is reclassified into cost of other services. The cost of information and reservation services and cost of other services for the fourth quarter of 2024 have also been retrospectively reclassified.Operating ExpensesTotal operating expenses were RMB327.7 million (US$46.9 million), a decrease of 59.8% from RMB815.2 million in the fourth quarter of 2024.Sales and marketing expenses were RMB168.7 million (US$24.1 million), an increase of 25.8% from RMB134.0 million in the fourth 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 RMB101.9 million (US$14.6 million), an increase of 3.5% from RMB98.4 million in the fourth quarter of 2024. The increase was primarily due to the business expansion of the branded aesthetic centers.Research and development expenses were RMB37.4 million (US$5.4 million), a decrease of 12.4% from RMB42.8 million in the fourth quarter of 2024. The decrease was primarily attributable to improvements in staff efficiency.Impairment of goodwill and long-lived assets was RMB19.7 million (US$2.8 million) in this quarter, representing the amount by which the carrying amount of certain asset exceeds their fair value, based on an annual long-lived assets impairment assessment. Impairment of goodwill was RMB540.0 million in the fourth quarter of 2024.Income Tax Benefits/(Expenses)Income tax benefits were RMB0.6 million (US$0.1 million), compared with income tax expenses of RMB2.1 million in the same period of 2024.Net Loss Attributable to So-Young International Inc.Net loss attributable to So-Young International Inc. was RMB108.8 million (US$15.6 million), compared with a net loss attributable to So-Young International Inc. of RMB607.6 million in the fourth quarter of 2024.Non-GAAP Net Loss 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, impairment of goodwill and long-lived assets attributable to So-Young International Inc., impairment of long-term investment attributable to So-Young International Inc., allowance for credit loss from loans to investees attributable to So-Young International Inc., gain/(loss) on disposal of long-term investment and fair value change of long-term investment attributable to So-Young International Inc., and tax effects on non-GAAP adjustments, was RMB93.4 million (US$13.2 million), compared with RMB53.2 million non-GAAP net loss attributable to So-Young International Inc. in the same period of 2024.Basic and Diluted Loss per ADSBasic and diluted loss per ADS attributable to ordinary shareholders were RMB1.08 (US$0.15) and RMB1.08 (US$0.15), respectively, compared with basic and diluted loss per ADS attributable to ordinary shareholders of RMB5.92 and RMB5.92, respectively, in the same period of 2024.Fiscal Year 2025 Financial ResultsRevenuesTotal revenues were RMB1,523.4 million (US$217.8 million), an increase of 3.9% from RMB1,466.7 million in fiscal year 2024.Aesthetic treatment services revenues were RMB674.9 million (US$96.5 million), an increase of 298.7% from RMB169.3 million in fiscal year 2024. The increase was primarily due to the business expansion of the branded aesthetic centers.Information and reservation services revenues were RMB499.7 million (US$71.5 million), a decrease of 32.2% from RMB736.6 million in fiscal year 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 RMB267.8 million (US$38.3 million), a decrease of 27.2% from RMB368.0 million in fiscal year 2024, primarily due to a decrease in sales of medical equipment. Other services revenues were RMB81.0 million (US$11.6 million), a decrease of 58.0% from RMB192.8 million in the same period of 2024, primarily due to a decrease in revenues from So-Young Prime.Cost of RevenuesCost of revenues was RMB795.7 million (US$113.8 million), an increase of 40.2% from RMB567.6 million in fiscal year 2024. The increase was primarily due to the business expansion of the branded aesthetic centers.Cost of aesthetic treatment services was RMB518.7 million (US$74.2 million), an increase of 294.2% from RMB131.6 million in fiscal year 2024. The increase was primarily due to the business expansion of the branded aesthetic centers.Cost of information and reservation services was RMB63.0 million (US$9.0 million), a decrease of 41.1% from RMB107.0 million in fiscal year 2024. The decrease was in line with the decrease in revenue generated from information and reservation services.Cost of medical products sold and maintenance services was RMB147.1 million (US$21.0 million), a decrease of 19.7% from RMB183.2 million in fiscal year 2024. The decrease was primarily due to a decrease in costs associated with the sales of medical equipment.Cost of other services was RMB66.9 million (US$9.6 million), a decrease of 54.1% from RMB145.9 million in fiscal year of 2024. The decrease was primarily due to a decrease in costs associated with So-Young Prime.Operating ExpensesTotal operating expenses were RMB1,013.9 million (US$145.0 million), a decrease of 33.5% from RMB1,523.6 million in fiscal year 2024.Sales and marketing expenses were RMB528.6 million (US$75.6 million), an increase of 6.9% from RMB494.5 million in fiscal year 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 RMB328.5 million (US$47.0 million), an increase of 1.4% from RMB324.1 million in fiscal year 2024. The increase was primarily due to the business expansion of the branded aesthetic centers.Research and development expenses were RMB137.0 million (US$19.6 million), a decrease of 17.0% from RMB165.0 million in fiscal year 2024. The decrease was primarily attributable to improvements in staff efficiency.Impairment of goodwill and long-lived assets was RMB19.7 million (US$2.8 million) in this year, representing the amount by which the carrying amount of certain asset exceeds their fair value, based on an annual long-lived assets impairment assessment. Impairment of goodwill was RMB540.0 million in fiscal year 2024.Income Tax (Expenses)/BenefitsIncome tax expenses were RMB0.8 million (US$0.1 million), compared with an income tax benefits of RMB0.9 million in fiscal year 2024.Net Loss Attributable to So-Young International Inc.Net loss attributable to So-Young International Inc. was RMB242.3 million (US$34.6 million), compared with a net loss attributable to So-Young International Inc. of RMB589.5 million in fiscal year 2024.Non-GAAP Net Loss 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, impairment of goodwill and long-lived assets attributable to So-Young International Inc., impairment of long-term investment attributable to So-Young International Inc., allowance for credit loss from loans to investees attributable to So-Young International Inc., gain/(loss) on disposal of long-term investment and fair value change of long-term investment attributable to So-Young International Inc., and tax effects on non-GAAP adjustments, was RMB217.1 million (US$31.0 million), compared with a non-GAAP net loss attributable to So-Young International Inc. of RMB4.7 million in fiscal year 2024.Basic and Diluted Loss per ADSBasic and diluted loss per ADS attributable to ordinary shareholders were RMB2.39 (US$0.34) and RMB2.39 (US$0.34), respectively, compared with basic and diluted loss per ADS attributable to ordinary shareholders of RMB5.72 and RMB5.72 in fiscal year 2024.Cash and Cash Equivalents, Restricted Cash and Term Deposits, Term Deposits and Short-Term InvestmentsAs of December 31, 2025, cash and cash equivalents, restricted cash and term deposits, term deposits and short-term investments were RMB936.4 million (US$133.9 million), compared with RMB1,253.2 million as of December 31, 2024, primarily due to an increase of investment in branded aesthetic centers.Business OutlookFor the first quarter of 2026, So-Young expects aesthetic treatment services revenues to be between RMB268.0 million (US$38.3 million) and RMB278.0 million (US$39.8 million), representing a 171.2% to 181.3% increase from the same period in 2025. 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 MeasuresTo 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 and impairment of goodwill and long-lived assets from income/(loss) from operations, and excluding share-based compensation expenses, impairment of goodwill and long-lived assets, impairment of long-term investment, allowance for credit loss from loans to investees, gain/(loss) on disposal of long-term investment and fair value change of long-term investment and tax effects on non-GAAP adjustments from net income/(loss) attributable to So-Young International Inc., respectively. Starting from the fourth quarter of 2024, the Company newly included impairment of long-term investment, allowance for credit loss from loans to investees, gain/(loss) on disposal of long-term investment and fair value change of long-term investment and tax effects on non-GAAP adjustments as additional adjustments in its non-GAAP financial measures, which may result in differences from previously disclosed non-GAAP figures.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 (i) that are not expected to result in cash payments or (ii) that are non-recurring in nature or may not be indicative of the Company's core operating results and business outlook. The use of the above non-GAAP financial measures has certain limitations. Share-based compensation expenses, the impairment of goodwill and long-lived assets, impairment of long-term investment and allowance for credit loss from loans to investees are non-cash in nature. Gain/(loss) on disposal of long-term investment and fair value change of long-term investment are non-recurring in nature. And, in substance, both impairment of long-term investment and allowance for credit loss from loans to investees are impairment of investment. 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, impairment of goodwill and long-lived assets, impairment of long-term investment, allowance for credit loss from loans to investees, gain/(loss) on disposal of long-term investment and fair value change of long-term investment and tax effects on non-GAAP adjustments 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 InformationSo-Young's management will hold an earnings conference call on Wednesday, March 25, 2026, at 7:30 AM U.S. Eastern Time (7:30 PM on the same day, Beijing/Hong Kong Time). Dial-in details for the earnings conference call are as follows:International: +1-412-902-4272Mainland China:4001-201203US:+1-888-346-8982Hong Kong:+852-800-905-945 Passcode:So YoungA telephone replay will be available two hours after the conclusion of the conference call through 23:59 U.S. Eastern Time, April 1, 2026. The dial-in details are:International:+1-412-317-0088US: +1-855-669-9658Passcode:5232304Additionally, 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 StatementThis 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-YoungInvestor Relations
Ms. Mona Qiao
Phone: +86-10-8790-2012
E-mail: ir @glenp-5900-1548
E-mail: sy@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,
December 31,
December 31,202420252025
RMB
RMB
US$Assets




Current assets:




Cash and cash equivalents587,749
418,213
59,804Restricted cash and term deposits66,367
64,683
9,250Trade receivables98,774
51,532
7,369Inventories151,754
233,389
33,374Receivables from online payment platforms24,255
16,296
2,330Amounts due from related parties1,218
774
111Term deposits and short-term investments599,041
453,472
64,846Prepayment and other current assets195,202
246,237
35,211Total current assets1,724,360
1,484,596
212,295Non-current assets:




Long-term investments280,281
274,753
39,289Intangible assets126,615
144,097
20,606Goodwill684
684
98Property and equipment, net155,352
293,560
41,979Deferred tax assets84,950
69,313
9,912Operating lease right-of-use assets162,764
251,635
35,983Other non-current assets200,152
130,998
18,732Total non-current assets1,010,798
1,165,040
166,599Total assets2,735,158
2,649,636
378,894





Liabilities




Current liabilities:




Short-term borrowings69,771
39,814
5,693Taxes payable61,862
43,461
6,215Contract liabilities76,579
65,948
9,430Salary and welfare payables111,396
130,170
18,614Amounts due to related parties477
618
88Accrued expenses and other current
liabilities265,216
427,507
61,134Operating lease liabilities-current44,905
76,536
10,945Total current liabilities630,206
784,054
112,119Non-current liabilities:




Operating lease liabilities-non current125,200
183,364
26,221Deferred tax liabilities19,758
10,615
1,518Other non-current liabilities1,264
2,783
398Total non-current liabilities146,222
196,762
28,137Total liabilities776,428
980,816
140,256Shareholders' equity:




Treasury stock(376,690)
(391,944)
(56,047)Class A ordinary shares (US$0.0005 par value; 750,000,000
   shares authorized as of December 31, 2024 and December
   31, 2025; 77,897,969 and 65,659,510 shares issued and
   outstanding as of December 31, 2024, 79,016,808 and
   65,089,482 shares issued and outstanding as of December
   31, 2025, respectively)253
257
37Class B ordinary shares (US$ 0.0005 par value; 20,000,000
   shares authorized as of December 31, 2024 and December
   31, 2025; 12,000,000 shares issued and outstanding as of
   December 31, 2024 and December 31, 2025)37
37
5Additional paid-in capital3,069,799
3,059,764
437,540Statutory reserves40,552
46,448
6,642Accumulated deficit(926,390)
(1,174,587)
(167,964)Accumulated other comprehensive income31,560
13,340
1,908





Total So-Young International Inc. shareholders' equity1,839,121
1,553,315
222,121Non-controlling interests119,609
115,505
16,517Total shareholders' equity1,958,730
1,668,820
238,638





Total liabilities and shareholders' equity2,735,158
2,649,636
378,894  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 Fiscal Year Ended
December
31, 2024
December
31, 2025
December
31, 2025
December
31, 2024
December
31, 2025
December
31, 2025
RMB
RMB
US$
RMB
RMB
US$











Revenues:










Aesthetic treatment services81,267
248,076
35,474
169,263
674,903
96,510Information and reservation services171,624
125,675
17,971
736,607
499,685
71,454Sales of medical products and maintenance services86,432
69,257
9,904
367,980
267,839
38,300Other services29,888
17,714
2,533
192,848
80,983
11,580











Total revenues369,211
460,722
65,882
1,466,698
1,523,410
217,844Cost of revenues:










Cost of aesthetic treatment services(65,208)
(189,017)
(27,029)
(131,580)
(518,749)
(74,180)Cost of information and reservation services(20,384)
(10,071)
(1,440)
(106,958)
(62,970)
(9,005)Cost of medical products sold and maintenance services(43,325)
(41,595)
(5,948)
(183,164)
(147,110)
(21,036)Cost of other services(24,134)
(15,265)
(2,183)
(145,883)
(66,894)
(9,566)Total cost of revenues(153,051)
(255,948)
(36,600)
(567,585)
(795,723)
(113,787)Gross profit 216,160
204,774
29,282
899,113
727,687
104,057Operating expenses:










Sales and marketing expenses(134,045)
(168,678)
(24,121)
(494,493)
(528,591)
(75,588)General and administrative expenses(98,420)
(101,893)
(14,571)
(324,073)
(328,523)
(46,978)Research and development expenses(42,753)
(37,436)
(5,353)
(165,030)
(137,040)
(19,596)Impairment of goodwill and long-lived assets(540,009)
(19,710)
(2,818)
(540,009)
(19,710)
(2,818)Total operating expenses(815,227)
(327,717)
(46,863)
(1,523,605)
(1,013,864)
(144,980)Loss from operations(599,067)
(122,943)
(17,581)
(624,492)
(286,177)
(40,923)Other income/(expenses):










Investment income, net 7,623
773
111
11,020
1,738
249Interest income, net8,237
3,453
494
46,507
23,556
3,368Exchange (losses)/gains(763)
2,929
419
112
5,948
851Impairment of long-term investment(7,350)
—
—
(7,350)
—
—Share of losses of equity method investee(3,413)
(616)
(88)
(15,015)
(4,076)
(583)Others, net(11,103)
1,670
238
1,131
12,902
1,845Loss before tax(605,836)
(114,734)
(16,407)
(588,087)
(246,109)
(35,193)Income tax (expenses)/benefits(2,126)
619
89
905
(796)
(114)Net loss(607,962)
(114,115)
(16,318)
(587,182)
(246,905)
(35,307)Net loss/(income) attributable to noncontrolling interests386
5,266
753
(2,345)
4,604
658Net loss attributable to So-Young International Inc.(607,576)
(108,849)
(15,565)
(589,527)
(242,301)
(34,649)  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 Fiscal Year Ended
December
31, 2024
December
31, 2025
December
31, 2025
December
31, 2024
December
31, 2025
December
31, 2025
RMB
RMB
US$
RMB
RMB
US$











Net loss per ordinary share










Net loss per ordinary share attributable to ordinary shareholder - basic(7.70)
(1.40)
(0.20)
(7.43)
(3.11)
(0.44)Net loss per ordinary share attributable to ordinary shareholder - diluted(7.70)
(1.40)
(0.20)
(7.43)
(3.11)
(0.44)Net loss per ADS attributable to ordinary shareholders - basic (13 ADS
   represents 10 Class A ordinary shares)(5.92)
(1.08)
(0.15)
(5.72)
(2.39)
(0.34)Net loss per ADS attributable to ordinary shareholders - diluted (13 ADS
   represents 10 Class A ordinary shares)(5.92)
(1.08)
(0.15)
(5.72)
(2.39)
(0.34)Weighted average number of ordinary shares used in computing loss per share,
   basic*78,905,617
77,593,230
77,593,230
79,384,454
77,863,698
77,863,698Weighted average number of ordinary shares used in computing loss per share,
   diluted*78,905,617
77,593,230
77,593,230
79,384,454
77,863,698
77,863,698











Share-based compensation expenses included in:










Cost of revenues(34)
4
1
(289)
(185)
(26)Sales and marketing expenses(239)
30
4
(659)
(835)
(119)General and administrative expenses(1,731)
771
110
(29,527)
(7,118)
(1,018)Research and development expenses(211)
66
9
(2,180)
(780)
(112)
* 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 Fiscal Year Ended
December
31, 2024
December
31, 2025
December
31, 2025
December
31, 2024
December
31, 2025
December
31, 2025

RMB
RMB
US$
RMB
RMB
US$













GAAP loss from operations(599,067)
(122,943)
(17,581)
(624,492)
(286,177)
(40,923)
Add back: Share-based compensation expenses2,215
(871)
(124)
32,655
8,918
1,275
Add back: Impairment of goodwill and long-lived assets540,009
19,710
2,818
540,009
19,710
2,818
Non-GAAP loss from operations(56,843)
(104,104)
(14,887)
(51,828)
(257,549)
(36,830)


























GAAP net loss attributable to So-Young International Inc.(607,576)
(108,849)
(15,565)
(589,527)
(242,301)
(34,649)
Add back: Share-based compensation expenses2,215
(871)
(124)
32,655
8,918
1,275
Add back: Impairment of goodwill and long-lived assets attributable to So-
   Young International Inc.540,009
18,782
2,818
540,009
18,782
2,686
Add back: Impairment of long-term investment attributable to So-Young
   International Inc.7,350
—
—
7,350
—
—
Add back: Allowance for credit loss from loans to investees attributable to So-
   Young International Inc.13,843
—
—
13,843
—
—
Reversal: Gain on disposal of long-term investment and fair value change of
   long-term investment attributable to So-Young International Inc.(7,791)
—
—
(7,791)
—
—
Reversal: Tax effects on non-GAAP adjustments (1)(1,276)
(2,483)
(355)
(1,276)
(2,483)
(355)
Non-GAAP net loss attributable to So-Young International Inc.(53,226)
(93,421)
(13,226)
(4,737)
(217,084)
(31,043)

(1) To adjust the income tax effects of non-GAAP adjustments, which is primarily related to allowance for credit loss from loans to investees, gain/(loss) on disposal of long-term investment, fair value change of long-term investment and impairment of long-lived assets. Other non-GAAP adjustment items have no tax effect, because full valuation allowances were provided for related deferred tax assets as it is more-likely-than-not they will not be realized. 



View original content:https://www.prnewswire.com/news-releases/so-young-reports-unaudited-fourth-quarter-and-fiscal-year-2025-financial-results-302724647.htmlSOURCE So-Young International Inc.

Original: So-Young Reports Unaudited Fourth Quarter and Fiscal Year 2025 Financial Results

So-Young to Report Fourth Quarter and Full Year 2025 Financial Results on March 25, 2026March 10, 2026 5:00 AM
PR Newswire (US)

BEIJING, March 10, 2026 /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 that it will report its financial results for the fourth quarter and full year ended December 31, 2025, before U.S. markets open on March 25, 2026.So-Young's management will hold an earnings conference call on Wednesday, March 25, 2026, at 7:30 AM U.S. Eastern Time (7:30 PM on the same day, Beijing/Hong Kong Time). Dial-in details for the earnings conference call are as follows:International:+1-412-902-4272China:4001-201203US:+1-888-346-8982Hong Kong:+852-301-84992Passcode:So YoungA telephone replay will be available two hours after the conclusion of the conference call through 23:59 U.S. Eastern Time, April 1, 2026. The dial-in details are:International:+1-412-317-0088US:+1-855-669-9658Passcode:5232304Additionally, 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.For more information, please contact:So-YoungInvestor Relations
Ms. Mona Qiao
Phone: +86-10-8790-2012
E-mail: ir @glenp-5900-1548
E-mail: sy@christensencomms.com



View original content:https://www.prnewswire.com/news-releases/so-young-to-report-fourth-quarter-and-full-year-2025-financial-results-on-march-25-2026-302709000.htmlSOURCE So-Young International Inc.

Original: So-Young to Report Fourth Quarter and Full Year 2025 Financial Results on March 25, 2026

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