So-Young International Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 revenue surged 45.6% year-over-year to RMB 432.8 million, led by 185.8% growth in the aesthetic center business and improved operational efficiency. The company expanded to 59 centers, launched new products, and expects continued strong growth in Q2.
Fiscal Year 2025
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Branded aesthetic centers drove 24.8% year-over-year revenue growth in Q4 2025, with mature centers achieving profitability and strong cash flow. Expansion continues in 2026 with a focus on efficiency, margin improvement, and user loyalty, supported by a robust cash position.
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Q3 revenue grew 4% year-over-year to RMB 386.7 million, driven by a 305% surge in aesthetic center business, though net loss widened due to declines in other segments. The company expects continued strong growth in Q4 and plans disciplined expansion, focusing on operational efficiency and compliance.
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Aesthetic center revenue became the largest segment, driving a 426% year-over-year increase to RMB 144 million, while total Q2 revenue was RMB 379 million and net loss reached RMB 36 million. The company targets 50 centers by year-end and expects continued strong growth in Q3.
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Q1 2025 saw revenues of RMB 297.3 million and a net loss of RMB 33.1 million, with strong growth in the aesthetic center segment offset by declines in platform services. The company is expanding its branded clinics, improving cost control, and expects continued rapid growth in aesthetic treatment revenues.
Fiscal Year 2024
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Q4 2024 revenue was RMB 369.2 million, with a net loss of RMB 607.6 million due to a one-time goodwill impairment and continued investment in the aesthetic center network. Aesthetic center revenue surged 702% year-over-year, and the company maintains a strong cash position while guiding Q1 2025 revenue between RMB 280–300 million.
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Q3 2024 revenue exceeded guidance at RMB 371.8 million, with net income up 11.2% year-over-year. Clinic expansion and upstream business drove growth, while expense control improved profitability. Q4 revenue is guided at RMB 350–370 million amid ongoing market and expansion uncertainties.
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Q2 2024 revenue exceeded guidance at RMB 407.4 million, with non-GAAP net profit up 43.1% year over year. Strong growth in medical product sales and chain clinics, despite macro headwinds, supports a positive long-term outlook.