Earnings Call: Q4 2025

Mar 25, 2026

Ladies and gentlemen, thank you for standing by for So-Young's fourth quarter and full year 2025 earnings conference call. At this time, all participants are in the listen-only mode. After management give their prepared remarks, there will be a question and answer session. As a reminder, today's conference call is being recorded. I will now like to turn the meeting over to your host for today's call, Miss Mona Qiao. Please proceed, Mona. Thank you, operator, and thank you everyone for joining So-Young's fourth quarter and full year 2025 earnings conference call. Joining me today on the call is Mr. Xing Jin, our Founder, Chairman, and CEO, and Miss Zhang Sha, VP of Finance. Before we begin, please refer to the safe harbor statement in our earnings release, which applies to this call as we will be making forward-looking statements. Please also note that we will discuss non-GAAP measures today, which are more thoroughly explained and reconciled to the most comparable measures reported under GAAP in our earnings release on our investor relations website and filing with the SEC. Please also note all figures mentioned in this call are in renminbi, unless otherwise stated. At this time, I'd like to turn the call over to Mr. Xing Jin. In 2025, China's medical aesthetic industry went through structural adjustments as upstream capacity expanded and consumers become more value-driven. Return to value has become the common theme for institutions pursuing scaled and repeatable models. This offers a critical window to build long-term edge. In Q4, we continued to improve our investment and make progress in three directions. First, delivering scale breakthrough center ops and operational improvement in our aesthetic center business. Second, reinforcing medical service delivery capabilities to build a long-term trust driven moat. Third, building on supply chain barriers to enhance brand influence and seize opportunities. We are pleased to see these choices are reflected in our financial results. The total revenue was RMB 461 million in Q4, up around 25% year-over-year, hitting a record high for quarterly revenue. Revenues from our aesthetic center business reached CNY 248 million, up over 205% year-over-year, and about 10% above the high end of guidance. Our aesthetic center business has become our largest revenue contributing segment and growth engine, with SoYoung Clinic becoming the largest laser medical aesthetic chain in China by number of centers. Now let me walk you through our progress in Q4 and our 2026 deployment, focusing on our aesthetic center business. Our aesthetic center business has recently achieved two milestones. The first is our center footprint. By year-end 2025, we have opened 49 laser medical aesthetic centers, ranking first nationwide among all peers by center count. The second is the treatment volume. In Q4, verified treatment visits exceeded 125,000, up 178% year-over-year. Verified aesthetic treatment performed exceeded 289,400, up 168% year-over-year. As of December end, our total active users surpassed 170,000. The growth in both treatment volume and user base validates the market demand and ongoing recognition from consumers. 微博之外，门店运营效率也在稳步提升。四季度25家门店实现店端盈利，39家门店在第四季度实现了现金流为正。进入2026年，我们将进一步加快扩张步伐，计划年度新增不低于35家门店，重点在北上广深等核心城市加力布局，同时在二线城市进行探索。随着运营体系日趋成熟，我们有信心在持续扩张的同时，进一步提升单店盈利能力，推动连锁业务尽早实现整体盈利。 As we scale, center level operational efficiency continues to improve. In Q4, 25 centers achieved profitability and 39 centers generated positive operating cash flow. In 2026, we will accelerate the expansion, opening at least 35 new centers. We will deepen density in core cities including Beijing, Shanghai, Guangzhou and Shenzhen, while also expanding our presence in second-tier cities. As our operations mature, we are confident in further improving center profitability while maintaining expansion and driving the overall profitability at our early days. 第二，持续深化医疗交付能力，构建信任驱动的长期护城河。四季度，我们在医生团队、合规体系与数据安全三个维度持续提升医疗交付能力，巩固用户信任的基础。 Second, we are enhancing our medical service delivery capability to build a long-term trust-driven mode. In Q4, we enhanced our service across three dimensions, physician team, compliance framework, and data security. These improvements reinforce the user trust. 截至2025年末，新氧青春诊所的全职医生团队已扩充至211位，较三季度末增长41%，医生数量稳居全国轻医领域首位。在质量方面，我们的医生全部具备公立医院背景，并通过严格的内部标准化操作认证后方可上岗执业。拥有主治医师及以上资质的医生占比已过半。医生团队平均从业年限超过六年，入职一年及以上的医生在新氧的人均核销服务点超过6,200个，彰显了团队扎实的临床能力与高标准的医疗素养。2026年，我们将推出新医启航计划，加速医护人才的招募与储备。该计划将为医生提供一流的实操锻炼机会、系统化的技能培训与清晰的职业发展路径，助力医生快速成长到行业头部水准。伴随医生团队专业能力的提升与用户口碑的沉淀，医生单人产值将稳步增长，进而带动盈利水平持续优化。在合规体系方面，我们建立了六层合规体系与常态化风险巡查机制，依托数字化管理手段，实现医疗交付全程可追溯。用户数据安全方面，新氧成为行业首家获得个人信息保护影响评估PIA标识认证的企业，在用户隐私保护方面树立了行业标杆。 By year end 2025, our full-time physician team expanded to 211, up 41% from the end of Q3, ranking first nationwide among our peers by physician count. In terms of quality, all our physicians have a public hospital background and passed our rigorous internal certification before practicing. Over half of them hold attending physician qualifications or higher. On average, our team possesses over six years of clinical experience. Those with a year or more on So-Young have delivered over 6,200 treatments per physician, reflecting our solid clinical capabilities. In 2026, we will launch a new physician initiative to accelerate recruitment and build talent pipeline. The program will provide industry-leading hands-on practice, systematic training and clear career path, enabling physicians to quickly achieve top-tier performance. As our physician team's expertise deepens and user word of mouth grows, we expect per-physician productivity to grow, driving continued improvement in profitability. On compliance, we established a six-pillar compliance framework and a regular inspection mechanism. With digital software, we deliver full process traceability of medical services. On data security, So-Young is the first in the industry to obtain the PIA certification, setting a benchmark for the industry. 这些持续投入最终体现在用户行为上。核心会员季度复购率超过80%，核心会员人均年消费金额约1.65万元。用户信任的持续积累，是我们实现低成本可持续扩张的根本支撑。 Our ongoing investments are reflected in user behavior. Core members have a quarter return rate of 80%, and their average annual spending is around RMB 16,500. A growing user trust is the foundation of our low cost, sustainable growth. 第三，持续构建供应链壁垒，提升品牌影响力，把握市场机遇。截至四季度，我们拥有十八家国内头部的上游设备供应商，累计采购设备近1,400台。针剂端拥有四十二家头部的上游合作伙伴，累计采购针剂超过七十万支。2025年上游产品供给显著丰富。全年国家药监局批准超过五十张医疗器械三类注册证，同比增长超过60%。对新氧而言，这意味着更大的选品空间，更优的采购成本，更好的用户体验。依托全国规模最大的轻医美连锁门店网络带来的规模化采购体量，我们持续提升供应链布局能力，与上游核心供应商建立了长期稳定的深度合作与量价联动机制，得以享有行业最优梯度的进货价。 Third, we will continue to build our supply chain, enhance brand influence and seize market opportunities. As of Q4, we worked with 18 top-tier domestic suppliers and had procured nearly 1,400 devices. For injectables, we have 42 top-tier upstream partners with a cumulative procurement of over 700,000 units. In 2025, the upstream supply expanded sharply. The NMPA issued over 50 certificates for Class III medical devices, up over 60% year-over-year. For So-Young, this delivers a broader product portfolio, more favorable procurement costs, and enhanced user experience. Backed by the China's largest light medical aesthetic chain, we continuously enhance our supply chain layout capabilities. We have also built long-term partnerships with core suppliers and established a volume price linkage mechanism, securing the industry's best tier procurement prices. 在自有产品布局方面，四季度我们在奇迹童颜三点针的基础上，推出了更轻量的Pro HA版本，进一步降低了消费者的尝试门槛。与此同时，由我们独家代理西宏药业生产的注射用透明质酸钠复合溶液，正式在国内获批上市，进一步丰富了新氧在皮肤长期管理赛道的产品矩阵。BBL产品方面，我们通过IP联名以及沉浸式体验活动，进一步提升了品牌影响力与用户转化。四季度，我们联名小王子IP，打造清新星球不老光主题营销活动。活动涵盖明星体验、快闪活动、小红书博主探店等多维传播形式。快闪活动线下触达约两百万人次，小红书平台总曝光量超过一千四百万，成功实现了线上热度与线下体验的高效联动，进一步强化了新氧青春诊所的品牌心智，同时促进了主推品BBL的销售转化，实现品效合一。这一系列产品迭代、新品布局与品牌营销动作，这是我们持续推进大单品策略的实践。四季度四大单品表现尤其亮眼，收入占比达到37%以上，实现了环比增长，成为驱动连锁业务高质量增长的核心支撑。 On our product layout. In Q4, we launched a lighter version medical PLLA version thread thirty, which lowers the customer's barrier to try. We are also the exclusive distributor of Xihong Biopharma's HA solution, now approved for marketing in China, which expands our portfolio. For BBL treatments, we improved brand influence and conversion through IP copywriting and immersive experiences. In Q4, we partnered with The Little Prince IP and launched the Youth's Planet Timeless Radiance campaign. The campaign leveraged multiple channels and formats, including celebrity treatment experience, pop-up events, and in-store visits by bloggers on Xiaohongshu. Our pop-up event generated about 2 million on-site visits, and total exposure on Xiaohongshu exceeded 14 million. This online and offline synergy reinforced our brand awareness and led sales conversion for BBL, aligning brand building with revenue. Our product iteration, new product launches, and market activities reflect our commitment to the blockbuster strategy. In Q4, these blockbuster products delivered strong results, contributing over 37% of revenue with sequential growth, and remained a core engine for our aesthetic skin division. 与此同时，我们的品牌影响力也在线下场景得到充分验证。目前，新氧青春诊所已成功入驻北京合生汇、广州环贸中心、杭州嘉里中心、济南恒隆广场等全国高端购物中心。我们优质的线下展业场景，既夯实了品牌的市场认可度，也为门店精准触达核心客群提供了坚实助力。 Meanwhile, our brand influence have been fully validated in offline scenarios. To date, we have successfully established a presence in high-end shopping malls nationwide, including Beijing Hopson One, Guangzhou ICC Mall, Hangzhou Kerry Centre, Jinan Henglong Plaza and so on. These premium shopping malls reinforce our brand recognition and help us reach target customer groups. 最后谈谈我们对未来的展望。随着医美行业逐步回归理性与品质驱动的发展轨道，整个产业链的价值分配正在被重新书写。我们相信未来真正掌握行业话语权的将是那些离消费者最近、交付最可信赖的机构。2026年是新氧的战略转折之年。我们的核心命题将从规模优先转向规模与效益的双轮驱动。我们要做的不仅是继续把店开好，更要证明这套模式能够在扩张中实现盈利。过去两年，我们积累的系统化能力让我们对此充满信心，但我们的追求不止于此。当门店网络、供应链和医疗交付形成飞轮效应，我们就有能力持续降低消费门槛，让更多人享受安全、透明、普惠的医疗美容服务，同时为股东创造可持续的回报。我们相信一家真正为用户创造价值的公司也终将持续获得市场的认可。 Finally, let me share our outlook for the future. As the industry gradually shifts back to a rational, quality-driven path, value distribution is being reset. We believe that in the long run, the industry will be led by those closest to consumers and capable of delivering the most trusted services. For So-Young, 2026 is a turning point. We are moving from scale first to a dual engine of scale and efficiency. Our aim is not only to open centers, but also to prove the model is profitable as we expand. Our systematic capabilities over the past two years give us great confidence, but our ambition is to go beyond that. As our center network, supply chain, and medical service delivery create a flywheel, we will lower access barriers and let more consumers enjoy safe, transparent, and inclusive services while delivering sustainable returns to shareholders. We believe companies that create real value will earn long-term recognition from the market. 现在请我们的财务VP张莎来介绍四季度的财务结果，之后我们将进行问答环节。 Now I'll hand it over to our VP of Finance, Ms. Zhang Sha, to walk through the financial results followed by the Q&A session. Thank you, Xing Jin, and thank you everyone for joining us today. I'm Sha Zhang, Vice President of Finance. On behalf of our CFO, I will walk you through our fourth quarter 2025 operating and financial results. For additional details on our fourth quarter and full year performance, please refer to the earnings release we issued earlier today. Unless otherwise noted, all amounts are in RMB. 2025 marked a transformational year for So-Young. The rapid scaling of our branded aesthetic center network fundamentally reshaped our business profile, and we are pleased with where we are today. Total fourth quarter revenues reached RMB 460.7 million, up 24.8% year-over-year. This was driven by continued expansion of our branded aesthetic center business. As of year-end, our cash position stood at RMB 936.4 million, providing solid runway to fund our expansion plans while preserving financial flexibility. Let me now walk you through performance by business segment. Our branded aesthetic center business sits at the core of our growth. With our platform and upstream supply chain businesses serving as complementary pillars. Together, they form an integrated value chain across the medical aesthetics industry. Revenues from aesthetic treatment services reached RMB 248.1 million, up 205.3% year-over-year. This has been our largest revenue segment since Q2, and this quarter it crossed the 50% revenue contribution threshold for the first time. Also, this marks our third consecutive quarter of exceeding the high end of our segment guidance. This strong performance was driven by both continued network expansion and improving per-center economic. As of December 31st, we operated 49 So-Young clinics across 15 major cities, reflecting a net addition of 10 centers during the quarter. Now, breaking down revenue by center development phase. Our 17 mature phase centers generated CNY 142.5 million in revenue, or roughly CNY 8.4 million per center. Our 19 growth phase centers contributed CNY 89 million, or roughly CNY 4.7 million per center. The 13 ramp-up phase centers contributed CNY 16.6 million. Notably, average revenue per center nearly doubles as centers progress from growth phase to maturity. With 19 centers currently in the growth phase, we see a clear built-in revenue growth driver as these centers continue to mature. As for their profitability, 25 centers achieved profitability during the quarter, including 16 mature phase centers. 39 centers generated positive operating cash flow. As centers move through their development cycle, profitability has consistently followed. This gives us confidence in the financial trajectory of our newer centers. Turning to information and reservation services revenues were RMB 125.7 million, down 26.8% year-over-year, primarily due to a decrease in the number of medical service providers subscribing to information services on our platform. Sales of medical products and maintenance services revenues were RMB 69.3 million, down 19.9% year-over-year, primarily due to a decrease in the order volume for medical equipment. Other services revenues were RMB 17.7 million, down 40.7% year-over-year, primarily due to a decrease in revenues from So-Young Prime. I will now walk you through our financials below revenue in more detail. Cost of revenues was CNY 255.9 million, up 67.2% year-over-year, primarily driven by the expansion of our branded aesthetic centers, to break this down further, cost of aesthetic treatment services was CNY 189 million, up 189.9% year-over-year. Cost of information and reservation services was CNY 10.1 million, down 50.6% year-over-year. Cost of medical products sold and maintenance services was CNY 41.6 million, down 4% year-over-year. Cost of other services was CNY 15.3 million, down 36.7% year-over-year. Total operating expenses were CNY 327.7 million, compared with CNY 815.2 million in the same period of 2024. Excluding the impact of goodwill impairment charges in both periods, total operating expenses increased moderately year-over-year, reflecting continued investment in scaling our aesthetic center business. Sales and marketing expenses were CNY 168.7 million, up 25.8% year-over-year. This was primarily driven by branding and user acquisition investments supporting branded aesthetic center growth. G&A expenses were CNY 101.9 million, up 3.5% year-over-year due to the business expansion of the branded aesthetic centers. R&D expenses were CNY 37.4 million, down 12.4% year-over-year due to improved staff efficiency. We also recorded an impairment of goodwill and long-lived assets charge of CNY 19.7 million based on our annual long-lived assets impairment assessment. Income tax benefit amounted to CNY 0.6 million, compared with income tax expenses of CNY 2.1 million in the same period of 2024. Net loss attributable to So-Young was CNY 108.8 million, compared with CNY 607.6 million in the same period of 2024. non-GAAP net loss attributable to So-Young was CNY 93.4 million, compared with CNY 53.2 million in the same period of 2024. Basic and diluted loss per ADS improved to 1.08 compared with 5.92 in the same period of 2024. As of December 31, 2025, our cash and cash equivalents, restricted cash and term deposits, term deposits and short-term investments totaled CNY 936.4 million, compared with CNY 1,253.2 million as of December 31, 2024. The decrease primarily reflects our accelerated investment in branded aesthetic center expansion. Looking ahead to the first quarter of 2026, we expect aesthetic treatment services revenues to be between RMB 268 million and RMB 278 million, representing year-over-year growth of 171.2%-181.3%. This guidance reflects our confidence in the sustained momentum of our branded aesthetic center business. As of today, our center network has crossed the 50-center milestone. In 2026, we will shift our focus from pure network expansion towards balancing growth with profitability improvement. We plan to add no fewer than 35 new centers in 2026 while leveraging our expanding scale to improve growth margins and drive efficiency gains across the network. This concludes my remarks. Operator, we are now ready for the Q&A session. Thank you very much. We will now begin the question and answer session. To ask a question, you may press star then one on your touchtone phone. If you're using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our roster. If you would like to state your question in Chinese, do so, but then please also restate your question in English. Our first question comes from Nelson Cheung with Citi. Please go ahead. Let me briefly translate for myself. Thank you for taking my question. I'm [Foreign language] Securities. Firstly, congratulations on the excellent results in Q4, and we are glad to see that there is improving gross margins in the aesthetic center business and service business. I have a question regarding the gross margin prospects. Could you share more about the gross margin plans and sources of further margin expansion? Thank you. 感谢您的提问。整体来看，我们认为影响连续毛利表现的核心因素主要有三方面，分别是季度内新开门店的节奏、耗材成本以及季节性的促销。针对以上因素，我们制定了清晰的毛利提升计划。第一，持续优化开店节奏与新店爬坡效率。新开门店的集中投入会阶段性对毛利带来一定影响。从行业特性来说，医美诊所的牌照发放节奏本身具有一定的不确定性。未来我们将争取全年开店节奏相对均衡，按季度稳定推进，确保每家新店依托标准化运营体系快速步入稳定运营期，缩短爬坡周期。2026年，我们规划的新开门店数量在总门店中的占比将较去年有所下降，这将直接降低新店集中投入对当期毛利的扰动。同时，成熟门店的占比与利润贡献将进一步提升，从而驱动整体的毛利水平持续提升。 Thank you for your question. They believe that three core factors shape margin performance: the pace of center openings, consumable costs, and seasonal promotions. Based on these factors, we have a plan to enhance those margins. First, we will continue optimizing the pace of center openings as they ramp up efficiency of new centers. Upfront investment into new centers can create short-term margin pressure. License approval timing in our industry is often unpredictable. Going forward, we aim to adopt a more even cadence throughout the year. Combined with our integrated operating system, this accelerates each center's path to efficient operations and shorten the ramp-up cycle. For 2026, new openings will represent a smaller share of total centers compared to last year. This will reduce margin dilution of concentrated new center investments. Meanwhile, the proportion and profit contribution from mature centers will rise, driving the overall gross margin levels. 第二，持续优化耗材成本结构。目前我们已与西宏、康哲、四环、索塔等上游企业建立深度合作，保障供应的同时实现了采购成本的持续优化。未来我们将持续放大终端规模优势，强化上游议价能力，将更多优质上游厂商转化为长期合作伙伴。同时，我们将持续推进大单品策略。四季度四大单品的收入占比超37%。随着核心单品规模持续放大，采购成本优势将进一步凸显。第三，精细化季节性促销运营。季节性大促是我们扩大用户规模、实现新客转化、为门店沉淀长期用户资产的重要途径。未来我们将持续优化促销品类结构，将促销与会员体系深度绑定，重点撬动核心会员复购与消费升级，提升新客留存与复购频次，将短期流量转化为用户全生命周期价值，带动毛利长期稳定改善。 Second, we will optimize consumable costs. Currently, we have built deep collaborations with upstream partners, including Xihong Biopharma, China Medical System, Sihuan Pharmaceutical, and Solta Medical. This guarantees reliable supply and ongoing cost optimization. Looking ahead, we will strengthen bargaining power with our partners and convert more high-quality upstream manufacturers into long-term partners. At the same time, we will continue advancing our low-cost strategy. In the fourth quarter, our four major products accounted for over 37% of revenue. As our core offerings grow, the procurement cost advantages will become more pronounced. Third, we will refine our seasonal promotions. Seasonal campaigns remains a critical channel for user base expansion, customer conversion and building long-term user assets. Going forward, we will optimize our product mix and integrate campaigns more deeply with the membership system, targeting repeat purchases among core members. We aim to transform short-term traffic into customer LTV. This in turn will drive growth margin. 谢谢。好的，感谢金总的解答，非常清楚，也祝愿咱们未来啊经营越来越好。谢谢。好，谢谢。 Thank you. Your next question comes from Zhang Wang with GF Securities. Please go ahead. 各位领导大家好，我是广发证券PM社服组的张望。非常感谢管理层提供这次提问的机会，也恭喜公司取得如此亮眼的业绩表现。我在这里想和管理层请教一个问题，其实我们一直都在持续关注二线城市的这个新氧青春诊所的发展，想了解一下现阶段的经营表现是否达到了管理层的预期呢？可不可以跟我们分享几家这个代表性门店的情况呢？ Thank you very much to the management of giving me this opportunity to ask a question. Congratulations to the company on this outstanding performance. My question is about the development of So-Young Clinic in second-tier cities. I would like to know whether the current operating performance of these centers has met management's expectations. Could management also share some operational updates on the several representative centers? Thank you. 感谢您的提问。从行业 Sorry to interrupt. Ladies and gentlemen, the line for the management has been disconnected. Please stay connected while we reconnect the line for the management. Thank you for patiently holding. Ladies and gentlemen, the line for the management has been reconnected. Yes, please go ahead。不好意思，刚刚断线了。感谢，继续回答。从行业视角来看，中国二线城市虽然医疗市场发展相对成熟，但与一线城市相比，医疗交付能力和运营水平的差距非常大。而新氧的标准化交付能力，确保了二线城市的门店能提供与一线城市相当的医疗质量和服务体验。从我们的运营经验和结果来看，二线城市门店整体也呈现出良好的成长态势，客流规模和人均项目数在稳步增长，单服务点收入接近一线城市。截止十二月，位于成熟期的武汉天地店、长沙德思勤店等二线城市门店的平均功效在七千元左右。从近期新开的二线城市门店来看，宁波莱佛士店、苏州苏月广场店等门店表现突出，这些门店的收入增长态势非常好，平均年均复合增长率达到了行业领先水平。其中苏州苏月广场店三个月内月营业收入已经超过百万，充分验证了我们在二线城市复制模型的可行性。而从二线城市成熟门店的盈利能力来看，因为医护人员工资及房租水平较一线城市低，二线城市门店的利润率甚至略高。 From an industry perspective, while China's medical aesthetic markets in second tier cities have reached relative maturity, they lag behind first tier cities in medical service delivery capabilities and operational standards. We ensure that our centers in second tier cities deliver the same level of medical service quality as those in first tier cities. Based on our operational track record, centers in second tier cities are also growing well. Both the traffic and per customer treatments are rising, and the revenue per center is close to first tier levels. As of December, mature centers in second tier cities such as Wuhan Tiandi and Changsha Desi Center generated an average sales per square meter of CNY 7,000 per month. Among new openings in second tier cities, Raffles City Ningbo and Suzhou Suyue Plaza stood out. These centers have attained robust revenue growth with industry leading figures. For example, Suzhou Suyue Plaza broke CNY 1 million monthly revenue within 3 months since opening, proving that our model works in second-tier cities. In terms of profitability, mature centers in second-tier cities enjoy slightly higher margins due to lower staff payroll and rental expenses compared to the first-tier cities. 我们认为连锁的本质是依靠规模与便捷性带来的交易成本下降和信任度提升。目前二线城市多为单店运营，尚未形成人群密度。从一线城市的发展轨迹来看，随着新氧的品牌知名度加强，消费者会倾向于一次做多个项目，相应的人均消费项目数量会逐步拉升。未来随着运营流程优化、资源协同和流量闭环不断强化，二线城市门店的整体运营效率将会得到提升。连锁模式带来的规模化效应也会开始逐渐显现。我们相信二线城市门店的盈利能力和市场竞争力的能力将进一步提升。 We believe that the fundamental advantage of a chain model lies in reduced transaction costs and enhanced brand trust through scale and accessibility. At present, most players in second-tier cities are single-center operators without many store density. Based on how we moved into cities and through our brand trust growth, customers will tend to purchase multiple treatments per visit. Looking ahead, we believe the process improvement, resource synergy and traffic management will drive continued gains in our second-tier centers. Economics of scale will take effect across our network. We are confident that this will lead to stronger profitability and market competitiveness in second-tier cities. 谢谢。 Thank you. 好的，谢谢领导，这里我没有问题了，非常清晰，也是祝愿公司蒸蒸日上，业绩再创新高。谢谢。谢谢。 Maggie, your line is unmuted, please proceed with your question. 新氧的管理层好，请问可以听得到吗？可以。新氧的管理层好，我是中金公司的黄曼琪，感谢这个提问的机会，也恭喜公司取得了非常亮眼的业绩。那我这边主要是想请教一下，我们看到公司的获客成本的优势还是非常显著的，那不知道公司的这个获客成本的优势随着咱们这个规模化的扩张，是否还在继续维持？另外也想请教一下，我们26年在获客这个方面的策略。And let me translate my question. This is Maggie Huang from CICC. Congratulations for our excellent performance and we would like to know whether the competitive advantages in customer acquisition costs has been maintained amid its continual scaled expansion. Could management also share the customer acquisition strategy for 2026? Thank you. 感谢你的提问。随着规模的持续扩大，我们的获客成本优势不仅得到了维持，而且还在持续优化中。本季度呢，我们新开设了较多门店，抓住Double Eleven、Double Twelve等大促契机，新用户数量再创季度新高。全年平均来看，我们的获客成本仍然控制在收入的10%以下，这在行业内是非常有竞争力的水平。我们之所以能保持这一优势，主要得益于我们对老带新模式的持续优化。未来我们将进一步强化老带新的裂变效应，通过会员体系和差异化权益设计，鼓励现有高价值用户带来更多新客，这不仅能降低获客成本，还能提升新客的质量和留存率。其次，我们将持续优化公司与获客渠道结构，通过精细化运营提升用户生命周期价值。同时，我们将持续布局与全球顶级IP的联名。最近我们落地了与小王子、迪士尼两大知名IP的联名项目，以创新的品牌叙事，触达更广泛的消费群体，与消费者建立深层情感共鸣，进一步放大品牌效应。在此基础上，随着我们新门店逐渐在全国落地，用户规模持续扩大，我们的品牌将进一步占领用户心智，这将持续降低我们的获客成本。 Our edge in customer acquisition cost has increased, preserved and further strengthened. During the quarter, we opened a significant number of new centers and seized the opportunities brought by major shopping campaigns, including Double Eleven and Double Twelve, bringing a quarterly record for new customers. For the full year, our average CAC remains below 10% of revenue, a highly competitive benchmark in this industry. We sustain this advantage primarily through our customer referral model, through our membership system and differentiated benefits. We will incentivize existing high-value users to refer new customers. This will not only lower CAC, but also improve the quality and retention rate of new users. Second, we will continue to optimize the mix of our public and private domain customer acquisition channels. Enhance their LTV through refined operations. Meanwhile, we will continue to roll out co-branding initiatives with the world's top IP. Recently, we launched co-branding programs with two renowned IP, The Little Prince and Disney. Through brand storytelling, we reached a broader customer base and resonated with users emotionally, further amplifying our brand equity. Our footprint expands and user base grows, we anticipate further reductions in tech. Thank you. 谢谢。好的，谢谢金总的解答，也祝愿公司未来越来越好。谢谢。 Thank you. Your next question comes from the line of Daisy Chen with Haitong International. Please go ahead. 谢谢管理层，谢谢我的提问，想请教一下我们的用户增长和运营的情况，特别是核心用户。接下来公司的话有什么具体的措施是可以提高核心用户的LTV的？I'll translate myself. Thank you, management for taking my question. My question is about the user growth and membership operations, especially for core members. Could management share the specific measures you will take to improve the LTV of core members going forward? Thank you. 感谢你的提问。关于核心用户的情况呢，我们看到L三级以上的核心会员仍然在保持非常不错的增长态势。从我们的多次用户调研中发现，L三级核心用户仍然拥有更大的年度医疗预算空间，这为我们提升用户LTV提供了很好的基础。本季度L三级以上会员贡献的收入以及季度复购率都超过了80%，新增核心会员数超过了14,000人。 For our core members, level three and higher members continue to show solid growth momentum. Our user services show that core members still have significant room for growth in their annual medical aesthetic budget, laying a foundation for us to boost user LTV. This quarter, revenue contribution from core members and their quarterly purchase rate both exceeded 80%, with new core members surpassing 14,000. 随着用户对效果和专业度需求的提升，2026年我们将推出更丰富的产品矩阵，打造标准化的科学联合治疗方案，持续丰富中高端医疗品项，全方位提升服务体验和用户价值。同时，我们会持续优化会员体系，针对不同消费阶段的核心用户，提供差异化的权益和服务触达。通过精准的用户分层和个性化服务，帮助核心用户持续感受到品牌价值，得到正向反馈，从而提升复购粘性和消费频次，从而带动单店盈利能力的改善，为公司的长期可持续发展提供强劲动力。 Consumer performances are shifting towards efficiency and clinical capabilities. Against this background, we will focus on first expanding our product portfolio. We will introduce more comprehensive product offerings, including standardized science-backed treatments and mid- to high-end services. We expect this to elevate user value. Second, we will further optimize our membership system by offering differentiated benefits and service touchpoints so as to realize tiered user segmentation and provide corresponding services. This will strengthen core members' perception of our brand value, building a positive feedback loop which will drive their loyalty. These measures will lead to improved percentage profitability and provide strong momentum for our long-term growth. 谢谢。 Thank you. Thank you. This concludes our question and answer session, and this concludes our conference for today. Thank you for attending today's presentation. You may now disconnect.