So-Young International (SY) Q2 2025 earnings summary

Executive summary

• Total Q2 2025 revenue was RMB 378.7 million, down 7% year-over-year, mainly due to a decrease in information service subscriptions, while branded aesthetic center business achieved robust growth and became the largest segment for the first time, marking a strategic inflection point.

• Aesthetic treatment services revenue surged 426.1% year-over-year to RMB 144.4 million, driven by branded center expansion.

• Net loss attributable to the company was RMB 36 million, compared to net income of RMB 18.9 million in Q2 2024, with a non-GAAP net loss of RMB 30.5 million.

• The company operated 29 branded aesthetic centers by June, with 19–25 turning operating cash flow positive and 30 profitable on a monthly basis.

Financial highlights

• Information and reservation services revenue fell 35.6% year-over-year to RMB 135.2 million.

• Sales of medical products and maintenance services were RMB 76 million, down 28.1% year-over-year.

• Other services revenue decreased 64% to RMB 23.2 million, mainly due to lower So-Young Prime activity.

• Gross profit for Q2 2025 was RMB 194.2 million, down from RMB 252.3 million in Q2 2024.

• Basic and diluted loss per ADS was RMB 0.35, compared to earnings of RMB 0.18 per ADS in Q2 2024.

Outlook and guidance

• Q3 2025 aesthetic treatment service revenues are expected to be RMB 150–170 million, up 230.5%–274.6% year-over-year.

• The company targets 50 aesthetic centers by year-end and plans to open around 10 more in Q3, expanding into both first- and second-tier cities.

• Long-term, the company aims for 1,000 centers within 8–10 years.

• Guidance reflects current market and operating conditions and is subject to change.