So-Young International (SY) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 revenue of RMB 461 million, up 25% year-over-year, driven by rapid expansion and operational improvements in the branded aesthetic center business.

• Aesthetic center business became the largest revenue segment, with 49 centers opened by year-end and verified treatment visits up 178% year-over-year.

• Net loss attributable to shareholders narrowed significantly to RMB 108.8 million in Q4 2025 from RMB 607.6 million a year ago.

• Core member quarterly repurchase rate exceeded 80%, with average annual spending of RMB 16,500, reflecting strong user loyalty and trust.

• For FY2025, revenues increased 3.9% to RMB 1,523.4 million, with net loss reduced to RMB 242.3 million from RMB 589.5 million in FY2024.

Financial highlights

• Q4 total revenue reached RMB 460.7 million, up 24.8% year-over-year.

• Revenues from aesthetic treatment services were RMB 248.1 million, up 205.3% year-over-year, surpassing 50% of total revenue for the first time.

• Net loss attributable to shareholders was RMB 108.8 million, a significant improvement from RMB 607.6 million in Q4 2024.

• Non-GAAP net loss was RMB 93.4 million, compared to RMB 53.2 million in Q4 2024.

• Cash and equivalents stood at RMB 936.4 million at year-end, down from RMB 1,253.2 million a year earlier, mainly due to investment in new centers.

Outlook and guidance

• Q1 2026 aesthetic treatment services revenue expected between RMB 268–278 million, representing 171.2%-181.3% year-over-year growth.

• At least 35 new centers planned for 2026, with a strategic shift to balance scale and profitability.

• Management plans steady store expansion, operational excellence, and strategic alliances to drive sustainable value.

• Focus on improving gross margins through operational efficiency, cost optimization, and mature center contribution.