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

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 Highlights

Fourth Quarter 2025 Operational Highlights

[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

Centers

Revenue

(RMB)

Average Revenue per

Center (RMB)

Average Center Age

(Month)

Ramp-up (0-3 months)

16,598,000

1,277,000

1.2

Growth (4-12 months)

88,955,000

4,682,000

7.1

Maturity (over 12 months)

142,523,000

8,384,000

17.8

* 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 Highlights

Extension of Share Repurchase Program

The 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

Revenues

Total 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.

[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 Revenues

Cost 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.

[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 Expenses

Total 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.

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 ADS

Basic 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 Results

Revenues

Total revenues were RMB1,523.4 million (US$217.8 million), an increase of 3.9% from RMB1,466.7 million in fiscal year 2024.

Cost of Revenues

Cost 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.

Operating Expenses

Total 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.

Income Tax (Expenses)/Benefits

Income 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 ADS

Basic 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 Investments

As 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 Outlook

For 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 Measures

To 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 Information

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:

+1-412-902-4272

Mainland China:

4001-201203

US:

+1-888-346-8982

Hong Kong:

+852-800-905-945

Passcode:

So Young

A 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:

+1-412-317-0088

US:

+1-855-669-9658

Passcode:

5232304

Additionally, 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 Statement

This 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-Young

Investor Relations

Ms. Mona Qiao

Phone: +86-10-8790-2012

E-mail: [email protected]

Christensen

Ms. Charlie Chi

Phone: +86-10-5900-1548

E-mail: [email protected]

SO-YOUNG INTERNATIONAL INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except for share and per share data)

As of

December 31,

2024

2025

RMB

US$

Assets

Current assets:

Cash and cash equivalents

587,749

418,213

59,804

Restricted cash and term deposits

66,367

64,683

9,250

Trade receivables

98,774

51,532

7,369

Inventories

151,754

233,389

33,374

Receivables from online payment platforms

24,255

16,296

2,330

Amounts due from related parties

1,218

774

111

Term deposits and short-term investments

599,041

453,472

64,846

Prepayment and other current assets

195,202

246,237

35,211

Total current assets

1,724,360

1,484,596

212,295

Non-current assets:

Long-term investments

280,281

274,753

39,289

Intangible assets

126,615

144,097

20,606

Goodwill

684

Property and equipment, net

155,352

293,560

41,979

Deferred tax assets

84,950

69,313

9,912

Operating lease right-of-use assets

162,764

251,635

35,983

Other non-current assets

200,152

130,998

18,732

Total non-current assets

1,010,798

1,165,040

166,599

Total assets

2,735,158

2,649,636

378,894

Liabilities

Current liabilities:

Short-term borrowings

69,771

39,814

5,693

Taxes payable

61,862

43,461

6,215

Contract liabilities

76,579

65,948

9,430

Salary and welfare payables

111,396

130,170

18,614

Amounts due to related parties

477

618

Accrued expenses and other current

liabilities

265,216

427,507

61,134

Operating lease liabilities-current

44,905

76,536

10,945

Total current liabilities

630,206

784,054

112,119

Non-current liabilities:

Operating lease liabilities-non current

125,200

183,364

26,221

Deferred tax liabilities

19,758

10,615

1,518

Other non-current liabilities

1,264

2,783

398

Total non-current liabilities

146,222

196,762

28,137

Total liabilities

776,428

980,816

140,256

Shareholders' 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

Class 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)

Additional paid-in capital

3,069,799

3,059,764

437,540

Statutory reserves

40,552

46,448

6,642

Accumulated deficit

(926,390)

(1,174,587)

(167,964)

Accumulated other comprehensive income

31,560

13,340

1,908

Total So-Young International Inc. shareholders' equity

1,839,121

1,553,315

222,121

Non-controlling interests

119,609

115,505

16,517

Total shareholders' equity

1,958,730

1,668,820

238,638

Total liabilities and shareholders' equity

2,735,158

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

US$

RMB

US$

Revenues:

Aesthetic treatment services

81,267

248,076

35,474

169,263

674,903

96,510

Information and reservation services

171,624

125,675

17,971

736,607

499,685

71,454

Sales of medical products and maintenance services

86,432

69,257

9,904

367,980

267,839

38,300

Other services

29,888

17,714

2,533

192,848

80,983

11,580

Total revenues

369,211

460,722

65,882

1,466,698

1,523,410

217,844

Cost 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

104,057

Operating 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

249

Interest income, net

8,237

3,453

494

46,507

23,556

3,368

Exchange (losses)/gains

(763)

2,929

419

112

5,948

851

Impairment 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

1,845

Loss before tax

(605,836)

(114,734)

(16,407)

(588,087)

(246,109)

(35,193)

Income tax (expenses)/benefits

(2,126)

619

905

(796)

(114)

Net loss

(607,962)

(114,115)

(16,318)

(587,182)

(246,905)

(35,307)

Net loss/(income) attributable to noncontrolling interests

386

5,266

753

(2,345)

4,604

658

Net 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

US$

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

79,384,454

77,863,698

Weighted average number of ordinary shares used in computing loss per share,

diluted*

78,905,617

77,593,230

79,384,454

77,863,698

Share-based compensation expenses included in:

Cost of revenues

(34)

(289)

(185)

(26)

Sales and marketing expenses

(239)

(659)

(835)

(119)

General and administrative expenses

(1,731)

771

110

(29,527)

(7,118)

(1,018)

Research and development expenses

(211)

(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

US$

RMB

US$

GAAP loss from operations

(599,067)

(122,943)

(17,581)

(624,492)

(286,177)

(40,923)

Add back: Share-based compensation expenses

2,215

(871)

(124)

32,655

8,918

1,275

Add back: Impairment of goodwill and long-lived assets

540,009

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 expenses

2,215

(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.

SOURCE So-Young International Inc.