So-Young Reports Unaudited Third Quarter 2025 Financial Results

BEIJING, Nov. 17, 2025 /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 third quarter ended September 30, 2025.

Third Quarter 202 5 Financial Highlights

Third 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 RMB7.1190 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 September 30, 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. See "Reconciliation of GAAP and Non-GAAP Results" at the end of this press release.

Phase * (O perating

duration )

Number of

Centers

Revenue

(RMB)

Average Revenue per

Center (RMB)

Average Center Age

(Month)

Ramp-up (0-3 months)

9,537,000

954,000

1.0

Growth (4-12 months)

72,274,000

4,818,000

6.5

Maturity (over 12 months)

101,799,000

7,271,000

15.8

* 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.

Mr. Xing Jin, Co-Founder and Chief Executive Officer of So-Young, commented, "In the third quarter, our branded aesthetic centers continued to deliver strong, high-quality growth with aesthetic treatment services revenues once again exceeding our guidance range. Our network comprises of 39 centers nationwide by the end of September, underscoring the growing trust in the So-Young Clinic brand and our continued progress toward making high-quality aesthetic treatments more accessible and affordable. By deepening integration with our supply chain and upholding industry-leading medical and compliance standards, we are redefining how value is created and shared, ensuring consumers receive transparent pricing and safe, standardized services. Looking ahead, we will continue to scale with discipline, enhance operational efficiency, and drive greater transparency and professionalism across the medical aesthetics industry."

Mr. Hui Zhao, Chief Financial Officer of So-Young, added, "In the third quarter, we continued to deliver healthy financial results, driven by consistent execution across our aesthetic center network. As we rapidly approach our year-end target of 50 centers, we are seeing clear and tangible improvements in operating efficiency and cost structure. As we move into the next phase of expansion, we will continue to invest prudently and allocate resources with discipline to support sustainable growth and long-term value creation."

Third Quarter 2025 Financial Results

Revenues

Total revenues were RMB386.7 million (US$54.3 million), an increase of 4.0% from RMB371.8 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 services and others was separated into three line items, which are aesthetic treatment services, information services and other services. And the Company grouped the revenue generated from information services and reservation services, which is renamed as information and reservation services.

The revenue generated from aesthetic treatment services was previously reported in line item of information services and others. The revenue generated from information and reservation services and other services for the third quarter of 2024 have also been retrospectively updated. The amount reclassified from previous line item information services and others to aesthetic treatment services and information and reservation services is RMB45.4 million and RMB159.3 million for the third quarter of 2024, respectively.

Cost of Revenues

Cost of revenues was RMB203.8 million (US$28.6 million), an increase of 43.4% from RMB142.2 million in the third 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 services and others was separated into three line items, which are cost of aesthetic treatment services, cost of information and reservation services and cost of other services. Cost of aesthetic treatment services primarily consists of expenditures relating to aesthetic treatment services in branded aesthetic centers, cost of information and reservation services primarily consists of expenditures relating to operation of platform business, and the remaining cost of services and others is reclassified into cost of other services. The cost of aesthetic treatment services, cost of information and reservation services and cost of other services for the third quarter of 2024 have also been retrospectively reclassified.

Operating Expenses

Total operating expenses were RMB255.6 million (US$35.9 million), an increase of 13.6% from RMB225.0 million in the third quarter of 2024.

Income Tax Expenses

Income tax expenses were RMB1.1 million (US$0.2 million), compared with RMB2.1 million in the same period of 2024.

Net (Loss)/Income Attributable to So-Young International Inc.

Net loss attributable to So-Young International Inc. was RMB64.3 million (US$9.0 million), compared with a net income attributable to So-Young International Inc. of RMB20.3 million in the third quarter of 2024.

Non-GAAP Net (Loss)/Income 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, was RMB61.6 million (US$8.7 million), compared with RMB22.2 million non-GAAP net income attributable to So-Young International Inc. in the same period of 2024.

Basic and Diluted (Loss)/Earnings per ADS

Basic and diluted loss per ADS attributable to ordinary shareholders were RMB0.64 (US$0.09) and RMB0.64 (US$0.09), respectively, compared with basic and diluted earnings per ADS attributable to ordinary shareholders of RMB0.20 and RMB0.20, respectively, in the same period of 2024.

Cash and Cash Equivalents, Restricted Cash and Term Deposits, Term Deposits and Short-Term Investments

As of September 30, 2025, cash and cash equivalents, restricted cash and term deposits, term deposits and short-term investments were RMB942.8 million (US$132.4 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 fourth quarter of 2025, So-Young expects aesthetic treatment services revenues to be between RMB216.0 million (US$30.3 million) and RMB226.0 million (US$31.7 million), representing a 165.8% to 178.1% increase from the same period in 2024. 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 from income/(loss) from operations and net income/(loss) attributable to So-Young International Inc., respectively. 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 that are not expected to result in cash payments. The use of the above non-GAAP financial measures has certain limitations. Share-based compensation expenses are non-cash in nature. 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 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 Monday, November 17, 2025, at 7:00 AM U.S. Eastern Time (8:00 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:

+852-301-84992

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, November 24, 2025. The dial-in details are:

International:

+1-412-317-0088

US:

+1-877-344-7529

Passcode:

2998578

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: ir@soyoung.com

Christensen

In China

Ms. Charlie Chi

Phone: +86-10-5900-1548

E-mail: charlie.chi@christensencomms.com

In US

Ms. Linda Bergkamp

Phone: +1-480-614-3004

Email: linda.bergkamp@christensencomms.com

SO-YOUNG INTERNATIONAL INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

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

As of

December 31,

September 30,

2024

2025

RMB

US$

Assets

Current assets:

Cash and cash equivalents

587,749

333,372

46,828

Restricted cash and term deposits

66,367

67,579

9,493

Trade receivables

98,774

69,750

9,798

Inventories

151,754

193,951

27,244

Receivables from online payment platforms

24,255

22,395

3,146

Amounts due from related parties

1,218

154

Term deposits and short-term investments

599,041

541,874

76,117

Prepayment and other current assets

195,202

251,268

35,295

Total current assets

1,724,360

1,480,343

207,943

Non-current assets:

Long-term investments

280,281

277,056

38,918

Intangible assets

126,615

131,511

18,473

Goodwill

684

Property and equipment, net

155,352

270,793

38,038

Deferred tax assets

84,950

84,607

11,885

Operating lease right-of-use assets

162,764

219,185

30,789

Other non-current assets

200,152

179,943

25,276

Total non-current assets

1,010,798

1,163,779

163,475

Total assets

2,735,158

2,644,122

371,418

Liabilities

Current liabilities:

Short-term borrowings

69,771

39,858

5,599

Taxes payable

61,862

41,578

5,840

Contract liabilities

76,579

75,785

10,645

Salary and welfare payables

111,396

107,174

15,055

Amounts due to related parties

477

618

Accrued expenses and other current

liabilities

265,216

341,827

48,016

Operating lease liabilities-current

44,905

65,765

9,238

Total current liabilities

630,206

672,605

94,480

Non-current liabilities:

Operating lease liabilities-non current

125,200

159,970

22,471

Deferred tax liabilities

19,758

18,004

2,529

Other non-current liabilities

1,264

2,235

314

Total non-current liabilities

146,222

180,209

25,314

Total liabilities

776,428

852,814

119,794

Shareholders ' equity:

Treasury stock

(376,690)

(391,944)

(55,056)

Class A ordinary shares (US$0.0005 par value; 750,000,000

shares authorized as of December 31, 2024 and September

30, 2025; 77,897,969 and 65,659,510 shares issued and

outstanding as of December 31, 2024, 78,571,861 and

64,644,535 shares issued and outstanding as of September

30, 2025, respectively)

253

255

Class B ordinary shares (US$0.0005 par value; 20,000,000

shares authorized as of December 31, 2024 and September

30, 2025; 12,000,000 shares issued and outstanding as of

December 31, 2024 and September 30, 2025)

Additional paid-in capital

3,069,799

3,060,605

429,921

Statutory reserves

40,552

5,696

Accumulated deficit

(926,390)

(1,059,842)

(148,875)

Accumulated other comprehensive income

31,560

20,874

2,932

Total So-Young International Inc. shareholders ' equity

1,839,121

1,670,537

234,659

Non-controlling interests

119,609

120,771

16,965

Total shareholders' equity

1,958,730

1,791,308

251,624

Total liabilities and shareholders ' equity

2,735,158

2,644,122

371,418

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 Nine Months Ended

September

30 , 2024

September

30 , 2025

September

30 , 2025

September

30 , 2024

September

30 , 2025

September

30 , 2025

RMB

US$

RMB

US$

Revenues :

Aesthetic treatment services

45,381

183,610

25,792

87,996

426,827

59,956

Information and reservation services

178,874

117,213

16,465

564,983

374,010

52,537

Sales of medical products and maintenance services

89,270

66,956

9,405

281,548

198,582

27,895

Other services

58,300

18,891

2,654

162,960

63,269

8,887

Total revenues

371,825

386,670

54,316

1,097,487

1,062,688

149,275

Cost of revenues:

Cost of aesthetic treatment services

(32,340)

(140,098)

(19,679)

(66,372)

(329,732)

(46,317)

Cost of information and reservation services

(23,313)

(12,897)

(1,812)

(86,574)

(52,899)

(7,431)

Cost of medical products sold and maintenance services

(43,548)

(35,599)

(5,001)

(139,839)

(105,515)

(14,822)

Cost of other services

(42,967)

(15,208)

(2,136)

(121,749)

(51,629)

(7,252)

Total cost of revenues

(142,168)

(203,802)

(28,628)

(414,534)

(539,775)

(75,822)

Gross profit

229,657

182,868

25,688

682,953

522,913

73,453

Operating expenses:

Sales and marketing expenses

(114,884)

(130,704)

(18,360)

(360,448)

(359,913)

(50,557)

General and administrative expenses

(69,901)

(88,560)

(12,440)

(225,653)

(226,630)

(31,835)

Research and development expenses

(40,188)

(36,318)

(5,102)

(122,277)

(99,604)

(13,991)

Total operating expenses

(224,973)

(255,582)

(35,902)

(708,378)

(686,147)

(96,383)

Income/(Loss) from operations

4,684

(72,714)

(10,214)

(25,425)

(163,234)

(22,930)

Other income/(expenses):

Investment income, net

510

866

122

3,397

965

136

Interest income, net

14,239

5,130

721

38,270

20,103

2,824

Exchange gains

465

2,293

322

875

3,019

424

Share of losses of equity method investee

(3,873)

(6)

(1)

(11,602)

(3,460)

(486)

Others, net

6,915

735

103

12,234

11,232

1,578

Income/(Loss) before tax

22,940

(63,696)

(8,947)

17,749

(131,375)

(18,454)

Income tax (expenses)/benefits

(2,097)

(1,143)

(161)

3,031

(1,415)

(199)

Net income/(loss)

20,843

(64,839)

(9,108)

20,780

(132,790)

(18,653)

Net (income)/loss attributable to noncontrolling interests

(495)

564

(2,731)

(662)

(93)

Net income/(loss) attributable to So-Young International Inc.

20,348

(64,275)

(9,029)

18,049

(133,452)

(18,746)

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 Nine Months Ended

September

30 , 2024

September

30 , 2025

September

30 , 2025

September

30 , 2024

September

30 , 2025

September

30 , 2025

RMB

US$

RMB

US$

Net earnings/(loss) per ordinary share

Net earnings/(loss) per ordinary share attributable to ordinary shareholder -

basic

0.26

(0.83)

(0.12)

0.23

(1.71)

(0.24)

Net earnings/(loss) per ordinary share attributable to ordinary shareholder -

diluted

0.26

(0.83)

(0.12)

0.23

(1.71)

(0.24)

Net earnings/(loss) per ADS attributable to ordinary shareholders - basic (13

ADS represents 10 Class A ordinary shares)

0.20

(0.64)

(0.09)

0.18

(1.32)

(0.19)

Net earnings/(loss) per ADS attributable to ordinary shareholders - diluted (13

ADS represents 10 Class A ordinary shares)

0.20

(0.64)

(0.09)

0.18

(1.32)

(0.19)

Weighted average number of ordinary shares used in computing

earnings/(loss) per share, basic*

79,493,819

77,472,293

79,544,066

77,953,854

Weighted average number of ordinary shares used in computing

earnings/(loss) per share, diluted*

79,708,518

77,472,293

79,810,666

77,953,854

Share-based compensation expenses included in:

Cost of revenues

(81)

(35)

(5)

(255)

(189)

(27)

Sales and marketing expenses

(183)

(137)

(19)

(420)

(865)

(122)

General and administrative expenses

(1,328)

(2,199)

(309)

(27,796)

(7,889)

(1,108)

Research and development expenses

(309)

(266)

(37)

(1,969)

(846)

(119)

* 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 Nine Months Ended

September 30 ,

2024

September 30 ,

2025

September 30 ,

2025

September 30 ,

2024

September 30 ,

2025

September 30 ,

2025

RMB

US$

RMB

US$

GAAP income/(loss) from operations

4,684

(72,714)

(10,214)

(25,425)

(163,234)

(22,930)

Add back: Share-based compensation expenses

1,901

2,637

370

30,440

9,789

1,376

Non-GAAP income/(loss) from operations

6,585

(70,077)

(9,844)

5,015

(153,445)

(21,554)

GAAP n et income/(loss) attributable to So-Young International Inc.

20,348

(64,275)

(9,029)

18,049

(133,452)

(18,746)

Add back: Share-based compensation expenses

1,901

2,637

370

30,440

9,789

1,376

Non-GAAP n et income/(loss) attributable to So-Young International Inc.

22,249

(61,638)

(8,659)

48,489

(123,663)

(17,370)

SOURCE So-Young International Inc.