So-Young Reports Unaudited First Quarter 2025 Financial Results

Rhea-AI Summary

So-Young International (Nasdaq: SY), China's leading aesthetic treatment platform, reported Q1 2025 financial results. Total revenues decreased 6.6% to RMB297.3 million (US$41.0 million) compared to Q1 2024. The company reported a net loss of RMB33.1 million (US$4.6 million), wider than the RMB21.2 million loss in Q1 2024. Notable operational highlights include: aesthetic treatment transactions of RMB303.2 million, over 45,500 verified paid visits, and 92,900 verified aesthetic treatments. The company operates 23 aesthetic centers across nine major Chinese cities, with 18 centers achieving positive monthly operating cash flow. Their aesthetic treatment services revenue saw significant growth, increasing 551.4% to RMB98.8 million. For Q2 2025, So-Young expects aesthetic treatment services revenues between RMB120.0-140.0 million, representing 337.3-410.1% YoY growth.

Positive

• Aesthetic treatment services revenue increased 551.4% YoY to RMB98.8 million
• 18 out of 23 aesthetic centers achieved positive monthly operating cash flow
• Strong Q2 2025 guidance projecting 337-410% YoY growth in aesthetic treatment services
• Verified paid visits increased significantly to 45,500 from 4,600 YoY
• Active users grew to 75,700 from 8,000 in the corresponding period

Negative

• Total revenues decreased 6.6% YoY to RMB297.3 million
• Net loss widened to RMB33.1 million from RMB21.2 million YoY
• Information services revenue declined 34.1% YoY
• Sales of medical products decreased 35.7% YoY
• Operating expenses remain high at RMB189.3 million despite 20.4% YoY reduction

Insights

Financial Analyst

So-Young faces challenges with declining revenues and mounting losses, but shows promise in aesthetic treatment services growth.

So-Young's Q1 2025 results reveal a 6.6% year-over-year decline in total revenues to RMB297.3 million ($41.0 million), meeting the high end of guidance but still concerning. More troubling is the widened net loss of RMB33.1 million ($4.6 million), compared to a RMB21.2 million loss a year ago, and the shift from non-GAAP profitability to a RMB31.5 million loss.

The company's revenue mix is dramatically shifting. The traditional information services business segment saw a steep 34.1% decline, indicative of platform subscriber erosion. Meanwhile, aesthetic treatment services revenue surged by 551.4% to RMB98.8 million, pointing to successful execution in the branded aesthetic centers strategy.

Cost structure analysis reveals concerning trends. The cost of revenues increased by 29.1% despite falling revenue, primarily driven by the aesthetic centers expansion, pressuring margins. While operating expenses decreased by 20.4%, this wasn't enough to offset the gross profit decline.

The company's offline expansion strategy shows early promise with 23 aesthetic centers across major Chinese cities. The financial profile of these centers is revealing: 18 have achieved positive monthly operating cash flow, with mature centers (>12 months) generating average revenue of RMB5.4 million per center. This suggests that the initial investment period eventually yields sustainable operations.

While management positions this transformation as strategic investment for future growth, investors should monitor the cash burn rate closely. Cash and equivalents decreased to RMB1,106.2 million from RMB1,253.2 million last quarter, representing a RMB147 million reduction in just three months. The Q2 guidance projecting 337%-410% growth in aesthetic treatment services is ambitious but aligns with the company's pivot to this business model.

Healthcare Business Strategist

So-Young's pivot to physical aesthetic centers shows early success despite near-term profit pressure from the capital-intensive model.

So-Young is executing a strategic pivot from a digital marketplace to an integrated online-offline aesthetic treatment provider. The company's traditional digital platform business connecting consumers with third-party aesthetics providers continues to contract, with information services revenue dropping 34.1% year-over-year. However, this appears to be part of a deliberate strategy rather than just market weakness.

The company's network of branded aesthetic centers is showing impressive operational metrics. The centers facilitated over 92,900 aesthetic treatments in Q1, representing a 10.9x year-over-year increase. The active user base has grown to 75,700, up from just 8,000 a year ago, demonstrating strong customer acquisition capabilities.

The unit economics of these aesthetic centers reveal a clear maturation pattern. New centers (0-3 months) generate modest average revenue of RMB354,000, but this jumps dramatically to RMB5,057,000 for centers in the growth phase (4-12 months) and stabilizes at RMB5,388,000 for mature centers. This progression validates the business model and suggests economies of scale as centers mature.

So-Young is also vertically integrating upstream through its Wuhan Miracle Laser subsidiary, developing proprietary treatment devices and expanding its injectable supply chain solutions to over 1,500 institutions. This integration should improve margins long-term by reducing reliance on third-party equipment and supplies.

The company's transformation is still in its early stages, with the majority (15 of 23) of its centers still in the growth phase. While this explains the current pressure on profitability, the positive operating cash flow in 18 centers signals that the model is economically viable. The projected 337%-410% growth in aesthetic treatment services for Q2 2025 reflects management's confidence in continued rapid scaling of this business segment.

BEIJING, May 16, 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 first quarter ended March 31, 2025.

First Quarter 2025 Financial Highlights

• Total revenues were RMB297.3 million (US$41.0 million^[1]), compared with RMB318.3 million in the corresponding period of 2024, at the high-end of its previous guidance range.
• Net loss attributable to So-Young International Inc. was RMB33.1 million (US$4.6 million), compared with net loss attributable to So-Young International Inc. of RMB21.2 million in the same period of 2024.
• Non-GAAP net loss attributable to So-Young International Inc.^[2] was RMB31.5 million (US$4.3 million), compared with non-GAAP net income attributable to So-Young International Inc. of RMB4.1 million in the same period of 2024.

First Quarter 2025 Operational Highlights

• The aggregate value of medical aesthetic treatment transactions facilitated by So-Young's platform was RMB303.2 million, compared with RMB367.1 million in the same period of 2024.
• Number of verified paid visits for the quarter reached over 45,500, compared with approximately 4,600 in the same period of 2024. The number of verified paid aesthetic treatments performed surpassed 92,900, compared with approximately 8,500 in the same period of 2024.
• The number of active users, defined as those who visited the aesthetic centers at least once during the 12-month period ending on March 31, 2025, exceeded 75,700, compared with approximately 8,000 users during the corresponding period in 2024.
• As of March 31, 2025, So-Young had 23 aesthetic centers in nine major cities, including Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou, Chengdu, Wuhan, Chongqing and Changsha, all of which are fully operational. Among them, 18 centers have achieved positive monthly operating cash flow. The following table shows the revenues generated by So-Young aesthetic centers, categorized by their phase of development:

Phase (The length of time  since establishment)	Number of  Centers	Revenue  (RMB)	Average Revenue per  Center (RMB)
Ramp-up (0-3 months)	4	1,414,000	354,000
Growth (4-12 months)	15	75,860,000	5,057,000
Maturity (over 12 months)	4	21,553,000	5,388,000

• The number of institutions So-Young served with supply chain solutions for injectables grew to over 1,500 as of March 31, 2025. Shipments of Elasty injectable products reached approximately 27,900 units in the first quarter of 2025, compared with 24,500 in the same period of 2024.

Mr. Xing Jin, Co-Founder and Chief Executive Officer of So-Young, commented, "Our branded aesthetic centers continue to generate strong growth momentum, achieving triple-digit year-over-year revenue growth. This performance demonstrates how our integrated transformation strategy is fulfilling untapped market needs and creating synergies across our core business lines. We are confident this momentum will continue as we scale, enabling us to address key customer pain points and elevate the overall medical aesthetic experience. The integration of our subsidiary, Wuhan Miracle Laser, has further strengthened our upstream capabilities, expanding our product pipeline and supporting the deployment of our branded devices across our offline network. These advancements enhance our ability to reduce costs while increasing customer spend and fostering long-term loyalty. We remain focused on expanding the density of our aesthetic centers to deliver high-quality, cost-effective, and reliable medical aesthetic solutions to more consumers."

Mr. Hui Zhao, Chief Financial Officer of So-Young, added, "We are encouraged to see our aesthetic center business emerge as a new growth driver, showcasing our ability to commercialize an innovative business model and set new industry benchmarks. While our near-term financial results reflect ongoing strategic investments to support long-term sustainable growth, we remain committed to disciplined expansion and continuous operational improvements across our existing aesthetic centers."

[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 RMB7.2567 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 March 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 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.

First Quarter 2025 Financial Results

Revenues

Total revenues were RMB297.3 million (US$41.0 million), a decrease of 6.6% from RMB318.3 million in the same period of 2024. The decrease was primarily due to a decrease in the number of medical service providers subscribing to information services on So-Young's platform.

• Information, reservation services and other revenues were RMB142.9 million (US$19.7 million), a decrease of 34.1% from RMB216.6 million in the same period of 2024. The decrease was primarily due to a decrease in the number of medical service providers subscribing to information services on So-Young's platform.
• Aesthetic treatment services^[3] revenues were RMB98.8 million (US$13.6 million), an increase of 551.4% from RMB15.2 million in the same period of 2024. The increase was primarily due to the business extension of the branded aesthetic centers.
• Sales of medical products and maintenance services were RMB55.6 million (US$7.7 million), a decrease of 35.7% from RMB86.5 million in the same period of 2024, primarily due to a decrease in the order volume of medical equipment.

Cost of Revenues

Cost of revenues was RMB151.4 million (US$20.9 million), an increase of 29.1% from RMB117.3 million in the first quarter of 2024. The increase was primarily due to business extension of the branded aesthetic centers. Cost of revenues included share-based compensation expenses of RMB0.0 million (US$0.0 million), compared with RMB0.1 million in the corresponding period of 2024.

• Cost of information, reservation services and others^[4] were RMB40.7 million (US$5.6 million), a decrease of 34.1% from RMB61.8 million in the first quarter of 2024. The decrease was primarily due to a decrease in the cost of services associated with So-Young Prime.
• Cost of aesthetic treatment services were RMB80.3 million (US$11.1 million), an increase of 547.6% from RMB12.4 million in the first quarter of 2024. The increase was primarily due to the business extension of the branded aesthetic centers.
• Cost of medical products sold and maintenance services were RMB30.4 million (US$4.2 million), a decrease of 29.4% from RMB43.1 million in the first quarter of 2024. The decrease was primarily due to a decrease in costs associated with the sales of medical equipment.

[3] Since the fourth quarter of 2024, in light of the better monitoring business development of branded aesthetic centers, the previous line item information services and others was separated into two line items, which are aesthetic treatment services and information services and others. And the Company grouped the revenue generated from information services and others and reservation services, which is renamed as information, reservation services and others.

The revenue generated from aesthetic treatment services was previously reported in line item of information services and others. The information, reservation services and others for the first quarter of 2024 have also been retrospectively updated. The amount reclassified from previous line item information services and others to aesthetic treatment services is RMB15.2 million for the first quarter of 2024.

[4] Since the fourth quarter of 2024, the previous line item cost of services and others was separated into two line items, which are cost of aesthetic treatment services and cost of information, reservation services and others. Cost of aesthetic treatment services primarily consists of expenditures relating to aesthetic treatment services in branded aesthetic centers, and the remaining cost of services and others is reclassified into cost of information, reservation services and others. The cost of aesthetic treatment services and cost of information, reservation services and others for the first quarter of 2024 have also been retrospectively reclassified.

Operating Expenses

Total operating expenses were RMB189.3 million (US$26.1 million), a decrease of 20.4% from RMB237.8 million in the first quarter of 2024.

• Sales and marketing expenses were RMB103.4 million (US$14.3 million), a decrease of 8.7% from RMB113.3 million in the first quarter of 2024. The decrease was mainly due to a decrease in expenses associated with branding and user acquisition activities. Sales and marketing expenses included share-based compensation expenses of RMB0.1 million (US$0.0 million) in the first quarter of 2025, compared with RMB0.1 million in the corresponding period of 2024.
• General and administrative expenses were RMB53.7 million (US$7.4 million), a decrease of 36.7% from RMB85.0 million in the first quarter of 2024. The decrease was primarily due to a decrease in share-based compensation expenses. General and administrative expenses included share-based compensation expenses of RMB1.4 million (US$0.2 million) in the first quarter of 2025, compared with RMB24.5 million in the corresponding period of 2024.
• Research and development expenses were RMB32.1 million (US$4.4 million), a decrease of 18.9% from RMB39.6 million in the first quarter of 2024. The decrease was primarily attributable to improvements in staff efficiency. Research and development expenses included share-based compensation expenses of RMB0.1 million (US$0.0 million) in the first quarter of 2025, compared with RMB0.8 million in the corresponding period of 2024.

Income Tax Benefits

Income tax benefits were RMB1.6 million (US$0.2 million), compared with income tax benefits of RMB2.6 million in the same period of 2024.

Net Loss Attributable to So-Young International Inc.

Net loss attributable to So-Young International Inc. was RMB33.1 million (US$4.6 million), compared with a net loss attributable to So-Young International Inc. of RMB21.2 million in the first 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 RMB31.5 million (US$4.3 million), compared with RMB4.1 million non-GAAP net income 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 RMB0.32 (US$0.04) and RMB0.32 (US$0.04), respectively, compared with basic and diluted loss per ADS attributable to ordinary shareholders of RMB0.21 and RMB0.21, respectively, in the same period of 2024.

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

As of March 31, 2025, cash and cash equivalents, restricted cash and term deposits, term deposits and short-term investments were RMB1,106.2 million (US$152.4 million), compared with RMB1,253.2 million as of December 31, 2024.

Business Outlook

For the second quarter of 2025, So-Young expects aesthetic treatment services revenues to be between RMB120.0 million (US$16.5 million) and RMB140.0 million (US$19.3 million), representing a 337.3% to 410.1% 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 and impairment of goodwill from income/(loss) from operations, and excluding share-based compensation expenses, impairment of goodwill, 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, 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, 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 Friday, May 16, 2025, 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:	+852-301-84992
Passcode:	So-Young International Inc.

A telephone replay will be available two hours after the conclusion of the conference call through 23:59 U.S. Eastern Time, May 23, 2025. The dial-in details are:

International:	+1-412-317-0088
US:	+1-877-344-7529
Passcode:	5245284

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. Dee Wang
Phone: +86-10-5900-1548
E-mail: dee.wang@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,		March 31,		March 31,
	2024		2025		2025
	RMB		RMB		US$
Assets
Current assets:
Cash and cash equivalents	587,749		444,730		61,285
Restricted cash and term deposits	66,367		86,230		11,883
Trade receivables	98,774		91,511		12,611
Inventories	151,754		175,301		24,157
Receivables from online payment platforms	24,255		27,733		3,822
Amounts due from related parties	1,218		723		100
Term deposits and short-term investments	599,041		575,234		79,269
Prepayment and other current assets	195,202		215,628		29,714
Total current assets	1,724,360		1,617,090		222,841
Non-current assets:
Long-term investments	280,281		277,443		38,233
Intangible assets	126,615		127,976		17,636
Goodwill	684		684		94
Property and equipment, net	155,352		169,776		23,396
Deferred tax assets	84,950		84,870		11,695
Operating lease right-of-use assets	162,764		181,065		24,951
Other non-current assets	200,152		185,606		25,577
Total non-current assets	1,010,798		1,027,420		141,582
Total assets	2,735,158		2,644,510		364,423
Liabilities
Current liabilities:
Dividend payable	—		19,036		2,623
Short-term borrowings	69,771		59,720		8,230
Taxes payable	61,862		53,292		7,344
Contract liabilities	76,579		74,416		10,255
Salary and welfare payables	111,396		55,453		7,642
Amounts due to related parties	477		569		78
Accrued expenses and other current liabilities	265,216		272,981		37,616
Operating lease liabilities-current	44,905		51,876		7,149
Total current liabilities	630,206		587,343		80,937
Non-current liabilities:
Operating lease liabilities-non current	125,200		135,662		18,695
Deferred tax liabilities	19,758		19,095		2,631
Other non-current liabilities	1,264		1,504		207
Total non-current liabilities	146,222		156,261		21,533
Total liabilities	776,428		743,604		102,470

 

 

SO-YOUNG INTERNATIONAL INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)
(Amounts in thousands, except for share and per share data)
Shareholders' equity:
Treasury stock	(376,690)		(382,718)		(52,740)
Class A ordinary shares (US$0.0005 par value; 750,000,000    shares authorized as of December 31, 2024 and March 31,    2025; 77,897,969 and 65,659,510 shares issued and    outstanding as of December 31, 2024, 78,022,915 and    65,092,948 shares issued and outstanding as of March 31,    2025, respectively)	253		253		35
Class B ordinary shares (US$ 0.0005 par value; 20,000,000    shares authorized as of December 31, 2024 and March 31,    2025; 12,000,000 shares issued and outstanding as of    December 31, 2024 and March 31, 2025)	37		37		5
Additional paid-in capital	3,069,799		3,052,436		420,637
Statutory reserves	40,552		40,552		5,588
Accumulated deficit	(926,390)		(959,528)		(132,226)
Accumulated other comprehensive income	31,560		30,279		4,173
Total So-Young International Inc. shareholders' equity	1,839,121		1,781,311		245,472
Non-controlling interests	119,609		119,595		16,481
Total shareholders' equity	1,958,730		1,900,906		261,953
Total liabilities and shareholders' equity	2,735,158		2,644,510		364,423

 

 

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
	March 31, 2024		December 31,  2024		March 31, 2025		March 31, 2025
	RMB		RMB		RMB		US$
Revenues:
Information, reservation services and others	216,641		201,512		142,853		19,686
Aesthetic treatment services	15,171		81,267		98,827		13,619
Sales of medical products and maintenance services	86,470		86,432		55,590		7,661
Total revenues	318,282		369,211		297,270		40,966
Cost of revenues:
Cost of information, reservation services and others	(61,827)		(44,518)		(40,726)		(5,612)
Cost of aesthetic treatment services	(12,395)		(65,208)		(80,264)		(11,061)
Cost of medical products sold and maintenance services	(43,093)		(43,325)		(30,425)		(4,193)
Total cost of revenues	(117,315)		(153,051)		(151,415)		(20,866)
Gross profit	200,967		216,160		145,855		20,100
Operating expenses:
Sales and marketing expenses	(113,256)		(134,045)		(103,417)		(14,251)
General and administrative expenses	(84,953)		(98,420)		(53,743)		(7,406)
Research and development expenses	(39,591)		(42,753)		(32,109)		(4,425)
Impairment of goodwill	—		(540,009)		—		—
Total operating expenses	(237,800)		(815,227)		(189,269)		(26,082)
Loss from operations	(36,833)		(599,067)		(43,414)		(5,982)
Other income/(expenses):
Investment income/(loss), net	2,099		7,623		(785)		(108)
Interest income, net	12,313		8,237		7,025		968
Exchange gains/(losses)	394		(763)		25		3
Impairment of long-term investment	—		(7,350)		—		—
Share of losses of equity method investee	(3,996)		(3,413)		(2,442)		(337)
Others, net	3,280		(11,103)		4,834		666
Loss before tax	(22,743)		(605,836)		(34,757)		(4,790)
Income tax benefits/(expenses)	2,557		(2,126)		1,605		221
Net loss	(20,186)		(607,962)		(33,152)		(4,569)
Net (income)/loss attributable to noncontrolling interests	(1,054)		386		14		2
Net loss attributable to So-Young International Inc.	(21,240)		(607,576)		(33,138)		(4,567)

 

 

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
	March 31, 2024		December 31, 2024		March 31, 2025		March 31, 2025
	RMB		RMB		RMB		US$
Net loss per ordinary share
Net loss per ordinary share attributable to ordinary shareholder - basic	(0.27)		(7.70)		(0.42)		(0.06)
Net loss per ordinary share attributable to ordinary shareholder - diluted	(0.27)		(7.70)		(0.42)		(0.06)
Net loss per ADS attributable to ordinary shareholders - basic (13 ADS represents 10 Class A ordinary shares)	(0.21)		(5.92)		(0.32)		(0.04)
Net loss per ADS attributable to ordinary shareholders - diluted (13 ADS represents 10 Class A ordinary shares)	(0.21)		(5.92)		(0.32)		(0.04)
Weighted average number of ordinary shares used in computing earnings/(loss) per share, basic*	79,551,454		78,905,617		78,562,865		78,562,865
Weighted average number of ordinary shares used in computing earnings/(loss) per share, diluted*	79,551,454		78,905,617		78,562,865		78,562,865
Share-based compensation expenses included in:
Cost of revenues	55		(34)		(30)		(4)
Sales and marketing expenses	(53)		(239)		(130)		(18)
General and administrative expenses	(24,453)		(1,731)		(1,404)		(193)
Research and development expenses	(843)		(211)		(93)		(13)
* 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
	March 31, 2024		December 31, 2024		March 31, 2025		March 31, 2025
	RMB		RMB		RMB		US$
GAAP loss from operations	(36,833)		(599,067)		(43,414)		(5,982)
Add back: Share-based compensation expenses	25,294		2,215		1,657		228
Add back: Impairment of goodwill	—		540,009		—		—
Non-GAAP loss from operations	(11,539)		(56,843)		(41,757)		(5,754)
GAAP net loss attributable to So-Young International Inc.	(21,240)		(607,576)		(33,138)		(4,567)
Add back: Share-based compensation expenses	25,294		2,215		1,657		228
Add back: Impairment of goodwill attributable to So-Young International Inc.	—		540,009		—		—
Add back: Impairment of long-term investment attributable to So-Young International Inc.	—		7,350		—		—
Add back: Allowance for credit loss from loans to investees attributable to So-Young International Inc.	—		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)		—		—
Reversal: Tax effects on non-GAAP adjustments (1)	—		(1,276)		—		—
Non-GAAP net income/(loss) attributable to So-Young International Inc.	4,054		(53,226)		(31,481)		(4,339)
(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 and fair value change of long-term investment. 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.

 

 

View original content:https://www.prnewswire.com/news-releases/so-young-reports-unaudited-first-quarter-2025-financial-results-302457679.html

SOURCE So-Young International Inc.

FAQ

What were So-Young's (SY) Q1 2025 revenue and earnings?

So-Young reported total revenues of RMB297.3 million (US$41.0 million), down 6.6% YoY, with a net loss of RMB33.1 million (US$4.6 million).

How many aesthetic centers does So-Young (SY) operate and how are they performing?

So-Young operates 23 aesthetic centers in nine major Chinese cities, with 18 centers achieving positive monthly operating cash flow.

What is So-Young's (SY) guidance for Q2 2025?

So-Young expects Q2 2025 aesthetic treatment services revenues between RMB120.0-140.0 million, representing 337.3-410.1% YoY growth.

How did So-Young's (SY) aesthetic treatment services perform in Q1 2025?

Aesthetic treatment services revenue grew 551.4% YoY to RMB98.8 million, with 45,500 verified paid visits and 92,900 verified aesthetic treatments.

What caused So-Young's (SY) revenue decline in Q1 2025?

The revenue decline was primarily due to decreased medical service providers subscribing to information services and lower medical equipment order volume.