So-Young Reports Unaudited First Quarter 2026 Financial Results
Rhea-AI Summary
So-Young (Nasdaq: SY) reported unaudited Q1 2026 results. Total revenue rose 45.6% year-over-year to RMB432.8 million, led by aesthetic treatment services revenue of RMB282.4 million, up 185.8% and above guidance.
Net loss attributable to the company widened to RMB49.2 million. Verified treatment visits and users more than doubled, and 41 of 54 branded aesthetic centers were profitable, with 48 generating positive quarterly operating cash flow. Q2 2026 aesthetic treatment revenue is guided to grow over 112% year-over-year.
AI-generated analysis. Not financial advice.
Positive
- Total revenues increased 45.6% year-over-year to RMB432.8 million
- Aesthetic treatment services revenues rose 185.8% to RMB282.4 million, above guidance high end
- Verified treatment visits grew to 148,000 from 54,400 year-over-year
- 41 of 54 branded aesthetic centers achieved profitability in Q1 2026
- 48 branded aesthetic centers generated positive quarterly operating cash flow
- Q2 2026 aesthetic treatment services revenue guidance implies 112.6%–119.5% year-over-year growth
Negative
- Net loss attributable to the company widened to RMB49.2 million from RMB33.1 million
- Non-GAAP net loss increased to RMB46.6 million from RMB31.5 million
- Information and reservation services revenue declined 34.0% to RMB80.3 million
- Other services revenue fell 39.3% to RMB12.9 million
- Total operating expenses rose 26.6% to RMB239.7 million
- Cash, restricted cash, term deposits and short-term investments declined to RMB880.0 million from RMB936.4 million
Market Reaction – SY
Following this news, SY has gained 4.49%, reflecting a moderate positive market reaction. Argus tracked a trough of -3.4% from its starting point during tracking. Our momentum scanner has triggered 5 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $2.60. This price movement has added approximately $12M to the company's valuation.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.
Key Figures
Market Reality Check
Peers on Argus
SY gained 1.52% with strong Q1 growth, while key peers showed mixed moves (e.g., OPRX up 2.83%, NRC down 0.58%, DH down 3.00%). This points to a company-specific reaction.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 25 | Q4/FY25 results | Positive | +9.6% | Q4 revenue growth, sharply narrower loss, and extended US$25M buyback. |
| Nov 17 | Q3 2025 results | Positive | -8.4% | Q3 revenue and aesthetic services growth above guidance, more profitable centers. |
| Aug 15 | Q2 2025 results | Negative | -22.7% | Total revenue decline and swing to net loss despite strong treatment growth. |
| May 16 | Q1 2025 results | Negative | +1.3% | Revenue decline and wider net loss with early-stage center expansion. |
| Mar 28 | Q4/FY24 results | Negative | -9.6% | Large goodwill impairment driving heavy loss amid continued center expansion. |
Earnings reactions have been volatile, with an average move of -5.98% across the last five earnings releases and a mix of three aligned and two divergent price responses versus news tone.
Over the past five earnings-related announcements, So-Young has steadily expanded its branded aesthetic centers and shifted revenue mix toward aesthetic treatment services. Total revenues and treatment volumes have generally grown, while the company has remained loss-making but shown periods of loss improvement. Market reactions have been inconsistent, with some positive responses to revenue growth and operational progress and other instances where shares sold off despite strong aesthetic services momentum. This Q1 2026 release continues the narrative of rapid center expansion and growing treatment revenue.
Historical Comparison
Across the last five earnings releases, So-Young’s average one-day move was -5.98%, highlighting historically cautious market responses to financial updates.
Earnings releases since early 2024 show a shift toward branded aesthetic centers: center count rising, treatment volumes climbing, and aesthetic treatment services becoming the primary revenue driver while the company works to narrow recurring net losses.
Market Pulse Summary
This announcement highlights strong Q1 2026 revenue growth to RMB432.8 million, driven by aesthetic treatment services rising to RMB282.4 million, alongside wider net and non-GAAP losses. The company now operates 54 branded centers, with 41 profitable and 48 cash-flow positive in the quarter. Investors may track future quarters for progress on narrowing losses, sustaining high treatment growth, and achieving broader profitability across the expanding center network.
Key Terms
non-gaap financial
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AI-generated analysis. Not financial advice.
First Quarter 2026 Financial Highlights
- Total revenues were
RMB432.8 million (US [1]), compared with$62.7 million RMB297.3 million in the corresponding period of 2025. The aesthetic treatment services revenues wereRMB282.4 million (US ), compared with$40.9 million RMB98.8 million in the corresponding period of 2025, exceeding the high end of guidance. - Net loss attributable to So-Young International Inc. was
RMB49.2 million (US ), compared with net loss attributable to So-Young International Inc. of$7.1 million RMB33.1 million in the same period of 2025. - Non-GAAP net loss attributable to So-Young International Inc.[2] was
RMB46.6 million (US ), compared with non-GAAP net loss attributable to So-Young International Inc. of$6.8 million RMB31.5 million in the same period of 2025.
First Quarter 2026 Operational Highlights
- The number of verified treatment visits to the branded aesthetic centers for the quarter reached approximately 148,000, compared with approximately 54,400 in the same period of 2025. The number of verified aesthetic treatments performed surpassed 325,800, compared with approximately 123,400 in the same period of 2025.
- The number of active users, defined as those who visited branded aesthetic centers at least once during the 12-month period ended on March 31, 2026, exceeded 213,000, compared with approximately 75,700 users during the corresponding period in 2025.
- The number of core members grew by over 11,700 during the quarter, representing an approximately
22% sequential increase. These core members contributed over80% of aesthetic treatment services revenues, with a quarterly repurchase rate nearly80% . - As of March 31, 2026, So-Young had 54 fully operational branded aesthetic centers (53 directly-operated, 1 franchised) across sixteen major cities:
Beijing , Shanghai, Guangzhou,Shenzhen ,Hangzhou ,Chengdu ,Wuhan ,Chongqing ,Ningbo ,Changsha ,Tianjin ,Xi'an ,Suzhou ,Hefei , Kunming andNanjing . Among them, 41 centers achieved profitability* in the first quarter of 2026. In addition, 48 centers generated positive quarterly operating cash flow* in the first quarter of 2026. The following table shows the revenues generated by So-Young aesthetic centers, categorized by their phase of development:
[1] This press release contains translations of certain Renminbi (RMB) amounts into |
[2] Non-GAAP net loss attributable to So-Young International Inc. is defined as net loss attributable to So-Young International Inc. excluding share-based compensation expenses, impairment of long-lived assets 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 | Average Center Age |
Ramp-up (0-3 months) | 11 | 22,948,000 | 2,086,000 | 2.1 |
Growth (4-12 months) | 23 | 109,490,000 | 4,760,000 | 8.0 |
Maturity (over 12 months) | 20 | 149,994,000 | 7,500,000 | 19.8 |
* 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. |
Management Commentary
Mr. Xing Jin, Co-Founder and Chief Executive Officer of So-Young, commented, "Driven by our dual-engine strategy, which emphasizes scale and efficiency, our core aesthetic center business gained further traction with record-high quarterly segment revenue and improved profitability. As the medical aesthetics industry is increasingly shaped by demand for higher quality and broader accessibility, our competitive edge across the value chain positions us well to capitalize on these trends. We will continue to enhance our standardized medical delivery capabilities and expand our network at a measured pace, while reinforcing our supply chain advantages and improving operational efficiency. We are confident that these ongoing efforts will create lasting value for our users, partners, and shareholders."
First Quarter 2026 Financial Results
Revenues
Total revenues were
- Aesthetic treatment services revenues were
RMB282.4 million (US ), an increase of$40.9 million 185.8% fromRMB98.8 million in the same period of 2025. The increase was primarily due to the business expansion of the branded aesthetic centers. - Information and reservation services[3] revenues were
RMB80.3 million (US ), a decrease of$11.6 million 34.0% fromRMB121.6 million in the same period of 2025. The decrease was primarily due to a decrease in the number of medical service providers subscribing to information services on So-Young's platform. - Sales of medical products and maintenance services revenues were
RMB57.1 million (US ), an increase of$8.3 million 2.8% fromRMB55.6 million in the same period of 2025, primarily due to an increase in the order volume of medical products.
- Other services revenues were
RMB12.9 million (US ), a decrease of$1.9 million 39.3% fromRMB21.2 million in the same period of 2025, primarily due to a decrease in revenues from insurance brokerage services.
[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 first quarter of 2025 have also been retrospectively updated. The amount reclassified from previous line item information, reservation services and others to information and reservation services is |
Cost of Revenues
Cost of revenues was
- Cost of aesthetic treatment services were
RMB205.8 million (US ), an increase of$29.8 million 156.4% fromRMB80.3 million in the first quarter of 2025. The increase was primarily due to the business expansion of the branded aesthetic centers. - Cost of information and reservation services[4] were
RMB6.4 million (US ), a decrease of$0.9 million 72.5% fromRMB23.3 million in the first quarter of 2025. The decrease was in line with the decrease in revenue generated from information and reservation services. - Cost of medical products sold and maintenance services were
RMB30.4 million (US ), a decrease of$4.4 million 0.1% fromRMB30.4 million in the first quarter of 2025. The decrease was primarily due to a decrease in costs associated with the sales of medical equipment. - Cost of other services was
RMB8.4 million (US ), a decrease of$1.2 million 51.6% fromRMB17.4 million in the first quarter of 2025. The decrease was primarily due to a decrease in costs associated with insurance brokerage services.
[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 first quarter of 2025 have also been retrospectively reclassified. |
Operating Expenses
Total operating expenses were
- Sales and marketing expenses were
RMB130.8 million (US ), an increase of$19.0 million 33.7% fromRMB97.9 million in the first quarter of 2025. The increase was mainly due to the increases in expenses associated with branding and user acquisition activities and payroll costs for the branded aesthetic centers. - General and administrative expenses were
RMB84.5 million (US ), an increase of$12.3 million 42.5% fromRMB59.3 million in the first quarter of 2025. The increase was primarily due to the business expansion of the branded aesthetic centers. - Research and development expenses were
RMB24.3 million (US ), a decrease of$3.5 million 24.2% fromRMB32.1 million in the first quarter of 2025. The decrease was primarily attributable to improvements in staff efficiency.
Income Tax Benefits
Income tax benefits were
Net Loss Attributable to So-Young International Inc.
Net loss attributable to So-Young International Inc. was
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, was
Basic and Diluted Loss per ADS
Basic and diluted loss per ADS attributable to ordinary shareholders were
Cash and Cash Equivalents, Restricted Cash and Term Deposits, Term Deposits and Short-Term Investments
As of March 31, 2026, cash and cash equivalents, restricted cash and term deposits, term deposits and short-term investments were
Business Outlook
For the second quarter of 2026, So-Young expects aesthetic treatment services revenues to be between
Non-GAAP Financial Measures
To supplement the financial measures prepared in accordance with generally accepted accounting principles in
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 and the impairment of long-lived assets are non-recurring 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, impairment of long-lived assets, 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 22, 2026, at 7:30 AM
International: | +1-412-902-4272 |
4001-201203 | |
US: | +1-888-346-8982 |
+852-800-905945 | |
Passcode: | So Young |
A telephone replay will be available two hours after the conclusion of the conference call through 23:59
International: | +1-412-317-0088 |
US: | +1-855-669-9658 |
Passcode: | 5918252 |
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
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the
For more information, please contact:
So-Young
Investor Relations
Ms. Mona Qiao
Phone: +86-10-8790-2012
E-mail: ir@soyoung.com
Christensen
Ms. Joanna Quan
Phone: +86-10-5900-1548
E-mail: sy@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, | |||
2025 | 2026 | 2026 | |||
RMB | RMB | US$ | |||
Assets | |||||
Current assets: | |||||
Cash and cash equivalents | 418,213 | 386,813 | 56,076 | ||
Restricted cash and term deposits | 64,683 | 82,512 | 11,962 | ||
Trade receivables | 51,532 | 43,417 | 6,294 | ||
Inventories | 233,389 | 262,555 | 38,062 | ||
Receivables from online payment platforms | 16,296 | 17,174 | 2,490 | ||
Amounts due from related parties | 774 | 1,687 | 245 | ||
Term deposits and short-term investments | 453,472 | 410,649 | 59,532 | ||
Prepayment and other current assets | 246,237 | 283,832 | 41,147 | ||
Total current assets | 1,484,596 | 1,488,639 | 215,808 | ||
Non-current assets: | |||||
Long-term investments | 274,753 | 274,180 | 39,748 | ||
Intangible assets | 144,097 | 139,815 | 20,269 | ||
Goodwill | 684 | 684 | 99 | ||
Property and equipment, net | 293,560 | 307,370 | 44,559 | ||
Deferred tax assets | 69,313 | 69,363 | 10,056 | ||
Operating lease right-of-use assets | 251,635 | 253,238 | 36,712 | ||
Other non-current assets | 130,998 | 131,527 | 19,067 | ||
Total non-current assets | 1,165,040 | 1,176,177 | 170,510 | ||
Total assets | 2,649,636 | 2,664,816 | 386,318 | ||
Liabilities | |||||
Current liabilities: | |||||
Short-term borrowings | 39,814 | 119,746 | 17,360 | ||
Taxes payable | 43,461 | 36,606 | 5,307 | ||
Contract liabilities | 65,948 | 64,564 | 9,360 | ||
Salary and welfare payables | 130,170 | 106,727 | 15,472 | ||
Amounts due to related parties | 618 | 552 | 80 | ||
Accrued expenses and other current liabilities | 427,507 | 453,930 | 65,805 | ||
Operating lease liabilities-current | 76,536 | 78,374 | 11,362 | ||
Total current liabilities | 784,054 | 860,499 | 124,746 | ||
Non-current liabilities: | |||||
Operating lease liabilities-non current | 183,364 | 182,302 | 26,428 | ||
Deferred tax liabilities | 10,615 | 9,266 | 1,343 | ||
Other non-current liabilities | 2,783 | 3,925 | 569 | ||
Total non-current liabilities | 196,762 | 195,493 | 28,340 | ||
Total liabilities | 980,816 | 1,055,992 | 153,086 | ||
Shareholders' equity: | |||||
Treasury stock | (391,944) | (391,944) | (56,820) | ||
Class A ordinary shares ( | 257 | 257 | 37 | ||
Class B ordinary shares ( | 37 | 37 | 5 | ||
Additional paid-in capital | 3,059,764 | 3,062,378 | 443,952 | ||
Statutory reserves | 46,448 | 46,448 | 6,734 | ||
Accumulated deficit | (1,174,587) | (1,223,763) | (177,408) | ||
Accumulated other comprehensive income | 13,340 | 935 | 136 | ||
Total So-Young International Inc. shareholders' equity | 1,553,315 | 1,494,348 | 216,636 | ||
Non-controlling interests | 115,505 | 114,476 | 16,596 | ||
Total shareholders' equity | 1,668,820 | 1,608,824 | 233,232 | ||
Total liabilities and shareholders' equity | 2,649,636 | 2,664,816 | 386,318 | ||
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, 2025 | December 31, 2025 | March 31, 2026 | March 31, 2026 | ||||
RMB | RMB | RMB | US$ | ||||
Revenues: | |||||||
Aesthetic treatment services | 98,827 | 248,076 | 282,432 | 40,944 | |||
Information and reservation services | 121,625 | 125,675 | 80,311 | 11,643 | |||
Sales of medical products and maintenance services | 55,590 | 69,257 | 57,141 | 8,284 | |||
Other services | 21,228 | 17,714 | 12,891 | 1,869 | |||
Total revenues | 297,270 | 460,722 | 432,775 | 62,740 | |||
Cost of revenues: | |||||||
Cost of aesthetic treatment services | (80,264) | (189,017) | (205,758) | (29,829) | |||
Cost of information and reservation services | (23,297) | (10,071) | (6,401) | (928) | |||
Cost of medical products sold and maintenance services | (30,425) | (41,595) | (30,403) | (4,408) | |||
Cost of other services | (17,429) | (15,265) | (8,436) | (1,223) | |||
Total cost of revenues | (151,415) | (255,948) | (250,998) | (36,388) | |||
Gross profit | 145,855 | 204,774 | 181,777 | 26,352 | |||
Operating expenses: | |||||||
Sales and marketing expenses | (97,876) | (168,678) | (130,826) | (18,966) | |||
General and administrative expenses | (59,284) | (101,893) | (84,504) | (12,251) | |||
Research and development expenses | (32,109) | (37,436) | (24,339) | (3,528) | |||
Impairment of long-lived assets | — | (19,710) | — | — | |||
Total operating expenses | (189,269) | (327,717) | (239,669) | (34,745) | |||
Loss from operations | (43,414) | (122,943) | (57,892) | (8,393) | |||
Other income/(expenses): | |||||||
Investment (loss)/income, net | (785) | 773 | 206 | 30 | |||
Interest income, net | 7,025 | 3,453 | 3,734 | 541 | |||
Exchange gains | 25 | 2,929 | 4,910 | 712 | |||
Share of losses of equity method investee | (2,442) | (616) | (187) | (27) | |||
Others, net | 4,834 | 1,670 | (1,729) | (252) | |||
Loss before tax | (34,757) | (114,734) | (50,958) | (7,389) | |||
Income tax benefits | 1,605 | 619 | 753 | 109 | |||
Net loss | (33,152) | (114,115) | (50,205) | (7,280) | |||
Net loss attributable to noncontrolling interests | 14 | 5,266 | 1,029 | 149 | |||
Net loss attributable to So-Young International Inc. | (33,138) | (108,849) | (49,176) | (7,131) | |||
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, | December 31, | March 31, | March 31, | ||||
RMB | RMB | RMB | US$ | ||||
Net loss per ordinary share | |||||||
Net loss per ordinary share attributable to ordinary shareholder - basic | (0.42) | (1.40) | (0.63) | (0.09) | |||
Net loss per ordinary share attributable to ordinary shareholder - diluted | (0.42) | (1.40) | (0.63) | (0.09) | |||
Net loss per ADS attributable to ordinary shareholders - basic (13 ADS represents 10 Class | (0.32) | (1.08) | (0.48) | (0.07) | |||
Net loss per ADS attributable to ordinary shareholders - diluted (13 ADS represents 10 | (0.32) | (1.08) | (0.48) | (0.07) | |||
Weighted average number of ordinary shares used in computing earnings/(loss) per share, | 78,562,865 | 77,593,230 | 77,671,152 | 77,671,152 | |||
Weighted average number of ordinary shares used in computing earnings/(loss) per share, | 78,562,865 | 77,593,230 | 77,671,152 | 77,671,152 | |||
Share-based compensation expenses included in: | |||||||
Cost of revenues | (30) | 4 | (3) | (0) | |||
Sales and marketing expenses | (130) | 30 | (87) | (13) | |||
General and administrative expenses | (1,404) | 771 | (2,480) | (360) | |||
Research and development expenses | (93) | 66 | (35) | (5) | |||
* 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, 2025 | December 31, 2025 | March 31, 2026 | March 31, 2026 | ||||
RMB | RMB | RMB | US$ | ||||
GAAP loss from operations | (43,414) | (122,943) | (57,892) | (8,393) | |||
Add back: Share-based compensation expenses | 1,657 | (871) | 2,605 | 378 | |||
Add back: Impairment of long-lived assets | — | 19,710 | — | — | |||
Non-GAAP loss from operations | (41,757) | (104,104) | (55,287) | (8,015) | |||
GAAP net loss attributable to So-Young International Inc. | (33,138) | (108,849) | (49,176) | (7,131) | |||
Add back: Share-based compensation expenses | 1,657 | (871) | 2,605 | 378 | |||
Add back: Impairment of long-lived assets attributable to So-Young International Inc. | — | 18,782 | — | — | |||
Reversal: Tax effects on non-GAAP adjustments (1) | — | (2,483) | — | — | |||
Non-GAAP net loss attributable to So-Young International Inc. | (31,481) | (93,421) | (46,571) | (6,753) | |||
(1) To adjust the income tax effects of non-GAAP adjustments, which is primarily related to 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. | |||||||
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SOURCE So-Young International Inc.