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- **Record Q4 Growth**: RMB 461 million revenue (+25% YoY), aesthetic centers contribute 54% of revenue.
- **Profitability Milestones**: 25 centers profitable, 39 generating cash flow.
- **Expansion Ambitions**: 35+ new centers in 2026, targeting core and second-tier cities.
- **Operational Excellence**: 211 physicians, 6,200+ treatments per doctor, industry-leading CAC <10%.
- **Supply Chain Strength**: 18 device suppliers, 700,000+ injectables procured, volume-price linkage.
- **User Engagement**: 170,000+ active users, 80% core member repurchase rate.
- **2026 Outlook**: Aesthetic treatment revenue guidance RMB 268-278 million (+171-181% YoY), balancing growth with profitability.

**【CEO Summary Section】**
- Total Q4 revenue reached RMB 461 million, up 25% YoY, driven by the aesthetic center business which contributed 54% of total revenue (RMB 248 million, +205% YoY). 
- 49 So-Young clinics opened nationwide, with 25 centers achieving profitability and 39 generating positive operating cash flow.
- 2026 expansion plan: Open at least 35 new centers, focusing on core cities (Beijing, Shanghai, Guangzhou, Shenzhen) and second-tier cities.
- Treatment volume metrics: 125,000 verified visits (+178% YoY), 289,400 aesthetic treatments (+168% YoY), 170,000+ active users.
- Physician team expanded to 211 full-time doctors (average 6+ years experience), with 6,200+ treatments per physician.
- Supply chain: 18 device suppliers, 700,000+ injectable units procured, volume-price linkage with top suppliers.
- Product launches: Miracle PLLA v3, Xihong Biopharma HA solution, and blockbuster strategy (4 products contributing 37% of revenue).
- Campaigns: Little Prince IP partnership generated 40M+ RedNote exposures, 2M+ on-site visits.

**【CFO Financial Commentary】**
- Q4 GAAP net loss: RMB 108.8 million vs. RMB 607.6 million YoY, driven by aesthetic center expansion.
- Cash position: RMB 936.4 million, supporting 2026 expansion while maintaining financial flexibility.
- 2026 guidance: Aesthetic treatment revenue RMB 268-278 million (+171-181% YoY), focusing on profitability alongside growth.
- Operating expenses: RMB 327.7 million, moderate increase reflecting investment in scaling.
- R&D efficiency: RMB 37.4 million (-12.4% YoY), supporting operational improvements.

**【Q&A Highlights】**
- **Gross Margin Strategy**: Optimize center opening cadence, consumable costs, and seasonal promotions.
- **Second-Tier City Performance**: Centers in Wuhan, Changsha, Suzhou achieved RMB 7,000/sqm/month revenue, higher margins than first-tier cities.
- **CAC Efficiency**: <10% of revenue, maintained through referral model and co-branding (e.g., Disney, Little Prince).
- **Core Member Growth**: 14,000+ new core members, 80% quarterly repurchase rate, RMB 16,500+ annual spending.
- **2026 Initiatives**: Expand product portfolio, optimize membership benefits, and enhance clinical capabilities.

So-Young International Inc.(SY)-20260325-2025 Q4 Earnings call transcript

- **Revenue Surge**: Aesthetic center revenue up 305% YoY, exceeding guidance by 8%.
- **Store Momentum**: 42 stores operational, 29 with positive cash flow, targeting 50 by year-end.
- **User Growth**: Active users +36% QoQ, L3+ members +40% QoQ, 70% repurchase rate.
- **Product Hit**: Miracle PLLA 3.0 pre-sales 1,300 units in 2 days, 56% Pro version uptake.
- **Expansion Plan**: 35+ new stores in 2026, focusing on 1st-tier cities for density, 2nd-tier for replication.
- **Financial Focus**: Q4 aesthetic revenue guidance RMB 216-226 million (+165.8%-178.1% YoY), cash reserves RMB 942.8 million.
- **Safety Track Record**: 2-hour complaint response, 1% compliance rate, 100% doctors with hospital training.

**【CEO Summary Section】**
- **Revenue Growth**: Total revenue reached RMB 387 million in Q3 2025, with aesthetic center business revenue at RMB 184 million (305% YoY growth, 8% above guidance). 
- **Store Expansion**: 42 stores operational (41直营, 1加盟), targeting 50 by end of 2025. 29 stores achieved positive cash flow in Q3, with 20 stores profitable.
- **User Metrics**: Active users exceeded 130,000, with 89,800 verified treatments (33% QoQ, 280% YoY). L3+ core members grew 40% QoQ, contributing high double-digit revenue share.
- **Product Innovation**: Miracle PLLA 3.0 pre-sales exceeded 1,300 units in 2 days, with 56% opting for Pro version at RMB 4,999.
- **Safety Compliance**: 6-tier compliance framework with 55 store inspections and emergency drills, 150+ doctors with hospital training backgrounds.

**【CFO Financial Commentary】**
- **Revenue Breakdown**: Aesthetic services (RMB 183.6 million, +304.6% YoY), info/services (RMB 117.2 million, -34.5% YoY), medical products (RMB 67 million, -25% YoY).
- **Cost Structure**: COGS at RMB 203.8 million (+43.4% YoY), driven by aesthetic center expansion. Operating expenses RMB 255.6 million (+13.6% YoY), with sales/marketing up 13.8% YoY.
- **Profitability**: Net loss RMB 64.3 million (vs. RMB 20.3 million profit YoY), Non-GAAP loss RMB 61.6 million. Q4 guidance: aesthetic revenue RMB 216-226 million (+165.8%-178.1% YoY).
- **Cash Position**: RMB 942.8 million in cash and investments, supporting aesthetic center expansion.

**【Q&A Highlights】**
1. **Store Expansion**: 35+ new stores in 2026, focusing on 1st-tier cities for density, 2nd-tier for model validation.
2. **Membership Strategy**: L3+ members contribute 65% of aesthetic revenue, 70% QoQ repurchase rate. 40,000+ new users added in Q3.
3. **Product Pipeline**: Miracle PLLA 3.0 Pro sold out, with 5,000 units restocked in Q4. Upcoming FDA approval for self-manufactured PLLA.
4. **Safety Assurance**: 2-hour response time for complaints, 1% compliance rate. 100% doctors with hospital training, 10% acceptance rate.
5. **Profitability Outlook**: Cost optimization via scale (fixed costs dilution), SKU concentration (top 9 SKUs 30% revenue), and custom product development.

So-Young International Inc. (SY) Q3 2025 Earnings Call Transcript

- **Aesthetic Center Growth**: Q2 revenue RMB 144 million (+426% YoY), 19 centers cash flow positive, 60% repeat rate, 4.99/5 satisfaction.
- **Expansion Ambitions**: 50 centers by year-end, 1,000+ long-term, with franchise pilot in Q4.
- **Efficient Customer Acquisition**: <RMB 100 per customer, 70% from referrals, 381% YoY visit growth.
- **Financial Strength**: RMB 998 million cash, Q3 revenue guidance RMB 150-170 million.
- **Market Leadership**: 25% China medical aesthetic market share target via low-cost acquisition, upstream control, and operational scale.

**【CEO Summary Section】**
- Q2 total revenue: RMB 379 million, with aesthetic center revenue reaching RMB 144 million (426% YoY growth), surpassing guidance and becoming the largest revenue segment.
- 33 aesthetic centers operational, with 29 centers open by end of Q2. 19 centers achieved cash flow positivity in June, 13 were profitable monthly.
- Verified treatment visits: 67,400 (381% YoY), treatments: 154,500 (458% YoY). Repeat purchase rate: 60%, customer satisfaction: 4.99/5.
- Customer acquisition cost: ~RMB 100, with 70% new customers from referrals and private domain traffic.
- Gross profit margin for aesthetic services expanded by ~5% sequentially.
- 2025 expansion plan: 50 centers by year-end, targeting 1,000 centers in 8-10 years. Franchise pilot with 2-3 centers in Q4.
- New treatments launched: Medical PLLA, Mermaid Skin Booster, BBL Hero. Partnerships with IPs and influencers to boost brand visibility.

**【CFO Financial Commentary】**
- Total revenue: RMB 378.7 million (-7% YoY), driven by 426% YoY growth in aesthetic services.
- Net loss: RMB 36 million (vs. RMB 18.9 million net income YoY), non-GAAP net loss: RMB 30.5 million.
- Cost of revenues: RMB 184.6 million (+19% YoY), driven by aesthetic center expansion.
- Operating expenses: RMB 241.3 million (-1.8% YoY), with G&A up 11.3% due to administrative staff expansion.
- Q3 2025 outlook: Aesthetic service revenue RMB 150-170 million (230.5%-274.6% YoY growth).
- Cash reserves: RMB 998.6 million, supporting aggressive expansion.

**【Q&A Key Highlights】**
- **Expansion Strategy**: 50 centers by end-2025, 10+ openings in Q3. Franchise pilot in Q4 with 2-3 centers.
- **Market Competition**: China's light medical aesthetic market to reach RMB 340 billion by 2030. So-Young targets 25% market share via 3 core capabilities: low-cost customer acquisition, upstream supply chain control, and network operational efficiency.
- **Customer Acquisition**: 70% new customers from referrals, average acquisition cost <RMB 100. Long-term focus on brand-driven, low-cost acquisition.
- **Doctor Recruitment**: 130+ full-time doctors (90% dermatologists). Recruitment pipeline supported by public hospital-trained talent and competitive benefits.
- **Product Differentiation**: Focus on anti-aging treatments with healthy margins. Blockbuster strategy (e.g., Medical PLLA, skin boosters) to drive repeat business.
- **POP Business**: Stable with RMB 300 million GMV. Synergy with aesthetic centers via targeted merchant recommendations.

So-Young International Inc. (SY) Q2 2025 Earnings Call Transcript

- **Q1 Growth Driver**: Aesthetic centre revenue surges 551.4% YoY to RMB98.8 million, with 18+ clinics generating positive cash flow.
- **Customer Engagement**: Verified paid visits +874.3% YoY to 45,500, satisfaction rate 4.98/5.
- **Strategic Focus**: Vertical integration, franchise model expansion, and R&D for new aesthetic products.
- **Financial Health**: Non-GAAP net loss RMB31.5 million; Q2 aesthetic revenue forecast RMB120-140 million (+337%-410% YoY).
- **Risk Mitigation**: Diversified supply chain, franchise model to reduce capital intensity, and cost control measures.


**【CEO Summary Section】**
- Q1 2025 total revenue: RMB297.3 million, net loss: RMB33.1 million (non-GAAP: RMB31.5 million). Key growth driver: aesthetic centre expansion.
- Aesthetic centre business highlights:
  - 23 clinics operating in 9 cities (18+ monthly cash flow positive).
  - Q1 aesthetic treatment revenue: RMB98.8 million (+551.4% YoY).
  - Verified paid visits: 45,500 (+874.3% YoY).
  - Customer satisfaction: 4.98/5.
- Strategy: vertical integration, proprietary products (e.g., co-treatment with SkinCeuticals), and cost efficiency through scale.
- Upstream supply chain: 1,500+ institutions served, elastic shipments: 27,900 units (+14% YoY).
- POP business: GMV RMB300 million, per capita GTV +4% YoY.
- Future focus: aesthetic centre expansion (10+ Beijing locations by end-2025), franchise model, and R&D for new products.

**【CFO Financial Commentary】**
- Revenue breakdown:
  - Aesthetic services: RMB98.8 million (+551.4% YoY).
  - Medical products: RMB55.6 million (-35.7% YoY).
  - Info/reservation services: RMB142.9 million (-34.1% YoY).
- Cost of revenue: RMB151.4 million (+29.1% YoY) driven by aesthetic centre expansion.
- Operating expenses: RMB189.3 million (-20.4% YoY) due to cost control.
- Q2 2025 outlook: aesthetic revenue RMB120-140 million (+337.3%-410.1% YoY).
- Cash position: RMB1.1 billion as of Q1 2025.

**【Q&A Key Points】**
1. **Brand Clinic Differentiation**: Fast-casual model vs. traditional institutions (lower cost, higher frequency, digital integration).
2. **CapEx Sustainability**: 13 new clinics/year, franchise model to reduce capital intensity, 18+ clinics already profitable.
3. **Miracle Laser Synergy**: R&D for cost-effective devices, 2B2C model with small clinics.
4. **Trade Tensions Impact**: Minimal direct impact; opportunity to strengthen domestic supply chain.
5. **Future Investment**: Franchise expansion, proprietary product R&D, and operational efficiency improvements.


So-Young International Inc. (SY) Q1 2025 Earnings Call Transcript

- **Aesthetic Center Explosion**: Q4 2024 aesthetic revenue surges 702% YoY to RMB81.3 million, with 19 clinics opened and 11 achieving positive cash flow.
- **POP Resilience**: Verified medical aesthetic GMV grows 3% QoQ to RMB356.6 million, despite user acquisition-driven per capita revenue decline.
- **Key Risk**: RMB540 million one-time goodwill impairment drag on Q4 net loss of RMB607.6 million.
- **Future Focus**: Scaling 1,000+ aesthetic centers via standardized "fast food" model, integrating Miracle Laser R&D into upstream supply chain.
- **Q1 2025 Guidance**: Revenue RMB280-300 million, prioritizing aesthetic expansion and equipment sales.

**【CEO Opening Remarks】**
- Q4 2024 total revenue: RMB369.2 million (-5.5% YoY), driven by a 702% YoY surge in aesthetic treatment services to RMB81.3 million.
- Net loss: RMB607.6 million (including RMB540 million one-time goodwill impairment charge for subsidiary Miracle Laser).
- Key focus: Vertical integration strategy with self-operated aesthetic centers, targeting scale and standardization.

**【Aesthetic Center Expansion】**
- 19 clinics opened in 9 core cities, 11 achieving positive monthly cash flow in Q4.
- Q4 aesthetic revenue: RMB81.3 million (+79% QoQ, +702% YoY), 38,000+ verified paid visits.
- Beijing center repeat revenue: 88%, Shanghai mall center >10,000 RMB/sqm sales.
- Active users: 39,500+ as of end-2024, 81,500+ total aesthetic treatments.

**【POP Business Performance】**
- Verified medical aesthetic GMV: RMB356.6 million (+3% QoQ), transaction volume +10% YoY.
- Per capita GTV: +6% QoQ, despite temporary per capita revenue decline from user acquisition campaigns.

**【CFO Financial Breakdown】**
- Q4 2024 financials:
  - COGS: RMB153.1 million (+11.2% YoY)
  - OpEx: RMB815.2 million (+216.2% YoY) driven by marketing and G&A
  - Non-GAAP net loss: RMB53.2 million
- Full year 2024:
  - Revenue: RMB1.47 billion (-2.1% YoY)
  - Non-GAAP net loss: RMB4.7 million
- Q1 2025 guidance: RMB280-300 million revenue, focusing on aesthetic center expansion and equipment sales.

**【Q&A Highlights】**
1. **POP Strategy**: Enhancing merchant support through data-driven subsidies, private domain marketing, and AI-driven recommendations.
2. **Aesthetic Center Phased Growth**: 
   - Ramp-up (3 months): Brand building, SOP implementation
   - Growth (4-12 months): Efficiency optimization, repeat customer engagement
   - Maturity (>12 months): Customer segmentation, LTV maximization
3. **Upstream Business**: Integrating Miracle Laser R&D into upstream supply chain, targeting 1,000+ aesthetic centers to replicate South Korea's chain model.
4. **Financial Outlook**: Near-term profitability impacted by expansion, but long-term focus on vertical integration and scale economics.

So-Young International (SY)-28 Mar 25-2024 Q4 Earnings call transcript

So-Young International (SY)-20 Nov 24-2024 Q3 Earnings call transcript

So-Young International (SY)-23 Aug 24-2024 Q2 Earnings call transcript

So-Young International (SY)-28 May 24-2024 Q1 Earnings call transcript

So-Young International (SY)-20 Mar 24-2023 Q4 Earnings call transcript

So-Young International (SY)-20 Nov 23-2023 Q3 Earnings call transcript

So-Young International (SY)-21 Aug 23-2023 Q2 Earnings call transcript

So-Young International (SY)-22 May 23-2023 Q1 Earnings call transcript

So-Young International (SY)-21 Mar 23-2022 Q4 Earnings call transcript

So-Young International (SY)-18 Nov 22-2022 Q3 Earnings call transcript

So-Young International (SY)-16 Aug 22-2022 Q2 Earnings call transcript

- **Revenue Growth**: Q3 2021 revenue up 20% YoY to RMB 431.5 million, driven by nonsurgical expansion (49% of total)
- **Profitability**: Non-GAAP net income +9.6% YoY to RMB 28.9 million
- **Strategic Wins**: 
  - Acquired Wuhan Miracle, adding 30+ institutional partners
  - Nonsurgical SKUs +26% YoY to 140,000
  - Fotona4D GMV growth >400% YoY
- **Risk Mitigation**: 
  - Q4 2021 revenue guidance (+1.3%-6% YoY) reflects cautious outlook
  - COVID-19 containment measures impacting surgical bookings
- **Long-Term Vision**: 
  - Standardize nonsurgical procedures
  - Expand B2B collaboration with upstream suppliers
  - Enhance user trust through transparent pricing and rights protection

**【CEO Opening Remarks】**
- Q3 2021 revenue reached RMB 431.5 million, up 20% YoY, in line with guidance. Non-GAAP net income rose 9.6% YoY to RMB 28.9 million.
- Despite COVID-19 resurgence in China, long-term outlook for medical aesthetics industry remains strong.
- Strategic initiatives include:
  - Increasing brand endorsements to boost conversion rates (paying providers +18.2% YoY to 4,841)
  - Expanding nonsurgical product SKUs (+26% YoY to 140,000) and revenue contribution (49% vs 43% YoY)
  - Acquiring Wuhan Miracle to strengthen institutional network and expand upstream product collaboration

**【CFO Financial Highlights】**
- Total revenue: RMB 431.5 million (+20% YoY)
- Information services & other revenue: RMB 369.7 million (+39.2% YoY)
- Reservation services revenue: RMB 61.7 million (-34.3% YoY) due to COVID-19 impact
- Operating expenses: RMB 322.5 million (-3.7% YoY) driven by reduced marketing spend
- R&D expenses: RMB 77.1 million (+22.1% YoY) due to Wuhan Miracle integration
- Q4 2021 revenue guidance: RMB 430-450 million (+1.3%-6% YoY)

**【Q&A Key Takeaways】**
1. **Nonsurgical Growth Momentum**: 
   - Nonsurgical revenue share up to 49% (vs 43% YoY)
   - Hot products like Fotona4D saw GMV growth >400% YoY
   - So-Young PASS expanded to 50+ cities and 250+ institutions
2. **COVID-19 Impact Management**: 
   - Q3 GMV rebounded 96% YoY in September
   - Testing online payment incentives to drive bookings
3. **Marketing Strategy Shift**: 
   - Focus on user quality over quantity (MAU decline)
   - 50% of 2021 revenue allocated to sales & marketing
4. **Regulatory Compliance**: 
   - Strict adherence to SAMR guidelines
   - Enhanced internal review of doctor/institution credentials
5. **Wuhan Miracle Integration**: 
   - 30+ new institutional partnerships
   - Flagship store launched on platform
   - Exploring upstream product trials with manufacturers

Actual					-0.0479	0.0042	0.0015	0.0535	-0.0641	0.1068	0.0093	-0.0535	-0.1277	-0.0582	0.0042	0.0551	-0.0218	-0.0041	0.0197	0.0324	-0.0374	0.033	0.037	-1.0546	-0.0579	-0.0642	-0.1166	-0.2003
Forecast					-0.0388	0.0664	0.0171	0.0821	0.0473	0.065	0.0915	0.0362								0.0217	-0.0013	0.0282	0.0029	0.012	-0.0473	-0.015	-0.0466	-0.0974
Surprise	0.00%	0.00%	0.00%	0.00%	-23.45%	-93.67%	-91.23%	-34.84%	-235.52%	+64.31%	-89.84%	-247.79%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+49.31%	-2776.92%	+17.02%	+1175.86%	-8888.33%	-22.41%	-328.00%	-150.21%	-105.65%

SY

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SY

SY fundamentals

SY Q4 2025 Earnings

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SY Earnings Call Summary for Q4/20247:30 AM on Mar 28, 2025

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