So-Young's 2025 Q2 Earnings Call: Key Contradictions in Growth Strategy, Recruitment, and Marketing Efficiency

Franchise model expansion, doctors' recruitment strategy and reliance on center managers, customer acquisition cost and marketing strategy, marketing efficiency and cost structure, and franchise model and expansion strategy are the key contradictions discussed in So-Young International Inc.'s latest 2025Q2 earnings call.



Aesthetic Center Growth:
- So-Young's aesthetic treatment services revenue reached RMB 144 million, with a 46% quarter-over-quarter increase and 426% year-over-year growth.
- The growth was driven by the expansion and performance of branded aesthetic centers, which became the largest revenue-contributing segment.

Customer Acquisition Efficiency:
- The company maintained an average customer acquisition cost at around RMB 100, with over 70% of new customers coming from low-cost private domain traffic and referrals.
- This was attributed to So-Young's strategic focus on building brand influence and leveraging existing customer referrals.

Operational and Financial Performance:
- Total revenue was RMB 378.7 million, down 7% year-over-year, primarily due to a decrease in the number of medical service providers on the platform.
- The net loss was RMB 36 million, with a non-GAAP net loss of RMB 30.5 million, mainly due to rapid network expansion and ongoing investments.

Upstream Business Growth:
- The number of institutions served with supply chain solutions for injectables exceeded 1,600, with shipments of Elasty reaching around 39,100 units, up 40% sequentially.
- This growth was driven by the scale and certification of upstream products, enhancing competitive advantages.