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- **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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

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Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

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Other Non-Operating Income (Loss)

Net Interest Expense

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Net Income from Continuing Operations

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Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

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Total Comprehensive Income Attributable to Owners of the Company

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SY

SY fundamentals

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