BEIJING, May 22, 2026 /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, 2026.
First Quarter 2026 Financial Highlights
-- Total revenues were RMB432.8 million (US$62.7 million[1]), compared with
RMB297.3 million in the corresponding period of 2025. The aesthetic
treatment services revenues were RMB282.4 million (US$40.9 million),
compared with 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$7.1 million), compared with net loss attributable to So-Young
International Inc. of 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$6.8 million), compared with non-GAAP net loss
attributable to So-Young International Inc. of RMB31.5 million in the
same period of 2025.
First Quarter 2026 Operational Highlights
-- The number of verified treatment visits to the branded aesthetic centers
for the quarter reached approximately 148,000, compared with
approximately 54,400 in the same period of 2025. The number of verified
aesthetic treatments performed surpassed 325,800, compared with
approximately 123,400 in the same period of 2025.
-- The number of active users, defined as those who visited branded
aesthetic centers at least once during the 12-month period ended on March
31, 2026, exceeded 213,000, compared with approximately 75,700 users
during the corresponding period in 2025.
-- The number of core members grew by over 11,700 during the quarter,
representing an approximately 22% sequential increase. These core members
contributed over 80% of aesthetic treatment services revenues, with a
quarterly repurchase rate nearly 80%.
-- As of March 31, 2026, So-Young had 54 fully operational branded aesthetic
centers (53 directly-operated, 1 franchised) across sixteen major cities:
Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou, Chengdu, Wuhan,
Chongqing, Ningbo, Changsha, Tianjin, Xi'an, Suzhou, Hefei, Kunming and
Nanjing. Among them, 41 centers achieved profitability* in the first
quarter of 2026. In addition, 48 centers generated positive quarterly
operating cash flow* in the first quarter of 2026. The following table
shows the revenues generated by So-Young aesthetic centers, categorized
by their phase of development:
[1] This press release contains translations of certain Renminbi (RMB) amounts
into U.S. dollars (US$) 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 RMB6.8980 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, 2026.
[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.
Average
Revenue per Average
Phase** (Operating Number of Center Center Age
duration) Centers Revenue (RMB) (RMB) (Month)
--------------------- ------------ ------------- ------------ ------------
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 RMB432.8 million (US$62.7 million), an increase of 45.6% from RMB297.3 million in the same period of 2025. The increase was primarily due to business expansion of the branded aesthetic centers.
-- Aesthetic treatment services revenues were RMB282.4 million (US$40.9
million), an increase of 185.8% from RMB98.8 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$11.6 million), a decrease of 34.0% from RMB121.6 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$8.3 million), an increase of 2.8% from RMB55.6 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$1.9 million), a decrease
of 39.3% from RMB21.2 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 RMB121.6 million for the
first quarter of 2025.
Cost of Revenues
Cost of revenues was RMB251.0 million (US$36.4 million), an increase of 65.8% from RMB151.4 million in the first quarter of 2025. The increase was primarily due to the business expansion of the branded aesthetic centers.
-- Cost of aesthetic treatment services were RMB205.8 million (US$29.8
million), an increase of 156.4% from RMB80.3 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$0.9 million), a decrease of 72.5% from RMB23.3 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$4.4 million), a decrease of 0.1% from RMB30.4 million in the
first quarter of 2025. The decrease was primarily due to a decrease in
costs associated with the sales of medical equipment.
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