#China #Beijing #financial results #Aesthetic Treatment #So-Young International

So-Young International Reports Strong Performance in Q1 2026

So-Young International Inc., listed on Nasdaq as SY, has announced its unaudited financial results for the first quarter of 2026. The company, a leading aesthetic treatment platform in China, connects customers with a variety of aesthetic services and treatments. The financial results indicate a robust growth trend that reflects the increasing demand for aesthetic services within the region.

Financial Highlights

In the first quarter of 2026, So-Young reported total revenues of RMB 432.8 million (approximately US$62.7 million), marking a 45.6% increase from RMB 297.3 million in the same quarter of 2025. This growth was largely driven by a substantial rise in aesthetic treatment service revenues, which soared to RMB 282.4 million (around US$40.9 million), a staggering 185.8% increase compared to RMB 98.8 million recorded in Q1 2025.

Despite the revenue growth, the company reported a net loss of RMB 49.2 million (about US$7.1 million) in Q1 2026, up from a net loss of RMB 33.1 million during the same period last year. The non-GAAP net loss, which excludes certain expenses, was recorded at RMB 46.6 million (approximately US$6.8 million), compared to RMB 31.5 million in the previous year's quarter.

Operational Growth Metrics

Operational metrics also demonstrated a significant upward trajectory. The number of verified treatment visits to branded aesthetic centers reached approximately 148,000, a drastic increase from around 54,400 during the same period in 2025. The total count of verified aesthetic treatments performed surged past 325,800, compared to approximately 123,400 treatments in Q1 2025.

Furthermore, the company noted that the active user base, defined as users who visited transaction centers within the last year, grew by more than 213,000, a notable rise from just around 75,700 a year prior. The core membership count increased by 11,700 in the last quarter alone, representing a sequential growth of roughly 22%. Impressively, these core members accounted for over 80% of the revenue from aesthetic treatment services, with a repurchase rate nearing 80%.

As of March 31, 2026, So-Young operated 54 fully operational branded aesthetic centers across major cities such as Beijing, Shanghai, and Guangzhou, among others. Notably, 41 of those centers achieved profitability within the quarter, and 48 centers generated positive operating cash flow.

Management Insights

Mr. Xing Jin, the Co-Founder and CEO of So-Young, commented on the company’s performance and strategy. He emphasized that the company’s dual-engine strategy focused on scale and efficiency is yielding results, as evidenced by record-high quarterly revenues and improved profitability in the aesthetic service segment. He expressed that the company is well-positioned to capitalize on the growing demand for quality aesthetic services. “Our competitive edge across the value chain positions us well to capitalize on these trends,” he said.

Future Outlook

Looking ahead, So-Young expects its aesthetic treatment services revenues for the second quarter of 2026 to be between RMB 307.0 million (around US$44.5 million) and RMB 317.0 million (approximately US$46.0 million), reflecting an expected increase of up to 119.5% compared to the same period the previous year.

Overall, So-Young International remains optimistic about its growth trajectory, with strategic plans to enhance its service capabilities, expand its network, and reinforce operational efficiency in the highly competitive aesthetic service market.