So-Young International Inc. Reports Solid Growth in Q4 and FY 2025 Financial Results

So-Young International Inc., a prominent player in China’s aesthetic treatment market, has officially released its unaudited financial results for the fourth quarter and the entirety of fiscal year 2025. The report highlights a substantial increase in revenues along with noteworthy operational advancements, reaffirming the company’s position at the forefront of the aesthetic industry.

Financial Overview of Q4 2025

In the fourth quarter of 2025, So-Young reported total revenues of approximately RMB460.7 million (around USD65.9 million), representing a remarkable increase of 24.8% compared to RMB369.2 million during the same quarter the previous year. This growth was largely driven by the excellent performance of the company's aesthetic treatment services, which saw revenues soar to RMB248.1 million (USD35.5 million), marking an astonishing growth of 205.3% from RMB81.3 million in Q4 2024.

Despite the robust revenue growth, the company posted a net loss attributable to So-Young International Inc. of RMB108.8 million (USD15.6 million). However, this was a significant improvement from a net loss of RMB607.6 million reported in the same period last year. When looking at non-GAAP results, the net loss attributable to So-Young was RMB93.4 million (USD13.2 million), compared to RMB53.2 million in Q4 2024.

Q4 Operational Highlights

Operationally, So-Young witnessed impressive figures in terms of user engagement. Verified treatment visits to the company's branded aesthetic centers exceeded 125,000, a significant jump from approximately 45,000 in Q4 2024. Additionally, the total number of verified aesthetic treatments performed rose to over 289,400, climbing from around 107,900 in the same timeframe the previous year. The surge in active users visiting the aesthetic centers also reflected a healthy uptrend, with more than 171,000 active users compared to approximately 52,700 in Q4 2024.

One notable point is the growth of So-Young's core membership, which increased by 14,500 during the quarter, indicating a 39% sequential rise. Impressively, the revenue contribution from core members reached beyond 80%, indicating strong loyalty and repeat business.

As of December 31, 2025, So-Young operated 49 branded aesthetic centers across major cities in China, such as Beijing, Shanghai, and Guangzhou. Out of these centers, 25 reported profitability in the fourth quarter, while 39 centers succeeded in generating positive quarterly operating cash flow.

Fiscal Year 2025 Financial Results

Looking at the full year results, So-Young reported total revenues of RMB1,523.4 million (USD217.8 million) for FY 2025, a slight increase of 3.9% from RMB1,466.7 million in FY 2024. The aesthetic treatment services segment continued to show remarkable growth, with revenues increasing by 298.7% year-over-year to RMB674.9 million (USD96.5 million).

Despite this revenue growth, net loss for the fiscal year was RMB242.3 million (USD34.6 million), which is a substantial improvement compared to a net loss of RMB589.5 million the previous year. On a non-GAAP basis, the net loss was reported at RMB217.1 million (USD31.0 million), compared to a much smaller loss of RMB4.7 million in FY 2024.

In conjunction with its financial results, So-Young announced an extension of its share repurchase program for an additional 12 months, allowing for continued investments in its growth.

Future Outlook

Going forward, So-Young remains optimistic about its growth trajectory within the aesthetic treatment sector. For the first quarter of 2026, the company anticipates aesthetic treatment services revenues to range between RMB268.0 million (USD38.3 million) and RMB278.0 million (USD39.8 million), representing a robust increase of 171.2% to 181.3% compared to the same period in the prior year.

Mr. Xing Jin, the company’s Co-Founder and CEO, expressed confidence in the sustainable growth of the aesthetic center business, planning to expand further while maintaining operational excellence and adherence to industry standards. He emphasized the importance of building competitive advantages through strategic partnerships and commitment to product authenticity, ensuring long-term value for shareholders.

In summary, these results demonstrate So-Young's resilience and its successful positioning within China’s aesthetic treatment market. With continuing innovation and user engagement strategies, the company is set to capitalize on the burgeoning demand for aesthetic services in the years to come.

Conclusion

Overall, So-Young International Inc.'s latest financial results reveal substantial progress and strategic advancements in the company’s ongoing quest to dominate the aesthetic treatment landscape in China. As they maintain their growth momentum, investor confidence is expected to strengthen, supporting the company's expansion efforts in this competitive market.