BEIJING, Aug. 31, 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 second quarter ended June 30, 2026.
Second Quarter 2026 Financial Highlights
-- Total revenues were RMB505.2 million (US$74.5 million[1]), an increase of
33.4% from RMB378.7 million in the corresponding period of 2025. The
aesthetic treatment services revenues were RMB331.4 million (US$48.8
million), an increase of 129.5% from RMB144.4 million in the
corresponding period of 2025, exceeding the high end of guidance.
-- Net loss attributable to So-Young International Inc. was RMB22.7 million
(US$3.3 million), compared with net loss attributable to So-Young
International Inc. of RMB36.0 million in the same period of 2025.
-- Non-GAAP net loss attributable to So-Young International Inc.[2] was
RMB21.0 million (US$3.1 million), compared with non-GAAP net loss
attributable to So-Young International Inc. of RMB30.5 million in the
same period of 2025.
Second Quarter 2026 Operational Highlights
-- The number of verified treatment visits to the branded aesthetic centers
for the quarter reached approximately 165,200, an increase of 145% from
approximately 67,400 in the same period of 2025. The number of verified
aesthetic treatments performed surpassed 362,300, an increase of 134%
from approximately 154,500 in the same period of 2025.
-- The number of active users, defined as those who visited branded
aesthetic centers at least once during the 12-month period ended on June
30, 2026, exceeded 255,300, an increase of 154% from 100,400 users during
the corresponding period in 2025.
-- The number of core members[3] grew by over 15,000 during the quarter,
representing a sequential increase of approximately 24%. These core
members contributed over 80% of aesthetic treatment services revenues,
with a quarterly repurchase rate of nearly 70%.
-- As of June 30, 2026, So-Young had 65 fully operational branded aesthetic
centers (63 directly-operated, 2 franchised) across eighteen major
cities: Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou, Chengdu, Wuhan,
Chongqing, Ningbo, Changsha, Tianjin, Xi'an, Suzhou, Hefei, Kunming,
Nanjing, Jinan, and Foshan. Among them, 47 centers achieved
profitability* in the second quarter of 2026. In addition, 51 centers
generated positive quarterly operating cash flow* in the second quarter
of 2026. Same-store sales growth** in this quarter was 52%, compared to
14% in the same quarter of 2025.
([1]) This press release contains translations of certain Renminbi (RMB)
amounts into U.S. dollars (US$) 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 RMB6.7851 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 June 30, 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. See "Reconciliation of GAAP and Non-GAAP Results" at
the end of this press release.
([3]) We categorize our user base across nine tiers (L0 through L8). Core
members represent users at Tier L3 and above.
* 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.
** Same-store sales growth represents the year-over-year growth in quarterly
revenue from stores that are comparable and continuously operated during both
the current quarter and the same quarter of the prior year.
Management Commentary
Mr. Xing Jin, Co-Founder and Chief Executive Officer of So-Young, commented, "Our sustained focus on scale and efficiency yielded another strong quarter for our core aesthetic treatment business. Supported by enhanced medical capabilities, a robust standardized delivery system, and deeper AI integration, we scaled our business more efficiently. This solid execution is validated by a 129.5% year-over-year increase in second-quarter aesthetic treatment services revenues with a 3.8 percentage-point expansion in segment gross margin. Going forward, we will further strengthen our supply chain and accelerate AI-powered transformation to deliver more competitive products and services across our expanding network, laying a solid foundation for sustainable, high-quality growth."
Ms. Shannon Shen, Chief Financial Officer of So-Young, added, "In the second quarter of 2026, our aesthetic treatment business exceeded RMB330 million in revenue, representing approximately 130% year-over-year growth and marking the tenth consecutive quarter of triple-digit expansion. This strong performance propelled our second-quarter total revenues to an all-time high of RMB505.2 million, up 33.4% year-over-year. While maintaining this rapid topline growth, we have remained highly focused on expansion quality and sustainability, striving for healthier unit economics and narrowing net loss attributable to the Company by 37.0% year-over-year. These results reaffirmed both our market insights and execution excellence, as we continued to enhance our medical service delivery, organizational capabilities, and supply chain management, while improving operational efficiency. Looking ahead, we see a clear path toward profitability as our industry leadership solidifies and economies of scale continue to unfold."
Second Quarter 2026 Financial Results
Revenues
Total revenues were RMB505.2 million (US$74.5 million), an increase of 33.4% from RMB378.7 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 RMB331.4 million (US$48.8
million), an increase of 129.5% from RMB144.4 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 revenues were RMB87.9 million
(US$13.0 million), a decrease of 35.0% from RMB135.2 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 RMB73.9
million (US$10.9 million), a decrease of 2.8% from RMB76.0 million in the
same period of 2025, primarily due to a decrease in the order volume of
medical equipment.
-- Other services revenues were RMB12.0 million (US$1.8 million), a decrease
of 48.2% from RMB23.2 million in the same period of 2025, primarily due
to a decrease in revenues from insurance brokerage services.
Cost of Revenues
Cost of revenues was RMB282.4 million (US$41.6 million), an increase of 53.0% from RMB184.6 million in the second quarter of 2025. The increase was primarily due to the business expansion of the branded aesthetic centers.
-- Cost of aesthetic treatment services was RMB238.4 million (US$35.1
million), an increase of 118.0% from RMB109.4 million in the second
quarter of 2025. The increase was primarily due to the business expansion
of the branded aesthetic centers.
-- Cost of information and reservation services was RMB5.2 million (US$0.8
million), a decrease of 68.7% from RMB16.7 million in the second 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 was RMB29.9
million (US$4.4 million), a decrease of 24.3% from RMB39.5 million in the
second quarter of 2025. The decrease was primarily due to a decrease in
costs associated with the sales of medical equipment.
-- Cost of other services was RMB8.9 million (US$1.3 million), a decrease of
53.2% from RMB19.0 million in the second quarter of 2025. The decrease
was primarily due to a decrease in costs associated with insurance
brokerage services.
Operating Expenses
Total operating expenses were RMB266.5 million (US$39.3 million), an increase of 10.4% from RMB241.3 million in the second quarter of 2025.
-- Sales and marketing expenses were RMB153.5 million (US$22.6 million), an
increase of 16.8% from RMB131.3 million in the second quarter of 2025.
The increase was mainly due to higher branding and user acquisition
activities expenses and increased payroll costs at the branded aesthetic
centers.
-- General and administrative expenses were RMB88.6 million (US$13.1
million), an increase of 12.5% from RMB78.8 million in the second quarter
of 2025. The increase was primarily due to the business expansion of the
branded aesthetic centers.
-- Research and development expenses were RMB24.4 million (US$3.6 million),
a decrease of 21.7% from RMB31.2 million in the second quarter of 2025.
The decrease was primarily attributable to improvements in staff
efficiency.
Income Tax Benefits/(Expenses)
Income tax benefits were RMB2.5 million (US$0.4 million), compared with income tax expenses of RMB1.9 million in the same period of 2025.
Net Loss Attributable to So-Young International Inc.
Net loss attributable to So-Young International Inc. was RMB22.7 million (US$3.3 million), compared with a net loss attributable to So-Young International Inc. of RMB36.0 million in the second quarter of 2025.
Non-GAAP Net Loss Attributable to So-Young International Inc.
Non-GAAP net loss attributable to So-Young International Inc., which excludes the impact of share-based compensation expenses, was RMB21.0 million (US$3.1 million), compared with RMB30.5 million non-GAAP net loss attributable to So-Young International Inc. in the same period of 2025.
Basic and Diluted Loss per ADS
Basic and diluted loss per ADS attributable to ordinary shareholders were RMB0.22 (US$0.03) and RMB0.22 (US$0.03), respectively, compared with basic and diluted loss per ADS attributable to ordinary shareholders of RMB0.35 and RMB0.35, respectively, in the same period of 2025.
Cash and Cash Equivalents, Restricted Cash and Term Deposits, Term Deposits and Short-Term Investments
As of June 30, 2026, cash and cash equivalents, restricted cash and term deposits, term deposits and short-term investments were RMB848.2 million (US$125.0 million), compared with RMB936.4 million as of December 31, 2025.
Business Outlook
For the third quarter of 2026, So-Young expects aesthetic treatment services revenues to be between RMB352.0 million (US$51.9 million) and RMB362.0 million (US$53.4 million), representing a 91.7% to 97.2% increase from the same period in 2025. The above outlook is based on the current market conditions and reflects the Company's preliminary estimates of market and operating conditions, as well as customer demand, which are all subject to change.
Non-GAAP Financial Measures
To supplement the financial measures prepared in accordance with generally accepted accounting principles in the United States, or GAAP, this press release presents non-GAAP loss from operations and non-GAAP net loss attributable to So-Young International Inc. by excluding share-based compensation expenses from loss from operations and net loss attributable to So-Young International Inc., respectively.
The Company believes these non-GAAP financial measures are important to help investors understand the Company's operating and financial performance, compare business trends among different reporting periods on a consistent basis and assess the Company's core operating results, as they exclude certain expenses (i) that are not expected to result in cash payments or (ii) that are non-recurring in nature or may not be indicative of the Company's core operating results and business outlook. The use of the above non-GAAP financial measures has certain limitations. Share-based compensation expenses are non-cash in nature. All these are not reflected in the presentation of the non-GAAP financial measures, but should be considered in the overall evaluation of the Company's results. The Company compensates for these limitations by providing the relevant disclosure of its share-based compensation expenses in the reconciliations to the most directly comparable GAAP financial measures, which should be considered when evaluating the Company's performance. These non-GAAP financial measures should be considered in addition to financial measures prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP. Reconciliation of each of these non-GAAP financial measures to the most directly comparable GAAP financial measure is set forth at the end of this release.
Conference Call Information
So-Young's management will hold an earnings conference call on Monday, August 31, 2026, at 7:30 AM U.S. Eastern Time (7:30 PM on the same day, Beijing/Hong Kong Time). Dial-in details for the earnings conference call are as follows:
International: +1-412-902-4272 China: 4001-201203 US: +1-888-346-8982 Hong Kong: +852-800-905945 Passcode: So Young
A telephone replay will be available two hours after the conclusion of the conference call through 23:59 U.S. Eastern Time, September 7, 2026. The dial-in details are:
International: +1-412-317-0088 US: +1-855-669-9658 Passcode: 1697226
Additionally, a live and archived webcast of this conference call will be available at http://ir.soyoung.com.
About So-Young International Inc.
So-Young International Inc. (Nasdaq: SY) ("So-Young" or the "Company") is the leading aesthetic treatment platform in China connecting consumers with online services and offline treatments. The Company provides access to aesthetic treatments through its online platform and branded aesthetic centers, offering curated treatment information, facilitating online reservations, delivering high-quality treatments, and developing, producing and distributing optoelectronic medical equipment and injectable products. With its strong brand recognition, digital reach, affordable treatments and efficient supply chain, So-Young is well-positioned to serve its audience over the long term and grow along the medical aesthetic value chain.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, the Financial Guidance and quotations from management in this announcement, as well as So-Young's strategic and operational plans, contain forward-looking statements. So-Young may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about So-Young's beliefs and expectations, are forward-looking statements. Forward looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: So-Young's strategies; So-Young's future business development, financial condition and results of operations; So-Young's ability to retain and increase the number of users and medical service providers, and expand its service offerings; competition in the online medical aesthetic service industry; changes in So-Young's revenues, costs or expenditures; Chinese governmental policies and regulations relating to the online medical aesthetic service industry, general economic and business conditions globally and in China; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company's filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and So-Young undertakes no duty to update such information, except as required under applicable law.
For more information, please contact:
So-Young
Investor Relations
Ms. Mona Qiao
Phone: +86-10-8790-2012
E-mail: ir@soyoung.com
Christensen
Ms. Joanna Quan
Phone: +86-10-5900-1548
E-mail: sy@christensencomms.com
SO-YOUNG INTERNATIONAL INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except for share and per share data)
As of
------------------------------------
December 31, June 30, June 30,
2025 2026 2026
------------ ----------- ---------
RMB RMB US$
Assets
Current assets:
Cash and cash equivalents 418,213 442,584 65,229
Restricted cash and term deposits 64,683 63,450 9,351
Trade receivables 51,532 40,344 5,946
Inventories 233,389 253,584 37,374
Receivables from online payment
platforms 16,296 25,049 3,692
Amounts due from related parties 774 756 111
Term deposits and short-term
investments 453,472 342,137 50,425
Prepayment and other current assets 246,237 296,241 43,661
------------ ----------- ---------
Total current assets 1,484,596 1,464,145 215,789
------------ ----------- ---------
Non-current assets:
Long-term investments 274,753 277,236 40,860
Intangible assets 144,097 133,596 19,690
Goodwill 684 684 101
Property and equipment, net 293,560 336,054 49,528
Deferred tax assets 69,313 70,602 10,405
Operating lease right-of-use assets 251,635 257,343 37,928
Other non-current assets 130,998 138,995 20,485
------------ ----------- ---------
Total non-current assets 1,165,040 1,214,510 178,997
------------ ----------- ---------
Total assets 2,649,636 2,678,655 394,786
============ =========== =========
Liabilities
Current liabilities:
Short-term borrowings 39,814 113,141 16,675
Taxes payable 43,461 34,504 5,085
Contract liabilities 65,948 62,287 9,180
Salary and welfare payables 130,170 132,791 19,571
Amounts due to related parties 618 510 75
Accrued expenses and other current
liabilities 427,507 482,310 71,084
Operating lease liabilities-current 76,536 81,593 12,025
------------ ----------- ---------
Total current liabilities 784,054 907,136 133,695
------------ ----------- ---------
Non-current liabilities:
Operating lease liabilities-non
current 183,364 183,551 27,052
Deferred tax liabilities 10,615 7,632 1,125
Other non-current liabilities 2,783 3,987 588
------------ ----------- ---------
Total non-current liabilities 196,762 195,170 28,765
------------ ----------- ---------
Total liabilities 980,816 1,102,306 162,460
============ =========== =========
Shareholders' equity:
Treasury stock (391,944) (391,944) (57,765)
Class A ordinary shares (US$0.0005
par value; 750,000,000 shares
authorized as of December 31, 2025
and June 30, 2026; 79,016,808 and
65,089,482 shares issued and
outstanding as of December 31,
2025, 79,322,924 and 65,395,598
shares issued and outstanding as of
June 30, 2026, respectively) 257 258 38
Class B ordinary shares (US$0.0005
par value; 20,000,000 shares
authorized as of December 31, 2025
and June 30, 2026; 12,000,000
shares issued and outstanding as of
December 31, 2025 and June 30,
2026) 37 37 5
Additional paid-in capital 3,059,764 3,064,102 451,593
Statutory reserves 46,448 46,448 6,846
Accumulated deficit (1,174,587) (1,246,455) (183,705)
Accumulated other comprehensive
income 13,340 (11,524) (1,698)
------------ ----------- ---------
Total So-Young International Inc.
shareholders' equity 1,553,315 1,460,922 215,314
------------ ----------- ---------
Non-controlling interests 115,505 115,427 17,012
Total shareholders' equity 1,668,820 1,576,349 232,326
------------ ----------- ---------
Total liabilities and shareholders'
equity 2,649,636 2,678,655 394,786
============ =========== =========
SO-YOUNG INTERNATIONAL INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except for share and per share data)
For the Three Months Ended For the Six Months Ended
------------------------------ ------------------------------
June 30, June 30, June 30, June 30, June 30, June 30,
2025 2026 2026 2025 2026 2026
--------- --------- -------- --------- --------- --------
RMB RMB US$ RMB RMB US$
Revenues:
Aesthetic treatment
services 144,390 331,435 48,847 243,217 613,867 90,473
Information and
reservation
services 135,172 87,916 12,957 256,797 168,227 24,794
Sales of medical
products and
maintenance
services 76,036 73,877 10,888 131,626 131,018 19,310
Other services 23,150 12,000 1,769 44,378 24,891 3,668
--------- --------- -------- --------- --------- --------
Total revenues 378,748 505,228 74,461 676,018 938,003 138,245
Cost of revenues:
Cost of aesthetic
treatment services (109,370) (238,384) (35,133) (189,634) (444,142) (65,458)
Cost of information
and reservation
services (16,705) (5,224) (770) (40,002) (11,625) (1,713)
Cost of medical
products sold and
maintenance
services (39,491) (29,880) (4,404) (69,916) (60,283) (8,885)
Cost of other
services (18,992) (8,886) (1,310) (36,421) (17,322) (2,553)
--------- --------- -------- --------- --------- --------
Total cost of
revenues (184,558) (282,374) (41,617) (335,973) (533,372) (78,609)
--------- --------- -------- --------- --------- --------
Gross profit 194,190 222,854 32,844 340,045 404,631 59,636
Operating expenses:
Sales and marketing
expenses (131,333) (153,460) (22,617) (229,209) (284,286) (41,899)
General and
administrative
expenses (78,786) (88,617) (13,061) (138,070) (173,121) (25,515)
Research and
development
expenses (31,177) (24,403) (3,597) (63,286) (48,742) (7,184)
--------- --------- -------- --------- --------- --------
Total operating
expenses (241,296) (266,480) (39,275) (430,565) (506,149) (74,598)
--------- --------- -------- --------- --------- --------
Loss from operations (47,106) (43,626) (6,431) (90,520) (101,518) (14,962)
Other
income/(expenses):
Investment income,
net 884 4,483 661 99 4,689 691
Interest income, net 7,948 2,550 376 14,973 6,284 926
Exchange gains 701 6,345 935 726 11,255 1,659
Share of losses of
equity method
investee (1,012) (178) (26) (3,454) (365) (54)
Others, net 5,663 3,274 483 10,497 1,545 228
--------- --------- -------- --------- --------- --------
Loss before tax (32,922) (27,152) (4,002) (67,679) (78,110) (11,512)
Income tax
(expenses)/benefits (1,877) 2,453 362 (272) 3,206 473
--------- --------- -------- --------- --------- --------
Net loss (34,799) (24,699) (3,640) (67,951) (74,904) (11,039)
Net (income)/loss
attributable to
noncontrolling
interests (1,240) 2,007 296 (1,226) 3,036 447
Net loss
attributable to
So-Young
International Inc. (36,039) (22,692) (3,344) (69,177) (71,868) (10,592)
========= ========= ======== ========= ========= ========
SO-YOUNG INTERNATIONAL INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Continued)
(Amounts in thousands, except for share and per share data)
For the Three Months Ended For the Six Months Ended
---------------------------------- ----------------------------------
June 30, June 30, June 30, June 30, June 30, June 30,
2025 2026 2026 2025 2026 2026
---------- ---------- ---------- ---------- ---------- ----------
RMB RMB US$ RMB RMB US$
Net loss per
ordinary share
Net loss per
ordinary share
attributable to
ordinary
shareholder -
basic (0.46) (0.29) (0.04) (0.88) (0.92) (0.14)
Net loss per
ordinary share
attributable to
ordinary
shareholder -
diluted (0.46) (0.29) (0.04) (0.88) (0.92) (0.14)
Net loss per ADS
attributable to
ordinary
shareholders -
basic (13 ADS
represents 10
Class A ordinary
shares) (0.35) (0.22) (0.03) (0.68) (0.71) (0.10)
Net loss per ADS
attributable to
ordinary
shareholders -
diluted (13 ADS
represents 10
Class A ordinary
shares) (0.35) (0.22) (0.03) (0.68) (0.71) (0.10)
Weighted average
number of ordinary
shares used in
computing loss per
share, basic* 77,826,404 77,781,549 77,781,549 78,194,634 77,726,350 77,726,350
Weighted average
number of ordinary
shares used in
computing loss per
share, diluted* 77,826,404 77,781,549 77,781,549 78,194,634 77,726,350 77,726,350
Share-based
compensation
expenses included
in:
Cost of revenues (124) -- -- (154) (3) --
Sales and marketing
expenses (598) (228) (34) (728) (315) (46)
General and
administrative
expenses (4,286) (1,336) (197) (5,690) (3,816) (562)
Research and
development
expenses (487) (149) (22) (580) (184) (27)
* Both Class A and Class B ordinary shares are included in the calculation of the weighted
average number of ordinary shares outstanding, basic and diluted.
SO-YOUNG INTERNATIONAL INC.
Reconciliation of GAAP and Non-GAAP Results
(Amounts in thousands, except for share and per share data)
For the Three Months Ended For the Six Months Ended
--------------------------- -----------------------------
June
June 30, June 30, 30, June 30, June 30, June 30,
2025 2026 2026 2025 2026 2026
-------- -------- ------- -------- --------- --------
RMB RMB US$ RMB RMB US$
GAAP loss from
operations (47,106) (43,626) (6,431) (90,520) (101,518) (14,962)
Add back:
Share-based
compensation
expenses 5,495 1,713 253 7,152 4,318 635
-------- -------- ------- -------- --------- --------
Non-GAAP loss
from
operations (41,611) (41,913) (6,178) (83,368) (97,200) (14,327)
======== ======== ======= ======== ========= ========
GAAP net loss
attributable
to So-Young
International
Inc. (36,039) (22,692) (3,344) (69,177) (71,868) (10,592)
Add back:
Share-based
compensation
expenses 5,495 1,713 253 7,152 4,318 635
-------- -------- ------- -------- --------- --------
Non-GAAP net
loss
attributable
to So-Young
International
Inc. (30,544) (20,979) (3,091) (62,025) (67,550) (9,957)
======== ======== ======= ======== ========= ========
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SOURCE So-Young International Inc.