• Total Revenue: RMB 297.3 million, down 60.6% year over year.

• Net Loss: RMB 33.1 million, compared to a net loss of RMB 21.2 million in the same period last year.

• Non-GAAP Net Loss: RMB 31.5 million.

• Aesthetic Treatment Services Revenue: RMB 98.8 million, up 551.4% year over year.

• Sales of Medical Products and Maintenance Services: RMB 55.6 million, down 35.7% year over year.

• Cost of Revenues: RMB 151.4 million, up 29.1% year over year.

• Total Operating Expenses: RMB 189.3 million, down 20.4% year over year.

• Cash and Cash Equivalents: RMB 1.1 billion as of March 31, 2025.

• Number of So-Young Clinic Centers: 23 centers in 9 major cities.

• Verified Paid Visits: Exceeded 45,500, up 18.5% quarter over quarter and 874.3% year over year.

• Verified Paid Aesthetic Treatments: Surpassed 92,900, up 14% quarter over quarter and 989.4% year over year.

• Customer Satisfaction: 4.98 out of 5.

• Outlook for Q2 2025 Aesthetic Treatment Services Revenue: Expected to be between RMB 120 million and RMB 140 million, representing a 337.3% to 410.1% increase from the same period in 2024.

• Warning! GuruFocus has detected 5 Warning Signs with SY.

Release Date: May 16, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• So-Young International Inc (NASDAQ:SY) reported a significant increase in aesthetic treatment services revenues, up 551.4% year over year, driven by the expansion of their aesthetic center business.

• The company has successfully opened 23 So-Young clinic centers in 9 major cities, with 18 centers achieving positive monthly operating cash flow.

• Customer satisfaction remains high with a score of 4.98 out of 5, indicating strong service delivery and customer loyalty.

• The company is implementing a franchise model to accelerate geographic reach and network density, reducing CapEx pressure.

• So-Young International Inc (NASDAQ:SY) has a robust cash position with cash and cash equivalents totaling RMB1.1 billion as of March 31, 2025.

Negative Points

• Total revenues for the quarter were down 60.6% year over year, primarily due to a decrease in the number of medical service providers subscribing to information services on their platform.

• The company reported a net loss attributable to So-Young International Inc of RMB33.1 million, compared to a net loss of RMB21.2 million during the same period last year.

• Sales of medical products and maintenance services decreased by 35.7% year over year, primarily due to a decrease in order volume for medical equipment.

• Operating expenses were RMB189.3 million, down 20.4% year over year, but still represent a significant cost burden.

• Trade tensions between China and America could impact the company's upstream business, particularly in terms of pricing and sales volume of imported devices.