So‑Young International Inc. (NASDAQ: SY) reported a fourth‑quarter revenue of RMB 460.7 million (US$ 65.9 million), up 24.8% from RMB 369.2 million in Q4 2024. The increase was driven largely by the rapid expansion of its branded aesthetic center network, which has become the company’s largest revenue‑contributing segment. Net loss attributable to the company fell to RMB 108.8 million (US$ 15.6 million) from a loss of RMB 607.6 million a year earlier, reflecting tighter cost control and a more favorable revenue mix.
The company’s earnings per share for the quarter were $0.15, a significant beat over the consensus estimate of $0.6814. The upside was largely a result of the higher‑margin aesthetic center business and disciplined operating expenses, which offset the decline in lower‑margin information and reservation services and medical products revenue.
Full‑year 2025 revenue totaled RMB 1,523.4 million (US$ 217.8 million), up 3.9% from RMB 1,466.7 million in 2024. Net loss for the year was RMB 242.3 million (US$ 34.6 million). Cash and cash equivalents at year‑end were RMB 936.4 million (US$ 133.9 million), down from RMB 1,253.2 million in 2024, reflecting continued investment in the aesthetic center network.
Management reiterated its guidance for the first quarter of 2026, projecting aesthetic treatment services revenue of RMB 268.0–278.0 million (US$ 38.3–39.8 million), a 171–181% increase from Q1 2025. The guidance signals confidence in sustained demand for the company’s core aesthetic services and a belief that the expansion strategy will continue to generate high‑margin growth.
"2025 marked a transformational year for So‑Young. The rapid scaling of our branded aesthetic center network fundamentally reshaped our business profile, and we are pleased with where we are today," said Co‑Founder and CEO Xing Jin. "Our branded aesthetic centers continue to generate strong growth momentum, achieving triple‑digit year‑over‑year revenue growth. We remain focused on expanding the density of our aesthetic centers to deliver high‑quality, cost‑effective, and reliable medical aesthetic solutions to more consumers." In the fourth quarter, the company noted that its aesthetic center business maintained its strong momentum, solidifying its role as a core growth engine for the Group.
The results underscore the company’s ability to convert expansion into profitability, while the EPS beat demonstrates effective cost management amid a challenging macro environment. The guidance for Q1 2026 reflects a bullish outlook on the aesthetic center segment, suggesting that management expects continued demand and margin stability as the network scales.
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