So-Young Reports Wider Net Loss in Q2 2025 Despite Soaring Aesthetic Treatment Services Revenue

So-Young (SY.US) reported a net loss of RMB36.0 million (US$5.0 million) for Q2 2025, a significant decrease from the net income of RMB18.9 million in Q2 2024. Non-GAAP net loss attributable to So-Young International Inc. was RMB30.5 million (US$4.3 million), compared to a non-GAAP net income of RMB22.2 million in the same period last year. Total revenues for the quarter were RMB378.7 million (US$52.9 million), reflecting a 7.0% year-over-year decrease from RMB407.4 million in Q2 2024. 

Aesthetic Centers Drive Revenue Growth

A significant highlight for the second quarter was the aesthetic treatment services, with revenues surging to RMB144.4 million (US$20.2 million), a remarkable 426.1% increase from RMB27.4 million in the corresponding period of 2024. This growth was primarily fueled by the substantial expansion of the company's branded aesthetic centers. The number of verified treatment visits to branded aesthetic centers also dramatically increased to over 67,400, up from approximately 14,000 in the same period of 2024, demonstrating the success of this new strategic focus.

Conversely, information and reservation services revenue decreased by 35.6% year-over-year to RMB135.2 million (US$18.9 million), mainly due to a decline in medical service providers subscribing to information services on So-Young's platform. Sales of medical products and maintenance services also saw a 28.1% decrease to RMB76.0 million (US$10.6 million), attributed to lower order volumes.

Operational Expansion and Efficiency Improvements

So-Young's operational footprint expanded significantly, with 29 fully operational branded aesthetic centers across nine major cities in China as of June 30, 2025. Of these, 25 centers have achieved positive monthly operating cash flow, indicating growing operational efficiency and market penetration. The aggregate value of medical aesthetic treatment transactions facilitated by So-Young’s platform was RMB303.9 million, compared with RMB427.8 million in the same period of 2024.

Despite increased investment in branded aesthetic centers, the company achieved improved staff efficiency in its research and development department, leading to a 26.6% decrease in R&D expenses to RMB31.2 million (US$4.4 million). However, general and administrative expenses increased by 11.3% to RMB78.8 million (US$11.0 million), driven by higher payroll costs to support business upgrades and new strategic initiatives.

Management Outlook

For the third quarter of 2025, So-Young anticipates aesthetic treatment services revenues to be between RMB150.0 million (US$20.9 million) and RMB170.0 million (US$23.7 million). This projection represents a substantial increase of 230.5% to 274.6% from the same period in 2024, underscoring management's confidence in the continued growth of its branded aesthetic centers.