So-Young reports Q3 revenue miss, shares edge higher
BEIJING - On Monday, So-Young International Inc. (NASDAQ:SY), China’s leading aesthetic treatment platform, reported third quarter revenue that fell short of analyst expectations.
The company’s shares edged up 0.55% in pre-market trading following the announcement.
The company posted total revenue of RMB386.7 million ($54.3 million) for the quarter, missing the consensus estimate of RMB444.71 million, but still representing a 4.0% increase from RMB371.8 million in the same period last year. So-Young reported a non-GAAP net loss of RMB61.6 million ($8.7 million), compared with a non-GAAP net income of RMB22.2 million in the third quarter of 2024.
Despite the overall revenue miss, aesthetic treatment services revenue surged 304.6% YoY to RMB183.6 million ($25.8 million), exceeding the high end of the company’s guidance. This growth was driven by the expansion of So-Young’s branded aesthetic centers, which increased to 39 fully operational centers across ten major Chinese cities as of September 30.
"In the third quarter, our branded aesthetic centers continued to deliver strong, high-quality growth with aesthetic treatment services revenues once again exceeding our guidance range," said Mr. Xing Jin, Co-Founder and Chief Executive Officer of So-Young. "By deepening integration with our supply chain and upholding industry-leading medical and compliance standards, we are redefining how value is created and shared."
The company’s operational metrics showed significant improvement, with verified treatment visits to branded aesthetic centers reaching over 89,800, compared with approximately 23,600 in the same period of 2024. The number of active users exceeded 130,000, more than quadrupling from approximately 30,300 users during the corresponding period in 2024.
For the fourth quarter of 2025, So-Young expects aesthetic treatment services revenues to be between RMB216.0 million and RMB226.0 million, representing a 165.8% to 178.1% increase from the same period in 2024.
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