Q4 2025 So-Young International Inc Earnings Call

March 25, 2026

Speaker #2: After management gives their prepared remarks, there will be a question-and-answer session. As a reminder, today's conference call is being recorded. I would now like to turn the meeting over to your host for today's call, Ms. Mona Qiao. Please proceed, Mona.

Mona Qiao: Thank you, operator, and thank you everyone for joining So-Young's Q4 and Full Year 2025 Earnings Conference Call. Joining me today on the call is Mr. Xing Jin, our founder, chairman, and CEO. Ms. Zhang Sha, VP of Finance. Before we begin, please refer to the safe harbor statement in our earnings release, which applies to this call as we'll be making forward-looking statements. Please also note that we will discuss non-GAAP measures today, which are more thoroughly explained and reconciled to the most comparable measures reported under GAAP in our earnings release on our Investor Relations website and filings with SEC. Please also note all figures mentioned in this call are in renminbi, unless otherwise stated. At this time, I'd like to turn the call over to Mr. Xing Jin.

Speaker #2: Thank you all for being here, and thank you everyone for joining So-Young's fourth quarter and full year 2025 earnings conference call. Joining me today on the call is Mr. Xing Jin, our founder, chairman, and CEO, and Ms. Zhang Xia, VP of Finance.

Speaker #2: Before we begin, please refer to the State Power Statement and our earnings release. These apply to this call, and will be making for the location statement.

Speaker #2: Please also note that we will discuss non-GAAP measures today, which are more thoroughly explained and reconciled to the most comparable measures reported under GAAP in our earnings release on our investor relations website and filed with the SEC.

Speaker #2: Please also note, amounts mentioned in this call are in renminbi unless otherwise stated. At this time, I'd like to turn the call over to Mr. Xing Jin.

Xing Jin: 大家好，欢迎参加今天的财报电话会议。2025年，中国医疗行业迎来结构性调整，上游供给持续扩容，消费者日趋理性，价格回归正在成为全行业的共同命题。对于坚持规模化标准化路线的机构而言，这恰恰是积累长期优势的窗口期。第四季度新氧持续加大投入，沿着三个方向坚定推进，继续实现连锁业务规模突破与运营效率提升，持续深化医疗交付能力，构建信任驱动的长期护城河，持续强化公用能力垒，提升品牌影响力，把握市场机遇。我们很高兴看到，这些战略选择也在财务数据上得到体现。第四季度，公司实现总收入4.61亿元人民币，同比增长25%，创公司季度收入历史新高。其中连锁业务收入达2.48亿元人民币，同比增长超205%，超越指引区间上限约10%。连锁业务已经成为集团第一大收入来源和核心增长引擎。新氧青春诊所也成为中国规模最大的轻医美连锁机构。

Speaker #3: 大家好, 欢迎参加今天的财报电话会议。2025年中国医美行业迎来结构性调整, 上游供给持续扩容, 消费者日趋理性, 价值回归正在成为全行业的共同命题。对于坚持规模化标准化路线的机构而言, 这恰恰是积累长期优势的窗口期。第四季度新样持续加大投入, 沿着三个方向坚定推进。继续实现连锁业务规模突破与运营效率提升, 持续深化医疗交付能力, 构建自愿驱动的长期护城河。持续强化供应链壁垒, 提升品牌影响力把握市场机遇。我们很高兴看到这些战略选择, 也在财务数据上得到体现。第四季度公司实现总收入4.61亿元人民币, 同比增长25%, 创公司季度收入历史新高, 其中连锁业务收入达2.48亿元人民币。同比增长超2.05%, 超越指引区间上限约10%。连锁业务已经成为集团第一大收入来源和核心增长引擎。新样青春诊所也成为中国规模最大的新医美连锁机构。

Mona Qiao: In 2025, China's medical aesthetic industry went through structural adjustments as upstream capacity expanded and consumers become more value-driven. Return to value has become the common theme for institutions pursuing scaled and repeatable models. This offers a critical window to build long-term edge. In Q4, we continue to improve our ecosystem and make progress in three directions: First, delivering scale breakthrough and operational improvement in our aesthetic center business. Second, reinforcing medical service delivery capabilities to build a long-term trust-driven moat. Third, building our supply chain barriers to enhance brand influence and create opportunities. We are pleased to see these choices are reflected in our financial results. The total revenue was RMB 461 million in Q4, up around 25% year over year, hitting a record high for quarterly revenue.

Speaker #2: In 2025, China's medical aesthetic industry will undergo structural adjustments as upstream capacity expands and consumers become more value-driven. Return to value has become the common theme.

Speaker #2: For institutions pursuing skilled and repeatable models, this offers a critical window to build long-term edge. In Q4, we continued to improve our investment and make progress in three directions.

Speaker #2: First, delivering still breakthrough and operational improvements in our aesthetic center business. Second, reinforcing medical service delivery capabilities to build a long-term trust-driven model. And third, building on supply chain barriers to enhance branding points and seize opportunities.

Speaker #2: We are pleased to see these choices are reflected in our financial results. The total revenue was $461 million in Q4, up around 25% year over year, hitting a record high for quarterly revenue.

Mona Qiao: Revenue from our aesthetic center business reached RMB 248 million, up over 205% year over year, and about 10% above the high end of guidance. Our aesthetic center business has become our largest revenue contributing segment and growth engine, with So-Young Clinic becoming the largest live medical aesthetic chain in China by number of centers.

Speaker #2: Revenue from our aesthetic center business reached $248 million, up over 205% year over year, and about 10% above the high end of our guidance. Our aesthetic center business has become our largest revenue-contributing segment and growth engine, with So-Young Clinic becoming the largest live medical aesthetic chain in China by number of centers.

Xing Jin: 下面我想围绕连锁业务的发展，与大家分享四季度的核心进展和2026年的战略部署。

Speaker #3: 下面我想围绕连锁业务的发展与大家分享四季度的核心进展和2026年的战略部署。

Mona Qiao: Now let me walk you through our progress in Q4 and our 2026 deployment focusing on our aesthetic center business.

Speaker #2: Now, let me walk you through our progress in Q4 and our 2026 deployment, focusing on our aesthetic center business.

Xing Jin: 第一，连锁业务的规模突破与运营深化。连锁业务近期完成了两项重要里程碑。其一是门店规模。截至2025年底，新氧青春诊所已开设49家轻医美门店，门店数量位居全国轻医美连锁品牌第一位。其二是治疗量。在2025年四季度，连锁核销人次超过12.5万次，同比增长178%。核销服务点数量超过28.94万个，同比增长168%。截至十二月底，活跃用户数突破17万人。治疗量与用户规模的同步增长，印证了连锁模式在市场端的真实需求和消费者的持续认可。

Speaker #3: 第一, 连锁业务的规模突破与运营深化。连锁业务近期完成了两项重要里程碑。其一是门店规模, 截至2025年底, 新样青春诊所已开设49家轻医美门店。门店数量位居全国轻医美连锁品牌第一位, 其二是治疗量, 在25年四季度, 连锁核销人次超过125,000次, 同比增长178%。核销服务点数量超过289,400个, 同比增长168%。截至12月底, 活跃用户数突破17万人。治疗量与用户规模的同步增长, 印证了连锁模式在市场端的真实需求和消费者的持续认可。

Mona Qiao: Our aesthetic center business has recently achieved two milestones. The first is our center footprint. By year-end 2025, we have opened 49 live medical aesthetic centers, ranking first nationwide among all tiers by center count. The second is the treatment volume. In Q4, verified treatment visits exceeded 125,000, up 178% year over year. Verified aesthetic treatment performed exceeded 289,400, up 168% year over year. As of December end, our total active users surpassed 170,000. The growth in both treatment volume and user base validates the market demand and ongoing recognition from consumers.

Speaker #2: Our aesthetic center business has recently achieved two milestones. The first is our center footprint. By year-end 2025, we have opened 49 live medical aesthetic centers, ranking first nationwide among all tiers by center count.

Speaker #2: The second is the treatment volume. In Q4, verified treatment visits exceeded 125,000, up 178% year over year. Verified aesthetic treatments performed exceeded 289,400, up 168% year over year.

Speaker #2: As of December end, our total active users surpassed 170,000. The growth in both treatment volume and user base validates the market demand and ongoing recognition from consumers.

Xing Jin: 规模之外，门店运营效率也在稳步提升。四季度，25家门店实现店端盈利，39家门店在第四季度实现了现金流为正。进入2026年，我们将进一步加快扩张步伐，计划年度新增不低于35家门店，重点在北上广深等核心城市加力布局，同时在二线城市进行探索。随着运营体系日趋成熟，我们有信心在持续扩张的同时，进一步提升单店盈利能力，推动连锁业务尽早实现整体盈利。

Speaker #3: 微博之外, 门店运营效率也在稳步提升。四季度25家门店实现店端盈利, 39家门店在第四季度实现了现金流为正。进入2026年, 我们将进一步加快扩张步伐, 计划年内新增不低于35家门店。重点在北上广深等核心城市加密布局。同时在二线城市进行探索。随着运营体系日趋成熟, 我们有信心在持续扩张的同时, 进一步提升单店盈利能力, 推动连锁业务进展实现整体盈利。

Mona Qiao: As we scale, center-level operational efficiency continues to improve. In Q4, 25 centers achieved profitability and 39 centers generated positive operating cash flow. In 2026, we will accelerate the expansion, opening at least 35 new centers. We will deepen density in core cities including Beijing, Shanghai, Guangzhou, and Shenzhen, while also expanding our presence in second-tier cities. As our operations mature, we are confident in further improving percentage of profitability while maintaining expansion and driving the overall profitability at our early days.

Speaker #2: As the skilled center-level operationalization continues to improve, in Q4, 25 centers achieved profitability and 39 centers generated positive operating cash flow. In 2026, we will accelerate the expansion, opening at least 35 new centers. We will deepen density in core cities, including Beijing, Shanghai, Guangzhou, and Shenzhen, while also expanding our presence in secondary cities.

Speaker #2: As our operations mature, we are confident in further improving the percent of profitability while maintaining expansion, and in driving the overall profitability at an early date.

Xing Jin: 第二，持续深化医疗交付能力，构建信任驱动的长期护城河。四季度，我们在医生团队、合规体系与数据安全三个维度持续提升医疗交付能力，巩固用户信任的基础。

Speaker #3: 第二, 持续深化医疗交付能力, 构建信任驱动的长期护城河。四季度我们在医生团队合规体系, 与数据安全三个维度持续提升医疗交付能力。巩固用户信任的基础。

Mona Qiao: Second, we are enhancing our medical service delivery capability to build a long-term trust-driven model. In Q4, we enhanced our service across three dimensions, physician team, compliance framework, and data security. This improvement will reinforce the user trust.

Speaker #2: Second, we are enhancing our medical service delivery capabilities to build a long-term, trust-driven model. In Q4, we enhanced our service across three dimensions: physician team, compliance framework, and data security.

Speaker #2: These improvements reinforced user trust.

Xing Jin: 截至2025年末，新氧医生诊所的全职医生团队已扩充至211位，较三季度末增长41%，医生数量稳居全国轻医美连锁第一。在质量方面，我们的医生全部具备公立医院背景，并通过严格的内部标准化操作认证后方可上岗执业。拥有主治医师及以上资质的医生占比过半。医生团队平均从业年限超过六年。入职一年及以上的医生在新氧的人均核销服务点超过6,200个，彰显了团队扎实的临床能力与高标准的医疗素养。2026年，我们将推出新医启航计划，加速医护人才的招募与储备。该计划将为医生提供一流的实操锻炼机会、系统化的技能培训与清晰的职业发展路径，助力医生快速成长到行业头部水准。伴随医生团队专业能力的提升与用户口碑的沉淀，医生单人产值将稳步增长，进而带动盈利水平持续优化。在合规体系方面，我们建立了六层合规体系与常态化风险巡查机制，依托数字化管理手段，实现医疗交付全程可追溯。用户数据安全方面，新氧成为行业首家获得个人信息保护影响评估PIA标识认证的企业，在用户隐私保护方面树立了行业标杆。

Speaker #3: 截至2025年末, 新样青春诊所的全职医生团队, 已扩充至211位, 较三季度末增长41%。医生数量稳居全国轻医美连锁第一。在质量方面, 我们的医生全部具备公营医院背景, 并通过严格的内部标准化操作认证后方可上岗执业。拥有主治医师及以上资质的医生占比过半。医生团队平均从业年限超过6年。入职一年及以上的医生在新养的人均核销服务点超过6,200个。彰显了团队扎实的临床能力与高标准的医疗素养。2026年我们将推出新医启航计划, 加速医护人才的招募与储备。该计划将为医生提供一流的实操锻炼机会, 系统化的技能培训与清晰的职业发展路径。助理医生快速成长到行业头部水准。伴随医生团队专业能力的提升与用户口碑的沉淀, 医生单人产值将稳步增长, 进而带动盈利水平持续优化。在合规体系方面, 我们建立了六成合规体系与常态化风险巡查机制。依托数字化管理手段, 实现医疗交付全程可追溯, 用户数据安全方面, 新养成为行业首家获得个人信息保护影响评估PIA标识认证的企业。在用户隐私保护方面, 树立了行业标杆。

Mona Qiao: By year-end 2025, our full-time physician team expanded to 211, up 41% from the end of Q3, ranking first nationwide among our peers by physician count. In terms of quality, all our physicians have a public hospital background and passed our rigorous internal certification before practicing. Over half of them hold attending physician qualifications or higher. On average, our team possesses over six years of clinical experience, and those with a year or more on So-Young have delivered over 6,200 treatments per physician, reflecting our solid clinical capabilities. In 2026, we will launch the new physician initiative to accelerate recruitment and build talent pipeline. The program will provide industry-leading hands-on practice, systematic training, and clear career path, enabling physicians to quickly achieve top-tier performance. As our physician team's expertise deepens and user word of mouth grows, we expect per-physician productivity to grow, driving continued improvement in profitability. On compliance, we established a six-pillar compliance framework and a regular inspection mechanism. With digital software, we deliver full process traceability of medical services. On data security, So-Young is the first in the industry to obtain the PIA certification, setting a benchmark for the industry.

Speaker #2: By year-end 2025, our full-time physician team expanded to 211, up 41% from the end of Q3, ranking first nationwide among our peers by physician count.

Speaker #2: In terms of quality, all our physicians have a public hospital background and passed our graduates' internal certification before practicing. Over half of them hold attending physician qualifications or higher.

Speaker #2: On average, our team processes over six years of clinical experience, and those with a year or more and so young have delivered over 6,000 to 100 treatments per physician, reflecting our solid clinical capabilities.

Speaker #2: In 2026, we will launch the new physician initiative to accelerate recruitment and build our talent pipeline. The program will provide industry-leading hands-on practice, systematic training, and a clear career path, enabling physicians to quickly achieve top-tier performance.

Mona Qiao: The program will provide industry-leading hands-on practice, systematic training, and clear career path, enabling physicians to quickly achieve top-tier performance. As our physician team's expertise deepens and user word of mouth grows, we expect per-physician productivity to grow, driving continued improvement in profitability. On compliance, we established a six-pillar compliance framework and a regular inspection mechanism. With digital software, we deliver full process traceability of medical services. On data security, So-Young is the first in the industry to obtain the PIA certification, setting a benchmark for the industry.

Speaker #2: As our physician teams' expertise deepens and user word-of-mouth grows, we expect her physician productivity to grow, driving continued improvement in profitability. On compliance, we established a six-pillar compliance framework and a regular inspection mechanism.

Speaker #2: With digital software, we deliver full-process traceability of medical services. On data security, So-Young is the first in the industry to obtain the PIA certification.

Speaker #2: Setting a benchmark for the industry.

Xing Jin: 这些持续投入最终体现在用户行为上。核心会员季度复购率超过80%，核心会员人均年消费金额约1.65万元。用户信任的持续积累是我们实现低成本和持续扩张的根本支撑。

Speaker #3: 这些持续投入最终体现在用户行为上。核心会员季度复购率超过80%, 核心会员人均年消费金额约1.65万元。用户信任的持续积累使我们实现低成本、可持续扩张的根本支撑。

Mona Qiao: Our ongoing investments are reflected in user behavior. Core members have a quarter repurchase rate of 80%, and their annual spending is around RMB 60,500. A growing user trust is the foundation of our low-cost, sustainable growth.

Speaker #2: Ongoing investments are reflected in user behavior. Core numbers have a quarterly supercharge rate of 80%, and their average earnings spending is around 60,500.

Speaker #2: The growing user trust is the foundation of our low-cost, sustainable growth.

Xing Jin: 第三，持续构建供应链壁垒，提升品牌影响力，把握市场机遇。截至四季度，我们拥有十八家国内头部的上游设备供应商，累计采购设备近1,400台。针剂端拥有四十二家头部的上游合作伙伴，累计采购针剂超过七十万支。2025年上游产品供给显著丰富。全年国家药监局批准超过五十张医疗器械三类注册证，同比增长超过60%。对新氧而言，这意味着更大的选取空间，更优的采购成本，更好的用户体验。依托全国规模最大的轻医美连锁门店网络带来的规模化采购体量，我们持续提升供应链布局能力，与上游核心供应商建立了长期稳定的深度合作与量价联动机制，得以享有行业最优梯度的进货价。

Speaker #3: 第三, 持续构建供应链壁垒, 提升品牌影响力, 把握市场机遇。截至四季度, 我们拥有18家国内头部的上游设备供应商, 累计采购设备近1,400台。生技端拥有42家头部的上游合作伙伴, 累计采购生技超过70万支。2025年上游产品供给显著丰富, 全年国家药监局批准超过50张医疗器械三类注射证。同比增长超过60%。对新养而言, 这意味着更大的选品空间, 更优的采购成本, 更好的用户体验。依托全国规模最大的轻医美连锁门店网络带来的规模化采购体量, 我们持续提升供应链布局能力, 与上游核心供应商建立了长期稳定的深度合作与量价联动机制, 得以享有行业最优梯度的进货价。

Mona Qiao: Thus, we will continue to build on our supply chain, enhance bargaining room, and seize market opportunities. As of Q4, we worked with 18 top-tier domestic suppliers and had procured nearly 1,400 devices. For injectables, we have 42 top-tier upstream partners with a cumulative procurement of over 700,000 units. In 2025, the upstream supply expanded sharply. The NMPA issued over 50 certificates for Class III medical devices, up over 60% year-over-year. For So-Young, this delivers a broader product portfolio, more durable procurement costs, and enhanced user experience. Backed by China's largest laser micro aesthetic chain, we continuously enhance our supply chain layout capabilities. We have also built long-term partnerships with core suppliers and established a volume price linkage mechanism, securing industry best tier procurement prices.

Speaker #2: Third, we will continue to build on our supply chain, enhance brand influence, and seize market opportunities. As of Q4, we worked with 18 top-tier domestic suppliers and had procured nearly 1,400 devices.

Speaker #2: For injectables, we have 42 top-tier upstream partners. With a cumulative procurement of over 700,000 units, in 2025 the upstream supply expanded sharply. The NMPA issued over 50 certificates for Class Three medical devices.

Speaker #2: Up over 60% year-over-year. For So-Young, this delivers a broader product portfolio, more durable procurement costs, and enhanced user experience. Backed by China's largest large medical anesthetic chain, we continuously enhance our supply chain layout capabilities.

Speaker #2: We have also built long-term partnerships with core suppliers and established a volume-price linkage mechanism, securing the industry's best-tier procurement prices.

Xing Jin: 在自有产品布局方面，四季度我们在奇迹童颜3.0的基础上，推出了更轻量、更轻量的Pretty版本，进一步降低了消费者的尝试门槛。与此同时，由我们独家代理西虹医药生产的注射用透明质酸钠复合溶液，正式在国内获批上市，进一步丰富了新氧在皮肤长期管理赛道的产品矩阵。BBL产品方面，我们通过IP联名以及沉浸式体验活动，进一步提升了品牌影响力与用户转化。四季度，我们联名小王子IP打造青春星球不老光主题营销活动，活动涵盖明星体验、快闪活动、小红书博主探店等多维传播形式。快闪活动线下触达约200万人次，小红书平台总曝光量超过1,400万，成功实现了线上热度与线下体验的高效联动，进一步强化了新氧青春诊所的品牌心智，同时促进了主推品BBL的销售转化，实现品效合一。这一系列产品迭代、新品布局与品牌营销动作，这是我们持续推进大单品策略的实践。四季度四大单品表现尤其亮眼，收入占比达到37%以上，实现了环比增长，成为驱动连锁业务高质量增长的核心支撑。

Speaker #3: 在自有产品布局方面, 四季度我们在奇迹童年三个人的基础上, 推出了更轻量的Preity版本。进一步降低了消费者的尝试门槛。与此同时, 由我们独家带领, 西红医药生产的注射用透明质酸钠复合溶液, 正式在国内获批上市。进一步丰富了新养在皮肤长期管理赛道的产品矩阵。BBL产品方面, 我们通过IP联名以及沉浸式体验活动, 进一步提升了品牌影响力与用户转化。四季度我们联名小王子IP, 打造青春星球不老光, 主题营销活动。活动涵盖明星体验、快闪活动、小红书博主探店等多维传播形式。快闪活动线下触达约200万人次, 小红书平台总曝光量超过1,400万。成功实现了线上热度与线下体验的高效联动。进一步强化了新养青春诊所的品牌心智, 同时促进了主推品BBL的销售转化, 实现品效合一。这一系列产品迭代、新品布局与品牌营销动作, 正是我们持续推进大单品策略的实践。四季度四大单品表现如期亮眼, 收入占比达到37%以上, 实现了环比增长, 成为驱动连锁业务高质量增长的核心支撑。

Mona Qiao: On our product layout. In Q4, we launched 奇迹童颜3.0 Pretty, which lowers the customer's barrier to trial. We are also the exclusive distributor of Xihong Biopharma's HA solution, now approved for marketing in China, which expands our portfolio. For BBL treatments, we improved brand influence and conversion through IP co-branding and immersive experiences. In Q4, we partnered with The Little Prince IP and launched the Youth Planet Timeless Radiance campaign. The campaign leveraged multiple channels and formats, including celebrity treatment experience, pop-up events, and in-store visits by bloggers on Xiaohongshu. Our pop-up event generated about 2 million on-site visits, and total exposure on Xiaohongshu exceeded 14 million. This online and offline synergy reinforced our brand awareness and led sales conversion for BBL, aligning brand building with revenue.

Speaker #2: Around our project layout in Q4, we launched a lighter version, Miracle PLLA version three, Preity, which lowers the customer's barrier to trial. We are also the exclusive distributor of Xihong Biopharma's HA solution.

Speaker #2: Now approved for marketing in China, which extends our portfolio. For BBL treatments, we improved brand influence and conversion through IP co-branding and immersive experiences.

Speaker #2: In Q4, we partnered with the Lycopene IP and launched the Youth Planet Timeless Radiance campaign. The campaign leveraged multiple channels and formats, including celebrity treatment experiences, pop-up events, and in-store visits by bloggers on Red Note.

Speaker #2: Our pop-up events generated about 2 million on-site visits, and total exposure on Red Note exceeded 40 million. This online and offline synergy reinforced our brand awareness and led sales conversion for BBL.

Speaker #2: Aligning brand building with revenue, our product integration, new product launches, and market activities reflect our commitment to the blockbuster strategy. In Q4, this blockbuster product delivered strong results, contributing over 37% of revenue with sequential growth, and remained a core engine for our aesthetic center business.

Mona Qiao: Our product iteration, new product launches, and market activities reflect our commitment to the blockbuster strategy. In Q4, these blockbuster products delivered strong results, contributing over 37% of revenue with sequential growth, and remained a core engine for our aesthetic services.

Xing Jin: 与此同时，我们的品牌影响力也在线下场景得到充分验证。目前，新氧青春诊所已成功入驻北京合生汇、广州环贸中心、杭州嘉里中心、济南恒隆广场等全国高端购物中心。我们优质的线下展业场景既夯实了品牌的市场认可度，也为门店精准触达核心客群提供了坚实助力。

Speaker #3: 与此同时, 我们的品牌影响力也在线下场景得到充分验证。目前新养青春诊所已成功入驻北京合生会、广州环保中心、杭州佳里中心、济南恒隆广场等全国高端购物中心。我们优质的线下展业场景既夯实了品牌的市场认可度, 也为门店精准触达核心客群提供了坚实助力。

Mona Qiao: Meanwhile, our brand influence have been fully validated in offline scenarios. To date, we have successfully established a presence in high-end shopping malls nationwide, including Beijing Hopson One, Guangzhou ITC Mall, Hangzhou Kerry Centre, Jinan Hang Lung Plaza, and so on. These premium shopping malls reinforce our brand recognition and help us reach target customer groups.

Speaker #2: Additionally, our brand influence has been solidly validated in offline scenarios. Today, we have successfully established a presence in high-end shopping malls nationwide, including Beijing Hudson One, Guangzhou ICC Mall, Hangzhou Carry Center, Jinan Honglong Plaza, and so on.

Speaker #2: These premium shopping malls reinforce our brand recognition and help us reach target customer groups.

Xing Jin: 最后谈谈我们对未来的展望。随着医美行业逐步回归理性与品质驱动的发展轨道，整个产业链的价值分配正在被重新书写。我们相信，未来真正掌握行业话语权的，将是那些离消费者最近、交付最可信赖的机构。2026年是新氧的战略转折之年，我们的核心命题将从规模优先转向规模与效益的双轮驱动。我们要做的不仅是继续把店开好，更要证明这套模式能够在扩张中实现盈利。过去两年，我们积累的系统化能力让我们对此充满信心。但我们的追求不止于此。当门店网络、供应链和医疗交付形成飞轮效应，我们就有能力持续降低消费门槛，让更多人享受安全、透明、普惠的医疗美容服务，同时为股东创造可持续的回报。我们相信一家真正为用户创造价值的公司也终将持续获得市场的认可。

Speaker #3: 最后谈谈我们对未来的展望。随着医美行业逐步回归理性与品质驱动的发展轨道, 整个产业链的价值分配正在被重新书写。我们相信未来真正掌握行业话语权的, 将是那些离消费者最近、交付最可信赖的机构, 2026年是新养的战略转折之年。我们的核心命题将从规模优先转向规模与效益的双轮驱动。我们要做的不仅是继续把店开好, 更要证明这套模式能够在扩张中实现能力。过去两年, 我们积累了系统化能力, 让我们对此充满信心, 但我们的追求不止于此。当门店网络、供应链和医疗交付形成飞轮效应, 我们就有能力持续降低消费门槛, 让更多人享受安全、透明、普惠的医疗美容服务。同时为股东创造可持续的回报。我们相信一家真正为用户创造价值的公司, 也终将持续获得市场的认可。

Mona Qiao: Finally, let me share our outlook for the future. As the industry gradually shifts back to a rational, quality-driven path, value distribution is being reset. We believe that in the long run, the industry will be led by those closest to consumers and capable of delivering the most trusted services. For So-Young, 2026 is a turning point. We are moving from scale first to a dual engine of scale and efficiency. Our aim is not only to open centers, but also to prove the model is profitable as we expand. Our systematic capabilities over the past two years give us great confidence, but our ambition is to beyond that. As our center network, supply chain, and medical service delivery create a flywheel, we will lower access barriers and let more consumers enjoy safe, transparent, and inclusive services while delivering sustainable returns to shareholders.

Speaker #2: Finally, let me share our outlook for the future. As the industry gradually shifts back to a regional, quality-driven path, value distribution is being reset. We believe that, in the long run, the industry will be led by those exclusive to consumers and capable of delivering the most trusted services.

Speaker #2: For So-Young, 2026 is a turning point. We are moving from scale-first to a double engine of scale and efficiency. Our aim is not only to open centers, but also to prove the model is preferable as we expand.

Speaker #2: Our systematic capabilities over the past two years gave us great confidence. But our ambitions go beyond that. As our center network, supply chain, and medical service delivery create a flywheel, we will lower access barriers and let more consumers enjoy safe, transparent, and inclusive services.

Speaker #2: While delivering sustainable returns to shareholders, we believe companies that create real value will earn long-term recognition from the market.

Mona Qiao: We believe companies that create real value will earn long-term recognition from the market.

Xing Jin: 现在请我们的财务VP张莎来介绍四季度的财务结果。之后我们将进行问答环节。

Speaker #3: 现在请我们的财务VP张莎来介绍四季度的财务结果。之后我们将进行问答环节。

Mona Qiao: Now I'll hand it over to our VP of Finance, Ms. Zhang Sha, to walk through the financial results followed by the Q&A session.

Speaker #2: Now I'll hand it over to our VP of Finance, Ms. Zhang Sha, to walk through the financial results, followed by the Q&A session.

Zhang Sha: Thank you, Jin Xin, and thank you everyone for joining us today. I'm Sha Zhang, Vice President of Finance. On behalf of our CFO, I will walk you through our Q4 2025 operating and financial results. For additional details on our Q4 and full year performance, please refer to the earnings release we issued earlier today. Unless otherwise noted, all amounts are in RMB. 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. Total Q4 revenues reached RMB 460.7 million, up 24.8% year-over-year. This was driven by continued expansion of our branded aesthetic center business.

Sha Zhang: Thank you, Jin Xin, and thank you everyone for joining us today. I'm Sha Zhang, Vice President of Finance. On behalf of our CFO, I will walk you through our Q4 2025 operating and financial results. For additional details on our Q4 and full year performance, please refer to the earnings release we issued earlier today. Unless otherwise noted, all amounts are in RMB. 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. Total Q4 revenues reached RMB 460.7 million, up 24.8% year-over-year. This was driven by continued expansion of our branded aesthetic center business.

Speaker #4: Thank you, Xing, and thank you everyone for joining us today. I'm Sha Zhang, Vice President of Finance. On behalf of our CFO, I will walk you through our fourth quarter 2025 operating and financial results.

Speaker #4: For additional details on our fourth quarter and full-year performance, please refer to the earnings release we issued earlier today. Unless otherwise noted, all amounts are in RMB.

Speaker #4: 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.

Speaker #4: Total fourth quarter revenues reached $460.7 million, up 24.8% year over year. This was driven by continued expansion of our branded aesthetic center business. As of year-end, our cash position stood at $936.4 million, providing a solid runway to fund our expansion plans while preserving financial flexibility.

Zhang Sha: As of year-end, our cash position stood at RMB 936.4 million, providing solid runway to fund our expansion plans while preserving financial flexibility. Let me now walk you through performance by business segment. Our branded aesthetic center business sits at the core of our growth, with our platform and upstream supply chain businesses serving as complementary pillars. Together, they form an integrated value chain across the medical aesthetics industry. Revenues from aesthetic treatment services reached RMB 248.1 million, up 205.3% year-over-year. This has been our largest revenue segment since Q2, and this quarter it crossed the 50% revenue contribution threshold for the first time. Also, this marks our third consecutive quarter of exceeding the high end of our segment guidance. This strong performance was driven by both continued network expansion and improving per-center economics.

Sha Zhang: As of year-end, our cash position stood at RMB 936.4 million, providing solid runway to fund our expansion plans while preserving financial flexibility. Let me now walk you through performance by business segment. Our branded aesthetic center business sits at the core of our growth, with our platform and upstream supply chain businesses serving as complementary pillars. Together, they form an integrated value chain across the medical aesthetics industry. Revenues from aesthetic treatment services reached RMB 248.1 million, up 205.3% year-over-year. This has been our largest revenue segment since Q2, and this quarter it crossed the 50% revenue contribution threshold for the first time. Also, this marks our third consecutive quarter of exceeding the high end of our segment guidance. This strong performance was driven by both continued network expansion and improving per-center economics.

Speaker #4: Let me now walk you through performance by business segment. Our branded aesthetic center business sits at the core of our growth, with our platform and upstream supply chain businesses serving as complementary pillars.

Speaker #4: Together, they form an integrated value chain across the medical aesthetics industry. Revenues from aesthetic treatment services reached $248.1 million, up 205.3% year over year.

Speaker #4: This has been our largest revenue segment since Q2, and this quarter it crossed the 50% revenue contribution threshold for the first time. Also, this marks our third consecutive quarter of exceeding the high end of our segment guidance.

Speaker #4: This strong performance was driven by both continued network expansion and improving per-center economics. As of December 31, we operated 49 SoYoung clinics across 15 major cities, reflecting a net addition of 10 centers during the quarter.

Zhang Sha: As of 31 December, we operated 49 So-Young clinics across 15 major cities, reflecting a net addition of 10 centers during the quarter. Now breaking down revenue by center development phase. Our 17 mature phase centers generated RMB 142.5 million in revenue, or roughly RMB 8.4 million per center. Our 19 growth phase centers contributed RMB 89 million, or roughly RMB 4.7 million per center. The 13 ramp-up phase centers contributed RMB 16.6 million. Notably, average revenue per center nearly doubles as centers progress from growth phase to maturity. With 19 centers currently in the growth phase, we see a clear built-in revenue growth driver as these centers continue to mature. As for their profitability, 25 centers achieved profitability during the quarter, including 16 mature phase centers. 39 centers generated positive operating cash flow.

Sha Zhang: As of 31 December, we operated 49 So-Young clinics across 15 major cities, reflecting a net addition of 10 centers during the quarter. Now breaking down revenue by center development phase. Our 17 mature phase centers generated RMB 142.5 million in revenue, or roughly RMB 8.4 million per center. Our 19 growth phase centers contributed RMB 89 million, or roughly RMB 4.7 million per center. The 13 ramp-up phase centers contributed RMB 16.6 million. Notably, average revenue per center nearly doubles as centers progress from growth phase to maturity. With 19 centers currently in the growth phase, we see a clear built-in revenue growth driver as these centers continue to mature. As for their profitability, 25 centers achieved profitability during the quarter, including 16 mature phase centers. 39 centers generated positive operating cash flow.

Speaker #4: Now, breaking down revenue by center development phase. Our 17 mature phase centers generated $142.5 million in revenue, or roughly $8.4 million per center. Our 19 growth phase centers contributed $89 million, or roughly $4.7 million per center.

Speaker #4: The 13 ramp-up phase centers contributed $16.6 million. Notably, average revenue per center nearly doubles as centers progress from the growth phase to maturity. With 19 centers currently in the growth phase, we see a clear built-in revenue growth driver as these centers continue to mature.

Speaker #4: As for their profitability, 25 centers achieved profitability during the quarter, including 16 mature-phase centers. Thirty-nine centers generated positive operating cash flow. As centers moved through their development cycle, profitability has consistently followed.

Zhang Sha: As centers move through their development cycle, profitability has consistently followed. This gives us confidence in the financial trajectory of our newer centers. Turning to other segments. Information and reservation services revenues were CNY 125.7 million, down 26.8% year-over-year, primarily due to a decrease in the number of medical service providers subscribing to information services on our platform. Sales of medical products and maintenance services revenues were CNY 69.3 million, down 19.9% year-over-year, primarily due to a decrease in the order volume for medical equipment. Other services revenues were CNY 17.7 million, down 40.7% year-over-year, primarily due to a decrease in revenues from So-Young Prime. I will now walk you through our financials below revenue in more detail.

Sha Zhang: As centers move through their development cycle, profitability has consistently followed. This gives us confidence in the financial trajectory of our newer centers. Turning to other segments. Information and reservation services revenues were CNY 125.7 million, down 26.8% year-over-year, primarily due to a decrease in the number of medical service providers subscribing to information services on our platform. Sales of medical products and maintenance services revenues were CNY 69.3 million, down 19.9% year-over-year, primarily due to a decrease in the order volume for medical equipment. Other services revenues were CNY 17.7 million, down 40.7% year-over-year, primarily due to a decrease in revenues from So-Young Prime. I will now walk you through our financials below revenue in more detail.

Speaker #4: This gives us confidence in the financial trajectory of our newer centers. Turning to other segments, information and reservation services revenues were $125.7 million, down 26.8% year over year, primarily due to a decrease in the number of medical service providers subscribing to information services on our platform.

Speaker #4: Sales of medical products and maintenance services revenues were $69.3 million, down 19.9% year over year, primarily due to a decrease in the order volume for medical equipment.

Speaker #4: Other services revenues were $17.7 million, down 40.7% year over year, primarily due to a decrease in revenues from SoYoung Prime. I will now walk you through our financials below revenue in more detail.

Zhang Sha: Cost of revenues was RMB 255.9 million, up 67.2% year-over-year, primarily driven by the expansion of our branded aesthetic centers. To break this down further. Million, up 189.9% year-over-year. Cost of information and reservation services was RMB 10.1 million, down 50.6% year-over-year. Cost of medical products sold and maintenance services was RMB 41.6 million, down 4% year-over-year. Cost of other services was RMB 15.3 million, down 36.7% year-over-year. Total operating expenses were RMB 327.7 million, compared with RMB 815.2 million in the same period of 2024. Excluding the impact of goodwill impairment charges in both periods, total operating expenses increased moderately year-over-year, reflecting continued investment in scaling our aesthetic center business.

Sha Zhang: Cost of revenues was RMB 255.9 million, up 67.2% year-over-year, primarily driven by the expansion of our branded aesthetic centers. To break this down further. Million, up 189.9% year-over-year. Cost of information and reservation services was RMB 10.1 million, down 50.6% year-over-year. Cost of medical products sold and maintenance services was RMB 41.6 million, down 4% year-over-year. Cost of other services was RMB 15.3 million, down 36.7% year-over-year. Total operating expenses were RMB 327.7 million, compared with RMB 815.2 million in the same period of 2024. Excluding the impact of goodwill impairment charges in both periods, total operating expenses increased moderately year-over-year, reflecting continued investment in scaling our aesthetic center business.

Speaker #4: Cost of revenues was $255.9 million, up 67.2% year over year, primarily driven by the expansion of our branded aesthetic centers. To break this down further.

Speaker #4: Cost of aesthetic treatment services was $189 million, up 189.9% year over year. Cost of information and reservation services was $10.1 million, down 50.6% year over year.

Speaker #4: Cost of medical products sold and maintenance services was $41.6 million, down 4% year over year. Cost of other services was $15.3 million, down 36.7% year over year.

Speaker #4: Total operating expenses were $327.7 million, compared with $815.2 million in the same period of 2024. Excluding the impact of goodwill impairment charges in both periods, total operating expenses increased moderately year over year, reflecting continued investment in scaling our aesthetic center business.

Zhang Sha: Sales and marketing expenses were RMB 168.7 million, up 25.8% year-over-year. This was primarily driven by branding and user acquisition investments, supporting branded aesthetic center growth. G&A expenses were RMB 101.9 million, up 3.5% year-over-year, due to the business expansion of the branded aesthetic centers. R&D expenses were RMB 37.4 million, down 12.4% year-over-year due to improved staff efficiency. We also recorded an impairment of goodwill and long-lived assets charge of RMB 19.7 million based on our annual long-lived assets impairment assessment. Income tax benefit amounted to RMB 0.6 million, compared with income tax expenses of RMB 2.1 million in the same period of 2024.

Sha Zhang: Sales and marketing expenses were RMB 168.7 million, up 25.8% year-over-year. This was primarily driven by branding and user acquisition investments, supporting branded aesthetic center growth. G&A expenses were RMB 101.9 million, up 3.5% year-over-year, due to the business expansion of the branded aesthetic centers. R&D expenses were RMB 37.4 million, down 12.4% year-over-year due to improved staff efficiency. We also recorded an impairment of goodwill and long-lived assets charge of RMB 19.7 million based on our annual long-lived assets impairment assessment. Income tax benefit amounted to RMB 0.6 million, compared with income tax expenses of RMB 2.1 million in the same period of 2024.

Speaker #4: Sales and marketing expenses were $168.7 million, up 25.8% year over year. This was primarily driven by branding and user acquisition investments, supporting branded aesthetic center growth.

Speaker #4: D&A expenses were $101.9 million, up 3.5% year over year, due to the business expansion of the branded aesthetic centers. R&D expenses were $37.4 million, down 12.4% year over year, due to improved staff efficiency.

Speaker #4: We also recorded an impairment of goodwill and long-list assets charge of $19.7 million, based on our annual long-list assets impairment assessment. Income tax benefits amounted to $0.6 million, compared with income tax expenses of $2.1 million in the same period of 2024.

Zhang Sha: Net loss attributable to So-Young was CNY 108.8 million, compared with CNY 607.6 million in the same period of 2024. Non-GAAP net loss attributable to So-Young was CNY 93.4 million, compared with CNY 53.2 million in the same period of 2024. Basic and diluted loss per ADS improved to 1.08, compared with 5.92 in the same period of 2024. As of 31 December 2025, our cash and cash equivalents, restricted cash and term deposits, term deposits and short-term investments totaled CNY 936.4 million, compared with CNY 1,253.2 million as of 31 December 2024. The decrease primarily reflects our accelerated investment in branded aesthetic center expansion.

Sha Zhang: Net loss attributable to So-Young was CNY 108.8 million, compared with CNY 607.6 million in the same period of 2024. Non-GAAP net loss attributable to So-Young was CNY 93.4 million, compared with CNY 53.2 million in the same period of 2024. Basic and diluted loss per ADS improved to 1.08, compared with 5.92 in the same period of 2024. As of 31 December 2025, our cash and cash equivalents, restricted cash and term deposits, term deposits and short-term investments totaled CNY 936.4 million, compared with CNY 1,253.2 million as of 31 December 2024. The decrease primarily reflects our accelerated investment in branded aesthetic center expansion.

Speaker #4: Net loss attributable to So-Young was $108.8 million, compared with $607.6 million in the same period of 2024. Non-GAAP net loss attributable to So-Young was $93.4 million.

Speaker #4: Compared with $53.2 million in the same period of 2024. Basic and diluted loss per ADS improved to $1.08, compared with $5.92 in the same period of 2024.

Speaker #4: As of December 31, 2025, our cash and cash equivalents, restricted cash, term deposits, and short-term investments totaled $936.4 million, compared with $1,253.2 million as of December 31, 2024.

Speaker #4: The decrease primarily reflects our accelerated investment in branded aesthetic center expansion. Looking ahead to the first quarter of 2026, we expect aesthetic treatment services revenues to be between $268 million and $278 million, representing year-over-year growth of 171.2% to 181.3%.

Zhang Sha: Looking ahead to Q1 2026, we expect aesthetic treatment services revenues to be between RMB 268 million and RMB 278 million, representing year-over-year growth of 171.2% to 181.3%. This guidance reflects our confidence in the sustained momentum of our branded aesthetic center business. As of today, our center network has crossed the 50-center milestone. In 2026, we will shift our focus from pure network expansion towards balancing growth with profitability improvement. We plan to add no fewer than 35 new centers in 2026, while leveraging our expanding scale to improve gross margins and drive efficiency gains across the network. This concludes my remarks. Operator, we are now ready for the Q&A session.

Sha Zhang: Looking ahead to Q1 2026, we expect aesthetic treatment services revenues to be between RMB 268 million and RMB 278 million, representing year-over-year growth of 171.2% to 181.3%. This guidance reflects our confidence in the sustained momentum of our branded aesthetic center business. As of today, our center network has crossed the 50-center milestone. In 2026, we will shift our focus from pure network expansion towards balancing growth with profitability improvement. We plan to add no fewer than 35 new centers in 2026, while leveraging our expanding scale to improve gross margins and drive efficiency gains across the network. This concludes my remarks. Operator, we are now ready for the Q&A session.

Speaker #4: This guidance reflects our confidence in the sustained momentum of our branded aesthetic center business. As of today, our center network has crossed the 50-center milestone.

Speaker #4: In 2026, we will shift our focus from pure network expansion toward balancing growth with profitability improvement. We plan to add no fewer than 35 new centers in 2026, while leveraging our expanding scale to improve gross margins and drive efficiency gains across the network.

Speaker #4: This concludes my remarks. Operator, we are now ready for the Q&A session.

Operator 4: Thank you very much. We will now begin the question-and-answer session. To ask a question, you may press star then one on your touchtone phone. If you're using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our roster. If you would like to state your question in Chinese, you may do so, but then please also restate your question in English. Our first question comes from Jinpeng He with CITIC Securities. Please go ahead.

Operator: Thank you very much. We will now begin the question-and-answer session. To ask a question, you may press star then one on your touchtone phone. If you're using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our roster. If you would like to state your question in Chinese, you may do so, but then please also restate your question in English. Our first question comes from Jinpeng He with CITIC Securities. Please go ahead.

Speaker #3: Thank you very much. We will now begin the question-and-answer session. To ask a question, you may press star, then 1 on your touch-tone phone.

Speaker #3: If you're using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star, then 2. At this time, we will pause momentarily to assemble our roster.

Speaker #3: If you would like to state your question in Chinese, you may do so, but then please also restate your question in English. Our first question comes from Jinpeng He with City Securities.

Speaker #3: Please go ahead.

Jinpeng He: 好的。各位管理层好，感谢这次提供的机会。我是中信证券美妆商业组的分析师何锦鹏。那么首先也是恭喜公司，我们看到在Q4继续获得一个医美所业务上有一个加速的收入增长。那么我们也看到就是在医美所业务，包括这个服务业务上面的毛利率也继续提升。那么我这边主要想请教一下关于毛利率的这个问题，就是对于毛利率的话，后续管理层这边对毛利率提升有一个什么样的想法和这个规划？

Speaker #4: Hey, 证券美证商业组的分析师何景鹏。那么首先也是恭喜公司，我们看到在 Q4 继续获得一个未诊所业务上有个加速的收入增长。那么我们也看到就是在诊所业务，包括这个服务业务上面的毛利率的继续提升。那么我这边主要想请教一下关于毛利率的这个问题，就是对于毛利率的话，后续管理层这边对毛利率提升有一个什么样的想法和这个规划。Let me briefly translate for myself. Thank you for taking my question. I'm Jinpeng He from City Securities. So firstly, congratulations on the accelerating growth in Q4, and we are glad to see that there is a proving gross margins in the aesthetic center business and service business.

Operator 1: Thank you for taking my question. I'm Jinpeng He from CITIC Securities. Firstly, congratulations on the accelerated growth in Q4, and we are glad to see that there is improving gross margins in the aesthetic center business and service business. I have a question regarding the gross margin prospects. Could you share more about the gross margin plans and source of further margin expansion as they occur?

Jinpeng He: Thank you for taking my question. I'm Jinpeng He from CITIC Securities. Firstly, congratulations on the accelerated growth in Q4, and we are glad to see that there is improving gross margins in the aesthetic center business and service business. I have a question regarding the gross margin prospects. Could you share more about the gross margin plans and source of further margin expansion as they occur?

Speaker #4: So I have a question regarding the gross margin prospects. Could you discuss margin plans and thoughts on further margin expansion next? Thank you.

Xing Jin: 谢谢您的提问。整体来看，我们认为影响连锁毛利表现的核心因素主要有三方面，分别是季度内新开门店的节奏、耗材成本以及季节性的促销。针对以上因素，我们制定了清晰的毛利提升计划。第一，持续优化开店节奏与新店爬坡效果。新开门店的集中投入会阶段性对毛利带来一定影响。从行业特性来说，医美诊所的牌照发放节奏本身具有一定的不确定性。未来我们将争取全年开店节奏相对均衡，按季度稳定推进，确保每家新店依托标准化运营体系快速步入稳定运营期，缩短爬坡周期。2026年我们规划的新开门店数量在总门店中的占比将较去年有所下降，这将直接降低新店集中投入对当期毛利的扰动。同时，成熟门店的占比与利润贡献将进一步提升，从而驱动整体的毛利水平持续提升。

Speaker #5: I assume in the Q1整体来看，我们认为影响连锁毛利表现的和核心因素主要有三方面。分别是季度内新开门店的节奏、耗材成本以及季节性的促销。针对以上因素，我们制定了清晰的毛利提升计划。第一，持续优化开店节奏与新店爬坡效率。新开门店的集中投入会阶段性对毛利带来一定影响。从行业特性来说，医美诊所的牌照发放节奏本身具有一定的不确定性。未来我们将争取全年开店节奏相对均衡，按季度稳定推进，确保每家新店依托标准化运营体系，快速步入稳定运营期。缩短爬坡周期，2026年我们规划的新开门店数量在总门店中的占比较去年有所下降。这将直接降低新店集中投入对当期毛利的扰动。同时成熟门店的占比与利润贡献将进一步提升，从而驱动整体的毛利水平持续提升。

Mona Qiao: Thank you for your question. We believe that three core factors shape margin performance. The pace of clinic openings, consumable costs, and seasonal promotions. Based on these factors, we have a plan to enhance those margins. First, we will continue optimizing the pace of clinic openings as they ramp up efficiency of new centers. Upfront investment into new centers can create short-term margin pressure, and license approval timing in our industry is often unpredictable. Going forward, we aim to adopt a more even cadence throughout the year. Combined with our integrated operating system, this accelerates each center's path to efficient operations and shorten the ramp-up cycle. For 2026, new openings will represent a smaller share of total centers compared to last year. This will reduce margin dilution of concentrated new center investments.

Speaker #1: Thank you for your question. They believe that three core factors shape margin performance: the pace of center openings, consumable costs, and seasonal promotions. Based on these factors, we have a plan to enhance gross margin.

Speaker #1: First, we will continue optimizing the pace of center openings and the ramp-up efficiency of new centers. Upfront investment into new centers can create short-term margin pressure, and license approval timing in our industry is often unpredictable.

Speaker #1: Going forward, we aim to adopt a more even cadence throughout the year, combined with our integrated operating system. This accelerates each center's path to efficient operations and shortens the ramp-up cycle.

Speaker #1: For 2026, new openings will represent a smaller share of total centers compared to last year. This will reduce margin dilution of concentrated new center investments.

Mona Qiao: Meanwhile, the proportion and profit contribution from mature centers will rise, driving the overall gross margin levels.

Speaker #1: Meanwhile, the proportion of profit contribution from mature-free centers will rise, driving the overall gross margin levels.

Xing Jin: 第二，持续优化耗材成本结构。目前我们已与西虹、康泽、四环、索塔等上游企业建立深度合作，保障供应的同时实现了采购成本的持续优化。未来我们将持续放大终端规模优势，强化上游议价能力，将更多优质上游厂商转化为长期合作伙伴。同时，我们将持续推进大单品策略。四季度四大单品的收入占比超37%。随着核心单品规模持续放大，采购成本优势将进一步凸显。第三，精细化季度性季节性促销运营。季节性大促是我们扩大用户规模，实现新客转化，为门店沉淀长期用户资产的重要途径。未来我们将持续优化促销品相结构，将促销与会员体系深度绑定，重点撬动核心会员复购与消费升级，提升新客留存与复购频次，将短期流量转化为用户全生命周期价值，带动毛利长期稳步改善。

Speaker #5: 第二，持续优化耗材成本结构。目前我们已与西红、康泽、四环、索塔等上游企业建立深度合作，保障供应的同时实现了采购成本的持续优化。未来我们将持续放大终端规模优势，强化上游议价能力。将更多优质上游厂商转化为长期合作伙伴。同时，我们将持续推进大单品策略，四季度四大单品的收入占比超37%，随着核心单品规模持续放大，采购成本优势将进一步凸显。第三，精细化季度性季节性促销运营。季节性大促是我们扩大用户规模、实现新客转化、为门店沉淀长期用户资产的重要途径。未来我们将持续优化促销品项结构，将促销与会员体系深度绑定，重点撬动核心会员复购与消费升级。提升新客留存与复购频次，将短期流量转化为用户全生命周期价值，带动毛利长期稳步改善。

Mona Qiao: Second, we will optimize consumable costs. Currently, we have built deep collaboration with upstream partners including Xihong Biopharma, China Medical System, Sihuan Pharmaceutical, and Solta Medical. This guarantees reliable supply and ongoing cost optimization. Looking ahead, we will strengthen bargaining power with our partners and convert more high-quality upstream manufacturers into long-term partners. At the same time, we will continue advancing our blockbuster strategy. In Q4, our four major products accounted for over 37% of revenue. As our core offerings grow, the procurement cost advantages will become more pronounced. Third, we will refine our seasonal promotion. Seasonal campaigns remains a critical channel for user base expansion, customer conversion, and building long-term user assets. Going forward, we will optimize our product mix and integrate campaigns more deeply with the membership system, targeting repeat purchase, purchases among core members.

Speaker #1: Second, we will optimize consumable costs. Currently, we have built deep collaborations with upstream partners, including Xihong Biopharma, China Medical System, Sihuan Pharm, and Sota Medical.

Speaker #1: This guarantees reliable supply and ongoing cost optimization. Looking ahead, we will strengthen bargaining power with our partners and convert more high-quality upstream manufacturers into long-term partners.

Speaker #1: At the same time, we will continue advancing our growth-factor strategy. In the fourth quarter, our four major products accounted for over 37% of revenue as our core offerings grow.

Speaker #1: The procurement cost sizes will become more pronounced. Third, we will refine our seasonal promotions. Seasonal campaigns remain a critical channel for user-based extension, customer conversion, and building long-term user assets.

Speaker #1: Going forward, we will optimize our integrated campaigns more deeply with the membership system, targeting repeat purchases among core members. We aim to transform short-term traffic into customers’ LTV.

Mona Qiao: We aim to transform short-term traffic into customer LTV. This, in return, will drive growth margin.

Speaker #1: This, in return, will drive gross margin.

Xing Jin: 谢谢。

Speaker #5: 谢谢。

Operator 1: 好的，感谢金总的解答，非常清楚，也祝愿咱们未来经营越来越好。谢谢。

Jinpeng He: 好的，感谢金总的解答，非常清楚，也祝愿咱们未来经营越来越好。谢谢。

Speaker #6: 好的，感谢金总的解答，非常清楚，也祝愿咱们未来经营越来越好，谢谢。

Xing Jin: 好，谢谢。

Speaker #5: 谢谢。

Operator 4: Thank you. Your next question comes from Zhang Wang with GF Securities. Please go ahead.

Operator: Thank you. Your next question comes from Zhang Wang with GF Securities. Please go ahead.

Speaker #6: Thank you. Your next question comes from John Wong with GF Securities. Please go ahead.

Zhang Wang: 各位领导大家好，我是广发证券PM社服组的张望。非常感谢管理层提供这次提问的机会，也恭喜公司取得如此亮眼的业绩表现。我在这里想和管理层请教一个问题，其实我们一直都在持续关注二线城市的这个新氧青春诊所的发展，想了解一下现阶段的经营表现是否达到了管理层的预期呢？可不可以跟我们分享几家这个代表性门店的情况呢？This is Zhang Wang from GF Securities. Thank you very much to the management for giving me this opportunity to ask a question, and congratulations to the company on this outstanding performance.

Zhang Wang: [Foreign This is Zhang Wang from GF Securities. Thank you very much to the management for giving me this opportunity to ask a question, and congratulations to the company on this outstanding performance.

Speaker #7: 各位领导大家好，我是广发证券批评社服组的张望。非常感谢管理层提供这次提问的机会，也恭喜公司取得如此亮眼的业绩表现。我在这里想和管理层请教一个问题：其实我们一直都在持续关注二线城市的新样青春诊所的发展，想了解一下现阶段的经营表现是否达到了管理层的预期呢？可不可以跟我们分享几家代表性门店的情况呢？ This is John Wong from Guangfa Securities. Thank you very much to the management for giving me this opportunity to ask a question, and congratulations to the company on this outstanding performance.

Zhang Wang: My question is about the development of So-Young Clinic in second-tier cities, and I would like to know whether the current operating performance of these centers has met management's expectations. Could management also share some operational updates on the several representative centers? Thank you.

Speaker #7: My question is about the development of Soyang Clinic in second-tier cities and I would like to know whether the current operating performance of these centers has met management's expectations.

Speaker #7: Could management also share some operational updates on the several representative centers? Thank you.

Operator 5: Sorry to interrupt. Ladies and gentlemen, the line for the management has been disconnected. Please stay connected while we reconnect the line for the management. Thank you for patiently holding ladies and gentlemen. The line for the management has been reconnected. Yes, please go ahead.

Zhang Wang: Sorry to interrupt. Ladies and gentlemen, the line for the management has been disconnected. Please stay connected while we reconnect the line for the management. Thank you for patiently holding ladies and gentlemen. The line for the management has been reconnected. Yes, please go ahead.

Speaker #5: 感谢您的提问。从行业。

Speaker #6: Sorry to interrupt, ladies and gentlemen. The line for management has been disconnected. Please stay connected while we reconnect the line for management.

Speaker #6: Thank you for patiently holding, ladies and gentlemen. The line for management has been reconnected. Yes, please go ahead.

Xing Jin: 不好意思啊，刚刚断线了。嗯，感谢。继续回答。从行业视角来看呢，中国二线城市虽然医疗市场发展相对成熟，但与一线城市相比，医疗交付能力和运营水平的差距非常大。而新氧的标准化交付能力确保了二线城市的门店能提供与一线城市相当的医疗质量和服务体验。从我们的运营经验和结果来看，二线城市门店整体也呈现出良好的成长态势，客流规模和人均项目数在稳步增长，单服务点收入接近一线城市。截止十二月，位于成熟期的武汉天地店、长沙德思勤店等二线城市门店的平均效在七千元左右。从近期新开的二线城市门店来看，宁波莱佛士店、苏州苏悦广场店等门店表现突出，这些门店的收入增长态势非常好，平均年均复合增长率达到了行业领先水平。其中苏州苏悦广场店三个月内月营业收入已经超过百万，充分验证了我们在二线城市复制模型的可行性。而从二线城市成熟门店的盈利能力来看，因为医护人员工资及房租水平较一线城市低，二线城市门店的利润率甚至略高。

Speaker #5: 不好意思，刚刚断线了。感谢，继续回答。从行业视角来看，中国二线城市虽然与美市场发展相对成熟，但与一线城市相比，医疗交互能力和运营水平的差距非常大。而新样的标准化交互能力确保了二线城市的门店能提供与一线城市相当的医疗质量和服务体验。从我们的运营经验和结果来看，二线城市门店整体也呈现出良好的成长态势。客流规模和人均项目数在稳步增长，单服务点收入接近一线城市。截至12月，位于成熟期的武汉天地店、长沙得思勤店等二线城市门店的平均平效在7000元左右。从近期新开的二线城市门店来看，宁波来福士店、苏州舒悦广场店等门店表现突出，这些门店的收入增长态势非常好，平均年均复合增长率达到了行业领先水平。其中苏州舒悦广场店三个月内月营业收入已经超过百万，充分验证了我们在二线城市复制模型的可行性。而从二线城市成熟门店的盈利能力来看，因为医护人员工资及房租水平较一线城市低，二线城市门店的利润率甚至略高。

Mona Qiao: From an industry perspective, while China's medical aesthetic markets in second-tier cities have reached relative maturity, they lag behind first-tier cities in medical service delivery capabilities and operational standards. We ensure that our centers in second-tier cities deliver the same level of medical service quality as those in first-tier cities. Based on our operational track record, centers in second-tier cities are also growing well. Both the traffic and per customer treatments are rising, and the revenue per center is close to first-tier levels. As of December, mature centers in second-tier cities, such as Wuhan Tiandi Center and Changsha Desiqin Urban Plaza, generated an average sales per square meter of RMB 7,000 per month. Among new openings in second-tier cities, Ningbo Raffles Center and Suzhou Suyue Plaza stood out. These centers have maintained robust revenue growth with industry-leading figures.

Speaker #1: From an industry perspective, China’s medical and aesthetic markets in second-tier cities have reached relative maturity. They lag behind third-tier cities in medical service delivery capabilities and operational standards.

Speaker #1: We ensure that our centers in second-tier cities deliver the same level of medical service quality as those in first-tier cities. Based on our operational track record, centers in second-tier cities are also growing well.

Speaker #1: Both the traffic and per-customer treatments are rising, and the revenue per center is close to first-tier levels. As of December, mature centers in second-tier cities, such as Wuhan Tianji Center and Changshadou City Center, generated an average sales per square meter of ¥7,000 per month.

Speaker #1: Among new openings in second-tier cities, Ningbo Raffles Center and Suzhou Suir Plaza stood out. These centers have maintained robust revenue growth, with industry-leading figures.

Mona Qiao: For example, Suzhou Suyue Plaza broke RMB 1 million monthly revenue within three months since opening, proving that our model works in second-tier cities. In terms of profitability, mature centers in second-tier cities enjoy slightly higher margins due to lower staff, material, and rental expenses compared to the first-tier cities.

Speaker #1: For example, Suzhou Suir Plaza broke ¥1 million in monthly revenue within three months of opening, proving that our model works in second-tier cities. In terms of profitability, mature centers in second-tier cities enjoy slightly higher margins due to lower staff payroll and rental expenses compared to first-tier cities.

Xing Jin: 我们认为连锁的本质是依靠规模与便捷性带来的交易成本下降和信任度提升。目前二线城市多为单店运营，尚未形成店群密度。从一线城市的发展轨迹来看，随着新氧的品牌信任度加强，消费者会倾向于每次做多个项目，相应的人均消费项目数量会逐步拉升。未来，随着运营流程优化、资源协同和流量闭环不断强化，二线城市门店的整体运营效率将会得到提升。连锁模式带来的规模化效应也会开始逐渐显现。我们相信二线城市门店的盈利能力和市场竞争力将进一步提升。

Speaker #5: 我们认为联手的本质是依靠规模与便捷性带来的交易成本下降和信任度提升。目前二线城市多为单店运营，尚未形成店群密度。从一线城市的发展轨迹来看，随着新样的品牌信任度加强，消费者会倾向于每次做多个项目，相应的人均消费项目数量会逐步拉升。未来随着运营流程优化，资源协同和流量闭环不断强化，二线城市门店的整体运营效率将会得到提升。联手模式带来的规模化效应也会开始逐渐显现。我们相信二线城市门店的盈利能力和市场竞争力将进一步提升。

Mona Qiao: We believe that the fundamental advantage of a chain model lies in reduced transaction costs and enhanced brand trust, sales skill, and accessibility. At present, most players in second-tier cities are single center operators without many store density. Based on how they evolved in first-tier cities and seeing our brand trust growth, customers will tend to purchase multiple treatments per visit. Looking ahead, we believe the process improvement, resource synergy, and traffic management will drive continued gains in our second-tier centers, and economics of scale will take effect across our network. We are confident that this will lead to stronger profitability and market competitiveness in second-tier cities.

Speaker #1: We believe that the fundamental advantage of a chain model lies in reduced transaction costs and enhanced brand trust through skill and accessibility. At present, most players in second-tier cities are single-center operators without many holding cities.

Speaker #1: Based on how we evolved in first-tier cities and the brand trust growth, customers will tend to purchase multiple treatments per visit. Looking ahead, we believe the process of improvement, resource synergy, and traffic management will drive continued gains in our second-tier centers.

Speaker #1: And economies of scale will take effect across our network. We are confident that this will lead to stronger profitability and market competitiveness in second-tier cities.

Xing Jin: 谢谢。

Mona Qiao: Thank you.

Speaker #1: Thank you.

Zhang Wang: 好的，谢谢领导，这里我没有问题了，非常清晰，也是祝愿公司蒸蒸日上，业绩再创新高。谢谢。

Speaker #2: 好的，谢谢领导。这里没有问题了，非常清晰。也是住院公司蒸蒸日上，业绩再创新高，谢谢。

Xing Jin: 谢谢。

Speaker #5: 谢谢。

Mona Qiao: Hi, Maggie. Can you hear us?

Speaker #6: Hi, Maggie. Can you hear us?

Operator 4: Maggie, your line is unmuted. Please proceed with your question.

Operator: Maggie, your line is unmuted. Please proceed with your question.

Speaker #2: Maggie, your line is unmuted. Please proceed with your question.

Maggie Huang: 新氧的管理层好，请问可以听得到吗？

Speaker #1: 新样的管理层好，请问可以听得到吗？

Xing Jin: 可以。

Maggie Huang: 新氧的管理层好，我是中金公司的黄曼琪，感谢这个提问的机会，也是恭喜公司取得了非常亮眼的业绩。那我这边主要是想请教一下，我们看到公司的获客成本的优势还是非常显著的，那不知道公司的这个获客成本的优势随着咱们这个规模化的扩张，是否还在继续维持？另外也想请教一下，我们2026年在获客这个方面的策略。And let me translate my question. This is Maggie Huang from CICC. Congratulation for our excellent performance, and we would like to know whether the competitive advantages in customer acquisition costs has been maintained amid its continued scaled expansion. And could management also share the customer acquisition strategy for 2026? Thank you.

Speaker #5: 可以。

Speaker #1: 新一届管理层好，我是中建公司的黄曼琪。感谢这个提问的机会，也恭喜公司取得了非常亮眼的业绩。我这边主要是想请教一下，我们看到公司的获客成本优势还是非常显著的。不知道公司的获客成本优势，随着咱们规模化的扩张，是否还能继续维持。另外也想请教一下，我们2026年在获客方面的策略。 Let me translate my question. This is Maggie Huang from CICC. Congratulations on our excellent performance, and we would like to know whether the acquisition costs have been maintained amid continued scaled expansion, and could management also share the customer acquisition strategy for 2026.

Speaker #1: Thank you.

Xing Jin: 感谢你的提问。随着规模的持续扩大，我们的获客成本优势不仅得到了维持，而且还在持续优化中。本季度呢，我们新开设了角店门店，抓住双十一、双十二等大促契机，新用户数量再创季度新高。全年平均来看，我们的获客成本仍然控制在收入的10%以下，这在行业内是非常有竞争力的水平。我们之所以能保持这一优势，主要得益于我们对老带新模式的持续优化。未来我们将进一步强化老带新的裂变效应，通过会员体系和差异化权益设计，鼓励现有高价值用户带来更多新客，这不仅能降低获客成本，还能提升新客的质量和留存率。其次，我们将持续优化公司与获客渠道结构，通过精细化运营提升用户生命周期价值。同时，我们将持续布局与全球顶级IP的联名。最近我们落地了与小王子、迪士尼两大知名IP的联名项目，以创新的品牌趋势触达更广泛的消费群体，与消费者建立深层情感共鸣，进一步放大品牌效应。在此基础上，随着我们新门店逐渐在全国落地，用户规模持续扩大，我们的品牌将进一步占领用户心智，这将持续降低我们的获客成本。

Speaker #5: 感谢你的提问。随着规模的持续扩大，我们的获客成本优势不仅得到了维持，而且还在持续优化中。本季度我们新开设了角落门店，抓住双十一、双12等大促契机。新用户数量再创季度新高，全年平均来看，我们的获客成本仍然控制在收入的10%以下。这在行业内是非常有竞争力的水平。我们之所以能保持这一优势，主要得益于我们对老带新模式的持续优化。未来我们将进一步强化老带新的裂变效应，通过会员体系和差异化权益设计，鼓励现有高价值用户带来更多新客。这不仅能降低获客成本，还能提升新客的质量和留存率。其次，我们将持续优化公司域获客渠道结构，通过精细化运营提升用户生命周期价值。同时，我们将持续布局与全球顶级IP的联名，最近我们落地了与小王子、迪士尼两大知名IP的联名项目，以创新的品牌叙事触达更广泛的消费群体。与消费者建立深层情感共鸣，进一步放大品牌效应。在此基础上，随着我们新门店逐渐在全国落地，用户规模持续扩大，我们的品牌将进一步占领用户心智。这将持续降低我们的获客成本。

Mona Qiao: Our edge in customer acquisition cost has been preserved and further strengthened. During the quarter, we opened a significant number of new centers and seized the opportunities brought by major shopping campaigns, including Double Eleven and Double Twelve, bringing a quarterly record for new customers. For the full year, our average CAC remains below 10% of revenue, a highly competitive benchmark in this industry. We sustain this advantage primarily through our customer referral model. Through our membership system and differentiated benefits, we will incentivize existing high-value users to refer new customers. This will not only lower CAC, but also improve the quality and retention rate of new users. Second, we will continue to optimize the mix of our public and private domain customer acquisition channels and enhance their LTV through refined operations. Meanwhile, we will continue to roll out co-branding initiatives with the world's top IP. Recently, we launched co-branding programs with two renowned IP: The Little Prince and Disney. Through brand storytelling, we reached a broader customer base and resonated with users emotionally, further amplifying our brand equity. As our footprint expands and user base grows, we anticipate further reductions in CAC. Thank you.

Speaker #1: Our edge in customer acquisition cost has been preserved and further strengthened. During the quarter, we opened a significant number of new centers and seized the opportunities brought by major shopping campaigns, including 7-Eleven and Double 12.

Speaker #1: Bringing a quarterly record for new customers for the full year, our average tax remained below 10% of revenue—a highly competitive benchmark in this industry.

Speaker #1: We sustained this advantage primarily through our customer referral model. Through our membership system and differentiated benefits, we will incentivize existing high-value users to refer new customers.

Mona Qiao: This will not only lower CAC, but also improve the quality and retention rate of new users. Second, we will continue to optimize the mix of our public and private domain customer acquisition channels and enhance their LTV through refined operations. Meanwhile, we will continue to roll out co-branding initiatives with the world's top IP. Recently, we launched co-branding programs with two renowned IP: The Little Prince and Disney. Through brand storytelling, we reached a broader customer base and resonated with users emotionally, further amplifying our brand equity. As our footprint expands and user base grows, we anticipate further reductions in CAC. Thank you.

Speaker #1: This will not only lower tax, but also improve the quality and retention rate of new users. Second, we will continue to optimize the mix of our public and private domain customer acquisition channels.

Speaker #1: And enhance their LTV through refined operations. Meanwhile, we will continue to roll out co-branding initiatives with the world's top IP. Recently, we launched co-branding programs with two renowned IPs, The Little Prince and Disney.

Speaker #1: Through brand storytelling, we reached a broader customer base and resonated with users emotionally, further amplifying our brand equity. As our footprint expands and user base grows, we anticipate further reductions in tech.

Xing Jin: 谢谢。

Speaker #1: Thank you.

Speaker #5: 谢谢。

Maggie Huang: 好的，谢谢金总的解答，也祝愿公司未来越来越好。

Speaker #1: 好的，谢谢金总的解答，也祝愿公司未来越来越好。

Xing Jin: 谢谢。

Operator 4: Thank you. Your next question comes from the line of Daisy Chen with Haitong International. Please go ahead.

Operator: Thank you. Your next question comes from the line of Daisy Chen with Haitong International. Please go ahead.

Speaker #5: 谢谢。

Speaker #2: Thank you. Your next question comes from the line of Daisy Chung with Haipong International. Please go ahead.

Daisy Chen: 谢谢管理层接受我的提问。想请教一下我们用户增长和运营的情况，尤其是核心用户。接下来公司的话有什么具体的措施是可以提高核心用户的LTV的？

Speaker #1: 谢谢管理层，这是我的提问。想请教一下我们用户增长和运营的情况，尤其是核心用户。接下来公司的话，有什么具体的措施可以提高核心用户的LTV？ I'll check it myself. Thank you, management, for taking my question. My question is about the user growth and membership operations, especially for core members. Could management share the specific measures you will take to improve the LTV of core members going forward?

Daisy Chen: I'll translate myself. Thank you, management for taking my question. My question is about the user growth and membership operations, especially for core members. Could management share the specific measures you will take to improve the LTV of core members going forward? Thank you.

Speaker #1: Thank you.

Xing Jin: 感谢你的提问。关于核心用户的情况呢，我们看到L3及以上的核心会员仍然在保持非常不错的增长态势。从我们的多次用户调研中发现，L3加核心用户仍然拥有更大的年度医美预算空间，这为我们提升用户LTV提供了很好的基础。本季度L3及以上会员贡献的收入以及季度复购率都超过了80%，新增核心会员数超过了14,000人。

Speaker #5: 感谢你的提问。关于核心用户的情况，我们看到L3及以上的核心会员仍然在保持非常不错的增长态势。从我们的多次用户调研中发现，L3+核心用户仍然拥有更大的年度一美预算空间。这为我们提升用户LTV提供了很好的基础。本季度L3及以上会员贡献的收入以及季度复购率都超过了80%。新增核心会员数超过了14,000人。

Mona Qiao: For our core members, level three and higher members continue to show solid growth momentum. Our user service show that core members still have significant room for growth in their annual medical aesthetic budget, laying a foundation for us to boost user LTV. This quarter value contribution from core members and their quarterly return rate both exceeded 80%, with new core members surpassing 14,000.

Speaker #1: For our core members, level three and higher members continue to show solid growth momentum. Our user service showed that core members still have significant room for growth in their annual medical aesthetic budget.

Speaker #1: Laying a foundation for us to boost user LTV. This quarter, revenue contribution from core members and their quarterly repurchase rate both exceeded 80%, with new core members surpassing 14,000.

Xing Jin: 随着用户对效果和专业度需求的提升，2026年我们将推出更丰富的产品矩阵，打造标准化的科学联合治疗方案，持续丰富中高端医美品项，全方位提升服务体验和用户价值。同时，我们会持续优化会员体系，针对不同消费阶段的核心用户，提供差异化的权益和服务触达。通过精准的用户分层和个性化服务，帮助核心用户持续感受到品牌价值，得到正向反馈，从而提升复购粘性和消费频次，从而带动单店盈利能力的改善，为公司的长期可持续发展提供强劲动力。

Speaker #5: 随着用户对效果和专业度需求的提升，2026年我们将推出更丰富的产品矩阵，打造标准化的科学联合治疗方案，持续丰富中高端医美品项，全方位提升服务体验和用户价值。同时，我们会持续优化会员体系，针对不同消费阶段的核心用户提供差异化的权益和服务触达。通过精准的用户分层和个性化服务，帮助核心用户持续感受到品牌价值，得到正向反馈。从而提升复购粘性和消费频次，从而带动单店盈利能力的改善，为公司的长期可持续发展提供强劲动力。

Mona Qiao: Consumer performances are shifting towards efficiency and clinical capabilities. Against this background, we will focus on first expanding our product portfolio. We will introduce more comprehensive product offerings, including standardized sci-spec treatments and mid-to-high-end services. We expect this to elevate user value. Second, we will further optimize our membership system by offering differentiated benefits and service touchpoints so as to realize tiered user segmentation and provide corresponding services. This will strengthen core members' perception of our brand value, building a positive feedback loop which will drive their loyalty. These measures will lead to improved percentage of profitability and provide strong momentum for our long-term growth.

Speaker #1: Consumer performance is now shifting towards frequency and clinical capabilities. Against this background, we will focus on, first, expanding our product portfolio. We will introduce more comprehensive product offerings, including standardized size max treatments and mid- to high-end services.

Speaker #1: We expect this to elevate user value. Second, we will further optimize our membership system by offering differentiated benefits and service touchpoints, so as to realize tiered user segmentation and provide corresponding services.

Speaker #1: This will strengthen core members’ perception of our brand value, building a positive feedback loop which will drive their loyalty. These measures will lead to an improved percentage of profitability and provide strong momentum for our long-term growth.

Xing Jin: 谢谢。

Mona Qiao: Thank you.

Speaker #5: 谢谢。

Speaker #1: Thank you.

Operator 4: Thank you. This concludes our question and answer session, and this concludes our conference for today. Thank you for attending today's presentation. You may now disconnect.

Operator: Thank you. This concludes our question and answer session, and this concludes our conference for today. Thank you for attending today's presentation. You may now disconnect.

Q4 2025 So-Young International Inc Earnings Call

Request a DemoDemo

So-Young International

Earnings