Q2 2026 So-Young International Inc Earnings Call

August 31, 2026

Speaker #1: Ladies and gentlemen, thank you for standing by for So-Young's second quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode.

Operator 1: Ladies and gentlemen, thank you for standing by for So-Young's Q2 2026 earnings conference call. At this time, all participants are in a listen-only mode. After management give 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.

Operator: Ladies and gentlemen, thank you for standing by for So-Young's Q2 2026 Earnings Conference Call. At this time, all participants are in a listen-only mode. After management give 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.

Speaker #1: 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.

Speaker #1: Please proceed, Mona.

Speaker #2: Thank you all for being here, and thank you everyone for joining So-Young's second quarter 2026 earnings conference call. Joining the call today are Mr. Xing Jin, our Founder, Chairman, and CEO, and Ms. Shannon Shen, our CFO.

Mona Qiao: Thank you, operator, and thank you everyone for joining So-Young's Q2 2026 earnings conference call. Joining the call today are Mr. Xing Jin, our founder, Chairman, and CEO, and Ms. Nan Shen, our CFO. Before we begin, please refer to the safe harbor statement in our earnings release, which applies to this call, as we will be making forward-looking statements. We will also discuss non-GAAP financial measures. Reconciliations between GAAP and non-GAAP measures are included in today's earnings press release. Please also note all figures mentioned in this call are in RMB, unless otherwise stated. With that, I would like to turn the call over to Mr. Xing Jin.

Mona Qiao: Thank you, operator, and thank you everyone for joining So-Young's Q2 2026 Earnings Conference Call. Joining the call today are Mr. Xing Jin, our founder, Chairman, and CEO, and Ms. Nan Shen, our CFO. Before we begin, please refer to the safe harbor statement in our earnings release, which applies to this call, as we will be making forward-looking statements. We will also discuss non-GAAP financial measures. Reconciliations between GAAP and non-GAAP measures are included in today's earnings press release. Please also note all figures mentioned in this call are in RMB, unless otherwise stated. With that, I would like to turn the call over to Mr. Xing Jin.

Speaker #2: Before we begin, please refer to the safe harbor statement in our earnings release, which applies to this call. We will be making forward-looking statements.

Speaker #2: We will also discuss non-GAAP financial measures. Reconciliations between GAAP and non-GAAP measures are included in today's earnings press release. Please also note all figures mentioned in this call are in RMB, unless otherwise stated.

Speaker #2: With that, I'd like to turn the call over to Mr. Xing Jin.

Speaker #3: 大家好，欢迎参加今天的财报电话会议。2026年第二季度，我们坚定践行规模与效益双轮驱动战略，持续深耕线下连锁业务，依托不断夯实的专业医疗能力，日益完善的标准化交付体系及智能化应用的深度赋能，连锁业务的规模化运营能力得到持续提升。业绩表现保持强劲，本季度连锁业务收入达到3.3亿元人民币，同比增长约130%，超越指引上限约5个百分点。集团实现季度收入历史新高，整体收入同比增长33%至5.1亿元人民币，叠加集团运营效率的提升，规模净亏损同比大幅收窄到2,269万元人民币，同比减亏37%。

Xing Jin: 大家好，欢迎参加今天的财报电话会议。2026年第二季度，我们坚定践行规模与效益双轮驱动战略，持续深耕线下连锁业务，依托不断夯实的专业医疗能力、日益完善的标准化交付体系及智能化应用的深度赋能，连锁业务的规模化运营能力得到持续提升，业绩表现保持强劲。本季度连锁业务收入达到3.3亿元人民币，同比增长约130%，超越指引上限约五个百分点。集团实现季度收入历史新高，整体收入同比增长33%至5.1亿元人民币。叠加集团运营效率的提升，规模净亏损同比大幅收窄到2,269万元人民币，同比减亏37%。

Speaker #2: Hello everyone, and welcome to today's earnings call. In Q2 2026, we continued to expand our aesthetic treatment business, guided by our dual MJ subscale and efficiency, backed by our ever-improving medical capabilities, a unit-from-delivery framework, and wider AI adoption.

Mona Qiao: Hello everyone, and welcome to today's earnings call. In Q2 2026, we continue to expand our aesthetic treatment business, guided by our dual engines of scale and efficiency, backed by our ever improving medical capabilities, a uniform delivery framework and wider AI adoption. The business enhanced its operational ability and delivered a robust performance. Its Q2 revenue reached RMB 330 million, up roughly 130% year-over-year, beating the upper end of guidance by about 5%. As a result, group revenue hit a quarterly record, growing 33% year-over-year to about RMB 510 million. With better operating efficiency, net loss attributable to the company narrowed by 37% year-over-year to RMB 227 million.

Speaker #2: The business enhanced its operational ability and delivered a robust performance. Its Q2 revenue reached RMB 330 million, up roughly 130% year over year, beating the upper end of guidance by about 5%.

Speaker #2: As a result, group revenue hit a quarterly record, growing 33% year over year to about RMB 510 million. With better operating efficiency, net loss attributable to the company narrowed by 37% year over year to RMB 22.7 million.

Speaker #3: 下面具体分享一下我们第二季度的核心业务进展。本季度双轮驱动战略成效显著，新阳青春诊所在保持良好拓展节奏的同时，经营质量也在稳步向好。截至第二季度，新阳青春诊所已进入18个城市，门店总数达到65家，规模化不但提升了服务的可及性，更通过强化品牌认知，有效占领了用户心智，从而驱动服务量与用户规模持续提升。在服务量方面，二季度连锁核销人次突破16.5万次，同比增长145%。核销服务点数量超过36.2万个，同比增长134%。在用户规模方面，活跃用户数在6月底突破了25万人，其中L3级以上的核心会员数超过了7.8万。核心会员季度复购率依然保持在出色的水平，体现了用户对连锁医疗交付质量的高度认可。在新客方面，本季度新客人数继续保持环比增长，其中老带新裂变贡献的新客占比稳定在50%以上，不仅有效摊薄了综合获客成本，更帮助我们沉淀了高年度的优质用户基盘，为后续提升用户全生命周期价值和留存率打下了坚实基础。同时，公寓新客数量及占比也均实现稳步提升，展现出我们高效的全域获客策略。

Xing Jin: 下面具体分享一下我们第二季度的核心业务进展。本季度双轮驱动战略成效显现，新氧青春诊所在保持良好拓展节奏的同时，经营质量也在稳步向好。截至第二季度，新氧青春诊所已进入18个城市，门店总数达到65家。规模化不但提升了服务的可及性，更通过强化品牌认知，有效占领了用户心智，从而驱动服务量与用户规模持续提升。在服务量方面，二季度连锁核销人次突破16.5万次，同比增长145%，核销服务点数量超过36.2万个，同比增长134%。在用户规模方面，活跃用户数在6月底突破了25万人，其中L3级以上的核心会员数超过了7.8万，核心会员季度复购率依然保持在出色的水平，体现了用户对连锁医疗交付质量的高度认可。在新客方面，本季度新客人数继续保持环比增长，其中老带新裂变贡献的新客占比稳定在50%以上，不仅有效摊薄了综合获客成本，更帮助我们沉淀了高粘度的优质用户基盘，为后续提升用户全生命周期价值和留存率打下了坚实基础。同时，公益新客数量及占比也均实现稳步提升，展现出我们高效的全域获客策略。

Speaker #2: Now, turning to the key business developments in Q2. The dual MJ approach delivered clear results this quarter. So-Young Clinic kept a healthy pace of expansion while operating quality improved.

Mona Qiao: Now, turning to the key business developments in Q2. The dual engine approach delivered clear results this quarter. So-Young Clinic kept a healthy pace of expansion while operating quality improved. By the end of Q2, So-Young Clinic expanded into 18 cities with 65 centers in total. The larger footprint improved accessibility. More importantly, it reinforced brand awareness and captured consumer mindshare, driving continued growth in treatment volume and user base. On treatment volume, verified visits exceeded 165,000 in Q2, up 145% year-over-year. Verified aesthetic treatment performed were above 362,000, up 134% year-over-year.

Speaker #2: By the end of Q2, So-Young Clinic expanded into 18 cities, with 65 centers in total. The larger footprint improved accessibility. More importantly, it reinforced broad awareness and captured consumer mindshare.

Mona Qiao: By the end of Q2, So-Young Clinic expanded into 18 cities with 65 centers in total. The larger footprint improved accessibility. More importantly, it reinforced brand awareness and captured consumer mindshare, driving continued growth in treatment volume and user base. On treatment volume, verified visits exceeded 165,000 in Q2, up 145% year-over-year. Verified aesthetic treatment performed were above 362,000, up 134% year-over-year. On the user front, active users reached over 250,000 by the end of June. In particular, the number of level 3 and above core members exceeded 78,000. The quarterly return rate of core members remained robust, reflecting high user regard for our quality. New customers count also grew quarter-over-quarter, with over 50% of them being referrers. This lowered blended acquisition costs while building a loyal, high quality user base, which in turn positions us to lift user LTV and retention. Meanwhile, both the volume and mix of public domain new customers rose, confirming that our four-channel acquisition playbook works.

Speaker #2: Driving continued growth in treatment volume and user base. On treatment volume, verified visits exceeded 165,000 in Q2, up 145% year over year. Verified aesthetic treatments performed were above 362,000, up 134% year over year.

Mona Qiao: On the user front, active users reached over 250,000 by the end of June. In particular, the number of level 3 and above core members exceeded 78,000. The quarterly return rate of core members remained robust, reflecting high user regard for our quality. New customers count also grew quarter-over-quarter, with over 50% of them being referrers. This lowered blended acquisition costs while building a loyal, high quality user base, which in turn positions us to lift user LTV and retention. Meanwhile, both the volume and mix of public domain new customers rose, confirming that our four-channel acquisition playbook works.

Speaker #2: On the user front, active users reached over 250,000 by the end of June. In particular, the number of level 3 and above co-members exceeded 78,000.

Speaker #2: The quarterly per chance rate of co-members remained robust, reflecting high user regard for our quality. The new customer count also grew quarter to quarter, with over 50% of them being referrals.

Speaker #2: This lowered blended acquisition cost while building a loyal, high-quality user base, which in turn positioned us to lift user LTV and retention. Meanwhile, both the volume and mix of public-domain new customers rose, confirming that our four-channel acquisition playbook works.

Speaker #3: 此外，门店的盈利能力也在持续改善。通过系统性的优化运营流程，强化资源协同，门店运营效率得到了有效提升，得益于此，二季度实现店端盈利的门店数量增至47家，现金流为正的门店达到51家。连锁业务的整体毛利率同比提升约3.8个百分点，达到28.1%。这些成果均验证了我们管理举措的有效性。

Xing Jin: 此外，门店的盈利能力也在持续改善。通过系统性地优化运营流程，强化资源协同，门店运营效率得到了有效提升。得益于此，二季度实现店端盈利的门店数量增至47家，现金流为正的门店达到51家，连锁业务的整体毛利率同比提升约3.8个百分点，达到28.1%。这些成果均验证了我们管理举措的有效性。

Speaker #2: Person-to-professionalism also improved as we refined operating workflows and tightened resource coordination. As a result, in Q2, the number of profitable centers rose to 47, with 51 generating positive operating cash flow.

Mona Qiao: Center profitability also improved as we refined operating workflows and heightened resource coordination. As a result, in Q2, the number of profitable centers rose to 47, with 51 generating positive operating cash flow. Gross margin of the aesthetic treatment business improved by about 3.8 percentage points year-over-year to 28.1%. These outcomes validate our management approach.

Speaker #2: Gross margin of the aesthetic treatment business improved by about 3.8 percentage points year over year to 28.1%. This outcome validates our management approach.

Speaker #3: 连锁业务的稳步发展立足于新阳稳固的供应链优势和持续丰富的产品供给。4月底，我们与景博生物联合推出了奇迹胶原产品系列，一经面世便广受用户欢迎。上市到现在累计售出超过6,600支。在6月，我们又上线了微美Vivicor，其采用自胶原技术，在不含胶原剂的情况下就能呈现出凝胶质地，可帮助填充眼周及面中部等区域，持续促生胶原，让感官更自然。我们与景博生物的合作代表着产业链上下游从传统供货关系进一步走向产品共创，场景共建和长期价值协同。未来，新阳将会将这一合作模式扩展至更多国内外药业和设备企业。我们将围绕消费者洞察、产品定义、适用场景开发、医生培训、标准化操作，上市后评价和持续迭代展开合作，加速先进技术从研发端走向真实消费场景。

Xing Jin: 连锁业务的稳步发展，立足于新氧稳固的供应链优势和持续丰富的产品供给。四月底，我们与锦博生物联合推出了奇迹胶原产品系列，一经面世便广受用户欢迎。上市到现在，累计售出超过6600支。在六月，我们又上线了微美V-Call，其采用自交联技术，在不含交联剂的情况下就能呈现出凝胶质地，可帮助填充眼周及面中部等区域，持续促生胶原，让感官更自然。我们与锦博生物的合作，代表着产业链上下游从传统供货关系进一步走向产品共创、场景共建和长期价值协同。未来，新氧将会将这一合作模式扩展至更多国内外药械和设备企业。我们将围绕消费者洞察、产品定义、适用场景开发、医生培训、标准化操作、上市后评价和持续迭代展开合作，加速先进技术从研发端走向真实消费场景。

Speaker #2: The growth of our aesthetic treatment business in late April relied on a robust supply chain and an enriched product lineup. Miracle Collagen, our joint product with Jinbo Biopharmaceutical, was launched to a warm reception, with over 66,000 units sold to date.

Mona Qiao: Healthy growth of our aesthetic treatment business relies on a robust supply chain and enriched product lineup. In late April, Miracle Collagen, our joint product with Jinbo Biopharmaceutical, launched to a warm reception, with over 66,000 units sold to date. In June, we rolled out WaveCall. It adopts self-cross-linking technology to create a gel texture without a cross-linking agent. WaveCall helps build eye and mid-face areas while promoting ongoing collagen regeneration for a natural look. Our partnership with Jinbo goes beyond a traditional buyer and vendor relationship. It is a move towards product co-creation, case development, and long-term value alignment. Going forward, we plan to extend this model to more domestic and international medical device and treatment partners. This collaboration model will cover consumer insights, product definition, indication development, physician training, uniform protocols, post-launch evaluation, and continuous integration, bringing advanced technology from R&D to real-world use at a faster pace.

Speaker #2: In June, we rolled out Vivicor. It adopts self-cross-linking technology to create a gel texture without a cross-linking agent. Vivicor helps fill the eye and mid-face areas while promoting ongoing collagen regeneration for a natural look.

Speaker #2: Our partnership with Jinbo goes beyond a traditional buyer and vendor relationship. It is a move toward product co-creation, case development, and long-term value alignment.

Speaker #2: Going forward, we plan to extend this model to more domestic and international medical device and treatment partners. This collaboration model will cover consumer insights, product definition, indication development, physician training, uniform protocols, post-launch evaluation, and continuous interaction.

Speaker #2: Bring advanced technology from R&D to real-world use at a faster pace.

Speaker #3: 此外，我们还推出了奇迹童颜Beauty版本，以更合理的PLLA微球粒径改善注射效果。除了胶原赛道，我们也在不断拓宽产品边界，以更丰富的产品矩阵来承接用户多元化的抗衰需求。

Xing Jin: 此外，我们还推出了奇迹童颜Beauty版本，以更合理的PLLA微球粒径改善注射效果。除了胶原赛道，我们也在不断拓宽产品边界，以更丰富的产品矩阵来承接用户多元化的抗衰需求。

Speaker #2: We also introduced Beauty versions of Miracle PLLA. It uses a better-collaborated PLLA microparticle diameter to improve injection outcomes. Beyond the collagen category, we are also expanding the product portfolio to meet diverse anti-aging demand.

Mona Qiao: We also introduced beauty version of MIRACLE-PLLA. It uses a better calibrated PLLA microparticle diameter to improve injection outcomes. Beyond the collagen category, we are also expanding the product portfolio to meet diverse anti-aging demands.

Speaker #3: 与此同时，我们持续提升新阳的标准化医疗交付能力。首先，我们不断扩充医疗团队规模，以满足日益增长的市场需求。截至2026年6月30日，新阳青春诊所全职医生团队已增至约280位。其次，依托医学研发培训中心等持续完善的培训设施和医疗培训体系，结合标准化的诊疗指南和视频巡检等机制，我们持续推动医生水平和诊疗流程的统一与规范。二季度，公司联合艾尔健、景博生物等上游厂商，开展9场专项培训，提升连锁医生学术与实操水平。同期完成12场新医启航常态化培训，通过系统化理论与实操考核，为新入职医生夯实职业基础，保障临床服务标准化与安全性。此外，通过全国指挥控制中心的统筹调度，我们得以有效优化整体医疗服务流程，持续提升用户体验。

Xing Jin: 与此同时，我们持续提升新氧的标准化医疗交付能力。首先，我们不断扩充医疗团队规模，以满足日益增长的市场需求。截至2026年6月30日，新氧青春诊所全职医生团队已增至约280位。其次，依托医学研发培训中心等持续完善的培训设施和医疗培训体系，结合标准化的诊疗指南和视频巡检等机制，我们持续推动医生水平和诊疗流程的统一与规范。二季度，公司联合爱尔建、锦博生物等上游厂商开展九场专项培训，提升连锁医生学术与实操水平，同期完成12场新医启航常态化培训。通过系统化理论与实操考核，为新入职医生夯实职业基础，保障临床服务标准化与安全性。此外，通过全国指挥控制中心的统筹调度，我们得以有效优化整体医疗服务流程，持续提升用户体验。

Speaker #2: Furthermore, we continued to enhance our uniform medical delivery capabilities. First, we expanded our physician team to meet growing market demand. As of June 30, 2026, the number of full-time physicians increased to around 280.

Mona Qiao: Furthermore, we continued to enhance our uniform medical delivery capabilities. First, we expand our physician team to meet growing market demand. As of 30 June 2026, the number of full-time physicians increased to around 280. On top of that, we have kept physician capabilities and treatment workflows aligned. This is made possible by our medical R&D and training center, treatment guidelines, video audits, and other training and quality control mechanisms we have in place. In Q2, we partnered with leading upstream manufacturers, including Allergan and Jinbo, to deliver nine specialized training workshops, effectively enhancing our physicians' expertise and clinical skills. We also completed 12 regular training sessions as part of our new physician initiative. By assessing theoretical knowledge and hands-on skills, we ensure our newly onboarded physicians are well-prepared to deliver uniform and safe clinical care.

Speaker #2: On top of that, we have kept physician capabilities and treatment workflows aligned. This is made possible by our medical R&D and training center, treatment guidelines, video audits, and other training and quality control mechanisms we have in place.

Speaker #2: In Q2, we partnered with leading upstream manufacturers, including Allergan and Jinbo, to deliver nine specialized training workshops, effectively enhancing our physicians' expertise and clinical skills.

Speaker #2: We also completed 12 regular training sessions as part of our new physician initiative. By assessing theoretical knowledge and hands-on skills, we ensure our newly onboarded physicians are well prepared to deliver uniform and safe clinical care.

Speaker #2: Additionally, through the National Command and Control Center, we coordinate medical workflows end to end to further elevate the user experience.

Mona Qiao: Additionally, through the National Command and Control Center, we coordinate medical workflows end to end to further elevate the user experience.

Speaker #3: 之后，我们也积极推动人工智能与医疗美容产业的深度融合。探索规模化创新的新路径，我们坚信在保障医疗安全、用户隐私与数据合规的前提下，AI的核心价值在于赋能医生稳定服务品质，打破行业规模瓶颈。最终让优质医疗服务惠及更广泛的消费者。现阶段，我们的重点是夯实数据基础，为持续提升医疗服务质量与用户体验，以及赋能上游研发提供有力支撑，依托多年积累的医疗美容行业数据、数据中台、线上用户服务能力，以及线下真实诊疗场景，我们正在建设新医美美容我们正在建设新医疗美容领域的真实世界数据库，与诊疗智能基础设施，例如我们在门店推出面向用户的可视化配药系统和能同步展示治疗SOP的双联屏，有效增强了用户信任感。

Xing Jin: 最后，我们也积极推动人工智能与医疗美容产业的深度融合，探索规模化创新的新路径。我们坚信，在保障医疗安全、用户隐私与数据合规的前提下，AI的核心价值在于赋能医生、稳定服务品质，打破行业规模瓶颈，最终让优质医疗服务惠及更广泛的消费者。现阶段我们的重点是夯实数据基础，为持续提升医疗服务质量与用户体验，以及赋能上游研发提供有力支撑。依托多年积累的医疗美容行业数据、数据中台、线上用户服务能力，以及线下真实诊疗场景，我们正在建设医疗美容领域的真实世界数据库与诊疗智能基础设施。例如我们在门店推出面向用户的可视化配药系统，和能同步展示治疗SOP的双联屏，有效增强了用户信任感。

Speaker #2: Finally, we're integrating AI with medical aesthetics to unlock innovative technology for expansion. Under the constraints of medical safety, user privacy, and data compliance, we believe AI's core value lies in empowering physicians, keeping delivery quality consistent, and breaking the industry's ceiling on scale.

Mona Qiao: Finally, we are integrating AI with medical aesthetics to unlock an innovative path for expansion. Under the constraints of medical safety, user privacy, and data compliance, we believe AI's core value lies in empowering physicians, keeping delivery quality consistent, and breaking the industry's ceiling on scale. This approach will ultimately bring premium medical care to more consumers. Right now, our focus is on the data foundation, which powers service quality, user experience, and upstream R&D enablement. Leveraging our years of industry data and capabilities across mid-platform user operations and clinical practices, we are now building a real world database and clinical AI infrastructure tailored for the industry. For example, our clinics launched a user facing virtual medical dispensing platform, and those screens that display treatment SOPs in real time. Those have effectively boosted user trust.

Speaker #2: This approach will ultimately bring premium medical care to more consumers. Right now, our focus is on the data foundation, which powers service quality, user experience, and upstream R&D enablement.

Speaker #2: Leveraging our years of industry data and capabilities across multiple platforms, user operations, and clinical practices, we are now building a real-world database and clinical AI infrastructure tailored for the industry.

Speaker #2: For example, our clinics launched a user-facing virtual medical dispensing platform, and door screens that display treatment SOPs in real time. Both have effectively boosted user trust.

Speaker #3: 展望未来，新阳将继续秉持透明、标准与普惠的原则，构建优质的医疗服务体系和消费者信任壁垒，持续扩大规模效应与品牌影响力。随着标准化运营体系的持续优化，我们预计门店运营效率将继续提升。经营利润率也将持续改善，进一步释放连锁模式的规模经济红利。同时，我们将进一步深化供应链多元化布局和AI数字化应用，提供更具竞争力的产品组合，为连锁业务的高质量增长筑牢根基。

Xing Jin: 展望未来，新氧将继续秉持透明、标准与普惠的原则，构建优质的医疗服务体系和消费者信任壁垒，持续扩大规模效应与品牌影响力。随着标准化运营体系的持续优化，我们预计门店运营效率将继续提升，经营利润率也将持续改善，进一步释放连锁模式的规模经济红利。同时，我们将进一步深化供应链多元化布局和AI数字化应用，提供更具竞争力的产品组合，为连锁业务的高质量增长筑牢根基。

Speaker #2: Looking ahead, the principles of transparency, uniform delivery, and accessibility will continue to guide us. We will focus on building a premium medical service framework and deepening customer trust.

Mona Qiao: Looking ahead, the principles of transparency, uniform delivery, and accessibility will continue to guide us. We remain focused on building a premium medical service framework and deepening consumer trust. We believe that as we expand ongoing refinement of our operating framework, we will drive continued gains in operating efficiency and margins. This will unlock greater economics of scale across our clinic chain. Meanwhile, we will further diversify our supply chain, advance AI powered digital capabilities, and deliver a more competitive product portfolio. We are confident that these initiatives will drive high quality growth for our aesthetic treatment business.

Speaker #2: We believe that as we expand ongoing refinements of our operating framework, we’ll drive continued gains in operating efficiency and margins. This will unlock greater economic scale across our clinic chain.

Speaker #2: Meanwhile, we will further diversify our supply chain, advance AI-powered digital capabilities, and deliver a more competitive product portfolio. We are confident that this initiative will drive high-quality growth for our aesthetic treatment business.

Speaker #3: 现在请我们的CFO沈岚来详细介绍二季度的财务表现。之后我们将进行问答环节。

Xing Jin: 现在请我们的CFO沈楠来详细介绍二季度的财务表现，之后我们将进行问答环节。

Speaker #2: Now, I'll hand it over to our CFO, Shannon Shen, for a quick dive into Q2 financials, after which we will move to the Q&A session.

Mona Qiao: Now, I'll hand it over to our CFO, Nan Shen, for a deep dive into Q2 financials. After which, we will move to Q&A session.

Speaker #4: Thank you, PS. And thank you, everyone, for joining our call today. It's my great pleasure to walk you through So-Young's second quarter 2026 performance.

Nan Shen: Thank you, Cass, and thank you everyone for joining our call today. It is my great pleasure to walk you through So-Young's Q2 2026 performance. On behalf of the management team, I will now share with you our latest operational progress across three key dimensions: growth, efficiency, and organizational effectiveness. Please note that all financial data will be presented in RMB terms, unless otherwise noted. First, in the Q2 of 2026, our aesthetic treatment business exceeded CNY 330 million in revenue, growing approximately 130% year-over-year, and marking its 10th consecutive quarter of triple digit year-over-year revenue growth. Not only has this propelled our total revenues to an all time high with a 33% year-over-year increase, but it has also enabled our aesthetic treatment business to achieve visible economies of scale.

Speaker #4: On behalf of the management team, I will now share with you our latest operational progress across three key dimensions: growth, efficiency, and organizational effectiveness.

Speaker #4: Please note that all financial data will be presented in RMB terms, unless otherwise noted. First, in the second quarter of 2026, our aesthetic treatment business exceeded RMB 330 million in revenue, growing approximately 130% year over year and marking its 10th consecutive quarter of triple-digit year-over-year revenue growth.

Speaker #4: Not only has this propelled our total revenues to an all-time high, with a 33% year-over-year increase, but it has also enabled our aesthetic treatment business to achieve visible economies of scale.

Speaker #4: Behind this clear upward growth trajectory and our rising brand momentum is our scaled capacity to deliver high-quality products and services. For digital natives, we offer one-of-a-kind product value that aligns with their consumption patterns, aesthetic preferences, and online purchasing habits.

David Brown: Behind this clear upward growth trajectory and our rising brand momentum, is our scaled capacity to deliver high quality products and services. For digital natives, we offer one of a kind product value that aligns with their consumption pattern, aesthetic preferences, and online purchasing habits, thereby, driving sustainable growth characterized by high frequency and high retention. While sustaining rapid top line growth, we remain unwavering in our commitment to growth quality and long term sustainability. With a laser focus on strengthening unit economics, we recently have raised our aesthetic centers capacity utilization benchmark by 50%, reflecting elevated expectations for per store revenue, labor productivity, and sales per square meter. Through operational excellence, streamlining customer flow to reduce redundant waiting period, optimizing dynamic staffing, leveraging intelligent inventory management, we expect to drive meaningful margin expansion at aesthetic centers. Going forward, our expansion strategy will be more disciplined and market responsive.

Nan Shen: Behind this clear upward growth trajectory and our rising brand momentum, is our scaled capacity to deliver high quality products and services. For digital natives, we offer one of a kind product value that aligns with their consumption pattern, aesthetic preferences, and online purchasing habits, thereby, driving sustainable growth characterized by high frequency and high retention. While sustaining rapid top line growth, we remain unwavering in our commitment to growth quality and long term sustainability. With a laser focus on strengthening unit economics, we recently have raised our aesthetic centers capacity utilization benchmark by 50%, reflecting elevated expectations for per store revenue, labor productivity, and sales per square meter. Through operational excellence, streamlining customer flow to reduce redundant waiting period, optimizing dynamic staffing, leveraging intelligent inventory management, we expect to drive meaningful margin expansion at aesthetic centers. Going forward, our expansion strategy will be more disciplined and market responsive.

Speaker #4: Thereby driving sustainable growth characterized by high frequency and high retention. While sustaining rapid top-line growth, we remain unwavering in our commitment to growth quality and long-term sustainability.

Speaker #4: With a laser focus on strengthening unit economics, we have recently raised our aesthetic-centered capacity utilization benchmark by 50%, reflecting elevated expectations for per-store revenue, labor productivity, and sales per square meter.

Speaker #4: Through operational excellence—streamlining customer flow to reduce redundant waiting periods, optimizing dynamic staffing, and leveraging intelligent inventory management—we expect to drive meaningful margin expansion at aesthetic centers.

Speaker #4: Going forward, our expansion strategy will be more disciplined and market-responsive. We will dynamically calibrate our opening cadence based on regional utilization levels, enabling us to sustain high revenue growth while striking an optimal balance between scale and profitability.

David Brown: We will dynamically calibrate our opening cadence based on regional utilization levels, enabling us to sustain high revenue growth while striking an optimal balance between scale and profitability. We prioritize sustainable growth over pure top-line expansion. In the Q2 of 2026, we delivered a 37% year-over-year improvement in profitability. Rapid expansion places extraordinary demand on organizational capabilities. Best-in-class organizational excellence is fundamental to sustaining high growth over the long term. To that end, we have made systematic investments in organizational infrastructure, with a particular focus on compliance and user experience. We continue to advance end-to-end visibility across treatment workflows to enhance transparency and reinforce trust. Furthermore, we have closed the loop on user feedback. This cross-functional coordination enables us to maintain acute market sensitivity and continuously elevate service delivery quality and user satisfaction, even as the business scales rapidly.

Nan Shen: We will dynamically calibrate our opening cadence based on regional utilization levels, enabling us to sustain high revenue growth while striking an optimal balance between scale and profitability. We prioritize sustainable growth over pure top-line expansion. In the Q2 of 2026, we delivered a 37% year-over-year improvement in profitability. Rapid expansion places extraordinary demand on organizational capabilities. Best-in-class organizational excellence is fundamental to sustaining high growth over the long term. To that end, we have made systematic investments in organizational infrastructure, with a particular focus on compliance and user experience. We continue to advance end-to-end visibility across treatment workflows to enhance transparency and reinforce trust. Furthermore, we have closed the loop on user feedback. This cross-functional coordination enables us to maintain acute market sensitivity and continuously elevate service delivery quality and user satisfaction, even as the business scales rapidly.

Speaker #4: We prioritize sustainable growth over pure top-line expansion. In the second quarter of 2026, we delivered a 37% year-over-year improvement in profitability. Rapid expansion places extraordinary demand on organizational capabilities.

Speaker #4: Best-in-class organizational excellence is fundamental to sustaining high growth over the long term. To that end, we have made systematic investments in organizational infrastructure, with a particular focus on compliance and user experience.

Speaker #4: We continue to advance end-to-end visibility across treatment workflows to enhance transparency and reinforce trust. Furthermore, we have closed the loop on user feedback. This cross-functional coordination enables us to maintain acute market sensitivity and continuously elevate service delivery quality and user satisfaction.

Speaker #4: Even as the business scales rapidly, the company stands at a pivotal inflection point, pursuing high growth and operational efficiency in parallel. While advancing scale and profitability in lockstep, 10 consecutive quarters of triple-digit revenue growth validate our market acumen and execution discipline.

David Brown: The company stands at a pivotal inflection point, pursuing high growth and operational efficiency in parallel, while advancing scale and profitability in lockstep. 10 consecutive quarters of triple-digit revenue growth validate our market acumen and execution discipline. This continuous refinement of center-level unit economics, together with our market-responsive expansion strategy, ensures that our growth remains high quality and sustainable. Complementing this, our systematic investments in organizational capabilities provide the bedrock for long-term value creation. Next, let us dive into each business segment. Revenues from aesthetic treatment services reached CNY 331.4 million, exceeding the upper end of guidance for the fifth consecutive quarter. The rollout of our loyalty program and systematic treatment protocols creates a 3 to 5 percentage points deferral between service delivery and recognized accounting revenue. Today's service generated future membership benefits. While this tempers near-term reported revenue, it builds a deferred revenue base that underpins long-term growth.

Nan Shen: The company stands at a pivotal inflection point, pursuing high growth and operational efficiency in parallel, while advancing scale and profitability in lockstep. 10 consecutive quarters of triple-digit revenue growth validate our market acumen and execution discipline. This continuous refinement of center-level unit economics, together with our market-responsive expansion strategy, ensures that our growth remains high quality and sustainable. Complementing this, our systematic investments in organizational capabilities provide the bedrock for long-term value creation. Next, let us dive into each business segment. Revenues from aesthetic treatment services reached CNY 331.4 million, exceeding the upper end of guidance for the fifth consecutive quarter. The rollout of our loyalty program and systematic treatment protocols creates a 3 to 5 percentage points deferral between service delivery and recognized accounting revenue. Today's service generated future membership benefits. While this tempers near-term reported revenue, it builds a deferred revenue base that underpins long-term growth.

Speaker #4: This continuous refinement of center-level unit economics, together with our market-responsive expansion strategy, ensures that our growth remains high-quality and sustainable. Complementing this, our systematic investments in organizational capabilities provide the backdrop for long-term value creation.

Speaker #4: Next, let's dive into each business segment. Revenues from aesthetic treatment services reached $331.4 million, exceeding the upper end of guidance for the fifth consecutive quarter.

Speaker #4: The result of our loyalty program and systematic treatment protocols creates a 3 to 5 percentage point deferral between service delivery and recognized accounting revenue. Today's service generates future membership benefits.

Speaker #4: While this 10-period near-term reported revenue builds a deferred revenue base that underpins long-term growth, net of this deferral impact, revenue still grew approximately 103%.

David Brown: Net of this deferral impact, revenue still grew approximately 103%. Looking at aesthetic centers data, as of 30 June, we operated 65 So-Young clinics across 18 major cities, reflecting a net addition of 11 centers during the quarter. Among them, 47 centers were profitable, and 51 centers generated positive operating cash flow during the quarter, reflecting a net addition of 6 and 3, respectively, from last quarter. We also achieved same-store sales growth of 52%, substantially improved from 14% in the prior year period. Turning to our other segments, revenues from information and reservation services were CNY 87.9 million, down 35% year-over-year, primarily due to the decrease in the number of medical service providers subscribing to our information services. Sales of medical products and maintenance services revenues were CNY 73.9 million, down 2.8% year-over-year, primarily due to the decrease in order volume for medical equipment.

Nan Shen: Net of this deferral impact, revenue still grew approximately 103%. Looking at aesthetic centers data, as of 30 June, we operated 65 So-Young clinics across 18 major cities, reflecting a net addition of 11 centers during the quarter. Among them, 47 centers were profitable, and 51 centers generated positive operating cash flow during the quarter, reflecting a net addition of 6 and 3, respectively, from last quarter. We also achieved same-store sales growth of 52%, substantially improved from 14% in the prior year period. Turning to our other segments, revenues from information and reservation services were CNY 87.9 million, down 35% year-over-year, primarily due to the decrease in the number of medical service providers subscribing to our information services. Sales of medical products and maintenance services revenues were CNY 73.9 million, down 2.8% year-over-year, primarily due to the decrease in order volume for medical equipment.

Speaker #4: Looking at aesthetic-centered data, as of June 30, we operated 65 So-Young clinics across 18 major cities. Reflecting a net addition of 11 centers during the quarter, among them, 47 centers were profitable and 51 centers generated positive operating cash flow during the quarter.

Speaker #4: Reflecting a net addition of 6.3, respectively, from last quarter. We also achieved same-store sales growth of 52%, substantially improved from 14% in the prior year period.

Speaker #4: Turning to our other segments, revenues from information and reservation services were $87.9 million, down 35% year over year, primarily due to the decrease in the number of medical service providers subscribing to our information services.

Speaker #4: Sales of medical products and maintenance services revenues were $73.9 million, down 2.8% year over year, primarily due to the decrease in order volume for medical equipment.

Speaker #4: Other services revenues were $12 million, down 48.2% year over year, due to lower insurance brokerage revenue. Cost of revenues was $282.4 million, up 53% year over year, driven primarily by the expansion of our branded aesthetic centers.

David Brown: Other services revenues were CNY 12 million, down 48.2% year-over-year, due to a lower insurance brokerage revenue. Cost of revenues was CNY 282.4 million, up 53% year-over-year, driven primarily by the expansion of our branded aesthetic centers. Total operating expenses were CNY 266.5 million, up 10.4% year-over-year. Specifically, sales and marketing expenses were CNY 153.5 million. From aesthetic treatment service perspective, our comprehensive customer acquisition cost remains at a healthy level, accounting for less than 10% of the revenue. Coupled with strong user retention, our overall customer acquisition model remains sustainable. G&A expenses were CNY 88.6 million, up 12.5% year-over-year, reflecting the continued expansion of our branded aesthetic centers. R&D expenses were CNY 24.4 million, down 21.7% year-over-year, driven by continued improvements in staff efficiency. Moving forward, we will continue to deepen AI integration across our operations

Nan Shen: Other services revenues were CNY 12 million, down 48.2% year-over-year, due to a lower insurance brokerage revenue. Cost of revenues was CNY 282.4 million, up 53% year-over-year, driven primarily by the expansion of our branded aesthetic centers. Total operating expenses were CNY 266.5 million, up 10.4% year-over-year. Specifically, sales and marketing expenses were CNY 153.5 million. From aesthetic treatment service perspective, our comprehensive customer acquisition cost remains at a healthy level, accounting for less than 10% of the revenue. Coupled with strong user retention, our overall customer acquisition model remains sustainable. G&A expenses were CNY 88.6 million, up 12.5% year-over-year, reflecting the continued expansion of our branded aesthetic centers. R&D expenses were CNY 24.4 million, down 21.7% year-over-year, driven by continued improvements in staff efficiency. Moving forward, we will continue to deepen AI integration across our operations

Speaker #4: Total operating expenses were $266.5 million, up 10.4% year over year. Specifically, sales and marketing expenses were $153.5 million. From an aesthetic treatment service perspective, our comprehensive customer acquisition cost remains at a healthy level, accounting for less than 10% of revenue.

Speaker #4: Coupled with strong user retention, our overall customer acquisition model remains sustainable. G&A expenses were $88.6 million, up 12.5% year over year, reflecting the continued expansion of our branded aesthetic centers.

Speaker #4: R&D expenses were $24.4 million, down 21.7% year over year, driven by continued improvements in staff efficiency. Moving forward, we will continue to deepen AI integration across our operations, streamlining workflows and driving efficiency gains in R&D, clinical diagnosis and treatment, and beyond.

Nan Shen: Streamlining workflows and driving efficiency gains in R&D, clinical diagnosis and treatment, and beyond. Income tax benefits were CNY 2.5 million, compared with income tax expenses of CNY 1.9 million in the prior year period. Net loss attributable to So-Young was CNY 22.7 million, which narrowed by 37%, compared with CNY 36 million in the prior year period. Non-GAAP net loss attributable to So-Young was CNY 21 million, compared with CNY 30.5 million in the prior year period. Basic and diluted loss per ADS were both 0.22, compared with 0.35 in the prior year period. As of 30 June 2026, our cash and cash equivalents, restricted cash and term deposits, and short-term investments totaled CNY 848.2 million. Turning to our outlook. Please allow me to remind everyone that this contains forward-looking statements, which include risks and uncertainties that are beyond our control and could cause the actual results to differ materially from our predictions.

Speaker #4: Income tax benefits were $2.5 million, compared with income tax expenses of $1.9 million in the prior year period. Net loss attributable to So-Young was $22.7 million, which narrowed by 37% compared with $36 million in the prior year period.

Speaker #4: Net net loss attributable to So-Young was $21 million, compared with $30.5 million in the prior-year period. Basic and diluted loss per ADS were both $0.22, compared with $0.35 in the prior-year period.

Speaker #4: As of June 30, 2026, our cash, cash equivalents, restricted cash, term deposits, and short-term investments totaled $848.2 million. Turning to our outlook, please allow me to remind everyone that this contains forward-looking statements, which include risks and uncertainties that are beyond our control and could cause the actual results to differ materially from our predictions.

Speaker #4: Based on our current estimates, we expect revenues from aesthetic treatment services to be between $352 million and $362 million, representing year-over-year growth of 91.7% to 97.2%.

Nan Shen: Based on our current estimates, we expect revenues from aesthetic treatment services to be between CNY 352 million and CNY 362 million, representing year-over-year growth of 91.7% to 97.2%. That concludes my prepared remarks. Operator, we are now ready for the Q&A section. Thanks.

Speaker #4: That concludes my prepared remarks. Operator, we are now ready for the Q&A section. Thank you.

Speaker #2: Thank you. We will now begin the question-and-answer session. To ask a question, you may press star, then 1, on your touchtone phone.

Operator 3: Thank you. We will now begin the question and answer session. To ask a question, you may press star then one on your touch-tone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then two. At this time, we will pause momentarily. The first question today comes from Jin He with CITICS. Please go ahead.

Operator: Thank you. We will now begin the question and answer session. To ask a question, you may press star then one on your touch-tone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then two. At this time, we will pause momentarily. The first question today comes from Jin He with CITICS. Please go ahead.

Speaker #2: If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star, then 2.

Speaker #2: At this time, we will pause momentarily. The first question today comes from Jin Ping He with CITICS. Please go ahead.

Speaker #3: Okay. Hold on. 18栋沈总和各位观众，大家好。我是中兴证券的何景鹏。感谢这个提问机会。那么首先也是恭喜公司在二季度继续取得一个非常亮眼的业绩增长，特别是在咱们的主业务上。我这边有个小问题想请教一下，就是我们看到公司和组国的合作确实带来了一个非常好的势头，也形成了一些模式上的创新，就想请教一下咱们在合作中双方是具体达成了哪些的共识，然后带来了什么样的好处。 Thank you, management, for taking my questions. Firstly, congratulations to the company for continuing a strong performance and impressive growth in the second quarter.

Jin He: 好的。金总、沈总和各位官员大家好，我是中信证券的何景彭，感谢这个提问机会。那么首先也是恭喜公司在二季度继续取得一个非常亮眼的业绩增长，特别是在咱们的业务上。我这边有个小问题想请教一下，就是我们看到公司和锦博的合作确实带来了一个非常好的势头，也形成一些模式上的创新。就想请教一下，咱们就在合作中，双方是具体达成了哪些的共识，然后带来什么样的好处？

Jinpeng He: 好的。金总、沈总和各位官员大家好，我是中信证券的何景彭，感谢这个提问机会。那么首先也是恭喜公司在二季度继续取得一个非常亮眼的业绩增长，特别是在咱们的业务上。我这边有个小问题想请教一下，就是我们看到公司和锦博的合作确实带来了一个非常好的势头，也形成一些模式上的创新。就想请教一下，咱们就在合作中，双方是具体达成了哪些的共识，然后带来什么样的好处？

Jin He: Thank you management for taking the questions. Firstly, congratulations to company's continued strong performance and impressive growth in Q2. I have a question regarding the collaboration with Jinbo. The collaboration is generating great momentum with innovative partnership model. What have those parties liked and what are benefits? Thank you.

Jinpeng He: Thank you management for taking the questions. Firstly, congratulations to company's continued strong performance and impressive growth in Q2. I have a question regarding the collaboration with Jinbo. The collaboration is generating great momentum with innovative partnership model. What have those parties liked and what are benefits? Thank you.

Speaker #3: So, I have a question regarding the collaboration with G4. The collaboration is generating great momentum with the innovation partnership model. What have both parties laid out, and what are the benefits?

Speaker #3: Thank you.

Speaker #4: 景鹏你好，非常感谢你的提问。我们非常高兴是与景博达成了这种稳定可靠、互利互惠的战略合作。我们认为随着每用户的消费逻辑转向自然还原、组织再生与长期效果，重组人员化的胶原蛋白一定会是一个生命周期很长的产品。所以与景博建立稳定的供应链关系，是非常有利于新氧的长期发展。

Xing Jin: 金鹏你好，非常感谢你的提问。我们非常高兴的是与锦博达成了这种稳定可靠、互利互惠的战略合作。我们认为随着每用户的这个消费逻辑转向自然还原、组织再生与长期效果，重组人源化的胶原蛋白一定会是一个生命周期很长的产品。所以与锦博建立稳定的供应链关系，是非常有利于新氧的长期发展。We are pleased to have reached a reliable, mutually beneficial partnership with Jinbo.

Xing Jin: 金鹏你好，非常感谢你的提问。我们非常高兴的是与锦博达成了这种稳定可靠、互利互惠的战略合作。我们认为随着每用户的这个消费逻辑转向自然还原、组织再生与长期效果，重组人源化的胶原蛋白一定会是一个生命周期很长的产品。所以与锦博建立稳定的供应链关系，是非常有利于新氧的长期发展

Mona Qiao: We are pleased to have reached a reliable, mutually beneficial partnership with Jinbo. As medical aesthetic demand moves toward natural restoration, tissue regeneration, and long-lasting outcomes, recombinant humanized collagen will have a long lifespan. A dependable upstream relationship with Jinbo therefore benefits our long-term growth.

Speaker #5: We are pleased to have reached a reliable, mutually beneficial partnership with Jinbo as medical aesthetics demand moves toward natural restoration, tissue regeneration, and long-lasting outcomes.

Xing Jin: As medical aesthetic demand moves toward natural restoration, tissue regeneration, and long-lasting outcomes, recombinant humanized collagen will have a long lifespan. A dependable upstream relationship with Jinbo therefore benefits our long-term growth.

Speaker #5: The component Human Rights Collagen will have a long lifespan. It benefits our upstream relationship with Jinbo, therefore benefiting our long-term growth.

Speaker #4: 更重要的是，我们在合作中创新性地使用真实世界数据来反哺产品和供应链的决策。我们把消费者的年龄、皮肤状态、治疗部位、使用剂量、医生操作方式，以及术后反应、满意度和复购的情况全部进行关联分析。基于这些分析结果，我们能更精确地判断产品适用的人群、部位和疗程组合，以此优化医生培训、项目设计、城市配货和采购计划。大幅减少了试错采购和库存积压，同时这也让上游厂商跳出了封闭的研发环境，能够根据一线临床数据去迭代产品，通过这样的方式，新氧不仅优化了自身的运营效率，也进一步增强了我们在上游共研产品迭代和商业合约合作中的话语权。

Xing Jin: 更重要的是，我们在合作中创新性地使用真实世界数据来反哺产品和供应链的决策。我们把消费者的年龄、皮肤状态、治疗部位、使用剂量、医生操作方式，以及术后反应满意度和复购的情况全部进行关联分析。基于这些分析结果，我们能更精确地判断产品适用的人群部位和疗程组合，以此优化医生培训、项目设计、城市配货和采购计划，大幅减少了试错采购和库存积压。同时这也让上游厂商跳出了封闭的研发环境，能够根据一线临床数据去迭代产品。通过这样的方式，新氧不仅优化了自身的运营效率，也进一步增强了我们在上游供源产品迭代和商业合作中的话语权。

Speaker #5: More importantly, we are using real-world data to drive product and supply chain decisions. We analyze connections between user age, skin condition, treatment details, post-treatment reactions, feedback, and repurchasing behavior. From there, we can pinpoint which products fit which population area and treatment combination.

Xing Jin: More importantly, we are using real world data to drive product and supply chain decisions. We analyze connections between user age, skin condition, treatment details, post-treatment reaction, feedback, and repurchasing behavior. From there, we can pinpoint which product fits which population, area, and treatment combination. This helps us optimize doctor training, program decision, and inventory planning, which greatly reduces buying guesswork and excess inventory. It also lets upstream manufacturers move out of a closed R&D environment and integrate their products based on actual clinical insights.

Mona Qiao: More importantly, we are using real world data to drive product and supply chain decisions. We analyze connections between user age, skin condition, treatment details, post-treatment reaction, feedback, and repurchasing behavior. From there, we can pinpoint which product fits which population, area, and treatment combination. This helps us optimize doctor training, program decision, and inventory planning, which greatly reduces buying guesswork and excess inventory. It also lets upstream manufacturers move out of a closed R&D environment and integrate their products based on actual clinical insights. This enhances our operational efficiency and builds leverage in joint research, product integration, and partnerships.

Speaker #5: This helps us optimize doctor training, program decisions, and even trade planning, which greatly reduces buying guesswork and excess inventory. It also lets us help manufacturers move out of a closed R&D environment and integrate their products based on actual clinical insights.

Speaker #5: This enhances our operational efficiency and builds leverage in joint research, project integration, and partnerships.

Mona Qiao: This enhances our operational efficiency and builds leverage in joint research, product integration, and partnerships.

Speaker #4: 未来我们会把这种数据反哺、共研共创的模式拓展到更多国内外的优质供应商。过去大家可能觉得下游机构只是卖产品的渠道，但现在我们希望把新氧的规模化、医疗服务网络打造成产品创新的基础设施，以真实的消费需求、实操经验和治疗效果赋能研发，推动技术创新和产品迭代，也让更多的消费者受益。

Xing Jin: 未来我们会把这种数据返哺、共研共创的模式拓展到更多国内外优质供应商。过去大家可能觉得下游机构只是卖产品的渠道，但现在我们希望把新氧的规模化医疗服务网络打造成产品创新的基础设施，以真实的消费需求、实操经验和治疗效果赋能研发，推动技术创新和产品迭代，也让更多的消费者受益。

Speaker #5: Going forward, we will extend this data feedback co-creation model to more quality partners at home and abroad. In the past, many viewed downstream clinics only as distribution channels. Today, we are transforming our extensive clinic network into the industry's innovation infrastructure.

Mona Qiao: Going forward, we will expand this data feedback co-creation model to more quality partners at home and abroad. In the past, many viewed downstream clinics only as distribution channels. Today, we are transforming our extensive clinic network into the industry's innovation infrastructure. By leveraging real world consumer demand, hands-on experience, and treatment outcomes to deliver RD, we aim to accelerate technology innovation and product integration, ultimately delivering value to more consumers.

Speaker #5: By leveraging real-world consumer demand, hands-on experience, and treatment outcomes to deliver R&D, we aim to accelerate technology innovation and product integration, ultimately delivering value to more consumers.

Xing Jin: 谢谢。

Speaker #5: Thank you.

Mona Qiao: Thank you.

Speaker #2: The next question comes from James Wong with GF Securities. Please go ahead.

Operator 3: The next question comes from James Wang with GF Securities. Please go ahead.

Operator: The next question comes from James Wang with GF Securities. Please go ahead.

Speaker #3: 各位观众朋友好，我是广发张旺，然后也恭喜公司在二季度取得非常亮眼的业绩。其实我们看身边也更多的城市开了青春总果，又有更多朋友在我们的店里去做项目。那其实刚刚也讲到一些AI方面举措，也能否请管理层在帮忙分享一下，就是AI在业务端如何去落地。然后以及我们未来的发展方向跟带来的价值会在哪些方面。Latest James from GF Securities. Congratulations on the outstanding performance. Management mentioned a few AI initiatives. Could you elaborate more on how AI is being applied in the business?

James Wang: 各位管理层好，我是广发张望，也恭喜公司在二季度取得非常亮眼的业绩。其实我们看身边也更多的城市开了青春诊所，也有更多朋友在我们的建议去做项目。其实刚刚也讲到一些AI方面举措，也能否请管理层再帮忙分享一下，AI在业务端如何去落地，以及我们未来的发展方向跟带来价值会在哪些方面？This is James from GF Securities. Congratulations on the outstanding performance. Management mentioned a few AI initiatives.

James Wang: This is James from GF Securities. Congratulations on the outstanding performance. Management mentioned a few AI initiatives. Could you elaborate more on how AI is being applied in the business? Where do you see the biggest value and future direction? Thank you.

James Wang: Could you elaborate more on how AI is being applied in the business? Where do you see the biggest value and future direction? Thank you.

Speaker #3: Where do you see the biggest value and future direction? Thank you.

Speaker #4: 张旺你好，非常感谢你的提问。在这个我们这个医美行业，我觉得有几个特别的属性，它兼具这种医疗属性强、容错率低，并且高度依赖医生个人经验等特点。所以AI的核心价值在于把过去依赖个人经验、消费者难以感知的这种医疗过程转变为标准化、可视化、可追溯的服务，让优质医疗资源从一二线下沉到低线城市，解决医疗交付不均衡的痛点。

Xing Jin: 张望，你好，非常感谢你的提问。在这个医疗行业，我觉得有几个特别的属性，它兼具这种医疗属性强、容错率低，并且高度依赖医生个人经验等特点。所以AI的核心价值，在于把过去依赖个人经验、消费者难以感知的这种医疗过程转变为标准化、可视化、可追溯的服务，让优质医疗资源从一二线下沉到低线城市，解决医疗交付不均衡的痛点。

Speaker #5: Medical aesthetics is a highly medical field with a low tolerance for errors. It relies heavily on individual expertise. The core value of AI lies in transforming experience-driven, hard-to-perceive procedures into uniform, visible, and traceable offerings.

Mona Qiao: Medical aesthetics is a highly medical field with a low tolerance for errors. It relies heavily on individual expertise. The core value of AI lies in transforming experience-driven, hard-to-perceive procedures into uniform, visible, and traceable offerings. This approach also helps distribute premium medical resources to lower-tier cities, which helps address imbalances in medical delivery.

Speaker #5: This approach also helps distribute premium medical resources to lower-tier cities, which helps address imbalances in medical delivery.

Speaker #4: 在落地过程中，我们目前的重点是将AI用于扫码验证、中后台指控、数据基建与数据治理等环节。例如扫码验证可当场检验药品与仪器的正品溯源、打消消费者的假货顾虑、增强信任感，同时全程透明化操作，能够提高消费者的就医安全感与整体体验，再比如我们利用AI将优秀医生的诊疗经验进行结构化拆解，转化为组织知识数据，并逐步嵌入SOP流程、病历库和术后反馈系统等模块，从而赋能新医生快速成长、统一各门店服务标准、及时识别异常操作、持续提升整体服务质量和用户满意度。

Xing Jin: 在落地过程中，我们目前的重点是将AI用于扫码验证、中后台质控、数据基建与数据治理等环节。例如扫码验证可当场检验药品与仪器的正品溯源，打消消费者的假货顾虑，增强信任感。同时全程透明化操作，能够提高消费者的就医安全感与整体体验。再比如，我们利用AI将优秀医生的诊疗经验进行结构化拆解，转化为组织知识数据，并逐步嵌入SOP流程、病例库和术后反馈系统等模块，从而赋能新医生快速成长，统一各门店服务标准，及时识别异常操作，持续提升整体服务质量和用户满意度。

Speaker #5: In practice, our current focus is applying AI to product authentication, back-office course control, and data foundations and governance. QR code authentication verifies medicine and device traceability immediately.

Mona Qiao: In practice, our current focus is applying AI to product authentication, back-office quality control, and data foundations and governance. QR code authentication verifies medicine and device traceability immediately, mitigating counterfeit related concerns and building trust. End-to-end transparency raises the users' confidence in care and overall experience. We also use AI to break down top physicians' experience into a database. We then embed it into our SOPs, case libraries, and post-treatment feedback modules. That accelerates new physicians' development, aligns quality across centers, and identifies irregularities in real time, lifting overall quality and customer experience.

Speaker #5: Mitigating counter-traceability concerns and building trust—end-to-end transparency raises the user's confidence in care and overall experience. We also use AI to break down top physicians' experience, embedding it into our SOPs, case libraries, and post-treatment feedback modules.

Speaker #5: That accelerates new physicians’ development, aligns quality across centers, and identifies irregularities in real time, lifting overall quality and customer experience.

Speaker #4: 今年四季度，我们还将正式推出第一代全智慧门店，开启AI工具在门店的大规模落地应用。我们希望通过AI复制和输出，我们高标准的医疗交付及运营能力，基于新氧在行业中的领导地位和先发数字基建优势，我们有信心以AI为引擎，引领行业迈向高质量发展的新阶段。

Xing Jin: 今年四季度，我们还将正式推出第一代全智慧门店，开启AI工具在门店的大规模落地应用。我们希望通过AI复制和输出我们高标准的医疗交付及运营能力。基于新氧在行业中的领导地位和先发数据基建优势，我们有信心以AI为引擎，引领行业迈向高质量发展的新阶段。

Speaker #5: In Q4 this year, we will roll out our first generation of fully intelligent centers, initiating widespread AI deployment across our network. We aim to replicate our high-quality medical delivery and operating capabilities via AI.

Mona Qiao: In Q4 this year, we will roll out our first generation of fully intelligent centers, initiating widespread AI deployment across our network. We aim to replicate our high quality medical delivery and operating capabilities via AI. Given our industry leadership and early mover advantage in digital infrastructure, we are confident that driven by AI, we can lead the industry into a new phase of high quality growth.

Speaker #5: Given our industry leadership and early-mover advantage in digital infrastructure, we are confident that, driven by AI, we can lead the industry into a new phase of high-quality growth.

Xing Jin: 谢谢。

Speaker #5: Thank you.

Mona Qiao: Thank you.

Speaker #2: The next question comes from Nelson Chang with Citibank. Please go ahead.

Operator 3: The next question comes from Nelson Cheung with Citigroup. Please go ahead.

Operator: The next question comes from Nelson Cheung with Citigroup. Please go ahead.

Speaker #3: 各位观众朋友晚上好，我是来自花旗的 Nelson。我们注意到这个季度连锁业务的毛利率其实是有所改善。我们想请教一下管理层，这个毛利率改善背后的原因是什么？接下来提升毛利率会有什么具体的规划呢？So let me translate into English. Thank you, management, for taking my question. We observed that the aesthetics center gross margin has improved this quarter. Could you walk us through what are the key drivers for this improvement and what your future plans for gross margin expansion are?

Nelson Cheung: 管理层晚上好，我是来自花旗的 Nelson。我们注意到这个季度连锁业务的毛利率其实是有所改善，所以我们想请教一下管理层，这种毛利率改善背后的原因，以及公司接下来在提升方面会有什么具体的规划呢？Let me translate into English. Thanks management for taking my question. We observed that the aesthetic center gross margin has improved this quarter. Would you walk through what are the key drivers for the improvement and what are your future plans for gross margin expansion in the future? Thank you.

Nelson Cheung: 管理层晚上好，我是来自花旗的 Nelson。我们注意到这个季度连锁业务的毛利率其实是有所改善，所以我们想请教一下管理层，这种毛利率改善背后的原因，以及公司接下来在提升方面会有什么具体的规划呢？

Nelson Cheung: Let me translate into English. Thanks management for taking my question. We observed that the aesthetic center gross margin has improved this quarter. Would you walk through what are the key drivers for the improvement and what are your future plans for gross margin expansion in the future? Thank you.

Speaker #3: Thank you.

Speaker #5: Thanks, Nelson. This is Shannon. 我来分享一下你的问题。我们在这个季度的毛利同比提升了3.8个百分比点，环比也提升了1个百分点，尤其是考虑到我们在Q2有11家新门店开业，对毛利其实是有稀释的。那这其实是一个非常好的成绩，也展现出了我们毛利率不断改善的一个趋势。毛利率的改善主要得益于我们始终坚持以规模与效益的双轮驱动来进行门店的运营和管理。Our gross margin increased by 3.8 percentage points year over year, and 1 percentage point quarter over quarter. An excellent result that demonstrates a clear trend of sustained improvement.

Nan Shen: Thanks Nelson, this is Shannon. 我来回答一下你的问题。我们在这个季度的毛利同比提升了3.8个PP，环比也提升了1个PP。尤其是考虑到我们在Q2有11家新门店开业，对毛利其实是有稀释的。那这其实是一个非常好的成绩，也展现出了我们毛利率不断改善的一个趋势。毛利率的改善主要得益于我们始终坚持以规模与效益的双轮驱动来进行门店的运营和管理。

Mona Qiao: Our gross margin increased by 3.8 percentage points year-over-year and 1 percentage point quarter-over-quarter. An excellent result that demonstrates a clear trait of sustained improvement, particularly considering our pace of opening 11 new centers in Q2. The gross margin improvement mainly reflects our dual engine of scale and efficiency approach to center operation and management.

Speaker #5: Particularly, consider our pace of opening 11 new centers in Q2. The gross margin improvement mainly reflects our notion of scale and efficiency approach.

Speaker #5: To center operation and management. 在门店的运营端，我们不断地提升门店的收入、平效、床效和人效。我们把最初制定的床位的饱和度标准提升了50%。也就是说，假设在我们原来的规划下，每张床位每天可以完成10个制造点的服务，我们现在把这个数字提升到了15个治疗点，并且按照新的标准来规划门店的服务流程，这样既可以减少客户的等待的时长，让用户体验变得更好。那与此同时呢，也能让门店的经营杠杆充分地得到释放，提升门店的毛利和经营利润的水平。而且随着我们标准化运营体系的成熟，成熟门店的比例占比其实是持续提升的。新店的爬坡周期也在逐步缩短，这些也都对毛利有积极的贡献。像我刚刚在prepare remarks里面讲的，在第二季度我们有47家门店实现了店端的盈利，然后有51家门店的现金流是为正的。 For the center operation, we continue to enhance per-center revenue per square meter, revenue per bag, and labor productivity.

Nan Shen: 在门店的运营端，我们不断地提升门店的收入、瓶效、床效和人效。我们把最初制定的床位的饱和度标准提升了50%，也就是说，假设在我们原来的规划下，每张床位每天可以完成10个治疗点的服务，我们现在把这个数字提升到了15个治疗点，并且按照新的标准来规划门店的服务流程，这样既可以减少客户等待的时长，让用户体验变得更好。与此同时，也能让门店的经营杠杆充分得到释放，提升门店的毛利和经营利润的水平。而且随着我们标准化运营体系的成熟，成熟门店的比例占比其实是持续提升的，新店的爬坡周期也在逐步缩短，这些也都对毛利有积极的贡献。像我刚刚在prepared remarks里面讲的，在第二季度，我们有47家门店实现了店端的盈利，然后有51家门店的现金流是为正的。

Mona Qiao: For the center operation, we continued to enhance per center revenue per square meter, revenue per bed, and labor productivity. We raised our initial bed capacity utilization benchmark by 50%. In other words, if the original plan assumed each bed could accommodate 10 treatments per day, we have now increased that target to 15. We are restructuring our service workflows around this new benchmark to reduce customer wait times. This not only improves the user experience, but also fully unlocks the operating leverage of our centers, thereby boosting both gross margin and operating profits. With a maturing operating framework, mature centers take a growing share of our footprint. Ramp-up periods of our new centers are getting shorter and making positive contributions to gross margins. In Q2, 47 centers achieved center-level profitability and 51 generated positive operating cash flow.

Speaker #5: We raised our initial bag capacity utilization benchmark by 50%. In other words, if our original plan assumed each bag could accommodate 10 treatments per day, we have now increased that target to 15.

Speaker #5: We are restructuring our service workflows around this new benchmark to reduce customer wait times. This not only improves the user experience, but also fully unlocks the operating leverage of our centers.

Speaker #5: Thereby boosting both gross margin and operating profits. With a maturing operating framework, mature centers take a growing share of our footprint. Ramp-up periods of our new centers are getting shorter and making positive contributions to gross margins.

Speaker #5: In Q2, 47 centers achieved center-level profitability, and 51 generated positive operating cash flow. 在供应链端，我们依托规模效应强化了上游的议价能力。随着新氧青春诊所的门店网络的持续扩大，规模化采购带来的成本优势正在加速释放。依托这样的规模优势，我们跟上游厂商的合作在持续深化，也可以获得更有竞争力的采购价格。我们还通过签订独家的 OEM 合作、阶梯式的采购协议等方式，在医疗美容的高需求品项上面获得了优先合作权。同时这些大单品的推出和热卖也证明了新氧打造大单品的能力，这将进一步提升我们对上游厂商的吸引力。在持续加入现有大单品的同时，我们未来还会有新的单品推出上市，不断地提升毛利的空间。 For the supply chain, our expansive network gives us more bargaining power. As our network expands, procurement cost advantages from larger volumes are being unlocked at a faster pace.

Nan Shen: 在供应链端，我们依托规模效应强化了上游的议价能力。随着新氧青春诊所的门店网络的持续扩大，规模化采购带来的成本优势正在加速释放。依托这样的规模优势，我们跟上游厂商的合作在持续深化，也可以获得更有竞争力的采购价格。我们还通过签订独家的OEM的合作、阶梯式的采购协议等方式，在医疗美容的高需求品项上面获得了优先合作权。同时，这些大单品的推出和热卖也证明了新氧打造大单品的能力，这将进一步提升我们对上游厂商的吸引力。在持续加注现有大单品的同时，我们未来还会有新的单品推出上市，不断地提升毛利的空间。

Mona Qiao: For the supply chain, our expansion network gives us more bargaining power. As our network expands, procurement cost advantage from larger volumes are being unlocked at a faster pace. With that leverage, we deepened collaborations with upstream partners to gain price competitive deals. Exclusive OEM agreements and tiered procurement contracts also give us priority partners rights in the high demand categories. Meanwhile, the momentum of our blockbuster products proves our capability in building blockbusters while further increasing our appeal to upstream manufacturers. We will keep pushing existing blockbusters, and over the next two years, we have a robust pipeline of new products to help us improve gross margin.

Speaker #5: We thus leveraged our deepened collaborations with upstream partners to gain price-competitive deals. Exclusive OEM agreements and tiered procurement contracts also gave us priority partner rights in the high-demand categories.

Speaker #5: Meanwhile, the momentum of our blockbuster products proves our capability in building blockbusters, while further increasing our appeal to upstream manufacturers. We will keep pushing existing blockbusters, and over the next two years, we have a robust pipeline of new products to help us improve gross margin.

Speaker #3: 同时通过我们当前的大中台的组织模式和数字化的和AI赋能，我们在设备、仓储、客户管理等环节能够实现更精准的资源配置和管理。我们的单店经济模型也会持续优化。

Nan Shen: 同时通过我们当前的大中台的组织模式和数字化的核业赋能，我们在设备、仓储、客户管理等环节能够实现更精准的资源配置和管理，我们的单店经济模型也会持续优化。

Speaker #5: Additionally, backed by a central operations platform and AI, we can allocate resources and manage equipment, warehousing, and customer operations more precisely, driving better per-center center economics.

Mona Qiao: Meanwhile, backed by a central operations platform and AI, we can allocate resources and manage equipment, warehousing, and customer operations more precisely, driving better percentage economics.

Speaker #3: 总之随着门店运营效率的不断提升和供应链成本的持续优化，我们对连锁业务未来毛利率的持续改善是充满了信心的。我们也将持续发挥规模优势，加强供应链的合作，深化AI的应用，同时推动连锁业务实现高质量的可持续的增长。

Nan Shen: 总之，随着门店运营效率的不断提升和供应链成本的持续优化，我们对连锁业务未来毛利率的持续改善是充满了信心的。我们也将持续发挥规模优势，加强供应链的合作，深化AI的应用，同时推动连锁业务实现高质量的可持续的增长。

Speaker #5: In short, with continued optimization of upstream costs and per-center operating efficiency, we are confident about ongoing gross margin improvement. We will keep leveraging our mix of skill, deepen upstream collaboration, and broaden AI adoption to drive high-quality growth.

Mona Qiao: Sure. With continued optimization of upstream costs and percentage operating efficiency, we are confident about ongoing growth margin improvement. We will keep leveraging our economics of scale, deepen upstream collaboration, and broaden AI adoption to drive high quality growth.

Speaker #2: The next question comes from Daisy Chen with Haitong. Please go ahead.

Operator 3: The next question comes from Daisy Chen with Haitong. Please go ahead.

Operator: The next question comes from Daisy Chen with Haitong. Please go ahead.

Speaker #4: 晚上好。金总、夏洛总，感谢接受我的提问。也是恭喜公司继续在这个季度取得高质量的增长。我的问题是关于集团层面的一个盈利情况。想请教管理层，今年集团在减亏层面的核心抓手是什么？以及如何稳步地推进集团向盈利这个方向去迈进？Good evening, 金总、夏洛总。 Thank you for taking my question. Congratulations on the decent results with the high-quality goals this quarter. My question is about our profitability.

Daisy Chen: 晚上好，金总，肖总，感谢接受我的提问，也是恭喜公司继续在这个季度取得高质量的增长。我的问题是关于集团层面的一个盈利情况，想请教管理层，今年集团在减亏层面的核心抓手是什么，以及如何稳步地推进集团向盈利这个方向去迈进。Good evening, 金总，肖总。Thank you for taking my question. Congratulations on the decent results with the high-quality growth this quarter. My question is about our profitability. What are the core levers for the loss reduction this year?

Speaker #4: What are the core levers for loss reduction this year, and how do you plan to move toward group-level profitability? Thank you.

Daisy Chen: How do you plan to move toward the group level's profitability? Thank you.

Speaker #5: 谢谢 Daisy。今年集团在减亏层面的核心抓手，其实用两个字概括就是“聚焦”。我们会持续地聚焦连锁业务这个主航道，以及聚焦我们当前盈利的业务。 Thank you, Daisy. To sum up, our core lever for loss reduction this year, in one word, is "focus." We are focused on the main track of our clinic business and on profitable operations.

Nan Shen: 谢谢Daisy。今年集团在减亏层面的核心抓手，其实用两个字概括，就是聚焦。我们会持续地聚焦连锁业务这个主航道，以及聚焦我们当前盈利的业务。Thank you, Daisy. To sum up, our core lever for loss reduction this year in one word, it is focus.

Nan Shen: 谢谢Daisy。今年集团在减亏层面的核心抓手，其实用两个字概括，就是聚焦。我们会持续地聚焦连锁业务这个主航道，以及聚焦我们当前盈利的业务。

Mona Qiao: Thank you, Daisy. To sum up, our core lever for loss reduction this year in one word, it is focus. We are focused on the main track of our clinic business and on profitable operations

Nan Shen: We are focused on the main track of our clinic business and on profitable operations。第一，从基因组合的角度，当前泡泡和真肌的销售业务是在持续贡献利润以及正向的净现金流的。青春诊所的连锁业务在高速的增长期仍然处在一个战略投入的阶段，这其实是一个比较理想的一个基因组合。我们一方面要保障现有的盈利业务的利润水平是平稳的，另外一方面要不断提升连锁业务的运营效率，推动连锁业务实现整体的盈利。同时我们会采用关停出售与减少投入的方式，减少对尚在亏损的其他业务的投入，将集团的资源不断地聚焦到上述的两个重点方向上。First, from an operating portfolio perspective, our POP and injectable sales business continue to generate profits and operating cash flow.

Mona Qiao: First, from an operating portfolio perspective, our POP and injectable sales business continue to generate profits and operating cash flow. Our clinic business is in a high-growth phase and remains in a strategic investment stage. This represents a well-balanced business mix. On the one hand, we remain solid profit levels for our existing profitable business. On the other hand, we keep improving the operational efficiency of our clinic business to drive its overall profitability. Meanwhile, we scale back investment in other loss-making business through store closures, disposals, and reduced capital allocations so that group resources can be increasingly focused on these two priorities.

Nan Shen: 。第一，从基因组合的角度，当前泡泡和真肌的销售业务是在持续贡献利润以及正向的净现金流的。青春诊所的连锁业务在高速的增长期仍然处在一个战略投入的阶段，这其实是一个比较理想的一个基因组合。我们一方面要保障现有的盈利业务的利润水平是平稳的，另外一方面要不断提升连锁业务的运营效率，推动连锁业务实现整体的盈利。同时我们会采用关停出售与减少投入的方式，减少对尚在亏损的其他业务的投入，将集团的资源不断地聚焦到上述的两个重点方向上。

Speaker #5: 第一呢，从今组合的角度，当前泡泡和真迹的销售业务是在持续贡献利润以及正向的经营现金流的。那么青春诊所的连锁业务在高速的增长期仍然处在一个战略投入的阶段。这其实是一个比较理想的一个经营组合。我们一方面要保障现有的盈利业务的利润水平是平稳的，另外一方面要不断提升连锁业务的运营效率，推动连锁业务实现整体的盈利。同时我们会采用关停出售与减少投入的方式，减少对尚在亏损的其他业务的投入，将集团的资源不断地聚焦到上述的两个重点方向上。 First, from an operating portfolio perspective, our pop and injectable sales business continue to generate profits and operating cash flow. Our clinic business is in a high growth phase and remains in a strategic investment stage.

Nan Shen: Our clinic business is in a high-growth phase and remains in a strategic investment stage. This represents a well-balanced business mix. On the one hand, we remain solid profit levels for our existing profitable business. On the other hand, we keep improving the operational efficiency of our clinic business to drive its overall profitability. Meanwhile, we scale back investment in other loss-making business through store closures, disposals, and reduced capital allocations so that group resources can be increasingly focused on these two priorities.

Speaker #5: This represents a well-balanced business mix. On the one hand, we maintain solid profit levels for our existing profitable business. On the other hand, we keep improving the operational efficiency of our clinic business to drive its overall profitability.

Speaker #5: Meanwhile, we scale back investment in other loss-making businesses through store closures, disposals, and reduced capital allocations, so that group resources can be increasingly focused on these two priorities.

Speaker #3: 连锁业务的盈亏平衡点是相对清晰的。在现有的成本结构下，固定成本是可以根据开店的数量和节奏进行锚定的。那么边际贡献的部分取决于连锁业务的规模增长，毛利的提升速度以及获客的效率。连锁业务在过去的10个季度维持了超过130%的一个高增速，毛利率也是在不断提升的。那我们能看到其获客效率也是在持续的优化。我们会在今年的Q3和Q4看到连锁毛利的持续的大幅改善。那随着经营杠杆的释放，固定成本被规模效应不断地摊薄，以及即将到来的秋冬季的一个业务的一个高峰，连锁业务的整体盈利其实是一个非常切近的可以实现的目标。

Nan Shen: 连锁业务的盈亏平衡点是相对清晰的，在现有的成本结构下，固定成本是可以根据开店的数量和节奏进行锚定的。那么边际贡献的部分取决于连锁业务的规模增长、毛利的提升速度，以及获客的效率。连锁业务在过去的10个季度维持了超过130%的一个高增速，毛利率也是在不断提升的。那我们能看到其实获客效率也是在持续地优化。我们会在今年的Q3和Q4看到连锁毛利的持续地大幅改善。那随着经营杠杆的释放，固定成本被规模效应不断地摊薄，以及即将到来的秋冬季的一个业务的高峰，连锁业务的整体盈利其实是一个非常切近的可以实现的目标。The break-even point for our clinic business is relatively clear.

Mona Qiao: The break-even point for our clinic business is relatively clear. Under our current cost base, fixed costs can be anchored based on the number and pace of new store openings. Contribution margins depend on scale growth, the rate of gross margin improvement, and consumer acquisition efficiency. Our clinic business has maintained a high growth rate of over 130% for the past 10 quarters. Gross margins have been rising, and customer acquisition efficiency keeps improving. We expect to see substantial continued improvement in clinic gross margins in Q3 and Q4 of this year. With operating leverage kicking in, fixed costs being diluted by scale effects, plus the upcoming peak business season in autumn and winter, overall profitability for the clinic segment is a very near and achievable target.

Speaker #5: The break-even point for our clinic business is relatively clear. Under our current cost base, fixed costs can be anchored based on the number and pace of new store scale growth.

Nan Shen: Under our current cost base, fixed costs can be anchored based on the number and pace of new store openings. Contribution margins depend on scale growth, the rate of gross margin improvement, and consumer acquisition efficiency. Our clinic business has maintained a high growth rate of over 130% for the past 10 quarters. Gross margins have been rising, and customer acquisition efficiency keeps improving. We expect to see substantial continued improvement in clinic gross margins in Q3 and Q4 of this year. With operating leverage kicking in, fixed costs being diluted by scale effects, plus the upcoming peak business season in autumn and winter, overall profitability for the clinic segment is a very near and achievable target.

Speaker #5: The rate of gross margin improvement and consumer acquisition efficiency—our clinic rate has been over 30% for the past 10 quarters. Gross margins have been rising, and customer acquisition efficiency keeps improving.

Speaker #5: We expect to see substantial, continued improvement in clinic gross margins in Q3 and Q4 of this year. With operating leverage kicking in, fixed costs being diluted by scale effects, plus the upcoming peak business season in autumn and winter, overall profitability for the clinic segment is a very near and achievable target.

Speaker #4: 第二，在成本的优化方面，我们如果看中后台的资源的话，也将按照我们讲的聚焦的原则，我们聚焦关键的业务，聚焦关键的任务，通过标准化的运营、数字化的管理和AI的赋能，不断地提升效率和能力，进行降本增效。

Nan Shen: 第二，在成本的优化方面，我们如果看中后台的资源的话，也将按照我们讲的聚焦的原则，我们聚焦关键的业务，聚焦关键的任务，通过标准化的运营、数字化的管理和AI的赋能，不断地提升效率和能力，进行降本增效。Second, on cost optimization, back-office resources will also follow the same focus principle mentioned above. We will concentrate on key business and critical tasks.

Nan Shen: 第二，在成本的优化方面，我们如果看中后台的资源的话，也将按照我们讲的聚焦的原则，我们聚焦关键的业务，聚焦关键的任务，通过标准化的运营、数字化的管理和AI的赋能，不断地提升效率和能力，进行降本增效。

Mona Qiao: Second, on cost optimization, back-office resources will also follow the same focus principle mentioned above. We will concentrate on key business and critical tasks. Through standardized operations, digital management and AI enablement, we will boost capabilities and efficiency to continuously drive cost reduction and operational improvements.

Speaker #5: Second, on cost optimization, back-office resources will also follow the same focus principle mentioned above. We will concentrate on key business and critical tasks.

Speaker #5: Through standardized operations, digital management, and AI enablement, we will boost capabilities and efficiency to continuously drive cost reduction and operational improvements.

Nan Shen: Through standardized operations, digital management and AI enablement, we will boost capabilities and efficiency to continuously drive cost reduction and operational improvements. 随着新氧青春诊所门店规模的扩大，品牌认知度和用户心智已经建立，老带新裂变贡献的新客占比已经持续稳定在 50% 以上。基于这一自然流量的基础，我们后续也会将以 ROI 为核心这一个获客的衡量标准，进一步地优化品牌的投放策略。As our footprint expands, brand awareness and consumer mindshare have taken root. Referrals now account for over 50% of new customers.

Speaker #4: 随着香港青春诊所门店规模的扩大，品牌认知度和用户心智已经建立，老带新裂变贡献的新客占比已经持续稳定在50%以上。基于这一自然流量的基础，我们后续也会将以ROI为核心这一个就是获客的一个衡量标准，进一步地优化品牌的投放策略。

Nan Shen: 随着新氧青春诊所门店规模的扩大，品牌认知度和用户心智已经建立，老带新裂变贡献的新客占比已经持续稳定在 50% 以上。基于这一自然流量的基础，我们后续也会将以 ROI 为核心这一个获客的衡量标准，进一步地优化品牌的投放策略。

Mona Qiao: As our footprint expands, brand awareness and consumer mindshare have taken root. Referrals now account for over 50% of new customers. On top of that organic traffic, we will prioritize ROI as the core metric to refine brand marketing investment.

Speaker #5: As our footprint expands, brand awareness and consumer mindshare have taken root. Referrals now account for over 50% of new customers. On top of that, with organic traffic, we will prioritize ROI and stakeholder metrics to refine brand marketing investment.

Nan Shen: On top of that organic traffic, we will prioritize ROI as the core metric to refine brand marketing investment. 综合来看，随着收入规模的持续扩大，运营效率的不断提升以及费用结构的逐步优化，我们对集团未来的盈利充满了信心。Taking together with continued revenue growth, operating efficiency gains and a linear expense profile, we are confident in group level profitability going forward. Thank you.

Speaker #4: 综合来看，随着收入规模的持续扩大，运营效率的不断提升，以及费用结构的逐步优化，我们对集团未来的盈利充满了信心。

Nan Shen: 综合来看，随着收入规模的持续扩大，运营效率的不断提升以及费用结构的逐步优化，我们对集团未来的盈利充满了信心。

Mona Qiao: Taking together with continued revenue growth, operating efficiency gains and a linear expense profile, we are confident in group level profitability going forward. Thank you.

Speaker #5: Taken together with continued revenue growth, operating efficiency gains, and a linear expense profile, we are confident in group-level profitability going forward. Thank you.

Operator 3: This concludes our question and answer session and today's conference call. Thank you for joining us today. You may now disconnect.

Operator: This concludes our question and answer session and today's conference call. Thank you for joining us today. You may now disconnect.