So-Young Reports Unaudited Second Quarter 2026 Financial Results

PR Newswire

BEIJING, Aug. 31, 2026

BEIJING, Aug. 31, 2026 /PRNewswire/ -- So-Young International Inc. (Nasdaq: SY) ("So-Young" or the "Company"), the leading aesthetic treatment platform in China connecting consumers with online services and offline treatments, today announced its unaudited financial results for the second quarter ended June 30, 2026.

Second Quarter 2026 Financial Highlights

Second Quarter 2026 Operational Highlights

 

[1] This press release contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) solely for the convenience of the reader. Unless otherwise specified, all translations of Renminbi amounts into U.S. dollar amounts in this press release are made at RMB6.7851 to US$1.00, which was the U.S. dollars middle rate announced by the Board of Governors of the Federal Reserve System of the United States on June 30, 2026.

[2] Non-GAAP net loss attributable to So-Young International Inc. is defined as net loss attributable to So-Young International Inc. excluding share-based compensation expenses. See "Reconciliation of GAAP and Non-GAAP Results" at the end of this press release.

[3] We categorize our user base across nine tiers (L0 through L8). Core members represent users at Tier L3 and above.


* Center-level profitability measures whether an individual aesthetic center achieved positive profit in a given period. It is calculated by deducting consumable materials costs, personnel costs, center rental expenses, center depreciation expenses, and other center-level operating costs from the company's self-operated store revenues, before allocation of any back-office or mid-office expenses. Quarterly operating cash flow refers to total cash collected from orders less center-level operating payments in a given period, and excluding operating expense payments made by back-office or mid-office departments during the same period. Center-level profitability and quarterly operating cash flow are metrics derived from the Company's internal management accounts, which have not been audited.

** Same-store sales growth represents the year-over-year growth in quarterly revenue from stores that are comparable and continuously operated during both the current quarter and the same quarter of the prior year.

Management Commentary

Mr. Xing Jin, Co-Founder and Chief Executive Officer of So-Young, commented, "Our sustained focus on scale and efficiency yielded another strong quarter for our core aesthetic treatment business. Supported by enhanced medical capabilities, a robust standardized delivery system, and deeper AI integration, we scaled our business more efficiently. This solid execution is validated by a 129.5% year-over-year increase in second-quarter aesthetic treatment services revenues with a 3.8 percentage-point expansion in segment gross margin. Going forward, we will further strengthen our supply chain and accelerate AI-powered transformation to deliver more competitive products and services across our expanding network, laying a solid foundation for sustainable, high-quality growth."

Ms. Shannon Shen, Chief Financial Officer of So-Young, added, "In the second quarter of 2026, our aesthetic treatment business exceeded RMB330 million in revenue, representing approximately 130% year-over-year growth and marking the tenth consecutive quarter of triple-digit expansion. This strong performance propelled our second-quarter total revenues to an all-time high of RMB505.2 million, up 33.4% year-over-year. While maintaining this rapid topline growth, we have remained highly focused on expansion quality and sustainability, striving for healthier unit economics and narrowing net loss attributable to the Company by 37.0% year-over-year. These results reaffirmed both our market insights and execution excellence, as we continued to enhance our medical service delivery, organizational capabilities, and supply chain management, while improving operational efficiency. Looking ahead, we see a clear path toward profitability as our industry leadership solidifies and economies of scale continue to unfold."

Second Quarter 2026 Financial Results

Revenues

Total revenues were RMB505.2 million (US$74.5 million), an increase of 33.4% from RMB378.7 million in the same period of 2025. The increase was primarily due to business expansion of the branded aesthetic centers.

Cost of Revenues

Cost of revenues was RMB282.4 million (US$41.6 million), an increase of 53.0% from RMB184.6 million in the second quarter of 2025. The increase was primarily due to the business expansion of the branded aesthetic centers.

Operating Expenses

Total operating expenses were RMB266.5 million (US$39.3 million), an increase of 10.4% from RMB241.3 million in the second quarter of 2025.

Income Tax Benefits/(Expenses)

Income tax benefits were RMB2.5 million (US$0.4 million), compared with income tax expenses of RMB1.9 million in the same period of 2025.

Net Loss Attributable to So-Young International Inc.

Net loss attributable to So-Young International Inc. was RMB22.7 million (US$3.3 million), compared with a net loss attributable to So-Young International Inc. of RMB36.0 million in the second quarter of 2025.

Non-GAAP Net Loss Attributable to So-Young International Inc.

Non-GAAP net loss attributable to So-Young International Inc., which excludes the impact of share-based compensation expenses, was RMB21.0 million (US$3.1 million), compared with RMB30.5 million non-GAAP net loss attributable to So-Young International Inc. in the same period of 2025.

Basic and Diluted Loss per ADS

Basic and diluted loss per ADS attributable to ordinary shareholders were RMB0.22 (US$0.03) and RMB0.22 (US$0.03), respectively, compared with basic and diluted loss per ADS attributable to ordinary shareholders of RMB0.35 and RMB0.35, respectively, in the same period of 2025.

Cash and Cash Equivalents, Restricted Cash and Term Deposits, Term Deposits and Short-Term Investments

As of June 30, 2026, cash and cash equivalents, restricted cash and term deposits, term deposits and short-term investments were RMB848.2 million (US$125.0 million), compared with RMB936.4 million as of December 31, 2025.

Business Outlook

For the third quarter of 2026, So-Young expects aesthetic treatment services revenues to be between RMB352.0 million (US$51.9 million) and RMB362.0 million (US$53.4 million), representing a 91.7% to 97.2% increase from the same period in 2025. The above outlook is based on the current market conditions and reflects the Company's preliminary estimates of market and operating conditions, as well as customer demand, which are all subject to change.

Non-GAAP Financial Measures

To supplement the financial measures prepared in accordance with generally accepted accounting principles in the United States, or GAAP, this press release presents non-GAAP loss from operations and non-GAAP net loss attributable to So-Young International Inc. by excluding share-based compensation expenses from loss from operations and net loss attributable to So-Young International Inc., respectively.

The Company believes these non-GAAP financial measures are important to help investors understand the Company's operating and financial performance, compare business trends among different reporting periods on a consistent basis and assess the Company's core operating results, as they exclude certain expenses (i) that are not expected to result in cash payments or (ii) that are non-recurring in nature or may not be indicative of the Company's core operating results and business outlook. The use of the above non-GAAP financial measures has certain limitations. Share-based compensation expenses are non-cash in nature. All these are not reflected in the presentation of the non-GAAP financial measures, but should be considered in the overall evaluation of the Company's results. The Company compensates for these limitations by providing the relevant disclosure of its share-based compensation expenses in the reconciliations to the most directly comparable GAAP financial measures, which should be considered when evaluating the Company's performance. These non-GAAP financial measures should be considered in addition to financial measures prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP. Reconciliation of each of these non-GAAP financial measures to the most directly comparable GAAP financial measure is set forth at the end of this release.

Conference Call Information

So-Young's management will hold an earnings conference call on Monday, August 31, 2026, at 7:30 AM U.S. Eastern Time (7:30 PM on the same day, Beijing/Hong Kong Time). Dial-in details for the earnings conference call are as follows:

International:

+1-412-902-4272

China:

4001-201203

US:

+1-888-346-8982

Hong Kong:

+852-800-905945

Passcode:

So Young

A telephone replay will be available two hours after the conclusion of the conference call through 23:59 U.S. Eastern Time, September 7, 2026. The dial-in details are:

International:

+1-412-317-0088

US:

+1-855-669-9658

Passcode:

1697226

Additionally, a live and archived webcast of this conference call will be available at http://ir.soyoung.com.

About So-Young International Inc.

So-Young International Inc. (Nasdaq: SY) ("So-Young" or the "Company") is the leading aesthetic treatment platform in China connecting consumers with online services and offline treatments. The Company provides access to aesthetic treatments through its online platform and branded aesthetic centers, offering curated treatment information, facilitating online reservations, delivering high-quality treatments, and developing, producing and distributing optoelectronic medical equipment and injectable products. With its strong brand recognition, digital reach, affordable treatments and efficient supply chain, So-Young is well-positioned to serve its audience over the long term and grow along the medical aesthetic value chain.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, the Financial Guidance and quotations from management in this announcement, as well as So-Young's strategic and operational plans, contain forward-looking statements. So-Young may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about So-Young's beliefs and expectations, are forward-looking statements. Forward looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: So-Young's strategies; So-Young's future business development, financial condition and results of operations; So-Young's ability to retain and increase the number of users and medical service providers, and expand its service offerings; competition in the online medical aesthetic service industry; changes in So-Young's revenues, costs or expenditures; Chinese governmental policies and regulations relating to the online medical aesthetic service industry, general economic and business conditions globally and in China; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company's filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and So-Young undertakes no duty to update such information, except as required under applicable law.

For more information, please contact:

So-Young

Investor Relations
Ms. Mona Qiao
Phone: +86-10-8790-2012
E-mail: ir@soyoung.com

Christensen

Ms. Joanna Quan
Phone: +86-10-5900-1548
E-mail: sy@christensencomms.com 

SO-YOUNG INTERNATIONAL INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except for share and per share data)



As of


December 31,


June 30,


June 30,

2025

2026

2026


RMB


RMB


US$

Assets






Current assets:






Cash and cash equivalents

418,213


442,584


65,229

Restricted cash and term deposits

64,683


63,450


9,351

Trade receivables

51,532


40,344


5,946

Inventories

233,389


253,584


37,374

Receivables from online payment platforms

16,296


25,049


3,692

Amounts due from related parties

774


756


111

Term deposits and short-term investments

453,472


342,137


50,425

Prepayment and other current assets

246,237


296,241


43,661

Total current assets

1,484,596


1,464,145


215,789

Non-current assets:






Long-term investments

274,753


277,236


40,860

Intangible assets

144,097


133,596


19,690

Goodwill

684


684


101

Property and equipment, net

293,560


336,054


49,528

Deferred tax assets

69,313


70,602


10,405

Operating lease right-of-use assets

251,635


257,343


37,928

Other non-current assets

130,998


138,995


20,485

Total non-current assets

1,165,040


1,214,510


178,997

Total assets

2,649,636


2,678,655


394,786







Liabilities






Current liabilities:






Short-term borrowings

39,814


113,141


16,675

Taxes payable

43,461


34,504


5,085

Contract liabilities

65,948


62,287


9,180

Salary and welfare payables

130,170


132,791


19,571

Amounts due to related parties

618


510


75

Accrued expenses and other current
liabilities

427,507


482,310


71,084

Operating lease liabilities-current

76,536


81,593


12,025

Total current liabilities

784,054


907,136


133,695

Non-current liabilities:






Operating lease liabilities-non current

183,364


183,551


27,052

Deferred tax liabilities

10,615


7,632


1,125

Other non-current liabilities

2,783


3,987


588

Total non-current liabilities

196,762


195,170


28,765

Total liabilities

980,816


1,102,306


162,460







Shareholders' equity:






Treasury stock

(391,944)


(391,944)


(57,765)

Class A ordinary shares (US$0.0005 par value; 750,000,000
   shares authorized as of December 31, 2025 and June 30,
   2026; 79,016,808 and 65,089,482 shares issued and
   outstanding as of December 31, 2025, 79,322,924 and
   65,395,598 shares issued and outstanding as of June 30,
   2026, respectively)

257


258


38

Class B ordinary shares (US$0.0005 par value; 20,000,000
   shares authorized as of December 31, 2025 and June 30,
   2026; 12,000,000 shares issued and outstanding as of
   December 31, 2025 and June 30, 2026)

37


37


5

Additional paid-in capital

3,059,764


3,064,102


451,593

Statutory reserves

46,448


46,448


6,846

Accumulated deficit

(1,174,587)


(1,246,455)


(183,705)

Accumulated other comprehensive income

13,340


(11,524)


(1,698)

Total So-Young International Inc. shareholders' equity

1,553,315


1,460,922


215,314

Non-controlling interests

115,505


115,427


17,012

Total shareholders' equity

1,668,820


1,576,349


232,326

Total liabilities and shareholders' equity

2,649,636


2,678,655


394,786

 

 

SO-YOUNG INTERNATIONAL INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except for share and per share data)



For the Three Months Ended


For the Six Months Ended



June 30,
2025


June 30,
2026


June 30,
2026


June 30,
2025


June 30,
2026


June 30,
2026



RMB


RMB


US$


RMB


RMB


US$















Revenues:













Aesthetic treatment services

144,390


331,435


48,847


243,217


613,867


90,473


Information and reservation services

135,172


87,916


12,957


256,797


168,227


24,794


Sales of medical products and maintenance services

76,036


73,877


10,888


131,626


131,018


19,310


Other services

23,150


12,000


1,769


44,378


24,891


3,668


Total revenues

378,748


505,228


74,461


676,018


938,003


138,245


Cost of revenues:













Cost of aesthetic treatment services

(109,370)


(238,384)


(35,133)


(189,634)


(444,142)


(65,458)


Cost of information and reservation services

(16,705)


(5,224)


(770)


(40,002)


(11,625)


(1,713)


Cost of medical products sold and maintenance services

(39,491)


(29,880)


(4,404)


(69,916)


(60,283)


(8,885)


Cost of other services

(18,992)


(8,886)


(1,310)


(36,421)


(17,322)


(2,553)


Total cost of revenues

(184,558)


(282,374)


(41,617)


(335,973)


(533,372)


(78,609)


Gross profit

194,190


222,854


32,844


340,045


404,631


59,636


Operating expenses:













Sales and marketing expenses

(131,333)


(153,460)


(22,617)


(229,209)


(284,286)


(41,899)


General and administrative expenses

(78,786)


(88,617)


(13,061)


(138,070)


(173,121)


(25,515)


Research and development expenses

(31,177)


(24,403)


(3,597)


(63,286)


(48,742)


(7,184)


Total operating expenses

(241,296)


(266,480)


(39,275)


(430,565)


(506,149)


(74,598)


Loss from operations

(47,106)


(43,626)


(6,431)


(90,520)


(101,518)


(14,962)


Other income/(expenses):













Investment income, net

884


4,483


661


99


4,689


691


Interest income, net

7,948


2,550


376


14,973


6,284


926


Exchange gains

701


6,345


935


726


11,255


1,659


Share of losses of equity method investee

(1,012)


(178)


(26)


(3,454)


(365)


(54)


Others, net

5,663


3,274


483


10,497


1,545


228


Loss before tax

(32,922)


(27,152)


(4,002)


(67,679)


(78,110)


(11,512)


Income tax (expenses)/benefits

(1,877)


2,453


362


(272)


3,206


473


Net loss

(34,799)


(24,699)


(3,640)


(67,951)


(74,904)


(11,039)


Net (income)/loss attributable to noncontrolling interests

(1,240)


2,007


296


(1,226)


3,036


447


Net loss attributable to So-Young International Inc.

(36,039)


(22,692)


(3,344)


(69,177)


(71,868)


(10,592)















 

 

SO-YOUNG INTERNATIONAL INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Continued)

(Amounts in thousands, except for share and per share data)



For the Three Months Ended


For the Six Months Ended


June 30,
2025


June 30,
2026


June 30,
2026


June 30,
2025


June 30,
2026


June 30,
2026


RMB


RMB


US$


RMB


RMB


US$













Net loss per ordinary share












Net loss per ordinary share attributable to ordinary shareholder - basic

(0.46)


(0.29)


(0.04)


(0.88)


(0.92)


(0.14)

Net loss per ordinary share attributable to ordinary shareholder - diluted

(0.46)


(0.29)


(0.04)


(0.88)


(0.92)


(0.14)

Net loss per ADS attributable to ordinary shareholders - basic (13 ADS represents
   10 Class A ordinary shares)

(0.35)


(0.22)


(0.03)


(0.68)


(0.71)


(0.10)

Net loss per ADS attributable to ordinary shareholders - diluted (13 ADS
   represents 10 Class A ordinary shares)

(0.35)


(0.22)


(0.03)


(0.68)


(0.71)


(0.10)

Weighted average number of ordinary shares used in computing loss per share,
   basic*

77,826,404


77,781,549


77,781,549


78,194,634


77,726,350


77,726,350

Weighted average number of ordinary shares used in computing loss per share,
   diluted*

77,826,404


77,781,549


77,781,549


78,194,634


77,726,350


77,726,350













Share-based compensation expenses included in:












Cost of revenues

(124)




(154)


(3)


Sales and marketing expenses

(598)


(228)


(34)


(728)


(315)


(46)

General and administrative expenses

(4,286)


(1,336)


(197)


(5,690)


(3,816)


(562)

Research and development expenses

(487)


(149)


(22)


(580)


(184)


(27)


* Both Class A and Class B ordinary shares are included in the calculation of the weighted average number of ordinary shares outstanding, basic and diluted.

 

 

SO-YOUNG INTERNATIONAL INC.

Reconciliation of GAAP and Non-GAAP Results

(Amounts in thousands, except for share and per share data)



For the Three Months Ended


For the Six Months Ended



June 30,

2025


June 30,

2026


June 30,
2026


June 30,
2025


June 30,
2026


June 30,
2026



RMB


RMB


US$


RMB


RMB


US$















GAAP loss from operations

(47,106)


(43,626)


(6,431)


(90,520)


(101,518)


(14,962)


Add back: Share-based compensation expenses

5,495


1,713


253


7,152


4,318


635















Non-GAAP loss from operations

(41,611)


(41,913)


(6,178)


(83,368)


(97,200)


(14,327)




























GAAP net loss attributable to So-Young International Inc.

(36,039)


(22,692)


(3,344)


(69,177)


(71,868)


(10,592)


Add back: Share-based compensation expenses

5,495


1,713


253


7,152


4,318


635


Non-GAAP net loss attributable to So-Young International Inc.

(30,544)


(20,979)


(3,091)


(62,025)


(67,550)


(9,957)


 

 

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SOURCE So-Young International Inc.