So-Young International Inc · Q1 2026 earnings

Briefing

So-Young Q1 revenue jumps 46% as branded clinic network scales to 54 centers

So-Young International reported first-quarter 2026 total revenues of RMB432.8 million (US$62.7 million), up 45.6% year over year, as its dual-engine strategy drove branded aesthetic center expansion. Aesthetic treatment services revenue surged 185.8% to RMB282.4 million, exceeding the high end of prior guidance, while legacy platform information and reservation services fell 34% to RMB80.3 million. Net loss attributable to So-Young widened to RMB49.2 million from RMB33.1 million as operating expenses rose 26.6% on sales, marketing, and G&A tied to clinic rollout; non-GAAP net loss was RMB46.6 million. Verified treatment visits reached ~148,000 versus ~54,400 a year ago, and 41 of 54 operating centers achieved center-level profitability in the quarter. Cash and equivalents plus term deposits totaled RMB880.0 million at quarter end.

• Total revenues rose 45.6% to RMB432.8 million, led by aesthetic treatment services at RMB282.4 million (+185.8%) as the branded clinic network expanded to 54 centers across 16 cities.
• Net loss attributable to So-Young was RMB49.2 million (non-GAAP RMB46.6 million) versus RMB33.1 million prior year, reflecting higher sales/marketing and G&A from clinic scaling.
• Operational metrics accelerated: ~148,000 verified treatment visits (+172% YoY), ~325,800 treatments performed, and active users exceeded 213,000 over the trailing 12 months.
• 41 centers achieved center-level profitability and 48 generated positive quarterly operating cash flow; mature centers (12+ months) averaged RMB7.5 million revenue each.
• For Q2 2026, management guides aesthetic treatment services revenue of RMB307.0–317.0 million, implying 112.6%–119.5% YoY growth.

Headline financials

Revenue & EPS history

For Q2 2026, So-Young expects aesthetic treatment services revenue of RMB307.0–317.0 million (US$44.5–46.0 million), representing 112.6%–119.5% growth versus Q2 2025.