NASDAQ$SY
So-Young International Inc · Q2 2025 earnings
Q2 2025 earnings · · Before market open · Investor relations
Briefing
So-Young swings to Q2 loss as branded-center expansion weighs on profitability
So-Young International reported unaudited Q2 2025 total revenue of RMB378.7 million (US$52.9 million), down 7.0% from RMB407.4 million a year ago. Aesthetic treatment services revenue surged to RMB144.4 million from RMB27.4 million as the company expanded its branded aesthetic center network, while information and reservation services revenue declined to RMB135.2 million. The company posted a net loss attributable to shareholders of RMB36.0 million versus net income of RMB18.9 million in Q2 2024, with basic and diluted loss per ADS of RMB0.35. Non-GAAP net loss was RMB30.5 million. Gross profit was RMB194.2 million but operating loss widened to RMB47.1 million as sales and marketing and G&A costs rose with the offline expansion. For Q3 2025, So-Young expects aesthetic treatment services revenue of RMB150.0–160.0 million.
- Q2 total revenue RMB378.7M (-7.0% YoY); aesthetic treatment services RMB144.4M (+426%).
- Net loss attributable to So-Young RMB36.0M vs net income RMB18.9M in Q2 2024.
- Non-GAAP net loss RMB30.5M; loss per ADS RMB0.35.
- Branded-center rollout driving aesthetic services growth but pressuring near-term margins.
- Q3 2025 aesthetic treatment services revenue guided to RMB150.0–160.0M.
Headline financials
Revenue & EPS history
So-Young · Revenue · Quarterly
¥379M
Revenue by segment
So-Young · ¥356M total across 3 segments · Q2 2025
- Aesthetic treatment services¥144M—40.6%
- Information and reservation services¥135M—38.0%
- Sales of medical products and maintenance services¥76M—21.4%
Forward guidance
For Q3 2025, So-Young expects aesthetic treatment services revenue of RMB150.0M–RMB160.0M (US$21.0M–US$22.3M), reflecting continued branded-center rollout.
Tailwinds
- Aesthetic treatment services revenue growing rapidly as offline network scales
Headwinds
- Near-term profitability pressured by expansion investments and legacy online revenue decline
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q2 2025
-2.1%
Avg return
Earnings day
-3.5%
Avg return
5 days after
-4.5%
Avg return
30 days after
43%
12 / 28 earnings
Positive
+23.6%
Q4 2022
Best reaction
-27.7%
Q2 2019
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | — | — | — | |
| Q4 2025 | +9.6% | -11.0% | -6.5% | |
| Q3 2025 | -8.4% | -17.2% | -23.2% | |
| Q2 2025 | -22.7% | -16.1% | -22.1% | |
| Q1 2025 | +1.4% | +7.3% | +18.4% | |
| Q4 2024 | -9.6% | -5.3% | -13.7% | |
| Q3 2024 | +1.0% | -2.4% | -13.5% | |
| Q2 2024 | -4.6% | +0.6% | -16.6% | |
| Q1 2024 | -1.9% | +1.9% | +0.0% | |
| Q4 2023 | +0.0% | +1.0% | +11.5% | |
| Q3 2023 | +6.0% | +0.9% | +6.8% | |
| Q2 2023 | +10.7% | +9.9% | -6.6% | |
| Q1 2023 | -9.3% | -10.9% | -20.2% | |
| Q4 2022 | +23.6% | +31.5% | +64.5% | |
| Q3 2022 | +6.5% | +6.6% | +80.3% | |
| Q2 2022 | -6.2% | -13.7% | -2.2% | |
| Q1 2022 | -13.0% | +2.6% | -20.6% | |
| Q4 2021 | -5.9% | -5.0% | -33.9% | |
| Q3 2021 | +7.1% | -4.4% | -26.4% | |
| Q2 2021 | -9.2% | -10.6% | -16.2% | |
| Q1 2021 | -4.3% | +0.7% | +2.3% | |
| Q4 2020 | -16.5% | -19.9% | -24.0% | |
| Q3 2020 | -10.3% | -16.1% | -24.9% | |
| Q2 2020 | +6.9% | +2.2% | +0.0% | |
| Q1 2020 | +1.5% | -12.1% | -3.9% | |
| Q4 2019 | +12.8% | +15.1% | +18.4% | |
| Q3 2019 | -2.2% | -4.3% | +1.0% | |
| Q2 2019 | -27.7% | -33.4% | -43.0% | |
| Q1 2019 | +6.7% | +5.5% | -10.5% | |
| Q3 2018 | — | — | — | |
| Q2 2018 | — | — | — | |
| Q1 2018 | — | — | — | |
| Q4 2017 | — | — | — |
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