So-Young Q4 Revenues Surge to RMB460.7 M, Net Loss Narrows to RMB108.8 M
Q4 2025 revenues rose to RMB460.7 million from RMB369.2 million, led by RMB248.1 million in aesthetic services exceeding guidance, while GAAP net loss narrowed to RMB108.8 million from RMB607.6 million. Verified treatment visits reached 125,000 versus 45,000 a year earlier, active users climbed to 171,000, and 25 of 49 centers turned profitable.
1. Q4 2025 Financial Results
Total revenues reached RMB460.7 million in Q4 2025, up 24.8% year-over-year, driven by aesthetic services revenue of RMB248.1 million which exceeded the high end of guidance. GAAP net loss narrowed to RMB108.8 million from RMB607.6 million a year earlier, while non-GAAP net loss was RMB93.4 million compared with RMB53.2 million in Q4 2024.
2. Q4 2025 Operational Metrics
Verified treatment visits surged to 125,000, nearly triple the prior-year 45,000, and verified aesthetic treatments performed rose to over 289,400 from 107,900. Active users climbed to 171,000 from 52,700, and core club memberships increased by 14,500 sequentially, with core member revenue contribution and repurchase rates both exceeding 80%.
3. Branded Aesthetic Center Performance
As of December 31, So-Young operated 49 branded aesthetic centers across 15 cities, with 25 centers achieving center-level profitability and 39 generating positive operating cash flow in Q4. Ramp-up centers (0–3 months) averaged RMB1.28 million revenue each, while mature centers (over 12 months) averaged RMB8.38 million.
4. Fiscal Year 2025 Highlights and Share Repurchase
Full-year 2025 revenues rose to RMB1,523.4 million from RMB1,466.7 million, GAAP net loss improved to RMB242.3 million from RMB589.5 million, and non-GAAP net loss widened to RMB217.1 million from RMB4.7 million. The board extended its US$25 million share repurchase authorization through March 31, 2027, with prior terms unchanged.