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Stock Market Live June 29, 2026: S&P 500 (SPY) Soaring in Holiday-Shortened Week
So-Young International

So-Young International (SY) Q1 2026 Earnings

Reported May 22, 2026 at 6:03 AM ET · SEC Source

Q1 26 EPS

$-0.07

BEAT +90.33%

Est. $-0.72

Q1 26 Revenue

$62.7M

MISS 84.89%

Est. $415.4M

vs S&P Since Q1 26

-44.5%

TRAILING MARKET

SY -45.4% vs S&P -0.9%

Market Reaction

Did SY Beat Earnings? Q1 2026 Results

So-Young International delivered a sharply mixed fiscal first quarter for 2026, posting a loss per ADS of $0.07 that beat the consensus estimate of $0.72 by 90.33%, while revenue of $62.74 million fell 84.89% short of the $415.35 million analyst fore… Read more So-Young International delivered a sharply mixed fiscal first quarter for 2026, posting a loss per ADS of $0.07 that beat the consensus estimate of $0.72 by 90.33%, while revenue of $62.74 million fell 84.89% short of the $415.35 million analyst forecast and declined 78.9% year-over-year. The dramatic revenue shortfall reflects the ongoing collapse of the company's legacy platform business, where information and reservation services revenues dropped 34% as medical service providers continued abandoning the platform, underscoring how far So-Young has shifted away from its marketplace roots toward direct aesthetic treatment delivery. The bright spot remained its branded aesthetic center network, now spanning 54 locations across 16 Chinese cities, where verified treatment visits nearly tripled and core members drove over 80% of aesthetic services revenue at a roughly 80% quarterly repurchase rate. Mixed institutional sentiment ahead of the print, with major firms taking opposing positions, gave way to a clear operational picture: the offline model is gaining traction even as the legacy platform fades. Looking ahead, management guided Q2 2026 aesthetic treatment services revenues of $44.5 million to $46.0 million, representing 112.6% to 119.5% year-over-year growth.

Key Takeaways

  • • Rapid expansion of branded aesthetic centers network to 54 centers across 16 cities
  • • Verified treatment visits nearly tripled YoY to approximately 148,000
  • • Core members grew by over 11,700 sequentially (approximately 22% increase), contributing over 80% of aesthetic treatment services revenues
  • • Quarterly repurchase rate among core members near 80%
  • • 41 of 54 centers achieved center-level profitability; 48 generated positive quarterly operating cash flow
  • • Trailing 12-month active users exceeded 213,000, up from approximately 75,700 a year ago

SY Forward Guidance & Outlook

For Q2 2026, So-Young expects aesthetic treatment services revenues between RMB 307.0 million (US$44.5 million) and RMB 317.0 million (US$46.0 million), representing a 112.6% to 119.5% increase from the same period in 2025. This outlook is based on current market conditions and reflects preliminary estimates of market and operating conditions as well as customer demand.

24/7 Wall St

SY YoY Financials

Q1 2026 vs Q1 2025, source: SEC Filings

24/7 Wall St

SY Revenue by Segment

With YoY comparisons, source: SEC Filings

Q4 25 Q1 26

“Driven by our dual-engine strategy, which emphasizes scale and efficiency, our core aesthetic center business gained further traction with record-high quarterly segment revenue and improved profitability. As the medical aesthetics industry is increasingly shaped by demand for higher quality and broader accessibility, our competitive edge across the value chain positions us well to capitalize on these trends. We will continue to enhance our standardized medical delivery capabilities and expand our network at a measured pace, while reinforcing our supply chain advantages and improving operational efficiency. We are confident that these ongoing efforts will create lasting value for our users, partners, and shareholders.”

— Xing Jin, Q1 2026 Earnings Press Release

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