Companies /Healthcare

So-Young International Inc

NASDAQ: SY Health Information Services
$2.75
▼ $0.03 (−1.08%) today
Markets closed · 4:54am ET

Q4 2025 Earnings

Reported Mar 25, 2026, 6:05am ET · SEC source
$-0.15
Beat +77.99%
EPS · est. $-0.68
$65.9M
Miss −85.12%
Revenue · est. $442.6M
−22.4%
Trailing market
SY vs S&P since report
5 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−5%0+5%+10%Mar 25Mar 26report 6:05am ETearnings−1.1%+0.0%
−5%0+5%+10%Mar 25Mar 26earnings−1.1%+0.0%
SY +0.0%S&P 500 −1.1%
−5%0+5%+10%Mar 25Mar 26report 6:05am ETearnings−1.5%+0.0%
−5%0+5%+10%Mar 25Mar 26earnings−1.5%+0.0%
SY +0.0%NASDAQ −1.5%
−14%−7%0+7%Mar 24Apr 2report 6:05am ETearnings−1.6%−8.1%
−14%−7%0+7%Mar 24Apr 2earnings−1.6%−8.1%
SY −8.1%S&P 500 −1.6%
−14%−7%0+7%Mar 24Apr 2report 6:05am ETearnings−2.4%−8.1%
−14%−7%0+7%Mar 24Apr 2earnings−2.4%−8.1%
SY −8.1%NASDAQ −2.4%
+9.62%
Day of report
−11.29%
Next session
−13.79%
One week
−13.48%
30 days

S&P 500 over the same 30 days: +8.88%.

Did SY Beat Earnings? Q4 2025 Results

So-Young International Inc. delivered a sharp revenue miss in Q4 2025, with total revenues of $65.88 million falling 85.41% below the consensus estimate of $451.47 million and declining 82.2% year-over-year, a result that will draw scrutiny despite the company's ongoing transformation toward an offline aesthetic treatment network. The headline shortfall was amplified by the continued contraction of So-Young's legacy digital platform, where information, reservation, and medical product revenue streams kept declining even as the branded aesthetic center business scaled aggressively. The company posted an EPS loss of $0.15 for the quarter, while on a non-GAAP basis the net loss widened to $93.42 million as capital was heavily deployed into center build-outs across 15 major Chinese cities. Analysts had flagged expectations for a meaningful loss ahead of the print. Looking forward, management guided Q1 2026 aesthetic treatment services revenue of $38.30 million to $39.80 million, representing 171% to 181% growth, underscoring confidence that the offline expansion strategy will eventually reshape the company's revenue profile.

Key Takeaways
  • Rapid expansion of branded aesthetic centers driving 205.3% growth in aesthetic treatment services
  • Verified treatment visits grew to over 125,000 from approximately 45,000 YoY
  • Active users exceeded 171,000 compared to approximately 52,700 a year ago
  • Core member growth of over 14,500 in Q4, 39% sequential increase
  • Core member revenue contribution and quarterly repurchase rate both exceeded 80%
  • 25 of 49 aesthetic centers achieved center-level profitability in Q4
  • 39 of 49 centers generated positive quarterly operating cash flow

“In the fourth quarter, our aesthetic center business maintained its strong momentum, solidifying its role as a core growth engine for the Group. We have retained our position as China's leading light medical aesthetics chain by scale, which serves as a clear validation of our business model's strength and sustainability. Looking ahead, we will pursue steady store expansion while prioritizing operational excellence and industry-leading standards. Through strategic alliances with upstream manufacturers and a commitment to genuine product traceability, we are building competitive advantages rooted in both unit economics and trust. We are confident that this disciplined approach will drive sustainable value for our shareholders.”

So-Young International CEO, on the earnings call

Forward Guidance & Outlook

For Q1 2026, So-Young expects aesthetic treatment services revenues to be between RMB268.0 million (US$38.3 million) and RMB278.0 million (US$39.8 million), representing a 171.2% to 181.3% increase from Q1 2025. The company plans to pursue steady store expansion while prioritizing operational excellence and industry-leading standards.

SY YoY Financials

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$0$200.0M$400.0M$369.3M$65.9MRevenue$216.1M$29.3MGross Profit$-8,921,196$-17,581,000Operating Income$-7,883,408$-15,565,000Net Income
$0$200.0M$400.0MRevenueGross ProfitOperating IncomeNet Income

SY Revenue by Segment

Aesthetic Treatment Services$35.5M+205.3%
Information and Reservation Services$18.0M−26.8%
Sales of Medical Products and Maintenance Services$9.9M−19.9%
Other Services$2.5M−40.7%

Figures from SEC filings and company reports. Not investment advice.