So-Young International Inc. Q1 2026 Earnings Call - Soaring Aesthetic Center Revenue and Supply Chain Dominance

Operator: Ladies and gentlemen, thank you for standing by for So Young’s first quarter 2026 earnings conference call. At this time, all participants are in listen-only mode. After management give their prepared remarks, there will be a question and answer session. As a reminder, today’s conference call is being recorded. I would now like to turn the meeting over to your host for today’s call, Ms. Mona Qiao. Please proceed, Mona.

Mona Qiao, Investor Relations, So-Young International Inc.: Thank you, operator, thank you everyone for joining So-Young’s first quarter 2026 earnings conference call. Joining us today on the call is Mr. Xing Jin, our Chairman and CEO, and Mr. Hui Zhao, CFO of finance. Before we begin, please refer to the safe harbor statements in our earnings release, which applies to this call as we’ll be making forward-looking statements. Please also note that we will discuss non-GAAP measures today, which are more thoroughly explained and reconciled to the most comparable measures reported under GAAP in our earnings release on our investor relations website and filings with SEC. Please also note all figures mentioned in this call are in RMB. At this time, I’d like to turn the call over to Mr. Xing Jin. Hello, everyone, and welcome to today’s earnings call.

Entering 2026, China’s medical aesthetic industry continues to evolve, with demand becoming more routine and supply continuing to grow. Large-scale operational capabilities and a uniform delivery framework have become the key mode for top players to achieve high-quality growth. We capitalize on this by expanding our aesthetic center business and advancing our dual engine of scale and efficiency initiative. As a result, we achieved robust performance. In Q1, total revenue reached CNY 433 million, up around 46% year-over-year. Revenue from our aesthetic center business reached CNY 282 million, up around 186% year-over-year. Now let’s take a closer look at our recent progress across a few core areas. Thus, So-Young Clinic continued to lead China’s medical aesthetics chain market, ranking number 1 by center count, treatment volume and user base. Our operational efficiency and profitability also continued to improve.

In terms of center footprint, as of today, So-Young Clinic has expanded into 17 cities with 59 centers in total. That is a net add of 10 centers compared to year-end 2025. On treatment volume in Q1, verified treatment visits exceeded 148,000, up 172% year-over-year. Number of verified treatments performed was over 325,000, up 164% year-over-year. Our active user base expanded further, reaching over 210,000 by March end. Within that, the number of level 3 and above core members exceeded 63,000. Core members maintain a high quarterly retention rate as before their LTV, driven by excellent user experience and positive word of mouth. The proportion of new customers from referrals rose to 52% in Q1. By enhancing platform partnerships and content marketing, new customers acquired through public domains continued to grow, while our overall CAC remained well under control.

We also enhanced brand awareness and drove conversion by deepening partnerships with renowned IPs. For example, we launched Disney co-branded pop-ups in major commercial areas nationwide for our Miracle Collagen product line. These campaigns attracted active participation from potential customers and generated remarkable results. On top of that, we invited famous Chinese actress Fan Bingbing and popular Thai actress Mai to experience and endorse our collagen products.

Xing Jin, Chairman and CEO, So-Young International Inc.: 此外，我们也在持续优化单店模型，依托标准化运营体系，我们进一步缩短了新店爬坡周期，并通过优化产品和获客策略，持续提升单店运营效率。一季度实现店端盈利的门店数量增至41家，现金流为正的门店达到48家。连锁业务的整体毛利率达到27%，经营效益稳步增强。

Mona Qiao, Investor Relations, So-Young International Inc.: Moreover, we continue to improve our per-center economic model. Through standardized operations, we accelerated the ramp-up of new centers. As we refined our product portfolio and customer acquisition, our per-center operational efficiency improved steadily. In Q1, the number of profitable centers rose to 41, and 48 centers generated positive operating cash flow. Aesthetic center business gross margin reached 27%, reflecting continued operating efficiency gains.

Xing Jin, Chairman and CEO, So-Young International Inc.: 今年我们将继续以核心一线城市为重点，稳步扩大门店规模，提高服务的可及性。随着规模效应的逐步释放，新店爬坡效率的持续提升，以及运营效率的不断优化，单店收入规模将会不断提升，连锁的财务模型将得到显著改善。

Mona Qiao, Investor Relations, So-Young International Inc.: This year, we will continue expanding our center footprint and broadening access. We will focus on major Tier 1 cities. As economics of scale take effect, new centers ramp faster and operational efficiency improves further, we expect per-center revenue to keep climbing and the chain’s financial model to improve meaningfully.

Xing Jin, Chairman and CEO, So-Young International Inc.: 接下来是新氧医疗交付的专业能力与口碑建设。医美连锁业务的可持续发展依托于高质量的医疗交付能力。为此，我们从医师团队、诊疗质量、服务体验等维度持续强化核心竞争力。截至2026年3月末，新氧青春诊所全职医生团队已扩充至约230位，较2025年末增长9%，继续保持行业领先。与此同时，我们也在持续加强医生人才队伍的专业能力和推进数字化建设，以提升用户体验和医疗标准执行的一致性。

Mona Qiao, Investor Relations, So-Young International Inc.: Next, let’s turn to So-Young’s professional medical delivery capabilities and reputation building. The long-term development of medical aesthetic chain business relies on high-quality medical service delivery. To this end, we continue to build core competitiveness across the physician team, diagnosis and treatment quality, and user experience. By March end, our full-time physicians reached about 230, up 9% from year-end 2025, maintaining industry leadership. We have also been enhancing physician capabilities and digitalizing operations to elevate the user experience and ensure consistent medical practice.

Xing Jin, Chairman and CEO, So-Young International Inc.: 一季度，我们正式落成新氧青春诊所医学培训中心及全国指挥控制中心。研发中心聚焦医疗研发与培训。我们自建的光电实验室、针剂实验室、理体实验室、检测实验室，可以对市面上的所有产品和设备进行系统性评测。因此，我们在面对上游产品日渐多样的供给趋势时，可以做到回归医疗本质，回归产品，不盲从宣传，而是从临床效果上去检验产品本身是否安全、有效、合理。同时，新氧医疗研发团队可以在此基础上研发产品术式，形成标准化SOP。与此同时，医学培训中心也投入使用。所有加入新氧青春诊所的医生都需要在培训中心进行封闭的、系统性的技术提升培训，获得考核认证后，才能正式投入工作岗位。

Mona Qiao, Investor Relations, So-Young International Inc.: In Q1, we established the So-Young Phoenix Medical R&D and Training Center and National Command and Control Center. Focusing on medical research and training, the R&D center includes in-house labs for energy-based devices, injectables, ex vivo, and testing. This enables us to thoroughly evaluate products and devices in the market. As upstream product offerings continue to diversify, this capability keeps us grounded in clinical fundamentals, not marketing claims. We evaluate products based on clinical evidence to determine whether they are safe, effective, and appropriate. From these findings, our R&D team develops treatment protocols and SOPs. Meanwhile, the training center is now fully operational. All physicians joining So-Young clinics must complete intensive comprehensive training at the center and pass all assessments before practicing.

Xing Jin, Chairman and CEO, So-Young International Inc.: 指挥控制中心是连锁运营的大脑，其中安全合规办公室形成了安全合规的闭环，实现了新氧总部对一线门店的安全合规远程监察、一线报警与应急联动，支持总部实时介入与响应，保障医疗安全。用户体验办公室负责用户满意度、服务设计及客诉收集。关于用户的任何建议及意见，总部都会在第一时间得知并介入处理，有效改进整体医疗服务流程。此外，我们还有运营办公室，负责全国门店经营数据盯盘，保障所有门店的良好经营。

Mona Qiao, Investor Relations, So-Young International Inc.: The command and control center is the brain of our clinic chain operations. Within it, the safety and compliance office closes the loop on compliance. It allows headquarters to remotely monitor safety and compliance at our clinics, receive offline alerts, and coordinate emergency responses. It enables real-time intervention to ensure medical safety. The user experience office manages the user journey, service design, and complaints. Any user feedback is immediately escalated to headquarters for action, which helps us continuously improve our medical workflows. In addition, the operations office tracks operating data across centers nationwide to keep operations healthy.

Xing Jin, Chairman and CEO, So-Young International Inc.: 凭借专业的医疗团队、出色的诊疗质量和可信赖的高标准服务，我们持续夯实用户信任与口碑基础。未来，我们将借助新氧的品牌力与规模优势，吸引更多优秀医生加入，不断提升医疗交付能力与服务品质，以继续巩固口碑及品牌势能，形成驱动业务可持续增长的正向飞轮。

Mona Qiao, Investor Relations, So-Young International Inc.: Thanks to our professional medical team, excellent treatment quality, and reliable premium services, we continued to cement our foundation of user trust and reputation. Looking ahead, we will harness So-Young’s brand influence and wide market presence to attract more outstanding physicians. That will further enhance our medical delivery capabilities and service quality, reinforcing reputation and brand momentum. In turn, this creates a positive flywheel for long-term business growth.

Xing Jin, Chairman and CEO, So-Young International Inc.: 下面我想讲讲供应链。我们致力于构建多元化的供应链体系，持续完善供应链布局。我们通过与上游企业开展多维深度合作，在实现双赢的同时，助力轻医美行业的健康繁荣发展。4月，我们与锦波生物正式宣布达成战略合作，双方通过联合开发和双向赋能，发挥各自优势，实现资源互补与价值共创。基于此次合作，我们获得了锦波生物新品薇旖美 ColPack的独家专供权，并以此推出奇迹胶原系列，为用户提供覆盖头面部的重组胶原蛋白全场景抗衰解决方案。此次发布的胶原新品，是新氧第20款绿标品。随着该系列的推出，我们的绿标产品体系也进一步完善。在该体系下，我们重点关注合规、溯源和价格透明，并结合用户反馈等不断优化。通过直连上游和反向定制，进一步提升供应链效率，也让产品更好地满足用户需求。此外，我们还应季推出了包含燕窝光彩针与17型胶原的厚皮胶原产品，解决用户春日肌肤敏感问题，并发布全新升级的樱花雪光2.0等产品，不断丰富产品供应。凭借在供应链端的深厚战略协同与自有产品的加速落地，大单品策略持续释放增长动能。得益于BBL、热玛吉等爆款产品的热销，一季度大单品收入贡献占比进一步提升到了41%。

Mona Qiao, Investor Relations, So-Young International Inc.: Moving to our supply chain. We remain committed to diversifying and reinforcing our supply chain. Through multi-dimensional, in-depth upstream partnerships, we aim for win-win outcomes while driving health industry growth. In April, we announced our partnership with Jinbo Bio-Pharmaceutical. Through joint development, both parties will leverage their respective advantages to pool resources and create value. The partnership grants us exclusive rights to Jinbo’s new product, WeMed CoPack. On that basis, we launched our Miracle Collagen, offering full-scenario anti-aging solutions using recombinant collagen for head and face. This is our 20th GREEN LABEL product. The launch further reinforces our GREEN LABEL system, one that focuses on compliance, traceability, and price transparency while allowing us to optimize products based on our user feedback. By connecting directly with upstream partners and using reverse customization, we are improving supply chain efficiency and meeting user needs better.

We also launched Enhanced Collagen, which combines Hydrolyse and Collagen Type XVII to address skin dermal irritation. The upgraded Sakura Skin Booster 2.0 further enriched our offerings. Through deep supply chain collaboration and accelerated rollout of proprietary products, our Blockbuster strategy is unlocking growth momentum. Revenue from Blockbuster products rose to 41% in Q1, driven by robust demand for BBL, Thermage, and other hints. In closing, I’d like to emphasize that as mass aesthetic industry enters a new phase of high quality, inclusive growth, companies with standardized medical delivery capabilities, scalable operating efficiency, and a powerful supply chain will be well-positioned for the future. Market leadership advantage will become increasingly evident. With full industry chain capabilities built over years, we have developed a unique competitive edge. Looking ahead, we will firmly advance our 1,000 center score.

While maintaining a measured expansion pace, we will continue optimizing our operating and financial performance. We aim to create value for users and shareholders, and to drive industry’s long-term development. Now, I’ll hand it over to our Chief Financial Officer, Hui Zhao, to walk through the financial results, followed by the Q&A session.

Sha Zhang, Vice President of Finance, So-Young International Inc.: Thank you, Xin, and thank you everyone for joining us today. I’m Sha Zhang, Vice President of Finance. I will walk you through our first quarter 2026 financial results. For additional details on our first quarter performance, please refer to the earnings release issued earlier today. Unless otherwise noted, all amounts are in RMB. We started the year off strongly with a robust Q1 performance. Total revenue for the quarter grew 45.6% year-over-year to RMB 432.8 million, driven by the sustained growth momentum in our branded aesthetic center business. We are also encouraged that our strengthened supply chain is not only supporting our chain operations, but also fueling growth in our upstream supply chain business. Let’s dive into each business segment. Revenue from aesthetic treatment services increased to RMB 282.4 million, up 185.8% year-over-year, and exceeding the high end of our guidance for the fourth consecutive quarter.

This segment accounted for over 65% of total revenue during the quarter. Its growth margin expanded by 8.4 percentage points year-over-year, and 3.3 percentage points quarter-over-quarter. We are pleased to see our core growth driver continue to gain traction in both revenue and profitability, as we execute our dual engine strategy focused on scale and efficiency. As of March 31st, we operated 54 So-Young clinics across 16 major cities, reflecting a net addition of 5 centers during the quarter. Breaking down revenue by center phase. Our 20 mature phase centers generated CNY 150 million in revenue, or roughly CNY 7.5 million per center. Our 23 growth phase centers contribute to CNY 109.5 million, or roughly CNY 4.8 million per center. The 11 ramp-up phase centers contribute to CNY 22.9 million or roughly CNY 2.1 million per center.

It’s worth mentioning that average revenue per center for this in the ramp-up phase saw significant growth both year-over-year and quarter-over-quarter. This clearly validates how our increasingly standardized operations are effectively a standard routine. Their ramp-up trajectory. In the meantime, average revenue per mature feed center remains solid and well above the level seen in ramp-up and growth feed centers. In terms of profitability, 41 centers were profitable and 48 centers generated positive operating cash flow during the quarter, reflecting a net addition of 15 and 9, respectively, from last quarter, with a robust pipeline steadily transitioning into maturity. Alongside our ongoing scale expansion and operational efficiency enhancement, we are confident in our ability to continue driving revenue growth and improving our profitability profile of this segment.

Turning to our other segments, information and reservation services revenues were CNY 8.3 million, down 30% year-over-year, primarily due to the increase in the number of medical service providers subscribing to our information services. Sales of medical products and maintenance services revenues were CNY 57.1 million, up 2.8% year-over-year, driven by an increase in order volume for medical products. Other services revenues were CNY 12.9 million, down 39.3% year-over-year due to lower insurance broker revenue. I will now walk you through our financials below revenue in more details. Cost of revenue were CNY 251 million, up 65.8% year-over-year, driven primarily by the expansion of our branded aesthetic centers. Breaking that down by segment. Cost of aesthetic treatment services was CNY 205.8 million, up 156.4% year-over-year. Cost and information and reservation services was CNY 6.4 million, down 72.5% year-over-year.

Cost of Sales of medical products and maintenance services was CNY 30.4 million, down 0.1% year-over-year. Cost of other services was CNY 8.4 million, down 51.6% year-over-year. Total operating expenses was CNY 239.7 million, up 26.6% year-over-year, and more notably, growing at a slower pace than total revenues. Sales and marketing expenses was CNY 130.8 million, up 33.7% year-over-year. The increase was mainly driven by higher branding and user acquisition spending, as well as higher payroll costs to support our branded aesthetic centers. G&A expenses were CNY 84.5 million, up 42.5% year-over-year, reflecting the continued expansion of branded aesthetic centers. R&D expenses was CNY 24.3 million, down 24.2% year-over-year, driven by improved staff efficiency. Income tax benefits were CNY 0.8 million, compared with CNY 1.6 million in the prior year period.

Net loss attributable to So-Young was CNY 49.2 million, compared with CNY 33.1 million in the prior year period. Non-GAAP net loss attributable to So-Young was CNY 46.6 million, compared with CNY 31.5 million in the prior year period. Basic and diluted loss per ADS was CNY 0.48, compared with CNY 0.32 in the prior year period. As of March 31st, 2026, our cash and cash equivalents, restricted cash and term deposits, term deposits and short-term investments total CNY 880 million, compared with CNY 936.4 million as of year-end 2025. The decrease reflects strategic capital allocation to accelerate the expansion of our branded aesthetic center and fuel the next phase of growth. Turning to our outlook Q2. Given our continued confidence in the branded aesthetic center business, we expect aesthetic treatment service revenues to be between CNY 307 million and CNY 317 million.

Mona Qiao, Investor Relations, So-Young International Inc.: Repetition year-over-year growth of 102.6% to 119.5%. Looking at 2026, we are advancing key initiatives across supply chain optimization, medical delivery excellence, and operational efficiency. Together, these efforts will strengthen our leadership position, drive sustainable growth, and support a clear path to profitability. This concludes my remarks. Operator, we are now ready to begin the Q&A session.

Operator: Our first question comes from Jin Peng with CITIC. Please go ahead.

Jin Peng He, Analyst, CITIC Securities: 好的。丁总好，各位领导好，感谢这次提问的机会。我是中信证券美妆商业组的分析师何锦鹏。我这边想请教一下关于医美行业的一个问题。医美行业我们看到在过去两年其实也是展现出了一个整体增长放缓、竞争加剧这样的一个趋势。那么在这样的背景之下，想请教一下中国医美行业目前整体的一个发展现状如何？包括消费者特点如何？那么展望未来还有怎样的一个市场的机遇？So let me briefly translate for myself.

Thank you for taking my question. I’m Jin Peng He from CITIC Securities. I have a question about the medical aesthetics industry. We are seeing the industry has experienced a slowdown in overall growth and also intensified the competition in the past 2 years. Under this background, what are the development status and consumer characteristics in China’s medical aesthetics industry? And looking ahead, what opportunities do you see? Thank you.

Xing Jin, Chairman and CEO, So-Young International Inc.: 锦鹏，你好，感谢你的提问。首先，我们还是非常持续看好轻医美在中国的发展。我觉得尽管整个大盘的增速放缓，但是内部结构性的机会还是持续存在的。截至去年，中国医美市场的规模已经突破了3,700亿人民币，其中轻医美市场的占比接近了八成，超越手术类项目，成为市场的主流，是全球范围内增长潜力领先的细分市场。

Mona Qiao, Investor Relations, So-Young International Inc.: We remain bullish on light medical aesthetics China. While the broader market is cooling, structural opportunities remain. As of 2025, China’s medical aesthetics market had exceeded RMB 317 billion. Light medical aesthetics captured nearly 80% of the market, overtaking surgical treatment as the mainstream choice. This segment also has leading growth potential globally.

Xing Jin, Chairman and CEO, So-Young International Inc.: 这种内部结构性变化来源于消费者消费习惯的改变。我们总结有以下几个方面：第一，医美从改变样貌转向抗衰的代名词，人们更追求变年轻，而非变成另外一个人。第二，消费者越来越理性，不愿意交智商税，愿意为技术付溢价，但是拒绝为营销买单。第三，医美消费持续普及。中国的二线城市在客单价消费认知上已与一线城市无显著差异。这种新的需求，我们认为传统医美机构针对富裕阶层、服务非标化、充值办卡、单成大店的商业模式很难满足。市场需要像新氧青春诊所这样的机构，给用户提供连锁、便捷、标准化、可负担的优质医美服务。

Mona Qiao, Investor Relations, So-Young International Inc.: This internal structural change is driven by evolving consumer habits in the following areas. First, medical aesthetic conception is evolving from changing appearance to anti-aging. People now want to look younger, not become someone else. Second, consumers are becoming more rational. They will pay a premium for better technologies, but not hype. Third, medical aesthetic is gaining rising popularity. 2nd and 3rd tier cities now match 1st tier cities in both output and consumer awareness. We believe this new demand is difficult for traditional clinics to meet, as they focus on the affluent with these services, prepared card requirements and large single city centers. What’s needed is what we offer: convenient, standardized, affordable and premium services through a clinic chain.

Xing Jin, Chairman and CEO, So-Young International Inc.: 总体来看，中国医美行业正步入一个供给更丰富、价格更透明、竞争更激烈，但也更趋成熟的新阶段。上游供给从2025年以来持续加速，特别是在童颜、胶原蛋白等热门赛道。截至目前，童颜针、胶原蛋白获批的III类证都已超过10张，预计未来仍会持续有新的III类证获批。丰富程度会类似玻尿酸产品。对新氧而言，这意味着更大的选品空间，更优的采购成本，更好的用户体验。

Mona Qiao, Investor Relations, So-Young International Inc.: Overall, the industry has entered a new phase: more device supply, greater price transparency, and fiercer yet more mature competition. Upstream supply has been accelerating since 2025, particularly in hot categories like PLLA and collagen. We’ve already seen more than 10 Class III certificate approvals in each category, and we expect more to come, eventually reaching the same level of diversity as HA products. For So-Young, that means more product choices, better procurement costs, and enhanced user experience.

Xing Jin, Chairman and CEO, So-Young International Inc.: 在这场变化中，医美机构作为连接上游厂商与消费者的核心枢纽，关键在于能否推出效果显著、价格合理且安全可靠的产品与服务。进入2026年，医美行业将延续淘汰赛格局，活下来的机构必须找到差异化定位。我们认为，新氧青春诊所提供的对标医美界的山姆会员店、差异化定位的医美服务，凭借一致性、可负担性、可及性的特点，以及我们沉淀多年的上游供应链布局与多元化获客优势，能够与传统高端医美其他单体民营机构形成错位竞争。随着规模化扩张，释放更大的运营优势。

Mona Qiao, Investor Relations, So-Young International Inc.: In this environment, medical aesthetic clinics, the key bridge connecting upstream manufacturers and consumers, will succeed only if they can deliver effective, affordable, safe, and reliable products and services. In 2026, we expect competition to remain intense across the industry. Weaker players will continue to exit, and survivors will need differentiated positioning. In our case, SoYoung Clinic is positioned like a Sam’s Club of medical aesthetics, known for consistency, affordability, and accessibility. Combined with our established supply chain and diversified customer acquisition channels, this gives us a competitive edge over traditional high-end and single-store private centers. As we scale, our advantage will compound.

Xing Jin, Chairman and CEO, So-Young International Inc.: 展望未来，中国医美市场预计2030年突破6000亿规模，成为全球医美领域最具增长潜力的核心市场。我们认为，中国医美行业的最大机会在于标准化的服务带来规模化的扩张。中国庞大的市场容量能够支撑起千家级别的连锁机构品牌，新氧有信心成为其中一员。

Mona Qiao, Investor Relations, So-Young International Inc.: Looking ahead, China’s medical aesthetic market is forecast to exceed RMB 600 billion by 2030, making it the world’s most promising market in this industry. We believe the industry’s biggest opportunity lies in network expansion through uniform services. China’s market capacity can accommodate thousands clinic chain brands. So-Young is confident in becoming one of them.

Xing Jin, Chairman and CEO, So-Young International Inc.: 谢谢。

Mona Qiao, Investor Relations, So-Young International Inc.: Thank you.

Jin Peng He, Analyst, CITIC Securities: 好的，感谢金总的解答，也祝愿公司未来发展越来越好。Thank you much. Thank you.

Xing Jin, Chairman and CEO, So-Young International Inc.: 谢谢。

Operator: Our next question comes from James Zhang with GF Securities. Please go ahead.

James Zhang, Analyst, GF Securities: 金总好，各位观察员好，我是广发证券张望，我有一个消费者方面相关的问题，想向大家请教一下，就是我们看到现有的我们会员体系中整个复购率是比较高的，用户粘性比较强。想请教一下，我们这些高价值用户的年度预算，他们的消费还有没有往上提升、去渗透空间？我们能通过哪些品类延展去提升ARPU值，有哪些是我们在未来可以去期待的大单品？This is James from GF Securities.

My question is, we can see that the purchase rate among core members is very high, indicating strong user stickiness. Can you help us understand whether there is still upside potential for high-value users’ annual spending? Or will you grow ARPU through SKU expansion? Which blockbuster products can we expect? [Foreign language].

Xing Jin, Chairman and CEO, So-Young International Inc.: 张望你好，感谢你的提问。我们观察到，我们核心会员确实展现出来了很高的复购意愿和消费粘性，这为我们进一步挖掘用户价值奠定了良好的基础。

Mona Qiao, Investor Relations, So-Young International Inc.: Yes, indeed. We are seeing strong repurchase intent and consumption stickiness among core members. This gives us a solid foundation to build user value over time.

Xing Jin, Chairman and CEO, So-Young International Inc.: 未来我们会从两个方面来继续提升ARPU值。一是针对L3级以上的核心会员实施专项管理，通过差异化权益与个性化服务强化品牌价值，同时结合精选SKU，满足用户不同阶段多元轻医美需求，持续提升核心会员的生命周期价值。二是持续扩充中高端定价的品相供给，推行联合治疗，将多个互补性项目组合成综合解决方案，以有效提升客单价。

Mona Qiao, Investor Relations, So-Young International Inc.: Going forward, we will increase ARPU in two ways. First, we will provide dedicated services for core members at levels 3 and above. Through differentiated benefits and personalized services, we will enhance brand value. Combined with curated SKUs, this allows us to meet our users’ diverse and evolving medical aesthetic needs while increasing lifetime value. Second, we will continue expanding our mid to high-end offerings while promoting coordinated diagnosis and bundled complementary treatment solutions. This will meaningfully boost ARPU.

Xing Jin, Chairman and CEO, So-Young International Inc.: 在大产品方面，现在的几个包款，如热玛吉、BBL等，在提升ARPU方面表现突出。此外，我们与上游优质厂商合作的新品，也展现出强劲的销售动能。例如与西虹合作的动能术系列，以及和锦波生物合作的胶原蛋白产品，目前的市场热度和销售势头都非常好。这些新品不但丰富了我们的中高端产品矩阵，也有效带动了存量用户的再消费和客单价提升，值得期待。

Mona Qiao, Investor Relations, So-Young International Inc.: For blockbuster products, popular treatments like Thermage and BBL have been strong drivers of ARPU. New products launched with upstream partners are also gaining traction. Our skin booster series with Xihong Biopharma and collagen products with Jinbo Bio-Pharmaceutical have shown strong market reception and sales momentum. These new products enrich our mid to high-end product portfolio while also driving with trust, behavior and ARPU. They are definitely something to look forward to.

Xing Jin, Chairman and CEO, So-Young International Inc.: 谢谢。

Mona Qiao, Investor Relations, So-Young International Inc.: Thank you.

Operator: Our next question comes from Daisy Chen with Haitong Securities. Please go ahead.

Daisy Chen, Analyst, Haitong Securities: 谢 谢 金 总 和 管 理 层 接 受 我 的 提 问 。 我 这 边 想 更 多 地 了 解 一 下 公 司 的 人 才 储 备 和 组 织 能 力 的 建 设 ， 比 如 说 优 质 医 生 的 储 备 情 况 是 怎 么 样 的 ？ 然 后 在 这 个 专 业 人 才 的 长 期 绑 定 上 ， 公 司 有 哪 些 独 特 的 机 制 ？I’ll translate myself. Could management elaborate more on talent reserve and organizational capability building? How is the reserve of high quality doctors and what unique mechanism does the company adopt for the long-term retention of the professional talents? Thank you.

Xing Jin, Chairman and CEO, So-Young International Inc.: Daisy，你好，感谢你的提问。我们一直认为高质量、高标准的医疗交付能力是优质供给的保证，也是赢得用户信任和驱动消费的关键基石。因此，我们始终非常注重医生人才储备和能力建设。

Mona Qiao, Investor Relations, So-Young International Inc.: We have always said that premium services are defined by high quality medical delivery. This is critical for earning user trust and driving consumption, which is why talent development is so central for us.

Xing Jin, Chairman and CEO, So-Young International Inc.: 在医生队伍建设上，我们坚持严选严训。作为全国规模最大的医美连锁，新氧持续吸引优质医生加入，医生队伍规模不断扩大，目前在岗全职医生总数约为230人。所有医生的录用都经过了严格筛选。另外，所有医生上岗前都必须完成系统性的理论与实操培训和考核。刚刚也提到，最近北京总部的医生培训中心与研发中心已正式投入使用，进一步保障了医生技术水平和操作规范的统一性。

Mona Qiao, Investor Relations, So-Young International Inc.: It all starts with rigorous hiring and training standards. As China’s largest light medical aesthetic chain, So-Young continues to attract high quality doctors with physician team keeping expanding. We now have about 230 full-time physicians. All hires undergo rigorous selecting, and we require every physician to complete theoretical and hands-on training and assessments before practicing. As mentioned in our remarks, our physician training center and R&D center at Beijing headquarters are now up and running. These facilities further strengthen our already high standards for skills and treatment consistency across our network.

Xing Jin, Chairman and CEO, So-Young International Inc.: 在人才留存方面，我们建立了多层次的长期绑定机制，医生流动率处于行业正常水平。首先在业绩维度，我们通过按操作数量提供有竞争力的业绩提成，激励优秀医生。其次，我们为不同层级的医生设计了清晰的成长路径。例如针对PT2级别以上的医生，我们与艾尔建等上游头部厂商建立深度合作，为医生提供前沿专业知识等各类定制化培训，以及直播露出和口碑积累机会，帮助他们持续提升个人技术影响力。此外，我们还设有从门店医生到区域医生再到大师团医生的明确晋升通道。

Mona Qiao, Investor Relations, So-Young International Inc.: In terms of talent retention, we have built a multilayer long-term retention mechanism. Our physician turnover rate is currently in line with the industry average. First, on performance incentives, we offer competitive commission linked to treatment volume to reward high performers. Second, we design clear progression path for our physicians at different levels. For instance, doctors at PT2 level or above can receive customized training through our deep collaborations with leading partnerships like Allergan. We also help them to professional influence through live streaming visibility and other reputation building opportunities. Additionally, we have a well-defined promotion ladder from in-clinic physician to regional physician and ultimately to master group physician.

Xing Jin, Chairman and CEO, So-Young International Inc.: 与此同时，新氧作为一家互联网企业，建立了完善的人才激励体系，面向核心及优秀员工开放员工期权激励政策。通过绑定个人成长与公司发展，让员工共享企业成长红利。这有效激发了大家的主观能动性，也进一步增强了团队归属感。相信新氧的品牌影响力、扎实的培训体系与多样化的人才留存机制，将继续支撑优质医生及其他优秀人才的储备，进一步增强我们的医疗交付能力。

Mona Qiao, Investor Relations, So-Young International Inc.: Meanwhile, as an internet company, So-Young has established a comprehensive talent incentive system. We offer equity plans to core and outstanding employees. By aligning individual growth with company development, employees share the benefits of our success, fostering both motivation and a deeper sense of belonging. We are confident that So-Young’s brand awareness, robust training system, and diversified talent retention mechanism will continue to underpin a solid pipeline of quality physicians and other outstanding talents, further reinforcing our medical delivery capabilities.

Xing Jin, Chairman and CEO, So-Young International Inc.: 谢谢。

Mona Qiao, Investor Relations, So-Young International Inc.: Thank you.

Operator: Our next question comes from Jenny Xu with CICC. Please go ahead.

Jenny Xu, Analyst, CICC: 管理层晚上好，我是中金公司的分析师徐卓楠。首先想恭喜公司这个季度还是非常好的一个业绩的表现。那我想请教的是，我们在这个传统的治疗体系重构上面有一些的创新，包括在医生和咨询师的这个角色定位上面，具体有哪些的变化？可不可以给我们再梳理一下？So, could you walk us through what innovations the company has introduced in restructuring the traditional clinical service model?

What are the specific changes in the roles and positioning of physicians and consultants? Thank you.

Xing Jin, Chairman and CEO, So-Young International Inc.: 徐卓楠，你好。感谢你的提问。我们在传统诊疗体系的重构上呢，目前主要是通过诊疗体系的升级与医生首诊制两条路径在推进创新。

Mona Qiao, Investor Relations, So-Young International Inc.: We are driving innovation through two main paths: upgrading our diagnosis and treatment systems, and advancing our physician-led initial consultation policy.

Xing Jin, Chairman and CEO, So-Young International Inc.: 在体系层面，一方面我们联合行业专家，对用户皮肤类型进行归因归类，形成标准化模板，共创标准化的诊疗指南，推动诊疗流程的统一与规范。另一方面，我们计划通过对皮肤检测仪进行二次开发，结合大数据与AI算法，实现诊疗方案的自动推荐。相信这些将帮助我们提升诊断过程的标准化与自动化水平，从而提升门店运营效率。

Mona Qiao, Investor Relations, So-Young International Inc.: On the system front, we are working with experts to categorize users’ skin types by their underlying causes. This work enables us to build templates and create treatment guidance that ensures standard services. We also plan to upgrade skin detectors, integrating big data and AI to enable automatic treatment recommendations. We believe these initiatives will help us automate our diagnosis and treatment process, boosting operational efficiency across our clinics.

Xing Jin, Chairman and CEO, So-Young International Inc.: 与此同时，我们正在推进医生首诊制，让医生在客户初次到诊时即介入，提供专业面诊服务。在此模式下，咨询师的角色从主导咨询转向辅助与服务，重点支持医生完成诊疗流程。这一调整突出了医疗专业属性，能够增强用户的信任感，提高转化率。目前，医生首诊制已在部分门店启动试点，计划未来实现新客户100%由医生面诊，并在老客户中逐渐推进医生面诊覆盖。

Mona Qiao, Investor Relations, So-Young International Inc.: In parallel, we are rolling out a physician-led consultation policy where doctors are involved from the very first customer visit to provide professional in-person consultations. Under this model, the role of consultant shifts from leading consultation to supporting the doctor in diagnosis and treatment. This adjustment highlights the medical nature of our services, which will enhance customer trust and improve conversion. We have piloted this policy in selected clinics. In future, we plan to have 100% of new customers consulted by a physician, with physician-led consultation gradually expanding to returning customers.

Xing Jin, Chairman and CEO, So-Young International Inc.: 谢谢。

Mona Qiao, Investor Relations, So-Young International Inc.: Thank you.

Operator: This concludes our question and answer session and today’s conference call. Thank you for joining us. You may now disconnect.