So-Young International Inc. Posts Mixed Results in Q1 2025
So-Young Reports First Quarter 2025 Financial Outcomes
So-Young International Inc. (NASDAQ: SY) has revealed its unaudited financial results for the first quarter of 2025, highlighting pivotal data that paints a clear picture of the company’s ongoing growth and operational challenges in the aesthetic treatment sector.
Key Financial Highlights for Q1 2025
Total revenues recorded were RMB297.3 million (approximately US$41.0 million), reflecting a modest decline from RMB318.3 million compared to the same quarter in 2024. This decline, however, remained within the previously anticipated guidance range.
- Net loss attributable to So-Young was RMB33.1 million (around US$4.6 million), a notable increase from the net loss of RMB21.2 million experienced in Q1 2024.
- Non-GAAP net loss attributable to So-Young stood at RMB31.5 million (around US$4.3 million), in stark contrast to a non-GAAP net income of RMB4.1 million from the same quarter last year.
Operational Insights for Q1 2025
The total value of medical aesthetic treatment transactions facilitated through So-Young's platform was RMB303.2 million, down from RMB367.1 million in the previous year’s comparable quarter. Furthermore, the surge in verified paid visits surpassed 45,500, up from approximately 4,600, while verified paid aesthetic treatments surpassed 92,900, a drastic increase from about 8,500 in Q1 2024.
Growth in Active Users and New Centers
As of March 31, 2025, active users on So-Young’s platform increased significantly to over 75,700 compared to around 8,000 from the previous year. Additionally, there were 23 operational aesthetic centers across various major cities, with 18 centers generating positive monthly cash flow.
Financial Results Breakdown for Q1 2025
For the quarter, the breakdown of revenues exhibited strong variances across different service categories:
- Information and reservation services generated RMB142.9 million (approximately US$19.7 million), down 34.1% from the previous year.
- Revenues from aesthetic treatment services soared to RMB98.8 million (around US$13.6 million), marking a dramatic increase of 551.4% from RMB15.2 million in Q1 2024.
- Sales of medical products and maintenance services decreased to RMB55.6 million (approximately US$7.7 million), a decline of 35.7% year-over-year.
Management Commentary
Xing Jin, Co-Founder and CEO of So-Young, emphasized the significant momentum within their branded aesthetic centers, indicating robust growth in revenues. He stated, "The strategies we are employing are effectively addressing unmet market demands and generating synergies across our business lines. Our recent integration with Wuhan Miracle Laser has bolstered our product pipeline and improved operational efficiency. We aim to enhance our market presence through an increase in aesthetic centers to provide reliable and high-quality medical aesthetic solutions."
Hui Zhao, CFO of So-Young, further emphasized the emergence of the aesthetic center business as a new growth factor, even though the current revenues reflect ongoing investments aimed at supporting sustainable future growth.
Outlook and Market Predictions
Looking ahead, So-Young anticipates aesthetic treatment service revenues to range between RMB120 million (around US$16.5 million) and RMB140 million (approximately US$19.3 million) for the second quarter of 2025. This projection suggests an impressive growth of between 337.3% to 410.1% when comparing to Q2 2024.
Frequently Asked Questions
What were the total revenues for So-Young in Q1 2025?
The total revenues for So-Young in Q1 2025 were RMB297.3 million, approximately US$41.0 million.
How did the net loss change compared to last year?
The net loss increased to RMB33.1 million compared to RMB21.2 million in the first quarter of 2024.
What operational highlights were noted for Q1 2025?
The number of verified paid visits was over 45,500, and verified paid aesthetic treatments surpassed 92,900.
What is the anticipated revenue range for the next quarter?
So-Young expects revenues from aesthetic treatment services to be between RMB120 million and RMB140 million for the second quarter of 2025.
Who are the key executives at So-Young?
Key executives include Xing Jin as the CEO and Hui Zhao as the CFO, who both focus on strategies for growth and operational efficiency within the company.
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