So-Young Reports Unaudited First Quarter 2026 Financial Results

BEIJING, May 22, 2026 /PRNewswire/ -- So-Young International Inc. (Nasdaq: SY) ("So-Young" or the "Company"), the leading aesthetic treatment platform in China connecting consumers with online services and offline treatments, today announced its unaudited financial results for the first quarter ended March 31, 2026.

First Quarter 2026 Financial Highlights

First Quarter 2026 Operational Highlights

[1] This press release contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) solely for the convenience of the reader. Unless otherwise specified, all translations of Renminbi amounts into U.S. dollar amounts in this press release are made at RMB6.8980 to US$1.00, which was the U.S. dollars middle rate announced by the Board of Governors of the Federal Reserve System of the United States on March 31, 2026.

[2] Non-GAAP net loss attributable to So-Young International Inc. is defined as net loss attributable to So-Young International Inc. excluding share-based compensation expenses, impairment of long-lived assets attributable to So-Young International Inc., and tax effects on non-GAAP adjustments. See "Reconciliation of GAAP and Non-GAAP Results" at the end of this press release.

Phase** (Operating duration)

Number of Centers

Revenue (RMB)

Average Revenue per

Center (RMB)

Average Center Age

(Month)

Ramp-up (0-3 months)

22,948,000

2,086,000

2.1

Growth (4-12 months)

109,490,000

4,760,000

8.0

Maturity (over 12 months)

149,994,000

7,500,000

19.8

* Center-level profitability measures whether an individual aesthetic center achieved positive profit in a given period. It is calculated by deducting consumable materials costs, personnel costs, center rental expenses, center depreciation expenses, and other center-level operating costs from the company's self-operated store revenues, before allocation of any back-office or mid-office expenses. Quarterly operating cash flow refers to total cash collected from orders less center-level operating payments in a given period, and excluding operating expense payments made by back-office or mid-office departments during the same period. Center-level profitability and quarterly operating cash flow are metrics derived from the Company's internal management accounts, which have not been audited.

** For the purposes of this table, "Phase" refers to the length of time since commencement of actual operations rather than the legal establishment or registration date of a branded aesthetic center. In cases where a center has been relocated, merged, or its team and customer base transferred to another location, the operating duration of the branded aesthetic center is calculated from the commencement date of the predecessor center's operations. Periods during which a center is temporarily closed and not conducting external operations (e.g., due to renovation or other suspensions of business) are excluded from the calculation of operating duration. Branded aesthetic centers that have been converted to other uses or are no longer within the reporting scope are excluded from the statistics.

Management Commentary

Mr. Xing Jin, Co-Founder and Chief Executive Officer of So-Young, commented, "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."

First Quarter 2026 Financial Results

Revenues

Total revenues were RMB432.8 million (US$62.7 million), an increase of 45.6% from RMB297.3 million in the same period of 2025. The increase was primarily due to business expansion of the branded aesthetic centers.

[3] Since the second quarter of 2025, in light of the better monitoring business development of branded aesthetic centers, the previous line item information, reservation services and others was separated into two line items, which are information and reservation services and other services.

The revenue generated from information and reservation services and other services for the first quarter of 2025 have also been retrospectively updated. The amount reclassified from previous line item information, reservation services and others to information and reservation services is RMB121.6 million for the first quarter of 2025.

Cost of Revenues

Cost of revenues was RMB251.0 million (US$36.4 million), an increase of 65.8% from RMB151.4 million in the first quarter of 2025. The increase was primarily due to the business expansion of the branded aesthetic centers.

[4] Since the second quarter of 2025, the previous line item cost of information, reservation services and others was separated into two line items, which are cost of information and reservation services and cost of other services. Cost of information and reservation services primarily consists of expenditures relating to operation of platform business, and the remaining cost of information, reservation services and others is reclassified into cost of other services. The cost of information and reservation services and cost of other services for the first quarter of 2025 have also been retrospectively reclassified.

Operating Expenses

Total operating expenses were RMB239.7 million (US$34.7 million), an increase of 26.6% from RMB189.3 million in the first quarter of 2025.

Income Tax Benefits

Income tax benefits were RMB0.8 million (US$0.1 million), compared with income tax benefits of RMB1.6 million in the same period of 2025.

Net Loss Attributable to So-Young International Inc.

Net loss attributable to So-Young International Inc. was RMB49.2 million (US$7.1 million), compared with a net loss attributable to So-Young International Inc. of RMB33.1 million in the first quarter of 2025.

Non-GAAP Net Loss Attributable to So-Young International Inc.

Non-GAAP net loss attributable to So-Young International Inc., which excludes the impact of share-based compensation expenses, was RMB46.6 million (US$6.8 million), compared with RMB31.5 million non-GAAP net loss attributable to So-Young International Inc. in the same period of 2025.

Basic and Diluted Loss per ADS

Basic and diluted loss per ADS attributable to ordinary shareholders were RMB0.48 (US$0.07) and RMB0.48 (US$0.07), respectively, compared with basic and diluted loss per ADS attributable to ordinary shareholders of RMB0.32 and RMB0.32, respectively, in the same period of 2025.

Cash and Cash Equivalents, Restricted Cash and Term Deposits, Term Deposits and Short-Term Investments

As of March 31, 2026, cash and cash equivalents, restricted cash and term deposits, term deposits and short-term investments were RMB880.0 million (US$127.6 million), compared with RMB936.4 million as of December 31, 2025.

Business Outlook

For the second quarter of 2026, So-Young expects aesthetic treatment services revenues to be between RMB307.0 million (US$44.5 million) and RMB317.0 million (US$46.0 million), representing an 112.6% to 119.5% increase from the same period in 2025. The above outlook is based on the current market conditions and reflects the Company's preliminary estimates of market and operating conditions, as well as customer demand, which are all subject to change.

Non-GAAP Financial Measures

To supplement the financial measures prepared in accordance with generally accepted accounting principles in the United States, or GAAP, this press release presents non-GAAP loss from operations and non-GAAP net loss attributable to So-Young International Inc. by excluding share-based compensation expenses and impairment of long-lived assets from loss from operations, and excluding share-based compensation expenses, impairment of long-lived assets, and tax effects on non-GAAP adjustments from net loss attributable to So-Young International Inc., respectively.

The Company believes these non-GAAP financial measures are important to help investors understand the Company's operating and financial performance, compare business trends among different reporting periods on a consistent basis and assess the Company's core operating results, as they exclude certain expenses (i) that are not expected to result in cash payments or (ii) that are non-recurring in nature or may not be indicative of the Company's core operating results and business outlook. The use of the above non-GAAP financial measures has certain limitations. Share-based compensation expenses and the impairment of long-lived assets are non-recurring in nature. All these are not reflected in the presentation of the non-GAAP financial measures, but should be considered in the overall evaluation of the Company's results. The Company compensates for these limitations by providing the relevant disclosure of its share-based compensation expenses, impairment of long-lived assets, and tax effects on non-GAAP adjustments in the reconciliations to the most directly comparable GAAP financial measures, which should be considered when evaluating the Company's performance. These non-GAAP financial measures should be considered in addition to financial measures prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP. Reconciliation of each of these non-GAAP financial measures to the most directly comparable GAAP financial measure is set forth at the end of this release.

Conference Call Information

So-Young's management will hold an earnings conference call on Friday, May 22, 2026, at 7:30 AM U.S. Eastern Time (7:30 PM on the same day, Beijing/Hong Kong Time). Dial-in details for the earnings conference call are as follows:

International:

+1-412-902-4272

China:

4001-201203

US:

+1-888-346-8982

Hong Kong:

+852-800-905945

Passcode:

So Young

A telephone replay will be available two hours after the conclusion of the conference call through 23:59 U.S. Eastern Time, May 29, 2026. The dial-in details are:

International:

+1-412-317-0088

US:

+1-855-669-9658

Passcode:

5918252

Additionally, a live and archived webcast of this conference call will be available at http://ir.soyoung.com.

About So-Young International Inc.

So-Young International Inc. (Nasdaq: SY) ("So-Young" or the "Company") is the leading aesthetic treatment platform in China connecting consumers with online services and offline treatments. The Company provides access to aesthetic treatments through its online platform and branded aesthetic centers, offering curated treatment information, facilitating online reservations, delivering high-quality treatments, and developing, producing and distributing optoelectronic medical equipment and injectable products. With its strong brand recognition, digital reach, affordable treatments and efficient supply chain, So-Young is well-positioned to serve its audience over the long term and grow along the medical aesthetic value chain.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, the Financial Guidance and quotations from management in this announcement, as well as So-Young's strategic and operational plans, contain forward-looking statements. So-Young may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about So-Young's beliefs and expectations, are forward-looking statements. Forward looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: So-Young's strategies; So-Young's future business development, financial condition and results of operations; So-Young's ability to retain and increase the number of users and medical service providers, and expand its service offerings; competition in the online medical aesthetic service industry; changes in So-Young's revenues, costs or expenditures; Chinese governmental policies and regulations relating to the online medical aesthetic service industry, general economic and business conditions globally and in China; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company's filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and So-Young undertakes no duty to update such information, except as required under applicable law.

For more information, please contact:

So-Young

Investor Relations

Ms. Mona Qiao

Phone: +86-10-8790-2012

E-mail: [email protected]

Christensen

Ms. Joanna Quan

Phone: +86-10-5900-1548

E-mail: [email protected]

SO-YOUNG INTERNATIONAL INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except for share and per share data)

As of

December 31,

March 31,

2025

2026

RMB

US$

Assets

Current assets:

Cash and cash equivalents

418,213

386,813

56,076

Restricted cash and term deposits

64,683

82,512

11,962

Trade receivables

51,532

43,417

6,294

Inventories

233,389

262,555

38,062

Receivables from online payment platforms

16,296

17,174

2,490

Amounts due from related parties

774

1,687

245

Term deposits and short-term investments

453,472

410,649

59,532

Prepayment and other current assets

246,237

283,832

41,147

Total current assets

1,484,596

1,488,639

215,808

Non-current assets:

Long-term investments

274,753

274,180

39,748

Intangible assets

144,097

139,815

20,269

Goodwill

684

Property and equipment, net

293,560

307,370

44,559

Deferred tax assets

69,313

69,363

10,056

Operating lease right-of-use assets

251,635

253,238

36,712

Other non-current assets

130,998

131,527

19,067

Total non-current assets

1,165,040

1,176,177

170,510

Total assets

2,649,636

2,664,816

386,318

Liabilities

Current liabilities:

Short-term borrowings

39,814

119,746

17,360

Taxes payable

43,461

36,606

5,307

Contract liabilities

65,948

64,564

9,360

Salary and welfare payables

130,170

106,727

15,472

Amounts due to related parties

618

552

Accrued expenses and other current liabilities

427,507

453,930

65,805

Operating lease liabilities-current

76,536

78,374

11,362

Total current liabilities

784,054

860,499

124,746

Non-current liabilities:

Operating lease liabilities-non current

183,364

182,302

26,428

Deferred tax liabilities

10,615

9,266

1,343

Other non-current liabilities

2,783

3,925

569

Total non-current liabilities

196,762

195,493

28,340

Total liabilities

980,816

1,055,992

153,086

Shareholders' equity:

Treasury stock

(391,944)

(56,820)

Class A ordinary shares (US$0.0005 par value; 750,000,000

shares authorized as of December 31, 2025 and March 31,

2026; 79,016,808 and 65,089,482 shares issued and

outstanding as of December 31, 2025, 79,142,997 and

65,215,671 shares issued and outstanding as of March 31,

2026, respectively)

257

Class B ordinary shares (US$0.0005 par value; 20,000,000

shares authorized as of December 31, 2025 and March 31,

2026; 12,000,000 shares issued and outstanding as of

December 31, 2025 and March 31, 2026)

Additional paid-in capital

3,059,764

3,062,378

443,952

Statutory reserves

46,448

6,734

Accumulated deficit

(1,174,587)

(1,223,763)

(177,408)

Accumulated other comprehensive income

13,340

935

136

Total So-Young International Inc. shareholders' equity

1,553,315

1,494,348

216,636

Non-controlling interests

115,505

114,476

16,596

Total shareholders' equity

1,668,820

1,608,824

233,232

Total liabilities and shareholders' equity

2,649,636

2,664,816

386,318

SO-YOUNG INTERNATIONAL INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except for share and per share data)

For the Three Months Ended

March 31,

2025

December 31,

2025

March 31,

2026

March 31,

2026

RMB

US$

Revenues:

Aesthetic treatment services

98,827

248,076

282,432

40,944

Information and reservation services

121,625

125,675

80,311

11,643

Sales of medical products and maintenance services

55,590

69,257

57,141

8,284

Other services

21,228

17,714

12,891

1,869

Total revenues

297,270

460,722

432,775

62,740

Cost of revenues:

Cost of aesthetic treatment services

(80,264)

(189,017)

(205,758)

(29,829)

Cost of information and reservation services

(23,297)

(10,071)

(6,401)

(928)

Cost of medical products sold and maintenance services

(30,425)

(41,595)

(30,403)

(4,408)

Cost of other services

(17,429)

(15,265)

(8,436)

(1,223)

Total cost of revenues

(151,415)

(255,948)

(250,998)

(36,388)

Gross profit

145,855

204,774

181,777

26,352

Operating expenses:

Sales and marketing expenses

(97,876)

(168,678)

(130,826)

(18,966)

General and administrative expenses

(59,284)

(101,893)

(84,504)

(12,251)

Research and development expenses

(32,109)

(37,436)

(24,339)

(3,528)

Impairment of long-lived assets

—

(19,710)

—

Total operating expenses

(189,269)

(327,717)

(239,669)

(34,745)

Loss from operations

(43,414)

(122,943)

(57,892)

(8,393)

Other income/(expenses):

Investment (loss)/income, net

(785)

773

206

Interest income, net

7,025

3,453

3,734

541

Exchange gains

2,929

4,910

712

Share of losses of equity method investee

(2,442)

(616)

(187)

(27)

Others, net

4,834

1,670

(1,729)

(252)

Loss before tax

(34,757)

(114,734)

(50,958)

(7,389)

Income tax benefits

1,605

619

753

109

Net loss

(33,152)

(114,115)

(50,205)

(7,280)

Net loss attributable to noncontrolling interests

5,266

1,029

149

Net loss attributable to So-Young International Inc.

(33,138)

(108,849)

(49,176)

(7,131)

SO-YOUNG INTERNATIONAL INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Continued)

(Amounts in thousands, except for share and per share data)

For the Three Months Ended

March 31,

2025

December 31,

2025

March 31,

2026

March 31,

2026

RMB

US$

Net loss per ordinary share

Net loss per ordinary share attributable to ordinary shareholder - basic

(0.42)

(1.40)

(0.63)

(0.09)

Net loss per ordinary share attributable to ordinary shareholder - diluted

(0.42)

(1.40)

(0.63)

(0.09)

Net loss per ADS attributable to ordinary shareholders - basic (13 ADS represents 10 Class

A ordinary shares)

(0.32)

(1.08)

(0.48)

(0.07)

Net loss per ADS attributable to ordinary shareholders - diluted (13 ADS represents 10

Class A ordinary shares)

(0.32)

(1.08)

(0.48)

(0.07)

Weighted average number of ordinary shares used in computing earnings/(loss) per share,

basic*

78,562,865

77,593,230

77,671,152

Weighted average number of ordinary shares used in computing earnings/(loss) per share,

diluted*

78,562,865

77,593,230

77,671,152

Share-based compensation expenses included in:

Cost of revenues

(30)

(3)

(0)

Sales and marketing expenses

(130)

(87)

(13)

General and administrative expenses

(1,404)

771

(2,480)

(360)

Research and development expenses

(93)

(35)

(5)

* Both Class A and Class B ordinary shares are included in the calculation of the weighted average number of ordinary shares outstanding, basic and diluted.

SO-YOUNG INTERNATIONAL INC.

Reconciliation of GAAP and Non-GAAP Results

(Amounts in thousands, except for share and per share data)

For the Three Months Ended

March 31,

2025

December 31,

2025

March 31,

2026

March 31,

2026

RMB

US$

GAAP loss from operations

(43,414)

(122,943)

(57,892)

(8,393)

Add back: Share-based compensation expenses

1,657

(871)

2,605

378

Add back: Impairment of long-lived assets

—

19,710

—

Non-GAAP loss from operations

(41,757)

(104,104)

(55,287)

(8,015)

GAAP net loss attributable to So-Young International Inc.

(33,138)

(108,849)

(49,176)

(7,131)

Add back: Share-based compensation expenses

1,657

(871)

2,605

378

Add back: Impairment of long-lived assets attributable to So-Young International Inc.

—

18,782

—

Reversal: Tax effects on non-GAAP adjustments (1)

—

(2,483)

—

Non-GAAP net loss attributable to So-Young International Inc.

(31,481)

(93,421)

(46,571)

(6,753)

(1) To adjust the income tax effects of non-GAAP adjustments, which is primarily related to impairment of long-lived assets. Other non-GAAP adjustment items have no tax effect, because full valuation allowances were provided for related deferred tax assets as it is more-likely-than-not they will not be realized.

SOURCE So-Young International Inc.