China's So-Young Q4 revenue rises on branded center expansion

So-Young International

25/03/2026 09:25

Overview

China aesthetic treatment platform's Q4 revenue grew 25% yr/yr, driven by branded center expansion

Q4 net loss narrowed sharply from prior yr, but non-GAAP net loss increased

Company extended share repurchase program through March 2027, repurchased 4.8 mln ADSs

Outlook

So-Young expects Q1 2026 aesthetic treatment services revenue of RMB268 mln to RMB278 mln

Company says outlook reflects current market conditions and preliminary estimates of customer demand

So-Young plans steady store expansion and prioritizes operational excellence in 2026

Result Drivers

AESTHETIC CENTER EXPANSION - Revenue growth in Q4 was primarily driven by business expansion of branded aesthetic centers

DECLINE IN PLATFORM SERVICES - Revenues from information and reservation services and medical products fell due to fewer medical service providers subscribing and lower equipment sales

HIGHER SALES AND MARKETING SPEND - Increased sales and marketing expenses were mainly due to branding and user acquisition activities for the branded aesthetic centers

Company press release: ID:nPn2zc0y8a

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q4 Revenue
RMB 460.72 mln
Q4 Net Income
-RMB 114.12 mln
Q4 Gross Profit
RMB 204.77 mln
Q4 Income from Operations
-RMB 122.94 mln
Q4 Operating Expenses
-RMB 327.72 mln
Q4 Pretax Profit
-RMB 114.73 mln


Analyst Coverage

The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

The average consensus recommendation for the online services peer group is "buy."

Wall Street's median 12-month price target for So-Young International Inc is $7.60, about 161.2% above its March 24 closing price of $2.91

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)