So-Young International Q3 2025 Earnings Call - Aesthetic Center Business Drives 305% Revenue Growth Amid Expansion and Operational Enhancements

Conference Operator: Ladies and gentlemen, thank you for standing by for So-Young Q3 2025 earnings conference call. At this time, all participants are in listen-only mode. After management gives their prepared remarks, there will be a question-and-answer session. As a reminder, today’s conference call is being recorded. I will now like to turn the meeting over to your host for today’s call, Ms. Mona Chiao. Please proceed, Mona.

Mona Chiao, Investor Relations, So-Young International: Thank you, Operator, and thank you, everyone, for joining So-Young Q3 2025 earnings conference call. Joining me today on the call is Mr. Xing Jin, our Founder, Chairman, and CEO, and Mr. Nick Chiao, CFO. Before we begin, please refer to the safe harbor statement in our earnings release, which applies to this call and we will 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 filed with SEC. At this time, I’d like to turn the call over to Mr. Xing Jin.

Xing Jin, Founder, Chairman, and CEO, So-Young International: 大家好，欢迎参加今天的财报电话会议。2025年第三季度，我们继续坚定推进线下连锁业务的战略布局，在门店建设和运营体系上持续夯实基础。连锁方向的长期投入也逐步转化为稳定的经营成果。三季度，公司实现总收入3.87亿元人民币，其中连锁业务收入1.84亿元人民币，同比增速305%，突破指引上限8个百分点，并牵引集团整体收入实现同比增长。本季度，归属于新养的净亏损环比有所增加，原因是连锁之外的其他业务收入环比下降3,100万元人民币。对于这些业务，我们有信心在四季度保持稳定。

Mona Chiao, Investor Relations, So-Young International: Hello everyone and welcome to today’s earnings call. In Q3, we continued to advance the strategic build-out of our budget center business while deepening the foundation of various development and operating systems. Our long-term investments in the aesthetic center business are increasingly translating into stable operating results. Total revenue for the quarter was RMB 387 million, including RMB 184 million from the aesthetic center business, up 305% year-over-year and approximately 8% above the high end of our guidance. This performance also fueled our year-over-year top-line growth momentum. This quarter, net loss attributable to So-Young increased, mainly due to a sequential decrease of RMB 31 million in revenue from business other than the aesthetic center business. We remain confident that these revenues will stabilize in Q4.

Xing Jin, Founder, Chairman, and CEO, So-Young International: 自去年推出新养青春诊所连锁品牌以来，我们持续完善标准化体系与数字化管理，不断提升门店运营效率和服务质量。经过一年的建设，新养青春诊所已发展成为全国青医美连锁机构中门店数量最多的品牌。目前门店总数已达42家，其中直营41家，加盟1家。全年50家门店的目标正按计划稳步推进。截至9月底，新养青春诊所累计服务人次突破60万，服务人次位居全国大众青医美连锁品牌首位。接下来，我们将继续有节奏地拓展连锁版图，在更高标准的服务体系和更深厚的品牌积淀中，推动业务实现健康可持续的增长。

Mona Chiao, Investor Relations, So-Young International: Since launching So-Young Clinic Lite Medical Aesthetic chain last year, we have continuously enhanced its standardization and digital management while improving center-level efficiency and service quality. After one year, our brand now operates the largest number of centers nationwide among Lite Medical Aesthetic chains, with a total number of 42 centers as of today, including 41 directly operated centers and one franchised center. We remain on track to reach our year-end target, 50 centers. As of September 30, cumulative service visits exceed 600,000, ranking first among mass-market chain brands in China in terms of service volume. Going forward, we will continue to expand our aesthetic center network in a disciplined manner and drive healthy, sustainable growth through a higher standard system and deeper brand equity.

Xing Jin, Founder, Chairman, and CEO, So-Young International: 下面具体分享一下我们第三季度的业务发展情况。连锁业务延续了上半年的增长势头，三季度收入达到1.84亿元人民币，环比增长27%，同比增长305%。进一步巩固其在公司业务结构中的核心地位。截至9月底，新养青春诊所已进入10个城市，门店数量达到39家。门店运营效率持续提升，20家门店在第三季度实现店端盈利，其中处于成熟期的14家门店百分百实现了季度店端盈利。共计29家门店在第三季度实现了现金流转正。连锁业务的用户规模与服务量级也在不断扩大。截至9月底，新养青春诊所活跃用户数超13万人。三季度，连锁核销人次超过89,800次，环比增长33%，同比增长280%。核销服务点数量超过194,700个，环比增长26%，同比增长296%。在新客增长方面，口碑效应持续显现。获客效率持续引领行业，人均获客成本保持低位，环比下降。三季度老客带薪，在新客的比例提升至46%。同时，我们与美团等平台深化合作，通过精准投放和内容种草进一步提升品牌曝光与转化。来自公寓渠道的新客数量环比增长38%，公寓获客成本也在持续优化。

Mona Chiao, Investor Relations, So-Young International: Now let me walk you through our Q3 operational highlights. Our budget aesthetic center business builds upon the strong growth momentum. In Q3, revenue reached RMB 184 million, up 26% quarter-to-quarter and 305% year-over-year, further solidifying its role as the core of our business. As of September 30, So-Young Clinic operates 39 centers across 10 cities. Operational efficiency continued to improve, with 20 centers achieving center-level profitability in Q3, including all 14 mature centers. In addition, 29 centers generated positive operating cash flow during the quarter. The scale of users and service volume are also expanding. As of September 30, total number of active users of So-Young Clinic exceeded 130,000. Total number of verified treatment visits surpassed 89,800 in the quarter, up 33% quarter-to-quarter and 280% year-over-year, with total number of verified aesthetic treatments performed surpassed 194,700, up 26% quarter-to-quarter and 296% year-over-year.

New customers continue to grow driven by word-of-mouth referrals, as our customer acquisition efficiency remains industry-leading levels. Our per capita CAC remains at a low level and decreased quarter-to-quarter. In Q3, the proportion of new customers acquired via referrals rose to 46%. We also deepened cooperation with platforms such as Meituan, further improving broad exposure and user conversion through targeted advertising and content seeding. New customers from public domain channels increased 38% quarter-to-quarter, with continued optimization in public domain customer acquisition costs.

Xing Jin, Founder, Chairman, and CEO, So-Young International: 用户运营层面，我们升级了会员体系，通过分层运营、权益激励与个性化服务，有效提升用户年度和生命周期价值。本季度，L3及以上核心会员数量增长超过1万人，环比增长40%。L3及以上会员贡献收入占比达到高双位数，季度复购率接近70%，用户满意度维持在4.99分的高水平。我们的用户结构正持续向高忠诚度、高复购方向演进。

Mona Chiao, Investor Relations, So-Young International: We have upgraded our membership system during the quarter. Through tiered operations, benefits, incentives, and personalized services, we increased user retention and customer lifetime value. In Q3, core members defined as users at level 3 and above grew by over 10,000, up 40% quarter-to-quarter. These core members continued a high double-digit % of revenue and nearly 70% quarterly repatrons rate. Customer satisfaction score remained at a high level of 4.99 out of 5. Our user structure continues to evolve to higher loyalty and repeat patrons.

Xing Jin, Founder, Chairman, and CEO, So-Young International: 品项运营方面，我们持续迭代大单品策略，聚焦高复购、高口碑的优质项目，打造更具效率的增长体系。三季度，我们优化了单品矩阵，集中资源优化重点项目的精细化运营。在9月底，我们预告了奇迹童年3.0数题研的上市，市场对此次升级反响很好，预售表现十分火热。在每个用户限量购买一单的情况下，两天的时间内预售成交超过1,300单。此外，光电类项目上，新养作为BBL产品的全国总代理，将BBL做成了第三季度渗透率最高的大单品，并将会在第四季度持续发力。整体来看，三季度大单品收入贡献占比进一步提升到超过30%。随着核心项目的增长势能不断释放，也为上游供应链协同创造了更大空间。

Mona Chiao, Investor Relations, So-Young International: We continue to refine our master product, focusing on premium products with repeat patron rates and word-of-mouth. In Q3, we optimized our master product portfolio and doubled down on refined operations for key offerings. By the end of September, we pre-announced the launch of Miracle PLLA 3.0, which delivered robust pre-sale performance with over 1,300 orders completed within two days under a one-order per customer limit. For energy-based device treatments, as the exclusive distributor of BBL treatments in China, we made BBL our highest penetration blockbuster offering in Q3, and we will continue to drive its growth in Q4. Overall, revenue contributions from blockbuster products rose to over 30%, and these core offerings continue to unlock growth momentum. We are opening greater room for synergies with supply chain.

Xing Jin, Founder, Chairman, and CEO, So-Young International: 在持续扩张的同时，我们始终将医疗质量与合规安全放在首位。三季度，集团全面升级安全合规与质量控制体系，形成以安全合规部、风控部、监察部、内审部、医疗服务交付部和信息安全部构建的六层合规体系，全面提升医疗服务全过程的标准化与可追溯管理。季度内，我们累计完成55次门店巡查和应急事故演练，推动体系的常态化落地。同时，我们坚持医生全职化和操作规范化。截至三季度末，新养医生团队已扩充至150余位，数量位居全国青医美连锁品牌首位。所有医生都有公立医院实习或规培背景，通过统一培训与考核，我们确保每家门店都能提供一致可信赖的医疗服务体验。

Mona Chiao, Investor Relations, So-Young International: As our business expands, we continue to prioritize healthcare quality and procedural compliance. In Q3, we fully upgraded our quality control framework, building a six-tier compliance framework, including compliance, risk control, supervision, internal audit, medical service delivery, and information security departments. This reinforces traceability across the medical service process. In Q3, we completed 55 center inspections and emergency drills. By the end of this quarter, our physician team exceeded 150, ranking first by count among Lite Medical Aesthetic chain brands nationwide. All doctors have completed internships or training at public hospitals and passed our unified training and assessments, ensuring a consistent and reliable medical service experience across every center.

Xing Jin, Founder, Chairman, and CEO, So-Young International: 我们的实践也得到了主流媒体的认可。10月，人民网在专题评论中指出，新养通过规模化、标准化运营，以透明价格和合规管理，为医美行业的理性发展提供了示范。我们相信行业竞争正在从营销驱动迈向信任驱动。新养将持续秉持透明、标准与普惠的原则，构建让消费者真正安心的服务体系。

Mona Chiao, Investor Relations, So-Young International: Our business practices received recognition from mainstream media. In October, People’s Daily Online published a special commentary, noting that So-Young is setting an example for the rational development of the industry through disciplined operations, transparent pricing, and compliance management. We believe the industry landscape is shifting from marketing-driven to trust-driven. We will continue to uphold transparency, standardization, and inclusive access to build a service system that truly puts customers at ease.

Xing Jin, Founder, Chairman, and CEO, So-Young International: 上游业务方面，我们持续强化全品类生态型医美供应链建设。三季度，针剂类产品出货量超过59,800支，环比增长约53%。

Mona Chiao, Investor Relations, So-Young International: We continue to strengthen our medical aesthetic supply chain. In Q3, shipments of Elastic exceeded 59,800 units, up about 53% quarter-to-quarter.

Xing Jin, Founder, Chairman, and CEO, So-Young International: 受季节性因素和行业景气度影响，三季度社区电商板块收入环比下降1,800万元人民币，验证GMV约为2.6亿元，人均累计到店核销金额同比增长6%。我们将持续完善商家管理和服务体系，优化平台的内容推荐与流量分发机制，帮助合作机构提升转化效率。

Mona Chiao, Investor Relations, So-Young International: Due to the combined impact of seasonal factors and industry prosperity, in Q3, revenue of POP declined by RMB 80 million quarter-to-quarter. GMV for verified medical aesthetic services was around RMB 260 million, with per capita incentive GTV up 6% year-over-year. We continue to optimize the content recommendation and traffic distribution mechanisms to improve conversion efficiency.

Xing Jin, Founder, Chairman, and CEO, So-Young International: 展望未来，我们将继续以千店连锁作为长期目标，稳步推进核心城市和重点商圈的布局，并持续完善标准化与数字管理体系，提升医疗交付与用户体验的行业标准。我们相信真正的竞争优势来自长期主义与信任积累。新养将以更稳健的节奏与更专业的医疗能力推动青医美行业迈向成熟，以为股东创造长期价值。

Mona Chiao, Investor Relations, So-Young International: Looking ahead, we will continue pursuing our long-term goal of 1,000 centers, expanding build-out in core cities and commercial hubs, while further elevating standardized and digital management to reach the bar for service delivery and user experience. We believe our durable competitive advantage comes from long-term commitment and accumulated trust. We will drive the Lite Medical Aesthetic industry towards maturity with more measured pace and more professional capabilities, creating long-term value for shareholders.

Xing Jin, Founder, Chairman, and CEO, So-Young International: 现在请 Nick 来介绍三季度的财务结果，之后我们将进行问答环节。

Mona Chiao, Investor Relations, So-Young International: Now I’ll hand over to our CFO Nick, who will walk through the financial results, followed by the Q&A session.

Nick Chiao, CFO, So-Young International: Hello, this is Nick. Please note that all amounts are quoted in RMB. Please also refer to our earnings release for detailed information of our comparative financial performances on a year-over-year basis. Total revenues during the quarter were RMB 386.7 million, up 4% year-over-year, primarily due to our business expansion of the branded aesthetic center. Aesthetic treatment services revenues reached RMB 183.6 million, showing 304.6% year-over-year, once again exceeding the high end of our guidance. This was primarily driven by the robust business expansion of our branded aesthetic centers. Information and reservation services revenues were RMB 117.2 million, down 34.5% year-over-year, primarily due to a decrease in the number of medical service providers subscribing to information services on our platform. Revenues from sales of medical products and maintenance services were RMB 67 million, down 25% year-over-year, primarily due to a decrease in the order volume of medical equipment.

Revenues from other services were RMB 18.9 million, down 67.6% year-over-year, primarily due to a decrease in revenues from So-Young Prime. Cost of revenues were RMB 203.8 million, up 43.4% year-over-year, primarily due to the business expansion of our branded aesthetic centers. Within cost of revenues, cost of aesthetic treatment services were RMB 140.1 million, up 333.2% year-over-year, primarily due to the business expansion of our branded aesthetic centers. Cost of information and reservation services were RMB 12.9 million, down 44.7% year-over-year, which was in line with the decrease in revenue generated from information and reservation services. Cost of medical products sold and maintenance services were RMB 35.6 million, down 18.3% year-over-year, primarily due to a decrease in costs associated with the sales of medical equipment. Cost of other services were RMB 15.2 million, down 64.6% year-over-year, primarily due to a decrease in costs associated with So-Young Prime.

Total operating expenses were RMB 255.6 million, up 13.6% year-over-year. Sales and marketing expenses were RMB 130.7 million, up 13.8% year-over-year, primarily due to the increase in expenses associated with the branding and user acquisition activities for our aesthetic centers. G&A expenses were RMB 88.6 million, up 26.7% year-over-year and 12.4% quarter-over-quarter, primarily due to the one-time accrual of approximately RMB 5.8 million year-end bonuses and the business expansion of our branded aesthetic centers. R&D expenses were RMB 36.3 million, down 9.6% year-over-year and up 16.5% quarter-over-quarter. The year-over-year decrease was primarily due to improved staff efficiency, while the sequential increase was due to the one-time accrual of approximately RMB 3.6 million year-end bonuses and continued investment in Miracle laser products, particularly in clinical trials. Income tax expenses were RMB 1.1 million compared with RMB 2.1 million in the same period of 2024. Net loss attributable to So-Young International.

was RMB 64.3 million compared with a net income attributable to So-Young International of RMB 20.3 million during the same period last year. Non-GAAP net loss attributable to So-Young International was RMB 61.6 million compared with Non-GAAP net income attributable to So-Young International of RMB 22.2 million during the same period of 2024. Basic and diluted losses per ADS attributable to ordinary shareholders were RMB 0.64 and RMB 0.64 respectively, compared with basic and diluted earnings per ADS attributable to ordinary shareholders of RMB 0.2 and RMB 0.2 respectively during the same period of 2024. As of September 30, 2025, our cash and cash equivalents, restricted cash, and term deposits, term deposits and short-term investments were RMB 942.8 million, primarily due to an increase of investment in branded aesthetic centers.

Looking ahead to the fourth quarter of 2025, we expect aesthetic treatment services revenues to be between RMB 216 million and RMB 226 million, representing a 165.8%-178.1% increase from the same period in 2024. This outlook reflects our confidence in the strong growth momentum of our branded aesthetic center business. As we near the 50 center milestone, we have also seen continued improvement in center-level profitability and operating cash flow, demonstrating our model’s scalability and operational efficiency. Going forward, we will pursue disciplined expansion while maintaining our focus on operational excellence and cost optimization to drive sustainable and quality growth. These efforts will reinforce the financial resilience of our aesthetic center business and create enduring value for our shareholders. This concludes our key remarks. I will now turn over the call to the operator and open the call for QA. Thank you.

Conference Operator: We will now begin the question and answer session. To ask a question, you may press star then one on your touchtone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our roster. The first question comes from Hai Jingpeng with Citic Securities. Please go ahead.

Okay, thank you for taking my question. I am Hejing Pan from CT Securities. First of all, congratulations to the company on the continued rapid expansion of the chain clinics. I would like to ask management to further share about the opening plans for next year, including your regional strategy and the expected pace for new clinic openings by quarter. Thank you.

Xing Jin, Founder, Chairman, and CEO, So-Young International: 哎，你好，感谢你的提问。今年年底呢，我们预计将达到50家门店的规模。啊，这一门店的核心，啊，这一阶段呢，我们的核心政策策略是打好基础，重点在于提升获客效率和实现用户规模的累积。啊，明年呢，我们随着规模进一步扩大，我们将会进入到一个新的发展阶段，更多地依靠数字化和AI能力，推动服务流程的标准化和可复制性，真正突破轻医美行业在规模化扩张中普遍面临的瓶颈，为后续更广范围的布局建立支撑。明年新增门店数量，啊，与此前沟通一致，不会低于35家。整体开店节奏会尽量保持相对均衡，按季度稳步推进，确保每一家新店都能按既定流程快速步入稳定运营。在区域策略上，一线城市仍然是重点，这些城市需求旺盛，复购潜力强，有助于我们快速形成区域密度，放大品牌效应。同时，我们也会在部分消费基础成熟的二线城市有序落点，进一步验证模型的复制能力，为未来的长期扩张积累经验。

Mona Chiao, Investor Relations, So-Young International: By the end of 2025, we will reach 50 centers. Our goal is to lay a solid foundation, focusing on improving customer acquisition efficiency and growing user base. As the business scales, we will enter a new stage of development, relying more on digitalization and AI capabilities to replicate service processes. This will drive breakthroughs in the bottlenecks the industry often faces, providing support for a broader build-out in the following up stage. The number of new centers to be opened next year will remain consistent with previous plans and will not be less than 35. We will keep the overall pace of center opening balanced, progressing on a quarterly basis to ensure every new center quickly enters the operation phase following its establishment.

Our focus will remain on first-tier cities since they have strong demand and high repurchase rate potential, which will help us quickly build up regional density and amplify brand equity. At the same time, we will also systematically establish a presence in second-tier cities with a mature consumer base to validate our model and gain experience for long-term expansion.

Xing Jin, Founder, Chairman, and CEO, So-Young International: 嗯，谢谢。

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

Xing Jin, Founder, Chairman, and CEO, So-Young International: 哎，好的，谢谢解答。

Conference Operator: The next question comes from Stacy Chen with Haitong International. Please go ahead.

好，谢谢管理层接受我提问。啊，首先我也同样恭喜公司在三季度这个淡季依旧是取得非常快速的增长。那我看到我们这个季度是公布了核心会员的数据，然后之前金总也，呃，也在简单的讲述了一下那个会员这边的情况。就能不能，嗯，请管理层再详细的说一说，就是年首业务的会员体系是，嗯，怎么样具体去考虑的，然后以及我们如何，呃，做好会员的运营的。 I will transmit myself. First of all, congratulations to the management for achieving such, rapid growth even during the off-season quarter. I noted that you have released the core member data this quarter. So, could you explain more about the membership system for the aesthetic center business and how we, conduct the membership operations? Thank you.

Xing Jin, Founder, Chairman, and CEO, So-Young International: 哎，你好，感谢你的提问。啊，会员体系呢，在连锁运营中是非常核心的一环。用户每次到店核销都会留下记录，啊，帮助我们建立清晰的分级体系，识别出多次体验、持续使用的高价值用户。我们的会员等级呢，从L1到L8，其中L3级以上等级的用户是我们的核心会员。他们到店频次更高，服务的延展性更强，年消费金额是平均水平的2.5倍，是连锁业务长期增长的主要驱动力。三季度核心会员贡献连锁收入占比已达到高双位数，季度复购率接近70%。我们会根据用户所处的消费阶段提供差异化的权益和服务触达，帮助用户持续感受到品牌价值，得到正向反馈，从而提升复购年度。

Mona Chiao, Investor Relations, So-Young International: The membership system is core to aesthetic center’s operations. Each time a user completes a visit, a record is created, which helps us build a clear, tiered membership system from level one to eight and identify high-value users with multiple visits and ongoing engagement. Level three and above are the finance core members. They have higher center visit frequency and greater flexibility to select additional services, with annual spending 2.5 times higher than the average, making them the group driver for aesthetic center. During Q3, they contributed a high double-digit % of our aesthetic center business revenue, with a repurchase rate of nearly 20%. We provide tiered benefits and service touch points based on individual user consumption patterns, which ensures they continuously perceive bright value and receive positive reinforcement, further boosting repeat purchase rates.

Xing Jin, Founder, Chairman, and CEO, So-Young International: 三季度我们的会员运营取得了积极的进展，核销用户环比增长增加近4万人，增长36%。其中核心会员新增超1万人，增速达40%。

Mona Chiao, Investor Relations, So-Young International: In Q3, our membership operations made solid progress. Users with verified visits increased by nearly 40,000, 36% quarter to quarter, including over 10,000 new core members, up 40% quarter to quarter.

Xing Jin, Founder, Chairman, and CEO, So-Young International: 另外，我们在老客价值运营上也在不断提效。三季度老客收入达1.2亿元，环比增长32%。占连锁收入比重已达65%。老客核销人次同比增长超4倍，达到5万人次。老客客单价同比也有小幅提升。这几项指标均超过既定目标。接下来，我们会继续围绕高活跃用户的持续转化做运营，把把高价值用户的生命周期拉得更长。

Mona Chiao, Investor Relations, So-Young International: Additionally, we’ve also enhanced repeat customer value operations. Specifically, repeat customer revenue reached RMB 120 million in Q3, up 32% quarter to quarter, accounting for 65% of aesthetic treatment service revenues. Verified treatment basis from repeat customers surged over four times year over year to 50,000, while our pool also increased. These metrics all exceeded our targets. Going forward, we will continue, we will focus on conversion of highly active users and extending the life cycle of high-value users.

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

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

Conference Operator: The next question comes from Nelson Cheung with Citibank. Please go ahead. Nelson, is your line muted? Nelson, do you want to check if your line is muted? We will move on to James Wong with GS Securities. Please go ahead, James.

Okay, 各位管理层好。我是广发证券的分析师张望。那其实今年在三季度看到整个投研针产品管线换新之后，大家都非常期待我们在既有供应链和新品，呃，迭代这一块。那也想请，呃，这个公司介绍一下从9月底上线之后的集体投研3.0，它的整体销售情况怎么样。那么跟之前的版本相比有哪些升级，然后接下来我们在这个推品策略上会有哪些升级和安排。 My question for company is how is the Miracle PLLA 3.0, selling, since its end of September launch and what is new compared to the previous version and what’s the plan for promoting it?

Xing Jin, Founder, Chairman, and CEO, So-Young International: 你好，感谢你的提问。呃，奇迹童年3.0呢，是我们今年在供应链端的重要升级成果。在中国医美市场主流趋势中，童颜针还是以注射塑形，呃，的打法为主。啊，那我们在产品推出之前呢，去韩国做了深度的调研，发现韩国主流市场呢，采用了标准化程度更高、更加安全的雪光打法。经过多次测试与对比后，我们推出了树提盐。从产品特性上来说呢，树提盐超微球具备了超圆滑、超实心、超微粒径、超平性、超鲜活五个特点。从安全效果、维持周期三个维度上保障了其实最适合使用雪光打法的产品。奇迹童颜3.0在效果全面升级的同时，定价也更具竞争力，为消费者带来兼具高品质与高性价比的医美体验。

Mona Chiao, Investor Relations, So-Young International: Medical PLLA version three was an important upgrade on the supply chain in China’s medical aesthetic market. PLLA is still mostly used as an injectable for shipping. Before launching, we conducted research in South Korea and found that the medical aesthetic there adopts a more standardized and safer skin booster technique. After multiple rounds of testing, we launched suite. In terms of products, its ultra, micro series comes with five key features, including ultra-smooth, ultra-solid, ultra-fine, ultra-peel, and ultra-active. Across safety results and longevity, these features make the product the best fit for skin boosters. Moreover, with its overall performance upgraded, medical PLLA version three is also more competitively priced, offering consumers a high-quality yet value-for-money experience.

Xing Jin, Founder, Chairman, and CEO, So-Young International: 在推品策略上，我们基于市场现状以及用户需求痛点，做出了迭代升级。首先在抢占用户心智方面，我们选择更适合雪光打法的童颜材料树提盐，并推出了超微球概念抢占该赛道。其次，我们进一步降低了用户的消费决策门槛。在规格上分成两版，奇迹童颜3.0及奇迹童颜3.0 Pro，在匹配不同改善诉求和预算的用户，啊，以匹配不同改善诉求和预算的用户。首批5,000支上线后迅速售罄，产品大批量到货的时间是在10月、11月中下旬。将继续推进奇迹童颜3.0市场渗透率的提升，以更高效率转化核心用户，持续提升客单价和用户年度。

Mona Chiao, Investor Relations, So-Young International: Regarding the promotion, we made upgrades based on the market landscape and user pinpoints. To capture user mind share, we adopted suite American, more suitable for skin boosters, and introduced the concept of ultra micro spheres to take the lead in the segment. We also released two versions: Miracle PLLA 3.0 and Miracle PLLA 3.0 Pro, to address different users’ needs and budgets, thereby lowering the decision threshold for users. The first batch of 5,000 units was fully sold out within a short time. The massive rival is expected in late November. We will continue to drive market penetration rate for Miracle PLLA 3.0, converting users more efficiently and increasing our pool and user loyalty.

Xing Jin, Founder, Chairman, and CEO, So-Young International: 市场反馈方面，奇迹童颜3.0热度非常高，所以我们采取了线上限购的模式。每位用户只能购买一单，其中百约56%的用户购买的是4,999元的Pro版本，展现了用户对我们品牌及产品的信任。预计明后年，我们先前在上游布局的童颜针将会获批上市。届时，啊，童颜针的进货价将比现在还低几倍。

Mona Chiao, Investor Relations, So-Young International: Market feedback shows that medical PLLA version three is receiving high attention. We implemented an online purchase limit of one purchase per user. From these purchases, we can see that about 56% of users picked the Pro version priced at RMB 4,999, reflecting the trust they place in our bright-end product. In the next year or two, the PLLA that we have been working on upstream is expected to receive approval for launch, which should reduce procurement costs by several times.

Xing Jin, Founder, Chairman, and CEO, So-Young International: 总体来看，奇迹童颜3.0不仅仅是一次产品升级，也是我们在供应链建设和大单品策略上的重要实践。未来的主流品类也会采取同样的打法。我们将继续深化供应链垂直整合，进一步提高可控性与安全性。不断将上游厂商转化为合作供货商的同时，利用自身在营销、产品、医生渠道上的优势，打造差异化壁垒，并持续夯实品牌护城河。

Mona Chiao, Investor Relations, So-Young International: Overall, medical PLLA version three is not just a product upgrade. It’s an important part of supply chain construction and blockbuster strategy. We will adopt the same approach for future categories. We will continue to deepen the vertical integration of our supply chain, further enhance safety, and continuously convert upstream manufacturers into long-term supply partners. Simultaneously, we will leverage our advantage in marketing products, doctors, and channels to build differentiated areas and solidify our bright mode.

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

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

Conference Operator: The next question comes from Nelson Cheung with Citibank. Please go ahead.

哎喂，呃，请问现在听得到吗？

Mona Chiao, Investor Relations, So-Young International: 听得到。

Thanks for mentioning, for taking my question and congratulations on the solid quarter. With the expanding, expected plan to count, how do we ensure the safety and compliance of the entire chain system? How does the internal quality control mechanism work? Thank you.

Xing Jin, Founder, Chairman, and CEO, So-Young International: 呃，你好，感谢你的提问。呃，连锁业务在发展过程中呢，我们始终把安全与合规放在首位。集团建立了安全合规部、风控部、监察部、内审部、医疗交付、医疗服务交付部和信息安全部构建的六层合规体系，不断将合规体系做得更精细化、更系统化。

Mona Chiao, Investor Relations, So-Young International: This is our top priority. We have built a six-pillar compliance framework covering compliance, risk control, supervision, internal audit, medical service delivery, and information security departments, and we will continue to make this framework more refined and systematic.

Xing Jin, Founder, Chairman, and CEO, So-Young International: 在源头上，我们坚持高标准筛选。品项端我们只做安全成熟、机制明确、反馈稳稳、反馈稳定的轻医美项目。从前期就规避潜在风险。人员上我们严格实施医生资质与能力审查审查制度，呃，录取率控制在10%左右。所有医生还需完成严格的系统化岗前培训，并定期进行应急事故预警演练，确保其具备足够的服务专业度与处理突发情况的能力。

Mona Chiao, Investor Relations, So-Young International: We adhere to high standards and results. On the treatment side, we only offer six mature medical aesthetic treatments with clear mechanisms and solid user feedback to avoid potential risks. On the personnel side, we implement regular doctors’ qualification assessments with an acceptance rate of around 10%. All doctors are also required to complete pre-employment training and regular emergency drills to ensure the highest professional service and emergency response capabilities.

Xing Jin, Founder, Chairman, and CEO, So-Young International: 在医疗服务的交交付环节，我们推行医生分级诊疗策略，根据医生等级匹配治疗项目。同时通过线上线下定期巡查来提升自控覆盖面与执行密度，确保各门店的医疗服务输出规范可靠。

Mona Chiao, Investor Relations, So-Young International: Medical service delivery, we implement a tiered diagnosis that matches treatment with doctors based on their qualification levels. We conduct regular online and offline inspections as part of our quality control, ensuring reliable medical service across all centers.

Xing Jin, Founder, Chairman, and CEO, So-Young International: 如果出现用户反馈或纠纷，总部将统一受理，并由用户体验、公关、政府事务、法务等核心部门共同组成舆情应急小小组，快速响应。目前我们的舆情平均响应时间控制在两小时内，处理时效两天内，克数率低于1%。

Mona Chiao, Investor Relations, So-Young International: If there is any user feedback or dispute, we handle it at headquarters with a crisis response team composed of key departments, including user experience, PR, GR, and legal. Currently, our average response time is under two hours. We issue resolution completed within two days. The compliance rate is below 1%.

Xing Jin, Founder, Chairman, and CEO, So-Young International: 未来我们将继续坚守安全与合规底线，并通过数字化与AI建设，让质量控制更加高效，确保所有门店在高速发展的同时，都能保持一致的医疗质量和用户安全。

Mona Chiao, Investor Relations, So-Young International: Going forward, we will continue to uphold the highest standards of safety and compliance. With digital and AI tools, we aim to further enhance quality control efficiency and ensure consistent medical service quality and user safety across all centers as the business continues to grow rapidly.

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

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

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

嗯，呃，文字妈妈，管理层晚上好。我是中金公司的金穗修齐专员，呃，想请教一下咱们怎么看待未来连锁的这个盈利能力的提升空间。 Let me repeat it in English. So, how does the management view the potential for improving the profitability of the, aesthetic standard business in the future? Thank you.

Xing Jin, Founder, Chairman, and CEO, So-Young International: 呃，感谢提问啊。我们认为现阶段最重要的还是扩大用户规模，在保证规模的情况下持续稳定地提升经营利润。随着经营规模的逐步成熟，未来利润改善空间也很明确。

Mona Chiao, Investor Relations, So-Young International: We believe the first priority now is to expand our user base and ensure the improvement of operating profit as it scales. As the operating model gradually matures, we are confident profitability will improve.

Xing Jin, Founder, Chairman, and CEO, So-Young International: 从成本端来看，我们将持续优化老带新，啊，工，呃，公司与获客渠道结构，持续巩固我们获客成本上的优势。除此之外，我们在耗材成本也有较较大的下降空间，比如近期我们已经将奇迹童颜2.0升级至3.0版本。随着新品的持续放量，将强化我们在上游的议价能力，并，啊，持续优化成本结构。未来随着，呃，数字化、AI建设和规模限用的逐步兑现，连锁日常运营中的固定成本也将进一步地被摊薄。

Mona Chiao, Investor Relations, So-Young International: On the cost side, we continue to optimize the structure of our customer acquisition channels, including referrals from existing customers and both public and private domain traffic, continuously consolidating our advantage in customer acquisition costs. In addition, there is significant room to lower the consumable costs. For instance, we recently upgraded medical PLLA from version two to version three. As the new product is loyal, it will strengthen our buying power with upstream partners and further optimize our cost framework. In the future, with the gradual realization of digitalization, AI, and economics of scale, the fixed cost in data operations will be fully diluted.

Xing Jin, Founder, Chairman, and CEO, So-Young International: 从，呃，收入端来看，未来随着用户对效果和专业度需求的提升，对优质项目的消费意愿也在增增强，议价效应逐步显现。再加上我们不断推出高质量医美品项，优化现有品类结构，客单价有望保持健康增长趋势。另一方面，得益于大单品策略的持续推进，我们的治疗量逐渐向少数SQ集中。第三季度，前九大单品已贡献超过了30%的收入，而且正在持续地提升，这为我们未来通过自有定制产品进一步提升利润空间奠定了扎实的基础。随着门店的核销人次达到一定规模后，我们将把重点放在核心会员LTV的提升上，进一步拉动利润率的上升。所以我们认为连锁业务的盈利能力有很大希望在现有基础上稳步增强。

Mona Chiao, Investor Relations, So-Young International: On the revenue side, as users increasingly prioritize results and professionalism, they are willing to spend on premium treatments, coupled with high-quality medical aesthetic products and other operations of the existing category, are fully expected to continue on this trajectory. Leveraging our blockbuster strategy, treatment will have gradually concentrated on a number of SKUs. With the revenue share of blockbuster products increasing, the top nine products contributed over 30% of revenue in Q3. This lays a solid foundation to further improve our profit margins through proprietary customized products. Once the number of aesthetic centers and verified treatment visits reach a certain level, we will focus on enhancing the LTV of core members, further driving profit margin. Therefore, we believe there is great potential for the profitability of the aesthetic center business to increase from its current base. Thank you, operator.

Conference Operator: The conference has now concluded. Thank you for attending today’s presentation, and you may now disconnect.