# EDGAR Filing Document

**Accession Number:** 0001758530
**File Stem:** 0001104659-25-055711
**Filing Date:** 2025-6
**Character Count:** 164004
**Document Hash:** 0736b59ee8bf80558ef44368925b3715
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-055711.hdr.sgml**: 20250603

**ACCESSION NUMBER**: 0001104659-25-055711

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 8

**CONFORMED PERIOD OF REPORT**: 20250603

**FILED AS OF DATE**: 20250603

**DATE AS OF CHANGE**: 20250603

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** So-Young International Inc.
- **CENTRAL INDEX KEY:** 0001758530
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38878
- **FILM NUMBER:** 251017139

**BUSINESS ADDRESS:**
- **STREET 1:** 3/F, WANGJING SOHO-TOWER 3A
- **STREET 2:** CHAOYANG DISTRICT
- **CITY:** BEIJING
- **STATE:** F4
- **ZIP:** 100102
- **BUSINESS PHONE:** 00861057076564

**MAIL ADDRESS:**
- **STREET 1:** 3/F, WANGJING SOHO-TOWER 3A
- **STREET 2:** CHAOYANG DISTRICT
- **CITY:** BEIJING
- **STATE:** F4
- **ZIP:** 100102

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER<br> PURSUANT TO RULE 13a-16 OR 15d-16 UNDER<br> THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of** **June 2025**

**Commission file number: 001-38878**

**So-Young International Inc.**

2/F, East Tower, Poly Plaza

No. 66 Xiangbin Road

Chaoyang District, Beijing, 100012

People's Republic of China

(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ⌧ Form 40-F ◻

**Entering into VIE Agreements**

In order to expand its offline aesthetic network in China, on May 31, 2025, Zhuhai So-Young Medical Management Co., Ltd. (the "**WFOE**"), an indirectly wholly-owned subsidiary of So-Young International Inc. (the "**Company**"), entered into a series of VIE agreements with Zhuhai So-Young Technology Co., Ltd. (the "**VIE**") and shareholders of the VIE, including equity interest pledge agreements, exclusive option agreements, exclusive business cooperation agreement, powers of attorney and spousal consent letter (the "**VIE Agreements**").

The VIE is expected to operate the mobile app business of So-Young aesthetic centers, a type of businesses subject to foreign ownership restrictions under the applicable laws and regulations of mainland China. Mr. Xing Jin and Ms. Gefei Li each holds 99.0% and 1.0%, respectively, of the equity interest in the VIE. Mr. Jin is the Company's co-founder, chairman of the board of directors and chief executive officer, and Ms. Li is the Company's chief operating officer.

The VIE Agreements have been approved by the Company's audit committee and board of directors. The following is a summary of VIE Agreements:

● *Power of Attorney.* Pursuant to the powers of attorney, each shareholder of VIE irrevocably authorized the WFOE to act on the behalf of such shareholder with respect to all matters concerning the shareholding of the shares in the VIE.

● *Equity Interest Pledge Agreement.* Pursuant to the equity pledge agreements, the shareholders pledge 100% of their equity interest in the VIE to the WFOE to guarantee the performance by the VIE and its shareholders of their obligations under the exclusive business cooperation agreement, the exclusive option agreement and the power of attorney.

● *Spousal Consent Letter.* Under the spousal consent letter, the signing spouse unconditionally and irrevocably approved the execution by her spouse of the power of attorney, equity interest pledge agreement and exclusive option agreement, and that her spouse may perform, amend or terminate such agreements without her consent. The signing spouse confirms she will not assert any rights over the equity interests in VIE held by her spouse.

● *Exclusive Business Cooperation Agreement.* Pursuant to the exclusive business cooperation agreement, the WFOE has the exclusive right to provide the VIE with comprehensive technical support, consulting services and other services. Without prior written consent of the WFOE, the VIE agrees not to accept directly or indirectly the same or any similar services provided by any third party regarding the matters contemplated by this agreement. The VIE agrees to pay the WFOE service fees. The WFOE will have exclusive and proprietary ownership, rights and interests in any and all intellectual properties arising out of or developed during the performance of this agreement.

● *Exclusive Option Agreement.* Pursuant to the exclusive option agreements, each shareholder of the VIE has irrevocably granted the WFOE an exclusive option to purchase, or have its designated person or persons to purchase, at its discretion, to the extent permitted under laws of mainland China, all or part of the shareholder's equity interests in the VIE.

**EXHIBITS**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [99.1](tm2517021d1_ex99-1.htm) | [English translation of the executed form of the power of attorney among Zhuhai So-Young Medical Management Co., Ltd. and shareholders of Zhuhai So-Young Technology Co., Ltd., as currently in effect, and a schedule of all executed shareholders' power of attorney adopting the same form](tm2517021d1_ex99-1.htm) |
| [99.2](tm2517021d1_ex99-2.htm) | [English translation of the executed equity interest pledge agreement among Zhuhai So-Young Medical Management Co., Ltd., Mr. Xing Jin and Zhuhai So-Young Technology Co., Ltd. dated May 31, 2025, as currently in effect](tm2517021d1_ex99-2.htm) |
| [99.3](tm2517021d1_ex99-3.htm) | [English translation of the executed equity interest pledge agreement among Zhuhai So-Young Medical Management Co., Ltd., Ms. Gefei Li and Zhuhai So-Young Technology Co., Ltd. dated May 31, 2025, as currently in effect](tm2517021d1_ex99-3.htm) |
| [99.4](tm2517021d1_ex99-4.htm) | [English translation of the executed form of spousal consent letter by the spouses of VIE Shareholder, as currently in effect, and a schedule of all spousal consent letters adopting the same form](tm2517021d1_ex99-4.htm) |
| [99.5](tm2517021d1_ex99-5.htm) | [English translation of the executed exclusive business cooperation agreement among Zhuhai So-Young Medical Management Co., Ltd. and Zhuhai So-Young Technology Co., Ltd. dated May 31, 2025, as currently in effect](tm2517021d1_ex99-5.htm) |
| [99.6](tm2517021d1_ex99-6.htm) | [English translation of the executed exclusive option agreement among Zhuhai So-Young Medical Management Co., Ltd., Mr. Xing Jin and Zhuhai So-Young Technology Co., Ltd. dated May 31, 2025, as currently in effect](tm2517021d1_ex99-6.htm) |
| [99.7](tm2517021d1_ex99-7.htm) | [English translation of the executed exclusive option agreement among Zhuhai So-Young Medical Management Co., Ltd., Ms. Gefei Li and Zhuhai So-Young Technology Co., Ltd. dated May 31, 2025, as currently in effect](tm2517021d1_ex99-7.htm) |

---

**Signature**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| **So-Young International Inc.** | **So-Young International Inc.** | **So-Young International Inc.** |
| By: | /s/ Hui Zhao | /s/ Hui Zhao |
|  | Name: | Hui Zhao |
|  | Title: | Chief Financial Officer |

---

Date: June 3, 2025

## Exhibit 99.1

**Exhibit 99.1**

**Power of Attorney**

Date: May 31, 2025

I, [Name of VIE Shareholder], a citizen of the People's Republic of China ("China" or the "PRC") whose Identification Card No. is [ID Card Number], and a holder of [Percentage of Registered Capital] of the registered capital of Zhuhai So-Young Technology Co., Ltd ("Zhuhai So-Young") as of the date of this Power of Attorney, hereby irrevocably authorize and entrust Zhuhai So-Young Medical Management Co., Ltd (the "WFOE") to exercise the following rights and handle the following matters on my behalf relating to all equity interests held by me now and in the future in Zhuhai So-Young ("My Shareholding"), during the term of this Power of Attorney:

The WFOE is hereby authorized, as my sole and exclusive agent and attorney, to act on behalf of myself with respect to all rights and matters concerning My Shareholding, including without limitation to: 1) convening and attending shareholders' meetings of Zhuhai So-Young; 2) exercising all of the shareholder's rights and shareholder's voting rights that I am entitled to under the laws of China and the articles of association of Zhuhai So-Young ; 3) handling the sale, transfer, pledge or disposition of My Shareholding (in part or in whole), including without limitation executing all necessary equity transfer documents and other documents for disposal of My Shareholding and fulfilling all necessary procedures; 4) representing myself in executing any resolutions and minutes as a shareholder (and a director) of Zhuhai So-Young on my behalf; 5) nominating, electing, designating, appointing or removing on behalf of myself the legal representative, directors, supervisors, general managers, chief executive officer and other senior management members of Zhuhai So-Young; and 6) approving the amendments to the company's articles of association. Without written consent by WFOE, I have no right to increase, decrease, transfer, pledge, or by any other manner to dispose or change My Shareholding.

Without limiting the generality of the powers granted hereunder, the WFOE shall have the power and authority to, on behalf of myself, execute all and any supplementary agreements, ancillary documents, modifications, and/or amended and restated versions in relation to the Exclusive Option Agreement, Equity Interest Pledge Agreement and Exclusive Business Cooperation Agreement as of the date of this Power of Attorney, by and among WFOE, Zhuhai So-Young and/or myself and any documents and agreements I shall sign as required in the aforesaid agreements (including without limitation the "Transfer Contract" for the transfer of the "Optioned Interests" as described under the Exclusive Option Agreement), and perform the obligations under the aforesaid documents and agreements.

All the actions associated with My Shareholding conducted by the WFOE shall be deemed as my own actions, and all the documents related to My Shareholding executed by the WFOE shall be deemed to be executed by me. I hereby acknowledge and ratify the actions taken by the WFOE and the documents executed by the WFOE in relation to My Shareholding.

I hereby agree that the WFOE has the right to re-authorize or assign one or multiple matters and its rights related to such matters under this Power of Attorney to any other person or entity at its own discretion and without obtaining my prior consent. If required by PRC laws, the WFOE shall designate a qualified PRC citizen to handle such matters and exercise such rights as set forth in this Power of Attorney.

This Power of Attorney takes effect as of the date hereof. During the period that I am a shareholder of Zhuhai So-Young, this Power of Attorney shall be irrevocable and continuously effective and valid from the date of execution of this Power of Attorney.

During the term of this Power of Attorney, I hereby waive all the rights associated with My Shareholding, which have been authorized to the WFOE through this Power of Attorney, and shall not exercise such rights by myself.

This Power of Attorney is written in Chinese and English. In case of any conflicts between the Chinese version and the English Version, the Chinese version shall prevail.

---

| | |
|:---|:---|
| By: | /s/[Name of VIE Shareholder] |
| Name: | [Name of VIE Shareholder] |
| **Accept by:** | **Accept by:** |
| **/s/Zhuhai So-Young Medical Management Co., Ltd. (Seal)** | **/s/Zhuhai So-Young Medical Management Co., Ltd. (Seal)** |
| By: | /s/Gefei Li |
| Name: | Gefei Li |
| Title: | Legal Representative |
| **Acknowledged by:** | **Acknowledged by:** |
| **/s/Zhuhai So-Young Technology Co., Ltd. (Seal)** | **/s/Zhuhai So-Young Technology Co., Ltd. (Seal)** |
| By: | /s/Gefei Li |
| Name: | Gefei Li |
| Title: | Legal Representative |

---

**Schedule of Material Differences**

<br> One or more persons entered into a power of attorney using this form. Pursuant to Instruction ii to Item 601 of Regulation S-K, the Registrant may only file this form as an exhibit with a schedule setting forth the material details in which the executed agreements differ from this form:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**No.** | &nbsp;&nbsp;**Name of VIE Shareholder** | &nbsp;&nbsp;**Percentage of Registered Capital** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Xing Jin | &nbsp;&nbsp;99.0% |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Gefei Li | &nbsp;&nbsp;1.0% |

---

## Exhibit 99.2

**Exhibit 99.2**

**Equity Interest Pledge Agreement**

This Equity Interest Pledge Agreement (this "Agreement") is executed by and among the following Parties as of May 31, 2025 in Zhuhai, the People's Republic of China ("China" or the "PRC")：

**Party A: Zhuhai So-Young Medical Management Co., Ltd.** (hereinafter the "Pledgee"), a wholly foreign-owned enterprise, organized and existing under the laws of the PRC, with its registered address at Room 1410, No. 8 Yanghuan Road, Hengqin New District, Zhuhai;

**Party B: Xing Jin** (hereinafter the "Pledgor") (a Chinese citizen with Identification No.:\*\*\*\*\*\*)

**Party C: Zhuhai So-Young Technology Co., Ltd.**, a limited liability company organized and existing under the laws of the PRC, with its registered address at Room 501-2, No. 950 Qinhaidong Road, Hengqin District, Zhuhai.

In this Agreement, each of the Pledgee, the Pledgor and Party C shall be hereinafter referred to as a "Party" individually, and as the "Parties" collectively.

Whereas:

1. The Pledgor is a citizen of China who as of the date hereof holds 99.0% of the equity interests of Party
C, representing RMB990,000 in the registered capital of Party C. Party C is a limited liability company registered in Zhuhai, China. Party
C acknowledges the respective rights and obligations of the Pledgor and the Pledgee under this Agreement, and intends to provide any necessary
assistance in registering the Pledge;

2. The Pledgee is a wholly foreign-owned enterprise registered in China. The Pledgee and Party C have executed
an Exclusive Business Cooperation Agreement (as defined below); Party C, the Pledgee and the Pledgor have executed an Exclusive Option
Agreement (as defined below); the Pledgor has executed a Power of Attorney (as defined below) in favor of the Pledgee;

3. To ensure that Party C and the Pledgor fully perform their obligations under the Exclusive Business Cooperation
Agreement, the Exclusive Option Agreement and the Power of Attorney, the Pledgor hereby pledges to the Pledgee all of the equity interest
that the Pledgor holds in Party C as security for Party C's and the Pledgor's obligations under the Exclusive Business Cooperation
Agreement, the Exclusive Option Agreement and the Power of Attorney.

To perform the provisions of the Transaction Documents (as defined below), the Parties have mutually agreed to execute this Agreement upon the following terms.

**1.** **Definitions** 

Unless otherwise provided herein, the terms below shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;1.1 Pledge: shall refer to the security interest granted by the
Pledgor to the Pledgee pursuant to Section 2 of this Agreement, i.e., The right of the Pledgee to be paid in priority with the Equity
Interest based on the monetary valuation that such Equity Interest is converted into or from the proceeds from the auction or sale of
the Equity Interest.

&nbsp;&nbsp;&nbsp;&nbsp;1.2 Equity Interest: shall refer to 99.0% equity interests in Party
C currently held by the Pledgor, representing RMB990,000 in the registered capital of Party C, and all of the equity interest hereafter
legally acquired by the Pledgor in Party C.

&nbsp;&nbsp;&nbsp;&nbsp;1.3 Term of the Pledge: shall refer to the term set forth in Section 3
of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;1.4 Transaction Documents: shall refer to the Exclusive Business
Cooperation Agreement executed by and between Party C and the Pledgee on the date of this Agreement, (the "Exclusive Business Cooperation
Agreement"), the Exclusive Option Agreement executed by and among Party C, the Pledgee and the Pledgor on the date of this Agreement,
(the "Exclusive Option Agreement") and Power of Attorney executed on the date of this Agreement, by the Pledgor (the "Power
of Attorney") and any modification, amendment and restatement to the aforementioned documents.

&nbsp;&nbsp;&nbsp;&nbsp;1.5 Contract Obligations: shall refer to all the obligations of
the Pledgor under the Exclusive Option Agreement, the Power of Attorney and this Agreement; all the obligations of Party C under the
Exclusive Business Cooperation Agreement, the Exclusive Option Agreement and this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;1.6 Secured Indebtedness: shall refer to all the direct, indirect
and derivative losses and losses of anticipated profits, suffered by the Pledgee, incurred as a result of any Event of Default on the
part of the Pledgor and/or Party C under the Transaction Documents. The amount of such losses shall be calculated based on such factors
as the reasonable business plan and profit forecast of the Pledgee, the consulting and service fees payable to the Pledgee under the
Exclusive Business Cooperation Agreement, damages and relevant fees under the Transaction Documents, all expenses occurred by the Pledgee
in connection with enforcement of the Pledgor's and/or Party C's Contract Obligations and etc.

&nbsp;&nbsp;&nbsp;&nbsp;1.7 Event of Default: shall refer to any of the circumstances set
forth in Section 7 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;1.8 Notice of Default: shall refer to the notice issued by the Pledgee
in accordance with this Agreement declaring an Event of Default.

**2.** **Pledge** 

&nbsp;&nbsp;&nbsp;&nbsp;2.1 The Pledgor agrees to pledge all the Equity Interest as security
for performance of the Contract Obligations and payment of the Secured Indebtedness under this Agreement. Party C hereby assents that
the Pledgor pledges the Equity Interest to the Pledgee pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;2.2 During the term of the Pledge, unless prohibited by the applicable
laws and regulations, the Pledgee is entitled to receive dividends distributed on the Equity Interest. Without the prior written consent
of the Pledgee, the Pledgor shall not receive dividends distributed on the Equity Interest. Dividends received by the Pledgor on Equity
Interest after the deduction of individual income tax paid by the Pledgor shall be, as required by the Pledgee, (1) deposited into
an account designated and supervised by the Pledgee and used to secure the Contract Obligations and pay the Secured Indebtedness prior
and in preference to making any other payment; or (2) to the extent not prohibited by the applicable PRC laws, unconditionally donated
to the Pledgee or any other person designated by the Pledgee in the manner permitted by the PRC laws.

&nbsp;&nbsp;&nbsp;&nbsp;2.3 The Pledgor may subscribe for a capital increase in Party C
only with prior written consent of the Pledgee. Any additional equity interest obtained by the Pledgor as a result of the Pledgor's
subscription of the increased registered capital of the Company shall also be deemed as Equity Interest, and the Parties shall enter
into further equity pledge agreement for this purpose and complete registration of the pledge of such additional equity interest.

&nbsp;&nbsp;&nbsp;&nbsp;2.4 In the event that Party C is required by PRC law to be liquidated
or dissolved, any interest distributed to the Pledgor upon Party C's dissolution or liquidation shall, upon the request of the
Pledgee, be (1) deposited into an account designated and supervised by the Pledgee and used to secure the Contract Obligations and
pay the Secured Indebtedness prior and in preference to make any other payment; or (2) to the extent not prohibited by PRC laws,
unconditionally donated to the Pledgee or any other person designated by the Pledgee in the manner permitted by the applicable PRC laws.

**3.** **Term of the Pledge** 

&nbsp;&nbsp;&nbsp;&nbsp;3.1 The Pledge shall become effective on such date when the pledge
of the Equity Interest contemplated herein is registered with the relevant administration for industry and commerce (the "AIC").
The Pledge shall remain effective until all Contract Obligations have been fully performed, and all Secured Indebtedness has been fully
paid. The Pledgor and Party C shall (1) register the Pledge in the shareholders' register of Party C within 3 business days
following the execution of this Agreement, and (2) submit an application to the AIC for the registration of the Pledge of the Equity
Interest contemplated herein within thirty (30) days following the execution of this Agreement. The parties covenant that for the purpose
of registration of the Pledge, the parties hereto and all other shareholders of Party C shall submit to the AIC this Agreement or an
equity interest pledge contract in the form required by the AIC at the location of Party C which shall truly reflect the information
of the Pledge hereunder (the "AIC Pledge Contract "). For
matters not specified in the AIC Pledge Contract, the Parties shall be bound by the provisions of this Agreement. The Pledgor and Party
C shall submit all necessary documents and complete all necessary procedures, as required by the relevant PRC laws and regulations and
the competent AIC, to ensure that the Pledge of the Equity Interest shall be registered with the AIC as soon as possible after submission
for filing.

&nbsp;&nbsp;&nbsp;&nbsp;3.2 During the Term of the Pledge, in the event the Pledgor and/or
Party C fails to perform the Contract Obligations or pay Secured Indebtedness, the Pledgee shall have the right, but not the obligation,
to exercise the Pledge in accordance with the provisions of this Agreement.

**4.** **Custody of Records for Equity Interest subject to the Pledge** 

&nbsp;&nbsp;&nbsp;&nbsp;4.1 During the Term of the Pledge set forth in this Agreement, the
Pledgor shall deliver to the Pledgee's custody the capital contribution certificate for the Equity Interest and the shareholders'
register containing the Pledge within one week from the execution of this Agreement. The Pledgee shall have custody of such documents
during the entire Term of the Pledge set forth in this Agreement.

**5.** **Representations and Warranties of the Pledgor and Party C** 

As of the execution date of this Agreement, the Pledgor and Party C hereby jointly and severally represent and warrant to the Pledgee that:

&nbsp;&nbsp;&nbsp;&nbsp;5.1 The Pledgor is the sole legal and beneficial owner of the Equity
Interest. The Pledgee shall have the right to dispose of and transfer the Equity Interest in accordance with the provisions set forth
in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;5.2 Each of the Pledgor and Party C has the power, capacity and
authority to execute and deliver this Agreement, and to perform it/his obligations under this Agreement. This Agreement constitutes the
Pledgor's and Party C's legal, valid and binding obligations and shall be enforceable against them in accordance with the
provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;5.3 Except for the Pledge, the Pledgor has not placed any security
interest or other encumbrance on the Equity Interest.

&nbsp;&nbsp;&nbsp;&nbsp;5.4 The Pledgor and Party C have obtained any and all approvals
and consents from the applicable government authorities and third parties (if required) for the execution, delivery and performance of
this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;5.5 The execution, delivery and performance of this Agreement will
not: (i) violate any relevant PRC laws; (ii) conflict with Party C's articles of association or other constitutional
documents; (iii) result in any breach of or constitute any default under any contract or document to which it is a party or by which
it is otherwise bound; (iv) result in any violation of any condition for the grant and/or maintenance of any permit or approval
granted to any Party; or (v) cause any permit or approval granted to any Party to be suspended, cancelled or attached with additional
conditions.

**6.** **Covenants of the Pledgor and Party C** 

&nbsp;&nbsp;&nbsp;&nbsp;6.1 During the term of this Agreement, the Pledgor and Party C hereby
jointly and severally covenant to the Pledgee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.1 The Pledgor shall not transfer the Equity Interest, place or
permit the existence of any security interest or other encumbrance on the Equity Interest or any portion thereof, without the prior written
consent of the Pledgee, except for the performance of the Transaction Documents; Party C shall not assent to or assist in the aforesaid
behaviors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.2 The Pledgor and Party C shall comply with and carry out all
requirements under applicable laws and regulations relating to pledge, and within five (5) days of receipt of any notice, order
or recommendation issued or made by the competent authorities regarding the Pledge (if any), shall present the aforementioned notice,
order or recommendation to the Pledgee, and shall comply with the aforementioned notice, order or recommendation or submit objections
and representations with respect to the aforementioned matters upon the Pledgee's reasonable request or upon consent of the Pledgee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.3 Each of the Pledgor and Party C shall promptly notify the Pledgee
of any event or notice received by it that may have an impact on the Equity Interest (or any portion thereof,) as well as any event or
notice received by it that may have an impact on any guarantees and obligations of the Pledgor under this Agreement or the performance
of obligations of the Pledgor under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.4 Party C shall complete the registration procedures for the extension
of the operation term within three (3) months prior to the expiration of such term to maintain the validity of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;6.2 The Pledgor agrees that the rights acquired by the Pledgee in
accordance with this Agreement with respect to the Pledge shall not be interrupted or harmed by the Pledgor or any, successors, heirs
or representatives of the Pledgor or any other persons through any legal proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;6.3 To protect or perfect the security interest granted by this
Agreement for the Contract Obligations and Secured Indebtedness, the Pledgor hereby undertakes to execute in good faith and to cause
other parties who have an interest in the Pledge to execute all certificates, agreements, deeds and/or covenants required by the Pledgee.
The Pledgor also undertakes to perform and to cause other parties who have an interest in the Pledge to perform actions required by the
Pledgee, to facilitate the exercise by the Pledgee of its rights and authority granted thereto by this Agreement, and to enter into all
relevant documents regarding ownership of Equity Interest with the Pledgee or designee(s) of the Pledgee (natural persons/legal
persons). The Pledgor undertakes to provide the Pledgee within a reasonable time with all notices, the orders and decisions regarding
the Pledge that are required by the Pledgee.

&nbsp;&nbsp;&nbsp;&nbsp;6.4 The Pledgor hereby undertakes to comply with and perform all
guarantees, promises, agreements, representations and conditions under this Agreement. In the event of failure or partial performance
of its guarantees, promises, agreements, representations and conditions, the Pledgor shall indemnify the Pledgee for all losses resulting
therefrom.

**7.** **Event of Breach** 

&nbsp;&nbsp;&nbsp;&nbsp;7.1 The following circumstances shall be deemed an Event of Default:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1 The Pledger's any breach to any obligations under the
Transaction Documents and/or this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2 Party C's any breach to any obligations under the Transaction
Documents and/or this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;7.2 Upon notice or discovery of the occurrence of any circumstances
or event that may lead to the aforementioned circumstances described in Section 7.1, the Pledgor and Party C shall immediately notify
the Pledgee in writing accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;7.3 Unless an Event of Default set forth in Section 7.1 has
been successfully resolved to the Pledgee's satisfaction within twenty (20) days after the Pledgee and/or Party C delivers a notice
to the Pledgor requesting ratification of such Event of Default, the Pledgee may issue a Notice of Default to the Pledgor in writing
at any time thereafter, demanding the Pledgor to immediately exercise the Pledge in accordance with the provisions of Section 8
of this Agreement.

**8.** **Exercise of the Pledge** 

&nbsp;&nbsp;&nbsp;&nbsp;8.1 The Pledgee shall issue a written Notice of Default to the Pledgor
when it exercises the Pledge.

&nbsp;&nbsp;&nbsp;&nbsp;8.2 Subject to the provisions of Section 7.3the Pledgee may
exercise the right to enforce the Pledge at any time after the issuance of the Notice of Default in accordance with Section 8.1.

&nbsp;&nbsp;&nbsp;&nbsp;8.3 After the Pledgee issues a Notice of Default to the Pledgor
in accordance with Section 8.1, the Pledgee may exercise any remedy measure under the applicable PRC laws, the Transaction Documents
and this Agreement, including but not limited to being paid in priority with the Equity Interest based on the monetary valuation that
such Equity Interest is converted into or from the proceeds from the auction or sale of the Equity Interest. The Pledgee shall not be
liable for any loss incurred by its duly exercise of such rights and powers.

&nbsp;&nbsp;&nbsp;&nbsp;8.4 The proceeds from the exercise of the Pledge by the Pledgee
shall be used to pay for the taxes and expenses incurred as a result of disposing the Equity Interest and to perform the Contract Obligations
and pay the Secured Indebtedness to the Pledgee prior and in preference to any other payment. After the payment of the aforementioned
amounts, the remaining balance shall be returned to the Pledgor or any other person who has rights to such balance under applicable laws
or be deposited to the local notary public office where the Pledgor resides, with all expenses incurred being borne by the Pledgor. To
the extent not prohibited by the applicable PRC laws, the Pledgor shall unconditionally donate the aforementioned proceeds to the Pledgee
or any other person designated by the Pledgee in the manner permitted by the PRC laws.

&nbsp;&nbsp;&nbsp;&nbsp;8.5 The Pledgee may exercise any remedy measure available to it
simultaneously or in any order. The Pledgee may exercise the priority right in compensation based on the monetary valuation that such
Equity Interest is converted into or with the proceeds from the auction or sale of the Equity Interest under this Agreement, without
being required to exercise any other remedy measure first.

&nbsp;&nbsp;&nbsp;&nbsp;8.6 The Pledgee is entitled to designate an attorney or other representatives
to exercise the Pledge on its behalf and the Pledgor or Party C shall not raise any objection to such exercise.

&nbsp;&nbsp;&nbsp;&nbsp;8.7 When the Pledgee disposes of the Pledge in accordance with this
Agreement, the Pledgor and Party C shall provide the necessary assistance to enable the Pledgee to enforce the Pledge in accordance with
this Agreement.

**9.** **Breach of Agreement** 

&nbsp;&nbsp;&nbsp;&nbsp;9.1 If the Pledgor or Party C materially breaches any provision
under this Agreement, or fails to perform, performs incompletely or delays to perform any obligation under this Agreement, it shall constitute
a breach under this Agreement on the part of the Pledgor or Party C (as the case may be). The Pledgee is entitled to require the Pledgor
or Party C to rectify or take remedial measures. If within ten (10) days after the Pledgee delivers a written notice to the Pledgor
or Party C and requires for rectification (or within any other reasonable period required by the Pledgee), the Pledgor or Party C (as
the case may be) fails to rectify or take remedial measures, the Pledgee is entitled to, at its sole discretion, (1) terminate this
Agreement and require the Pledgor or Party C (as the case may be) to compensate all the losses; or (2) require specific performance
of the obligations of the Pledgor or Party C (as the case may be) under this Agreement and require the Pledgor or Party C (as the case
may be) to compensate all the losses. This Section shall not prejudice any other rights of the Pledgee under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;9.2 The Pledgor or Party C shall not have any right to terminate
this Agreement unilaterally in any event unless otherwise required by the applicable laws.

**10.** **Assignment** 

&nbsp;&nbsp;&nbsp;&nbsp;10.1 Without the Pledgee's prior written consent, neither the
Pledgor nor Party C shall assign or delegate its/his rights and obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;10.2 This Agreement shall be binding on the Pledgor and his/her successors,
heirs (including who inherited the Equity Interest) and permitted assigns, and shall be valid with respect to the Pledgee and each of
his/her successors, heirs and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;10.3 At any time, the Pledgee may assign any and all of its rights
and obligations under the Transaction Documents and this Agreement to its designee(s), in which case the assignees shall have the rights
and obligations of the Pledgee under the Transaction Documents and this Agreement, as if it were the original party to the Transaction
Documents and this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;10.4 In the event of change of the Pledgee due to assignment, the
Pledgor and/or Party C shall, at the request of the Pledgee, execute a new pledge agreement with the new pledgee on the same terms and
conditions as this Agreement, and register the same with the competent AIC.

&nbsp;&nbsp;&nbsp;&nbsp;10.5 The Pledgor and Party C shall strictly abide by the provisions
of this Agreement and other contracts jointly or separately executed by the Parties hereto or any of them, including the Transaction
Documents, perform the obligations hereunder and thereunder, and refrain from any action/omission that may affect the effectiveness and
enforceability thereof. Any remaining rights of the Pledgor with respect to the Equity Interest pledged hereunder shall not be exercised
by the Pledgor except in accordance with the written instructions of the Pledgee.

**11.** **Termination** 

&nbsp;&nbsp;&nbsp;&nbsp;11.1 Upon the fulfillment of all Contract Obligations and the full
payment of all Secured Indebtedness by the Pledgor and Party C, the Pledgee shall release the Pledge under this Agreement upon the Pledgor's
request as soon as reasonably practicable and shall assist the Pledgor in de-registering the Pledge from the shareholders' register
of Party C and with the competent PRC local administration for industry and commerce.

&nbsp;&nbsp;&nbsp;&nbsp;11.2 The provisions under Sections 9, 13, 14 and 11.2 herein of this
Agreement shall survive the expiration or termination of this Agreement.

**12.** **Handling Fees and Other Expenses** 

All fees and out of pocket expenses relating to this Agreement, including but not limited to legal costs, costs of production, stamp tax and any other taxes and fees, shall be borne by Party C.

**13.** **Confidentiality** 

The Parties acknowledge that the existence and the terms of this Agreement and any oral or written information exchanged between the Parties in connection with the preparation and performance this Agreement are regarded as confidential information. Each Party shall maintain the confidentiality of all such confidential information, and without obtaining the written consent of the other Party, it shall not disclose any relevant confidential information to any third parties, except for the information that: (a) is or will be in the public domain (other than through the receiving Party's unauthorized disclosure); (b) is under the obligation to be disclosed pursuant to the applicable laws or regulations, rules of any stock exchange, or orders of the court or other government authorities; or (c) is required to be disclosed by any Party to its shareholders, directors, employees, legal counsels or financial advisors regarding the transaction contemplated hereunder, provided that such shareholders, directors, employees, legal counsels or financial advisors shall be bound by the confidentiality obligations similar to those set forth in this Section. Disclosure of any confidential information by the shareholders, director, employees of or agencies engaged by any Party shall be deemed disclosure of such confidential information by such Party and such Party shall be held liable for breach of this Agreement.

**14.** **Governing Law and Resolution of Disputes** 

&nbsp;&nbsp;&nbsp;&nbsp;14.1 The execution, effectiveness, interpretation, performance, amendment
and termination of this Agreement and the resolution of disputes hereunder shall be governed by the laws of China.

&nbsp;&nbsp;&nbsp;&nbsp;14.2 In the event of any dispute with respect to the interpretation
and performance of this Agreement, the Parties shall first resolve the dispute through friendly negotiations. In the event the Parties
fail to reach an agreement on the dispute, either Party may submit the relevant dispute to the Beijing Arbitration Commission for arbitration,
in accordance with the arbitration rules of such arbitration commission effective at that time. The place of hearing of the arbitration
shall be Beijing. The arbitration award shall be final and binding on both Parties.

&nbsp;&nbsp;&nbsp;&nbsp;14.3 Upon the occurrence of any disputes arising from the interpretation
and performance of this Agreement or during the pending arbitration of any dispute, except for the matters under dispute, the Parties
to this Agreement shall continue to exercise their respective rights under this Agreement and perform their respective obligations under
this Agreement.

**15.** **Notices** 

&nbsp;&nbsp;&nbsp;&nbsp;15.1 All notices and other communications required to be given pursuant
to this Agreement or otherwise given in connection with this Agreement shall be delivered personally, or sent by registered mail, prepaid
postage, a commercial courier service, facsimile transmission or email to the address of such Party set forth below. The dates on which
notices shall be deemed to have been effectively given shall be determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.1 Notices given by personal delivery shall be deemed effectively
given on the date of receipt at the address set forth below, or the date on which such notices are placed at the address set forth below

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.2 Notices given by courier service, registered mail or prepaid
postage shall be deemed effectively given on the date of receipt, refusal or return for any reason at the address set forth below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.3 Notices given by facsimile transmission shall be deemed effectively
given on the date of successful transmission to the Fax no. set forth below (as evidenced by an automatically generated confirmation
of transmission). Notices given by email shall be deemed effectively given on the date of successful transmission, provided that the
sending Party has received a system message indicating successful transmission or has not received a system message within 24 hours indicating
failure of delivery or return of email.

&nbsp;&nbsp;&nbsp;&nbsp;15.2 For the purpose of notices, the addresses of the Parties are
as follows:

Pledgee: Zhuhai So-Young Medical Management Co., Ltd.

Address: Room 1410, No. 8 Yanghuan Road, Hengqin New District, Zhuhai

Attn: Gefei Li

Tel: \*\*\*\*\*\*

Email: ligefei@soyoung.com

Pledgor: Xing Jin

Address: 2/F, East Tower, Poly Plaza, No. 66 Xiangbin Road, Chaoyang District, Beijing

Tel: \*\*\*\*\*\*

Email: jinxing@soyoung.com

Party C: Zhuhai So-Young Technology Co., Ltd.

Address: Room 501-2, No. 950 Qinhaidong Road, Hengqin District, Zhuhai

Attn: Gefei Li

Tel: \*\*\*\*\*\*

Email:ligefei@soyoung.com

&nbsp;&nbsp;&nbsp;&nbsp;15.3 Any Party may at any time change its address for notices by
a notice delivered to the other Parties in accordance with the terms of this Section.

**16.** **Severability** 

In the event that one or several of the provisions of this Contract are held to be invalid, illegal or unenforceable in any aspect in accordance with any laws or regulations, the validity, legality or enforceability of the remaining provisions of this Contract shall not be affected or compromised in any respect. The Parties shall strive in good faith to replace such invalid, illegal or unenforceable provisions with effective provisions that accomplish to the greatest extent permitted by law and the intentions of the Parties, and the economic effect of such effective provisions shall be as close as possible to the economic effect of those invalid, illegal or unenforceable provisions.

**17.** **Attachments** 

The attachments set forth herein shall be an integral part of this Agreement.

**18.** **Effectiveness and Amendments** 

&nbsp;&nbsp;&nbsp;&nbsp;18.1 This Agreement shall become effective upon execution by the
Parties, until the Contract Obligations have been fully performed, and the Secured Indebtedness have been fully paid.

&nbsp;&nbsp;&nbsp;&nbsp;18.2 Any amendment, change and supplement to this Agreement shall
be made in writing by all of the Parties. Any amendment agreement and supplementary agreement duly executed by the Parties hereto with
regard to this Agreement shall constitute an integral part of this Agreement and shall have equal legal validity as this Agreement.

**19.** **Language and Counterparts** 

This Agreement is written in Chinese and English in four copies. The Pledgor, the Pledgee and Party C shall hold one copy respectively and the other copy shall be used for registration. In case of any conflicts between the Chinese version and the English Version, the Chinese version shall prevail.

*The Remainder of this page is intentionally left blank*

IN WITNESS WHEREOF, the Parties have caused their authorized representatives to execute This Equity Interest Pledge Agreement as of the date first above written.

---

| | |
|:---|:---|
| **Pledgee: /s/ Zhuhai So-Young Medical Management Co., Ltd. (Seal)** | **Pledgee: /s/ Zhuhai So-Young Medical Management Co., Ltd. (Seal)** |
| By: | /s/ Geifei Li |
| Name: | Gefei Li |
| Title: | Legal Representative |
| **Pledgor: Xing Jin** | **Pledgor: Xing Jin** |
| By: | /s/ Xing Jin |
| **Party C: /s/ Zhuhai So-Young Technology Co., Ltd. (Seal)** | **Party C: /s/ Zhuhai So-Young Technology Co., Ltd. (Seal)** |
| By: | /s/ Geifei Li |
| Name: | Gefei Li |
| Title: | Legal Representative |

---

**Attachments:**

1. Shareholders' Register of Party C;

2. The Capital Contribution Certificate for Party C;

3. Exclusive Business Cooperation Agreement;

4. Exclusive Option Agreement;

5. Power of Attorney.

## Exhibit 99.3

**Exhibit 99.3**

**Equity Interest Pledge Agreement**

This Equity Interest Pledge Agreement (this "Agreement") is executed by and among the following Parties as of May 31, 2025 in Zhuhai, the People's Republic of China ("China" or the "PRC")：

---

| | |
|:---|:---|
| **Party A:** | **Zhuhai So-Young Medical Management Co., Ltd.** (hereinafter the "Pledgee"), a wholly foreign-owned enterprise, organized and existing under the laws of the PRC, with its registered address at Room 1410, No. 8 Yanghuan Road, Hengqin New District, Zhuhai; |

---

---

| | |
|:---|:---|
| **Party B:** | **Gefei Li** (hereinafter the "Pledgor") (a Chinese citizen with Identification No.:\*\*\*\*\*\*); |

---

---

| | |
|:---|:---|
| **Party C:** | **Zhuhai So-Young Technology Co., Ltd.**, a limited liability company organized and existing under the laws of the PRC, with its registered address at Room 501-2, No. 950 Qinhaidong Road, Hengqin District, Zhuhai. |

---

In this Agreement, each of the Pledgee, the Pledgor and Party C shall be hereinafter referred to as a "Party" individually, and as the "Parties" collectively.

Whereas:

1. The Pledgor is a citizen of China who as of the date hereof holds 1.0% of the equity interests of Party
C, representing RMB10,000 in the registered capital of Party C. Party C is a limited liability company registered in Zhuhai, China. Party
C acknowledges the respective rights and obligations of the Pledgor and the Pledgee under this Agreement, and intends to provide any necessary
assistance in registering the Pledge;

2. The Pledgee is a wholly foreign-owned enterprise registered in China. The Pledgee and Party C have executed
an Exclusive Business Cooperation Agreement (as defined below); Party C, the Pledgee and the Pledgor have executed an Exclusive Option
Agreement (as defined below); the Pledgor has executed a Power of Attorney (as defined below) in favor of the Pledgee;

3. To ensure that Party C and the Pledgor fully perform their obligations under the Exclusive Business Cooperation
Agreement, the Exclusive Option Agreement and the Power of Attorney, the Pledgor hereby pledges to the Pledgee all of the equity interest
that the Pledgor holds in Party C as security for Party C's and the Pledgor's obligations under the Exclusive Business Cooperation
Agreement, the Exclusive Option Agreement and the Power of Attorney.

To perform the provisions of the Transaction Documents (as defined below), the Parties have mutually agreed to execute this Agreement upon the following terms.

1. **Definitions** 

Unless otherwise provided herein, the terms below shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;1.1 Pledge: shall refer to the security interest granted by the
Pledgor to the Pledgee pursuant to Section 2 of this Agreement, i.e., The right of the Pledgee to be paid in priority with the Equity
Interest based on the monetary valuation that such Equity Interest is converted into or from the proceeds from the auction or sale of
the Equity Interest.

&nbsp;&nbsp;&nbsp;&nbsp;1.2 Equity Interest: shall refer to 1.0% equity interests in Party
C currently held by the Pledgor, representing RMB10,000 in the registered capital of Party C, and all of the equity interest hereafter
legally acquired by the Pledgor in Party C.

&nbsp;&nbsp;&nbsp;&nbsp;1.3 Term of the Pledge: shall refer to the term set forth in Section 3
of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;1.4 Transaction Documents: shall refer to the Exclusive Business
Cooperation Agreement executed by and between Party C and the Pledgee on the date of this Agreement, (the "Exclusive Business Cooperation
Agreement"), the Exclusive Option Agreement executed by and among Party C, the Pledgee and the Pledgor on the date of this Agreement,
(the "Exclusive Option Agreement") and Power of Attorney executed on the date of this Agreement, by the Pledgor (the "Power
of Attorney") and any modification, amendment and restatement to the aforementioned documents.

&nbsp;&nbsp;&nbsp;&nbsp;1.5 Contract Obligations: shall refer to all the obligations of
the Pledgor under the Exclusive Option Agreement, the Power of Attorney and this Agreement; all the obligations of Party C under the
Exclusive Business Cooperation Agreement, the Exclusive Option Agreement and this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;1.6 Secured Indebtedness: shall refer to all the direct, indirect
and derivative losses and losses of anticipated profits, suffered by the Pledgee, incurred as a result of any Event of Default on the
part of the Pledgor and/or Party C under the Transaction Documents. The amount of such losses shall be calculated based on such factors
as the reasonable business plan and profit forecast of the Pledgee, the consulting and service fees payable to the Pledgee under the
Exclusive Business Cooperation Agreement, damages and relevant fees under the Transaction Documents, all expenses occurred by the Pledgee
in connection with enforcement of the Pledgor's and/or Party C's Contract Obligations and etc.

&nbsp;&nbsp;&nbsp;&nbsp;1.7 Event of Default: shall refer to any of the circumstances set
forth in Section 7 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;1.8 Notice of Default: shall refer to the notice issued by the Pledgee
in accordance with this Agreement declaring an Event of Default.

**2.** **Pledge** 

&nbsp;&nbsp;&nbsp;&nbsp;2.1 The Pledgor agrees to pledge all the Equity Interest as security
for performance of the Contract Obligations and payment of the Secured Indebtedness under this Agreement. Party C hereby assents that
the Pledgor pledges the Equity Interest to the Pledgee pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;2.2 During the term of the Pledge, unless prohibited by the applicable
laws and regulations, the Pledgee is entitled to receive dividends distributed on the Equity Interest. Without the prior written consent
of the Pledgee, the Pledgor shall not receive dividends distributed on the Equity Interest. Dividends received by the Pledgor on Equity
Interest after the deduction of individual income tax paid by the Pledgor shall be, as required by the Pledgee, (1) deposited into
an account designated and supervised by the Pledgee and used to secure the Contract Obligations and pay the Secured Indebtedness prior
and in preference to making any other payment; or (2) to the extent not prohibited by the applicable PRC laws, unconditionally donated
to the Pledgee or any other person designated by the Pledgee in the manner permitted by the PRC laws.

&nbsp;&nbsp;&nbsp;&nbsp;2.3 The Pledgor may subscribe for a capital increase in Party C
only with prior written consent of the Pledgee. Any additional equity interest obtained by the Pledgor as a result of the Pledgor's
subscription of the increased registered capital of the Company shall also be deemed as Equity Interest, and the Parties shall enter
into further equity pledge agreement for this purpose and complete registration of the pledge of such additional equity interest.

&nbsp;&nbsp;&nbsp;&nbsp;2.4 In the event that Party C is required by PRC law to be liquidated
or dissolved, any interest distributed to the Pledgor upon Party C's dissolution or liquidation shall, upon the request of the
Pledgee, be (1) deposited into an account designated and supervised by the Pledgee and used to secure the Contract Obligations and
pay the Secured Indebtedness prior and in preference to make any other payment; or (2) to the extent not prohibited by PRC laws,
unconditionally donated to the Pledgee or any other person designated by the Pledgee in the manner permitted by the applicable PRC laws.

**3.** **Term of the Pledge** 

&nbsp;&nbsp;&nbsp;&nbsp;3.1 The Pledge shall become effective on such date when the pledge
of the Equity Interest contemplated herein is registered with the relevant administration for industry and commerce (the "AIC").
The Pledge shall remain effective until all Contract Obligations have been fully performed and all Secured Indebtedness has been fully
paid. The Pledgor and Party C shall (1) register the Pledge in the shareholders' register of Party C within 3 business days
following the execution of this Agreement, and (2) submit an application to the AIC for the registration of the Pledge of the Equity
Interest contemplated herein within thirty (30) days following the execution of this Agreement. The parties covenant that for the purpose
of registration of the Pledge, the parties hereto and all other shareholders of Party C shall submit to the AIC this Agreement or an
equity interest pledge contract in the form required by the AIC at the location of Party C which shall truly reflect the information
of the Pledge hereunder (the " AIC Pledge Contract ").
For matters not specified in the AIC Pledge Contract, the Parties shall be bound by the provisions of this Agreement. The Pledgor and
Party C shall submit all necessary documents and complete all necessary procedures, as required by the relevant PRC laws and regulations
and the competent AIC, to ensure that the Pledge of the Equity Interest shall be registered with the AIC as soon as possible after submission
for filing.

&nbsp;&nbsp;&nbsp;&nbsp;3.2 During the Term of the Pledge, in the event the Pledgor and/or
Party C fails to perform the Contract Obligations or pay Secured Indebtedness, the Pledgee shall have the right, but not the obligation,
to exercise the Pledge in accordance with the provisions of this Agreement.

**4.** **Custody of Records for Equity Interest subject to the Pledge** 

&nbsp;&nbsp;&nbsp;&nbsp;4.1 During the Term of the Pledge set forth in this Agreement, the
Pledgor shall deliver to the Pledgee's custody the capital contribution certificate for the Equity Interest and the shareholders'
register containing the Pledge within one week from the execution of this Agreement. The Pledgee shall have custody of such documents
during the entire Term of the Pledge set forth in this Agreement.

**5.** **Representations and Warranties of the Pledgor and Party C** 

As of the execution date of this Agreement, the Pledgor and Party C hereby jointly and severally represent and warrant to the Pledgee that:

&nbsp;&nbsp;&nbsp;&nbsp;5.1 The Pledgor is the sole legal and beneficial owner of the Equity
Interest. The Pledgee shall have the right to dispose of and transfer the Equity Interest in accordance with the provisions set forth
in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;5.2 Each of the Pledgor and Party C has the power, capacity and
authority to execute and deliver this Agreement, and to perform it/his obligations under this Agreement. This Agreement constitutes the
Pledgor's and Party C's legal, valid and binding obligations and shall be enforceable against them in accordance with the
provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;5.3 Except for the Pledge, the Pledgor has not placed any security
interest or other encumbrance on the Equity Interest.

&nbsp;&nbsp;&nbsp;&nbsp;5.4 The Pledgor and Party C have obtained any and all approvals
and consents from the applicable government authorities and third parties (if required) for the execution, delivery and performance of
this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;5.5 The execution, delivery and performance of this Agreement will
not: (i) violate any relevant PRC laws; (ii) conflict with Party C's articles of association or other constitutional
documents; (iii) result in any breach of or constitute any default under any contract or document to which it is a party or by which
it is otherwise bound; (iv) result in any violation of any condition for the grant and/or maintenance of any permit or approval
granted to any Party; or (v) cause any permit or approval granted to any Party to be suspended, cancelled or attached with additional
conditions.

**6.** **Covenants of the Pledgor and Party C** 

&nbsp;&nbsp;&nbsp;&nbsp;6.1 During the term of this Agreement, the Pledgor and Party C hereby
jointly and severally covenant to the Pledgee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.1 The Pledgor shall not transfer the Equity Interest, place or
permit the existence of any security interest or other encumbrance on the Equity Interest or any portion thereof, without the prior written
consent of the Pledgee, except for the performance of the Transaction Documents; Party C shall not assent to or assist in the aforesaid
behaviors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.2 The Pledgor and Party C shall comply with and carry out all
requirements under applicable laws and regulations relating to pledge, and within five (5) days of receipt of any notice, order
or recommendation issued or made by the competent authorities regarding the Pledge (if any), shall present the aforementioned notice,
order or recommendation to the Pledgee, and shall comply with the aforementioned notice, order or recommendation or submit objections
and representations with respect to the aforementioned matters upon the Pledgee's reasonable request or upon consent of the Pledgee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.3 Each of the Pledgor and Party C shall promptly notify the Pledgee
of any event or notice received by it that may have an impact on the Equity Interest (or any portion thereof,) as well as any event or
notice received by it that may have an impact on any guarantees and obligations of the Pledgor under this Agreement or the performance
of obligations of the Pledgor under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.4 Party C shall complete the registration procedures for the extension
of the operation term within three (3) months prior to the expiration of such term to maintain the validity of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;6.2 The Pledgor agrees that the rights acquired by the Pledgee in
accordance with this Agreement with respect to the Pledge shall not be interrupted or harmed by the Pledgor or any, successors, heirs
or representatives of the Pledgor or any other persons through any legal proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;6.3 To protect or perfect the security interest granted by this
Agreement fbr the Contract Obligations and Secured Indebtedness, the Pledgor hereby undertakes to execute in good faith and to cause
other parties who have an interest in the Pledge to execute all certificates, agreements, deeds and/or covenants required by the Pledgee.
The Pledgor also undertakes to perform and to cause other parties who have an interest in the Pledge to perform actions required by the
Pledgee, to facilitate the exercise by the Pledgee of its rights and authority granted thereto by this Agreement, and to enter into all
relevant documents regarding ownership of Equity Interest with the Pledgee or designee(s) of the Pledgee (natural persons/legal
persons). The Pledgor undertakes to provide the Pledgee within a reasonable time with all notices, the orders and decisions regarding
the Pledge that are required by the Pledgee.

&nbsp;&nbsp;&nbsp;&nbsp;6.4 The Pledgor hereby undertakes to comply with and perform all
guarantees, promises, agreements, representations and conditions under this Agreement. In the event of failure or partial performance
of its guarantees, promises, agreements, representations and conditions, the Pledgor shall indemnify the Pledgee for all losses resulting
therefrom.

**7.** **Event of Breach** 

&nbsp;&nbsp;&nbsp;&nbsp;7.1 The following circumstances shall be deemed an Event of Default:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1 The Pledger's any breach to any obligations under the
Transaction Documents and/or this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2 Party C's any breach to any obligations under the Transaction
Documents and/or this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;7.2 Upon notice or discovery of the occurrence of any circumstances
or event that may lead to the aforementioned circumstances described in Section 7.1, the Pledgor and Party C shall immediately notify
the Pledgee in writing accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;7.3 Unless an Event of Default set forth in Section 7.1 has
been successfully resolved to the Pledgee's satisfaction within twenty (20) days after the Pledgee and/or Party C delivers a notice
to the Pledgor requesting ratification of such Event of Default, the Pledgee may issue a Notice of Default to the Pledgor in writing
at any time thereafter, demanding the Pledgor to immediately exercise the Pledge in accordance with the provisions of Section 8
of this Agreement.

**8.** **Exercise of the Pledge** 

&nbsp;&nbsp;&nbsp;&nbsp;8.1 The Pledgee shall issue a written Notice of Default to the Pledgor
when it exercises the Pledge.

&nbsp;&nbsp;&nbsp;&nbsp;8.2 Subject to the provisions of Section 7.3 the Pledgee may
exercise the right to enforce the Pledge at any time after the issuance of the Notice of Default in accordance with Section 8.1.

&nbsp;&nbsp;&nbsp;&nbsp;8.3 After the Pledgee issues a Notice of Default to the Pledgor
in accordance with Section 8.1, the Pledgee may exercise any remedy measure under the applicable PRC laws, the Transaction Documents
and this Agreement, including but not limited to being paid in priority with the Equity Interest based on the monetary valuation that
such Equity Interest is converted into or from the proceeds from the auction or sale of the Equity Interest. The Pledgee shall not be
liable for any loss incurred by its duly exercise of such rights and powers.

&nbsp;&nbsp;&nbsp;&nbsp;8.4 The proceeds from the exercise of the Pledge by the Pledgee
shall be used to pay for the taxes and expenses incurred as a result of disposing the Equity Interest and to perform the Contract Obligations
and pay the Secured Indebtedness to the Pledgee prior and in preference to any other payment. After the payment of the aforementioned
amounts, the remaining balance shall be returned to the Pledgor or any other person who has rights to such balance under applicable laws
or be deposited to the local notary public office where the Pledgor resides, with all expenses incurred being borne by the Pledgor. To
the extent not prohibited by the applicable PRC laws, the Pledgor shall unconditionally donate the aforementioned proceeds to the Pledgee
or any other person designated by the Pledgee in the manner permitted by the PRC laws.

&nbsp;&nbsp;&nbsp;&nbsp;8.5 The Pledgee may exercise any remedy measure available to it
simultaneously or in any order. The Pledgee may exercise the priority right in compensation based on the monetary valuation that such
Equity Interest is converted into or with the proceeds from the auction or sale of the Equity Interest under this Agreement, without
being required to exercise any other remedy measure first.

&nbsp;&nbsp;&nbsp;&nbsp;8.6 The Pledgee is entitled to designate an attorney or other representatives
to exercise the Pledge on its behalf and the Pledgor or Party C shall not raise any objection to such exercise.

&nbsp;&nbsp;&nbsp;&nbsp;8.7 When the Pledgee disposes of the Pledge in accordance with this
Agreement, the Pledgor and Party C shall provide the necessary assistance to enable the Pledgee to enforce the Pledge in accordance with
this Agreement.

**9.** **Breach of Agreement** 

&nbsp;&nbsp;&nbsp;&nbsp;9.1 If the Pledgor or Party C materially breaches any provision
under this Agreement, or fails to perform, performs incompletely or delays to perform any obligation under this Agreement, it shall constitute
a breach under this Agreement on the part of the Pledgor or Party C (as the case may be). The Pledgee is entitled to require the Pledgor
or Party C to rectify or take remedial measures. If within ten (10) days after the Pledgee delivers a written notice to the Pledgor
or Party C and requires for rectification (or within any other reasonable period required by the Pledgee), the Pledgor or Party C (as
the case may be) fails to rectify or take remedial measures, the Pledgee is entitled to, at its sole discretion, (1) terminate this
Agreement and require the Pledgor or Party C (as the case may be) to compensate all the losses; or (2) require specific performance
of the obligations of the Pledgor or Party C (as the case may be) under this Agreement and require the Pledgor or Party C (as the case
may be) to compensate all the losses. This Section shall not prejudice any other rights of the Pledgee under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;9.2 The Pledgor or Party C shall not have any right to terminate
this Agreement unilaterally in any event unless otherwise required by the applicable laws.

**10.** **Assignment** 

&nbsp;&nbsp;&nbsp;&nbsp;10.1 Without the Pledgee's prior written consent, neither the
Pledgor nor Party C shall assign or delegate its/his rights and obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;10.2 This Agreement shall be binding on the Pledgor and his/her successors,
heirs (including who inherited the Equity Interest) and permitted assigns, and shall be valid with respect to the Pledgee and each of
his/her successors, heirs and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;10.3 At any time, the Pledgee may assign any and all of its rights
and obligations under the Transaction Documents and this Agreement to its designee(s), in which case the assignees shall have the rights
and obligations of the Pledgee under the Transaction Documents and this Agreement, as if it were the original party to the Transaction
Documents and this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;10.4 In the event of change of the Pledgee due to assignment, the
Pledgor and/or Party C shall, at the request of the Pledgee, execute a new pledge agreement with the new pledgee on the same terms and
conditions as this Agreement, and register the same with the competent AIC.

&nbsp;&nbsp;&nbsp;&nbsp;10.5 The Pledgor and Party C shall strictly abide by the provisions
of this Agreement and other contracts jointly or separately executed by the Parties hereto or any of them, including the Transaction
Documents, perform the obligations hereunder and thereunder, and refrain from any action/omission that may affect the effectiveness and
enforceability thereof. Any remaining rights of the Pledgor with respect to the Equity Interest pledged hereunder shall not be exercised
by the Pledgor except in accordance with the written instructions of the Pledgee.

**11.** **Termination** 

&nbsp;&nbsp;&nbsp;&nbsp;11.1 Upon the fulfillment of all Contract Obligations and the full
payment of all Secured Indebtedness by the Pledgor and Party C, the Pledgee shall release the Pledge under this Agreement upon the Pledgor's
request as soon as reasonably practicable and shall assist the Pledgor in de-registering the Pledge from the shareholders' register
of Party C and with the competent PRC local administration for industry and commerce.

&nbsp;&nbsp;&nbsp;&nbsp;11.2 The provisions under Sections 9, 13, 14 and 11.2 herein of this
Agreement shall survive the expiration or termination of this Agreement.

**12.** **Handling Fees and Other Expenses** 

All fees and out of pocket expenses relating to this Agreement, including but not limited to legal costs, costs of production, stamp tax and any other taxes and fees, shall be borne by Party C.

**13.** **Confidentiality** 

The Parties acknowledge that the existence and the terms of this Agreement and any oral or written information exchanged between the Parties in connection with the preparation and performance this Agreement are regarded as confidential information. Each Party shall maintain the confidentiality of all such confidential information, and without obtaining the written consent of the other Party, it shall not disclose any relevant confidential information to any third parties, except for the information that: (a) is or will be in the public domain (other than through the receiving Party's unauthorized disclosure); (b) is under the obligation to be disclosed pursuant to the applicable laws or regulations, rules of any stock exchange, or orders of the court or other government authorities; or (c) is required to be disclosed by any Party to its shareholders, directors, employees, legal counsels or financial advisors regarding the transaction contemplated hereunder, provided that such shareholders, directors, employees, legal counsels or financial advisors shall be bound by the confidentiality obligations similar to those set forth in this Section. Disclosure of any confidential information by the shareholders, director, employees of or agencies engaged by any Party shall be deemed disclosure of such confidential information by such Party and such Party shall be held liable for breach of this Agreement.

**14.** **Governing Law and Resolution of Disputes** 

&nbsp;&nbsp;&nbsp;&nbsp;14.1 The execution, effectiveness, interpretation, performance, amendment
and termination of this Agreement and the resolution of disputes hereunder shall be governed by the laws of China.

&nbsp;&nbsp;&nbsp;&nbsp;14.2 In the event of any dispute with respect to the interpretation
and performance of this Agreement, the Parties shall first resolve the dispute through friendly negotiations. In the event the Parties
fail to reach an agreement on the dispute, either Party may submit the relevant dispute to the Beijing Arbitration Commission for arbitration,
in accordance with the arbitration rules of such arbitration commission effective at that time. The place of the hearing of the
arbitration shall be Beijing. The arbitration award shall be final and binding on both Parties.

&nbsp;&nbsp;&nbsp;&nbsp;14.3 Upon the occurrence of any disputes arising from the interpretation
and performance of this Agreement or during the pending arbitration of any dispute, except for the matters under dispute, the Parties
to this Agreement shall continue to exercise their respective rights under this Agreement and perform their respective obligations under
this Agreement.

**15.** **Notices** 

&nbsp;&nbsp;&nbsp;&nbsp;15.1 All notices and other communications required to be given pursuant
to this Agreement or otherwise given in connection with this Agreement shall be delivered personally, or sent by registered mail, prepaid
postage, a commercial courier service, facsimile transmission or email to the address of such Party set forth below. The dates on which
notices shall be deemed to have been effectively given shall be determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.1 Notices given by personal delivery shall be deemed effectively
given on the date of receipt at the address set forth below, or the date on which such notices are placed at the address set forth below

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.2 Notices given by courier service, registered mail or prepaid
postage shall be deemed effectively given on the date of receipt, refusal or return for any reason at the address set forth below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1.3 Notices given by facsimile transmission shall be deemed effectively
given on the date of successful transmission to the Fax no. set forth below (as evidenced by an automatically generated confirmation
of transmission). Notices given by email shall be deemed effectively given on the date of successful transmission, provided that the
sending Party has received a system message indicating successful transmission or has not received a system message within 24 hours indicating
failure of delivery or return of email.

&nbsp;&nbsp;&nbsp;&nbsp;15.2 For the purpose of notices, the addresses of the Parties are
as follows:

Pledgee: Zhuhai So-Young Medical Management Co., Ltd.

Address: Room 1410, No. 8 Yanghuan Road, Hengqin New District, Zhuhai

Attn: Gefei Li

Tel: \*\*\*\*\*\*

Email: ligefei@soyoung.com

Pledgor: Gefei Li

Address: 2/F, East Tower, Poly Plaza, No. 66 Xiangbin Road, Chaoyang District, Beijing

Tel: \*\*\*\*\*\*

Email: ligefei@soyoung.com

Party C: Zhuhai So-Young Technology Co., Ltd.

Address: Room 501-2, No. 950 Qinhaidong Road, Hengqin District, Zhuhai

Attn: Gefei Li

Tel: \*\*\*\*\*\*

Email: ligefei@soyoung.com

&nbsp;&nbsp;&nbsp;&nbsp;15.3 Any Party may at any time change its address for notices by
a notice delivered to the other Parties in accordance with the terms of this Section.

**16.** **Severability** 

In the event that one or several of the provisions of this Contract are held to be invalid, illegal or unenforceable in any aspect in accordance with any laws or regulations, the validity, legality or enforceability of the remaining provisions of this Contract shall not be affected or compromised in any respect. The Parties shall strive in good faith to replace such invalid, illegal or unenforceable provisions with effective provisions that accomplish to the greatest extent permitted by law and the intentions of the Parties, and the economic effect of such effective provisions shall be as close as possible to the economic effect of those invalid, illegal or unenforceable provisions.

**17.** **Attachments** 

The attachments set forth herein shall be an integral part of this Agreement.

**18.** **Effectiveness and Amendments** 

&nbsp;&nbsp;&nbsp;&nbsp;18.1 This Agreement shall become effective upon execution by the
Parties, until the Contract Obligations have been fully performed and the Secured Indebtedness have been fully paid.

&nbsp;&nbsp;&nbsp;&nbsp;18.2 Any amendment, change and supplement to this Agreement shall
be made in writing by all of the Parties. Any amendment agreement and supplementary agreement duly executed by the Parties hereto with
regard to this Agreement shall constitute an integral part of this Agreement, and shall have equal legal validity as this Agreement.

**19.** **Language and Counterparts** 

This Agreement is written in Chinese and English in four copies. The Pledgor, the Pledgee and Party C shall hold one copy respectively and the other copy shall be used for registration. In case of any conflicts between the Chinese version and the English Version, the Chinese version shall prevail.

*The Remainder of this page is intentionally left blank*

IN WITNESS WHEREOF, the Parties have caused their authorized representatives to execute This Equity Interest Pledge Agreement as of the date first above written.

---

| | |
|:---|:---|
| **Pledgee: /s/ Zhuhai So-Young Medical Management Co., Ltd. (Seal)** | **Pledgee: /s/ Zhuhai So-Young Medical Management Co., Ltd. (Seal)** |
| By: | /s/ Gefei Li |
| Name: | Gefei Li |
| Title: | Legal Representative |
| **Pledgor: Gefei Li** | **Pledgor: Gefei Li** |
| By: | /s/ Gefei Li |
| **Party C: /s/ Zhuhai So-Young Technology Co., Ltd. (Seal)** | **Party C: /s/ Zhuhai So-Young Technology Co., Ltd. (Seal)** |
| By: | /s/ Gefei Li |
| Name: | Gefei Li |
| Title: | Legal Representative |

---

**Attachments:**

1. Shareholders' Register of Party C;

2. The Capital Contribution Certificate for Party C;

3. Exclusive Business Cooperation Agreement;

4. Exclusive Option Agreement;

5. Power of Attorney.

## Exhibit 99.4

**Exhibit 99.4**

**Spousal Consent**

The undersigned, [Name of Spouse], a People's Republic of China ("China" or the "PRC") citizen with PRC Identification Card No.: [ID Card Number], is the lawful spouse of [Name of VIE Shareholder], a PRC citizen with PRC Identification No.: [ID Card Number]. I hereby unconditionally and irrevocably agree to the execution of the following documents (hereinafter referred to as the **"Transaction Documents")** by [Name of VIE Shareholder] on May 31, 2025, and the disposal of the equity interests of Zhuhai So-Young Technology Co., Ltd. (**"Zhuhai So-Young")** held by [Name of VIE Shareholder] and registered in her name according to the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Equity Interest Pledge Agreement entered into with Zhuhai So-Young Medical Management Co., Ltd (hereinafter
referred to as the **"WFOE")** and Zhuhai So-Young;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Exclusive Option Agreement entered into with the WFOE and Zhuhai So-Young; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Power of Attorney executed by [Name of VIE Shareholder].

I hereby undertake not to make any assertions in connection with the equity interests of Zhuhai So-Young which are held by [Name of VIE Shareholder]. I hereby further confirm that [Name of VIE Shareholder] can perform the Transaction Documents and further amend or terminate the Transaction Documents without the authorization or consent from me.

I hereby undertake to execute all necessary documents and take all necessary actions to ensure appropriate performance of the Transaction Documents (as may be amended from time to time).

I hereby agree and undertake that if I obtain any equity interests of Zhuhai So-Young which are held by [Name of VIE Shareholder] for any reasons, I shall be bound by the Transaction Documents and the Exclusive Business Cooperation Agreement entered into between the WFOE and Zhuhai So-Young as of May 31, 2025 (the **"Exclusive Business Cooperation Agreement")** (as may be amended from time to time) and comply with the obligations thereunder as a shareholder of Zhuhai So-Young. For this purpose, upon the WFOE's request, I shall sign a series of written documents in substantially the same format and content as the Transaction Documents and the Exclusive Business Cooperation Agreement (as may be amended from time to time).

[The Remainder of this page is intentionally left blank]

---

| |
|:---|
| /s/ [Name of Spouse] |
| [Name of Spouse] |

---

Date: May 31, 2025

**Schedule of Material Differences**

One or more persons entered into a spousal consent using this form. Pursuant to Instruction ii to Item 601 of Regulation S-K, the Registrant may only file this form as an exhibit with a schedule setting forth the material details in which the executed agreements differ from this form:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**No.** | &nbsp;&nbsp;**Name of Spouse** | &nbsp;&nbsp;**Name of VIE Shareholder** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Jie Gao | &nbsp;&nbsp;Xing Jin |

---

## Exhibit 99.5

**Exhibit 99.5**

**Exclusive Business Cooperation Agreement**

This Exclusive Business Cooperation Agreement (this "Agreement")is made and entered into by and between the following parties on May 31, 2025 in Zhuhai, the People's Republic of China ("China" or the "PRC").

**Party A: Zhuhai So-Young Medical Management Co., Ltd.**

Address: Room 1410, No. 8 Yanghuan Road, Hengqin New District, Zhuhai

**Party B: Zhuhai So-Young Technology Co., Ltd.**

Address: Room 501-2, No. 950 Qinhaidong Road, Hengqin District, Zhuhai

In this Agreement, each of Party A and Party B shall be hereinafter referred to as a "Party" individually, and as the "Parties" collectively.

Whereas,

1. Party A is a wholly foreign-owned enterprise established in China, and has sufficient capacity, experience
and resources for hospital management; health consulting services (excluding diagnosis and treatment); business management; technology
development, technology transfer, technical consultation, technical services, technology promotion; conference and exhibition services;
organization of cultural and artistic exchange activities; marketing planning, project planning and public relations services; remote
health management services;

2. Party B is a company established in China with exclusive domestic capital and as registered with the relevant
PRC government authorities, is permitted to engage in radio and television program production and operation; internet information services;
category II value-added telecom services; internet information services for pharmaceuticals; internet information services for medical
devices; technical services, development, consulting, exchange, transfer, and promotion; hospital management; medical research and experimental
development; organization of cultural and artistic exchange activities; advertising design and agency; advertising production; advertising
publication; conference and exhibition services; socio-economic consulting services; information consulting services (excluding licensed
consulting); trade brokerage; business management consulting; technology import and export; goods import and export; import and export
agency; health consulting services (excluding medical diagnosis and treatment); remote health management services; sales of class II medical
devices; sales of class I medical devices; electronic products sales; cosmetics wholesale; cosmetics retail; daily necessities wholesale;
daily necessities sales; food sales (pre-packaged only); health food sales (pre-packaged); agent sales of single-purpose commercial prepaid
cards; household appliances retail; general merchandise sales; apparel and accessories retail; arts, crafts, and ceremonial products sales
(excluding ivory); jewelry retail; gold and silver products sales; personal hygiene products sales; sanitary and disposable medical supplies
sales; textile products sales; paper products sales; plastic products sales; sports goods and equipment wholesale; sports goods and equipment
retail; stationery retail; office supplies sales. The businesses conducted by Party B currently and at any time during the term of this
Agreement are collectively referred to as the "Principal Business";

3. Party A is willing to provide Party B with technical development, technical support, management consultation
and other related services on an exclusive basis in relation to the Principal Business during the term of this Agreement, utilizing its
advantages in technology, team, and resources, and Party B is willing to accept such services provided by Party A or Party A's designee(s),
each on the terms set forth herein.

Now, therefore, through mutual discussion, the Parties have reached the following agreements:

**1.** **Services Provided by Party A** 

&nbsp;&nbsp;&nbsp;&nbsp;1.1 Party B hereby appoints Party A as Party B's exclusive
services provider to provide Party B with comprehensive technical support, consulting services and other related services during the
term of this Agreement, in accordance with the terms and conditions of this Agreement, including but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Licensing Party B to use the technology and software legally owned by Party A in relation to the Principal
Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Design, development, maintenance and updating of technologies necessary for Party B's Principal
Business, and provision of related technical consultation and technical services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Design, installation, daily management, maintenance and updating of network systems and related database;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Technical support and training for employees of Party B;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Assisting Party B in collection and research of technology and market information (excluding market research
business that wholly foreign- owned enterprises are restricted from conducting under PRC law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Providing business and management consultation for Party B;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Providing marketing and promotional services for Party B;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Development and testing of new products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Leasing of equipment or properties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Other related services requested by Party B from time to time to the extent permitted under PRC law.

&nbsp;&nbsp;&nbsp;&nbsp;1.2 Party B agrees to accept all the services provided by Party
A. The Parties agree that Party A may appoint or designate its affiliates or other qualified parties to provide Party B with the services
under this Agreement (the parties designated by Party A may enter into certain agreements described in Section 1.3 with Party B).
Party B further agrees that unless with Party A's prior written consent, during the term of this Agreement, Party B shall not directly
or indirectly accept the same or any similar services provided by any third party and shall not establish same or similar corporation
relationships with any third party regarding the matters contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;1.3 Service Providing Methodology

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.1 Party A and Party B agree that during the term of this Agreement,
where necessary, Party B may enter into further service agreements with Party A or any other party designated by Party A, which shall
provide the specific contents, methods, personnel, and fees for the specific services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.2 To fulfill this Agreement, Party A and Party B agree that during
the term of this Agreement, where necessary, Party B may enter into equipment or property lease agreements with Party A or any other
party designated by Party A which shall permit Party B to use Party A's relevant equipment or property based on the business needs
of Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.3 Party B hereby grants to Party A an irrevocable and exclusive
option to purchase from Party B, at Party A's sole discretion, any or all of the assets and business of Party B, to the extent
permitted under PRC law, and at the lowest purchase price permitted by PRC law. The Parties shall then enter into a separate assets or
business transfer agreement, specifying the terms and conditions of the transfer of the assets.

**2.** **The Calculation and Payment of the Service Fees** 

&nbsp;&nbsp;&nbsp;&nbsp;2.1 The fees payable by Party B to Party A during the term of this
Agreement shall be calculated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1 In consideration for the services provided by Party A hereunder,
Party B shall pay a service fee to Party A on annual basis (or at any time agreed by the Parties). The service fees for each year or
for any other period agreed by the Parties) shall consist of a management fee and a fee for services provided, which shall be reasonably
determined by Party A based on the following factors. Party A may provide separate confirmation letter and/or invoice to Party B to indicate
the amount of service fees due for each service period; or the amount of services fees may be as set forth in the relevant contracts
separately executed by the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Complexity and difficulty of the services provided by Party A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Seniority of and time consumed by the employees of Party A providing the services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Specific contents, scope and value of the services provided by Party A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Market price of the same type of services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Operation conditions of Party B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2 If Party A transfers or licenses technology to Party B, develops
software or other technology as entrusted by Party B, or leases equipment or properties to Party B, the technology transfer price, license
price, development fees or rent shall be determined by the Parties separately based on the actual situations and/or set forth in the
relevant contracts separately executed by the Parties.

**3.** **Intellectual Property Rights and Confidentiality Clauses** 

&nbsp;&nbsp;&nbsp;&nbsp;3.1 Party A shall have sole, exclusive and complete ownership, rights
and interests in any and all intellectual properties or intangible assets arising out of or created or developed during the performance
of this Agreement by both Parties, including but not limited to copyrights, patents, patent applications, software, technical secrets,
trade secrets and others (to the extent not prohibited by the PRC laws). Unless expressly authorized by Party A, Party B is not entitled
to any rights or interests in any intellectual property rights of Party A which are used by Party A in providing the services pursuant
to this Agreement. To ensure Party A's rights under this Section, where necessary, Party B shall execute all appropriate documents,
take all appropriate actions, submit all filings and/or applications, render all appropriate assistance and otherwise conduct whatever
is necessary as deemed by Party A at its sole discretion, for the purposes of vesting the ownership, right or interest of any such intellectual
property rights and intangible assets in Party A, and/or perfecting the protections of any such intellectual property rights and intangible
assets for Party A (including registering such intellectual property rights and intangible assets under Party A's name).

&nbsp;&nbsp;&nbsp;&nbsp;3.2 The Parties acknowledge that the existence and the terms of
this Agreement and any oral or written information exchanged between the Parties in connection with the preparation and performance of
this Agreement are regarded as confidential information. Each Party shall maintain confidentiality of all such confidential information,
and without obtaining the written consent of the other Party, it shall not disclose any relevant confidential information to any third
party, except for the information that: (a) is or will be in the public domain (other than through the receiving Party's unauthorized
disclosure); (b) is under the obligation to be disclosed pursuant to the applicable laws or regulations, rules of any stock
exchange, or orders of the court or other government authorities; or (c) is required to be disclosed by any Party to its shareholders,
directors, employees, legal counsels or financial advisors regarding the transaction contemplated hereunder, provided that such shareholders,
directors, employees, legal counsels or financial advisors shall be bound by the confidentiality obligations similar to those set forth
in this Section. Disclosure of any confidential information by the shareholders, director, employees of or agencies engaged by any Party
shall be deemed disclosure of such confidential information by such Party and such Party shall be held liable for breach of this Agreement.

**4.** **Representations and Warranties** 

&nbsp;&nbsp;&nbsp;&nbsp;4.1 Party A hereby represents, warrants and covenants as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1 Party A is a wholly foreign-owned enterprise legally established
and validly existing in accordance with the laws of China; Party A or the service providers designated by Party A will obtain all government
permits and licenses necessary for providing the service under this Agreement (if required) before providing such services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2 Party A has taken all necessary corporate actions, obtained
all necessary authorizations as well as all consents and approvals from third parties and government agencies (if required) for the execution,
delivery and performance of this Agreement, Party A's execution, delivery and performance of this Agreement do not violate any
explicit requirements under any law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.3 This Agreement constitutes Party A's legal, valid and
binding obligations, enforceable against it in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;4.2 Party B hereby represents, warrants and covenants as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.1 Party B is a company legally established and validly existing
in accordance with the laws of China and has obtained and will maintain all permits and licenses for engaging in the Principal Business
in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.2 Party B has taken all necessary corporate actions, obtained
all necessary authorizations as well as all consents and approvals from third parties and government agencies (if required) for the execution,
delivery and performance of this Agreement. Party B's execution, delivery and performance of this Agreement do not violate any
explicit requirements under any law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.3 This Agreement constitutes Party B's legal, valid and
binding obligations, and shall be enforceable against it in accordance with its terms.

**5.** **Term of Agreement** 

&nbsp;&nbsp;&nbsp;&nbsp;5.1 This Agreement shall become effective upon execution by the
Parties. Unless earlier terminated in accordance with the provisions of this Agreement or other agreements separately executed between
the Parties, the term of this Agreement shall be thirty (30) years. Unless agreed by Party A in writing before the expiration of the
term that this Agreement shall terminate upon expiration of its term, the term of this Agreement shall automatically be extended for
another thirty (30) years upon expiration date.

&nbsp;&nbsp;&nbsp;&nbsp;5.2 During the term of this Agreement, each Party shall renew its
operation term prior to the expiration thereof and endeavor to obtain the approval of, and complete registration with, the competent
authorities for such renewal, so as to enable this Agreement to remain effective. This Agreement shall be terminated upon the expiration
of the operation term of a Party if the application for the renewal of its operation term is not approved by the competent government
authorities.

&nbsp;&nbsp;&nbsp;&nbsp;5.3 The rights and obligations of the Parties under Sections 3,
6, 7 and this Section 5.3 shall survive the termination of this Agreement .

**6.** **Governing Law and Resolution of Disputes** 

&nbsp;&nbsp;&nbsp;&nbsp;6.1 The execution, effectiveness, interpretation, performance, amendment
and termination of this Agreement and the resolution of disputes hereunder shall be governed by the laws of China.

&nbsp;&nbsp;&nbsp;&nbsp;6.2 In the event of any dispute with respect to the interpretation
and performance of this Agreement, the Parties shall first resolve the dispute through friendly negotiations. In the event the Parties
fail to reach an agreement on the dispute, either Party may submit the relevant dispute to the Beijing Arbitration Commission for arbitration,
in accordance with the arbitration rules of such arbitration commission effective at that time. The place of the hearing of the
arbitration shall be Beijing. The arbitration award shall be final and binding on both Parties.

&nbsp;&nbsp;&nbsp;&nbsp;6.3 Upon the occurrence of any disputes arising from the interpretation
and performance of this Agreement or during the pending arbitration of any dispute, except for the matters under dispute, the Parties
shall continue to exercise their respective rights under this Agreement and perform their respective obligations under this Agreement.

**7.** **Breach of Agreement and Indemnification** 

&nbsp;&nbsp;&nbsp;&nbsp;7.1 If Party B materially breaches any provision under this Agreement,
or foils to perform, performs incompletely or delays to perform any obligation under this Agreement, it shall constitute a breach under
this Agreement on the part of Party B. Party A is entitled to require Party B to rectify or take remedial measures. If Party B fails
to rectify or take remedial measures within ten (10) days after Party A delivers a written notice to Party B and requires for rectification
(or within any other reasonable period required by Party A), Party A is entitled to, at its sole discretion, (1) terminate this
Agreement and require Party B to compensate all the losses; or (2) require specific performance of the obligations of Party B under
this Agreement and require Party B to compensate all the losses. This Section shall not prejudice any other rights of Party A under
this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;7.2 Unless otherwise required by the applicable laws, Party B shall
not unilaterally terminate this Agreement in any event.

&nbsp;&nbsp;&nbsp;&nbsp;7.3 Party B shall indemnify Party A and hold Party A harmless from
any losses, damages, obligations or expenses caused by any lawsuit, claims or other demands raised by any third party against Party A
arising from or caused by the services provided by Party A to Party B pursuant this Agreement, except where such losses, damages, obligations
or expenses arise from the gross negligence or willful misconduct of Party A.

**8.** **Force Majeure** 

&nbsp;&nbsp;&nbsp;&nbsp;8.1 In the case of any force majeure events ("Force Majeure")
such as earthquakes, typhoons, floods, fires, flu, wars, riots, strikes or any other events that cannot be predicted and are unpreventable
and unavoidable by the affected Party, which causes the failure of either Party to perform or completely perform this Agreement or perform
this Agreement on time, the Party affected by such Force Majeure shall not be liable for this. However, the Party affected by such Force
Majeure shall give the other Party written notices without any delay, and shall provide details and related documents evidencing such
event within 15 days after sending out such notice, explaining the reasons for such failure of, partial or delay of performance.

&nbsp;&nbsp;&nbsp;&nbsp;8.2 If such Party claiming Force Majeure fails to notify the other
Party and furnish it with proof pursuant to the above provision, such Party shall not be excused from the non-performance, incomplete
performance or delay of performance of its obligations hereunder. The Party so affected by the event of Force Majeure shall use reasonable
efforts to minimize the consequences of such Force Majeure and to promptly resume performance hereunder whenever the causes of such excuse
are cured. Should the Party so affected by the event of Force Majeure fail to resume performance hereunder when the causes of such excuse
are cured, such Party shall be liable to the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;8.3 In the event of Force Majeure, the Parties shall immediately
consult with each other to find an equitable solution and shall use all reasonable endeavors to minimize the consequences of such Force
Majeure.

**9.** **Notices** 

&nbsp;&nbsp;&nbsp;&nbsp;9.1 All notices and other communications required to be given pursuant
to this Agreement or otherwise given in connection with this Agreement shall be delivered personally, or sent by registered mail, prepaid
postage, a commercial courier service, facsimile transmission or email to the address of such Party set forth below. The dates on which
notices shall be deemed to have been effectively given shall be determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.1 Notices given by personal delivery shall be deemed effectively
given on the date of receipt at the address set forth below, or the date on which such notices are placed at the address set forth below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.2 Notices given by courier service, registered mail or prepaid
postage shall be deemed effectively given on the date of receipt, refusal or return for any reason at the address set forth below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.3 Notices given by facsimile transmission shall be deemed effectively
given on the date of successful transmission to the Fax no. set forth below (as evidenced by an automatically generated confirmation
of transmission). Notices given by email shall be deemed effectively given on the date of successful transmission, provided that the
sending Party has received a system message indicating successful transmission or has not received a system message within 24 hours indicating
failure of delivery or return of email.

&nbsp;&nbsp;&nbsp;&nbsp;9.2 For the purpose of notices, the addresses of the Parties are
as follows:

Party A: Zhuhai So-Young Medical Management Co., Ltd.

Address: Room 1410, No. 8 Yanghuan Road, Hengqin New District, Zhuhai

Attn: Gefei Li

Tel:\*\*\*\*\*\*

Email:ligefei@soyoung.com

Party B: Zhuhai So-Young Technology Co., Ltd..

Address: Room 501-2, No. 950 Qinhaidong Road, Hengqin District, Zhuhai

Attn: Gefei Li

Tel:\*\*\*\*\*\*

Email: ligefei@soyoung.com

&nbsp;&nbsp;&nbsp;&nbsp;9.3 Any Party may at any time change its address for notices by
a notice delivered to the other Party in accordance with the terms of this Section.

**10.** **Assignment** 

&nbsp;&nbsp;&nbsp;&nbsp;10.1 Without Party A's prior written consent, Party B shall
not assign its rights and obligations under this Agreement to any third party.

&nbsp;&nbsp;&nbsp;&nbsp;10.2 Party B agrees that unless expressly required by the applicable
laws. Otherwise, Party A may assign its obligations and rights under this Agreement to any third party and in case of such assignment,
Party A is only required to give written notice to Party B and does not need any consent from Party B for such assignment.

**11.** **Severability** 

In the event that one or several of the provisions of this Agreement are held to be invalid, illegal or unenforceable in any aspect in accordance with any laws or regulations, the validity, legality or enforceability of the remaining provisions of this Agreement shall not be affected or compromised in any aspect. The Parties shall negotiate in good faith to replace such invalid, illegal or unenforceable provisions with effective provisions that accomplish to the greatest extent permitted by law and the intentions of the Parties, and the economic effect of such effective provisions shall be as close as possible to the economic effect of those invalid, illegal or unenforceable provisions.

**12.** **Amendments and Supplements** 

Any amendment, change and supplement to this Agreement shall be made in writing by all of the Parties. Any amendment agreement and supplementary agreement duly executed by the Parties hereto with regard to this Agreement shall constitute an integral part of this Agreement, and shall have equal legal validity as this Agreement.

**13.** **Successors** 

The terms of this Agreement shall be binding on the Parties hereto and their respective successors and permitted assigns, and shall be valid with respect to the Parties and each of their successors and permitted assigns.

**14.** **Language and Counterparts** 

This Agreement is written in both Chinese and English language in two copies, each Party having one copy. In case of any conflicts between the Chinese version and the English Version, the Chinese version shall prevail.

IN WITNESS WHEREOF, the Parties have caused their authorized representatives to execute this Exclusive Business Cooperation Agreement as of the date first above written.

---

| | |
|:---|:---|
| **Party A: /s/ Zhuhai So-Young Medical Management Co., Ltd. (Seal)** | **Party A: /s/ Zhuhai So-Young Medical Management Co., Ltd. (Seal)** |
| By: | /s/ Gefei Li |
| Name: | Gefei Li |
| Title: | Legal Representative |
| **Party B: /s/ Zhuhai So-Young Technology Co., Ltd. (Seal)** | **Party B: /s/ Zhuhai So-Young Technology Co., Ltd. (Seal)** |
| By: | /s/ Gefei Li |
| Name: | Gefei Li |
| Title: | Legal Representative |

---

## Exhibit 99.6

**Exhibit 99.6**

**Exclusive Option Agreement**

This Exclusive Option Agreement (this "Agreement") is executed by and among the following Parties as of May 31, 2025, in Zhuhai, the People's Republic of China ("China" or the "PRC"):

**Party A: Zhuhai So-Young Medical Management Co., Ltd**

Address: Room 1410, No. 8 Yanghuan Road, Hengqin New District, Zhuhai

**Party B: Xing Jin** (a Chinese citizen with Identification No.: \*\*\*\*\*\*)

**Party C: Zhuhai So-Young Technology Co., Ltd.**

Address: Room 501-2, No. 950 Qinhaidong Road, Hengqin District, Zhuhai

In this Agreement, each of Party A, Party B and Party C shall be hereinafter referred to as a "Party" individually, and as the "Parties" collectively.

Whereas:

Party B is the shareholder of Party C and as of the date hereof holds 99 % of the equity interests of Party C, representing RMB990,000 in the registered capital of Party C.

Now therefore, upon mutual discussion and negotiation, the Parties have reached the following agreement:

**1.**  **<u>Sale and Purchase of Equity Interest</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Option Granted</u> 

Party B hereby irrevocably and unconditionally grants Party A an irrevocable and exclusive right to purchase, or designate one or more persons (each, a "Designee") to purchase the equity interests in Party C then held by Party B once or at multiple times at any time in part or in whole at Party A's sole and absolute discretion to the extent permitted by Chinese laws and at the price described in Section 1.3 herein (such right being the "Equity Interest Purchase Option") Except for Party A and the Designee(s), no other person shall be entitled to the Equity Interest Purchase Option or other rights with respect to the equity interests of Party B. Party C hereby agrees to the grant by Party B of the Equity Interest Purchase Option to Party A. The term "person" as used herein shall refer to individuals, corporations, partnerships, partners, enterprises, trusts or non-corporate organizations.

&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Steps for Exercise of the Equity Interest Purchase Option</u> 

Subject to the provisions of the laws and regulations of China, Party A may exercise the Equity Interest Purchase Option by issuing a written notice to Party B (the "Equity Interest Purchase Option Notice"), specifying:(a) Party A's decision to exercise the Equity Interest Purchase Option, and the name of the Designee(s) if any; (b) the portion of equity interests to be purchased by Party A or the Designee from Party B (the "Optioned Interests"); and (c) the date for purchasing the Optioned Interests or the date for the transfer of the Optioned Interests.

&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Equity Interest Purchase Price</u> 

The total price for the purchase by Party A of all Optioned Interests held by Party B upon exercise of the Equity Interest Purchase Option by Party A shall be RMB 10 / the amount of registered capital contributed by Party B in Party C for such Optioned Interests (or such price may be as set forth in the equity transfer agreement to be executed between Party A (or the Designee) and Party B separately, provided that such price does not violate PRC laws and regulations and is acceptable to Party A) (the "Base Price")； if Party A exercises the Equity Interest Purchase Option to purchase part of the Optioned Interests held by Party B in Party C, then the purchase price shall be calculated on a pro rata basis. If at the time when Party A exercises the Equity Interest Purchase Option, the PRC laws impose mandatory requirements on the purchase price of such Optioned Interests, such that the minimum price permitted under PRC law exceeds the Base Price, then the purchase price shall be such minimum price permitted by PRC law (collectively, the "Equity Interest Purchase Price"), in which case the Party B shall promptly donate all of the amount exceeding the Basic Price received by it to Party A or any other person designated by Party A in the manner permitted by the applicable PRC laws / Party B hereby waives its right to receive the amount of price that exceeds the Basic Price.

&nbsp;&nbsp;&nbsp;&nbsp;1.4 <u>Transfer of Optioned Interests</u> 

For each exercise of the Equity Interest Purchase Option:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.1 Party B shall cause Party C to promptly convene a shareholders'
meeting, at which a resolution shall be adopted approving Party B's transfer of the Optioned Interests to Party A and/or the Designee(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.2 Party B shall obtain written statements from the other shareholders
of Party C giving consent to the transfer of the Optioned Interests by Party B to Party A and/or the Designee(s) and waiving any
right of first refusal with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.3 Party B shall execute an equity interest transfer contract with
respect to each transfer with Party A and/or each Designee (whichever is applicable), in accordance with the provisions of this Agreement
and the Equity Interest Purchase Option Notice regarding the Optioned Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.4 Party B shall, within thirty (30) days after receipt of the
Equity Interest Purchase Option Notice, execute all necessary contracts, agreements or documents with relevant parties, obtain all necessary
government approvals and permits, and complete all necessary registrations and filings, so as to transfer valid ownership of the Optioned
Interests to Party A and/or the Designee(s), unencumbered by any security interests, and cause Party A and/or the Designee(s) to
become the registered owner(s) of the Optioned Interests. For the purpose of this Section and this Agreement, "security
interests" shall include securities, mortgages, third party's rights or interests, any stock options, acquisition right,
right of first refusal, right to offset, ownership retention or other security arrangements, but shall be deemed to exclude any security

B's Equity Interest Pledge Agreement" as used in this Agreement shall refer to the Interest Pledge Agreement executed by
and among Party A, Party B and Party C on the date hereof and any modification, amendment and restatement thereto.; "Party B's
Power of Attorney", as used in this Agreement shall refer to the Power of Attorney executed by Party B on the date hereof granting
Party A with a power of attorney and any modification, amendment and restatement thereto.

**2.**  **<u>Covenants</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Covenants regarding Party C</u> 

Party B (as a shareholder of Party C) and Party C hereby covenant as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1 Without the prior written consent of Party A, they shall not
in any manner supplement, change or amend the articles of association of Party C, increase or decrease its registered capital, or change
its structure of registered capital in other manners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2 They shall maintain Party C's corporate existence in accordance
with good financial and business standards and practices, obtain and maintain all necessary government licenses and permits by prudently
and effectively operating its business and handling its affairs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.3 Without the prior written consent of Party A, they shall not
at any time following the date hereof sell, transfer, mortgage or dispose of in any manner any material assets of Party C or legal or
beneficial interest in the material business or revenues of Party C, or allow the encumbrance thereon of any security interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.4 Without the prior written consent of Party A, they shall not
incur, inherit, guarantee or suffer the existence of any debt, except for payables incurred in the ordinary course of business other
than through loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.5 They shall always operate all of Party C's businesses
within the ordinary course of business to maintain the asset value of Party C and refrain from any action/omission that may adversely
affect Party C's operating status and asset value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.6 Without the prior written consent of Party A, they shall not
cause Party C to provide any person with any loan or credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.7 They shall provide Party A with information on Party C's
business operations and financial condition at Party A's request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.8 If requested by Party A, they shall procure and maintain insurance
in respect of Party C's assets and business from an insurance carrier acceptable to Party A, at an amount and type of coverage
typical for companies that operate similar businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.9 Without the prior written consent of Party A, they shall not
cause or permit Party C to merge, consolidate with, acquire or invest in any person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.10 They shall immediately notify Party A of the occurrence or possible
occurrence of any litigation, arbitration or administrative proceedings relating to Party C's assets, business, revenue or equity
interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.11 To maintain the ownership by Party C of all of its assets, they
shall execute all necessary or appropriate documents, take all necessary or appropriate actions, file all necessary or appropriate complaints,
and raise necessary or appropriate defenses against all claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.12 Without the prior written consent of Party A, they shall ensure
that Party C shall not in any manner distribute dividends to its shareholders, provided that upon Party A's written request, Party
C shall immediately distribute all distributable profits to its shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.13 At the request of Party A, they shall appoint any person designated
by Party A as the director or executive director of Party C;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.14 Unless otherwise required by PRC law, Party C shall not be dissolved
or liquated without prior written consent by Party A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.15 Once PRC laws permits foreign investors to invest in the principal
business of Party C in China, with a controlling stake and/or in the form of wholly foreign-owned enterprises, and the competent government
authorities of China begin to approve such investments, upon Party's exercise of the Equity Interest Purchase Option, Party B shall
immediately transfer to Party A or the Designee(s) the equity interest in Party C held by Party B.

&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Covenants of Party B</u> 

Party B hereby covenants as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1 Without the prior written consent of Party A, Party B shall
not sell, transfer, mortgage or dispose of in any other manner any legal or beneficial interest in the equity interests in Party C held
by Party B, or allow the encumbrance thereon, except for the interest placed in accordance with Party B's Equity Interest Pledge
Agreement, Party B's Power of Attorney and this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2 Without the prior written consent of Party A, Party B shall
ensure the shareholders' meeting and/or the directors (or the executive director) of Party C not to approve any sale, transfer,
mortgage or disposition in any other manner of any legal or beneficial interest in the equity interests in Party C held by Party B, or
allow the encumbrance thereon of any security interest, except for the interest placed in accordance with Party B's Equity Interest
Pledge Agreement, Party B's Power of Attorney and this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.3 Without the prior written consent of Party A, Party B shall
cause the shareholders' meeting or the directors (or the executive director) of Party C not to approve the merger or consolidation
with any person, or the acquisition of or investment in any person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.4 Party B shall immediately notify Party A of the occurrence or
possible occurrence of any litigation, arbitration or administrative proceedings relating to the equity interests in Party C held by
Party B;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.5 Party B shall ensure the shareholders' meeting or the
directors (or the executive director) of Party C to vote in favor of the transfer of the Optioned Interests as set forth in this Agreement
and to take any and all other actions that may be requested by Party A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.6 To the extent necessary to maintain Party B's ownership
in Party C, Party B shall execute all necessary or appropriate documents, take all necessary or appropriate actions, file all necessary
or appropriate complaints, and raise necessary or appropriate defenses against all claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.7 Party B shall appoint any designee of Party A as the director
or the executive director of Party C, at the request of Party A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.8 Party B gives consent to the execution by each of the other
shareholders of Party C with Party A and Party C of the exclusive option agreement, the equity interest pledge agreement and the power
of attorney similar to this Agreement, Party B's Equity Interest Pledge Agreement and Party B's Power of Attorney, and undertakes
not to take any action in conflict with such documents executed by such other shareholders; with respect to the transfer of equity interest
of Party C by any of the other shareholders of Party C to Party A and/or the Designee(s) pursuant to such shareholder's exclusive
option agreement, Party B hereby waives all of its right of first refusal (if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.9 If Party received any profit distribution, interest, dividend
or proceeds of liquidation from Party C, Party B shall promptly donate all such profit distribution, interest, dividend or proceeds of
liquidation to Party A or any other person designated by Party A in the manner permitted by the applicable PRC laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.10 Party B shall strictly abide by the provisions of this Agreement
and other contracts jointly or separately executed by and among Party B, Party C and Party A, perform the obligations hereunder and thereunder,
and refrain from any action/omission that may affect the effectiveness and enforceability thereof. To the extent that Party B has any
remaining rights with respect to the equity interests subject to this Agreement hereunder or under the Party B's Equity Interest
Pledge Agreement or under the Party B's Power of Attorney, Party B shall not exercise such rights except in accordance with the
written instructions of Party A.

**3.**  **<u>Representations and Warranties</u>** 

Party B and Party C hereby represent and warrant to Party A, jointly and severally, as of the date of this Agreement and each date of the transfer of the Optioned Interests, that:

&nbsp;&nbsp;&nbsp;&nbsp;3.1 They have the power, capacity and authority to execute and deliver
this Agreement and any equity interest transfer contracts to which they are parties concerning each transfer of the Optioned Interests
as described thereunder (each, a "Transfer Contract"), and to perform their obligations under this Agreement and any Transfer
Contracts. Party B and Party C agree to enter into Transfer Contracts substantially consistent with the terms of this Agreement upon
Party A's exercise of the Equity Interest Purchase Option. This Agreement and the Transfer Contracts to which they are parties
constitute or will constitute their legal, valid and binding obligations and shall be enforceable against them in accordance with the
provisions thereof;

&nbsp;&nbsp;&nbsp;&nbsp;3.2 Party B and Party C have obtained any and all approvals and
consents from the competent government authorities and third parties (if required) for the execution, delivery and performance of this
Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;3.3 The execution and delivery of this Agreement or any Transfer
Contracts and the obligations under this Agreement or any Transfer Contracts shall not: (i) cause any violation of any applicable
laws of China; (ii) be inconsistent with the articles of association, bylaws or other organizational documents of Party C; (iii) cause
the violation of any contracts or instruments to which they are a party or which are binding on them, or constitute any breach under
any contracts or instruments to which they are a party or which are binding on them; (iv) cause any violation of any condition for
the grant and/or continued effectiveness of any licenses or permits issued to either of them; or (v) cause the suspension or revocation
of or imposition of additional conditions to any licenses or permits issued to either of them;

&nbsp;&nbsp;&nbsp;&nbsp;3.4 Party B has the legal and complete title to the equity interests
held by it in Party C. Except for Party B's Equity Interest Pledge Agreement and Party B's Power of Attorney, Party B has
not placed any security interest or encumbrances on such equity interests;

&nbsp;&nbsp;&nbsp;&nbsp;3.5 Party C is a limited liability company duly organized and validly
existing under the laws of the PRC. Party C has the legal and complete title to all of the assets used in connection with its business
operation, and has not placed any security interest on the aforementioned assets;

&nbsp;&nbsp;&nbsp;&nbsp;3.6 Party C does not have any outstanding debts, except for (i) debt
incurred during the ordinary course of business; and (ii) debts disclosed to Party A for which Party A's written consent has
been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;3.7 Party C has complied with all PRC laws and regulations in material
aspects; and

&nbsp;&nbsp;&nbsp;&nbsp;3.8 There are no pending or threatened litigation, arbitration or
administrative proceedings relating to the equity interests in Party C, assets of Party C or Party C.

**4.**  **<u>Effective Date and Term</u>** 

This Agreement shall become effective upon execution by the Parties, and remain effective until all equity interests held by Party B in Party C have been transferred or assigned to Party A and/or any other person designated by Party A in accordance with this Agreement.

**5.**  **<u>Governing Law and Resolution of Disputes</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Governing Law</u> 

The execution, effectiveness, interpretation, performance, amendment and termination of this Agreement and the resolution of disputes hereunder shall be governed by the laws of the PRC.

&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Methods of Resolution of Disputes</u> 

In the event of any dispute with respect to the interpretation and performance of this Agreement, the Parties shall first resolve the dispute through friendly negotiations. In the event the Parties fail to reach an agreement on the dispute, either Party may submit the relevant dispute to the Beijing Arbitration Commission for arbitration, in accordance with the arbitration rules of such arbitration commission effective at that time. The place of the hearing of the arbitration shall be Beijing. The arbitration award shall be final and binding on both Parties.

**6.**  **<u>Taxes and Fees</u>** 

Each Party shall pay any and all transfer and registration taxes, expenses and fees incurred thereby or levied thereon in accordance with the laws of China in connection with the preparation and execution of this Agreement and the Transfer Contracts, as well as the consummation of the transactions contemplated under this Agreement and the Transfer Contracts.

**7.**  **<u>Notices</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;7.1 All notices and other communications required to be given pursuant
to this Agreement or otherwise given in connection with this Agreement shall be delivered personally, or sent by registered mail, prepaid
postage, a commercial courier service, facsimile transmission or email to the address of such Party set forth below. The dates on which
notices shall be deemed to have been effectively given shall be determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1 Notices given by personal delivery shall be deemed effectively
given on the date of receipt at the address set forth below, or the date on which such notices are placed at the address set forth below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2 Notices given by courier service, registered mail or prepaid
postage shall be deemed effectively given on the date of receipt, refusal or return for any reason at the address set forth below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.3 Notices given by facsimile transmission shall be deemed effectively
given on the date of successful transmission to the Fax no. set forth below (as evidenced by an automatically generated confirmation
of transmission). Notices given by email shall be deemed effectively given on the date of successful transmission, provided that the
sending Party has received a system message indicating successful transmission or has not received a system message within 24 hours indicating
failure of delivery or return of email.

&nbsp;&nbsp;&nbsp;&nbsp;7.2 For the purpose of notices, the addresses of the Parties are
as follows:

Party A: Zhuhai So-Young Medical Management Co., Ltd.

Address: Room 1410, No. 8 Yanghuan Road, Hengqin New District, Zhuhai

Attn: Gefei Li

Tel:\*\*\*\*\*\*

Email: ligefei@soyoung.com

Party B: Xing Jin

Address: 2/F, East Tower, Poly Plaza, No. 66 Xiangbin Road, Chaoyang District, Beijing

Tel:\*\*\*\*\*\*

Email: jinxing@soyoung.com

Party C: Zhuhai So-Young Technology Co., Ltd.

Address: Room 501-2, No. 950 Qinhaidong Road, Hengqin District, Zhuhai

Attn: Gefei Li

Tel:\*\*\*\*\*\*

Email: ligefei@soyoung.com

&nbsp;&nbsp;&nbsp;&nbsp;7.3 Any Party may at any time change its address for notices by
a notice delivered to the other Parties in accordance with the terms of this Section.

**8.**  **<u>Confidentiality</u>** 

The Parties acknowledge that the existence and the terms of this Agreement, and any oral or written information exchanged between the Parties in connection with the preparation and performance of this Agreement are regarded as confidential information. Each Party shall maintain confidentiality of all such confidential formation, and without obtaining the written consent of other Parties, it shall not disclose any relevant confidential information to any third parties, except for the information that: (a) is or will be in the public domain (other than through the receiving Party's unauthorized disclosure); (b) is under the obligation to be disclosed pursuant to the applicable laws or regulations, rules of any stock exchange, or orders of the court or other government authorities; or (c) is required to be disclosed by any Party to its shareholders, directors, employees, legal counsels or financial advisors regarding the transaction contemplated hereunder, provided that such shareholders, directors, employees, legal counsels, or financial advisors shall be bound by the confidentiality obligations similar to those set forth in this Section. Disclosure of any confidential information by the shareholders, director, employees of, or agencies engaged by any Party shall be deemed disclosure of such confidential information by such Party and such Party shall be held liable for breach of this Agreement.

**9.**  **<u>Further Warranties</u>** 

The Parties agree to promptly execute documents that are reasonably required for or are conducive to the implementation of the provisions and purposes of this Agreement and take further actions that are reasonably required for or are conducive to the implementation of the provisions and purposes of this Agreement.

**10.**  **<u>Breach of Agreement</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;10.1 If Party B or Party C materially breaches any provision under
this Agreement, or fails to perform, performs incompletely or delays to perform any obligation under this Agreement, it shall constitute
a breach under this Agreement on the part of Party B or Party C (as the case may be). Party A is entitled to require Party B or Party
C to rectify or take remedial measures. If within ten (10) days after Party A delivers a written notice to Party B or Party C and
requires for rectification (or within any other reasonable period required by Party A), Party B or Party C (as the case may be) fails
to rectify or take remedial measures. Party A is entitled to, at its sole discretion, (1) terminate this Agreement and require Party
B or Party C (as the case may be) to compensate all the losses; or (2) require specific performance of the obligations of Party
B or Party C (as the case may be) under this Agreement and require Party B or Party C (as the case may be) to compensate all the losses.
This Section shall not prejudice any other rights of Party A under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;10.2 Party B or Party C shall not terminate this Agreement unilaterally
in any event unless otherwise required by the applicable laws.

**11.**  **<u>Miscellaneous</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;11.1 <u>Amendments, changes and supplements</u> 

Any amendment, change and supplement to this Agreement shall be made in writing by all of the Parties. Any amendment agreement and supplementary agreement duly executed by the Parties hereto with regard to this Agreement shall constitute an integral part of this Agreement, and shall have equal legal validity as this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;11.2 <u>Entire agreement</u> 

Except for the amendments, supplements or changes in writing executed after the execution of this Agreement, this Agreement shall constitute the entire agreement reached by and among the Parties hereto with respect to the subject matter hereof, and shall supersede all prior oral and written consultations, representations and contracts reached with respect to the subject matter of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;11.3 <u>Headings</u> 

The headings of this Agreement are for convenience only, and shall not be used to interpret, explain or otherwise affect the meanings of the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;11.4 <u>Severability</u> 

In the event that one or several of the provisions of this Agreement are held to be invalid, illegal or unenforceable in any aspect in accordance with any laws or regulations, the validity, legality or enforceability of the remaining provisions of this Agreement shall not be affected or compromised in any respect. The Parties shall strive in good faith to replace such invalid, illegal or unenforceable provisions with effective provisions that accomplish to the greatest extent permitted by law and the intentions of the Parties, and the economic effect of such effective provisions shall be as close as possible to the economic effect of those invalid, illegal or unenforceable provisions.

&nbsp;&nbsp;&nbsp;&nbsp;11.5 <u>Successors</u> 

The terms of this Agreement shall be binding on the Parties hereto and their respective successors, heirs (including who inherited the Optioned Interests) and permitted assigns, and shall be valid with respect to the Parties and each of their successors, heirs and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;11.6 <u>Survival</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6.1 Any obligations that occurred or that are due in connection
with this Agreement before the expiration or early termination of this Agreement shall survive the expiration or early termination thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6.2 The provisions of Sections 5, 8, 10 and this Section 11.6
shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;11.7 <u>Waivers</u> 

Any Party may waive the terms and conditions of this Agreement, provided that such a waiver must be provided in writing and shall require the signatures of the Parties. No waiver by any Party in certain circumstances with respect to a breach by other Parties shall operate as a waiver by such a Party with respect to any similar breach in other circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;11.8 <u>Language</u> 

This Agreement is written in both Chinese and English language in three copies, each Party having one copy. In case of any conflicts between the Chinese version and the English Version, the Chinese version shall prevail.

IN WITNESS WHEREOF, the Parties have caused their authorized representatives to execute this Exclusive Option Agreement as of the date first above written.

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| | |
|:---|:---|
| **Party A: /s/ Zhuhai So-Young Medical Management Co., Ltd. (Seal)** | **Party A: /s/ Zhuhai So-Young Medical Management Co., Ltd. (Seal)** |
| By: | /s/ Gefei Li |
| Name: | Gefei Li |
| Title: | Legal Representative |
| **Party B: Xing Jin** | **Party B: Xing Jin** |
| By: | /s/ Xing Jin |
| **Party C: /s/ Zhuhai So-Young Technology Co., Ltd. (Seal)** | **Party C: /s/ Zhuhai So-Young Technology Co., Ltd. (Seal)** |
| By: | /s/ Gefei Li |
| Name: | Gefei Li |
| Title: | Legal Representative |

---

## Exhibit 99.7

**Exhibit 99.7**

**Exclusive Option Agreement**

This Exclusive Option Agreement (this "Agreement") is executed by and among the following Parties as of May 31, 2025, in Zhuhai, the People's Republic of China ("China" or the "PRC"):

**Party A: Zhuhai So-Young Medical Management Co., Ltd**

Address: Room 1410, No. 8 Yanghuan Road, Hengqin New District, Zhuhai

**Party B: Gefei Li** (a Chinese citizen with Identification No.:\*\*\*\*\*\*)

**Party C: Zhuhai So-Young Technology Co., Ltd.**

Address: Room 501-2, No. 950 Qinhaidong Road, Hengqin District, Zhuhai

In this Agreement, each of Party A, Party B and Party C shall be hereinafter referred to as a "Party" individually, and as the "Parties" collectively.

Whereas:

Party B is the shareholder of Party C and as of the date hereof hold 1.0% of the equity interests of Party C, representing RMB10,000 in the registered capital of Party C.

Now therefore, upon mutual discussion and negotiation, the Parties have reached the following agreement:

1.  **<u>Sale and Purchase of Equity Interest</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Option Granted</u> 

Party B hereby irrevocably and unconditionally grants Party A an irrevocable and exclusive right to purchase, or designate one or more persons (each, a "Designee") to purchase the equity interests in Party C then held by Party B once or at multiple times at any time in part or in whole at Party A's sole and absolute discretion to the extent permitted by Chinese laws and at the price described in Section 1.3 herein (such right being the "Equity Interest Purchase Option") Except for Party A and the Designee(s), no other person shall be entitled to the Equity Interest Purchase Option or other rights with respect to the equity interests of Party B. Party C hereby agrees to the grant by Party B of the Equity Interest Purchase Option to Party A. The term "person" as used herein shall refer to individuals, corporations, partnerships, partners, enterprises, trusts or non-corporate organizations.

&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Steps for Exercise of the Equity Interest Purchase Option</u> 

Subject to the provisions of the laws and regulations of China, Party A may exercise the Equity Interest Purchase Option by issuing a written notice to Party B (the "Equity Interest Purchase Option Notice"), specifying:(a) Party A's decision to exercise the Equity Interest Purchase Option, and the name of the Designee(s) if any; (b) the portion of equity interests to be purchased by Party A or the Designee from Party B (the "Optioned Interests"); and (c) the date for purchasing the Optioned Interests or the date for the transfer of the Optioned Interests.

&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Equity Interest Purchase Price</u> 

The total price for the purchase by Party A of all Optioned Interests held by Party B upon exercise of the Equity Interest Purchase Option by Party A shall be RMB 10 / the amount of registered capital contributed by Party B in Party C for such Optioned Interests (or such price may be as set forth in the equity transfer agreement to be executed between Party A (or the Designee) and Party B separately, provided that such price does not violate PRC laws and regulations and is acceptable to Party A) (the "Base Price")； if Party A exercises the Equity Interest Purchase Option to purchase part of the Optioned Interests held by Party B in Party C, then the purchase price shall be calculated on a pro rata basis. If at the time when Party A exercises the Equity Interest Purchase Option, the PRC laws impose mandatory requirements on the purchase price of such Optioned Interests, such that the minimum price permitted under PRC law exceeds the Base Price, then the purchase price shall be such minimum price permitted by PRC law (collectively, the "Equity Interest Purchase Price"), in which case the Party B shall promptly donate all of the amount exceeding the Basic Price received by it to Party A or any other person designated by Party A in the manner permitted by the applicable PRC laws / Party B hereby waives its right to receive the amount of price that exceeds the Basic Price.

&nbsp;&nbsp;&nbsp;&nbsp;1.4 <u>Transfer of Optioned Interests</u> 

For each exercise of the Equity Interest Purchase Option:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.1 Party B shall cause Party C to promptly convene a shareholders'
meeting, at which a resolution shall be adopted approving Party B's transfer of the Optioned Interests to Party A and/or the Designee(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.2 Party B shall obtain written statements from the other shareholders
of Party C giving consent to the transfer of the Optioned Interests by Party B to Party A and/or the Designee(s) and waiving any
right of first refusal with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.3 Party B shall execute an equity interest transfer contract with
respect to each transfer with Party A and/or each Designee (whichever is applicable), in accordance with the provisions of this Agreement
and the Equity Interest Purchase Option Notice regarding the Optioned Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.4 Party B shall, within thirty (30) days after receipt of the
Equity Interest Purchase Option Notice, execute all necessary contracts, agreements or documents with relevant parties, obtain all necessary
government approvals and permits, and complete all necessary registrations and filings, so as to transfer valid ownership of the Optioned
Interests to Party A and/or the Designee(s), unencumbered by any security interests, and cause Party A and/or the Designee(s) to
become the registered owner(s) of the Optioned Interests. For the purpose of this Section and this Agreement, "security
interests" shall include securities, mortgages, third party's rights or interests, any stock options, acquisition right,
right of first refusal, right to offset, ownership retention or other security arrangements, but shall be deemed to exclude any security

B's Equity Interest Pledge Agreement" as used in this Agreement shall refer to the Interest Pledge Agreement executed by
and among Party A, Party B and Party C on the date hereof and any modification, amendment and restatement thereto.; "Party B's
Power of Attorney", as used in this Agreement shall refer to the Power of Attorney executed by Party B on the date hereof granting
Party A with a power of attorney and any modification, amendment and restatement thereto.

**2.**  **<u>Covenants</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Covenants regarding Party C</u> 

Party B (as a shareholder of Party C) and Party C hereby covenant as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1 Without the prior written consent of Party A, they shall not
in any manner supplement, change or amend the articles of association of Party C, increase or decrease its registered capital, or change
its structure of registered capital in other manners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2 They shall maintain Party C's corporate existence in accordance
with good financial and business standards and practices, obtain and maintain all necessary government licenses and permits by prudently
and effectively operating its business and handling its affairs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.3 Without the prior written consent of Party A, they shall not
at any time following the date hereof sell, transfer, mortgage or dispose of in any manner any material assets of Party C or legal or
beneficial interest in the material business or revenues of Party C, or allow the encumbrance thereon of any security interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.4 Without the prior written consent of Party A, they shall not
incur, inherit, guarantee or suffer the existence of any debt, except for payables incurred in the ordinary course of business other
than through loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.5 They shall always operate all of Party C's businesses
within the ordinary course of business to maintain the asset value of Party C and refrain from any action/omission that may adversely
affect Party C's operating status and asset value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.6 Without the prior written consent of Party A, they shall not
cause Party C to provide any person with any loan or credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.7 They shall provide Party A with information on Party C's
business operations and financial condition at Party A's request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.8 If requested by Party A, they shall procure and maintain insurance
in respect of Party C's assets and business from an insurance carrier acceptable to Party A, at an amount and type of coverage
typical for companies that operate similar businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.9 Without the prior written consent of Party A, they shall not
cause or permit Party C to merge, consolidate with, acquire or invest in any person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.10 They shall immediately notify Party A of the occurrence or possible
occurrence of any litigation, arbitration or administrative proceedings relating to Party C's assets, business, revenue or equity
interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.11 To maintain the ownership by Party C of all of its assets, they
shall execute all necessary or appropriate documents, take all necessary or appropriate actions, file all necessary or appropriate complaints,
and raise necessary or appropriate defenses against all claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.12 Without the prior written consent of Party A, they shall ensure
that Party C shall not in any manner distribute dividends to its shareholders, provided that upon Party A's written request, Party
C shall immediately distribute all distributable profits to its shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.13 At the request of Party A, they shall appoint any person designated
by Party A as the director or executive director of Party C;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.14 Without Party A's prior written consent, they shall not
engage in any business in competition with Party A or its affiliates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.15 Unless otherwise required by PRC law, Party C shall not be dissolved
or liquated without prior written consent by Party A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.16 Once PRC laws permits foreign investors to invest in the principal
business of Party C in China, with a controlling stake and/or in the form of wholly foreign-owned enterprises, and the competent government
authorities of China begin to approve such investments, upon Party's exercise of the Equity Interest Purchase Option, Party B shall
immediately transfer to Party A or the Designee(s) the equity interest in Party C held by Party B.

&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Covenants of Party B</u> 

Party B hereby covenants as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1 Without the prior written consent of Party A, Party B shall
not sell, transfer, mortgage or dispose of in any other manner any legal or beneficial interest in the equity interests in Party C held
by Party B, or allow the encumbrance thereon, except for the interest placed in accordance with Party B's Equity Interest Pledge
Agreement, Party B's Power of Attorney and this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2 Without the prior written consent of Party A, Party B shall
ensure the shareholders' meeting and/or the directors (or the executive director) of Party C not to approve any sale, transfer,
mortgage or disposition in any other manner of any legal or beneficial interest in the equity interests in Party C held by Party B, or
allow the encumbrance thereon of any security interest, except for the interest placed in accordance with Party B's Equity Interest
Pledge Agreement, Party B's Power of Attorney and this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.3 Without the prior written consent of Party A, Party B shall
cause the shareholders' meeting or the directors (or the executive director) of Party C not to approve the merger or consolidation
with any person, or the acquisition of or investment in any person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.4 Party B shall immediately notify Party A of the occurrence or
possible occurrence of any litigation, arbitration or administrative proceedings relating to the equity interests in Party C held by
Party B;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.5 Party B shall ensure the shareholders' meeting or the
directors (or the executive director) of Party C to vote in favor of the transfer of the Optioned Interests as set forth in this Agreement
and to take any and all other actions that may be requested by Party A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.6 To the extent necessary to maintain Party B's ownership
in Party C, Party B shall execute all necessary or appropriate documents, take all necessary or appropriate actions, file all necessary
or appropriate complaints, and raise necessary or appropriate defenses against all claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.7 Party B shall appoint any designee of Party A as the director
or the executive director of Party C ， at the request of Party A;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.8 Party B gives consent to the execution by each of the other
shareholders of Party C with Party A and Party C of the exclusive option agreement, the equity interest pledge agreement and the power
of attorney similar to this Agreement, Party B's Equity Interest Pledge Agreement and Party B's Power of Attorney, and undertakes
not to take any action in conflict with such documents executed by such other shareholders; with respect to the transfer of equity interest
of Party C by any of the other shareholders of Party C to Party A and/or the Designee(s) pursuant to such shareholder's exclusive
option agreement, Party B hereby waives all of its right of first refusal (if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.9 If Party received any profit distribution, interest, dividend
or proceeds of liquidation from Party C, Party B shall promptly donate all such profit distribution, interest, dividend or proceeds of
liquidation to Party A or any other person designated by Party A in the manner permitted by the applicable PRC laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.10 Party B shall strictly abide by the provisions of this Agreement
and other contracts jointly or separately executed by and among Party B, Party C and Party A, perform the obligations hereunder and thereunder,
and refrain from any action/omission that may affect the effectiveness and enforceability thereof. To the extent that Party B has any
remaining rights with respect to the equity interests subject to this Agreement hereunder or under the Party B's Equity Interest
Pledge Agreement or under the Party B's Power of Attorney, Party B shall not exercise such rights except in accordance with the
written instructions of Party A.

**3.**  **<u>Representations and Warranties</u>** 

Party B and Party C hereby represent and warrant to Party A, jointly and severally, as of the date of this Agreement and each date of the transfer of the Optioned Interests, that:

&nbsp;&nbsp;&nbsp;&nbsp;3.1 They have the power, capacity and authority to execute and
deliver this Agreement and any equity interest transfer contracts to which they are parties concerning each transfer of the Optioned
Interests as described thereunder (each, a "Transfer Contract") ， and
to perform their obligations under this Agreement and any Transfer Contracts. Party B and Party C agree to enter into Transfer Contracts
substantially consistent with the terms of this Agreement upon Party A's exercise of the Equity Interest Purchase Option. This
Agreement and the Transfer Contracts to which they are parties constitute or will constitute their legal, valid and binding obligations
and shall be enforceable against them in accordance with the provisions thereof;

&nbsp;&nbsp;&nbsp;&nbsp;3.2 Party B and Party C have obtained any and all approvals and
consents from the competent government authorities and third parties (if required) for the execution, delivery and performance of this
Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;3.3 The execution and delivery of this Agreement or any Transfer
Contracts and the obligations under this Agreement or any Transfer Contracts shall not: (i) cause any violation of any applicable
laws of China; (ii) be inconsistent with the articles of association, bylaws or other organizational documents of Party C; (iii) cause
the violation of any contracts or instruments to which they are a party or which are binding on them, or constitute any breach under
any contracts or instruments to which they are a party or which are binding on them; (iv) cause any violation of any condition for
the grant and/or continued effectiveness of any licenses or permits issued to either of them; or (v) cause the suspension or revocation
of or imposition of additional conditions to any licenses or permits issued to either of them;

&nbsp;&nbsp;&nbsp;&nbsp;3.4 Party B has the legal and complete title to the equity interests
held by it in Party C. Except for Party B's Equity Interest Pledge Agreement and Party B's Power of Attorney, Party B has
not placed any security interest or encumbrances on such equity interests;

&nbsp;&nbsp;&nbsp;&nbsp;3.5 Party C is a limited liability company duly organized and
validly existing under the laws of the PRC. Party C has the legal and complete title to all of the assets used in connection with its
business operation, and has not placed any security interest on the aforementioned assets;

&nbsp;&nbsp;&nbsp;&nbsp;3.6 Party C does not have any outstanding debts, except for (i) debt
incurred during the ordinary course of business; and (ii) debts disclosed to Party A for which Party A's written consent has
been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;3.7 Party C has complied with all PRC laws and regulations in
material aspects; and

&nbsp;&nbsp;&nbsp;&nbsp;3.8 There are no pending or threatened litigation, arbitration
or administrative proceedings relating to the equity interests in Party C, assets of Party C or Party C.

**4.**  **<u>Effective Date and Term</u>** 

This Agreement shall become effective upon execution by the Parties, and remain effective until all equity interests held by Party B in Party C have been transferred or assigned to Party A and/or any other person designated by Party A in accordance with this Agreement.

**5.**  **<u>Governing Law and Resolution of Disputes</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Governing Law</u> 

The execution, effectiveness, interpretation, performance, amendment and termination of this Agreement and the resolution of disputes hereunder shall be governed by the laws of the PRC.

&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Methods of Resolution of Disputes</u> 

In the event of any dispute with respect to the interpretation and performance of this Agreement, the Parties shall first resolve the dispute through friendly negotiations. In the event the Parties fail to reach an agreement on the dispute, either Party may submit the relevant dispute to the Beijing Arbitration Commission for arbitration, in accordance with the arbitration rules of such arbitration commission effective at that time. The place of hearing of the arbitration shall be Beijing. The arbitration award shall be final and binding on both Parties.

**6.**  **<u>Taxes and Fees</u>** 

Each Party shall pay any and all transfer and registration taxes, expenses and fees incurred thereby or levied thereon in accordance with the laws of China in connection with the preparation and execution of this Agreement and the Transfer Contracts, as well as the consummation of the transactions contemplated under this Agreement and the Transfer Contracts.

**7.**  **<u>Notices</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;7.1 All notices and other communications required to be given
pursuant to this Agreement or otherwise given in connection with this Agreement shall be delivered personally, or sent by registered
mail, prepaid postage, a commercial courier service, facsimile transmission or email to the address of such Party set forth below. The
dates on which notices shall be deemed to have been effectively given shall be determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1 Notices given by personal delivery shall be deemed effectively
given on the date of receipt at the address set forth below, or the date on which such notices are placed at the address set forth below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2 Notices given by courier service, registered mail or prepaid
postage shall be deemed effectively given on the date of receipt, refusal or return for any reason at the address set forth below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.3 Notices given by facsimile transmission shall be deemed effectively
given on the date of successful transmission to the Fax no. set forth below (as evidenced by an automatically generated confirmation
of transmission). Notices given by email shall be deemed effectively given on the date of successful transmission, provided that the
sending Party has received a system message indicating successful transmission or has not received a system message within 24 hours indicating
failure of delivery or return of email.

&nbsp;&nbsp;&nbsp;&nbsp;7.2 For the purpose of notices, the addresses of the Parties
are as follows:

Party A: Zhuhai So-Young Medical Management Co., Ltd.

Address: Room 1410, No. 8 Yanghuan Road, Hengqin New District, Zhuhai

Attn: Gefei Li

Tel: \*\*\*\*\*\*

Email: ligefei@soyoung.com

Party B: Gefei Li

Address: 2/F, East Tower, Poly Plaza,No. 66 Xiangbin Road, Chaoyang District, Beijing

Tel: \*\*\*\*\*\*

Email: ligefei@soyoung.com

Party C: Zhuhai So-Young Technology Co., Ltd.

Address: Room 501-2, No. 950 Qinhaidong Road, Hengqin District, Zhuhai

Attn: Gefei Li

Tel: \*\*\*\*\*\*

Email: ligefei@soyoung.com

&nbsp;&nbsp;&nbsp;&nbsp;7.3 Any Party may at any time change its address for notices
by a notice delivered to the other Parties in accordance with the terms of this Section.

**8.**  **<u>Confidentiality</u>** 

The Parties acknowledge that the existence and the terms of this Agreement, and any oral or written information exchanged between the Parties in connection with the preparation and performance of this Agreement are regarded as confidential information. Each Party shall maintain confidentiality of all such confidential formation, and without obtaining the written consent of other Parties, it shall not disclose any relevant confidential information to any third parties, except for the information that: (a) is or will be in the public domain (other than through the receiving Party's unauthorized disclosure); (b) is under the obligation to be disclosed pursuant to the applicable laws or regulations, rules of any stock exchange, or orders of the court or other government authorities; or (c) is required to be disclosed by any Party to its shareholders, directors, employees, legal counsels or financial advisors regarding the transaction contemplated hereunder, provided that such shareholders, directors, employees, legal counsels, or financial advisors shall be bound by the confidentiality obligations similar to those set forth in this Section. Disclosure of any confidential information by the shareholders, director, employees of, or agencies engaged by any Party shall be deemed disclosure of such confidential information by such Party and such Party shall be held liable for breach of this Agreement.

**9.**  **<u>Further Warranties</u>** 

The Parties agree to promptly execute documents that are reasonably required for or are conducive to the implementation of the provisions and purposes of this Agreement and take further actions that are reasonably required for or are conducive to the implementation of the provisions and purposes of this Agreement.

**10.**  **<u>Breach of Agreement</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;10.1 If Party B or Party C materially breaches any provision under
this Agreement, or fails to perform, performs incompletely or delays to perform any obligation under this Agreement, it shall constitute
a breach under this Agreement on the part of Party B or Party C (as the case may be). Party A is entitled to require Party B or Party
C to rectify or take remedial measures. If within ten (10) days after Party A delivers a written notice to Party B or Party C and
requires for rectification (or within any other reasonable period required by Party A), Party B or Party C (as the case may be) fails
to rectify or take remedial measures. Party A is entitled to, at its sole discretion, (1) terminate this Agreement and require Party
B or Party C (as the case may be) to compensate all the losses; or (2) require specific performance of the obligations of Party
B or Party C (as the case may be) under this Agreement and require Party B or Party C (as the case may be) to compensate all the losses.
This Section shall not prejudice any other rights of Party A under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;10.2 Party B or Party C shall not terminate this Agreement unilaterally
in any event unless otherwise required by the applicable laws.

**11.**  **<u>Miscellaneous</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;11.1 Amendments, changes and supplements

Any amendment, change and supplement to this Agreement shall be made in writing by all of the Parties. Any amendment agreement and supplementary agreement duly executed by the Parties hereto with regard to this Agreement shall constitute an integral part of this Agreement, and shall have equal legal validity as this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;11.2 Entire agreement

Except for the amendments, supplements or changes in writing executed after the execution of this Agreement, this Agreement shall constitute the entire agreement reached by and among the Parties hereto with respect to the subject matter hereof, and shall supersede all prior oral and written consultations, representations and contracts reached with respect to the subject matter of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;11.3 Headings

The headings of this Agreement are for convenience only, and shall not be used to interpret, explain or otherwise affect the meanings of the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;11.4 Severability

In the event that one or several of the provisions of this Agreement are held to be invalid, illegal or unenforceable in any aspect in accordance with any laws or regulations, the validity, legality or enforceability of the remaining provisions of this Agreement shall not be affected or compromised in any respect. The Parties shall strive in good faith to replace such invalid, illegal or unenforceable provisions with effective provisions that accomplish to the greatest extent permitted by law and the intentions of the Parties, and the economic effect of such effective provisions shall be as close as possible to the economic effect of those invalid, illegal or unenforceable provisions.

&nbsp;&nbsp;&nbsp;&nbsp;11.5 Successors

The terms of this Agreement shall be binding on the Parties hereto and their respective successors, heirs (including who inherited the Optioned Interests) and permitted assigns, and shall be valid with respect to the Parties and each of their successors, heirs and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;11.6 Survival

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6.1 Any obligations that occurred or that are due in connection
with this Agreement before the expiration or early termination of this Agreement shall survive the expiration or early termination thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6.2 The provisions of Sections 5, 8, 10 and this Section 11.6
shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;11.7 Waivers

Any Party may waive the terms and conditions of this Agreement, provided that such a waiver must be provided in writing and shall require the signatures of the Parties. No waiver by any Party in certain circumstances with respect to a breach by other Parties shall operate as a waiver by such a Party with respect to any similar breach in other circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;11.8 Language

This Agreement is written in both Chinese and English language in three copies, each Party having one copy. In case of any conflicts between the Chinese version and the English Version, the Chinese version shall prevail.

IN WITNESS WHEREOF, the Parties have caused their authorized representatives to execute this Exclusive Option Agreement as of the date first above written.

---

| | |
|:---|:---|
| **Party A: /s/ Zhuhai So-Young Medical Management Co., Ltd. (Seal)** | **Party A: /s/ Zhuhai So-Young Medical Management Co., Ltd. (Seal)** |
| By: | /s/ Gefei Li |
| Name: | Gefei Li |
| Title: | Legal Representative |
| **Party B: Gefei Li** | **Party B: Gefei Li** |
| By: | /s/ Gefei Li |
| **Party C: /s/ Zhuhai So-Young Technology Co., Ltd. (Seal)** | **Party C: /s/ Zhuhai So-Young Technology Co., Ltd. (Seal)** |
| By: | /s/ Gefei Li |
| Name: | Gefei Li |
| Title: | Legal Representative |

---