# EDGAR Filing Document

**Accession Number:** 0001758530
**File Stem:** 0001104659-25-112903
**Filing Date:** 2025-11
**Character Count:** 32958
**Document Hash:** f59000ea3c4ca76de1ee47324a0ce298
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-112903.hdr.sgml**: 20251117

**ACCESSION NUMBER**: 0001104659-25-112903

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20251117

**FILED AS OF DATE**: 20251117

**DATE AS OF CHANGE**: 20251117

**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:** 251489242

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 2/F, EAST TOWER, POLY PLAZA
- **STREET 2:** NO. 66 XIANGBIN ROAD, CHAOYANG DISTRICT
- **CITY:** BEIJING
- **PROVINCE COUNTRY:** F4
- **ZIP:** 100012
- **BUSINESS PHONE:** 00861087902012

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 2/F, EAST TOWER, POLY PLAZA
- **STREET 2:** NO. 66 XIANGBIN ROAD, CHAOYANG DISTRICT
- **CITY:** BEIJING
- **PROVINCE COUNTRY:** F4
- **ZIP:** 100012

**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 November 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 Form 20-F or Form 40-F. Form 20-F ⌧ Form 40-F ◻

**EXHIBITS**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [99.1](tm2531463d1_ex99-1.htm) | [Press Release](tm2531463d1_ex99-1.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: November 17, 2025

## Exhibit 99.1

**Exhibit 99.1**

![](tm2531463d1_ex99-1img001.jpg)

**So-Young** **Reports Unaudited Third Quarter 2025 Financial Results**

BEIJING, China, November 17, 2025 — So-Young International Inc. (Nasdaq: SY) ("So-Young" or the "Company"), the leading aesthetic treatment platform in China connecting consumers with online services and offline treatments, today announced its unaudited financial results for the third quarter ended September 30, 2025.

**Third** **Quarter 2025 Financial Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Total
 revenues were RMB386.7 million (US$54.3 million <sup>1</sup>),
 compared with RMB371.8 million in the corresponding period of 2024. The aesthetic treatment
 services revenues were RMB183.6 million (US$25.8 million), compared with RMB45.4 million
 in the corresponding period of 2024, exceeding the high end of guidance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Net
 loss attributable to So-Young International Inc. was RMB64.3 million (US$9.0 million), compared
 with net income attributable to So-Young International Inc. of RMB20.3 million in the same
 period of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Non-GAAP
 net loss attributable to So-Young International Inc. <sup>2</sup> was RMB61.6 million (US$8.7 million), compared with non-GAAP net income attributable to So-Young
 International Inc. of RMB22.2 million in the same period of 2024.

**Third Quarter 2025 Operational Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 number of verified treatment visits to the branded aesthetic centers for the quarter reached
 over 89,800, compared with approximately 23,600 in the same period of 2024. The number of
 verified aesthetic treatments performed surpassed 194,700, compared with approximately 49,100
 in the same period of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 number of active users, defined as those who visited branded aesthetic centers at least once
 during the 12-month period ended on September 30, 2025, exceeded 130,000, compared with
 approximately 30,300 users during the corresponding period in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 number of core members grew by over 10,000 during the quarter, representing a 40% sequential
 increase. These core members contributed 88% of aesthetic treatment services revenues, with
 a quarterly repurchase rate of approximately 70%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· As
 of September 30, 2025, So-Young had 39 fully operational branded aesthetic centers (38
 directly-operated, 1 franchised) across ten major cities: Beijing, Shanghai, Guangzhou, Shenzhen,
 Hangzhou, Chengdu, Wuhan, Chongqing, Ningbo and Changsha. Among them, 20 centers achieved
 profitability in the third quarter, including 14 centers in the mature phase. In addition,
 29 centers generated positive quarterly operating cash flow. The following table shows the
 revenues generated by So-Young aesthetic centers, categorized by their phase of development:

<sup>1</sup> This press release contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) solely for the convenience of the reader. Unless otherwise specified, all translations of Renminbi amounts into U.S. dollar amounts in this press release are made at RMB7.1190 to US$1.00, which was the U.S. dollars middle rate announced by the Board of Governors of the Federal Reserve System of the United States on September 30, 2025.

<sup>2</sup> Non-GAAP net income/(loss) attributable to So-Young International Inc. is defined as net income/(loss) attributable to So-Young International Inc. excluding share-based compensation expenses. See "Reconciliation of GAAP and Non-GAAP Results" at the end of this press release.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Phase\* (Operating duration)** | **Number of<br> Centers** | **Revenue <br> (RMB)** | **Average Revenue per<br> Center (RMB)** | **Average Center Age<br> (Month)** |
| Ramp-up (0-3 months) | 10 | 9537000 | 954000 | 1 |
| Growth (4-12 months) | 15 | 72274000 | 4818000 | 6.5 |
| Maturity (over 12 months) | 14 | 101799000 | 7271000 | 15.8 |

---

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

Mr. Xing Jin, Co-Founder and Chief Executive Officer of So-Young, commented, "In the third quarter, our branded aesthetic centers continued to deliver strong, high-quality growth with aesthetic treatment services revenues once again exceeding our guidance range. Our network comprises of 39 centers nationwide by the end of September, underscoring the growing trust in the So-Young Clinic brand and our continued progress toward making high-quality aesthetic treatments more accessible and affordable. By deepening integration with our supply chain and upholding industry-leading medical and compliance standards, we are redefining how value is created and shared, ensuring consumers receive transparent pricing and safe, standardized services. Looking ahead, we will continue to scale with discipline, enhance operational efficiency, and drive greater transparency and professionalism across the medical aesthetics industry."

Mr. Hui Zhao, Chief Financial Officer of So-Young, added, "In the third quarter, we continued to deliver healthy financial results, driven by consistent execution across our aesthetic center network. As we rapidly approach our year-end target of 50 centers, we are seeing clear and tangible improvements in operating efficiency and cost structure. As we move into the next phase of expansion, we will continue to invest prudently and allocate resources with discipline to support sustainable growth and long-term value creation."

**Third** **Quarter 2025 Financial Results**

***Revenues***

Total revenues were RMB386.7 million (US$54.3 million), an increase of 4.0% from RMB371.8 million in the same period of 2024. The increase was primarily due to business expansion of the branded aesthetic centers.

· **Aesthetic treatment services <sup>3</sup>** revenues were
 RMB183.6 million (US$25.8 million), an increase of 304.6% from RMB45.4 million in the same
 period of 2024. The increase was primarily due to the business expansion of the branded aesthetic
 centers.

· **Information and reservation services** revenues were RMB117.2 million (US$16.5 million), a decrease
 of 34.5% from RMB178.9 million in the same period of 2024. The decrease was primarily due
 to a decrease in the number of medical service providers subscribing to information services
 on So-Young's platform.

· **Sales of medical products and maintenance services** revenues were RMB67.0 million (US$9.4 million),
 a decrease of 25.0% from RMB89.3 million in the same period of 2024, primarily due to a decrease
 in the order volume of medical equipment.

<sup>3</sup> Since the second quarter of 2025, in light of the better monitoring business development of branded aesthetic centers, the previous line item information services and others was separated into three line items, which are aesthetic treatment services, information services and other services. And the Company grouped the revenue generated from information services and reservation services, which is renamed as information and reservation services.

The revenue generated from aesthetic treatment services was previously reported in line item of information services and others. The revenue generated from information and reservation services and other services for the third quarter of 2024 have also been retrospectively updated. The amount reclassified from previous line item information services and others to aesthetic treatment services and information and reservation services is RMB45.4 million and RMB159.3 million for the third quarter of 2024, respectively.

· **Other services** revenues were RMB18.9 million (US$2.7 million), a decrease of 67.6% from RMB58.3
 million in the same period of 2024, primarily due to a decrease in revenues from So-Young
 Prime.

***Cost of Revenues***

Cost of revenues was RMB203.8 million (US$28.6 million), an increase of 43.4% from RMB142.2 million in the third quarter of 2024. The increase was primarily due to business expansion of the branded aesthetic centers.

&nbsp;&nbsp;&nbsp;&nbsp;· **Cost of aesthetic treatment services** were RMB140.1 million (US$19.7 million), an increase
 of 333.2% from RMB32.3 million in the third quarter of 2024. The increase was primarily due
 to the business expansion of the branded aesthetic centers.

&nbsp;&nbsp;&nbsp;&nbsp;· **Cost of information and reservation services <sup>4</sup>** were RMB12.9 million (US$1.8 million), a decrease of 44.7% from RMB23.3 million in the third
 quarter of 2024. The decrease was in line with the decrease in revenue generated from information
 and reservation services.

&nbsp;&nbsp;&nbsp;&nbsp;· **Cost of medical products sold and maintenance services** were RMB35.6 million (US$5.0 million),
 a decrease of 18.3% from RMB43.5 million in the third quarter of 2024. The decrease was primarily
 due to a decrease in costs associated with the sales of medical equipment.

&nbsp;&nbsp;&nbsp;&nbsp;· **Cost of other services** were RMB15.2 million (US$2.1 million), a decrease of 64.6% from RMB43.0
 million in the third quarter of 2024. The decrease was primarily due to a decrease in costs
 associated with So-Young Prime.

***Operating Expenses***

Total operating expenses were RMB255.6 million (US$35.9 million), an increase of 13.6% from RMB225.0 million in the third quarter of 2024.

· **Sales and marketing** expenses were RMB130.7 million (US$18.4 million), an increase of 13.8%
 from RMB114.9 million in the third quarter of 2024. The increase was primarily attributable
 to an increase in expenses associated with branding and user acquisition activities for the
 branded aesthetic centers.

· **General and administrative** expenses were RMB88.6 million (US$12.4 million), an increase
 of 26.7% from RMB69.9 million in the third quarter of 2024. The increase was primarily due
 to the business expansion of the branded aesthetic centers.

· **Research and development** expenses were RMB36.3 million (US$5.1 million), a decrease of 9.6%
 from RMB40.2 million in the third quarter of 2024. The decrease was primarily attributable
 to improvements in staff efficiency.

***Income Tax Expenses***

Income tax expenses were RMB1.1 million (US$0.2 million), compared with RMB2.1 million in the same period of 2024.

***Net (Loss)/Income Attributable to So-Young International Inc.***

Net loss attributable to So-Young International Inc. was RMB64.3 million (US$9.0 million), compared with a net income attributable to So-Young International Inc. of RMB20.3 million in the third quarter of 2024.

<sup>4</sup> Since the second quarter of 2025, the previous line item cost of services and others was separated into three line items, which are cost of aesthetic treatment services, cost of information and reservation services and cost of other services. Cost of aesthetic treatment services primarily consists of expenditures relating to aesthetic treatment services in branded aesthetic centers, cost of information and reservation services primarily consists of expenditures relating to operation of platform business, and the remaining cost of services and others is reclassified into cost of other services. The cost of aesthetic treatment services, cost of information and reservation services and cost of other services for the third quarter of 2024 have also been retrospectively reclassified.

***Non-GAAP Net (Loss)/Income Attributable to So-Young International Inc.***

Non-GAAP net loss attributable to So-Young International Inc., which excludes the impact of share-based compensation expenses, was RMB61.6 million (US$8.7 million), compared with RMB22.2 million non-GAAP net income attributable to So-Young International Inc. in the same period of 2024.

***Basic and Diluted (Loss)/Earnings per ADS***

Basic and diluted loss per ADS attributable to ordinary shareholders were RMB0.64 (US$0.09) and RMB0.64 (US$0.09), respectively, compared with basic and diluted earnings per ADS attributable to ordinary shareholders of RMB0.20 and RMB0.20, respectively, in the same period of 2024.

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

As of September 30, 2025, cash and cash equivalents, restricted cash and term deposits, term deposits and short-term investments were RMB942.8 million (US$132.4 million), compared with RMB1,253.2 million as of December 31, 2024, primarily due to an increase of investment in branded aesthetic centers.

**Business Outlook**

For the fourth quarter of 2025, So-Young expects aesthetic treatment services revenues to be between RMB216.0 million (US$30.3 million) and RMB226.0 million (US$31.7 million), representing a 165.8% to 178.1% increase from the same period in 2024. The above outlook is based on the current market conditions and reflects the Company's preliminary estimates of market and operating conditions, as well as customer demand, which are all subject to change.

**Non-GAAP Financial Measures**

To supplement the financial measures prepared in accordance with generally accepted accounting principles in the United States, or GAAP, this press release presents non-GAAP income/(loss) from operations and non-GAAP net income/(loss) attributable to So-Young International Inc. by excluding share-based compensation expenses from income/(loss) from operations and net income/(loss) attributable to So-Young International Inc., respectively. The Company believes these non-GAAP financial measures are important to help investors understand the Company's operating and financial performance, compare business trends among different reporting periods on a consistent basis and assess the Company's core operating results, as they exclude certain expenses that are not expected to result in cash payments. The use of the above non-GAAP financial measures has certain limitations. Share-based compensation expenses are non-cash in nature. All these are not reflected in the presentation of the non-GAAP financial measures, but should be considered in the overall evaluation of the Company's results. The Company compensates for these limitations by providing the relevant disclosure of its share-based compensation expenses in the reconciliations to the most directly comparable GAAP financial measures, which should be considered when evaluating the Company's performance. These non-GAAP financial measures should be considered in addition to financial measures prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP. Reconciliation of each of these non-GAAP financial measures to the most directly comparable GAAP financial measure is set forth at the end of this release.

**Conference Call Information**

So-Young's management will hold an earnings conference call on Monday, November 17, 2025, at 7:00 AM U.S. Eastern Time (8:00 PM on the same day, Beijing/Hong Kong Time). Dial-in details for the earnings conference call are as follows:

---

| | |
|:---|:---|
| International: | +1-412-902-4272 |
| Mainland China: | 4001-201203 |
| US: | +1-888-346-8982 |
| Hong Kong: | +852-301-84992 |
| Passcode: | So Young |

---

A telephone replay will be available two hours after the conclusion of the conference call through 23:59 U.S. Eastern Time, November 24, 2025. The dial-in details are:

International: +1-412-317-0088 <br> US: +1-877-344-7529 <br> Passcode: 2998578

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

**About So-Young International Inc.**

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

**Safe Harbor Statement**

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

**For more information, please contact:**

So-Young

Investor Relations

Ms. Mona Qiao

Phone: +86-10-8790-2012

E-mail: ir@soyoung.com

Christensen

In China

Ms. Charlie Chi

Phone: +86-10-5900-1548

E-mail: charlie.chi@christensencomms.com

In US

Ms. Linda Bergkamp

Phone: +1-480-614-3004

Email: linda.bergkamp@christensencomms.com

**SO-YOUNG INTERNATIONAL INC.**

**UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** |
|  | **December 31,**<br>**2024** | **September 30,**<br>**2025** | **September 30,**<br>**2025** |
|  | **RMB** | **RMB** | **US$** |
| **Assets** |  |  |  |
| Current assets: |  |  |  |
| Cash and cash equivalents | 587749 | 333372 | 46828 |
| Restricted cash and term deposits | 66367 | 67579 | 9493 |
| Trade receivables | 98774 | 69750 | 9798 |
| Inventories | 151754 | 193951 | 27244 |
| Receivables from online payment platforms | 24255 | 22395 | 3146 |
| Amounts due from related parties | 1218 | 154 | 22 |
| Term deposits and short-term investments | 599041 | 541874 | 76117 |
| Prepayment and other current assets | 195202 | 251268 | 35295 |
| **Total current assets** | **1724360** | **1480343** | **207943** |
| Non-current assets: |  |  |  |
| Long-term investments | 280281 | 277056 | 38918 |
| Intangible assets | 126615 | 131511 | 18473 |
| Goodwill | 684 | 684 | 96 |
| Property and equipment, net | 155352 | 270793 | 38038 |
| Deferred tax assets | 84950 | 84607 | 11885 |
| Operating lease right-of-use assets | 162764 | 219185 | 30789 |
| Other non-current assets | 200152 | 179943 | 25276 |
| **Total non-current assets** | **1010798** | **1163779** | **163475** |
| **Total assets** | **2735158** | **2644122** | **371418** |
| **Liabilities** |  |  |  |
| Current liabilities: |  |  |  |
| Short-term borrowings | 69771 | 39858 | 5599 |
| Taxes payable | 61862 | 41578 | 5840 |
| Contract liabilities | 76579 | 75785 | 10645 |
| Salary and welfare payables | 111396 | 107174 | 15055 |
| Amounts due to related parties | 477 | 618 | 87 |
| Accrued expenses and other current liabilities | 265216 | 341827 | 48016 |
| Operating lease liabilities-current | 44905 | 65765 | 9238 |
| **Total current liabilities** | **630206** | **672605** | **94480** |
| Non-current liabilities: |  |  |  |
| Operating lease liabilities-non current | 125200 | 159970 | 22471 |
| Deferred tax liabilities | 19758 | 18004 | 2529 |
| Other non-current liabilities | 1264 | 2235 | 314 |
| **Total non-current liabilities** | **146222** | **180209** | **25314** |
| **Total liabilities** | **776428** | **852814** | **119794** |
| **Shareholders' equity:** |  |  |  |
| Treasury stock | (376690) | (391944) | (55056) |
| Class A ordinary shares (US$0.0005 par value; 750,000,000 shares authorized as of December 31, 2024 and September 30, 2025; 77,897,969 and 65,659,510 shares issued and outstanding as of December 31, 2024, 78,571,861 and 64,644,535 shares issued and outstanding as of September 30, 2025, respectively) | 253 | 255 | 36 |
| Class B ordinary shares (US$0.0005 par value; 20,000,000 shares authorized as of December 31, 2024 and September 30, 2025; 12,000,000 shares issued and outstanding as of December 31, 2024 and September 30, 2025) | 37 | 37 | 5 |
| Additional paid-in capital | 3069799 | 3060605 | 429921 |
| Statutory reserves | 40552 | 40552 | 5696 |
| Accumulated deficit | (926390) | (1059842) | (148875) |
| Accumulated other comprehensive income | 31560 | 20874 | 2932 |
| **Total So-Young International Inc. shareholders' equity** | **1839121** | **1670537** | **234659** |
| Non-controlling interests | 119609 | 120771 | 16965 |
| **Total shareholders' equity** | **1958730** | **1791308** | **251624** |
| **Total liabilities and shareholders' equity** | **2735158** | **2644122** | **371418** |

---

**SO-YOUNG INTERNATIONAL INC.**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30,<br> 2024** | **September 30,<br> 2025** | **September 30,<br> 2025** | **September 30,<br> 2024** | **September 30,<br> 2025** | **September 30,<br> 2025** |
|  | **RMB** | **RMB** | **US$** | **RMB** | **RMB** | **US$** |
| **Revenues:** |  |  |  |  |  |  |
| Aesthetic treatment services | 45381 | 183610 | 25792 | 87996 | 426827 | 59956 |
| Information and reservation services | 178874 | 117213 | 16465 | 564983 | 374010 | 52537 |
| Sales of medical products and maintenance services | 89270 | 66956 | 9405 | 281548 | 198582 | 27895 |
| Other services | 58300 | 18891 | 2654 | 162960 | 63269 | 8887 |
| **Total revenues** | **371825** | **386670** | **54316** | **1097487** | **1062688** | **149275** |
| **Cost of revenues:** |  |  |  |  |  |  |
| Cost of aesthetic treatment services | (32340) | (140098) | (19679) | (66372) | (329732) | (46317) |
| Cost of information and reservation services | (23313) | (12897) | (1812) | (86574) | (52899) | (7431) |
| Cost of medical products sold and maintenance services | (43548) | (35599) | (5001) | (139839) | (105515) | (14822) |
| Cost of other services | (42967) | (15208) | (2136) | (121749) | (51629) | (7252) |
| **Total cost of revenues** | **(142168)** | **(203802)** | **(28628)** | **(414534)** | **(539775)** | **(75822)** |
| **Gross profit** | **229657** | **182868** | **25688** | **682953** | **522913** | **73453** |
| **Operating expenses:** |  |  |  |  |  |  |
| Sales and marketing expenses | (114884) | (130704) | (18360) | (360448) | (359913) | (50557) |
| General and administrative expenses | (69901) | (88560) | (12440) | (225653) | (226630) | (31835) |
| Research and development expenses | (40188) | (36318) | (5102) | (122277) | (99604) | (13991) |
| **Total operating expenses** | **(224973)** | **(255582)** | **(35902)** | **(708378)** | **(686147)** | **(96383)** |
| **Income/(Loss) from operations** | **4684** | **(72714)** | **(10214)** | **(25425)** | **(163234)** | **(22930)** |
| **Other income/(expenses):** |  |  |  |  |  |  |
| Investment income, net | 510 | 866 | 122 | 3397 | 965 | 136 |
| Interest income, net | 14239 | 5130 | 721 | 38270 | 20103 | 2824 |
| Exchange gains | 465 | 2293 | 322 | 875 | 3019 | 424 |
| Share of losses of equity method investee | (3873) | (6) | (1) | (11602) | (3460) | (486) |
| Others, net | 6915 | 735 | 103 | 12234 | 11232 | 1578 |
| **Income/(Loss) before tax** | **22940** | **(63696)** | **(8947)** | **17749** | **(131375)** | **(18454)** |
| Income tax (expenses)/benefits | (2097) | (1143) | (161) | 3031 | (1415) | (199) |
| **Net income/(loss)** | **20843** | **(64839)** | **(9108)** | **20780** | **(132790)** | **(18653)** |
| Net (income)/loss attributable to noncontrolling interests | (495) | 564 | 79 | (2731) | (662) | (93) |
| **Net income/(loss) attributable to So-Young International Inc.** | **20348** | **(64275)** | **(9029)** | **18049** | **(133452)** | **(18746)** |

---

**SO-YOUNG INTERNATIONAL INC.**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Continued)**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30,<br> 2024** | **September 30, <br> 2025** | **September 30, 2025** | **September 30, <br> 2024** | **September 30,<br> 2025** | **September 30,<br> 2025** |
|  | **RMB** | **RMB** | **US$** | **RMB** | **RMB** | **US$** |
| **Net earnings/(loss) per ordinary share** |  |  |  |  |  |  |
| Net earnings/(loss) per ordinary share attributable to ordinary shareholder - basic | 0.26 | (0.83) | (0.12) | 0.23 | (1.71) | (0.24) |
| Net earnings/(loss) per ordinary share attributable to ordinary shareholder - diluted | 0.26 | (0.83) | (0.12) | 0.23 | (1.71) | (0.24) |
| Net earnings/(loss) per ADS attributable to ordinary shareholders - basic (13 ADS represents 10 Class A ordinary shares) | 0.20 | (0.64) | (0.09) | 0.18 | (1.32) | (0.19) |
| Net earnings/(loss) per ADS attributable to ordinary shareholders - diluted (13 ADS represents 10 Class A ordinary shares) | 0.20 | (0.64) | (0.09) | 0.18 | (1.32) | (0.19) |
| Weighted average number of ordinary shares used in computing earnings/(loss) per share, basic\* | 79493819 | 77472293 | 77472293 | 79544066 | 77953854 | 77953854 |
| Weighted average number of ordinary shares used in computing earnings/(loss) per share, diluted\* | 79708518 | 77472293 | 77472293 | 79810666 | 77953854 | 77953854 |
| **Share-based compensation expenses included in:** |  |  |  |  |  |  |
| Cost of revenues | (81) | (35) | (5) | (255) | (189) | (27) |
| Sales and marketing expenses | (183) | (137) | (19) | (420) | (865) | (122) |
| General and administrative expenses | (1328) | (2199) | (309) | (27796) | (7889) | (1108) |
| Research and development expenses | (309) | (266) | (37) | (1969) | (846) | (119) |

---

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

**SO-YOUNG INTERNATIONAL INC.**

**Reconciliation of GAAP and Non-GAAP Results**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** | **For the Three Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** | **For the Nine Months Ended** |
|  | **September 30,<br> 2024** | **September 30,<br> 2025** | **September 30,<br> 2025** | **September 30, <br> 2024** | **September 30,<br> 2025** | **September 30,<br> 2025** |
|  | **RMB** | **RMB** | **US$** | **RMB** | **RMB** | **US$** |
| **GAAP income/(loss) from operations** | **4684** | **(72714)** | **(10214)** | **(25425)** | **(163234)** | **(22930)** |
| Add back: Share-based compensation expenses | 1901 | 2637 | 370 | 30440 | 9789 | 1376 |
| **Non-GAAP income/(loss) from operations** | **6585** | **(70077)** | **(9844)** | **5015** | **(153445)** | **(21554)** |
| **GAAP net income/(loss) attributable to So-Young International Inc.** | **20348** | **(64275)** | **(9029)** | **18049** | **(133452)** | **(18746)** |
| Add back: Share-based compensation expenses | 1901 | 2637 | 370 | 30440 | 9789 | 1376 |
| **Non-GAAP net income/(loss) attributable to So-Young International Inc.** | **22249** | **(61638)** | **(8659)** | **48489** | **(123663)** | **(17370)** |

---