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Mar 31, 2025
So-Young Q1 2025 Earnings Report
So-Young reported a year-over-year revenue decline in Q1 2025 but saw strong growth in branded aesthetic centers and user activity.
Key Takeaways
Despite a 6.6% drop in total revenue, So-Young's aesthetic treatment services revenue surged over 550% YoY, driven by its branded centers. Losses widened due to continued investment in expansion, but key operational metrics like verified visits and treatments saw exponential growth.
Total revenue was $41.0M, down from $44.0M YoY.
Net loss widened to $4.6M, with non-GAAP net loss at $4.3M.
Verified paid visits grew nearly tenfold to 45,500+.
Operational aesthetic centers reached 23, with 18 achieving positive monthly cash flow.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
So-Young expects strong growth in aesthetic treatment revenue in Q2 2025, driven by continued expansion of branded centers and increased user demand.
Positive Outlook
- Expected aesthetic treatment revenue growth of over 337% YoY in Q2 2025
- Increased operational efficiency and staff productivity
- High demand for branded center services
- Expansion of upstream capabilities via acquisitions
- Growth in verified paid treatments and injectables
Challenges Ahead
- Declining revenue from platform subscriptions
- Widened net loss due to expansion investments
- Drop in product sales and equipment order volume
- Limited profitability despite treatment growth
- Seasonal pressures on cash flow in Q1
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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