So-Young Q2 Revenue Jumps 33% to RMB505M; Aesthetic Treatment Revenue Up 130%
SY has more than doubled off its 52-week low of $1.28.
Summary
So-Young reported Q2 2026 revenue of RMB505.2M, up 33.4% YoY, with aesthetic treatment services revenue up 129.5% to RMB331.4M. Net loss narrowed 37% to RMB22.7M, and Q3 guidance implies ~92–97% growth in aesthetic treatment revenue.
Key Events · Earnings and Guidance · SY
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Q2 Revenue Hits Record RMB505.2M
Total revenue rose 33.4% YoY to RMB505.2M (US$74.5M), driven by aesthetic treatment services revenue of RMB331.4M, up 129.5% YoY and exceeding the high end of guidance.
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Net Loss Narrows 37%
Net loss attributable to So-Young was RMB22.7M (US$3.3M), down from RMB36.0M a year earlier. Non-GAAP net loss was RMB21.0M.
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Branded Center Expansion Accelerates
65 branded centers across 18 cities; 47 centers profitable and 51 generated positive operating cash flow in Q2. Same-store sales growth was 52% vs 14% a year ago. Verified treatment visits rose 145% YoY to 165,200.
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Q3 Guidance Implies ~92–97% Growth
Company expects Q3 2026 aesthetic treatment services revenue of RMB352.0M–RMB362.0M, representing 91.7%–97.2% YoY growth.
Analysis · SY · Technology
So-Young delivered its strongest quarter yet, with total revenue up 33.4% year-over-year to RMB505.2 million, driven by a 129.5% surge in aesthetic treatment services revenue to RMB331.4 million. The company narrowed its net loss by 37% to RMB22.7 million and guided Q3 aesthetic treatment revenue to RMB352–362 million, implying 91.7%–97.2% growth. The branded center expansion is working — 47 of 65 centers are profitable and same-store sales grew 52% — but the legacy information and reservation services business continues to shrink, down 35% year-over-year. With RMB848.2 million in cash, the company has ample runway to fund its pivot toward owned clinics.
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At the time of this filing, SY was trading at $2.60 on NASDAQ in the Technology sector, with a market capitalization of approximately $240.9M. The 52-week trading range was $1.28 to $4.75. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.