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    Daisy Chen • Haitong International

    Daisy Chen is a Research Analyst at Haitong International Research Ltd., focusing on comprehensive equity analysis within the Asia-Pacific region. She began her role at Haitong International in 2019 and previously held an analyst position at UOB Kay Hian in Hong Kong, bringing experience from top regional research houses. Chen is known for her in-depth coverage of major companies listed across Hong Kong and China, offering actionable investment insights to institutional clients. Her professional credentials include advanced financial certifications relevant to the Hong Kong and regional markets, reflecting her commitment to research excellence.

    Daisy Chen's questions to So-Young International Inc (SY) leadership

    Daisy Chen's questions to So-Young International Inc (SY) leadership • Q2 2025

    Question

    Daisy Chen from Haitong International asked for the outlook on customer acquisition costs and marketing expenses, as well as future trends in the cost structure, particularly concerning consumables and the product mix.

    Answer

    Mona Qiao, Investor Relations, noted that the average customer acquisition cost remains low, in the RMB 100 range, with over 70% of new customers sourced from private domain traffic and referrals. She explained that the cost structure will be further optimized by increasing the use of self-controlled and exclusively distributed products, which will lower the proportion of consumable costs as the center network scales.

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    Daisy Chen's questions to So-Young International Inc (SY) leadership • Q1 2025

    Question

    Asked about the impact of US-China trade tensions, future investment and cost reduction plans, and expectations for future financial performance.

    Answer

    The impact from trade tensions is considered minimal, as only one offering uses U.S. equipment, and it's viewed as an opportunity to strengthen the domestic supply chain. Future plans include a measured pace of self-operated center expansion, launching a franchise model for scalable growth, optimizing the service mix, and investing in proprietary products to improve margins. The company is confident in its financial performance, noting that 16 centers were profitable on a monthly basis in March.

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