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Stacy Chen

Vice President and Senior Equity Analyst at Haitong International

Stacy Chen is a Vice President and Senior Equity Analyst at Haitong International, specializing in coverage of key companies in the greater China consumer and technology sectors. She regularly provides research insights on large-cap corporations such as Alibaba Group, JD.com, Meituan, and BYD, and is recognized for her strong performance track record, with investment calls generating above-average returns and success rates consistently ranked in the top quartile by independent platforms. Chen began her finance career in 2014 at J.P. Morgan as an analyst before joining Haitong International in 2018, where she quickly advanced to her current leadership role. She is FINRA-registered and holds the Chartered Financial Analyst (CFA) designation, which underscores her expertise and commitment to the industry.

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

Question · Q3 2025

Stacy Chen inquired about the aesthetic center business's membership system and how membership operations are conducted to drive user engagement and retention.

Answer

CEO Xing Jin, as translated by company representative Mona Qiao, explained that the membership system is tiered from level one to eight, identifying high-value users (level three and above) as 'core members' who have higher visit frequency and annual spending 2.5x the average, contributing a high double-digit percentage of revenue with a nearly 20% repurchase rate. The company provides tiered benefits and services based on consumption patterns to boost repeat purchases. In Q3, users with verified visits increased by 36% quarter-over-quarter, including over 10,000 new core members, up 40% quarter-over-quarter. Repeat customer revenue reached RMB 120 million, accounting for 65% of aesthetic treatment service revenues.

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