So-Young International - Earnings Call - Q2 2025
August 15, 2025
Transcript
Speaker 4
Ladies and gentlemen, thank you for standing by for So-Young International Inc.'s second quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. After management gives their prepared remarks, there will be a question and answer session. As a reminder, today's conference call is being recorded. I will now like to turn the conference over to your host for today's call, Ms. Mona Qiao. Please proceed, Mona.
Speaker 0
Thank you, Operator, and thank you everyone for joining So-Young International Inc.'s second quarter 2025 earnings conference call. Joining me today on the call is Mr. Xing Jin, our Co-Founder, Chairman, and CEO, and Mr. Nick Zhao, CFO. Before we begin, please refer to the safe harbor statement in our earnings release, which applies to this call and we will be making forward-looking statements. Please also note that we will discuss the GAAP measures today, which are more thoroughly explained and reconciled to the most comparable measures reported under GAAP in our earnings release on our investor relations website and filed with the SEC. At this time, I'd like to turn the call over to Mr. Xing Jin.
Speaker 3
大家好, 欢迎参加今天的财报电话会议。
Speaker 0
Hello, everyone, and welcome to today's earnings call.
Speaker 3
clearer growth drivers and a more mature business model.
Speaker 0
In Q2, our branded aesthetic center business maintained its robust momentum, achieving growth in both scale and quality. Our business model and the strategic direction we are headed have received strong market recognition. In Q2, we generated total revenue of RMB 379 million. Revenue from aesthetic center business reached RMB 144 million, surpassing the upper end of our guidance and making it our largest revenue contributing segment for the first time. This marks a critical inflection point in our multi-year strategic transition, ushering in a new phase with clear growth drivers and a more mature business model.
Speaker 3
Clinic Life Medical Aesthetic center门店数量增至33家，受连锁业务高速扩张和持续投入的影响，二季度归属于So-Young的净亏损为¥36.039 million，那GAAP口径下归属于So-Young的净亏损¥30.544 million。未来，随着我们不断优化服务流程、提升客户体验、巩固品牌影响力和口碑优势，将会进一步提升单店运营效率和用户粘度。我们有信心实现长期的高质量可持续增长。
Speaker 0
As of today, our SoYoung Clinic Life Medical Aesthetic center has grown to 33 centers. Due to rapid network expansion and ongoing investments, we recorded a net loss attributable to So-Young of RMB 36 million and a non-GAAP net loss of RMB 30.5 million in the second quarter. Going forward, as we further refine our service workflows, enhance customer experience, and strengthen our brand influence and reputation, we expect improved operational efficiency per center and enhanced customer loyalty. We remain confident in delivering sustainable, high-quality long-term growth.
Speaker 3
下面具体分享一下我们第二季度的业务发展情况。连锁业务方面，二季度连锁业务收入为¥144 million，环比增长46%，同比增长426%，继续保持强劲增长态势。门店经营表现持续向好，截至到6月底，我们一共有29家新阳健身诊所正式展业，运营时间在三个月以上的共有20家，其中有19家在6月实现了经营性现金流为正，13家门店实现了月度盈利。随着门店规模的进一步扩张，新阳健身诊所的整体服务量级也在快速放大。截至6月，新阳健身诊所累计活跃用户数超100,000人，二季度核销人次超过67,400次，环比增长24%，同比增长381%。核销服务点数量超过154,500个，环比增长25%，同比增长458%。连锁的整体复购率超过60%，用户满意度继续保持在4.99分的高水平。二季度我们在持续布局新门店的同时，继续保持领先的获客效率，平均获客成本只有几百元，其中成本较低的私域流量和老客带新占新客的比例超过70%。受益于运营效率的提升，连锁整体毛利水平环比提升约5个百分点。新阳健身诊所的品牌效应和运营效率正在不断增强。
Speaker 0
Now, let me walk you through our Q2 operational highlights. Aesthetic treatment services revenue tanked strongly with momentum during the quarter, increasing 46% quarter over quarter and 426% year over year to RMB 144 million. Center performance also continued to improve. By the end of June, we operated 29 aesthetic centers. Among these, 20 have been open for more than three months. 19 turned operating cash flow positive in June, and 30 were profitable on a monthly basis. Alongside the continued network expansion, our overall service capacity is rapidly growing, with total number of active users exceeding 100,000 by June. Total number of verified treatment visits surpassed 67,400 in Q2, up 24% quarter over quarter and 381% year over year. The total number of verified aesthetic treatment performed reached over 154,500, up 25% quarter over quarter and 458% year over year.
The overall repeat purchase rate for our aesthetic center business exceeded 60%, while customer satisfaction score remained high at 4.99 out of 5. While we continue to expand our network in Q2, we maintained leadership in customer acquisition efficiency. Currently, our average customer acquisition cost remains in the hundred RMB range, with over 70% of new customers coming from low-cost private domain traffic and referrals from existing customers. Benefiting from improved operating efficiency, the gross profit margin of our aesthetic treatment services expanded by around 5 percentage points sufficiently. This achievement validates SoYoung Clinic's growing brand influence and operational efficiencies.
Speaker 3
我们坚持标准化医疗交付，持续聚焦医疗服务质量、流程规范和用户体验。我们推行严格的医生筛选和培养体系，门店里130多位全职医生都具备公立医院实习或规培背景，其中有近90%是专业的皮肤科医生。此外，我们全面推进数字化和AI驱动的全链路管理，实现预约、签到、检测、咨询到治疗的全流程标准化。通过数字化的用户旅程，每位用户都能获得清晰透明、可追溯的医疗体验。
Speaker 0
We remain committed to standardized service delivery, consistently focusing on healthcare quality, procedural compliance, and user experience. We have implemented a rigorous physician selection and training system, with all of our over 130 full-time doctors having either completed internships or standardized training at public hospitals, and nearly 90% of them being specialist dermatologists. Additionally, we are advancing end-to-end management through digitalization and AI-driven solutions, achieving full process standardization from self-service booking and check-in to testing, consultation, and treatment. This digitized approach provides every user with a clear, transparent, and truthful medical experience.
Speaker 3
Clinic Life Medical Aesthetic center的医美服务矩阵，提升了客单价，也进一步夯实了我们的差异化竞争优势。
Speaker 0
On new treatments, we launched a number of highly acclaimed offerings in Q2, including Miracle PLLA, Mermaid Skin Booster, and BBL Hero, which expanded our medical aesthetics portfolio, increased our pool, and reinforced our unique competitive edge.
Speaker 3
品牌活动方面，二季度我们围绕奇迹童颜系列携手国际IP Betty Boop在北京深圳的核心商圈打造新阳健身剧场快闪活动，通过IP联名与沉浸式体验吸引了大量年轻用户现场参与，近万人在小红书发帖进行传播，显著提升了品牌热度和线下人气。与此同时，我们还与自媒体创作者舒敏团队合作，通过更具情感共鸣的内容表达，进一步诠释青春面前人人平等的品牌理念。相关内容在女性核心用户群体中引发了热烈反响，有效巩固了新阳健身诊所在自美女性客群中的专业口碑和品牌心智。
Speaker 0
Turning to branding, we teamed up with international IP Betty Boop around our Miracle PLLA series to stage So-Young's theater pop-up events in Beijing and Shenzhen CBDs during the quarter. Through IP co-branding and immersive experiences, this campaign attracted massive young customers' participation, with nearly 10,000 users sharing their experiences on Red Note, significantly boosting brand visibility and offline engagement. Meanwhile, we partnered with self-media influencer Min Yu and her team to reinforce our everyone deserves youth philosophy via emotionally resonant storytelling. The campaign resonated strongly with our core female user base, effectively reinforcing SoYoung Clinic Life Medical Aesthetic center's professional reputation and brand positioning among smart, beauty-conscious women.
Speaker 3
在接下来的第三季度，我们除了在一线城市开设新门店，还计划进入部分核心二线城市，预计三季度新开门店数量共计10家左右。展望全年，公司预计年底门店总数将达到50家，这将进一步扩展SoYoung Clinic Life Medical Aesthetic center的轻医美服务在全国范围内普及。同时，我们会进一步加强标准化运营和产品创新能力，以巩固在中国轻医美连锁行业的市场领导地位。
Speaker 0
In the upcoming third quarter, we plan to open around 10 aesthetic centers, expanding not only in first-tier cities but also into core second-tier cities. Looking ahead to the full year, we expect the total number of our aesthetic centers to reach 50. This will further expand the accessibility of SoYoung Clinic Life Medical Aesthetic center's services nationwide. We will also continue to strengthen standardized operations and product innovation capabilities, further cementing our market's leading positions in China's life medical aesthetic industry.
Speaker 3
商业业务方面，二季度我们继续推进全品类生态型医美供应链建设，推动自研和独家代理产品在全国范围的渗透。截至二季度末，服务的真剂机构客户累计超过1,600家，真剂出货量约39,100支，环比增长超40%。未来，随着上游产品的获证与放量，将会为连锁带来更多独家优势和成本效率的提升，也将进一步巩固集团全产业链协同的护城河。
Speaker 0
Building upstream business, we continue to build out our comprehensive medical aesthetic supply chain, driving nationwide penetration of both self-developed and exclusively distributed products. By the end of Q2, the number of institutions we served with supply chain solutions for injectables exceeded 1,600, with shipments of elastic reaching around 39,100 units in Q2, up over 40%. As our upstream products acquire additional certifications and scale, we expect to further enhance our advantage and improve cost efficiency while solidifying our mode of industry chain synergy.
Speaker 3
healthy and orderly development.
Speaker 0
Our POP business remained stable during the quarter. GMV for verified medical aesthetic services reached roughly RMB 300 million, with per capita in center GTV growing by 6% year over year. We continue to provide digital operations support for partner institutions, maintaining healthy and orderly development for our platform.
Speaker 3
展望下半年，我们将继续在一线城市加密门店布局，深耕核心商圈与潜力区域。同时，我们会继续拓展在二线城市的探索范围，进一步扩大市场覆盖。同时，随着门店的加密，我们会在城市本地化品牌建设上发力，让更多用户触达SoYoung Clinic Life Medical Aesthetic center。我们将持续优化用户体验与门店运营效率，增强核心竞争力，以扎实的业务根基为股东创造长期价值回报。未来，我们将以现有积淀为新起点，在用户价值创造的道路上持续突破，开阔更广阔的增长空间。
Speaker 0
Looking to the second half of 2025, we will continue to increase the density of our aesthetic center network in first-tier cities, targeting both prime commercial zones and high potential areas, while increasing our presence in second-tier cities to broaden market coverage. As center density grows, we will drive localized brand building to increase the customer reach of SoYoung Clinic in each city. We remain committed to optimizing user experience and center operational efficiency, strengthening our core competitive edge and laying a solid business foundation to deliver long-term value to our shareholders. We see the proof of that as a springboard, and we'll keep innovating to create greater user value and unlock broader growth opportunities.
Speaker 3
现在请Nick来介绍二季度的财务结果, 之后我们将进行问答环节。
Speaker 0
Now I hand over to our CFO, Nick Zhao, who will walk through the financial results followed by the Q&A session.
Speaker 3
Hello, this is Nick. Please note that all amounts are quoted in RMB. Please also refer to our earnings review for detailed information of our comparative financial performances on a year-over-year basis. Total revenues during the quarter were RMB 378.7 million, down 7% year over year, primarily due to a decrease in the number of medical service providers subscribing to information services on our platform. Aesthetic treatment service revenues reached RMB 144.4 million, soaring 426.1% year over year, exceeding the high end of our guidance, primarily due to the business expansion of our branded aesthetic centers. Information and reservation services revenues were RMB 135.2 million, down 35.6% year over year, primarily due to a decrease in the number of medical service providers subscribing to information services on our platform.
Sales of medical products and maintenance services were RMB 76 million, down 28.1% year over year, primarily due to a decrease in the order volume of medical products. Other services revenues were RMB 23.2 million, down 64% year over year, primarily due to a decrease in So-Young Prime. Cost of revenues were RMB 184.6 million, up 19% year over year, primarily due to a business expansion of our branded aesthetic centers. Within cost of revenues, cost of aesthetic treatment services were RMB 109.4 million, up 405.5% year over year, primarily due to the business expansion of our branded aesthetic centers. Cost of information and reservation services were RMB 16.7 million, down 47.4% year over year, which was in line with the decrease in revenue generated from information and reservation services.
Cost of medical products sold and maintenance services were RMB 39.5 million, down 25.8% year over year, primarily due to a decrease in costs associated with the sales of medical products. Cost of other services were RMB 19 million, down 60.8% year over year, primarily due to a decrease in costs associated with So-Young Prime. Total operating expenses were RMB 241.3 million, down 1.8% year over year. Sales and marketing expenses were RMB 131.3 million, down 0.7% year over year, primarily due to the decrease of payroll costs. G&A expenses were RMB 78.8 million, up 11.3% year over year, primarily due to an increase in payroll costs associated with the expansion of administrative employees to support our business upgrade and the new strategic businesses. R&D expenses were RMB 31.2 million, down 26.6% year over year, primarily attributable to improvements in staff efficiency.
Income tax expenses were RMB 1.9 million, compared with the income tax benefit of RMB 2.6 million in the same period of 2024. Net loss attributable to So-Young International Inc. was RMB 36 million, compared with net income attributable to So-Young International Inc. of RMB 18.9 million during the same period last year. Non-GAAP net loss attributable to So-Young International Inc. was RMB 30.5 million, compared with non-GAAP net income attributable to So-Young International Inc. of RMB 22.2 million during the same period of 2024. Basic and diluted losses per ADS attributable to ordinary shareholders were RMB 0.35 and RMB 0.35, respectively, compared with basic and diluted earnings per ADS attributable to ordinary shareholders of RMB 0.18 and RMB 0.18, respectively, during the same period of 2024.
We have maintained a robust cash position with cash and cash equivalents, restricted cash and term deposits, term deposits, and short-term investments totaling RMB 998.6 million as of June 30, 2025. Moving to our outlook for the third quarter of 2025, we expect aesthetic treatment service revenues to be between RMB 150 million and RMB 170 million, representing a 230.5% to 274.6% increase from the same period in 2024. This outlook reflects the ongoing ramping up of our branded aesthetic center network as we progress towards our year-end target of 50 centers. With ample cash reserves and a demonstrated track record of execution, we are now entering into the next phase of growth with increased confidence for the future.
As we scale and strengthen the influence of our aesthetic center network, we will continue to refine its standardized model to further enhance operational consistency and efficiency while establishing a robust base for recurring revenues. These efforts will reinforce our cost advantages, solidify our industry leadership, and create durable long-term value for our shareholders. This concludes our key remarks. I will now turn over the call to the operator and open the call for Q&A. Operator, we're ready to take questions.
Speaker 4
We will now begin the question and answer session. To ask your question, you may press star, then one on your touch-tone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star, then two. At this time, we will pause momentarily to assemble our roster. The first question today comes from Nelson Cheung with Citibank. Please go ahead. Nelson, your line is open. You may ask your question.
Speaker 1
any strategies for the franchise model that you can share? Let me translate my question into English. We are particularly interested in the expansion plan of your clinic. Can you provide any details on what the plan will look like this year and next year, and what's the current progress and strategy for our franchise model? Thank you.
Speaker 3
你好, 感谢你的提问。我们对拓店节奏呢, 有比较明确的阶段性的安排。到今年年底呢, 我们预计门店数量会达到50家。目前也已经完成了大部分, 下半年呢还会有十几家陆续开业。在重点的城市, 例如北京, 我们预计年底前呢能开到十家门店。明年具体的开店计划呢, 我们会在今年的第四季度去确定。目前呢, 我们初步认为明年的新开数量不会少于今年。随着组织能力的不断提升, 我们的连锁网络呢也会逐步扩展至更广阔的城市版图。长期来看, 我们对连锁业务有很强的信心。我们的目标呢是在八到十年之内实现约千店的一个规模。
Speaker 0
We have a clear phased approach for expanding our network. We aim to grow the number of centers to 50 by the end of this year, with a large portion already opened and more than 10 planned to open in the second half. In key cities such as Beijing, we expect to reach 10 centers by year-end 2025. Next year's expansion plan will be finalized in Q4 this year, though initially we anticipate new openings will match or exceed 2025 levels. As our organizational capabilities continue to strengthen, our network will gradually expand to a wider range of cities. Long-term, with full confidence in our aesthetic center business, we target to achieve 1,000 centers within 8 to 10 years.
Speaker 3
franchise expansion based on the operating performance of these pilots.
Speaker 0
Franchising is not our immediate focus. This is primarily because self-operated centers have relatively manageable CapEx with shorter payback periods, and our ample cash reserves can already support rapid expansion. That said, as part of our long-term strategy, the franchise model will play an important role in future expansion. Thus, we plan to pilot two to three franchise centers in Q4 this year, and we will determine the pace of future franchise expansion based on the operational performance of these pilot centers.
Speaker 3
谢谢。
Speaker 0
Thank you.
Speaker 4
The next question comes from Min Yu with CITIC. Please go ahead.
Speaker 1
好的, 谢谢。我是中英美方发言组分析师何景山。我这边想要提到管理层这边一个问题, 就是管理层这边大概是怎么看中国医美的市场的这样子一个空间, 然后在中国这样子一个相对新鲜竞争的市场上, 我们会如何去应对一些新的进入者的一个竞争。 Let me briefly translate for myself. Thank you for taking my question and for Jingping from Xi Securities. I have one question about the Chinese aesthetics market. How does the management view the growth potential of the Chinese medical aesthetics market? In this highly competitive market, how will you adapt to the challenge of the new player entering? That's my question. Thank you.
Speaker 3
你好, 感谢你的提问。我们对中国医美市场的发展前景还是非常乐观的。对比国际成熟的市场, 比如说像韩国, 它的医美渗透率已经超过了20%, 但在中国目前还不到5%, 仍然还具备非常广阔的一个发展空间。在中国, 我们所在的这个轻医美的赛道其实跟传统的手术整形相比, 我们认为它本质上来讲是新旧不同的两种模式。轻医美的发展节奏更快, 更容易占领用户的心智。根据行业的统计数据, 我们能看到到2030年中国轻医美市场规模预计将达到¥3400亿元人民币。根据我们的测算, 未来中国的轻医美连锁渗透率预计将达到30%, 而So-Young International Inc.作为行业头部企业, 有望实现25%左右的市占率, 对应的市场规模将近¥260亿元人民币。
Speaker 0
We remain optimistic about the prospects of China's medical aesthetic market. Compared with mature overseas markets, such as South Korea, where the penetration rate of medical aesthetics has exceeded 20%, China's current penetration remains below 5%, indicating substantial growth potential. The large medical aesthetics sector in China represents a fundamentally distinct model versus traditional plastic surgery, as it grows at a faster pace and can capture customer minds more easily. According to industry data, China's large medical aesthetic market will reach around RMB 340 billion by 2030. Our analysis forecasts that the penetration rate of large medical aesthetic chains in China will reach 30% in the future, and So-Young as an industry leader is poised to achieve roughly 25% market share, translating to nearly RMB 26 billion market opportunity.
Speaker 3
long-term competitive advantage in the industry.
Speaker 0
We believe that to truly succeed as a large medical aesthetic chain brand, three core capabilities are essential. First, sustainable low-cost customer acquisition. Second, diversified upstream supply chain support. Third, organizational competence in operating a large-scale physical network. Other market players face inherent limitations in these areas. That's precisely why we will continue to focus on our business and hone our fundamental strengths around these three capabilities, further reinforcing our long-term competitive edge in the industry.
Speaker 3
谢谢。
Speaker 0
Thank you.
Speaker 4
The next question comes from Daisy Chen with Haitong International. Please go ahead.
Speaker 2
trend of the proportion of consumables in the cost structure? Maybe check my English, my questions into English. In So-Young's business model, customer acquisition cost is one of our significant advantages. What is the outlook for the customer acquisition cost and the marketing expenses in the future? Regarding the cost structure, can management share your views on the future trend of the consumables and the share of your cost structure? Thank you.
Speaker 3
你好，感谢你的提问。So-Young 在行业内呢，一直保持相对领先的获客效率。目前我们的平均获客成本只有几百元，其中成本较低的私域流量和老客带新占新客的比例呢超过了70%。其中私域用户是我们的城市能启动的基盘，也是我们经营用户社群的阵地。老客带新我们做得很好，转化率远高于同行，源于我们店内不推销不充值办卡的这样的一个模式。老用户推荐没有压力，新用户进店也没有门槛。
Speaker 0
So-Young ranks among the industry leaders in customer acquisition efficiency. Currently, our average customer acquisition cost is only a few hundred RMB, with over 70% of new customers coming from low-cost private domain traffic and referrals from existing customers. Private domain customers are the launchpad we use in new cities and serve as a base for user community operations. Our performance in referrals from existing customers is particularly strong, with the conversion rate significantly higher than peers. This is driven by our incentive approach of no aggressive sales or prepaid membership card requirements. This allows existing customers to refer without pressure and lowers barriers for new customers.
Speaker 3
长期来看，我们认为真正实现低成本获客的核心路径在于品牌效应的积累。随着连锁网络在重点城市的不断加密，尤其在北京、深圳等渗透率持续提升的城市，我们将推进城市本地化营销投放，重点覆盖地铁、影院等高频触点，加大品牌曝光，推动用户认知和营销效率的提升。
Speaker 0
Long-term, we believe sustainable low-cost acquisition hinges on accumulated brand influence. As our network densifies in key cities such as Beijing and Shenzhen, where penetration rates are consistently increasing, we will launch localized marketing initiatives focusing on high-frequency touchpoints such as subways and cinemas to enhance brand visibility, boost customer awareness, and improve marketing efficiency.
Speaker 3
在提升获客效率的同时，我们也在通过提高智控供应链项目在连锁体系中的占比，进一步优化成本结构。在光电类项目上，我们布局了旗帜自研的CC光，并独家代理了美国高端光子BBL Hero产品。未来还有皮秒和黄金微针等新设备。另外，我们几年前已经布局切入上游针剂类赛道，与上游厂家合作推出新产品，包括大单品水光针和童颜针。其中水光针有望在今年第四季度获批。这两款产品我们享有中国区的独家代理权，意味着我们有产品品牌定义权和定价权。此外，预计在2026到2027年，我们具备自主产权的两款动物类胶原产品将获批，进一步丰富上游管线。随着智控品项持续扩充，并在连锁体系中不断渗透，我们的整体耗材成本占比将进一步下降。结合今年要开到50家门店以及千店规模的长期目标，连锁网络的扩大将显著增强我们在采购端的议价能力，从而持续降低耗材成本。
Speaker 0
While improving customer acquisition efficiency, we are also optimizing cost structure by increasing the proportion of self-controlled offerings used in our aesthetic centers. For light-based treatments, we offer medical lasers, self-developed CC spots, and hold exclusive distribution rights for the premium American BBL Hero treatment. With new devices such as picosecond lasers and radio frequency microneedling in the pipeline, additionally, after entering the upstream injectable segment a few years ago, we have been collaborating with upstream manufacturers to launch new products, including blockbuster products such as skin boosters and PLLA. The skin boosters are expected to receive approval in Q4 this year. Both products carry exclusive China distribution rights, granting us brand positioning rights and pricing power. Furthermore, we expect our two proprietary animal-derived collagen products to gain approval in 2026 or 2027, further enriching our pipelines.
As self-controlled products are used more broadly across our network, the proportion of consumable costs will further decline. With 50 centers targeted this year and a thousand center long-term goal, the scaling of our network will significantly enhance our bargaining power in procurement and drive further reductions in consumable costs.
Speaker 3
谢谢。
Speaker 0
Thank you.
Speaker 4
The next question comes from Jenny Xu with CITIC. Please go ahead.
Speaker 2
喂, 戴医生, 你好吗? 戴医生, 晚上好。我想接近一个模式上的问题, 就是因为我们看在这个传统门店里面, 其实医生和店长还是挺重要的这个角色吧, 就是运营的这个环节里。那我们会比较依赖医生和店长吗? 那未来随着我们开店规模越来越大, 在整个医生招聘这方面会有一些瓶颈吗? Let me repeat in English. In traditional aesthetic centers, we believe both doctors and center managers play very important roles. In our aesthetic centers, as a network expanding, do we expect any bottlenecks when recruiting doctors in the future? Do we rely heavily on center managers? Thanks a lot.
Speaker 3
你好, 感谢你的提问。关于医生和店长两个角色, 我们可以分开来看。在医生方面呢, 中国医美医生的整体规模大约是40,000人, 而且不断地有医生从公立体系转入医美赛道, 为我们的人才储备打下良好的基础。我们专注于标准化程度较高的轻医美服务, 对医生的技术要求更容易统一。新加入的医生通常能够在短时间内积累大量的实践经验, 快速上手。同时, 我们也坚持高质量团队的建设, So-Young 当前有130多位全职的医生, 都具备公立医院实习或者规培的背景, 近90%为专业的皮肤科医生。我们也搭建了医生的分级诊疗体系, 根据医生等级匹配治疗项目, 也在推进大区级培训中心的一个建设, 为医生的专业成长提供系统支持。叠加双休、五险一金等保障机制以及清晰的发展通道, So-Young 在医生群体中的职业吸引力保持在较高的水平。
Speaker 0
Regarding doctors, there are about 40,000 doctors in China's medical aesthetic sector, and we continue to see doctors moving from public hospitals into this sector. This forms a solid base for our talent pipeline. We focus on large medical aesthetic services, where technical requirements for doctors are easier to standardize. Newly recruited doctors can accumulate extensive practical experience in a short time and are quickly brought up to speed. Meanwhile, we are committed to building a high-quality team. All of our over 130 full-time doctors have either completed internships or standardized training at public hospitals, and nearly 90% of them are specialized in dermatology. We have established a tiered diagnosis and treatment system that matches treatments to doctors based on their level.
We are also building regional training centers to provide structural support for their professional growth, coupled with benefits such as two-day weekends, social insurance and housing fund coverage, and a transparent career path. So-Young remains a highly attractive choice for doctors.
Speaker 3
在店长方面，我们的组织设计本身就降低了对店长的依赖。我们采取线上预约、线下核销的模式，店长呢主要负责现场管理，其考核更侧重于安全管理、用户体验和节省效率等运营维度。像市场营销、品项管理、产品定价、医生护士招聘等核心事务均由专业的业务中台统一负责，显著提升了门店日常经营管理的效率。与此同时，公司还搭建了数字化的驾驶舱，实现总部对门店运营的实时监控。未来我们也会继续提高数字化管理的成熟度，进一步降低管理成本。
Speaker 0
Turning to center managers, our organizational structure naturally reduces reliance on center managers. We operate on an online appointment booking and onsite service verification model. Center managers mainly handle onsite management. We assess them primarily on operational metrics such as safety, customer experience, and consultation efficiency. Management of marketing, product management, pricing, and recruitment of doctors and nurses are handled by our dedicated center operations platform. This greatly improves day-to-day efficiency at each center. We have also built a digital dashboard that enables headquarters to monitor center operations in real time. Going forward, we will continue to enhance the maturity of digital management to further reduce management costs.
Speaker 3
谢谢。
Speaker 0
Thank you.
Speaker 4
The next question comes from Yi Bingli with Haitong International. Please go ahead.
Speaker 2
好的, 管理层晚上好, 感谢这个提问机会。首先恭喜公司是稳步在这个季度实现了轻医美连锁业务的高质量增长。我这边主要想请教一下在产品和运营方面的规划, 想请教一下青春诊所未来在品项规划和策略方面有什么与其他机构不一样的地方。 Let me translate myself. Congratulations first for achieving high-quality growth in the aesthetic center business, and I would like to ask what factors will differentiate So-Young International Inc.'s product strategy and planning from others in the future. Thank you.
Speaker 3
你好，感谢你的提问。新养的品项策略定位在医美抗衰这个核心方向，所有的项目都是围绕着抗衰展开，确保产品体系的一致性，与部分医美机构以低价单品引流再通过利润品升单品的模式不同。新养在品项管理上更强调整体的性价比，我们坚持每个项目本身都要具备健康的毛利水平，不去做亏损的引流。
Speaker 0
Our product strategy focuses on anti-aging treatments, with all treatments developed around this core theme to ensure consistency across our entire portfolio. Unlike some institutions that use low-priced single products to attract customers and then upsell to more profitable ones, we emphasize overall cost effectiveness. We make sure each treatment delivers a healthy gross margin and don't rely on loss-making products to attract customers.
Speaker 3
我们持续推进大单品策略，目标是实现少数的核心项目贡献大部分收入，并将重点放在项目维度而非单一的产品维度。我们的大单品策略类似于山姆的精选爆款机制，通过优中选优，推动高效复购与口碑传播。
Speaker 0
We continue to advance our blockbuster strategy. The goal is to have a small number of core treatments contribute most revenue, with a focus on the treatment level rather than individual products. Our approach is similar to Sam's Club curated bestseller model, where only the very best options are selected to drive strong repeat business and positive word-of-mouth referrals.
Speaker 3
to maintain our leading position.
Speaker 0
Going forward, we will continue to optimize our product portfolio and dynamically adjust it to the blockbuster products. We will closely monitor change in market demand and competitive traits, as well as new product RFP and launch dynamics. This approach will allow us to introduce new products that address customer demand in a timely manner and have strong market potential to maintain our leading position.
Speaker 3
谢谢。
Speaker 0
Thank you.
Speaker 4
The next question comes from James Zhang with Dawson Securities. Please go ahead.
Speaker 1
Hi. Hello, this is James Zhang from Huangfu Securities, and my question is, in addition to your aesthetic center business, we are also very interested in your POP business. Can management provide any updates on future development plans for the POP business?
Speaker 3
Securities的分析师张望。其实除了连锁业务之外, 我们也比较关心互联网平台业务一些发展, 其实像未来POP（information and reservation services）的发展规划方面, 就我们管理层有没有一些更新的想法? 谢谢。你好, 感谢你的提问。POP（information and reservation services）业务呢, 一直是我们毛利和净利水平比较高的业务板块。虽然这个季度的收入端有所波动, 但它仍然是整个集团利润的重要支柱。我们会继续做好成本的管控, 维持良好的利润率表现。
Speaker 0
(information and reservation services) business has always been a segment with relatively high gross margins and net margin. While revenue has fluctuated this quarter, it remains a key pillar of the group's profitability. We will maintain strict cost controls to preserve these healthy margins.
Speaker 3
接下来呢，随着连锁业务的持续扩张，我们也会积极推动POP和连锁业务的协同。线下连锁为我们带来了大量的优质流量，包括通过老带新、公益投放等方式获得的新用户。这部分用户在SoYoung Clinic Life Medical Aesthetic center接受标准化轻医美服务的同时，也会产生一些像手术整形、微整形等偏非标化的需求。因此，我们计划在平台建立更精细的商家分类评级机制，结合用户的行为和偏好，定向推荐用户至优质的POP商家，从而提升流量变现的效率，为整个平台业务带来新的增量空间。
Speaker 0
As our aesthetic center network continues to expand, we will actively promote synergies between the POP and aesthetic center business. Our aesthetic centers drive a large volume of high-quality traffic, including new customers acquired through referral programs and public domain traffic. While these customers receive standardized large medical aesthetic services at our SoYoung clinics, they also generate demand for non-standardized surgical and minimally invasive procedures. We plan to establish a more refined merchant classification and rating mechanism on our platform. By leveraging user behavior and preferences, we will be able to make targeted recommendations for high-quality POP merchants. This will improve traffic monetization efficiency and create new incremental growth for the POP business.
Speaker 3
谢谢。
Speaker 0
Thank you.
Speaker 4
This concludes our question and answer session. I would like to turn the conference back over for any closing remarks. The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.