RMB510 million in second-quarter revenue marks a record for So-Young International Inc. (NASDAQ: SY), up 33% year over year, per Founder, Chairman and Chief Executive Officer Xing Jin. Aesthetic treatment services contributed RMB331.4 million of that total, a 130% gain over the prior-year period and the tenth consecutive quarter of triple-digit growth, according to Chief Financial Officer Nan Shen. Net loss attributable to the company narrowed 37% to RMB22.7 million.
Revenue mix and margin reads
The segment math:
| Segment | Q2 2026 (RMB M) | YoY |
|---|---|---|
| Aesthetic treatment services | 331.4 | +130% |
| Information and reservation services | 87.9 | -35% |
| Medical products and maintenance | 73.9 | -2.8% |
| Other services | 12.0 | -48.2% |
| Total (reported) | ~510 | +33% |
The four lines sum to approximately RMB505 million; reported segment-level rounding accounts for the balance. Cost of revenue rose 53% to RMB282.4 million, primarily from clinic expansion. Total operating expenses climbed 10.4% to RMB266.5 million, with G&A up 12.5% to RMB88.6 million and R&D down 21.7% to RMB24.4 million.
Gross margin for the aesthetic treatment segment reached 28.1%, a gain of 3.8 percentage points year over year. Shen attributed the improvement to maturing centers carrying more volume and to supply-chain benefits from the larger network, with greater operating efficiency also contributing. Customer-acquisition cost remained below 10% of aesthetic treatment revenue. Management raised its capacity-utilization benchmark by 50%, targeting higher revenue per square meter and per bed.
Clinic-level economics
As of June 30, So-Young operated 65 clinics across 18 cities, a net addition of 11 from the prior quarter. Forty-seven centers were profitable and 51 generated positive operating cash flow. Same-store sales growth reached 52%, against 14% a year earlier. Verified visits exceeded 165,000 (up 145% year over year); verified treatments topped 362,000 (up 134%). Active users exceeded 250,000 at quarter-end, including more than 78,000 level-three-and-above core members. Jin said referrals accounted for more than half of new-customer acquisition.
Non-GAAP net loss narrowed to RMB21 million from RMB30.5 million a year earlier. Loss per ADS fell to RMB0.22 from RMB0.35. The company held RMB848.2 million in cash, restricted cash, term deposits, and short-term investments as of June 30.
Miracle Collagen, developed with Jinbo Bio-Pharmaceutical and launched in late April, had sold more than 66,000 units by the time of the earnings call, Jin said. WeaveCol launched in June. The company is also deploying AI tools for product authentication and clinical standardization; the first generation of fully intelligent centers is planned for Q4, per Jin.
For Q3, management projected aesthetic treatment revenue of RMB352 million to RMB362 million, year-over-year growth of 91.7% to 97.2%. Shen said further clinic gross-margin improvement is expected in Q3 and Q4, with autumn and winter peak-season volume as a contributing factor alongside scale and supply-chain collaboration.