So-Young Reports Unaudited Fourth Quarter and Fiscal Year 2025 Financial Results

So-Young International Inc. (NASDAQ: SY), China leading aesthetic treatment platform, has reported its unaudited financial results for the fourth quarter and full fiscal year ended December 31, 2025. The company saw a 24.8% increase in Q4 2025 total revenues to RMB460.7 million, primarily fueled by a substantial 205.3% surge in revenue from its direct Aesthetic Treatment Services. While the company still reported Net Losses for both periods, these losses significantly narrowed compared to the prior year, alongside an extension of its Share Repurchase Program. This growth signals a successful strategic shift by So-Young, moving away from a pure Platform Business Model of connecting consumers with third-party providers, towards a Vertical Integration Strategy focusing on its directly-operated Branded Aesthetic Centers. The emphasis on direct services, as evidenced by the decline in Information and Reservation Services revenue, suggests a response to increasing consumer demand for trust and quality control in China rapidly expanding Medical Aesthetics Market. This pivot comes amidst a challenging macroeconomic environment in China where overall Consumer Confidence has been subdued, partly due to ongoing issues in the Property Market, making So-Young's focused expansion into direct service provision a key driver for its improved, albeit still loss-making, financial trajectory.