So-Young International Inc (SY) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by for So Young's first quarter 2025 earnings conference call. At this time, all participants are in listen-only mode. After management give 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 meeting over to your host for today's call, Ms. Mona Qiao. Please proceed, Mona.

女士們，先生們，感謝大家參加 So Young 2025 年第一季財報電話會議。此時，所有參與者都處於只聽模式。管理階層發表準備好的發言後，將進行問答環節。提醒一下，今天的電話會議正在錄音。現在，我想將會議交給今天的主持人 Mona Qiao 女士。請繼續，莫娜。

Thank you, operator, and thank you everyone for joining Su's fourth quarter 2025 earning conference call. Joining me today on the call is Mr. Xing Jin, our co-founder, Chairman and CEO, and Mr. Nick, FO. Please note that the discussion today will contain forward-looking statements made under the provisions of US private securities and the Litigation Reform Act of 1995. For looking statements are subject to risks and alternatives that may cause actual resources to differ materially from our current expectations.

謝謝接線員，也謝謝大家參加甦的 2025 年第四季財報電話會議。今天與我一起參加電話會議的還有我們的共同創辦人、董事長兼執行長金星先生和 FO Nick 先生。請注意，今天的討論將包含根據美國私人證券和1995年訴訟改革法案的規定做出的前瞻性陳述。展望未來，聲明受風險和替代方案的影響，這些風險和替代方案可能導致實際資源與我們目前的預期有重大差異。

Potential risks and alternatives include but are not limited to those outlined in our public filings with SEC, including our annual report on Form 20. So-Young does not undertake any obligation to update any following statements except as required under applicable law.

潛在風險和替代方案包括但不限於我們向美國證券交易委員會提交的公開文件中概述的風險和替代方案，包括我們 20 號表格年度報告。除適用法律要求外，新氧不承擔更新任何以下聲明的義務。

Finally, please note that unless otherwise stated, all fingers mentioned during the conference call are in R&B. At this time, I'd like to turn the call over to Mr. Xing jin.

最後，請注意，除非另有說明，電話會議中提到的所有手指都是 R&B。現在，我想把電話轉給辛進先生。

[Taiahajiajian the Taihua. Harling woman y zhong hoyu min huyu on the Qing sun samba is San Payuin be. Now gayu on the CNY yin yay yuanui zhong zhao Xia.]

【泰亞哈加堅太華。 Harling Woman y zhong hoyu min huyu on the Qing Sun Samba is San Payuin be.現在嘎雨在CNY yin yay Yuanuizhong zhao Xia。 ]

Hello everyone and welcome to today's conference call. In the first quarter of 2025, we recorded total revenues of 297.3 million. Net loss attributable to Soyang was 33.1 million, and no GAAP net loss attributable to Soyang was 31.5 million, primarily driven by increased investment to expand our aesthetic centers. We believe these investments are laying a solid foundation for our long term growth.

大家好，歡迎參加今天的電話會議。2025年第一季度，我們的總收入為2.973億。歸屬於 Soyang 的淨虧損為 3,310 萬美元，歸屬於 Soyang 的 GAAP 淨虧損為 3,150 萬美元，主要原因是擴大美容中心的投資增加。我們相信這些投資為我們的長期成長奠定了堅實的基礎。

[Yuji zhong. Hong yi yang Zhenhuianyu Chengguing woman hong hong hong jia zhong hua. Woman uouaan xing the yun qi yi zhong j and the hong ying woman tongguo n ye iao Xiao chong chong CNY chai chong CNY Xiaohong yu yun chongyu jiu jiang.]

【仲裕吉.紅一陽鎮惠安玉城固女子紅紅紅家中華。女子有性行雲氣一中j，紅纓女子同國也有小蟲蟲CNY柴蟲CNY小紅魚雲蟲魚九將。

In the 4th quarter, we continued to have vertical integration and expanded our network of aesthetic centers in key cities. Our blended athletic centers, So-Young Clinic, operates exclusively in commercial areas across China's 1 and 2nd tier cities. We are increasing density in these markets to make our centers.

第四季度，我們繼續垂直整合，擴大了重點城市的美容中心網絡。我們的混合運動中心 So-Young Clinic 專門在中國一線和二線城市的商業區運作。我們正在增加這些市場的密度以打造我們的中心。

By offering high quality, cost effective and standardized services, we are acquiring a loyal and recurring customer base. So-young clinic is gradually becoming our main group driver. We are also reducing customer acquisition and procurement costs through our vertical integration and expect to improve cost efficiency further as we scale.

透過提供高品質、高性價比和標準化的服務，我們正在獲得忠誠的回頭客群。So-young診所正逐漸成為我們集團的主要推動者。我們也透過垂直整合來降低客戶獲取和採購成本，並期望隨著規模的擴大進一步提高成本效率。

[Beijing Shanghai Guangzhou Shenzhen Hangzhouhong Wuhan Chongqing Changshangkazyubalihongli. Euanda da ba bayani zhong zhangli tong zhong zhang wu u u uuanzhonghang Zhong zhang. He Xiao u ei u shu liang haoguo Zhou Wang liang Chenzhoubaihuanbi zheng zhang by shishongbii zhong zhang by Fenzhi zhou baibashi Juan. Yanzhong duba zai chong Tianzai Tian woman do it the CNY zhou like woman ji hua zai yin hongshiu jia and bus called jing gui.]

【北京上海廣州深圳杭州洪武漢重慶長商卡祖巴里洪裡。 Euanda da ba bayani zhong zhanglitong zhong zhang wu u u uuanzhonghangzhong zhang。 《何小酉》《蜀良好國周王良》《郴州百環比正章》，《石鬆筆中章》，《分枝週》白八十八卷。延中毒霸在沖天在田女人做的就像過年的女人吉花在紅燒甲和公車叫京貴。 ]

As of the end of Q1, we open 23 So-Young clinic centers in 9 major cities including Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou, Chengdu, Wuhan, Chongqing, and Changsha. Among them, 18. Centers have achieved positive monthly operating cash flow and $0.16 are profit on monthly basis in March. Revenue from our aesthetic center business reached 98.8 million, up 21.6% quarter to quarter, and 551.4% a year. Total verified paid visit exceeded 45,500, up 18.5% quarter, and 874.3% year over year. Total number of verified paid athletic treatments performed surpassed 92,900, 14% quarter to quarter and 989.4% every year. Customer satisfaction remains high at 4.98 out of 5, reflecting our commitment to maintaining the highest-level in-service delivery. Going forward, we plan to further expand our network and increase den in existing cities.

截至第一季末，我們在北京、上海、廣州、深圳、杭州、成都、武漢、重慶、長沙等9個大城市開設了23家新氧診所中心。其中，18.中心已實現月度經營現金流為正，3 月份月度利潤為 0.16 美元。醫美中心業務收入達9,880萬，較上季成長21.6%，年增551.4%。總驗證付費造訪量超過 45,500 次，比上一季成長 18.5%，比去年同期成長 874.3%。已驗證的付費運動治療總數超過 92,900 次，較上季成長 14%，較去年同期成長 989.4%。客戶滿意度仍然很高，為 4.98（滿分 5 分），這反映了我們致力於維持最高水準的服務交付的承諾。展望未來，我們計劃進一步擴大我們的網絡並增加現有城市的數量。

[Beijing tonglian ngongzhong. X dadayan you got the right woman yi xiang saoui xia Chang Xiang ho. Goji huihoonng tong tong yu Xiaozu CNY xie ji li xin yang kong chainda so habit the shi.]

[北京通聯工中. X大雁，你找對了女人，一向薩維夏常向浩。 Goji huihoonng Tong Tong Yu Xiaozu CNY xie ji li xin yang kong chainda sohabit the shi.]

In Cuba, we launched a natural energy pre campaign with offline pop-up events featuring artists in Shenzhen and Beijing. These offline events were complemented by online sign up activities to broaden wide engagement and reach. Each event also featured an experience though allowing customers to try popular light medical aesthetic services like IPL and ultrasound-based anti-aging treatments with licensed doctors on site to explain the science behind the treatments.

在古巴，我們發起了一場自然能量預熱活動，並在深圳和北京舉辦了以藝術家為特色的線下快閃活動。這些線下活動與線上報名活動相輔相成，以擴大參與度和影響力。每場活動也提供體驗，讓顧客嘗試流行的光醫學美容服務，如IPL和基於超音波的抗衰老治療，現場有執業醫生解釋治療背後的科學原理。

This interactive approach helped demystify the overall technical nature of the medical aesthetic industry and reinforced our value proposition of natural healthy beauty. We also optimized service offerings and concentration in our branded aesthetic centers while also removing symptom treatments with low demand based on our user feedback.

這種互動方式有助於揭開醫學美容產業整體技術本質的神秘面紗，並強化我們自然健康美的價值主張。我們也根據使用者回饋優化了品牌美容中心的服務內容和集中度，同時刪除了需求較低的症狀治療。

Expand our portfolio. We partnered with premium skincare Black Skin Suitable to launch new co treatment solutions. Additionally, we allocated additional marketing resources and implemented sales incentives to boost revenue contribution from our proprietary products. This was done to improve overall growth margins for our aesthetics.

擴大我們的產品組合。我們與優質護膚品 Black Skin Suitable 合作推出新的聯合治療解決方案。此外，我們還分配了額外的行銷資源並實施了銷售激勵措施，以增加專有產品的收入貢獻。這樣做是為了提高我們美學的整體成長空間。

[So champion lian the woman for the i shuliang la liang yu zubai Zhengzhang bass.]

[所以冠軍連女人為我書良拉良玉足白正掌低音。 ]

On the upstream, we advanced our comprehensive medical aesthetic supply chain, focusing on products developed in-house and through exclusive partnerships. As of Q1, the number of institutions we served with supply chain solutions for injectables grew to over 1,500. The shipment of elastic reached approximately 27,900 units in Q1, up roughly 14% year over year.

在上游，我們推進了全面的醫療美容供應鏈，專注於內部開發的產品和透過獨家合作夥伴開發的產品。截至第一季度，我們提供注射劑供應鏈解決方案的機構數量已增至 1,500 多家。第一季彈性體出貨量約27,900套，較去年同期成長約14%。

[Song hong hong hong CNY li li liangong zhong CNY yu zheng hong.]

[宋紅紅紅CNY李李連工中CNY於正紅。 ]

Our op business, which remains a foundational pillar, continues to contribute profits and traffic while supporting the growth of our aesthetic centers and upstream business. In Q1, GMV for Verified medical aesthetic Services reached approximately 300. Million with per capita install GTV growing by 4% every year.

我們的營運業務仍然是我們的基礎支柱，在支持美容中心和上游業務成長的同時，繼續貢獻利潤和流量。第一季度，已驗證醫美服務GMV達到約300。百萬，人均安裝GTV每年成長4%。

[Ka hong hong dai hong liang hong Xiaoyuyuanzhong yu Xiaohong Zhang la.]

[嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎嘎

Looking ahead, we see significant long-term potential for our aesthetic center business in China. We aim to build a differentiated nationwide light medical aesthetic chain with strong blood recognition. Over the past few quarters, we have scaled both store count and density. In April, I personally increased my shareholding in Soyang by approximately USD4.1 million, reaffirming my confidence in in our long term goals.

展望未來，我們看到了中國美容中心業務巨大的長期潛力。打造差異化、強血統的全國性輕醫美連鎖。在過去的幾個季度中，我們擴大了門市數量和密度。今年4月，我個人增持了Soyang約410萬美元的股份，這再次堅定了我對我們的長期目標的信心。

[Dang uzhengha bajianili kong leader pai uzheng ha the guanyan Jing X Yang Jiejian was so hanggong Jingyan so I emailing you shiyunging jiao suniabi jia nggong yun liu u li the father Lu Jing. Some ngguan yanyuhong kong chong kong da da bao champing yo hut dao yo u zhong CNY xing emailhong Xiaxing the folili.]

[Dang uzhengha bajianili Kong Leader pai uzheng ha the guanyan Jing X Yang Jiejian was sohanggong Jingyan 所以我給你發郵件 shiyunging jiao suniabi jia ngong yun liu li the Father Lu Jing.一些 congguan yanabi jia ngong yun liu li the Father Lu Jing.一些 congguan yano zhong CNY xing emailhong xiaxing the folili.]

And our legacy pop business, which is natural good selling, we believe the key to our next phrase hinges on developing our aesthetic center business with full control over the supply chain, drawing inspiration from the Sam's Club retail model. We are pursuing a strategy centered on proprietary products, value for.

而我們的傳統流行業務，也就是天然的好賣，我們相信我們下一階段的關鍵在於發展我們的美容中心業務，完全掌控供應鏈，從山姆會員店零售模式中汲取靈感。我們推行以專有產品為中心的策略，以價值為導向。

Money pricing and end to end supply chain management. Sam's Club's success was built on exclusive high quality products that are tightly controlled for quality and cost. These products not only attract customers but also drive higher spending and customer loyalty in the medical aesthetics sector. We believe that high quality proprietary products and services and fair prices have similar potential.

貨幣定價和端到端供應鏈管理。山姆會員商店的成功建立在嚴格控製品質和成本的獨家高品質產品之上。這些產品不僅吸引了顧客，也推動了醫療美容領域的消費增加和顧客忠誠度的提升。我們相信，高品質的專有產品和服務以及公平的價格具有類似的潛力。

[Xinyang image of the sun hong honggongyu yun hong go to and so god woman yu yi yhenji in the yuanjiang ying shong hug. They like Xinyang Jiang Qi Xi Singgongchaiye Yianda the gong Xi he used the chu is a peoplegungkao xiao the image t.]

【信陽形象】孫紅紅宮玉雲紅去，等神女玉衣殷姬在元江影紅擁抱。他們像信陽薑齊喜《辛工柴野一安達》《恭喜》，他用的是楚是人工考肖的形象t。 ]

We aim to become the club of the medical aesthetics industry over the past few years. We will build end to end capabilities, including vertical upstream integration and preparatory products through acquisitions and long term partnerships. We now on our exclusively distribute medical devices and We expect to bring several new products to market in the next 2 to 3 years, offering our customers even greater value. We will continue to deepen our supply chain capabilities and improve service quality to deliver a safer and more effective medical aesthetic experience. Now I'll hand over to our staff who will walk through the financial results followed by the QA session.

我們的目標是在過去幾年內成為醫美產業的俱樂部。我們將透過收購和長期合作建立端到端能力，包括垂直上游整合和預備產品。我們現在專門分銷醫療設備，並預計在未來 2 到 3 年內將幾款新產品推向市場，為我們的客戶提供更大的價值。我們將持續深化供應鏈能力，提升服務品質，為顧客提供更安全、更有效的醫美體驗。現在我將把會議交給我們的工作人員，他們將介紹財務結果，然後進行品質保證會議。

Hello, this is Nick. Please note that all amounts are quoted in RMB. Please also refer to our earnings release for detailed information about our comparative financial performances on year over year basis. Total revenues during the quarter were RMB297.3 million in line with our guidance and down 60.6% year over year primarily due to a decrease in the number of medical service providers subscribing to information services on our platform.

你好，我是尼克。請注意，所有金額均以人民幣報價。另請參閱我們的收益報告，以獲取有關我們同比財務業績比較的詳細資訊。本季總收入為人民幣 2.973 億元，符合我們的預期，年減 60.6%，主要原因是訂閱我們平台資訊服務的醫療服務提供者數量減少。

Information reservation services and other revenues for RMB142.9 34.1% year over year, primarily due to a decrease in the number of medical service providers subscribing to information on our platform. Aesthetic treatment services revenues reached R&B 98.8 million, a remarkable 551.4% year over year increase, primarily due to the expansion of our aesthetic center business. Sales of medical products and the maintenance services for R&B 55.6 million, down 35.7% year over year, primarily due to a decrease in order volume for medical equipment.

資訊預約服務及其他收入為1429萬元，年增34.1%，主要由於訂閱我們平台資訊的醫療服務提供者數量減少。美容治療服務收入達 9,880 萬元，較上年同期大幅成長 551.4%，主要得益於美容中心業務的擴張。R&B醫療產品及維修服務銷售5,560萬元，年減35.7%，主要由於醫療設備訂單量減少。

Cost of revenues for R&B 151.4 million, up 29.1% year over year primarily due to the expansion of our aesthetic center business. With cost of revenues, cost of reservation services and others R&B 40.7 million, 34.1% year over year primarily due to a decrease in cost of services. Associated with the Soyan Prime, costs of aesthetic treatment services for R&B 80.3 million, 547.6% year over year, primarily due to the expansion of our aesthetic center business.

R&B 的收入成本為 1.514 億，年成長 29.1%，主要由於我們美容中心業務的擴張。在收入成本中，預訂服務成本及其他 R&B 為 4,070 萬美元，年增 34.1%，主要由於服務成本下降。與Soyan Prime相關的，R&B的美容治療服務成本為8030萬，年成長547.6%，主要由於我們美容中心業務的擴張。

Cost of medical products sold and maintenance services for R&B 30.4 million, down 29.4% of the year, primarily due to a decrease in costs associated with the sales of medical equipment. Total operating expenses were RMB189.3 million, down 20.4% year over year. Sales and marketing expenses were R&B 103.4 million, down 8.7% year over year, primarily due to a decrease in expenses associated with branding and user acquisition activities. Expenses or R&B 53.7 million, down 36.7% year over year, primarily due to a decrease in share compensation expenses.

R&B 銷售醫療產品及維修服務成本為 3,040 萬美元，年減 29.4%，主要由於醫療設備銷售相關成本的下降。總營業費用為人民幣1.893億元，較去年同期下降20.4%。銷售和行銷費用為 1.034 億盧比，年減 8.7%，主要由於與品牌建立和用戶獲取活動相關的費用減少。研發費用為 5,370 萬美元，年減 36.7%，主要因股份薪酬費用減少。

R&D expenses are 23.1 million, down 18.9% year over year, primarily attributable to improvements to efficiency. Income tax benefits for R&B 1.6 million compared with the income tax benefits of RMB2.6 million in the same period of 2024. Loss attributable to So-Young International Inc was RMB $33.1 million compared with a net loss of RMB21.2 million during the same period last year. Non-GAAP net loss is tradeable to So-Young International Inc with RMB $31.5 million with no GAAP attributable to So-Young International Inc of RMB1 million during the same period. Basic and diluted losses for ADS attributable to ordinary shareholders for RMB0.32 and RMB.

研發費用為2,310萬美元，年減18.9%，主要歸因於效率的提升。研發所得稅優惠為160萬元，而2024年同期的所得稅優惠為260萬元。新氧國際應佔虧損為人民幣3,310萬元，去年同期淨虧損為人民幣2,120萬元。同期，非美國通用會計準則淨虧損為新氧國際應佔淨虧損3,150萬元人民幣，非美國通用會計準則淨虧損為新氧國際應佔淨虧損100萬元人民幣。歸屬於普通股股東的美國存託憑證基本虧損和稀釋虧損分別為0.32元人民幣及0.47元人民幣。

Effectively compared with basic and diluted loss of ADS attributable to ordinary shareholders of RMB0.21 and RMB0.21. Effectively during the same period of 2024, we have maintained a robust cash position with the cash and cash equivalent, restricted cash and term deposits and short-term investments totaling RMB1.1 billion as of March 31, 2025. Moving to our outlook for the second quarter of 2025, we expect aesthetic treatment services revenues to be between RMB $120 million and RMB140 million, representing 337.3% to 410.1% increase from the same period in 2024. This outlook reflects our strategic decisions.

相較之下，歸屬於普通股股東的基本及攤薄美國存託憑證虧損分別為人民幣0.21元及人民幣0.21元。在2024年同期，我們維持了穩健的現金狀況，截至2025年3月31日，現金及現金等價物、限制性現金及定期存款以及短期投資總額為人民幣11億元。展望 2025 年第二季度，我們預期美容治療服務收入將在 1.2 億元至 1.4 億元之間，較 2024 年同期成長 337.3% 至 410.1%。這一前景反映了我們的戰略決策。

To prioritize long term value creation over short term financial optimization as we continue to invest in expanding our branded aesthetic center network and refining our vertically integrated business model. Inspired by SAM Club, our approach is anchored by control of the supply chain.

我們將繼續投資擴大品牌美容中心網絡並完善垂直整合的業務模式，優先考慮長期價值創造而不是短期財務優化。受到 SAM Club 的啟發，我們的方法以供應鏈控制為基礎。

Proprietary product development and standardized service delivery. This is already having an impact, demonstrating its potential to improve. Customer retention, lower customer acquisition costs, and enhanced operational consistency. We believe this model will be instrumental in redefining cost effectiveness in the medical aesthetic sector, helping us better address the expectations of increasing the rational and quality conscious customers.

專有產品開發和標準化服務交付。這已經產生了影響，顯示出其改進的潛力。保留客戶、降低客戶獲取成本並增強營運一致性。我們相信該模式將有助於重新定義醫療美容領域的成本效益，幫助我們更好地滿足日益理性和注重品質的客戶的期望。

Looking ahead as we deepen execution across of self-operated and the partner networks, we expect this model to support more resilient margins and a greater scalability across markets. This concludes our key remarks. I will now turn over to the calls to the operator and open the call for QA operator, we are ready to take questions.

展望未來，隨著我們深化自營和合作夥伴網路的執行，我們預計該模式將支援更具彈性的利潤率和更大的跨市場可擴展性。我們的主要發言到此結束。我現在將電話轉給接線員，並打開 QA 接線員的電話，我們已準備好回答問題。

We will now begin the question-and-answer session. To ask a question, you may press star and 1 on your telephone keypad. 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 2. At this time, we'll pause momentarily to assemble our roster. And your first question comes from Yi Bing Lee with Guotai Haitong Securities. Please go ahead.

我們現在開始問答環節。要提問，您可以按下電話鍵盤上的星號和 1。如果您使用揚聲器，請在按下按鍵之前拿起聽筒。如果您的問題已得到解答，而您想撤回您的問題，請按 2。此時，我們將暫時暫停以整理我們的名冊。您的第一個問題來自國泰海通證券的李毅兵。請繼續。

The, honghali Xiang Xinjiao Xiaguan yu qing Xinjiao guan woman the Xingzheng hong lang let me translate myself. Good evening management. Thank you for taking my questions and I would like to ask about So-Young clinic. How is it different from the traditional medical institutions like Mei Lai and IA. Thank you.

紅哈利香新教下關玉清新教關女人行政紅郎讓我自己翻譯。管理層晚上好。感謝您回答我的問題，我想詢問有關So-Young診所的情況。它和美萊、IA等傳統醫療機構有什麼不同？謝謝。

[You can send me the good home I beg to goanjiao Xiao. Xinyang Qinzun Zhenjiaxiang quite ingleiu jiao d ji Xiao Wangdu doandi Xiao.]

[你可以給我一個好的家我求求你了，小郭。信陽欽尊真家祥相當英格列嬌d吉嘯王都doandi嘯。 ]

Our aesthetic center business is fundamentally different from traditional models by the likes of my like and EST. In short, these institutions, if by dialing operational model, they offer a broader range of services require larger clinics, rely heavily on doctors and consultants, and generate higher per customer spend. But with less frequency. In contrast, our clinics use a fast casual model. Our model offers more focused services require less clinic space and are available in more locations, depend less on individual doctors and generate lower per customer spend but with higher frequencies.

我們的美容中心業務與My Like、EST等傳統模式有著根本的不同。簡而言之，這些機構如果按撥號運作模式，它們提供更廣泛的服務需要更大的診所，嚴重依賴醫生和顧問，並產生更高的每位客戶支出。但頻率較少。相較之下，我們的診所採用的是快速休閒模式。我們的模式提供更有針對性的服務，需要更少的診所空間，可以在更多地點提供服務，更少地依賴個別醫生，並且每位顧客的支出更低，但頻率更高。

Chan yan g 00 faya ya shu jiao.

Chan yan g 00 法亞亞樹膠。

G.

G.

More specifically, one service offerings, my and provide a broader range of procedures including surgical treatments such as double eyelid surgery, rhinoplasty, breast augmentation, and liposuction. They also offer services like skin care, anti-aging, hair removal, body contouring.

更具體地說，一項服務產品，我的並提供更廣泛的手術，包括雙眼皮手術、鼻整形術、隆乳和抽脂等外科治療。他們還提供皮膚護理、抗衰老、除毛、塑身等服務。

Transplants and intimate care. The customers primarily seek visible transformative changes. In contrast, our clinics exclusively focus on non-surgical anti-aging treatments. They do not offer surgeries or other high risk procedures. Our customers mainly seek maintenance and rejuvenation services.

移植和貼心護理。顧客主要尋求的是看得見的改變。相比之下，我們的診所專注於非手術抗衰老治療。他們不提供手術或其他高風險程序。我們的客戶主要尋求維護和復興服務。

[Xiao yang CNY CNY Xiaoyuan zhong hong yu.]

【小陽CNY CNY小媛鐘紅宇。 】

[Huyia.] And visit frequency and used to generate high per customer spend but with lower frequency. Our treatments on the other hand, are priced around RMB1,000, but with higher frequency. Typical customer spend is roughly RMB2000, with loyal customers visiting 6 to 8 times per year.

[Huyia.] 訪問頻率用於產生較高的每位顧客消費，但頻率較低。我們的治療價格在1000元左右，但頻率更高。典型顧客消費約 2000 元人民幣，忠實顧客每年光顧 6 至 8 次。

[Tong tong tong ni yang zhenan got kaojia and then belowai Beijing liu jia and then jinanyaniayujii Beijing samian. Woman on Kali see you may gao xing bao yang so you feng zhong yao womanu to the CNY the.]

[童童童妮楊貞安考了考甲，然後考了北京劉甲，然後又考了北京三面。 Kali上的女人看到你可能會高興，所以你馮中要女人去CNY了。 ]

3 store size and expansion strategy. Myli and typically operates one large flagship clinic per city, often exceeding 8,000 square meters in size. In contrast, our clinics are smaller, ranging from 400 to 500 square meters, and are more widely distributed across the city. For example, we currently operate 6 athletic centers in Beijing and plan to expect 10 by the year end. Looking ahead, we see potential to grow to 30 locations in Beijing. This applies with our positioning of medical aesthetic treatments and a high frequency maintenance service where convenience and access accessibility are critical, similar to beauty salons.

3.門市規模及擴張策略。Myli 通常在每個城市經營一家大型旗艦診所，面積通常超過 8,000 平方米。相較之下，我們的診所規模較小，面積在400至500平方公尺之間，且分佈在全市範圍內更為廣泛。例如，我們目前在北京運營 6 個運動中心，並計劃在今年年底達到 10 個。展望未來，我們看到在北京發展到 30 個地點的潛力。這與我們的醫療美容療程和高頻維護服務的定位相符，其便利性和可及性至關重要，類似於美容院。

[He told me the sheng yu ho that APP song can the people zao u tho to options so ho ho.]

[他告訴我，sheng yu ho那首APP歌曲可以讓人zao u tho到選項so ho ho。 ]

For user experience, My like and operate exclusively through offline channels. In contrast, leveraging our strong internet DNA, we offer a hybrid experience that combines in-person treatment with a comprehensive digital platform. So, the So-Young clinic up and our extensive online female private domain community. Users can explore treatment options, compare services, and make purchases and bookings online at transparent and cost effective prices. After treatment, customers can review skin test results, view before and after photos, and receive timely care instructions or conveniently accessible through the app.

為了使用者體驗，Mylike 僅透過線下管道運作。相反，利用我們強大的網路 DNA，我們提供將面對面治療與綜合數位平台結合的混合體驗。所以，新氧診所成立了，我們龐大的線上女性私人領域社區也成立了。用戶可以以透明且經濟實惠的價格在線探索治療方案、比較服務以及進行購買和預訂。治療後，顧客可以查看皮膚測試結果、查看治療前後的照片，並及時收到護理指導，或透過應用程式方便地存取。

[Chaii i i don't go i i dzhong zhi fugaajiao fu huanjie or Xinyanghong are are yankai yo yo zhi ji wang He phone for the zu chuan. Hong yang you know.]

[柴i我不去i我d中志富加嬌富歡傑或新洋紅都是燕開喲喲志記王和祖傳的電話。洪陽你知道的。 ]

5 product supply chain. My right and Easter focus on the service delivery phase of the you chain. In contrast, we have built upstream supply chain capabilities 2021. This is highlighted by the acquisition of higher laser as an extensive pipeline of injectable products. This has to offer highly effective services.

5.產品供應鏈。我的權利和復活節重點關注您鏈的服務交付階段。相較之下，我們在2021年就建構了上游供應鏈能力。收購 Higher Laser 並成為其廣泛的注射產品線，突顯了這一點。這必須提供高效率的服務。

[Zhong Ji Xingzhen the more shi zhong huahong are you going to the zhang xing woman dot out the sort of uanjian so Xiaoying her sing on children zhen short so your and your shi.]

鐘季杏桃珍越世鐘華鴻你要去張姓女子點出那種元建所以小英她唱上兒貞短所以你和你的詩。

[In summary, our aesthetic business was designed using a highly standardized model that's ideally positioned to be expanded. As we all know, the key to successful chain operations lies in scale, and this is where we clearly have an advantage. Thank you.]

總而言之，我們的美學業務採用高度標準化的模式設計，非常適合擴展。眾所周知，連鎖經營的成功關鍵在於規模，而我們在這方面擁有明顯的優勢。謝謝。

And your next question comes from Nelson Chung with Citibank. Please go ahead.

您的下一個問題來自花旗銀行的 Nelson Chung。請繼續。

Hey, [Guani] was somehow, 10 years old the T1, the one so Guanyu, the Kaian green mode, so the [ian gui] mode you know your da woman, we are the cappa you know [Jihujiahi sfo] to go be [jianaway] to the one time. So let me translate the question in English as management for taking my question. As the clinic network growth, will cap has become a burden, for the company if this, model sustainable. Thank You.

嘿，[Guani] 不知何故，10 歲的 T1，那個如此 Guanyu，Kaian 綠色模式，所以 [ian gui] 模式你知道你的 da 女人，我們是 cappa 你知道 [Jihujiahi sfo] 去 [jianaway] 一次。因此，請允許我以英語將這個問題翻譯為管理層回答我的問題。隨著診所網路的成長，限額已經成為公司的負擔，對公司來說，這種模式如果能夠持續下去的話。謝謝。

We place great emphasis on the health of our business.

我們非常重視業務的健康。

While we continue to carefully expand our network, we remain prudent in managing capexs to ensure a financial, sustainable model.

在我們繼續謹慎地擴展網路的同時，我們仍然謹慎地管理資本支出，以確保財務可持續的模式。

[Muqianjiang Yuandukian shu liang causes Ianiazo yo bao Xing kai doizu yoshiyui in the yan zhong Xinyang the jiezhou young woman the zhong zhihu this is like family.]

【木前江原渡口舒良致伊尼亞佐·友保興開土祖義佑於燕中信陽解州少婦鐘之湖此如親人。 】

Currently, we expect to open around 30 new clinics per year. Each new athletics center is carefully selected for its location and ability to achieve profitability, which helps us keep overall cost within a manageable range.

目前，我們預計每年開設約30家新診所。每個新的體育中心都經過精心挑選，以確保其位置和盈利能力，這有助於我們將整體成本控制在可控範圍內。

Young for me so the he found me yohoyu kai so called I forgot you need.

對我來說還年輕所以他找到了我yohoyu kai所謂的我忘了你需要。

At the same time, we are actively planning to roll out a franchise model. This will help accelerate our geographic reach and network density reducing CapEx pressure, having the way for the asset expansion.

同時，我們也積極規劃推出特許經營模式。這將有助於加速我們的地理覆蓋範圍和網絡密度，降低資本支出壓力，為資產擴張鋪平道路。

[It's right, woman da and then the yuyu Xiao Liuzhong Xu Qiheng it's easy to yodianjing Shenjli zhang zhong Xiao Xiaoyuzian yu yun hong ying Xia jiang hong jian woman with the chang qi xinxin.]

【沒錯，女人達，然後是玉玉小六中徐啟恆，很容易就可以與常氣心心的玉點精神力掌中小玉子玉雲紅映霞江紅劍女人。 】

Operational efficiency is also improving as of Q1, the majority of our athletic centers have achieved positive operating cash flow, with increasing economics of scale and further dilution of fixed costs. We are confident in the long-term profitability of our athletic centers.

截至第一季，營運效率也在提高，我們的大多數運動中心都實現了正的營運現金流，規模經濟不斷增強，固定成本進一步稀釋。我們對我們的運動中心的長期盈利能力充滿信心。

And your next question comes from Xi Jinping with Siddi. Please go ahead.

您的下一個問題來自西迪的習近平。請繼續。

Hey, he just [zhong hubs] on that so let me briefly translate for myself. Thank you for taking my question. So, I have two, question here. The first is, how does the miracle laser, creates more synergy with the company's core business.

嘿，他只是 [zhong hubs] 對此，所以讓我自己簡單翻譯一下。感謝您回答我的問題。所以，我這裡有兩個問題。第一，奇蹟雷射如何與公司的核心業務產生更多的協同效應。

[And so I want to jing ho yang guani hong hong hong j o xiaozanzhong yu ing on me yang dai o xiao xie tong changdao xiang yu zhong qi.]

[所以我要和楊官尼紅紅紅j小贊忠於我陽代o小邪同長島相玉忠七。 ]

With the full integration of Wuhan laser, we have efficiently consolidated product, talent and organizational processes to improve R&D capabilities. These positions Wuhan laser and a market-oriented upstream platform that creates strong synergies to support our growth model.

隨著武漢雷射的全面整合，我們高效率整合了產品、人才和組織流程，提升了研發能力。這些定位使武漢雷射和以市場為導向的上游平台能夠產生強大的協同效應，支持我們的成長模式。

[So the survey to yan in the gaining and CNY yam surveying the fago o jingo Yi Xiao Zhang dj survey the tou yun hong. Julian Yu don't survey hua he fuyuiahung.]

所以調查中，Yan在收穫和CNY yam中調查了fago o jingo Yi Xiao Zhang dj調查了tou yun hong。 Julian Yu不要調查hua he fuyuiahung。

As the leading provider of aesthetic laser devices in China, Wuhan Medical laser propriety R&D capabilities allow us to supply our aesthetic centers with high quality, cost-effective equipment such as our flagship IP. With other new products in the pipeline. This not only reduces reliance on high cost imported devices but also supports consistency across our centers for accelerating expansion.

作為中國領先的美容雷射設備供應商，武漢醫療雷射專有研發能力使我們能夠為美容中心提供高品質、高性價比的設備，例如我們的旗艦 IP。還有其他新產品正在籌備中。這不僅減少了對高成本進口設備的依賴，也支持了我們各中心的一致性以加速擴張。

[It's right wangi u Chang hong jiaoyu tong Changizhong u to image go Qinzhijiwangy le jiu taogo nia gouai daliang zhong xiao xing image you go and find the dao uyuan. Xue Xin yang zhang hong jhang gong tong shu to be to say the siuan yu uanda X tong qing ng CNY yu Xiaojiang Jingzhong leader in beihuan]

[就對了，長紅教育童長一中u，去親手玩了九套，尼亞狗大樑中小星，去尋找道u源。學新陽張洪章公同書即說思源自遠大X同慶CNY於小江精中領導北環]

Wuhan laser also holds a unique advantage in serving China's longtail aesthetic market. While most manufacturers focus on the leading institutions, Wuhan [colier] has served over 5,000 clients with deep experience and broad distribution amongst. And medium sized clinics and our aesthetic center network grows, we aim to jointly explore a 2B2C model integrating devices and services delivery to improve user experience, efficiency, and ultimately build a more competitive ecosystem.

武漢雷射在服務中國長尾美容市場方面也擁有獨特的優勢。當大多數製造商專注於領先的機構時，武漢[colier]已服務超過5,000家客戶，擁有豐富的經驗和廣泛的分銷網絡。隨著中型診所和美容中心網路的不斷發展，我們的目標是共同探索集設備和服務交付於一體的2B2C模式，以提高使用者體驗和效率，並最終建立更具競爭力的生態系統。

Sure.

當然。

Thank you.

謝謝。

And your next question comes from Daisy Chen with Haong. Opps, sorry, it'll be a follow up from He Jin Pen.

您的下一個問題來自 Haong 的 Daisy Chen。哎呀，抱歉，這是何金盆的後續報導。

Oh, he is to be a high to [Xinjiao. I just chingo Xiao Yi Xia] have I still have, the second question. It's about the trade war. And so how would the ongoing trade tensions between China and America maybe impact the company's business. Thank you.

哦，他對[新教。我只是chingo小易霞]有，我還有，第二個問題。這是關於貿易戰的。那麼中美之間持續的貿易緊張局勢將如何影響該公司的業務？謝謝。

[And yeah, now you send the email zhong yan ngi hong ji Xiang hua uguti dai ho.]

[是的，現在您發送電子郵件 zhong yan ngi hong ji Xiang hua uguti dai ho。 ]

Trade tensions primarily affect the aesthetic industry in two ways changes in cost structures and shifts in the competitive landscape. For so young, the direct impact is limited, but we also see this as an opportunity to strengthen our domestic supply chain and support import replacement.

貿易緊張局勢主要透過兩種方式影響美容產業：成本結構的變化和競爭格局的變化。對於如此年輕的企業來說，直接影響有限，但我們也將此視為加強國內供應鏈和支持進口替代的機會。

[Well then yeah wu hong dashijiang. So zhong yu CNY the jingo tai Xiang hong shire lay in the guanxu Shaqiao dao zhi zhongan zhangi tong xing qigongsi li baozhong hua.]

【那麼是啊，吳紅大石匠。故中於CNY金吾台鄉洪郡，於關緒沙橋道誌中安章吉通行氣功寺裡保中華。 ]

From the cost perspective, the impact on our aesthetic center business is minimal. Only one of our main offerings uses US imported equipment and consumables. Damage which accounts for less than 10% of total revenue at our aesthetic centers. If tariffs drive prices higher, we are well positioned to pivot to alternative products that offer similar results without compromising user experience.

從成本角度來看，對我們的美容中心業務的影響微乎其微。我們的主要產品中只有一種使用美國進口的設備和耗材。損失占我們美容中心總收入的不到 10%。如果關稅導致價格上漲，我們可以轉向提供類似效果且不影響使用者體驗的替代產品。

[Some yun ng jia jibao B b I made the douan qing homing like Guangxu zhang Xiaohong yu Xiang.]

[有些雲家雞寶B b我像光緒章小紅魚香一樣做了鬥清歸位。 ]

That said, the impact on the upstream may be higher. Wuhan America Laser currently distributes several imported devices, including Cyan's BBL treatments. Tariff increases could affect the pricing and sales volume of these products.

話雖如此，對上游的影響可能更大。武漢美萊雷射目前經銷多種進口設備，包括Cyan的BBL治療設備。關稅上調可能會影響這些產品的定價和銷售。

[For the hong hua to Xint do jihui and hong ji woman jiang qi xu hui chen i e zheng u don't gongji.]

【為紅花至新都姬惠及紅姬女子薑琪徐惠臣我鄭你不公雞。 】

In conclusion, we see this as opportunities rather than threats. We will continue leveraging our vertical integrated capability to upgrade China's selected aesthetic supply chain and deliver high-quality, cost-effective solutions to consumers.

總之，我們認為這是機會而不是威脅。我們將繼續利用我們的垂直整​​合能力來升級中國精選美容供應鏈，並為消費者提供高品質、高性價比的解決方案。

Sure.

當然。

Thank you.

謝謝。

And your next question is from Daisy Chen with [Hightong]. Please go ahead.

您的下一個問題來自 Daisy Chen[海通]。請繼續。

[Transition or the woman gong to the hua kong and a whole hang Xining her hong hu xiangqingiao gongshi, where I, the gui hua to teach in the tou he chong yuhua superango and then he tai the dash.]

[轉或女功至華空，全掛西寧她洪虎祥卿橋工事，我，桂花教於頭合衝玉華超安戈，然後他泰衝刺。 ]

Thanks for taking my question. When we see that the company has a very good ability on cost and control in one, and we also noted that the cash balance is sufficient. So, my question is, can management, please leverage more on the on the company's future investment plan and also the cost reduction plan and do you expect further improvements in the overall financial performance. Thank you.

感謝您回答我的問題。當我們看到公司在成本控制方面有非常好的能力時，我們也注意到現金餘額是足夠的。所以，我的問題是，管理層能否更多地利用公司未來的投資計劃和成本削減計劃，您是否預計整體財務表現會進一步改善。謝謝。

[The lizhong liu zhong ying yun.]

【李中流中映雲。 】

We are encouraged by the early results of our aesthetic center business is generating, and we remain confident in its mid to long term profitability. In March, 18 centers have already achieved positive monthly operating cash flow. Among them, 16 centers are profitable on a monthly basis, demonstrating the viability and efficiency of our business model.

我們的美容中心業務的早期成果令我們感到鼓舞，我們對其中長期盈利能力仍然充滿信心。3月份，已有18個中心實現每月營運現金流為正。其中，16個中心每月實現盈利，證明了我們商業模式的可行性和效率。

Going forward we will maintain. A measured pace of self-operated athletic center expansion and will carefully manage new openings in a disciplined manner. Me, meantime, we are actively preparing the launch of a franchise model to enable lighter scalable growth.

展望未來，我們將繼續維持。自營運動中心擴張步伐穩健，並將以嚴謹的方式謹慎管理新開設的運動中心。同時，我們正在積極準備推出特許經營模式，以實現更輕鬆的可擴展成長。

[Yu Xia Xiaoyuanxiao li li.]

【雨夏小園小麗麗。 】

In addition, we are optimizing our offering mix, deepen upstream collaboration and enhancing efficiency at the clinic level to further improve cost control and growth margin. We have also increased investment in growing our proprietary product lines which will further support margin expansion. Overall, we remain focused on sustainable high-quality growth supported by financial discipline and its structural optimization across our core business lines. Thank you.

此外，我們正在優化產品組合，深化上游合作，提高診所層級的效率，以進一步改善成本控制和成長利潤率。我們也增加了對專有產品線的投資，這將進一步支持利潤率的擴大。總體而言，我們仍然專注於在財務紀律和核心業務線的結構優化的支持下實現可持續的高品質成長。謝謝。

This concludes our question and answer session. And today's conference call, thank you for attending today's presentation. You may now disconnect.

我們的問答環節到此結束。今天的電話會議，感謝您參加今天的演講。您現在可以斷開連線。

Thank you much.

非常感謝。