So-Young International Inc (SY) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by for So-Young's First Quarter 2026 Earnings Conference Call. (Operator Instructions)

各位女士、先生，感謝您撥冗等候收聽新氧 2026 年第一季度業績電話會議。(操作員指示)

As a reminder, today's conference call is being recorded. I would now like to turn the meeting over to your host for today's call, Ms. Mona Qiao. Please proceed, Mona.

提醒各位，今天的電話會議將被錄音。現在我想把會議交給今天的主持人 Mona Qiao 女士。Mona，請開始。

Thank you, operator, and thank you, everyone, for joining So-Young's First Quarter 2026 Earnings Conference Call. Joining me today on the call is Mr. Xing Jin, Founder, Chairman and CEO; and Ms. Zhang Sha, VP of Finance.

謝謝操作員，也謝謝各位參加新氧 2026 年第一季度業績電話會議。今天與我一同出席電話會議的有：創辦人、董事長兼執行長金星先生，以及財務副總裁張莎女士。

Before we begin, please refer to the safe harbor statement in our earnings release, which applies today's call as we will be making forward-looking statements.

在開始之前，請參閱我們業績新聞稿中的安全港聲明；該聲明適用於今天的電話會議，因為我們將作出前瞻性陳述。

Please also note that we will discuss non-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 filings with SEC. Please also note, all figures mentioned in this call are in RMB.

另請注意，我們今天將討論非 GAAP 指標；相關內容在我們投資者關係網站及向美國證券交易委員會（SEC）提交的文件中的業績新聞稿內有更完整的說明，並與 GAAP 下最可比的指標進行對帳。同時請注意，本次電話會議提及的所有數據均以人民幣計。

And this time, I'd like to turn the call over to Mr. Xing Jin.

接下來，我想把電話交給金星先生。

(spoken in foreign language)

(外語發言)

Hello everyone and welcome to today's earnings call.

大家好，歡迎參加今天的業績電話會議。

(spoken in foreign language)

(外語發言)

Entering 2026, China's medical aesthetic industry continues to evolve with demand becoming more routine and supply continue to grow. Large-scale operational capabilities and a uniform delivery framework have become the key mode for top players to achieve high-quality growth.

進入 2026 年，中國醫療美容行業持續演進，需求日益常態化，供給也持續增長。大型化的運營能力與統一的交付框架，已成為頭部玩家實現高品質增長的關鍵模式。

We capitalized on this by expanding our aesthetic center business and advancing our dual engine of scale and efficiency initiative.

我們把握這一趨勢，擴大醫美中心業務，並推進「規模 + 效率」的雙引擎戰略。

As a result, we achieved robust performance. In Q1, total revenue reached RMB433 million, up around 46% year-over-year. Revenue from our aesthetic center business reached RMB282 million, up around 186% year-over-year.

因此，我們取得了強勁的業績表現。第一季度總收入達到人民幣 4.33 億元，同比增長約 46%。醫美中心業務收入達到人民幣 2.82 億元，同比增長約 186%。

(spoken in foreign language)

(外語發言)

Now let's take a closer look at our recent progress across a few core areas.

下面我們更深入地回顧一下我們在幾個核心領域的最新進展。

(spoken in foreign language)

(外語發言)

So-Young Clinic continued to lead So-Young's China's light medical aesthetics chain market, ranking number 1 by center count treatment volume and user base. Our operational efficiency and profitability also continued to improve.

新氧診所持續領跑中國輕醫美連鎖市場，在中心數量、治療量及用戶規模方面均排名第一。我們的運營效率與盈利能力也持續提升。

(spoken in foreign language)

(外語發言)

In terms of center footprint, as of today, So-Young Clinic has expanded into 17 cities with 59 centers in total. That is a net add of 10 centers compared to year-end 2025.

在中心佈局方面，截至目前，新氧診所已進入 17 個城市，合計 59 家中心。較 2025 年底淨新增 10 家中心。

On treatment volume in Q1, verified treatment visit exceeded 148,000, up 172% year-over-year. Number of verified treatments performed was over 325,000, up 164% year-over-year. Our active user base expanded further reaching over [310,000] by March end. Within that, the number of Level 3 and above core members exceeded 63,000.

第一季度治療量方面，核驗治療到訪超過 14.8 萬人次，同比增長 172%。核驗完成的治療項目超過 32.5 萬例，同比增長 164%。我們的活躍用戶規模進一步擴大，截至 3 月底超過 [31 萬]。其中，3 級及以上核心會員數超過 6.3 萬。

Core members maintained a high quarterly repurchase rate as we further unlock LTV, driven by excellent user experience and positive growth. The proportion of new customers from referrals rose to 52% in Q1.

在卓越的用戶體驗與正向增長的帶動下，核心會員保持較高的季度復購率，我們也進一步釋放 LTV（客戶終身價值）。第一季度來自轉介紹的新客佔比提升至 52%。

In addition, by enhancing platform partnerships and content marketing, new customers acquired through public domain continued to grow while our overall CAC remained well under control. We also enhanced brand awareness and drove conversion by deepening partnerships with renowned IPs. For example, we launched Disney co-branded pop-ups in major commercial areas nationwide for our Miracle Collagen product line.

此外，通過強化平台合作與內容行銷，來自公域的新客獲取持續增長，同時我們整體 CAC（獲客成本）仍保持良好可控。我們也通過深化與知名 IP 的合作提升品牌認知並推動轉化。例如，我們針對「奇蹟膠原」產品線，在全國主要商圈推出迪士尼聯名快閃活動。

These campaigns attracted active participation from potential customers and generated remarkable results. On top of that, we invited famous Chinese actress, Fan Bingbing, and popular Thai actress Mai to experience and endorse our collagen products.

這些活動吸引了潛在客戶的積極參與，並取得了顯著成效。此外，我們邀請了中國知名女演員范冰冰以及泰國人氣女演員 Mai 體驗並代言我們的膠原產品。

(spoken in foreign language)

(外語發言)

Moreover, we continued to improve our per-center economic model through standardized operations, we accelerated the ramp-up of new centers as we refined our product portfolio and customer acquisition. Our per-center operational efficiency improved steadily.

同時，我們通過標準化運營持續優化單中心經濟模型；隨著產品組合與獲客方式的完善，我們加速新中心的爬坡。單中心運營效率穩步提升。

In Q1, the number of profitable centers rose to 41 and 48 centers generated positive operating cash flow. Aesthetic center business gross margin reached 27%, reflecting continued operating efficiency gains.

第一季度，盈利中心數提升至 41 家，並有 48 家中心實現經營性現金流為正。醫美中心業務毛利率達到 27%，反映出運營效率持續改善。

(spoken in foreign language)

(外語發言)

This year, we will continue expanding our center footprint and broadening access with a focus on major Tier 1 cities. As economics of scale take effect, new centers run faster and operational efficiency improves further, we expect per-center revenue to keep climbing and the chain's financial model to improve meaningfully.

今年，我們將繼續擴大中心佈局並提升可及性，重點聚焦一線城市。隨著規模效應逐步顯現，新中心爬坡更快、運營效率進一步提升，我們預期單中心收入將持續上升，連鎖的財務模型也將得到顯著改善。

(spoken in foreign language)

(外語發言)

Next, let's turn to So-Young's professional medical delivery capabilities and reputation building. The long-term development of medical aesthetic chain business relies on high-quality medical service delivery. To this end, we continued to build core competitiveness across the physician team, diagnosis and treatment quality and user experience.

接下來，我們談談新氧在專業醫療交付能力與口碑建設方面的進展。醫美連鎖業務的長期發展依賴於高品質的醫療服務交付。為此，我們持續在醫師團隊、診療品質與用戶體驗等方面打造核心競爭力。

By March end, our full-time physicians reached about 230, up 9% from year-end 2025, maintaining industry leadership. We have also been enhancing physician capabilities and digitalizing operations to elevate the user experience and ensure consistent medical practice.

截至 3 月底，我們全職醫師約 230 人，較 2025 年底增長 9%，保持行業領先。我們也在持續提升醫師能力並推進運營數位化，以提升用戶體驗並確保醫療實踐的一致性。

(spoken in foreign language)

(外語發言)

In Q1, we established the So-Young Phoenix Medical R&D and Training Center and National Command and Control Center, focusing on medical research and training. The R&D center includes in-house labs for energy-based devices, injectables, ex vivo and testing. This enables us to thoroughly evaluate products and devices in the market.

第一季度，我們成立了新氧鳳凰醫療研發與培訓中心以及全國指揮與控制中心，聚焦醫學研究與培訓。研發中心包含能量類設備、注射類產品、離體（ex vivo）及檢測等自建實驗室。這使我們能夠對市場上的產品與設備進行全面評估。

As upstream product offerings continue to diversify, this capability keeps us grounded in clinical fundamentals, not marketing claims. We evaluate products based on clinical evidence to determine whether they are safe, effective and appropriate. From these filings, our R&D team develops treatment protocols and SOPs. Meanwhile, the training center is now fully operational. All physicians joining So-Young Clinic must complete intensive comprehensive training at the center and pass all assessments before practicing.

隨著上游產品供給持續多元化，這一能力讓我們立足於臨床基本面，而非行銷宣稱。我們基於臨床證據評估產品，判斷其是否安全、有效且適用。基於這些資料，我們的研發團隊制定治療方案與 SOP（標準作業程序）。同時，培訓中心現已全面投入運營。所有加入新氧診所的醫師必須在中心完成高強度、全面的培訓並通過全部考核後方可上崗。

(spoken in foreign language)

(外語發言)

The Command and Control Center is the brain of our clinic chain operations, delineate the safety and compliance office closes the loop on compliance.

指揮與控制中心是我們診所連鎖運營的「大腦」，並劃定安全與合規辦公室，形成合規閉環。

It allows headquarters to remotely monitor safety and compliance at our clinics, receive offline alerts and coordinate emergency responses. It enables real-time intervention to ensure medical safety. The user experience of this manage user journey, service design and complaints. Any user feedback is immediately escalated to headquarters for action, which helps us continuously improve our medical workflows. In addition, the operations office tracks operating data across centers nationwide to keep operations healthy.

它使總部能夠遠端監控我們診所的安全與合規情況，接收離線警報並協調緊急應對。它可實現即時介入，以確保醫療安全。使用者體驗涵蓋此管理使用者旅程、服務設計與投訴。任何使用者回饋都會立即上報至總部採取行動，這有助於我們持續改善醫療工作流程。此外，營運辦公室會追蹤全國各中心的營運數據，以保持營運健康。

(spoken in foreign language)

（以外語發言）

Now moving to our supply chain. We remain committed to diversifying and reinforcing our supply chain. Through multidimensional in-depth upstream partnerships, we aim for win-win outcomes while driving health industry growth.

現在轉到我們的供應鏈。我們仍致力於多元化並強化我們的供應鏈。透過多維度、深度的上游合作夥伴關係，我們力求雙贏，同時推動健康產業成長。

In April, we announced our partnership with Jinbo Biopharmaceutical through joint development. Both parties will leverage their respective advantage to pool resources and create value. The partnership grants us exclusive rights to Jinbo's new products, ViYme ColPact. On that basis, we launched our Miracle Collagen, offering four scenario anti-aging solutions using recombinant collagen for hair and face. This is our 20th green label product.

4月，我們宣布透過聯合開發與錦波生物製藥建立合作夥伴關係。雙方將發揮各自優勢，整合資源並創造價值。該合作使我們獲得錦波新產品 ViYme ColPact 的獨家權利。在此基礎上，我們推出了 Miracle Collagen，針對頭髮與臉部，使用重組膠原蛋白提供四種情境的抗老解決方案。這是我們第20款綠標產品。

The launch further reinforced our green label system, one that focus on compliance, on traceability and price transparency, while allowing us to optimize products based on our user feedback by connecting directly with upstream partners and using reverse customization, we are improving supply chain efficiency and meeting user needs better.

此次上市進一步強化了我們的綠標體系；該體系聚焦合規、可追溯性與價格透明。同時，透過直接連結上游合作夥伴並採用反向定制，我們能基於使用者回饋優化產品，提升供應鏈效率，更好地滿足使用者需求。

We also launched Enhanced Collagen, which combines hydrolyzed collagen type XVII to address skin dermal irritation. The upbranded Sakura Skin Booster Version 2 further enriched our offerings through deep supply chain collaboration and accelerated rollout of proprietary products. Our blockbuster strategy is unlocking growth momentum. Revenue from blockbuster products rose to 41% in Q1, driven by robust demand for BBL, Thermage and other things.

我們也推出了 Enhanced Collagen，結合水解第XVII型膠原蛋白，以改善皮膚真皮層刺激問題。升級版 Sakura Skin Booster 2.0 透過深度供應鏈協作進一步豐富了我們的產品組合，並加速自有產品的推出。我們的爆款策略正在釋放成長動能。在BBL、Thermage 等產品需求強勁帶動下，Q1 爆款產品收入占比提升至41%。

(spoken in foreign language)

（以外語發言）

In closing, I'd like to emphasize that as medical aesthetic industry enters a new phase of high-quality, inclusive growth, companies with standardized medical delivery capabilities, scalable operating efficiency and a powerful supply chain will be well positioned for the future. Market leadership advantage will become increasingly evident. With full industry chain capabilities built over years, we have developed a unique competitive edge.

最後我想強調，隨著醫療美容產業進入高品質、普惠成長的新階段，具備標準化醫療交付能力、可擴展的營運效率以及強大供應鏈的公司，將在未來占據有利位置。市場領導優勢將愈發明顯。憑藉多年打造的全產業鏈能力，我們已形成獨特的競爭優勢。

Looking ahead, we will firmly advance our 1,000 centers goal, while maintaining a measured expansion pace, we will continue optimizing our operating and financial performance. We aim to create value for users and shareholders and to drive industry's long-term development.

展望未來，我們將堅定推進1,000家中心的目標，同時保持審慎的擴張節奏，持續優化營運與財務表現。我們旨在為使用者與股東創造價值，並推動行業的長期發展。

(spoken in foreign language)

（以外語發言）

Now I'll hand it over to our VP of Finance, Zhang Sha, to walk through the financial results followed by the Q&A session.

接下來我把時間交給我們的財務副總裁張莎，為大家解讀財務業績，之後進入問答環節。

(spoken in foreign language)

（以外語發言）

Thank you, Xing, and thank you, everyone, for joining us today. I'm Zhang Sha, Vice President of Finance. I will walk you through our first quarter 2026 financial results. For additional details on our first quarter performance, please refer to the earnings release issued earlier today. Unless otherwise noted, all amounts are in RMB.

謝謝你，Xing，也謝謝各位今天參與。我是財務副總裁張莎。我將為大家介紹我們2026年第一季度的財務業績。如需了解第一季度表現的更多細節，請參閱我們今天稍早發布的財報新聞稿。除非另有說明，所有金額均以人民幣計。

We started the year off strongly with a robust Q1 performance. Total revenue for the quarter grew 45.6% year-over-year to RMB432.8 million, driven by the -- driven by the sustained growth momentum in our branded aesthetic center business. We are also encouraged that our supply chain is not only supporting our chain operations, but also fueling growth in our upstream supply chain business.

我們以強勁表現開啟新的一年，第一季度業績穩健。本季度總收入同比增長45.6%至人民幣4.328億元，主要由我們品牌醫美中心業務的持續成長動能所帶動——主要由其所帶動。我們也很受鼓舞的是，我們的供應鏈不僅支撐連鎖營運，也在推動上游供應鏈業務的成長。

Let's dive into each business segment. Revenue from aesthetic treatment service increased to RMB282.4 million, up 185.8% year-over-year, and exceeding high end of our guidance for the fourth consecutive quarter. This segment accounted for over 65% of total revenue during the quarter. Its gross margin expanded by 8.4 percentage points year-over-year and 3.3 percentage points quarter-over-quarter.

下面我們深入看各業務分部。醫美治療服務收入增至人民幣2.824億元，同比增長185.8%，並連續第四個季度超出我們指引區間的上限。該分部在本季度占總收入的65%以上。其毛利率同比提升8.4個百分點，環比提升3.3個百分點。

We are pleased to see our core growth driver continue to gain traction in both revenue and profitability as we execute our dual-engine strategy focused on scale and efficiency. As of March 31, we operated 54 So-Young clinics across 16 major cities, reflecting a net addition of five centers during the quarter.

我們很高興看到，隨著我們執行聚焦規模與效率的雙引擎策略，核心成長驅動因素在收入與盈利能力兩方面持續增強。截至3月31日，我們在16個主要城市運營54家新氧診所，本季度淨新增5家中心。

Now breaking down revenue by center phase. Our 20 mature-phase centers generated are RMB150 million revenue or roughly RMB7.5 million per center. Our 23 growth-phase center contributed RMB109.5 million or roughly RMB4.8 million per center. The 11 ramp-up phase center contributed to RMB22.9 million or roughly RMB2.1 million per center. It's worth mentioning that average revenue per center for this in the ramp-up phase saw significant growth, both year-over-year and quarter-over-quarter.

接下來按中心所處階段拆分收入。我們20家成熟期中心合計實現人民幣1.5億元收入，約每家中心人民幣750萬元。我們23家成長期中心貢獻人民幣1.095億元，約每家中心人民幣480萬元。11家爬坡期中心貢獻人民幣2,290萬元，約每家中心人民幣210萬元。值得一提的是，爬坡期中心的單中心平均收入同比與環比均實現顯著增長。

They clearly validates how our increasingly standardized operations are effectively (inaudible) team their ramp-up trajectory.

這清楚驗證了我們日益標準化的營運正在有效地（聽不清）團隊其爬坡軌跡。

In the meantime, average revenue per-mature phase center remains solid and well above the level seen in ramp-up and growth-phase centers. In terms of profitability, 41 centers were profitable and 48 centers generated positive operating cash flow during the quarter, reflecting a net addition of [16 and 9] respectively, from last quarter with a robust pipeline steadily transitioning into maturity.

同時，成熟期中心的單中心平均收入依然穩健，且明顯高於爬坡期與成長期中心的水平。在盈利方面，本季度有41家中心實現盈利，48家中心產生正向經營現金流；較上季度分別淨增加[16家與9家]，反映出強勁的儲備管線正穩步轉入成熟期。

Alongside our ongoing scale expansion and operation efficiency enhancement, we are confident in our ability to continue driving revenue growth and improving our profitability profile of this segment. Turning to our other segments. Information and Reservation services revenues were RMB80.3 million, down 34% year-over-year, primarily due to a decrease in the number of medical service providers subscribing to our information services. Sales of medical products and maintenance service revenues were RMB57.1 million, up 2.8% year-over-year, driven by an increase in order volume of medical products.

隨著我們持續擴大規模並提升營運效率，我們有信心繼續推動該分部的收入成長，並改善其盈利能力結構。接下來看其他分部。資訊及預約服務收入為人民幣8,030萬元，同比下降34%，主要由於訂閱我們資訊服務的醫療服務提供者數量減少。醫療產品銷售及維護服務收入為人民幣5,710萬元，同比增長2.8%，主要由醫療產品訂單量增加所帶動。

Other service revenues were RMB12.9 million, down 39.3% year-over-year due to lower insurance brokerage revenue. I will now walk you through our financials below revenue in more details. Cost of revenue were RMB251 million, up 65.8% year-over-year, driven primarily by the expansion of our branded aesthetic centers, breaking that down by segment. Cost of aesthetic treatment service was RMB205.8 million, up 156.4% year-over-year. Cost of information and reservation service was RMBwas 6.4 million, down 72.5% year-over-year.

其他服務收入為人民幣1,290萬元，同比下降39.3%，原因是保險經紀收入降低。下面我將更詳細地介紹收入以下的財務項目。營業成本為人民幣2.51億元，同比增長65.8%，主要由我們品牌醫美中心擴張所帶動；下面按分部拆分。醫美治療服務成本為人民幣2.058億元，同比增長156.4%。資訊及預約服務成本為人民幣640萬元，同比下降72.5%。

Cost of medical products sold and maintenance service was RMB30.4 million, down 0.1% year-over-year. Cost of other services was RMB8.4 million, down 51.6% year-over-year. Total operating expenses was RMB239.7 million, up 26.6% year-over-year and more notably growing at a slower pace than total revenues.

已售醫療產品及維護服務成本為人民幣3,040萬元，同比下降0.1%。其他服務成本為人民幣840萬元，同比下降51.6%。總營運費用為人民幣2.397億元，同比上升26.6%，且增速明顯低於總收入增速。

Sales and marketing expenses was RMB130.8 million, up 33.7% year-over-year. The increase was mainly driven by higher branding and user acquisition spending as well as higher payroll costs to support our branded aesthetic centers.

銷售及行銷費用為人民幣1.308億元，同比上升33.7%。增長主要由更高的品牌建設與用戶獲取投入，以及為支持我們的品牌醫美中心而增加的人員薪酬成本所帶動。

G&A expenses were RMB84.5 million, up 42.5% year-over-year, reflecting the continued expansion of branded aesthetic centers. R&D expenses was RMB24.3 million, down 24.2% year-over-year, driven by improved staff efficiency.

一般及行政費用為人民幣8,450萬元，同比上升42.5%，反映品牌醫美中心的持續擴張。研發費用為人民幣2,430萬元，同比下降24.2%，主要由員工效率提升所驅動。

Income tax benefits were RMB0.8 million compared with RMB1.6 million in the prior year period. Net loss attributable to So-Young was RMB49.2 million, compared with RMB33.1 million in the prior year period. Non-GAAP net loss attributable to So-Young was RMB46.6 million compared with RMB31.5 million in the prior year period.

所得稅收益為人民幣80萬元，而上年同期為人民幣160萬元。歸屬於新氧的淨虧損為人民幣4,920萬元，而上年同期為人民幣3,310萬元。歸屬於新氧的非GAAP淨虧損為人民幣4,660萬元，而上年同期為人民幣3,150萬元。

Basic and diluted loss per ADS was RMB0.48 compared with RMB0.32 in the primary (sic) [prior] year period. As of March 31, 2026, our cash and cash equivalents, restricted cash and term deposits, term deposits and short-term investments totaled RMB880 million, compared with RMB936.4 million as of year-end 2025.

每股ADS基本及攤薄虧損為人民幣0.48元，而（原文如此）[上]年同期為人民幣0.32元。截至2026年3月31日，我們的現金及現金等價物、受限制現金及定期存款、定期存款及短期投資合計為人民幣8.80億元，而截至2025年末為人民幣9.364億元。

The decrease reflects strategic capital allocation to accelerate the expansion of our branded aesthetic center and the next phase of growth.

該下降反映我們進行策略性資本配置，以加速品牌醫美中心擴張及下一階段成長。

Turning to our outlook for Q2. Given our continued confidence in the branded aesthetic center business, we expect aesthetic treatment service revenues to be between RMB307 million and RMB317 million, representing year-over-year growth of 112.6% to 119.5%. Looking at 2026, we are advancing key initiatives across supply chain optimization.

接下來談談我們對第二季的展望。基於我們對品牌醫美中心業務的持續信心，我們預計醫美治療服務收入介於人民幣3.07億元至3.17億元之間，同比增長112.6%至119.5%。展望2026年，我們正推進供應鏈優化等關鍵舉措。

Medical delivery excellence and operational efficiency. Together, these efforts will strengthen our leadership position, drive sustainable growth and support a clear path to profitability. This concludes my remarks. Operator, we are now ready to begin the Q&A session.

醫療交付卓越與營運效率提升。這些努力將共同鞏固我們的領導地位，推動可持續成長，並支持清晰的盈利路徑。我的發言到此結束。主持人，我們現在準備開始問答環節。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（主持人指示）

Jinpeng He, Citic.

何金鵬，中信。

(spoken in foreign language)

（外語發言）

Thank you for taking my question. I'm Jinpeng He from Citic Securities. So I have a question about the medical aesthetics industry. So we are seeing the industry has experienced a slowdown in overall growth and also intensified competition in the past two years. So under this background, what are the development status and consumer characteristics in China's medical aesthetics industry? And looking ahead, what opportunities do you see?

感謝讓我提問。我是中信證券的何金鵬。我有一個關於醫療美容行業的問題。我們看到過去兩年行業整體增長放緩，競爭也加劇。在這樣的背景下，中國醫美行業的發展現狀與消費者特徵是什麼？展望未來，您看到了哪些機會？

(spoken in foreign language)

（外語發言）

So we remain bullish on Light medical aesthetics in China. While the broader market is cooling, structural opportunities remain. As of 2025, China's medical aesthetics market had exceeded RMB317 billion. Light medical aesthetics captured nearly 80% of the market, overtaking surgical treatment as the mainstream choice. This segment also has leading growth potential globally.

我們仍然看好中國的輕醫美。儘管整體市場降溫，結構性機會依然存在。截至2025年，中國醫美市場規模已超過人民幣3,170億元。輕醫美佔據了近80%的市場份額，超越手術治療成為主流選擇。該細分領域在全球也具備領先的成長潛力。

(spoken in foreign language)

（外語發言）

So this internal structural change is driven by evolving consumer habits in the following areas.

這一內部結構性變化由以下幾方面的消費習慣演進所驅動。

First, medical aesthetic consumption is evolving from changing appearance to anti-aging. People now want to look younger, not to become someone else. Second, consumers are becoming more rational. They will pay a premium for better technologies, but not marketing hype.

第一，醫美消費正從改變外貌轉向抗衰老。人們現在想要看起來更年輕，而不是變成另一個人。第二，消費者正變得更加理性。他們願意為更好的技術支付溢價，但不會為行銷噱頭買單。

Third, medical aesthetic is gaining rising popularity. Second and third-tier cities now match first-tier cities in both ARPU and consumer awareness. We believe this new demand is difficult for traditional clinics to meet and stay focused on the affluent with services, prepared card requirements and large single city centers. What's needed is what we offer, convenient, standardized, affordable and premium services through a clinic chain.

第三，醫美正在變得更普及。二、三線城市在ARPU與消費者認知方面已可與一線城市匹敵。我們認為，這種新需求是傳統診所難以滿足的，因其服務仍聚焦富裕人群，並依賴預付卡要求與單城大型中心。市場需要的是我們所提供的：透過連鎖診所提供便捷、標準化、可負擔且高品質的服務。

(spoken in foreign language)

（外語發言）

Overall, the industry has entered a new phase, more device supply, greater price transparency and fiercer yet more mature competition. Upstream supply has been accelerating since 2025, particularly hot categories like PLLA and collagen. We've already seen more than 10 Class III certificate approvals in each category, and we expect more to come, eventually reaching the same level of diversity as anti-aging products. For So-Young, that means more product choices, better procurement costs and enhanced user experience.

總體而言，行業已進入新階段：設備供給更多、價格透明度更高，競爭更激烈但也更成熟。自2025年起，上游供給加速，尤其是PLLA與膠原蛋白等熱門品類。我們已看到每個品類均有超過10項三類證獲批，且預計還會有更多，最終達到與抗衰產品相同的多樣化水平。對新氧而言，這意味著更多產品選擇、更優採購成本以及更佳用戶體驗。

(spoken in foreign language)

（外語發言）

In this environment, medical aesthetic clinics, the key bridge connecting upstream manufacturers and consumers will succeed only if they can deliver effective, affordable, safe and reliable products and services.

在這樣的環境下，作為連接上游製造商與消費者的關鍵橋樑，醫美機構只有在能夠提供有效、可負擔、安全且可靠的產品與服務時，才能取得成功。

In 2026, we expect competition to remain intense across the industry. Weaker players will continue to exit and survivors will need differentiated positioning. In our case, So-Young Clinic is positioned like a Sam's Club of medical aesthetics, known for consistency, affordability and accessibility.

在2026年，我們預計全行業競爭仍將保持激烈。較弱的參與者將持續退出，存活者需要差異化定位。就我們而言，新氧診所的定位類似醫美界的山姆會員店（Sam's Club），以一致性、可負擔性與可及性著稱。

Combined with our established supply chain and diversified customer acquisition channels, this gives us a competitive edge over traditional high-end and single-store private centers. As we scale, our advantage will compound.

再結合我們既有的供應鏈與多元化獲客渠道，這使我們相較於傳統高端及單店私營中心具備競爭優勢。隨著我們規模擴大，優勢將進一步累積放大。

(spoken in foreign language)

（外語發言）

Looking ahead, China's medical aesthetic market is forecast to exceed (inaudible) by 2030, making it the world's most promising market in this industry. We believe the industry's biggest opportunity lies in network expansion through uniform services. China's market capacity can accommodate thousands clinic chain brands. So-Young is confident in becoming one of them.

展望未來，預計到2030年，中國醫美市場規模將超過（聽不清），成為全球該行業最具前景的市場。我們認為，行業最大的機會在於透過統一服務實現網路擴張。中國市場容量可容納數千個連鎖診所品牌。新氧有信心成為其中之一。

[James Zheng], GF Securities.

[James Zheng]，廣發證券。

(spoken in foreign language) This is James from Guangfa Security. My question is, we can see that the purchase rate among core member is very high, indicating strong user stickiness. Can you help us understand whether there is still upside potential for high-value users annual spending? Or will you grow ARPU through SKU expansion, which blockbuster products can we expect?

（外語發言）我是廣發證券的James。我的問題是，我們看到核心會員的購買率非常高，顯示用戶黏性很強。您能否幫助我們理解，高價值用戶的年度支出是否仍有上行空間？或者您會透過SKU擴張來提升ARPU，我們可以期待哪些爆款產品？

(spoken in foreign language)

（以外語發言）

Yes, indeed, we are seeing strong repurchase intent and consumption stickiness among core members. This gives us a solid foundation to grow user value over time.

是的，確實，我們看到核心會員具有強勁的回購意願與消費黏性。這為我們隨時間提升用戶價值奠定了堅實基礎。

(spoken in foreign language)

（以外語發言）

Going forward, we will increase ARPU in two ways. First, we will provide dedicated services for core members at Level 3 and above. Through differentiated benefits and personalized services, we will enhance brand value. Combined with curated SKUs, this allows us to meet our users' diverse and evolving light medical aesthetic needs while increasing lifetime value.

展望未來，我們將透過兩種方式提升 ARPU。第一，我們將為 3 級及以上的核心會員提供專屬服務。透過差異化權益與個人化服務，我們將提升品牌價值。結合精選 SKU，這使我們能在提升終身價值的同時，滿足用戶多元且不斷演進的輕醫美需求。

Second, we will continue expanding our mid- to high-end offerings while promoting coordinated diagnosis and bundled complementary treatment solutions. This will meaningfully boost ARPU.

第二，我們將持續擴充中高端供給，同時推動協同診斷與打包式的互補治療解決方案。這將顯著提升 ARPU。

(spoken in foreign language)

（以外語發言）

For blockbuster products, popular treatments like Thermage and BBL have been strong drivers of ARPU. New products launched with upstream partners are also gaining traction. Our skin booster series with Xihong Biopharma and collagen products with Jinbo Biopharmaceutical have shown strong market reception and sales momentum. These new products enrich our mid- to high-end product portfolio while also driving (inaudible) behavior and ARPU. They are definitely something to look forward to.

在爆款產品方面，熱瑪吉（Thermage）與 BBL 等熱門療程一直是 ARPU 的強勁驅動因素。我們與上游合作夥伴共同推出的新產品也正逐步獲得市場認可。我們與西宏生物合作的水光系列，以及與錦波生物製藥合作的膠原蛋白產品，均展現出良好的市場反響與銷售動能。這些新產品不僅豐富了我們的中高端產品組合，也帶動了（聽不清）行為與 ARPU。確實值得期待。

Daisy Chen, Haitong Securities.

陳黛西，海通證券。

(spoken in foreign language)

（以外語發言）

I'll translate myself. Could management elaborate more on talent reserve and organizational capability building? Like how is the reserve of high-quality doctors? And what unique mechanism does the company adopt for the long-term retention of the professional talent?

我自己來翻譯。管理層能否更詳細說明人才儲備與組織能力建設？例如高品質醫師的儲備情況如何？以及公司採取了哪些獨特機制，以實現專業人才的長期留任？

(spoken in foreign language)

（以外語發言）

We have always said that premium services are defined by high-quality medical delivery. This is critical for earning user trust and driving perception, which is why talent development is so central for us.

我們一直強調，高端服務的核心在於高品質的醫療交付。這對於贏得用戶信任與塑造口碑認知至關重要，因此人才培養對我們而言是重中之重。

(spoken in foreign language)

（以外語發言）

It all starts with rigorous hiring and training standards. As China's largest light medical aesthetic chain, So-Young continues to attract high-quality doctors with physician team keeping expanding. We now have about 230 full-time physicians.

一切始於嚴格的招聘與培訓標準。作為中國最大的輕醫美連鎖機構，新氧持續吸引高品質醫師，醫師團隊也在不斷擴大。我們目前約有 230 名全職醫師。

All hires undergo rigorous selecting, and we require every physician to complete theoretical and hands-on training and assessments before practicing. As mentioned in our remarks, our physician training center and R&D center at Beijing headquarters are now up and running. These facilities further strengthen our already high standards for skills and treatment consistency across our network.

所有新聘人員都需經過嚴格篩選，我們要求每位醫師在執業前完成理論與實操培訓及考核。如我們在發言中提到的，我們位於北京總部的醫師培訓中心與研發中心現已投入運營。這些設施進一步強化了我們在全網絡範圍內對技能水準與治療一致性的高標準要求。

(spoken in foreign language)

（以外語發言）

In terms of talent retention, we have built a multilayer long-term retention mechanism. Our physician turnover rate is currently in line with the industry average. First, on performance incentives, we offer competitive commission linked to treatment volume to reward high performers.

在人才留任方面，我們建立了多層次的長期留任機制。目前我們的醫師流失率與行業平均水準一致。第一，在績效激勵方面，我們提供與治療量掛鉤的具競爭力提成，以獎勵高績效者。

Second, we designed clear progression path for physicians at different levels. For instance, doctors at PT2 level or above can receive customized training through our deep collaborations with leading partnerships like Allergan. We also help them do professional influence through live streaming visibility and other reputation-building opportunities. Additionally, we have a well-defined promotion ladder from in-clinic physician to regional physicians and ultimately to master group physicians.

第二，我們為不同層級的醫師設計了清晰的職涯發展路徑。例如，PT2 級及以上的醫師可透過我們與艾爾建（Allergan）等頭部合作夥伴的深度合作，獲得客製化培訓。我們也透過直播曝光等口碑打造機會，協助他們提升專業影響力。此外，我們建立了明確的晉升階梯，從院內醫師到區域醫師，最終到大師組醫師。

(spoken in foreign language)

（以外語發言）

Meanwhile, as an international company, So-Young has established a comprehensive talent incentive system. We offer equity plans to core and outstanding employees by aligning individual growth with company development. Employees share the benefits of our success, fostering both motivation and a deeper sense of belonging.

同時，作為一家國際化公司，新氧已建立完善的人才激勵體系。我們向核心與優秀員工提供股權計畫，將個人成長與公司發展相結合。員工可分享公司成功帶來的收益，從而提升動力並增強歸屬感。

We are confident that So-Young's brand awareness, robust training system and diversified talent retention mechanism will continue to underpin a solid pipeline of quality physicians and other outstanding talents, further reinforcing our medical delivery capabilities.

我們有信心，新氧的品牌知名度、完善的培訓體系以及多元化的人才留任機制，將持續支撐高品質醫師及其他優秀人才的穩健供給，進一步強化我們的醫療交付能力。

Thank you.

謝謝。

Jessie Xu, CICC.

徐潔西，中金公司。

(spoken in foreign language)

（以外語發言）

So could you walk us through what innovations the company has introduced in restructuring the traditional clinical service model? And what are the specific changes in the roles and positioning of physicians and consultants.

能否請您介紹一下，公司在重構傳統臨床服務模式方面做了哪些創新？以及醫師與諮詢師的角色與定位具體有哪些變化？

(spoken in foreign language)

（以外語發言）

We are driving innovation through two main paths; upgrading our diagnosis and treatment systems and advancing our physician-led initial consultation policy.

我們主要透過兩條路徑推動創新：升級診療體系，以及推進「醫師主導的初診諮詢」政策。

(spoken in foreign language)

（以外語發言）

On the system front, we are working with experts to categorize users' skin types by their underlying causes. This work enables us to build templates and create treatment guidance that ensure standard services.

在體系層面，我們正與專家合作，按皮膚問題的底層成因對用戶膚質進行分類。這項工作使我們能建立模板並形成治療指引，以確保服務標準化。

We also plan to upgrade skin detectors, integrating big data and AI to enable automatic treatment recommendations. We believe these initiatives will help us automate our diagnosis and treatment process, boosting operational efficiency across our clinics.

我們也計畫升級皮膚檢測設備，整合大數據與 AI，以實現自動化的治療建議。我們相信，這些舉措將幫助我們推動診療流程自動化，提升各門店的營運效率。

(spoken in foreign language)

（以外語發言）

In parallel, we are rolling out a physician-led policy where doctors are involved from the very first customer visit to provide professional in-person consultations. Under this model, the role of consultant shifts from leading consultation to supporting the doctor in diagnosis and treatment.

同時，我們正在推行醫師主導政策，讓醫師從客戶首次到店起即參與，提供專業的面對面諮詢。在此模式下，諮詢師的角色將從主導諮詢轉為支持醫師進行診斷與治療。

This adjustment highlights the medical nature of our services, which will enhance customer trust and improve conversion. We have piloted this policy in selected clinics. In future, we plan to have 100% new customers consulted by a physician with physician-led consultation gradually expanding to returning customers. Thank you.

這一調整凸顯了我們服務的醫療屬性，將提升客戶信任並改善轉化率。我們已在部分門店試點該政策。未來，我們計畫讓 100% 的新客由醫師進行諮詢，並逐步將醫師主導諮詢擴展至回訪客戶。謝謝。

This concludes our question-and-answer session and today's conference call. Thank you for joining us. You may now disconnect.

以上為問答環節及今天的電話會議內容。感謝各位參與。您現在可以掛線。