So-Young International Inc. (NASDAQ:SY), one of China’s largest online platforms for aesthetic medical services, announced third-quarter results on Monday that came in below Wall Street’s revenue forecasts, though the stock still traded slightly higher before the opening bell.
The company reported RMB386.7 million ($54.3 million) in total revenue for the quarter, missing analysts’ expectations of RMB444.71 million. Even so, the figure marked a 4.0% increase from the RMB371.8 million generated a year earlier. So-Young also posted a non-GAAP net loss of RMB61.6 million ($8.7 million), swinging from a non-GAAP net income of RMB22.2 million in the third quarter of 2024.
Despite the headline revenue miss, the company delivered standout growth in its aesthetic treatment services segment, which surged 304.6% year over year to RMB183.6 million ($25.8 million)—exceeding the upper end of management’s guidance. The jump was powered by the rapid rollout of So-Young’s network of branded aesthetic centers, which reached 39 fully operational facilities across ten major cities by September 30.
“In the third quarter, our branded aesthetic centers continued to deliver strong, high-quality growth with aesthetic treatment services revenues once again exceeding our guidance range,” said Mr. Xing Jin, Co-Founder and Chief Executive Officer of So-Young. “By deepening integration with our supply chain and upholding industry-leading medical and compliance standards, we are redefining how value is created and shared.”
Operational trends also strengthened meaningfully. Verified treatment visits at the company’s branded centers climbed to over 89,800, compared with roughly 23,600 during the same quarter last year. Active users surpassed 130,000, more than quadrupling from approximately 30,300 in the third quarter of 2024.
Looking ahead, So-Young expects aesthetic treatment services revenue in the fourth quarter of 2025 to come in between RMB216.0 million and RMB226.0 million, representing growth of 165.8% to 178.1% from the year-earlier period.