So-Young International Inc. American Depository Shares 2026 Q2 Earnings Call

大家好，欢迎参加今天的财报电话会议。2026年第二季度，我们坚定践行规模与效益双轮驱动战略，持续深耕线下连锁业务，依托不断夯实的专业医疗能力，日益完善的标准化交付体系，及智能化应用的深度赋能，连锁业务的规模化运营能力得到持续提升，业绩表现保持强劲。本季度连锁业务收入达到3.3亿元人民币，同比增长约130%，超越指引上限约五个百分点。集团实现季度收入历史新高，整体收入同比增长33%至5.1亿元人民币。叠加集团运营效率的提升，规模净亏损同比大幅收窄到2,269万元人民币，同比减亏37%。 Hello everyone, and welcome to today's earnings call.

In Q2 2026, we continue to expand our aesthetic treatment business. Guided by our dual engines of scale and efficiency, backed by our ever-improving medical capabilities, a uniform delivery framework, and wider AI adoption, the business enhanced its operational ability and delivered a robust performance. Its Q2 revenue reached RMB 330 million, up roughly 130% year-over-year, beating the upper end of guidance by about 5%. As a result, group revenue hit a quarterly record, growing 33% year-over-year to about RMB 510 million. With better operating efficiency, net loss attributable to the company narrowed by 37% year-over-year to RMB 22.7 million.

下面具体分享一下我们第二季度的核心业务进展。本季度双轮驱动战略成效显现。新氧青春诊所在保持良好拓展节奏的同时，经营质量也在稳步向好。截至第二季度，新氧青春诊所已进入18个城市，门店总数达到65家。规模化不但提升了服务的可及性，更通过强化品牌认知，有效占领了用户心智，从而驱动服务量与用户规模持续提升。在服务量方面，二季度连锁核销人次突破16.5万次，同比增长145%，核销服务点数量超过36.2万个，同比增长134%。在用户规模方面，活跃用户数在六月底突破了25万人，其中L3级以上的核心会员数超过了7.8万。核心会员季度复购率依然保持在出色的水平，体现了用户对连锁医疗交付质量的高度认可。在新客方面，本季度新客人数继续保持环比增长，其中老带新裂变贡献的新客占比稳定在50%以上，不仅有效摊薄了综合获客成本，更帮助我们沉淀了高粘度的优质用户基盘，为后续提升用户全生命周期价值和留存率打下了坚实基础。同时，公寓新客数量及占比也均实现稳步提升，展现出我们高效的全域获客策略。 Now, turning to the key business developments in Q2.

The dual engine approach delivered clear results this quarter. So-Young Youth Clinic kept a healthy pace of expansion while operating quality improved. By the end of Q2, So-Young Youth Clinic expanded into 18 cities with 65 centers in total. The larger footprint improved accessibility. More importantly, it reinforced brand awareness and captured consumer mind share, driving continued growth in treatment volume and user base. On treatment volume, verified visits exceeded 165,000 in Q2, up 145% year-over-year. Verified aesthetic treatment performed were above 362,000, up 134% year-over-year. On the user front, active users reached over 250,000 by the end of June. In particular, the number of level 3 and above core members exceeded 78,000. The quarterly retention rate of core members remained robust, reflecting high user regard for our quality.

New customer count also grew quarter-over-quarter, with over 50% of them being referrals. This lowered blended acquisition costs while building a loyal, high quality user base, which in turn positions us to lift user LTV and retention. Meanwhile, both the volume and mix of public domain new customers rose, confirming that our full channel acquisition playbook works.

此外，门店的盈利能力也在持续改善。通过系统性地优化运营流程，强化资源协同，门店运营效率得到了有效提升。得益于此，二季度实现店端盈利的门店数量增至47家，现金流为正的门店达到51家，连锁业务的整体毛利率同比提升约3.8个百分点，达到28.1%。这些成果经验证了我们管理举措的有效性。 Care center profitability also improved as we refined operating workflows and heightened resource coordination.

As a result, in Q2, the number of profitable centers rose to 47, with 51 generating positive operating cash flow. Gross margin of the aesthetic treatment business improved by about 3.8 percentage points year-over-year to 28.1%. These outcomes validate our management approach.

连锁业务的稳步发展，立足于新氧稳固的供应链优势和持续丰富的产品供给。4月底，我们与锦波生物联合推出了奇迹胶原产品系列，一经面世便广受用户欢迎，上市到现在累计售出超过6,600支。在6月，我们又上线了微美WaveCol，其采用自交联技术，在不含交联剂的情况下就能呈现出凝胶质地，可帮助填充眼周、颊面中部等区域，持续促生胶原，让感官更自然。我们与锦波生物的合作，代表着产业链上下游从传统供货关系进一步走向产品共创、场景共建和长期价值协同。未来，新氧会将这一合作模式扩展至更多国内外药械和设备企业。我们将围绕消费者洞察、产品定义、适应场景开发、医生培训、标准化操作、上市后评价和持续迭代展开合作，加速先进技术从研发端走向真实消费场景。 Healthy growth of our aesthetic treatment business relies on a robust supply chain and enriched product lineup.

In late April, Miracle Collagen, our joint product with Jinbo Bio-Pharmaceutical, launched to a warm reception with over 66,000 units sold to date. In June, we rolled out WaveCol. It adopts self cross-linking technology to create a gel texture without a cross-linking agent.