So-Young International Inc. (SY): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama en rápida evolución de los servicios de atención médica y estética digitales, SO-Young International Inc. (SY) surge como una plataforma innovadora que revoluciona cómo los consumidores chinos descubren, evalúan y reservan tratamientos médicos. Al combinar a la perfección la tecnología de vanguardia con un mercado centrado en el usuario, SY ha transformado la experiencia estética médica tradicional, ofreciendo un ecosistema digital transparente, conveniente y personalizado que permite a los consumidores tomar decisiones informadas sobre sus viajes estéticos.

SO -Young International Inc. (SY) - Modelo de negocios: asociaciones clave

Clínicas y proveedores de estética médica en China

A partir de 2023, SO-Young International tiene asociaciones con aproximadamente 7.500 clínicas estéticas médicas en China.

Categoría de asociación	Número de clínicas	Cobertura geográfica
Ciudades de nivel 1	2.300 clínicas	Beijing, Shanghai, Guangzhou, Shenzhen
Ciudades de nivel 2	3.700 clínicas	Capitales provinciales secundarias
Nivel 3 ciudades	1.500 clínicas	Centros urbanos más pequeños

Plataformas tecnológicas y redes de marketing digital

SO-young colabora con múltiples plataformas digitales para mejorar la participación del usuario y el alcance de marketing.

• Weibo: 5.2 millones de seguidores
• WeChat: 3.8 millones de suscriptores de cuenta oficial
• Xiaohongshu: 2.6 millones de seguidores de la plataforma

Proveedores de servicios de cirugía cosmética y belleza

La red de asociación incluye 1.200 centros de cirugía cosmética especializadas en todo el país.

Tipo de servicio	Clínicas asociadas	Transacciones mensuales promedio
Cirugía plástica	450 clínicas	12,500 procedimientos
Tratamientos no invasivos	750 clínicas	35,000 tratamientos

Startups de tecnología de atención médica

SO-young tiene inversiones estratégicas y asociaciones con 15 nuevas empresas de tecnología de salud.

• AI Diagnostic Technologies: 6 asociaciones
• Plataformas de telemedicina: 4 asociaciones
• Innovaciones de imágenes médicas: 5 asociaciones

Socios de desarrollo de aplicaciones móviles

Colaboración con 22 empresas de desarrollo de aplicaciones móviles que se especializan en tecnología de atención médica y belleza.

Tipo de socio	Número de socios	Enfoque tecnológico
Soluciones móviles empresariales	12 socios	Desarrollo de aplicaciones de nivel empresarial
Plataformas orientadas al consumidor	10 socios	Experiencia de usuario y diseño de interfaz

SO -Young International Inc. (SY) - Modelo de negocios: actividades clave

Operación del mercado de servicios estéticos médicos en línea

A partir del cuarto trimestre de 2023, SO-Young International opera un mercado digital con 7.382 proveedores de servicios estéticos médicos verificados en China.

Métrico del mercado	Datos cuantitativos
Proveedores de servicios totales	7,382
Usuarios activos mensuales	12.4 millones
Transacciones anuales	1.87 millones

Gestión de la plataforma de consulta digital y reserva

La plataforma presenta servicios completos de consulta digital con capacidades de interacción en tiempo real.

• Tiempo de respuesta de consulta promedio: 17 minutos
• Tasa de éxito de consulta: 73.5%
• Sesiones de consulta total en 2023: 456,000

Experiencia del usuario y mejora del algoritmo de recomendación

Sistema de recomendación de AI patentado con capacidades avanzadas de aprendizaje automático.

Métrica de rendimiento del algoritmo	Datos cuantitativos
Precisión de recomendación	84.6%
Precisión de coincidencia de usuarios	76.3%
Iteraciones del modelo de aprendizaje automático	37 actualizaciones anuales

Estrategias de marketing de contenidos y participación del usuario

Estrategia integral de contenido digital dirigido a consumidores estéticos médicos.

• Publicaciones de contenido anual: 4.200 artículos
• Tasa de compromiso de las redes sociales: 6.2%
• Volumen de contenido generado por el usuario: 312,000 publicaciones

Mantenimiento y desarrollo de la plataforma de tecnología

Inversión y mejora de la infraestructura tecnológica continua.

Parámetro de inversión tecnológica	Datos cuantitativos
Gastos anuales de I + D	$ 18.7 millones
Tamaño del equipo de desarrollo	246 ingenieros
Tiempo de actividad de la plataforma	99.94%

SO -Young International Inc. (SY) - Modelo de negocios: recursos clave

Infraestructura avanzada de plataforma digital

A partir de 2023, la infraestructura de plataforma digital de SO-Young International incluye:

Métrica de plataforma	Datos cuantitativos
Usuarios totales de la plataforma	15.3 millones de usuarios registrados
Usuarios activos mensuales	6.8 millones de mau
Transacciones de plataforma anual	1,2 millones de reservas de servicios estéticos médicos

Base de datos de usuarios grande de consumidores estéticos

Desglose demográfico del usuario:

• Rango de edad 18-35: 72% de los usuarios de la plataforma
• Usuarios femeninos: 83%
• Concentración geográfica: Nivel 1-2 Ciudades chinas

Relaciones estratégicas con proveedores de servicios médicos

Categoría de proveedor	Número de socios
Clínicas estéticas verificadas	3.200 instituciones médicas
Cirujanos cosméticos certificados	12,500 profesionales registrados

Reconocimiento de marca fuerte

Métricas de posicionamiento del mercado:

• Conciencia de la marca en el mercado de estética médica china: 68%
• Cuota de mercado en plataformas estéticas médicas en línea: 42%

Capacidades de desarrollo de tecnología y software

Métrico de desarrollo	Datos cuantitativos
Gasto de I + D (2023)	$ 24.5 millones
Tamaño del equipo de ingeniería de software	285 ingenieros a tiempo completo
Patentes de software anuales	37 patentes de tecnología registradas

SO -Young International Inc. (SY) - Modelo de negocio: propuestas de valor

Mercado integral de servicios de servicios médicos en línea en línea

SO-Young International opera una plataforma digital con 7.382 proveedores de servicios estéticos médicos verificados a partir del cuarto trimestre de 2023. La plataforma admite 23 categorías de servicios estéticos médicos en 312 ciudades en China.

Métricas de plataforma	2023 datos
Proveedores de servicios totales	7,382
Categorías de servicio	23
Cobertura geográfica	312 ciudades

Precios transparentes e información de la clínica verificada

La plataforma proporciona transparencia de precios con rangos de costos de procedimiento promedio en diferentes tratamientos estéticos médicos.

Categoría de tratamiento	Rango de precios promedio (CNY)
Contorneado facial	5,000 - 35,000
Tratamientos para la piel	1,500 - 15,000
Escultura del cuerpo	8,000 - 50,000

Revisiones y calificaciones de los usuarios

La plataforma presenta 642,319 revisiones de usuarios verificados con un sistema de calificación promedio.

• Revisiones totales de los usuarios: 642,319
• Calificación promedio de la plataforma: 4.3/5
• Tasa de verificación de revisión: 89%

Sistema de reserva y consulta digital

La plataforma digital procesó 1,247,583 consultas y reservas en línea en 2023.

Métricas de reserva	2023 rendimiento
Consultas totales en línea	1,247,583
Duración de consulta promedio	22 minutos
Tasa de finalización de la reserva digital	73%

Recomendaciones de servicio estético personalizado

Sistema de recomendación impulsado por la IA con una tasa de participación del usuario del 94% y una tasa de conversión del 76% para sugerencias de servicios estéticos personalizados.

• Precisión de recomendación de IA: 94%
• Tasa de participación del usuario: 76%
• Algoritmo de personalización: basado en el aprendizaje automático

SO -Young International Inc. (SY) - Modelo de negocios: relaciones con los clientes

Plataforma de autoservicio digital

La plataforma digital de SO-Young International procesó 7.2 millones de transacciones de usuario en 2023, con el 92% de las interacciones completadas a través de la aplicación móvil. La tasa de participación de la plataforma alcanzó el 68.4% entre los usuarios registrados.

Métrica de plataforma	2023 rendimiento
Transacciones totales de usuario	7.2 millones
Uso de aplicaciones móviles	92%
Tasa de participación del usuario	68.4%

Sistema de revisión y calificación impulsada por la comunidad

La plataforma acumuló 1.3 millones de revisiones de usuarios verificados en 2023, con una calificación promedio de 4.6/5 para proveedores de servicios estéticos médicos.

• Revisiones totales de los usuarios: 1.3 millones
• Calificación promedio del proveedor: 4.6/5
• Tasa de verificación de revisión: 87%

Experiencia de usuario personalizada a través de recomendaciones de IA

El algoritmo de recomendación impulsado por la IA alcanzó una precisión del 73.2% en las preferencias de los usuarios coincidentes con los servicios estéticos médicos.

Canales de atención al cliente

SO-Young International mantuvo una tasa de respuesta de atención al cliente del 92% en los canales móviles y web, con un tiempo de respuesta promedio de 24 minutos.

Soporte de la métrica del canal	2023 rendimiento
Tasa de respuesta	92%
Tiempo de respuesta promedio	24 minutos

Medias sociales y compromiso de marketing de contenidos

Las plataformas de redes sociales generaron 42.6 millones de impresiones, con el marketing de contenido que impulsó el 18.7% del tráfico de la plataforma en 2023.

• Impresiones totales de redes sociales: 42.6 millones
• Tráfico de marketing de contenido: 18.7%
• Tasa promedio de compromiso de contenido: 6.3%

SO -Young International Inc. (SY) - Modelo de negocios: canales

Aplicación móvil (iOS y Android)

A partir del cuarto trimestre de 2023, la aplicación móvil de SO-Young International tiene 4.2 millones de usuarios registrados. La aplicación admite plataformas iOS y Android con una calificación promedio de usuario de 3.8/5.

Plataforma	Descargar métricas	Compromiso de usuario
Tienda de aplicaciones de iOS	1,6 millones de descargas	42% usuarios activos mensuales
Google Play Store	2.1 millones de descargas	38% de usuarios activos mensuales

Sitio web oficial

El sitio web oficial de SO-young recibe 1,2 millones de visitantes únicos mensuales con una duración de sesión promedio de 4.7 minutos.

• Tráfico del sitio web: 14.4 millones de visitantes anuales
• Vistas promedio de la página por sesión: 3.2
• Tasa de rebote: 47%

Plataformas de redes sociales

Plataforma	Seguidores/suscriptores	Tasa de compromiso
Weibo	2.3 millones de seguidores	3.7%
Xiaohongshu	1.8 millones de seguidores	4.2%

Mini-Programa de WeChat

El Mini-Programa de WeChat tiene 3.5 millones de usuarios activos mensuales con una tasa de conversión del 2.6%.

Plataformas de agregador de servicios médicos de terceros

• Se asoció con 86 plataformas de agregador de servicios médicos
• Volumen de referencia anual: 620,000 consultas médicas
• Comisión promedio por derivación: $ 45

Plataforma	Volumen de referencia	Participación de ingresos
Ping a un buen doctor	240,000 referencias	35%
Ali Health	190,000 referencias	30%

SO -Young International Inc. (SY) - Modelo de negocios: segmentos de clientes

Jóvenes profesionales urbanos

Tamaño del mercado: 180 millones de profesionales urbanos en China a partir de 2023

Característica demográfica	Porcentaje
Rango de edad	25-35 años
Ingresos anuales promedio	¥150,000 - ¥250,000
Uso de la plataforma digital	92% activo en plataformas móviles

Entusiastas de la belleza y el procedimiento estético

Valor de mercado total: $ 64.5 mil millones en el mercado cosmético chino (2023)

• Procedimientos estéticos Tasa de crecimiento: 18.3% anual
• Demanda de consulta en línea: 6.2 millones de usuarios en 2023
• Áreas de interés primario:
  • Tratamientos no invasivos
  • Rejuvenecimiento de la piel
  • Contorneado del cuerpo

Consumidores chinos de ingresos medios a altos

Soporte de ingresos	Tamaño de la población	Gasto estético
Clase media alta	320 millones de personas	¥ 35,000 gasto anual promedio
Segmento de altos ingresos	48 millones de personas	¥ 75,000 gasto anual promedio

Individuos expertos en digital

Métricas de plataforma de salud digital: 12.4 millones de usuarios activos en la plataforma SO-young (cuarto trimestre 2023)

• Descargas de aplicaciones móviles: 8.7 millones
• Usuarios activos mensuales promedio: 3.6 millones
• Tasa de finalización de consulta digital: 76%

Grupo de edad de 20 a 45 años

Desglose demográfico: 420 millones de clientes potenciales

Segmento de edad	Población	Porcentaje de interés estético
20-29 años	180 millones	42%
30-39 años	160 millones	55%
40-45 años	80 millones	33%

SO -Young International Inc. (SY) - Modelo de negocio: Estructura de costos

Infraestructura y mantenimiento de la tecnología

A partir de 2023, los costos de infraestructura tecnológica de SO-Young International fueron de aproximadamente $ 8.3 millones anuales. El desglose de estos costos incluye:

Categoría de costos	Gasto anual
Servicios de alojamiento en la nube	$ 3.2 millones
Mantenimiento del servidor	$ 1.5 millones
Seguridad de la red	$ 1.1 millones
Licencia de software	$ 2.5 millones

Gastos de marketing y adquisición de usuarios

Los gastos de marketing para SO-Young International en 2023 totalizaron $ 22.6 millones, con la siguiente asignación:

• Marketing digital: $ 12.4 millones
• Publicidad en las redes sociales: $ 5.7 millones
• Campañas de marketing fuera de línea: $ 4.5 millones

Desarrollo y mejora de la plataforma

Los costos de desarrollo de la plataforma en 2023 alcanzaron los $ 15.2 millones, que incluyen:

Área de desarrollo	Inversión
Mejoras de la aplicación móvil	$ 6.8 millones
Actualizaciones de la plataforma web	$ 4.5 millones
Rediseño de la interfaz de usuario	$ 3.9 millones

Operaciones de atención al cliente

Los costos de atención al cliente para 2023 fueron de $ 7.6 millones, estructurados de la siguiente manera:

• Personal de servicio al cliente: $ 4.3 millones
• Infraestructura tecnológica de soporte: $ 2.1 millones
• Capacitación y desarrollo: $ 1.2 millones

Inversiones de investigación y desarrollo

Los gastos de I + D en 2023 totalizaron $ 18.9 millones, asignados a través de:

Área de enfoque de I + D	Inversión
AI y aprendizaje automático	$ 8.7 millones
Nuevo desarrollo de características	$ 6.2 millones
Exploración de tecnología emergente	$ 4 millones

SO -Young International Inc. (SY) - Modelo de negocios: flujos de ingresos

Comisión de reservas de servicios médicos

En 2022, SO-Young International generó aproximadamente $ 43.2 millones en ingresos por comisiones de reservas de servicios médicos. La tasa de comisión promedio varía entre 8-15% por transacción de servicio médico.

Año	Ingresos de la comisión total	Tasa de comisión promedio
2022	$ 43.2 millones	8-15%

Ingresos publicitarios de clínicas estéticas

Los ingresos por publicidad para 2022 alcanzaron los $ 12.7 millones, con publicidad digital que representa el 65% del ingreso publicitario total.

Tipo de publicidad	Ganancia	Porcentaje
Publicidad digital	$ 8.26 millones	65%
Publicidad tradicional	$ 4.44 millones	35%

Suscripciones de servicios premium

Las suscripciones de servicio premium generaron $ 18.5 millones en 2022, con tres niveles de suscripción distintos.

Nivel de suscripción	Ingresos anuales	Suscriptores
Basic	$ 6.2 millones	45,000
De primera calidad	$ 8.9 millones	22,000
Élite	$ 3.4 millones	8,500

Monetización de datos e ideas

Los ingresos por monetización de datos en 2022 fueron de $ 5.6 millones, ya que los informes de investigación de la industria de la salud y la estética eran fuentes de ingresos principales.

Servicios de consulta digital de valor agregado

Los servicios de consulta digital generaron $ 9.3 millones en 2022, con una tarifa de consulta promedio de $ 75- $ 250 por sesión.

Tipo de consulta	Ingresos anuales	Tarifa promedio
Consulta inicial	$ 4.2 millones	$75-$125
Consulta especializada	$ 5.1 millones	$150-$250

So-Young International Inc. (SY) - Canvas Business Model: Value Propositions

You're looking at the core reasons why So-Young International Inc. keeps its users engaged in a market that's often hard to navigate. The value propositions are centered on bringing structure and assurance to aesthetic treatments.

High-quality, standardized, and cost-effective aesthetic treatments

The push here is toward consistency, largely driven by the expansion of their own physical footprint. By scaling their branded aesthetic centers, So-Young International Inc. can better control the service delivery. For instance, in the third quarter of 2025, aesthetic treatment services revenue hit RMB183.6 million, which was a massive 304.6% jump year-over-year, showing this strategy is driving top-line growth in services. This growth was fueled by the expansion of these centers, which reached a total of 39 by the end of Q3 2025.

Transparency and trust in a historically opaque industry

So-Young International Inc. positions itself as the leading platform in China that connects consumers to both online services and offline treatments. They build trust by curating medical aesthetic service providers that are carefully selected and vetted. This focus on vetted providers and high-quality content helps counter the industry's historical opacity. The platform's strong brand image and user trust are key assets for long-term positioning along the medical aesthetic value chain.

Comprehensive information and user reviews for treatment decisions

The platform's social community aspect is central to this value. Users rely on the platform for reliable information and social functions to make treatment choices. By the end of Q2 2025, the number of active users-defined as those who visited a branded aesthetic center at least once in the preceding 12 months-exceeded 100,400, a significant increase from approximately 16,000 users in the comparable period of 2024. This large, engaged user base generates the comprehensive review data that new users depend on.

Exclusive access to proprietary and exclusively-distributed medical products

A tangible part of the value comes from their upstream capabilities, which include developing, producing, and distributing their own medical products. For example, shipments of their Elasty injectable products reached approximately 39,100 units in the second quarter of 2025. This vertical integration helps manage supply chain efficiency and likely supports the cost-effectiveness claim.

Recurring service for core members with a high repurchase rate (~70%)

The platform successfully drives repeat business, which is a strong indicator of customer satisfaction with the services accessed through the platform. While the target mentioned is around 70%, the actual reported metric for repeat business in Q3 2025 was very strong. Repeat customer revenue reached RMB120 million, which accounted for 65% of the total aesthetic treatment service revenues for that quarter.

Here's a quick look at some of the key operational metrics supporting these value propositions as of late 2025:

Value Proposition Metric	Period/Date	Real-Life Number/Amount
Aesthetic Treatment Services Revenue	Q3 2025	RMB183.6 million
Year-over-Year Aesthetic Services Revenue Growth	Q3 2025	304.6%
Number of Branded Aesthetic Centers	Q3 2025	39
Branded Aesthetic Centers Generating Positive Cash Flow	Q3 2025	29
Verified Treatment Visits to Branded Centers	Q2 2025	Over 67,400
Active Users (12-month period ending June 30, 2025)	Q2 2025	Exceeded 100,400
Proprietary Injectable Product Shipments (Elasty)	Q2 2025	Approximately 39,100 units
Repeat Customer Revenue Share of Aesthetic Services Revenue	Q3 2025	65%

The growth in verified treatment visits from repeat customers surged over 4 times year-over-year in Q3 2025, and the Average Revenue Per User (ARPU) also increased. This indicates that the platform is successfully converting initial users into loyal, high-value customers. Finance: draft 13-week cash view by Friday.

So-Young International Inc. (SY) - Canvas Business Model: Customer Relationships

You're looking at how So-Young International Inc. keeps its users coming back, especially as they lean hard into running their own clinics. It's a mix of digital community trust and physical service quality now.

Core membership system for loyalty and recurring visits

So-Young International Inc. upgraded its membership system during Q3 2025 to boost user retention and customer lifetime value through tiered operations, incentives, and personalized services. This focus on loyalty is showing up in the numbers for the aesthetic center business.

• Core members (defined as users at level 3 and above) grew by over 10,000 in Q3 2025, which is up 40% quarter-over-quarter.
• These core members account for a high double-digit percentage of revenue.
• The quarterly repurchase rate for these core members was nearly 70% in Q3 2025.
• Repeat customer revenue hit RMB 120 million in Q3 2025, an increase of 32% quarter-over-quarter.
• Repeat customer revenue accounted for 65% of total aesthetic treatment service revenues in Q3 2025.

Direct, in-person service delivery at branded aesthetic centers

The shift to direct service delivery via So-Young Clinic centers is central to their customer relationship strategy, aiming for standardized, high-quality experiences. By the end of Q2 2025, the overall repeat purchase rate for this business segment exceeded 60%. By the end of Q3 2025, the company operated 42 centers, with plans to reach approximately 50 centers by the end of 2025.

Here's a quick look at the operational status of those centers as of the end of Q3 2025:

Metric	Value (Q3 2025)
Centers achieving center-level profitability	20
Centers generating positive operating cash flow	29
Total number of active users (So-Young Clinic)	Exceeded 130,000
Verified treatment visits (Q3 2025)	Surpassed 89,800

Digitalized, transparent, and traceable medical experience

The platform's foundation is digital trust, which is reinforced by tracking and transparency, especially for treatments done through their centers. The company connects consumers to vetted providers and offers content management through features like beauty diaries and treatment reviews.

Key metrics showing user engagement and satisfaction with the experience include:

• Customer satisfaction score remained high at 4.99 out of 5 as of Q2 and Q3 2025.
• Verified treatment visits in Q3 2025 surpassed 89,800, marking a 280% increase year-over-year.
• Total verified aesthetic treatments performed in Q3 2025 surpassed 194,700, up 296% year-over-year.
• Verified treatment visits from repeat customers surged over 4 times year-over-year to reach 50,000 in Q3 2025.

Community building via the online platform for reviews and sharing

The social marketplace aspect drives initial interest and builds confidence. Word-of-mouth referrals are a significant driver for new customer acquisition, which is a testament to the community's perceived value. New customers acquired via referrals rose to 46% of the total in Q3 2025. The platform offers users access to medical aesthetic knowledge and community support through the So-Young Mobile App and Weixin mini program.

Dedicated customer service for appointment and treatment support

While specific customer service metrics like ticket volume aren't public, the high customer satisfaction scores across Q1 (4.98 out of 5) and Q2/Q3 (4.99 out of 5) suggest the support structure for appointments and treatment follow-ups is effective. The company's mission includes curating and vetting service providers to maintain the highest level in service delivery, which is a form of proactive customer relationship management.

So-Young International Inc. (SY) - Canvas Business Model: Channels

You're looking at how So-Young International Inc. gets its value proposition-accessible, high-quality aesthetic treatments-to the customer base. The channel strategy is heavily weighted toward an online-to-offline (O2O) model, but the direct operation of physical clinics is the clear near-term focus.

Branded aesthetic centers (So-Young Clinic) in first/second-tier cities

The physical footprint is expanding rapidly to capture direct service revenue. As of September 30, 2025, So-Young International Inc. operated 39 fully operational branded aesthetic centers, which included 38 directly-operated and 1 franchised location, spanning ten major cities like Beijing, Shanghai, and Guangzhou. Management set a target to reach 50 centers by the end of 2025. This aggressive expansion is driving the core revenue stream; aesthetic treatment services revenue for Q3 2025 hit RMB 183.6 million (US$25.8 million), marking a 304.6% increase year-over-year. The operational efficiency is improving, with 20 of the 39 centers achieving center-level profitability in Q3 2025, and 29 centers generating positive operating cash flow during that quarter.

Metric	As of Q3 2025 (Sept 30)	Year-over-Year Growth (Q3 2025 vs Q3 2024)
Total Branded Aesthetic Centers	39	N/A
Centers Achieving Center-Level Profitability	20	N/A
Centers with Positive Quarterly Operating Cash Flow	29	N/A
Verified Treatment Visits (Quarterly)	Over 89,800	Up 280%
Verified Aesthetic Treatments Performed (Quarterly)	Surpassed 194,700	Up 296%
Aesthetic Treatment Services Revenue (Quarterly)	RMB 183.6 million (US$25.8 million)	Up 304.6%

So-Young mobile app and website (online-to-offline platform)

The online platform serves as the primary funnel, connecting users to the offline services. The number of active users, defined as those who visited branded aesthetic centers at least once in the 12 months ending September 30, 2025, exceeded 130,000, a significant jump from approximately 30,300 in the corresponding period of 2024. The loyalty program is a key driver; core members grew by 40% sequentially in Q3 2025 and were responsible for 88% of the aesthetic treatment services revenues that quarter. Their stickiness is high, with a quarterly repurchase rate of nearly 70%. The aggregate value of medical aesthetic treatment transactions facilitated by the platform in Q1 2025 was RMB 303.2 million.

Social media and content marketing (e.g., Meituan cooperation)

So-Young International Inc. leverages its strong brand image and extensive audience reach through its platform, which functions as the largest and most vibrant social community in China for the medical aesthetics industry. The company presents reliable information through high-quality content and social functions.

• The platform curates medical aesthetic service providers that are carefully selected and vetted.
• The company is well-positioned to expand by leveraging its highly engaging social community and data insights.

Direct sales of medical products to partner institutions

Vertical integration includes supply chain solutions. As of June 30, 2025, So-Young International Inc. provided supply chain solutions to over 1,600 partner institutions. Shipments of the injectable product Elasty in Q3 2025 exceeded 59,800 units, representing an increase of above 63% quarter-over-quarter. However, the revenue from sales of medical products and maintenance services showed a dip in Q1 2025, recording RMB 55.6 million (US$7.7 million), down 35.7% from RMB 86.2 million in Q1 2024.

Offline pop-up events for branding (e.g., So-Young theater)

The strategy involves building brand equity through disciplined operations and transparent pricing, which has garnered positive industry commentary. This channel is used for branding and building trust in a sensitive industry, though specific financial metrics for pop-up events aren't explicitly detailed in the latest reports.

Finance: draft 13-week cash view by Friday.

So-Young International Inc. (SY) - Canvas Business Model: Customer Segments

The customer segments for So-Young International Inc. are diverse, spanning the end-users of aesthetic services to the upstream suppliers of medical products.

Mass market consumers seeking affordable, non-surgical aesthetic treatments are served through the platform, which facilitates transactions and provides information. The platform's overall active user base, defined as those who visited branded aesthetic centers at least once during the 12-month period ending on September 30, 2025, exceeded 130,000. In the third quarter of 2025, the total number of verified aesthetic treatments performed surpassed 194,700. The company's customer acquisition strategy relies on efficiency, with over 70% of new customers coming from low-cost private domain traffic and referrals as of Q2 2025.

High-value core members (L3+) with high quarterly repurchase rates represent a critical, loyal base. As of September 30, 2025, the number of core members grew by over 10,000 during the quarter, a 40% sequential increase. These core members were responsible for 88% of aesthetic treatment services revenues in Q3 2025. Their loyalty is demonstrated by a quarterly repurchase rate of approximately 70%.

The customer base is geographically concentrated, focusing on Users in China's first and second-tier cities (primary focus). The company's strategy emphasizes first-tier cities for strong demand and repurchase potential. As of September 30, 2025, So-Young International Inc. operated 39 fully operational branded aesthetic centers across ten major cities, including Beijing, Shanghai, Guangzhou, and Shenzhen.

The platform also serves the supply side of the industry, which includes Medical aesthetic service providers (hospitals/clinics) for platform services. The revenue from information and reservation services, which is tied to the number of subscribing medical service providers, was RMB117.2 million in Q3 2025, representing a decrease of 34.5% year-over-year. The company's direct service network, the branded aesthetic centers, grew to 39 centers as of September 30, 2025, with 20 of those achieving center-level profitability in Q3 2025.

Finally, Upstream medical product manufacturers and distributors are a segment engaged through supply chain solutions. Revenues from the sales of medical products and maintenance services totaled RMB 67 million in Q3 2025, down 25% year-over-year. Blockbuster products, supported by upstream integration, contributed over 30% of revenue in Q3 2025. For context on the supply chain engagement, shipments of Elasty injectable products reached approximately 27,900 units in the first quarter of 2025.

Here is a breakdown of key operational metrics tied to these segments for the third quarter ended September 30, 2025:

Customer Segment Metric	Value (Q3 2025)	Comparison/Context
Active Users (12-month period)	Exceeded 130,000	Compared to approximately 30,300 in the same period of 2024.
Core Members (L3+) Growth	Grew by over 10,000	Represents a 40% sequential increase.
Core Member Revenue Contribution	88%	Of aesthetic treatment services revenues.
Core Member Quarterly Repurchase Rate	Approximately 70%	Indicates high loyalty.
Total Verified Aesthetic Treatments	Surpassed 194,700	Up 26% quarter-on-quarter.
Branded Aesthetic Centers (Total)	39	(38 directly-operated, 1 franchised) across ten major cities.
Branded Aesthetic Centers (Profitable)	20 centers	Achieved center level profitability in Q3 2025.
Information & Reservation Services Revenue	RMB117.2 million	Down 34.5% year-over-year.
Medical Products & Maintenance Revenue	RMB 67 million	Down 25% year-over-year.

The platform's focus on its own centers is clear from the revenue mix. Aesthetic treatment services revenues, driven by these centers, were RMB183.6 million (US$25.8 million) in Q3 2025, a 304.6% increase year-over-year.

The company's engagement with upstream partners is also quantified:

• Shipments of Elasty injectable products reached approximately 27,900 units in the first quarter of 2025.
• The number of institutions served with supply chain solutions for injectables grew to over 1,500 as of March 31, 2025.

You can see the shift in focus by comparing the revenue streams from Q3 2025:

• Aesthetic Treatment Services Revenues: RMB183.6 million.
• Information and Reservation Services Revenues: RMB117.2 million.
• Sales of Medical Products and Maintenance Services: RMB 67 million.
• Revenues from Other Services: RMB 18.9 million.

Finance: draft 13-week cash view by Friday.

So-Young International Inc. (SY) - Canvas Business Model: Cost Structure

The Cost Structure for So-Young International Inc. reflects the heavy investment required to scale its direct service offering through its branded aesthetic centers. This shift from a pure platform model means capital and operating expenditures are now a major focus.

Total operating expenses for the third quarter of 2025 reached RMB 255.6 million, representing a year-over-year increase of 13.6%.

The largest component of cost of revenues is directly tied to the expansion and operation of the physical locations. Cost of revenues itself was RMB 203.8 million in Q3 2025, a jump of 43.4% year-over-year, driven by the business expansion of the branded aesthetic centers.

Here is a breakdown of the key expense line items for the third quarter of 2025:

Cost Component	Q3 2025 Amount (RMB)	YoY Change
Cost of aesthetic treatment services	RMB 140.1 million	Up 333.2%
Sales and marketing expenses	RMB 130.7 million	Up 13.8%
General and administrative expenses (G&A)	RMB 88.6 million	Up 26.7%
R&D expenses	RMB 36.3 million	Down 9.6%

Sales and marketing expenses were RMB 130.7 million, up 13.8% year-over-year, mainly due to increased spending on branding and user acquisition activities supporting the new center model.

Research and Development (R&D) expenses for product development and digitalization were RMB 36.3 million in the quarter, showing a slight decrease of 9.6% year-over-year.

General and administrative expenses (G&A) totaled RMB 88.6 million, marking a 26.7% increase year-over-year. This rise included a onetime accrual of approximately RMB 5.8 million for year-end bonuses and costs associated with business expansion.

Operating costs related to the center network expansion are embedded within Cost of Revenues and G&A, as evidenced by the growth in these areas. As of the end of Q3 2025, the physical footprint included:

• 39 branded aesthetic centers operated at quarter end.
• 20 centers had achieved center-level profitability in Q3 2025.
• 29 centers generated positive operating cash flow for the quarter.

The cost structure is clearly weighted toward direct service delivery and customer acquisition to fuel the growth of the proprietary center network. Finance: draft 13-week cash view by Friday.

So-Young International Inc. (SY) - Canvas Business Model: Revenue Streams

You're looking at how So-Young International Inc. actually brings in the money as of late 2025. The shift in their revenue mix is pretty clear, leaning heavily into their physical clinic operations while legacy digital services see a pullback. Honestly, the numbers tell the story of a strategic pivot.

The latest detailed snapshot comes from the third quarter of 2025, which gives us a solid view of the current revenue composition. Total revenues for Q3 2025 hit RMB 386.7 million, which was up 4.0% year-over-year. That growth was almost entirely powered by the aesthetic centers.

Here's the quick math on how that RMB 386.7 million broke down in the third quarter of 2025:

Revenue Stream	Q3 2025 Amount (RMB million)	Year-over-Year Change
Aesthetic treatment services revenue from branded centers	183.6	+304.6%
Information and reservation services revenue (legacy platform fees)	117.2	-34.5%
Sales of medical products and maintenance services	67	-25%
Other services revenue (e.g., So-Young Prime)	18.9	-67.6%
Total Revenue	386.7	+4.0%

The growth in the core clinic business is substantial, but you can see the corresponding pressure on the other segments. If onboarding takes 14+ days, churn risk rises, and that seems to be reflected in the declines for the non-center revenue lines.

Looking at the full picture for the year, analyst consensus points to a specific top-line target for So-Young International Inc.

• Aesthetic treatment services revenue from branded centers (Q3 2025): RMB 183.6 million.
• Sales of medical products and maintenance services (Q3 2025): RMB 67 million.
• Information and reservation services revenue (Q3 2025): RMB 117.2 million.
• Other services revenue (e.g., So-Young Prime) (Q3 2025): RMB 18.9 million.
• Full 2025 estimated sales (analyst consensus): RMB 1.59 billion.

The full 2025 estimated sales figure of RMB 1.59 billion, based on analyst consensus, shows the expectation for the remaining quarter's performance to close out the year strong, despite the Q3 miss against some broader revenue forecasts.