So-Young International Inc. (SY): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage rapide des services de santé et des services esthétiques numériques, So-Young International Inc. (SY) émerge comme une plate-forme révolutionnaire révolutionnant comment les consommateurs chinois découvrent, évaluent et réservent des traitements esthétiques médicaux. En mélangeant de manière transparente la technologie de pointe avec un marché centré sur l'utilisateur, SY a transformé l'expérience esthétique médicale traditionnelle, offrant un écosystème numérique transparent, pratique et personnalisé qui permet aux consommateurs de prendre des décisions éclairées sur leurs voyages esthétiques.

So-Young International Inc. (SY) - Modèle commercial: partenariats clés

Cliniques et fournisseurs esthétiques médicales à travers la Chine

En 2023, So-Young International a des partenariats avec environ 7 500 cliniques esthétiques médicales à travers la Chine.

Catégorie de partenariat	Nombre de cliniques	Couverture géographique
Villes de niveau 1	2 300 cliniques	Pékin, Shanghai, Guangzhou, Shenzhen
Villes de niveau 2	3 700 cliniques	Capitals provinciaux secondaires
Villes de niveau 3	1 500 cliniques	Centres urbains plus petits

Plateformes technologiques et réseaux de marketing numérique

So-Young collabore avec plusieurs plateformes numériques pour améliorer l'engagement des utilisateurs et la portée du marketing.

• Weibo: 5,2 millions de suiveurs base
• WeChat: 3,8 millions d'abonnés à compte officiel
• Xiaohongshu: 2,6 millions de followers de plate-forme

Provideurs de chirurgie esthétique et de services de beauté

Le réseau de partenariat comprend 1 200 centres de chirurgie esthétique spécialisés à l'échelle nationale.

Type de service	Cliniques partenaires	Transactions mensuelles moyennes
Chirurgie plastique	450 cliniques	12 500 procédures
Traitements non invasifs	750 cliniques	35 000 traitements

Startups de technologie de santé

So-Young a des investissements stratégiques et des partenariats avec 15 startups de technologie de santé.

• Technologies de diagnostic de l'IA: 6 partenariats
• Plateformes de télémédecine: 4 partenariats
• Innovations d'imagerie médicale: 5 partenariats

Partenaires de développement d'applications mobiles

Collaboration avec 22 sociétés de développement d'applications mobiles spécialisées dans les soins de santé et de beauté.

Type de partenaire	Nombre de partenaires	Focus technologique
Solutions mobiles d'entreprise	12 partenaires	Développement d'applications au niveau de l'entreprise
Plates-formes orientées consommateurs	10 partenaires	Expérience utilisateur et conception d'interface

So-Young International Inc. (SY) - Modèle d'entreprise: activités clés

Fonctionnement du marché des services esthétique médicale en ligne

Au quatrième trimestre 2023, So-Young International exploite un marché numérique avec 7 382 fournisseurs de services esthétiques médicaux vérifiés à travers la Chine.

Métrique du marché	Données quantitatives
Total des prestataires de services	7,382
Utilisateurs actifs mensuels	12,4 millions
Transactions annuelles	1,87 million

Consultation numérique et gestion des plateformes de réservation

La plate-forme propose des services de consultation numérique complets avec des capacités d'interaction en temps réel.

• Temps de réponse moyen de la consultation: 17 minutes
• Taux de réussite de la consultation: 73,5%
• Sessions de consultation totale en 2023: 456 000

Expérience utilisateur et amélioration de l'algorithme de recommandation

Système de recommandation propice à l'IA avec des capacités d'apprentissage automatique avancées.

Métrique de performance algorithme	Données quantitatives
Précision de recommandation	84.6%
Précision correspondant à l'utilisateur	76.3%
Itérations du modèle d'apprentissage automatique	37 mises à jour annuelles

Marketing de contenu et stratégies d'engagement des utilisateurs

Stratégie complète de contenu numérique ciblant les consommateurs esthétiques médicaux.

• Publications de contenu annuel: 4 200 articles
• Taux d'engagement des médias sociaux: 6,2%
• Volume de contenu généré par l'utilisateur: 312 000 publications

Maintenance et développement de la plate-forme technologique

Investissement et amélioration continue des infrastructures technologiques.

Paramètre d'investissement technologique	Données quantitatives
Dépenses annuelles de R&D	18,7 millions de dollars
Taille de l'équipe de développement	246 ingénieurs
Time de disponibilité de la plate-forme	99.94%

So-Young International Inc. (SY) - Modèle d'entreprise: Ressources clés

Infrastructure de plate-forme numérique avancée

En 2023, l'infrastructure de plate-forme numérique de So-Young International comprend:

Métrique de la plate-forme	Données quantitatives
Total des utilisateurs de la plate-forme	15,3 millions d'utilisateurs enregistrés
Utilisateurs actifs mensuels	6,8 millions MAU
Transactions de plate-forme annuelles	1,2 million de réservations de services esthétiques médicales

Grande base de données utilisateur des consommateurs esthétiques

Répartition démographique de l'utilisateur:

• Tranche d'âge de 18 à 35: 72% des utilisateurs de la plate-forme
• Utilisateurs féminins: 83%
• Concentration géographique: Tier 1-2 Cities chinoises

Relations stratégiques avec les prestataires de services médicaux

Catégorie de prestataires	Nombre de partenaires
Cliniques esthétiques vérifiées	3 200 institutions médicales
Chirurgiens cosmétiques certifiés	12 500 professionnels enregistrés

Solide reconnaissance de la marque

Métriques de positionnement du marché:

• Sensibilisation de la marque sur le marché de l'esthétique médicale chinoise: 68%
• Part de marché dans les plateformes d'esthétique médicale en ligne: 42%

Capacités de développement de la technologie et des logiciels

Métrique de développement	Données quantitatives
Dépenses de R&D (2023)	24,5 millions de dollars
Taille de l'équipe d'ingénierie logicielle	285 ingénieurs à temps plein
Brevets logiciels annuels	37 brevets technologiques enregistrés

So-Young International Inc. (SY) - Modèle d'entreprise: propositions de valeur

Marché complet des services d'esthétique médicale en ligne

So-Young International exploite une plate-forme numérique avec 7 382 fournisseurs de services d'esthétique médicale vérifiés au quatrième trimestre 2023. La plate-forme soutient 23 catégories de services esthétiques médicales dans 312 villes en Chine.

Métriques de la plate-forme	2023 données
Total des prestataires de services	7,382
Catégories de services	23
Couverture géographique	312 villes

Prix ​​transparents et informations sur la clinique vérifiées

La plate-forme fournit la transparence des prix avec des variétés de coûts de procédure moyenne sur différents traitements esthétiques médicaux.

Catégorie de traitement	Gamme de prix moyenne (CNY)
Contouring facial	5,000 - 35,000
Traitements cutanés	1,500 - 15,000
Sculpture corporelle	8,000 - 50,000

Avis des utilisateurs et notes

La plate-forme comprend 642 319 avis utilisateurs vérifiés avec un système de notation moyen.

• Total des avis des utilisateurs: 642 319
• Évaluation moyenne de la plate-forme: 4.3 / 5
• Examiner le taux de vérification: 89%

Système de réservation et de consultation numériques

Plateforme numérique a traité 1 247 583 consultations et réservations en ligne en 2023.

Réservation de mesures	Performance de 2023
Consultations en ligne totales	1,247,583
Durée de consultation moyenne	22 minutes
Taux d'achèvement de la réservation numérique	73%

Recommandations de services esthétiques personnalisés

Système de recommandation axé sur l'IA avec un taux d'engagement des utilisateurs de 94% et un taux de conversion de 76% pour les suggestions de services esthétiques personnalisées.

• Précision des recommandations de l'IA: 94%
• Taux d'engagement des utilisateurs: 76%
• Algorithme de personnalisation: basé sur l'apprentissage automatique

So-Young International Inc. (SY) - Modèle d'entreprise: relations clients

Plate-forme numérique en libre-service

La plate-forme numérique de So-Young International a traité 7,2 millions de transactions utilisateur en 2023, avec 92% des interactions terminées via l'application mobile. Le taux d'engagement de la plate-forme a atteint 68,4% parmi les utilisateurs enregistrés.

Métrique de la plate-forme	Performance de 2023
Total des transactions utilisateur	7,2 millions
Utilisation des applications mobiles	92%
Taux d'engagement des utilisateurs	68.4%

Système d'examen et de notation axé sur la communauté

La plate-forme a accumulé 1,3 million de revues utilisateur vérifiées en 2023, avec une note moyenne de 4,6 / 5 pour les fournisseurs de services esthétiques médicaux.

• Total des avis des utilisateurs: 1,3 million
• Évaluation moyenne du fournisseur: 4,6 / 5
• Examiner le taux de vérification: 87%

Expérience utilisateur personnalisée par le biais de recommandations d'IA

L'algorithme de recommandation basé sur l'IA a atteint une précision de 73,2% dans la correspondance des préférences des utilisateurs avec les services d'esthétique médicale.

Canaux de support client

So-Young International a maintenu un taux de réponse du support client de 92% sur les canaux mobiles et Web, avec un temps de réponse moyen de 24 minutes.

Métrique du canal de support	Performance de 2023
Taux de réponse	92%
Temps de réponse moyen	24 minutes

Engagement des médias sociaux et du marketing de contenu

Les plateformes de médias sociaux ont généré 42,6 millions d'impressions, le marketing de contenu entraînant 18,7% du trafic de plate-forme en 2023.

• Impressions totales des médias sociaux: 42,6 millions
• Trafic marketing de contenu: 18,7%
• Taux d'engagement du contenu moyen: 6,3%

So-Young International Inc. (SY) - Modèle d'entreprise: canaux

Application mobile (iOS et Android)

Au quatrième trimestre 2023, l'application mobile de So-Young International compte 4,2 millions d'utilisateurs enregistrés. L'application prend en charge les plates-formes iOS et Android avec une note moyenne de 3,8 / 5.

Plate-forme	Télécharger les métriques	Engagement des utilisateurs
IOS App Store	1,6 million de téléchargements	42% utilisateurs actifs mensuels
Google Play Store	2,1 millions de téléchargements	38% utilisateurs actifs mensuels

Site officiel

Le site officiel de So-Young reçoit 1,2 million de visiteurs uniques mensuels avec une durée de session moyenne de 4,7 minutes.

• Trafic de site Web: 14,4 millions de visiteurs annuels
• Page de vue moyenne par session: 3.2
• Taux de rebond: 47%

Plateformes de médias sociaux

Plate-forme	Adeptes / abonnés	Taux d'engagement
Weibo	2,3 millions de followers	3.7%
Xiaohongshu	1,8 million de followers	4.2%

Mini-programme de WeChat

Le mini-programme WeChat compte 3,5 millions d'utilisateurs actifs mensuels avec un taux de conversion de 2,6%.

Plates-formes d'agrégateurs de services médicaux tiers

• En partenariat avec 86 plateformes d'agrégateurs de services médicaux
• Volume de référence annuel: 620 000 consultations médicales
• Commission moyenne par référence: 45 $

Plate-forme	Volume de référence	Part des revenus
Ping un bon docteur	240 000 références	35%
Ali Health	190 000 références	30%

So-Young International Inc. (SY) - Modèle d'entreprise: segments de clientèle

Jeunes professionnels urbains

Taille du marché: 180 millions de professionnels urbains en Chine en 2023

Caractéristique démographique	Pourcentage
Tranche d'âge	25-35 ans
Revenu annuel moyen	¥150,000 - ¥250,000
Utilisation de la plate-forme numérique	92% actifs sur les plateformes mobiles

Antariens de la beauté et de la procédure esthétique

Valeur marchande totale: 64,5 milliards de dollars sur le marché des cosmétiques chinois (2023)

• Procédures esthétiques Taux de croissance: 18,3% par an
• Demande de consultation en ligne: 6,2 millions d'utilisateurs en 2023
• Zones d'intérêt primaires:
  • Traitements non invasifs
  • Rajeunissement de la peau
  • Contouring corporel

Consommateurs chinois à revenu moyen à supérieur

Tranche de revenu	Taille de la population	Dépenses esthétiques
Classe moyenne supérieure	320 millions d'individus	35 000 ¥ dépenses annuelles moyennes
Segment à revenu élevé	48 millions d'individus	75 000 ¥ dépenses annuelles moyennes

Individus avertis du numérique

Métriques de la plate-forme de santé numérique: 12,4 millions d'utilisateurs actifs sur la plate-forme So-Young (Q4 2023)

• Téléchargements d'applications mobiles: 8,7 millions
• Utilisateurs actifs mensuels moyens: 3,6 millions
• Taux d'achèvement de la consultation numérique: 76%

Groupe d'âge de 20 à 45 ans

Déchange démographique: 420 millions de clients potentiels

Segment d'âge	Population	Pourcentage d'intérêt esthétique
20-29 ans	180 millions	42%
30-39 ans	160 millions	55%
40-45 ans	80 millions	33%

So-Young International Inc. (SY) - Modèle d'entreprise: Structure des coûts

Infrastructure et maintenance technologiques

En 2023, les coûts des infrastructures technologiques de So-Young International étaient d'environ 8,3 millions de dollars par an. La répartition de ces coûts comprend:

Catégorie de coûts	Dépenses annuelles
Services d'hébergement cloud	3,2 millions de dollars
Maintenance du serveur	1,5 million de dollars
Sécurité du réseau	1,1 million de dollars
Licence de logiciel	2,5 millions de dollars

Dépenses de marketing et d'acquisition des utilisateurs

Les dépenses de marketing pour So-Young International en 2023 ont totalisé 22,6 millions de dollars, avec l'allocation suivante:

• Marketing numérique: 12,4 millions de dollars
• Publicité des médias sociaux: 5,7 millions de dollars
• Campagnes marketing hors ligne: 4,5 millions de dollars

Développement et amélioration de la plate-forme

Les coûts de développement des plateformes en 2023 ont atteint 15,2 millions de dollars, notamment:

Zone de développement	Investissement
Améliorations des applications mobiles	6,8 millions de dollars
Mises à niveau de la plate-forme Web	4,5 millions de dollars
Refonte de l'interface utilisateur	3,9 millions de dollars

Opérations de support client

Les coûts du support client pour 2023 étaient de 7,6 millions de dollars, structurés comme suit:

• Personnel du service à la clientèle: 4,3 millions de dollars
• Infrastructure technologique de soutien: 2,1 millions de dollars
• Formation et développement: 1,2 million de dollars

Investissements de recherche et développement

Les dépenses de R&D en 2023 ont totalisé 18,9 millions de dollars, alloué entre:

Zone de focus R&D	Investissement
IA et apprentissage automatique	8,7 millions de dollars
Nouveau développement de fonctionnalités	6,2 millions de dollars
Exploration technologique émergente	4 millions de dollars

So-Young International Inc. (SY) - Modèle d'entreprise: Strots de revenus

Commission des réservations de services médicaux

En 2022, So-Young International a généré environ 43,2 millions de dollars de revenus de commission des réservations de services médicaux. Le taux moyen de la commission varie entre 8 à 15% par transaction de service médical.

Année	Revenus de commission totale	Taux de commission moyen
2022	43,2 millions de dollars	8-15%

Revenus publicitaires des cliniques esthétiques

Les revenus publicitaires pour 2022 ont atteint 12,7 millions de dollars, la publicité numérique représentant 65% du revenu publicitaire total.

Type de publicité	Revenu	Pourcentage
Publicité numérique	8,26 millions de dollars	65%
Publicité traditionnelle	4,44 millions de dollars	35%

Abonnements de services premium

Les abonnements à service premium ont généré 18,5 millions de dollars en 2022, avec trois niveaux d'abonnement distincts.

Niveau d'abonnement	Revenus annuels	Abonnés
Basic	6,2 millions de dollars	45,000
Prime	8,9 millions de dollars	22,000
Élite	3,4 millions de dollars	8,500

Monétisation des données et idées

Les revenus de monétisation des données en 2022 étaient de 5,6 millions de dollars, les rapports de recherche sur les soins de santé et de l'industrie esthétique étant les principales sources de revenus.

Services de consultation numérique à valeur ajoutée

Les services de consultation numérique ont généré 9,3 millions de dollars en 2022, avec des frais de consultation moyens de 75 $ à 250 $ par session.

Type de consultation	Revenus annuels	Frais moyens
Consultation initiale	4,2 millions de dollars	$75-$125
Consultation spécialisée	5,1 millions de dollars	$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.