So-Young International Inc. (SY): Business Model Canvas [Dec-2025 Updated]

You're looking at a company in the middle of a massive, high-stakes pivot, and frankly, the Q3 2025 numbers tell the whole story. We're seeing the legacy online platform get overshadowed as the new clinic model explodes, with aesthetic treatment revenue surging over 300% year-over-year, now anchored by 39 branded centers as of September 30, 2025. This shift from just connecting users to actually providing the service is what's driving the analyst consensus of an estimated full-year sales of RMB 1.59 billion. Honestly, understanding this dual-model reality-where the physical footprint is the new growth engine-is key to valuing the business right now, so dig into the full Business Model Canvas below to see exactly how they're structuring this transformation.

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

You're looking at how So-Young International Inc. structures its external relationships to power its platform and new growth vectors as of late 2025. The shift toward branded centers is clearly changing the partnership dynamic.

Upstream manufacturers for exclusive product distribution (e.g., BBL devices)

The supply chain integration, which includes product development and distribution, shows mixed results in the latest figures. Sales of medical products and maintenance services were reported at RMB67 million for the third quarter of 2025. This figure represented a year-over-year decline of 25%, attributed to reduced order volume in Bangkok equipment.

Strategic R&D partnership with Healtech for regenerative products

The strategic partnership with Healtech, focused on regenerative products, builds on prior supply chain success. In the third quarter of 2023, the supply chain business revenue reached RMB75 million, which was approximately 20% of total revenue at that time. No specific 2025 revenue breakdown for this segment is currently available.

Co-treatment solutions with premium brands like SkinCeuticals

Specific financial metrics tied directly to co-treatment solutions with premium brands like SkinCeuticals are not explicitly broken out in the latest public disclosures.

Medical service providers (hospitals/clinics) for the legacy platform

The legacy information and reservation services segment, reliant on medical service provider subscriptions, is contracting. Information and reservation services revenue for the second quarter of 2025 was RMB135.2 million, a decrease of 35.6% from the second quarter of 2024. For the third quarter of 2025, this revenue stream was RMB117.2 million, a year-over-year fall of 34.5%.

The table below summarizes the revenue impact from the legacy platform's provider base versus the growth in branded centers.

Content and traffic cooperation with platforms like Meituan

Direct financial or traffic metrics resulting from cooperation with platforms like Meituan are not detailed in the latest reports.

Operational scale related to the service provider network and new centers includes:

• Number of fully operational branded aesthetic centers as of September 30, 2025: 39 centers across ten major Chinese cities.
• Verified treatment visits to branded aesthetic centers in Q3 2025: over 89,800 visits.
• Number of active users exceeding 130,000 in Q3 2025, more than quadrupling from approximately 30,300 in Q3 2024.
• Cash and Short-Term Investments as of September 30, 2025: RMB942.8 million.

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

You're looking at the core actions So-Young International Inc. is taking to drive its business in late 2025. It's a clear pivot toward owning the service delivery, not just the platform connection.

Operating and expanding branded aesthetic centers is front and center. The company is aggressively building out its physical footprint, aiming to hit a target of 50 centers by the end of 2025. As of September 30, 2025, So-Young International Inc. had 39 fully operational branded aesthetic centers, split between 38 directly-operated and 1 franchised location across ten major cities. This expansion is clearly moving the needle on revenue, as Aesthetic Treatment Services revenue hit RMB 183.6 million in Q3 2025, a massive 304.6% increase year-over-year. That growth is translating into operational wins, too; 20 of those centers achieved profitability in the third quarter, with 14 of those being in the mature phase.

Here's a quick look at the operational intensity driving that segment:

Vertical supply chain integration and proprietary product development supports this physical expansion. The strategy involves developing, producing, and distributing optoelectronic medical equipment and injectable products to ensure quality and margin control within their centers. Revenues from the sales of medical products and maintenance services were reported at RMB 67 million for the third quarter. The associated cost of revenues for these medical products and maintenance services was RMB 35.6 million in Q3 2025, reflecting an 18.3% decrease year-over-year.

Digitalization and AI implementation for operational efficiency underpins the entire platform, helping manage the growing physical network. This focus is part of deepening the development and operating systems for the branded centers.

Curating and verifying medical aesthetic content and service listings remains a foundational activity for the online platform. This builds the trust necessary to drive users to the physical locations. User engagement metrics show this is working:

• The number of core members grew by over 10,000 during the quarter.
• This core member growth represented a 40% sequential increase.
• These core members accounted for 88% of aesthetic treatment services revenues.
• Repeat customer revenue reached RMB 120 million, up 32% quarter-over-quarter.
• Repeat customers made up 65% of aesthetic revenue.

Finally, sales and marketing for user acquisition is a significant cost center tied directly to scaling the new center model. For the third quarter of 2025, So-Young International Inc.'s sales and marketing expenses were RMB 130.7 million. That figure was up 13.8% year-over-year, driven by branding and user acquisition activities specifically for the aesthetic centers. Total operating expenses for the quarter were RMB 255.6 million.

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

You're looking at the core assets So-Young International Inc. is relying on as of late 2025, based on their Q3 2025 disclosures. These are the tangible and intangible things they own or control that make the business model work.

Branded Aesthetic Center Network

The physical footprint is growing fast, which is where a lot of the current investment is going. As of September 30, 2025, So-Young International Inc. operated a network of exactly 39 fully operational branded aesthetic centers across ten major cities, including Beijing and Shanghai. This network is clearly central to their current strategy, as cash was deployed for this expansion.

The operational status of this network shows clear progress toward self-sufficiency:

• 20 centers achieved center-level profitability in Q3 2025.
• 29 centers generated positive quarterly operating cash flow in Q3 2025.
• The company plans to expand this network to 50 centers by the end of the year.

Proprietary Medical Aesthetic Products

While the platform is known for connecting services, So-Young International Inc. also develops, produces, and distributes its own medical equipment and injectable products. This segment is currently facing headwinds compared to the service side of the business.

Here's a look at the financial contribution from product sales for the third quarter ended September 30, 2025:

To be fair, the search results didn't specifically detail the performance of a product named Miracle PLLA 3.0, but the overall product revenue line item is a key resource tied to their vertical integration efforts.

Cash and Equivalents

Liquidity remains a significant resource, though it has been drawn down to fund the center expansion. As of the close of the third quarter on September 30, 2025, So-Young International Inc. reported cash and cash equivalents, restricted cash, term deposits, and short-term investments totaling RMB 942.8 million. This balance is noted as being primarily due to the increase in investment in those branded aesthetic centers.

Online Content Platform and User-Generated Content Database

The digital community is the original core asset, providing the user base and trust that feeds the physical centers. The platform's scale as of September 30, 2025, is quite substantial, showing high engagement metrics:

• Total number of active users of So-Young clinic exceeded 130,000.
• Total number of verified treatment visits surpassed 89,800 in the quarter.
• Total number of verified aesthetic treatments performed surpassed 194,700 in the quarter.
• The proportion of new customers acquired via referrals rose to 46% in Q3.

This high referral rate suggests the user-generated content and community trust are working as a low-cost acquisition channel. Here's how the revenue streams from the platform side look:

Network of Qualified Medical Aesthetic Doctors and Staff

The quality of the medical professionals and the platform's ability to vet them is a critical intangible resource. While the exact number of affiliated doctors isn't explicitly stated for late 2025, the platform's function as a curator of service providers is directly reflected in the revenue from its information services. The decrease in subscription revenue from medical service providers, down 34.5% year-over-year, suggests a shift in how providers are engaging or subscribing to the platform's services. The success of the branded centers, however, implies a strong internal pool of qualified staff supporting those 39 locations.

Finance: draft 13-week cash view by Friday.

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:

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:

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.

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:

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:

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:

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.