So-Young's clinic network has more than doubled its revenue every quarter for two and a half years running. In the second quarter of 2026, it pushed the whole company to a new high.
Total revenue reached about RMB505 million in the quarter ended June 30 — the highest the company has recorded — up 33.4% from a year earlier, according to a 6-K filed with the SEC on August 31. The clinic network drove the gain: aesthetic treatment services revenue came to about RMB331 million, up 129.5% year-over-year, marking the tenth consecutive quarter of triple-digit growth in that segment.
The company still loses money. But the gap is closing: net loss narrowed by 37%, to about RMB22.7 million, from the same quarter a year earlier. Chief Financial Officer Shannon Shen said in the release that the company sees "a clear path toward profitability." She gave no timeline.
Shares closed 21.25% higher at $2.9100, on dollar volume of about $40.5 million.
So-Young had 65 branded centers operating as of June 30, the filing shows. Of those, 47 were profitable at the clinic level in the quarter — a measure that counts location-level costs but excludes any overhead allocated from head office. Same-store sales grew 52% year-over-year, a sign that existing locations are performing materially better than they were at the same point in 2025.
Not all revenue lines grew. Fees from medical service providers paying for placement on So-Young's platform fell from a year earlier, as did other services revenue including insurance brokerage. The filing attributes both to lower activity volumes but does not say whether the company intends to rebuild those streams.
For the third quarter, the company expects aesthetic treatment services revenue to grow between 91.7% and 97.2% from a year earlier — still near-doubling, but just below the triple-digit threshold the past ten quarters cleared. By the company's own guidance, the streak is likely to end in three months.