Ladies and gentlemen, thank you for standing by for So Young's First Quarter 2026 Earnings Conference Call. At this time, all participants are in listen-only mode. After management give their prepared remarks, there will be a question and answer session. As a reminder, today's conference call is being recorded. I would now like to turn the meeting over to your host for today's call, Ms. Mona Shao. Please proceed, Mona.

Thank you, operator, and thank you, everyone, for joining Sooyang's first quarter 2026 earnings conference call. Joining me today on the call is Mr. Xin Xin, third chairman and CEO, and Ms. Shah Zhang, Chief Finance. Before we begin, please refer to the statement in our earnings release, which applies to this call and will be making forward-looking statements. Please also note that we will discuss non-GAAP measures today, which are more thoroughly explained and reconclined to the most comparable measures reported under GAAP in our earnings release on our investor relations website and finance with SEC. Please also note all fingers mentioned in this call are in RMB. And this time, I'd like to turn the call over to Mr. Xin Xin. 大家好,欢迎参加今天的财报电话会议.

Hello everyone, and welcome to today's Erling's Call. 规模与效益双轮驱动战略 取得了扎实的业绩表现 2026年第一季度 公司实现总收入4.33亿元人民币

同比增长约46% 其中连锁业务收入达2.82亿元人民币 同比增长约186% Entering 2026 China's medical aesthetic industry continues to evolve With demand becoming more routine and supply continuing to grow, large-scale operational capabilities and a uniform delivery framework have become the key mode for top players to achieve high-quality growth. We capitalize on this by expanding our aesthetic center business and advancing our dual engine of scale and efficiency initiative. As a result, we achieved robust performance. In Q1, total revenue reached $433 million, up around 46% year-over-year. Revenue from our aesthetic center business reached $282 million, up around 186% year-over-year. Now, let's take a closer look at our recent progress across a few core areas. The Stylian Clinic continues to lead some of the medical aesthetic chain market, ranking number one by center count, treatment volume and user base.

Our operational efficiency and profitability also continues to improve. 同比增长164% 同时活跃用户规模持续扩大 在3月底突破了21万人 其中L3级以上的核心会员数超过6.3万 核心会员季度复购率也维持高位 用户生命周期价值得到进一步挖掘 凭借良好的服务体验和用户口碑 One季度,老代新占星客币比例提升至52% With the same time, through深化平台合作 and high-效内容投放 The open source of the星客数量 is also in increasing And we're the whole product of the货客成本依然控制出色 We're able to increase the impact of the品牌影响,并促进用户转化 We're going to continue to improve with the知名 IP of the work In terms of center footprint, as of today,

The Silyan Clinic has expanded into 17 cities with 59 centers in total. That is a net out of 10 centers compared to year-end 2025. On treatment volume in Q1, verified treatment visits exceed 148,000, up 172% year-over-year. Number of verified treatment performed was over 325,000, up 164% year-over-year. Our active user base expanded further, reaching over 210,000 by March end. Within that, the number of Level 3 and above core members exceeded 63,000. Core members obtained a high quarterly report chance rate as the further on LTV, driven by excellent user experience and positive. The proportion of new customers from referrals rose to 52% in Q1. In addition, by enhancing platform partnerships and content marketing, new customers acquired through public domain continued to grow, while our overall tech remained well under control. We also enhanced broad awareness and drove conversion by deepening partnerships with renowned IPs. For example, we launched Disney co-branded pop-ups in major commercial areas nationwide for our Miracle Collagen product line. This campaign attracted active participation from potential customers and generated remarkable results. On top of that, we invited famous Chinese actress Fan Bingbing and popular Thai actress Mai to experience and endorse our Colligan product. More over, we continue to improve our per-center economic model through standardized operations. We accelerated the ramp-up of new centers. As we refined our product portfolio and customer acquisition, our per-center operational efficiency improved steadily. In Q1, the number of profitable centers rose to 41, and 48 centers generated positive operating cash flow.

Athletic center business growth margin reached 27%, reflecting continued operating efficiency gains. 今年,我们将继续以核心一线城市为重点,稳步扩大门店规模,提高服务的可及性,随着规模效应的逐步释放,新店爬坡效率的持续提升,以及运营效率的不断优化,单店收入规模将会不断提升,连锁的财务模型将得到显著改善。 This year, we will continue expanding our center footprint as broadening access, leaving a focus on major Tier 1 cities.

As economics of scale takes effect, new centers run faster and operational efficiency improves broader.

We expect per-center revenue to keep climbing and the chain's financial model to improve meaningfully. 接下来是新养医疗交付的专业能力与口碑建设 医美联锁业务的可持续发展依托于高质量的医疗交付能力 为此我们从医师团队、诊疗质量、服务体验等维度持续强化核心竞争力 截至2026年3月末 新养青春诊所全职医生团队已扩充至约230位 较2025年末增长9% 继续保持行业领先 与此同时 我们也在持续加强医生人才队伍的专业能力和推进数字化建设

以提升用户体验和医疗标准执行的一致性 Next, let's turn to Suyong's professional medical delivery capabilities and reputation building The long-term development of medical aesthetic chain business relies on high-quality medical service delivery. To this end, we continue to build core competitiveness across the physician team, diagnosis and treatment quality, and user experience. By March end, our full-time physicians reached about 230, up 9% from year-end 2025, maintaining industry leadership. We have also been enhancing physician capabilities and digitalizing operations to elevate the user experience and ensure consistent medical practice.

We can do all of the products and equipment and equipment to do a system system. So we are in dealing with many different types of products and products and products, we can do to go back to the medical, back to the product, and not to provide the broadcast, but from the hospital to check the product itself, whether it is safe, effective, and appropriate.

At the same time, the new york and the new york team can be used to In Q1, we established the Sylvia Phoenix Medical R&D and Training Center and Functional Command and Control Center. Focusing on medical research and training, the R&D Center has labs for energy-based devices, injectables, X-vivo, and testing. This enables us to thoroughly evaluate products and devices in the market. As upstream product offerings continue to diversify, this capability keeps us grounded in clinical fundamentals, not marketing claims. We evaluate projects based on clinical evidence to determine whether they are safe, effective, and appropriate. From these findings, our R&D team developed treatments for patients and SOPs. Meanwhile, the training center is now fully operational. All physicians joining Soyang Clinic must complete intensive comprehensive training at the center and pass all assessments before practicing.

Thank you very much.

The command and control sensor is the brain of our clinic chain operations. In this case, the safety and compliance office closes the loop on compliance. It allows headquarters to remotely monitor safety and compliance at our clinics, receive offline alerts, and coordinate emergency responses. It enables real-time intervention to ensure medical safety. The user experience of this manages the user journey, service design, and complaints. Any user feedback is immediately escalated to headquarters for action, which helps us continuously improve our medical workflows. In addition, the operations office tracks operating data across centers nationwide to keep operations healthy. 医疗交付能力与服务品质,以继续巩固口碑及品牌势能,形成驱动业务可持续增长的正向飞轮。 Thanks to our professional medical team, excellent treatment quality, and reliable premium services, we continued to cement our foundation of user trust and reputation. Looking ahead, we will harness Soyang's blind influence and wide-market presence to attract more outstanding physicians. That will further enhance our medical delivery capabilities and service quality, reinforcing reputation and blind momentum.

In turn, this creates a positive flywheel for long-term business growth. 下面我想讲讲供应链,我们基于我们致力于构建多元化的供应链体系,持续完善供应链布局,我们通过与上游企业开展多维深度合作,在实现双赢的同时,助力清一美行业的健康繁荣发展。 4 月,我们与紧波生物正式宣布达成战略合作 双方通过联合开发和双向赋能发挥各自优势 实现资源互补与价值共创 基于此次合作,我们获得了紧波生物 新品为医美Copact的独家专供权 并以此推出奇迹胶原系列 为用户提供覆盖头面部的重组胶原蛋白 全场景抗衰解决方案 此次发布的胶原新品是新养第20款绿标品 随着该系列的推出 我们的绿标产品体系也进一步完善 在该体系下 我们重点关注合规 溯源和价格透明 并结合用户反馈等不断优化 通过直连上游和反向定制 进一步提升供应链效率 也让产品更好地满足用户需求 此外,我们还印记推出了包含耀活光彩针与17型胶原的厚皮胶原产品 解决用户春日肌肤敏感问题 并发布全新升级的樱花雪光2.0等产品 不断丰富产品供应 凭借在供应链端的深厚战略协同与自有产品的加速落地

大单品策略持续释放增长动能 得益于BBL 热马级等爆款产品的热销 一季度大单品收入贡献占比进一步提升到了41% Now moving to our supply chain We remain committed to diversifying and reinforcing our supply chain The multi-dimensional and upstream partnerships We aim for win-win outcomes while driving health industry growth. In April, we announced our partnerships with Zinbo Biopharmaceutical. Through joint development, both parties will leverage their respective advantage to poor resources and create one U. The partnership grants us exclusive advice to Zinbo's new product, WeYinMe Copact. On that basis, we launched our Miracle Collagen, offering four-scenario anti-agent solutions using recombinant collagen for head and face. This is our 20th green label product. They launched furthering for our green label system, one that focuses on compliance, traceability, and price transparency, While allowing us to optimize products based on our user feedback, by connecting directly with upstream partners and using reverse customization, we are improving supply chain efficiently and meeting user needs better. We also launched Enhanced Collagen, which combines Hydrolo and Collagen Type 17 to address spring dermal irritation. The up-branded Sequoia Skin Booster version 2 further enriched our offerings, through deep supply chain collaboration and accelerated rollout of proprietary products.

Our Blockbuster strategy is unlocking growth momentum, revenue from Blockbuster products used to 41% in Q1, driven by robust demand for BBL, dermage, and other hints. 最后我想强调,随着医美行业迈入高质量普惠化发展的新阶段,具备标准化医疗交付能力,规模化运营效率和强大供应链优势的企业,将在行业发展中占据有利位置,头部效应将日趋凸显。 凭借多年深耕行业所构建起的完整产业链能力,新洋已建立起独特的竞争优势,未来我们将坚定推进千电连锁战略,在保持合理扩张节奏的同时,持续优化运营与财务指标,为用户和股东创造长期价值,也为行业的可持续发展注入动能。

industry enters a new phase of high-quality, inclusive groups, companies with standardized medical delivery capabilities, scalable operating efficiency, and a powerful supply chain will be real positions for the future. Market leadership advantage will become increasingly evident. With full industry chain capabilities built over years, we have developed a unique competitive Looking ahead, we will firmly advance our 1,000-centage goal. While maintaining a measured expansion pace, we will continue optimizing our operating and financial performance.

We aim to create value for users and shareholders and to drive industry's long-term development. 现在请我们的财务VP Zhang Sha来介绍一季度的财务表现 之后我们将进行问答环节 Now I'll hand the word to our VP of Finance, Sha Zhang, to work through the financial results followed by the Q&A session Thank you, Xin, and thank you everyone for joining us today I'm Sha Zhang, Vice President of Finance I will walk you through our first quarter 2026 financial results for additional details on our first quarter performance. Please refer to the earliest release issued earlier today. Unless otherwise noted, all amounts are in RMB. We started the year of journey with the robust Q1 performance. Total revenue for the quarter grew 45.6% year-over-year to $432.8 million, driven by the sustained growth momentum in our branded aesthetic center business. We are also encouraged that our stream supply chain is not only supporting our chain operations, but also fueling growth in our upstream supply chain business. Let's dive into each business segment. Revenue from aesthetic treatment service increased to 282.4 million, up 185.8% year-over-year, and exciting the high end of our guidance for the fourth consecutive quarter. This segment accounted for over 65% of total revenue during the quarter. Its growth margin expanded by 8.4 percentage points year over year and 3.3 percentage points quarter over quarter. we are pleased to see our core growth driver continue to gain traction in both revenue and profitability as we execute our dual engine strategy focused on scale and efficiency As of March 31st, we operated 54 Soyang clinics across 16 major cities with making a net addition of five centers during the quarter, now breaking down revenue by center fees. Our 20 mature faith centers generated our 150 million in revenue, or roughly 7.5 million per center. Our 23 growth faith centers contribute 109.5 million, or roughly 4.8 million per center. The 11th ramp-up fee center contributed 22.9 million or roughly 2.1 million per center. It's worth mentioning that average revenue per center for this in the ramp-up fees, so significant growth, both year-over-year and quarter-over-quarter. They clearly validate how our increasingly standardized operations are effectively a secondary team. Their ramp-up trajectory in the meantime, average revenue per mature feed center remains solid and well above the level. seen in ramp up and growth phase centers in term of profitability 41 centers were profitable and the 48 centers generated positive operation cash flow during the quarter reflecting a net addition of 16 and 9 respectively from last quarter with a robust pipeline steadily transitioning into maturity. Alongside our ongoing scale expansion and operation efficiency enhancement, we are confident in our ability to continue driving revenue growth and improving our profitability profile of this segment. Turning to our other segments, information and reservation services revenues were 8.3 million, down 30% year-over-year, primarily due to the increase in the number of medical service providers subscribing to our information services. Sales of medical products and maintenance service revenues were $57.1 million, up 2.8% year-over-year, driven by an increase in order volume for medical products. Other service revenues were $12.9 million, down 39.3% year-over-year, due to lower insurance brokerage revenue. I will now walk you through our financials below revenue in more details. Costs of revenue were $251 million, up 65.8% year-over-year. driven primarily by the expansion of our branded aesthetic centers, breaking that down by segment. Cost of aesthetic treatment service was $205.8 million, up 156.4% year-over-year. Cost of information and reservation service was $6.4 million, down 72.5% year-over-year. Cost of medical products sold and maintenance service was $30.4 million, down 0.1% year-over-year. Cost of other services was $8.4 million, down 51.6% year-over-year. Total operating expenses was $239.7 million, up 26.6% year-over-year, and more notably growing at a slower pace than total revenues. Sales and marketing expenses was 130.8 million, up 33.7% year-over-year. The increase was mainly driven by higher branding and user acquisition spending, as well as higher payroll costs to support our branded society centers. G&A expenses were 84.5 million, up 42.5% year-over-year, reflecting the continued expansion of branded necessity centers. R&D expenses were 24.3 million, down 24.2% year-over-year, driven by improved staff efficiency. Income tax benefits were 0.8 million compared with 1.6 million in the prior year period. Net loss attributable to Soyang was 49.2 million compared with 33.1 million in the prior year period. Now, gas net loss attributable to Soyang was 46.6 million, compared with 31.5 million in the primary year period. Basical and diluted loss per ADS was 0.48, compared with 0.32 in the primary year period. As of March 31, 2026, our cash and cash equivalents restricted cash and term deposits and short-term investments totally $880 million compared with $936.4 million as of year-end 2025. The decrease reflects strategic capital allocation to accelerate the expansion of our branded aesthetic center and ensure the next phase of growth. Turning to our outlook Q2, given our continued confidence in the branded aesthetic center business, we expect effective treatment service revenues to be between $307 million and $317 million. Reparation year-over-year growth of 112.6 percent to 119.5 percent. Looking at 2026, we are advancing key initiatives across supply chain optimization, medical delivery excellence, and operational efficiency. Together, these efforts will strengthen our leadership position, drive sustainable growth, and support a clear path to profitability. This concludes my remarks. Operator, we are now ready to begin the QA session.

We will now begin the question and answer session. To ask a question, you may press star then 1 on your touchtone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw the question, please press star then 2. At this time, we will pause momentarily to assemble our roster. Our first question comes from Jin Ping-Hee with CITIC. Please go ahead.

Thank you. of you so and let me briefly translate myself thank you for taking my question i'm jim from city secretaries so i have a question about the medical aesthetic industry so we are seeing the industry has experienced a slowdown in overall growth and also intensified the competition in the past two years so under this background what are the development status and the consumer characteristics in China's medical aesthetic industry, and looking ahead, what opportunities do you see? Thank you.

Since we remain bullish on light medical aesthetics in China, while the broader market is cooling, structural opportunities remain. As of 2025, China's medical aesthetics market has exceeded RMB 317 billion. Less medical aesthetics captured nearly 80% of the market, overtaking surgical treatment and the mainstream choice.

This segment also has leading growth potential globally. 而非变成另外一个人 第二呢 消费者越来越理性 不愿意交自商税 愿意为技术付一价 但是拒绝为营销买单 第三 医美消费持续普及 中国的二三线城市 在客单价消费认知上 已与一线城市无显著差异 这种新的需求 我们认为 传统医美机构 针对富裕阶层 服务非标化 充值半卡 单层大店的商业模式很难满足

市场需要信仰青春诊所 这样的机构给用户提供 连锁便捷 标准化 可负担的优质医美服务 This internal structural change is driven by involving consumer habits in the following areas First, medical aesthetic conception is involving from changing appearance to anti-aging People now want to look younger not become someone else. Second, consumers are becoming more rational. They will pay a premium for better technologies but not pricing hype. Third, medical aesthetic is gaining rising popularity. Second and third tier cities now match first tier cities in both R-proof and consumer awareness. With this new demand, it's difficult for traditional clinics to meet and stay focused on the affluent-led business services, prepared card requirements, and large single city centers. What's needed is what we offer, convenient, standardized, affordable, and premium services to a clinic chain.

In general, the business of China is a better supply, and the price is more transparent, the competition is more激烈, but also more mature in the new stage. 上游供给从2025年以来持续加速 特别是在铜盐胶原蛋白等热门赛道 截至目前铜盐针胶原蛋白获批的三类症都已超过10张 预计未来仍会持续有新的三类症获批 丰富程度会类似玻尿酸产品 对新养而言 这意味着更大的选品空间 更优的采购成本 更好的用户体验 Overall, the industry has entered a new phase.

More device supply, greater price transparency, and fair share, yet more mature competition. Upstream supply has been accelerating since 2025, particularly in hot categories like PLLA and collagen. We've already seen more than 10 Class III certificates approvals in each category, and we expect more to come.

Eventually reaching the same level of diversified as HA products For so young, that means more product choices Better procurement costs and enhanced user experience In this change, e-mails are the key to connect the market and the market to the market The key is to promote the effective effective, valuable, and safe and reliable products 进入2026年,医美行业将延续淘汰赛格局,活下来的机构必须找到差异化定位,我们认为,新养清真诊所提供的对标医美界的三亩会员店,差异化定位的医美服务,凭借一致性、可负担性、可及性的特点, 以及我们沉淀多年的上游供应链布局与多元化货客优势

其他单体民营机构形成错位竞争 随着规模化扩张 释放更大的运营优势

能够与传统高端医美

In this environment, medical aesthetic clinics the cableage connecting upstream manufacturers and consumers will succeed only if they can deliver effective, affordable, safe, and reliable products and services. In 2026, we expect competition to remain intense across the industry. Weaker players will continue to exit, and survivors will need deficient hit positioning. In our case, Soyang Clinic is positioned like a thumbscuff of medical aesthetics, known for consistency, affordability, and accessibility. Combined with our established supply chain and diversified customer acquisition channels, this gives us a competitive edge over traditional high-end and single-store private centers. As we scale, our advantage will compound. Looking ahead, China's manufacturing market is forecast to exceed RMB 600 by 2030, making its award's most promising market. We believe this industry's biggest opportunity lies in network expansion through uniform services. China's market capacity can accommodate southern clinic-trained brands. So Yang is confident in becoming one of them.

Thank you.

Thank you.

Our next question comes from James. My name is Zhang with GF Securities. Please go ahead.

And then we can use which features to increase and increase and increase, and then we can use which features we can expect for the future. This is James from the Grand Bar Securities. My question is, we can see that the purchase rate among core members is very high, indicating strong users' thickness. Can you help us understand whether there is still upside potential for high-value users' annual spending, or where you grow output through FQ extension, which blockbuster products can we expect? Thank you.

Zhang Wang, you are welcome. Thank you for your question. We have observed that our core team members have shown a high-referential desire and economic growth. This is why we've been able to build the value of our users' value and build a good foundation.

Yes, indeed. We are seeing strong repercussions intent and consumption stiffness among core members. This gives us a solid foundation to grow user value over time. 推行联合治疗,将多个互补性项目如何成综合解决方案,以有效提升科担价。 Going forward, we will increase our pool in two ways. First, we will provide dedicated services for core members at level 3 and above. Through differentiated benefits and personalized services, we will enhance blood value. Combined with curated SKUs, this allows us to meet our users' diverse and evolving light metal aesthetic needs while increasing lifetime YU. Second, we will continue expanding our mid-to-high-end offerings while promoting coordinated diagnosis and bundled complementary treatment solutions. This will meaningfully boost ARPU.

在大摊品方面 现在的几个爆款 如河马吉 BBL等 在提升UP方面表现突出 此外 我们与上游优质厂商合作的新品 也展现出强劲的销售动能 例如以西红合作的动能术系列 以及和紧波生物合作的胶原蛋白产品 目前的市场热度和销售势头都非常好 这些新品不但丰富了我们的中高端产品矩阵,也有效带动了存量用户的再消费和客单价提升,值得期待。 and sales momentum.

These new products enrich our mid-to-high-end product portfolio while also driving with chance behavior and output. They are definitely something to look forward to.

Thank you.

Our next question comes from Daisy Chen with Hightong Securities.

Please go ahead. 然后在这个专业人才的长期绑定上,公司有哪些独特的机制? I'll translate myself, could management elaborate more on talent reserve and organizational compatibility buildings? Like how is the reserve of high quality doctors? And what unique merchandise does the company adopt for the non-profit retention of the professional talent?

Thank you. 丹丹你好,感谢你的提问。 We have always said that premium services are defined by high-quality medical delivery. This is critical for earning user trust and driving consumption, which is why talent development is so central for us. It also starts with rigorous hiring and training standards, and China's largest light medical aesthetic chain. Soyang continues to attract high-quality doctors, with physician team keeping expanding. We now have about 230 full-time physicians. All hires undergo rigorous selecting, and we require every physician to complete theoretical and hands-on training and assessments before practicing. As mentioned in our remarks, our physician training center and R&D center at Beijing headquarters are now up and running. These facilities further strengthen our already high standards for skills and treatment consistency across our network.

We also have a clear understanding of PTR.

In terms of talent retention, we have built a multi-layer long-term retention mechanism. Our physician turnover rate is currently in line with the industrial range. First, on performance incentives, we offer competitive commission linked to treatment volume to reward high performers. Second, we design clear progression path for physicians at different levels. For instance, doctors at PT2 level or above can receive customized training through our deep collaborations with leading partnerships like Elegant. We also help them do professional influence through live streaming visibility and other location-building opportunities.

Additionally, we have a real-defined promotion lender from in-clinic physician to regional physician and ultimately to master group physician. 与此同时,信仰作为一家互联网企业,建立了完善的人才激励体系,面向核心及优秀员工,开放员工侵权激励政策,通过绑定个人成长与公司发展,让员工更共享企业成长红利,这有效激发了大家的主观能动性,也进一步增强了团队归属感。 We believe that新养的影響力 扎实的培训体系

进一步增强我们的医疗交付能力

Meanwhile, as an internet company, So Young has established a comprehensive talent incentive system. We offer equity plans to call and outstanding employees by allowing individual groups with company development Employees share the benefits of our success, fostering both motivation and a deeper sense of belonging. We are confident that Slyon's bright awareness, robust training system, and diversified talent retention mechanism will continue to underpin a solid pipeline of quality physicians and other outstanding talents, further reinforcing our medical delivery capabilities.

与多样化的人才留存机制 将继续支撑优质医生及其他优秀人才的储备

Thank you.

Our next question comes from Jesse Xu with CICC.

Please go ahead. have introduced in restructuring the traditional clinical service model, and what are the specific

changes in the roles and positioning of physicians and consultants, I think. 周达你好 感谢你的提问 我们在传统诊疗体系的重构上 目前主要是通过诊疗体系的升级 与医生手诊治两条路径在推进创新 在体系层面 一方面,我们联合行业专家 对用户皮肤类型进行归因归类 形成标准化模板 共创标准化的诊疗指南 推动诊疗流程的统一与规范 另一方面,我们计划 通过对皮肤检测仪进行二次开发 结合大数据与AI算法 实现诊疗方案的自动推荐 相信这些将帮助我们 提升诊断过程的标准化与自动化水平

从而提升门店运营效率 On the system front, we are working with experts to categorize users' skin types by their underlying causes This work enables us to build templates and create treatment guidance that ensures standard services We also plan to upgrade skin detectors integrating big data and AI to enable automatic treatment recommendations. We believe these initiatives will help us automate our diagnosis and treatment process, boosting operational efficiency across our clinics.

With this, we are now promoting the doctor to get the doctor to get the doctor to get the doctor to get the doctor into the doctor and to provide a professional treatment. In this mode, the interviewer will be from the lead to the interviewer, to move to the interviewer and the support of the patient. The reason why the patient is able to do so is to improve the patient's and the provider. This is a change in the医療专业 profession, and to increase the need for the patient. Currently, the patient's first surgery is in the main office of the patient's hospital. The plan is to be able to achieve the new client's health care for the patient's treatment, 并在老客户中逐渐推进医生面诊覆盖。 will enhance customer trust and improve conversion.

We have highlighted this policy in selected clinics. In future, we plan to have 100% of new customers consulted by a physician, with physician-led consultation gradually expanding to returning customers.

Thank you.

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