6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUERPURSUANT TO RULE 13a-16 OR 15d-16 UNDERTHE SECURITIES EXCHANGE ACT OF 1934

For the month of August 2025

Commission file number: 001-38878

So-Young International Inc.

2/F, East Tower, Poly Plaza

No. 66 Xiangbin Road

Chaoyang District, Beijing, 100012

People’s Republic of China

(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.  Form 20-F x          Form 40-F ¨

EXHIBITS

Exhibit No.	Description
99.1	Press Release

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

So-Young International Inc.
By:	/s/ Hui Zhao
	Name:	Hui Zhao
	Title:	Chief Financial Officer

Date: August 15, 2025

Exhibit 99.1

So-Young Reports Unaudited Second Quarter 2025Financial Results

BEIJING, China, August 15, 2025 — So-Young International Inc. (Nasdaq: SY) (“So-Young” or the “Company”), the leading aesthetic treatment platform in China connecting consumers with online services and offline treatments, today announced its unaudited financial results for the second quarter ended June 30, 2025.

Second Quarter 2025 Financial Highlights

·	Total revenues were RMB378.7 million (US$52.9<br>million^1^), compared with RMB407.4 million in the corresponding period of 2024. The aesthetic<br>treatment services revenues were RMB144.4 million (US$20.2 million), compared with RMB27.4 million in the corresponding period of 2024,<br>exceeding the high end of guidance.
·	Net loss attributable to So-Young International Inc. was RMB36.0 million (US$5.0 million), compared with<br>net income attributable to So-Young International Inc. of RMB18.9 million in the same period of 2024.
---	---
·	Non-GAAP net loss attributable to So-Young International<br>Inc.^2^ was RMB30.5 million (US$4.3 million), compared with non-GAAP net income attributable<br>to So-Young International Inc. of RMB22.2 million in the same period of 2024.
---	---

Second Quarter 2025 OperationalHighlights

·	The aggregate value of medical aesthetic treatment<br>transactions facilitated by So-Young’s platform was RMB303.9 million, compared with RMB427.8 million in the same period of 2024.
·	Number of verified treatment visits to the branded<br>aesthetic centers for the quarter reached over 67,400, compared with approximately 14,000 in the same period of 2024. The number of verified<br>paid aesthetic treatments performed surpassed 154,500, compared with approximately 27,600 in the same period of 2024.
---	---
·	The number of active users, defined as those<br>who visited branded aesthetic centers at least once during the 12-month period ended on June 30, 2025, exceeded 100,400, compared<br>with approximately 16,000 users during the corresponding period in 2024.
---	---
·	As of June 30, 2025, So-Young had 29 fully<br>operational branded aesthetic centers in nine major cities, including Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou, Chengdu, Wuhan,<br>Chongqing and Changsha. Among them, 25 centers have achieved positive monthly operating cash flow. The following table shows the revenues<br>generated by So-Young aesthetic centers, categorized by their phase of development:
---	---
Phase (The length of time<br> since establishment)	Number of<br> Centers		Revenue <br> (RMB)		Average Revenue per <br> Center (RMB)
---	---	---	---	---	---	---
Ramp-up (0-3 months)		9		23,554,000		2,617,000
Growth (4-12 months)		14		89,644,000		6,403,000
Maturity (over 12 months)		6		31,192,000		5,199,000

^1^ This press release contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) solely for the convenience of the reader. Unless otherwise specified, all translations of Renminbi amounts into U.S. dollar amounts in this press release are made at RMB7.1636 to US$1.00, which was the U.S. dollars middle rate announced by the Board of Governors of the Federal Reserve System of the United States on June 30, 2025.

^2^ Non-GAAP net income/(loss) attributable to So-Young International Inc. is defined as net income/(loss) attributable to So-Young International Inc. excluding share-based compensation expenses attributable to So-Young International Inc. See “Reconciliation of GAAP and Non-GAAP Results” at the end of this press release.

1

·	The number of institutions So-Young served with<br>supply chain solutions for injectables grew to over 1,600 as of June 30, 2025. Shipments of Elasty injectable products reached approximately<br>39,100 units in the second quarter of 2025, compared with 43,200 in the same period<br>of 2024.

Mr. Xing Jin, Co-Founder and Chief Executive Officer of So-Young, commented, “During the second quarter, our branded aesthetic centers became the largest contributor to revenue for the first time, a significant milestone in our transformation strategy. With 29 aesthetic centers now in operation across China, we have solidified our position as the country’s leading light medical aesthetics brand. This achievement highlights the strength of our vertically integrated strategy and continued focus on offering standardized aesthetic services. Through ongoing operational enhancements, expanding portfolio of proprietary products, and brand-enhancing initiatives that deepen consumer engagement, we have substantially increased customer trust and loyalty. As we enter the next phase of growth, we are focused on further scaling our aesthetic center network and broadening our market presence, unlocking greater long-term value for customers, partners, and shareholders.”

Mr. Hui Zhao, Chief Financial Officer of So-Young, added, “In the second quarter, we saw further improvements in both the scale and quality of our aesthetic centers. With a target of operating 50 centers by year-end, our near-term financial results will continue to reflect ongoing investments to support the long-term sustainable growth and consolidate our market leading position.”

Second Quarter 2025 Financial Results

Revenues

Total revenues were RMB378.7 million (US$52.9 million), a decrease of 7.0% from RMB407.4 million in the same period of 2024. The decrease was primarily due to a decrease in the number of medical service providers subscribing to information services on So-Young’s platform.

·	Aesthetictreatment services^3^ revenues were RMB144.4 million (US$20.2 million), an increase<br>of 426.1% from RMB27.4 million in the same period of 2024. The increase was primarily due to the business expansion of the branded aesthetic<br>centers.
·	Information and reservation services revenues were RMB135.2 million (US$18.9 million), a decrease<br>of 35.6% from RMB209.7 million in the same period of 2024. The decrease was primarily due to a decrease in the number of medical service<br>providers subscribing to information services on So-Young’s platform.
---	---
·	Sales of medical products and maintenance services were RMB76.0 million (US$10.6 million), a decrease<br>of 28.1% from RMB105.8 million in the same period of 2024, primarily due to a decrease in the order volume of medical products.
---	---

^3^ Since the second quarter of 2025, in light of the better monitoring business development of branded aesthetic centers, the previous line item information services and others was separated into three line items, which are aesthetic treatment services, information services and other services. And the Company grouped the revenue generated from information services and reservation services, which is renamed as information and reservation services.

The revenue generated from aesthetic treatment services was previously reported in line item of information services and others. The revenue generated from information and reservation services and other services for the second quarter of 2024 have also been retrospectively updated. The amount reclassified from previous line item information services and others to aesthetic treatment services and information and reservation services is RMB27.4 million and RMB187.4 million for the second quarter of 2024, respectively.

2

·	Other services revenues were RMB23.2 million (US$3.2 million), a decrease of 64.0% from RMB64.4 million in the same period of 2024,<br>primarily due to a decrease in So-Young Prime.

Cost of Revenues

Cost of revenues was RMB184.6 million (US$25.8 million), an increase of 19.0% from RMB155.1 million in the second quarter of 2024. The increase was primarily due to business expansion of the branded aesthetic centers. Cost of revenues included share-based compensation expenses of RMB0.1 million (US$0.0 million), compared with RMB0.2 million in the corresponding period of 2024.

·	Cost of aesthetic treatment services were<br>RMB109.4 million (US$15.3 million), an increase of 405.5% from RMB21.6 million in the second quarter of 2024. The increase was primarily<br>due to the business expansion of the branded aesthetic centers.
·	Cost of information and reservation services^4^<br>were RMB16.7 million (US$2.3 million), a decrease of 47.4% from RMB31.7 million in the second quarter of 2024. The decrease was in line<br>with the decrease in revenue generated from information and reservation services.
---	---
·	Cost of medical products sold and maintenance services were RMB39.5 million (US$5.5 million), a<br>decrease of 25.8% from RMB53.2 million in the second quarter of 2024. The decrease was primarily due to a decrease in costs associated<br>with the sales of medical products.
---	---
·	Cost of other services were RMB19.0 million (US$2.7 million), a decrease of 60.8% from RMB48.5<br>million in the second quarter of 2024. The decrease was primarily due to a decrease in costs associated with So-Young Prime.
---	---

Operating Expenses

Total operating expenses were RMB241.3 million (US$33.7 million), a decrease of 1.8% from RMB245.6 million in the second quarter of 2024.

·	Sales and marketingexpenses were<br>RMB131.3 million (US$18.3 million), a decrease of 0.7% from RMB132.3 million in the second quarter of 2024. The decrease was primarily<br>attributable to the decrease of payroll cost. Sales and marketing expenses included share-based compensation expenses of RMB0.6 million<br>(US$0.1 million) in the second quarter of 2025, compared with RMB0.2 million in the corresponding period of 2024.
·	General and administrativeexpenses were RMB78.8 million (US$11.0 million), an increase of<br>11.3% from RMB70.8 million in the second quarter of 2024. The increase was primarily due to an increase in payroll costs associated with<br>the expansion of administrative employees to support our business upgrade and new strategic businesses. General and administrative expenses<br>included share-based compensation expenses of RMB4.3 million (US$0.6 million) in the second quarter of 2025, compared with RMB2.0 million<br>in the corresponding period of 2024.
---	---
·	Research and developmentexpenses were RMB31.2 million (US$4.4 million), a decrease of 26.6%<br>from RMB42.5 million in the second quarter of 2024. The decrease was primarily attributable to improvements in staff efficiency. Research<br>and development expenses included share-based compensation expenses of RMB0.5 million (US$0.1 million) in the second quarter of 2025,<br>compared with RMB0.8 million in the corresponding period of 2024.
---	---

^4^ Since the second quarter of 2025, the previous line item cost of services and others was separated into three line items, which are cost of aesthetic treatment services, cost of information and reservation services and cost of other services. Cost of aesthetic treatment services primarily consists of expenditures relating to aesthetic treatment services in branded aesthetic centers, cost of information and reservation services primarily consists of expenditures relating to operation of platform business, and the remaining cost of services and others is reclassified into cost of other services. The cost of aesthetic treatment services, cost of information and reservation services and cost of other services for the second quarter of 2024 have also been retrospectively reclassified.

3

Income Tax (Expenses)/Benefits

Income tax expenses were RMB1.9 million (US$0.3 million), compared with income tax benefits of RMB2.6 million in the same period of 2024.

Net (Loss)/Income Attributable to So-Young International Inc.

Net loss attributable to So-Young International Inc. was RMB36.0 million (US$5.0 million), compared with a net income attributable to So-Young International Inc. of RMB18.9 million in the second quarter of 2024.

Non-GAAP Net (Loss)/Income Attributableto So-Young International Inc.

Non-GAAP net loss attributable to So-Young International Inc., which excludes the impact of share-based compensation expenses, was RMB30.5 million (US$4.3 million), compared with RMB22.2 million non-GAAP net income attributable to So-Young International Inc. in the same period of 2024.

Basic and Diluted (Loss)/Earnings per ADS

Basic and diluted loss per ADS attributable to ordinary shareholders were RMB0.35 (US$0.05) and RMB0.35 (US$0.05), respectively, compared with basic and diluted earnings per ADS attributable to ordinary shareholders of RMB0.18 and RMB0.18, respectively, in the same period of 2024.

Cash and Cash Equivalents, Restricted Cashand Term Deposits, Term Deposits and Short-Term Investments

As of June 30, 2025, cash and cash equivalents, restricted cash and term deposits, term deposits and short-term investments were RMB998.6 million (US$139.4 million), compared with RMB1,253.2 million as of December 31, 2024.

Business Outlook

For the third quarter of 2025, So-Young expects aesthetic treatment services revenues to be between RMB150.0 million (US$20.9 million) and RMB170.0 million (US$23.7 million), representing a 230.5% to 274.6% increase from the same period in 2024. The above outlook is based on the current market conditions and reflects the Company’s preliminary estimates of market and operating conditions, as well as customer demand, which are all subject to change.

Non-GAAP Financial Measures

To supplement the financial measures prepared in accordance with generally accepted accounting principles in the United States, or GAAP, this press release presents non-GAAP income/(loss) from operations and non-GAAP net income/(loss) attributable to So-Young International Inc. by excluding share-based compensation expenses from income/(loss) from operations and net income/(loss) attributable to So-Young International Inc., respectively. The Company believes these non-GAAP financial measures are important to help investors understand the Company’s operating and financial performance, compare business trends among different reporting periods on a consistent basis and assess the Company’s core operating results, as they exclude certain expenses that are not expected to result in cash payments. The use of the above non-GAAP financial measures has certain limitations. Share-based compensation expenses have been and will continue to be incurred in the future. All these are not reflected in the presentation of the non-GAAP financial measures, but should be considered in the overall evaluation of the Company’s results. The Company compensates for these limitations by providing the relevant disclosure of its share-based compensation expenses in the reconciliations to the most directly comparable GAAP financial measures, which should be considered when evaluating the Company’s performance. These non-GAAP financial measures should be considered in addition to financial measures prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP. Reconciliation of each of these non-GAAP financial measures to the most directly comparable GAAP financial measure is set forth at the end of this release.

4

Conference Call Information

So-Young’s management will hold an earnings conference call on Friday, August 15, 2025, at 7:30 AM U.S. Eastern Time (7:30 PM on the same day, Beijing/Hong Kong Time). Dial-in details for the earnings conference call are as follows:

International:	+1-412-902-4272
Mainland China:	4001-201203
US:	+1-888-346-8982
Hong Kong:	+852-301-84992
Passcode:	So-Young International Inc.

A telephone replay will be available two hours after the conclusion of the conference call through 23:59 U.S. Eastern Time, August 22, 2025. The dial-in details are:

International:	+1-412-317-0088
US:	+1-877-344-7529
Passcode:	1137391

Additionally, a live and archived webcast of this conference call will be available at http://ir.soyoung.com.

About So-Young International Inc.

So-Young International Inc. (Nasdaq: SY) (“So-Young” or the “Company”) is the leading aesthetic treatment platform in China connecting consumers with online services and offline treatments. The Company provides access to aesthetic treatments through its online platform and branded aesthetic centers, offering curated treatment information, facilitating online reservations, delivering high-quality treatments, and developing, producing and distributing optoelectronic medical equipment and injectable products. With its strong brand recognition, digital reach, affordable treatments and efficient supply chain, So-Young is well-positioned to serve its audience over the long term and grow along the medical aesthetic value chain.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the Financial Guidance and quotations from management in this announcement, as well as So-Young’s strategic and operational plans, contain forward-looking statements. So-Young may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about So-Young’s beliefs and expectations, are forward-looking statements. Forward looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: So-Young’s strategies; So-Young’s future business development, financial condition and results of operations; So-Young’s ability to retain and increase the number of users and medical service providers, and expand its service offerings; competition in the online medical aesthetic service industry; changes in So-Young’s revenues, costs or expenditures; Chinese governmental policies and regulations relating to the online medical aesthetic service industry, general economic and business conditions globally and in China; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and So-Young undertakes no duty to update such information, except as required under applicable law.

5

For more information, please contact:

So-Young

Investor Relations

Ms. Mona Qiao

Phone: +86-10-8790-2012

E-mail: [email protected]

Christensen

In China

Ms. Charlie Chi

Phone: +86-10-5900-1548

E-mail: [email protected]

In US

Ms. Linda Bergkamp

Phone: +1-480-614-3004

Email: [email protected]

6

SO-YOUNG INTERNATIONAL INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except for share andper share data)

	As of
	December 31,		June 30,		June 30,
	2024		2025		2025
	RMB		RMB		US
Assets
Current assets:
Cash and cash equivalents		587,749		380,907
Restricted cash and term deposits		66,367		84,996
Trade receivables		98,774		78,199
Inventories		151,754		242,415
Receivables from online payment platforms		24,255		23,218
Amounts due from related parties		1,218		2,620
Term deposits and short-term investments		599,041		532,696
Prepayment and other current assets		195,202		250,557
Total current assets		1,724,360		1,595,608
Non-current assets:
Long-term investments		280,281		277,642
Intangible assets		126,615		126,561
Goodwill		684		684
Property and equipment, net		155,352		196,252
Deferred tax assets		84,950		83,805
Operating lease right-of-use assets		162,764		196,677
Other non-current assets		200,152		172,937
Total non-current assets		1,010,798		1,054,558
Total assets		2,735,158		2,650,166
Liabilities
Current liabilities:
Short-term borrowings		69,771		59,801
Taxes payable		61,862		46,623
Contract liabilities		76,579		70,362
Salary and welfare payables		111,396		58,883
Amounts due to related parties		477		569
Accrued expenses and other current liabilities		265,216		330,237
Operating lease liabilities-current		44,905		58,649
Total current liabilities		630,206		625,124
Non-current liabilities:
Operating lease liabilities-non current		125,200		145,238
Deferred tax liabilities		19,758		17,973
Other non-current liabilities		1,264		1,736
Total non-current liabilities		146,222		164,947
Total liabilities		776,428		790,071

All values are in US Dollars.

7

SO-YOUNG INTERNATIONAL INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCESHEETS (Continued)

(Amounts in thousands, except for share andper share data)

Shareholders’ equity:
Treasury stock	(376,690	)	(391,944	)	(54,713	)
Class A ordinary shares (US$0.0005 par value; 750,000,000 shares authorized as of December 31, 2024 and June 30, 2025; 77,897,969 and 65,659,510 shares issued and outstanding as of December 31, 2024, 78,328,240 and 64,400,914 shares issued and outstanding as of June 30, 2025, respectively)	253		254		35
Class B ordinary shares (US$0.0005 par value; 20,000,000 shares authorized as of December 31, 2024 and June 30, 2025; 12,000,000 shares issued and outstanding as of December 31, 2024 and June 30, 2025)	37		37		5
Additional paid-in capital	3,069,799		3,057,951		426,873
Statutory reserves	40,552		40,552		5,661
Accumulated deficit	(926,390	)	(995,567	)	(138,976	)
Accumulated other comprehensive income	31,560		27,977		3,905
Total So-Young International Inc. shareholders’ equity	1,839,121		1,739,260		242,790
Non-controlling interests	119,609		120,835		16,868
Total shareholders’ equity	1,958,730		1,860,095		259,658
Total liabilities and shareholders’ equity	2,735,158		2,650,166		369,948

8

SO-YOUNG INTERNATIONAL INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTSOF OPERATIONS

(Amounts in thousands, except for share andper share data)

	For<br> the Three Months Ended								For<br> the Six Months Ended
	June 30,<br> <br><br>2024			June 30,<br> <br><br>2025			June 30,<br> <br>2025		June 30,<br> <br><br>2024			June 30,<br><br><br> 2025			June 30,<br> <br>2025
	RMB			RMB			US		RMB			RMB			US
Revenues:
Aesthetic<br> treatment services		27,444			144,390					42,615			243,217
Information<br> and reservation services		209,734			135,172					386,109			256,797
Sales<br> of medical products and maintenance services		105,808			76,036					192,278			131,626
Other<br> services		64,394			23,150					104,660			44,378
Total<br> revenues		407,380			378,748					725,662			676,018
Cost<br> of revenues:
Cost<br> of aesthetic treatment services		(21,637	)		(109,370	)		)		(34,032	)		(189,634	)		)
Cost<br> of information and reservation services		(31,744	)		(16,705	)		)		(63,261	)		(40,002	)		)
Cost<br> of medical products sold and maintenance services		(53,198	)		(39,491	)		)		(96,291	)		(69,916	)		)
Cost<br> of other services		(48,472	)		(18,992	)		)		(78,782	)		(36,421	)		)
Total<br> cost of revenues		(155,051	)		(184,558	)		)		(272,366	)		(335,973	)		)
Gross<br> profit		252,329			194,190					453,296			340,045
Operating<br> expenses:
Sales<br> and marketing expenses		(132,308	)		(131,333	)		)		(245,564	)		(229,209	)		)
General<br> and administrative expenses		(70,799	)		(78,786	)		)		(155,752	)		(138,070	)		)
Research<br> and development expenses		(42,498	)		(31,177	)		)		(82,089	)		(63,286	)		)
Total<br> operating expenses		(245,605	)		(241,296	)		)		(483,405	)		(430,565	)		)
Income/(Loss)<br> from operations		6,724			(47,106	)		)		(30,109	)		(90,520	)		)
Other<br> income/(expenses):
Investment<br> income, net		788			884					2,887			99
Interest<br> income, net		11,718			7,948					24,031			14,973
Exchange<br> gains		16			701					410			726
Share<br> of losses of equity method investee		(3,733	)		(1,012	)		)		(7,729	)		(3,454	)		)
Others,<br> net		2,039			5,663					5,319			10,497
Income/(Loss)<br> before tax		17,552			(32,922	)		)		(5,191	)		(67,679	)		)
Income<br> tax benefits/(expenses)		2,571			(1,877	)		)		5,128			(272	)		)
Net<br> income/(loss)		20,123			(34,799	)		)		(63	)		(67,951	)		)
Net<br> income attributable to noncontrolling interests		(1,182	)		(1,240	)		)		(2,236	)		(1,226	)		)
Net<br> income/(loss) attributable to So-Young International Inc.		18,941			(36,039	)		)		(2,299	)		(69,177	)		)

All values are in US Dollars.

9

SO-YOUNG INTERNATIONAL INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTSOF OPERATIONS (Continued)

(Amounts in thousands,except for share and per share data)

	For<br> the Three Months Ended								For<br> the Six Months Ended
	June 30,<br><br><br> 2024			June 30,<br><br><br> 2025			June 30,<br><br> 2025		June 30,<br><br><br> 2024			June 30,<br> <br><br>2025			June 30,<br> <br>2025
	RMB			RMB			US		RMB			RMB			US
Net<br> earnings/(loss) per ordinary share
Net<br> earnings/(loss) per ordinary share attributable to ordinary shareholder - basic		0.24			(0.46	)		)		(0.03	)		(0.88	)		)
Net<br> earnings/(loss) per ordinary share attributable to ordinary shareholder - diluted		0.24			(0.46	)		)		(0.03	)		(0.88	)		)
Net<br> earnings/(loss) per ADS attributable to ordinary shareholders - basic (13 ADS represents 10 Class A ordinary shares)		0.18			(0.35	)		)		(0.02	)		(0.68	)		)
Net<br> earnings/(loss) per ADS attributable to ordinary shareholders - diluted (13 ADS represents 10 Class A ordinary shares)		0.18			(0.35	)		)		(0.02	)		(0.68	)		)
Weighted<br> average number of ordinary shares used in computing earnings/(loss) per share, basic*		79,586,926			77,826,404					79,569,190			78,194,634
Weighted<br> average number of ordinary shares used in computing earnings/(loss) per share, diluted*		79,899,412			77,826,404					79,569,190			78,194,634
Share-based<br> compensation expenses included in:
Cost<br> of revenues		(229	)		(124	)		)		(174	)		(154	)		)
Sales<br> and marketing expenses		(184	)		(598	)		)		(237	)		(728	)		)
General<br> and administrative expenses		(2,015	)		(4,286	)		)		(26,468	)		(5,690	)		)
Research<br> and development expenses		(817	)		(487	)		)		(1,660	)		(580	)		)

All values are in US Dollars.

*	Both Class A and Class B ordinary shares are included in the calculation of the weighted average<br>number of ordinary shares outstanding, basic and diluted.

10

SO-YOUNG INTERNATIONAL INC.

Reconciliation of GAAP and Non-GAAP Results

(Amounts in thousands, except for share and per share data)

	For the Three Months Ended							For the Six Months Ended
	June 30,<br> <br>2024		June 30,<br> <br>2025			June 30,<br> 2025		June 30,<br><br> 2024			June 30,<br><br> 2025			June 30,<br> 2025
	RMB		RMB			US		RMB			RMB			US
GAAP income/(loss) from operations		6,724		(47,106	)		)		(30,109	)		(90,520	)		)
Add back: Share-based compensation expenses		3,245		5,495					28,539			7,152
Non-GAAP income/(loss) from operations		9,969		(41,611	)		)		(1,570	)		(83,368	)		)
GAAP net income/(loss) attributable to So-Young International Inc.		18,941		(36,039	)		)		(2,299	)		(69,177	)		)
Add back: Share-based compensation expenses		3,245		5,495					28,539			7,152
Non-GAAP net income/(loss) attributable to So-Young International Inc.		22,186		(30,544	)		)		26,240			(62,025	)		)

All values are in US Dollars.

11