So-Young: Revenue Acceleration Is Overshadowed By Widening Losses (Rating Downgrade)
So-Young International has experienced a significant revenue increase, with a 46% year-on-year growth in the first quarter of 2026. However, this positive trend is overshadowed by widening net losses, prompting a downgrade of the stock rating from 'Buy' to 'Hold'. The company's shift towards offline aesthetic clinics has not compensated for the decline in high-margin online operations.
- ▪So-Young's revenue grew by 46% year-on-year in the first quarter of 2026.
- ▪The company's net losses widened due to decreased contributions from online operations.
- ▪The stock rating was downgraded from 'Buy' to 'Hold' as a result of these financial challenges.
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