Operator
Ladies and gentlemen, thank you for standing by for So-Young’s Fourth Quarter and Full Year 2025 Earnings Conference Call. [Operator Instructions] 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 Qiao. Please proceed, Mona.
Mona Qiao
Investor Relation Officer
Thank you, operator, and thank you, everyone, for joining So-Young’s Fourth Quarter and Full Year 2025 Earnings Conference Call.
Joining me today on the call is Mr. Xing Jin, our Founder, Chairman and CEO, and Ms. Zhang Sha, VP of Finance.
Before we begin, please refer to the safe harbor statements in our earnings release, which applies today’s call as we will be making forward-looking statements. Please also note that we will discuss non-GAAP measures today, which are more thoroughly explained and reconciled to the most comparable measures reported under GAAP in our earnings release on our Investor Relations website and filings with SEC.
Please also note, all figures mentioned in this call are in renminbi unless otherwise stated.
At this time, I’d like to turn the call over to Mr. Xing Jin.
Xing Jin
Co-Founder, CEO, Interim CFO & Chairman
[Interpreted]
In 2025, China’s medical aesthetic industry went through structural adjustments as upstream capacity expanded and consumers become more value driven. Return to value has become the common theme. For institutions pursuing scaled and repeatable models, this offers a critical window to build long-term edge.
In Q4, we continued to improve our investment and make progress in 3 directions. First, delivering scale breakthroughs and operational improvements in our aesthetic center business; second, reinforcing medical service
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