A：The key trend mentioned in the speech is the structural adjustment of China's medical assessment industry, where upstream capacity expansion and consumers becoming more value-driven lead to return to learning for institutions pursuing skilled and repeatable models.

A：The breakthrough and operational improvements in the abes sensor business were highlighted as a key area of progress in the fourth quarter.

A：The year-over-year increase in the treatment volume at SoYang's aesthetic centers was 178%.

A：SoYang is enhancing its medical service delivery capabilities across three dimensions: decision team, compliance framework, and data security.

A：In 2026, SoYang is launching a new physician initiative aimed at accelerating recruitment and talent pipeline. The program will provide hands-on practice, semantic training, and a clear path for physicians to achieve top-tier performance and globalization.

A：SoYang has established a six-p compliance framework and an irregular inspection mechanism with digital software. They deliver full process traceability of medical services and data security, and SoYang is the first in the industry to obtain the Tia certification, setting a benchmark for this case.

A：SoYang's investment in supply chain and market opportunities has contributed to their growth by working with top-tier suppliers, procuring nearly 1400 devices for injectables, and having 42 top-tier upstream partners with a cumulative procurement of over 700,000 units.

A：The company's project layout in spoke, which includes a preview of the mar p version 3, lowers customer barriers to trial, and they are the exclusive distributor of Z Hong by Obama's HD solution for BBL treatment.

A：SoYang's market outlook is for a transition to a rational, quality-driven path where many distributors are recycled, and the long-run industry will be shaped by companies that can deliver the most trusted services post-COVID.

A：SoYang's strategic shift for 2026 is moving from scale first to a focus on scale and efficiency. Their aim is not only to consolidate but also to prove that the model is preferable.

A：The key financial results for the fourth quarter of 2025 include total revenues reaching 460.7 million, a 24.8% year-over-year increase. This performance is attributed to the continued expansion of the brand aesthetic center business, with the company operating 49 clinics across 15 major cities. As of December 31, 49 of these clinics were in operation, representing a net addition of 10 centers during the quarter. The company's cash position stood at 936.4 million, providing a solid foundation for further expansion and preserving financial flexibility.

A：The branded aesthetic center business was at the core of the company's growth, with revenues from aesthetic treatment plant services reaching 248.1 million, a 205.3% year-over-year increase. This segment has contributed over 50% of the company's revenue for the first time and exceeded the high end of the company's guidance for the third consecutive quarter. This strong performance was driven by continued network expansion and improving economics in the places of the branded aesthetic centers.

A：Revenue for the year decreased by 26.8% year over year to 125.7 million from information and reservation services, 60.93 million from sales of medical products and maintenance services, and 17.7 million from other services. This is primarily due to a decrease in the number of medical service providers using information services on the platform and a decrease in the order volume for medical equipment.

A：The cost of revenue was 209 million, a 67.2% year-over-year increase. Further breakdown shows that the cost of static treatment services was 189 million, up 189.9% year over year; the cost of information and reservation services was 10.1 million, down 50.6% year over year; the cost of medical products sold and maintenance services was 41.6 million, down 4% year over year; and the cost of other services was 15.3 million, down 36.7% year over year.

A：Total operating expenses were 327.7 million compared with 815.2 million in the same period of 2024. Excluding the impact of goodwill impairment charges in both periods, total operating expenses increased moderately year over year, reflecting continued investment in expanding the aesthetic center business. Sales and marketing expenses were 168.7 million, a 25.8% year-over-year increase, driven by branding and user acquisition investments to support growth. G&A expenses were 101.9 million, up 3.5% year over year due to business expansion. R&D expenses were 37.4 million, down 12.4% year over year due to improved staff efficiency. Income tax benefit amounted to 0.6 million compared with expenses of 2.1 million in the same period of 2024, resulting in a net loss attributable to Sinyang of 108.8 million compared with 607.6 million in the same period of 2024.

A：The company's outlook for the fourth quarter of 2026 projects revenues to be between 200.58 million and 270.58 million, representing a year-over-year growth of 171.2% to 181.3%. The company plans to shift its focus from pure network expansion toward balancing growth with profitability improvement. It aims to add no fewer than 35 new essential centers in 2026 while using its expanding scale to improve gross margins and drive efficiency gains across the network.

A：The centers in second-tier cities have reported slightly higher margins due to lower staff materials and rental expenses compared to the first-tier cities.

A：The plans include leveraging process improvements, resource synergies, and traffic management to drive continued gains in the second-tier city centers. As the scale of operations increases, the economics of the network will become more pronounced, leading to stronger profitability and market competitiveness.

A：The strategy involves focusing on existing high-value users to acquire new ones, which will not only lower costs but also improve the quality and retention rate of new users. The company will continue to optimize the mix of public and private domain customer acquisition channels and enhance LTV through branding initiatives with top IT companies. Co-branding initiatives with the little prince and other high-end services are expected to further amplify growth.

A：To improve the LTV of core members, the company plans to expand product portfolios with comprehensive offerings including standardized scientific, back treatment, and high-end services. The membership system will be optimized to offer differentiated services, enhancing brand value and strengthening loyalty. These measures are expected to improve profitability and provide strong momentum for long-term growth.