Financial Data and Key Metrics Changes - Total revenues for Q1 2024 reached RMB 318.3 million, up 2.6% year-over-year, exceeding guidance [14] - Revenue from sales of medical products and maternity services increased 23.3% year-over-year to RMB 86.5 million [14] - Net loss attributable to So-Young was RMB 21.2 million, compared to a net loss of RMB 11.9 million in the same period last year [17] - Non-GAAP net income attributable to So-Young was RMB 4.1 million, compared to a net non-GAAP net loss of RMB 2.8 million in the same period of 2023 [17] - Cash and cash equivalents totaled RMB 1.3 billion as of March 31, 2024, effectively flat compared to December 31, 2023 [17] Business Line Data and Key Metrics Changes - Information services and other revenues were RMB 208.7 million, a slight decrease of 0.7% year-over-year [14] - Reservation service revenues decreased 22.3% year-over-year to RMB 23.1 million, primarily due to policy changes [14] - Cumulative clients served by clinics increased 77% quarter-over-quarter [6] Market Data and Key Metrics Changes - The Chinese medical aesthetics market is gradually recovering, with retail sales of consumer goods increasing by 4.7% year-over-year in Q1 [21] - Sales of the Korea provides a role increased 80% year-over-year, establishing a mature distribution network covering 715 institutions [11] Company Strategy and Development Direction - The company plans to vertically integrate upstream supply chains, midstream operations, and downstream distribution channels to optimize costs and enhance efficiency [22] - Aiming to open 15 clinics in 2024, with a target of 100 to 150 clinics in the next three years [28] - Focus on establishing an industry platform to address structural issues in the medical aesthetics market [12] Management Comments on Operating Environment and Future Outlook - Management noted that the medical aesthetics user group is maturing, leading to more diversified user demands [21] - The company expects total revenues for Q2 2024 to be between RMB 380 million and RMB 400 million [18] - Management emphasized the importance of user satisfaction, which reached 98% from January to April [29] Other Important Information - Total operating expenses were RMB 237.8 million, up 3.5% year-over-year [16] - G&A expenses increased by 38.1% year-over-year, primarily due to payroll costs associated with expanding administrative support [16] Q&A Session Summary Question: Full-year outlook and trends - Management indicated that the medical aesthetics market is recovering, and they will maintain strategies based on existing business while optimizing costs and enhancing efficiency [21][22] Question: Decline of traditional metrics and traffic competition - Management acknowledged intensified competition for traffic but emphasized engagement through community content and private domain operations [24] Question: Progress of So-Young Prime clinics - Management confirmed that the opening of new clinics is on track, with plans to reach 100 to 150 clinics in the next three years [28] Question: Upstream supply chain business progress and cash reserves usage - Management reported strong sales growth in the upstream supply chain and plans to use cash for expanding the industry platform and potential shareholder returns [31][34]

Financial Performance - Total revenues for the first quarter of 2024 were RMB318.3 million (US$44.1 million), representing a 2.6% increase from RMB310.1 million in the same period of 2023, exceeding the high end of guidance [2][6] - Net loss attributable to So-Young International Inc. was RMB21.2 million (US$2.9 million), compared to a net loss of RMB11.9 million in the first quarter of 2023 [2][13] - Non-GAAP net income attributable to So-Young was RMB4.1 million (US$0.6 million), a significant improvement from a non-GAAP net loss of RMB2.8 million in the same period of 2023 [2][13] Operational Highlights - Average mobile monthly active users (MAUs) decreased to 2.0 million from 3.4 million in the first quarter of 2023 [3] - The number of medical service providers subscribing to information services on So-Young's platform decreased to 1,160 from 1,419 in the first quarter of 2023 [3] - The total number of purchasing users through reservation services was 132.8 thousand, with an aggregate value of medical aesthetic treatment transactions facilitated by So-Young's platform amounting to RMB367.1 million [3] Revenue Breakdown - Revenue from information services and other sources was RMB208.7 million (US$28.9 million), a decrease of 0.7% from RMB210.3 million in the same period of 2023 [7] - Reservation services revenues were RMB23.1 million (US$3.2 million), down 22.3% from RMB29.7 million in the same period of 2023, primarily due to policy changes regarding commission rates and subsidies [7] - Sales of medical products and maintenance services reached RMB86.5 million (US$12.0 million), an increase of 23.3% from RMB70.1 million in the same period of 2023, driven by higher sales of cosmetic products and medical equipment [7][6] Cost and Expenses - Total operating expenses were RMB237.8 million (US$32.9 million), an increase of 3.5% from RMB229.8 million in the first quarter of 2023 [11] - Sales and marketing expenses increased to RMB113.3 million (US$15.7 million), primarily due to higher payroll costs associated with marketing expansion [12] - General and administrative expenses rose significantly by 38.1% to RMB85.0 million (US$11.8 million), attributed to increased payroll costs for administrative support [12] Business Outlook - For the second quarter of 2024, So-Young expects total revenues to be between RMB380.0 million (US$52.6 million) and RMB400.0 million (US$55.4 million), indicating a decrease of 7.8% to 2.9% compared to the same period in 2023 [15]

Core Viewpoint - So-Young International Inc. is set to report its financial results for Q1 2024 on May 28, 2024, and will hold an earnings conference call on the same day [1]. Company Overview - So-Young is recognized as the largest and most vibrant social community in China for the medical aesthetics industry, catering to consumers, professionals, and service providers [2]. - The company provides reliable information through high-quality content and a variety of social functions on its platform, while also curating a selection of vetted medical aesthetic service providers [2]. - So-Young is well-positioned to expand within the medical aesthetic industry value chain and into the rapidly growing consumption healthcare service market, leveraging its strong brand image, extensive audience reach, user trust, engaging community, and data insights [2].

BEIJING, April 25, 2024 /PRNewswire/ -- So-Young International Inc. (Nasdaq: SY) ("So-Young" or the "Company"), the largest and most vibrant social community in China for consumers, professionals and service providers in the medical aesthetics industry, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2023 with the Securities and Exchange Commission on April 25, 2024. The annual report is available on the Company's investor relations website at http://ir.so ...

Table of Contents | --- | --- | |-------|--------------------------------------------------------| | | So-Young International Inc. | | | (Exact name of Registrant as specified in its charter) | | | NA | | | (Translation of Registrant's name into English) | | | Cayman Islands | UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR ...

So-Young International Inc. (NASDAQ:SY) Q4 2023 Earnings Conference Call March 20, 2024 7:30 AM ET Company Participants Vivian Xu - Investor Relations Xing Jin - Co-Founder, Chairman & Chief Executive Officer Hui Zhao - Chief Financial Officer Conference Call Participants Chloe Wei - CICC Operator Ladies and gentlemen, thank you for standing by for So-Young's Fourth Quarter and Full Year 2023 Earnings Conference Call. [Operator Instructions] As a reminder, today's conference call is being recorded. I will n ...

BEIJING, March 20, 2024 /PRNewswire/ -- So-Young International Inc. (Nasdaq: SY) ("So-Young" or the "Company"), the largest and most vibrant social community in China for consumers, professionals and service providers in the medical aesthetics industry, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2023. Fourth Quarter 2023 Financial Highlights Total revenues were RMB390.6 million (US$55.0 million[1]), compared with RMB325.1 million in the corresp ...

BEIJING, Jan. 8, 2024 /PRNewswire/ -- So-Young International Inc. (NASDAQ: SY) ("So-Young" or the "Company"), the largest and most vibrant social community in China for consumers, professionals and service providers in the medical aesthetics industry, today announced that during the term of the Company's share repurchase program previously announced in November 2022 and modified in January 2023 (the "2022 Share Repurchase Program") and the share repurchase program previously announced in May 2021 (the "2021 ...

BEIJING, Jan. 5, 2024 /PRNewswire/ -- So-Young International Inc. (NASDAQ: SY) ("So-Young" or the "Company"), the largest and most vibrant social community in China for consumers, professionals and service providers in the medical aesthetics industry, today announced that the Compensation Committee has approved to grant, and the Company has granted to Mr. Xing Jin, the chairman of the board of directors and the chief executive officer of the Company, 2,923,077 restricted share units of the Company (the "Res ...

Financial Data and Key Metrics Changes - Total revenues for Q3 2023 were RMB 390 million, representing a 19% year-over-year increase and aligning with previous guidance [4] - Net income attributable to So-Young was RMB 18.3 million, compared to RMB 2.3 million in the same period last year [4][18] - Non-GAAP net income attributable to So-Young was RMB 9.5 million, slightly down from RMB 9.9 million in Q3 2022 [18] - Basic and diluted earnings per ADS were RMB 0.18, compared to RMB 0.02 in the same period last year [18] - Total cash and cash equivalents as of September 30, 2023, were RMB 1.4 billion, down from RMB 1.6 billion as of December 31, 2022 [19] Business Line Data and Key Metrics Changes - Revenue from So-Young Prime increased significantly, with fulfilled orders growing by 23% sequentially during the quarter [8] - Online GMV for the face contouring category grew by 40% year-over-year, while GMV for all surgical categories grew by 11% quarter-over-quarter [7] - Revenue from the supply chain business reached RMB 75 million, a 19% year-over-year increase, accounting for 20% of total revenue [11] Market Data and Key Metrics Changes - The medical aesthetics market in China is expected to continue expanding, with user penetration rates still low, particularly in markets beyond first-tier cities [12] - Total retail sales of consumer groups during the first 10 months of 2023 increased by 69% year-over-year, indicating a recovering economy [28] Company Strategy and Development Direction - The company is focusing on high-end service users and adapting its community POP business to cater to this segment [5][27] - So-Young Prime is being adjusted to serve user growth and improve the quality-to-cost ratio of products [8][27] - The supply chain business is positioned to capture opportunities in the rapidly expanding light medical aesthetics market [9][11] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of the medical aesthetics market for 2024, despite occasional impacts from market volatility [28] - The company plans to continue investing in acquiring high-quality users and institutions to create long-term value [28] - Management highlighted improvements in operating efficiency as a key factor in maintaining profitability [31] Other Important Information - The company has been exploring new business models beyond traditional Internet models to enhance value creation [34] - A flagship clinic has been established to test management systems in real-time, achieving profitability within three months [9] Q&A Session Summary Question: Progress of So-Young Prime and expectations for Q4 and 2024 - Management reported that fulfilled orders for So-Young Prime grew tenfold compared to the same period last year, with a focus on improving service experience and expanding product categories [22][23] Question: Marketing expenses expectations for Q4 and next year - Management emphasized improving advertising efficiency and user conversion rates, with plans to maintain careful management of marketing costs [24] Question: Expectations for the medical aesthetics market in Q4 and 2024 - Management anticipates a gradual popularization of high-tier users and continued growth in light medical aesthetics, adapting business strategies accordingly [26][27] Question: Future margin trends - Management indicated a focus on revenue growth and diversification of revenue streams, with confidence in maintaining profitability [31] Question: Future competitive landscape and positioning - Management is exploring new business models and focusing on high-quality service experiences to differentiate from competitors [34][35]