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So-Young Reports Unaudited Second Quarter 2024 Financial Results
SYSo-Young(SY) Prnewswire·2024-08-23 09:52

Financial Performance - Total revenues for the second quarter of 2024 were RMB407.4 million (US56.1million),aslightdecreaseof1.156.1 million), a slight decrease of 1.1% from RMB412.1 million in the same period of 2023, but exceeded the high end of guidance [2][5] - Net income attributable to So-Young International Inc. was RMB18.9 million (US2.6 million), a significant recovery from a net loss of RMB2.6 million in the second quarter of 2023 [2][10] - Non-GAAP net income attributable to So-Young was RMB22.2 million (US3.1million),upfromRMB15.5millioninthesameperiodof2023[2][10]OperationalHighlights−Averagemobilemonthlyactiveusers(MAUs)decreasedto1.5millionfrom3.0millioninthesecondquarterof2023[3]−ThenumberofmedicalserviceproviderssubscribingtoinformationservicesonSo−Young′splatformfellto1,174from1,659inthesameperiodof2023[3]−Thetotalnumberofpurchasingusersthroughreservationserviceswas137.5thousand,withanaggregatevalueofmedicalaesthetictreatmenttransactionsfacilitatedbySo−Young′splatformreachingRMB427.8million[3]RevenueBreakdown−InformationservicesandotherrevenueswereRMB279.2million(US3.1 million), up from RMB15.5 million in the same period of 2023 [2][10] Operational Highlights - Average mobile monthly active users (MAUs) decreased to 1.5 million from 3.0 million in the second quarter of 2023 [3] - The number of medical service providers subscribing to information services on So-Young's platform fell to 1,174 from 1,659 in the same period of 2023 [3] - The total number of purchasing users through reservation services was 137.5 thousand, with an aggregate value of medical aesthetic treatment transactions facilitated by So-Young's platform reaching RMB427.8 million [3] Revenue Breakdown - Information services and other revenues were RMB279.2 million (US38.4 million), down 6.6% from RMB298.9 million in the same period of 2023 [6] - Reservation services revenues decreased by 16.9% to RMB22.4 million (US3.1million)fromRMB26.9millioninthesameperiodof2023[6]−Salesofmedicalproductsandmaintenanceservicesincreasedby22.63.1 million) from RMB26.9 million in the same period of 2023 [6] - Sales of medical products and maintenance services increased by 22.6% to RMB105.8 million (US14.6 million) from RMB86.3 million in the same period of 2023 [6] Cost and Expenses - Cost of revenues was RMB155.1 million (US21.3million),anincreaseof3.121.3 million), an increase of 3.1% from RMB150.4 million in the second quarter of 2023 [7] - Total operating expenses decreased by 13.0% to RMB245.6 million (US33.8 million) from RMB282.4 million in the second quarter of 2023 [8] - General and administrative expenses saw a significant decrease of 23.3% to RMB70.8 million (US9.7million)fromRMB92.3millioninthesameperiodof2023[9]BusinessOutlook−Forthethirdquarterof2024,So−YoungexpectstotalrevenuestobebetweenRMB350.0million(US9.7 million) from RMB92.3 million in the same period of 2023 [9] Business Outlook - For the third quarter of 2024, So-Young expects total revenues to be between RMB350.0 million (US48.2 million) and RMB370.0 million (US$50.9 million), representing a decrease of 9.2% to 4.0% from the same period in 2023 [12]