So-Young Reports Unaudited Third Quarter 2024 Financial Results

Core Viewpoint - So-Young International Inc. reported its third-quarter financial results for 2024, showing resilience in its business despite a slight decline in total revenues compared to the previous year. The company highlighted growth in medical products and maintenance services as key drivers of net income growth [1][2][4]. Financial Highlights - Total revenues for Q3 2024 were RMB371.8 million (US$53.0 million), a decrease of 3.5$2.9 million), up from RMB18.3 million in the same period of 2023, marking a year-over-year increase [2][8]. - Non-GAAP net income attributable to So-Young was RMB22.2 million (US$3.2 million), significantly up from RMB9.5 million in Q3 2023, reflecting a growth rate of 133.1$37.5 million), down 8.0% from RMB285.9 million in Q3 2023, primarily due to a decrease in the number of medical service providers [4]. - Reservation services revenues were RMB19.6 million (US$2.8 million), a decrease of 18.9$12.7 million), driven by higher order volumes for cosmetic products and medical equipment [4]. Cost and Expenses - Cost of revenues was RMB142.2 million (US$20.3 million), a slight decrease of 0.3$32.1 million), down 8.1% from RMB244.7 million in Q3 2023, with significant reductions in sales and marketing expenses [6][8]. - General and administrative expenses increased by 39.1% to RMB69.9 million (US$10.0 million), primarily due to higher share-based compensation expenses [8]. Earnings Per Share - Basic and diluted earnings per American Depositary Share (ADS) attributable to ordinary shareholders were RMB0.20 (US$0.03), compared to RMB0.18 in the same period of 2023 [9]. Business Outlook - For Q4 2024, So-Young expects total revenues to be between RMB350.0 million (US$49.9 million) and RMB370.0 million (US$52.7 million), representing a decrease of 10.4% to 5.3% from the same period in 2023 [9].