So-Young Reports Unaudited Fourth Quarter and Fiscal Year 2024 Financial Results

Core Viewpoint - So-Young International Inc. reported its financial results for Q4 and fiscal year 2024, highlighting significant growth in aesthetic treatment services despite overall revenue decline due to a one-time goodwill impairment charge. Financial Highlights - Total revenues for Q4 2024 were RMB 369.2 million (US$50.6 million), a decrease of 5.5$ 200.9 million), a decrease of 2.1% from RMB 1,498.0 million in 2023 [9][21] - Aesthetic treatment services revenues reached RMB 81.3 million (US$11.1 million) in Q4 2024, marking a 701.6$ 83.2 million), compared to a net income of RMB 17.5 million in Q4 2023, primarily due to a goodwill impairment charge of RMB 540.0 million (US$74.0 million) [8][18] - Non-GAAP net loss for Q4 2024 was RMB 53.2 million (US$ 7.3 million), compared to a non-GAAP net income of RMB 35.7 million in Q4 2023 [19][30] Operational Highlights - The number of verified paid visits in Q4 2024 exceeded 39,500, compared to approximately 2,300 in the same period of 2023 [8] - The number of active users reached over 52,000, up from approximately 2,900 in Q4 2023 [8] - As of December 31, 2024, So-Young operated 19 aesthetic centers across nine major cities, with 11 centers generating positive operating cash flow [6][8] Cost and Expenses - Total operating expenses for Q4 2024 were RMB 815.2 million (US$111.7 million), an increase of 216.2$ 21.0 million), an increase of 11.2% from RMB 137.6 million in Q4 2023 [12][22] Dividend Declaration - The board declared a special cash dividend of US$0.03445 per ordinary share, totaling approximately US$ 3 million, to be paid on or around April 25, 2025 [5] Business Outlook - For Q1 2025, So-Young expects total revenues to be between RMB 280.0 million (US$38.4 million) and RMB 300.0 million (US$ 41.1 million), representing a decrease of 12.0% to 5.7% from Q1 2024 [33]