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So-Young Reports Unaudited First Quarter 2024 Financial Results
SYSo-Young(SY) prnewswire.com·2024-05-28 09:30

Financial Performance - Total revenues for the first quarter of 2024 were RMB318.3 million (US44.1million),representinga2.644.1 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 (US2.9 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 (US0.6million),asignificantimprovementfromanon−GAAPnetlossofRMB2.8millioninthesameperiodof2023[2][13]OperationalHighlights−Averagemobilemonthlyactiveusers(MAUs)decreasedto2.0millionfrom3.4millioninthefirstquarterof2023[3]−ThenumberofmedicalserviceproviderssubscribingtoinformationservicesonSo−Young′splatformdecreasedto1,160from1,419inthefirstquarterof2023[3]−Thetotalnumberofpurchasingusersthroughreservationserviceswas132.8thousand,withanaggregatevalueofmedicalaesthetictreatmenttransactionsfacilitatedbySo−Young′splatformamountingtoRMB367.1million[3]RevenueBreakdown−RevenuefrominformationservicesandothersourceswasRMB208.7million(US0.6 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 (US28.9 million), a decrease of 0.7% from RMB210.3 million in the same period of 2023 [7] - Reservation services revenues were RMB23.1 million (US3.2million),down22.33.2 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 (US12.0 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 (US32.9million),anincreaseof3.532.9 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 (US15.7 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 (US11.8million),attributedtoincreasedpayrollcostsforadministrativesupport[12]BusinessOutlook−Forthesecondquarterof2024,So−YoungexpectstotalrevenuestobebetweenRMB380.0million(US11.8 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 (US52.6 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]