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新氧科技20250815
2025-08-18 01:00
Can you provide an overview of So-Young's performance in the second quarter of 2025? In the second quarter of 2025, So-Young achieved significant growth across its business segments. The company reported total revenue of RMB 379 million, with revenue from its aesthetic center business reaching RMB 144 million. This marked a critical inflection point as the aesthetic center business became the largest revenue- contributing segment for the first time. The company's strategic transition over the past few years ...
So-Young(SY) - 2025 Q2 - Earnings Call Transcript
2025-08-15 12:30
Financial Data and Key Metrics Changes - Total revenue for Q2 was RMB 379 million, a decrease of 7% year over year, primarily due to a decline in medical service providers subscribing to information services [15] - Aesthetic treatment service revenues reached RMB 144 million, an increase of 426% year over year, exceeding guidance [15] - Net loss attributable to the company was RMB 36 million, compared to a net income of RMB 18.9 million in the same period last year [19] - Non-GAAP net loss was RMB 30.5 million, compared to a non-GAAP net income of RMB 22.2 million in the same period of 2024 [19] - Basic and diluted losses per ADS were RMB 0.35, compared to earnings of RMB 0.18 in the same period last year [19] Business Line Data and Key Metrics Changes - Revenue from aesthetics center business reached RMB 144 million, marking it as the largest revenue segment for the first time [4] - Aesthetic treatment services revenue increased by 46% quarter over quarter and 426% year over year [5] - Total number of verified treatment visits surpassed 67,400 in Q2, up 24% quarter over quarter and 381% year over year [7] - The overall repeat purchase rate for the aesthetic center business exceeded 60% [7] Market Data and Key Metrics Changes - The light medical aesthetic market in China is expected to reach around RMB 26 billion by 2030, with a penetration rate forecasted to reach 30% [30] - The company aims to achieve a market share of roughly 25% in the light medical aesthetic sector [30] Company Strategy and Development Direction - The company plans to open around 10 aesthetic centers in the third quarter, targeting a total of 50 centers by year-end [11] - The focus is on expanding in both first-tier and core second-tier cities, enhancing accessibility to medical aesthetic services [11] - The company is committed to optimizing user experience and operational efficiency to strengthen its competitive edge [13] Management Comments on Operating Environment and Future Outlook - Management remains optimistic about the growth potential of China's medical aesthetic market, citing a current penetration rate below 5% [30] - The company expects aesthetic treatment service revenues to be between RMB 150 million and RMB 170 million in the upcoming quarter, representing a significant increase from the same period in 2024 [20] - The company emphasizes the importance of sustainable low-cost customer acquisition and a diversified upstream supply chain [31] Other Important Information - The company has maintained a robust cash position with cash and cash equivalents totaling RMB 98.6 million as of June 30, 2025 [20] - The gross profit margin for aesthetic treatment services expanded by around five percentage points sequentially [8] Q&A Session Summary Question: Expansion plan for C and I payment and franchise model - The company aims to grow the number of centers to 50 by the end of this year, with plans for more than 10 openings in the second half [24] - Long-term, the target is to achieve 1,000 centers within eight to ten years, with franchising being a future focus [25][26] Question: Growth potential of the Chinese medical aesthetics market - Management is optimistic about the market, with substantial growth potential indicated by a low current penetration rate [30] - The company plans to focus on three core capabilities to maintain its competitive edge [31] Question: Outlook for customer acquisition cost and marketing expenses - The average customer acquisition cost remains low, with over 70% of new customers coming from referrals [34] - The company plans to enhance brand visibility through localized marketing initiatives [34] Question: Recruitment of doctors and reliance on center managers - There is a solid base for recruiting doctors, with many moving from public hospitals to the medical aesthetic sector [40] - The company operates on a model that reduces reliance on center managers, improving operational efficiency [42] Question: Differentiation in product strategy - The product strategy focuses on anti-aging treatments, ensuring consistency and overall cost-effectiveness across the portfolio [46] - The company aims to optimize its product portfolio based on market demand and competitive trends [48] Question: Updates on the POP business - The POP business remains a key pillar of profitability, with plans to promote synergies between POP and aesthetic center businesses [50]