BEIJING, March 20, 2024 /PRNewswire/ -- So-Young International Inc. (Nasdaq: SY) ("So-Young" or the "Company"), the largest and most vibrant social community in China for consumers, professionals and service providers in the medical aesthetics industry, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2023.
Fourth Quarter 2023 Financial Highlights
Fourth Quarter 2023 Operational Highlights
Fiscal Year 2023 Financial Highlights
Share Repurchase Program and Special Cash Dividend
In March 2024, the board of directors of the Company authorized a share repurchase program under which the Company is authorized to repurchase up to an aggregate value of US$25 million of its shares (including in the form of ADS) during the 12-month period beginning from March 22, 2024.
The Company's proposed repurchases may be effected from time to time in the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. The Company's board of directors will review the share repurchase program periodically, and may authorize adjustment of its terms and size. The Company expects to fund the repurchases out of its cash balance.
The board of directors of the Company declared a special cash dividend of US$0.078 per ordinary share, or US$0.06 per ADS, to holders of ordinary shares and holders of ADSs of record as of the close of business on April 12, 2024, U.S. Eastern Time, payable in U.S. dollars. The ex-dividend date will be April 11, 2024. The payment date is expected to be on or around April 29, 2024. Dividend to be paid to the Company's ADS holders through the depositary bank will be subject to the terms of the deposit agreement. The total amount of cash to be distributed for the dividend is expected to be approximately US$6 million, which will be funded by surplus cash on the Company's balance sheet.
Mr. Xing Jin, Co-Founder and Chief Executive Officer of So-Young, commented, "We are extremely pleased with what we accomplished in 2023. We closed out a difficult year on solid footing with a 20% increase in revenue for the fourth quarter to nearly RMB391 million, in line with our guidance, and regained profitability for the year with net income attributable to So-Young International Inc. of RMB17.5 million. In many ways, 2023 presented an even more challenging situation than the COVID-19 pandemic did. In this context, our financial results for the year are even more impressive and a testament to our resilience and adaptability in the face of evolving consumer behaviors and market practices. Looking back on the past year, we believe our differentiated strategy with a focus on premium services and products for high-tier users was - and will continue to be - key to maintaining stable growth going forward. The model clinic that we set up at our headquarters-focused on light aesthetic procedures-is a good example of this quality focus. Our supply chain business directly compliments this by allowing us to better keep on top of trends and guarantee the quality of our products as we secure additional product certifications. We are confident that these new businesses will become significant contributors to revenue in the coming quarters."
Mr. Hui Zhao, Chief Financial Officer of So-Young, added, "The US$25 million share repurchase program and US$0.06 per ADS special cash dividend reflect our confidence in our future business prospects and commitment to returning capital to shareholders while ensuring that we have the resources necessary to fuel the future growth of our business."
[1] This press release contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) solely for the convenience of the reader. Unless otherwise specified, all translations of Renminbi amounts into U.S. dollar amounts in this press release are made at RMB7.0999 to US$1.00, which was the U.S. dollars middle rate announced by the Board of Governors of the Federal Reserve System of the United States on December 29, 2023. |
[2] Non-GAAP net income attributable to So-Young International Inc. is defined as net income attributable to So-Young International Inc. excluding share-based compensation expenses attributable to So-Young International Inc. See "Reconciliation of GAAP and Non-GAAP Results" at the end of this press release. |
Fourth Quarter 2023 Financial Results
Revenues
Total revenues were RMB390.6 million (US$55.0 million), an increase of 20.1% from RMB325.1 million in the same period of 2022. The increase was primarily due to the increase in revenues generated by So-Young Prime and sales of cosmetic injectables.
Cost of Revenues[4]
Cost of revenues was RMB137.6 million (US$19.4 million), an increase of 56.0% from RMB88.2 million in the fourth quarter of 2022. The increase was primarily due to an increase in costs associated with So-Young Prime and the sales of cosmetic injectables. Cost of revenues included share-based compensation expenses of RMB0.2 million (US$0.0 million), compared with RMB1.0 million in the corresponding period of 2022.
[3] In the year of 2023, in light of the better monitoring business development of upstream supply chain, the Company grouped the revenue generated from sales of cosmetic injectables and sales of equipment and maintenance services into one line item, which is renamed as sales of medical products and maintenance services. |
The sale of cosmetic injectables was previously reported in line item of information services and others. The information services and others for prior periods and the year of 2022 have also been retrospectively updated. The amount reclassified from information services and others to sales of medical products and maintenance services are RMB2.4 million for the fourth quarter of 2022 and RMB18.3 million for the year of 2022. |
[4] In the year of 2023, the previous line item cost of revenues was separated into two line items, which are cost of medical products sold and maintenance services and cost of services and others. Cost of medical products sold and maintenance services primarily consists of expenditures relating to medical products and maintenance services, and the remaining cost of revenues is reclassified into cost of services and others. The cost of medical products sold and maintenance services and cost of services and others for prior periods and the year of 2022 have also been retrospectively reclassified. |
Operating Expenses
Total operating expenses were RMB257.8 million (US$36.3 million), an increase of 21.3% from RMB212.6 million in the fourth quarter of 2022.
Income Tax Benefits
Income tax benefits were RMB10.8 million (US$1.5 million), which was primarily due to the impact of additional deduction for research and development expenditures, compared with income tax benefits of RMB2.4 million in the same period of 2022.
Net Income Attributable to So-Young International Inc.
Net income attributable to So-Young International Inc. was RMB17.5 million (US$2.5 million), compared with a net income attributable to So-Young International Inc. of RMB31.3 million in the fourth quarter of 2022.
Non-GAAP Net Income Attributable to So-Young International Inc.
Non-GAAP net income attributable to So-Young International Inc., which excludes the impact of share-based compensation expenses attributable to So-Young International Inc., was RMB35.3 million (US$5.0 million), compared with RMB38.8 million non-GAAP net income attributable to So-Young International Inc. in the same period of 2022.
Basic and Diluted Earnings per ADS
Basic and diluted earnings per ADS attributable to ordinary shareholders were RMB0.18 (US$0.03) and RMB0.18 (US$0.03), respectively, compared with basic and diluted earnings per ADS attributable to ordinary shareholders of RMB0.29 and RMB0.29, respectively, in the same period of 2022.
Fiscal Year 2023 Financial Results
Revenues
Total revenues were RMB1,498.0 million (US$211.0 million), an increase of 19.1% from RMB1,257.9 million in fiscal year 2022.
Cost of Revenues
Cost of revenues were RMB544.3 million (US$76.7 million), an increase of 38.4% from RMB393.3 million in fiscal year 2022. The increase was primarily due to an increase in costs associated with So-Young Prime and the sales of cosmetic injectables. In addition, cost of revenues for fiscal year 2023 included share-based compensation expenses of RMB1.8 million (US$0.3 million), compared to RMB8.3 million in fiscal year 2022.
Operating Expenses
Total operating expenses were RMB1,014.7 million (US$142.9 million), an increase of 4.9% from RMB967.4 million in fiscal year 2022.
Income Tax Benefits
Income tax benefits were RMB18.1 million (US$2.5 million), which was primarily due to the impact of additional deduction for research and development expenditures, compared with an income tax benefits of RMB21.0 million in fiscal year 2022.
Net Income/(Loss) Attributable to So-Young International Inc.
Net income attributable to So-Young International Inc. was RMB21.3 million (US$3.0 million), compared with a net loss attributable to So-Young International Inc. of RMB65.6 million in fiscal year 2022.
Non-GAAP Net Income/(Loss) Attributable to So-Young International Inc.
Non-GAAP net income attributable to So-Young International Inc., which excludes the impact of share-based compensation expenses attributable to So-Young International Inc., was RMB57.6 million (US$8.1 million), compared with a non-GAAP net loss attributable to So-Young International Inc. of RMB22.2 million in fiscal year 2022.
Basic and Diluted Earnings/(Loss) per ADS
Basic and diluted earnings per ADS attributable to ordinary shareholders were RMB0.21 (US$0.03) and RMB0.21 (US$0.03), respectively, compared with basic and diluted loss per ADS attributable to ordinary shareholders of RMB0.61 and RMB0.61 in fiscal year 2022.
Cash and Cash Equivalents, Restricted Cash and Term Deposits, Term Deposits and Short-Term Investments
As of December 31, 2023, cash and cash equivalents, restricted cash and term deposits, term deposits and short-term investments were RMB1,341.6 million (US$189.0 million), compared with RMB1,585.3 million as of December 31, 2022.
Business Outlook
For the first quarter of 2024, So-Young expects total revenues to be between RMB290.0 million (US$40.8 million) and RMB310.0 million (US$43.7 million), representing a 6.5% to 0.0% decrease from the same period in 2023. The above outlook is based on the current market conditions and reflects the Company's preliminary estimates of market and operating conditions, as well as customer demand, which are all subject to change.
Non-GAAP Financial Measures
To supplement the financial measures prepared in accordance with generally accepted accounting principles in the United States, or GAAP, this press release presents non-GAAP income/(loss) from operations and non-GAAP net income/(loss) attributable to So-Young International Inc. by excluding share-based compensation expenses from income/(loss) from operations and net income/(loss) attributable to So-Young International Inc., respectively. The Company believes these non-GAAP financial measures are important to help investors understand the Company's operating and financial performance, compare business trends among different reporting periods on a consistent basis and assess the Company's core operating results, as they exclude certain expenses that are not expected to result in cash payments. The use of the above non-GAAP financial measures has certain limitations. Share-based compensation expenses have been and will continue to be incurred in the future. All these are not reflected in the presentation of the non-GAAP financial measures, but should be considered in the overall evaluation of the Company's results. The Company compensates for these limitations by providing the relevant disclosure of its share-based compensation expenses in the reconciliations to the most directly comparable GAAP financial measures, which should be considered when evaluating the Company's performance. These non-GAAP financial measures should be considered in addition to financial measures prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP. Reconciliation of each of these non-GAAP financial measures to the most directly comparable GAAP financial measure is set forth at the end of this release.
Conference Call Information
So-Young's management will hold an earnings conference call on Wednesday, March 20, 2024, at 7:30 AM U.S. Eastern Time (7:30 PM on the same day, Beijing/Hong Kong Time). Dial-in details for the earnings conference call are as follows:
International: | +1-412-902-4272 |
Mainland China: | 4001-201203 |
US: | +1-888-346-8982 |
Hong Kong: | +852-301-84992 |
Passcode: | So-Young International Inc. |
A telephone replay will be available two hours after the conclusion of the conference call through 23:59 U.S. Eastern Time, March 27, 2024. The dial-in details are:
International: | +1-412-317-0088 |
US: | +1-877-344-7529 |
Passcode: | 5107574 |
Additionally, a live and archived webcast of this conference call will be available at http://ir.soyoung.com.
About So-Young International Inc.
So-Young International Inc. (Nasdaq: SY) ("So-Young" or the "Company") is the largest and most vibrant social community in China for consumers, professionals and service providers in the medical aesthetics industry. The Company presents users with reliable information through offering high quality and trustworthy content together with a multitude of social functions on its platform, as well as by curating medical aesthetic service providers that are carefully selected and vetted. Leveraging So-Young's strong brand image, extensive audience reach, trust from its users, highly engaging social community and data insights, the Company is well-positioned to expand both along the medical aesthetic industry value chain and into the massive, fast-growing consumption healthcare service market.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, the Financial Guidance and quotations from management in this announcement, as well as So-Young's strategic and operational plans, contain forward-looking statements. So-Young may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about So-Young's beliefs and expectations, are forward-looking statements. Forward looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: So-Young's strategies; So-Young's future business development, financial condition and results of operations; So-Young's ability to retain and increase the number of users and medical service providers, and expand its service offerings; competition in the online medical aesthetic service industry; changes in So-Young's revenues, costs or expenditures; Chinese governmental policies and regulations relating to the online medical aesthetic service industry, general economic and business conditions globally and in China; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company's filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and So-Young undertakes no duty to update such information, except as required under applicable law.
For more information, please contact:
So-Young
Investor Relations
Ms. Vivian Xu
Phone: +86-10-8790-2012
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Christensen
In China
Ms. Julie Zhu
Phone: +86-10-5900-1548
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
SO-YOUNG INTERNATIONAL INC. | |||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
(Amounts in thousands, except for share and per share data) | |||||
As of | |||||
December 31, | December 31, | December 31, | |||
2022 | 2023 | 2023 | |||
RMB | RMB | US$ | |||
Assets | |||||
Current assets: | |||||
Cash and cash equivalents | 694,420 | 426,119 | 60,018 | ||
Restricted cash and term deposits | 14,908 | 14,695 | 2,070 | ||
Trade receivables | 36,006 | 57,219 | 8,059 | ||
Inventories, net | 120,480 | 118,924 | 16,750 | ||
Receivables from online payment platforms | 14,787 | 23,158 | 3,262 | ||
Amounts due from related parties | 33,382 | 9,212 | 1,297 | ||
Term deposits and short-term investments | 875,955 | 900,823 | 126,878 | ||
Prepayment and other current assets | 126,889 | 171,774 | 24,194 | ||
Total current assets | 1,916,827 | 1,721,924 | 242,528 | ||
Non-current assets: | |||||
Long-term investments | 227,959 | 261,016 | 36,763 | ||
Intangible assets | 169,280 | 145,253 | 20,458 | ||
Goodwill | 540,693 | 540,693 | 76,155 | ||
Property and equipment, net | 116,184 | 116,782 | 16,448 | ||
Deferred tax assets | 64,739 | 78,034 | 10,991 | ||
Operating lease right-of-use assets | 62,898 | 118,408 | 16,677 | ||
Other non-current assets | 99,293 | 232,455 | 32,741 | ||
Total non-current assets | 1,281,046 | 1,492,641 | 210,233 | ||
Total assets | 3,197,873 | 3,214,565 | 452,761 | ||
Liabilities | |||||
Current liabilities: | |||||
Short-term borrowings | — | 29,825 | 4,201 | ||
Taxes payable | 74,580 | 56,894 | 8,013 | ||
Contract liabilities | 110,159 | 103,374 | 14,560 | ||
Salary and welfare payables | 72,532 | 86,290 | 12,154 | ||
Amounts due to related parties | 5,895 | 388 | 55 | ||
Accrued expenses and other current | 224,589 | 233,913 | 32,945 | ||
Operating lease liabilities-current | 50,285 | 29,739 | 4,189 | ||
Total current liabilities | 538,040 | 540,423 | 76,117 | ||
Non-current liabilities: | |||||
Operating lease liabilities-non current | 20,972 | 86,210 | 12,142 | ||
Deferred tax liabilities | 30,993 | 25,082 | 3,533 | ||
Other non-current liabilities | — | 1,536 | 216 | ||
Total non-current liabilities | 51,965 | 112,828 | 15,891 | ||
Total liabilities | 590,005 | 653,251 | 92,008 |
SO-YOUNG INTERNATIONAL INC. | ||||||
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Continued) | ||||||
(Amounts in thousands, except for share and per share data) | ||||||
Shareholders' equity: | ||||||
Treasury stock | (232,835) | (358,453) | (50,487) | |||
Class A Ordinary shares (US$0.0005 par value; 750,000,000 | 236 | 238 | 34 | |||
Class B Ordinary shares (US$ 0.0005 par value; 20,000,000 | 37 | 37 | 5 | |||
Additional paid-in capital | 3,043,971 | 3,080,433 | 433,870 | |||
Statutory reserves | 29,027 | 33,855 | 4,768 | |||
Accumulated deficit | (346,618) | (330,166) | (46,503) | |||
Accumulated other comprehensive income | 4,107 | 18,185 | 2,561 | |||
Total So-Young International Inc. shareholders' equity | 2,497,925 | 2,444,129 | 344,248 | |||
Non-controlling interests | 109,943 | 117,185 | 16,505 | |||
Total shareholders' equity | 2,607,868 | 2,561,314 | 360,753 | |||
Total liabilities and shareholders' equity | 3,197,873 | 3,214,565 | 452,761 |
SO-YOUNG INTERNATIONAL INC. | ||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||
(Amounts in thousands, except for share and per share data) | ||||||||||||
For the Three Months Ended | For the Fiscal Year Ended | |||||||||||
December | December | December | December | December | December | |||||||
RMB | RMB | US$ | RMB | RMB | US$ | |||||||
Revenues: | ||||||||||||
Information services and others | 231,517 | 268,078 | 37,758 | 870,140 | 1,063,178 | 149,745 | ||||||
Reservation services | 25,966 | 20,589 | 2,900 | 128,668 | 101,313 | 14,270 | ||||||
Sales of medical products and maintenance services | 67,663 | 101,899 | 14,352 | 259,066 | 333,538 | 46,978 | ||||||
Total revenues | 325,146 | 390,566 | 55,010 | 1,257,874 | 1,498,029 | 210,993 | ||||||
Cost of revenues: | ||||||||||||
Cost of services and others | (54,203) | (94,079) | (13,251) | (253,531) | (385,582) | (54,308) | ||||||
Cost of medical products sold and maintenance services | (33,999) | (43,555) | (6,135) | (139,761) | (158,754) | (22,360) | ||||||
Total cost of revenues | (88,202) | (137,634) | (19,386) | (393,292) | (544,336) | (76,668) | ||||||
Gross profit | 236,944 | 252,932 | 35,624 | 864,582 | 953,693 | 134,325 | ||||||
Operating expenses: | ||||||||||||
Sales and marketing expenses | (98,358) | (126,175) | (17,771) | (472,092) | (520,451) | (73,304) | ||||||
General and administrative expenses | (73,175) | (86,668) | (12,207) | (260,208) | (290,765) | (40,953) | ||||||
Research and development expenses | (41,066) | (44,993) | (6,337) | (235,087) | (203,524) | (28,666) | ||||||
Total operating expenses | (212,599) | (257,836) | (36,315) | (967,387) | (1,014,740) | (142,923) | ||||||
Income/(loss) from operations | 24,345 | (4,904) | (691) | (102,805) | (61,047) | (8,598) | ||||||
Other income/(expenses): | ||||||||||||
Investment income, net | 267 | 1,135 | 160 | 4,264 | 12,004 | 1,691 | ||||||
Interest income | 10,276 | 10,820 | 1,524 | 28,883 | 48,843 | 6,879 | ||||||
Exchange gains/(losses) | 23 | 389 | 55 | (492) | (662) | (93) | ||||||
Impairment of long-term investment | - | (444) | (63) | (7,945) | (444) | (63) | ||||||
Share of losses of equity method investee | (6,215) | (2,031) | (286) | (17,223) | (12,723) | (1,792) | ||||||
Others, net | 646 | 3,424 | 482 | 8,246 | 21,898 | 3,084 | ||||||
Income/(loss) before tax | 29,342 | 8,389 | 1,181 | (87,072) | 7,869 | 1,108 | ||||||
Income tax benefits | 2,423 | 10,835 | 1,526 | 20,965 | 18,075 | 2,546 | ||||||
Net income/(loss) | 31,765 | 19,224 | 2,707 | (66,107) | 25,944 | 3,654 | ||||||
Net (income)/loss attributable to noncontrolling interests | (492) | (1,723) | (243) | 553 | (4,664) | (657) | ||||||
Net income/(loss) attributable to So-Young International Inc. | 31,273 | 17,501 | 2,464 | (65,554) | 21,280 | 2,997 |
SO-YOUNG INTERNATIONAL INC. | ||||||||||||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Continued) | ||||||||||||
(Amounts in thousands, except for share and per share data) | ||||||||||||
For the Three Months Ended | For the Fiscal Year Ended | |||||||||||
December | December | December | December | December | December | |||||||
RMB | RMB | US$ | RMB | RMB | US$ | |||||||
Net earnings/(loss) per ordinary share | ||||||||||||
Net earnings/(loss) per ordinary share attributable to ordinary shareholder - basic | 0.38 | 0.23 | 0.03 | (0.79) | 0.27 | 0.04 | ||||||
Net earnings/(loss) per ordinary share attributable to ordinary shareholder - | 0.38 | 0.23 | 0.03 | (0.79) | 0.27 | 0.04 | ||||||
Net earnings/(loss) per ADS attributable to ordinary shareholders - basic (13 | 0.29 | 0.18 | 0.03 | (0.61) | 0.21 | 0.03 | ||||||
Net earnings/(loss) per ADS attributable to ordinary shareholders - diluted (13 | 0.29 | 0.18 | 0.03 | (0.61) | 0.21 | 0.03 | ||||||
Weighted average number of ordinary shares used in computing earnings/(loss) | 82,925,288 | 76,584,151 | 76,584,151 | 82,665,269 | 77,646,899 | 77,646,899 | ||||||
Weighted average number of ordinary shares used in computing earnings/(loss) | 83,083,826 | 77,011,890 | 77,011,890 | 82,665,269 | 78,054,950 | 78,054,950 | ||||||
Share-based compensation expenses included in: | ||||||||||||
Cost of revenues | (979) | (165) | (23) | (8,282) | (1,800) | (254) | ||||||
Sales and marketing expenses | (439) | (2,830) | (399) | (6,781) | (5,680) | (800) | ||||||
General and administrative expenses | (4,337) | (13,190) | (1,858) | (19,021) | (23,590) | (3,323) | ||||||
Research and development expenses | (1,754) | (1,615) | (227) | (9,252) | (5,251) | (740) | ||||||
* Both Class A and Class B ordinary shares are included in the calculation of the weighted average number of ordinary shares outstanding, basic and diluted. |
SO-YOUNG INTERNATIONAL INC. | ||||||||||||
Reconciliation of GAAP and Non-GAAP Results | ||||||||||||
(Amounts in thousands, except for share and per share data) | ||||||||||||
For the Three Months Ended | For the Fiscal Year Ended | |||||||||||
December | December | December | December | December | December | |||||||
RMB | RMB | US$ | RMB | RMB | US$ | |||||||
GAAP income/(loss) from operations | 24,345 | (4,904) | (691) | (102,805) | (61,047) | (8,598) | ||||||
Add back: Share-based compensation expenses | 7,509 | 17,800 | 2,507 | 43,336 | 36,321 | 5,117 | ||||||
Non-GAAP income/(loss) from operations | 31,854 | 12,896 | 1,816 | (59,469) | (24,726) | (3,481) | ||||||
GAAP net income/(loss) attributable to So-Young International Inc. | 31,273 | 17,501 | 2,464 | (65,554) | 21,280 | 2,997 | ||||||
Add back: Share-based compensation expenses | 7,509 | 17,800 | 2,507 | 43,336 | 36,321 | 5,117 | ||||||
Non-GAAP net income/(loss) attributable to So-Young International Inc. | 38,782 | 35,301 | 4,971 | (22,218) | 57,601 | 8,114 |
Last Trade: | US$0.78 |
Daily Change: | 0.01 1.31 |
Daily Volume: | 28,872 |
Market Cap: | US$67.100M |
November 20, 2024 August 23, 2024 December 01, 2023 November 20, 2023 |
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