So-Young International ( (SY) ) has released its Q4 earnings. Here is a breakdown of the information So-Young International presented to its investors.
So-Young International Inc., a leading aesthetic treatment platform in China, connects consumers with both online services and offline treatments, offering curated treatment information and high-quality aesthetic services.
In its latest earnings report for the fourth quarter and fiscal year 2024, So-Young International announced a decline in total revenues to RMB369.2 million for the quarter, and RMB1,466.7 million for the year, reflecting a slight decrease from the previous year. The company reported a significant net loss primarily due to a one-time goodwill impairment charge related to its subsidiary, Wuhan Miracle.
Key financial metrics revealed a 5.5% decrease in quarterly revenues compared to the same period in 2023, driven by reduced revenues from So-Young Prime. However, the company experienced a notable increase in aesthetic treatment services revenues, which surged by 701.6% in the fourth quarter. Operational highlights included a substantial rise in verified paid visits and treatments, as well as an expansion of its network to 19 aesthetic centers across major Chinese cities.
Despite the challenging financial results, So-Young’s management remains optimistic about the company’s strategic direction. The focus on vertical integration and business diversification is expected to enhance its competitive position in the medical aesthetics market. The company aims to capitalize on the growing demand for standardized, high-quality aesthetic services and anticipates a more balanced growth trajectory in the upcoming quarters.