So-Young International Inc. (So-Young), the leading and dynamic online community in China catering to consumers, professionals, and service providers within the medical aesthetics sector, has disclosed its unaudited financial performance for the fourth quarter and fiscal year concluding on December 31, 2023.
In the fourth quarter, So-Young reported total revenues of RMB390.6 million (US$55.0 million), showing an increase from RMB325.1 million in the same period of 2022, consistent with prior expectations. Net income attributable to So-Young amounted to RMB17.5 million (US$2.5 million), down from RMB31.3 million in the fourth quarter of 2022.
The average monthly active users (MAUs) on mobile stood at 2.7 million, down from 4.0 million in the fourth quarter of 2022. The number of medical service providers utilizing So-Young’s platform for information services was 1,289, compared to 1,489 in 2022. The total count of users making purchases through reservation services amounted to 139.0 thousand, with the total value of medical aesthetic treatment transactions facilitated by So-Young’s platform reaching RMB470.9 million.
Total revenues for the full year 2023 amounted to RMB1,498.0 million (US$211.0 million), marking a 19.1% increase from RMB1,257.9 million in the previous year. Net income attributable to So-Young International Inc. for the full year 2023 reached RMB21.3 million (US$3.0 million), compared to a net loss attributable to So-Young International Inc. of RMB65.6 million in the prior year. Non-GAAP net income attributable to So-Young International Inc. for the full year 2023 stood at RMB57.6 million (US$8.1 million), in contrast to a non-GAAP net loss attributable to So-Young International Inc. of RMB22.2 million in the prior year.
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. We 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. 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.”
