On May 28, So-Young, a service platform in the medical aesthetics industry, released its financial report for the first quarter of 2024, ending on March 31.
The financial report indicates that So-Young’s revenue for the first quarter of this year was 318 million yuan ($43.87 million), an increase of 2.6% year-on-year. So-Young stated that the revenue growth was primarily due to the increasing number of orders for cosmetics and medical equipment, which led to higher income from the sale of medical products and maintenance services.
Specifically, in the first quarter of this year, So-Young’s revenue from information services and other sources was 209 million yuan ($28.83 million), a 0.7% decrease from 210 million yuan ($28.97 million) in the same period last year. So-Young attributed the decrease in revenue to a reduction in the number of medical service providers subscribing to its platform’s information services.
Booking service revenue was 23.1 million yuan ($3.19 million), a 22.3% decrease from 29.7 million yuan ($4.1 million) in the same period last year. So-Young noted that the main reasons for this decline were changes in commission rates and subsidy policies. Sales of medical products and maintenance services amounted to 86.5 million yuan ($11.93 million), a year-on-year increase of 23.3%, mainly due to increased sales of cosmetics and medical products.
Additionally, in the first quarter, the number of medical service providers subscribing to So-Young’s platform information services was 1,160, and the platform had 132,800 paid users, while the total transaction volume of medical aesthetic services facilitated reached 367 million yuan ($50.63 million).
So-Young’s Chairman and CEO, Jin Xing, stated, “In the first quarter, our sales exceeded expectations, primarily due to the sales of medical products and maintenance services. Moreover, our product line is continuously expanding, and our distribution network now covers 750 institutions. We will continue to strengthen the vertical integration of the platform to maximize the synergistic effects of the industrial value chain.”
Based on the current market conditions, So-Young expects its revenue for the second quarter of 2024 to be between 380 million yuan ($52.42 million) and 400 million yuan ($55.18 million), a decrease of 7.8% to 2.9% year-on-year.
