On November 20th, medical aesthetics service platform SoYoung Technology (SOYOUNG) released its financial report. The report showed that SOYOUNG’s revenue for the third quarter of 2023 was 385 million yuan ($53.97 million), a 19.2% increase compared to the same period last year, which was 320 million yuan ($44.86 million). However, it is worth noting that SOYOUNG’s revenue is still lower than the 430 million yuan ($60.28 million) recorded in the same period of 2021.
Specifically, SOYOUNG’s revenue from information services in the third quarter of 2023 was 286 million yuan ($40.1 million), a 24.1% increase from the 231 million yuan ($32.4 million) in the same period last year. Reservation income was 24.1 million yuan ($3.38 million), an 18.8% decrease from the 29.7 million yuan ($4.16 million) in the same period last year. Revenue from medical product sales and maintenance services was 75.2 million yuan ($10.54 million), a 19.2% increase from the 63.1 million yuan ($8.85 million) in the same period last year.
Furthermore, as of the third quarter of 2023, SOYOUNG has become one of the largest and most popular vertical internet platforms for medical aesthetics and consumer healthcare in China. In the third quarter, SOYOUNG’s platform had 146,000 paying users, and the total transaction value of medical aesthetic services facilitated by the platform was 530 million yuan.
Jin Xing, Chairman and CEO of SOYOUNG Group, stated, “In the third quarter, SOYOUNG withstood the pressure of the economic environment and seasonal factors, and achieved stable financial and operational performance. While steadily advancing our community e-commerce and premium services, we have increased investment in the supply chain business and achieved significant improvements.”
Based on the current market conditions, SOYOUNG expects total revenue for the fourth quarter of 2023 to be between 380 million yuan and 400 million yuan, representing a growth of 16.9% to 23.0% compared to the same period in 2022.
