On the evening of April 23rd, SYoung Group Co., Ltd.( SYoung) released its financial report for the first quarter of 2023 and 2024. In 2023, the company achieved a total operating income of 4.493 billion yuan, a year-on-year decrease of 4.86%; net profit attributable to the parent company was 294 million yuan, a year-on-year increase of 135.42%; and the non-GAAP net profit was 273 million yuan, a year-on-year increase of 180.8%.
According to the financial report, in the first quarter of 2024, the company achieved a revenue of 1.032 billion yuan, a year-on-year decrease of 1.36%; net profit attributable to the parent company was 40.0148 million yuan, a year-on-year decrease of 23.25%; and the non-GAAP net profit was 53.3283 million yuan, a year-on-year increase of 44.67%.
Regarding the increase in net profit in 2023, SYoung Group Co., Ltd. stated that the main reasons were the further improvement of the company’s self-owned brand multi-level brand matrix system, the further optimization of the overall business and product structure, significant cost control effects, and the company’s insistence on fine operation while focusing on the long-term healthy development of the business. This was achieved through continuous improvement of management efficiency and the constant enhancement of organizational system construction, leading to a positive trend in the company’s operating performance.
According to the financial report of SYoung, during the reporting period, the company primarily engages in the research and development, production, and sales of cosmetics. Its product brands mainly include “EVIDENS DE BEAUTÉ” (hereinafter referred to as “EDB”), ” UNIFON “, “Bigdrop”, ” MIHOO”, “VAA”, etc. The product categories cover facial masks, lotions, creams, makeup, personal care, and cleansing products in the cosmetics field.
In terms of sales channels, the company has established deep cooperation relationships with mainstream e-commerce platforms such as Tmall, Taobao, Douyin, JD.com, VIP.com, Kuaishou, and Pinduoduo. Additionally, its products are available for sale in offline channels including SKP, Sephora, Yintai Department Store, Walmart, CR Vanguard, Watsons, KKV, and Colorist, achieving full coverage across online and offline channels.
Looking at the product categories, SYoung ‘s core product categories are facial masks and lotions/creams. Last year, the total transaction amount for facial masks was 303 million yuan; for lotions/creams, it was 1.284 billion yuan.
From the perspective of sales channels, the company mainly focuses on online e-commerce channels. Among them, the business revenue from third-party platforms last year was 3.713 billion yuan, a year-on-year decrease of 5.12%, accounting for 82.63% of the total operating income; the business revenue from its platforms last year was 367 million yuan, a year-on-year increase of 3.57%, accounting for 8.16% of the total operating income.
Of note, during the reporting period, SYoung applied for 47 patents, with 67 patents granted. It completed the filing of two new materials, “Black Ginseng Extract” and “Pyrroloquinoline Quinone Disodium Salt” (PQQ), and participated in the formulation of 14 national, local, and group standards.
The company’s SYoung International is a digitally driven international beauty open platform that has pioneered the global beauty CP (Content Provider) model. It provides a comprehensive solution for partner brands to achieve sustained development in China across all elements, channels, and the entire lifecycle.
