So-Young International Reports Resilient Q3 2024 Results

So-Young International ( (SY) ) has released its Q3 earnings. Here is a breakdown of the information So-Young International presented to its investors.

So-Young International Inc., the leading social community in China’s medical aesthetics industry, announced its unaudited financial results for the third quarter of 2024. The company provides a platform for consumers, professionals, and service providers in the medical aesthetics space, leveraging its strong brand and comprehensive service offerings.

The latest earnings report from So-Young highlights a resilient financial performance, with total revenues reaching RMB371.8 million, although this represents a slight dip from the previous year. Notably, net income saw an increase to RMB20.3 million, and non-GAAP net income rose significantly to RMB22.2 million. Despite a decrease in average mobile monthly active users and a reduction in the number of subscribing medical service providers, the company exceeded its revenue guidance for the quarter.

Key metrics from the report include an 18.7% growth in sales of medical products and maintenance services, which emerged as a significant revenue driver. Operationally, the company has expanded its network of clinics, now boasting 16 locations, and is exploring franchising opportunities to enhance its market presence. Cost management efforts were evident, with operating expenses reducing by 8.1%, although general and administrative costs increased due to higher share-based compensation expenses.

Looking ahead, So-Young’s management remains optimistic about its growth prospects. The company plans to continue capitalizing on its expanding clinic network and diversified product offerings to meet the rising demand for quality medical aesthetic solutions. By maintaining operational efficiency and scalability, So-Young aims to sustain its leadership in the medical aesthetics sector and deliver long-term value to shareholders.