BEIJING, May 16, 2025 /PRNewswire/ -- So-Young International Inc. (Nasdaq: SY) ("So-Young" or the "Company"), the leading aesthetic treatment platform in China connecting consumers with online services and offline treatments, today announced its unaudited financial results for the first quarter ended March 31, 2025.
First Quarter 2025 Financial Highlights
-- Total revenues were RMB297.3 million (US$41.0 million[1]), compared with
RMB318.3 million in the corresponding period of 2024, at the high-end of
its previous guidance range.
-- Net loss attributable to So-Young International Inc. was RMB33.1 million
(US$4.6 million), compared with net loss attributable to So-Young
International Inc. of RMB21.2 million in the same period of 2024.
-- Non-GAAP net loss attributable to So-Young International Inc.[2] was
RMB31.5 million (US$4.3 million), compared with non-GAAP net income
attributable to So-Young International Inc. of RMB4.1 million in the same
period of 2024.
First Quarter 2025 Operational Highlights
-- The aggregate value of medical aesthetic treatment transactions
facilitated by So-Young's platform was RMB303.2 million, compared with
RMB367.1 million in the same period of 2024.
-- Number of verified paid visits for the quarter reached over 45,500,
compared with approximately 4,600 in the same period of 2024. The number
of verified paid aesthetic treatments performed surpassed 92,900,
compared with approximately 8,500 in the same period of 2024.
-- The number of active users, defined as those who visited the aesthetic
centers at least once during the 12-month period ending on March 31,
2025, exceeded 75,700, compared with approximately 8,000 users during the
corresponding period in 2024.
-- As of March 31, 2025, So-Young had 23 aesthetic centers in nine major
cities, including Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou,
Chengdu, Wuhan, Chongqing and Changsha, all of which are fully
operational. Among them, 18 centers have achieved positive monthly
operating cash flow. The following table shows the revenues generated by
So-Young aesthetic centers, categorized by their phase of development:
Phase (The length of time Number of Revenue Average Revenue per
since establishment) Centers (RMB) Center (RMB)
--------------------------- ---------- ---------- --------------------
Ramp-up (0-3 months) 4 1,414,000 354,000
--------------------------- ---------- ---------- --------------------
Growth (4-12 months) 15 75,860,000 5,057,000
--------------------------- ---------- ---------- --------------------
Maturity (over 12 months) 4 21,553,000 5,388,000
--------------------------- ---------- ---------- --------------------
-- The number of institutions So-Young served with supply chain solutions
for injectables grew to over 1,500 as of March 31, 2025. Shipments of
Elasty injectable products reached approximately 27,900 units in the
first quarter of 2025, compared with 24,500 in the same period of 2024.
Mr. Xing Jin, Co-Founder and Chief Executive Officer of So-Young, commented, "Our branded aesthetic centers continue to generate strong growth momentum, achieving triple-digit year-over-year revenue growth. This performance demonstrates how our integrated transformation strategy is fulfilling untapped market needs and creating synergies across our core business lines. We are confident this momentum will continue as we scale, enabling us to address key customer pain points and elevate the overall medical aesthetic experience. The integration of our subsidiary, Wuhan Miracle Laser, has further strengthened our upstream capabilities, expanding our product pipeline and supporting the deployment of our branded devices across our offline network. These advancements enhance our ability to reduce costs while increasing customer spend and fostering long-term loyalty. We remain focused on expanding the density of our aesthetic centers to deliver high-quality, cost-effective, and reliable medical aesthetic solutions to more consumers."
Mr. Hui Zhao, Chief Financial Officer of So-Young, added, "We are encouraged to see our aesthetic center business emerge as a new growth driver, showcasing our ability to commercialize an innovative business model and set new industry benchmarks. While our near-term financial results reflect ongoing strategic investments to support long-term sustainable growth, we remain committed to disciplined expansion and continuous operational improvements across our existing aesthetic centers."
([1]) This press release contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) solely for the convenience of the reader. Unless otherwise specified, all translations of Renminbi amounts into U.S. dollar amounts in this press release are made at RMB7.2567 to US$1.00, which was the U.S. dollars middle rate announced by the Board of Governors of the Federal Reserve System of the United States on March 31, 2025. ([2]) Non-GAAP net income/(loss) attributable to So-Young International Inc. is defined as net income/(loss) attributable to So-Young International Inc. excluding share-based compensation expenses, impairment of goodwill attributable to So-Young International Inc., impairment of long-term investment attributable to So-Young International Inc., allowance for credit loss from loans to investees attributable to So-Young International Inc., gain/(loss) on disposal of long-term investment and fair value change of long-term investment attributable to So-Young International Inc., and tax effects on non-GAAP adjustments. See "Reconciliation of GAAP and Non-GAAP Results" at the end of this press release.
First Quarter 2025 Financial Results
Revenues
Total revenues were RMB297.3 million (US$41.0 million), a decrease of 6.6% from RMB318.3 million in the same period of 2024. The decrease was primarily due to a decrease in the number of medical service providers subscribing to information services on So-Young's platform.
-- Information, reservation services and other revenues were RMB142.9
million (US$19.7 million), a decrease of 34.1% from RMB216.6 million in
the same period of 2024. The decrease was primarily due to a decrease in
the number of medical service providers subscribing to information
services on So-Young's platform.
-- Aesthetic treatment services[3] revenues were RMB98.8 million (US$13.6
million), an increase of 551.4% from RMB15.2 million in the same period
of 2024. The increase was primarily due to the business extension of the
branded aesthetic centers.
-- Sales of medical products and maintenance services were RMB55.6 million
(US$7.7 million), a decrease of 35.7% from RMB86.5 million in the same
period of 2024, primarily due to a decrease in the order volume of
medical equipment.
Cost of Revenues
Cost of revenues was RMB151.4 million (US$20.9 million), an increase of 29.1% from RMB117.3 million in the first quarter of 2024. The increase was primarily due to business extension of the branded aesthetic centers. Cost of revenues included share-based compensation expenses of RMB0.0 million (US$0.0 million), compared with RMB0.1 million in the corresponding period of 2024.
-- Cost of information, reservation services and others[4] were RMB40.7
million (US$5.6 million), a decrease of 34.1% from RMB61.8 million in the
first quarter of 2024. The decrease was primarily due to a decrease in
the cost of services associated with So-Young Prime.
-- Cost of aesthetic treatment services were RMB80.3 million (US$11.1
million), an increase of 547.6% from RMB12.4 million in the first quarter
of 2024. The increase was primarily due to the business extension of the
branded aesthetic centers.
-- Cost of medical products sold and maintenance services were RMB30.4
million (US$4.2 million), a decrease of 29.4% from RMB43.1 million in the
first quarter of 2024. The decrease was primarily due to a decrease in
costs associated with the sales of medical equipment.
([3]) Since the fourth quarter of 2024, in light of the better monitoring
business development of branded aesthetic centers, the previous line item
information services and others was separated into two line items, which are
aesthetic treatment services and information services and others. And the
Company grouped the revenue generated from information services and others and
reservation services, which is renamed as information, reservation services
and others.
The revenue generated from aesthetic treatment services was previously
reported in line item of information services and others. The information,
reservation services and others for the first quarter of 2024 have also been
retrospectively updated. The amount reclassified from previous line item
information services and others to aesthetic treatment services is RMB15.2
million for the first quarter of 2024.
([4]) Since the fourth quarter of 2024, the previous line item cost of
services and others was separated into two line items, which are cost of
aesthetic treatment services and cost of information, reservation services and
others. Cost of aesthetic treatment services primarily consists of
expenditures relating to aesthetic treatment services in branded aesthetic
centers, and the remaining cost of services and others is reclassified into
cost of information, reservation services and others. The cost of aesthetic
treatment services and cost of information, reservation services and others
for the first quarter of 2024 have also been retrospectively reclassified.
Operating Expenses
Total operating expenses were RMB189.3 million (US$26.1 million), a decrease of 20.4% from RMB237.8 million in the first quarter of 2024.
-- Sales and marketing expenses were RMB103.4 million (US$14.3 million), a
decrease of 8.7% from RMB113.3 million in the first quarter of 2024. The
decrease was mainly due to a decrease in expenses associated with
branding and user acquisition activities. Sales and marketing expenses
included share-based compensation expenses of RMB0.1 million (US$0.0
million) in the first quarter of 2025, compared with RMB0.1 million in
the corresponding period of 2024.
-- General and administrative expenses were RMB53.7 million (US$7.4 million),
a decrease of 36.7% from RMB85.0 million in the first quarter of 2024.
The decrease was primarily due to a decrease in share-based compensation
expenses. General and administrative expenses included share-based
compensation expenses of RMB1.4 million (US$0.2 million) in the first
quarter of 2025, compared with RMB24.5 million in the corresponding
period of 2024.
-- Research and development expenses were RMB32.1 million (US$4.4 million),
a decrease of 18.9% from RMB39.6 million in the first quarter of 2024.
The decrease was primarily attributable to improvements in staff
efficiency. Research and development expenses included share-based
compensation expenses of RMB0.1 million (US$0.0 million) in the first
quarter of 2025, compared with RMB0.8 million in the corresponding period
of 2024.
Income Tax Benefits
Income tax benefits were RMB1.6 million (US$0.2 million), compared with income tax benefits of RMB2.6 million in the same period of 2024.
Net Loss Attributable to So-Young International Inc.
Net loss attributable to So-Young International Inc. was RMB33.1 million (US$4.6 million), compared with a net loss attributable to So-Young International Inc. of RMB21.2 million in the first quarter of 2024.
Non-GAAP Net (Loss)/Income Attributable to So-Young International Inc.
Non-GAAP net loss attributable to So-Young International Inc., which excludes the impact of share-based compensation expenses, was RMB31.5 million (US$4.3 million), compared with RMB4.1 million non-GAAP net income attributable to So-Young International Inc. in the same period of 2024.
Basic and Diluted Loss per ADS
Basic and diluted loss per ADS attributable to ordinary shareholders were RMB0.32 (US$0.04) and RMB0.32 (US$0.04), respectively, compared with basic and diluted loss per ADS attributable to ordinary shareholders of RMB0.21 and RMB0.21, respectively, in the same period of 2024.
Cash and Cash Equivalents, Restricted Cash and Term Deposits, Term Deposits and Short-Term Investments
As of March 31, 2025, cash and cash equivalents, restricted cash and term deposits, term deposits and short-term investments were RMB1,106.2 million (US$152.4 million), compared with RMB1,253.2 million as of December 31, 2024.
Business Outlook
For the second quarter of 2025, So-Young expects aesthetic treatment services revenues to be between RMB120.0 million (US$16.5 million) and RMB140.0 million (US$19.3 million), representing a 337.3% to 410.1% increase from the same period in 2024. The above outlook is based on the current market conditions and reflects the Company's preliminary estimates of market and operating conditions, as well as customer demand, which are all subject to change.
Non-GAAP Financial Measures
To supplement the financial measures prepared in accordance with generally accepted accounting principles in the United States, or GAAP, this press release presents non-GAAP income/(loss) from operations and non-GAAP net income/(loss) attributable to So-Young International Inc. by excluding share-based compensation expenses and impairment of goodwill from income/(loss) from operations, and excluding share-based compensation expenses, impairment of goodwill, impairment of long-term investment, allowance for credit loss from loans to investees, gain/(loss) on disposal of long-term investment and fair value change of long-term investment and tax effects on non-GAAP adjustments from net income/(loss) attributable to So-Young International Inc., respectively. Starting from the fourth quarter of 2024, the Company newly included impairment of long-term investment, allowance for credit loss from loans to investees, gain/(loss) on disposal of long-term investment and fair value change of long-term investment and tax effects on non-GAAP adjustments as additional adjustments in its non-GAAP financial measures, which may result in differences from previously disclosed non-GAAP figures.
The Company believes these non-GAAP financial measures are important to help investors understand the Company's operating and financial performance, compare business trends among different reporting periods on a consistent basis and assess the Company's core operating results, as they exclude certain expenses (i) that are not expected to result in cash payments or (ii) that are non-recurring in nature or may not be indicative of the Company's core operating results and business outlook. The use of the above non-GAAP financial measures has certain limitations. Share-based compensation expenses, the impairment of goodwill, impairment of long-term investment and allowance for credit loss from loans to investees are non-cash in nature. Gain/(loss) on disposal of long-term investment and fair value change of long-term investment are non-recurring in nature. And, in substance, both impairment of long-term investment and allowance for credit loss from loans to investees are impairment of investment. All these are not reflected in the presentation of the non-GAAP financial measures, but should be considered in the overall evaluation of the Company's results. The Company compensates for these limitations by providing the relevant disclosure of its share-based compensation expenses, impairment of goodwill, impairment of long-term investment, allowance for credit loss from loans to investees, gain/(loss) on disposal of long-term investment and fair value change of long-term investment and tax effects on non-GAAP adjustments in the reconciliations to the most directly comparable GAAP financial measures, which should be considered when evaluating the Company's performance. These non-GAAP financial measures should be considered in addition to financial measures prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP. Reconciliation of each of these non-GAAP financial measures to the most directly comparable GAAP financial measure is set forth at the end of this release.
Conference Call Information
So-Young's management will hold an earnings conference call on Friday, May 16, 2025, at 7:30 AM U.S. Eastern Time (7:30 PM on the same day, Beijing/Hong Kong Time). Dial-in details for the earnings conference call are as follows:
International: +1-412-902-4272 Mainland China: 4001-201203 US: +1-888-346-8982 Hong Kong: +852-301-84992 Passcode: So-Young International Inc.
A telephone replay will be available two hours after the conclusion of the conference call through 23:59 U.S. Eastern Time, May 23, 2025. The dial-in details are:
International: +1-412-317-0088 US: +1-877-344-7529 Passcode: 5245284
Additionally, a live and archived webcast of this conference call will be available at http://ir.soyoung.com.
About So-Young International Inc.
So-Young International Inc. (Nasdaq: SY) ("So-Young" or the "Company") is the leading aesthetic treatment platform in China connecting consumers with online services and offline treatments. The Company provides access to aesthetic treatments through its online platform and branded aesthetic centers, offering curated treatment information, facilitating online reservations, delivering high-quality treatments, and developing, producing and distributing optoelectronic medical equipment and injectable products. With its strong brand recognition, digital reach, affordable treatments and efficient supply chain, So-Young is well-positioned to serve its audience over the long term and grow along the medical aesthetic value chain.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, the Financial Guidance and quotations from management in this announcement, as well as So-Young's strategic and operational plans, contain forward-looking statements. So-Young may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about So-Young's beliefs and expectations, are forward-looking statements. Forward looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: So-Young's strategies; So-Young's future business development, financial condition and results of operations; So-Young's ability to retain and increase the number of users and medical service providers, and expand its service offerings; competition in the online medical aesthetic service industry; changes in So-Young's revenues, costs or expenditures; Chinese governmental policies
and regulations relating to the online medical aesthetic service industry, general economic and business conditions globally and in China; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company's filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and So-Young undertakes no duty to update such information, except as required under applicable law.
For more information, please contact:
So-Young
Investor Relations
Ms. Mona Qiao
Phone: +86-10-8790-2012
E-mail: ir@soyoung.com
Christensen
In China
Ms. Dee Wang
Phone: +86-10-5900-1548
E-mail: dee.wang@christensencomms.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com
SO-YOUNG INTERNATIONAL INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except for share and per share data)
As of
----------------------------------
December 31, March 31, March 31,
2024 2025 2025
------------ --------- ---------
RMB RMB US$
Assets
Current assets:
Cash and cash equivalents 587,749 444,730 61,285
Restricted cash and term deposits 66,367 86,230 11,883
Trade receivables 98,774 91,511 12,611
Inventories 151,754 175,301 24,157
Receivables from online payment
platforms 24,255 27,733 3,822
Amounts due from related parties 1,218 723 100
Term deposits and short-term
investments 599,041 575,234 79,269
Prepayment and other current assets 195,202 215,628 29,714
------------ --------- ---------
Total current assets 1,724,360 1,617,090 222,841
------------ --------- ---------
Non-current assets:
Long-term investments 280,281 277,443 38,233
Intangible assets 126,615 127,976 17,636
Goodwill 684 684 94
Property and equipment, net 155,352 169,776 23,396
Deferred tax assets 84,950 84,870 11,695
Operating lease right-of-use assets 162,764 181,065 24,951
Other non-current assets 200,152 185,606 25,577
------------ --------- ---------
Total non-current assets 1,010,798 1,027,420 141,582
------------ --------- ---------
Total assets 2,735,158 2,644,510 364,423
============ ========= =========
Liabilities
Current liabilities:
Dividend payable -- 19,036 2,623
Short-term borrowings 69,771 59,720 8,230
Taxes payable 61,862 53,292 7,344
Contract liabilities 76,579 74,416 10,255
Salary and welfare payables 111,396 55,453 7,642
Amounts due to related parties 477 569 78
Accrued expenses and other current
liabilities 265,216 272,981 37,616
Operating lease liabilities-current 44,905 51,876 7,149
------------ --------- ---------
Total current liabilities 630,206 587,343 80,937
------------ --------- ---------
Non-current liabilities:
Operating lease liabilities-non
current 125,200 135,662 18,695
Deferred tax liabilities 19,758 19,095 2,631
Other non-current liabilities 1,264 1,504 207
------------ --------- ---------
Total non-current liabilities 146,222 156,261 21,533
------------ --------- ---------
Total liabilities 776,428 743,604 102,470
============ ========= =========
SO-YOUNG INTERNATIONAL INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)
(Amounts in thousands, except for share and per share data)
Shareholders' equity:
Treasury stock (376,690) (382,718) (52,740)
Class A ordinary shares (US$0.0005 par
value; 750,000,000 shares authorized
as of December 31, 2024 and March 31,
2025; 77,897,969 and 65,659,510 shares
issued and outstanding as of December
31, 2024, 78,022,915 and 65,092,948
shares issued and outstanding as of
March 31, 2025, respectively) 253 253 35
Class B ordinary shares (US$ 0.0005 par
value; 20,000,000 shares authorized as
of December 31, 2024 and March 31,
2025; 12,000,000 shares issued and
outstanding as of December 31, 2024
and March 31, 2025) 37 37 5
Additional paid-in capital 3,069,799 3,052,436 420,637
Statutory reserves 40,552 40,552 5,588
Accumulated deficit (926,390) (959,528) (132,226)
Accumulated other comprehensive income 31,560 30,279 4,173
--------- --------- ---------
Total So-Young International Inc.
shareholders' equity 1,839,121 1,781,311 245,472
--------- --------- ---------
Non-controlling interests 119,609 119,595 16,481
Total shareholders' equity 1,958,730 1,900,906 261,953
--------- --------- ---------
Total liabilities and shareholders'
equity 2,735,158 2,644,510 364,423
========= ========= =========
SO-YOUNG INTERNATIONAL INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except for share and per share data)
For the Three Months Ended
---------------------------------------------
March 31, December 31, March 31, March 31,
2024 2024 2025 2025
--------- ------------ --------- ---------
RMB RMB RMB US$
Revenues:
Information, reservation
services and others 216,641 201,512 142,853 19,686
Aesthetic treatment
services 15,171 81,267 98,827 13,619
Sales of medical products
and maintenance
services 86,470 86,432 55,590 7,661
--------- ------------ --------- ---------
Total revenues 318,282 369,211 297,270 40,966
Cost of revenues:
Cost of information,
reservation services and
others (61,827) (44,518) (40,726) (5,612)
Cost of aesthetic
treatment services (12,395) (65,208) (80,264) (11,061)
Cost of medical products
sold and maintenance
services (43,093) (43,325) (30,425) (4,193)
--------- ------------ --------- ---------
Total cost of revenues (117,315) (153,051) (151,415) (20,866)
--------- ------------ --------- ---------
Gross profit 200,967 216,160 145,855 20,100
Operating expenses:
Sales and marketing
expenses (113,256) (134,045) (103,417) (14,251)
General and
administrative expenses (84,953) (98,420) (53,743) (7,406)
Research and development
expenses (39,591) (42,753) (32,109) (4,425)
Impairment of goodwill -- (540,009) -- --
--------- ------------ --------- ---------
Total operating expenses (237,800) (815,227) (189,269) (26,082)
--------- ------------ --------- ---------
Loss from operations (36,833) (599,067) (43,414) (5,982)
Other income/(expenses):
Investment income/(loss),
net 2,099 7,623 (785) (108)
Interest income, net 12,313 8,237 7,025 968
Exchange gains/(losses) 394 (763) 25 3
Impairment of long-term
investment -- (7,350) -- --
Share of losses of equity
method investee (3,996) (3,413) (2,442) (337)
Others, net 3,280 (11,103) 4,834 666
--------- ------------ --------- ---------
Loss before tax (22,743) (605,836) (34,757) (4,790)
Income tax
benefits/(expenses) 2,557 (2,126) 1,605 221
--------- ------------ --------- ---------
Net loss (20,186) (607,962) (33,152) (4,569)
Net (income)/loss
attributable to
noncontrolling
interests (1,054) 386 14 2
--------- ------------ --------- ---------
Net loss attributable to
So-Young International
Inc. (21,240) (607,576) (33,138) (4,567)
========= ============ ========= =========
SO-YOUNG INTERNATIONAL INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Continued)
(Amounts in thousands, except for share and per share data)
For the Three Months Ended
-------------------------------------------------
March 31, December 31, March 31, March 31,
2024 2024 2025 2025
---------- ------------ ---------- -----------
RMB RMB RMB US$
Net loss per ordinary
share
Net loss per ordinary
share attributable
to ordinary
shareholder - basic (0.27) (7.70) (0.42) (0.06)
Net loss per ordinary
share attributable
to ordinary
shareholder -
diluted (0.27) (7.70) (0.42) (0.06)
Net loss per ADS
attributable to
ordinary
shareholders - basic
(13 ADS represents
10 Class A ordinary
shares) (0.21) (5.92) (0.32) (0.04)
Net loss per ADS
attributable to
ordinary
shareholders -
diluted (13 ADS
represents 10 Class
A ordinary shares) (0.21) (5.92) (0.32) (0.04)
Weighted average
number of ordinary
shares used in
computing
earnings/(loss) per
share, basic* 79,551,454 78,905,617 78,562,865 78,562,865
Weighted average
number of ordinary
shares used in
computing
earnings/(loss) per
share, diluted* 79,551,454 78,905,617 78,562,865 78,562,865
Share-based
compensation expenses
included in:
Cost of revenues 55 (34) (30) (4)
Sales and marketing
expenses (53) (239) (130) (18)
General and
administrative
expenses (24,453) (1,731) (1,404) (193)
Research and
development
expenses (843) (211) (93) (13)
* Both Class A and Class B ordinary shares are included in the
calculation of the weighted average number of ordinary shares
outstanding, basic and diluted.
SO-YOUNG INTERNATIONAL INC.
Reconciliation of GAAP and Non-GAAP Results
(Amounts in thousands, except for share and per share data)
For the Three Months Ended
---------------------------------------------
March 31, December 31, March 31, March 31,
2024 2024 2025 2025
--------- ------------ --------- ---------
RMB RMB RMB US$
GAAP loss from operations (36,833) (599,067) (43,414) (5,982)
Add back: Share-based
compensation expenses 25,294 2,215 1,657 228
Add back: Impairment of
goodwill -- 540,009 -- --
Non-GAAP loss from
operations (11,539) (56,843) (41,757) (5,754)
========= ============ ========= =========
GAAP net loss
attributable to So-Young
International Inc. (21,240) (607,576) (33,138) (4,567)
Add back: Share-based
compensation expenses 25,294 2,215 1,657 228
Add back: Impairment of
goodwill attributable to
So-Young International
Inc. -- 540,009 -- --
Add back: Impairment of
long-term investment
attributable to So-Young
International Inc. -- 7,350 -- --
Add back: Allowance for
credit loss from loans to
investees attributable to
So-Young International
Inc. -- 13,843 -- --
Reversal: Gain on
disposal of long-term
investment and fair value
change of long- term
investment attributable
to So-Young International
Inc. -- (7,791) -- --
Reversal: Tax effects on
non-GAAP adjustments (1) -- (1,276) -- --
Non-GAAP net
income/(loss)
attributable to So-Young
International Inc. 4,054 (53,226) (31,481) (4,339)
========= ============ ========= =========
(1) To adjust the income tax effects of non-GAAP adjustments, which is
primarily related to allowance for credit loss from loans to investees,
gain/(loss) on disposal of long-term investment and fair value change of
long-term investment. Other non-GAAP adjustment items have no tax
effect, because full valuation allowances were provided for related
deferred tax assets as it is more-likely-than-not they will not be
realized.
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SOURCE So-Young International Inc.
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May 16, 2025 06:37 ET (10:37 GMT)