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News Feb 3, 2020 05:59 pm EqualOcean

So Young promotes five major subsidies for the medical and aesthetic industry Total over CNY 20 million

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May 21, 2020 10:24 am · zhitongcaijing

Canaccord Genuity Remains a Buy on So-Young

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May 21, 2020 10:15 am · zhitongcaijing

So-Young Gets a Buy Rating from Needham

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May 18, 2020 11:57 pm ·

So-Young Reports Q1 2020 Results – Monthly Active Users Up 116.8%

► Information services are the most significant income, occupying 69% of the total. ► Marketing campaigns and user acquisition initiatives expenses increased a lot. On May 18, So-Young International (SY:NASDAQ) released its first-quarter financial report for 2020. The data shows that, as of March 31, 2020, its revenue was CNY 182.6 million (USD 25.68 million), exceeding the company’s expectations of CNY 160 million (USD 22.50 million) to CNY 180 million (USD 25.32 million). At the same time, it was higher than Bloomberg’s expectation of CNY 176 million (USD 24.75 million). The first quarter’s net loss increased year-on-year. The number was CNY 35.9 million (USD 5.05 million), compared with a net income of CNY 45.9 million (USD 6.46 million) in the same period for 2019. Users and medical service providers gathered more on this cosmetic surgery platform. Average mobile MAUs (Monthly Active Users) were 4.17 million, an increase of 116.8% from 1.92 million in the same period of 2019. The number of paying medical service providers on So-Young’s platform was 3,295, a year-on-year increase of 22.0%. The number of medical service providers subscribing to information services on So -Young was 1,862, representing a slight increase from 1,853 at the same time in 2019. Mr. Xing Jin, Co-Founder and Chief Executive Officer of So-Young, commented, “Our strategic focus on enhancing engagement expanded our vibrant community of users and medical aesthetic professionals. We are using a series of creative and incentivizing promotion plans, working more closely with medical aesthetic influencers to generate valuable content.” According to the report, information services are it’s most significant revenue resource, occupying 69% of the total, a decrease of 12% year-on-year. Another reservation service obtains 30.94% of the total, the total number of users purchasing reservation services was 77.5 thousand. Sales and marketing expenses increased by 45% year-on-year, consisting of 58.69% of total operating expenses. The increase was primarily due to the rise in costs associated with marketing campaigns and user acquisition initiatives. As for other parts of costs, they all increased due to personal related expenses and the hiring to support product development. According to iiMedia data (in Chinese), since 2015, the market scale of China’s medical cosmetology has been overgrowing. Now China has become the world's third-largest medical and beauty market. It is expected that by 2020, the scale of China’s cosmetology industry will reach 315 billion. Mr. Min Yu, Chief Financial Officer of So-Young said, “We believe that our strategic investments and expenditure in the first quarter will significantly improve the stickiness of our platform. Further, we wish to enhance the quality of our rich content portfolio and better leverage synergies created across our community. We are well-positioned to capitalize on a rebound in macroeconomic conditions, and the drivers of our long-term business growth remain very strong.”

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Mar 24, 2020 09:10 pm ·

So-Young Publishes 2019 Q4 Financial Report – Net Profits Up by 71.4%

On March 23, So-Young (SY:NASDAQ) published financial results for the fourth quarter of 2019. The report shows that, as of December 31, 2019, the company's fourth quarter total revenue was CNY 358.2 million (USD 50.51 million), an increase of 95.7% YoY; net profit was CNY 69.9 million (9.86 million), an increase of 71.4% YoY; non-GAAP net profit was CNY  86.4 million (USD 12.18 million), an increase of 86.5% YoY. So-Young was founded in 2013 and went public on May 2 in 2019, focusing on providing medical cosmetology and beauty related content. The home page displays the most popular medical aesthetic choices, including facial contouring, eyes, nose and mouth alterations. And users can share their experiences on medical aesthetics, most will put photos of  'before' the medical beauty program and 'after' it. Some doctors also introduce their own programs and share beauty information to attract users. Driven by these active medical service providers and beauty seekers on So-Young platform, this Internet platform is showing a strong performance. In the fourth quarter, So-Young's average number of active mobile monthly users was 3.67 million, a YoY increase of 120.1%; the total number of user purchases was 188,300, a YoY increase of 50.7%; subscribers to the information services increased from 1644 to 2138. As a result, the total value of the medical beauty transactions promoted in the fourth quarter was nearly CNY 1 billion (USD 140 million), a YoY increase of 66.6%. Mr. Jin Xing, Chairman and Chief Executive Officer of New Oxygen Technology said (in Chinese), "We have made several strategic adjustments to further strengthen our vibrant and growing community of medical beauty users and professionals. These measures have contributed to a 95.7% year-on-year increase in company revenue, exceeding our forecast limit." According to Deloitte's China medical cosmetology report (in Chinese), the size of the Chinese medical cosmetology market in 2017 reached CNY 192.5 billion (USD 27.14 billion), and it is expected to reach CNY 481 billion(USD 67.82 billion) in 2022. Huge market-driven service providers are stepping into this emerging market while some problems exist. For companies in 2017, channel marketing expenses accounted for more than 50% of the revenue, which squeezed profit margins. For users, safety is their first priority while medical accidents still happen and after-sales services need improving. According to statistics from the National Consumers Association, from 2015 to 2019, China's medical and aesthetic industry-related complaints increased by nearly 13 times, and in 2019, the medical and aesthetic industry complaints increased by 6,138, which is nearly 13 times the number of complaints in 2015. Industry regulations need to be stricter to protect consumers.

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Mar 24, 2020 04:25 am · U.S. SECURITIES AND EXCHANGE COMMISSION

So-Young Reports Fourth Quarter 2019 Unaudited Financial Results

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