• Total Revenue: RMB369.2 million in Q4 2024, down 5.5% year over year.

• Net Loss: RMB607.6 million in Q4 2024, compared to a net income of RMB17.5 million in the same period last year.

• Non-GAAP Net Loss: RMB53.2 million in Q4 2024, compared to non-GAAP net income of RMB35.7 million in the same period last year.

• Aesthetic Treatment Services Revenue: RMB81.3 million in Q4 2024, up 701.6% year over year.

• Cost of Revenues: RMB153.1 million in Q4 2024, up 11.2% year over year.

• Total Operating Expenses: RMB815.2 million in Q4 2024, up 216.2% year over year.

• Impairment of Goodwill: RMB540 million related to Miracle Laser.

• Cash Position: RMB1.25 billion in cash and cash equivalents, restricted cash, term deposits, and short-term investments as of December 31, 2024.

• Number of New Clinics: 19 So-Young clinics opened in Q4 2024.

• Customer Satisfaction: 4.98 out of 5.

• GMV for Verified Medical and Aesthetic Services: RMB356.6 million in Q4 2024, up 3% sequentially.

• Full Year 2024 Revenue: RMB1.47 billion, down 2.1% year over year.

• Full Year 2024 Net Loss: RMB589.5 million, compared to a net income of RMB21.3 million in 2023.

• Outlook for Q1 2025 Revenue: Expected to be between RMB280 million and RMB300 million.

• Warning! GuruFocus has detected 3 Warning Signs with SY.

Release Date: March 20, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• So-Young International Inc (NASDAQ:SY) reported a significant year-over-year growth of 701.6% in aesthetic treatment services revenues, driven by the expansion of their aesthetic center business.

• The company successfully opened 19 new So-Young clinics across nine core cities, with 11 centers achieving positive monthly operating cash flow by December.

• Customer satisfaction remains high with an industry-leading score of 4.98 out of 5, indicating strong service quality and customer approval.

• Revenue from the aesthetic center business surged by 79% quarter over quarter and 702% year over year, demonstrating strong growth potential.

• The company maintained a robust cash position with cash and cash equivalents totaling RMB1.25 billion as of December 31, 2024, ensuring financial stability.

Negative Points

• So-Young International Inc (NASDAQ:SY) reported a net loss of RMB607.6 million for the fourth quarter, primarily due to a one-time goodwill impairment charge of RMB540 million.

• Total revenues for the quarter decreased by 5.5% year over year, largely due to a decline in revenue from So-Young Prime.

• Operating expenses increased significantly by 216.2% year over year, driven by higher sales and marketing expenses and a goodwill impairment charge.

• The company experienced a decrease in revenue from information reservation services and other revenues, down 27.7% year over year.

• Despite the growth in aesthetic treatment services, the overall net loss attributable to So-Young International Inc was RMB589.5 million for the full year 2024, compared to a net income in 2023.