UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2023
Commission File Number: 001-38878
So-Young International Inc.
Tower E, Ronsin Technology Center
Chaoyang District, Beijing, 100012
People's Republic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Exhibit Index
Exhibit 99.1—Press Release
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | So-Young International Inc. |
| |
By |
|
/s/ Hui Zhao |
| |
Name |
: |
Hui Zhao |
| |
Title |
: |
Chief Financial Officer |
Date: November 20, 2023
Exhibit 99.1
So-Young Reports Unaudited Third Quarter 2023
Financial Results
BEIJING, China, Nov. 20, 2023 — So-Young
International Inc. (Nasdaq: SY) (“So-Young” or the “Company”), the largest and most vibrant social community
in China for consumers, professionals and service providers in the medical aesthetics industry, today announced its unaudited financial
results for the third quarter ended September 30, 2023.
Third Quarter 2023 Financial Highlights
| · | Total
revenues were RMB385.3 million (US$52.8 million1),
an increase of 19.2% from RMB323.3 million in the same period of 2022, in line with previous
guidance. |
| · | Net
income attributable to So-Young was RMB18.3 million (US$2.5 million), compared with net income
attributable to So-Young of RMB2.3 million in the third quarter of 2022. |
| · | Non-GAAP
net income attributable to So-Young2 was
RMB9.5 million (US$1.3 million), compared with non-GAAP net income attributable to So-Young
of RMB9.9 million in the same period of 2022. |
Third Quarter
2023 Operational Highlights
| · | Average
mobile MAUs were 3.1 million, compared with 3.9 million in the third quarter of 2022. |
| · | Number
of medical service providers subscribing to information services on So-Young’s platform
were 1,397, compared with 1,704 in the third quarter of 2022. |
| · | Total
number of users purchasing were 146.3 thousand while the aggregate value of medical aesthetic
treatment transactions facilitated by So-Young’s platform was RMB530.4
million. |
Mr. Xing Jin, Co-Founder and Chief Executive
Officer of So-Young, commented, “Our business remained resilient and delivered solid financial and operational results during the
quarter despite macroeconomic headwinds and the effects of seasonality. Total revenues were RMB385.3 million, an increase of 19.2% year-over-year
and in line with our previous guidance. While our existing POP business and So-Young Prime continue to make solid progress, our supply
chain business really stood out during the quarter as we ramp up investment into it. During the quarter, revenue from our supply chain
business was RMB75.2 million, accounting for 19.5% of total revenue and increasingly contributing to our bottom line. Looking ahead,
we will push ahead with our strategic transformation and strengthen synergies between our business segments to solidify our leadership
position.”
Mr. Hui Zhao, Chief Financial Officer of So-Young,
added, “Our profitability continued to improve thanks to effective cost controls and our focus on driving high-quality growth.
Net income attributable to So-Young International Inc. was RMB18.3 million, compared with RMB2.3 million in the same period last year.
With a solid platform to sustainably build off of now firmly in place, we are confidently allocating more resources towards high-quality
growth ventures such as So-Young Prime and our supply chain business to take advantage of these opportunities and keep a healthy cash
reserve and further improve our financial performance.”
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 RMB
7.2960 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 September 29, 2023.
2
Non-GAAP net income/(loss) attributable to So-Young is defined as net income/(loss) attributable to So-Young International Inc. excluding
share-based compensation expenses attributable to So-Young International Inc. See “Reconciliation of GAAP and Non-GAAP Results”
at the end of this press release.
Third Quarter 2023 Financial Results
Revenues
Total revenues were RMB385.3 million (US$52.8
million), an increase of 19.2% from RMB323.3 million in the same period of 2022. The increase was primarily due to the increase in revenues
generated by So-Young Prime and sales of medical products.
| · | Information
services and other revenues were RMB285.9 million (US$39.2 million), an increase of 24.1%
from RMB230.5 million in the same period of 2022. The increase was primarily due to an increase
in revenues generated by So-Young Prime. |
| · | Reservation
services revenues were RMB24.1 million (US$3.3 million), a decrease of 18.8% from
RMB29.7 million in the same period of 2022. The decrease was primarily due to the operating
strategy which gave higher subsidies to end users. |
| · | Sales
of medical products and maintenance services3 revenues
were RMB75.2 million (US$10.3 million), an increase of 19.2% from RMB63.1 million in the
same period of 2022, primarily due to an increase in sales of cosmetic injectables. |
Cost of Revenues4
Cost of revenues were RMB142.6 million (US$19.5
million), an increase of 51.7% from RMB94.0 million in the third quarter of 2022. The increase was primarily due to an increase in costs
associated with So-Young Prime. Cost of revenues included share-based compensation expenses of RMB0.4 million (US$0.1 million) during
the third quarter of 2023, compared with RMB2.0 million in the corresponding period of 2022.
| · | Cost
of services and others were RMB103.5 million (US$14.2 million), an increase of 74.2%
from RMB59.4 million in the third quarter of 2022. The increase was primarily due to an increase
in costs associated with So-Young Prime. |
| · | Cost
of medical products sold and maintenance services were RMB39.1 million (US$5.4 million),
an increase of 13.0% from RMB34.6 million in the third quarter of 2022. The increase was
primarily due to an increase in costs associated with the sales of cosmetic injectables. |
Operating Expenses
Total operating expenses were RMB244.7 million
(US$33.5 million), an increase of 3.4% from RMB236.6 million in the third quarter of 2022.
3
In the first nine months of 2023, in light of the better monitoring business development of upstream supply chain, the Company grouped
the revenue generated from sales of cosmetic injectables and sales of equipment and maintenance services into one line item, which is
renamed as sales of medical products and maintenance services.
The sale of cosmetic injectables was previously
reported in line item of information services and others. The information services and others for prior periods and the nine months period
ended September 30, 2022 have also been retrospectively updated. The amount reclassified from information services and others to sales
of medical products and maintenance services are RMB5.2 million for the third quarter of 2022 and RMB16.0 million for the first nine
months of 2022.
4
In the first nine months of 2023, the previous line item cost of revenues was separated into two line items, which are cost of medical
products sold and maintenance services and cost of services and others. Cost of medical products sold and maintenance services primarily
consists of expenditures relating to medical products and maintenance services, and the remaining cost of revenues is reclassified into
cost of services and others. The cost of medical products sold and maintenance services and cost of services and others for prior periods
and the first nine months of 2022 have also been retrospectively reclassified.
| · | Sales
and marketing expenses were RMB143.8 million (US$19.7 million), an increase of 15.3%
from RMB124.8 million in the third quarter of 2022. The increase was primarily due to an
increase in expenses associated with branding and user acquisition activities. Sales and
marketing expenses for the third quarter of 2023 included share-based compensation expenses
of RMB0.5 million (US$0.1 million), compared with RMB0.7 million in the corresponding period
of 2022. |
| · | General
and administrative expenses were RMB50.2 million (US$6.9 million), a decrease of
16.0% from RMB59.8 million in the third quarter of 2022. The change was primarily due to
the reversal of share-based compensation expenses, partially offset by an increase in payroll
costs associated
with the expansion of administrative employees to support our business upgrade and new strategic
businesses. General and administrative expenses for the third quarter of 2023 included
the reversal of share-based compensation expenses of RMB11.2 million (US$1.5 million), compared
with share-based compensation expenses of RMB4.5 million in the corresponding period of 2022. |
| · | Research
and development expenses were RMB50.6 million (US$6.9 million), a decrease of 2.7%
from RMB52.0 million in the third quarter of 2022. The decrease was primarily attributable
to improvements in staff efficiency. Research and development expenses for the third quarter
of 2023 included share-based compensation expenses of RMB1.5 million (US$0.2 million), compared
with RMB0.4 million in the corresponding period of 2022. |
Income Tax Benefits
Income tax benefits were RMB2.2 million (US$0.3
million), compared with income tax benefits of RMB16.5 million in the same period of 2022.
Net Income/(loss) Attributable to So-Young
International Inc.
Net income attributable to So-Young International
Inc. was RMB18.3 million (US$2.5 million), compared with a net income attributable to So-Young International Inc. of RMB2.3 million in
the third quarter of 2022.
Non-GAAP Net Income/(loss) Attributable
to So-Young International Inc.
Non-GAAP net income attributable to So-Young
International Inc. was RMB9.5 million (US$1.3 million), compared with RMB9.9 million non-GAAP net income attributable to So-Young International
Inc. in the same period of 2022.
Basic and Diluted Earnings per ADS
Basic and diluted earnings per ADS attributable
to ordinary shareholders were RMB0.18 (US$0.02) and RMB0.18 (US$0.02), respectively, compared with basic and diluted earnings per ADS
attributable to ordinary shareholders of RMB0.02 and RMB0.02, respectively, in the same period of 2022.
Cash and Cash Equivalents, Restricted Cash
and Term Deposits, Term Deposits and Short-Term Investments
As of September 30, 2023, cash and cash equivalents,
restricted cash and term deposits, term deposits and short-term investments were RMB1,405.4 million (US$192.6 million), compared with
RMB1,585.3 million as of December 31, 2022.
Business Outlook
For the fourth quarter of 2023, So-Young expects
total revenues to be between RMB380.0 million (US$52.1 million) and RMB400.0 million (US$54.8 million), representing a 16.9% to 23.0%
increase from the same period in 2022. 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
from loss from operations and net income/(loss) attributable to So-Young International Inc., respectively. 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 that are not expected to result in cash payments. The use of the above non-GAAP financial measures has certain
limitations. Share-based compensation expenses have been and will continue to be incurred in the future. 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 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 Monday, November 20, 2023, at 7:00 AM U.S. Eastern Time (8:00 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, November
27, 2023. The dial-in details are:
| International: |
+1-412-317-0088 |
| US: |
+1-877-344-7529 |
| Passcode: |
8166313 |
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 largest and most vibrant social community in China for consumers, professionals and service providers
in the medical aesthetics industry. The Company presents users with reliable information through offering high quality and trustworthy
content together with a multitude of social functions on its platform, as well as by curating medical aesthetic service providers that
are carefully selected and vetted. Leveraging So-Young’s strong brand image, extensive audience reach, trust from its users, highly
engaging social community and data insights, the Company is well-positioned to expand both along the medical aesthetic industry value
chain and into the massive, fast-growing consumption healthcare service market.
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; the impact of the COVID-19 pandemic to So-Young’s
business operations and the economy in China and elsewhere generally; 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. Vivian Xu
Phone: +86-10-8790-2012
E-mail: ir@soyoung.com
Christensen
In China
Mr. Eric Yuan
Phone: +86-10-5900-1548
E-mail: eric.yuan@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, | | |
September 30, | | |
September 30, | |
| | |
2022 | | |
2023 | | |
2023 | |
| | |
RMB | | |
RMB | | |
US$ | |
| Assets | |
| | | |
| | | |
| | |
| Current assets: | |
| | | |
| | | |
| | |
| Cash and cash equivalents | |
| 694,420 | | |
| 438,604 | | |
| 60,116 | |
| Restricted cash and term deposits | |
| 14,908 | | |
| 15,890 | | |
| 2,178 | |
| Trade receivables | |
| 36,006 | | |
| 62,338 | | |
| 8,544 | |
| Inventories, net | |
| 120,480 | | |
| 115,176 | | |
| 15,786 | |
| Receivables from online payment platforms | |
| 14,787 | | |
| 32,067 | | |
| 4,395 | |
| Amounts due from related parties | |
| 33,382 | | |
| 21,099 | | |
| 2,892 | |
| Term deposits and short-term investments | |
| 875,955 | | |
| 950,860 | | |
| 130,326 | |
| Prepayment and other current assets | |
| 126,889 | | |
| 182,261 | | |
| 24,981 | |
| Total current assets | |
| 1,916,827 | | |
| 1,818,295 | | |
| 249,218 | |
| Non-current assets: | |
| | | |
| | | |
| | |
| Long-term investments | |
| 227,959 | | |
| 252,371 | | |
| 34,590 | |
| Intangible assets | |
| 169,280 | | |
| 151,160 | | |
| 20,718 | |
| Goodwill | |
| 540,693 | | |
| 540,693 | | |
| 74,108 | |
| Property and equipment, net | |
| 116,184 | | |
| 111,912 | | |
| 15,339 | |
| Deferred tax assets | |
| 64,739 | | |
| 66,855 | | |
| 9,163 | |
| Operating lease right-of-use assets | |
| 62,898 | | |
| 36,949 | | |
| 5,064 | |
| Other non-current assets | |
| 99,293 | | |
| 154,166 | | |
| 21,130 | |
| Total non-current assets | |
| 1,281,046 | | |
| 1,314,106 | | |
| 180,112 | |
| Total assets | |
| 3,197,873 | | |
| 3,132,401 | | |
| 429,330 | |
| | |
| | | |
| | | |
| | |
| Liabilities | |
| | | |
| | | |
| | |
| Current liabilities: | |
| | | |
| | | |
| | |
| Taxes payable | |
| 74,580 | | |
| 62,082 | | |
| 8,509 | |
| Contract liabilities | |
| 110,159 | | |
| 113,768 | | |
| 15,593 | |
| Salary and welfare payables | |
| 72,532 | | |
| 75,223 | | |
| 10,310 | |
| Amounts due to related parties | |
| 5,895 | | |
| 765 | | |
| 105 | |
| Accrued expenses and other current liabilities | |
| 224,589 | | |
| 273,923 | | |
| 37,545 | |
| Operating lease liabilities-current | |
| 50,285 | | |
| 32,726 | | |
| 4,485 | |
| Total current liabilities | |
| 538,040 | | |
| 558,487 | | |
| 76,547 | |
| Non-current liabilities: | |
| | | |
| | | |
| | |
| Operating lease liabilities-non current | |
| 20,972 | | |
| 5,806 | | |
| 796 | |
| Deferred tax liabilities | |
| 30,993 | | |
| 25,603 | | |
| 3,509 | |
| Other non-current liabilities | |
| — | | |
| 1,025 | | |
| 140 | |
| Total non-current liabilities | |
| 51,965 | | |
| 32,434 | | |
| 4,445 | |
| Total liabilities | |
| 590,005 | | |
| 590,921 | | |
| 80,992 | |
SO-YOUNG INTERNATIONAL INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)
(Amounts in thousands, except for share and
per share data)
| Shareholders’ equity | |
| | | |
| | | |
| | |
| Treasury stock | |
| (232,835 | ) | |
| (354,278 | ) | |
| (48,558 | ) |
| Class A Ordinary shares (US$0.0005 par value; 750,000,000
shares authorized as of December 31, 2022 and September 30, 2023; 73,065,987 and 68,843,320 shares issued and outstanding as
of December 31, 2022, 73,561,708 and 63,742,584 shares issued and outstanding as of September 30, 2023, respectively) | |
| 236 | | |
| 237 | | |
| 32 | |
| Class B Ordinary shares (US$0.0005 par value; 20,000,000
shares authorized as of December 31, 2022 and September 30, 2023; 12,000,000 shares issued and outstanding as of December 31,
2022 and September 30, 2023) | |
| 37 | | |
| 37 | | |
| 5 | |
| Additional paid-in capital | |
| 3,043,971 | | |
| 3,062,624 | | |
| 419,768 | |
| Statutory reserves | |
| 29,027 | | |
| 29,027 | | |
| 3,978 | |
| Accumulated deficit | |
| (346,618 | ) | |
| (342,839 | ) | |
| (46,990 | ) |
| Accumulated other
comprehensive income | |
| 4,107 | | |
| 31,210 | | |
| 4,278 | |
| Total
So-Young International Inc. shareholders’ equity | |
| 2,497,925 | | |
| 2,426,018 | | |
| 332,513 | |
| Non-controlling interests | |
| 109,943 | | |
| 115,462 | | |
| 15,825 | |
| Total shareholders’ equity | |
| 2,607,868 | | |
| 2,541,480 | | |
| 348,338 | |
| Total
liabilities and shareholders’ equity | |
| 3,197,873 | | |
| 3,132,401 | | |
| 429,330 | |
SO-YOUNG INTERNATIONAL INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS
(Amounts in thousands,
except for share and per share data)
| | |
For
the Three Months Ended | | |
For
the Nine Months Ended | |
| | |
September
30,
2022 | | |
September
30,
2023 | | |
September
30,
2023 | | |
September
30,
2022 | | |
September
30,
2023 | | |
September
30,
2023 | |
| | |
RMB | | |
RMB | | |
US$ | | |
RMB | | |
RMB | | |
US$ | |
| Revenues: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Information services
and others | |
| 230,478 | | |
| 285,937 | | |
| 39,191 | | |
| 638,623 | | |
| 795,100 | | |
| 108,978 | |
| Reservation services | |
| 29,733 | | |
| 24,140 | | |
| 3,309 | | |
| 102,702 | | |
| 80,724 | | |
| 11,064 | |
| Sales of medical
products and maintenance services | |
| 63,092 | | |
| 75,217 | | |
| 10,309 | | |
| 191,403 | | |
| 231,639 | | |
| 31,749 | |
| Total
revenues | |
| 323,303 | | |
| 385,294 | | |
| 52,809 | | |
| 932,728 | | |
| 1,107,463 | | |
| 151,791 | |
| Cost of revenues: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Cost of services and others | |
| (59,405 | ) | |
| (103,484 | ) | |
| (14,184 | ) | |
| (199,328 | ) | |
| (291,503 | ) | |
| (39,954 | ) |
| Cost of medical
products sold and maintenance services | |
| (34,623 | ) | |
| (39,119 | ) | |
| (5,362 | ) | |
| (105,762 | ) | |
| (115,199 | ) | |
| (15,789 | ) |
| Total
cost of revenues | |
| (94,028 | ) | |
| (142,603 | ) | |
| (19,546 | ) | |
| (305,090 | ) | |
| (406,702 | ) | |
| (55,743 | ) |
| Gross profit | |
| 229,275 | | |
| 242,691 | | |
| 33,263 | | |
| 627,638 | | |
| 700,761 | | |
| 96,048 | |
| Operating expenses: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Sales and marketing expenses | |
| (124,781 | ) | |
| (143,844 | ) | |
| (19,715 | ) | |
| (373,734 | ) | |
| (394,276 | ) | |
| (54,040 | ) |
| General and administrative expenses | |
| (59,847 | ) | |
| (50,242 | ) | |
| (6,886 | ) | |
| (187,033 | ) | |
| (204,097 | ) | |
| (27,974 | ) |
| Research and
development expenses | |
| (51,998 | ) | |
| (50,597 | ) | |
| (6,935 | ) | |
| (194,021 | ) | |
| (158,531 | ) | |
| (21,728 | ) |
| Total
operating expenses | |
| (236,626 | ) | |
| (244,683 | ) | |
| (33,536 | ) | |
| (754,788 | ) | |
| (756,904 | ) | |
| (103,742 | ) |
| Loss from operations | |
| (7,351 | ) | |
| (1,992 | ) | |
| (273 | ) | |
| (127,150 | ) | |
| (56,143 | ) | |
| (7,694 | ) |
| Other income/(expenses): | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Investment income | |
| 493 | | |
| 647 | | |
| 89 | | |
| 3,997 | | |
| 10,869 | | |
| 1,490 | |
| Interest income | |
| 10,061 | | |
| 12,130 | | |
| 1,663 | | |
| 18,607 | | |
| 38,023 | | |
| 5,211 | |
| Exchange gain/(losses) | |
| 24 | | |
| 103 | | |
| 14 | | |
| (515 | ) | |
| (1,051 | ) | |
| (144 | ) |
| Impairment of long-term investment | |
| (7,945 | ) | |
| — | | |
| — | | |
| (7,945 | ) | |
| — | | |
| — | |
| Share of losses of equity method investee | |
| (9,106 | ) | |
| (3,822 | ) | |
| (524 | ) | |
| (11,008 | ) | |
| (10,692 | ) | |
| (1,465 | ) |
| Others, net | |
| (781 | ) | |
| 9,887 | | |
| 1,355 | | |
| 7,600 | | |
| 18,474 | | |
| 2,532 | |
| (Loss)/income
before tax | |
| (14,605 | ) | |
| 16,953 | | |
| 2,324 | | |
| (116,414 | ) | |
| (520 | ) | |
| (70 | ) |
| Income tax
benefits | |
| 16,486 | | |
| 2,191 | | |
| 300 | | |
| 18,542 | | |
| 7,240 | | |
| 992 | |
| Net income/(loss) | |
| 1,881 | | |
| 19,144 | | |
| 2,624 | | |
| (97,872 | ) | |
| 6,720 | | |
| 922 | |
| Net loss/(income)
attributable to noncontrolling interests | |
| 429 | | |
| (839 | ) | |
| (115 | ) | |
| 1,045 | | |
| (2,941 | ) | |
| (403 | ) |
| Net
income/(loss) attributable to So-Young International Inc. | |
| 2,310 | | |
| 18,305 | | |
| 2,509 | | |
| (96,827 | ) | |
| 3,779 | | |
| 519 | |
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 | | |
For the Nine Months
Ended | |
| | |
September
30,
2022 | | |
September
30,
2023 | | |
September
30,
2023 | | |
September
30,
2022 | | |
September
30,
2023 | | |
September
30,
2023 | |
| | |
RMB | | |
RMB | | |
US$ | | |
RMB | | |
RMB | | |
US$ | |
| Net earnings/(loss) per ordinary share | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net earnings/(loss) per ordinary
share attributable to ordinary shareholder - basic | |
| 0.03 | | |
| 0.24 | | |
| 0.03 | | |
| (1.17 | ) | |
| 0.05 | | |
| 0.01 | |
| Net earnings/(loss) per ordinary share attributable
to ordinary shareholder - diluted | |
| 0.03 | | |
| 0.24 | | |
| 0.03 | | |
| (1.17 | ) | |
| 0.05 | | |
| 0.01 | |
| Net earnings/(loss) per ADS attributable to ordinary
shareholders - basic (13 ADS represents 10 Class A ordinary shares) | |
| 0.02 | | |
| 0.18 | | |
| 0.02 | | |
| (0.90 | ) | |
| 0.04 | | |
| 0.01 | |
| Net earnings/(loss) per ADS attributable to ordinary
shareholders - diluted (13 ADS represents 10 Class A ordinary shares) | |
| 0.02 | | |
| 0.18 | | |
| 0.02 | | |
| (0.90 | ) | |
| 0.04 | | |
| 0.01 | |
| Weighted average number of ordinary shares used in computing earnings/(loss)
per share, basic* | |
| 82,946,796 | | |
| 76,842,709 | | |
| 76,842,709 | | |
| 82,578,596 | | |
| 78,001,149 | | |
| 78,001,149 | |
| Weighted average number of ordinary shares used in computing earnings/(loss)
per share, diluted* | |
| 83,027,281 | | |
| 77,210,781 | | |
| 77,210,781 | | |
| 82,578,596 | | |
| 78,402,636 | | |
| 78,402,636 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Share-based
compensation expenses included in: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Cost of services and others | |
| (2,007 | ) | |
| (418 | ) | |
| (57 | ) | |
| (7,303 | ) | |
| (1,635 | ) | |
| (224 | ) |
| Sales and marketing expenses | |
| (670 | ) | |
| (533 | ) | |
| (73 | ) | |
| (6,342 | ) | |
| (2,850 | ) | |
| (391 | ) |
| General and administrative expenses | |
| (4,521 | ) | |
| 11,164 | | |
| 1,530 | | |
| (14,684 | ) | |
| (10,400 | ) | |
| (1,425 | ) |
| Research and development expenses | |
| (428 | ) | |
| (1,454 | ) | |
| (199 | ) | |
| (7,498 | ) | |
| (3,636 | ) | |
| (498 | ) |
* 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 | | |
For the Nine Months Ended | |
| | |
September 30,
2022 | | |
September 30,
2023 | | |
September 30,
2023 | | |
September 30,
2022 | | |
September 30,
2023 | | |
September 30,
2023 | |
| | |
RMB | | |
RMB | | |
US$ | | |
RMB | | |
RMB | | |
US$ | |
| GAAP loss from operations | |
| (7,351 | ) | |
| (1,992 | ) | |
| (273 | ) | |
| (127,150 | ) | |
| (56,143 | ) | |
| (7,694 | ) |
| Add back: Share-based compensation expenses | |
| 7,626 | | |
| (8,759 | ) | |
| (1,201 | ) | |
| 35,827 | | |
| 18,521 | | |
| 2,538 | |
| Non-GAAP income/(loss) from operations | |
| 275 | | |
| (10,751 | ) | |
| (1,474 | ) | |
| (91,323 | ) | |
| (37,622 | ) | |
| (5,156 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| GAAP net income/(loss) attributable to So-Young International Inc. | |
| 2,310 | | |
| 18,305 | | |
| 2,509 | | |
| (96,827 | ) | |
| 3,779 | | |
| 519 | |
| Add back: Share-based compensation expenses | |
| 7,626 | | |
| (8,759 | ) | |
| (1,201 | ) | |
| 35,827 | | |
| 18,521 | | |
| 2,538 | |
| Non-GAAP net income/(loss) attributable to So-Young International Inc. | |
| 9,936 | | |
| 9,546 | | |
| 1,308 | | |
| (61,000 | ) | |
| 22,300 | | |
| 3,057 | |
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