So-Young Reports Unaudited Fourth Quarter and Fiscal Year 2025 Financial Results
Rhea-AI Summary
So-Young (Nasdaq: SY) reported unaudited Q4 and full-year 2025 results on March 25, 2026. Q4 revenue rose to RMB460.7M (US$65.9M), driven by branded aesthetic centers; Q4 net loss improved to RMB108.8M from RMB607.6M a year earlier. Fiscal 2025 revenue was RMB1,523.4M; net loss was RMB242.3M. The company extended a US$25M share repurchase program through March 31, 2027 and disclosed 49 branded centers, with 25 profitable in Q4.
Positive
- Q4 revenue +24.8% to RMB460.7M
- Aesthetic services revenue +205.3% in Q4
- Fiscal 2025 revenue RMB1,523.4M (up 3.9%)
- 49 branded aesthetic centers; 25 profitable in Q4
- Share repurchase program extended through March 31, 2027
Negative
- Q4 non-GAAP net loss widened to RMB93.4M from RMB53.2M
- Information services revenue down 26.8% in Q4
- Sales of medical products revenue down 19.9% in Q4
- Other services revenue down 40.7% in Q4
News Market Reaction – SY
In the Mar 25 session, SY gained 9.62%, reflecting a notable positive market reaction. Argus tracked a peak move of +5.0% during that session. Argus tracked a trough of -10.9% from its starting point during tracking. Our momentum scanner triggered 26 alerts that day, indicating elevated trading interest and price volatility. Trading volume was elevated at 2.6x the daily average, suggesting notable buying interest.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Nov 17 | Q3 2025 earnings | Positive | -8.4% | Strong Q3 aesthetic revenue growth and expanding branded center footprint. |
| Aug 15 | Q2 2025 earnings | Negative | -22.7% | Total revenue decline and shift from prior-year profit to net loss. |
| May 16 | Q1 2025 earnings | Negative | +1.3% | Lower total revenue and wider net loss despite strong treatment growth. |
| Mar 28 | Q4/FY 2024 earnings | Negative | -9.6% | Large goodwill impairment driving a substantial quarterly and annual net loss. |
| Mar 18 | Earnings timing update | Neutral | -4.0% | Rescheduling of Q4 and FY2024 results release and conference call. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings-related headlines have often been followed by downside moves (average -8.71%), including selloffs even on strong aesthetic treatment growth.
Over the past year, So-Young’s earnings releases have highlighted rapid growth in aesthetic treatment services alongside continued net losses. From Q1 to Q3 2025, aesthetic revenues and center counts expanded, but several quarters still showed declining or mixed total revenue trends. FY2024 results were pressured by a large goodwill impairment. Historically, the stock has often traded lower after earnings updates, even when operational metrics such as treatment volume and center-level cash flow improved.
Key Terms
non-gaap financial
ads financial
impairment of goodwill financial
operating cash flow financial
stock options financial
schedule 13g regulatory
form 3 regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
Fourth Quarter 2025 Financial Highlights
- Total revenues were
RMB460.7 million (US [1]), compared with$65.9 million RMB369.2 million in the corresponding period of 2024. The aesthetic treatment services revenues wereRMB248.1 million (US ), compared with$35.5 million RMB81.3 million in the corresponding period of 2024, exceeding the high end of guidance. - Net loss attributable to So-Young International Inc. was
RMB108.8 million (US ), compared with net loss attributable to So-Young International Inc. of$15.6 million RMB607.6 million in the same period of 2024. - Non-GAAP net loss attributable to So-Young International Inc.[2] was
RMB93.4 million (US ), compared with non-GAAP net loss attributable to So-Young International Inc. of$13.2 million RMB53.2 million in the same period of 2024.
Fourth Quarter 2025 Operational Highlights
- The number of verified treatment visits to the branded aesthetic centers for the quarter reached over 125,000, compared with approximately 45,000 in the same period of 2024. The number of verified aesthetic treatments performed surpassed 289,400, compared with approximately 107,900 in the same period of 2024.
- The number of active users, defined as those who visited branded aesthetic centers at least once during the 12-month period ended on December 31, 2025, exceeded 171,000, compared with approximately 52,700 users during the corresponding period in 2024.
- The number of core members grew by over 14,500 during the quarter, representing an approximately
39% sequential increase. Both the revenue contribution from core members to aesthetic treatment services and their quarterly repurchase rate exceeded80% . - As of December 31, 2025, So-Young had 49 fully operational branded aesthetic centers (48 directly-operated, 1 franchised) across fifteen major cities:
Beijing ,Shanghai ,Guangzhou ,Shenzhen ,Hangzhou ,Chengdu ,Wuhan ,Chongqing ,Ningbo ,Changsha ,Tianjin ,Xi'an ,Suzhou ,Hefei and Kunming. Among them, 25 centers achieved profitability* in the fourth quarter. In addition, 39 centers generated positive quarterly operating cash flow* in the fourth quarter. The following table shows the revenues generated by So-Young aesthetic centers, categorized by their phase of development:
[1] This press release contains translations of certain Renminbi (RMB) amounts into |
[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 and long-lived assets 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. |
Phase** (Operating | Number of | Revenue | Average Revenue per | Average Center Age |
Ramp-up (0-3 months) | 13 | 16,598,000 | 1,277,000 | 1.2 |
Growth (4-12 months) | 19 | 88,955,000 | 4,682,000 | 7.1 |
Maturity (over 12 months) | 17 | 142,523,000 | 8,384,000 | 17.8 |
* Center-level profitability measures whether an individual aesthetic center achieved positive profit in a given period. It is calculated by deducting consumable materials costs, personnel costs, center rental expenses, center depreciation expenses, and other center-level operating costs from the company's self-operated store revenues, before allocation of any back-office or mid-office expenses. Quarterly operating cash flow refers to total cash collected from orders less center-level operating payments in a given period, and excluding operating expense payments made by back-office or mid-office departments during the same period. Center-level profitability and quarterly operating cash flow are metrics derived from the Company's internal management accounts, which have not been audited. |
** For the purposes of this table, "Phase" refers to the length of time since commencement of actual operations rather than the legal establishment or registration date of a branded aesthetic center. In cases where a center has been relocated, merged, or its team and customer base transferred to another location, the operating duration of the branded aesthetic center is calculated from the commencement date of the predecessor center's operations. Periods during which a center is temporarily closed and not conducting external operations (e.g., due to renovation or other suspensions of business) are excluded from the calculation of operating duration. Branded aesthetic centers that have been converted to other uses or are no longer within the reporting scope are excluded from the statistics. |
Fiscal Year 2025 Financial Highlights
- Total revenues were
RMB1,523.4 million (US ) in fiscal year 2025, compared with$217.8 million RMB1,466.7 million in the prior year. - Net loss attributable to So-Young International Inc. was
RMB242.3 million (US ) in fiscal year 2025, compared with a net loss attributable to So-Young International Inc. of$34.6 million RMB589.5 million in the prior year. - Non-GAAP net loss attributable to So-Young International Inc. was
RMB217.1 million (US ) in fiscal year 2025, compared with a non-GAAP net loss attributable to So-Young International Inc. of$31.0 million RMB4.7 million in the prior year.
Extension of Share Repurchase Program
The share repurchase program, initially approved on March 18, 2024, authorizing the repurchase of up to
Mr. Xing Jin, Co-Founder and Chief Executive Officer of So-Young, commented, "In the fourth quarter, our aesthetic center business maintained its strong momentum, solidifying its role as a core growth engine for the Group. We have retained our position as
Fourth Quarter 2025 Financial Results
Revenues
Total revenues were
- Aesthetic treatment services revenues were
RMB248.1 million (US ), an increase of$35.5 million 205.3% fromRMB81.3 million in the same period of 2024. The increase was primarily due to the business expansion of the branded aesthetic centers. - Information and reservation services[3] revenues were
RMB125.7 million (US ), a decrease of$18.0 million 26.8% fromRMB171.6 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. - Sales of medical products and maintenance services revenues were
RMB69.3 million (US ), a decrease of$9.9 million 19.9% fromRMB86.4 million in the same period of 2024, primarily due to a decrease in the order volume for medical equipment. - Other services revenues were
RMB17.7 million (US ), a decrease of$2.5 million 40.7% fromRMB29.9 million in the same period of 2024, primarily due to a decrease in revenues from So-Young Prime.
[3] Since the second quarter of 2025, in light of the better monitoring business development of branded aesthetic centers, the previous line item information, reservation services and others was separated into two line items, which are information and reservation services and other services. |
The revenue generated from information and reservation services and other services for the fourth quarter of 2024 have also been retrospectively updated. The amount reclassified from previous line item information, reservation services and others to information and reservation services is |
Cost of Revenues
Cost of revenues was
- Cost of aesthetic treatment services was
RMB189.0 million (US ), an increase of$27.0 million 189.9% fromRMB65.2 million in the fourth quarter of 2024. The increase was primarily due to the business expansion of the branded aesthetic centers. - Cost of information and reservation services[4] was
RMB10.1 million (US ), a decrease of$1.4 million 50.6% fromRMB20.4 million in the fourth quarter of 2024. The decrease was in line with the decrease in revenue generated from information and reservation services. - Cost of medical products sold and maintenance services was
RMB41.6 million (US ), a decrease of$5.9 million 4.0% fromRMB43.3 million in the fourth quarter of 2024. The decrease was primarily due to a decrease in costs associated with the sales of medical equipment. - Cost of other services was
RMB15.3 million (US ), a decrease of$2.2 million 36.7% fromRMB24.1 million in the fourth quarter of 2024. The decrease was primarily due to a decrease in costs associated with So-Young Prime.
[4] Since the second quarter of 2025, the previous line item cost of information, reservation services and others was separated into two line items, which are cost of information and reservation services and cost of other services. Cost of information and reservation services primarily consists of expenditures relating to operation of platform business, and the remaining cost of information, reservation services and others is reclassified into cost of other services. The cost of information and reservation services and cost of other services for the fourth quarter of 2024 have also been retrospectively reclassified. |
Operating Expenses
Total operating expenses were
- Sales and marketing expenses were
RMB168.7 million (US ), an increase of$24.1 million 25.8% fromRMB134.0 million in the fourth quarter of 2024. The increase was primarily attributable to an increase in expenses associated with branding and user acquisition activities for the branded aesthetic centers. - General and administrative expenses were
RMB101.9 million (US ), an increase of$14.6 million 3.5% fromRMB98.4 million in the fourth quarter of 2024. The increase was primarily due to the business expansion of the branded aesthetic centers. - Research and development expenses were
RMB37.4 million (US ), a decrease of$5.4 million 12.4% fromRMB42.8 million in the fourth quarter of 2024. The decrease was primarily attributable to improvements in staff efficiency. - Impairment of goodwill and long-lived assets was
RMB19.7 million (US ) in this quarter, representing the amount by which the carrying amount of certain asset exceeds their fair value, based on an annual long-lived assets impairment assessment. Impairment of goodwill was$2.8 million RMB540.0 million in the fourth quarter of 2024.
Income Tax Benefits/(Expenses)
Income tax benefits were
Net Loss Attributable to So-Young International Inc.
Net loss attributable to So-Young International Inc. was
Non-GAAP Net Loss 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, impairment of goodwill and long-lived assets 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, was
Basic and Diluted Loss per ADS
Basic and diluted loss per ADS attributable to ordinary shareholders were
Fiscal Year 2025 Financial Results
Revenues
Total revenues were
- Aesthetic treatment services revenues were
RMB674.9 million (US ), an increase of$96.5 million 298.7% fromRMB169.3 million in fiscal year 2024. The increase was primarily due to the business expansion of the branded aesthetic centers. - Information and reservation services revenues were
RMB499.7 million (US ), a decrease of$71.5 million 32.2% fromRMB736.6 million in fiscal year 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. - Sales of medical products and maintenance services revenues were
RMB267.8 million (US ), a decrease of$38.3 million 27.2% fromRMB368.0 million in fiscal year 2024, primarily due to a decrease in sales of medical equipment. - Other services revenues were
RMB81.0 million (US ), a decrease of$11.6 million 58.0% fromRMB192.8 million in the same period of 2024, primarily due to a decrease in revenues from So-Young Prime.
Cost of Revenues
Cost of revenues was
- Cost of aesthetic treatment services was
RMB518.7 million (US ), an increase of$74.2 million 294.2% fromRMB131.6 million in fiscal year 2024. The increase was primarily due to the business expansion of the branded aesthetic centers. - Cost of information and reservation services was
RMB63.0 million (US ), a decrease of$9.0 million 41.1% fromRMB107.0 million in fiscal year 2024. The decrease was in line with the decrease in revenue generated from information and reservation services. - Cost of medical products sold and maintenance services was
RMB147.1 million (US ), a decrease of$21.0 million 19.7% fromRMB183.2 million in fiscal year 2024. The decrease was primarily due to a decrease in costs associated with the sales of medical equipment. - Cost of other services was
RMB66.9 million (US ), a decrease of$9.6 million 54.1% fromRMB145.9 million in fiscal year of 2024. The decrease was primarily due to a decrease in costs associated with So-Young Prime.
Operating Expenses
Total operating expenses were
- Sales and marketing expenses were
RMB528.6 million (US ), an increase of$75.6 million 6.9% fromRMB494.5 million in fiscal year 2024. The increase was primarily attributable to an increase in expenses associated with branding and user acquisition activities for the branded aesthetic centers. - General and administrative expenses were
RMB328.5 million (US ), an increase of$47.0 million 1.4% fromRMB324.1 million in fiscal year 2024. The increase was primarily due to the business expansion of the branded aesthetic centers. - Research and development expenses were
RMB137.0 million (US ), a decrease of$19.6 million 17.0% fromRMB165.0 million in fiscal year 2024. The decrease was primarily attributable to improvements in staff efficiency. - Impairment of goodwill and long-lived assets was
RMB19.7 million (US ) in this year, representing the amount by which the carrying amount of certain asset exceeds their fair value, based on an annual long-lived assets impairment assessment. Impairment of goodwill was$2.8 million RMB540.0 million in fiscal year 2024.
Income Tax (Expenses)/Benefits
Income tax expenses were
Net Loss Attributable to So-Young International Inc.
Net loss attributable to So-Young International Inc. was
Non-GAAP Net Loss 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, impairment of goodwill and long-lived assets 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, was
Basic and Diluted Loss per ADS
Basic and diluted loss per ADS attributable to ordinary shareholders were
Cash and Cash Equivalents, Restricted Cash and Term Deposits, Term Deposits and Short-Term Investments
As of December 31, 2025, cash and cash equivalents, restricted cash and term deposits, term deposits and short-term investments were
Business Outlook
For the first quarter of 2026, So-Young expects aesthetic treatment services revenues to be between
Non-GAAP Financial Measures
To supplement the financial measures prepared in accordance with generally accepted accounting principles in
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 and long-lived assets, 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 and long-lived assets, 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 Wednesday, March 25, 2026, at 7:30 AM
International: | +1-412-902-4272 |
Mainland | 4001-201203 |
US: | +1-888-346-8982 |
+852-800-905-945 | |
Passcode: | So Young |
A telephone replay will be available two hours after the conclusion of the conference call through 23:59
International: | +1-412-317-0088 |
US: | +1-855-669-9658 |
Passcode: | 5232304 |
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
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the
For more information, please contact:
So-Young
Investor Relations
Ms. Mona Qiao
Phone: +86-10-8790-2012
E-mail: ir@soyoung.com
Christensen
Ms. Charlie Chi
Phone: +86-10-5900-1548
E-mail: sy@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, | December 31, | December 31, | |||
2024 | 2025 | 2025 | |||
RMB | RMB | US$ | |||
Assets | |||||
Current assets: | |||||
Cash and cash equivalents | 587,749 | 418,213 | 59,804 | ||
Restricted cash and term deposits | 66,367 | 64,683 | 9,250 | ||
Trade receivables | 98,774 | 51,532 | 7,369 | ||
Inventories | 151,754 | 233,389 | 33,374 | ||
Receivables from online payment platforms | 24,255 | 16,296 | 2,330 | ||
Amounts due from related parties | 1,218 | 774 | 111 | ||
Term deposits and short-term investments | 599,041 | 453,472 | 64,846 | ||
Prepayment and other current assets | 195,202 | 246,237 | 35,211 | ||
Total current assets | 1,724,360 | 1,484,596 | 212,295 | ||
Non-current assets: | |||||
Long-term investments | 280,281 | 274,753 | 39,289 | ||
Intangible assets | 126,615 | 144,097 | 20,606 | ||
Goodwill | 684 | 684 | 98 | ||
Property and equipment, net | 155,352 | 293,560 | 41,979 | ||
Deferred tax assets | 84,950 | 69,313 | 9,912 | ||
Operating lease right-of-use assets | 162,764 | 251,635 | 35,983 | ||
Other non-current assets | 200,152 | 130,998 | 18,732 | ||
Total non-current assets | 1,010,798 | 1,165,040 | 166,599 | ||
Total assets | 2,735,158 | 2,649,636 | 378,894 | ||
Liabilities | |||||
Current liabilities: | |||||
Short-term borrowings | 69,771 | 39,814 | 5,693 | ||
Taxes payable | 61,862 | 43,461 | 6,215 | ||
Contract liabilities | 76,579 | 65,948 | 9,430 | ||
Salary and welfare payables | 111,396 | 130,170 | 18,614 | ||
Amounts due to related parties | 477 | 618 | 88 | ||
Accrued expenses and other current | 265,216 | 427,507 | 61,134 | ||
Operating lease liabilities-current | 44,905 | 76,536 | 10,945 | ||
Total current liabilities | 630,206 | 784,054 | 112,119 | ||
Non-current liabilities: | |||||
Operating lease liabilities-non current | 125,200 | 183,364 | 26,221 | ||
Deferred tax liabilities | 19,758 | 10,615 | 1,518 | ||
Other non-current liabilities | 1,264 | 2,783 | 398 | ||
Total non-current liabilities | 146,222 | 196,762 | 28,137 | ||
Total liabilities | 776,428 | 980,816 | 140,256 | ||
Shareholders' equity: | |||||
Treasury stock | (376,690) | (391,944) | (56,047) | ||
Class A ordinary shares ( | 253 | 257 | 37 | ||
Class B ordinary shares (US | 37 | 37 | 5 | ||
Additional paid-in capital | 3,069,799 | 3,059,764 | 437,540 | ||
Statutory reserves | 40,552 | 46,448 | 6,642 | ||
Accumulated deficit | (926,390) | (1,174,587) | (167,964) | ||
Accumulated other comprehensive income | 31,560 | 13,340 | 1,908 | ||
Total So-Young International Inc. shareholders' equity | 1,839,121 | 1,553,315 | 222,121 | ||
Non-controlling interests | 119,609 | 115,505 | 16,517 | ||
Total shareholders' equity | 1,958,730 | 1,668,820 | 238,638 | ||
Total liabilities and shareholders' equity | 2,735,158 | 2,649,636 | 378,894 | ||
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 Fiscal Year Ended | ||||||||||
December | December | December | December | December | December | ||||||
RMB | RMB | US$ | RMB | RMB | US$ | ||||||
Revenues: | |||||||||||
Aesthetic treatment services | 81,267 | 248,076 | 35,474 | 169,263 | 674,903 | 96,510 | |||||
Information and reservation services | 171,624 | 125,675 | 17,971 | 736,607 | 499,685 | 71,454 | |||||
Sales of medical products and maintenance services | 86,432 | 69,257 | 9,904 | 367,980 | 267,839 | 38,300 | |||||
Other services | 29,888 | 17,714 | 2,533 | 192,848 | 80,983 | 11,580 | |||||
Total revenues | 369,211 | 460,722 | 65,882 | 1,466,698 | 1,523,410 | 217,844 | |||||
Cost of revenues: | |||||||||||
Cost of aesthetic treatment services | (65,208) | (189,017) | (27,029) | (131,580) | (518,749) | (74,180) | |||||
Cost of information and reservation services | (20,384) | (10,071) | (1,440) | (106,958) | (62,970) | (9,005) | |||||
Cost of medical products sold and maintenance services | (43,325) | (41,595) | (5,948) | (183,164) | (147,110) | (21,036) | |||||
Cost of other services | (24,134) | (15,265) | (2,183) | (145,883) | (66,894) | (9,566) | |||||
Total cost of revenues | (153,051) | (255,948) | (36,600) | (567,585) | (795,723) | (113,787) | |||||
Gross profit | 216,160 | 204,774 | 29,282 | 899,113 | 727,687 | 104,057 | |||||
Operating expenses: | |||||||||||
Sales and marketing expenses | (134,045) | (168,678) | (24,121) | (494,493) | (528,591) | (75,588) | |||||
General and administrative expenses | (98,420) | (101,893) | (14,571) | (324,073) | (328,523) | (46,978) | |||||
Research and development expenses | (42,753) | (37,436) | (5,353) | (165,030) | (137,040) | (19,596) | |||||
Impairment of goodwill and long-lived assets | (540,009) | (19,710) | (2,818) | (540,009) | (19,710) | (2,818) | |||||
Total operating expenses | (815,227) | (327,717) | (46,863) | (1,523,605) | (1,013,864) | (144,980) | |||||
Loss from operations | (599,067) | (122,943) | (17,581) | (624,492) | (286,177) | (40,923) | |||||
Other income/(expenses): | |||||||||||
Investment income, net | 7,623 | 773 | 111 | 11,020 | 1,738 | 249 | |||||
Interest income, net | 8,237 | 3,453 | 494 | 46,507 | 23,556 | 3,368 | |||||
Exchange (losses)/gains | (763) | 2,929 | 419 | 112 | 5,948 | 851 | |||||
Impairment of long-term investment | (7,350) | — | — | (7,350) | — | — | |||||
Share of losses of equity method investee | (3,413) | (616) | (88) | (15,015) | (4,076) | (583) | |||||
Others, net | (11,103) | 1,670 | 238 | 1,131 | 12,902 | 1,845 | |||||
Loss before tax | (605,836) | (114,734) | (16,407) | (588,087) | (246,109) | (35,193) | |||||
Income tax (expenses)/benefits | (2,126) | 619 | 89 | 905 | (796) | (114) | |||||
Net loss | (607,962) | (114,115) | (16,318) | (587,182) | (246,905) | (35,307) | |||||
Net loss/(income) attributable to noncontrolling interests | 386 | 5,266 | 753 | (2,345) | 4,604 | 658 | |||||
Net loss attributable to So-Young International Inc. | (607,576) | (108,849) | (15,565) | (589,527) | (242,301) | (34,649) | |||||
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 Fiscal Year Ended | |||||||||||
December | December | December | December | December | December | |||||||
RMB | RMB | US$ | RMB | RMB | US$ | |||||||
Net loss per ordinary share | ||||||||||||
Net loss per ordinary share attributable to ordinary shareholder - basic | (7.70) | (1.40) | (0.20) | (7.43) | (3.11) | (0.44) | ||||||
Net loss per ordinary share attributable to ordinary shareholder - diluted | (7.70) | (1.40) | (0.20) | (7.43) | (3.11) | (0.44) | ||||||
Net loss per ADS attributable to ordinary shareholders - basic (13 ADS | (5.92) | (1.08) | (0.15) | (5.72) | (2.39) | (0.34) | ||||||
Net loss per ADS attributable to ordinary shareholders - diluted (13 ADS | (5.92) | (1.08) | (0.15) | (5.72) | (2.39) | (0.34) | ||||||
Weighted average number of ordinary shares used in computing loss per share, | 78,905,617 | 77,593,230 | 77,593,230 | 79,384,454 | 77,863,698 | 77,863,698 | ||||||
Weighted average number of ordinary shares used in computing loss per share, | 78,905,617 | 77,593,230 | 77,593,230 | 79,384,454 | 77,863,698 | 77,863,698 | ||||||
Share-based compensation expenses included in: | ||||||||||||
Cost of revenues | (34) | 4 | 1 | (289) | (185) | (26) | ||||||
Sales and marketing expenses | (239) | 30 | 4 | (659) | (835) | (119) | ||||||
General and administrative expenses | (1,731) | 771 | 110 | (29,527) | (7,118) | (1,018) | ||||||
Research and development expenses | (211) | 66 | 9 | (2,180) | (780) | (112) | ||||||
* 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 Fiscal Year Ended | |||||||||||
December | December | December | December | December | December | |||||||
RMB | RMB | US$ | RMB | RMB | US$ | |||||||
GAAP loss from operations | (599,067) | (122,943) | (17,581) | (624,492) | (286,177) | (40,923) | ||||||
Add back: Share-based compensation expenses | 2,215 | (871) | (124) | 32,655 | 8,918 | 1,275 | ||||||
Add back: Impairment of goodwill and long-lived assets | 540,009 | 19,710 | 2,818 | 540,009 | 19,710 | 2,818 | ||||||
Non-GAAP loss from operations | (56,843) | (104,104) | (14,887) | (51,828) | (257,549) | (36,830) | ||||||
GAAP net loss attributable to So-Young International Inc. | (607,576) | (108,849) | (15,565) | (589,527) | (242,301) | (34,649) | ||||||
Add back: Share-based compensation expenses | 2,215 | (871) | (124) | 32,655 | 8,918 | 1,275 | ||||||
Add back: Impairment of goodwill and long-lived assets attributable to So- | 540,009 | 18,782 | 2,818 | 540,009 | 18,782 | 2,686 | ||||||
Add back: Impairment of long-term investment attributable to So-Young | 7,350 | — | — | 7,350 | — | — | ||||||
Add back: Allowance for credit loss from loans to investees attributable to So- | 13,843 | — | — | 13,843 | — | — | ||||||
Reversal: Gain on disposal of long-term investment and fair value change of | (7,791) | — | — | (7,791) | — | — | ||||||
Reversal: Tax effects on non-GAAP adjustments (1) | (1,276) | (2,483) | (355) | (1,276) | (2,483) | (355) | ||||||
Non-GAAP net loss attributable to So-Young International Inc. | (53,226) | (93,421) | (13,226) | (4,737) | (217,084) | (31,043) | ||||||
(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, fair value change of long-term investment and impairment of long-lived assets. 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.