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, 2021.
Third Quarter 2021 Financial Highlights
- Total revenues were RMB431.5 million (US$67.0 million1), an
increase of 20.0% from RMB359.6 million in the same period of 2020,
in line with our previous guidance.
- Net income attributable to So-Young International Inc. was
RMB6.8 million (US$1.1 million), an increase of 649.5% from RMB0.9
million in the third quarter of 2020.
- Non-GAAP net income attributable to So-Young International
Inc.2 was RMB28.9 million (US$4.5 million), an increase of 9.6%
from RMB26.4 million in the third quarter of 2020.
Third Quarter 2021 Operational Highlights
- Average mobile MAUs were 8.0 million, compared with 8.7 million
in the third quarter of 2020.
- Number of paying medical service providers on So-Young’s
platform were 4,841, an increase of 18.2% from 4,096 in the third
quarter of 2020.
- Number of medical service providers subscribing to information
services on So-Young’s platform were 2,242, compared with 2,146 in
the third quarter of 2020.
- Total number of users purchasing reservation services were
174.2 thousand and the aggregate value of medical aesthetic
treatment transactions facilitated by So-Young’s platform was
RMB755.4 million.
Mr. Xing Jin, Co-Founder and Chief Executive Officer of
So-Young, commented, “In the third quarter of 2021, we continued to
execute our growth strategy and delivered solid performance despite
the challenges and impact of COVID-19 in parts of China. Total
revenues grew to RMB431.5 million, an increase of 20.0% from the
same period of 2020. Benefiting from our strategy being well
received among medical service providers, the number of paying
medical service providers on our platform reached 4,841 during the
quarter, up 18.2% from that of the prior year.”
Mr. Jin continued, “We made steady progress on our operations
during the quarter. On the business front, our team worked
tirelessly with institutions to increase brand endorsements on the
platform and in an effort to improve conversion rates. On the
non-surgical side, we worked to ensure consistent standardization
of non-surgical procedures and services, improve our fulfilment
services, and guarantee the authenticity of products on our
platform for customers. Looking ahead, I’m confident that we are on
track for rapid growth and building a competitive moat in the long
term.”
Mr. Min Yu, Chief Financial Officer of So-Young, commented, “We
achieved solid financial results with substantial profitability,
which reflected the continuous optimization of our business model
and effective cost control measures. Non-GAAP net income
attributable to So-Young International Inc. was RMB28.9 million, an
increase of 9.6% from the third quarter of 2020. Going forward, we
are strongly positioned to recover from the impact of the COVID-19
pandemic and improve our monetization capabilities to generate
long-term shareholder value.”
Third Quarter 2021 Financial Results
Revenues
Total revenues were RMB431.5 million (US$67.0 million), an
increase of 20.0% from RMB359.6 million in the same period of 2020.
The increase was primarily due to an increase in the number of
paying medical service providers and the consolidated revenues of
RMB48.1 million (US$7.5 million) in the third quarter of 2021 from
Wuhan Miracle Laser Systems, Inc. (“Wuhan Miracle”), which was
acquired on July 23, 2021.
- Information services and other revenues
were RMB369.7 million (US$57.4 million), an increase of 39.2% from
RMB265.7 million in the same period of 2020. Other revenues
primarily consist of product sales revenue from Wuhan Miracle,
which was RMB48.1 million (US$7.5 million).
- Reservation services revenues were
RMB61.7 million (US$9.6 million), a decrease of 34.3% from RMB93.9
million in the same period of 2020. The decrease was primarily due
to the resurgence of COVID-19 and the weaker-than-normal consumer
sentiment which had a negative impact on our operations in several
cities across the country.
Cost of Revenues
Cost of revenues were RMB89.6 million (US$13.9 million), an
increase of 63.7% from RMB54.7 million in the third quarter of
2020. The increase was primarily due to the consolidation of the
costs of Wuhan Miracle. Cost of revenues included share-based
compensation expenses of RMB4.8 million (US$0.7 million) during the
third quarter of 2021, compared with RMB5.1 million in the
corresponding period of 2020.
Operating Expenses
Total operating expenses were RMB322.5 million (US$50.1
million), a decrease of 3.7% from RMB335.1 million in the third
quarter of 2020.
- Sales and marketing expenses were
RMB190.7 million (US$29.6 million), a decrease of 13.9% from
RMB221.6 million in the third quarter of 2020. The decrease was
primarily due to a decrease in expenses associated with
branding and marketing activities. Sales and marketing expenses for
the third quarter of 2021 included share-based compensation
expenses of RMB2.2 million (US$0.3 million), compared with RMB2.2
million in the corresponding period of 2020.
- General and administrative expenses were
RMB54.7 million (US$8.5 million), an increase of 8.7% from RMB50.3
million in the third quarter of 2020. The increase was primarily
due to the consolidation of the general and administrative expenses
of Wuhan Miracle. General and administrative expenses for the third
quarter of 2021 included share-based compensation expenses of
RMB10.0 million (US$1.6 million), compared with RMB12.2 million in
the corresponding period of 2020.
- Research and development expenses were
RMB77.1 million (US$12.0 million), an increase of 22.1% from
RMB63.2 million in the third quarter of 2020. The increase was
primarily due to the consolidation of the research and development
expenses of Wuhan Miracle. Research and development expenses for
the third quarter of 2021 included share-based compensation
expenses of RMB5.1 million (US$0.8 million), compared with RMB6.0
million in the corresponding period of 2020.
Income Tax
Benefit/Expenses
Income tax expenses was RMB4.3 million (US$0.7 million),
compared with RMB16.3 million income tax benefit in the same period
of 2020 when the Company recorded tax refund of RMB16.4 million
derived from the change in the preferential income tax rate of one
of So-Young's subsidiaries.
Net income attributable to So-Young International
Inc.
Net income attributable to So-Young International Inc. was RM6.8
million (US$1.1 million), compared with a net income attributable
to So-Young International Inc. of RMB0.9 million in the third
quarter of 2020.
Non-GAAP net income attributable to So-Young
International Inc.
Non-GAAP net income attributable to So-Young International Inc.,
which excludes the impact of share-based compensation expenses, was
RMB28.9 million (US$4.5 million), compared with RMB26.4 million
non-GAAP net income attributable to So-Young International Inc. in
the same period of 2020.
Basic and Diluted Earnings per ADS
Basic and diluted income per ADS attributable to ordinary
shareholders were RMB0.06 (US$0.01) and RMB0.06 (US$0.01),
respectively, compared with basic and diluted income per ADS
attributable to ordinary shareholders of RMB0.01 and RMB0.01,
respectively, in the same period of 2020.
Cash and Cash Equivalents, Restricted Cash and Term
Deposits, Term Deposits and Short-Term Investments
As of September 30, 2021, cash and cash equivalents, restricted
cash and term deposits, term deposits and short-term investments
were RMB1,835.3 million (US$284.8 million), compared with
RMB2,676.0 million as of December 31, 2020.
Business Outlook
For the fourth quarter of 2021, So-Young expects
its total revenues to be between RMB430 million (US$66.7 million)
and RMB450 million (US$69.8 million), representing a 1.3% to 6.0%
increase from the same period in 2020. The above outlook is based
on the current market conditions and reflects the Company’s
preliminary estimates of market and operating conditions, and
customer demand, particularly in view of the potential impact of
the COVID-19, the effects of which are difficult to analyze and
predict, which are all subject to changes.
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
(loss)/income from operations and non-GAAP net (loss)/income
attributable to So-Young International Inc. by excluding
share-based compensation expenses from (loss)/income from
operations and net (loss)/income 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 and 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
InformationSo-Young’s management will hold an earnings
conference call on Friday, November 19, 2021, at 7:00 AM U.S.
Eastern Time (8:00 PM on the same day, Beijing/Hong Kong Time).
Participants can register for the conference call by navigating
to https://apac.directeventreg.com/registration/event/7179806.
Once preregistration has been completed, participants will
receive dial-in numbers, an event passcode, and a unique registrant
ID.
To join the conference, please dial the number you receive,
enter the event passcode followed by your unique registrant ID, and
you will be joined to the conference instantly.
A telephone replay will be available two hours after the
conclusion of the conference call through 7:59 AM U.S. Eastern
Time, November 26, 2021. The dial-in details are:
International: |
+61-2-8199-0299 |
US: |
+1-646-254-3697 |
Passcode: |
7179806 |
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 StatementThis
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 RelationsMs. Vivian
XuPhone: +86-10-8790-2012E-mail: ir@soyoung.com
Christensen
In ChinaMr. Eric YuanPhone: +86-10-5900-1548E-mail:
Eyuan@christensenir.com
In USMs. Linda BergkampPhone: +1-480-614-3004Email:
lbergkamp@christensenir.com
SO-YOUNG INTERNATIONAL
INC.UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS(Amounts in thousands, except for share and
per share data)
|
As of |
|
December 31,2020 |
|
September 30,2021 |
|
September 30,2021 |
|
RMB |
|
RMB |
|
US$ |
Assets |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
1,127,055 |
|
1,576,173 |
|
244,618 |
Restricted cash and term
deposits |
21,865 |
|
24,865 |
|
3,859 |
Trade receivables |
52,871 |
|
90,271 |
|
14,010 |
Inventory |
- |
|
91,250 |
|
14,162 |
Receivables from online payment platforms |
16,182 |
|
18,086 |
|
2,807 |
Amounts due from related parties |
7,764 |
|
455 |
|
71 |
Term deposits and short-term investments |
1,527,088 |
|
234,288 |
|
36,361 |
Prepayment and other current assets |
43,190 |
|
95,472 |
|
14,817 |
Total current assets |
2,796,015 |
|
2,130,860 |
|
330,705 |
Non-current assets: |
|
|
|
|
|
Long-term investments |
166,100 |
|
253,373 |
|
39,323 |
Intangible assets |
60,029 |
|
166,727 |
|
25,875 |
Goodwill |
48,500 |
|
589,193 |
|
91,441 |
Property and equipment, net |
29,830 |
|
126,582 |
|
19,645 |
Deferred tax assets |
55,520 |
|
60,072 |
|
9,323 |
Operating lease right-of-use assets |
120,140 |
|
101,438 |
|
15,743 |
Other non-current assets |
15,878 |
|
168,144 |
|
26,096 |
Total non-current assets |
495,997 |
|
1,465,529 |
|
227,446 |
Total
assets |
3,292,012 |
|
3,596,389 |
|
558,151 |
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Taxes payable |
60,070 |
|
62,481 |
|
9,696 |
Contract liabilities |
135,385 |
|
162,449 |
|
25,212 |
Salary and welfare
payables |
95,758 |
|
131,306 |
|
20,378 |
Amounts due to related
parties |
2,404 |
|
739 |
|
115 |
Accrued expenses and other
current liabilities |
237,785 |
|
557,270 |
|
86,487 |
Operating lease
liabilities-current |
39,468 |
|
41,476 |
|
6,437 |
Total current
liabilities |
570,870 |
|
955,721 |
|
148,325 |
Non-current liabilities: |
|
|
|
|
|
Operating lease
liabilities-non current |
93,044 |
|
72,016 |
|
11,177 |
Deferred tax liabilities |
8,522 |
|
30,461 |
|
4,727 |
Total non-current
liabilities |
101,566 |
|
102,477 |
|
15,904 |
Total
liabilities |
672,436 |
|
1,058,198 |
|
164,229 |
|
|
|
|
|
|
Mezzanine
equity |
|
|
|
|
|
Redeemable non-controlling
interests |
23,205 |
|
19,461 |
|
3,020 |
Total mezzanine
equity |
23,205 |
|
19,461 |
|
3,020 |
SO-YOUNG INTERNATIONAL
INC.UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS (Continued) (All amounts in thousands,
except for share and per share data, unless otherwise
noted)
Shareholders’
equity: |
|
|
|
|
|
Treasury stock |
- |
|
|
(217,712 |
) |
|
(33,788 |
) |
Class A Ordinary shares
(US$ 0.0005 par value; 750,000,000 shares authorized as of
December 31, 2020 and September 30, 2021; 70,212,159 shares
issued and outstanding as of December 31, 2020; 71,302,267 and
68,658,575 shares issued and outstanding as of September 30, 2021,
respectively) |
224 |
|
|
229 |
|
|
36 |
|
Class B Ordinary shares
(US$ 0.0005 par value; 20,000,000 shares authorized as of
December 31, 2020 and September 30, 2021; 12,000,000 shares
issued and outstanding as of December 31, 2020 and September
30, 2021) |
37 |
|
|
37 |
|
|
6 |
|
Additional paid-in
capital |
2,892,268 |
|
|
2,950,370 |
|
|
457,890 |
|
Statutory reserves |
10,562 |
|
|
10,562 |
|
|
1,639 |
|
Accumulated deficit |
(254,228 |
) |
|
(234,863 |
) |
|
(36,450 |
) |
Accumulated other
comprehensive loss |
(52,492 |
) |
|
(67,080 |
) |
|
(10,410 |
) |
Total So-Young
International Inc. shareholders’ equity |
2,596,371 |
|
|
2,441,543 |
|
|
378,923 |
|
|
|
|
|
|
|
Non-controlling interests |
- |
|
|
77,187 |
|
|
11,979 |
|
|
|
|
|
|
|
Total shareholders’
equity |
2,596,371 |
|
|
2,518,730 |
|
|
390,902 |
|
|
|
|
|
|
|
Total liabilities,
mezzanine equity and shareholders’ equity |
3,292,012 |
|
|
3,596,389 |
|
|
558,151 |
|
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, 2020 |
|
September 30, 2021 |
|
September 30, 2021 |
|
September 30, 2020 |
|
September 30, 2021 |
|
September 30, 2021 |
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
Information services and others |
265,654 |
|
|
369,713 |
|
|
57,378 |
|
|
626,178 |
|
|
1,008,260 |
|
|
156,479 |
|
Reservation services |
93,925 |
|
|
61,737 |
|
|
9,582 |
|
|
244,175 |
|
|
234,680 |
|
|
36,423 |
|
Total
revenues |
359,579 |
|
|
431,450 |
|
|
66,960 |
|
|
870,353 |
|
|
1,242,940 |
|
|
192,902 |
|
Cost of revenues |
(54,743 |
) |
|
(89,638 |
) |
|
(13,912 |
) |
|
(148,586 |
) |
|
(200,799 |
) |
|
(31,164 |
) |
Gross
profit |
304,836 |
|
|
341,812 |
|
|
53,048 |
|
|
721,767 |
|
|
1,042,141 |
|
|
161,738 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
expenses |
(221,620 |
) |
|
(190,740 |
) |
|
(29,602 |
) |
|
(515,919 |
) |
|
(639,828 |
) |
|
(99,300 |
) |
General and administrative
expenses |
(50,295 |
) |
|
(54,691 |
) |
|
(8,488 |
) |
|
(134,099 |
) |
|
(166,362 |
) |
|
(25,819 |
) |
Research and development
expenses |
(63,150 |
) |
|
(77,113 |
) |
|
(11,968 |
) |
|
(158,272 |
) |
|
(219,048 |
) |
|
(33,996 |
) |
Total operating
expenses |
(335,065 |
) |
|
(322,544 |
) |
|
(50,058 |
) |
|
(808,290 |
) |
|
(1,025,238 |
) |
|
(159,115 |
) |
(Loss)/income from
operations |
(30,229 |
) |
|
19,268 |
|
|
2,990 |
|
|
(86,523 |
) |
|
16,903 |
|
|
2,623 |
|
Other
income/(expenses): |
|
|
|
|
|
|
|
|
|
|
|
Investment income |
4,680 |
|
|
2,272 |
|
|
353 |
|
|
10,469 |
|
|
8,004 |
|
|
1,242 |
|
Interest income |
7,539 |
|
|
4,903 |
|
|
761 |
|
|
32,916 |
|
|
15,674 |
|
|
2,433 |
|
Exchange losses |
(551 |
) |
|
(446 |
) |
|
(69 |
) |
|
(515 |
) |
|
(4,799 |
) |
|
(745 |
) |
Impairment of long-term
investment |
- |
|
|
(17,850 |
) |
|
(2,770 |
) |
|
- |
|
|
(17,850 |
) |
|
(2,770 |
) |
Share of losses of equity
method investee |
(1,330 |
) |
|
(909 |
) |
|
(141 |
) |
|
(4,477 |
) |
|
(776 |
) |
|
(120 |
) |
Others, net |
4,535 |
|
|
2,932 |
|
|
455 |
|
|
(2,491 |
) |
|
9,836 |
|
|
1,527 |
|
(Loss)/income before
tax |
(15,356 |
) |
|
10,170 |
|
|
1,579 |
|
|
(50,621 |
) |
|
26,992 |
|
|
4,190 |
|
Income tax
benefit/(expenses) |
16,259 |
|
|
(4,298 |
) |
|
(667 |
) |
|
17,781 |
|
|
(11,086 |
) |
|
(1,721 |
) |
Net
income/(loss) |
903 |
|
|
5,872 |
|
|
912 |
|
|
(32,840 |
) |
|
15,906 |
|
|
2,469 |
|
Net loss attributable to
noncontrolling interests |
- |
|
|
896 |
|
|
139 |
|
|
- |
|
|
3,459 |
|
|
537 |
|
Net income/(loss)
attributable to So-Young International Inc. |
903 |
|
|
6,768 |
|
|
1,051 |
|
|
(32,840 |
) |
|
19,365 |
|
|
3,006 |
|
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, 2020 |
|
September 30, 2021 |
|
September 30, 2021 |
|
September 30, 2020 |
|
September 30, 2021 |
|
September 30, 2021 |
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
Net income/(loss) per ordinary share |
|
|
|
|
|
|
|
|
|
|
|
Net earnings/(loss) per ordinary share attributable to ordinary
shareholder - basic |
0.01 |
|
|
0.08 |
|
|
0.01 |
|
|
(0.13 |
) |
|
0.24 |
|
|
0.04 |
|
Net earnings/(loss) per
ordinary share attributable to ordinary shareholder - diluted |
0.01 |
|
|
0.08 |
|
|
0.01 |
|
|
(0.13 |
) |
|
0.23 |
|
|
0.04 |
|
Net earnings/(loss) per ADS
attributable to ordinary shareholders - basic (13 ADS represents 10
Class A ordinary shares) |
0.01 |
|
|
0.06 |
|
|
0.01 |
|
|
(0.10 |
) |
|
0.18 |
|
|
0.03 |
|
Net earnings/(loss) per ADS
attributable to ordinary shareholders - diluted (13 ADS represents
10 Class A ordinary shares) |
0.01 |
|
|
0.06 |
|
|
0.01 |
|
|
(0.10 |
) |
|
0.18 |
|
|
0.03 |
|
Weighted average number of
ordinary shares used in computing earnings/(loss) per share,
basic* |
81,629,610 |
|
|
80,895,891 |
|
|
80,895,891 |
|
|
81,411,972 |
|
|
81,805,945 |
|
|
81,805,945 |
|
Weighted average number of
ordinary shares used in computing earnings/(loss) per share,
diluted* |
84,069,327 |
|
|
81,471,931 |
|
|
81,471,931 |
|
|
81,411,972 |
|
|
82,954,414 |
|
|
82,954,414 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation expenses included in: |
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
(5,091 |
) |
|
(4,814 |
) |
|
(747 |
) |
|
(13,287 |
) |
|
(12,938 |
) |
|
(2,008 |
) |
Sales and marketing
expenses |
(2,225 |
) |
|
(2,245 |
) |
|
(348 |
) |
|
(4,528 |
) |
|
(6,089 |
) |
|
(945 |
) |
General and administrative
expenses |
(12,155 |
) |
|
(10,032 |
) |
|
(1,557 |
) |
|
(34,690 |
) |
|
(24,446 |
) |
|
(3,794 |
) |
Research and development
expenses |
(6,021 |
) |
|
(5,083 |
) |
|
(789 |
) |
|
(15,188 |
) |
|
(13,763 |
) |
|
(2,136 |
) |
* 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, 2020 |
|
September 30, 2021 |
|
September 30, 2021 |
|
September 30, 2020 |
|
September 30, 2021 |
|
September 30, 2021 |
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP (loss)/income from operations |
(30,229 |
) |
|
19,268 |
|
2,990 |
|
(86,523 |
) |
|
16,903 |
|
2,623 |
Add back: Shared-based
compensation expenses |
25,492 |
|
|
22,174 |
|
3,441 |
|
67,693 |
|
|
57,236 |
|
8,883 |
Non-GAAP (loss)/income from operations |
(4,737 |
) |
|
41,442 |
|
6,431 |
|
(18,830 |
) |
|
74,139 |
|
11,506 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
Net income/(loss) attributable to So-Young International
Inc. |
903 |
|
|
6,768 |
|
1,051 |
|
(32,840 |
) |
|
19,365 |
|
3,006 |
Add back: Shared-based
compensation expenses |
25,492 |
|
|
22,174 |
|
3,441 |
|
67,693 |
|
|
57,236 |
|
8,883 |
Non-GAAP
Net income attributable to So-Young International
Inc. |
26,395 |
|
|
28,942 |
|
4,492 |
|
34,853 |
|
|
76,601 |
|
11,889 |
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 RMB6.4434 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 30, 2021.
2 Non-GAAP net income attributable to So-Young International
Inc. is defined as net income attributable to So-Young
International Inc. excluding share-based compensation expenses. See
“Reconciliation of GAAP and Non-GAAP Results” at the end of this
press release.
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