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 fourth quarter and fiscal year ended
December 31, 2021.
Fourth Quarter 2021 Financial Highlights
- Total revenues were RMB449.5 million
(US$70.5 million1), an increase of 5.9% from RMB424.6 million in
the same period of 2020, in line with our previous guidance.
- Net loss attributable to So-Young
International Inc. was RMB27.7 million (US$4.4 million), compared
with net income attributable to So-Young International Inc. of
RMB38.6 million in the fourth quarter of 2020.
- Non-GAAP net income attributable to
So-Young International Inc.2 was RMB62.9 million (US$9.9 million),
compared with non-GAAP net income attributable to So-Young
International Inc. of RMB63.1 million in the fourth quarter of
2020.
Fourth Quarter 2021 Operational
Highlights
- Average mobile MAUs were 7.4 million, compared with 8.9 million
in the fourth quarter of 2020.
- Number of paying medical service providers on So-Young’s
platform were 5,327, an increase of 12.2% from 4,746 in the fourth
quarter of 2020.
- Number of medical service providers subscribing to information
services on So-Young’s platform were 2,085, compared with 2,239 in
the fourth quarter of 2020.
- Total number of users purchasing reservation services were
159.9 thousand and the aggregate value of medical aesthetic
treatment transactions facilitated by So-Young’s platform was
RMB532.7 million.
Fiscal Year 2021 Financial Highlights
- Total revenues were RMB1,692.5 million (US$265.6 million)
in the full year 2021, an increase of 30.7% from RMB1,295.0 million
in the prior year.
- Net loss attributable to So-Young International
Inc. was RMB8.4 million (US$1.3 million) in
the full year 2021, compared with a net income attributable to
So-Young International Inc. of RMB5.8 million in the prior
year.
- Non-GAAP net income attributable to So-Young International
Inc. was RMB139.5 million (US$21.9 million) in the full year 2021,
an increase of 42.4% from RMB98.0 million in the prior year.
Mr. Xing Jin, Co-Founder and Chief Executive Officer of
So-Young, commented, “We achieved 30.7% revenue growth in 2021 with
total revenues at RMB1.7 billion despite the weaker-than-normal
consumer sentiment as a result of the COVID-19 pandemic. We
continuously strengthened operating management ability and branding
digital support for medical service providers on our platform to
improve their acquisition efficiency and customer experience. As a
result, the number of paying medical service providers on our
platform were 6,634 in 2021, up 19.1% from 5,570 year-over-year.
The average mobile MAUs reached 8.5 million in 2021, up 18.7%
year-over-year.”
Mr. Jin continued, “In 2021, we were working to reinforce the
trust with consumers, meeting medical and aesthetic consumer demand
from the different levels to make efficient decisions. On the
business side, we solidified our competitive advantage and
completed the acquisition of Wuhan Miracle to create a competitive
moat on non-surgical side. Stepping into 2022, we are committed to
local aesthetic services to reaffirm our leadership position and
building aesthetic supply chain ecosystem to ensure the management
and control of product authenticity and supervision for
customers.”
Mr. Min Yu, “We’re pleased to conclude 2021 with a solid revenue
growth, which was very encouraging. Looking ahead, while exploring
new business, we will maintain a healthy and sustainable revenue
growth and earning in the long term as we continuously improve our
operating efficiency and effectively control cost.”
Fourth Quarter 2021 Financial Results
Revenues
Total revenues were RMB449.5 million (US$70.5 million), an
increase of 5.9% from RMB424.6 million in the same period of 2020.
The increase was primarily due to the consolidated revenues of
RMB63.8 million (US$10.0 million) in the fourth quarter of 2021
from Wuhan Miracle Laser Systems, Inc. (“Wuhan Miracle”), which was
acquired on July 23, 2021.
- Information services and other revenues were
RMB344.3 million (US$54.0 million), an increase of 2.5% from
RMB335.9 million in the same period of 2020. The increase was
primarily due to an increase in average revenue per paying medical
service provider.
- Reservation services revenues were
RMB41.4 million (US$6.5 million), a decrease of 53.4% from RMB88.7
million in the same period of 2020. The decrease was primarily due
to the weaker-than-normal consumer sentiment and containment
measures as a result of the resurgence of COVID-19, which had a
negative impact on our operations in several cities across the
country.
- Sales of equipment and maintenance services
revenues were RMB63.8 million (US$10.0 million), from Wuhan
Miracle, our newly acquired subsidiary.
Cost of Revenues
Cost of revenues were RMB127.1 million (US$19.9 million), an
increase of 99.8% from RMB63.6 million in the fourth 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 RMB5.8 million (US$0.9 million) during the
fourth quarter of 2021, compared with RMB5.0 million in the
corresponding period of 2020.
Operating Expenses
Total operating expenses were RMB371.9 million (US$58.4
million), an increase of 12.3% from RMB331.2 million in the fourth
quarter of 2020.
- Sales and marketing expenses were
RMB152.7 million (US$24.0 million), a decrease of 27.4% from
RMB210.4 million in the fourth 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 fourth quarter of 2021 included share-based compensation
expenses of RMB3.7 million (US$0.6 million), compared with RMB2.2
million in the corresponding period of 2020.
- General and administrative expenses were
RMB85.9 million (US$13.5 million), an increase of 72.1% from
RMB49.9 million in the fourth quarter of 2020. The increase was
primarily due to the consolidation of Wuhan Miracle. General and
administrative expenses for the fourth quarter of 2021 included
share-based compensation expenses of RMB32.3 million (US$5.1
million), compared with RMB11.3 million in the corresponding period
of 2020.
- Research and development expenses were
RMB67.5 million (US$10.6 million), a decrease of 4.8% from RMB70.9
million in the fourth quarter of 2020. The decrease was primarily
due to the decrease of payroll costs. Research and development
expenses for the fourth quarter of 2021 included share-based
compensation expenses of RMB7.1 million (US$1.1 million), compared
with RMB5.9 million in the corresponding period of 2020.
- Impairment of goodwill and intangible assets
was RMB65.9 million (US$10.3 million), representing the amount by
which the carrying amount of certain asset exceeds their fair value
in relation to the acquiring subsidiary, based on an annual
goodwill and intangible assets impairment assessment. The
impairment of goodwill was RMB48.5 million (US$7.6 million) and the
impairment of intangible assets was RMB17.4 million (US$2.7
million).
Income Tax Expenses
Income tax expenses were RMB10.1 million (US$1.6 million),
compared with RMB13.0 million in the same period of 2020.
Net income/(loss) attributable to So-Young International
Inc.
Net loss attributable to So-Young International Inc. was RMB27.7
million (US$4.4 million), compared with a net income attributable
to So-Young International Inc. of RMB38.6 million in the fourth
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 and
impairment of goodwill and intangible assets attributable to
So-Young International Inc., was RMB62.9 million (US$9.9 million),
compared with RMB63.1 million non-GAAP net income attributable to
So-Young International Inc. in the same period of 2020.
Basic and Diluted Earnings/(Loss) per ADS
Basic and diluted loss per ADS attributable to ordinary
shareholders were RMB0.26 (US$0.04) and RMB0.26 (US$0.04),
respectively, compared with basic and diluted earnings per ADS
attributable to ordinary shareholders of RMB0.36 and RMB0.35,
respectively, in the same period of 2020.
Fiscal Year 2021 Financial Results
Revenues
Total revenues were RMB1,692.5 million (US$265.6 million), an
increase of 30.7% from RMB1,295.0 million in fiscal year 2020.
- Information services and other revenues were
RMB1,304.5 million (US$204.7 million), an increase of 35.6% from
RMB962.1 million in fiscal year 2020. The increase was primarily
attributable to an increase in average revenue per medical service
provider.
- Reservation services revenues were RMB276.1
million (US$43.3 million), a decrease of 17.1% from RMB332.9
million in fiscal year 2020. The decrease was primarily due to the
weaker-than-normal consumer sentiment and containment measures as a
result of the resurgence of COVID-19, which had a negative impact
on our operations in several cities across the country.
- Sales of equipment and maintenance services
revenues were RMB112.0 million (US$17.6 million), from Wuhan
Miracle, our newly acquired subsidiary.
Cost of Revenues
Cost of revenues were RMB327.9 million (US$51.5 million), an
increase of 54.5% from RMB212.2 million in fiscal year 2020. The
increase was primarily due to the consolidation of Wuhan Miracle.
In addition, cost of revenues for fiscal year 2021 included
share-based compensation expenses of RMB18.8 million (US$2.9
million) compared to RMB18.3 million in fiscal year 2020.
Operating Expenses
Total operating expenses were RMB1,397.1 million (US$219.2
million), an increase of 22.6% from RMB1,139.5 million in fiscal
year 2020.
- Sales and marketing expenses were RMB792.5
million (US$124.4 million), an increase of 9.1% from RMB726.3
million in fiscal year 2020. The increase was primarily due
to an increase in expenses associated with marketing campaigns
and user acquisition initiatives and the consolidation of Wuhan
Miracle. Sales and marketing expenses for fiscal year 2021 included
share-based compensation expenses of RMB9.8 million (US$1.5
million), compared to RMB6.7 million in fiscal year 2020.
- General and administrative expenses were
RMB252.2 million (US$39.6 million), an increase of 37.1% from
RMB184.0 million in fiscal year 2020. This was primarily due to an
increase in personnel related expenses and the consolidation of
Wuhan Miracle. General and administrative expenses for 2021
included share-based compensation expenses of RMB56.7 million
(US$8.9 million), compared to RMB46.0 million in fiscal year
2020.
- Research and development expenses were
RMB286.6 million (US$45.0 million), an increase of 25.0% from
RMB229.2 million in fiscal year 2020. The increase was primarily
attributable to an increase in personnel related expenses. Research
and development expenses for 2021 included share-based compensation
expenses of RMB20.9 million (US$3.3 million), compared to RMB21.1
million in fiscal year 2020.
- Impairment of goodwill and intangible assets
was RMB65.9 million (US$10.3 million), representing the amount by
which the carrying amount of certain asset exceeds their fair value
in relation to the acquiring subsidiary, based on an annual
goodwill and intangible assets impairment assessment. The
impairment of goodwill was RMB48.5 million (US$7.6 million) and the
impairment of intangible assets was RMB17.4 million (US$2.7
million).
Income Tax (Expenses)/Benefit
Income tax expenses were RMB21.2 million (US$3.3 million),
compared with an income tax benefit of RMB4.8 million in fiscal
year 2020. The income tax benefit was derived from a change in the
preferential income tax rate of one of So-Young’s subsidiaries,
which resulted in a refund of RMB16.4 million for tax paid in
previous periods.
Net income/(loss) attributable to So-Young International
Inc.
Net loss attributable to So-Young International Inc. was RMB8.4
million (US$1.3 million), compared with a net income attributable
to So-Young International Inc. of RMB5.8 million in fiscal year
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 and
impairment of goodwill and intangible assets attributable to
So-Young International Inc., was RMB139.5 million (US$21.9
million), compared with RMB98.0 million non-GAAP net income
attributable to So-Young International Inc. in fiscal year
2020.
Basic and Diluted Earnings per ADS
Basic and diluted loss per ADS attributable to ordinary
shareholders were RMB0.08 (US$0.01) and RMB0.08 (US$0.01),
respectively, compared with basic and diluted earnings per ADS
attributable to ordinary shareholders of RMB0.05 and RMB0.05 in
fiscal year 2020.
Cash and Cash Equivalents, Restricted Cash and Term
Deposits, Term Deposits and Short-Term Investments
As of December 31, 2021, cash and cash equivalents, restricted
cash and term deposits, term deposits and short-term investments
were RMB1,756.0 million (US$275.6 million), compared with
RMB2,676.0 million as of December 31, 2020.
Business Outlook
For the first quarter of 2022, So-Young expects
its total revenues to be between RMB290 million (US$46.0 million)
and RMB300 million (US$47.0 million), representing a 19.4% to 16.6%
decrease from the same period in 2021. 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 and impairment of goodwill and
intangible assets 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. The impairment of goodwill and intangible
assets are considered unusual charges as the company does not have
frequent such charges. 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 and impairment
of goodwill and intangible assets 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.
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 |
|
December 31,2021 |
|
December 31,2021 |
|
|
|
RMB |
|
RMB |
|
US$ |
|
|
Assets |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
1,127,055 |
|
1,331,968 |
|
209,015 |
|
|
Restricted cash and term
deposits |
21,865 |
|
15,119 |
|
2,373 |
|
|
Trade receivables |
52,871 |
|
54,829 |
|
8,604 |
|
|
Inventories, net |
- |
|
91,812 |
|
14,407 |
|
|
Receivables from online payment platforms |
16,182 |
|
18,864 |
|
2,960 |
|
|
Amounts due from related parties |
7,764 |
|
14,038 |
|
2,203 |
|
|
Term deposits and short-term investments |
1,527,088 |
|
408,946 |
|
64,173 |
|
|
Prepayment and other current assets |
43,190 |
|
91,842 |
|
14,412 |
|
|
Total current assets |
2,796,015 |
|
2,027,418 |
|
318,147 |
|
|
Non-current assets: |
|
|
|
|
|
|
|
Long-term investments |
166,100 |
|
252,500 |
|
39,623 |
|
|
Intangible assets |
60,029 |
|
193,955 |
|
30,436 |
|
|
Goodwill |
48,500 |
|
540,693 |
|
84,847 |
|
|
Property and equipment, net |
29,830 |
|
124,576 |
|
19,549 |
|
|
Deferred tax assets |
55,520 |
|
47,520 |
|
7,457 |
|
|
Operating lease right-of-use assets |
120,140 |
|
95,609 |
|
15,003 |
|
|
Other non-current assets |
15,878 |
|
48,097 |
|
7,547 |
|
|
Total non-current assets |
495,997 |
|
1,302,950 |
|
204,462 |
|
|
Total
assets |
3,292,012 |
|
3,330,368 |
|
522,609 |
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Taxes payable |
60,070 |
|
48,571 |
|
7,622 |
|
|
Contract liabilities |
135,385 |
|
139,155 |
|
21,836 |
|
|
Salary and welfare
payables |
95,758 |
|
103,624 |
|
16,261 |
|
|
Amounts due to related
parties |
2,404 |
|
681 |
|
107 |
|
|
Accrued expenses and other
current liabilities |
237,785 |
|
376,841 |
|
59,136 |
|
|
Operating lease
liabilities-current |
39,468 |
|
43,529 |
|
6,831 |
|
|
Total current
liabilities |
570,870 |
|
712,401 |
|
111,793 |
|
|
Non-current liabilities: |
|
|
|
|
|
|
|
Operating lease
liabilities-non current |
93,044 |
|
62,356 |
|
9,785 |
|
|
Deferred tax liabilities |
8,522 |
|
38,577 |
|
6,054 |
|
|
Total non-current
liabilities |
101,566 |
|
100,933 |
|
15,839 |
|
|
Total
liabilities |
672,436 |
|
813,334 |
|
127,632 |
|
|
|
|
|
|
|
|
|
|
Mezzanine
equity |
|
|
|
|
|
|
|
Redeemable non-controlling
interests |
23,205 |
|
- |
|
- |
|
|
Total mezzanine
equity |
23,205 |
|
- |
|
- |
|
|
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 |
) |
|
(34,164 |
) |
|
Class A Ordinary shares
(US$ 0.0005 par value; 750,000,000 shares authorized as of
December 31, 2020 and December 31, 2021; 70,212,159 shares
issued and outstanding as of December 31, 2020; 71,736,059 and
69,092,367 shares issued and outstanding as of December 31, 2021,
respectively) |
224 |
|
|
230 |
|
|
36 |
|
|
Class B Ordinary shares
(US$ 0.0005 par value; 20,000,000 shares authorized as of
December 31, 2020 and December 31, 2021; 12,000,000 shares
issued and outstanding as of December 31, 2020 and December
31, 2021) |
37 |
|
|
37 |
|
|
6 |
|
|
Additional paid-in
capital |
2,892,268 |
|
|
2,999,562 |
|
|
470,697 |
|
|
Statutory reserves |
10,562 |
|
|
20,331 |
|
|
3,190 |
|
|
Accumulated deficit |
(254,228 |
) |
|
(272,368 |
) |
|
(42,740 |
) |
|
Accumulated other
comprehensive loss |
(52,492 |
) |
|
(83,891 |
) |
|
(13,164 |
) |
|
Total So-Young
International Inc. shareholders’ equity |
2,596,371 |
|
|
2,446,189 |
|
|
383,861 |
|
|
|
|
|
|
|
|
|
Non-controlling interests |
- |
|
|
70,845 |
|
|
11,116 |
|
|
|
|
|
|
|
|
|
Total shareholders’
equity |
2,596,371 |
|
|
2,517,034 |
|
|
394,977 |
|
|
|
|
|
|
|
|
|
Total liabilities,
mezzanine equity and shareholders’ equity |
3,292,012 |
|
|
3,330,368 |
|
|
522,609 |
|
|
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 31,2020 |
|
December 31,2021 |
|
December 31,2021 |
|
December 31,2020 |
|
December 31,2021 |
|
December 31,2021 |
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Information services and others |
335,911 |
|
|
344,315 |
|
|
54,030 |
|
|
962,089 |
|
|
1,304,455 |
|
|
204,697 |
|
|
Reservation services |
88,724 |
|
|
41,372 |
|
|
6,493 |
|
|
332,899 |
|
|
276,052 |
|
|
43,320 |
|
|
Sales of equipment and
maintenance services |
- |
|
|
63,836 |
|
|
10,017 |
|
|
- |
|
|
111,956 |
|
|
17,568 |
|
|
Total
revenues |
424,635 |
|
|
449,523 |
|
|
70,540 |
|
|
1,294,988 |
|
|
1,692,463 |
|
|
265,585 |
|
|
Cost of revenues |
(63,620 |
) |
|
(127,090 |
) |
|
(19,943 |
) |
|
(212,206 |
) |
|
(327,889 |
) |
|
(51,453 |
) |
|
Gross
profit |
361,015 |
|
|
322,433 |
|
|
50,597 |
|
|
1,082,782 |
|
|
1,364,574 |
|
|
214,132 |
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
expenses |
(210,378 |
) |
|
(152,656 |
) |
|
(23,955 |
) |
|
(726,297 |
) |
|
(792,484 |
) |
|
(124,358 |
) |
|
General and administrative
expenses |
(49,888 |
) |
|
(85,852 |
) |
|
(13,472 |
) |
|
(183,987 |
) |
|
(252,214 |
) |
|
(39,578 |
) |
|
Research and development
expenses |
(70,920 |
) |
|
(67,519 |
) |
|
(10,595 |
) |
|
(229,192 |
) |
|
(286,567 |
) |
|
(44,969 |
) |
|
Impairment of goodwill and
intangible assets |
- |
|
|
(65,879 |
) |
|
(10,338 |
) |
|
- |
|
|
(65,879 |
) |
|
(10,338 |
) |
|
Total operating
expenses |
(331,186 |
) |
|
(371,906 |
) |
|
(58,360 |
) |
|
(1,139,476 |
) |
|
(1,397,144 |
) |
|
(219,243 |
) |
|
Income/(loss) from
operations |
29,829 |
|
|
(49,473 |
) |
|
(7,763 |
) |
|
(56,694 |
) |
|
(32,570 |
) |
|
(5,111 |
) |
|
Other
income/(expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
Investment income |
3,130 |
|
|
927 |
|
|
145 |
|
|
13,599 |
|
|
8,931 |
|
|
1,401 |
|
|
Interest income |
6,753 |
|
|
3,654 |
|
|
573 |
|
|
39,669 |
|
|
19,328 |
|
|
3,033 |
|
|
Exchange (losses)/gain |
(603 |
) |
|
33 |
|
|
5 |
|
|
(1,118 |
) |
|
(4,766 |
) |
|
(748 |
) |
|
Impairment of long-term
investment |
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(17,850 |
) |
|
(2,801 |
) |
|
Share of gain/(losses) of
equity method investee |
198 |
|
|
(746 |
) |
|
(117 |
) |
|
(4,279 |
) |
|
(1,522 |
) |
|
(239 |
) |
|
Others, net |
11,407 |
|
|
2,208 |
|
|
346 |
|
|
8,916 |
|
|
12,044 |
|
|
1,890 |
|
|
Income/(loss) before
tax |
50,714 |
|
|
(43,397 |
) |
|
(6,811 |
) |
|
93 |
|
|
(16,405 |
) |
|
(2,575 |
) |
|
Income tax
(expenses)/benefit |
(12,997 |
) |
|
(10,145 |
) |
|
(1,592 |
) |
|
4,784 |
|
|
(21,231 |
) |
|
(3,332 |
) |
|
Net
income/(loss) |
37,717 |
|
|
(53,542 |
) |
|
(8,403 |
) |
|
4,877 |
|
|
(37,636 |
) |
|
(5,907 |
) |
|
Net loss attributable to
noncontrolling interests |
930 |
|
|
25,806 |
|
|
4,050 |
|
|
930 |
|
|
29,265 |
|
|
4,592 |
|
|
Net income/(loss)
attributable to So-Young International Inc. |
38,647 |
|
|
(27,736 |
) |
|
(4,353 |
) |
|
5,807 |
|
|
(8,371 |
) |
|
(1,315 |
) |
|
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 31, 2020 |
|
December 31, 2021 |
|
December 31, 2021 |
|
December 31, 2020 |
|
December 31, 2021 |
|
December 31, 2021 |
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income/(loss) per ordinary share |
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings/(loss) per ordinary share attributable to ordinary
shareholder - basic |
0.47 |
|
|
(0.34 |
) |
|
(0.05 |
) |
|
0.07 |
|
|
(0.10 |
) |
|
(0.02 |
) |
|
Net earnings/(loss) per
ordinary share attributable to ordinary shareholder - diluted |
0.46 |
|
|
(0.34 |
) |
|
(0.05 |
) |
|
0.07 |
|
|
(0.10 |
) |
|
(0.02 |
) |
|
Net earnings/(loss) per ADS
attributable to ordinary shareholders - basic (13 ADS represents 10
Class A ordinary shares) |
0.36 |
|
|
(0.26 |
) |
|
(0.04 |
) |
|
0.05 |
|
|
(0.08 |
) |
|
(0.01 |
) |
|
Net earnings/(loss) per ADS
attributable to ordinary shareholders - diluted (13 ADS represents
10 Class A ordinary shares) |
0.35 |
|
|
(0.26 |
) |
|
(0.04 |
) |
|
0.05 |
|
|
(0.08 |
) |
|
(0.01 |
) |
|
Weighted average number of
ordinary shares used in computing earnings/(loss) per share,
basic* |
81,904,047 |
|
|
81,304,182 |
|
|
81,304,182 |
|
|
81,534,991 |
|
|
81,680,504 |
|
|
81,680,504 |
|
|
Weighted average number of
ordinary shares used in computing earnings/(loss) per share,
diluted* |
84,108,250 |
|
|
81,304,182 |
|
|
81,304,182 |
|
|
83,781,406 |
|
|
81,680,504 |
|
|
81,680,504 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation expenses included in: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
(5,040 |
) |
|
(5,830 |
) |
|
(915 |
) |
|
(18,327 |
) |
|
(18,768 |
) |
|
(2,945 |
) |
|
Sales and marketing
expenses |
(2,183 |
) |
|
(3,719 |
) |
|
(584 |
) |
|
(6,711 |
) |
|
(9,808 |
) |
|
(1,539 |
) |
|
General and administrative
expenses |
(11,311 |
) |
|
(32,259 |
) |
|
(5,062 |
) |
|
(46,001 |
) |
|
(56,705 |
) |
|
(8,898 |
) |
|
Research and development
expenses |
(5,943 |
) |
|
(7,106 |
) |
|
(1,115 |
) |
|
(21,131 |
) |
|
(20,869 |
) |
|
(3,275 |
) |
|
* 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 31, 2020 |
|
December 31, 2021 |
|
December 31, 2021 |
|
December 31, 2020 |
|
December 31, 2021 |
|
December 31, 2021 |
|
|
RMB |
|
RMB |
|
US$ |
|
RMB |
|
RMB |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP income/(loss) from operations |
29,829 |
|
(49,473 |
) |
|
(7,763 |
) |
|
(56,694 |
) |
|
(32,570 |
) |
|
(5,111 |
) |
|
Add back: Shared-based
compensation expenses |
24,477 |
|
48,914 |
|
|
7,676 |
|
|
92,170 |
|
|
106,150 |
|
|
16,657 |
|
|
Add back: Impairment of
goodwill and intangible assets |
- |
|
65,879 |
|
|
10,338 |
|
|
- |
|
|
65,879 |
|
|
10,338 |
|
|
Non-GAAP income from operations |
54,306 |
|
65,320 |
|
|
10,251 |
|
|
35,476 |
|
|
139,459 |
|
|
21,884 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
Net income/(loss) attributable to So-Young International
Inc. |
38,647 |
|
(27,736 |
) |
|
(4,353 |
) |
|
5,807 |
|
|
(8,371 |
) |
|
(1,315 |
) |
|
Add back: Shared-based
compensation expenses |
24,477 |
|
48,914 |
|
|
7,676 |
|
|
92,170 |
|
|
106,150 |
|
|
16,657 |
|
|
Add back: Impairment of
goodwill and intangible assets attributable to So-Young
International Inc. |
- |
|
41,748 |
|
|
6,551 |
|
|
- |
|
|
41,748 |
|
|
6,551 |
|
|
Non-GAAP
Net income attributable to So-Young International
Inc. |
63,124 |
|
62,926 |
|
|
9,874 |
|
|
97,977 |
|
|
139,527 |
|
|
21,893 |
|
|
_________________________
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 RMB6.3726 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 December 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 and
impairment of goodwill and intangible assets attributable to
So-Young International Inc. See “Reconciliation of GAAP and
Non-GAAP Results” at the end of this press release.
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