Fourth Quarter 2021 Financial Highlights
- Total revenues were
RMB449.5 million (US$70.5 million 1), an increase of 5.9% fromRMB424.6 million in the same period of 2020, in line with our previous guidance. - Net loss attributable to
So-Young International Inc. wasRMB27.7 million (US$4.4 million ), compared with net income attributable toSo-Young International Inc. ofRMB38.6 million in the fourth quarter of 2020. - Non-GAAP net income attributable to
So-Young International Inc. 2 wasRMB62.9 million (US$9.9 million ), compared with non-GAAP net income attributable toSo-Young International Inc. ofRMB63.1 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% fromRMB1,295.0 million in the prior year. - Net loss attributable to
So-Young International Inc. wasRMB8.4 million (US$1.3 million ) in the full year 2021, compared with a net income attributable toSo-Young International Inc. ofRMB5.8 million in the prior year. - Non-GAAP net income attributable to
So-Young International Inc. wasRMB139.5 million (US$21.9 million ) in the full year 2021, an increase of 42.4% fromRMB98.0 million in the prior year.
Mr.
Fourth Quarter 2021 Financial Results
Revenues
Total revenues were
- Information services and other revenues were
RMB344.3 million (US$54.0 million ), an increase of 2.5% fromRMB335.9 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% fromRMB88.7 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
Operating Expenses
Total operating expenses were
- Sales and marketing expenses were
RMB152.7 million (US$24.0 million ), a decrease of 27.4% fromRMB210.4 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 ofRMB3.7 million (US$0.6 million ), compared withRMB2.2 million in the corresponding period of 2020. - General and administrative expenses were
RMB85.9 million (US$13.5 million ), an increase of 72.1% fromRMB49.9 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 ofRMB32.3 million (US$5.1 million ), compared withRMB11.3 million in the corresponding period of 2020. - Research and development expenses were
RMB67.5 million (US$10.6 million ), a decrease of 4.8% fromRMB70.9 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 ofRMB7.1 million (US$1.1 million ), compared withRMB5.9 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 wasRMB48.5 million (US$7.6 million ) and the impairment of intangible assets wasRMB17.4 million (US$2.7 million ).
Income Tax Expenses
Income tax expenses were
Net income/(loss) attributable to
Net loss attributable to
Non-GAAP net income attributable to
Non-GAAP net income attributable to
Basic and Diluted Earnings/(Loss) per ADS
Basic and diluted loss per ADS attributable to ordinary shareholders were
Fiscal Year 2021 Financial Results
Revenues
Total revenues were
- Information services and other revenues were
RMB1,304.5 million (US$204.7 million ), an increase of 35.6% fromRMB962.1 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% fromRMB332.9 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
Operating Expenses
Total operating expenses were
- Sales and marketing expenses were
RMB792.5 million (US$124.4 million ), an increase of 9.1% fromRMB726.3 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 ofRMB9.8 million (US$1.5 million ), compared toRMB6.7 million in fiscal year 2020. - General and administrative expenses were
RMB252.2 million (US$39.6 million ), an increase of 37.1% fromRMB184.0 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 ofRMB56.7 million (US$8.9 million ), compared toRMB46.0 million in fiscal year 2020. - Research and development expenses were
RMB286.6 million (US$45.0 million ), an increase of 25.0% fromRMB229.2 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 ofRMB20.9 million (US$3.3 million ), compared toRMB21.1 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 wasRMB48.5 million (US$7.6 million ) and the impairment of intangible assets wasRMB17.4 million (US$2.7 million ).
Income Tax (Expenses)/Benefit
Income tax expenses were
Net income/(loss) attributable to
Net loss attributable to
Non-GAAP net income attributable to
Non-GAAP net income attributable to
Basic and Diluted Earnings per ADS
Basic and diluted loss per ADS attributable to ordinary shareholders were
Cash and Cash Equivalents, Restricted Cash and Term Deposits, Term Deposits and Short-Term Investments
As of
Business Outlook
For the first quarter of 2022,
Non-GAAP Financial Measures
To supplement the financial measures prepared in accordance with generally accepted accounting principles in
About
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the
For more information, please contact:
Investor Relations
Ms. Vivian Xu
Phone: +86-10-8790-2012
E-mail: ir@soyoung.com
Christensen
In
Mr. Eric Yuan
Phone: +86-10-5900-1548
E-mail: Eyuan@christensenir.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: lbergkamp@christensenir.com
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(Amounts in thousands, except for share and per share data) | |||||||
As of | |||||||
2020 | 2021 | 2021 | |||||
RMB | RMB | US$ | |||||
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 | ||||
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 | - | - |
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Continued) | |||||||||
(All amounts in thousands, except for share and per share data, unless otherwise noted) | |||||||||
Shareholders’ equity: | |||||||||
- | (217,712 | ) | (34,164 | ) | |||||
Class A Ordinary shares (US$ 0.0005 par value; 750,000,000 shares authorized as of | 224 | 230 | 36 | ||||||
Class B Ordinary shares (US$ 0.0005 par value; 20,000,000 shares authorized as of | 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 | ) | |||
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 |
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 | |||||||||||||||||
2020 | 2021 | 2021 | 2020 | 2021 | 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 | 38,647 | (27,736 | ) | (4,353 | ) | 5,807 | (8,371 | ) | (1,315 | ) |
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 | |||||||||||||||||
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.
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 | ||||||||||||||||
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 | 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 | 63,124 | 62,926 | 9,874 | 97,977 | 139,527 | 21,893 |
_________________________
1 This press release contains translations of certain Renminbi (RMB) amounts into
2 Non-GAAP net income attributable to
Source:
2022 GlobeNewswire, Inc., source