FX.co ★ So-Young Turns To Profit In Q2; Total Revenues Down 1.1%

So-Young International (SY) announced a net income of RMB 18.9 million for the second quarter, a significant improvement compared to a net loss of RMB 2.6 million during the same period in 2023. Earnings per ADS stood at RMB 0.18, in stark contrast to a loss per ADS of RMB 0.02. On a non-GAAP basis, net income attributed to So-Young was RMB 22.2 million, up from RMB 15.5 million last year.

Total revenues for the quarter were RMB 407.4 million, representing a 1.1% decline from RMB 412.1 million in the same period of 2023. The company attributed this decrease to a reduction in the number of medical service providers subscribing to its information services. Average monthly active users (MAUs) on mobile were 1.5 million, down from 3.0 million in the second quarter of 2023.

Looking ahead to the third quarter of 2024, So-Young anticipates total revenues to fall between RMB 350.0 million and RMB 370.0 million, indicating a year-over-year decrease of 9.2% to 4.0%.