For the fourth quarter of 2024, So-Young reported total revenues of RMB369.2 million (US$50.6 million), a 5.5% decrease year-over-year, which was in line with previous guidance. The company recorded a net loss attributable to shareholders of RMB607.6 million (US$83.2 million), primarily due to a one-time goodwill impairment charge of RMB540.0 million (US$74.0 million) related to its Wuhan Miracle subsidiary.
Despite the overall loss, aesthetic treatment services revenues surged by 701.6% year-over-year to RMB81.3 million (US$11.1 million), driven by the expansion of branded aesthetic centers. As of December 31, 2024, the company operated 19 aesthetic centers across nine major cities, with 11 of these centers achieving positive monthly operating cash flow. Customer retention rates remained at approximately 60%.
For the full fiscal year 2024, total revenues were RMB1,466.7 million (US$200.9 million), a 2.1% decrease from 2023, and the net loss attributable to shareholders was RMB589.5 million (US$80.8 million), largely due to the goodwill impairment. The board of directors declared a special cash dividend of US$0.03445 per ordinary share, or US$0.0265 per ADS, payable around April 25, 2025, totaling approximately US$3 million. For Q1 2025, the company expects total revenues between RMB280.0 million and RMB300.0 million.
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