So-Young Reports Unaudited Fourth Quarter and Fiscal Year 2022 Financial Results.

BEIJING: 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, 2022.

Fourth Quarter 2022 Financial Highlights

Total revenues were RMB325.1 million (US$47.1 million[1]), compared to RMB449.5 million in the corresponding period of 2021, in line with our previous guidance.

Net income attributable to So-Young International Inc. was RMB31.3 million (US$4.5 million), compared with net loss attributable to So-Young International Inc. of RMB27.7 million in the same period of 2021.

Non-GAAP net income attributable to So-Young International Inc.[2] was RMB38.8 million (US$5.6 million), compared with non-GAAP net income attributable to So-Young International Inc. of RMB62.9 million in the same period of 2021.

Fourth Quarter 2022 Operational Highlights

Average mobile MAUs were 4.0 million, compared with 7.4 million in the fourth quarter of 2021.

Number of paying medical service providers on So-Young's platform was 4,274, compared with 5,327 in the fourth quarter of 2021.

Number of medical service providers subscribing to information services on So-Young's platform was 1,489, compared with 2,085 in the fourth quarter of 2021.

Total number of purchasing users through reservation services was 120.4 thousand and the aggregate value of medical aesthetic treatment transactions facilitated by So-Young's platform was RMB370.2 million.

Fiscal Year 2022 Financial Highlights

Total revenues were RMB1,257.9 million (US$182.4 million) in the full year 2022, a decrease of 25.7% from RMB1,692.5 million in the prior year.

Net loss attributable to So-Young International Inc. was RMB65.6 million (US$9.5 million) in the full year 2022, compared with a net loss attributable to So-Young International Inc. of RMB8.4 million in the prior year.

Non-GAAP net loss attributable to So-Young International Inc. was RMB22.2 million (US$3.2 million) in the full year 2022, compared with RMB139.5 million non-GAAP net income attributable to So-Young International Inc. in the prior year.

Mr. Xing Jin, Co-Founder and Chief Executive Officer of So-Young, commented, "2022 is a remarkable year for all of us at So-Young. Despite multiple external headwinds, we have successfully stabilized our core businesses and substantially improved our profitability. In the past fourth quarter, amidst the most severe challenges of the past three years that the operation of many aesthetic service providers was seriously disrupted by COVID-19 pandemic, we strived to achieve quarterly revenue of RMB325.1 million, in-line with our prior guidance. In the meantime, we significantly enlarged our profit scale from the third quarter by achieving non-GAAP net income attributable to So-Young International Inc. of RMB38.8 million, thanks to the optimized cost structure and increased efficiency. As of the end of 2022, our cash balance remained at a...