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| Statement |
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| More than 750 select partner institutions also gained from this, with 500 of our core institutions seeing revenue increase by 20% last year as a result |
| As we strategically expand our presence along the medical aesthetic value chain, each of those new businesses are expected to increasingly contribute to our bottom line as the synergies created by our presence, both upstream and downstream, strengthened the profitability of our business, overall is expected to improve in the mid to long term |
| We expect to add more products and continuously generate incremental revenue and profit growth from the supply chain business |
| Our model clinics did breakeven up to only 3 months for former operations which reflects our strong reputation among medical aesthetics users and strengthened our confidence to begin exploring franchising opportunities |
| These comprehensive capabilities will enable us to build a strong competitive barrier |
| We maintain our belief that a healthy market is a foundation for long-term growth and value creation for companies |
| In this context, our financial results for the year are even more impressive and attachment to our students and adaptability in the face of evolving consumer behaviors and market practice |
| This regulatory trend actually benefit us indirectly as a value proposition of our existing legal marketing channels become more pronounced |
| We've consistently maintained a strong competitive advantage with the segment given our premium products and services |
| Throughout the year, we further strengthened this advantage by offering high-tier users, the personalized services they required for high-quality procedures which also drives support the probability of the partner institutions we corporate with |
| We remain optimistic about the growth perspective of the medical aesthetics industry in 2024 and over the long term |
| Consumption data from our medical aesthetics platform is also reflecting this trend, with a gradually improving macroeconomic environment and our differentiated strategy taking hold |
| We, however, are extremely confident that they will increasingly contribute to revenue growth in the quarters ahead |
| The results have been impressive |
| These clinics have been exceptional growth with steadily expanding margins and monthly revenue increasing 13.8x during the second half of this year, a CAGR of 71% |
| This strategy focus will allow us to build more drivers and diverse sorry, build more diverse and sustainable revenue sources and a solid profit structure ultimately delivering long-term value to our shareholders |
| We are confident that this new business will become significant contributors to revenue in the coming quarters |
| We are able to add further value by leveraging our institutional network and enhancing consumer reach |
| Through 3 years of focused efforts, we have built stronger synergies between our product development pipeline, sales team and our platform as we secure additional product certifications, we are confident in our ability to consistently generate incremental revenue and profit growth over the long term |
| Our supply chain business also continues to create opportunities for us by leveraging synergies with our other business to expand upstream around the medical aesthetic supply chain, distinct from the traditional upstream R&D production supply chain model used by manufacturers |
| So-Young Prime will focus on offering the best quality to cost to ratio for mid-tier users and our upstream business will support both of these platforms and user groups, capturing opportunities in the light medical aesthetics market and expanding margins |
| Despite the challenging market conditions, our business remained resilient as the new ventures we are developing continue to demonstrate significant growth potential |
| With 3 years operational experience, the synergies between our product development pipeline, sales team and platform are now rapidly strengthening |
| As the industry moved towards greater standardization, our compressive vertically integrated capabilities and the competitive strengths are set to become increasingly evident |
| This allow us to support emerging trends and quickly bring new products to market and rapidly make them competitive |
| Looking back at 2023, it's evidence that our differentiated strategy was key to maintaining stable growth |
| Shipments of this product increased nearly 600% with over 120,000 medical injections sold so far |
| In addition, from 2025 in the light demanded collagen category, we will launch various products, including PWLA [ph] which will establish a strong presence for us in this vertical |
| Developing a healthy market for our products is key to long-term sustainability and pricing power |
| While these new initiatives are making promising progress and generating rapid growth, they are still in their investment phase |
| Statement |
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| Reservation services revenues were RMB101.3 million, down 21.3% year-over-year |
| Reservation services revenues decreased 20.7% year-over-year to RMB20.6 million, primarily due to the operating strategy which gave higher subsidies to end users |
| In many ways, last year presented even more challenged situation than the COVID-19 pandemic did |
| The old model will lower the value proposition of products and services and lead to a smaller share of wider market |
| The decrease in gross margin was mainly due to the changes in revenue mix |
| It is still in the early stages of development with a lower gross margin |
| We believe medical aesthetics marketing will continue to be restricted to a few channels approved by regulators, such as search engines and e-commerce |
| was RMB57.6 million compared to a net loss of RMB22.2 million in the fiscal year 2022 |
| Equally as important, it hit breakeven of only 3 months of formal operations |
| Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations |
| of RMB31.3 million in 2023, a significant turnaround from net loss attributable to So-Young International Inc |
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