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BEIJING - On Friday, So-Young International Inc. (NASDAQ:SY) reported second quarter revenue that missed analyst expectations despite strong growth in its branded aesthetic centers.
The Chinese aesthetic treatment platform’s shares fell 7.85% in pre-market trading after the release.
The company reported second quarter revenue of RMB378.7 million ($52.9 million), down 7% YoY and well below the analyst consensus of RMB358.05 million. So-Young posted a non-GAAP net loss of RMB30.5 million ($4.3 million), compared to a non-GAAP net income of RMB22.2 million in the same period last year. However, its adjusted loss per share of RMB0.05 was better than the analyst estimate of RMB0.18 loss per share.
While overall revenue declined, So-Young’s aesthetic treatment services segment saw explosive growth, surging 426.1% YoY to RMB144.4 million ($20.2 million), exceeding the high end of the company’s guidance. This marked the first time branded aesthetic centers became the company’s largest revenue contributor.
"During the second quarter, our branded aesthetic centers became the largest contributor to revenue for the first time, a significant milestone in our transformation strategy," said Mr. Xing Jin, Co-Founder and Chief Executive Officer of So-Young. "With 29 aesthetic centers now in operation across China, we have solidified our position as the country’s leading light medical aesthetics brand."
The company’s traditional information and reservation services revenue fell 35.6% to RMB135.2 million as fewer medical service providers subscribed to platform services. Sales of medical products also declined 28.1% to RMB76 million.
For the third quarter, So-Young expects aesthetic treatment services revenue between RMB150 million and RMB170 million, representing 230.5% to 274.6% growth from the same period in 2024.
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