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Mega Matrix Inc. Announces 2024 Year-End Financial Results

SINGAPORE, March 27, 2025 /PRNewswire/ — Mega Matrix Inc. (“MPU” or the “Company”) (NYSE American: MPU), today announced year-end financial results for its fiscal year 2024 ended December 31, 2024. 


Financial Highlights

  • In 2024, the Company’s total annual revenue reached a record high of $36.2 million, primarily driven by approximately $31.6 million from membership and top-up streaming services, and approximately $3.7 million from online advertising services. The Asia-Pacific market accounted for about 44.89% of the total revenue, and the United States and Canada contributed about 37.11%.
  • As for profitability, the Company achieved a gross profit of about $21.0 million in 2024, resulting in a gross profit margin of 58.09%.

Operational Highlights

  • In 2024, the revenue from membership and top-up streaming services was approximately $31.6 million and user recharge reached approximately $33.4 million.
  • During 2024, the Company had 10.0 million total active users and 1.0 million total paying users. The average revenue per user (ARPU) was approximately $3.15 while the average revenue per paying user (ARPUU) was approximately $31.22. Period Active Users (PAU) from the United States and Canada accounted for approximately 20.5% of the PAU user base, and 36.5% were from the Asia-Pacific region, making theses the Company’s two largest user markets. The ARPU in the two regions were approximately $6.53 and $3.15, respectively.
  • As of March 31, 2025, FlexTV’s content library included approximately 560 short dramas, spanning over 2,400 titles in 15 languages. Among these, around 90 short dramas are self-produced, with half originally created in English.
  • In a strategic move to expand our global footprint in 2024, the Company established strategic cooperation with international partners. This includes a plan to start a joint venture with 9Yards to launch a $100 million investment fund focusing on short drama production and AI-driven projects, and a collaboration with Telkomsel to introduce FlexTV’s short drama content to the Indonesian market through telecom packages.


Management Commentary

Mr. Yucheng Hu, CEO of MPU, commented, “In 2024, FlexTV achieved remarkable growth across multiple fronts, delivering strong revenue performance and a significant increase in original content output, while maintaining steady user engagement that validates our strategic direction. Our innovative short dramas, specifically designed for vertical viewing, continue to resonate deeply with audiences, solidifying our position as a pioneer in this area.

In 2025, we will continue to expand FlexTV’s content library, deepen partnerships, and enhance user engagement, driving sustained growth and innovation in the global short drama market, reaffirming our confidence in FlexTV’s potential to deliver value to both audiences and shareholders.”

About Mega Matrix Inc.: Mega Matrix Inc. (NYSE American: MPU) is a holding company and operates FlexTV, a short-video streaming platform and producer of short dramas, through Yuder Pte, Ltd., an indirect wholly owned subsidiary of the Company. Mega Matrix Inc. is a Cayman Islands corporation headquartered in Singapore. For more information, please contact info@megamatrix.io or visit: http://www.megamatrix.io.

Key Metrics

The numbers for our key metrics, which include our period active users (PAU), period paying users (PPU), average membership and top-up streaming service revenue per active user (ARPU), and average membership and top-up streaming service revenue per paying user (ARPPU), are calculated using internal company data based on the activity of user accounts. We define an active user as a user who has downloaded and opened the FlexTV app at least once. We define a paying user as a user who has registered for a membership or has topped up, provided a method of payment, and is entitled to access FlexTV services (this membership or topping up does not include participation in free trials or other promotional offers extended by FlexTV to new users). We define ARPU as average membership and top-up streaming services revenue generated by each active user in one quarter. We define ARPPU as average membership and top-up streaming services revenue generated by each paying user in one quarter. We use these metrics to assess the growth and health of the overall business and believe that ARPU best reflects our ability to attract, retain, engage and monetize our users, and thereby drive revenue. While these numbers are based on what we believe to be reasonable estimates of our user base for the applicable period of measurement, there are inherent challenges in measuring usage of our products across large online and mobile populations around the world. In addition, we are continually seeking to improve our estimates of our user base, and such estimates may change due to improvements or changes in technology or our methodology.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. All statements in this press release other than statements that are purely historical are forward looking statements. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose,” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees for future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, are: the ability to manage growth; ability to identify and integrate future acquisitions; ability to grow and expand our FlexTV business; ability to obtain additional financing in the future to fund capital expenditures; fluctuations in general economic and business conditions; costs or other factors adversely affecting the Company’s profitability; litigation involving patents, intellectual property, and other matters; potential changes in the legislative and regulatory environment; a pandemic or epidemic; the possibility that the Company may not succeed in developing its new lines of businesses due to, among other things, changes in the business environment, competition, changes in regulation, or other economic and policy factors; and the possibility that the Company’s new lines of business may be adversely affected by other economic, business, and/or competitive factors. The forward-looking statements in this press release and the Company’s future results of operations are subject to additional risks and uncertainties set forth under the heading “Risk Factors” in documents filed by the Company with the Securities and Exchange Commission (“SEC”), including the Company’s latest annual report on Form 20-F, filed with the SEC on March 28, 2025, and are based on information available to the Company on the date hereof. In addition, such risks and uncertainties include the Company’s inability to predict or control bankruptcy proceedings and the uncertainties surrounding the ability to generate cash proceeds through the sale or other monetization of the Company’s assets. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release.

Disclosure Channels

We announce material information about the Company and its services and for complying with our disclosure obligation under Regulation FD via the following social media channels:

X (f/k/a Twitter):

twitter.com/MegaMatrixMPU 

Facebook:

facebook.com/megamatrixmpu 

facebook.com/flextvus 

LinkedIn:

linkedin.com/company/megamatrixmpu

TikTok:

tiktok.com/@flextv_english

YouTube:

youtube.com/@FlexTV_English

The Company will also use its landing page on its corporate website (www.megamatrix.io) to host social media disclosures and/or links to/from such disclosures. The information we post through these social media channels may be deemed material. Accordingly, investors should monitor these social media channels in addition to following our website, press releases, SEC filings and public conference calls and webcasts. The social media channels that we intend to use as a means of disclosing the information described above may be updated from time to time as listed on our website.

For inquiries, please contact: Info@megamatrix.io

 

Butterfork Launches the Purest Series: The Kitchen Knives Redefining Precision, Durability, and Style

DOVER, Del., March 28, 2025 /PRNewswire/ — Butterfork, a brand known for its commitment to precision and performance, has officially launched the Purest Series of kitchen knives. This new collection blends exceptional functionality with a refined, sleek design, ideal for both professional chefs and passionate home cooks. The Purest Series promises to elevate the culinary experience, offering knives that combine unmatched precision, durability, and style for the modern kitchen.

Butterfork Launches the Purest Series: The Kitchen Knives Redefining Precision, Durability, and Style
Butterfork Launches the Purest Series: The Kitchen Knives Redefining Precision, Durability, and Style

Uncompromising Quality: CATRA-Tested Performance

The knives in the Purest Series have undergone rigorous testing by the Cutlery and Allied Trades Research Association (CATRA), the global leader in cutlery performance evaluation. With an Excellent rating in both initial sharpness and wear resistance, these knives have been proven to stay sharper and perform longer than many alternatives on the market. The third-party certification from CATRA provides chefs and home cooks with the assurance that these knives will continue to perform at their highest level for years to come.

The Essential Kitchen Set: Four Purpose-Built Knives

The Purest Series features four knives, each designed with specific culinary tasks in mind:

  • Chef’s Knife: This all-purpose knife is ideal for everything from chopping vegetables to slicing meat. It provides exceptional precision and comfort for both professional chefs and home cooks alike.
  • Bread Knife: The serrated edge of this knife glides effortlessly through crusty loaves of bread, ensuring clean, even slices without crushing delicate pastries.
  • Nakiri Knife: Inspired by Japanese craftsmanship, this knife is designed specifically for vegetable preparation. Its wide, flat blade offers superior control for chopping, dicing, and slicing, making it a top choice for vegetable-centric dishes.
  • Paring Knife: Perfect for intricate tasks such as peeling, trimming, and coring, this knife allows chefs to handle delicate ingredients with precision.

Crafted for Precision: Butterfork-S Steel

Each knife in the Purest Series is crafted from Butterfork-S, a proprietary high-carbon stainless steel developed for ultimate performance. The steel’s unique blend of carbon, chromium, and other elements ensures that these knives retain their sharp edge 2.78x longer than standard knives. In addition to its impressive edge retention, the Butterfork-S steel also offers enhanced corrosion resistance, ensuring that these knives stay sharp and durable even with heavy use.

Elegant Customization for Every Chef

In addition to their performance, the knives in the Purest Series offer customizable handles in six vibrant colors. Whether one prefers a classic black handle or a Yellow statement, Butterfork allows each chef to personalize their knife set, ensuring that their tools reflect their unique style.

Durable and Reliable

Built to withstand the demands of both professional kitchens and home cooking environments, the Purest Series knives are designed for durability and reliability. Their robust construction, combined with easy maintenance, ensures that these knives will remain an essential tool in any kitchen for years to come.

About Butterfork

Founded in 2024, Butterfork is committed to revolutionizing the kitchenware industry by merging cutting-edge design with exceptional quality. With over 25 years of experience in the craft of kitchen knives, Butterfork is dedicated to delivering products that combine innovation, form, and function to meet the needs of chefs and home cooks alike.

Take Action Today

The Purest Series is available now. Discover the ultimate fusion of style, precision, and durability by visiting www.butterfork.com. Follow Butterfork on Instagram, Facebook, and YouTube for the latest updates and exclusive offers. Don’t miss the opportunity to elevate your kitchen with the finest tools available.

Media Contact:
info@butterfork.com 
caroline@butterfork.com

Trinasolar develops world’s first 800W+ tandem module, ushering in a new era

CHANGZHOU, China, March 28, 2025 /PRNewswire/ — Trinasolar, a global leader in smart PV and energy storage solutions, has announced that it has developed the world’s first industrial-standard solar PV module delivering over 800W of maximum power. The 3.1m2 module, produced with 210mmx105mm perovskite/silicon tandem solar cells, has achieved peak power output of 808W, certified by the global testing, inspection and certifying body TÜV SÜD.

“This is a monumental breakthrough for perovskite/silicon tandem solar modules and a key milestone in PV technology,” said Gao Jifan, Chairman and CEO of Trinasolar.

“The successful development of the world’s first 808W perovskite/silicon tandem solar module with a 210mm industrial-standard size is a significant step toward the industrialization of tandem modules. This achievement also reinforces Trinasolar’s leadership in PV innovation.”

As conventional silicon-based solar cell efficiency nears its theoretical limit, high-efficiency tandem cells have attracted increasing attention. Perovskite tandem technology has the potential to exceed these limitations, with theoretical efficiencies reaching up to 43%. As a transformative solution for next-generation solar energy, perovskite/silicon tandem technology is poised to become the new industry standard, signaling a historic shift from silicon-based solar cells to tandem solar cells and ushering in a new era of sustainable development.

Trinasolar invests substantially in research and development, and over 10 years has been a pioneer in perovskite tandem cell technology. In collaboration with universities including Nanjing University, Jiangsu province and the Chinese Academy of Sciences, the company has led numerous national research projects in this domain. The company has filed 331 patents related to tandem technology and has significantly improved conversion efficiency through advances in perovskite bulk doping, interface engineering and composite layer design. This work has laid the foundation for the industrialization of perovskite/silicon tandem modules.

Trinasolar, committed to its mission of “Solar Energy for All”, will continue to drive energy transition through technological innovation, contributing to a more sustainable and net-zero future.

 

Korea Zinc Announces AGM Results, with the Current Management Retaining Control of the Board with Overwhelming Shareholder Support

SEOUL, South Korea, March 28, 2025 /PRNewswire/ — Korea Zinc (KRX:010130) announced on March 28 that it has successfully concluded its annual general meeting (AGM), with the current management retaining board control in contention against MBK and Young Poong.

Korea Zinc’s 51st AGM was held at Yongsan, Seoul. The participants in the meeting demonstrated strong support for the current management, underscoring the outstanding business performance and shareholder returns Korea Zinc has managed to continuously deliver upon.

Korea Zinc employees, key technical staff, labor unions, partner companies, and civil society groups in Ulsan have consistently voiced firm support for the current management. Public sentiment on assisting the current management had also grown rapidly, particularly due to the recent developments in Homeplus abruptly filing for corporate rehabilitation which drew close parallels to Korea Zinc’s situation.

On the day of the AGM, Korea Zinc labor union members traveled from Ulsan to Seoul to stand in solidarity with the current management of Korea Zinc. Of particular note, the labor union of Homeplus also staged a protest in front of the venue, issuing warnings on the potential dangers of private equity firms.

Inside the AGM venue, many shareholders called for measures to protect the company from potential destabilization from outside influence. These concerns were able to gain traction as Korea Zinc is a core national industry that plays a vital role in resource security and the global strategic mineral supply chain.

Board Size Capped at 19, Enhancing Efficiency and Stability
At the AGM, Korea Zinc approved its consolidated and separate financial statements for the 51st fiscal year (2024). Shareholders also approved a cash dividend of KRW 7,500 per common share and resolved to transfer KRW 1.6689 trillion from discretionary reserves to retained earnings.

Additionally, five amendments to the company’s articles of incorporation were addressed, including a cap on the number of board directors. Four key proposals were passed:

  • Capping the number of directors at 19
  • Appointing an outside director as board chair
  • Changing the dividend record date
  • Introducing quarterly dividends

The proposal to set a maximum of 19 board members was approved with over 70% support from voting shareholders. This move is expected to improve board stability and prevent inefficiencies in corporate decision-making. Leading global proxy advisory firms, including ISS, Glass Lewis, and Sustinvest, had previously unanimously recommended limiting board size to an appropriate level, aligning Korea Zinc’s governance with global standards.

The proposal to appoint an outside director as board chair also gained strong shareholder support. This shift is expected to enhance governance independence and strengthen oversight, as an external director free from controlling shareholder influence will now preside over the board.

The introduction of quarterly dividends and the adjustment of the dividend record date mark another significant change. These measures will enhance dividend predictability and lay the groundwork for increasing corporate value.

Directors Appointed via Cumulative Voting for the First Time, Strengthening Compliance with Audit Committee Appointments

A vote over the agenda of appointing directors was also conducted at the AGM. Following the approval of an amendment to the articles of association, which set a cap on the number of directors, the agenda to appoint 8 directors through a cumulative voting system was presented, based on the new limit of 19 total directors. The cumulative voting system, adopted at the extraordinary general shareholders’ meeting (EGM) in January, grants shareholders voting rights proportional to the number of directors being elected per share, focusing on enhancing the rights of minority shareholders and increasing the diversity of the board.

Consequently, 5 out of 8 director candidates recommended by Korea Zinc were appointed. The new board members include an internal director, CEO Park Ki-Deok, and external directors including Kwon Soon-beom (Managing Partner, Law Firm Sol), Kim Bo-young (Professor, Hanyang University Business School), James Andrew Murphy (Senior Advisor, Oliver Wyman), and Tammy Chung (Dean, Myongji University Business School).

The newly appointed members of the Audit Committee include Kwon Soon-beom (Managing Partner, Law Firm Sol), Lee Min-ho (Head of ESG Research Center, Yulchon Law Firm), and Seo Dae-won (Chairman, BnH Tax Corporation). It is expected that both Kwon and Lee will contribute to strengthening the board’s compliance management system based on their extensive experiences in the legal field. Additionally, Seo is expected to provide advice on corporate taxation and capital transactions, helping to enhance accounting transparency with his background in roles such as Planning and Coordination Director at the National Tax Service, Director of Corporate Taxation, and Deputy Director.

A representative from Korea Zinc stated, “Many shareholders and citizens have strongly agreed that we must protect Korea Zinc, a key national industry, from takeover threats,” and added, “We will continue to support South Korea’s resource security and play a central role in the global strategic minerals supply chain, while doing our best to meet the expectations of shareholders and citizens.”

 

Diabetes Association Unveils T-CaReMe Taipei Declaration at the Asia Diabetes International Conference

In an effort to achieve a target of 80% of patients controlling the three highs and protecting kidney health within eight years, Taiwan leads the international trend of precise prevention with public-private collaboration in response to the new health goals of Healthy Taiwan.


TAIPEI, TAIWAN – Media OutReach Newswire – 28 March 2025 – As the global aging process accelerates, the prevention and care of chronic diseases have become a top priority for countries worldwide. The Taiwanese government has actively responded to international trends by promoting the “Healthy Taiwan” policy and launching the “Three Highs Prevention 888 Plan.” At the third “Healthy Taiwan Promotion Committee” meeting held last month, new goals were announced to reduce the standardized mortality rate of chronic diseases related to the three highs by one-third by 2030, aiming to strengthen chronic disease prevention and control measures through public-private collaboration. In alignment with the vision of “Healthy Taiwan” and the 888 Plan, and connecting with the international trend of “precision prevention” of chronic disease management, the Taiwan Diabetes Association formally presented the “T-CaReMe Precision Care Taipei Declaration” at the Asia Diabetes International Conference.

Figure 1: Group photo of the T-CaReME Taipei Declaration, from left to right are: Vice Chairman Li Wen-Ling, Secretary-General Hsu Yong-He, Supervisor Chuang Li-Min, Director Wu Chao-Jun, Director Shih Chong-Liang, Professor Yutaka Seino, Chairman Huang Chien-Ning, Academician Chen Chien-Jen, Professor Moon-Kyu Lee, Professor Daisuke Yabe, Vice President Hsu Hui-Heng, and Chairman Ouh Hong-Yi.
Figure 1: Group photo of the T-CaReME Taipei Declaration, from left to right are: Vice Chairman Li Wen-Ling, Secretary-General Hsu Yong-He, Supervisor Chuang Li-Min, Director Wu Chao-Jun, Director Shih Chong-Liang, Professor Yutaka Seino, Chairman Huang Chien-Ning, Academician Chen Chien-Jen, Professor Moon-Kyu Lee, Professor Daisuke Yabe, Vice President Hsu Hui-Heng, and Chairman Ouh Hong-Yi.

With a comprehensive national health insurance system in place, Taiwan ensures that every high-risk group can receive proactive prevention and personalized management early on, demonstrating international competitiveness in the accessibility and completeness of chronic disease care. To address the increasingly severe challenge of chronic diseases—particularly hypertension, hyperlipidemia, diabetes (the three highs), and chronic kidney disease—the Taiwan Diabetes Association unveiled the “T-CaReMe Precision Care Taipei Declaration” at the 17th Scientific Meeting of the Asian Association for the Study of Diabetes (AASD). This declaration was made in witness of various governmental agencies, academic institutions, and medical associations, including the Asian Association for the Study of Diabetes, the National Health Insurance Administration, the Health Promotion Administration, Academia Sinica, the National Health Research Institutes, the Taiwan Society of Nephrology, and the Taiwan Society of Cardiology. The declaration responds to the government’s vision of “Healthy Taiwan” and the goals of the 888 Plan, which focus on delaying disability and increasing life expectancy. It proposes a comprehensive health care model for chronic diseases centered around risk stratification, precision medicine, and digital management, further promoting the integration of holistic health care and medical services, while fostering interdisciplinary collaboration to drive a new paradigm of chronic disease prevention and treatment.

Figure 2: On the left is Academician Chen Chien-Jen from the Academia Sinica, and on the right is Chairman Huang Chien-Ning of the Chinese Society of Diabetes, together taking a commemorative photo for the announcement of the T-CaReMe Taipei Declaration.
Figure 2: On the left is Academician Chen Chien-Jen from the Academia Sinica, and on the right is Chairman Huang Chien-Ning of the Chinese Society of Diabetes, together taking a commemorative photo for the announcement of the T-CaReMe Taipei Declaration.

New Health Goals for Healthy Taiwan: Reduce Standardized Mortality Rate of Chronic Diseases Related to the Three Highs by One-Third

The Taiwan Diabetes Association Unveils T-CaReMe Declaration to Promote Precision Care Blueprint for Kidney Health in Relation to the Three Highs

With the trends of aging, prolonged illness, and the emergence of chronic diseases at younger ages, chronic disease prevention and management have become a global focus. Taiwan is following international trends by establishing the “Healthy Taiwan Promotion Committee,” which has set two major health goals for the next eight years: to increase the average life expectancy of the population from 79 to 82 years and to reduce the proportion of unhealthy life expectancy from 10% to 8%. To strengthen chronic disease management, the government recently announced a target at the Healthy Taiwan Promotion Committee meeting to “reduce the standardized mortality rate of chronic diseases related to the three highs by one-third by 2030,” along with comprehensive strategies promoting healthy lifestyles, obesity prevention, and holistic management of chronic diseases, through public-private collaboration to enhance health policies and reduce the risks of chronic diseases and disabilities.

The Taiwan Diabetes Association has released the “T-CaReMe Precision Care Taipei Declaration,” making “Kidney Protection in Relation to the Three Highs” a core focus. Through the T-CaReMe initiative, the vision of “risk stratification, precision medicine, digital management, and increased life expectancy” is implemented, along with five key action frameworks: promoting precise risk diagnostics, standardized clinical guidelines, personalized health management, data sharing, and interdisciplinary collaboration. The goal is to ensure that 80% of patients with the three highs and kidney disease achieve control of blood glucose, blood pressure, and blood lipids while ensuring that 80% of kidney disease patients receive care and medication guidance from care managers, thereby enhancing survival rates and improving health quality, creating a stronger defense for chronic disease care in the population.

Risk Stratification × Precision Medicine: T-CaReMe Initiative Launches a New Future for Chronic Disease Management

International Experts Gather to Establish Taiwan as a Demonstration Base for Chronic Disease Care

The T-CaReMe Taipei Declaration focuses on precise risk diagnostic classification and assessment, aiming to accurately identify high-risk populations and improve the effectiveness of chronic disease management. Through expert consensus and clinical risk stratification, as well as medical guidelines, the initiative integrates clinical data with international standards to ensure that patients receive personalized health management and appropriate treatment. Additionally, the declaration emphasizes collaboration across nations and disciplines, engaging in precision medicine and research achievements in the realm of chronic diseases in the Asia-Pacific region, influencing public health policies and improving chronic disease care outcomes, while developing a more precise and accessible holistic health care approach, solidifying Taiwan’s position as a regional demonstration base.

The meeting brought together experts and scholars from the National Health Insurance Administration, the Health Promotion Administration, Academia Sinica, and the National Health Research Institutes, along with representatives from the International Diabetes Federation (IDF-WPR) and the Asian Association for the Study of Diabetes (AASD), to witness the official launch of the “T-CaReMe Precision Care Taipei Declaration.” The Taiwan Diabetes Association stated that the declaration not only lays the groundwork for Taiwan’s development blueprint in precision chronic disease care and kidney health management related to the three highs but also aims to promote upgrades in chronic disease management models, enhance interdisciplinary collaboration, and build a more comprehensive health care system, driving improvements in global chronic disease care quality and prosperity starting from Taiwan.

Dr. Wu Mai-Su, President of the Taiwan Society of Nephrology, noted that although Taiwan has developed risk stratification and data-driven personalized treatment, standardized guidelines have yet to be incorporated, and clinical applications still have room for improvement, especially in the integrated management of kidney disease and diabetes. He expressed that through the T-CaReMe initiative, interdisciplinary collaboration can facilitate the integration of chronic kidney disease risk and comorbid management with diabetes and hypertension, contributing to higher patient survival rates and better kidney function maintenance. Dr. Li Yi-Heng, President of the Taiwan Society of Cardiology, emphasized that risk stratification and data-driven personalized management can effectively reduce the incidence of cardiovascular events, further strengthening the health defenses of the population. Dr. Hsu Hui-Heng, Deputy Director of the National Health Research Institutes, stated that the application of precision medicine will play a crucial role in future chronic disease management. The National Health Research Institutes is actively exploring several initiatives, such as using AI technology and big data to establish smart risk prediction systems, believing that under the visionary actions of the T-CaReMe initiative, there will be further optimization of precise predictions for cardiovascular, kidney, and metabolic disease risks, providing better scientific bases for the prevention of primary and secondary complications and organ damage associated with chronic diseases, thus realizing Taiwan’s health blueprint.

Aligning with International Standards! T-CaReMe Initiative Promotes a New Paradigm of Precision Chronic Disease Management

Taiwan will construct a comorbidity risk database within two years. The T-CaReMe initiative calls on all sectors to build a defense against chronic diseases.

In recent years, the Health Promotion Administration has actively promoted the “Scientific Disease Calculation Center” and risk prediction tools to enhance public health literacy and self-management awareness, delaying the onset of chronic diseases through proactive health education. Meanwhile, the National Health Insurance Administration has introduced AI risk stratification tools and a tiered care system, promoting the “Everyone’s Health Platform” and comprehensive, patient-centered care to improve care efficiency and resource utilization. Professor Chen Chih-Hong, Vice Convener of the Healthy Taiwan Promotion Committee, stated that the T-CaReMe initiative aligns closely with government policies integrating prevention and treatment, reflecting the core spirit advocated by the 888 Plan. In the future, it is hoped that all sectors will work together to deepen interdisciplinary collaboration and public-private integration, creating a sustainable and resilient model for chronic disease care.

The global healthcare community has identified precise risk assessment and personalized treatment as key trends in chronic disease management. The latest diabetes care guidelines particularly address the comorbidity risks associated with the three highs and kidney disease, suggesting earlier intervention in cardiovascular and kidney health management and enhancing data-driven diagnostic models. The importance of early screening and treatment is emphasized, and precise risk assessment and integration of patient data will be core development directions for future chronic disease management. These international trends indicate that global chronic disease management is moving towards precision medicine, digital monitoring, and interdisciplinary integration, which aligns closely with the goals of the T-CaReMe initiative.

The Taiwan Diabetes Association took action as early as 2023, collaborating with 12 medical institutions in Taiwan to join the iCaReMe global registry program. Through interdisciplinary integrated care, patient tracking, and the application of clinical data, it not only provides more precise risk assessments and patient profiles but also effectively monitors and optimizes treatment outcomes, which has been shown to improve patients’ health conditions. Chairman Huang Jian-Ning shared that the short-term goal of the T-CaReMe initiative is to construct a representative database within two years. By analyzing lifestyle factors, it aims to more accurately assess the comorbidity risks of different patients. Implementing a comprehensive model for precision chronic disease care requires not only efforts from the medical community but also active participation from government agencies, academic institutions, industry partners, and civic groups to jointly promote data integration and personalized health management, ensuring that risk stratification and standardized guidelines are continually refined, while enhancing chronic disease management effectiveness in Taiwan and the Asia-Pacific region.

Yutaka Seino, Chair of the Asian Association for the Study of Diabetes conference, stated that Taiwan has consistently been at the forefront of chronic disease prevention and treatment in Asia, and he hopes that through public-private collaboration and interdisciplinary cooperation, Taiwan can lead the global improvement of chronic disease care quality.
Hashtag: #DiabetesAssociation

The issuer is solely responsible for the content of this announcement.

Diabetes Association Unveils T-CaReMe Taipei Declaration at the Asia Diabetes International Conference

In an effort to achieve a target of 80% of patients controlling the three highs and protecting kidney health within eight years, Taiwan leads the international trend of precise prevention with public-private collaboration in response to the new health goals of Healthy Taiwan.


TAIPEI, TAIWAN – Media OutReach Newswire – 28 March 2025 – As the global aging process accelerates, the prevention and care of chronic diseases have become a top priority for countries worldwide. The Taiwanese government has actively responded to international trends by promoting the “Healthy Taiwan” policy and launching the “Three Highs Prevention 888 Plan.” At the third “Healthy Taiwan Promotion Committee” meeting held last month, new goals were announced to reduce the standardized mortality rate of chronic diseases related to the three highs by one-third by 2030, aiming to strengthen chronic disease prevention and control measures through public-private collaboration. In alignment with the vision of “Healthy Taiwan” and the 888 Plan, and connecting with the international trend of “precision prevention” of chronic disease management, the Taiwan Diabetes Association formally presented the “T-CaReMe Precision Care Taipei Declaration” at the Asia Diabetes International Conference.

Figure 1: Group photo of the T-CaReME Taipei Declaration, from left to right are: Vice Chairman Li Wen-Ling, Secretary-General Hsu Yong-He, Supervisor Chuang Li-Min, Director Wu Chao-Jun, Director Shih Chong-Liang, Professor Yutaka Seino, Chairman Huang Chien-Ning, Academician Chen Chien-Jen, Professor Moon-Kyu Lee, Professor Daisuke Yabe, Vice President Hsu Hui-Heng, and Chairman Ouh Hong-Yi.
Figure 1: Group photo of the T-CaReME Taipei Declaration, from left to right are: Vice Chairman Li Wen-Ling, Secretary-General Hsu Yong-He, Supervisor Chuang Li-Min, Director Wu Chao-Jun, Director Shih Chong-Liang, Professor Yutaka Seino, Chairman Huang Chien-Ning, Academician Chen Chien-Jen, Professor Moon-Kyu Lee, Professor Daisuke Yabe, Vice President Hsu Hui-Heng, and Chairman Ouh Hong-Yi.

With a comprehensive national health insurance system in place, Taiwan ensures that every high-risk group can receive proactive prevention and personalized management early on, demonstrating international competitiveness in the accessibility and completeness of chronic disease care. To address the increasingly severe challenge of chronic diseases—particularly hypertension, hyperlipidemia, diabetes (the three highs), and chronic kidney disease—the Taiwan Diabetes Association unveiled the “T-CaReMe Precision Care Taipei Declaration” at the 17th Scientific Meeting of the Asian Association for the Study of Diabetes (AASD). This declaration was made in witness of various governmental agencies, academic institutions, and medical associations, including the Asian Association for the Study of Diabetes, the National Health Insurance Administration, the Health Promotion Administration, Academia Sinica, the National Health Research Institutes, the Taiwan Society of Nephrology, and the Taiwan Society of Cardiology. The declaration responds to the government’s vision of “Healthy Taiwan” and the goals of the 888 Plan, which focus on delaying disability and increasing life expectancy. It proposes a comprehensive health care model for chronic diseases centered around risk stratification, precision medicine, and digital management, further promoting the integration of holistic health care and medical services, while fostering interdisciplinary collaboration to drive a new paradigm of chronic disease prevention and treatment.

Figure 2: On the left is Academician Chen Chien-Jen from the Academia Sinica, and on the right is Chairman Huang Chien-Ning of the Chinese Society of Diabetes, together taking a commemorative photo for the announcement of the T-CaReMe Taipei Declaration.
Figure 2: On the left is Academician Chen Chien-Jen from the Academia Sinica, and on the right is Chairman Huang Chien-Ning of the Chinese Society of Diabetes, together taking a commemorative photo for the announcement of the T-CaReMe Taipei Declaration.

New Health Goals for Healthy Taiwan: Reduce Standardized Mortality Rate of Chronic Diseases Related to the Three Highs by One-Third

The Taiwan Diabetes Association Unveils T-CaReMe Declaration to Promote Precision Care Blueprint for Kidney Health in Relation to the Three Highs

With the trends of aging, prolonged illness, and the emergence of chronic diseases at younger ages, chronic disease prevention and management have become a global focus. Taiwan is following international trends by establishing the “Healthy Taiwan Promotion Committee,” which has set two major health goals for the next eight years: to increase the average life expectancy of the population from 79 to 82 years and to reduce the proportion of unhealthy life expectancy from 10% to 8%. To strengthen chronic disease management, the government recently announced a target at the Healthy Taiwan Promotion Committee meeting to “reduce the standardized mortality rate of chronic diseases related to the three highs by one-third by 2030,” along with comprehensive strategies promoting healthy lifestyles, obesity prevention, and holistic management of chronic diseases, through public-private collaboration to enhance health policies and reduce the risks of chronic diseases and disabilities.

The Taiwan Diabetes Association has released the “T-CaReMe Precision Care Taipei Declaration,” making “Kidney Protection in Relation to the Three Highs” a core focus. Through the T-CaReMe initiative, the vision of “risk stratification, precision medicine, digital management, and increased life expectancy” is implemented, along with five key action frameworks: promoting precise risk diagnostics, standardized clinical guidelines, personalized health management, data sharing, and interdisciplinary collaboration. The goal is to ensure that 80% of patients with the three highs and kidney disease achieve control of blood glucose, blood pressure, and blood lipids while ensuring that 80% of kidney disease patients receive care and medication guidance from care managers, thereby enhancing survival rates and improving health quality, creating a stronger defense for chronic disease care in the population.

Risk Stratification × Precision Medicine: T-CaReMe Initiative Launches a New Future for Chronic Disease Management

International Experts Gather to Establish Taiwan as a Demonstration Base for Chronic Disease Care

The T-CaReMe Taipei Declaration focuses on precise risk diagnostic classification and assessment, aiming to accurately identify high-risk populations and improve the effectiveness of chronic disease management. Through expert consensus and clinical risk stratification, as well as medical guidelines, the initiative integrates clinical data with international standards to ensure that patients receive personalized health management and appropriate treatment. Additionally, the declaration emphasizes collaboration across nations and disciplines, engaging in precision medicine and research achievements in the realm of chronic diseases in the Asia-Pacific region, influencing public health policies and improving chronic disease care outcomes, while developing a more precise and accessible holistic health care approach, solidifying Taiwan’s position as a regional demonstration base.

The meeting brought together experts and scholars from the National Health Insurance Administration, the Health Promotion Administration, Academia Sinica, and the National Health Research Institutes, along with representatives from the International Diabetes Federation (IDF-WPR) and the Asian Association for the Study of Diabetes (AASD), to witness the official launch of the “T-CaReMe Precision Care Taipei Declaration.” The Taiwan Diabetes Association stated that the declaration not only lays the groundwork for Taiwan’s development blueprint in precision chronic disease care and kidney health management related to the three highs but also aims to promote upgrades in chronic disease management models, enhance interdisciplinary collaboration, and build a more comprehensive health care system, driving improvements in global chronic disease care quality and prosperity starting from Taiwan.

Dr. Wu Mai-Su, President of the Taiwan Society of Nephrology, noted that although Taiwan has developed risk stratification and data-driven personalized treatment, standardized guidelines have yet to be incorporated, and clinical applications still have room for improvement, especially in the integrated management of kidney disease and diabetes. He expressed that through the T-CaReMe initiative, interdisciplinary collaboration can facilitate the integration of chronic kidney disease risk and comorbid management with diabetes and hypertension, contributing to higher patient survival rates and better kidney function maintenance. Dr. Li Yi-Heng, President of the Taiwan Society of Cardiology, emphasized that risk stratification and data-driven personalized management can effectively reduce the incidence of cardiovascular events, further strengthening the health defenses of the population. Dr. Hsu Hui-Heng, Deputy Director of the National Health Research Institutes, stated that the application of precision medicine will play a crucial role in future chronic disease management. The National Health Research Institutes is actively exploring several initiatives, such as using AI technology and big data to establish smart risk prediction systems, believing that under the visionary actions of the T-CaReMe initiative, there will be further optimization of precise predictions for cardiovascular, kidney, and metabolic disease risks, providing better scientific bases for the prevention of primary and secondary complications and organ damage associated with chronic diseases, thus realizing Taiwan’s health blueprint.

Aligning with International Standards! T-CaReMe Initiative Promotes a New Paradigm of Precision Chronic Disease Management

Taiwan will construct a comorbidity risk database within two years. The T-CaReMe initiative calls on all sectors to build a defense against chronic diseases.

In recent years, the Health Promotion Administration has actively promoted the “Scientific Disease Calculation Center” and risk prediction tools to enhance public health literacy and self-management awareness, delaying the onset of chronic diseases through proactive health education. Meanwhile, the National Health Insurance Administration has introduced AI risk stratification tools and a tiered care system, promoting the “Everyone’s Health Platform” and comprehensive, patient-centered care to improve care efficiency and resource utilization. Professor Chen Chih-Hong, Vice Convener of the Healthy Taiwan Promotion Committee, stated that the T-CaReMe initiative aligns closely with government policies integrating prevention and treatment, reflecting the core spirit advocated by the 888 Plan. In the future, it is hoped that all sectors will work together to deepen interdisciplinary collaboration and public-private integration, creating a sustainable and resilient model for chronic disease care.

The global healthcare community has identified precise risk assessment and personalized treatment as key trends in chronic disease management. The latest diabetes care guidelines particularly address the comorbidity risks associated with the three highs and kidney disease, suggesting earlier intervention in cardiovascular and kidney health management and enhancing data-driven diagnostic models. The importance of early screening and treatment is emphasized, and precise risk assessment and integration of patient data will be core development directions for future chronic disease management. These international trends indicate that global chronic disease management is moving towards precision medicine, digital monitoring, and interdisciplinary integration, which aligns closely with the goals of the T-CaReMe initiative.

The Taiwan Diabetes Association took action as early as 2023, collaborating with 12 medical institutions in Taiwan to join the iCaReMe global registry program. Through interdisciplinary integrated care, patient tracking, and the application of clinical data, it not only provides more precise risk assessments and patient profiles but also effectively monitors and optimizes treatment outcomes, which has been shown to improve patients’ health conditions. Chairman Huang Jian-Ning shared that the short-term goal of the T-CaReMe initiative is to construct a representative database within two years. By analyzing lifestyle factors, it aims to more accurately assess the comorbidity risks of different patients. Implementing a comprehensive model for precision chronic disease care requires not only efforts from the medical community but also active participation from government agencies, academic institutions, industry partners, and civic groups to jointly promote data integration and personalized health management, ensuring that risk stratification and standardized guidelines are continually refined, while enhancing chronic disease management effectiveness in Taiwan and the Asia-Pacific region.

Yutaka Seino, Chair of the Asian Association for the Study of Diabetes conference, stated that Taiwan has consistently been at the forefront of chronic disease prevention and treatment in Asia, and he hopes that through public-private collaboration and interdisciplinary cooperation, Taiwan can lead the global improvement of chronic disease care quality.
Hashtag: #DiabetesAssociation

The issuer is solely responsible for the content of this announcement.

ZGC Forum highlights cutting-edge technology

BEIJING, March 28, 2025 /PRNewswire/ — A news report from China Daily: Advanced technology and top scientific achievements are in the spotlight at the 2025 Zhongguancun Forum Annual Conference, which opened on Thursday in Beijing, attracting over 1,000 guests from more than 100 countries and regions.

Humanoid robots attract the attention of a guest during the 2025 Zhongguancun Forum Annual Conference at the Zhongguancun International Innovation Center in Beijing on Thursday. The conference, with the theme "New Quality Productive Forces and Global Science and Technology Cooperation", opened on Thursday and will run through Monday. It has attracted more than 1,000 participants from over 100 countries and regions to discuss cutting-edge technologies. WANG JING/CHINA DAILY
Humanoid robots attract the attention of a guest during the 2025 Zhongguancun Forum Annual Conference at the Zhongguancun International Innovation Center in Beijing on Thursday. The conference, with the theme “New Quality Productive Forces and Global Science and Technology Cooperation”, opened on Thursday and will run through Monday. It has attracted more than 1,000 participants from over 100 countries and regions to discuss cutting-edge technologies. WANG JING/CHINA DAILY

The five-day event, also known as the ZGC Forum, features 128 activities in five major areas: forums, technology trade, achievements, innovation competitions and supporting events. This year’s theme is “New Quality Productive Forces and Global Science and Technology Cooperation”.

While addressing the forum’s opening ceremony, Vice-Premier Zhang Guoqing said that China is willing to work with other countries to explore new models of mutually beneficial and win-win sci-tech cooperation, in order to drive the development of new quality productive forces amid the deepening new round of sci-tech revolution and industrial transformation.

China has been deeply implementing an innovation-driven development strategy and achieving fruitful results in the integration of sci-tech and industrial innovation, while continuously strengthening the momentum of new industrialization and steadily developing new quality productive forces, Zhang noted.

Suliman Almazroua, CEO of Saudi Arabia’s National Industrial Development and Logistics Program, who attended the opening ceremony, said, “The forum is highly international, which is a great platform for global science and technology researchers to communicate their views and young technology company leaders to seek opportunities.”

“I would use ‘innovation through collaboration’ to summarize this forum,” he said. “There are people from various sectors, and we can find potential partners here.”

Almazroua, who is in Beijing for the first time, said he is eager to see more at the event.

This year’s conference places a strong emphasis on cutting-edge fields such as artificial intelligence, life sciences, green development and basic research.

Sixty parallel forums will be held, with 20 initiatives launched for the first time, including the Open Science International Forum and the Ocean Science and Development Forum. More than 30 international organizations and institutions are co-hosting 18 events, with numerous leaders participating in discussions.

Ma Juan, CEO of Steinbeis Sustainable Technology and Management Beijing Co, noted that this year’s forum focuses on cutting-edge technologies.

“In the past year, we selected 12 cutting-edge technologies among the 60 globally to cooperate deeply with local Beijing companies, which has promoted a local industrial upgrade,” Ma said.

AI and humanoid robots are major highlights at this year’s forum and have generated significant interest among the participants, who can encounter robots at the forum venue engaged in such activities as serving drinks, answering questions, delivering items and even writing calligraphy.

Nearly 100 robots from 15 companies are deployed at the site, according to the organizer.

“We aim to make the Zhongguancun Forum’s annual meeting a grand stage for the concentrated display of new technologies, products and scenarios,” said Jin Wei, vice-mayor of Beijing, at a news conference last week.

At Thursday’s opening ceremony, the National Natural Science Foundation of China released a list of the country’s top 10 scientific advances of 2024.

The advances were mainly achieved in the fields of mathematics, physics, astronomy, information science, chemistry, materials science, energy, Earth and environmental science, and life and medical science.

The ZGC Forum, founded in 2007, has evolved into a national-level open innovation platform as well as an international forum.

So-Young Reports Unaudited Fourth Quarter and Fiscal Year 2024 Financial Results

BEIJING, March 28, 2025 /PRNewswire/ — So-Young International Inc. (Nasdaq: SY) (“So-Young” or the “Company”), the leading aesthetic treatment platform in China connecting consumers with online services and offline treatments, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2024. 

Fourth Quarter 2024 Financial Highlights

  • Total revenues were RMB369.2 million (US$50.6 million[1]), compared with RMB390.6 million in the corresponding period of 2023, in line with previous guidance.
  • Net loss attributable to So-Young International Inc. was RMB607.6 million (US$83.2 million), compared with net income attributable to So-Young International Inc. of RMB17.5 million in the same period of 2023, primarily driven by a one-time goodwill impairment charge of RMB540.0 million (US$74.0 million) for the Company’s subsidiary, Wuhan Miracle.
  • Non-GAAP net loss attributable to So-Young International Inc.[2] was RMB53.2 million (US$7.3 million), compared with non-GAAP net income attributable to So-Young International Inc. of RMB35.7 million in the same period of 2023.

Fourth Quarter 2024 Operational Highlights

  • The aggregate value of medical aesthetic treatment transactions facilitated by So-Young’s platform was RMB356.6 million, compared with RMB470.9 million in the same period of 2023.
  • Number of verified paid visits for the quarter reached over 39,500, compared with approximately 2,300 in the same period of 2023. The number of verified paid aesthetic treatments performed surpassed 81,500, compared with approximately 5,000 in the same period of 2023.
  • The number of active users, defined as those who visited the aesthetic centers at least once during the 12-month period ending on the last day of the respective quarter, exceeded 52,000, compared with approximately 2,900 users during the corresponding period in 2023.
  • As of December 31, 2024, So-Young had 19 aesthetic centers in nine major cities, including Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou, Chengdu, Wuhan, Chongqing and Changsha, all of which are fully operational. Among them, 11 centers have achieved positive monthly operating cash flow. The following table shows the revenues generated by So-Young aesthetic centers, categorized by their phase of development:

Phase (The length of time

since establishment)

Number of
Centers

Revenue
(RMB)

Average Revenue per
Center (RMB)

Ramp-up (0-3 months)

4

2,875,000

719,000

Growth (4-12 months)

14

64,277,000

4,591,000

Maturity (over 12 months)

1

14,115,000

14,115,000

  • The number of institutions So-Young served with supply chain solutions for injectables grew to over 1,200 this quarter. Shipments of Elasty injectable products reached approximately 52,000 units, compared with 53,000 in the same period of 2023.

Fiscal Year 2024 Financial Highlights

  • Total revenues were RMB1,466.7 million (US$200.9 million) in the full year 2024, compared with RMB1,498.0 million in the prior year.
  • Net loss attributable to So-Young International Inc. was RMB589.5 million (US$80.8 million) in the full year 2024, primarily driven by a one-time goodwill impairment charge of RMB540.0 million (US$74.0 million) for the Company’s subsidiary, Wuhan Miracle. This compared with a net income attributable to So-Young International Inc. of RMB21.3 million in the prior year.
  • Non-GAAP net loss attributable to So-Young International Inc. was RMB4.7 million (US$0.6 million) in the full year 2024, compared with a non-GAAP net income attributable to So-Young International Inc. of RMB58.0 million in the prior year.

[1] This press release contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) solely for the convenience of the reader. Unless otherwise specified, all translations of Renminbi amounts into U.S. dollar amounts in this press release are made at RMB7.2993 to US$1.00, which was the U.S. dollars middle rate announced by the Board of Governors of the Federal Reserve System of the United States on December 31, 2024.

[2] Non-GAAP net income/(loss) attributable to So-Young International Inc. is defined as net income/(loss) attributable to So-Young International Inc. excluding share-based compensation expenses, impairment of goodwill attributable to So-Young International Inc., impairment of long-term investment attributable to So-Young International Inc., allowance for credit loss from loans to investees attributable to So-Young International Inc., gain/(loss) on disposal of long-term investment and fair value change of long-term investment attributable to So-Young International Inc., and tax effects on non-GAAP adjustments. See “Reconciliation of GAAP and Non-GAAP Results” at the end of this press release.

Declaration of Special Dividend

The board of directors of the Company has declared a special cash dividend of US$0.03445 per ordinary share, or US$0.0265 per ADS, to holders of ordinary shares and holders of ADSs of record as of the close of business on April 8, 2025, U.S. Eastern Time, payable in U.S. dollars. The ex-dividend date will be April 8, 2025. The payment date is expected to be on or around April 25, 2025. Dividend to be paid to the Company’s ADS holders through the depositary bank will be subject to the terms of the deposit agreement. The total amount of cash to be distributed for the dividend is expected to be approximately US$3 million, which will be funded by surplus cash on the Company’s balance sheet.

Mr. Xing Jin, Co-Founder and Chief Executive Officer of So-Young, commented, “Despite a challenging environment, we remain focused on executing our transformation strategy. Our investments in vertical integration and business diversification are beginning to take shape, reinforcing our competitive positioning in the evolving medical aesthetics landscape. The opportunity created by demand for standardized high-quality, cost-effective medical aesthetic products and services remains enormous, one that we are uniquely positioned to capitalize on. As of December 31, 2024, we expanded our network to 19 aesthetic centers across nine major cities, with 11 of them already generating positive operating cash flow. Customer retention rates continue to maintain at approximately 60%, reflecting our ability to maintain the highest levels of customer satisfaction as we scale this proven standardized model nationwide. Our aesthetic treatment services revenues reached RMB81.3 million, marking a 701.6% increase from the same period last year. This substantial growth underscores the traction of our branded aesthetic centers and the strategic rationale behind our transformation efforts. As our upfront investments start to yield returns we expect a more balanced growth trajectory in the coming quarters. We will continue to explore opportunities and deepen the integration across our businesses to enhance operational efficiencies and address industry challenges.”

Mr. Hui Zhao, Chief Financial Officer of So-Young, added, “Our fourth-quarter results demonstrate the resilience of our business and strategic agility to adapt to market changes. The expansion of our center network is noticeably improving the customer experience and laying the groundwork for long-term, sustainable growth. We continued to drive operational efficiency improvements, carefully control costs, and invest in scaling and strengthening the synergies between our businesses. While the near-term environment remains dynamic, we are confident that our strategic direction will create long-term value for both our customers and shareholders.”

Fourth Quarter 2024 Financial Results     

Revenues

Total revenues were RMB369.2 million (US$50.6 million), a decrease of 5.5% from RMB390.6 million in the same period of 2023. The decrease was primarily due to the decrease in revenues generated by So-Young Prime.

  • Information, reservation services and other revenues were RMB201.5 million (US$27.6 million), a decrease of 27.7% from RMB278.5 million in the same period of 2023. The decrease was primarily due to a decrease in revenues generated by So-Young Prime.
  • Aesthetic treatment services[3] revenues were RMB81.3 million (US$11.1 million), an increase of 701.6% from RMB10.1 million in the same period of 2023. The increase was primarily due to the business extension of the branded aesthetic centers.
  • Sales of medical products and maintenance services were RMB86.4 million (US$11.8 million), a decrease of 15.2% from RMB101.9 million in the same period of 2023, primarily due to a decrease in the order volume for medical equipment.

Cost of Revenues

Cost of revenues was RMB153.1 million (US$21.0 million), an increase of 11.2% from RMB137.6 million in the fourth quarter of 2023. The increase was primarily due to business extension of the branded aesthetic centers. Cost of revenues included share-based compensation expenses of RMB0.0 million (US$0.0 million), compared with RMB0.2 million in the corresponding period of 2023.

  • Cost of information, reservation services and others[4] were RMB44.5 million (US$6.1 million), a decrease of 48.2% from RMB86.0 million in the fourth quarter of 2023. The decrease was primarily due to a decrease in costs associated with So-Young Prime.
  • Cost of aesthetic treatment services were RMB65.2 million (US$8.9 million), an increase of 702.3% from RMB8.1 million in the fourth quarter of 2023. The increase was primarily due to the business extension of the branded aesthetic centers.
  • Cost of medical products sold and maintenance services were RMB43.3 million (US$5.9 million), a decrease of 0.5% from RMB43.6 million in the fourth quarter of 2023. The decrease was primarily due to a decrease in costs associated with the sales of cosmetic injectables.

[3] In the fourth quarter of 2024, in light of the better monitoring business development of branded aesthetic centers, the previous line item information services and others was separated into two line items, which are aesthetic treatment services and information services and others. And the Company grouped the revenue generated from information services and others and reservation services, which is renamed as information, reservation services and others.

The revenue generated from aesthetic treatment services was previously reported in line item of information services and others. The information, reservation services and others for prior periods and the year of 2023 have also been retrospectively updated. The amount reclassified from previous line item information services and others to aesthetic treatment services are RMB81.3 million for the fourth quarter of 2024, RMB10.1 million for the fourth quarter of 2023, RMB169.3 million for the year of 2024, and RMB13.0 million for the year of 2023.

[4] In the fourth quarter of 2024, the previous line item cost of services and others was separated into two line items, which are cost of aesthetic treatment services and cost of information, reservation services and others. Cost of aesthetic treatment services primarily consists of expenditures relating to aesthetic treatment services in branded aesthetic centers, and the remaining cost of services and others is reclassified into cost of information, reservation services and others. The cost of aesthetic treatment services and cost of information, reservation services and others for prior periods and the year of 2023 have also been retrospectively reclassified.

Operating Expenses

Total operating expenses were RMB815.2 million (US$111.7 million), an increase of 216.2% from RMB257.8 million in the fourth quarter of 2023.

  • Sales and marketing expenses were RMB134.0 million (US$18.4 million), an increase of 6.2% from RMB126.2 million in the fourth quarter of 2023. The increase was primarily due to an increase in payroll costs. Sales and marketing expenses included share-based compensation expenses of RMB0.2 million (US$0.0 million), compared with RMB2.8 million in the corresponding period of 2023.
  • General and administrative expenses were RMB98.4 million (US$13.5 million), an increase of 13.6% from RMB86.7 million in the fourth quarter of 2023. The increase was due to an increase in professional services fees and allowance for credit losses. General and administrative expenses included share-based compensation expenses of RMB1.7 million (US$0.2 million), compared with RMB13.2 million in the corresponding period of 2023.
  • Research and development expenses were RMB42.8 million (US$5.9 million), a decrease of 5.0% from RMB45.0 million in the fourth quarter of 2023. The decrease was primarily attributable to improvements in staff efficiency. Research and development expenses included share-based compensation expenses of RMB0.2 million (US$0.0 million), compared with RMB1.6 million in the corresponding period of 2023.
  • Impairment of goodwill was RMB540.0 million (US$74.0 million), representing the amount by which the carrying amount of certain asset exceeds their fair value in relation to the acquiring subsidiary, based on an annual goodwill impairment assessment.

Income Tax (Expenses)/Benefits

Income tax expenses were RMB2.1 million (US$0.3 million), compared with income tax benefits of RMB10.8 million in the same period of 2023.

Net (Loss)/Income Attributable to So-Young International Inc.

Net loss attributable to So-Young International Inc. was RMB607.6 million (US$83.2 million), compared with a net income attributable to So-Young International Inc. of RMB17.5 million in the fourth quarter of 2023.

Non-GAAP Net (Loss)/Income Attributable to So-Young International Inc.

Non-GAAP net loss attributable to So-Young International Inc., which excludes the impact of share-based compensation expenses, impairment of goodwill attributable to So-Young International Inc., impairment of long-term investment attributable to So-Young International Inc., allowance for credit loss from loans to investees attributable to So-Young International Inc., gain/(loss) on disposal of long-term investment and fair value change of long-term investment attributable to So-Young International Inc., and tax effects on non-GAAP adjustments, was RMB53.2 million (US$7.3 million), compared with RMB35.7 million non-GAAP net income attributable to So-Young International Inc. in the same period of 2023.

Basic and Diluted (Loss)/Earnings per ADS

Basic and diluted loss per ADS attributable to ordinary shareholders were RMB5.92 (US$0.81) and RMB5.92 (US$0.81), respectively, compared with basic and diluted earnings per ADS attributable to ordinary shareholders of RMB0.18 and RMB0.18, respectively, in the same period of 2023.

Fiscal Year 2024 Financial Results

Revenues

Total revenues were RMB1,466.7 million (US$200.9 million), a decrease of 2.1% from RMB1,498.0 million in fiscal year 2023.

  • Information, reservation services and other revenues were RMB929.5 million (US$127.3 million), a decrease of 19.3% from RMB1,151.5 million in fiscal year 2023. The decrease was primarily due to a decrease in average revenue per paying medical service provider.
  • Aesthetic treatment services revenues were RMB169.3 million (US$23.2 million), an increase of 1206.1% from RMB13.0 million in fiscal year 2023. The increase was primarily due to the business extension of the branded aesthetic centers.
  • Sales of medical products and maintenance services were RMB368.0 million (US$50.4 million), an increase of 10.3% from RMB333.5 million in fiscal year 2023, primarily due to an increase in sales of cosmetic products.

Cost of Revenues

Cost of revenues were RMB567.6 million (US$77.8 million), an increase of 4.3% from RMB544.3 million in fiscal year 2023. The increase was primarily due to the business extension of the branded aesthetic centers. In addition, cost of revenues for fiscal year 2024 included share-based compensation expenses of RMB0.3 million (US$0.0 million), compared to RMB1.8 million in fiscal year 2023.

  • Cost of information, reservation services and others were RMB252.8 million (US$34.6 million), a decrease of 32.8% from RMB376.0 million in fiscal year 2023. The decrease was primarily due to a decrease in costs associated with So-Young Prime.
  • Cost of aesthetic treatment services were RMB131.6 million (US$18.0 million), an increase of 1271.2% from RMB9.6 million in fiscal year 2023. The increase was primarily due to the business extension of the branded aesthetic centers.
  • Cost of medical products sold and maintenance services were RMB183.2 million (US$25.1 million), an increase of 15.4% from RMB158.8 million in fiscal year 2023. The increase was primarily due to an increase in costs associated with the sales of cosmetic products.

Operating Expenses

Total operating expenses were RMB1,523.6 million (US$208.7 million), an increase of 50.1% from RMB1,014.7 million in fiscal year 2023.

  • Sales and marketing expenses were RMB494.5 million (US$67.7 million), a decrease of 5.0% from RMB520.5 million in fiscal year 2023. The decrease was primarily due to a decrease in expenses associated with branding and user acquisition activities. Sales and marketing expenses for fiscal year 2024 included share-based compensation expenses of RMB0.7 million (US$0.1 million), compared to RMB5.7 million in fiscal year 2023.
  • General and administrative expenses were RMB324.1 million (US$44.4 million), an increase of 11.5% from RMB290.8 million in fiscal year 2023. The increase was due to business extension of the branded aesthetic centers and the increase in allowance for credit losses. General and administrative expenses for 2024 included share-based compensation expenses of RMB29.5 million (US$4.0 million), compared to RMB23.6 million in fiscal year 2023.
  • Research and development expenses were RMB165.0 million (US$22.6 million), a decrease of 18.9% from RMB203.5 million in fiscal year 2023. The decrease was primarily attributable to improvements in staff efficiency. Research and development expenses for 2024 included share-based compensation expenses of RMB2.2 million (US$0.3 million), compared to RMB5.3 million in fiscal year 2023.
  • Impairment of goodwill was RMB540.0 million (US$74.0 million), representing the amount by which the carrying amount of certain asset exceeds their fair value in relation to the acquiring subsidiary, based on an annual goodwill impairment assessment.

Income Tax Benefits

Income tax benefits were RMB0.9 million (US$0.1 million), compared with an income tax benefits of RMB18.1 million in fiscal year 2023.

Net (Loss)/Income Attributable to So-Young International Inc.

Net loss attributable to So-Young International Inc. was RMB589.5 million (US$80.8 million), compared with a net income attributable to So-Young International Inc. of RMB21.3 million in fiscal year 2023.

Non-GAAP Net (Loss)/Income Attributable to So-Young International Inc.

Non-GAAP net loss attributable to So-Young International Inc., which excludes the impact of share-based compensation expenses, impairment of goodwill attributable to So-Young International Inc., impairment of long-term investment attributable to So-Young International Inc., allowance for credit loss from loans to investees attributable to So-Young International Inc., gain/(loss) on disposal of long-term investment and fair value change of long-term investment attributable to So-Young International Inc., and tax effects on non-GAAP adjustments, was RMB4.7 million (US$0.6 million), compared with a non-GAAP net income attributable to So-Young International Inc. of RMB58.0 million in fiscal year 2023.

Basic and Diluted (Loss)/Earnings per ADS

Basic and diluted loss per ADS attributable to ordinary shareholders were RMB5.72 (US$0.78) and RMB5.72 (US$0.78), respectively, compared with basic and diluted earnings per ADS attributable to ordinary shareholders of RMB0.21 and RMB0.21 in fiscal year 2023.

Cash and Cash Equivalents, Restricted Cash and Term Deposits, Term Deposits and Short-Term Investments

As of December 31, 2024, cash and cash equivalents, restricted cash and term deposits, term deposits and short-term investments were RMB1,253.2 million (US$171.7 million), compared with RMB1,341.6 million as of December 31, 2023.

Business Outlook

For the first quarter of 2025, So-Young expects total revenues to be between RMB280.0 million (US$38.4 million) and RMB300.0 million (US$41.1 million), representing a 12.0% to 5.7% decrease from the same period in 2024. The above outlook is based on the current market conditions and reflects the Company’s preliminary estimates of market and operating conditions, as well as customer demand, which are all subject to change.

Non-GAAP Financial Measures

To supplement the financial measures prepared in accordance with generally accepted accounting principles in the United States, or GAAP, this press release presents non-GAAP income/(loss) from operations and non-GAAP net income/(loss) attributable to So-Young International Inc. by excluding share-based compensation expenses and impairment of goodwill from income/(loss) from operations, and excluding share-based compensation expenses, impairment of goodwill, impairment of long-term investment, allowance for credit loss from loans to investees, gain/(loss) on disposal of long-term investment and fair value change of long-term investment and tax effects on non-GAAP adjustments from net income/(loss) attributable to So-Young International Inc., respectively. Starting from the fourth quarter of 2024, the Company newly included impairment of long-term investment, allowance for credit loss from loans to investees, gain/(loss) on disposal of long-term investment and fair value change of long-term investment and tax effects on non-GAAP adjustments as additional adjustments in its non-GAAP financial measures, which may result in differences from previously disclosed non-GAAP figures.

The Company believes these non-GAAP financial measures are important to help investors understand the Company’s operating and financial performance, compare business trends among different reporting periods on a consistent basis and assess the Company’s core operating results, as they exclude certain expenses (i) that are not expected to result in cash payments or (ii) that are non-recurring in nature or may not be indicative of the Company’s core operating results and business outlook. The use of the above non-GAAP financial measures has certain limitations. Share-based compensation expenses, the impairment of goodwill, impairment of long-term investment and allowance for credit loss from loans to investees are non-cash in nature. Gain/(loss) on disposal of long-term investment and fair value change of long-term investment are non-recurring in nature. And, in substance, both impairment of long-term investment and allowance for credit loss from loans to investees are impairment of investment. All these are not reflected in the presentation of the non-GAAP financial measures, but should be considered in the overall evaluation of the Company’s results. The Company compensates for these limitations by providing the relevant disclosure of its share-based compensation expenses, impairment of goodwill, impairment of long-term investment, allowance for credit loss from loans to investees, gain/(loss) on disposal of long-term investment and fair value change of long-term investment and tax effects on non-GAAP adjustments in the reconciliations to the most directly comparable GAAP financial measures, which should be considered when evaluating the Company’s performance. These non-GAAP financial measures should be considered in addition to financial measures prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP. Reconciliation of each of these non-GAAP financial measures to the most directly comparable GAAP financial measure is set forth at the end of this release.

Conference Call Information

So-Young’s management will hold an earnings conference call on Friday, March 28, 2025, at 7:30 AM U.S. Eastern Time (7:30 PM on the same day, Beijing/Hong Kong Time). Dial-in details for the earnings conference call are as follows:

International:      

+1-412-902-4272

Mainland China:

4001-201203

US:          

+1-888-346-8982

Hong Kong:       

+852-301-84992

Passcode:       

So-Young International Inc.

A telephone replay will be available two hours after the conclusion of the conference call through 23:59 U.S. Eastern Time, April 4, 2025. The dial-in details are:

International:           

+1-412-317-0088

US:              

+1-877-344-7529

Passcode:        

8460187

Additionally, a live and archived webcast of this conference call will be available at http://ir.soyoung.com.

About So-Young International Inc.

So-Young International Inc. (Nasdaq: SY) (“So-Young” or the “Company”) is the leading aesthetic treatment platform in China connecting consumers with online services and offline treatments. The Company provides access to aesthetic treatments through its online platform and branded aesthetic centers, offering curated treatment information, facilitating online reservations, delivering high-quality treatments, and developing, producing and distributing optoelectronic medical equipment and injectable products. With its strong brand recognition, digital reach, affordable treatments and efficient supply chain, So-Young is well-positioned to serve its audience over the long term and grow along the medical aesthetic value chain.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the Financial Guidance and quotations from management in this announcement, as well as So-Young’s strategic and operational plans, contain forward-looking statements. So-Young may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about So-Young’s beliefs and expectations, are forward-looking statements. Forward looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: So-Young’s strategies; So-Young’s future business development, financial condition and results of operations; So-Young’s ability to retain and increase the number of users and medical service providers, and expand its service offerings; competition in the online medical aesthetic service industry; changes in So-Young’s revenues, costs or expenditures; Chinese governmental policies and regulations relating to the online medical aesthetic service industry, general economic and business conditions globally and in China; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and So-Young undertakes no duty to update such information, except as required under applicable law.

For more information, please contact:

So-Young

Investor Relations
Ms. Mona Qiao
Phone: +86-10-8790-2012
E-mail: ir@soyoung.com 

Christensen

In China
Ms. Dee Wang
Phone: +86-10-5900-1548
E-mail: dee.wang@christensencomms.com 

In US

Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com 

 

 

 

SO-YOUNG INTERNATIONAL INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except for share and per share data)

As of

December 31,

December 31,

December 31,

2023

2024

2024

RMB

RMB

US$

Assets

Current assets:

Cash and cash equivalents

426,119

587,749

80,521

Restricted cash and term deposits

14,695

66,367

9,092

Trade receivables

57,219

98,774

13,532

Inventories

118,924

151,754

20,790

Receivables from online payment platforms

23,158

24,255

3,323

Amounts due from related parties

9,212

1,218

167

Term deposits and short-term investments

900,823

599,041

82,068

Prepayment and other current assets

171,774

195,202

26,743

Total current assets

1,721,924

1,724,360

236,236

Non-current assets:

Long-term investments

261,016

280,281

38,398

Intangible assets

145,253

126,615

17,346

Goodwill

540,693

684

94

Property and equipment, net

116,782

155,352

21,283

Deferred tax assets

78,034

84,950

11,638

Operating lease right-of-use assets

118,408

162,764

22,299

Other non-current assets

232,455

200,152

27,421

Total non-current assets

1,492,641

1,010,798

138,479

Total assets

3,214,565

2,735,158

374,715

Liabilities

Current liabilities:

Short-term borrowings

29,825

69,771

9,559

Taxes payable

56,894

61,862

8,475

Contract liabilities

103,374

76,579

10,491

Salary and welfare payables

86,290

111,396

15,261

Amounts due to related parties

388

477

65

Accrued expenses and other current liabilities

233,913

265,216

36,334

Operating lease liabilities-current

29,739

44,905

6,152

Total current liabilities

540,423

630,206

86,337

Non-current liabilities:

Operating lease liabilities-non current

86,210

125,200

17,152

Deferred tax liabilities

25,082

19,758

2,707

Other non-current liabilities

1,536

1,264

173

Total non-current liabilities

112,828

146,222

20,032

Total liabilities

653,251

776,428

106,369

 

 

 

SO-YOUNG INTERNATIONAL INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)

(Amounts in thousands, except for share and per share data)

Shareholders equity:

Treasury stock

(358,453)

(376,690)

(51,606)

Class A ordinary shares (US$0.0005 par value; 750,000,000
   shares authorized as of December 31, 2023 and December
   31, 2024; 73,688,044 and 63,422,436 shares issued and
   outstanding as of December 31, 2023, 77,897,969 and
   65,659,510 shares issued and outstanding as of December
   31, 2024, respectively)

238

253

35

Class B ordinary shares (US$ 0.0005 par value; 20,000,000 
   shares authorized as of December 31, 2023 and December
   31, 2024; 12,000,000 shares issued and outstanding as of
   December 31, 2023 and December 31, 2024)

37

37

5

Additional paid-in capital

3,080,433

3,069,799

420,561

Statutory reserves

33,855

40,552

5,556

Accumulated deficit

(330,166)

(926,390)

(126,915)

Accumulated other comprehensive income

18,185

31,560

4,324

Total So-Young International Inc. shareholdersequity

2,444,129

1,839,121

251,960

Non-controlling interests

117,185

119,609

16,386

Total shareholders’ equity

2,561,314

1,958,730

268,346

Total liabilities and shareholders equity

3,214,565

2,735,158

374,715

 

 

 

SO-YOUNG INTERNATIONAL INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

 (Amounts in thousands, except for share and per share data)  

For the Three Months Ended

For the Fiscal Year Ended

December 31, 2023

December 31, 2024

December 31, 2024

December 31, 2023

December 31, 2024

December 31, 2024

RMB

RMB

US$

RMB

RMB

US$

Revenues:

Information, reservation services and others

278,529

201,512

27,607

1,151,532

929,455

127,335

Aesthetic treatment services

10,138

81,267

11,134

12,959

169,263

23,189

Sales of medical products and maintenance services

101,899

86,432

11,841

333,538

367,980

50,413

Total revenues

390,566

369,211

50,582

1,498,029

1,466,698

200,937

Cost of revenues:

Cost of information, reservation services and others

(85,951)

(44,518)

(6,099)

(375,986)

(252,841)

(34,639)

Cost of aesthetic treatment services

(8,128)

(65,208)

(8,933)

(9,596)

(131,580)

(18,026)

Cost of medical products sold and maintenance services

(43,555)

(43,325)

(5,936)

(158,754)

(183,164)

(25,093)

Total cost of revenues

(137,634)

(153,051)

(20,968)

(544,336)

(567,585)

(77,758)

Gross profit

252,932

216,160

29,614

953,693

899,113

123,179

Operating expenses:

Sales and marketing expenses

(126,175)

(134,045)

(18,364)

(520,451)

(494,493)

(67,745)

General and administrative expenses

(86,668)

(98,420)

(13,483)

(290,765)

(324,073)

(44,398)

Research and development expenses

(44,993)

(42,753)

(5,857)

(203,524)

(165,030)

(22,609)

Impairment of goodwill

(540,009)

(73,981)

(540,009)

(73,981)

Total operating expenses

(257,836)

(815,227)

(111,685)

(1,014,740)

(1,523,605)

(208,733)

Loss from operations

(4,904)

(599,067)

(82,071)

(61,047)

(624,492)

(85,554)

Other income/(expenses):

Investment income, net

1,135

7,623

1,044

12,004

11,020

1,510

Interest income, net

10,820

8,237

1,128

48,843

46,507

6,371

Exchange gains/(losses)

389

(763)

(105)

(662)

112

15

Impairment of long-term investment

(444)

(7,350)

(1,007)

(444)

(7,350)

(1,007)

Share of losses of equity method investee

(2,031)

(3,413)

(468)

(12,723)

(15,015)

(2,057)

Others, net

3,424

(11,103)

(1,521)

21,898

1,131

155

Income/(Loss) before tax

8,389

(605,836)

(83,000)

7,869

(588,087)

(80,567)

Income tax benefits/(expenses)

10,835

(2,126)

(291)

18,075

905

124

Net income/(loss)

19,224

(607,962)

(83,291)

25,944

(587,182)

(80,443)

Net (income)/loss attributable to noncontrolling interests

(1,723)

386

53

(4,664)

(2,345)

(321)

Net income/(loss) attributable to So-Young International Inc.

17,501

(607,576)

(83,238)

21,280

(589,527)

(80,764)

 

 

 

SO-YOUNG INTERNATIONAL INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Continued)

 (Amounts in thousands, except for share and per share data)

 

For the Three Months Ended

For the Fiscal Year Ended

December
31
, 2023

December
31
, 2024

December
31
, 2024

December
31
, 2023

December
31
, 2024

December
31
, 2024

RMB

RMB

US$

RMB

RMB

US$

Net earnings/(loss) per ordinary share

Net earnings/(loss) per ordinary share attributable to ordinary shareholder – basic

0.23

(7.70)

(1.05)

0.27

(7.43)

(1.02)

Net earnings/(loss) per ordinary share attributable to ordinary shareholder –
diluted

0.23

(7.70)

(1.05)

0.27

(7.43)

(1.02)

Net earnings/(loss) per ADS attributable to ordinary shareholders – basic (13
ADS represents 10 Class A ordinary shares)

0.18

(5.92)

(0.81)

0.21

(5.72)

(0.78)

Net earnings/(loss) per ADS attributable to ordinary shareholders – diluted (13
ADS represents 10 Class A ordinary shares)

0.18

(5.92)

(0.81)

0.21

(5.72)

(0.78)

Weighted average number of ordinary shares used in computing earnings/(loss)
per share, basic*

76,584,151

78,905,617

78,905,617

77,646,899

79,384,454

79,384,454

Weighted average number of ordinary shares used in computing earnings/(loss)
per share, diluted*

77,011,890

78,905,617

78,905,617

78,054,950

79,384,454

79,384,454

Share-based compensation expenses included in:

Cost of revenues

(165)

(34)

(5)

(1,800)

(289)

(40)

Sales and marketing expenses

(2,830)

(239)

(33)

(5,680)

(659)

(90)

General and administrative expenses

(13,190)

(1,731)

(237)

(23,590)

(29,527)

(4,045)

Research and development expenses

(1,615)

(211)

(29)

(5,251)

(2,180)

(299)

*   Both Class A and Class B ordinary shares are included in the calculation of the weighted average number of ordinary shares outstanding, basic and diluted.

 

 

 

SO-YOUNG INTERNATIONAL INC.

Reconciliation of GAAP and Non-GAAP Results

(Amounts in thousands, except for share and per share data)

For the Three Months Ended

For the Fiscal Year Ended

December
31
, 2023

December
31
, 2024

December
31
, 2024

December
31
, 2023

December
31
, 2024

December
31
, 2024

RMB

RMB

US$

RMB

RMB

US$

GAAP loss from operations

(4,904)

(599,067)

(82,071)

(61,047)

(624,492)

(85,554)

Add back: Share-based compensation expenses

17,800

2,215

304

36,321

32,655

4,474

Add back: Impairment of goodwill

540,009

73,981

540,009

73,981

Non-GAAP income/(loss) from operations

12,896

(56,843)

(7,786)

(24,726)

(51,828)

(7,099)

GAAP net income/(loss) attributable to So-Young International Inc.

17,501

(607,576)

(83,238)

21,280

(589,527)

(80,764)

Add back: Share-based compensation expenses

17,800

2,215

304

36,321

32,655

4,474

Add back: Impairment of goodwill attributable to So-Young International Inc.

540,009

73,981

540,009

73,981

Add back: Impairment of long-term investment attributable to So-Young
International Inc.

444

7,350

1,007

444

7,350

1,007

Add back: Allowance for credit loss from loans to investees attributable to So-
Young International Inc.

13,843

1,896

13,843

1,896

Reversal: Gain on disposal of long-term investment and fair value change of
long-term investment attributable to So-Young International Inc.

(7,791)

(1,067)

(7,791)

(1,067)

Reversal: Tax effects on non-GAAP adjustments (1)

(1,276)

(175)

(1,276)

(175)

Non-GAAP net income/(loss) attributable to So-Young International Inc.

35,745

(53,226)

(7,292)

58,045

(4,737)

(648)

(1) To adjust the income tax effects of non-GAAP adjustments, which is primarily related to allowance for credit loss from loans to investees, gain/(loss) on disposal of long-term investment and fair value change of long-term investment. Other non-GAAP adjustment items have no tax effect, because full valuation allowances were provided for related deferred tax assets as it is more-likely-than-not they will not be realized.