So-Young International Inc. (NASDAQ:SY) Q2 2023 Earnings Conference Call August 21, 2023 7:30 AM ET
Company Participants
Vivian XU - IR
Xing Jin - Co-Founder, Chairman and CEO
Hui Zhao - CFO
Conference Call Participants
Thomas Chong - Jefferies
Chloe Wei - CICC
Operator
Ladies and gentlemen, thank you for standing by for So-Young's Second Quarter 2023 Earnings Conference Call. [Operator Instructions] As a reminder, today's conference call is being recorded.
I would now like to turn the meeting over to your host for today's call, Ms. Vivian XU. Please proceed, Ms. XU.
Vivian XU
Thank you, operator, and thank you for everyone for joining So-Young's second quarter 2023 earnings conference call. Joining me today on this call is Mr. Xing Jin, our Co-Founder, Chairman and CEO; and Mr. Nick Zhao, CFO.
Please note that the discussion today will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities and Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations.
Potential risks and uncertainties include but are not limited to those outlined in our public filings with the SEC, including our annual report on Form 20-F. So-Young does not undertake any obligation to update any forward-looking statements, except as required under appliable law.
At this time, I would like to turn the call over to Mr. Xing Jin. Yes, please.
Xing Jin
[Foreign Language] Hello, everyone. Thank you for joining So-Young's second quarter 2023 earnings call.
We continue to regain solid growth momentum during the quarter, with both our financial and operational metrics climbing steadily. Total revenue exceeded the upper range of our guidance, increasing 33.3% year-over-year to RMB 412 million, a new quarterly high since the beginning of 2022. This translates into improving profitability, with non-GAAP net income attributable to So-Young of RMB 15.5 million during the quarter compared with a loss of RMB 22.7 million during the same period last year.
Let me now walk you through the progress we made during the quarter, starting with our community e-commerce POP business. This business faced significant challenges during the pandemic controls in China but has seen the pace of it probably accelerated during the quarter. The resurgence of confidence among medical aesthetic institutions was driven by the restoration of regular operations at a promising gradual increase in spending on medical aesthetic procedures.