BEIJING, Dec. 1, 2023
/PRNewswire/ -- So-Young International Inc. (NASDAQ: SY)
("So-Young" or the "Company"), the largest and most vibrant social
community in China for consumers,
professionals and service providers in the medical aesthetics
industry, today announced that it has entered into a strategic
partnership with Healtech, a fully-integrated contract research
organization (CRO) and contract manufacturing organization (CMO)
for the pharmaceutical industry in China, to jointly develop two regenerative
medical aesthetic products and further expand its supply chain
business.
The strategic partnership marks another important milestone as
So-Young expands further upstream along the medical aesthetic
supply chain to develop deeper synergies with its existing business
and fully leverage its institutional network and expansive consumer
reach. Upstream strategic partnerships allow So-Young to quickly
bring new products to market and rapidly make them competitive.
Under the terms of the strategic partnership, So-Young and
Healtech will begin by jointly developing a silk fibroin-hyaluronic
acid compound solution and an extracellular matrix bio gel
injectable filler. Leveraging So-Young's trusted reputation and
deep industry insights, and Healtech's strong R&D capabilities,
both two parties will work together to create new regenerative
medical aesthetic products.
Mr. Xing Jin, Co-Founder and
Chief Executive Officer of So-Young, commented, "Our strategic
partnership with Healtech further consolidates our position along
the supply chain, positions us to quickly roll out new products to
fill gaps in the regenerative market which has enormous future
growth potential, and greatly enhances our product portfolio. This
partnership closely follows others we have developed over the past
few quarters, which are increasingly contributing to our bottom
line. Our supply chain business is growing rapidly as a result,
with revenue reaching RMB75 million
during the third quarter of 2023, an increase of 19% year-over-year
and accounting for approximately 20% of total revenue. This success
directly reflects the enormous synergies we are able to create
between the So-Young platform and high-quality upstream
products."
About So-Young
So-Young is the largest and most vibrant social community in
China for consumers, professionals
and service providers in the medical aesthetics industry. The
Company presents users with reliable information through offering
high quality and trustworthy content together with a multitude of
social functions on its platform, as well as by curating medical
aesthetic service providers that are carefully selected and vetted.
Leveraging So-Young's strong brand image, extensive audience reach,
trust from its users, highly engaging social community and data
insights, the Company is well-positioned to expand both along the
medical aesthetic industry value chain and into the massive,
fast-growing consumption healthcare service market.
For more information, please contact:
So-Young
Investor Relations
Ms. Vivian Xu
Phone: +86-10-8790-2012
E-mail: ir@soyoung.com
Christensen
In China
Mr. Eric Yuan
Phone: +86-10-5900-1548
E-mail: eric.yuan@christensencomms.com
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com
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SOURCE So-Young International Inc.