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    Yang Li

    Research Analyst at Haitong Securities

    Yang Li is an Executive Director and Equity Research Analyst at Haitong Securities, specializing in the healthcare and biopharmaceutical sectors with a focus on Greater China markets. He provides in-depth coverage of leading industry players such as HUTCHMED, tracking market performance and investment opportunities; although specific quantitative performance metrics and external analyst rankings are not publicly disclosed, his research insights are frequently referenced by institutional investors and listed biopharma companies. Yang Li joined Haitong Securities in the mid-2010s after prior roles in investment analysis at regional securities firms, bringing over a decade of industry expertise to his current position. He holds professional credentials relevant to financial analysis and securities research within the Hong Kong and mainland China markets.

    Yang Li's questions to So-Young International (SY) leadership

    Yang Li's questions to So-Young International (SY) leadership • Q4 2024

    Question

    Yang Li from Haitong Securities asked about the company's operational strategies for its aesthetic centers at different development stages and questioned the sustainability of the centers' growth.

    Answer

    CEO Xing Jin detailed a multi-phase strategy: the 'ramp-up' phase (first 3 months) focuses on brand awareness; the 'growth' phase (months 4-12) shifts to operational efficiency and retention; and the 'maturity' phase (post-12 months) emphasizes long-term customer lifecycle management. Mr. Jin affirmed the growth is sustainable, citing the low penetration of chain clinics in China and contrasting So-Young's scalable, standardized 'fast food' model against the traditional, doctor-dependent 'restaurant model', which reduces risk and allows for rapid expansion.

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