So-Young International Inc, the largest social community in China for consumers, professionals and service providers in the medical aesthetics industry, said on Friday that it had entered into a strategic partnership with Healtech to jointly develop two regenerative medical aesthetic products and further expand its supply chain business.
Under the tie-up, So-Young and Healtech will start jointly developing a silk fibroin-hyaluronic acid compound solution and an extracellular matrix bio gel injectable filler.
“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,” Xing Jin, Co-Founder and Chief Executive Officer of So-Young International, said in a press release.
“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,” the CEO added.
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