So-Young International Inc.

SY · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Valuation
Market cap	$255	$84	$127	$137	$334	$1,165	$1,281	–	–	–
Enterprise value	$190	($29)	($23)	($65)	$88	$782	$898	–	–	–
P/E (TTM) at period end	–	–	42.26×	–	–	1384.34×	69.96×	–	–	–
P/S (TTM) at period end	1.20×	0.41×	0.60×	0.73×	1.27×	6.21×	7.69×	–	–	–
P/B at period end	1.15×	0.33×	0.37×	0.38×	0.87×	2.93×	3.38×	–	–	–
EV / EBITDA (TTM)	–	–	–	–	–	–	40.99×	–	–	–
EV / Sales (TTM)	0.90×	(0.14×)	(0.11×)	(0.35×)	0.34×	4.17×	5.39×	–	–	–
Returns
Return on equity	(15.6%)	(32.1%)	0.9%	(2.6%)	(0.3%)	0.2%	4.8%	–	–	(85.1%)
Return on invested capital	(18.5%)	(38.7%)	(2.7%)	(3.9%)	(2.5%)	(3.5%)	5.9%	–	–	–
Dividend yield	1.0%	7.2%	–	–	–	–	–	–	–	–
Financial health
Current ratio	1.89×	2.74×	3.19×	3.56×	2.85×	4.90×	6.34×	4.23×	3.92×	2.56×
Debt / equity	0.03×	0.04×	0.01×	–	–	–	–	–	–	–
Effective tax rate	(0.3%)	0.2%	(229.7%)	24.1%	(129.4%)	(5144.1%)	22.0%	5.4%	(30.1%)	0.1%
Share count
Diluted shares outstanding	132	134	132	138	138	142	107	41	45	45

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · CNY millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Revenue and gross profit
Revenue	¥1,775	¥1,523	¥1,467	¥1,498	¥1,258	¥1,692	¥1,295	¥1,152	¥617	¥259	¥49
Cost of revenue	(¥987)	(¥796)	(¥568)	(¥544)	(¥393)	(¥328)	(¥212)	(¥199)	(¥92)	(¥45)	(¥25)
Gross profit	¥788	¥728	¥899	¥954	¥865	¥1,365	¥1,083	¥953	¥526	¥215	¥24
Operating expenses
Research and development	–	(¥137)	(¥165)	(¥204)	(¥235)	(¥287)	(¥229)	(¥177)	(¥95)	(¥33)	(¥18)
Selling, general and administrative	(¥942)	(¥834)	(¥324)	(¥291)	(¥260)	(¥252)	(¥184)	(¥161)	(¥75)	(¥30)	(¥80)
Total operating expenses	(¥1,063)	(¥1,014)	(¥1,524)	(¥1,015)	(¥967)	(¥1,397)	(¥1,139)	(¥808)	(¥477)	(¥190)	(¥98)
Total costs and expenses	(¥2,051)	(¥1,810)	(¥2,091)	(¥1,559)	(¥1,361)	(¥1,725)	(¥1,352)	(¥1,006)	(¥568)	(¥235)	(¥123)
Operating income	(¥276)	(¥286)	(¥624)	(¥61)	(¥103)	(¥33)	(¥57)	¥145	¥49	¥25	(¥74)
Earnings
EBITDA	–	(¥229)	(¥579)	(¥15)	(¥56)	(¥2)	(¥43)	¥151	¥51	¥25	(¥74)
Interest income	¥20	¥24	¥47	¥49	¥29	¥19	¥40	¥45	¥11	¥0	¥1
Interest expense	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	(¥255)	(¥246)	(¥588)	¥8	(¥87)	(¥16)	¥0	¥226	¥58	¥13	(¥81)
Income tax expense	¥3	(¥1)	¥1	¥18	¥21	(¥21)	¥5	(¥50)	(¥3)	¥4	¥0
Net income	(¥243)	(¥242)	(¥590)	¥21	(¥66)	(¥8)	¥6	¥177	¥55	¥17	(¥81)
Per share
Diluted EPS (GAAP)	(¥1.84)	(¥1.78)	(¥4.39)	¥0.16	(¥0.48)	(¥0.0606)	¥0.041	¥1.65	¥1.33	(¥0.25)	(¥1.78)
Basic EPS (GAAP)	(¥1.84)	(¥1.78)	(¥4.40)	¥0.16	(¥0.48)	(¥0.0606)	¥0.0422	¥1.76	¥1.33	(¥0.25)	(¥1.78)
Basic shares outstanding	131	132	134	132	138	138	138	107	41	45	45
Margins
Gross margin	44.4%	47.8%	61.3%	63.7%	68.7%	80.6%	83.6%	82.8%	85.2%	82.7%	48.7%
Operating margin	(15.5%)	(18.8%)	(42.6%)	(4.1%)	(8.2%)	(1.9%)	(4.4%)	12.6%	8.0%	9.5%	(151.3%)
Net margin	(13.7%)	(15.9%)	(40.2%)	1.4%	(5.2%)	(0.5%)	0.4%	15.3%	8.9%	6.6%	(165.1%)

Analyst consensus

Buy5 analysts

Bearish · 0 · Hold · 0 · Bullish · 5

Earnings history

	EPS	Estimate
Q3 2024	$0.03	$0.00	Beat
Q4 2024	$-0.07	$0.01	Miss
Q1 2025	$-0.04	$-0.05	Beat
Q2 2025	$-0.04	$-0.01	Miss
Q3 2025	$-0.09	$-0.05	Miss
Q4 2025	$-0.13	$-0.10	Miss
Q1 2026	$-0.07	$-0.10	Beat
Q2 2026	$-0.03	$-0.09	Beat

Peers

Company overview

IPO dateMay 2, 2019

CEOXing Jin

Employees2,348

SectorHealthcare

IndustryMedical - Healthcare Information Services

CountryCN

ExchangeNASDAQ Global Market

Websitewww.soyoung.com

So-Young International Inc. manages a digital platform specializing in medical aesthetics and elective healthcare services, serving customers in the People's Republic of China and globally. This online ecosystem enables users to explore content, share personal experiences regarding medical aesthetic procedures, and book in-person treatments with various medical aesthetic service providers. The platform also offers resources for researching treatment trends, features ratings and reviews of treatment experiences, and publishes blogs under headings like "Beauty Diaries." Beyond cosmetic enhancements, So-Young facilitates reservations for a broader spectrum of healthcare needs, including dermatology, dentistry (with orthodontics), ophthalmology, comprehensive physical examinations, gynecology, human papillomavirus vaccinations, and postnatal support. The company also supplies Software-as-a-Service (SaaS) solutions and provides guidance and training programs to medical service providers. Its offerings extend to internet information and technology advisory, management consulting, and internet culture services. Furthermore, So-Young is involved in the sale of medical equipment, equipment manufacturing, sales, and agency services, as well as microfinance. As of December 31, 2021, its platform had established connections with approximately 8,400 medical aesthetic service providers and an additional 5,000 providers offering other consumption-focused healthcare services. Established in 2013, So-Young International Inc. maintains its corporate headquarters in Beijing, China.

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