SY

MKT CAP:$358M

So-Young International Inc.

Market Cap

$358M

Healthcare·Medical - Healthcare Information Services·🇨🇳 China·NASDAQ

Healthcare·Medical·🇨🇳·NASDAQ

Stock Price

$2.80+$0.13 (+4.87%)

Apr 21, 2026

Company Details

So-Young International Inc. operates an online platform for medical aesthetics and consumption healthcare services focusing on discretionary medical treatments in the People's Republic of China and internationally. Its platform enables user...

CEO

Xing Jin

IPO Date

May 2, 2019

Website

www.soyoung.com

Key Metrics TTM

Revenue

$222M

+3.4% YoY

Net Income

-$35M

EPS (Diluted)

-$0.27

Free Cash Flow

$0

Revenue / Share

$1.69

Gross Margin

47.8%

Operating Margin

-17.5%

Net Margin

-15.9%

FCF Margin

0.0%

P/S

1.6x

P/E

—

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Apr 23, 2026

NEW

$217M+1.0%EPS -$0.26

Q4 2025

Apr 23, 2026

NEW

$66M+23.1%EPS -$0.12

Q3 2025

Nov 17, 2025

$56M+4.0%EPS -$0.07

Q2 2025

Aug 15, 2025

$55M-7.0%EPS -$0.04

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 21	$66M	$57M	$8M
Q3 21	$63M	$50M	$3M
Q4 21	$66M	$47M	-$7M
Q1 22	$44M	$28M	-$11M
Q2 22	$45M	$30M	-$6M
Q1 23	$45M	$29M	-$5M
Q3 23	$56M	$35M	-$291.1K
Q4 23	$57M	$37M	-$716.6K
Q1 24	$47M	$29M	-$5M
Q2 24	$60M	$37M	$982.5K
Q3 24	$54M	$34M	$684.4K
Q4 24	$54M	$32M	-$88M
Q1 25	$43M	$21M	-$6M
Q2 25	$55M	$28M	-$7M
Q3 25	$56M	$27M	-$11M
Q4 25	$66M	$30M	-$15M

Valuation

Quarter	P/S	P/E
Q2 21	5.9x	179.3x
Q3 21	2.4x	68.9x
Q4 21	1.8x	—
Q1 22	1.2x	—
Q2 22	0.6x	—
Q1 23	1.5x	—
Q3 23	0.7x	—
Q4 23	0.8x	—
Q1 24	0.7x	400.8x
Q2 24	0.6x	27.6x
Q3 24	0.6x	23.9x
Q4 24	0.5x	—
Q1 25	0.5x	—
Q2 25	2.0x	—
Q3 25	2.5x	—
Q4 25	1.5x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 20	$0	$0
Q3 20	$0	$0
Q1 23	$0	$0
Q3 23	$0	$0
Q4 23	$0	$0
Q1 24	$0	$0
Q2 24	$0	$0
Q3 24	$0	$0
Q4 24	$0	$0
Q1 25	$0	$0
Q2 25	$0	$0
Q3 25	$0	$0

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 21	+37.7%	+16.6%
Q3 21	+20.0%	+5.7%
Q4 21	+5.9%	+26.4%
Q1 22	-16.5%	-9.9%
Q2 22	-31.6%	-10.9%
Q1 23	-28.1%	-16.7%
Q3 23	-14.3%	-22.4%
Q4 23	+30.0%	+4.6%
Q1 24	+3.0%	+1.1%
Q2 24	+31.4%	+16.6%
Q3 24	-3.5%	-5.2%
Q4 24	-5.5%	+144.8%
Q1 25	-6.6%	-4.1%
Q2 25	-7.0%	+6.3%
Q3 25	+4.0%	+25.1%
Q4 25	+23.1%	-42.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 20	$0	0.0%
Q3 20	$0	0.0%
Q1 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$3M	4.6%
Q1 24	$4M	7.9%
Q2 24	$474.1K	0.8%
Q3 24	$277.8K	0.5%
Q4 24	$323.6K	0.6%
Q1 25	$242.1K	0.6%
Q2 25	$802.9K	1.5%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q2 21	$11M	$8M	$30M	—
Q3 21	$11M	$8M	$28M	—
Q4 21	$10M	$13M	$22M	—
Q1 22	$12M	$10M	$19M	—
Q2 22	$9M	$9M	$18M	—
Q1 23	$8M	$9M	$16M	—
Q3 23	$7M	$7M	$21M	—
Q4 23	$7M	$13M	$18M	—
Q1 24	$6M	$12M	$17M	—
Q2 24	$6M	$10M	$19M	—
Q3 24	$6M	$10M	$17M	—
Q4 24	$6M	$14M	$20M	—
Q1 25	$5M	$8M	$15M	—
Q2 25	$5M	$12M	$19M	—
Q3 25	$5M	$13M	$19M	—
Q4 25	$5M	—	—	$39M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$229M	$16M	$245M
Q2 22	$215M	$16M	$231M
Q3 22	$104M	$133M	$237M
Q4 22	$101M	$128M	$229M
Q1 23	$119M	$95M	$214M
Q2 23	$111M	$111M	$222M
Q3 23	$64M	$139M	$203M
Q4 23	$62M	$132M	$194M
Q1 24	$65M	$128M	$193M
Q2 24	$67M	$103M	$170M
Q3 24	$68M	$100M	$168M
Q4 24	$86M	$88M	$173M
Q1 25	$65M	$84M	$149M
Q2 25	$56M	$78M	$133M
Q3 25	$49M	$79M	$128M
Q4 25	$71M	$66M	$137M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 21	140M	+1.1%	-0.8%
Q3 21	138M	-1.9%	-3.1%
Q4 21	137M	-0.2%	-3.3%
Q1 22	139M	+1.0%	-0.0%
Q2 22	140M	+0.8%	-0.4%
Q1 23	135M	-3.5%	-2.0%
Q3 23	130M	-3.3%	-5.0%
Q4 23	130M	-0.3%	-6.2%
Q1 24	134M	+3.3%	-3.8%
Q2 24	135M	+0.4%	+0.1%
Q3 24	132M	-2.0%	+1.4%
Q4 24	133M	+0.8%	+2.5%
Q1 25	133M	-0.4%	-1.2%
Q2 25	132M	-0.9%	-2.6%
Q3 25	131M	-0.5%	-1.0%
Q4 25	131M	+0.2%	-1.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 21	$54.2K	1K
Q3 21	$51.8K	1K
Q4 21	$42.0K	2K
Q1 22	$28.1K	2K
Q2 22	$28.9K	2K
Q1 23	$21.7K	2K
Q3 23	$27.0K	2K
Q4 23	$27.4K	2K
Q1 24	$22.3K	2K
Q2 24	$28.5K	2K
Q3 24	$26.1K	2K
Q4 24	$34.3K	2K
Q1 25	$27.6K	2K
Q2 25	$35.2K	2K
Q3 25	$35.9K	2K
Q4 25	$42.2K	2K

Revenue / Employee