NASDAQ : SY

So-Young International Inc. — Financial statements

Healthcare · Health Information Services · China

Last price 2 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 200.76M

Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports

Financial statements

So-Young International Inc. (SY) reported revenue of 1.66B CNY (TTM). Five years of income statement, balance sheet, cash flow and ratios below.

Income statement

Fiscal year January - December; amounts in CNY.

TTMFY2025FY2024FY2023FY2022FY2021
Revenue1.66B1.52B1.47B1.50B1.26B1.69B
Cost of Revenue895.31M795.72M567.59M544.34M393.29M327.89M
Gross Profit763.61M727.69M899.11M953.69M864.58M1.36B
Selling, General & Admin915.28M857.11M818.57M811.22M732.30M1.04B
Research & Development129.27M137.04M165.03M203.52M235.09M286.57M
Operating Expenses1.04B994.15M983.60M1.01B967.39M1.33B
Operating Income-280.94M-266.47M-84.48M-61.05M-102.81M33.31M
Interest & Investment Income22.21M25.29M57.53M60.85M33.15M28.26M
Earnings From Equity Investments-1.82M-4.08M-15.02M-12.72M-17.22M-1.52M
Currency Exchange Gain (Loss)10.83M5.95M112.00K-662.00K-492.00K-4.77M
Other Non Operating Income (Expenses)6.34M12.90M1.13M21.90M8.25M12.04M
EBT Excluding Unusual Items-243.38M-226.40M-40.73M8.31M-79.13M67.32M
Impairment of Goodwill-19.71M-19.71M-540.01M-48.50M
Gain (Loss) on Sale of Investments785.00K-7.35M-444.00K-7.95M-17.85M
Asset Writedown-17.38M
Pretax Income-262.31M-246.11M-588.09M7.87M-87.07M-16.41M
Income Tax Expense1.65M796.00K-905.00K-18.07M-20.96M21.23M
Earnings From Continuing Operations-263.96M-246.91M-587.18M25.94M-66.11M-37.64M
Minority Interest in Earnings5.62M4.60M-2.35M-4.66M553.00K29.27M
Net Income-258.34M-242.30M-589.53M21.28M-65.55M-8.37M
Net Income to Common-258.34M-242.30M-589.53M21.28M-65.55M-8.37M
Shares Outstanding (Basic)100.93M101.22M103.20M100.94M107.46M106.18M
Shares Outstanding (Diluted)100.93M101.22M103.20M100.94M107.46M106.18M
EPS (Basic)-2.56-2.39-5.710.21-0.61-0.08
EPS (Diluted)-2.56-2.39-5.720.21-0.61-0.08
Free Cash Flow-302.01M-88.18M-28.68M-128.58M39.23M
Free Cash Flow Per Share-2.98-0.85-0.28-1.200.37
Gross Margin46.03%47.77%61.30%63.66%68.73%80.63%
Operating Margin-16.93%-17.49%-5.76%-4.08%-8.17%1.97%
Profit Margin-15.57%-15.90%-40.19%1.42%-5.21%-0.50%
Free Cash Flow Margin-19.82%-6.01%-1.91%-10.22%2.32%
EBITDA-220.91M-209.25M-38.56M-14.96M-55.72M63.39M
EBITDA Margin-13.32%-13.74%-2.63%-1.00%-4.43%3.74%
D&A For EBITDA60.04M57.21M45.92M46.09M47.09M30.08M
EBIT-280.94M-266.47M-84.48M-61.05M-102.81M33.31M
EBIT Margin-16.93%-17.49%-5.76%-4.08%-8.17%1.97%
Revenue as Reported1.66B1.52B1.47B1.50B1.26B1.69B
Advertising Expenses220.25M188.22M270.30M254.89M570.35M

Balance sheet

Fiscal year January - December; amounts in CNY.

TTMFY2025FY2024FY2023FY2022FY2021
Cash & Equivalents386.81M418.21M587.75M426.12M694.42M1.33B
Short-Term Investments410.65M453.47M599.04M900.82M875.96M408.95M
Cash & Short-Term Investments797.46M871.68M1.19B1.33B1.57B1.74B
Accounts Receivable60.59M67.83M123.03M80.38M50.79M73.69M
Other Receivables1.69M61.50M30.87M32.19M20.58M7.64M
Receivables62.28M209.90M226.25M200.78M170.29M110.45M
Inventory262.56M233.39M151.75M118.92M120.48M91.81M
Prepaid Expenses59.48M40.75M48.23M32.45M50.23M
Restricted Cash82.51M64.68M66.37M14.70M14.91M15.12M
Other Current Assets283.83M45.45M52.45M12.36M8.33M18.90M
Total Current Assets1.49B1.48B1.72B1.72B1.92B2.03B
Property, Plant & Equipment560.61M545.20M318.12M235.19M179.08M220.19M
Long-Term Investments274.18M274.75M280.28M261.02M227.96M252.50M
Goodwill684.00K684.00K684.00K540.69M540.69M540.69M
Other Intangible Assets139.81M144.10M126.61M145.25M169.28M193.96M
Long-Term Deferred Tax Assets69.36M69.31M84.95M78.03M64.74M47.52M
Other Long-Term Assets131.53M63.56M128.80M174.42M99.29M48.10M
Total Assets2.66B2.65B2.74B3.21B3.20B3.33B
Accounts Payable26.98M20.31M10.57M13.20M18.84M
Accrued Expenses561.21M264.57M211.38M181.52M175.71M203.54M
Short-Term Debt119.75M39.81M69.77M29.82M
Current Portion of Leases78.37M76.54M44.91M29.74M50.28M43.53M
Current Income Taxes Payable36.61M6.20M18.00M17.18M30.67M26.69M
Current Unearned Revenue64.56M292.64M190.37M195.21M181.67M190.26M
Other Current Liabilities77.30M75.48M76.38M86.51M229.54M
Total Current Liabilities860.50M784.05M630.21M540.42M538.04M712.40M
Long-Term Leases182.30M183.36M125.20M86.21M20.97M62.36M
Long-Term Deferred Tax Liabilities9.27M10.62M19.76M25.08M30.99M38.58M
Other Long-Term Liabilities3.92M2.78M1.26M1.54M
Total Liabilities1.06B980.82M776.43M653.25M590.00M813.33M
Common Stock294.00K294.00K290.00K275.00K273.00K267.00K
Additional Paid-In Capital3.06B3.06B3.07B3.08B3.04B3.00B
Retained Earnings-1.18B-1.13B-885.84M-296.31M-317.59M-252.04M
Treasury Stock-391.94M-391.94M-376.69M-358.45M-232.84M-217.71M
Comprehensive Income & Other935.00K13.34M31.56M18.18M4.11M-83.89M
Total Common Equity1.49B1.55B1.84B2.44B2.50B2.45B
Minority Interest114.48M115.50M119.61M117.19M109.94M70.84M
Shareholders' Equity1.61B1.67B1.96B2.56B2.61B2.52B
Total Liabilities & Equity2.66B2.65B2.74B3.21B3.20B3.33B
Total Debt380.42M299.71M239.88M145.77M71.26M105.89M
Net Cash (Debt)417.04M571.97M946.91M1.18B1.50B1.64B
Net Cash Per Share4.135.659.1811.7013.9515.40
Filing Date Shares Outstanding100.38M100.30M100.69M102.01M101.58M106.45M
Total Common Shares Outstanding100.38M100.22M100.96M98.05M105.10M105.42M
Working Capital628.14M700.54M1.09B1.18B1.38B1.32B
Book Value Per Share14.8915.5018.2224.9323.7723.20
Tangible Book Value1.35B1.41B1.71B1.76B1.79B1.71B
Tangible Book Value Per Share13.4914.0516.9617.9317.0116.24
Buildings99.17M99.17M99.17M99.17M99.17M
Machinery197.87M75.39M57.13M37.65M24.25M
Leasehold Improvements127.45M74.28M32.80M32.69M32.72M

Cash flow statement

Fiscal year January - December; amounts in CNY.

TTMFY2025FY2024FY2023FY2022FY2021
Net Income-242.30M-589.53M21.28M-65.55M-8.37M
Depreciation & Amortization57.21M45.92M46.09M47.09M30.08M
Loss (Gain) From Sale of Assets4.07M6.20M-5.36M5.00K244.00K
Asset Writedown & Restructuring Costs19.71M540.01M844.00K1.35M65.88M
Loss (Gain) From Sale of Investments842.00K864.00K1.14M7.95M17.85M
Loss (Gain) on Equity Investments4.08M15.02M12.72M17.22M1.52M
Stock-Based Compensation8.92M32.66M36.32M43.34M106.15M
Provision & Write-off of Bad Debts21.29M39.75M15.63M13.22M15.50M
Other Operating Activities46.90M51.34M16.28M17.51M19.97M
Change in Accounts Receivable21.77M-60.38M-28.95M13.56M14.58M
Change in Inventory-115.98M-36.75M-2.12M-27.99M7.87M
Change in Unearned Revenue-10.63M-26.80M-6.01M-29.00M-28.31M
Change in Income Taxes1.90M12.81M-1.63M27.24M-13.01M
Change in Other Net Operating Assets76.83M-56.73M-83.73M-178.82M-145.67M
Operating Cash Flow-105.39M-25.63M22.50M-112.87M84.29M
Capital Expenditures-196.62M-62.55M-51.18M-15.71M-45.06M
Sale of Property, Plant & Equipment77.00K299.00K102.00K180.00K
Cash Acquisitions-97.49M-636.87M
Divestitures3.40M6.57M
Investment in Securities153.31M308.73M-168.59M-440.99M1.03B
Other Investing Activities500.00K7.38M10.29M-18.13M-8.55M
Investing Cash Flow-42.81M257.04M-202.61M-572.21M339.82M
Short-Term Debt Issued100.00M110.00M29.82M
Total Debt Issued100.00M110.00M29.82M
Short-Term Debt Repaid-130.00M-70.00M
Total Debt Repaid-130.00M-70.00M
Net Debt Issued (Repaid)-30.00M40.00M29.82M
Issuance of Common Stock579.00K298.00K242.00K1.54M969.00K
Repurchase of Common Stock-15.25M-18.24M-125.62M-15.12M-217.71M
Common Dividends Paid-19.03M-43.57M
Other Financing Activities-4.46M
Financing Cash Flow-63.70M-21.51M-100.02M-13.59M-216.74M
Foreign Exchange Rate Adjustments-1.48M3.33M11.87M55.86M-9.24M
Net Cash Flow-213.38M213.23M-268.26M-642.81M198.12M
Free Cash Flow-302.01M-88.18M-28.68M-128.58M39.23M
Free Cash Flow Margin-19.82%-6.01%-1.91%-10.22%2.32%
Free Cash Flow Per Share-2.98-0.85-0.28-1.200.37
Levered Free Cash Flow-220.20M-144.69M-62.35M-230.60M104.83M
Unlevered Free Cash Flow-220.20M-144.69M-62.35M-230.60M104.83M
Cash Income Tax Paid9.77M11.60M16.26M11.36M31.17M
Change in Working Capital-26.11M-167.85M-122.44M-195.00M-164.54M

Ratios

Fiscal year January - December; amounts in CNY.

TTMFY2025FY2024FY2023FY2022FY2021
Market Capitalization208.79M255.07M84.35M127.02M136.65M334.49M
Enterprise Value148.33M186.40M-25.96M-42.30M-69.89M86.16M
Last Close Price2.002.560.811.201.202.97
PE Ratio42.33
Forward PE49.686.009.0365.3710.14
PS Ratio0.831.170.420.600.751.26
PB Ratio0.931.070.310.350.360.84
P/TBV Ratio1.021.270.360.510.531.24
P/FCF Ratio54.16
P/OCF Ratio40.0325.21
PEG Ratio0.060.060.060.060.16
EV/Sales Ratio0.580.860.32
EV/EBITDA Ratio8.63
EV/EBIT Ratio16.43
EV/FCF Ratio13.95
Debt / Equity Ratio0.240.180.120.060.030.04
Debt / EBITDA Ratio10.703.830.93
Debt / FCF Ratio2.70
Net Debt / Equity Ratio-0.26-0.34-0.48-0.46-0.57-0.65
Net Debt / EBITDA Ratio1.892.7324.5578.9726.91-25.79
Net Debt / FCF Ratio1.8910.7441.1911.66-41.68
Asset Turnover0.620.570.490.470.390.51
Inventory Turnover4.094.134.194.553.71
Quick Ratio1.001.282.132.663.052.56
Current Ratio1.731.892.743.193.562.85
Return on Equity (ROE)-15.04%-13.61%-25.98%1.00%-2.58%-1.47%
Return on Assets (ROA)-6.61%-6.19%-1.77%-1.19%-1.97%0.63%
Return on Invested Capital (ROIC)-24.55%-25.27%-7.06%-4.91%-10.33%3.78%
Return on Capital Employed (ROCE)-15.60%-14.30%-4.00%-2.30%-3.90%1.30%
Earnings Yield-17.84%-13.58%-95.76%2.36%-6.96%-0.39%
FCF Yield-22.62%-16.93%-14.32%-3.18%-13.64%1.85%
Buyback Yield / Dilution1.89%1.92%-2.24%6.07%-1.21%2.51%