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So-Young International Inc.

SY Clue Score37
Cayman Islands Fiscal year ends December CIK 0001758530
$2.49 +0.40% Close, 9 Oct 2026
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Price $2.49 −44.04% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 2 May 2019. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2017Revenue259.3Operating income24.8Net income17.2Fiscal year 2018Revenue617.2 +138.0%Operating income49.1Net income55.1 +220.2%Fiscal year 2019Revenue1,151.6 +86.6%Operating income145.2Net income176.7 +220.8%Fiscal year 2020Revenue1,295.0 +12.4%Operating income−56.7Net income5.8 −96.7%Fiscal year 2021Revenue1,692.5 +30.7%Operating income−32.6Net income−8.4 −244.2%Fiscal year 2022Revenue1,257.9 −25.7%Operating income−102.8Net income−65.6Fiscal year 2023Revenue1,498.0 +19.1%Operating income−61.0Net income21.3Fiscal year 2024Revenue1,466.7 −2.1%Operating income−624.5Net income−589.5 −2,870.3%Fiscal year 2025Revenue1,523.4 +3.9%Operating income−286.2Net income−242.3
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 259.3 617.2 1,151.6 1,295.0 1,692.5 1,257.9 1,498.0 1,466.7 1,523.4
Growth +138.0% +86.6% +12.4% +30.7% −25.7% +19.1% −2.1% +3.9%
Operating income 24.8 49.1 145.2 −56.7 −32.6 −102.8 −61.0 −624.5 −286.2
Net income 17.2 55.1 176.7 5.8 −8.4 −65.6 21.3 −589.5 −242.3
Growth +220.2% +220.8% −96.7% −244.2% −2,870.3%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2017Gross margin82.7%Operating margin9.5%Net margin6.6%Free cash flow margin35.0%Fiscal year 2018Gross margin85.2%Operating margin8.0%Net margin8.9%Free cash flow margin31.2%Fiscal year 2019Gross margin82.8%Operating margin12.6%Net margin15.3%Free cash flow margin30.1%Fiscal year 2020Gross margin83.6%Operating margin−4.4%Net margin0.4%Free cash flow margin11.0%Fiscal year 2021Gross margin80.6%Operating margin−1.9%Net margin−0.5%Free cash flow margin2.3%Fiscal year 2022Gross margin68.7%Operating margin−8.2%Net margin−5.2%Free cash flow margin−10.2%Fiscal year 2023Gross margin63.7%Operating margin−4.1%Net margin1.4%Free cash flow margin−1.9%Fiscal year 2024Gross margin61.3%Operating margin−42.6%Net margin−40.2%Free cash flow margin−6.0%Fiscal year 2025Gross margin47.8%Operating margin−18.8%Net margin−15.9%Free cash flow margin−19.8%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 82.7% 85.2% 82.8% 83.6% 80.6% 68.7% 63.7% 61.3% 47.8%
Operating margin 9.5% 8.0% 12.6% −4.4% −1.9% −8.2% −4.1% −42.6% −18.8%
Net margin 6.6% 8.9% 15.3% 0.4% −0.5% −5.2% 1.4% −40.2% −15.9%
Free cash flow margin 35.0% 31.2% 30.1% 11.0% 2.3% −10.2% −1.9% −6.0% −19.8%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2017Operating cash flow90.9Capital expenditure−0.2Free cash flow90.7Fiscal year 2018Operating cash flow199.0Capital expenditure−6.4Free cash flow192.6 +112.4%Fiscal year 2019Operating cash flow383.8Capital expenditure−37.5Free cash flow346.3 +79.8%Fiscal year 2020Operating cash flow179.2Capital expenditure−37.0Free cash flow142.2 −58.9%Fiscal year 2021Operating cash flow84.3Capital expenditure−45.1Free cash flow39.2 −72.4%Buybacks−217.7Fiscal year 2022Operating cash flow−112.9Capital expenditure−15.7Free cash flow−128.6 −427.8%Buybacks−15.1Fiscal year 2023Operating cash flow22.5Capital expenditure−51.2Free cash flow−28.7Buybacks−125.6Fiscal year 2024Operating cash flow−25.6Capital expenditure−62.5Free cash flow−88.2Buybacks−18.2Dividends paid−43.6Fiscal year 2025Operating cash flow−105.4Capital expenditure−196.6Free cash flow−302.0Buybacks−15.3Dividends paid−19.0
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 90.9 199.0 383.8 179.2 84.3 −112.9 22.5 −25.6 −105.4
Capital expenditure −0.2 −6.4 −37.5 −37.0 −45.1 −15.7 −51.2 −62.5 −196.6
Free cash flow 90.7 192.6 346.3 142.2 39.2 −128.6 −28.7 −88.2 −302.0
Growth +112.4% +79.8% −58.9% −72.4% −427.8%
Buybacks n/a n/a n/a n/a −217.7 −15.1 −125.6 −18.2 −15.3
Dividends paid n/a n/a n/a n/a n/a n/a n/a −43.6 −19.0

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2017Cash440.9Shareholders’ equity−167.0Fiscal year 2018Cash563.4Shareholders’ equity−357.6Fiscal year 2019Cash884.7Shareholders’ equity2,642.6Fiscal year 2020Cash1,127.1Shareholders’ equity2,596.4Fiscal year 2021Cash1,332.0Shareholders’ equity2,446.2Fiscal year 2022Cash694.4Shareholders’ equity2,497.9Fiscal year 2023Cash426.1Shareholders’ equity2,444.1Fiscal year 2024Cash587.7Shareholders’ equity1,839.1Fiscal year 2025Cash418.2Shareholders’ equity1,553.3
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 440.9 563.4 884.7 1,127.1 1,332.0 694.4 426.1 587.7 418.2
Shareholders’ equity −167.0 −357.6 2,642.6 2,596.4 2,446.2 2,497.9 2,444.1 1,839.1 1,553.3

In millions of CNY, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Balance sheet

In millions of CNY, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019† 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Assets
440.9 563.4 884.7 1,127.1 1,332.0 694.4 426.1 587.7 418.2
n/a 10.5 26.1 52.9 54.8 36.0 57.2 98.8 51.5
n/a n/a n/a n/a 91.8 120.5 118.9 151.8 233.4
n/a 3.3 32.3 29.8 124.6 116.2 116.8 155.4 293.6
n/a n/a n/a 48.5 540.7 540.7 540.7 0.7 0.7
n/a 1,340.5 3,230.0 3,292.0 3,330.4 3,197.9 3,214.6 2,735.2 2,649.6
Growth +140.9% +1.9% +1.2% −4.0% +0.5% −14.9% −3.1%
Liabilities
n/a 302.2 587.3 672.4 813.3 590.0 653.3 776.4 980.8
Equity
n/a −394.0 −259.3 −254.2 −272.4 −346.6 −330.2 −926.4 −1,174.6
−167.0 −357.6 2,642.6 2,596.4 2,446.2 2,497.9 2,444.1 1,839.1 1,553.3
Growth −1.8% −5.8% +2.1% −2.2% −24.8% −15.5%
Per share and net cash
n/a n/a n/a 70.2 n/a n/a n/a n/a n/a
calc n/a n/a n/a 36.98 n/a n/a n/a n/a n/a

† The diluted share count jumps at 2019, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Lines marked calc are worked out here from filed figures; point at one for how. Shown in CNY as filed; the screener converts to dollars.