SY · CIK 0001758530

So-Young International Inc.

Annual figures as reported, FY2016–FY2025. Ratios and growth rates derived on-page.

Revenue

CN¥1.5B

▲ +3.9% vs FY2024

Net income

−CN¥242.3M

▲ +58.9% vs FY2024

Free cash flow

−CN¥302.0M

▼ −242.5% vs FY2024

Total assets

CN¥2.6B

▼ −3.1% vs FY2024

Revenue

Annual, as reported

Net income

Losses shown in terracotta

Profitability & returns

quality of earnings

Margins

Share of revenue kept at each line

Gross marginOperating marginNet margin

Returns on capital

Net income vs year-end equity and assets

Return on equityReturn on assets

Cash flow

cash generation

Free cash flow

Operating cash flow less capital expenditure

Operating cash flow

Net cash from operations

Shareholder returns

capital allocation

Capital returned

Cash paid out as dividends and share repurchases

Dividends paidBuybacks

Diluted shares outstanding

Falling count means buybacks outpace dilution

Balance sheet

financial position

Stockholders’ equity

At fiscal year end

Growth rates

compounding, annualized

Revenue CAGR

+6.6%

+3.3%

Share count change (split-adjusted)

−7.1%

Key ratios

derived per fiscal year

Fiscal year	Gross margin	Op. margin	Net margin	FCF margin	ROE	ROA	Current ratio
FY2025	47.8%	−18.8%	−15.9%	−19.8%	−15.6%	−9.1%	1.89×
FY2024	61.3%	−42.6%	−40.2%	−6.0%	−32.1%	−21.6%	2.74×
FY2023	63.7%	−4.1%	1.4%	−1.9%	0.9%	0.7%	3.19×
FY2022	68.7%	−8.2%	−5.2%	−10.2%	−2.6%	−2.0%	3.56×
FY2021	80.6%	−1.9%	−0.5%	2.3%	−0.3%	−0.3%	2.85×
FY2020	83.6%	−4.4%	0.4%	11.0%	0.2%	0.2%	4.90×
FY2019	82.8%	12.6%	15.3%	30.1%	6.7%	5.5%	6.34×
FY2018	85.2%	8.0%	8.9%	31.2%	—	4.1%	4.23×
FY2017	82.7%	9.5%	6.6%	35.0%	—	—	—
FY2016	—	—	—	—	—	—	—

Annual figures

as reported

Fiscal year	Revenue	Gross profit	Op. income	Net income	Diluted EPS	Op. cash flow	Capex	Total assets	Liabilities	Equity	Cash	LT debt
FY2025	CN¥1.5B	CN¥727.7M	−CN¥286.2M	−CN¥242.3M	—	−CN¥105.4M	CN¥196.6M	CN¥2.6B	CN¥980.8M	CN¥1.6B	CN¥418.2M	—
FY2024	CN¥1.5B	CN¥899.1M	−CN¥624.5M	−CN¥589.5M	—	−CN¥25.6M	CN¥62.5M	CN¥2.7B	CN¥776.4M	CN¥1.8B	CN¥587.7M	—
FY2023	CN¥1.5B	CN¥953.7M	−CN¥61.0M	CN¥21.3M	—	CN¥22.5M	CN¥51.2M	CN¥3.2B	CN¥653.3M	CN¥2.4B	CN¥426.1M	—
FY2022	CN¥1.3B	CN¥864.6M	−CN¥102.8M	−CN¥65.6M	—	−CN¥112.9M	CN¥15.7M	CN¥3.2B	CN¥590.0M	CN¥2.5B	CN¥694.4M	—
FY2021	CN¥1.7B	CN¥1.4B	−CN¥32.6M	−CN¥8.4M	—	CN¥84.3M	CN¥45.1M	CN¥3.3B	CN¥813.3M	CN¥2.4B	CN¥1.3B	—
FY2020	CN¥1.3B	CN¥1.1B	−CN¥56.7M	CN¥5.8M	—	CN¥179.2M	CN¥37.0M	CN¥3.3B	CN¥672.4M	CN¥2.6B	CN¥1.1B	—
FY2019	CN¥1.2B	CN¥953.0M	CN¥145.2M	CN¥176.7M	—	CN¥383.8M	CN¥37.5M	CN¥3.2B	CN¥587.3M	CN¥2.6B	CN¥884.7M	—
FY2018	CN¥617.2M	CN¥525.7M	CN¥49.1M	CN¥55.1M	—	CN¥199.0M	CN¥6.4M	CN¥1.3B	CN¥302.2M	−CN¥357.6M	CN¥563.4M	—
FY2017	CN¥259.3M	CN¥214.5M	CN¥24.8M	CN¥17.2M	—	CN¥90.9M	CN¥222K	—	—	−CN¥167.0M	CN¥440.9M	—
FY2016	—	—	—	—	—	—	—	—	—	−CN¥156.1M	CN¥18.4M	—

Latest filings

the most recent regulatory filings

4OWNERSHIP DOCUMENT2026-06-15 ↗4OWNERSHIP DOCUMENT2026-06-11 ↗6-KForeign issuer report2026-05-22 ↗20-FAnnual report (foreign issuer)2026-04-23 ↗4OWNERSHIP DOCUMENT2026-04-02 ↗6-KForeign issuer report2026-03-25 ↗3OWNERSHIP DOCUMENT2026-03-18 ↗3OWNERSHIP DOCUMENT2026-03-18 ↗3OWNERSHIP DOCUMENT2026-03-18 ↗3OWNERSHIP DOCUMENT2026-03-18 ↗

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Fiscal year

Gross margin

Op. margin

Net margin

FCF margin

ROE

ROA

Current ratio

FY2025

47.8%

−18.8%

−15.9%

−19.8%

−15.6%

−9.1%

1.89×

FY2024

61.3%

−42.6%

−40.2%

−6.0%

−32.1%

−21.6%

2.74×

FY2023

63.7%

−4.1%

1.4%

−1.9%

0.9%

0.7%

3.19×

FY2022

68.7%

−8.2%

−5.2%

−10.2%

−2.6%

−2.0%

3.56×

FY2021

80.6%

−1.9%

−0.5%

2.3%

−0.3%

2.85×

FY2020

83.6%

−4.4%

0.4%

11.0%

0.2%

4.90×

FY2019

82.8%

12.6%

15.3%

30.1%

6.7%

5.5%

6.34×

FY2018

85.2%

8.0%

8.9%

31.2%

—

4.1%

4.23×

FY2017

82.7%

9.5%

6.6%

35.0%

—

FY2016

—

Fiscal year

Revenue

Gross profit

Op. income

Net income

Diluted EPS

Op. cash flow

Capex

Total assets

Liabilities

Equity

Cash

LT debt

FY2025

CN¥1.5B

CN¥727.7M

−CN¥286.2M

−CN¥242.3M

—

−CN¥105.4M

CN¥196.6M

CN¥2.6B

CN¥980.8M

CN¥1.6B

CN¥418.2M

—

FY2024

CN¥1.5B

CN¥899.1M

−CN¥624.5M

−CN¥589.5M

—

−CN¥25.6M

CN¥62.5M

CN¥2.7B

CN¥776.4M

CN¥1.8B

CN¥587.7M

—

FY2023

CN¥1.5B

CN¥953.7M

−CN¥61.0M

CN¥21.3M

—

CN¥22.5M

CN¥51.2M

CN¥3.2B

CN¥653.3M

CN¥2.4B

CN¥426.1M

—

FY2022

CN¥1.3B

CN¥864.6M

−CN¥102.8M

−CN¥65.6M

—

−CN¥112.9M

CN¥15.7M

CN¥3.2B

CN¥590.0M

CN¥2.5B

CN¥694.4M

—

FY2021

CN¥1.7B

CN¥1.4B

−CN¥32.6M

−CN¥8.4M

—

CN¥84.3M

CN¥45.1M

CN¥3.3B

CN¥813.3M

CN¥2.4B

CN¥1.3B

—

FY2020

CN¥1.3B

CN¥1.1B

−CN¥56.7M

CN¥5.8M

—

CN¥179.2M

CN¥37.0M

CN¥3.3B

CN¥672.4M

CN¥2.6B

CN¥1.1B

—

FY2019

CN¥1.2B

CN¥953.0M

CN¥145.2M

CN¥176.7M

—

CN¥383.8M

CN¥37.5M

CN¥3.2B

CN¥587.3M

CN¥2.6B

CN¥884.7M

—

FY2018

CN¥617.2M

CN¥525.7M

CN¥49.1M

CN¥55.1M

—

CN¥199.0M

CN¥6.4M

CN¥1.3B

CN¥302.2M

−CN¥357.6M

CN¥563.4M

—

FY2017

CN¥259.3M

CN¥214.5M

CN¥24.8M

CN¥17.2M

—

CN¥90.9M

CN¥222K

—

−CN¥167.0M

CN¥440.9M

—

FY2016

—

−CN¥156.1M

CN¥18.4M

—