SY on Nasdaq

So-Young International Inc.

So-Young International Inc. is a computer processing and data preparation services company, active since 2014.2 It is headquartered in George Town, Cayman Islands.2 Its shares trade on Nasdaq under the symbol SY.2

$2.35 down 0.10 (4.29%)Price as of Oct 15, 2026 at 17:33 UTC

Last updated Oct 20, 2026.

Overview

$217.8MRevenue, fiscal 20254
-$34.6MNet income, fiscal 20254

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  • TickerSY on Nasdaq2
  • IndustryServices-Computer Processing & Data Preparation2
  • HeadquartersGeorge Town, Cayman Islands2
  • Incorporated inCayman Islands5
  • Business address2/F, East Tower, Poly Plaza, No. 66 Xiangbin Road, Chaoyang District, Beijing, 1000125
  • Filer categoryAccelerated filer5
  • Legal formexempt company2
  • LEI984500B9F0H7D6BA5A922
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressUgland House, KY1-1104 George Town, Cayman Islands2
  • Registered withGeneral Registry, 2876612

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We commenced our operations in November 2013 through Beijing So-Young Technology Co., Ltd., or Beijing So-Young, a limited liability company established under the laws of mainland China, to provide medical aesthetic information.6 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

47.8%Gross margin4
-18.8%Operating margin4
-15.9%Net margin4
8.4%Revenue growth, 20254
-15.6%Return on equity4

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Aesthetic Treatment Services brought in 89% of the revenue So-Young International Inc. broke down this way in fiscal 2025.

  1. Aesthetic Treatment Services674.9M CNY489%up 299% from 2024
  2. Service, Other81.0M CNY411%down 58% from 2024
Products and services by year
Products and services202320242025
Aesthetic Treatment Services13.0M CNY169.3M CNY674.9M CNY
Service, Other261.6M CNY192.8M CNY81.0M CNY

Business segments

Aesthetic Treatment Services Group brought in 49% of the revenue So-Young International Inc. broke down this way in fiscal 2025.

  1. Aesthetic Treatment Services Group674.9M CNY449%up 299% from 2024
  2. Platform Service Group499.7M CNY436%down 32% from 2024
  3. Wuhan Miracle200.4M CNY415%down 26% from 2024
Business segments by year
Business segments202320242025
Aesthetic Treatment Services Group13.0M CNY169.3M CNY674.9M CNY
Platform Service Group889.9M CNY736.6M CNY499.7M CNY
Wuhan Miracle268.8M CNY269.6M CNY200.4M CNY

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue52¢$113.8M
  • Research and development9¢$19.6M
  • Other costs39¢$84.3M
  • Income tax0¢$114.0K

Out of $217.8M in revenue.4 The company lost money this year.

Financial statements

Revenue7891011124$217.8M in 2025−65% since 2018
0$500.0M$1.0B$1.5B2018: $617.2M$617.2M20182019: $1.2B$1.2B2019+87%2020: $198.5M$198.5M2020−83%2021: $265.6M$265.6M2021+34%2022: $182.4M$182.4M2022−31%2023: $211.0M$211.0M2023+16%2024: $200.9M$200.9M2024−5%2025: $217.8M$217.8M2025+8%
Gross profit7891011124$104.1M in 2025−24% since 2019
0$100.0M$200.0M$300.0M2019: $136.9M$136.9M20192020: $165.9M$165.9M2020+21%2021: $214.1M$214.1M2021+29%2022: $125.4M$125.4M2022−41%2023: $134.3M$134.3M2023+7%2024: $123.2M$123.2M2024−8%2025: $104.1M$104.1M2025−16%
Operating income7891011124-$40.9M in 2025
-$100.0M-$50.0M0$50.0M2019: $20.9M$20.9M20192020: -$8.7M-$8.7M20202021: -$5.1M-$5.1M2021−41%2022: -$14.9M-$14.9M2022+192%2023: -$8.6M-$8.6M2023−42%2024: -$85.6M-$85.6M2024+895%2025: -$40.9M-$40.9M2025−52%
Net income7891011124-$34.6M in 2025
-$100.0M-$50.0M0$50.0M2019: $25.4M$25.4M20192020: $891.0K$891.0K2020−96%2021: -$1.3M-$1.3M20212022: -$9.5M-$9.5M2022+623%2023: $3.0M$3.0M20232024: -$80.8M-$80.8M20242025: -$34.6M-$34.6M2025−57%

Every line of the income statement as filed: the last 3 fiscal years, latest first.4

Period ending2025-12-312024-12-312023-12-31
Total cost of revenues-795.7M CNY-567.6M CNY-544.3M CNY
Gross profit727.7M CNY899.1M CNY953.7M CNY
Research and development expenses-137.0M CNY-165.0M CNY-203.5M CNY
Impairment of goodwill and long-lived assets-19.7M CNY-540.0M CNY
Total operating expenses-1.0B CNY-1.5B CNY-1.0B CNY
Loss from operations-286.2M CNY-624.5M CNY-61.0M CNY
Investment income, net1.7M CNY11.0M CNY12.0M CNY
Interest income, net23.6M CNY46.5M CNY48.8M CNY
Exchange (losses)/gains5.9M CNY112.0K CNY-662.0K CNY
Impairment of long-term investment0 CNY-7.3M CNY-444.0K CNY
Share of losses of equity method investee-4.1M CNY-15.0M CNY-12.7M CNY
Others, net12.9M CNY1.1M CNY21.9M CNY
Income/(Loss) before tax-246.1M CNY-588.1M CNY7.9M CNY
Income tax benefits/(expenses)-796.0K CNY905.0K CNY18.1M CNY
Net income/(loss)-246.9M CNY-587.2M CNY25.9M CNY
Net (income)/loss attributable to non-controlling interests4.6M CNY-2.3M CNY-4.7M CNY
Net income/(loss) attributable to So-Young International Inc.-242.3M CNY-589.5M CNY21.3M CNY
Foreign currency translation adjustment-18.2M CNY13.4M CNY14.1M CNY
Total other comprehensive income/(loss)-18.2M CNY13.4M CNY14.1M CNY
Total comprehensive income / (loss):-265.1M CNY-573.8M CNY40.0M CNY
Comprehensive (income)/loss attributable to non-controlling interests4.6M CNY-2.3M CNY-4.7M CNY
Comprehensive income/(loss) attributable to So-Young International Inc.-260.5M CNY-576.2M CNY35.4M CNY
Weighted average number of ordinary shares used in computing earnings/(loss) per share, basic*77.9M shares79.4M shares77.6M shares
Weighted average number of ordinary shares used in computing earnings/(loss) per share, diluted*77.9M shares79.4M shares78.1M shares
Share-based compensation expense, portion recorded as cost of sales-185.0K CNY-289.0K CNY-1.8M CNY
Share-based compensation expense, portion recorded as selling and marketing expense-835.0K CNY-659.0K CNY-5.7M CNY
Share-based compensation expense, portion recorded as general and administrative expense-7.1M CNY-29.5M CNY-23.6M CNY
Share-based compensation expense, portion recorded as research and development expense-780.0K CNY-2.2M CNY-5.3M CNY
Revenues1.5B CNY1.5B CNY1.5B CNY
Number of ADS represents 10 Class A ordinary shares13 item13 item13 item
Number of ordinary shares for each ADS10 shares10 shares10 shares

Compare So-Young International Inc. with another company

Corporate structure

So-Young International Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of So-Young International Inc.

  • MPC Management III L.P. Filed SCHEDULE 13G/A on So-Young International Inc., latest Oct 27, 2025 (2 filings since Aug 14, 2025)
  • Apax Digital L.P. Filed SCHEDULE 13G/A on So-Young International Inc., latest Apr 17, 2025 (2 filings since Jan 24, 2022)
  • Xing Jin Filed SCHEDULE 13D/A on So-Young International Inc., latest Apr 1, 2025 (4 filings since Feb 11, 2022)
  • TB Alternative Assets Ltd. Filed SCHEDULE 13G on So-Young International Inc., latest Feb 10, 2025 (4 filings since Feb 11, 2022)
  • Matrix Partners China III, L.P. Filed SC 13G/A on So-Young International Inc., latest Feb 9, 2024 (2 filings since Feb 14, 2022)
  • Oasis Management Co Ltd. Filed SC 13G/A on So-Young International Inc., latest Feb 14, 2023 (2 filings since Feb 15, 2022)
  • ATCG Holdings Ltd Filed SC 13G/A on So-Young International Inc., latest Jan 30, 2023 (2 filings since Jan 18, 2022)
  • So-Young International Inc. George Town, Cayman Islands

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What So-Young International Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation424.5M CNY4 Dec 31, 2025248.8M CNY4 Dec 31, 2024+70.6%
Accumulated depreciation121.8M CNY4 Dec 31, 202590.6M CNY4 Dec 31, 2024+34.5%
Property and equipment, net$42.0M4 Dec 31, 2025$21.3M12 Dec 31, 2024+97.2%
Operating-lease assets (leased space)$36.0M4 Dec 31, 2025$22.3M12 Dec 31, 2024+61.4%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$59.8M4 Dec 31, 2025$80.5M12 Dec 31, 2024−25.7%
Stakes in other companies (equity method)22.0M CNY4 Dec 31, 202526.7M CNY4 Dec 31, 2024−17.4%
Long-term investments$39.3M4 Dec 31, 2025$38.4M12 Dec 31, 2024+2.3%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$98.0K4 Dec 31, 2025$94.0K12 Dec 31, 2024+4.3%
Intangible assets, net (excluding goodwill)$20.6M4 Dec 31, 2025$17.3M12 Dec 31, 2024+18.8%
Accumulated amortization114.7M CNY4 Dec 31, 202591.7M CNY4 Dec 31, 2024+25.1%

Inventory

ItemLatestA year beforeChange
Inventory, total$33.4M4 Dec 31, 2025$20.8M12 Dec 31, 2024+60.5%
Finished goods172.2M CNY4 Dec 31, 202594.5M CNY4 Dec 31, 2024+82.2%

Leadership

Who has led So-Young International Inc., and when. Pick a name to see everywhere that person has worked.

Chief operating officer

  1. Gefei Li2026–now
  • Chief operating officerGefei Li Mar 18, 2026 to now13
Board members and other officers (5)

Timeline

  1. Apr 28, 2014Founded So-Young International Inc. is founded2

Calendar

Coming up

  1. Nov 16, 2026Reports results for the quarter ending Sep/202617

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

91 filings to the SEC since October 2021: 5 annual reports, 11 insider forms, 18 large holders, 57 other. The latest 20:

  1. Sep 8, 20264 OWNERSHIP DOCUMENT EDGAR
  2. Sep 8, 20264 OWNERSHIP DOCUMENT EDGAR
  3. Aug 31, 20266-K EDGAR
  4. Aug 4, 20266-K EDGAR
  5. Jun 15, 20264 OWNERSHIP DOCUMENT EDGAR
  6. Jun 11, 20264 OWNERSHIP DOCUMENT EDGAR
  7. May 22, 20266-K EDGAR
  8. Apr 23, 202620-F EDGAR
  9. Apr 2, 20264 OWNERSHIP DOCUMENT EDGAR
  10. Mar 25, 20266-K EDGAR
  11. Mar 18, 20263 OWNERSHIP DOCUMENT EDGAR
  12. Mar 18, 20263 OWNERSHIP DOCUMENT EDGAR
  13. Mar 18, 20263 OWNERSHIP DOCUMENT EDGAR
  14. Mar 18, 20263 OWNERSHIP DOCUMENT EDGAR
  15. Mar 18, 20263 OWNERSHIP DOCUMENT EDGAR
  16. Mar 18, 20263 OWNERSHIP DOCUMENT EDGAR
  17. Feb 13, 20266-K EDGAR
  18. Dec 31, 20256-K EDGAR
  19. Dec 12, 2025144 EDGAR
  20. Nov 17, 20256-K EDGAR

The 91 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
TB Alternative Assets Ltd.3,067,873$4.5M0.7%No change
Morgan Stanley1,231,737$1.8M0.0%−115,397
Barclays PLC1,129,166$1.7M0.0%No change
Citigroup Inc1,035,309$1.5M0.0%No change
UBS Group AG446,553$660.9K0.0%+250,408
State Street Corp390,951$578.6K0.0%−254,932
Dimensional Fund Advisors LP226,670$335.5K0.0%−6,866
Jane Street Group, LLC112,001$165.8K0.0%+96,131
Nomura Holdings Inc107,200$158.7K0.0%No change
Geode Capital Management, LLC55,857$82.7K0.0%No change
Marshall Wace, Llp54,061$80.0K0.0%New
Invesco Ltd.50,277$74.4K0.0%−6,980
Citadel Advisors LLC42,745$63.3K0.0%New
Verition Fund Management LLC33,060$48.9K0.0%No change
Tower Research Capital LLC (TRC)27,763$41.1K0.0%+12,356
Bnp Paribas Financial Markets25,799$38.2K0.0%−44,001
Simplex Trading, LLC21,430$31.7K0.0%−4,837
Two Sigma Investments, LP16,800$24.9K0.0%+3,900
Ewa, LLC13,246$19.6K0.0%−157
SBI Securities Co., Ltd.5,026$7.4K0.0%−70
Rhumbline Advisers4,011$5.9K0.0%+35
Osaic Holdings, Inc.785$1.2K0.0%+405
Hrt Financial LP77,754$1150.0%+55,123
Acadian Asset Management LLC25,056$360.0%New
Caitong International Asset Management Co., Ltd10$150.0%−229

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How So-Young International Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARSo-Young International Inc.1
  • CIK0001758530
  • Filer statusAccelerated filer not an emerging growth company; not a shell company6
  • Incorporated inCayman Islands6
  • Fiscal year endsDecember 311
  • Industry code (SIC)7374 Services-Computer Processing & Data Preparation1
  • SEC reviewing officeOffice of Technology, Division of Corporation Finance1
  • Business address2/F, East Tower, Poly Plaza, No. 66 Xiangbin Road, Chaoyang District, Beijing, 100012, China1
  • Phone008610879020121
  • Shares outstanding77,089,482 Common Stock shares; 65,089,482 Common Class A shares; 12,000,000 Common Class B shares as of Dec 31, 20256
  • AuditorPricewaterhouseCoopers Zhong Tian LLP, Beijing, the People’s Republic of China PCAOB ID 1424; it also attests to the company’s internal control over financial reporting6
  • On EDGAR sinceDec 26, 20181
  • Filings145 in all: 6-K (65), SC 13G (11), SC 13D/A (8), SC 13G/A (8), 20-F (7), 3 (6), 4 (5), CORRESP (5)1
    All 26 form types

    DRSLTR (3), S-8 (3), SCHEDULE 13G/A (3), UPLOAD (3), 144 (2), DRS/A (2), EFFECT (2), SC 13D (2), 424B4 (1), 8-A12B (1), CERT (1), DRS (1), F-1 (1), F-1/A (1), F-6 (1), F-6/A (1), SCHEDULE 13D/A (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (20-F) Apr 23, 2026

Securities registered for trading

ClassSymbolExchange
American depositary sharesSYNasdaq
Class A ordinary shares

From the cover page of the 20-F filed Apr 23, 2026 (Section 12(b) of the Exchange Act).6

Sources

The numbers on this page point here. Each one links to the record it came from.

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    SEC EDGARBei Wang, CMO
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