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So-Young International Inc.

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So-Young International Inc. • NASDAQ
$2.95 ▲ 2.61% (+0.07)
Market Cap $389.82 M
52w High $6.28
52w Low $0.67
Dividend Yield 0.03%
P/E -2.89
Volume 388.52K
Outstanding Shares 132.14M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $386.67M ▲ $255.582M ▲ $-64.275M ▼ -16.623% ▼ $-0.49 ▼ $-72.714M ▼
Q2-2025 $378.748M ▲ $241.296M ▲ $-36.039M ▼ -9.515% ▲ $-0.28 ▼ $-47.106M ▼
Q1-2025 $297.27M ▼ $189.269M ▼ $-33.138M ▲ -11.147% ▲ $-0.25 ▲ $-43.414M ▲
Q4-2024 $369.211M ▼ $815.227M ▲ $-607.576M ▼ -164.561% ▼ $-4.55 ▼ $-47.535M ▼
Q3-2024 $371.825M $224.973M $20.348M 5.472% $0.15 $16.206M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $875.246M ▼ $2.644B ▼ $852.814M ▲ $1.671B ▼
Q2-2025 $913.603M ▼ $2.65B ▲ $790.071M ▲ $1.739B ▼
Q1-2025 $1.02B ▼ $2.645B ▼ $743.604M ▼ $1.781B ▼
Q4-2024 $1.187B ▲ $2.735B ▼ $776.428M ▲ $1.839B ▼
Q3-2024 $1.148B $3.304B $755.439M $2.429B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-64.275M ▼ $0 $0 $0 $0 $0
Q2-2025 $-36.039M ▼ $0 $0 $0 $0 $0
Q1-2025 $-33.138M ▲ $0 $0 $0 $0 $0
Q4-2024 $-607.576M ▼ $0 $0 $0 $0 $0
Q3-2024 $20.348M $0 $0 $0 $0 $0

Five-Year Company Overview

Income Statement

Income Statement Revenue has been relatively stable over the past few years, with a modest recovery after the pandemic dip but no clear breakout growth yet. Gross margins look healthy, suggesting the core platform and services still create good value relative to their costs. The main issue is at the operating level: the company has struggled to turn those gross profits into consistent operating and net profits, with a notably larger loss in the most recent year. That bigger loss likely reflects spending tied to the business transformation toward owned clinics and broader healthcare services, which is increasing costs faster than revenue for now.

Balance Sheet

Balance Sheet The balance sheet looks conservative and relatively strong. Total assets have been fairly stable, and the company still carries quite low debt compared with its equity, indicating limited financial leverage and less balance sheet risk. Cash levels have come down from earlier peaks, as the company has been funding operations and expansion, but are not yet at alarming levels. Equity has edged down as losses have accumulated, which slightly weakens the cushion for shareholders, but the overall structure remains more solid than highly indebted peers.

Cash Flow

Cash Flow Cash flow from day‑to‑day operations has hovered around breakeven, sometimes slightly positive and sometimes slightly negative, which signals a business that is not yet generating dependable surplus cash. Free cash flow has been negative in recent years as the company invests in its offline clinics and related infrastructure. The level of investment is meaningful but not extreme, suggesting a measured, rather than reckless, expansion. The key risk is that the new clinic model needs to scale and become profitable before cash reserves erode too far, since the business is not yet self‑funding its growth.

Competitive Edge

Competitive Edge So‑Young holds a strong niche in China’s medical aesthetics space as a trusted information and community platform. Its brand is well recognized, and the user community and content create powerful network effects that are hard for new entrants to copy. The move into owning and operating clinics deepens its control over service quality and customer experience, allowing it to capture more value per customer than a pure marketplace. However, it faces serious competition from both specialized rivals and large “super apps” that can bundle aesthetic services into broader ecosystems. Its defensibility rests on maintaining trust, community engagement, and quality of service as it scales offline.

Innovation and R&D

Innovation and R&D The company is actively reshaping itself from an online marketplace into an integrated healthcare platform. It is applying data and early artificial intelligence tools to personalize recommendations, improve marketing efficiency, and better choose where and how to expand its clinics. The “So‑Young Clinic” brand, expansion into adjacent areas like dentistry and dermatology, and the development of its own medical devices and injectables all point to a strategy of deeper vertical integration. Future innovation will likely center on more sophisticated AI‑driven user experiences, a potential franchise model for faster clinic rollout, and further development of proprietary equipment and products, all of which could improve margins if executed well.

Summary

So‑Young is in the middle of a significant business transition: from a primarily online, asset‑light marketplace to a more capital‑intensive but potentially higher‑margin clinic and healthcare platform. Financially, it has decent gross profitability, a conservative balance sheet, and manageable but persistent pressure on earnings and cash flow due to expansion spending. Strategically, it benefits from strong brand recognition, a sticky community, and meaningful network effects, but must prove that its offline clinics and vertical integration can scale profitably in the face of both focused competitors and giant platforms. The core question going forward is execution: can the company turn its trusted online position and innovation efforts into a sustainable, cash‑generating offline and omnichannel business without overstretching its financial resources.

NEWS

November 17, 2025 · 5:04 AM UTC

So-Young Reports Unaudited Third Quarter 2025 Financial Results

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November 5, 2025 · 5:30 AM UTC

So-Young to Report Third Quarter 2025 Financial Results on November 17, 2025

Read more