So-Young International Inc.
- Open
- 2.71
- Day high
- 3.01
- Day low
- 2.49
- Prev close
- 2.40
- Volume
- 14.2M
- Mkt cap
- $292M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.3
- P/S
- 1.2
- Yield
- —
- Per share
- —
So-Young International Inc. (SY) is a Healthcare company listed on NASDAQ. The stock is down 23% over the past year. Drillr has 1 published research article covering SY.
So-Young International Inc. (SY) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
SY earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 31, 2026 | $-0.09 | $-0.03 | +65.9% | $75M | +5.4% |
| May 22, 2026 | $-0.10 | $-0.07 | +33.3% | $63M | +5.9% |
| Mar 25, 2026 | $-0.10 | $-0.13 | -33.5% | $66M | +6.7% |
| Nov 17, 2025 | $-0.68 | $-0.09 | +86.8% | $54M | -87.7% |
| Aug 15, 2025 | $-0.33 | $-0.04 | +88.0% | $53M | -86.3% |
| May 16, 2025 | $-0.34 | $-0.04 | +88.2% | $41M | -88.6% |
| Mar 28, 2025 | $0.09 | $-0.07 | -177.8% | $51M | -82.8% |
| Nov 20, 2024 | $0.02 | $0.03 | +50.0% | $53M | +5.8% |
| Aug 23, 2024 | $0.21 | $0.02 | -90.5% | $56M | +10.2% |
| May 28, 2024 | $0.01 | $0.07 | +833.3% | $55M | +30.1% |
| Mar 20, 2024 | $0.15 | $0.06 | -60.0% | $44M | -14.1% |
| Nov 20, 2023 | $0.15 | $0.01 | -93.3% | $53M | +7.0% |
SY insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 15, 2026 | Li Gefeidirector, officer: COO | Option | 21,153 | $0.01 |
| Jun 15, 2026 | Li Gefeidirector, officer: COO | Grant | 10,576 | $0.01 |
| Jun 15, 2026 | Li Gefeidirector, officer: COO | Option | 23,076 | $0.01 |
| Jun 11, 2026 | Wang Beidirector, officer: CMO | Option | 30,260 | $0.01 |
| Jun 11, 2026 | Wang Beidirector, officer: CMO | Option | 3,205 | $0.01 |
| Jun 11, 2026 | Wang Beidirector, officer: CMO | Option | 641 | $0.01 |
| Apr 2, 2026 | Li Gefeidirector, officer: COO | Option | 46,153 | $0.01 |
| Apr 2, 2026 | Li Gefeidirector, officer: COO | Option | 38,461 | $0.01 |
| Apr 2, 2026 | Li Gefeidirector, officer: COO | Option | 7,692 | $0.01 |
| Jul 8, 2010 | Jensen Keithofficer: VP and Controller | Option | 22 | $28.39 |
| Jul 8, 2010 | WHITE-IVY NITA Cofficer: VP - Worldwide HR | Sell | 566 | $64.72 |
| Jul 8, 2010 | WHITE-IVY NITA Cofficer: VP - Worldwide HR | Sell | 500 | $64.72 |
| Jul 8, 2010 | WHITE-IVY NITA Cofficer: VP - Worldwide HR | Option | 500 | $25.81 |
| Jul 8, 2010 | WHITE-IVY NITA Cofficer: VP - Worldwide HR | Option | 566 | $28.39 |
| Jul 8, 2010 | WHITE-IVY NITA Cofficer: VP - Worldwide HR | Option | 575 | $28.37 |
Source: SY SEC Form 4 filings, latest Jun 15, 2026. For informational purposes only — not investment advice.
See the full SY insider & 13F page →So-Young International Inc. company profile
Overview
So-Young International Inc. (NASDAQ:SY) is a Chinese technology company that operates China's leading online platform for medical aesthetics and consumption healthcare services. Founded in 2013 and headquartered in Beijing, the company went public on NASDAQ in May 2019. So-Young has evolved from a social platform where users share medical aesthetic experiences to a vertically integrated healthcare services provider operating across the entire medical aesthetics value chain, from manufacturing medical devices to operating its own chain of aesthetic clinics.
Business
So-Young operates in China's medical aesthetics industry, which encompasses non-surgical cosmetic procedures like dermal fillers, botox injections, laser treatments, and other beauty enhancement services. The company's core platform enables users to research procedures, read reviews, and book appointments with medical aesthetic service providers. Think of it as a combination of Yelp for medical aesthetics reviews and a booking platform like OpenTable, but specifically for cosmetic medical procedures. The company operates through three main business segments: 1. **Information Services and Platform Operations (POP)** - This traditional segment generates approximately 53% of total revenue and includes advertising fees from medical institutions, content services, and the social platform where users share "Beauty Diaries" documenting their treatment experiences. 2. **Medical Products and Upstream Manufacturing** - Representing about 43% of revenue, this segment involves manufacturing and distributing medical aesthetic products like hyaluronic acid fillers and medical devices. The company produces injectable products under brands like Elravie and has developed devices such as the True Lift non-surgical ultrasound system. 3. **Direct Medical Services (So-Young Prime Clinics)** - The newest and fastest-growing segment at roughly 4% of revenue, this involves operating company-owned aesthetic clinics that provide standardized, high-quality treatments directly to consumers across major Chinese cities. The medical aesthetics industry focuses on elective cosmetic procedures that enhance appearance rather than treat medical conditions. These services range from simple injectable treatments that can be completed in 30 minutes to more complex laser and energy-based procedures.
Revenue model
So-Young generates revenue through multiple complementary business models across its three segments. The **Information Services segment** operates on an advertising and commission model, where medical institutions pay platform fees to list their services, advertise to users, and pay commissions on successful bookings. This is similar to how travel booking sites earn money from hotels and airlines. The **Medical Products segment** follows a traditional manufacturing and distribution model, selling injectable products and medical devices to aesthetic clinics and hospitals. The company earns margins by manufacturing products at scale and distributing them through its network of over 1,200 medical institutions. The **Direct Services segment** operates on a direct-pay model where consumers pay So-Young's clinics directly for treatments. This segment has shown strong unit economics with repeat purchase rates over 50% and customer satisfaction scores of 4.97/5. Several factors influence the company's margins and profitability. **Positive factors** include China's growing middle class with increasing disposable income, rising acceptance of medical aesthetic procedures, and the company's vertical integration reducing dependency on third-party suppliers. The standardization of treatments through company-owned clinics also improves operational efficiency and customer acquisition costs. **Negative factors** include intense competition from other platforms and clinics, regulatory restrictions on medical aesthetic advertising, macroeconomic pressures affecting discretionary spending, and the capital-intensive nature of expanding clinic networks. The company also faces seasonal fluctuations as demand typically peaks during holiday periods and summer months when people have more time for recovery.
Competitive moat
So-Young's competitive moat is moderately strong but faces several challenges. The company's primary moat stems from its **network effects** - as more users join the platform to share experiences and reviews, it becomes more valuable to medical institutions seeking customers, which in turn attracts more users. This creates a virtuous cycle similar to other platform businesses. The company also benefits from **data and content advantages**, having accumulated millions of user-generated reviews and treatment experiences over a decade. This content library provides valuable insights for both consumers researching procedures and institutions understanding market trends. Additionally, So-Young's **vertical integration** across manufacturing, platform services, and direct care creates operational synergies and reduces reliance on external partners. However, the moat faces significant threats. **Regulatory risks** are substantial, as Chinese authorities have implemented restrictions on medical aesthetic advertising and could impose further limitations. **Competition** is intense from both established players like Meituan (which has broader platform reach) and new entrants. The medical aesthetics market is also highly fragmented with low switching costs for consumers. The company's **geographic concentration** in China creates both regulatory and market risks, while the **discretionary nature** of medical aesthetic spending makes the business vulnerable to economic downturns. The direct clinic business, while promising, requires substantial capital investment and faces competition from established medical groups with deeper local market knowledge. Overall, So-Young has built a defensible position in a growing market, but the moat is not insurmountable and requires continuous investment to maintain.
Risks & safety
So-Young maintains a reasonable margin of safety despite recent losses, though profitability remains inconsistent. **Liquidity and Solvency:** - Strong cash position of RMB 565 million ($80 million USD) with minimal debt - Current ratio of 2.74x indicates solid short-term liquidity - Debt-to-equity ratio of only 0.13x shows conservative capital structure - No immediate solvency concerns given cash reserves **Valuation Metrics:** - Trading at 0.44x book value, suggesting potential undervaluation - Negative P/E ratio due to 2024 losses, but company achieved profitability in Q2-Q3 2024 - EV/EBITDA of -7.2x reflects recent losses but improving operational trends - Graham Net-Net value of 5.6x current price suggests significant asset value **Other Considerations:** - Revenue declined 3.5% in 2024 but medical products segment grew 18.7% - Clinic business showing strong unit economics with 60% customer retention - Market recovery in China's medical aesthetics sector supports medium-term outlook - Management guidance suggests continued investment in growth initiatives
Recent development
Over the past few years, So-Young has undergone a significant strategic transformation from a pure platform business to a vertically integrated medical aesthetics company. The most notable development has been the launch and rapid expansion of **So-Young Prime clinics** starting in 2022. The company has grown from zero to 19 clinics across 9 core cities by the end of 2024, with 11 clinics achieving positive monthly operating cash flow. The company has also made substantial investments in **upstream manufacturing capabilities**, developing its own injectable products and medical devices. Key products include the Elravie line of hyaluronic acid fillers and the True Lift non-surgical ultrasound device. The company has shipped over 52,000 injectable units and serves over 1,200 medical institutions through this segment. **Platform business optimization** has been another focus area, with So-Young transitioning from a traditional advertising model to a performance-based commission structure. The company has also expanded partnerships with major platforms like Meituan and Tmall to broaden its reach beyond its own platform. Recent strategic moves include plans to **franchise the clinic model** to accelerate expansion while maintaining quality standards, and the integration of acquired assets like Miracle Laser into the upstream business unit. The company has also refreshed its brand identity and launched new customer acquisition strategies focused on private domain operations and personalized recommendations. Management has articulated a vision to make medical aesthetic services accessible to 100 million Chinese people through this integrated approach spanning manufacturing, platform services, and direct care delivery.
SY company profile · for informational purposes only — not investment advice.
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