So-Young International (SY)
NASDAQ:SY
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So-Young International
(NASDAQ:SY)
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Rating:50Neutral
Price Target:
$2.00
▼(-30.56% Downside)
Action:Reiterated
Date:05/23/26
The score is held back primarily by weak financial performance (ongoing losses and significant cash burn) and bearish technicals (price below major moving averages with negative momentum). These are partially offset by a relatively stronger earnings-call outlook highlighting rapid top-line growth, improving clinic-level margins, and upbeat near-term guidance.
Positive Factors
Branded clinic revenue growth
So-Young’s rapid shift to branded clinics that produced a ~186% YoY rise in treatment revenue and now account for the majority of sales represents a durable business-model transition from listings to recurring, service-driven revenue. Clinic-driven volumes and membership create repeatable demand and higher lifetime value, underpinning sustainable top-line growth as the offline network scales.
Negative Factors
Negative cash generation
Sustained negative operating and free cash flow indicate the business is consuming liquidity to finance expansion. Persistent cash burn reduces runway, increases reliance on external financing, and heightens dilution or refinancing risk. If cash outflows continue while expansion costs remain elevated, capital constraints could slow scaling or force strategic compromises.
Read all positive and negative factors
Positive Factors
Negative Factors
Branded clinic revenue growth
So-Young’s rapid shift to branded clinics that produced a ~186% YoY rise in treatment revenue and now account for the majority of sales represents a durable business-model transition from listings to recurring, service-driven revenue. Clinic-driven volumes and membership create repeatable demand and higher lifetime value, underpinning sustainable top-line growth as the offline network scales.
Read all positive factors
So-Young International (SY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$195.74M
Dividend Yield0.91%
Average Volume (3M)712.76K
Price to Earnings (P/E)―
Beta (1Y)0.94
Revenue Growth16.74%
EPS Growth55.76%
CountryUS
Employees1,800
SectorHealthcare
Sector Strength45
IndustryMedical - Healthcare Information Services
Share Statistics
EPS (TTM)-1.83
Shares Outstanding84,698,240
10 Day Avg. Volume1,365,667
30 Day Avg. Volume712,758
Financial Highlights & Ratios
PEG Ratio0.17
Price to Book (P/B)1.52
Price to Sales (P/S)1.59
P/FCF Ratio-7.80
Enterprise Value/Market Cap8.40
Enterprise Value/Revenue1.08
Enterprise Value/Gross Profit2.27
Enterprise Value/Ebitda-6.20
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-1.6
Revenue Forecast (FY)$2.11B
So-Young International Business Overview & Revenue Model
Company Description
So-Young International Inc. operates an online platform for medical aesthetics and consumption healthcare services focusing on discretionary medical treatments in the People's Republic of China and internationally. Its platform enables users to di...
How the Company Makes Money
So-Young primarily makes money by monetizing its platform on both the demand side (consumers) and the supply side (medical aesthetic service providers). Key revenue streams include: (1) Information services and other revenue: fees from clinics, ho...
So-Young International Earnings Call Summary
Earnings Call Date:May 22, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 13, 2026
Earnings Call Sentiment Positive
The call communicated strong operational and top-line momentum driven by rapid expansion of the branded clinic network, substantial increases in aesthetic center revenue (+~186% YoY), improving clinic-level margins (27% gross margin, +8.4 pp YoY), rising treatment volumes and growing core membership. Management reinforced clinical, supply-chain and training investments and provided confident near-term guidance. Offsetting these positives are widened consolidated net losses, rising cost of revenue and elevated operating expenses tied to expansion, modest declines in non-clinic segments, and a slightly reduced cash balance after funding growth initiatives. On balance the substantive revenue and margin progress at the core clinic business and forward guidance materially outweigh near-term profitability and cash draws tied to scaling.Positive Updates
Strong Top-Line Growth
Total revenue for Q1 2026 was RMB 432.8–433 million, up ~45.6% year-over-year, driven by branded aesthetic center expansion and supply-chain momentum.
Negative Updates
Widening Net Loss
Net loss attributable to So‑Young was RMB 49.2 million in Q1 2026 versus RMB 33.1 million in the prior-year period; non‑GAAP net loss was RMB 46.6 million versus RMB 31.5 million, and basic/diluted loss per ADS widened to RMB 0.48 from RMB 0.02.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Top-Line Growth
Total revenue for Q1 2026 was RMB 432.8–433 million, up ~45.6% year-over-year, driven by branded aesthetic center expansion and supply-chain momentum.
Read all positive updates
Company Guidance
Management guided Q2 aesthetic treatment service revenue of RMB 307–317 million (implying 112.6%–119.5% YoY growth) and reiterated a long‑term 1,000‑center goal, expecting new centers to ramp faster, per‑center revenue to keep climbing and a clear path to profitability as scale and efficiency improve; for context Q1 results and operating metrics included total revenue RMB 432.8M (+45.6% YoY), aesthetic center revenue RMB 282.4M (+185.8% YoY, >65% of total) with a ~27% gross margin (expanded +8.4 ppts YoY, +3.3 ppts QoQ), >148,000 verified treatment visits (+172% YoY), >325,000 verified treatments (+164% YoY), >310,000 active users (63,000+ Level‑3 members), 52% of new customers from referrals, 41 profitable centers and 48 centers with positive operating cash flow (net adds +15 and +9 QoQ), average mature‑center revenue ~RMB7.5M (growth centers ~RMB4.8M; ramp‑up ~RMB2.1M), cash and equivalents ~RMB880M (vs. RMB936.4M at year‑end 2025) and a net loss attributable of RMB49.2M (non‑GAAP loss RMB46.6M).So-Young International Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
64
Positive
Cash Flow
24
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.48B | 1.47B | 1.50B | 1.26B | 1.69B |
| Gross Profit | 707.86M | 899.11M | 953.69M | 864.58M | 1.36B |
| EBITDA | -259.21M | -38.39M | -14.96M | -55.72M | 63.39M |
| Net Income | -235.70M | -589.53M | 21.28M | -65.55M | -8.37M |
Balance Sheet | |||||
| Total Assets | 2.65B | 2.74B | 3.21B | 3.20B | 3.33B |
| Cash, Cash Equivalents and Short-Term Investments | 936.96M | 1.19B | 1.33B | 1.57B | 1.74B |
| Total Debt | 299.90M | 239.88M | 145.77M | 71.26M | 105.89M |
| Total Liabilities | 981.44M | 776.43M | 653.25M | 590.00M | 813.33M |
| Stockholders Equity | 1.55B | 1.84B | 2.44B | 2.50B | 2.45B |
Cash Flow | |||||
| Free Cash Flow | -302.01M | -88.18M | -28.68M | -128.58M | 39.23M |
| Operating Cash Flow | -105.39M | -25.63M | 22.50M | -112.87M | 84.29M |
| Investing Cash Flow | -42.81M | 257.04M | -202.61M | -572.21M | 339.82M |
| Financing Cash Flow | -63.70M | -21.51M | -100.02M | -13.59M | -216.74M |
So-Young International Technical Analysis
Negative
2.88
Price Trends
2.72
Negative
2.88
Negative
3.15
Negative
Market Momentum
-0.25
Positive
27.66
Positive
17.22
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SY, the sentiment is Negative. The current price of 2.88 is above the 20-day moving average (MA) of 2.56, above the 50-day MA of 2.72, and below the 200-day MA of 3.15, indicating a bearish trend. The MACD of -0.25 indicates Positive momentum. The RSI at 27.66 is Positive, neither overbought nor oversold. The STOCH value of 17.22 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SY.
So-Young International Risk Analysis
So-Young International disclosed 86 risk factors in its most recent earnings report. So-Young International reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 1 New Risks
1.
Our business is subject to data privacy laws and regulations in jurisdictions other than China. Any failure or perceived failure to comply with such laws and regulations could have a material and adverse impact on our business, financial condition and results of operations. Q4, 2023
So-Young International Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $716.94M | 37.30 | 5.67% | 0.52% | 6.64% | 6.54% | |
77 Outperform | $914.05M | 9.39 | 31.39% | ― | 40.95% | 4.15% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $195.74M | -7.04 | -15.90% | 0.91% | 16.74% | 55.76% | |
50 Neutral | $98.28M | -0.53 | -99.78% | ― | -2.83% | -223.32% | |
49 Neutral | $126.18M | -0.56 | -67.07% | ― | -3.89% | 63.03% | |
47 Neutral | $447.85M | -1.61 | 205.84% | ― | 5.53% | 76.25% |
* Healthcare Sector Average
SY
So-Young International
2.03
1.13
125.56%
HSTM
HealthStream
25.29
-2.85
-10.14%
HCAT
Health Catalyst
1.94
-1.90
-49.48%
NUTX
Clinigence Holdings
135.10
11.70
9.48%
CTEV
Claritev
27.57
-10.83
-28.20%
DH
Definitive Healthcare Corp
0.91
-2.65
-74.52%
So-Young International Corporate Events
So-Young International Posts Surging Q1 2026 Treatment Revenues as Offline Aesthetic Centers Scale Up
May 22, 2026
On May 22, 2026, So-Young International reported unaudited financial results for the quarter ended March 31, 2026, showing total revenues of RMB432.8 million, up 45.6% year on year, driven mainly by a 185.8% surge in aesthetic treatment services r...
So-Young Posts Strong Aesthetic Center Growth and Extends Buyback After 2025 Results
Mar 25, 2026
On March 25, 2026, So-Young reported unaudited results for the fourth quarter and fiscal year ended December 31, 2025, highlighting strong growth in its branded aesthetic center business. Fourth-quarter revenue climbed 24.8% year-on-year to RMB460...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.