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So-Young International Inc (SY)
NASDAQ:SY
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So-Young International
(NASDAQ:SY)
41Neutral
So-Young International (SY) vs. S&P 500 (SPY)
Market Cap
$85.70M
Dividend YieldN/A
Average Volume (3M)272.56K
Price to Earnings (P/E)17.8
Beta (1Y)0.76
Revenue Growth-3.53%
EPS Growth-2848.11%
CountryUS
Employees1,800
SectorHealthcare
Sector Strength53
IndustryMedical - Healthcare Information Services
Share Statistics
EPS (TTM)-1.06
Shares Outstanding85,093,000
10 Day Avg. Volume33,582
30 Day Avg. Volume272,564
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)0.00
Price to Cash Flow (P/CF)0.00
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
So-Young International Business Overview & Revenue Model
Company DescriptionSo-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 discover content and share their own experience on medical aesthetics procedures and leads users to reserve treatment services from medical aesthetic service providers for offline treatment. The company facilitates research on medical aesthetic treatment trends; ratings and reviews on treatment experiences; and blogs under the name Beauty Diaries. It also provides reservation services in the areas of dermatology, dentistry and orthodontics, ophthalmology, physical examinations, gynecology, human papilloma virus vaccines, and postnatal care; Software as a Service; and guiding and consulting services through training programs for medical service providers. In addition, the company offers internet information and technology advisory, management consulting, and Internet culture services, as well as sells medical equipment; equipment production, sales, and agency services; and micro finance services. As of December 31, 2021, it had approximately 8,400 medical aesthetic service providers and 5,000 other consumption healthcare service providers on its platform. The company was founded in 2013 and is headquartered in Beijing, China.
How the Company Makes MoneySo-Young International generates revenue through a multi-faceted business model primarily driven by service fees and commissions. The company earns service fees from medical aesthetic service providers who use its platform to reach potential clients. Additionally, So-Young takes a commission from transactions facilitated through its platform when consumers book aesthetic procedures. The company also monetizes its user base by offering marketing and advertising solutions to healthcare professionals and organizations looking to promote their services. Key partnerships with clinics, hospitals, and other medical institutions further bolster its revenue streams by expanding the range of services available on its platform, thus attracting more users and driving greater transaction volumes.
So-Young International Financial Statement Overview
Summary
So-Young International faces significant challenges with declining revenue and profitability, as evidenced by negative margins and net losses. The balance sheet strength provides some stability with low leverage, but negative cash flows indicate difficulties in sustaining operations without external financing. The company needs strategic adjustments to improve financial performance and cash generation.Income Statement
The company has experienced a decline in revenue from $1.50 billion in 2023 to $1.47 billion in 2024, indicating a negative revenue growth rate. Gross profit margin remains relatively high at 61.3% for 2024, but net income has deteriorated significantly to a loss of $589.5 million, resulting in a negative net profit margin. EBIT and EBITDA margins are negative, reflecting ongoing operational challenges.35
Negative
Balance Sheet
The balance sheet remains robust with a strong equity position, as indicated by a high equity ratio of 67.3%. The company maintains a low debt-to-equity ratio of 0.13, reflecting conservative leverage. However, the return on equity is negative due to the net loss, which is a concern for profitability.70
Positive
Cash Flow
Cash flow performance is concerning with no positive operating cash flow in 2024. Free cash flow has deteriorated from previous years, and there is no positive cash flow to support net income. This raises concerns about the company's ability to generate cash from operations.20
Very Negative
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 1.47B | 1.50B | 1.26B | 1.69B | 1.29B | Gross Profit |
| 899.11M | 953.69M | 864.58M | 1.36B | 1.08B | EBIT |
| -624.49M | -61.05M | -102.81M | 82.79M | -56.69M | EBITDA |
| -38.39M | -14.96M | -55.72M | 63.39M | -42.61M | Net Income Common Stockholders |
| -589.53M | 21.28M | -66.11M | -37.64M | 5.81M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 1.19B | 1.33B | 1.57B | 1.74B | 2.65B | Total Assets |
| 2.74B | 3.21B | 3.20B | 3.33B | 3.29B | Total Debt |
| 239.88M | 145.77M | 71.26M | 105.89M | 132.51M | Net Debt |
| -347.87M | -280.35M | -623.16M | -1.23B | -994.54M | Total Liabilities |
| 776.43M | 653.25M | 590.00M | 813.33M | 672.44M | Stockholders Equity |
| 1.84B | 2.44B | 2.50B | 2.45B | 2.60B |
| Cash Flow | Free Cash Flow | |||
| 0.00 | -28.68M | -128.58M | 39.23M | 142.22M | Operating Cash Flow |
| 0.00 | 22.50M | -112.87M | 84.29M | 179.18M | Investing Cash Flow |
| 0.00 | -202.61M | -572.21M | 339.82M | 123.84M | Financing Cash Flow |
| 0.00 | -100.02M | -13.59M | -216.74M | -5.80M |
So-Young International Technical Analysis
Negative
0.82
Price Trends
0.87
Negative
0.87
Negative
0.89
Negative
Market Momentum
>-0.01
Negative
47.47
Neutral
79.71
Neutral
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 0.82 is above the 20-day moving average (MA) of 0.81, below the 50-day MA of 0.87, and below the 200-day MA of 0.89, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 47.47 is Neutral, neither overbought nor oversold. The STOCH value of 79.71 is Neutral, 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 0 New Risks
So-Young International Peers Comparison
Overall Rating
UnderperformOutperform
Sector (52)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $76.89M | 10.89 | 4.68% | ― | -0.83% | -38.41% | |
53 Neutral | $73.12M | 330.84 | 0.36% | ― | -10.82% | ― | |
52 Neutral | $5.23B | 3.70 | -41.86% | 2.84% | 16.58% | -0.16% | |
43 Neutral | $79.46M | ― | -71.88% | ― | -93.33% | ― | |
41 Neutral | $85.70M | 17.80 | -27.49% | ― | -3.53% | -2848.11% | |
33 Underperform | $70.52M | ― | -94.52% | ― | ― | 2.98% |
* Healthcare Sector Average
Performance Comparison
SY
So-Young International
0.82
-0.50
-37.88%
FONR
Fonar
12.31
-5.17
-29.58%
PETS
Petmed Express
3.58
-0.70
-16.36%
PAVS
Paranovus Entertainment Technology
1.06
-0.05
-4.50%
VOR
Vor Biopharma
0.16
-1.65
-91.16%
So-Young International Earnings Call Summary
Earnings Call Date:Mar 28, 2025
(Q4-2024)
| % Change Since: -13.68%|
Next Earnings Date:May 16, 2025
Earnings Call Sentiment Neutral
The earnings call reveals significant growth in the aesthetic center business and strong customer satisfaction, indicating positive operational progress. However, the financials are negatively impacted by a substantial goodwill impairment and a decline in revenue from So-Young Prime, leading to an overall net loss. The robust cash position provides a positive foundation for future growth, but increased operating expenses remain a concern.Q4-2024 Updates
Positive Updates
Aesthetic Center Business Growth
Revenue from the aesthetic center business surged to RMB81.3 million during the quarter, up 79% quarter-over-quarter and 702% year-over-year, with 38,000 verified paid visits and over 81,500 verified paid aesthetic treatments.
Expansion of So-Young Clinics
In Q4, 19 So-Young Clinics were opened across nine core cities, with 11 clinics achieving positive monthly operating cash flow in December, indicating strong urban presence and operational success.
Strong Customer Satisfaction
Customer satisfaction remains at an industry-leading 4.98 out of 5, reflecting high quality service delivery and positive customer experience.
Robust Cash Position
Maintained a robust cash position with cash and cash equivalents, restricted cash, and term deposits totaling RMB1.25 billion as of December 31, 2024.
Negative Updates
Net Loss Due to Goodwill Impairment
Net loss attributable to So-Young was RMB607.6 million, primarily driven by a onetime goodwill impairment charge of RMB540 million for the subsidiary, Wuhan Miracle.
Decrease in Revenue from So-Young Prime
Total revenues during the quarter were RMB369.2 million, down 5.5% year-over-year, primarily due to a decrease in revenue generated by So-Young Prime.
Increased Operating Expenses
Total operating expenses were RMB815.2 million, up 216.2% year-over-year, significantly impacting profitability.
Decline in Sales of Medical Products
Sales of medical products and maintenance services were RMB86.2 million, down 15.2% year-over-year, primarily due to a decrease in order volume for medical equipment.
Company Guidance
During the fourth quarter of 2024, So-Young reported total revenue of RMB369.2 million, with a net loss attributable to the company amounting to RMB607.6 million. The non-GAAP net loss was RMB53.2 million, significantly impacted by a onetime goodwill impairment charge of RMB540 million related to their subsidiary, Wuhan Miracle. The company continued its vertical integration strategy, resulting in a 79% quarter-over-quarter and 702% year-over-year increase in revenue from its aesthetic center business, reaching RMB81.3 million. So-Young opened 19 new clinics across nine core cities, achieving positive monthly operating cash flow in 11 centers by December. They reported over 38,000 verified paid visits and more than 81,500 verified paid aesthetic treatments. The customer satisfaction score was an industry-leading 4.98 out of 5. For the first quarter of 2025, So-Young projected total revenues between RMB280 million and RMB300 million, expecting steady financial improvements with ongoing expansion and market stabilization.Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
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.