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So-Young International
(NASDAQ:SY)
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Rating:59Neutral
Price Target:
$3.00
▲(29.31% Upside)
Action:Reiterated
Date:09/06/26
The score reflects a tug-of-war between weak financial performance (losses and cash burn are the biggest drag) and improving forward signals. Technicals show solid upward momentum, and the latest earnings call delivered upbeat guidance and operational progress (growth, margin expansion, and more profitable centers). Valuation remains constrained by negative earnings and no dividend data.
Positive Factors
Aesthetic treatment growth
Rapid, repeated growth in the core aesthetic treatment business indicates strong demand and improving platform-to-clinic conversion. A larger treatment base can deepen brand recognition, support operating leverage, and provide a durable foundation for expansion over the next several quarters.
Negative Factors
Persistent cash burn
Recent negative operating and free cash flow show that the business is not yet funding itself internally. If cash consumption persists during clinic expansion, So-Young may face greater funding needs and reduced flexibility for investment, expansion, or shareholder returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Aesthetic treatment growth
Rapid, repeated growth in the core aesthetic treatment business indicates strong demand and improving platform-to-clinic conversion. A larger treatment base can deepen brand recognition, support operating leverage, and provide a durable foundation for expansion over the next several quarters.
Read all positive factors
So-Young International (SY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$277.70M
Dividend Yield11.83%
Average Volume (3M)736.64K
Price to Earnings (P/E)―
Beta (1Y)1.01
Revenue Growth30.18%
EPS Growth61.28%
CountryUS
Employees2,348
SectorHealthcare
Sector Strength45
IndustryMedical - Healthcare Information Services
Share Statistics
EPS (TTM)-1.95
Shares Outstanding84,619,710
10 Day Avg. Volume1,845,853
30 Day Avg. Volume736,636
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-2.36
Revenue Forecast (FY)$2.05B
So-Young International Business Overview & Revenue Model
Company Description
So-Young International Inc. manages a digital platform specializing in medical aesthetics and elective healthcare services, serving customers in the People's Republic of China and globally. This online ecosystem enables users to explore content, s...
How the Company Makes Money
So-Young primarily makes money by monetizing its platform’s ability to match consumer demand for medical aesthetic procedures with supply from medical aesthetic service providers. Key revenue streams include: (1) Advertising and marketing services...
So-Young International Earnings Call Summary
Earnings Call Date:Aug 31, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 23, 2026
Earnings Call Sentiment Positive
The call was strongly positive. The company reported record group revenue, approximately 130% year-over-year aesthetic treatment growth, a 37% year-over-year reduction in net loss, improved gross margin, higher same-store sales, expanding clinic profitability and positive operating cash flow across most centers. Management also presented continued product, physician, supply chain and AI initiatives, along with strong revenue guidance for the next quarter. The main negatives were declines in non-clinic business lines, higher cost of revenues and operating expenses, and the continuation of a group-level net loss.Positive Updates
Record Group Revenue and Strong Aesthetic Treatment Growth
Q2 aesthetic treatment revenue reached RMB 331.4 million, growing approximately 130% year-over-year and exceeding the upper end of guidance for the sixth consecutive quarter. Group revenue reached a quarterly record of RMB 505.2 million, up 33% year-over-year. Aesthetic treatment revenue grew approximately 103% excluding the 3 to 5 percentage points of revenue deferral from the loyalty program and systematic treatment protocols.
Negative Updates
Information and Reservation Services Revenue Decline
Revenue from information and reservation services fell 35% year-over-year to RMB 87.9 million, primarily due to a decrease in the number of medical service providers subscribing to the information services.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Group Revenue and Strong Aesthetic Treatment Growth
Q2 aesthetic treatment revenue reached RMB 331.4 million, growing approximately 130% year-over-year and exceeding the upper end of guidance for the sixth consecutive quarter. Group revenue reached a quarterly record of RMB 505.2 million, up 33% year-over-year. Aesthetic treatment revenue grew approximately 103% excluding the 3 to 5 percentage points of revenue deferral from the loyalty program and systematic treatment protocols.
Read all positive updates
Company Guidance
For Q3 2026, So-Young expects revenues from aesthetic treatment services to be between RMB 352 million and RMB 362 million, representing year-over-year growth of 91.7% to 97.2%; it expects meaningful margin expansion at aesthetic centers, has raised its capacity utilization benchmark by 50% from 10 treatments per bed per day to 15, expects to see substantial continued improvement in clinic gross margins in Q3 and Q4 of this year, plans to roll out its first generation of fully intelligent centers in Q4 this year, and has a robust pipeline of new products over the next 2 years to help improve gross margin.So-Young International Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
64
Positive
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.65B | 1.48B | 1.47B | 1.50B | 1.26B | 1.69B |
| Gross Profit | 759.68M | 707.86M | 899.11M | 953.69M | 864.58M | 1.36B |
| EBITDA | -203.21M | -182.19M | -38.39M | 53.96M | -39.99M | 63.39M |
| Net Income | -256.54M | -235.70M | -589.53M | 21.28M | -65.55M | -8.37M |
Balance Sheet | ||||||
| Total Assets | 2.65B | 2.65B | 2.74B | 3.21B | 3.20B | 3.33B |
| Cash, Cash Equivalents and Short-Term Investments | 876.69M | 936.96M | 1.19B | 1.33B | 1.57B | 1.74B |
| Total Debt | 379.00M | 299.90M | 239.88M | 145.77M | 71.26M | 105.89M |
| Total Liabilities | 1.05B | 981.44M | 776.43M | 653.25M | 590.00M | 813.33M |
| Stockholders Equity | 1.49B | 1.55B | 1.84B | 2.44B | 2.50B | 2.45B |
Cash Flow | ||||||
| Free Cash Flow | -302.01M | -302.01M | -88.18M | -28.68M | -128.58M | 39.23M |
| Operating Cash Flow | -105.39M | -105.39M | -25.63M | 22.50M | -112.87M | 84.29M |
| Investing Cash Flow | -42.81M | -42.81M | 257.04M | -202.61M | -572.21M | 339.82M |
| Financing Cash Flow | -63.70M | -63.70M | -21.51M | -100.02M | -13.59M | -216.74M |
So-Young International Technical Analysis
Positive
2.32
Price Trends
2.04
Positive
2.22
Positive
2.59
Positive
Market Momentum
0.21
Negative
66.62
Neutral
72.34
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SY, the sentiment is Positive. The current price of 2.32 is below the 20-day moving average (MA) of 2.42, above the 50-day MA of 2.04, and below the 200-day MA of 2.59, indicating a bullish trend. The MACD of 0.21 indicates Negative momentum. The RSI at 66.62 is Neutral, neither overbought nor oversold. The STOCH value of 72.34 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
68 Neutral | $94.76M | 31.95 | 16.56% | ― | 15.07% | ― | |
66 Neutral | $679.06M | 63.53 | 3.01% | ― | 12.93% | ― | |
66 Neutral | $1.19B | 66.16 | 2.61% | ― | -1.83% | -48.77% | |
59 Neutral | $277.70M | -10.06 | -15.75% | 11.83% | 30.18% | 61.28% | |
55 Neutral | $220.94M | -2.72 | -33.27% | ― | -19.00% | 40.98% | |
52 Neutral | $1.14B | -6.34 | -13.08% | ― | -2.08% | 16.88% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
SY
So-Young International
2.76
-1.38
-33.33%
CCLD
CareCloud
2.23
-1.18
-34.60%
TDOC
Teladoc
6.28
-1.56
-19.90%
PHR
Phreesia
10.94
-15.84
-59.15%
AMWL
American Well
12.99
6.08
87.99%
GDRX
GoodRx Holdings
3.48
-0.64
-15.53%
So-Young International Corporate Events
So-Young International Posts Record Q2 2026 Revenue as Aesthetic Treatment Business Surges
Aug 31, 2026
For the second quarter ended June 30, 2026, So-Young reported total revenues of RMB505.2 million, up 33.4% year-on-year and reaching a record level, driven mainly by a 129.5% surge in aesthetic treatment services revenue to RMB331.4 million. Despi...
So-Young International Names Former Gaotu Executive Nan Shen as CFO
Aug 4, 2026
So-Young International Inc., a Nasdaq-listed Chinese aesthetic treatment platform linking online services with offline procedures and medical devices, continues to build out its vertically integrated model in the country’s fast-growing medic...
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.