So-Young International (SY)
NASDAQ:SY
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So-Young International
(NASDAQ:SY)
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Rating:48Neutral
Price Target:
$3.00
▲(4.17% Upside)
Action:Reiterated
Date:04/28/26
The score is held down primarily by weak financial performance—ongoing losses and significant negative operating/free cash flow—despite a relatively manageable leverage profile. Technicals also lean bearish with the stock below key moving averages and negative MACD. Offsetting factors include a more constructive earnings-call outlook with strong growth guidance and operational momentum, while valuation is difficult to support due to negative earnings and no dividend yield provided.
Positive Factors
Network scale and market leadership
So-Young’s position as the largest light-medical aesthetics chain by center count creates a durable competitive moat: scale drives brand recognition, foot-traffic, negotiation leverage with suppliers, and faster local market learning curves, supporting sustained share gains as centers mature.
Negative Factors
Negative operating and free cash flow
Persistent cash consumption and materially negative free cash flow indicate the business is not self-financing its expansion. Continued negative cash conversion raises funding needs, dilution or debt reliance risk, and constrains ability to invest opportunistically if center maturation or revenue inflections slow.
Read all positive and negative factors
Positive Factors
Negative Factors
Network scale and market leadership
So-Young’s position as the largest light-medical aesthetics chain by center count creates a durable competitive moat: scale drives brand recognition, foot-traffic, negotiation leverage with suppliers, and faster local market learning curves, supporting sustained share gains as centers mature.
Read all positive factors
So-Young International (SY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$280.61M
Dividend Yield0.91%
Average Volume (3M)398.56K
Price to Earnings (P/E)―
Beta (1Y)0.98
Revenue Growth4.15%
EPS Growth58.08%
CountryUS
Employees1,800
SectorHealthcare
Sector Strength45
IndustryMedical - Healthcare Information Services
Share Statistics
EPS (TTM)-1.83
Shares Outstanding84,698,240
10 Day Avg. Volume435,267
30 Day Avg. Volume398,562
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 Cap8.29
Enterprise Value/Revenue1.53
Enterprise Value/Gross Profit3.21
Enterprise Value/Ebitda-8.78
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-2.27
Revenue Forecast (FY)$2.05B
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:Mar 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 22, 2026
Earnings Call Sentiment Positive
The call highlighted a clear strategic inflection: rapid, market-leading expansion and strong demand in the branded aesthetic center business (substantial revenue growth, treatment volume gains, network scale, physician hiring and supply-chain arrangements). Those operational and commercial positives are tempered by short-term pains from rapid scaling — higher cost of revenues, declines in legacy platform/product segments, a wider non-GAAP loss, an impairment charge and lower cash versus prior year. Management provided guidance and a path to balance growth with profitability in 2026, signaling confidence in margin recovery as centers mature. Overall, the operational momentum and material improvement in GAAP loss outweigh the near-term financial headwinds.Positive Updates
Quarterly Revenue Growth and Record High
Total Q4 revenue reached RMB 451 million, up ~25% year-over-year, marking a record high quarterly revenue and reflecting strong demand recovery.
Negative Updates
Declines in Platform and Product Segments
Information and reservation services revenue declined 26.8% YoY to RMB 125.7 million; sales of medical products and maintenance services declined 19.9% YoY to RMB 69.3 million; other services revenue (So-Young Prime) declined 40.7% YoY to RMB 17.7 million.
Read all updates
Q4-2025 Updates
Positive
Negative
Quarterly Revenue Growth and Record High
Total Q4 revenue reached RMB 451 million, up ~25% year-over-year, marking a record high quarterly revenue and reflecting strong demand recovery.
Read all positive updates
Company Guidance
Management guided Q4 2026 aesthetic treatment services revenue of RMB 258–278 million (implying YoY growth of ~171.2%–181.3%) and reiterated plans to add no fewer than 35 new centers in 2026 as the chain shifts from “scale first” to balancing growth with profitability; the network had 49 centers at year‑end 2025 and has crossed the 50‑center milestone. They expect gross‑margin expansion driven by a rising share of mature centers (17 mature centers generated ~RMB 102.5m in Q4, ~RMB 8.4m per mature center), lower consumable costs via deeper supplier partnerships and volume pricing, and higher physician productivity under a new recruitment/training initiative (211 full‑time physicians at year‑end 2025, +41% QoQ). Management pointed to strong operating traction—Q4 verified treatment visits >125,000, verified aesthetic treatments >289,400, total active users >170,000, 25 centers profitable and 39 centers with positive operating cash flow—and noted a cash balance of RMB 936.4 million to fund expansion while targeting sustainable profitability.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
2.90
Negative
2.93
Negative
3.28
Negative
Market Momentum
>-0.01
Positive
44.36
Neutral
14.72
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 below the 20-day moving average (MA) of 2.92, below the 50-day MA of 2.90, and below the 200-day MA of 3.28, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 44.36 is Neutral, neither overbought nor oversold. The STOCH value of 14.72 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 | $694.15M | 25.74 | 5.67% | 0.52% | 6.64% | 6.54% | |
77 Outperform | $858.10M | 3.40 | 31.39% | ― | 40.95% | 4.15% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $120.84M | -0.23 | -67.07% | ― | -3.89% | 63.03% | |
48 Neutral | $280.61M | -5.47 | -14.28% | 0.91% | 4.15% | 58.08% | |
47 Neutral | $93.85M | -0.21 | -99.78% | ― | -2.83% | -223.32% | |
47 Neutral | $279.92M | -0.93 | 205.84% | ― | 5.53% | 76.25% |
* Healthcare Sector Average
SY
So-Young International
2.80
1.95
229.41%
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So-Young International Corporate Events
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...
So-Young International Announces Resignation of Chief HR Officer Nan Huang
Feb 13, 2026
So-Young International Inc. reported that Chief HR Officer Nan Huang resigned from his position for personal reasons, effective February 15, 2026. The company stated that his departure did not stem from any dispute or disagreement and noted that H...
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.