So-Young International (SY) AI Stock Analysis

• Market Cap: $279.09M
• Dividend Yield: 0.94%
• Average Volume (3M): 765.96K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.17
• Revenue Growth: -5.43%
• EPS Growth: -2022.89%
• Country: US
• Employees: 1,800
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Healthcare Information Services
• EPS (TTM): -0.06
• Shares Outstanding: 85,093,000
• 10 Day Avg. Volume: 638,822
• 30 Day Avg. Volume: 765,963
• PEG Ratio: <0.01
• Price to Book (P/B): 0.44
• Price to Sales (P/S): 0.55
• P/FCF Ratio: -9.21
• Enterprise Value/Market Cap: 0.82
• Enterprise Value/Revenue: 0.16
• Enterprise Value/Gross Profit: 0.29
• Enterprise Value/Ebitda: -1.71
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0

• Rating: 46 Neutral
• Price Target: $3.00 ▼(-4.76% Downside)

The overall stock score of 46 reflects significant financial challenges, including declining revenues and negative cash flows, which are the most impactful factors. Technical analysis indicates bearish momentum, further weighing on the score. While there are positive aspects in the earnings call, such as growth in aesthetic treatment services, they are overshadowed by the broader financial difficulties.

Positive Factors

Aesthetic Treatment Services Growth

The significant growth in aesthetic treatment services revenue highlights a strong demand and successful expansion in this segment, indicating a robust business model and potential for sustained revenue growth.

Expansion of Aesthetic Centers

The strategic expansion of aesthetic centers demonstrates a commitment to increasing market presence and capturing more market share, which can lead to long-term revenue growth and competitive advantage.

High Customer Satisfaction

High customer satisfaction and repeat purchase rates indicate strong customer loyalty and brand strength, which are essential for long-term business sustainability and growth.

Negative Factors

Overall Revenue Decline

The decline in overall revenue suggests challenges in maintaining growth across all business segments, which could impact the company's ability to sustain operations and invest in future growth.

Net Loss

The net loss indicates financial challenges and pressures on profitability, which could strain resources and limit the company's ability to fund strategic initiatives without external financing.

Decline in Information Services Revenue

A significant decline in information services revenue highlights vulnerabilities in the company's traditional revenue streams, potentially affecting long-term revenue stability and diversification.

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 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 Money

So-Young International generates revenue through multiple streams, primarily from transaction fees, advertising, and membership services. The company earns money by charging clinics and practitioners a fee for each successful appointment made through its platform. Additionally, So-Young monetizes its user base through premium advertising services that allow healthcare providers to promote their services directly to targeted consumers. The company also has strategic partnerships with various clinics and hospitals, which enhance its service offerings and drive additional traffic to its platform. These relationships often lead to exclusive deals or promotions that can further boost revenue. Moreover, So-Young may engage in data analytics services, providing insights to healthcare providers about consumer trends and preferences, adding another layer to its revenue generation strategy.

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.

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.

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.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.42B	1.47B	1.50B	1.26B	1.69B	1.29B
Gross Profit	785.86M	899.11M	953.69M	864.58M	1.36B	1.08B
EBITDA	-133.37M	-38.39M	-14.96M	-55.72M	63.39M	-42.61M
Net Income	-656.40M	-589.53M	21.28M	-65.55M	-8.37M	5.81M
Balance Sheet
Total Assets	2.65B	2.74B	3.21B	3.20B	3.33B	3.29B
Cash, Cash Equivalents and Short-Term Investments	913.60M	1.19B	1.33B	1.57B	1.74B	2.65B
Total Debt	263.69M	239.88M	145.77M	71.26M	105.89M	132.51M
Total Liabilities	790.07M	776.43M	653.25M	590.00M	813.33M	672.44M
Stockholders Equity	1.74B	1.84B	2.44B	2.50B	2.45B	2.60B
Cash Flow
Free Cash Flow	0.00	-88.18M	-28.68M	-128.58M	39.23M	142.22M
Operating Cash Flow	0.00	-25.63M	22.50M	-112.87M	84.29M	179.18M
Investing Cash Flow	0.00	257.04M	-202.61M	-572.21M	339.82M	123.84M
Financing Cash Flow	0.00	-21.51M	-100.02M	-13.59M	-216.74M	-5.80M

So-Young International Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 3.15
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: 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 3.15 is below the 20-day moving average (MA) of 3.28, below the 50-day MA of 3.64, and above the 200-day MA of 2.27, indicating a neutral trend. The MACD of -0.25 indicates Positive momentum. The RSI at 32.74 is Neutral, neither overbought nor oversold. The STOCH value of 8.46 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SY.

So-Young International Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NUTX	―	$710.11M	10.74	―	―	141.25%	―
HSTM	―	$727.69M	36.98	5.81%	0.49%	3.50%	13.99%
HCAT	―	$235.05M	―	-28.42%	―	5.55%	-0.99%
Sector *	―	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
CTEV	―	$910.40M	―	-235.47%	―	-2.03%	43.59%
SY	―	$279.09M	―	-31.64%	0.94%	-5.43%	-2022.89%
DH	―	$408.92M	―	-64.27%	―	-5.24%	23.59%

So-Young International Corporate Events

So-Young International Reports Q2 2025 Financial Results Amid Strategic Expansion

On August 15, 2025, So-Young International Inc. announced its unaudited financial results for the second quarter ending June 30, 2025. The company reported total revenues of RMB378.7 million, a 7% decrease from the previous year, mainly due to a decline in medical service providers subscribing to its platform. Despite this, revenues from aesthetic treatment services surged by 426.1% due to the expansion of branded aesthetic centers. The company recorded a net loss of RMB36.0 million, contrasting with a net income of RMB18.9 million in the same period of 2024. Operational highlights included a significant increase in verified treatment visits and the number of active users. So-Young’s CEO highlighted the company’s strategic transformation, with branded aesthetic centers becoming the largest revenue contributor, and plans to expand the network to 50 centers by year-end.