So-Young International (SY) AI Stock Analysis

• Market Cap: $314.86M
• Dividend Yield: 0.93%
• Average Volume (3M): 1.43M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.97
• Revenue Growth: -3.80%
• EPS Growth: -2176.08%
• Country: US
• Employees: 1,800
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Healthcare Information Services
• EPS (TTM): -0.12
• Shares Outstanding: 85,093,000
• 10 Day Avg. Volume: 1,876,089
• 30 Day Avg. Volume: 1,434,038
• 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: 0.99
• Enterprise Value/Revenue: 0.22
• Enterprise Value/Gross Profit: 0.42
• Enterprise Value/Ebitda: -1.48
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): -0.2
• Revenue Forecast (FY): $213.93M

• Rating: 47 Neutral
• Price Target: $3.00 ▼(-4.76% Downside)

The overall stock score of 47 reflects significant financial challenges, including declining revenue and profitability, as well as negative cash flows. Technical analysis indicates bearish momentum, further weighing on the stock. While the earnings call provided some positive insights into growth areas, the financial and technical weaknesses are more pressing concerns.

Positive Factors

Aesthetic Treatment Services Growth

The significant growth in aesthetic treatment services reflects strong demand and successful expansion of branded centers, indicating a robust market position and potential for sustained revenue growth.

Future Expansion Plans

Strategic expansion into more centers and investment in digitalization and AI will likely enhance operational efficiency and customer experience, supporting long-term growth.

Strong Membership Growth

The increase in verified visits and core members suggests strong user engagement and loyalty, which can drive recurring revenue and strengthen the company's market position.

Negative Factors

Declining Revenue Growth

The decline in overall revenue indicates challenges in maintaining growth across all business segments, which could impact long-term financial stability.

Negative Cash Flow

Negative cash flow highlights difficulties in generating cash from operations, potentially leading to reliance on external financing, which can strain financial resources.

Increased Net Loss

The increased net loss underscores ongoing financial challenges, which may hinder the company's ability to invest in growth initiatives and improve profitability.

So-Young International Business Overview & Revenue Model

Company Description

So-Young International (SY) is a leading online medical aesthetics platform based in China that connects consumers with various aesthetic service providers, including clinics and hospitals. The company operates primarily in the medical aesthetics industry, offering a wide range of services such as cosmetic surgery, dermatology, and non-invasive treatments. Through its digital platform, So-Young provides a comprehensive suite of services including user reviews, information dissemination, and consultation bookings, catering to the evolving needs of consumers seeking aesthetic enhancements.

How the Company Makes Money

So-Young International generates revenue primarily through transaction fees charged to service providers for bookings made through its platform. Additionally, the company earns income from advertising and promotional services offered to clinics and hospitals looking to increase their visibility among potential clients. Significant partnerships with various healthcare providers and aesthetic brands also contribute to its earnings by enhancing its service offerings and expanding its reach in the competitive aesthetics market. Furthermore, the company may explore additional revenue streams through premium membership services or enhanced data analytics for service providers.

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	1.43B	1.47B	1.50B	1.26B	1.69B	1.29B
Gross Profit	739.07M	899.11M	953.69M	864.58M	1.36B	1.08B
EBITDA	-210.77M	-38.39M	-14.96M	-55.72M	63.39M	-42.61M
Net Income	-741.03M	-589.53M	21.28M	-65.55M	-8.37M	5.81M
Balance Sheet
Total Assets	2.64B	2.74B	3.21B	3.20B	3.33B	3.29B
Cash, Cash Equivalents and Short-Term Investments	875.25M	1.19B	1.33B	1.57B	1.74B	2.65B
Total Debt	265.59M	239.88M	145.77M	71.26M	105.89M	132.51M
Total Liabilities	852.81M	776.43M	653.25M	590.00M	813.33M	672.44M
Stockholders Equity	1.67B	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 3.51, below the 50-day MA of 3.57, and above the 200-day MA of 2.49, indicating a neutral trend. The MACD of -0.08 indicates Positive momentum. The RSI at 41.35 is Neutral, neither overbought nor oversold. The STOCH value of 6.30 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	80 Outperform	$968.29M	7.10	63.86%	―	236.03%	―
HSTM	67 Neutral	$730.43M	36.08	5.87%	0.50%	3.68%	5.62%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SY	47 Neutral	$314.86M	―	-35.48%	0.93%	-3.80%	-2176.08%
CTEV	46 Neutral	$1.04B	-1.53	-646.34%	―	0.89%	78.04%
HCAT	44 Neutral	$166.92M	―	-31.33%	―	4.64%	-17.17%
DH	42 Neutral	$396.10M	-1.05	-47.69%	―	-5.30%	46.01%

So-Young International Corporate Events

So-Young International Reports Q3 2025 Financial Results with Strong Growth in Aesthetic Services

On November 17, 2025, So-Young International Inc. announced its unaudited financial results for the third quarter ending September 30, 2025. The company reported total revenues of RMB386.7 million, a 4% increase from the previous year, driven by the expansion of its branded aesthetic centers. Despite a net loss of RMB64.3 million, So-Young saw significant growth in aesthetic treatment services revenues, which rose by 304.6% compared to the same period in 2024. The number of verified treatment visits and active users also saw substantial increases, reflecting strong operational performance. The company continues to focus on scaling its operations, enhancing efficiency, and maintaining high standards in the medical aesthetics industry.