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So-Young International Inc (SY)
NASDAQ:SY
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So-Young International
(NASDAQ:SY)
Rating:49Neutral
Price Target:
$5.00
▲(0.00%Upside)
Positive Factors
Business Expansion
SoYoung Clinic has quickly expanded with 31 centers in major cities, verifying SY’s strength in differentiating brand position for quality standardized service and value-for-money mindshare.
Financial Performance
Approximately 80% of aesthetic centers generated positive operating cash flow, demonstrating proven execution for profitable store management.
Valuation
Analyst derives a target price of US$5.5 for SY, highlighting its unique omni-channel advantage for light medical aesthetic services.
Negative Factors
Competitive Risks
Investment risks include potential price wars on key products, competitors’ subsidies, fluctuating supply chain capabilities, and increasing customer acquisition costs.
So-Young International (SY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$449.99M
Dividend Yield0.51%
Average Volume (3M)2.56M
Price to Earnings (P/E)17.8
Beta (1Y)1.40
Revenue Growth-4.68%
EPS Growth-4787.93%
CountryUS
Employees1,800
SectorHealthcare
Sector Strength44
IndustryMedical - Healthcare Information Services
Share Statistics
EPS (TTM)-0.06
Shares Outstanding85,093,000
10 Day Avg. Volume4,053,537
30 Day Avg. Volume2,555,991
Financial Highlights & Ratios
PEG Ratio3.64
Price to Book (P/B)2.35
Price to Sales (P/S)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 Target
$5.50Price Target Upside10.00% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
So-Young International Business Overview & Revenue Model
Company DescriptionSo-Young International (SY) is a leading online platform in China dedicated to the medical aesthetic and cosmetic surgery industry. The company provides a comprehensive suite of services that connects consumers with a network of certified healthcare professionals and clinics. So-Young's platform offers users access to information, reviews, and recommendations on various cosmetic procedures, enabling informed decision-making. Additionally, the company facilitates appointment bookings and provides a forum for community interaction among users.
How the Company Makes MoneySo-Young International generates revenue primarily through advertising and subscription fees from medical service providers listed on its platform. Clinics and healthcare professionals pay for advertising services to increase their visibility and attract potential clients. The company also earns money through commissions on bookings made via its platform, acting as an intermediary between consumers and service providers. Additionally, So-Young may engage in strategic partnerships with healthcare businesses to enhance platform offerings, further driving revenue. The company's robust online presence and extensive user base contribute significantly to its earnings potential.
So-Young International Earnings Call Summary
Earnings Call Date:May 16, 2025
(Q1-2025)
| % Change Since: 517.28%|
Next Earnings Date:Aug 20, 2025
Earnings Call Sentiment Neutral
The earnings call highlighted significant growth in the aesthetic treatment services and customer satisfaction, alongside robust cash reserves and a positive outlook for future growth. However, this was offset by a substantial year-over-year decline in total revenues, increased net loss, and decreases in other revenue streams, indicating mixed performance outcomes.Q1-2025 Updates
Positive Updates
Significant Growth in Aesthetic Treatment Services
Aesthetic treatment services revenues reached RMB98.8 million, a remarkable 551.4% year-over-year increase, driven by the expansion of the aesthetic center business.
Increase in Verified Paid Visits and Treatments
Total verified paid visits exceeded 45,500, up 18.5% quarter-on-quarter and 874.3% year-over-year. Total number of verified paid aesthetic treatments performed surpassed 92,900, up 14% quarter-on-quarter and 989.4% year-over-year.
High Customer Satisfaction
Customer satisfaction remains high at 4.98 out of 5, reflecting a commitment to maintaining the highest level in service delivery.
Expansion of Aesthetic Centers
As of the end of Q1, 23 So-Young clinic centers were operational in nine major cities, with 18 centers achieving positive monthly operating cash flow.
Robust Cash Position
The company maintained a robust cash position with cash and cash equivalents, restricted cash, and short-term investments totaling RMB1.1 billion as of March 31, 2025.
Positive Outlook for Aesthetic Treatment Services
The company expects aesthetic treatment services revenues to be between RMB120 million and RMB140 million in Q2 2025, representing 337.3% to 410.1% increase from the same period in 2024.
Negative Updates
Decrease in Total Revenues
Total revenues were RMB297.3 million, down 60.6% year-over-year, primarily due to a decrease in the number of medical service providers subscribing to information services on the platform.
Increase in Net Loss
Net loss attributable to So-Young was RMB33.1 million compared to a net loss of RMB21.2 million during the same period last year.
Decline in Sales of Medical Products and Maintenance Services
Sales of medical products and maintenance services were RMB55.6 million, down 35.7% year-over-year, primarily due to a decrease in order volume for medical equipment.
Decrease in Information Reservation Services Revenues
Information reservation services and other revenues were RMB142.9 million, down 34.1% year-over-year, primarily due to a decrease in the number of medical service providers subscribing to information services.
Company Guidance
During So-Young's first quarter 2025 earnings call, the company reported total revenues of RMB297.3 million, with a net loss attributable to So-Young of RMB33.1 million and a non-GAAP net loss of RMB31.5 million. The aesthetic center business showed robust growth, with revenues reaching RMB98.8 million, up 551.4% year-over-year, and total verified paid visits exceeding 45,500, marking an 874.3% increase year-over-year. The company operated 23 aesthetic centers, with 18 achieving positive monthly operating cash flow. Customer satisfaction remained high at 4.98 out of 5. Looking ahead, So-Young expects aesthetic treatment services revenues for Q2 2025 to be between RMB120 million and RMB140 million, representing a 337.3% to 410.1% increase from the same period in 2024. The company plans to continue expanding its network and improving cost efficiency, inspired by a strategy similar to Sam's Club, focusing on proprietary products and supply chain management.So-Young International Financial Statement Overview
Summary
The company faces significant challenges with declining revenue and profitability, negative margins, and net losses. While the balance sheet remains robust with low leverage, negative cash flows indicate difficulties in sustaining operations without external financing. Improvement is needed in cash generation and strategic adjustments.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 |
| EBITDA | -38.39M | -14.96M | -55.72M | 63.39M | -42.61M |
| Net Income | -589.53M | 21.28M | -66.11M | -37.64M | 5.81M |
Balance Sheet | |||||
| Total Assets | 2.74B | 3.21B | 3.20B | 3.33B | 3.29B |
| Cash, Cash Equivalents and Short-Term Investments | 1.19B | 1.33B | 1.57B | 1.74B | 2.65B |
| Total Debt | 239.88M | 145.77M | 71.26M | 105.89M | 132.51M |
| 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 | -88.18M | -28.68M | -128.58M | 39.23M | 142.22M |
| Operating Cash Flow | -25.63M | 22.50M | -112.87M | 84.29M | 179.18M |
| Investing Cash Flow | 257.04M | -202.61M | -572.21M | 339.82M | 123.84M |
| Financing Cash Flow | -21.51M | -100.02M | -13.59M | -216.74M | -5.80M |
So-Young International Technical Analysis
Positive
5.00
Price Trends
1.81
Positive
1.34
Positive
1.12
Positive
Market Momentum
0.93
Negative
77.82
Negative
84.76
Negative
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 5 is above the 20-day moving average (MA) of 3.19, above the 50-day MA of 1.81, and above the 200-day MA of 1.12, indicating a bullish trend. The MACD of 0.93 indicates Negative momentum. The RSI at 77.82 is Negative, neither overbought nor oversold. The STOCH value of 84.76 is Negative, 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 0 New Risks
So-Young International Peers Comparison
Overall Rating
UnderperformOutperform
Sector (57)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $101.53M | 13.03 | 5.00% | ― | 0.29% | -22.13% | |
57 Neutral | £4.81B | 6.73 | -62.36% | 5.45% | 34.03% | 6.31% | |
53 Neutral | $62.80M | 291.59 | 0.36% | ― | -10.82% | ― | |
49 Neutral | $449.99M | 17.80 | -28.91% | 0.51% | -4.68% | -4787.93% | |
43 Neutral | $56.30M | ― | -71.88% | ― | -93.33% | ― | |
33 Underperform | $264.91M | ― | -125.43% | ― | ― | 2.98% |
* Healthcare Sector Average
Performance Comparison
SY
So-Young International
5.00
4.03
415.46%
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15.92
-2.28
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PAVS
Paranovus Entertainment Technology
0.84
-0.06
-6.67%
VOR
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2.38
1.46
158.70%
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.