So-Young International Inc. SY
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Market cap
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No price or market cap here: this company files no 10-K, so the only share count SEC publishes for it counts its ordinary shares in its home market, while its US listing is a depositary receipt standing for some number of them. That number is in no filing, so a price multiplied by that count is not this company's value and is not shown. The financial statements below are as filed.
Valuation FY2025 figures against the last close
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Dividend yield—
Diluted EPS—
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $217.8M | $200.9M | $211.0M | $182.4M | $265.6M | $198.5M | $165.4M | — | — |
| Cost of revenue | $113.8M | $77.8M | $76.7M | $57.0M | $51.5M | $32.5M | $28.5M | — | — |
| Gross profit | $104.1M | $123.2M | $134.3M | $125.4M | $214.1M | $165.9M | $136.9M | — | — |
| R&D | $19.6M | $22.6M | $28.7M | $34.1M | $45.0M | $35.1M | $25.5M | — | — |
| SG&A | — | $44.4M | $41.0M | $37.7M | $39.6M | $28.2M | $23.1M | — | — |
| Total operating expenses | $145.0M | $208.7M | $142.9M | $140.3M | $219.2M | $174.6M | $116.0M | — | — |
| Operating income | -$40.9M | -$85.6M | -$8.6M | -$14.9M | -$5.1M | -$8.7M | $20.9M | — | — |
| Pre-tax income | -$35.2M | -$80.6M | $1.1M | -$12.6M | -$2.6M | $15.0K | $32.5M | — | — |
| Income tax | $114.0K | $124.0K | $2.5M | $3.0M | $3.3M | $733.0K | $7.1M | — | — |
| Net income | -$34.6M | -$80.8M | $3.0M | -$9.5M | -$1.3M | $891.0K | $25.4M | — | — |
| Shares, diluted (wtd. avg.) | 77.9M | 79.4M | 78.1M | 82.7M | 81.7M | 83.8M | 63.3M | 24.6M | 26.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $59.8M | $92.4M | $59.3M | $98.7M | $194.8M | $179.8M | $138.1M | $80.9M | — |
| Receivables | $7.4M | $13.5M | $8.1M | $5.2M | $8.6M | $8.1M | $3.8M | — | — |
| Inventory | $33.4M | $20.8M | $16.8M | $17.5M | $14.4M | — | — | — | — |
| Total current assets | $212.3M | $236.2M | $242.5M | $277.9M | $318.1M | $428.5M | $424.7M | — | — |
| Property, plant and equipment | $42.0M | $21.3M | $16.4M | $16.8M | $19.5M | $4.6M | $4.6M | — | — |
| Goodwill | $98.0K | $94.0K | $76.2M | $78.4M | $84.8M | $7.4M | — | — | — |
| Other intangibles | $20.6M | $17.3M | $20.5M | $24.5M | $30.4M | $9.2M | — | — | — |
| Total assets | $378.9M | $374.7M | $452.8M | $463.6M | $522.6M | $504.5M | $464.0M | — | — |
| Short-term debt | $5.7M | $9.6M | $4.2M | — | — | — | — | — | — |
| Total current liabilities | $112.1M | $86.3M | $76.1M | $78.0M | $111.8M | $87.5M | $67.0M | — | — |
| Total liabilities | $140.3M | $106.4M | $92.0M | $85.5M | $127.6M | $103.1M | $84.4M | — | — |
| Retained earnings | -$168.0M | -$126.9M | -$46.5M | -$50.3M | -$42.7M | -$39.0M | -$37.2M | — | — |
| Total equity | $222.1M | $252.0M | $344.2M | $362.2M | $383.9M | $397.9M | $379.6M | — | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$15.1M | -$3.5M | $3.2M | -$16.4M | $13.2M | $27.5M | $55.1M | — | — |
| Depreciation and amortisation | $8.2M | $6.3M | $6.5M | $6.8M | $4.7M | $2.2M | $880.0K | — | — |
| Stock-based compensation | $1.3M | $4.5M | $5.1M | $6.3M | $16.7M | $14.1M | $15.0M | — | — |
| Capital expenditure | $28.1M | $8.6M | $7.2M | $2.3M | $7.1M | $5.7M | $5.4M | — | — |
| Investing cash flow | -$6.1M | $35.2M | -$28.5M | -$83.0M | $53.3M | $19.0M | -$191.8M | — | — |
| Financing cash flow | -$9.1M | -$2.9M | -$14.1M | -$2.0M | -$34.0M | -$889.0K | $182.2M | — | — |
| Dividends paid | $2.7M | $6.0M | — | — | — | — | — | — | — |
| Buybacks | $2.2M | $2.5M | $17.7M | $2.2M | $34.2M | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-047129.
Plot the figures US dollars
Income statement
Revenue
Cost of revenue
Gross profit
R&D
SG&A
Total operating expenses
Operating income
Interest expense
Pre-tax income
Income tax
Net income
EPS, basic
EPS, diluted
Shares, diluted (wtd. avg.)
- R&D
- Total assets
- Goodwill
- Total liabilities
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| R&D | — | — | $25.5M | $35.1M | $45.0M | $34.1M | $28.7M | $22.6M | $19.6M |
| Total assets | — | — | $464.0M | $504.5M | $522.6M | $463.6M | $452.8M | $374.7M | $378.9M |
| Goodwill | — | — | — | $7.4M | $84.8M | $78.4M | $76.2M | $94.0K | $98.0K |
| Total liabilities | — | — | $84.4M | $103.1M | $127.6M | $85.5M | $92.0M | $106.4M | $140.3M |
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