The company's pivot toward medical equipment has driven gross margin compression from 64.8% in 2023Q4 to 44.4% in 2025Q4, contributing to a negative operating margin of 22.4%.
| Sales/Revenue | 1.48B | 1.47B | 1.5B | 1.26B | 1.69B | 1.29B | 1.15B | 617.23M | 259.31M | 49.09M |
| Revenue Growth % | 1.04% | -2.09% | 19.09% | -25.68% | 30.69% | 12.45% | 86.58% | 138.03% | 428.22% | - |
| Cost of Goods Sold | 774.04M | 567.59M | 544.34M | 393.29M | 327.89M | 212.21M | 198.63M | 91.56M | 44.8M | 25.19M |
| COGS % of Revenue | 52.23% | 38.7% | 36.34% | 31.27% | 19.37% | 16.39% | 17.25% | 14.83% | 17.28% | 51.32% |
| Gross Profit | 707.86M | 899.11M | 953.69M | 864.58M | 1.36B | 1.08B | 953.01M | 525.66M | 214.51M | 23.9M |
| Gross Margin % | 47.77% | 61.3% | 63.66% | 68.73% | 80.63% | 83.61% | 82.75% | 85.17% | 82.72% | 48.68% |
| Gross Profit Growth % | -21.27% | -5.72% | 10.31% | -36.64% | 26.02% | 13.62% | 81.3% | 145.06% | 797.59% | - |
| Operating Expenses | 967.07M | 1.52B | 1.01B | 967.39M | 1.4B | 1.14B | 807.83M | 476.53M | 189.74M | 98.18M |
| OpEx % of Revenue | 65.26% | 103.88% | 67.74% | 76.91% | 82.55% | 87.99% | 70.15% | 77.2% | 73.17% | 200% |
| Selling, General & Admin | 833.76M | 818.57M | 811.22M | 732.3M | 1.04B | 910.28M | 630.56M | 381.8M | 157.19M | 80.25M |
| SG&A % of Revenue | 56.26% | 55.81% | 54.15% | 58.22% | 61.73% | 70.29% | 54.75% | 61.86% | 60.62% | 163.47% |
| Research & Development | 133.31M | 165.03M | 203.52M | 235.09M | 286.57M | 229.19M | 177.27M | 94.73M | 32.56M | 17.93M |
| R&D % of Revenue | 9% | 11.25% | 13.59% | 18.69% | 16.93% | 17.7% | 15.39% | 15.35% | 12.56% | 36.53% |
| Other Operating Expenses | 7 | 540.01M | 0 | 0 | 65.88M | 0 | 0 | 990K | 0 | -203K |
| Operating Income | -259.21M | -624.49M | -61.05M | -102.81M | -32.57M | -56.69M | 145.18M | 49.13M | 24.76M | -74.28M |
| Operating Margin % | -17.49% | -42.58% | -4.08% | -8.17% | -1.92% | -4.38% | 12.61% | 7.96% | 9.55% | -151.32% |
| Operating Income Growth % | 58.49% | -922.97% | 40.62% | -215.64% | 42.55% | -139.05% | 195.46% | 98.43% | 133.33% | - |
| EBITDA | -202M | -578.4M | -14.96M | -55.72M | -2.49M | -42.61M | 151.3M | 50.8M | 25.38M | -73.72M |
| EBITDA Margin % | -13.63% | -39.44% | -1% | -4.43% | -0.15% | -3.29% | 13.14% | 8.23% | 9.79% | -150.17% |
| EBITDA Growth % | 65.08% | -3767.1% | 73.16% | -2138.61% | 94.16% | -128.16% | 197.84% | 100.15% | 134.43% | - |
| D&A (Non-Cash Add-back) | 57.21M | 46.09M | 46.09M | 47.09M | 30.08M | 14.09M | 6.13M | 1.67M | 619K | 564K |
| EBIT | -239.4M | -84.48M | 7.87M | -87.07M | 33.31M | -56.69M | 145.18M | 49.13M | 24.76M | -74.28M |
| Net Interest Income | 24.6M | 46.51M | 48.84M | 28.88M | 19.33M | 39.67M | 45.05M | 10.88M | 176K | 507K |
| Interest Income | 24.6M | 46.51M | 48.84M | 28.88M | 19.33M | 39.67M | 45.05M | 10.88M | 176K | 507K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 19.8M | 36.41M | 68.92M | 15.73M | 16.16M | 56.79M | 81.28M | 9.12M | -11.54M | -6.75M |
| Pretax Income | -239.4M | -588.09M | 7.87M | -87.07M | -16.41M | 93K | 226.46M | 58.25M | 13.22M | -81.04M |
| Pretax Margin % | -16.16% | -40.1% | 0.53% | -6.92% | -0.97% | 0.01% | 19.66% | 9.44% | 5.1% | -165.08% |
| Income Tax | -774.31K | -905K | -18.07M | -20.96M | 21.23M | -4.78M | 49.73M | 3.17M | -3.98M | -100K |
| Effective Tax Rate % | 0.32% | 0.15% | -229.7% | 24.08% | -129.42% | -5144.09% | 21.96% | 5.44% | -30.11% | 0.12% |
| Net Income | -235.7M | -589.53M | 21.28M | -65.55M | -8.37M | 5.81M | 176.72M | 55.08M | 17.2M | -81.04M |
| Net Margin % | -15.91% | -40.19% | 1.42% | -5.21% | -0.49% | 0.45% | 15.35% | 8.92% | 6.63% | -165.08% |
| Net Income Growth % | 60.02% | -2870.33% | 132.46% | -683.11% | -244.15% | -96.71% | 220.83% | 220.21% | 121.23% | - |
| Net Income (Continuing) | -238.63M | -587.18M | 25.94M | -66.11M | -37.64M | 4.88M | 176.72M | 55.08M | 17.2M | -81.04M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 115.58M | 119.61M | 117.19M | 109.94M | 70.84M | 23.2M | 0 | 0 | 594.42M | 0 |
| EPS (Diluted) | -1.78 | -4.39 | 0.16 | -0.48 | -0.06 | 0.04 | 1.65 | 1.33 | -0.25 | -1.78 |
| EPS Growth % | 59.45% | -2843.75% | 133.33% | -692.08% | -247.8% | -97.52% | 24.06% | 632% | 85.96% | - |
| EPS (Basic) | -1.78 | -4.40 | 0.16 | -0.48 | -0.06 | 0.04 | 1.76 | 1.33 | -0.25 | -1.78 |
| Diluted Shares Outstanding | 131.59M | 134.16M | 131.91M | 138.04M | 138.04M | 141.59M | 106.99M | 41.5M | 45.43M | 45.43M |
| Basic Shares Outstanding | 131.59M | 134.09M | 133.19M | 138.04M | 138.04M | 137.79M | 106.89M | 41.5M | 45.43M | 45.43M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Regulatory and Discretionary Spending
According to the latest quarterly filings, So-Young International's revenue growth has exhibited significant volatility, culminating in a 23.1% year-over-year increase in 2025Q4, yet this follows several periods of contraction, suggesting that the company's top-line expansion remains highly sensitive to broader macroeconomic conditions and consumer spending cycles.
The erratic revenue trajectory indicates that the platform's core advertising and reservation services are struggling to maintain consistent momentum in a tightening discretionary spending environment. Investors should monitor whether the recent growth spike represents a sustainable recovery or merely a seasonal anomaly in the medical aesthetics market.
As reported in recent financial statements, So-Young's gross margin has compressed from a peak of 64.8% in 2023Q4 to 44.4% by 2025Q4, reflecting a fundamental change in the company's revenue mix as it pivots toward lower-margin medical equipment sales and away from high-margin digital advertising services.
This structural decline in profitability at the gross level suggests that the company is trading its historical platform-based operating leverage for a more capital-intensive business model. The persistent margin contraction warrants further investigation into whether the equipment segment can eventually achieve the scale necessary to offset the loss of pure-play digital advertising margins.
Based on the company's reported figures, operating expenses have consistently outpaced gross profit growth, resulting in a negative operating margin of 22.4% in 2025Q4, which highlights a failure to achieve the necessary economies of scale despite the company's decade-long presence in the medical aesthetics sector.
The inability to scale operating income alongside revenue suggests that customer acquisition costs and administrative overhead remain disproportionately high relative to the platform's monetization efficiency. This lack of operating leverage implies that the current business model may be fundamentally misaligned with the realities of the competitive Chinese internet landscape.
Data from the income statement indicates that So-Young has transitioned from a period of modest profitability in 2024 to significant net losses, with a 2025Q4 net margin of -23.6%, raising serious questions about the long-term viability of its current strategic pivot toward medical equipment and SaaS.
Short-sellers would likely focus on the persistent cash burn and the erosion of the company's core advertising moat as evidence of a failing platform strategy. The reliance on non-core revenue streams appears to be masking a deeper deterioration in the company's primary value proposition to medical service providers.
Quick answers to the most common questions about buying SY stock.
For fiscal year 2025, So-Young International Inc. (SY) reported total revenue of $1.48B. This represents a 2918.8% increase compared to $49.1M in 2016.
So-Young International Inc. (SY) reported a net loss of $235.7M for the fiscal year ending 2025.
So-Young International Inc. (SY) reported an operating income of $-259.2M, resulting in an operating profit margin of -17.5%. This margin reflects the operational efficiency of the business before interest and taxes.
So-Young International Inc. (SY) generated $707.9M in gross profit for the year, representing a gross profit margin of 47.8%. This demonstrates the company's core pricing power and production efficiency.