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So-Young International Inc. operates an online platform for consumption healthcare services in the People's Republic of China. The company offers So-Young Mobile App that offers users access to medical aesthetic knowledge, community support and reservation options for treatment with medical professionals, and medical aesthetic institutions; Weixin mini program to explore treatment options, check prices, schedule appointments, participate in online consultations, and track follow-ups; and medical aesthetic community content through its website soyoung.com. Its aesthetic centers offer non-invasive to minimally invasive procedures, including device-based options, such as thread lifts, intense pulsed light, ultrasound facelifts, picosecond lasers, and body contouring treatments, as well as injectable treatments, including skin boosters, hyaluronic acid-based products, botox, and type I and type III collagen. In addition, the company engages in the research and development, production, sale, and distribution of light therapy devices, including excimer laser systems, UV excimer therapy devices, LED and red-light therapy systems, and advanced laser and intense pulsed light technologies; surgical laser devices, including carbon dioxide laser machines, multi-wavelength and semiconductor laser systems for urological treatments, and hydrodynamic-assisted liposuction systems for plastic surgery, as well as pneumatic liquid spray devices skin cleansing. Further, it offers injectable products; sales and technical, maintenance, installation, operational training, error reporting, maintenance, and equipment packaging services; consumption healthcare services, including dermatology, dentistry and orthodontics, physical examinations, gynecology, and postnatal care; reservation services; and content management through beauty diaries, short-form videos, treatment reviews, featured articles, and chat messages. The company was founded in 2013 and is headquartered in Beijing, China.
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So-Young International Inc operates an online platform connecting consumers with medical aesthetic and wellness service providers, offering user-generated content, clinic profiles, appointment booking and related e-commerce services. Long-term growth could be supported by rising demand for cosmetic procedures, ongoing digitalization of healthcare services, and network effects from its content and provider relationships, which may make it attractive to investors seeking exposure to China’s consumer healthcare segment.
Key risks include regulatory scrutiny of cosmetic and online healthcare services, intense competition from larger digital platforms, sensitivity to discretionary consumer spending, challenges in monetizing and retaining users, and risks associated with being a U.S.-listed Chinese company.
Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Income before tax | -239.40M | -588.09M | 7.87M | -87.07M | -16.41M |
| Minority interest | 4.60M | -2.35M | -3.43M | 0.55M | 29.27M |
| Net income | -235.70M | -589.53M | 21.28M | -66.11M | -37.64M |
| Selling general administrative | 857.11M | 324.07M | 290.76M | 260.21M | 252.21M |
| Selling and marketing expenses | - | 494.49M | 520.45M | 472.09M | 792.48M |
| Gross profit | 707.86M | 899.11M | 953.69M | 864.58M | 1364.57M |
| Reconciled depreciation | 57.21M | 45.92M | 46.09M | 47.09M | 30.08M |
| Ebit | -239.40M | -84.48M | 7.87M | -102.81M | 82.79M |
| Ebitda | -182.19M | -38.39M | 53.96M | -98.63M | 112.87M |
| Depreciation and amortization | 57.21M | 46.09M | 46.09M | 4.17M | 30.08M |
| Operating income | -259.21M | -624.49M | -61.05M | -102.81M | 82.79M |
| Other operating expenses | 1741.11M | 2091.19M | 1559.08M | 1360.68M | 1659.15M |
| Interest expense | - | - | - | 28.88M | 69.93M |
| Tax provision | 0.80M | -0.91M | -9.66M | -20.96M | 21.23M |
| Interest income | 23.56M | 46.51M | 48.30M | 28.88M | 19.33M |
| Net interest income | 23.56M | 46.51M | 48.30M | 28.88M | 19.33M |
| Income tax expense | -0.77M | -0.91M | -18.07M | -20.96M | 21.23M |
| Total revenue | 1481.90M | 1466.70M | 1498.03M | 1257.87M | 1692.46M |
| Total operating expenses | 967.07M | 1523.61M | 1014.74M | 967.39M | 1331.27M |
| Cost of revenue | 774.04M | 567.59M | 544.34M | 393.29M | 327.89M |
| Total other income expense net | 19.80M | 36.41M | 68.92M | 15.73M | -99.20M |
| Net income from continuing ops | -246.91M | -587.18M | 38.48M | -66.11M | -37.64M |
| Net income applicable to common shares | - | - | - | -65.55M | -8.37M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Total assets | 2651.32M | 2735.16M | 3214.57M | 3197.87M | 3330.37M |
| Intangible assets | 144.19M | 126.61M | 145.25M | 169.28M | 193.96M |
| Other current assets | 105.14M | 159.56M | 6.03M | 126.89M | 91.84M |
| Total liab | 981.44M | 776.43M | 653.25M | 590.00M | 813.33M |
| Total stockholder equity | 1554.30M | 1839.12M | 2444.13M | 2497.93M | 2446.19M |
| Other current liab | 375.56M | 515.53M | 10.67M | 377.60M | 11.36M |
| Common stock | 0.29M | 0.29M | 0.28M | 0.27M | 0.27M |
| Capital stock | 0.29M | 0.29M | 0.28M | 0.27M | 0.27M |
| Retained earnings | -1175.33M | -885.84M | -330.17M | -346.62M | -272.37M |
| Other liab | - | - | - | 30.99M | 38.58M |
| Good will | 0.68M | 0.68M | 540.69M | 540.69M | 540.69M |
| Other assets | 0.00M | - | - | 164.03M | 95.62M |
| Cash | 483.20M | 587.75M | 426.12M | 694.42M | 1331.97M |
| Total current liabilities | 784.55M | 630.21M | 540.42M | 538.04M | 712.40M |
| Current deferred revenue | 292.64M | 190.37M | 195.21M | 110.16M | 139.16M |
| Net debt | -183.30M | -347.87M | -280.35M | -623.16M | -1226.08M |
| Short term debt | 116.35M | 114.68M | 59.56M | 50.28M | 43.53M |
| Short long term debt | 39.81M | 69.77M | 29.82M | - | - |
| Short long term debt total | 299.90M | 239.88M | 145.77M | 71.26M | 105.89M |
| Other stockholder equity | 2669.52M | 2693.11M | 2721.98M | 2811.14M | 2781.85M |
| Property plant equipment | - | - | - | 179.08M | 220.19M |
| Total current assets | 1485.54M | 1724.36M | 1721.92M | 1916.83M | 2027.42M |
| Long term investments | 274.75M | 280.28M | 261.02M | 227.96M | 252.50M |
| Net tangible assets | - | - | - | 1787.95M | 1711.54M |
| Short term investments | 453.76M | 599.04M | 900.82M | 875.96M | 408.95M |
| Net receivables | 209.90M | 226.25M | 200.78M | 84.17M | 87.73M |
| Inventory | 233.54M | 151.75M | 118.92M | 120.48M | 91.81M |
| Accounts payable | - | - | 274.98M | - | 518.36M |
| Accumulated other comprehensive income | 59.83M | 31.56M | 52.04M | 33.13M | -63.56M |
| Non currrent assets other | 131.08M | 285.10M | 232.46M | 99.29M | 48.10M |
| Non current assets total | 1165.78M | 1010.80M | 1492.64M | 1281.05M | 1302.95M |
| Capital lease obligations | 259.90M | 170.10M | 115.95M | 71.26M | 105.89M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Investments | 153.31M | 257.04M | -202.61M | -572.21M | 339.82M |
| Change to liabilities | - | - | - | 0.00M | 0.00M |
| Total cashflows from investing activities | -42.81M | 257.04M | -202.61M | - | - |
| Net borrowings | -30.00M | 40.00M | 29.82M | - | - |
| Total cash from financing activities | -63.70M | -21.51M | -100.02M | -13.59M | -216.74M |
| Net income | -246.91M | -587.18M | 25.94M | -66.11M | -37.64M |
| Change in cash | -213.38M | 213.23M | -268.26M | -642.81M | 198.12M |
| Begin period cash flow | 645.97M | 432.74M | 701.00M | 1343.81M | 1145.68M |
| End period cash flow | 432.59M | 645.97M | 432.74M | 701.00M | 1343.81M |
| Total cash from operating activities | -105.39M | -25.63M | 22.50M | -112.87M | 84.29M |
| Issuance of capital stock | - | - | - | - | 0.00M |
| Depreciation | 57.21M | 45.92M | 46.09M | 47.09M | 30.08M |
| Other cashflows from investing activities | 0.50M | 10.85M | 17.16M | - | - |
| Dividends paid | 19.03M | 43.57M | 0.00M | - | - |
| Change to inventory | -115.98M | -36.75M | -2.12M | -27.99M | 7.87M |
| Change to account receivables | 29.72M | -61.48M | -28.95M | 13.56M | 14.58M |
| Sale purchase of stock | -15.25M | -18.24M | -125.62M | -15.12M | -217.71M |
| Other cashflows from financing activities | 0.50M | 0.30M | -4.22M | 1.54M | 0.97M |
| Capital expenditures | 196.62M | 62.55M | 51.18M | 15.71M | 45.06M |
| Change in working capital | -26.11M | -167.85M | -122.44M | -195.00M | -164.54M |
| Stock based compensation | 8.92M | 32.66M | 36.32M | 43.34M | 106.15M |
| Other non cash items | 103.29M | 666.99M | 70.11M | 82.62M | 148.58M |
| Free cash flow | -302.01M | -88.18M | -28.68M | -128.58M | 39.23M |
Sector: Healthcare Industry: Health Information Services
|
Stock Name
|
Change
(USD) |
Price
(USD) |
Trailing
PE (x) |
Forward
PE (x) |
Price Sales
TTM (x) |
Price to Book Value (x)
|
Enterprise Value
to Revenue (x) |
Enterprise Value
to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| SY So-Young International Inc |
0.10 4.98% |
2.11 | - | 16.29 | 0.17 | 1.21 | 0.76 | 2.30 |
| VEEV Veeva Systems Inc Class A |
-4.88 1.60% |
299.89 | 43.49 | 29.59 | 12.48 | 5.79 | 10.39 | 33.41 |
| PMCUF Pro Medicus Limited |
-2.18 1.51% |
141.82 | 64.90 | 90.91 | 49.11 | 38.05 | 65.12 | 83.47 |
| TEM Tempus AI, Inc. Class A Common Stock |
-1.11 1.38% |
79.43 | - | - | 8.68 | 25.39 | 8.33 | - |
| MTHRY M3 Inc |
-0.11 1.88% |
5.73 | 31.84 | 26.25 | 0.05 | 4.60 | 0.04 | 0.12 |
So-Young International Inc. operates an online platform for consumption healthcare services in the People's Republic of China. The company offers So-Young Mobile App that offers users access to medical aesthetic knowledge, community support and reservation options for treatment with medical professionals, and medical aesthetic institutions; Weixin mini program to explore treatment options, check prices, schedule appointments, participate in online consultations, and track follow-ups; and medical aesthetic community content through its website soyoung.com. Its aesthetic centers offer non-invasive to minimally invasive procedures, including device-based options, such as thread lifts, intense pulsed light, ultrasound facelifts, picosecond lasers, and body contouring treatments, as well as injectable treatments, including skin boosters, hyaluronic acid-based products, botox, and type I and type III collagen. In addition, the company engages in the research and development, production, sale, and distribution of light therapy devices, including excimer laser systems, UV excimer therapy devices, LED and red-light therapy systems, and advanced laser and intense pulsed light technologies; surgical laser devices, including carbon dioxide laser machines, multi-wavelength and semiconductor laser systems for urological treatments, and hydrodynamic-assisted liposuction systems for plastic surgery, as well as pneumatic liquid spray devices skin cleansing. Further, it offers injectable products; sales and technical, maintenance, installation, operational training, error reporting, maintenance, and equipment packaging services; consumption healthcare services, including dermatology, dentistry and orthodontics, physical examinations, gynecology, and postnatal care; reservation services; and content management through beauty diaries, short-form videos, treatment reviews, featured articles, and chat messages. The company was founded in 2013 and is headquartered in Beijing, China.
| Name | Title | Year Born |
|---|---|---|
| Mr. Xing Jin | Co-Founder, CEO, Chairman & Interim CFO | 1980 |
| Mr. Tao Yu | Co-Founder & Consultant | 1979 |
| Mr. Rui Cai | COO & VP of Commercial Products | NA |
| Mr. Guangwei Zhao | Chief HR officer | 1980 |
| Mr. Nan Huang | Chief HR Officer & Sr. VP of HR | NA |
| Mr. Xiaodong Ying | Chief Growth Officer & Sr. VP of Supply Chain | NA |
| Mr. Christian Arnell | Investor Relations Officer | NA |
| Ms. Vivian XU | Investor Relations Officer | NA |
| Mr. Xing Jin | Co-Founder, CEO & Chairman | 1980 |
| Mr. Hui Zhao | Chief Financial Officer & Director | NA |
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