SYNasdaqServices-Computer Processing & Data PreparationFiscal year ends December 31
So-Young International Inc.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 23, 2026
$2.25−0.02 (-0.88%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2016 to 2025
Gross margin
47.8%−35.8 pts over 5 years
Operating margin
-18.8%−14.4 pts over 5 years
Net margin
-15.9%−16.4 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +3.9% | +6.6% | +3.3% | – | |
| Gross profit | -19.1% | -5.6% | -7.6% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 0.2% | -14.3% | |
| Return on assets | – | 0.2% | -9.0% | |
| Current ratio | – | 4.90 | 1.89 | |
| Inventory turnover | – | – | 4.1× | |
| Capex to revenue | – | 2.9% | 12.9% | |
| Diluted shares | – | 84M | 78M |
Where the cash went
Fiscal 2021 to 2025, five years combined
So-Young International generated CN¥350.69M from operations and spent CN¥825.65M on capital expenditure, dividends and share buybacks. 45% of that went back into the business.
Generated
CN¥350.69M
Used
CN¥825.65M
Capital expenditureCN¥371.11M45%DividendsCN¥62.60M8%Share buybacksCN¥391.94M47%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-15.9%
×Asset turnover0.57×
×Equity multiplier1.59×
=Return on equity, FY2025-14.3%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -15.9% | 0.57× | 1.59× | -14.3% |
| FY2024 | -40.2% | 0.49× | 1.39× | -27.5% |
| FY2023 | 1.4% | 0.47× | 1.30× | 0.9% |
| FY2022 | -5.2% | 0.39× | 1.32× | -2.7% |
| FY2021 | -0.5% | 0.51× | 1.31× | -0.3% |
| FY2020 | 0.4% | 0.40× | 1.24× | 0.2% |
| FY2019 | 15.3% | 0.50× | 2.00× | 15.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-CN¥242.30M
- Cash generatingOperating cash flow above zero-CN¥105.39M
- Return on assets improvedROA up on the prior year-18.3% → -8.9%
- Earnings backed by cashOperating cash flow above net income-CN¥105.39M vs -CN¥242.30M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose2.74 → 1.89
- No dilutionShare count did not rise79M → 78M
- Gross margin improvedGross margin up on the prior year61.30% → 47.77%
- More efficientAsset turnover rose0.46 → 0.56