So-Young International Inc. (SY)

So-Young International Income Statement

Financials in millions CNY. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Revenue	1,432	1,467	1,498	1,258	1,692	1,295
Revenue Growth (YoY)	-3.77%	-2.09%	19.09%	-25.68%	30.69%	12.45%
Cost of Revenue	692.83	567.59	544.34	393.29	327.89	212.21
Gross Profit	739.07	899.11	953.69	864.58	1,365	1,083
Selling, General & Admin	819.01	818.57	811.22	732.3	1,045	910.28
Research & Development	142.36	165.03	203.52	235.09	286.57	229.19
Operating Expenses	961.37	983.6	1,015	967.39	1,331	1,139
Operating Income	-222.29	-84.48	-61.05	-102.81	33.31	-56.69
Interest & Investment Income	36.93	57.53	60.85	33.15	28.26	53.27
Earnings From Equity Investments	-6.87	-15.02	-12.72	-17.22	-1.52	-4.28
Currency Exchange Gain (Loss)	2.26	0.11	-0.66	-0.49	-4.77	-1.12
Other Non Operating Income (Expenses)	0.13	1.13	21.9	8.25	12.04	8.92
EBT Excluding Unusual Items	-189.85	-40.73	8.31	-79.13	67.32	0.09
Impairment of Goodwill	-540.01	-540.01	-	-	-48.5	-
Gain (Loss) on Sale of Investments	-7.35	-7.35	-0.44	-7.95	-17.85	-
Asset Writedown	-	-	-	-	-17.38	-
Pretax Income	-737.21	-588.09	7.87	-87.07	-16.41	0.09
Income Tax Expense	3.54	-0.91	-18.08	-20.97	21.23	-4.78
Earnings From Continuing Operations	-740.75	-587.18	25.94	-66.11	-37.64	4.88
Minority Interest in Earnings	-0.28	-2.35	-4.66	0.55	29.27	0.93
Net Income	-741.03	-589.53	21.28	-65.55	-8.37	5.81
Net Income to Common	-741.03	-589.53	21.28	-65.55	-8.37	5.81
Net Income Growth	-	-	-	-	-	-96.71%
Shares Outstanding (Basic)	102	103	101	107	106	106
Shares Outstanding (Diluted)	102	103	101	107	106	109
Shares Change (YoY)	-1.16%	1.70%	-5.58%	1.21%	-2.51%	32.34%
EPS (Basic)	-7.29	-5.71	0.21	-0.61	-0.08	0.05
EPS (Diluted)	-7.29	-5.72	0.21	-0.61	-0.08	0.05
EPS Growth	-	-	-	-	-	-96.50%
Free Cash Flow	-	-88.18	-28.68	-128.58	39.23	142.22
Free Cash Flow Per Share	-	-0.85	-0.28	-1.20	0.37	1.31
Gross Margin	51.62%	61.30%	63.66%	68.73%	80.63%	83.61%
Operating Margin	-15.52%	-5.76%	-4.08%	-8.17%	1.97%	-4.38%
Profit Margin	-51.75%	-40.19%	1.42%	-5.21%	-0.50%	0.45%
Free Cash Flow Margin	-	-6.01%	-1.91%	-10.22%	2.32%	10.98%
EBITDA	-176.5	-38.57	-14.96	-55.72	63.39	-42.61
EBITDA Margin	-12.33%	-2.63%	-1.00%	-4.43%	3.74%	-3.29%
D&A For EBITDA	45.79	45.92	46.09	47.09	30.08	14.09
EBIT	-222.29	-84.48	-61.05	-102.81	33.31	-56.69
EBIT Margin	-15.52%	-5.76%	-4.08%	-8.17%	1.97%	-4.38%
Revenue as Reported	1,432	1,467	1,498	1,258	1,692	1,295
Advertising Expenses	-	188.23	270.3	254.89	570.35	555.26

Updated Nov 17, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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