olivLaw · US equity research
So-Young International Inc. SY
Services-Computer Processing & Data Preparation · SIC 7374 · Vertical: Services-Computer Processing & Data Preparation (SIC 7374)
So-Young International is a digital medical aesthetics platform in China that links online information, bookings and treatments delivered in its own aesthetic centres, backed by a medical device production chain. As the centre segment grows quickly, total revenue edged up in 2025 while gross margin fell sharply, making the offline expansion a key point to watch.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, So-Young International Inc. (SY) stock was 2.09 USD (+5.03% on the day), with market capitalisation 146.7 m USD, dividend yield 1.85%, beta 1.03, 52-week range 1.32–4.47 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 36.8
- weak (30–45)
- Bollinger (20, 2)
- 1.83 – 2.63
- in the lower half of the band · %B 0.33 · band width 35.7%
- SMA 50 / 200
- 2.50 / 2.51
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.14 / -0.13
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −23.7% | −1.1% | −22.6 pp | — |
| 3 months | 0.0% | −0.5% | +0.5 pp | — |
| 6 months | −35.9% | +4.4% | −40.3 pp | — |
| Year to date | −18.4% | +12.3% | −30.7 pp | — |
| 1 year | −40.6% | +13.5% | −54.2 pp | −24.7% |
| 3 years | +122.3% | +76.4% | +45.9 pp | −19.7% |
| 5 years | −47.9% | +63.7% | −111.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 617.2 m | 1.2 bn | 198.5 m | 265.6 m | 182.4 m | 211.0 m | 200.9 m | 217.8 m |
| Revenue YoY | +138.0% | +86.6% | −82.8% | +33.8% | −31.3% | +15.7% | −4.8% | +8.4% |
| Net income | unavailable | 25.4 m | 891.0 k | -1.3 m | -9.5 m | 3.0 m | -80.8 m | -34.6 m |
| Net income YoY | unavailable | unavailable | −96.5% | −247.6% | unavailable | unavailable | −2,794.8% | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | 2.2% | 0.4% | -0.5% | -5.2% | 1.4% | -40.2% | -15.9% |
| Free cash flow | unavailable | 49.7 m | 21.8 m | 6.2 m | -18.6 m | -4.0 m | -12.1 m | -43.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 59.8 m USD
- Financial debt
- 5.7 m USD
- Net debt
- -54.1 m USD
- Equity
- 238.6 m USD
- Total assets
- 378.9 m USD
- Debt / equity
- 0.02x
- Current ratio
- 1.89x
- ROE
- -13.7%
- ROA
- -9.2%
- FCF margin
- -19.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 198.5 m | 265.6 m | 182.4 m | 211.0 m | 200.9 m | 217.8 m | SEC (XBRL)· 23 Apr 2026verified |
| Cost of revenue | 32.5 m | 51.5 m | 57.0 m | 76.7 m | 77.8 m | 113.8 m | SEC (XBRL)· 23 Apr 2026verified |
| Gross profit | 165.9 m | 214.1 m | 125.4 m | 134.3 m | 123.2 m | 104.1 m | SEC (XBRL)· 23 Apr 2026verified |
| Research & development | 35.1 m | 45.0 m | 34.1 m | 28.7 m | 22.6 m | 19.6 m | SEC (XBRL)· 23 Apr 2026verified |
| Operating income | -8.7 m | -5.1 m | -14.9 m | -8.6 m | -85.6 m | -40.9 m | SEC (XBRL)· 23 Apr 2026verified |
| Depreciation & amortisation | 2.2 m | 4.7 m | 6.8 m | 6.5 m | 6.3 m | 8.2 m | SEC (XBRL)· 23 Apr 2026verified |
| EBITDA | -6.5 m ≈ | -390.0 k ≈ | -8.1 m ≈ | -2.1 m ≈ | -79.3 m ≈ | -32.7 m ≈ | SEC (XBRL)· 23 Apr 2026derived |
| Pre-tax income | 15.0 k | -2.6 m | -12.6 m | 1.1 m | -80.6 m | -35.2 m | SEC (XBRL)· 23 Apr 2026verified |
| Income tax | -733.0 k | 3.3 m | -3.0 m | -2.5 m | -124.0 k | 114.0 k | SEC (XBRL)· 23 Apr 2026verified |
| Net income | 891.0 k | -1.3 m | -9.5 m | 3.0 m | -80.8 m | -34.6 m | SEC (XBRL)· 23 Apr 2026verified |
| Weighted average diluted shares | 83.8 m | 81.7 m | 82.7 m | 78.1 m | 79.4 m | 77.9 m | SEC (XBRL)· 23 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 172.7 m | 209.0 m | 100.7 m | 60.0 m | 80.5 m | 59.8 m | SEC (XBRL)· 23 Apr 2026verified |
| Receivables | 8.1 m | 8.6 m | 5.2 m | 8.1 m | 13.5 m | 7.4 m | SEC (XBRL)· 23 Apr 2026verified |
| Inventories | — | 14.4 m | 17.5 m | 16.8 m | 20.8 m | 33.4 m | SEC (XBRL)· 23 Apr 2026verified |
| Current assets | 428.5 m | 318.1 m | 277.9 m | 242.5 m | 236.2 m | 212.3 m | SEC (XBRL)· 23 Apr 2026verified |
| Property, plant & equipment, net | 4.6 m | 19.5 m | 16.8 m | 16.4 m | 21.3 m | 42.0 m | SEC (XBRL)· 23 Apr 2026verified |
| Goodwill | 7.4 m | 84.8 m | 78.4 m | 76.2 m | 94.0 k | 98.0 k | SEC (XBRL)· 23 Apr 2026verified |
| Intangibles (excl. goodwill) | 9.2 m | 30.4 m | 24.5 m | 20.5 m | 17.3 m | 20.6 m | SEC (XBRL)· 23 Apr 2026verified |
| Total assets | 504.5 m | 522.6 m | 463.6 m | 452.8 m | 374.7 m | 378.9 m | SEC (XBRL)· 23 Apr 2026verified |
| Short-term debt | — | — | — | 4.2 m | 9.6 m | 5.7 m | SEC (XBRL)· 23 Apr 2026verified |
| Current liabilities | 87.5 m | 111.8 m | 78.0 m | 76.1 m | 86.3 m | 112.1 m | SEC (XBRL)· 23 Apr 2026verified |
| Total liabilities | 103.1 m | 127.6 m | 85.5 m | 92.0 m | 106.4 m | 140.3 m | SEC (XBRL)· 23 Apr 2026verified |
| Equity | 397.9 m † | 395.0 m | 378.1 m | 360.8 m | 268.3 m | 238.6 m | SEC (XBRL)· 23 Apr 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 27.5 m | 13.2 m | -16.4 m | 3.2 m | -3.5 m | -15.1 m | SEC (XBRL)· 23 Apr 2026verified |
| Capex | 5.7 m | 7.1 m | 2.3 m | 7.2 m | 8.6 m | 28.1 m | SEC (XBRL)· 23 Apr 2026verified |
| Free cash flow | 21.8 m ≈ | 6.2 m ≈ | -18.6 m ≈ | -4.0 m ≈ | -12.1 m ≈ | -43.2 m ≈ | SEC (XBRL)· 23 Apr 2026derived |
| Investing cash flow | 19.0 m | 53.3 m | -83.0 m | -28.5 m | 35.2 m | -6.1 m | SEC (XBRL)· 23 Apr 2026verified |
| Financing cash flow | -889.0 k | -34.0 m | -2.0 m | -14.1 m | -2.9 m | -9.1 m | SEC (XBRL)· 23 Apr 2026verified |
| Dividends paid | — | — | — | — | 6.0 m | 2.7 m | SEC (XBRL)· 23 Apr 2026verified |
| Share repurchases | — | 34.2 m | 2.2 m | 17.7 m | 2.5 m | 2.2 m | SEC (XBRL)· 23 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 37 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 146.7 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet64
- Growth28
- Quality18
- Returns89
- Valuation48
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 3.56 – 17.95 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/Sales3.56 – 17.95 (Mid 11.32)9 companies used · median multiple 3.4x · quartiles 0.9x – 5.5xADP, CARS, FA, GLOB, GMHS, IBEX, SOPH, VRSK, WDAY
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 37/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 47.8% | 19 (on a fixed band) | 11% |
| EBIT margin · Quality | -18.8% | 35 (vs peers) | 9% |
| FCF margin · Quality | -19.8% | 0 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 6.1% | 24 (on a fixed band) | 18% |
| Revenue growth (YoY) · Growth | 8.4% | 34 (vs peers) | 9% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.9x | 64 (on a fixed band) | 7% |
| EV/Sales · Valuation | 0.4x | 83 (vs peers) | 18% |
| FCF yield · Valuation | -29.4% | 0 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 3.3% | 89 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial64/100 · 1/2 factors with a value
- Growth28/100 · 2/2 factors with a value
- Quality18/100 · 3/3 factors with a value
- Returns89/100 · 1/1 factors with a value
- Valuation48/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
So-Young International Inc. (SY). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 217.8 m USD in 2025; YoY growth 8.4%; net margin -15.9%; ROE -14.6%.
The estimated value range is 3.56–17.95 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 11.32 USD, the price of 2.09 USD leaves a potential of 441.7% (value / price − 1) and a margin of safety of 81.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 37/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EV/Sales: 0.4x
- Shareholder yield (distributions): 3.3%
- The price is below the estimated value range
What contradicts it
- Gross margin: 47.8%
- FCF margin: -19.8%
- Revenue CAGR 3Y: 6.1%
- FCF yield: -29.4%
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA.
Versus the vertical median
Services-Computer Processing & Data Preparation (SIC 7374) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ADPAutomatic Data Processing, Inc. | 119.8 bn | 27.7 | 77.0% | 20.1% | +6.7% | +19% / +32% |
| WDAYWorkday, Inc. | 44.4 bn | 40.9 | 16.0% | 12.3% | +13.1% | −6% / −25% |
| VRSKVerisk Analytics, Inc. | 25.9 bn | 30.1 | — | 29.3% | +6.6% | −12% / −18% |
| ATHMAutohome Inc. | 10.4 bn | 53.5 | 6.3% | 443.2% | +11.1% | −5% / −18% |
| PEGAPegasystems Inc. | 5.6 bn | 21.3 | 51.4% | 16.9% | +16.6% | −37% / +32% |
| FAFirst Advantage Corp | 3.9 bn | 160.5 | 1.9% | 1.5% | +83.0% | +62% / +45% |
| QBTSD-Wave Quantum Inc. | 3.8 bn | — | -28.0% | -2,001.6% | +178.5% | −54% / +1,166% |
| RAMPLiveRamp Holdings, Inc. | 2.3 bn | 15.8 | 16.2% | 18.7% | +9.0% | +41% / +39% |
| GLOBGlobant S.A. | 2.1 bn | 21.0 | 5.1% | 4.2% | +1.6% | −25% / −78% |
| INODInnodata Inc | 1.5 bn | 32.8 | 37.7% | 14.7% | +47.6% | −25% / +541% |
| LZLegalZoom.com, Inc. | 1.1 bn | 56.0 | 12.1% | 2.6% | +10.9% | −26% / −40% |
| NRDSNerdWallet, Inc. | 754.4 m | 13.3 | 18.2% | 7.6% | +21.7% | −21% / +1% |
| NXTTNext Technology Holding Inc. | 736.5 m | — | -59.4% | -2,356.0% | +545.3% | −99% / −100% |
| CARSCars.com Inc. | 682.5 m | 22.4 | 7.4% | 4.7% | +0.6% | +10% / −32% |
| IBEXIBEX Limited | 593.6 m | 14.3 | 30.4% | 7.2% | +15.4% | +27% / +152% |
| SOPHSOPHiA GENETICS SA | 477.3 m | — | -110.0% | -102.2% | +18.6% | +42% / +73% |
| GRVYGravity Co., Ltd. | 475.7 m | 0.0 | 16.5% | 17.0% | −31.0% | +19% / −6% |
| SYSo-Young International Inc. | 146.7 m | — | -14.6% | -15.9% | +8.4% | −41% / +122% |
| TCXTucows Inc | 140.3 m | — | — | -21.2% | +7.7% | −42% / −41% |
| TRAKRepositrak, Inc. | 132.7 m | 18.7 | 14.9% | 32.5% | +3.0% | −46% / −29% |
| BIRDSmartbird, Inc. | 92.1 m | — | -164.0% | -72.8% | −19.7% | −68% / −91% |
| VERIVeritone, Inc. | 56.7 m | — | -517.7% | -117.5% | −0.5% | −87% / −73% |
| GMHSGamehaus Holdings Inc. | 51.4 m | 8.5 | 11.8% | 4.1% | −11.3% | −35% / −93% |
| DGNXDiginex Limited | 38.7 m | — | — | -255.5% | +57.0% | −99% / unavailable |
| CHRCheer Holding, Inc. | 14.0 m | 0.1 | 7.6% | 17.2% | +1.1% | −77% / −100% |
1- and 3-year price returns: for SY from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 23 Apr 2026; since then the company filed 6-K (31 Aug 2026), 6-K (04 Aug 2026), 6-K (22 May 2026).
In brief
So-Young International is a digital medical aesthetics platform in China that links online information, bookings and treatments delivered in its own aesthetic centres, backed by a medical device production chain. As the centre segment grows quickly, total revenue edged up in 2025 while gross margin fell sharply, making the offline expansion a key point to watch.
SWOT
Strengths
- A well-known brand and a large user network give an advantage in customer acquisition and in trust toward the services offered 1.
- Vertical integration, from platform to centres and equipment production, allows better control of costs and quality 1.
- The high satisfaction score reported by the company supports customer retention and word-of-mouth referrals 1.
Weaknesses
- Gross margin fell significantly in 2025, which signals pressure on profitability as the share of owned centres grows 1.
- The number of purchasing users and paying service providers has declined in recent years, indicating softer demand for the platform 1.
- Limited experience in running aesthetic centres makes long-term financial performance difficult to forecast 1.
Opportunities
- Expanding the centre network into new cities could open new sources of treatment revenue 1.
- Developing new equipment and products through Wuhan Miracle could revive the medical products segment 1.
- AI technologies and big data analysis could improve matching between consumers and practitioners and operational efficiency 1.
Threats
- If demand for discretionary aesthetic services stays weak, revenue and results could remain under pressure 1.
- Intense competition for online traffic could raise marketing costs and reduce profitability 1.
- Regulatory changes in China on medical services and advertising could limit the business model 1.
Risks
- Declining profitabilityhigh
Revenue and gross profit have declined, and the company cannot guarantee a return to growth, which could affect its prospects and share price 1.
- Liability for treatmentshigh
The company could face claims from consumers for services offered on its platform or in its own centres, which could affect the brand and results 1.
- Contractual structure in Chinahigh
Control of operations rests on contracts with consolidated entities, which could be deemed non-compliant or be affected by regulatory change 1.
- Business expansionmedium
Expansion into new business lines and new cities carries uncertainty, and managing a larger operation could prove difficult 1.
- Data regulationmedium
Improper collection, use or disclosure of data could have a significant impact on the business and on compliance 1.
Investment thesis
What would need to be true (bull case)
- If the branded centre segment keeps expanding while maintaining its standards, treatment revenue could offset the decline in information and product sales 1.
- Its leading position in the online platform and vertical integration could support a larger market share if aesthetic demand recovers 1.
- The high satisfaction score and recognised brand could lower customer acquisition costs over the longer term 1.
What would break the thesis
- The falling gross margin and the decline in purchasing users and paying providers could indicate a weakening competitive position for the platform 1.
- Expanding the centres requires substantial costs, and if demand stays weak, profitability could remain under pressure 1.
- Regulatory risks and the contractual structure in China could restrict operations or force costly changes 1.
What to watch
- Evolution of gross margin and branded centre costsnext 10-K
- Number of purchasing users and paying service providers2027
- Growth in the number of centres and treatment revenue2027
- Evolution of regulation of medical aesthetic services in China2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 23 Apr 2026; since then the company filed 6-K (31 Aug 2026), 6-K (04 Aug 2026), 6-K (22 May 2026).
The business
So-Young describes its model as a consumer-centric platform combining three components: an online portal for information and reservations, a network of branded aesthetic centres, and the development, production and distribution of medical aesthetic products through its subsidiary Wuhan Miracle 1. The company started in 2013 as an information hub and evolved toward vertical integration, launching its own centres in May 2023. By the end of 2025 it operated 49 centres in fifteen major cities and had about 1.2 million private domain consumers 1.
The company operates through consolidated variable interest entities in China, because certain services are subject to foreign ownership restrictions, and control is exercised through contractual arrangements 1. Its ADSs trade on Nasdaq under the symbol SY 1.
The business model also includes a consumer-facing element: revenue comes from practitioner information and reservations, treatments in its own centres, and sales of equipment and injectables 1. The revenue mix has gradually shifted from the platform toward direct services, which changes the company's risk profile.
Segments
Market context
China's online medical aesthetic service industry is still at an early stage and evolving rapidly, with few well-established platforms 1. Growth is supported by rising per capita disposable income, higher aesthetic spending and the adoption of mobile payments 1. However, demand for discretionary services weakened in 2025 amid macroeconomic headwinds 1.
Regulation in China is a decisive factor: government policies on medical aesthetic services and content distribution directly affect demand and the company's results 1. Regulatory change remains an ongoing risk for the whole sector 1.
Trends
- Expansion of branded centresmixed
Growth in the network of owned centres supports treatment revenue and brand visibility, but it adds operating costs, staffing challenges and the risk of inconsistent service 1.
- Weaker discretionary demandheadwind
Consumer spending on non-essential aesthetic services declined in 2025, which reduced the number of purchasing users and paying providers on the platform 1.
- Digital economy and mobile paymentstailwind
Expanding telecommunications infrastructure and mobile payment adoption in China support access to the platform and online bookings 1.
- Competition for online trafficheadwind
Digital platforms in China compete intensely for traffic, which raises customer acquisition costs and pressures information revenue 1.
Competitive position
The company presents itself as a leader in China's online medical aesthetic service industry, but the market remains fragmented and competition for traffic among digital platforms is intense 1. Competition exists both for users and for service providers who pay for information and reservations 1.
In the branded centre segment, So-Young competes with other aesthetic treatment providers operating in similar cities, and it differentiates on standardisation, affordable prices and integration of online and offline channels 1.
- Other online medical aesthetic service platforms in China
Platforms and centres competing for the same consumers and practitioners, not named individually in the source.
- Offline aesthetic treatment providers
Clinics and salons offering similar treatments in the same cities where So-Young is expanding its network.
- General digital platforms
Apps and social networks that contest online traffic and consumer attention, pressing acquisition costs.
- Makers of laser and optoelectronic equipment
Suppliers competing in the medical equipment market in which Wuhan Miracle develops and distributes products.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- So-Young International Q2 Earnings Call HighlightsYahoo Finance — News · 31 Aug 2026 · EN
SEC filings
- Current report (foreign issuer)31 Aug 2026
- Current report (foreign issuer)04 Aug 2026
- Current report (foreign issuer)22 May 2026
- Annual report (foreign issuer)23 Apr 2026
- Current report (foreign issuer)25 Mar 2026
- Current report (foreign issuer)13 Feb 2026
- Current report (foreign issuer)31 Dec 2025
- Current report (foreign issuer)17 Nov 2025
- Current report (foreign issuer)15 Aug 2025
- Current report (foreign issuer)03 Jul 2025
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / So-Young International Inc. · 23 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.