So-Young International Inc(SY)

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EXPLORE ADVISORIES AND THEIR HISTORY
QUALITY SIGNAL
1-STAR RATING
PASS
LAST CLOSE
$1.99
11/09/2026
(24-hour delay)

Advisory History & Simulated Performance *

*as per simulation (see disclosures)
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  • BUY Advisory
  • SELL Advisory (Profit)
  • SELL Advisory (Loss)
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Upturn Stock price based on last close iconStock price based on last close
Simulated performance—not actual client returns. Excludes advisory subscription fees, trading commissions, and taxes, which would reduce returns. Results depend on calculation assumptions and do not guarantee future outcomes. See Disclosures for full methodology, assumptions, and limitations.

Advisory Performance History (Simulated)Advisory Performance History info

Simulated performance—not actual client returns. Excludes advisory subscription fees, trading commissions, and taxes, which would reduce returns. Results depend on calculation assumptions and do not guarantee future outcomes. See Disclosures for full methodology, assumptions, and limitations.

Upturn Advisory & Investor View for SY

11/09/2026: SY (1-star) is currently NOT-A-BUY. Pass it for now.

So-Young International Inc is a specialized online platform in China that connects consumers with aesthetic medical services. The company has a leading position in its vertical, leveraging high community engagement and an extensive provider database to facilitate bookings and advertising. Its growth story hinges on maintaining this niche authority while diversifying into B2B product sales. However, significant risks include intense competition from integrated lifestyle giants, a demanding regulatory environment, and high user acquisition costs. The stock may suit growth-oriented investors with a high risk tolerance who are looking for exposure to China’s aesthetic market; monitoring changes in regulatory oversight and competition is essential.

How to Read the Upturn Advisory

The Upturn Star Rating and the current BUY, SELL, or PASS advisory are generated by Upturn’s AI advisory engine based on proprietary signal analysis, price behavior, advisory history, and historical signal performance.

Company fundamentals, valuation, risks, and news provide supporting context about the business.

Investor Fit

Investor styleFitWhy
Growth investorMixed fitThe company operates in a growing sector but faces structural challenges and intense competition from larger platforms.
Momentum investorWeak fitThe stock has experienced significant volatility and is not currently demonstrating a strong, sustained uptrend.
Value investorMixed fitWhile valuations may appear low, the business model requires constant reinvestment and faces regulatory uncertainty.
Dividend investorWeak fitThe company does not pay a dividend and focuses capital on platform operations.
Low-risk investorWeak fitHigh exposure to regulatory, competitive, and cross-border listing risks makes this unsuitable for low-risk portfolios.

Risk Profile

Risk factorLevelWhy it matters
Price volatilityHighThe stock is subject to significant swings based on industry regulation and general sentiment toward Chinese ADRs.
Valuation riskMediumUncertain future earnings growth makes traditional valuation metrics difficult to rely on.
Competition risk (Lifestyle platforms)HighCompetition from platforms with vastly larger ecosystems like Meituan poses an existential threat to market share.
Business qualityMediumThe platform has strong niche utility but lacks the defensive moat of a truly dominant, diversified platform.
Dividend incomeLow / noneThe company does not return capital via dividends to shareholders.
Execution riskMediumSuccess depends on managing complex regulatory requirements and maintaining high-quality content standards.

Price Behavior

Steep Decline
PRICE PATH

Steep Decline

The stock price has dropped sharply with strong downward pressure.

Choppy
PRICE STABILITY

Choppy

The stock has experienced frequent reversals and pronounced short-term price swings.

Analysis of Past Performance

Type Stock
Historic Profit 63.57%
Avg. Invested days 24
Today’s Advisory PASS
Upturn Advisory Rating upturn star rating icon
Upturn Advisory Performance Upturn Advisory Performance icon 2.0
Stock Returns Performance Upturn Returns Performance icon 3.0
Upturn Profits based on simulation icon Profits based on simulation
Upturn last close icon Last Close 11/09/2026

Upturn Scorecard

Upturn Star Rating

★★★★★
SY receives a 3-star rating, supported by solid analyst coverage. The rating is constrained by weak unit economics, and weak price momentum.

Company Fundamentals

★★★★★
SY has moderate overall fundamentals (3 stars), with soft financial health, moderate growth momentum, and solid ownership. In FY2025 versus FY2024, strong earnings growth (+60.0%) is partially offset by weak cash generation (FCF margin -20.4%), moderate revenue growth (+1.0%), weak profitability (net margin -15.9%).

Financial Health Rating

★★★★★
SY's financial health is soft, with the relatively strongest area being moderate liquidity, including working-capital and asset support (WC/assets 26.4%). Profitability is soft (2 stars), which helps explain the 2-star overall score.

Growth Momentum Score

★★★★★
Earnings growth is SY's strongest growth driver at +60.0% FY2025 versus FY2024 (strong, 5 stars). By comparison, while revenue growth (+1.0%, moderate) and free-cash-flow growth (-242.5%, negative) hold the profile back, so recent growth is not broad-based across the business.

Ownership

★★★★★
Institutional ownership is 19.1% and approximately 62.3% of outstanding shares are publicly tradable, supporting liquidity and institutional participation. Insider ownership of 21.86% supports management-shareholder alignment.

Top 5 Institutional Investors

TB Alternative Assets Ltd. 3.05%
Morgan Stanley - Brokerage Accounts 1.22%
Barclays PLC 1.12%
Citigroup Inc 1.03%
UBS Group AG 0.44%

Unit Economics (Per $1K Revenue)

★★★★★
SY generates approximately $478 of gross profit, $-175 of operating income, and $-204 of free cash flow for every $1,000 of revenue. Based on FY2025 results. Operating losses and cash burn explain the 1-star rating, with weak cash conversion and weak capital efficiency.

Economic Dimensions

★★★★★
Effective Tax Rate: 0.32%

Quantitative Style Profile

★★★★★
SY has a liquid profile. Weak momentum is the primary drawback, while elevated volatility.

Style Classification

Quality Focused

Value-OrientedHigh VolatilitySmall / Mid Cap RiskHighly Liquid / Institution-Friendly

Key Highlights

Company Size Small-Cap Stock
Market Capitalization 206.26M USD
Price to earnings Ratio -
1Y Target Price 7.34
Price to earnings Ratio -
1Y Target Price 7.34
Volume (30-day avg) 225.6K shares
Beta 2.2
52 Weeks Range 1.28 - 4.75
Updated Date 11/08/2026
52 Weeks Range 1.28 - 4.75
Updated Date 11/08/2026
Dividends yield (FY) -
Basic EPS (TTM) -0.35

How Company Makes Money

Business areaWhat it includesRetail investor read
Information and Reservation ServicesCommission fees from transactions and service fees from aesthetic medical clinics.Revenue is tied to the volume and value of procedures booked through their platform.
Advertising ServicesMarketing and promotion fees paid by clinics and manufacturers to appear on the So-Young platform.A significant portion of income depends on the advertising budget of medical aesthetic providers.

Analyzing Revenue: Products, Geography and Growth

Revenue by Products

Product revenue - Year on Year

Valuation

Trailing PE -
Forward PE 16.29
Enterprise Value 146.50M
Price to Sales(TTM) 0.12
Enterprise Value 146.50M
Price to Sales(TTM) 0.12
Enterprise Value to Revenue 0.55
Enterprise Value to EBITDA 2.3
Shares Outstanding 85.01M
Shares Floating 52.99M
Shares Outstanding 85.01M
Shares Floating 52.99M
Percent Insiders 21.86
Percent Institutions 19.1

Financial Metrics

🧭 Investment Snapshot

Total Revenue (Scale)

Information icon Total money earned from selling products or services before any costs. It is needed to understand the scale of the business and its ability to generate income.

Net Income (Profit)

Information icon Final profit after all expenses, interest, and taxes are deducted. It is needed to determine the overall profitability available to shareholders.

Free Cash Flow (Cash Strength)

Information icon Cash remaining after operating activities and capital expenditures, showing cash available for growth. It is needed to evaluate the company’s ability to invest, pay dividends, or reduce debt.

📈 Growth & Strength

Operating Income (Core Profit)

Information icon Profit from core operations after deducting all operating expenses. It is needed to measure how efficiently the company runs its primary business activities.

EBITDA (Cash Earnings)

Information icon Earnings before interest, taxes, depreciation, and amortization, indicating operating cash potential. It is needed to compare operating performance across companies without accounting or financing differences.

Gross Profit (Unit Profitability)

Information icon Revenue minus cost of revenue, showing profit after direct production costs. It is needed to evaluate core business profitability before overhead expenses.

🛡️ Financial Safety

Cash (Liquidity Buffer)

Information icon Total cash and cash equivalents on hand. It is needed to evaluate immediate liquidity and financial flexibility.

Total Debt (Leverage Risk)

Information icon Total debt including both short-term and long-term components. It is needed to assess the company’s leverage and financial risk.

Net Working Capital (Short-Term Health)

Information icon Current assets minus current liabilities, indicating short-term liquidity strength. It is needed to assess whether the company can meet its short-term obligations.

🧱 Balance Sheet Strength

Stockholder Equity (Net Worth)

Information icon Total equity value held by shareholders. It is needed to understand the net worth of the company from the owners’ perspective.

Total Assets (Asset Base)

Information icon The full value of everything the company owns, including cash, inventory, equipment, and investments. It is needed to understand the resource base used to generate revenue.

Income Before Tax (Pre-Tax Earnings)

Information icon Income before provision for income taxes. It is needed to analyze profitability independent of tax structures.

⚙️ Cost & Drag Factors

Cost of Revenue (Production Cost)

Information icon Direct costs required to produce and deliver the products or services sold. It is needed to assess efficiency in production and service delivery.

Total Operating Expenses (Operating Cost)

Information icon Indirect costs of running the business such as salaries, marketing, and administration. It is needed to understand how much it costs to sustain ongoing business operations.

Income Tax Expense (Tax Drag)

Information icon Amount of taxes paid or payable to the government. It is needed to evaluate the impact of taxation on overall profitability.

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