So-Young International

Medical - Healthcare Information Services · Healthcare

Price

$1.68

-0.01 (-0.59%)

Market Cap

$220.4M

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count falling — buybacks

−4.7% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 138.0M (2021) → 131.6M (2025)

So-Young International Inc. operates an online platform for medical aesthetics and consumption healthcare services focusing on discretionary medical treatments in the People's Republic of China and internationally. Its platform enables users to discover content and share their own experience on medical aesthetics procedures and leads users to reserve treatment services from medical aesthetic service providers for offline treatment. The company facilitates research on medical aesthetic treatment

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+23.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+82.2% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$133M/ year

↓ Declining (-19% vs prior year)

9.0% of revenue

Below sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

1.2%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~5 months

$483M cash & investments

Short runway — potential dilution ahead through share issuance

Cash watch

So-Young International has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

44.4%

Healthy — 44.4% gross margin

Operating Margin

-22.4%

Losing money on operations — -22.4%

ROCE

-6.1%

Weak — -6.1% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+3.4%

Slow sales growth (3.4% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-19.9%

Burning cash (-19.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.07

Conservative — low debt load (0.07)

Interest Cover

N/A

—

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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