So-Young International Inc. Files Its Annual Report on Form 20-F

So-Young International (Nasdaq: SY) filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2025 with the SEC on April 23, 2026.

Rhea-AI Summary

So-Young International (Nasdaq: SY) filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2025 with the SEC on April 23, 2026. The annual report, including audited consolidated financial statements, is available on the company's investor relations website.

Shareholders and ADS holders may request a free hard copy by contacting ir@soyoung.com.

Argus Apr 23 session

-5.26% close to close Open Argus

Details

News Market Reaction – SY

In the Apr 23 session, SY declined 5.26%, reflecting a notable negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock moved -5.3% in the session following this news. A negative reaction despite this largely p...

Analysis

The stock moved -5.3% in the session following this news. A negative reaction despite this largely procedural 20-F filing would fit a pattern where investor focus remains on fundamentals rather than formal disclosures. The 20-F highlights declining gross profit to RMB727.7M and a 2025 net loss of RMB246.9M, alongside dependence on VIEs for 75.2% of revenue. Earlier, an upbeat Q3 2025 report still preceded an 8.45% decline, showing that weak margins and structural risks have weighed on sentiment.

Key Figures

2025 revenue: RMB1,523.4M (US$217.8M) 2025 gross profit: RMB727.7M (US$104.1M) 2025 gross margin: 47.8% +5 more

2025 revenue

RMB1,523.4M (US$217.8M)

Total revenues for 2025 per 20-F

2025 gross profit

RMB727.7M (US$104.1M)

Gross profit for 2025 per 20-F

2025 gross margin

47.8%

Gross margin in 2025, down from prior years

2025 net loss

RMB246.9M

Net loss for 2025 per 20-F

2023 revenue

RMB1,498.0M

Total revenues for 2023 per 20-F

2024 revenue

RMB1,466.7M

Total revenues for 2024 per 20-F

VIE revenue share 2025

75.2%

Portion of 2025 revenues from VIEs

Cash and investments

RMB936.4M (US$133.9M)

Cash, equivalents, term deposits and short-term investments as of Dec 31, 2025

Historical Context

4 past events · Latest: Mar 25

4 events

1. Mar 25

   Earnings results

   24h Move

   +9.6%

   Q4 and FY2025 revenue growth with sharply narrowed net loss and buyback extension.

2. Mar 10

   Earnings date notice

   24h Move

   +1.3%

   Announcement of timing and access details for Q4 and FY2025 earnings call.

3. Nov 17

   Earnings results

   24h Move

   -8.4%

   Q3 2025 revenue and aesthetic services growth with more profitable branded centers.

4. Nov 05

   Earnings date notice

   24h Move

   +19.6%

   Scheduled Q3 2025 earnings release and conference call logistics announcement.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

form 20-f

1 terms

form 20-f regulatory

"announced that it filed its annual report on Form 20-F for the fiscal year"

Form 20-F is the standardized annual disclosure that non-U.S. companies must file with the U.S. securities regulator when their shares are traded in the U.S.; it contains audited financial statements, a plain-language description of the business, management discussion, governance details and key risk factors. It matters to investors because it provides a consistent, comparable company “report card” and rulebook, helping buyers assess financial health, governance and risks before investing.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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BEIJING, April 23, 2026 /PRNewswire/ -- So-Young International Inc. (Nasdaq: SY) ("So-Young" or the "Company"), the leading aesthetic treatment platform in China connecting consumers with online services and offline treatments, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2025 with the Securities and Exchange Commission on April 23, 2026. The annual report is available on the Company's investor relations website at https://ir.soyoung.com/.

The Company will provide a hard copy of its annual report containing the audited consolidated financial statements, free of charge, to its shareholders and ADS holders upon request. Requests should be submitted to ir@soyoung.com.

About So-Young International Inc.

So-Young International Inc. (Nasdaq: SY) ("So-Young" or the "Company") is the leading aesthetic treatment platform in China connecting consumers with online services and offline treatments. The Company provides access to aesthetic treatments through its online platform and branded aesthetic centers, offering curated treatment information, facilitating online reservations, delivering high-quality treatments, and developing, producing and distributing optoelectronic medical equipment and injectable products. With its strong brand recognition, digital reach, affordable treatments and efficient supply chain, So-Young is well-positioned to serve its audience over the long term and grow along the medical aesthetic value chain.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, the Financial Guidance and quotations from management in this announcement, as well as So-Young's strategic and operational plans, contain forward-looking statements. So-Young may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about So-Young's beliefs and expectations, are forward-looking statements. Forward looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: So-Young's strategies; So-Young's future business development, financial condition and results of operations; So-Young's ability to retain and increase the number of users and medical service providers, and expand its service offerings; competition in the online medical aesthetic service industry; changes in So-Young's revenues, costs or expenditures; Chinese governmental policies and regulations relating to the online medical aesthetic service industry, general economic and business conditions globally and in China; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and So-Young undertakes no duty to update such information, except as required under applicable law.

For more information, please contact:

So-Young

Investor Relations
Ms. Mona Qiao
Phone: +86-10-8790-2012
E-mail: ir@soyoung.com

Christensen

Ms. Charlie Chi
Phone: +86-10-5900-1548
E-mail: sy@christensencomms.com

View original content:https://www.prnewswire.com/news-releases/so-young-international-inc-files-its-annual-report-on-form-20-f-302751647.html

SOURCE So-Young International Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did So-Young (SY) file with the SEC on April 23, 2026?

So-Young filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2025. According to the company, the filing includes audited consolidated financial statements and is available on its investor relations website.

How can shareholders get a hard copy of So-Young's 2025 annual report (SY)?

Shareholders and ADS holders can request a free hard copy by contacting ir@soyoung.com. According to the company, requests will be fulfilled free of charge and the report contains audited consolidated financial statements.

Where can investors access So-Young (SY) Form 20-F online?

Investors can download the Form 20-F from the company's investor relations website at https://ir.soyoung.com/. According to the company, the online copy includes the full annual report and audited consolidated financial statements.

What fiscal period does So-Young's April 23, 2026 Form 20-F cover for SY?

The Form 20-F covers the fiscal year ended December 31, 2025. According to the company, the filing submitted on April 23, 2026 includes the audited consolidated financial statements for that fiscal year.

Does the So-Young (SY) Form 20-F include audited financial statements?

Yes. The annual report on Form 20-F includes audited consolidated financial statements. According to the company, those statements are part of the filed report and available online and by mailed request.