So-Young International Inc. (SY) SEC Filings

Wang Bei reported disposition transactions in a Form 4 filing for SY. The filing lists transactions totaling 7,051 shares at a weighted average price of $0.01 per share on September 7, 2026. Following the reported transactions, holdings were 7,051 shares.

So-Young International Inc. (SY) reported strong topline growth for the quarter ended June 30, 2026. Total revenues were RMB505.2 million (US$74.5 million), up 33.4% year-over-year, driven mainly by its branded aesthetic centers. Aesthetic treatment services revenues reached RMB331.4 million, a 129.5% year-over-year increase, and management noted a 3.8 percentage-point expansion in this segment’s gross margin.

Total operating expenses were RMB266.5 million, up 10.4% from a year earlier, while net loss attributable to the company narrowed to RMB22.7 million (US$3.3 million) from RMB36.0 million. Non-GAAP net loss attributable to the company improved to RMB21.0 million (US$3.1 million) from RMB30.5 million. Cash, restricted cash, term deposits and short-term investments totaled RMB848.2 million (US$125.0 million) as of June 30, 2026.

For the third quarter of 2026, So-Young expects aesthetic treatment services revenues between RMB352.0 million and RMB362.0 million, representing 91.7% to 97.2% year-over-year growth, reflecting continued rapid expansion of its core aesthetic treatment business.

So-Young International Inc. appointed Nan Shen as its Chief Financial Officer effective August 3, 2026. She will oversee the company’s finance, human resources, legal and compliance functions. Shen has served as an independent director since October 2023 and will remain on the board, but has stepped down from the audit, compensation, and nominating and corporate governance committees.

Shen previously served as Chief Financial Officer and senior vice president of Gaotu Techedu Inc., and earlier held CFO, assurance and investment roles at China Sinoedu, PricewaterhouseCoopers and Dalian Port & Shipping Industry Fund. She holds bachelor’s and master’s degrees in financial management, an EMBA from Tsinghua University, and is a certified public accountant in China. Management highlights her extensive financial leadership experience as supporting So-Young’s “dual-engine” strategy of scale and efficiency, and the announcement includes standard safe harbor language regarding forward-looking statements.

So-Young International Inc. COO Li Gefei reported routine equity compensation activity. On June 15, 2026, Li exercised options to acquire 23,076 Class A ordinary shares at $0.01 per share, increasing direct holdings to 69,229 Class A ordinary shares, held in the form of ADSs. Separately, Li received a fully vested grant of 10,576 performance-based share options on May 13, 2026 at an exercise price of $0.01 per share.

So-Young International Inc.’s chief marketing officer and director, Wang Bei, exercised stock options to acquire 30,260 Class A ordinary shares on June 10, 2026 at an exercise price of $0.01 per share. Following the transaction, Wang directly holds 141,940 Class A ordinary shares, represented by American depositary shares, with 13 ADSs equal to 10 ordinary shares.

The filing shows multiple option grants from 2021 and 2022 had fully vested earlier, and several tranches were exercised and eliminated. After these moves, 35,261 options remain outstanding from a January 1, 2026 grant, vesting quarterly through January 1, 2029, all carrying a low exercise price of $0.01 per share.

So-Young International Inc. reported strong top-line growth but remained loss-making in the first quarter of 2026. Total revenues reached RMB432.8 million (US$62.7 million), up 45.6% from a year earlier, mainly from expansion of branded aesthetic centers. However, net loss attributable to the company increased to RMB49.2 million (US$7.1 million), and non-GAAP net loss was RMB46.6 million (US$6.8 million).

Cash, restricted cash, term deposits and short-term investments totaled RMB880.0 million (US$127.6 million) as of March 31, 2026, providing a sizable liquidity cushion. For the second quarter of 2026, the company expects aesthetic treatment services revenues of RMB307.0–317.0 million (US$44.5–46.0 million), implying year-over-year growth of 112.6% to 119.5%.

So-Young International Inc. reports that its China-focused online and offline medical aesthetics business operates through mainland subsidiaries and variable interest entities (VIEs) due to foreign ownership restrictions. VIEs contributed 80.4%, 80.0% and 75.2% of total revenues in 2023, 2024 and 2025, respectively.

Total revenues were RMB1,498.0 million in 2023, RMB1,466.7 million in 2024 and RMB1,523.4 million (US$217.8 million) in 2025. Gross profit fell from RMB953.7 million in 2023 to RMB899.1 million in 2024 and RMB727.7 million (US$104.1 million) in 2025, with gross margin dropping from 63.7% to 47.8% over this period.

The company swung from net income of RMB25.9 million in 2023 to net losses of RMB587.2 million in 2024 and RMB246.9 million in 2025. It highlights substantial legal, regulatory and enforcement risks tied to its VIE structure, PRC data and cybersecurity rules, tax and cash-transfer constraints, and potential future impacts of the Holding Foreign Companies Accountable Act on its Nasdaq-listed ADSs.

So-Young International Inc. COO Li Gefei exercised employee stock options on Class A ordinary shares of the company. On March 31, 2026, Li exercised options to acquire 46,153 Class A ordinary shares at an exercise price of US$0.01 per share, received in the form of American depositary shares, where 13 ADSs represent 10 Class A ordinary shares. Following the transactions, Li directly holds 46,153 Class A ordinary shares, reflecting a routine compensation-related option exercise with no open-market share sales reported.

So-Young International Inc. reported narrower losses on growing aesthetic services for Q4 and full-year 2025 but remains unprofitable. Fourth quarter revenues reached RMB460.7 million (US$65.9 million), up 24.8% from RMB369.2 million a year earlier, mainly driven by expansion of branded aesthetic centers.

Q4 net loss attributable to the company shrank sharply to RMB108.8 million (US$15.6 million) from RMB607.6 million, while non-GAAP net loss widened to RMB93.4 million (US$13.2 million) from RMB53.2 million. For 2025, revenues were RMB1,523.4 million (US$217.8 million), a 3.9% increase, and net loss improved to RMB242.3 million (US$34.6 million) from RMB589.5 million.

Full-year non-GAAP net loss expanded to RMB217.1 million (US$31.0 million) from RMB4.7 million as the company added new non-GAAP adjustment items. Cash, cash equivalents, restricted cash, term deposits and short-term investments totaled RMB936.4 million (US$133.9 million) as of December 31, 2025. The share repurchase program of up to US$25 million has been extended through March 31, 2027, with about 4.8 million ADSs repurchased in 2024 and 2025. For Q1 2026, So-Young expects aesthetic treatment services revenues between RMB268.0 million and RMB278.0 million, implying 171.2% to 181.3% growth over the prior year.