Welcome to our dedicated page for So-Young Intl SEC filings (Ticker: SY), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
So-Young International Inc. filings document foreign-issuer reporting for a Nasdaq-listed ADS issuer operating in China’s aesthetic treatment market. The company’s Form 6-K reports furnish press releases on quarterly and annual operating results, including platform activity, aesthetic treatment services, branded aesthetic centers, user and visit metrics, and related financial performance.
The filing record also covers annual Form 20-F reporting, corporate governance changes, ADS and listing-status matters, and risk and operating disclosures tied to So-Young’s online services, offline treatment centers, medical equipment and injectable product activities.
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.
So-Young International Inc. director Shen Nan has filed an initial statement of beneficial ownership on Form 3. The filing lists Shen Nan as a director of the company but does not report any stock transactions or derivative holdings. This is a routine disclosure required when an individual becomes a reporting insider.
So-Young International Inc. director Zhang Haipeng filed an initial Form 3 as an insider of the company. The filing establishes his status as a reporting person under SEC rules but does not list any common stock or derivative security transactions or holdings.
So-Young International Inc. director and CMO Wang Bei filed an initial Form 3 detailing existing holdings in the company. The filing shows direct ownership of 145,185 American Depositary Shares.
Wang Bei also holds multiple stock options over Class A ordinary shares with an exercise price of $0.0100 per share, vesting in tranches and expiring between 2032 and 2035. The Form 3 is a disclosure of current positions and does not report any new purchases or sales.
So-Young International Inc. director He Chao filed an initial ownership report on Form 3. This filing establishes He Chao’s status as a director and provides a baseline disclosure of holdings in the company. The data show no reportable transactions or derivative positions in this filing.