So-Young COO granted 28,203 options at $0.01

So-Young’s COO received fully vested, low-priced performance-based option grants totaling 28,203 shares.

Rhea-AI Filing Summary

So-Young International Inc. (SY) reported that its COO and director, Li Gefei, received two grants of performance-based stock options on September 7, 2026. The awards cover a total of 28,203 options to acquire Class A ordinary shares at an exercise price of $0.01 per share, and each grant vested in full on that date.

Insider Trade Summary

Grant/Award: 28,203 shares

Grant/Award 2 txns

Insider Li Gefei

Role COO

Type	Security	Shares	Price	Value
Grant/Award	Option (right to buy) F2, F1	10,576	$0.01	$105.76
Grant/Award	Option (right to buy) F3	17,627	$0.01	$176.27

Holdings After Transaction: Option (right to buy) — 28,203 contracts (Direct)

Footnotes (3)

1. F1. The Class A ordinary shares are held in the form of American depositary shares ("ADS"), 13 of which represent 10 class A ordinary shares of the issuer.
2. F2. The reporting person was granted 10,576 performance-based share options, which vested in full on September 7, 2026.
3. F3. The reporting person was granted 17,627 performance-based share options, which vested in full on September 7, 2026.

Key Figures

Options granted (first grant): 10,576 options Options granted (second grant): 17,627 options Total options granted: 28,203 options +4 more

7 metrics

Options granted (first grant) 10,576 options Performance-based options granted to Li Gefei on September 7, 2026, expiring August 14, 2034

Options granted (second grant) 17,627 options Performance-based options granted to Li Gefei on September 7, 2026, expiring December 31, 2035

Total options granted 28,203 options Combined total of both performance-based option grants to Li Gefei

Exercise price per share $0.01 per share Exercise price for both performance-based option grants

Vesting date September 7, 2026 Both performance-based option grants vested in full on this date

First grant expiration August 14, 2034 Expiration date of the 10,576 performance-based options

Second grant expiration December 31, 2035 Expiration date of the 17,627 performance-based options

Key Terms

American depositary shares, ADS, performance-based share options, Class A ordinary share

4 terms

American depositary shares financial

"The Class A ordinary shares are held in the form of American depositary shares"

American depositary shares (ADSs) are a way for investors in the United States to buy shares of foreign companies without dealing with international markets directly. They represent ownership in a foreign company's stock and are traded on U.S. stock exchanges, making it easier for American investors to buy, sell, and own parts of companies from around the world.

ADS financial

"American depositary shares ("ADS"), 13 of which represent 10 class A"

Ads are paid promotional messages a company places across media — online, on TV, in print, or on social platforms — to attract customers, explain products, or shape public perception. For investors, ads matter because they drive sales growth, affect how much a company must spend to win customers, and influence brand strength and long-term value. Ads can also create regulatory or reputational risk if claims are misleading, which can affect profits and stock price.

performance-based share options financial

"The reporting person was granted 10,576 performance-based share options"

Class A ordinary share financial

"underlying security title Class A ordinary share, par value US$0.01"

A Class A ordinary share is a type of common stock a company issues that carries a specific set of rights—most often particular voting power, dividend terms, or transfer rules—distinct from other share classes. For investors it matters because those rights affect control over company decisions, how income is paid out, and how easy shares are to buy or sell; think of it like a tiered ticket that gives different access and influence at the same event.

FAQ

What insider transaction did So-Young International Inc. (SY) report for Li Gefei?

So-Young reported that COO and director Li Gefei received two grants of performance-based stock options on September 7, 2026, covering a total of 28,203 Class A ordinary shares at an exercise price of $0.01 per share, all vesting in full on that date.

How many So-Young (SY) options were granted to the COO on September 7, 2026?

Li Gefei was granted 10,576 performance-based options in one grant and 17,627 in a second grant, for a combined total of 28,203 options to acquire Class A ordinary shares of So-Young International Inc.

What is the exercise price of the options granted to So-Young (SY) COO Li Gefei?

Both option grants to Li Gefei have an exercise price of $0.01 per share, as stated for the options to acquire So-Young’s Class A ordinary shares.

When do the newly granted So-Young (SY) options to the COO expire?

The 10,576 performance-based options expire on August 14, 2034, and the 17,627 performance-based options expire on December 31, 2035, according to the grant details for Li Gefei.

When did the So-Young (SY) COO’s performance-based options vest?

The filing states that each of the two performance-based option grants to Li Gefei, covering 10,576 and 17,627 options respectively, vested in full on September 7, 2026.

Were the So-Young (SY) COO’s option grants made under a Rule 10b5-1 plan?

No. The filing indicates that no Rule 10b5-1 trading plan is reported for these performance-based option grants to Li Gefei.

How are So-Young (SY) Class A ordinary shares represented in ADS form?

The footnotes state that So-Young’s Class A ordinary shares are held in the form of American depositary shares (ADS), where 13 ADS represent 10 Class A ordinary shares of the issuer.

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Available on EDGAR 09/08/2026 - 06:24 AM Accepted by SEC EDGAR 09/08/2026 - 06:24 AM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Li Gefei

(Last) (First) (Middle)

2/F, EAST TOWER, POLY PLAZA,

NO. 66 XIANGBIN ROAD, CHAOYANG DISTRICT

(Street)

BEIJING F4 100012

(City) (State) (Zip)

CHINA

(Country)

2. Issuer Name and Ticker or Trading Symbol
So-Young International Inc. [ SY ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	COO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/07/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Option (right to buy)	$0.01	09/07/2026		A		10,576		(2)	08/14/2034	Class A ordinary share, par value US$0.01(1)	10,576	$0.01	10,576(2)	D
Option (right to buy)	$0.01	09/07/2026		A		17,627		(3)	12/31/2035	Class A ordinary share, par value US$0.01	17,627	$0.01	17,627(3)	D

Explanation of Responses:

1. The Class A ordinary shares are held in the form of American depositary shares ("ADS"), 13 of which represent 10 class A ordinary shares of the issuer.

2. The reporting person was granted 10,576 performance-based share options, which vested in full on September 7, 2026.

3. The reporting person was granted 17,627 performance-based share options, which vested in full on September 7, 2026.

	/s/Gefei Li	09/08/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)