So-Young International

Medical - Healthcare Information Services · Healthcare

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Winston Score History

The full picture

So-Young International is a Chinese company that runs an online platform focused on medical aesthetics — things like cosmetic surgery, skin treatments, and anti-aging procedures. It connects people who want these services with licensed clinics and doctors across China. Think of it like a mix between a review site and a marketplace, but specifically for beauty and cosmetic medical procedures.

The company makes money mainly through marketing services it sells to medical aesthetic clinics, helping them attract patients through the platform. It also earns fees from online consultations and other value-added services. So-Young operates almost entirely in China, where the medical aesthetics market has grown quickly among younger consumers. Its main competitive advantage is its large community of user reviews and before-and-after content, which builds trust and keeps users engaged. The key risk is that China's regulatory environment around medical advertising and cosmetic procedures has tightened in recent years, which could limit how clinics are allowed to market themselves and pressure So-Young's revenue.

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

+44.7% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-48.0% YoY

YoY Growth Rate

Earnings declining

Insider Activity

1.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$1.1B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

So-Young International grew revenue 45% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

42.0%

Healthy — 42.0% gross margin

Profit after running costs

Operating Margin

-13.4%

Losing money on operations — -13.4%

Return on the money invested

ROCE

-17.4%

Weak — -17.4% return on capital

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

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Growth

Sales growth

Sales YoY

+14.1%

Fast-growing sales (+14.1% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-18.3%

Burning cash (-18.3%)

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

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Stability

What it owes vs what it owns

Debt / Equity

0.08

Conservative — low debt load (0.08)

Covers its interest

Interest Cover

N/A

—

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

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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