So-Young International Inc. balance sheet SY

Annual Quarterly

As of Dec 31, 2025, So-Young International Inc. had total assets of $378.9 million and total liabilities of $140.3 million. Total assets were up 1.1% from a year earlier. Stockholders' equity was $222.1 million. It held $99.1 million in cash and investments against $42.9 million of total debt, net cash of $56.2 million. The current ratio, current assets divided by current liabilities, was 1.89.

USD in millions, except ratios and per-share amounts. The percent under a figure is the change from the year before.

FY 2025
Dec 31, 2025
FY 2024
Dec 31, 2024
FY 2023
Dec 31, 2023
FY 2022
Dec 31, 2022
FY 2021
Dec 31, 2021
FY 2020
Dec 31, 2020
FY 2019
Dec 31, 2019
Assets
Cash
60
-25.7%
81
+34.2%
60
-40.4%
101
-51.8%
209
+21.0%
173
+35.9%
127
Long-term investments
39
+2.3%
38
+4.4%
37
+11.2%
33
-16.6%
40
+55.7%
25
+285.4%
7
Cash and investments
99
-16.7%
119
+22.9%
97
-27.6%
134
-46.2%
249
+25.5%
198
+48.3%
134
Receivables
7
-45.5%
14
+67.9%
8
+54.4%
5
-39.3%
9
+6.2%
8
+116.1%
4
Inventory
33
+60.5%
21
+24.1%
17
-4.1%
17
+21.2%
14
—
—
Total current assets
212
-10.1%
236
-2.6%
243
-12.7%
278
-12.6%
318
-25.8%
429
+0.9%
425
Property and equipment, net
42
+97.2%
21
+29.4%
16
-2.4%
17
-13.8%
20
+327.6%
5
-1.6%
5
Goodwill
0
+4.3%
0
-99.9%
76
-2.9%
78
-7.6%
85
+1041.5%
7
—
Total assets
379
+1.1%
375
-17.2%
453
-2.3%
464
-11.3%
523
+3.6%
505
+8.7%
464
Liabilities and equity
Total current liabilities
112
+29.9%
86
+13.4%
76
-2.4%
78
-30.2%
112
+27.8%
87
+30.6%
67
Total liabilities
140
+31.9%
106
+15.6%
92
+7.6%
86
-33.0%
128
+23.8%
103
+22.2%
84
Stockholders' equity
222
-11.8%
252
-26.8%
344
-4.9%
362
-5.7%
384
-3.5%
398
+4.8%
380
Debt
Debt due within a year
6
-40.4%
10
+127.5%
4
—
—
—
—
Lease liabilities
37
+59.5%
23
+42.7%
16
+58.1%
10
-37.8%
17
-18.2%
20
-10.9%
23
Total debt
43
+30.4%
33
+60.1%
21
+98.7%
10
-37.8%
17
-18.2%
20
-10.9%
23
Net cash
56
-34.7%
86
+12.9%
76
-38.2%
123
-46.8%
232
+30.4%
178
+60.4%
111
Ratios
Current ratio
1.89x
2.74x
3.19x
3.56x
2.85x
4.90x
6.34x
Debt to equity
0.19x
0.13x
0.06x
0.03x
0.04x
0.05x
0.06x
Debt to EBITDA
—
—
—
—
—
—
1.05x
Return on equity
-15.60%
-32.05%
0.87%
-2.62%
-0.34%
0.22%
6.69%
Return on assets
-9.14%
-21.55%
0.66%
-2.05%
-0.25%
0.18%
5.47%
Book value per share
—
—
—
—
—
5.67
—
How these figures are calculated

Annual columns are full-year amounts from the annual report (Form 10-K, 20-F, or 40-F). If a company restates a year, the latest filed number is shown. USD in millions, except ratios and per-share amounts. Cash and investments adds short-term and long-term marketable securities to cash. Debt due within a year is the borrowings that are not already in long-term debt. Total debt is those borrowings plus lease liabilities. Net cash is cash and investments minus total debt. Return on equity and return on assets divide the trailing twelve months of net income by the balance on that date. Debt to EBITDA uses the trailing twelve months of EBITDA. More on our methodology.

Company profile

Industry
Services-Computer Processing & Data Preparation (SIC 7374)
Listed as
SY (Nasdaq)
Fiscal year ends
December 31
Incorporated in
Cayman Islands
Headquarters
Beijing
SEC filer status
Accelerated filer
SEC CIK
1758530

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Source: SEC EDGAR filings. This is company-reported data, not investment advice.