MeritValue

So-Young International Inc.

SYdata completeness 100%7 fiscal years on file

Data notes: no data for concept 'epsDiluted'; no data for concept 'interestExpense'

The thesis, from the filings

So-Young International Inc. earns about -11% on invested capital, and has bought back 5% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$265.6M1$182.4M2$211M3$200.9M4$217.8M5
Net income−$1.32M6−$9.5M7$3M8−$80.8M9−$34.6M10
Operating cash flow$13.2M11−$16.4M12$3.17M13−$3.51M14−$15.1M15
Capital expenditure$7.07M16$2.28M17$7.21M18$8.57M19$28.1M20
Free cash flow (derived)$6.16M11−$18.6M12−$4.04M13−$12.1M14−$43.2M15
Total debt——$4.2M21$9.56M22$5.69M23
Cash & equivalents$209M24$100.7M25$60M26$80.5M27$59.8M28
Diluted shares81.7M82.7M78.1M79.4M77.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$28.53
your share of equity
Profit it earned you last year
−$4.45
Free cash flow it threw off
−$5.55
Debt you’d be carrying
$0.73

10 shares is a claim on $28.53 of net worth that earned you −$4.45 and generated −$5.55 of cash last year, against $0.73 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-11% avg · 5y
FY21 -1%FY22 -4%FY23 0%FY24 -35%FY25 -17%

It earned an average -11% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−5% shares · 5y

Share count is down 5% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 36% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001104659-22-054013 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0001104659-23-049253 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 20-F · period ending 2023-12-31 · accession 0001104659-24-051493 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 20-F · period ending 2024-12-31 · accession 0001410578-25-000800 (RevenueFromContractWithCustomerIncludingAssessedTax)
  5. 20-F · period ending 2025-12-31 · accession 0001104659-26-047129 (RevenueFromContractWithCustomerIncludingAssessedTax)
  6. 20-F · period ending 2021-12-31 · accession 0001104659-22-054013 (NetIncomeLoss)
  7. 20-F · period ending 2022-12-31 · accession 0001104659-23-049253 (NetIncomeLoss)
  8. 20-F · period ending 2023-12-31 · accession 0001104659-24-051493 (NetIncomeLoss)
  9. 20-F · period ending 2024-12-31 · accession 0001410578-25-000800 (NetIncomeLoss)
  10. 20-F · period ending 2025-12-31 · accession 0001104659-26-047129 (NetIncomeLoss)
  11. 20-F · period ending 2021-12-31 · accession 0001104659-22-054013 (NetCashProvidedByUsedInOperatingActivities)
  12. 20-F · period ending 2022-12-31 · accession 0001104659-23-049253 (NetCashProvidedByUsedInOperatingActivities)
  13. 20-F · period ending 2023-12-31 · accession 0001104659-24-051493 (NetCashProvidedByUsedInOperatingActivities)
  14. 20-F · period ending 2024-12-31 · accession 0001410578-25-000800 (NetCashProvidedByUsedInOperatingActivities)
  15. 20-F · period ending 2025-12-31 · accession 0001104659-26-047129 (NetCashProvidedByUsedInOperatingActivities)
  16. 20-F · period ending 2021-12-31 · accession 0001104659-22-054013 (PaymentsToAcquireProductiveAssets)
  17. 20-F · period ending 2022-12-31 · accession 0001104659-23-049253 (PaymentsToAcquireProductiveAssets)
  18. 20-F · period ending 2023-12-31 · accession 0001104659-24-051493 (PaymentsToAcquireProductiveAssets)
  19. 20-F · period ending 2024-12-31 · accession 0001410578-25-000800 (PaymentsToAcquireProductiveAssets)
  20. 20-F · period ending 2025-12-31 · accession 0001104659-26-047129 (PaymentsToAcquireProductiveAssets)
  21. 20-F · period ending 2023-12-31 · accession 0001104659-24-051493 (ShortTermBorrowings)
  22. 20-F · period ending 2024-12-31 · accession 0001410578-25-000800 (ShortTermBorrowings)
  23. 20-F · period ending 2025-12-31 · accession 0001104659-26-047129 (ShortTermBorrowings)
  24. 20-F · period ending 2021-12-31 · accession 0001104659-22-054013 (CashAndCashEquivalentsAtCarryingValue)
  25. 20-F · period ending 2022-12-31 · accession 0001104659-23-049253 (CashAndCashEquivalentsAtCarryingValue)
  26. 20-F · period ending 2023-12-31 · accession 0001104659-24-051493 (CashAndCashEquivalentsAtCarryingValue)
  27. 20-F · period ending 2024-12-31 · accession 0001410578-25-000800 (CashAndCashEquivalentsAtCarryingValue)
  28. 20-F · period ending 2025-12-31 · accession 0001104659-26-047129 (CashAndCashEquivalentsAtCarryingValue)