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So-Young International SY
$ 2.67 0.74%
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Quarterly report 2025-Q4
added 05-22-2026

So-Young International Balance Sheet 2025-2011 | SY

Brief overview of So-Young International 's balance sheet structure

The balance sheet is assessed across five available annual reports spanning 2021 to 2025.

Assets finished at 2.6 billion CNY versus 3.3 billion CNY initially, losing -20.4%. The balance sheet contracted.

Liabilities expanded faster than the asset base, +20.6% versus -20.4%. Debt-service capacity deserves attention.

Internal capital represents 58.6% of the balance sheet, previously 75.6%. This is a strong capital position.

Net debt moved below zero to -158.3 million CNY, reflecting surplus cash over debt.

The balance sheet includes a negative accumulated result of -1.2 billion CNY. It should be assessed alongside historical profits and capital distributions.

Balance sheet takeaway

The balance sheet gives no single signal for So-Young International : some indicators are sound, while leverage or capitalization needs attention.

Annual Balance Sheet So-Young International

2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011

Net Debt

-158 M -418 M -310 M -623 M - - - -563 M -441 M - - - - - -

Long Term Debt

183 M 125 M 86.2 M 21 M - - - - - - - - - - -

Long Term Debt Current

76.5 M 44.9 M 29.7 M 50.3 M - 39.5 M 37.8 M - - - - - - - -

Total Non Current Liabilities

197 M 146 M 113 M 52 M 101 M 102 M 121 M - 594 M - - - - - -

Total Current Liabilities

784 M 630 M 540 M 538 M 712 M 571 M 467 M 302 M - - - - - - -

Total Liabilities

981 M 776 M 653 M 590 M 813 M 672 M 587 M 302 M 735 M - - - - - -

Deferred Revenue

65.9 M 76.6 M 103 M 110 M - 135 M - - 57.2 M - - - - - -

Retained Earnings

-1.17 B -926 M -330 M -347 M -272 M -254 M -259 M -394 M -169 M - - - - - -

Total Assets

2.65 B 2.74 B 3.21 B 3.2 B 3.33 B 3.29 B 3.23 B 1.34 B 568 M - - - - - -

Cash and Cash Equivalents

418 M 588 M 426 M 694 M - 1.13 B 885 M 563 M 441 M - - - - - -

Book Value

1.67 B 1.96 B 2.56 B 2.61 B 2.52 B 2.62 B 2.64 B 1.04 B -167 M - - - - - -

Total Shareholders Equity

1.55 B 1.84 B 2.44 B 2.5 B 2.52 B 2.6 B 2.64 B -358 M -167 M - - - - - -

All numbers in CNY currency

Quarterly Balance Sheet So-Young International

2025-Q4 2024-Q4 2023-Q4 2022-Q4 2022-Q3 2022-Q2 2022-Q1 2021-Q4 2021-Q3 2021-Q2 2021-Q1 2020-Q4 2020-Q3 2020-Q2 2020-Q1 2019-Q4 2019-Q3 2019-Q2 2019-Q1 2018-Q4 2018-Q3 2018-Q2 2018-Q1 2017-Q4 2017-Q3 2017-Q2 2017-Q1 2016-Q4 2016-Q3 2016-Q2 2016-Q1 2015-Q4 2015-Q3 2015-Q2 2015-Q1 2014-Q4 2014-Q3 2014-Q2 2014-Q1 2013-Q4 2013-Q3 2013-Q2 2013-Q1 2012-Q4 2012-Q3 2012-Q2 2012-Q1 2011-Q4 2011-Q3 2011-Q2 2011-Q1

Long Term Debt

183 M 125 M 86.2 M - - - - 62.4 M - - - 93 M - - - 121 M - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Total Non Current Liabilities

197 M 146 M 113 M - - - - 101 M - - - 102 M - - - 121 M - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Total Liabilities

981 M 776 M 653 M - - - - 813 M - - - 672 M - - - 587 M - - - 302 M - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Deferred Revenue

65.9 M 76.6 M 103 M - - - - 139 M - - - 135 M - - - 93.7 M - - - 117 M - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Retained Earnings

-1.17 B -926 M -330 M - - - - -272 M - - - -254 M - - - -259 M - - - -394 M - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Total Assets

2.65 B 2.74 B 3.21 B - - - - 3.33 B - - - 3.29 B - - - 3.23 B - - - 1.34 B - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Cash and Cash Equivalents

418 M 588 M 426 M - - - - 1.33 B - - - 1.13 B - - - 885 M - - - 563 M - - - 441 M - - - 18.4 M - - - - - - - - - - - - - - - - - - - - - - -

Book Value

1.67 B 1.96 B 2.56 B - - - - 2.52 B - - - 2.62 B - - - 2.64 B - - - 1.04 B - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Total Shareholders Equity

1.55 B 1.84 B 2.44 B - - - - 2.45 B - - - 2.6 B - - - 2.64 B - - - -358 M - - - -167 M - - - -156 M - - - - - - - - - - - - - - - - - - - - - - -

All numbers in CNY currency

Balance Sheet is a fundamental financial report of So-Young International , providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.

For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.

Features of balance sheet analysis
  • Vertical and horizontal analysis
    Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods.
  • Asset quality
    It is important to evaluate not only the amount of assets but also their liquidity and realizability.
  • Accounting for off-balance sheet liabilities
    Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.

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