So-Young International Inc. (SY) Balance Sheet

NASDAQ: SYAssets, liabilities, debt and equity over 10 years.

SY balance sheet, 2025

December 31, 2025 · Chinese yuan

CN¥2.65B assets = CN¥981.4M liabilities + CN¥1.67B equity

Both columns are drawn to the same scale: what SY owns equals what it owes plus shareholders’ equity. Hover a block for its value.

SY financial health

Current ratio1.89

Comfortable · current assets cover current liabilities 1.89×

Debt / equity0.19

Low leverage · CN¥0.19 of debt for each $1 of equity

Equity / assets58.6%

Equity-funded · of assets funded by shareholders

Cash / debt312.4%

Cash covers debt · cash & short-term investments vs total debt

Goodwill & intangibles5.5%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

SY balance sheet trends, 2016–2025

So-Young International Inc. balance sheet trends
Metric	Then	Latest	Change
Total assets	CN¥150.1M2016	CN¥2.65B2025	+37.6%/yr
Total liabilities	CN¥54.9M2016	CN¥981.4M2025	+37.8%/yr
Shareholders’ equity	CN¥95.3M2016	CN¥1.55B2025	+36.4%/yr
Cash & short-term investments	CN¥111.0M2016	CN¥937.0M2025	+26.7%/yr
Total debt	CN¥02016	CN¥299.9M2025	—
Net cash (debt)	CN¥111.0M2016	CN¥637.1M2025	+CN¥526.0M
Working capital	CN¥85.9M2016	CN¥701.0M2025	+CN¥615.1M
Current ratio	2.562016	1.892025	−0.67
Debt / equity	0.002016	0.192025	+0.19
Shares outstanding	45.4M2016	131.6M2025	+12.5%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

SY assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

SY liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

SY debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

SY balance sheet in Chinese yuan

So-Young International Inc. annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	CN¥937.0M	CN¥1.19B	CN¥1.33B	CN¥1.57B	CN¥1.74B	CN¥2.65B	CN¥2.83B	CN¥1.21B	CN¥522.1M	CN¥111.0M
Cash & equivalents	CN¥483.2M	CN¥587.7M	CN¥426.1M	CN¥694.4M	CN¥1.33B	CN¥1.13B	CN¥884.7M	CN¥563.4M	CN¥440.9M	CN¥18.4M
Short-term investments	CN¥453.8M	CN¥599.0M	CN¥900.8M	CN¥876.0M	CN¥408.9M	CN¥1.53B	CN¥1.94B	CN¥643.5M	CN¥81.3M	CN¥92.6M
Receivables	CN¥209.9M	CN¥226.3M	CN¥80.4M	CN¥170.3M	CN¥110.4M	CN¥85.4M	CN¥45.4M	CN¥25.8M	CN¥14.6M	CN¥2.7M
Inventory	CN¥233.5M	CN¥151.8M	CN¥118.9M	CN¥120.5M	CN¥91.8M	CN¥21.9M	CN¥16.5M	CN¥45.2M	CN¥15.6M	CN¥0
Other current assets	CN¥105.1M	CN¥159.6M	CN¥195.7M	CN¥55.7M	CN¥84.2M	CN¥34.6M	CN¥67.6M	CN¥451,000	CN¥133,000	CN¥27.1M
Total current assets	CN¥1.49B	CN¥1.72B	CN¥1.72B	CN¥1.92B	CN¥2.03B	CN¥2.80B	CN¥2.96B	CN¥1.28B	CN¥552.4M	CN¥140.8M
Property, plant & equipment (net)	CN¥545.5M	CN¥318.1M	CN¥235.2M	CN¥179.1M	CN¥220.2M	CN¥150.0M	CN¥176.8M	CN¥3.3M	CN¥979,000	CN¥1.4M
Goodwill & intangible assets	CN¥144.9M	CN¥127.3M	CN¥685.9M	CN¥710.0M	CN¥734.6M	CN¥108.5M	CN¥726,000	CN¥25.8M	CN¥0	CN¥0
Long-term investments	CN¥274.8M	CN¥280.3M	CN¥261.0M	CN¥228.0M	CN¥252.5M	CN¥166.1M	CN¥46.0M	CN¥14.8M	CN¥5.7M	CN¥0
Other non-current assets	CN¥200.6M	CN¥285.1M	CN¥310.5M	CN¥164.0M	CN¥95.6M	CN¥71.4M	CN¥49.4M	CN¥18.2M	CN¥9.3M	CN¥8.0M
Total assets	CN¥2.65B	CN¥2.74B	CN¥3.21B	CN¥3.20B	CN¥3.33B	CN¥3.29B	CN¥3.23B	CN¥1.34B	CN¥568.4M	CN¥150.1M
Liabilities
Accounts payable	—	—	CN¥10.6M	CN¥13.2M	CN¥518.4M	CN¥386.5M	CN¥333.2M	CN¥0	CN¥0	CN¥0
Short-term debt	CN¥116.3M	CN¥114.7M	CN¥59.6M	CN¥50.3M	CN¥43.5M	CN¥39.5M	CN¥37.8M	CN¥0	CN¥0	CN¥0
Deferred revenue	CN¥292.6M	CN¥190.4M	CN¥195.2M	CN¥181.7M	CN¥190.3M	CN¥174.8M	CN¥93.7M	CN¥138.8M	CN¥57.2M	—
Total current liabilities	CN¥784.6M	CN¥630.2M	CN¥540.4M	CN¥538.0M	CN¥712.4M	CN¥570.9M	CN¥466.5M	CN¥302.2M	CN¥140.9M	CN¥54.9M
Long-term debt	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0
Lease obligations	CN¥259.9M	CN¥170.1M	CN¥115.9M	CN¥71.3M	CN¥105.9M	CN¥132.5M	CN¥158.6M	CN¥0	CN¥0	CN¥0
Other long-term liabilities	CN¥196.9M	CN¥146.2M	CN¥112.8M	CN¥52.0M	CN¥100.9M	CN¥101.6M	CN¥120.8M	CN¥0	CN¥594.4M	CN¥0
Total liabilities	CN¥981.4M	CN¥776.4M	CN¥653.3M	CN¥590.0M	CN¥813.3M	CN¥672.4M	CN¥587.3M	CN¥302.2M	CN¥140.9M	CN¥54.9M
Shareholders' equity
Common stock & paid-in capital	CN¥294,185	CN¥290,000	CN¥275,000	CN¥273,000	CN¥267,000	CN¥261,000	CN¥258,000	CN¥222,000	CN¥83,000	CN¥83,000
Retained earnings (deficit)	−CN¥1.18B	−CN¥885.8M	−CN¥330.2M	−CN¥346.6M	−CN¥272.4M	−CN¥254.2M	−CN¥259.3M	−CN¥394.0M	−CN¥169.0M	−CN¥160.3M
Treasury stock	—	—	—	—	—	—	CN¥0	CN¥0	CN¥0	CN¥0
Accumulated other comprehensive income	CN¥59.8M	CN¥31.6M	CN¥52.0M	CN¥33.1M	−CN¥63.6M	−CN¥41.9M	CN¥102.3M	CN¥36.4M	CN¥2.0M	CN¥4.2M
Minority interest	CN¥115.5M	CN¥119.6M	CN¥117.2M	CN¥109.9M	—	—	CN¥0	CN¥0	CN¥0	CN¥0
Total shareholders' equity	CN¥1.55B	CN¥1.84B	CN¥2.44B	CN¥2.50B	CN¥2.45B	CN¥2.60B	CN¥2.64B	CN¥1.04B	−CN¥167.0M	CN¥95.3M
Key figures
Total debt	CN¥299.9M	CN¥239.9M	CN¥145.8M	CN¥71.3M	CN¥105.9M	CN¥132.5M	CN¥158.6M	CN¥0	CN¥0	CN¥0
Net cash (debt)	CN¥637.1M	CN¥946.9M	CN¥1.18B	CN¥1.50B	CN¥1.64B	CN¥2.52B	CN¥2.67B	CN¥1.21B	CN¥522.1M	CN¥111.0M
Working capital	CN¥701.0M	CN¥1.09B	CN¥1.18B	CN¥1.38B	CN¥1.32B	CN¥2.23B	CN¥2.49B	CN¥976.3M	CN¥411.5M	CN¥85.9M
Tangible book value	CN¥1.41B	CN¥1.71B	CN¥1.76B	CN¥1.79B	CN¥1.71B	CN¥2.49B	CN¥2.64B	CN¥1.01B	−CN¥167.0M	CN¥95.3M
Shares outstanding	131.6M	134.2M	131.9M	138.0M	138.0M	141.6M	107.0M	41.5M	45.4M	45.4M
Current ratio	1.89	2.74	3.19	3.56	2.85	4.90	6.34	4.23	3.92	2.56
Quick ratio	1.46	2.24	2.60	3.24	2.60	4.80	6.16	4.08	3.81	2.07
Debt / equity	0.19	0.13	0.06	0.03	0.04	0.05	0.06	0.00	—	0.00
Equity / assets	58.6%	67.2%	76.0%	78.1%	73.5%	78.9%	81.8%	77.5%	−29.4%	63.4%

So-Young International Inc. quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	CN¥848.5M	CN¥876.7M	CN¥937.0M	CN¥875.2M	CN¥913.6M	CN¥1.02B	CN¥1.19B	CN¥1.15B	CN¥1.16B	CN¥1.32B	CN¥1.33B	CN¥1.39B
Cash & equivalents	CN¥506.2M	CN¥467.6M	CN¥483.2M	CN¥333.4M	CN¥380.9M	CN¥444.7M	CN¥587.7M	CN¥467.4M	CN¥456.9M	CN¥448.0M	CN¥426.1M	CN¥438.6M
Short-term investments	CN¥342.3M	CN¥409.1M	CN¥453.8M	CN¥541.9M	CN¥532.7M	CN¥575.2M	CN¥599.0M	CN¥681.0M	CN¥705.0M	CN¥874.9M	CN¥900.8M	CN¥950.9M
Receivables	CN¥66.2M	CN¥62.0M	CN¥68.6M	CN¥92.3M	CN¥104.0M	CN¥120.0M	CN¥98.8M	CN¥138.6M	CN¥102.4M	CN¥99.4M	CN¥80.4M	CN¥115.5M
Inventory	CN¥253.7M	CN¥261.6M	CN¥233.5M	CN¥194.0M	CN¥242.4M	CN¥175.3M	CN¥151.8M	CN¥145.6M	CN¥143.4M	CN¥126.5M	CN¥118.9M	CN¥115.2M
Other current assets	CN¥296.3M	CN¥282.8M	CN¥246.4M	CN¥318.8M	CN¥335.6M	CN¥301.9M	CN¥287.0M	CN¥335.9M	CN¥330.8M	CN¥199.8M	CN¥195.7M	CN¥198.2M
Total current assets	CN¥1.46B	CN¥1.48B	CN¥1.49B	CN¥1.48B	CN¥1.60B	CN¥1.62B	CN¥1.72B	CN¥1.77B	CN¥1.74B	CN¥1.75B	CN¥1.72B	CN¥1.82B
Property, plant & equipment (net)	CN¥593.6M	CN¥558.5M	CN¥545.5M	CN¥490.0M	CN¥392.9M	CN¥350.8M	CN¥318.1M	CN¥313.8M	CN¥277.0M	CN¥235.2M	CN¥235.2M	CN¥148.9M
Goodwill & intangible assets	CN¥134.3M	CN¥140.0M	CN¥144.9M	CN¥132.2M	CN¥127.2M	CN¥128.7M	CN¥127.3M	CN¥672.3M	CN¥673.8M	CN¥679.8M	CN¥685.9M	CN¥691.9M
Long-term investments	CN¥277.2M	CN¥274.2M	CN¥274.8M	CN¥277.1M	CN¥277.6M	CN¥277.4M	CN¥280.3M	CN¥287.5M	CN¥278.5M	CN¥256.0M	CN¥261.0M	CN¥252.4M
Other non-current assets	CN¥209.8M	CN¥199.1M	CN¥200.6M	CN¥264.6M	CN¥256.7M	CN¥270.5M	CN¥285.1M	CN¥261.7M	CN¥264.2M	CN¥269.1M	CN¥310.5M	CN¥221.0M
Total assets	CN¥2.68B	CN¥2.65B	CN¥2.65B	CN¥2.64B	CN¥2.65B	CN¥2.64B	CN¥2.74B	CN¥3.30B	CN¥3.23B	CN¥3.19B	CN¥3.21B	CN¥3.13B
Liabilities
Accounts payable	—	—	—	—	—	—	—	—	—	CN¥10.6M	—	—
Short-term debt	CN¥194.8M	CN¥198.1M	CN¥116.4M	CN¥105.6M	CN¥118.5M	CN¥111.6M	—	CN¥130.0M	CN¥67.2M	CN¥56.2M	CN¥29.8M	CN¥32.7M
Deferred revenue	—	CN¥64.3M	CN¥66.0M	CN¥75.8M	CN¥70.4M	CN¥74.4M	—	CN¥94.7M	CN¥95.7M	CN¥97.8M	—	CN¥113.8M
Total current liabilities	CN¥907.5M	CN¥857.3M	CN¥784.6M	CN¥672.6M	CN¥625.1M	CN¥587.3M	CN¥630.2M	CN¥608.1M	CN¥549.4M	CN¥543.9M	CN¥540.4M	CN¥558.5M
Long-term debt	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0
Lease obligations	CN¥265.1M	CN¥260.7M	CN¥259.9M	CN¥225.7M	CN¥203.9M	CN¥187.5M	CN¥170.1M	CN¥165.3M	CN¥142.0M	CN¥121.8M	CN¥115.9M	CN¥38.5M
Other long-term liabilities	CN¥195.2M	CN¥194.8M	CN¥196.9M	CN¥180.2M	CN¥164.9M	CN¥156.3M	CN¥146.2M	CN¥147.3M	CN¥137.4M	CN¥120.8M	CN¥112.8M	CN¥32.4M
Total liabilities	CN¥1.10B	CN¥1.05B	CN¥981.4M	CN¥852.8M	CN¥790.1M	CN¥743.6M	CN¥776.4M	CN¥755.4M	CN¥686.9M	CN¥664.6M	CN¥653.3M	CN¥590.9M
Shareholders' equity
Common stock & paid-in capital	CN¥295,099	CN¥292,901	CN¥294,185	CN¥292,000	CN¥291,000	CN¥290,000	—	CN¥289,000	CN¥288,000	CN¥287,000	CN¥275,000	CN¥274,000
Retained earnings (deficit)	−CN¥1.25B	−CN¥1.22B	−CN¥1.18B	−CN¥1.06B	−CN¥995.6M	−CN¥959.5M	−CN¥926.4M	−CN¥312.1M	−CN¥332.5M	−CN¥351.4M	−CN¥296.3M	−CN¥342.8M
Accumulated other comprehensive income	CN¥34.9M	CN¥47.2M	CN¥59.8M	CN¥61.4M	CN¥68.5M	CN¥70.8M	—	CN¥42.7M	CN¥57.8M	CN¥53.7M	CN¥18.2M	CN¥60.2M
Minority interest	CN¥115.4M	CN¥114.5M	CN¥115.5M	CN¥120.8M	CN¥120.8M	—	—	—	—	—	—	—
Total shareholders' equity	CN¥1.46B	CN¥1.49B	CN¥1.55B	CN¥1.67B	CN¥1.74B	CN¥1.78B	CN¥1.84B	CN¥2.43B	CN¥2.43B	CN¥2.41B	CN¥2.44B	CN¥2.43B
Key figures
Total debt	CN¥378.4M	CN¥379.0M	CN¥299.9M	CN¥265.6M	CN¥263.7M	CN¥247.3M	—	CN¥254.9M	CN¥181.7M	CN¥151.8M	CN¥116.0M	CN¥38.5M
Net cash (debt)	CN¥470.1M	CN¥497.7M	CN¥637.1M	CN¥609.7M	CN¥649.9M	CN¥772.7M	—	CN¥893.6M	CN¥980.2M	CN¥1.17B	CN¥1.21B	CN¥1.35B
Working capital	CN¥557.2M	CN¥625.8M	CN¥701.0M	CN¥807.7M	CN¥970.5M	CN¥1.03B	CN¥1.09B	CN¥1.16B	CN¥1.19B	CN¥1.20B	CN¥1.18B	CN¥1.26B
Tangible book value	CN¥1.33B	CN¥1.35B	CN¥1.41B	CN¥1.54B	CN¥1.61B	CN¥1.65B	CN¥1.71B	CN¥1.76B	CN¥1.75B	CN¥1.73B	CN¥1.76B	CN¥1.73B
Shares outstanding	131.5M	131.3M	131.1M	130.9M	131.5M	132.8M	102.6M	132.3M	135.0M	134.4M	100.1M	130.5M
Current ratio	1.61	1.73	1.89	2.20	2.55	2.75	2.74	2.91	3.16	3.22	3.19	3.26
Quick ratio	1.01	1.10	1.28	1.44	1.63	1.94	2.04	2.12	2.30	2.62	2.60	2.69
Debt / equity	0.26	0.25	0.19	0.16	0.15	0.14	—	0.10	0.07	0.06	0.05	0.02
Equity / assets	54.5%	56.1%	58.6%	63.2%	65.6%	67.4%	67.2%	73.5%	75.1%	75.4%	76.0%	77.4%

Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported (latest annual report filed April 23, 2026); data from EODHD.

SY financial position

At the end of fiscal 2025 (December 31, 2025), So-Young International had total assets of CN¥2.7 billion (down 3.1% from a year earlier), total liabilities of CN¥981.4 million and shareholders' equity of CN¥1.6 billion. It held CN¥937.0 million in cash and short-term investments against CN¥299.9 million of debt, a net cash position of CN¥637.1 million. Its current ratio was 1.89. In the latest quarter (ended June 30, 2026) total assets were CN¥2.7 billion and equity CN¥1.5 billion.

Related: SY income statement, SY cash flow statement, SY key metrics. See the SY stock overview for the latest quote and news.

SY balance sheet FAQ

What are So-Young International's total assets?

So-Young International reported total assets of CN¥2.7 billion at the end of fiscal 2025 (December 31, 2025), compared with CN¥2.7 billion a year earlier.

How much debt does So-Young International have?

So-Young International had CN¥299.9 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.19.

How much cash does So-Young International have?

So-Young International held CN¥937.0 million in cash and short-term investments at the end of fiscal 2025; with CN¥299.9 million of debt that is net cash of CN¥637.1 million.

What is So-Young International's book value?

So-Young International's shareholders' equity (book value) was CN¥1.6 billion at the end of fiscal 2025.

What is So-Young International's current ratio?

So-Young International had current assets of CN¥1.5 billion and current liabilities of CN¥784.6 million, a current ratio of 1.89 (it can cover its short-term obligations).

How much goodwill does So-Young International have?

So-Young International carried CN¥144.9 million of goodwill and intangible assets, 5.5% of total assets, at the end of fiscal 2025.