So-Young International (SY) Gross Margin (2018 - 2026)

So-Young International's Gross Margin history runs 9 years deep, the most recent figure standing at 42.0% for Q1 2026.

• In Q1 2026, Gross Margin fell 706.0% year-over-year to 42.0%; the TTM figure through Mar 2026 stood at 45.98% (down 1243.0% YoY), while the FY2025 annual figure was 47.77%, down 1354.0% from the prior year.
• Gross Margin was 42.0% for Q1 2026 at So-Young International, down from 44.45% in the prior quarter.
• In the past five years, Gross Margin ranged from a high of 72.87% in Q4 2022 to a low of 42.0% in Q1 2026.
• Historically, Gross Margin has averaged 59.33% across 5 years, with a median of 62.99% in 2023.
• Biggest YoY gain for Gross Margin was 115 bps in 2022; the steepest drop was 2093 bps in 2022.
• A 5-year view of Gross Margin shows it stood at 72.87% in 2022, then fell by 11 bps to 64.76% in 2023, then fell by 10 bps to 58.55% in 2024, then retreated by 24 bps to 44.45% in 2025, then slipped by 5 bps to 42.0% in 2026.
• The last three Gross Margin figures came in at 42.0% (Q1 2026), 44.45% (Q4 2025), and 47.29% (Q3 2025), per Business Quant data.