So-Young International (SY) Gross Margin (2018 - 2026)
So-Young International (SY) posted quarterly Gross Margin of 42.0% for Q1 2026, down 706.0% year-over-year from 6.93% in Q1 2025, and down 5.5% quarter-over-quarter from 44.45% in Q4 2025.
So-Young International (SY) Gross Margin (2018 - 2026) Analysis & Trends
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 for Q1 2026 stood at 42.0%, down from 44.45% in the prior quarter.
- The five-year high for Gross Margin was 72.87% in Q4 2022, with the low at 42.0% in Q1 2026.
- The 5-year median for Gross Margin is 62.99% (2023), against an average of 59.33%.
- Peak annual rise in Gross Margin reached 115 bps in 2022, while the deepest fall reached 2093 bps in 2022.
- So-Young International's Gross Margin stood at 72.87% in 2022, then declined by 11 bps to 64.76% in 2023, then declined by 10 bps to 58.55% in 2024, then fell by 24 bps to 44.45% in 2025, then decreased by 5 bps to 42.0% in 2026.
- Business Quant data shows SY's Gross Margin at 42.0% in Q1 2026, 44.45% in Q4 2025, and 47.29% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Veeva Systems | 39.72 Bn | 32.40 Bn | 662.02 Mn | 74.98% |
| 2 | BrightSpring Health Services | 12.19 Bn | 11.64 Bn | 492.75 Mn | 12.72% |
| 3 | Healthequity | 8.79 Bn | 8.52 Bn | 256.31 Mn | 72.27% |
| 4 | 10x Genomics | 7.31 Bn | 6.76 Bn | 112.50 Mn | 74.48% |
| 5 | Hinge Health | 7.10 Bn | 6.71 Bn | 183.95 Mn | 86.44% |
| 6 | MiniMed | 5.66 Bn | 5.36 Bn | 480.00 Mn | 57.35% |
| 7 | Waystar Holding | 4.76 Bn | 4.56 Bn | 221.99 Mn | 69.44% |
| 8 | Doximity | 4.46 Bn | 3.77 Bn | 132.93 Mn | 84.87% |
| 9 | Heartflow | 3.66 Bn | 3.28 Bn | 53.19 Mn | 83.00% |
| 10 | So-Young International | 37.66 Mn | -77.47 Mn | 26.35 Mn | 42.00% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 42.00% |
| Dec 31, 2025 | 44.45% |
| Sep 30, 2025 | 47.29% |
| Jun 30, 2025 | 51.27% |
| Mar 31, 2025 | 49.07% |
| Dec 31, 2024 | 58.55% |
| Sep 30, 2024 | 61.76% |
| Jun 30, 2024 | 61.94% |
| Mar 31, 2024 | 63.14% |
| Dec 31, 2023 | 64.76% |
| Sep 30, 2023 | 62.99% |
| Jun 30, 2023 | 63.51% |
| Mar 31, 2023 | 63.33% |
| Dec 31, 2022 | 72.87% |
| Sep 30, 2022 | 70.92% |
| Jun 30, 2022 | 66.20% |
| Mar 31, 2022 | 64.51% |
| Dec 31, 2021 | 71.73% |
| Sep 30, 2021 | 79.22% |
| Jun 30, 2021 | 86.99% |