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.

• On a quarterly basis, Gross Margin fell 706.0% year-over-year to 42.0% in Q1 2026; TTM through Mar 2026 was 45.98%, a 1243.0% decrease from a year earlier, with the FY2025 full-year figure at 47.77%, down 1354.0% from the prior year.
• Gross Margin eased to 42.0% in Q1 2026 per SY's latest filing, from 44.45% in the prior quarter.
• Across five years, Gross Margin topped out at 72.87% in Q4 2022 and bottomed at 42.0% in Q1 2026.
• The 5-year median for Gross Margin is 62.99% (2023), against an average of 59.33%.
• Biggest YoY gain for Gross Margin was 115 bps in 2022; the steepest drop was 2093 bps in 2022.
• Year by year, Gross Margin 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.
• Per Business Quant, the three latest SY Gross Margin figures stand at 42.0% (Q1 2026), 44.45% (Q4 2025), and 47.29% (Q3 2025).