So-Young International (SY) Research & Development (2018 - 2026)
So-Young International (SY) posted quarterly Research & Development of -$3.5 million for Q1 2026, up 20.27% year-over-year from -$2.9 million in Q1 2025, and up 34.09% quarter-over-quarter from -$5.4 million in Q4 2025.
So-Young International (SY) Research & Development (2018 - 2026) Analysis & Trends
So-Young International's Research & Development history runs 9 years deep, the most recent figure standing at -$3.5 million for Q1 2026.
- In Q1 2026, Research & Development rose 20.27% year-over-year to -$3.5 million; the TTM figure through Mar 2026 stood at -$18.3 million (up 16.11% YoY), while the FY2025 annual figure was $19.6 million, down 71.07% from the prior year.
- Research & Development for Q1 2026 stood at -$3.5 million, up from -$5.4 million in the prior quarter.
- The five-year high for Research & Development was -$3.5 million in Q1 2026, with the low at -$12.5 million in Q1 2022.
- The 5-year median for Research & Development is -$5.9 million (2024), against an average of -$6.4 million.
- Peak annual rise in Research & Development reached 43.8% in 2022, while the deepest fall reached 16.88% in 2022.
- So-Young International's Research & Development stood at -$6.0 million in 2022, then dropped by 6.43% to -$6.3 million in 2023, then climbed by 7.57% to -$5.9 million in 2024, then grew by 8.61% to -$5.4 million in 2025, then soared by 34.09% to -$3.5 million in 2026.
- Business Quant data shows SY's Research & Development at -$3.5 million in Q1 2026, -$5.4 million in Q4 2025, and -$5.1 million in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Veeva Systems | 39.72 Bn | 32.40 Bn | 662.02 Mn | 208.32 Mn |
| 2 | BrightSpring Health Services | 12.19 Bn | 11.64 Bn | 492.75 Mn | - |
| 3 | Healthequity | 8.79 Bn | 8.52 Bn | 256.31 Mn | 26.83 Mn |
| 4 | 10x Genomics | 7.31 Bn | 6.76 Bn | 112.50 Mn | 56.79 Mn |
| 5 | Hinge Health | 7.10 Bn | 6.71 Bn | 183.95 Mn | 81.41 Mn |
| 6 | MiniMed | 5.66 Bn | 5.36 Bn | 480.00 Mn | 99.00 Mn |
| 7 | Waystar Holding | 4.76 Bn | 4.56 Bn | 221.99 Mn | 50.38 Mn |
| 8 | Doximity | 4.46 Bn | 3.77 Bn | 132.93 Mn | 45.05 Mn |
| 9 | Heartflow | 3.66 Bn | 3.28 Bn | 53.19 Mn | 30.58 Mn |
| 10 | So-Young International | 37.66 Mn | -77.47 Mn | 26.35 Mn | -3.53 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | -3.53 Mn |
| Dec 31, 2025 | -5.35 Mn |
| Sep 30, 2025 | -5.10 Mn |
| Jun 30, 2025 | -4.35 Mn |
| Mar 31, 2025 | -4.43 Mn |
| Dec 31, 2024 | -5.86 Mn |
| Sep 30, 2024 | -5.73 Mn |
| Jun 30, 2024 | -5.85 Mn |
| Mar 31, 2024 | -5.48 Mn |
| Dec 31, 2023 | -6.34 Mn |
| Sep 30, 2023 | -6.94 Mn |
| Jun 30, 2023 | -7.19 Mn |
| Mar 31, 2023 | -8.12 Mn |
| Dec 31, 2022 | -5.95 Mn |
| Sep 30, 2022 | -7.31 Mn |
| Jun 30, 2022 | -9.42 Mn |
| Mar 31, 2022 | -12.45 Mn |
| Dec 31, 2021 | -10.60 Mn |
| Sep 30, 2021 | -11.97 Mn |
| Jun 30, 2021 | -11.17 Mn |