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Consolidated balance sheets

In millions of CNY, except per-share amounts
Q4 FY2025
As of Dec 31, 2025
Q4 FY2024
As of Dec 31, 2024
Q4 FY2023
As of Dec 31, 2023
Q4 FY2022
As of Dec 31, 2022
Q4 FY2021
As of Dec 31, 2021
Q4 FY2020
As of Dec 31, 2020
Q4 FY2019
As of Dec 31, 2019
Assets
Current assets:
Cash and cash equivalents
Restricted cash and term deposits
Trade receivables
Inventories
Receivables from online payment platforms
Amounts due from related parties
Term deposits and short-term investments
Prepayment and other current assets
Total current assets
Non-current assets:
Long-term investments
Intangible assets
Goodwill
Property and equipment, net
Deferred tax assets
Operating lease ROU assets
Other non-current assets
Total non-current assets
Total assets
Liabilities
Current liabilities (including amounts of the consolidated VIE and its subsidiaries without recourse to the primary beneficiaries of RMB415,503 and RMB480,948 as of December 31, 2024 and 2025, respectively):
Short-term borrowings
Taxes payable
Contract liabilities
Salary and welfare payables
Amounts due to related parties
Accrued expenses and other current liabilities
Operating lease liabilities-current
Total current liabilities
Non-current liabilities (including amounts of the consolidated VIE and its subsidiaries without recourse to the primary beneficiaries of RMB98,584 and RMB23,511 as of December 31, 2024 and 2025, respectively):
Operating lease liabilities-non current
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities
Total liabilities
Shareholders' equity
Treasury stock
Ordinary shares
Class A Ordinary Shares
Class B Ordinary shares
Additional paid-in capital
Statutory reserves
Accumulated deficit
Accumulated other comprehensive income
Total So-Young International Inc. shareholders' equity
Non-controlling interests
Total shareholders' equity
Total liabilities and shareholders' equity

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