SY (SY) financial statements

· Market cap $250M

SY reported revenue of 1.5B CNY in fiscal 2025, up 24.8% a year over 8 years.

Net income was -242M CNY and the operating margin -18.8%, against 9.5% in 2017.

Free cash flow was -302M CNY, and the company returned 19M CNY in dividends and 15M CNY in net buybacks.

The diluted share count rose 190% over the period (dilution).

Revenue and free cash flow

Fiscal years, $ billions (CNY).

-0.500.511.52201720182019202020212022202320242025RevenueFree cash flow
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Income statement

Fiscal years, in CNY, from SY's 10-K filings with the SEC.

Fiscal year201720182019202020212022202320242025
Revenue259M CNY617M CNY1.2B CNY1.3B CNY1.7B CNY1.3B CNY1.5B CNY1.5B CNY1.5B CNY
Cost of revenue45M CNY92M CNY199M CNY212M CNY328M CNY393M CNY544M CNY568M CNY796M CNY
Gross profit215M CNY526M CNY953M CNY1.1B CNY1.4B CNY865M CNY954M CNY899M CNY728M CNY
Research and development33M CNY95M CNY177M CNY229M CNY287M CNY235M CNY204M CNY165M CNY137M CNY
Selling, general and admin157M CNY382M CNY631M CNY910M CNY1.0B CNY732M CNY811M CNY819M CNY—
Operating income25M CNY49M CNY145M CNY-57M CNY-33M CNY-103M CNY-61M CNY-624M CNY-286M CNY
Pre-tax income13M CNY58M CNY226M CNY93,000 CNY-16M CNY-87M CNY8M CNY-588M CNY-246M CNY
Income tax-4M CNY3M CNY50M CNY-5M CNY21M CNY-21M CNY-18M CNY-905,000 CNY796,000 CNY
Net income17M CNY55M CNY177M CNY6M CNY-8M CNY-66M CNY21M CNY-590M CNY-242M CNY
Diluted shares27M25M63M84M82M83M78M79M78M
Gross margin82.7%85.2%82.8%83.6%80.6%68.7%63.7%61.3%47.8%
Operating margin9.5%8.0%12.6%-4.4%-1.9%-8.2%-4.1%-42.6%-18.8%
Net margin6.6%8.9%15.3%0.4%-0.5%-5.2%1.4%-40.2%-15.9%

Balance sheet

Fiscal years, in CNY, from SY's 10-K filings with the SEC.

Fiscal year201720182019202020212022202320242025
Cash and short-term investments441M CNY563M CNY885M CNY1.1B CNY1.3B CNY694M CNY426M CNY588M CNY418M CNY
Receivables—10M CNY26M CNY53M CNY55M CNY36M CNY57M CNY99M CNY52M CNY
Inventory————92M CNY120M CNY119M CNY152M CNY233M CNY
Total current assets—1.3B CNY3.0B CNY2.8B CNY2.0B CNY1.9B CNY1.7B CNY1.7B CNY1.5B CNY
Property, plant and equipment—3M CNY32M CNY30M CNY125M CNY116M CNY117M CNY155M CNY294M CNY
Goodwill———48M CNY541M CNY541M CNY541M CNY684,000 CNY684,000 CNY
Total assets—1.3B CNY3.2B CNY3.3B CNY3.3B CNY3.2B CNY3.2B CNY2.7B CNY2.6B CNY
Total current liabilities—302M CNY467M CNY571M CNY712M CNY538M CNY540M CNY630M CNY784M CNY
Total liabilities—302M CNY587M CNY672M CNY813M CNY590M CNY653M CNY776M CNY981M CNY
Shareholders' equity-167M CNY-358M CNY2.6B CNY2.6B CNY2.4B CNY2.5B CNY2.4B CNY1.8B CNY1.6B CNY
Net debt-441M CNY-563M CNY-885M CNY-1.1B CNY-1.3B CNY-694M CNY-426M CNY-588M CNY-418M CNY

Cash flow

Fiscal years, in CNY, from SY's 10-K filings with the SEC.

Fiscal year201720182019202020212022202320242025
Operating cash flow91M CNY199M CNY384M CNY179M CNY84M CNY-113M CNY23M CNY-26M CNY-105M CNY
Capital spending222,000 CNY6M CNY38M CNY37M CNY45M CNY16M CNY51M CNY63M CNY197M CNY
Free cash flow91M CNY193M CNY346M CNY142M CNY39M CNY-129M CNY-29M CNY-88M CNY-302M CNY
Stock-based compensation3M CNY26M CNY104M CNY92M CNY106M CNY43M CNY36M CNY33M CNY9M CNY
Dividends paid———————44M CNY19M CNY
Share buybacks (net)————-218M CNY-15M CNY-126M CNY-18M CNY-15M CNY
Free cash flow margin35.0%31.2%30.1%11.0%2.3%-10.2%-1.9%-6.0%-19.8%
Dividends per share———————0.55 CNY0.24 CNY
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Questions

What was SY's revenue in 2025?

1.5B CNY in fiscal 2025, from its 10-K filing.

How much free cash flow does SY generate?

-302M CNY in fiscal 2025 (operating cash flow minus capital spending).

From SY's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.