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Form 4 So-Young International For: Mar 31 Filed by: Li Gefei

April 2, 2026 6:17 AM
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person *
Li Gefei
(Last) (First) (Middle)
2/F, EAST TOWER, POLY PLAZA,
NO. 66 XIANGBIN ROAD, CHAOYANG DISTRICT
(Street)
BEIJING 100012
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
So-Young International Inc. [ SY ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
X Officer (give title below) Other (specify below)
COO
3. Date of Earliest Transaction (Month/Day/Year)
03/31/2026
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Class A ordinary share, par value US$0.01 (1) 03/31/2026 M 46,153 (2) A $ 0.01 46,153 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Option (right to buy) $ 0.01 03/31/2026 M 38,461 (3) 08/14/2034 Class A ordinary share, par value US$0.01 38,461 $ 0.01 19,234 (3) D
Option (right to buy) $ 0.01 03/31/2026 M 7,692 (4) 08/14/2034 Class A ordinary share, par value US$0.01 7,692 $ 0.01 21,154 (4) D
Explanation of Responses:
1. The Class A ordinary shares are held in the form of American depositary shares ("ADS"), 13 of which represent 10 class A ordinary shares of the issuer.
2. Represent 46,153 Class A ordinary shares of the issuer received in the form of ADSs upon exercising of the 46,153 share options by the reporting person on March 31, 2026.
3. The reporting person was granted 57,695 share options on August 15, 2024, vesting in nine installments: 19,231 on February 1, 2025, followed by eight equal installments of 4,808 every three months thereafter until February 1, 2027.
4. The reporting person was granted 28,846 share options on August 15, 2024. The option has fully vested in two installments of 19,231 on February 1, 2025 and 9,615 on August 1, 2025.
/s/Gefei Li 04/02/2026
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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