SCHEDULE: Matrix Partners Affiliates Maintain So-Young Stake

Matrix Partners China affiliates and David Su continue to hold a significant 10.4% beneficial ownership in So-Young International Inc. Class A ordinary shares.

Summary

• MPC Management III L.P., MPC GPGP III Ltd., MPC III HK Limited, and David Su Tuong Sing collectively beneficially own 9,435,763 Class A ordinary shares of So-Young International Inc., representing 10.4% of the outstanding shares.
• MPC III L.P. beneficially owns 8,492,188 Class A ordinary shares, equating to 9.4% of the class.
• MPC III-A L.P. beneficially owns 943,575 Class A ordinary shares, equating to 1.0% of the class.
• The beneficial ownership percentages are calculated based on a total of 90,626,150 Class A ordinary shares outstanding as of June 30, 2025.
• The shares are held indirectly by MPC III and MPC III-A through MPC HK III, and voting and dispositive power are exercised by MPC Management III and MPC III GP as general partners.
• David Su, a director of MPC III GP, is deemed to share voting and dispositive power over these shares.

Sentiment

Score: 6

Explanation: The filing is largely neutral as it is a routine disclosure of beneficial ownership. However, the continued significant stake by a major institutional investor like Matrix Partners can be viewed as a moderately positive signal of sustained confidence in the company.

Positives

• Continued significant institutional ownership by Matrix Partners-related entities, indicating a sustained investment and potential long-term confidence in So-Young International Inc.

Negatives

• No inherent negatives are disclosed in this beneficial ownership filing.

Risks

• The Reporting Persons expressly disclaim status as a 'group' for purposes of this Schedule 13G, which clarifies their individual reporting obligations but does not preclude potential coordinated actions.

Future Outlook

This filing is a beneficial ownership report and does not contain forward-looking statements or guidance regarding the issuer's future performance or outlook.

Industry Context

This filing is a disclosure of beneficial ownership by investment funds and does not provide specific details about So-Young International Inc.'s business operations or its position within the broader industry trends. So-Young International Inc. is known to operate in the medical aesthetics and healthcare services sector in China.

Stakeholder Impact

• Shareholders may view the continued significant institutional ownership by Matrix Partners-related entities as a positive indicator of stability and long-term commitment from a major investor.

Key Dates

Keywords

So-Young International Inc., Matrix Partners China, Beneficial Ownership, SEC Filing, Schedule 13G, Class A Ordinary Shares, Institutional Investor, Equity Stake