COMP <GO>

SY vs ATGL // EV/EBITDA & P/E VALUATION

So-Young International Inc. American Depository Shares (NASDAQ) VS. Alpha Technology Group Limited (Class A) (NASDAQ) • 15-METRIC TALLY: SY 5 — ATGL 3

■ METRIC PARITY

SY — So-Young International Inc. American Depository Shares ROARABLE E • RQD 19/100

LAST: $2.01 (-4.29%) • MKT CAP: $201.6M

DES <GO> FA <GO> 10-K RED <GO>

valuation

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ATGL — Alpha Technology Group Limited (Class A) ROARABLE D- • RQD 36/100

LAST: $11.15 (+3.53%) • MKT CAP: $183.6M

DES <GO> FA <GO> 10-K RED <GO>

valuation

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15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (SY VS. ATGL) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	SY	ATGL	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	47.80%	49.20%	-1.40	ATGL	/gross-margins <GO>
Return on Invested Capital (ROIC)	-19.90%	—	—	TIE	/roic <GO>
EV/EBITDA & P/E Valuation ACTIVE	—	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	-7.48%	-0.98%	-6.50	ATGL	/fcf-yield <GO>
Operating Margin	-18.80%	-60.00%	+41.20	SY	/operating-margins <GO>
Net Profit Margin	-15.90%	-60.00%	+44.10	SY	/net-margins <GO>
Revenue Growth (YoY)	—	-40.20%	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	1.35%	0.00%	+1.35	SY	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	0.78	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	4/9	2/9	+2.00	SY	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	27.2	77.0	-49.80	ATGL	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	—	—	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$201.6M	$183.6M	$18.1M	SY	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	SY REV	ATGL REV	SY GROSS %	ATGL GROSS %	SY FCF	ATGL FCF
FY 2025	$217.8M	$950.5K	47.8%	49.2%	-$15.1M	-$1.8M
FY 2024	$200.9M	$1.6M	61.3%	52.3%	-$3.5M	-$2.5M
FY 2023	$0	$1.1M	—	—	$3.2M	$548.7K

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

SY // BETA —

ATGL // BETA —