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Lets $\ds{x = \alpha\tilde{x}}$ and $\ds{y = \beta\,\tilde{y}}$. Then,
$$
2xyy'=x^2 - y^{2}\implies
2\tilde{x}\,\tilde{y}\,\tilde{y}' = \pars{\alpha \over \beta}^{2}\tilde{x}^{2} - \tilde{y}^{2}
$$
The equation is invariant under the above scaling whenever $\ds{\alpha = \pm\beta}$. It means,
$$
{x \over \tilde{x}} = \pm\,{y \over \tilde{y}}\implies
{\tilde{y} \over \tilde{x}} = \pm\,{y \over x}
$$
It suggests the change of variables $\ds{u \equiv {y \over x} \implies y = ux}$.
Namely,
\begin{align}
&2x\pars{ux}\pars{u'x + u} = x^{2} - \pars{ux}^{2} \implies
2xuu' + 2u^{2} = 1 - u^{2} \implies
{2u \over 1 - 3u^{2}}\totald{u}{x} = {1 \over x}
\end{align}
Moreover,
\begin{align}
&-\,{1 \over 3}\,\ln\pars{1 - 3u^{2}} = \ln\pars{x} + \ln\pars{\mbox{C}}
\,,\qquad
\pars{~\mbox{C is an integration constant}~}
\\[5mm]
\ln\pars{C} & = \ln\pars{\bracks{1 - 3 u^{2}}^{1/3}x}\implies
C = \pars{1 - 3\,{y^{2} \over x^{2}}}^{1/3}x \implies
\bbx{\ds{y = \pm\,{\root{x^{3} - C^{3}} \over \root{3}x^{1/2}}}}
\end{align}