To my knowledge, dy/dx is equal to the limit of (f(x+h) - f(x)) / h as h approaches zero. That is, dy is equal to the difference in the y value (f(x+h) - f(x)) and dx is equal to the difference in the x value (h) and dy/dx is equal to the rate of change of the y function as the x function increases.
As well as this, in the chain rule you multiply dy/du * du/dx in order to cancel out the du's like you would with normal fractions.
Despite this, all of my teachers insist that dy/dx is not a ratio, it is just a symbol for the gradient or for the derivative of y with respect to x that can't be split up and manipulated like a normal fraction can be.
On a side note, the symbol d/dx (y) to mean "differentiate y with respect to x" confuses me too, as i thought that dy and dx were atomic symbols, but this notation splits up d and y even further.