Yatsen Holding Limited reports on a China-based beauty group that sells color cosmetics, skincare and other cosmetic products through a portfolio of brands. Recurring updates cover financial results for its Skincare Brands and Color Cosmetics Brands, annual Form 20-F reporting, and developments across brands such as Perfect Diary, Little Ondine, Pink Bear, Galénic, DR.WU's mainland China business and Eve Lom.
Company news also includes product innovation, R&D investment, beauty-science publications, online and offline customer engagement in China, and governance or ADR-related disclosures tied to its NYSE-listed American depositary shares.
Yatsen Group (YSG) presented a record 20 research submissions at the 36th IFSCC Congress in Perth, nearly double its 2025 total. This marked its fifth consecutive year at the cosmetics science conference. Its studies were selected from more than 1,200 submissions after three rounds of expert review.
The research covered nine fields, including skin microbiome and formulation research. R&D Director Yi Deng presented a microbiology testing method. Yatsen has invested over RMB 770 million in research and development, with annual spending exceeding 3% of revenue for four consecutive years.
Yatsen Group (YSG) released its 2025 ESG Report, outlining progress across technological innovation, green development, governance, talent, and social impact for the year 2025.
Annual R&D investment reached RMB 137 million, or 3.2% of revenue, supported by 153 R&D staff, 269 patent applications and filings for two new cosmetic raw ingredients. Key technologies included Perfect Diary’s 3rd-generation Bio-film Biotec™ and DR.WU’s Nanoxinfuse™ delivery platform, while 11 research papers were presented at the 35th IFSCC Congress.
On environment, greenhouse gas emissions from direct operations fell 35.74% year-over-year. Yatsen Biotechnology achieved a 41% renewable energy utilization rate and 100% product carbon footprint assessment coverage, with 100% of folding cartons using FSC paper and soy-based inks.
In governance and talent, all employees completed ethics training, no corruption or data-privacy incidents were reported, women accounted for 77.0% of the workforce and 60.7% of senior management, and total public welfare donations reached RMB 1.5 million.
Yatsen (YSG) reported second quarter 2026 net revenues of RMB1.14 billion, up 5.1% year over year, with a significantly wider net loss. Skincare brands drove growth, while color cosmetics declined sharply.
Skincare revenues rose 40.4% to RMB816.1 million and accounted for 71.5% of total net revenues, offsetting a 35.8% decline in color cosmetics. Gross margin fell to 73.9% from 78.3% due to higher inventory provisions related to color cosmetics portfolio optimization. Operating expenses increased 7.7% to RMB975.7 million, pushing operating loss to RMB131.9 million and net loss to RMB90.8 million, versus RMB19.5 million a year earlier. Non-GAAP results also swung to a loss, with non-GAAP net loss at RMB99.4 million compared with non-GAAP net income previously. Cash, restricted cash and short-term investments were RMB1.06 billion at June 30, 2026. Yatsen appointed Li Wang as Co-Chief Financial Officer effective September 2, 2026, with an expected transition to CFO after the 2026 annual report. For Q3 2026, the company guides net revenues of RMB898.6–998.4 million, implying a 0–10% year-over-year decline.
Yatsen (NYSE: YSG) will release its unaudited financial results for the second quarter of 2026 on Wednesday, September 2, 2026, before U.S. market open. Management will host a results conference call the same day at 7:30 A.M. U.S. Eastern Time (7:30 P.M. Beijing/Hong Kong Time).
Investors can join via toll-free and international dial-in numbers for the United States, mainland China, and Hong Kong, or through a live webcast on Yatsen’s investor relations website. A telephone replay, using access code 3486688, will be available until September 9, 2026.
Yatsen Group (NYSE:YSG) announced a landmark partnership to launch its flagship brand Perfect Diary in Sephora China. The science-led beauty portfolio will debut across about 300 Sephora outlets in major cities including Beijing, Shanghai, Guangzhou and Shenzhen.
Since 2020, Yatsen has invested approximately $100 million (RMB 700 million) in R&D, building advanced research centers in China and Europe. The collaboration supports Yatsen’s strategy of science-led premiumization and international expansion, including future growth in Hong Kong SAR and other global markets.
Yatsen (NYSE:YSG) reported unaudited Q1 2026 results with total net revenues up 22.5% to RMB1.02 billion, driven by a 58.5% increase in Skincare Brands to RMB574.2 million (56.2% of revenue). Gross margin rose to 80.2%, but net loss widened to RMB61.9 million and non-GAAP results turned to a loss. Operating expenses rose 32.5%, mainly from higher selling and marketing and R&D spending. Cash, restricted cash and short-term investments declined to RMB934.2 million, with RMB90.0 million operating cash outflow. The company completed a first closing of a ~US$120 million private placement of convertible notes and warrants and guided Q2 2026 revenue to RMB1.20–1.30 billion, implying 10%–20% year-over-year growth.
Yatsen (NYSE:YSG) completed the first tranche of its previously announced RMB-denominated convertible senior notes and warrants private placement and confirmed Hillhouse as a co-investor alongside Trustar Capital and founder Jinfeng Huang.
The two equal tranches total approximately US$120 million, funding R&D, supply chain, overseas expansion, M&A and general corporate purposes.
Yatsen (NYSE:YSG) will release unaudited Q1 2026 financial results on May 26, 2026, before U.S. market open.
Management will host a conference call at 7:30 A.M. U.S. Eastern Time (7:30 P.M. Beijing/Hong Kong Time), with live and archived webcast access via the investor relations website.
Yatsen (NYSE:YSG) highlighted that it has invested approximately $100 million (RMB 700 million) in R&D since 2020 as part of a broader industry shift toward technology-led beauty. The company cites a global strategy of three research centers, six joint labs and over 20 collaborations to support brand globalization and product efficacy.
Yatsen also noted Perfect Diary's international traction and a top-selling lipstick SKU recognition, positioning domestic Chinese brands as innovation-driven competitors abroad.
Yatsen (NYSE:YSG) filed its 2025 annual report on Form 20-F with the U.S. SEC on April 29, 2026, covering the fiscal year ended December 31, 2025. The report is available on the company investor relations website and the SEC website, and hard copies are available on request.