Yatsen Announces Fourth Quarter and Full Year 2025 Financial Results

Rhea-AI Impact

(High)

Rhea-AI Sentiment

(Negative)

Rhea-AI Summary

Yatsen (NYSE: YSG) reported fourth-quarter and full-year 2025 results with revenue growth and improved profitability. Total net revenues rose 20.1% Q4 to RMB1.38 billion and 26.7% FY to RMB4.30 billion. Skincare revenues grew 63.5% FY and reached 53.0% of full-year sales. Gross margin improved to 78.2% FY. The company narrowed its full-year net loss to RMB92.4 million and achieved non-GAAP net income RMB8.4 million for 2025. Cash, restricted cash and short-term investments totaled RMB1.05 billion at year-end. Q1 2026 revenue guidance: RMB958.6M–RMB1.08B (≈15%–30% YoY).

Positive

Total revenue +26.7% year-over-year (RMB4.30B FY2025)
Skincare revenue +63.5% year-over-year (RMB2.28B FY2025)
Gross margin increased to 78.2% for FY2025
Non-GAAP net income of RMB8.4M for FY2025

Negative

Full-year net loss of RMB92.4M remains
Cash, restricted cash and short-term investments down to RMB1.05B
Net cash used in operating activities RMB94.7M for FY2025
Q4 selling and marketing expenses high at 64.8% of revenues

Market Reaction – YSG

-9.66% $4.02

15m delay 5 alerts

-9.66% Since News

$4.02 Last Price

$3.90 $4.61 Day Range

-$45M Valuation Impact

$418M Market Cap

0.1x Rel. Volume

Following this news, YSG has declined 9.66%, reflecting a notable negative market reaction. Our momentum scanner has triggered 5 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $4.02. This price movement has removed approximately $45M from the company's valuation.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Silver for real-time data.

Key Figures

Q4 2025 net revenues: RMB1.38 billion FY 2025 net revenues: RMB4.30 billion Q4 skincare revenues: RMB842.8 million +5 more

8 metrics

Q4 2025 net revenues RMB1.38 billion Total net revenues, +20.1% year-over-year

FY 2025 net revenues RMB4.30 billion Full year total net revenues, +26.7% year-over-year

Q4 skincare revenues RMB842.8 million Skincare Brands net revenues, +51.9% year-over-year

FY 2025 gross margin 78.2% Full year gross margin, up from 77.1% prior year

Q4 2025 net income RMB3.0 million Net income vs RMB378.8 million net loss prior-year Q4

FY 2025 net loss RMB92.4 million Full year net loss, decreased 87.0% from RMB710.2 million

FY 2025 non-GAAP net income RMB8.4 million Full year non-GAAP net income vs RMB128.2 million non-GAAP loss prior year

Cash & investments RMB1.05 billion Cash, restricted cash and short-term investments as of Dec 31, 2025

Market Reality Check

Price: $4.45 Vol: Volume 73,082 vs 20-day a...

normal vol

$4.45 Last Close

Volume Volume 73,082 vs 20-day average 64,696 (relative volume 1.13), indicating slightly elevated trading activity. normal

Technical Shares at $4.45, trading below 200-day MA of $7.08, well off the $11.57 52-week high.

Peers on Argus

YSG was down 2.2% pre-release while key peers were mixed: EPC, SPB, HELE and HNS...

1 Down

YSG was down 2.2% pre-release while key peers were mixed: EPC, SPB, HELE and HNST were up, only NUS was down. With just one peer moving in the same direction, this points to a stock-specific reaction rather than a sector-wide move.

Previous Earnings Reports

5 past events · Latest: Nov 17 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 17	Q3 2025 earnings	Positive	-20.3%	Strong Q3 growth and margin gains with narrowed net loss and upbeat guidance.
Aug 21	Q2 2025 earnings	Positive	+0.6%	Robust revenue and skincare growth with shift to non-GAAP net income.
Feb 25	Q4/FY 2024 earnings	Neutral	-4.6%	Modest Q4 growth, flat full-year revenue and margin gains offset by big loss.
Nov 20	Q3 2024 earnings	Neutral	+11.4%	Revenue decline but higher skincare sales, better margin and narrower loss.
Aug 20	Q2 2024 earnings	Negative	-3.2%	Revenue contraction and ongoing net loss despite margin improvement.

Pattern Detected

Earnings releases have produced mixed but slightly negative average reactions of about -3.22%, including one large selloff on strong Q3 2025 results.

Recent Company History

Over the last several quarters, Yatsen’s earnings updates have highlighted a shift from 2024 revenue declines toward strong 2025 growth, led by Skincare Brands and improving gross margins. Q2 and Q3 2025 both showed double‑digit revenue growth and narrowing net losses, with Q2 achieving non‑GAAP profitability. Despite these operational gains, share-price reactions have been inconsistent, including a -20.32% move on Q3 2025 results. Today’s Q4/FY 2025 report extends the trend of revenue growth and profitability improvement, including a non‑GAAP net income turnaround for the full year.

Historical Comparison

-3.2% avg move · Across the last 5 earnings releases, YSG’s average move was -3.22%, showing that even solid operatio...

earnings

-3.2%

Average Historical Move earnings

Across the last 5 earnings releases, YSG’s average move was -3.22%, showing that even solid operational updates have often coincided with modestly negative share reactions.

Earnings releases show a progression from 2024 revenue declines and large losses toward 2025 double‑digit revenue growth, rising skincare mix, and repeated non‑GAAP profitability, culminating in a full-year non‑GAAP net income turnaround.

Market Pulse Summary

The stock is down -9.7% following this news. A negative reaction despite improving fundamentals fits...

Analysis

The stock is down -9.7% following this news. A negative reaction despite improving fundamentals fits prior patterns, including the -20.32% move on strong Q3 2025 results and an average earnings move of -3.22%. The market may be focusing on continued full‑year net losses, lower cash versus 2024, and elevated selling and marketing expenses, even as skincare growth and margins strengthen. Such history suggests that good operating progress has not consistently translated into sustained share-price support.

Key Terms

non-gaap, impairment of goodwill, ads, american depositary shares, +1 more

5 terms

non-gaap financial

"Non-GAAP net income[2] for the fourth quarter of 2025 was RMB41.2 million"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

impairment of goodwill financial

"There was no impairment of goodwill for the fourth quarter of 2025, as compared"

An impairment of goodwill happens when the extra value a company recorded for purchases like brands, customer lists or reputation turns out to be worth less than originally thought, so accountants reduce that value on the books. It matters to investors because it signals that past acquisitions are not delivering expected benefits, like discovering a purchased car is less reliable than advertised, and can lower reported earnings and the company's perceived future cash-generating power.

ads financial

"Net income attributable to Yatsen's ordinary shareholders per diluted ADS[6] for the fourth quarter"

Ads are paid promotional messages a company places across media — online, on TV, in print, or on social platforms — to attract customers, explain products, or shape public perception. For investors, ads matter because they drive sales growth, affect how much a company must spend to win customers, and influence brand strength and long-term value. Ads can also create regulatory or reputational risk if claims are misleading, which can affect profits and stock price.

american depositary shares financial

"[6] ADS refers to American depositary shares, each of which represents"

American depositary shares (ADSs) are a way for investors in the United States to buy shares of foreign companies without dealing with international markets directly. They represent ownership in a foreign company's stock and are traded on U.S. stock exchanges, making it easier for American investors to buy, sell, and own parts of companies from around the world.

AI-generated analysis. Not financial advice.

03/02/2026 - 05:00 AM

Conference Call to Be Held at 7:30 A.M. U.S. Eastern Time on March 2, 2026

GUANGZHOU, China, March 2, 2026 /PRNewswire/ -- Yatsen Holding Limited ("Yatsen" or the "Company") (NYSE: YSG), a leading China-based beauty group, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2025.

Fourth Quarter and Full Year 2025 Highlights

Total net revenues for the fourth quarter of 2025 increased by 20.1% to RMB1.38 billion (US$197.3 million) from RMB1.15 billion for the prior year period. Total net revenues for the full year of 2025 increased by 26.7% to RMB4.30 billion (US$614.6 million) from RMB3.39 billion for the prior year period.
Total net revenues from Skincare Brands^[1] for the fourth quarter increased by 51.9% to RMB842.8 million (US$120.5 million) from RMB554.8 million for the prior year period. As a percentage of total net revenues, total net revenues from Skincare Brands for the fourth quarter of 2025 were 61.1%, as compared with 48.3% for the prior year period. Total net revenues from Skincare Brands for the full year of 2025 increased by 63.5% to RMB2.28 billion (US$325.7 million) from RMB1.39 billion for the prior year period. As a percentage of total net revenues, total net revenues from Skincare Brands for the full year of 2025 were 53.0%, as compared with 41.1% for the prior year period.
Gross margin for the fourth quarter of 2025 was 77.7%, remaining largely flat as compared with 77.8% for the prior year period. Gross margin for the full year of 2025 increased to 78.2% from 77.1% for the prior year period.
Net income for the fourth quarter of 2025 was RMB3.0 million (US$0.4 million), as compared with a net loss of RMB378.8 million for the prior year period. Net loss for the full year of 2025 decreased by 87.0% to RMB92.4 million (US$13.2 million) from RMB710.2 million for the prior year period. Non-GAAP net income^[2] for the fourth quarter of 2025 was RMB41.2 million (US$5.9 million), as compared with RMB107.0 million for the prior year period. Non-GAAP net income for the full year of 2025 was RMB8.4 million (US$1.2 million), as compared with non-GAAP net loss of RMB128.2 million for the prior year period.

Mr. Jinfeng Huang, Founder, Chairman and Chief Executive Officer of Yatsen, stated, "We are pleased to conclude 2025 with solid performances, demonstrating the long-term value of our strategic transformation. Throughout the year, we remained steadfast in our commitment to three core initiatives: driving R&D-led product innovation, strengthening brand equity across our multi-brand portfolio, and improving our overall profitability. As we enter 2026, we remain confident that these foundational strengths will drive sustainable growth and create lasting value for our shareholders."

Mr. Donghao Yang, Director and Chief Financial Officer of Yatsen, commented, "Our recent financial results mark a pivotal milestone in our journey toward sustainable growth. For the fourth quarter, we are proud to have achieved net income and non-GAAP net income, alongside total net revenue growth. For the full year of 2025, we achieved year-over-year revenue growth, substantially narrowed our net loss, and achieved a non-GAAP net income turnaround. This success underscores the robust health of our brand portfolio as well as our improved operational efficiency. Looking ahead, we will continue to prioritize financial stability and strategic resource allocation to ensure Yatsen is well-positioned for long-term success."

Fourth Quarter 2025 Financial Results

Net Revenues

Total net revenues for the fourth quarter of 2025 increased by 20.1% to RMB1.38 billion (US$197.3 million) from RMB1.15 billion for the prior year period. The increase was primarily due to a 51.9% year-over-year increase in net revenues from Skincare Brands, partially offset by a 9.1% year-over-year decrease in net revenues from Color Cosmetics Brands.^[3]

Gross Profit and Gross Margin

Gross profit for the fourth quarter of 2025 increased by 20.0% to RMB1.07 billion (US$153.2 million) from RMB893.0 million for the prior year period. Gross margin for the fourth quarter of 2025 was 77.7%, remaining largely flat as compared with 77.8% for the prior year period.

Operating Expenses

Total operating expenses for the fourth quarter of 2025 decreased by 15.6% to RMB1.08 billion (US$155.0 million) from RMB1.28 billion for the prior year period. As a percentage of total net revenues, total operating expenses for the fourth quarter of 2025 were 78.6%, as compared with 111.8% for the prior year period.

Fulfillment Expenses. Fulfillment expenses for the fourth quarter of 2025 were RMB77.0 million (US$11.0 million), as compared with RMB63.5 million for the prior year period. As a percentage of total net revenues, fulfillment expenses for the fourth quarter of 2025 were 5.6% as compared with 5.5% for the prior year period, remaining largely flat.
Selling and Marketing Expenses. Selling and marketing expenses for the fourth quarter of 2025 were RMB893.8 million (US$127.8 million), as compared with RMB690.6 million for the prior year period. As a percentage of total net revenues, selling and marketing expenses for the fourth quarter of 2025 increased to 64.8% from 60.1% for the prior year period. The increase was primarily driven by higher traffic acquisition costs amid intensified competition during the Double 11 shopping festival.
General and Administrative Expenses. General and administrative expenses for the fourth quarter of 2025 were RMB74.4 million (US$10.6 million), as compared with RMB100.1 million for the prior year period. As a percentage of total net revenues, general and administrative expenses for the fourth quarter of 2025 decreased to 5.4% from 8.7% for the prior year period. The decrease was primarily driven by lower payroll expenses and share-based compensation expenses, coupled with the leveraging effect of higher total net revenues in the fourth quarter of 2025.
Research and Development Expenses. Research and development expenses for the fourth quarter of 2025 were RMB38.8 million (US$5.5 million), as compared with RMB26.3 million for the prior year period. As a percentage of total net revenues, research and development expenses for the fourth quarter of 2025 increased to 2.8% from 2.3% for the prior year period. The increase was primarily driven by higher payroll expenses resulting from a rise in research and development headcount.
Impairment of Goodwill. There was no impairment of goodwill for the fourth quarter of 2025, as compared with an impairment of goodwill of RMB403.1 million for the prior year period. Based on our assessment, no impairment indicators were identified as of December 31, 2025.

Loss / Income from Operations

Loss from operations for the fourth quarter of 2025 was RMB12.7 million (US$1.8 million), as compared with RMB390.7 million for the prior year period. Operating loss margin was 0.9%, as compared with 34.0% for the prior year period.

Non-GAAP income from operations^[4] for the fourth quarter of 2025 was RMB11.8 million (US$1.7 million), as compared with RMB93.2 million for the prior year period. Non-GAAP operating income margin^[5] was 0.9%, as compared with 8.1% for the prior year period.

Net Loss / Income

Net income for the fourth quarter of 2025 was RMB3.0 million (US$0.4 million), as compared with net loss of RMB378.8 million for the prior year period. Net income margin was 0.2%, as compared with net loss margin of 33.0% for the prior year period. Net income attributable to Yatsen's ordinary shareholders per diluted ADS^[6] for the fourth quarter of 2025 was RMB0.08 (US$0.01), as compared with net loss attributable to Yatsen's ordinary shareholders per diluted ADS of RMB3.98 for the prior year period.

Non-GAAP net income for the fourth quarter of 2025 was RMB41.2 million (US$5.9 million), as compared with RMB107.0 million for the prior year period. Non-GAAP net income margin was 3.0%, as compared with 9.3% for the prior year period. Non-GAAP net income attributable to Yatsen's ordinary shareholders per diluted ADS^[7] for the fourth quarter of 2025 was RMB0.46 (US$0.07), as compared with RMB0.99 for the prior year period.

Full Year 2025 Financial Results

Total net revenues for the full year of 2025 increased by 26.7% to RMB4.30 billion (US$614.6 million) from RMB3.39 billion for the prior year period, primarily attributable to a 63.5% year-over-year increase in net revenues from Skincare Brands, combined with a 1.9% year-over-year increase in net revenues from Color Cosmetics Brands.

Gross profit for the full year of 2025 increased by 28.4% to RMB3.36 billion (US$480.7 million) from RMB2.62 billion for the prior year period. Gross margin for the full year of 2025 increased to 78.2% from 77.1% for the prior year period. The increase was primarily attributable to increasing sales of higher-gross margin products.

Loss from operations for the full year of 2025 was RMB185.8 million (US$26.6 million), as compared with RMB824.9 million for the prior year period. Operating loss margin decreased to 4.3% from 24.3% for the prior year period, primarily because there was no impairment of goodwill for the full year of 2025.

Non-GAAP loss from operations for the full year of 2025 was RMB84.0 million (US$12.0 million), as compared with RMB224.3 million for the prior year period. Non-GAAP operating loss margin decreased to 2.0% from 6.6% for the prior year period.

Net loss for the full year of 2025 was RMB92.4 million (US$13.2 million), as compared with RMB710.2 million for the prior year period. Net loss margin decreased to 2.2% from 20.9% for the prior year period. Net loss attributable to Yatsen's ordinary shareholders per diluted ADS for the full year of 2025 was RMB0.87 (US$0.12), as compared with RMB6.99 for the prior year period.

Non-GAAP net income for the full year of 2025 was RMB8.4 million (US$1.2 million), as compared with non-GAAP net loss of RMB128.2 million for the prior year period. Non-GAAP net income margin was 0.2%, as compared with non-GAAP net loss margin of 3.8% for the prior year period. Non-GAAP net income attributable to Yatsen's ordinary shareholders per diluted ADS for the full year of 2025 was RMB0.19 (US$0.03), as compared with non-GAAP net loss attributable to Yatsen's ordinary shareholders per diluted ADS of RMB1.26 for the prior year period.

Balance Sheet and Cash Flow

As of December 31, 2025, the Company had cash, restricted cash and short-term investments of RMB1.05 billion (US$150.7 million), as compared with RMB1.36 billion as of December 31, 2024.

Net cash used in operating activities for the fourth quarter of 2025 was RMB69.4 million (US$9.9 million), as compared with net cash generated from operating activities of RMB202.2 million for the prior year period. Net cash used in operating activities for the full year of 2025 was RMB94.7 million (US$13.5 million), as compared with RMB243.7 million for the prior year period.

Business Outlook

For the first quarter of 2026, the Company expects its total net revenues to be between RMB958.6 million and RMB1.08 billion, representing a year-over-year increase of approximately 15% to 30%. These forecasts reflect the Company's current and preliminary views on the market and operational conditions, which are subject to change.

Exchange Rate

This announcement contains translations of certain Renminbi ("RMB") amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ were made at a rate of RMB6.9931 to US$1.00, the exchange rate in effect as of December 31, 2025, as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ amounts could have been, or could be, converted into US$ or RMB, as the case may be, at any particular rate, or at all.

[1] Include net revenues from Galénic, DR.WU (its mainland China business), Eve Lom and other skincare brands of the Company.

[2] Non-GAAP net income (loss) is a non-GAAP financial measure. Non-GAAP net income (loss) is defined as net income (loss) excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from assets and business acquisitions, (iii) revaluation of investments on the share of equity method investments, (iv) impairment of goodwill, (v) impairment of investments and (vi) tax effects on non-GAAP adjustments.

[3] Include Perfect Diary, Little Ondine, Pink Bear and other color cosmetics brands of the Company.

[4] Non-GAAP income (loss) from operations is a non-GAAP financial measure. Non-GAAP income (loss) from operations is defined as income (loss) from operations excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from assets and business acquisitions and (iii) impairment of goodwill.

[5] Non-GAAP operating income (loss) margin is a non-GAAP financial measure, which is defined as non-GAAP net income (loss) from operations as a percentage of total net revenues.

[6] ADS refers to American depositary shares, each of which represents twenty Class A ordinary shares.

[7] Non-GAAP net income (loss) attributable to ordinary shareholders per diluted ADS is a non-GAAP financial measure. Non-GAAP net income (loss) attributable to ordinary shareholders per diluted ADS is defined as non-GAAP net income (loss) attributable to ordinary shareholders divided by the weighted average number of diluted ADS outstanding for computing diluted earnings per ADS. Non-GAAP net income (loss) attributable to ordinary shareholders is defined as net income (loss) attributable to ordinary shareholders excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from assets and business acquisitions, (iii) revaluation of investments on the share of equity method investments, (iv) impairment of goodwill, (v) impairment of investments, (vi) tax effects on non-GAAP adjustments and (vii) accretion to redeemable non-controlling interests.

Conference Call Information

The Company's management will hold a conference call on Monday, March 2, 2026, at 7:30 A.M. U.S. Eastern Time or 8:30 P.M. Beijing Time to discuss its financial results and operating performance for the fourth quarter and full year 2025.

United States (toll free):	+1-888-346-8982
International:	+1-412-902-4272
Mainland China (toll free):	400-120-1203
Hong Kong, SAR (toll free):	800-905-945
Hong Kong, SAR:	+852-3018-4992

The replay will be accessible through Monday, March 9, by dialing the following numbers:

United States:	+1-855-669-9658
International:	+1-412-317-0088
Replay Access Code:	2950633

A live and archived webcast of the conference call will also be available on the Company's investor relations website at http://ir.yatsenglobal.com.

About Yatsen Holding Limited

Yatsen Holding Limited (NYSE: YSG) is a leading China-based beauty group with the mission of creating an exciting new journey of beauty discovery for consumers around the world. Founded in 2016, the Company has launched and acquired numerous color cosmetics and skincare brands including Perfect Diary, Little Ondine, Pink Bear, Galénic, DR.WU (its mainland China business) and Eve Lom. The Company's flagship brand, Perfect Diary, is one of the leading color cosmetics brands in China in terms of retail sales value. The Company primarily reaches and engages with customers directly both online and offline, with expansive presence across all major e-commerce, social and content platforms in China.

For more information, please visit http://ir.yatsenglobal.com.

Use of Non-GAAP Financial Measures

The Company uses non-GAAP income (loss) from operations, non-GAAP operating income (loss) margin, non-GAAP net income (loss), non-GAAP net income (loss) margin, non-GAAP net income (loss) attributable to ordinary shareholders and non-GAAP net income (loss) attributable to ordinary shareholders per diluted ADS, each a non-GAAP financial measure, in reviewing and assessing its operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company presents these non-GAAP financial measures because they are used by the management to evaluate operating performance and formulate business plans. Non-GAAP financial measures help identify underlying trends in its business, provide further information about its results of operations, and enhance the overall understanding of its past performance and future prospects. The Company defines non-GAAP income (loss) from operations as income (loss) from operations excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from assets and business acquisitions and (iii) impairment of goodwill. Non-GAAP operating income (loss) margin is non-GAAP income (loss) from operations as a percentage of total net revenues. The Company defines non-GAAP net income (loss) as net income (loss) excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from assets and business acquisitions, (iii) revaluation of investments on the share of equity method investments, (iv) impairment of goodwill, (v) impairment of investments and (vi) tax effects on non-GAAP adjustments. Non-GAAP net income (loss) margin is non-GAAP net income (loss) as a percentage of total net revenues. The Company defines non-GAAP net income (loss) attributable to ordinary shareholders as net income (loss) attributable to ordinary shareholders excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from assets and business acquisitions, (iii) revaluation of investments on the share of equity method investments, (iv) impairment of goodwill, (v) impairment of investments, (vi) tax effects on non-GAAP adjustments and (vii) accretion to redeemable non-controlling interests. Non-GAAP net income (loss) attributable to ordinary shareholders per diluted ADS is computed using non-GAAP net income (loss) attributable to ordinary shareholders divided by weighted average number of diluted ADS outstanding for computing diluted earnings per ADS.

However, the non-GAAP financial measures have limitations as analytical tools as the non-GAAP financial measures are not presented in accordance with U.S. GAAP and may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. Reconciliations of Yatsen's non-GAAP financial measures to the most comparable U.S. GAAP measure are included at the end of this press release.

Safe Harbor Statement

This announcement contains statements that may constitute "forward-looking" statements which are made pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to," and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the Securities and Exchange Commission ("SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs, plans, outlook and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's growth strategies; its future business development, results of operations and financial condition; its ability to continue to roll out popular products and maintain popularity of existing products; its ability to anticipate and respond to changes in industry trends and consumer preferences and behavior in a timely manner; its ability to attract and retain new customers and to increase revenues generated from repeat customers; its expectations regarding demand for and market acceptance of its products and services; its ability to integrate newly-acquired businesses and brands; trends and competition in and relevant government policies and regulations relating to China's beauty market; changes in its revenues and certain cost or expense items; and general economic conditions globally and in China. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

Yatsen Holding Limited
Investor Relations
E-mail: ir@yatsenglobal.com

YATSEN HOLDING LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except for share, per share data or otherwise noted)

	December 31,		December 31,		December 31,
	2024		2025		2025
	RMB'000		RMB'000		USD'000
Assets
Current assets
Cash and cash equivalents		817,395		765,379		109,448
Restricted cash		-		42,117		6,023
Short-term investments		539,130		246,008		35,179
Accounts receivable, net		214,558		220,870		31,584
Inventories, net		386,054		508,730		72,747
Prepayments and other current assets		381,404		450,970		64,488
Amounts due from related parties		9,113		114		16
Total current assets		2,347,654		2,234,188		319,485
Non-current assets
Investments		664,579		653,560		93,458
Property and equipment, net		74,373		77,014		11,013
Goodwill, net		155,029		155,029		22,169
Intangible assets, net		559,708		537,509		76,863
Deferred tax assets		1,381		1,435		205
Right-of-use assets, net		147,501		173,915		24,870
Other non-current assets		20,642		14,332		2,049
Total non-current assets		1,623,213		1,612,794		230,627
Total assets		3,970,867		3,846,982		550,112
Liabilities, redeemable non-controlling interests and shareholders' equity
Current liabilities
Accounts and notes payable		72,090		149,371		21,360
Advances from customers		19,574		28,821		4,121
Accrued expenses and other liabilities		460,143		348,700		49,863
Amounts due to related parties		28,884		21,262		3,040
Income tax payables		20,088		13,690		1,958
Lease liabilities due within one year		39,409		53,435		7,641
Total current liabilities		640,188		615,279		87,983
Non-current liabilities
Deferred tax liabilities		103,306		107,906		15,430
Deferred income-non current		14,832		-		-
Lease liabilities		109,526		123,157		17,611
Total non-current liabilities		227,664		231,063		33,041
Total liabilities		867,852		846,342		121,024
Redeemable non-controlling interests		50,984		1,337		191
Shareholders' equity
Ordinary Shares (US$0.00001 par value; 10,000,000,000 ordinary shares authorized, comprising of 6,000,000,000 Class A ordinary shares, 960,852,606 Class B ordinary shares and 3,039,147,394 shares each of such classes to be designated as of December 31, 2024 and December 31, 2025; 2,096,600,883 Class A shares and 600,572,880 Class B ordinary shares issued as of December 31, 2024 and December 31, 2025; 1,234,627,468 Class A ordinary shares and 600,572,880 Class B ordinary shares outstanding as of December 31, 2024, 1,276,663,163 Class A ordinary shares and 600,572,880 Class B ordinary shares outstanding as of December 31, 2025)		173		173		25
Treasury shares		(1,276,330)		(1,250,678)		(178,845)
Additional paid-in capital		12,273,767		12,296,367		1,758,357
Statutory reserve		28,147		31,527		4,508
Accumulated deficit		(8,057,297)		(8,141,545)		(1,164,225)
Accumulated other comprehensive income		86,866		74,760		10,693
Total Yatsen Holding Limited shareholders' equity		3,055,326		3,010,604		430,513
Non-controlling interests		(3,295)		(11,301)		(1,616)
Total shareholders' equity		3,052,031		2,999,303		428,897
Total liabilities, redeemable non-controlling interests and shareholders' equity		3,970,867		3,846,982		550,112

YATSEN HOLDING LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(All amounts in thousands, except for share, per share data or otherwise noted)

	For the Three Months Ended December 31,						For the Year Ended December 31,
	2024		2025		2025		2024		2025		2025
	RMB'000		RMB'000		USD'000		RMB'000		RMB'000		USD'000
Total net revenues		1,148,522		1,379,443		197,258		3,393,414		4,298,124		614,624
Total cost of revenues		(255,536)		(308,105)		(44,058)		(776,236)		(936,780)		(133,958)
Gross profit		892,986		1,071,338		153,200		2,617,178		3,361,344		480,666
Operating expenses:
Fulfilment expenses		(63,517)		(77,025)		(11,014)		(216,540)		(253,926)		(36,311)
Selling and marketing expenses		(690,584)		(893,771)		(127,808)		(2,268,793)		(2,852,288)		(407,872)
General and administrative expenses		(100,122)		(74,443)		(10,645)		(444,373)		(303,628)		(43,418)
Research and development expenses		(26,345)		(38,788)		(5,547)		(109,287)		(137,296)		(19,633)
Impairment of goodwill		(403,076)		-		-		(403,076)		-		-
Total operating expenses		(1,283,644)		(1,084,027)		(155,014)		(3,442,069)		(3,547,138)		(507,234)
Loss from operations		(390,658)		(12,689)		(1,814)		(824,891)		(185,794)		(26,568)
Financial income		20,973		6,947		993		86,136		40,721		5,823
Foreign currency exchange (loss) gain		(22,129)		1,176		168		(20,399)		13,374		1,912
(Loss) income from equity method investments, net		(8,104)		2,304		329		1,386		5,940		849
Impairment of investments		-		(13,453)		(1,924)		-		(13,453)		(1,924)
Other income, net		18,726		20,150		2,881		44,461		46,690		6,677
(Loss) income before income tax expenses		(381,192)		4,435		633		(713,307)		(92,522)		(13,231)
Income tax benefits (expenses)		2,388		(1,398)		(200)		3,086		108		15
Net (loss) income		(378,804)		3,037		433		(710,221)		(92,414)		(13,216)
Net loss (income) attributable to non-controlling interests and redeemable non-controlling interests		(5,430)		5,028		719		2,047		11,546		1,651
Net (loss) income attributable to Yatsen'sshareholders		(384,234)		8,065		1,152		(708,174)		(80,868)		(11,565)
Shares used in calculating loss per share(1):
Weighted average number of Class A and Class B ordinary shares:
Basic		1,930,413,426		1,879,474,484		1,879,474,484		2,025,072,131		1,862,554,166		1,862,554,166
Diluted		1,930,413,426		2,018,668,765		2,018,668,765		2,025,072,131		1,862,554,166		1,862,554,166
Net (loss) income per Class A and Class B ordinary share
Basic		(0.20)		0.00		0.00		(0.35)		(0.04)		(0.01)
Diluted		(0.20)		0.00		0.00		(0.35)		(0.04)		(0.01)
Net (loss) income per ADS (20 ordinary shares equal to 1 ADS)
Basic		(3.98)		0.09		0.01		(6.99)		(0.87)		(0.12)
Diluted		(3.98)		0.08		0.01		(6.99)		(0.87)		(0.12)

* In the fourth quarter of 2025, we made certain out of period adjustments mainly relating to revenues and cost of revenues to correct certain prior periods errors mainly occurred during the sales return and inventory receipt processes, which reduced quarterly profit by RMB14.6 million. Out of the RMB14.6 million adjustments, RMB7.4 million adjustments were related to prior years. Based on our quantitative and qualitative analysis, we do not believe these errors are material to our financial position or results of operations for the current year and for any prior years or prior quarters individually or in aggregate.

	For the Three Months Ended December 31,						For the Year Ended December 31,
	2024		2025		2025		2024		2025		2025
Share-based compensation expenses are included in the operating expenses as follows:	RMB'000		RMB'000		USD'000		RMB'000		RMB'000		USD'000
Fulfilment expenses		237		2	0			387		213		30
Selling and marketing expenses (income)		2,259		1,411		202		(42)		4,959		709
General and administrative expenses		17,443		10,940		1,564		89,941		48,646		6,956
Research and development expenses		356		1,636		234		888		5,213		745
Total		20,295		13,989		2,000		91,174		59,031		8,440

(1) Authorized share capital is re-classified and re-designated into Class A ordinary shares and Class B ordinary shares, with each Class A ordinary share being entitled to one vote and each Class B ordinary share being entitled to twenty votes on all matters that are subject to shareholder vote.

YATSEN HOLDING LIMITED
UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except for share, per share data or otherwise noted)

	For the Three Months Ended December 31,						For the Year Ended December 31,
	2024		2025		2025		2024		2025		2025
	RMB'000		RMB'000		USD'000		RMB'000		RMB'000		USD'000
Loss from operations		(390,658)		(12,689)		(1,814)		(824,891)		(185,794)		(26,568)
Share-based compensation expenses		20,295		13,989		2,000		91,174		59,031		8,440
Impairment of goodwill		403,076		-		-		403,076		-		-
Amortization of intangible assets resulting from assets and business acquisitions		60,447		10,502		1,502		106,385		42,729		6,110
Non-GAAP income (loss) from operations		93,160		11,802		1,688		(224,256)		(84,034)		(12,018)
Net (loss) income		(378,804)		3,037		433		(710,221)		(92,414)		(13,216)
Share-based compensation expenses		20,295		13,989		2,000		91,174		59,031		8,440
Impairment of goodwill		403,076		-		-		403,076		-		-
Impairment of investments		-		13,453		1,924		-		13,453		1,924
Amortization of intangible assets resulting from assets and business acquisitions		60,447		10,502		1,502		106,385		42,729		6,110
Revaluation of investments on the share of equity method investments		7,386		(3,475)		(497)		(10,019)		(15,839)		(2,265)
Tax effects on non-GAAP adjustments		(5,421)		3,725		533		(8,644)		1,435		205
Non-GAAP net income (loss)		106,979		41,231		5,895		(128,249)		8,395		1,198
Net (loss) income attributable to Yatsen's shareholders		(384,234)		8,065		1,152		(708,174)		(80,868)		(11,565)
Share-based compensation expenses		20,295		13,989		2,000		91,174		59,031		8,440
Impairment of goodwill		403,076		-		-		403,076		-		-
Impairment of investments		-		13,453		1,924		-		13,453		1,924
Amortization of intangible assets resulting from assets and business acquisitions		60,079		10,228		1,463		104,853		41,390		5,919
Revaluation of investments on the share of equity method investments		7,386		(3,475)		(497)		(10,019)		(15,839)		(2,265)
Tax effects on non-GAAP adjustments		(5,393)		3,724		533		(8,533)		1,490		213
Non-GAAP net income (loss) attributable to Yatsen's shareholders		101,209		45,984		6,575		(127,623)		18,657		2,666
Shares used in calculating loss per share:
Weighted average number of Class A and Class B ordinary shares:
Basic		1,930,413,426		1,879,474,484		1,879,474,484		2,025,072,131		1,862,554,166		1,862,554,166
Diluted		2,049,750,667		2,018,668,765		2,018,668,765		2,025,072,131		2,009,621,005		2,009,621,005
Non-GAAP net income (loss) attributable to ordinary shareholders per Class A and Class B ordinary share
Basic		0.05		0.02		0.00		(0.06)		0.01		0.00
Diluted		0.05		0.02		0.00		(0.06)		0.01		0.00
Non-GAAP net income (loss) attributable to ordinary shareholders per ADS (20 ordinary shares equal to 1 ADS)
Basic		1.05		0.49		0.07		(1.26)		0.20		0.03
Diluted		0.99		0.46		0.07		(1.26)		0.19		0.03

View original content:https://www.prnewswire.com/news-releases/yatsen-announces-fourth-quarter-and-full-year-2025-financial-results-302700794.html

SOURCE Yatsen Holding Limited

FAQ

What were YSG's total net revenues for Q4 2025 and FY2025?

Yatsen reported Q4 2025 total net revenues of RMB1.38 billion and FY2025 revenues of RMB4.30 billion. According to the company, Q4 revenue rose 20.1% year-over-year and FY revenue grew 26.7% year-over-year, driven primarily by skincare sales.

How did YSG's skincare brands perform in 2025 and what share did they hold?

Skincare brands grew strongly, with FY2025 revenues of RMB2.28 billion, a 63.5% increase. According to the company, skincare accounted for 53.0% of total net revenues in 2025 and 61.1% in Q4, reflecting a portfolio shift toward higher-margin products.

Did Yatsen (YSG) report a profit or loss in FY2025 and what about non-GAAP results?

Yatsen reported a full-year net loss of RMB92.4 million but achieved non-GAAP net income of RMB8.4 million. According to the company, adjustments excluded items like share-based compensation and goodwill impairment to show improved underlying profitability.

What was YSG's gross margin and how did it change in 2025?

Gross margin improved to 78.2% for FY2025 from 77.1% the prior year. According to the company, the increase was mainly due to rising sales of higher-gross-margin products, particularly within its skincare portfolio.

What guidance did Yatsen give for Q1 2026 revenue and expected growth?

Yatsen guided Q1 2026 total net revenues between RMB958.6 million and RMB1.08 billion, implying roughly 15%–30% year-over-year growth. According to the company, these are preliminary views subject to market and operational conditions and may change.

Yatsen Announces Fourth Quarter and Full Year 2025 Financial Results