Yatsen Holding Limited's SEC filings document the reporting record of a foreign private issuer with NYSE-listed American depositary shares. Form 6-K current reports furnish quarterly and annual financial-result releases, including disclosures tied to Skincare Brands, Color Cosmetics Brands, revenue mix, margins and operating performance.
The company's filings also cover Form 20-F annual reporting, board composition changes, audit committee and committee membership matters, material-event disclosures, capital-structure information and governance topics relevant to its ADS program and China-based beauty business.
Yatsen Holding Ltd director Zhang Yi filed an initial ownership report detailing existing share option awards tied to the company’s Class A ordinary shares. These are derivative positions that give the right to buy shares at a fixed exercise price.
The filing lists three direct holdings of share options with an exercise price of $0.025 per share. Two option grants each cover 261,396 underlying Class A ordinary shares and expire on March 25, 2031 and March 1, 2032. A third grant covers 653,480 underlying Class A ordinary shares and expires on January 1, 2035.
Footnotes explain that all options granted are fully vested and exercisable as of the filing date, and that one grant was made on January 1, 2025 with vesting spread across four annual installments through November 18, 2028. This Form 3 does not reflect new purchases or sales but records existing option-based holdings.
Yatsen Holding Limited is raising new capital through a private placement of RMB-denominated convertible senior notes and warrants with an investment vehicle affiliated with Trustar Capital and founder Jinfeng Huang. The notes have an aggregate principal amount equivalent to about US$120 million, issued in two equal tranches.
The notes bear 1.5% annual interest, with an initial 364-day term for the first tranche that extends to five years upon receipt of an NDRC foreign debt registration certificate. After 364 days, the notes may be converted into Class A ordinary shares or ADSs at a conversion price of $4.63, a 20% premium to the recent ADS volume-weighted average price.
Alongside the notes, Yatsen will issue cashless warrants equal to one-tenth of the shares issued upon conversion of each note, exercisable at US$0.50 per Class A share (US$10.00 per ADS). Holders can require repurchase for cash on the third anniversary at a price reflecting a 4% internal rate of return. Yatsen plans to use the proceeds mainly for product R&D, global supply chain integration, overseas expansion, strategic M&A, and other corporate purposes.
Yatsen Holding Limited reported strong fourth quarter and full year 2025 results, with clear progress toward profitability. Fourth quarter total net revenues rose 20.1% to RMB1.38 billion, driven mainly by a 51.9% increase in skincare brand revenues, which reached RMB842.8 million and 61.1% of sales.
For full year 2025, total net revenues grew 26.7% to RMB4.30 billion, led by 63.5% growth in skincare revenues. Gross margin improved to 78.2%. Net loss for the year narrowed sharply to RMB92.4 million, while non-GAAP net income turned positive at RMB8.4 million, indicating better operating efficiency.
Yatsen Holding Limited is updating its board structure after the resignation of independent director Sidney Xuande Huang, effective February 28, 2026. His departure is described as for personal reasons and not related to any disagreement with the company.
The board has named Bonnie Yi Zhang as chairwoman of the audit committee, also effective February 28, 2026. It has additionally appointed Alan Hao Zong as an independent director and member of the audit, nominating and corporate governance, and compensation committees. He brings experience in venture capital, strategic investment, and consumer technology from roles at Alibaba, Capital Today Group, and Procter & Gamble, supported by an MBA from Harvard Business School.
Yatsen Holding Limited’s founder-linked entities Veritas Vision Holding Limited and Jinfeng Huang report beneficial ownership of 643,671,174 Class A ordinary shares on an as-converted basis, equal to 34.3% of the Class A share capital as of December 31, 2025.
This position comes from 43,098,294 Class A ordinary shares and 600,572,880 Class B ordinary shares held through Veritas Vision Holding Limited and Yellow Bee Limited. Because each Class B share carries twenty votes, these holdings together represent 90.7% of Yatsen’s total voting power, effectively giving Huang control over shareholder decisions.
Yatsen Holding Limited submitted a foreign issuer report to the U.S. securities regulator, using a Form 6-K for November 2025. The filing states that Yatsen files its annual reports on Form 20-F and attaches an exhibit containing a press release titled “Yatsen Announces Third Quarter 2025 Financial Results.” The report is signed on behalf of the company by Chief Financial Officer Donghao Yang and serves mainly to make the third quarter 2025 financial results press release available to investors through the U.S. reporting system.
Yatsen Holding Limited (YSG): Amendment No. 6 to Schedule 13G reports updated beneficial ownership by Banyan entities. Banyan Partners III Ltd., as general partner of the reporting funds, is deemed to beneficially own 14,517,545 Class A ordinary shares, representing 1.2% of the outstanding Class A shares, 0.8% of total ordinary shares, and 0.11% of aggregate voting power.
The position consists of 12,383,206 Class A shares held by Banyan Partners Fund III, L.P. and 2,134,339 Class A shares held by Banyan Partners Fund III‑A, L.P. The reporting persons expressly disclaim status as a “group,” and each fund disclaims beneficial ownership of shares directly held by the other. Percentages are based on 1,236,592,748 Class A and 600,572,880 Class B shares outstanding as of February 28, 2025; Class A has one vote per share and Class B has twenty votes per share. The stated event date is September 30, 2025.
Yatsen Holding Limited submitted a Form 6-K as a foreign private issuer, providing investors with access to its second quarter 2025 financial results through an attached press release. The company files its annual reports under Form 20-F, consistent with foreign issuer reporting standards.
The filing lists a single exhibit, a press release titled “Yatsen Announces Second Quarter 2025 Financial Results,” indicating that detailed quarterly performance information is contained in that attachment.
Banyan Partners' reporting persons collectively hold 64,083,545 Class A ordinary shares of Yatsen, representing 5.2% of outstanding Class A shares (54,668,026 held directly by Banyan Fund III and 9,415,519 held directly by Banyan Fund III-A). These holdings are calculated against 1,236,592,748 Class A ordinary shares and 600,572,880 Class B ordinary shares, for a total of 1,837,165,628 ordinary shares outstanding, as disclosed in the issuer's 20-F filing.
The filing notes Banyan III GP is the general partner of both funds and therefore may exercise voting and dispositive power over the aggregate 64,083,545 Class A shares. Because the company has a dual-class structure (each Class B share has twenty votes and is convertible into one Class A; Class A shares carry one vote and are not convertible into Class B), the reporting persons' Class A holdings represent approximately 0.5% of aggregate voting power. The Reporting Persons expressly disclaim status as a group and certain funds disclaim beneficial ownership over the other fund's directly held shares.
Yatsen Holding Limited has filed a Form 144 notice indicating a proposed sale of 100,000 American Depositary Shares (ADS), with each ADS representing 20 Class A Ordinary Shares. The securities are planned to be sold through Tiger Brokers on the NYSE with an aggregate market value of $966,000.
Key transaction details:
- The shares were originally acquired on February 1, 2024 through the company's Share Incentive Plan as an employee benefit
- The acquisition involved a cashless payment transaction
- The planned sale date is set for June 27, 2025
- The total outstanding shares are approximately 1.24 billion
Notably, the filing indicates no other securities were sold by the same person during the past three months. This Form 144 represents a standard regulatory requirement for proposed sales of restricted securities by affiliates.