Yatsen Holding Ltd (YSG) reported the initial beneficial ownership of its Co-Chief Financial Officer, Wang Li Emily, in connection with a Form 3 filing. She holds share options giving the right to acquire 12,000,000 Class A ordinary shares at an exercise price of 0.025 per share, expiring on September 2, 2036.
According to the grant terms, these options vest over five years in equal tranches of 2,400,000 shares on each of September 2, 2027, 2028, 2029, 2030 and 2031, subject to the conditions of the applicable award agreement.
Yatsen Holding Ltd (YSG) reported second quarter 2026 results showing modest growth in total sales but significantly weaker profitability. Total net revenues rose 5.1% to RMB1.14 billion, driven by a strong shift toward skincare. Skincare Brands revenue grew 40.4% to RMB816.1 million and accounted for 71.5% of total revenues, while color cosmetics revenue fell 35.8% year over year.
Profitability deteriorated. Gross margin fell to 73.9% from 78.3%, mainly due to higher inventory provisions in color cosmetics linked to portfolio optimization. Loss from operations widened to RMB131.9 million with an operating loss margin of 11.5%, and net loss increased to RMB90.8 million, compared with RMB19.5 million a year earlier. Non-GAAP metrics also moved from profit to loss.
Yatsen ended June 30, 2026 with RMB1.06 billion in cash, restricted cash and short-term investments, but net cash used in operating activities was RMB78.0 million, versus positive RMB77.7 million a year earlier. For third quarter 2026, the company guides revenues to RMB898.6–998.4 million, implying a year-over-year decline of approximately 0% to 10%. Yatsen also appointed Li Wang as Co-Chief Financial Officer, with the expectation she will succeed the current CFO after the 2026 annual report.
Yatsen Holding Limited reported strong first quarter 2026 sales growth but significantly wider losses. Total net revenues rose 22.5% year over year to RMB1.02 billion (US$148.0 million), driven by a 58.5% jump in Skincare Brands revenue to RMB574.2 million (US$83.2 million), now 56.2% of total sales. Gross profit increased to RMB819.2 million with gross margin improving to 80.2%.
Despite this, higher selling, marketing and R&D spending pushed loss from operations to RMB99.0 million and net loss to RMB61.9 million, compared with a small loss a year earlier. Non-GAAP results also swung to a loss. The company held RMB934.2 million (US$135.4 million) in cash, restricted cash and short-term investments as of March 31, 2026, and used RMB90.0 million in operating cash flow. Yatsen completed a first closing of a private placement of convertible notes and warrants totaling about US$120 million and expects Q2 2026 revenue of RMB1.20–1.30 billion, implying 10%–20% year-over-year growth.
Yatsen Holding Limited completed the first tranche of its RMB-denominated convertible senior notes and warrants private placement, part of two equal tranches with a total aggregate principal amount equivalent to approximately US$120 million. The first notes and related warrants closed on May 21, 2026.
Affiliates of Hillhouse joined the investment vehicle as co-investors alongside Trustar Capital and founder, Chairman and CEO Jinfeng Huang. Yatsen plans to use the net proceeds for product research and development, global supply chain integration, overseas expansion, strategic mergers and acquisitions, and general corporate purposes. A second tranche is expected to be issued later this year, subject to closing conditions.
Yatsen Holding Limited files its annual Form 20-F, outlining a Cayman holding company structure that operates in China mainly through PRC subsidiaries and a VIE, which contributed 3.1% of third-party revenues in 2025. Holders of ADSs own the Cayman entity, not the VIE.
The company reports net revenues of RMB3.41 billion in 2023, RMB3.39 billion in 2024 and RMB4.30 billion (US$614.6 million) in 2025, with net losses of RMB750.2 million, RMB710.2 million and RMB92.4 million (US$13.2 million), respectively. As of December 31, 2025, it had 1,877,236,043 ordinary shares outstanding and ADSs each representing 20 Class A shares after a March 18, 2024 ratio change. The filing details extensive PRC regulatory, cybersecurity, CSRC filing and HFCAA-related risks that could impact operations and the value or tradability of the ADSs.
Yatsen Holding Ltd director Zong Alan Hao filed an initial ownership report showing he holds share options over 600,000 Class A ordinary shares. These options have an exercise price of 0.025 per share and were granted on February 28, 2026. They vest in three equal tranches of 200,000 shares on February 28, 2027, February 28, 2028, and February 28, 2029 and expire on February 28, 2036.
Yatsen Holding Ltd director Ha Jiming has filed an initial Form 3 reporting option holdings in the company. The filing lists three grants of share options, each giving the right to buy Class A ordinary shares at an exercise price of $0.025 per share, with expirations in 2031, 2032, and 2035.
The underlying share amounts shown are 283,533 shares, 283,532 shares, and 653,480 shares, all held directly. A footnote explains that one option grant dated January 1, 2025 vests over four years in specified annual tranches, subject to the award agreement terms.
Yatsen Holding Ltd director and CEO Jinfeng Huang has filed an initial statement of beneficial ownership, listing substantial indirect holdings in YSG. The filing shows indirect holdings through spouse and affiliated entities in Class A and Class B ordinary shares, share options, a convertible senior note and warrants.
Indirect derivative positions include share options over 13,159,520 and 8,800,691 Class A ordinary shares at an exercise price of $0.025 per share, expiring in 2033 and 2036, with vesting schedules running from 2024 to 2029. A convertible senior note held by Polaris Veritas Investment Limited, an affiliate of Huang and Trustar Capital, is reported as being convertible into up to 259,179,300 Class A ordinary shares at $0.2315 per share, linked to a March 2026 agreement for US$120 million aggregate principal in two tranches.
The filing also lists warrants held by Polaris Veritas Investment Limited to acquire up to 25,917,930 Class A ordinary shares at $0.50 per share, exercisable only upon and to the extent the First Note is converted, plus significant indirect holdings of Class A and Class B ordinary shares through Veritas Vision Holding Limited, Yellow Bee Limited and the CEO’s spouse.
Yatsen Holding Ltd Chief Scientific Officer Cheng Jing filed an initial statement of holdings. The filing reports share options covering 11,824,609 Class A ordinary shares at an exercise price of $0.0250 per share, expiring on February 28, 2033. These options were granted on February 28, 2023 and vest over five years, with specific tranches vesting annually from February 1, 2024 through February 1, 2028 under an award agreement. In addition, 76,000 Class A ordinary shares are reported as held indirectly through the officer’s spouse.
Yatsen Holding Ltd director and CFO Yang Donghao reported his equity holdings in the company. He holds 82,678,620 Class A ordinary shares directly. He also has 5,602,532 restricted shares outstanding, which are tied to an earlier equity award.
The footnote explains this award was originally 78,435,192 restricted shares granted on August 17, 2020, equivalent to the same number of ordinary shares. It vests over seven years, with 16,807,540 shares vesting on January 1 of each year from 2022 through 2025, 5,602,500 vesting on January 1, 2026, and 5,602,532 vesting on January 1, 2027. As of this filing date, 5,602,532 restricted shares remain unvested.