Yatsen Holding Limited Earnings Recaps
Q1 2026
May 27, 2026
Yatsen’s shares gained 3.9% following a quarter marked by strong top-line growth and margin expansion, driven primarily by impressive skincare brand performance that outpaced market growth.
Key takeaways
- Total net revenues rose 22.5% year-over-year to RMB 1.02 billion, supported by a 58.5% surge in skincare brand sales.
- Gross margin expanded to 18.2%, hitting a historic high and indicating improved operational leverage.
- R&D investment increased to 3.9% of net revenues, underpinning innovation-led growth with multiple new product launches.
- Selling and marketing expenses rose due to brand-building initiatives and higher online traffic acquisition costs, reflecting a deliberate investment in long-term positioning.
- Management emphasized ongoing efforts to optimize profitability through dynamic channel mix adjustments and cost control measures.
Q3 2025
Nov 17, 2025
Yatsen Holding Limited reported a robust 47.5% year-over-year growth in total net revenues for Q3 2025, marking its fourth consecutive quarter of revenue growth and significantly narrowing its net loss margin.
Key takeaways
- Skincare brands experienced exceptional growth of 83.2%, accounting for 49.2% of total revenue, underscoring a successful category upgrade strategy.
- The net loss margin improved from 17.9% to 7%, reflecting enhanced gross margins and operational efficiencies.
- Continued emphasis on innovation led to successful product launches and increased customer engagement, particularly in the Galani and Doctor Wu brands.
- Yatsen remains focused on disciplined capital allocation while driving profitability through a balanced growth strategy in its brand portfolio.
Q2 2025
Aug 21, 2025
Yatsen delivered a strong second quarter of 2025 with revenue growth of 36.8% year-over-year, driven by a remarkable recovery in its skincare segment and strategic R&D initiatives.
Key takeaways
- Total net revenues reached RMB 1.09 billion, significantly surpassing prior guidance.
- Skincare revenues surged 78.7%, bolstered by the performance of flagship brands like Galénic and DR.WU.
- The company achieved its third consecutive quarter of non-GAAP profitability, with a net loss margin reduced to 1.8% from 10.8% year-over-year.
- Innovations in color cosmetics, particularly from Perfect Diary, contributed to renewed growth, with a focus on "makeup skinification."
- Yatsen continued to enhance its R&D capabilities, reinforcing its commitment to product innovation and brand equity.