Yatsen Holding Ltd
NYSE:YSG
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Yatsen Holding Ltd
NYSE:YSG
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Yatsen Holding Ltd
Yatsen Holding Ltd. engages in the sale of beauty products. The company is headquartered in Guangzhou, Guangdong. The company went IPO on 2020-11-19. The firm owns three brands which are Perfect Diary, Little Ondine and Abby’s Choice. The company mainly sells the products through multiple online channels and the products provided directly to end consumers and third-party platform distributors. The firm conducts its business through the subsidiaries.
Yatsen Holding Ltd. engages in the sale of beauty products. The company is headquartered in Guangzhou, Guangdong. The company went IPO on 2020-11-19. The firm owns three brands which are Perfect Diary, Little Ondine and Abby’s Choice. The company mainly sells the products through multiple online channels and the products provided directly to end consumers and third-party platform distributors. The firm conducts its business through the subsidiaries.
Revenue: Total net revenue of RMB 1.38 billion in Q4, up 20.1% year-over-year and RMB 4.3 billion for full year, up 26.7%.
Skincare-led: Skincare was the growth engine — Q4 skincare revenue rose 51.9% YoY and accounted for 61.1% of Q4 revenues; full-year skincare contributed 53% of revenues.
Profitability: Company returned to GAAP profitability in Q4 with net income of RMB 3.0 million (0.2% margin); full-year net loss narrowed to RMB 92.4 million (2.2% margin).
Margins: Gross margin improved modestly to 78.2% for the full year (77.7% in Q4) driven by higher-gross-margin products.
Cost dynamics: Operating expenses fell sharply as a percent of revenue (Q4 operating expenses 78.6% vs 111.8% prior year), though selling & marketing increased in Q4 to 64.8% of revenue due to higher traffic acquisition costs around Double 11.
Cash & cash flow: Cash, restricted cash and short-term investments were RMB 1.05 billion at year-end; operating cash used RMB 94.7 million for the full year.
Outlook: Q1 2026 revenue guidance is RMB 958.6 million to RMB 1.08 billion, implying ~15%–30% YoY growth.
