What does Yatsen do and what are its main business segments?

What factors drove the changes in Yatsen's revenue and profit?

What guidance did Yatsen's management provide for the next earnings period?

Did Yatsen beat or miss consensus estimates last quarter?

What were the key takeaways from Yatsen’s earnings call?

What is the revenue and EPS growth rate for Yatsen year over year?

What is the market's earnings forecast for Yatsen next quarter?

What is Yatsen's latest dividend and current dividend yield?

- **Skincare Dominance**: 61.1% Q4 revenue, 53% full-year skincare share.
- **R&D Intensity**: 2.8% R&D spend, 38.8 million Q4.
- **Q1 Guidance**: 15-30% YoY growth.

**【CEO Summary Section】**
- **Revenue Growth**: Q4 2025 net revenue rose 20.1% YoY to RMB 1.38 billion, driven by skincare brands (51.9% YoY growth) and a 61.1% contribution to total revenue. Full-year revenue increased 26.7% to RMB 4.3 billion.
- **Profitability**: Non-GAAP net income turned positive in Q4 (RMB 41.2 million) after years of loss, with operating expenses down 15.6% YoY.
- **R&D Focus**: 2.8% of revenue allocated to R&D, supporting launches like Galenic's VB serum and Dr. Wu's PDRN serum, which won 2025 Cosmo Beauty Award.

**【CFO Financial Commentary】**
- **Gross Margin**: 77.7% (flat YoY), selling expenses 64.8% of revenue, and 38.8 million R&D spend (+26.3 million YoY). Q1 2026 guidance: RMB 958.6-1.08 billion revenue.
- **Leverage**: 5.4% G&A expenses down 8.7% YoY, net cash use in opex (-69.4 million Q4).

Yatsen Holding Limited (YSG) Q4 2025 Earnings Call Transcript

- **Revenue Growth Accelerates**: Q3 2025 net revenues up 47.5% YoY, driven by 83.2% skincare expansion and 49.2% skincare revenue mix.
- **Profitability Improves**: Net loss margin narrows to 7% (from 17.9%), gross margin expands to 78.2%.
- **Double 11 Success**: New SKUs outperform, with Galénic VB serum #2 in serum sales and DR. WU PDRN serum gaining traction.
- **2026 Outlook**: Q4 revenue guidance of 15-30% YoY growth, with focus on R&D investment and channel efficiency.
- **Competitive Edge**: Clinically validated innovation and regimen-based sales drive customer retention.


**【CEO Summary Section】**
- Total net revenues increased by 47.5% year-over-year to RMB 998.4 million, driven by 83.2% growth in skincare brands and 25.2% growth in color cosmetics.
- Skincare now accounts for 49.2% of total revenue, with Galénic and DR. WU leading the charge. Galénic's new VB serum ranked #2 in serum sales, while DR. WU's PDRN serum gained strong traction.
- Net loss narrowed to 7% of revenue (from 17.9% last year), reflecting gross margin improvement to 78.2% and optimized operating expenses.
- R&D investment increased, with 11 papers presented at the IFCC Congress, showcasing clinical innovation and technology translation.

**【CFO Financial Commentary】**
- Gross profit rose 51.9% to RMB 780.5 million, with gross margin expanding to 78.2% from 75.9%.
- Operating expenses decreased as a percentage of revenue (86.5% vs. 96.8% YoY), driven by cost control and higher revenue leverage.
- Q4 2025 revenue guidance: RMB 1.32-1.49 billion (15-30% YoY growth), supported by Double 11 investments and new product launches.
- Cash position remains strong at RMB 1.16 billion, with operating cash flow impacted by seasonal inventory builds.

**【Q&A Highlights】**
- Double 11 performance exceeded expectations, with new SKUs driving momentum despite intense competition from foreign luxury brands.
- Management prioritizes long-term profitability over short-term discounts, focusing on balanced promotions and CRM optimization.
- 2026 outlook: Continued investment in R&D and channel mix optimization to sustain growth while improving margins.
- Competitive advantage: Clinically validated innovation (e.g., DR. WU's PDRN serum) and regimen-based sales driving customer lifetime value.


Yatsen Holding Limited (YSG) Q3 2025 Earnings Call Transcript

- **Revenue Surge**: 36.8% YoY growth, driven by 78.7% skincare rise, with Galénic and DR.WU leading.
- **Profitability Improvement**: Non-GAAP net profit margin 1.1%, operating expenses as % of revenue down to 83.4%.
- **R&D Edge**: World-class R&D investments and new products (e.g., Biophased Foundation) fuel growth against foreign competition.
- **Q3 Outlook**: 15-30% YoY revenue growth expected, supported by skincare momentum and efficiency gains.

**【CEO Summary Section】**
- **Industry Overview**: China's beauty industry grew 2.6% YoY in Q2 2025, underperforming total retail sales. Yatsen achieved 36.8% YoY revenue growth, driven by skincare (78.7% YoY) and color cosmetics (8.8% YoY). Skincare brands, including Galénic, DR.WU, and Eve Lom, led with 88.1% combined growth.
- **Product Highlights**: Galénic's VC serum and upgraded Micro Mask ranked #1 on Tmall and JD. DR.WU's Essence Toner and Perfect Diary's Biophased Foundation showcased R&D innovation. Offline expansion included Galénic stores in Guangzhou, Shanghai, Wuhan, and Shenzhen.
- **R&D & Social Impact**: Invested in global R&D networks and collaborations. Social programs included 2025 cohort graduation of 'Create A Beautiful Life' and DR.WU's skincare education tours.

**【CFO Financial Commentary】**
- **Revenue & Profitability**: Q2 2025 net revenue RMB 1.09B (36.8% YoY), non-GAAP net profit margin 1.1%. Gross margin 78.3% (vs. 76.7% YoY). Operating expenses as % of revenue decreased to 83.4% (from 93.7%).
- **Expense Management**: Fulfillment (5.8% vs. 6.4%), marketing (66.5% vs. 68.6%), and G&A (7.7% vs. 15%) all improved. R&D expenses 3.3% of revenue.
- **Cash & Guidance**: RMB 1.35B cash. Q3 2025 revenue guidance RMB 778.6M-880.1M (15-30% YoY growth).

**【Q&A Key Highlights】**
- **Profitability Balance**: Skincare's higher margins support growth without sacrificing profitability. R&D-driven innovation (e.g., Biophased Foundation) balances new product launches with efficiency.
- **Competition Strategy**: Invest in R&D (world-class Shanghai lab) to differentiate from foreign brands. Optimize product mix, marketing ROI, and supply chain for gradual profitability improvement.
- **Skincare Outlook**: Q3 guidance reflects continued skincare momentum. R&D pipeline and channel optimization drive long-term growth.

Yatsen Holding Limited (YSG) Q2 2025 Earnings Call Transcript

- **Revenue Growth**: 7.8% YoY to RMB833.5 million, driven by 47.7% skincare growth (Galénic, DR. WU). 
- **Profitability Turnaround**: Non-GAAP net income RMB7.1 million (vs. RMB83.8M loss last year). 
- **Cost Efficiency**: G&A expenses down 10.3 percentage points to 7.8% of revenue. 
- **Strategic Moves**: $30M share buyback, upgraded Galénic products, and R&D center accreditations. 
- **Q2 Outlook**: 2-12% YoY revenue growth guidance.

**【CEO Summary Section】**
- **Market Overview**: China's beauty market grew 3.2% YoY in Q1 2025, with online sales on Tmall and Douyin up low double digits. Yatsen's total net revenue rose 7.8% YoY to RMB833.5 million, driven by 47.7% YoY growth in skincare brands (e.g., Galénic's Vitamin C serum and DR. WU's toner). 
- **Profitability Improvement**: Net loss margin improved by 15.5 percentage points to 0.7% YoY, with non-GAAP net income of RMB7.1 million (vs. RMB83.8 million loss last year). 
- **Strategic Initiatives**: Launched upgraded Galénic Michaelmasque whitening products, expanded R&D center accreditations, and announced a $30 million share repurchase program.

**【CFO Financial Commentary】**
- **Revenue and Margins**: Total net revenue RMB833.5 million (+7.8% YoY). Growth profit margin 79.1% (vs. 77.7% YoY). 
- **Cost Optimization**: Operating expenses down 8.6% YoY to RMB693.2 million. G&A expenses as % of revenue fell to 7.8% (from 18.1% YoY). R&D expenses down 22.6% YoY to RMB22.6 million. 
- **Liquidity**: Cash and short-term investments RMB1.28 billion. Q2 2025 revenue guidance: RMB810.4-889.9 million (+2-12% YoY). 

**【Q&A Key Highlights】**
- **Product Launches**: Perfect Diary foundations and Galénic anti-aging products show strong consumer feedback; scaling distribution pending further testing. 
- **June 18th Festival**: Early sales in line with expectations, but full results TBD. 
- **Marketing Strategy**: Emphasizing product efficacy, R&D-backed innovation, and targeted KOL collaborations.

Yatsen Holding Limited (YSG) Q1 2025 Earnings Call Transcript

- **Q4 Revenue Beat**: 7.1% YoY growth driven by 16.4% color cosmetics recovery (Perfect Diary) and skincare's 41.1% revenue share.
- **Profitability Turnaround**: Non-GAAP net income margin of 9.3% (vs. -8.7% YoY), with gross margin up to 77.8%.
- **Strategic Focus**: Skincare (40%+ revenue) as stability driver, color cosmetics innovation (Biolipstick expansion), and R&D pipeline for anti-aging breakthroughs.
- **2025 Outlook**: Q1 revenue guidance +2% to +12% YoY, reflecting cautious optimism on skincare and color cosmetics recovery.

**【CEO Summary Section】**
- **Q4 Revenue Growth**: Total net revenues increased 7.1% YoY to RMB 1.15 billion, driven by 16.4% growth in color cosmetics (Perfect Diary recovery) and 3% growth in skincare brands (Galénic, DR.WU, Eve Lom). Full-year skincare revenue accounted for 41.1% of total net revenues, a record high.
- **Profitability Improvement**: Q4 gross margin rose to 77.8% (vs. 73.7% YoY), with non-GAAP net income margin of 9.3% (vs. -8.7% YoY). Full-year gross margin improved to 77.1% (vs. 73.6% YoY), with lowest net loss since 2020.
- **Strategic Initiatives**: 
  - **Skincare Focus**: Galénic's VC serum and Snow RG series drove growth; skincare R&D pipeline includes active micro ecological ingredients.
  - **Color Cosmetics Transformation**: Perfect Diary's Biolip Essence lipstick led Q4 color cosmetics growth; expanding offline channels for Private Diary.
  - **R&D Investment**: 3.2% of net revenues in 2024, with breakthroughs in anti-aging research (Nature Medicine) and clinical collaborations (DR.WU acne treatments).

**【CFO Financial Commentary】**
- **Q4 Financial Highlights**: 
  - Net loss narrowed to RMB 378.8 million (vs. RMB 494.5 million YoY); non-GAAP net income of RMB 107 million (vs. non-GAAP loss of RMB 93.7 million YoY).
  - Operating expenses decreased 3.5% YoY to RMB 1.28 billion, driven by cost optimization (e.g., 14.8%→8.7% G&A as a % of revenue).
  - Gross profit up 13% YoY to RMB 893 million, reflecting higher-margin product mix.
- **Full-Year Performance**: 
  - Total net revenues stable at RMB 3.39 billion (down 0.6% YoY); non-GAAP net loss narrowed to RMB 128.2 million (vs. RMB 296.1 million YoY).
  - Cash position of RMB 1.36 billion as of Q4, with net cash from operations of RMB 202.2 million.
- **Q1 2025 Outlook**: Revenue expected between RMB 788.8 million (+2% YoY) and RMB 866.2 million (+12% YoY), reflecting cautious optimism on skincare and color cosmetics recovery.

**【Q&A Key Takeaways】**
- **Profitability Expectations**: CEO emphasizes balancing growth with gross margin expansion through brand equity and R&D. Skincare (40%+ revenue) will be key stability driver, while color cosmetics (Perfect Diary transformation) will contribute high-margin growth.
- **Resource Allocation**: 
  - **Skincare Focus**: Galénic expanding into vitamin A serums; DR.WU moving from acne to anti-aging.
  - **Color Cosmetics Innovation**: Perfect Diary expanding Biolipstick into base makeup; Eve Lom launching new facial masks.
  - **Long-Term Growth**: 2025 R&D pipeline includes anti-aging, brightening, and microbiome ingredients for clinical brands.

Actual	-0.5581	-0.3318	-0.1161	-0.1086	-0.1495	-0.0946	-0.0821	-0.0632	-0.0145	0.0146	-0.0345	-0.0616	-0.162	-0.0083	-0.0055	-0.0085	-0.0274	0	-0.0014	-0.0056	0
Forecast	-0.2122	-0.2314	-0.2901	-0.2543	-0.3777	-0.2654	-0.2761	-0.2248	-0.3369	-0.1856	0.0207	-0.0411	-0.1127	-0.0761	0.0316	0.0071	0.0301
Surprise	-163.01%	-43.39%	+59.98%	+57.29%	+60.42%	+64.36%	+70.26%	+71.89%	+95.70%	+107.87%	-266.67%	-49.88%	-43.74%	+89.09%	-117.41%	-219.72%	-191.03%	0.00%	0.00%	0.00%	0.00%

YSG

YSG fundamentals

YSG Q4 2025 Earnings

Earnings Call

You can ask Aime

YSG

YSG fundamentals

YSG Q4 2025 Earnings

Earnings Call

YSG Earnings Call Summary for Q4/20257:30 AM on Mar 2, 2026

YSG Earnings Call Summary for Q3/20257:30 AM on Nov 17, 2025

YSG Earnings Call Summary for Q2/20257:30 AM on Aug 21, 2025

YSG Earnings Call Summary for Q1/20257:30 AM on May 16, 2025

YSG Earnings Call Summary for Q4/20247:30 AM on Feb 25, 2025

You can ask Aime