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

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Did Yatsen beat or miss consensus estimates last quarter?

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

- **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

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

YSG

YSG fundamentals

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