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Yatsen
Yatsen (YSG) investor relations material
Yatsen Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary2 Mar, 2026
Executive summary
Achieved 20.1% year-over-year net revenue growth in Q4 2025 and 26.7% for the full year, led by skincare brands, with a return to profitability on both GAAP and non-GAAP bases in Q4.
Full-year net loss narrowed to RMB 92.4 million from RMB 710.2 million prior year; non-GAAP net income margin reached 0.2%.
Strategic focus on R&D-led product innovation, premium skincare expansion, and operational efficiency.
Notable turnaround to GAAP net income in Q4 2025 and significant narrowing of full-year net loss margin.
Continued investment in R&D and expansion of premium skincare brands, with new product launches and industry recognition.
Financial highlights
Q4 2025 net revenues: RMB 1.38 billion, up 20.1% year-over-year; full year: RMB 4.30 billion, up 26.7%.
Q4 gross margin: 77.7% (flat year-over-year); full year: 78.2% (up from 77.1%).
Q4 net income: RMB 3 million (margin 0.2%) vs. net loss of RMB 378.8 million prior year; full-year net loss: RMB 92.4 million.
Q4 non-GAAP net income: RMB 41.2 million; full-year non-GAAP net income: RMB 8.4 million.
Net cash used in operating activities for full year: RMB 94.7 million, improved from RMB 243.7 million prior year.
Outlook and guidance
Q1 2026 net revenues expected between RMB 958.6 million and RMB 1.08 billion, representing 15%-30% year-over-year growth.
Management remains confident in sustainable growth, focusing on R&D, premium skincare, and operational leverage.
Industry trends indicate continued growth in China’s beauty and consumer goods retail sales.
Why did Q4 non-GAAP net income margin decline?
Detail marketing efficiency improvement strategies
How is intensified competition affecting profitability?
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Next Yatsen earnings date
Q1 202615 May, 2026
Yatsen
Next Yatsen earnings date
Q1 202615 May, 2026
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Frequently asked questions
Yatsen Holding Limited, an investment holding company, develops and sells beauty products in the People's Republic of China. The company offers lipsticks, eye shadow palettes, lip glosses, foundations and powders, eyebrow products, mascara and eyeliners, and blush products under the Perfect Diary brand; nail polish under the Little Ondine brand; and skincare products under the Abby's Choice brand. It also provides e-commerce platform through its Website and mobile applications. Yatsen Holding Limited was founded in 2016 and is headquartered in Nanshan District, Shenzhen, China.
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