PR Newswire·Mar 2, 2026, 5:00 AM ET

Yatsen Announces Fourth Quarter and Full Year 2025 Financial Results

YSG

Yatsen Holding Limited reported unaudited financial results for the fourth quarter and full year ended December 31, 2025, announcing a conference call on March 2, 2026, at 7:30 A.M. U.S. Eastern Time.
Total net revenues for Q4 2025 increased 20.1% year-over-year to RMB1.38 billion (US$197.3 million), while full-year 2025 revenues rose 26.7% to RMB4.30 billion (US$614.6 million).
Skincare brand revenues grew 51.9% in Q4 2025 to RMB842.8 million, representing 61.1% of total Q4 revenue, compared to 48.3% in the prior year period.
Gross margin for Q4 2025 was 77.7%, remaining flat year-over-year, while the full-year 2025 gross margin increased to 78.2% from 77.1% in 2024.
The company recorded net income of RMB3.0 million for Q4 2025, a turnaround from a net loss of RMB378.8 million in the prior year period.
Full-year 2025 net loss narrowed by 87.0% to RMB92.4 million (US$13.2 million) from RMB710.2 million in 2024, with no goodwill impairment recorded in 2025 compared to RMB403.1 million in 2024.
Non-GAAP net income for Q4 2025 was RMB41.2 million, down from RMB107.0 million in the prior year, while the full year 2025 saw a non-GAAP net income turnaround to RMB8.4 million from a non-GAAP net loss of RMB128.2 million.
Operating expenses decreased 15.6% in Q4 2025 to RMB1.08 billion, driven by lower general and administrative expenses, although selling and marketing expenses increased to RMB893.8 million due to higher traffic acquisition costs.
As of December 31, 2025, the company held RMB1.05 billion in cash, restricted cash, and short-term investments, down from RMB1.36 billion at the end of 2024.
For Q1 2026, Yatsen expects total net revenues between RMB958.6 million and RMB1.08 billion, reflecting a year-over-year increase of approximately 15% to 30%.