Competition

Competitors describe Yatsen Holding Limited's market in their own filings and calls. These verified passages and visual pages show where their strategies meet, using source documents preserved in Sources.

Proya Cosmetics (603605.SH)

China's largest listed domestic beauty group by revenue and Yatsen's closest multi-brand peer — skincare flagship Proya (珀莱雅) plus the Timage (彩棠) color-cosmetics brand, sold through the same Tmall and Douyin channels Yatsen relies on.

Proya's stated Double-11 platform rankings (as of 30 October): its main Proya brand and its Timage (彩棠) color-cosmetics brand across Tmall, Douyin and JD.

截至 10月 30日，主品牌珀莱雅的排名稳居天猫美妆榜首、抖音美妆第一、京东国货护肤第一；彩棠排名天猫彩妆第六、国货第二，抖音彩妆第三、国货第二，京东国货第一；OR 排名天猫洗护第五、抖音洗护第六，OR 增速实现翻倍增长

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Proya management's stated view that its China market share still trails the No.1 industry peer by a wide margin, with the main Proya brand to be grown via mature and new product lines.

目前公司在中国市场的市占率，对比中国化妆品市场排名第一的同行美妆公司的市占率，还有很大的提升空间，还有很多的机会；就主品牌珀莱雅来说，在现有成熟系列如红宝石、双抗的基础上，公司会重点发展源力、能量、美白、底妆等系列

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Proya on its Timage (彩棠) professional color-cosmetics brand: first-half 2025 revenue of ¥705m (+21.1%) and a reinforced push into base makeup.

2025年上半年，彩棠品牌表现亮眼，实现营收 7.05亿元，同比增长21.11%。2025年下半年，彩棠品牌持续深化专业化妆师彩妆品牌专业心智，品牌上，持续深耕“中国妆，原生美”的品牌理念，巩固品牌差异化品牌调性；产品上，在巩固面部彩妆大单品和品类的同时，强化底妆产品线

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Shanghai Chicmax (Chicmax Group) (2145.HK)

A multi-brand, online- and livestream-led Chinese beauty group whose model mirrors Yatsen's — flagship KANS (韩束) skincare on Douyin plus makeup, dermocosmetics and mother-baby brands.

Chicmax describes its multi-brand strategy spanning six segments, including mass skincare, makeup and dermocosmetics.

Chicmax is a leader of multi-brand cosmetics industry driven by scientific research, we establish a presence in six major segments, i.e. mass skin care, maternity and childcare & teenagers skin care, washing and personal care, makeup, dermocosmetics and premium skin care, building two multinational research centers and two multinational supply chain bases worldwide. We focus on the implementation of multi-brand strategy and have remained dedicated to it since our establishment.

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Chicmax's claim, citing industry media, that flagship brand KANS ranked first in 2025 online-channel GMV among domestic cosmetics brands.

According to industry media reports, in 2025, the GMV of KANS on the online channel ranked first among domestic cosmetics brands.

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Chicmax reports KANS 2025 revenue of RMB7.36bn (+31.6%), representing 80.2% of group revenue.

The revenue generated from KANS in 2025 was RMB7,359.6 million, representing an increase of 31.6% as compared to 2024 and accounting for 80.2% of our total revenue for the year.

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Marubi Biotechnology (603983.SH)

The nearest listed play on color cosmetics: its PL/恋火 base-makeup brand competes head-on with Perfect Diary, alongside the 丸美 skincare line, both sold predominantly online.

Marubi cites China's 2025 cosmetics retail sales of ¥465.3bn (+5.1%) as the industry backdrop.

根据国家统计局统计，2025 年社会消费品零售总额 501,202 亿元，同比增长 3.7%，其中化妆品类总额 4,653 亿元，同比增长 5.1%（限额以上单位消费品零售额）

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Marubi's 2025 revenue by brand: group ¥3.46bn, 丸美 skincare ¥2.55bn, and PL/恋火 color cosmetics ¥906m (roughly flat year on year).

报告期内，公司实现营业收入34.59亿元，同比上升16.48%，其中丸美品牌实现营业收入25.47亿元，同比上升 23.94%，PL 恋火品牌实现营业收入 9.06 亿元，同比基本持平

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Marubi on its PL/恋火 color-cosmetics brand: six foundation SKUs in its two core series each surpassing ¥100m in annual GMV.

“看不见”和“蹭不掉”两大系列中 6 款粉底类单品均实现过亿元的年度 GMV 销售额，体现了 PL 在底妆品类上的强大产品力

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L'Oréal (OR.PA)

The world's largest beauty company and the dominant force in China across mass and prestige; its market-sizing, e-commerce and China-specific commentary frame the arena Yatsen competes in.

L'Oréal sizes the global beauty market at roughly €300 billion in 2025 and characterises it as resilient.

Worth some €300 billion […] the beauty market has proved resilient, adaptable and prosperous, despite the geopolitical and economic upheaval, establishing itself as a refuge for consumers.

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L'Oréal's account of a gradual 2025 mainland-China recovery, claiming L'Oréal Paris as the number-one beauty brand in the Chinese market.

The improvement was driven by mainland China, where growth accelerated from low to mid-single digits over the period, supported by gradually stabilising market conditions. L’Oréal outperformed the market both online and ofline. In a selective market that saw a clear recovery in the second half […] L’Oréal Paris once again confirmed its position as the number one beauty brand in the Chinese market.

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L'Oréal's stated China strategy: further customer acquisition and deeper expansion into medium-sized towns where its market share has traditionally been lower.

L'Oréal believes that China harbours great potential for the future. The country’s sheer size opens up a host of opportunities for customer acquisition. The ambition is to make further inroads into medium-sized towns, where the Group has traditionally had a smaller market share than in the biggest cities.

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The Estée Lauder Companies (EL)

Global prestige-beauty leader with heavy China exposure; its earnings calls track the size, recovery and online-platform dynamics of the Chinese beauty market that Yatsen's skincare brands contest.

Estée Lauder's CFO characterises China as one of the largest global beauty markets and describes a return to mid-single-digit retail growth with share gains.

Akhil Shrivastava (CFO): What we find encouraging is definitely the situation in China, where the market has expanded, and we have achieved mid-single-digit growth in retail. This is significant because China is one of the largest beauty markets globally, and it wasn't the same in the first half of the year. With two consecutive quarters of mid-single-digit growth and gaining market share, we feel more confident, considering external geopolitical issues that are beyond our control.

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Estée Lauder's CEO claims number-one prestige rankings on Tmall and Douyin in China alongside four consecutive quarters of category share gains.

Stéphane de La Faverie (President & CEO): it's now the fourth consecutive quarter that we grew share in all four categories in China. […] the Estee Lauder brand became again the number one prestige brand on Tmall and Douyin, La Mer is the number one brand in luxury on Tmall, and Jo Malone, the number one brand in prestige France is on Tmall.

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Botanee (Winona) (300957.SZ)

China's leading functional/dermatological-skincare group (Winona/薇诺娜); a direct domestic online-skincare competitor whose share disclosures size the category Yatsen's skincare brands are pushing into.

Botanee cites Euromonitor data putting its Winona (薇诺娜) brand at about 19.4% of China's dermatological-skincare category, ranked first for consecutive years.

根据 Euromonitor 的统计数据显示，报告期内，公司旗下“薇诺娜（Winona）”品牌在国内皮肤学级护肤品赛道的市场份额约 19.4%，连续多年稳居第一

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Botanee on channel mix: Douyin was its fastest-growing channel in the first half, within an online-led, OMO omnichannel model.

渠道拆分来看的话,抖音相对增长最快,上半年增长了7.4%。公司坚持以线下渠道为基础,以线上渠道为主导,通过“OMO”的深度私域运营成功带动串联线上线下融合的全渠道销售模式

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Competition

Proya Cosmetics (603605.SH)

Shanghai Chicmax (Chicmax Group) (2145.HK)

Marubi Biotechnology (603983.SH)

L'Oréal (OR.PA)

The Estée Lauder Companies (EL)

Botanee (Winona) (300957.SZ)

More peer documents