Yatsen Holding Limited's management explains the business in its own materials. The slides below do the most of that work, pulled from the documents preserved in Sources. Each source link opens the complete presentation at that slide in a new tab.
The most recent quarter: where revenue growth, margins and the skincare shift stand right now, in four clean charts. · Open the full document →
p. 4 — First-quarter 2026 at a glance: RMB 1.02B revenue (+22.5% YoY), 80.2% gross margin, still a small net loss but near breakeven. · Open the full presentation →p. 5 — China beauty retail grew 5.9% while total consumer goods grew 2.4% in 1Q2026 — the demand backdrop Yatsen sells into. · Open the full presentation →p. 6 — The quarter in four bars: total revenue, skincare revenue (+58.5%), gross margin, and R&D intensity. · Open the full presentation →p. 7 — The premium skincare trio — Galenic, DR.WU, Eve Lom — up 61.4% combined, with the brand-building activity behind it. · Open the full presentation →
The fullest current statement of the business: full-year results, the segment mix, R&D, and the whole financial picture. · Open the full document →
p. 4 — Fourth-quarter 2025 snapshot: RMB 1.38B revenue (+20.1%), 77.7% gross margin, and first positive GAAP net income. · Open the full presentation →p. 5 — Full-year 2025: RMB 4.30B revenue (+26.7%), 78.2% gross margin, net loss narrowed to 2.2% of sales. · Open the full presentation →p. 6 — China beauty retail versus total consumer goods, by quarter — beauty outpaced the broader market through 2025. · Open the full presentation →p. 7 — The full-year story in four charts: revenue +26.7%, skincare +63.5%, GAAP net-income turnaround, non-GAAP back to positive. · Open the full presentation →p. 8 — The premium/clinical skincare brands — Galenic, DR.WU, Eve Lom — up 69.8% for the year; the engine of the mix shift. · Open the full presentation →p. 9 — R&D held near 3.2% of revenue; RMB 694M invested since 2020, with the year's science milestones and Global Innovation R&D Center. · Open the full presentation →p. 11 — Revenue bridge whose footnote defines the two segments: color cosmetics (Perfect Diary, Little Ondine, Pink Bear) and skincare. · Open the full presentation →p. 12 — Gross margin around 78%, lifted by a richer mix of higher-margin skincare products. · Open the full presentation →p. 13 — Operating expenses as a percent of sales, by line — and the FY2024 goodwill impairment that did not recur in 2025. · Open the full presentation →p. 14 — How the reported net loss reconciles to non-GAAP: share comp, acquisition amortization, and the prior-year goodwill write-down. · Open the full presentation →p. 15 — Quarterly operating cash flow through 2025, alongside RMB 1.05B of cash and short-term investments. · Open the full presentation →p. 16 — Inventory balance and turnover days — roughly 190 days, the working-capital reality of a multi-brand beauty group. · Open the full presentation →
The clearest telling of the strategic transformation and product story — how a Perfect Diary color-cosmetics house became a skincare-led group. · Open the full document →
p. 6 — China's post-COVID beauty demand by quarter through 2023 — the weak backdrop the transformation began against. · Open the full presentation →p. 7 — The transformation in four charts: return to growth, rising skincare mix, higher gross margin, narrower loss. · Open the full presentation →p. 8 — The strategy on one page: optimize the revenue mix (grow skincare, reshape color cosmetics, invest in R&D) plus cost cutting. · Open the full presentation →p. 9 — Skincare's rising share of revenue — from about a third of sales toward half — the core of the repositioning. · Open the full presentation →p. 10 — The acquired premium/clinical skincare brands introduced: Galenic (Paris), DR.WU (clinical), and Eve Lom. · Open the full presentation →p. 11 — Perfect Diary's move upmarket: the Biolip Essence Lipstick hero launch and its Tmall and Douyin rankings. · Open the full presentation →p. 12 — How the hero lipstick is differentiated — the proprietary Biolip film and patented pomegranate peptide complex. · Open the full presentation →p. 13 — R&D spend rising toward 3.3% of revenue, with the science milestones and the Yatsen-Ruijin medical skincare lab. · Open the full presentation →
Fourth Quarter & Full Year 2024 Investor Presentation — Q4 & FY2024 · 17 pages · The FY2024 baseline — where revenue and margins stood the year before the 2025 re-acceleration. · Open →
First Quarter 2023 Investor Presentation — 1Q2023 · 16 pages · Earliest transformation deck; includes the offline experience-store footcount and the original cost-cutting plan. · Open →
