Yatsen Q4 Earnings Call Highlights

2 days ago 3

MarketBeat

Mon, March 2, 2026 astatine 8:14 AM CST 8 min read

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Yatsen reported a instrumentality to maturation driven by skincare: 4Q gross roseate 20.1% to RMB 1.38 cardinal with skincare revenues up 51.9% (61.1% of 4Q sales), and full-year gross climbed 26.7% to RMB 4.3 billion; 4Q nett income was RMB 3.0 cardinal vs. a nonaccomplishment a twelvemonth earlier and full-year nett nonaccomplishment narrowed to RMB 92.4 cardinal (non-GAAP nett income RMB 8.4 million).
Profitability metrics improved and determination was no goodwill impairment successful 2025: gross borderline held astir 77.7–78.2%, 4Q operating nonaccomplishment narrowed to RMB 12.7 cardinal from RMB 390.7 million, and full-year operating nonaccomplishment improved to RMB 185.8 cardinal (prior twelvemonth included a RMB 403.1 cardinal impairment).
Costs and liquidity dynamics: selling & selling roseate to 64.8% of gross owed to higher postulation acquisition costs, currency and short-term investments fell to RMB 1.05 cardinal (from RMB 1.36 billion), operating currency travel was antagonistic (Q4 nett currency utilized RMB 69.4 million; FY RMB 94.7 million), and absorption guided Q1 2026 gross maturation of astir 15%–30% YoY.
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Yatsen (NYSE:YSG) reported fourth-quarter and full-year 2025 results that absorption said reflected a instrumentality to maturation and improved profitability, driven chiefly by its skincare portfolio amid an progressively competitory quality marketplace successful China.

Founder, Chairman, and CEO Jinfeng Huang said China’s quality manufacture “maintained an upward trajectory passim 2025,” citing adjusted National Bureau of Statistics information showing quality retail income maturation of 8.2% successful the 4th quarter—described arsenic the highest quarterly maturation complaint of the year—and 5.1% maturation for the afloat year, a rebound from a diminution successful 2024.

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Huang added that the betterment came with “intensified competition, peculiarly during large buying festivals.” He said the institution remained focused connected 3 halfway initiatives during 2025:

Driving R&D-led merchandise innovation
Strengthening marque equities crossed its multi-brand portfolio
Improving wide profitability

CFO Donghao Yang said fourth-quarter 2025 full nett revenues accrued 20.1% twelvemonth implicit twelvemonth to RMB 1.38 billion, up from RMB 1.15 cardinal successful the prior-year period. The summation was attributed chiefly to a 51.9% emergence successful skincare marque revenue, partially offset by a 9.1% diminution successful colour cosmetics marque revenue.

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Huang highlighted that skincare brands accounted for 61.1% of full nett revenues successful the 4th fourth and said the institution recorded nett income nether some GAAP and non-GAAP measures for the period.

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