Conference Call to Be Held at 7:30 A.M. U.S. Eastern Time on March 2, 2026
GUANGZHOU, China, March 2, 2026 /PRNewswire/ -- Yatsen Holding Limited ("Yatsen" or the "Company") $(YSG)$, a leading China-based beauty group, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2025.
Fourth Quarter and Full Year 2025 Highlights
-- Total net revenues for the fourth quarter of 2025 increased by 20.1% to
RMB1.38 billion (US$197.3 million) from RMB1.15 billion for the prior
year period. Total net revenues for the full year of 2025 increased by
26.7% to RMB4.30 billion (US$614.6 million) from RMB3.39 billion for the
prior year period.
-- Total net revenues from Skincare Brands[1] for the fourth quarter
increased by 51.9% to RMB842.8 million (US$120.5 million) from RMB554.8
million for the prior year period. As a percentage of total net revenues,
total net revenues from Skincare Brands for the fourth quarter of 2025
were 61.1%, as compared with 48.3% for the prior year period. Total net
revenues from Skincare Brands for the full year of 2025 increased by
63.5% to RMB2.28 billion (US$325.7 million) from RMB1.39 billion for the
prior year period. As a percentage of total net revenues, total net
revenues from Skincare Brands for the full year of 2025 were 53.0%, as
compared with 41.1% for the prior year period.
-- Gross margin for the fourth quarter of 2025 was 77.7%, remaining largely
flat as compared with 77.8% for the prior year period. Gross margin for
the full year of 2025 increased to 78.2% from 77.1% for the prior year
period.
-- Net income for the fourth quarter of 2025 was RMB3.0 million
(US$0.4 million), as compared with a net loss of RMB378.8 million for the
prior year period. Net loss for the full year of 2025 decreased by 87.0%
to RMB92.4 million (US$13.2 million) from RMB710.2 million for the prior
year period. Non-GAAP net income[2] for the fourth quarter of 2025 was
RMB41.2 million (US$5.9 million), as compared with RMB107.0 million for
the prior year period. Non-GAAP net income for the full year of 2025 was
RMB8.4 million (US$1.2 million), as compared with non-GAAP net loss of
RMB128.2 million for the prior year period.
Mr. Jinfeng Huang, Founder, Chairman and Chief Executive Officer of Yatsen, stated, "We are pleased to conclude 2025 with solid performances, demonstrating the long-term value of our strategic transformation. Throughout the year, we remained steadfast in our commitment to three core initiatives: driving R&D-led product innovation, strengthening brand equity across our multi-brand portfolio, and improving our overall profitability. As we enter 2026, we remain confident that these foundational strengths will drive sustainable growth and create lasting value for our shareholders."
Mr. Donghao Yang, Director and Chief Financial Officer of Yatsen, commented, "Our recent financial results mark a pivotal milestone in our journey toward sustainable growth. For the fourth quarter, we are proud to have achieved net income and non-GAAP net income, alongside total net revenue growth. For the full year of 2025, we achieved year-over-year revenue growth, substantially narrowed our net loss, and achieved a non-GAAP net income turnaround. This success underscores the robust health of our brand portfolio as well as our improved operational efficiency. Looking ahead, we will continue to prioritize financial stability and strategic resource allocation to ensure Yatsen is well-positioned for long-term success."
Fourth Quarter 2025 Financial Results
Net Revenues
Total net revenues for the fourth quarter of 2025 increased by 20.1% to RMB1.38 billion (US$197.3 million) from RMB1.15 billion for the prior year period. The increase was primarily due to a 51.9% year-over-year increase in net revenues from Skincare Brands, partially offset by a 9.1% year-over-year decrease in net revenues from Color Cosmetics Brands.([3])
Gross Profit and Gross Margin
Gross profit for the fourth quarter of 2025 increased by 20.0% to RMB1.07 billion (US$153.2 million) from RMB893.0 million for the prior year period. Gross margin for the fourth quarter of 2025 was 77.7%, remaining largely flat as compared with 77.8% for the prior year period.
Operating Expenses
Total operating expenses for the fourth quarter of 2025 decreased by 15.6% to RMB1.08 billion (US$155.0 million) from RMB1.28 billion for the prior year period. As a percentage of total net revenues, total operating expenses for the fourth quarter of 2025 were 78.6%, as compared with 111.8% for the prior year period.
-- Fulfillment Expenses. Fulfillment expenses for the fourth quarter of 2025
were RMB77.0 million (US$11.0 million), as compared with RMB63.5 million
for the prior year period. As a percentage of total net revenues,
fulfillment expenses for the fourth quarter of 2025 were 5.6% as compared
with 5.5% for the prior year period, remaining largely flat.
-- Selling and Marketing Expenses. Selling and marketing expenses for the
fourth quarter of 2025 were RMB893.8 million (US$127.8 million), as
compared with RMB690.6 million for the prior year period. As a percentage
of total net revenues, selling and marketing expenses for the fourth
quarter of 2025 increased to 64.8% from 60.1% for the prior year period.
The increase was primarily driven by higher traffic acquisition costs
amid intensified competition during the Double 11 shopping festival.
-- General and Administrative Expenses. General and administrative expenses
for the fourth quarter of 2025 were RMB74.4 million (US$10.6 million), as
compared with RMB100.1 million for the prior year period. As a percentage
of total net revenues, general and administrative expenses for the fourth
quarter of 2025 decreased to 5.4% from 8.7% for the prior year period.
The decrease was primarily driven by lower payroll expenses and
share-based compensation expenses, coupled with the leveraging effect of
higher total net revenues in the fourth quarter of 2025.
-- Research and Development Expenses. Research and development expenses for
the fourth quarter of 2025 were RMB38.8 million (US$5.5 million), as
compared with RMB26.3 million for the prior year period. As a percentage
of total net revenues, research and development expenses for the fourth
quarter of 2025 increased to 2.8% from 2.3% for the prior year period.
The increase was primarily driven by higher payroll expenses resulting
from a rise in research and development headcount.
-- Impairment of Goodwill. There was no impairment of goodwill for the
fourth quarter of 2025, as compared with an impairment of goodwill of
RMB403.1 million for the prior year period. Based on our assessment, no
impairment indicators were identified as of December 31, 2025.
Loss / Income from Operations
Loss from operations for the fourth quarter of 2025 was RMB12.7 million (US$1.8 million), as compared with RMB390.7 million for the prior year period. Operating loss margin was 0.9%, as compared with 34.0% for the prior year period.
Non-GAAP income from operations([4]) for the fourth quarter of 2025 was RMB11.8 million (US$1.7 million), as compared with RMB93.2 million for the prior year period. Non-GAAP operating income margin([5]) was 0.9%, as compared with 8.1% for the prior year period.
Net Loss / Income
Net income for the fourth quarter of 2025 was RMB3.0 million (US$0.4 million), as compared with net loss of RMB378.8 million for the prior year period. Net income margin was 0.2%, as compared with net loss margin of 33.0% for the prior year period. Net income attributable to Yatsen's ordinary shareholders per diluted ADS([6]) for the fourth quarter of 2025 was RMB0.08 (US$0.01), as compared with net loss attributable to Yatsen's ordinary shareholders per diluted ADS of RMB3.98 for the prior year period.
Non-GAAP net income for the fourth quarter of 2025 was RMB41.2 million (US$5.9 million), as compared with RMB107.0 million for the prior year period. Non-GAAP net income margin was 3.0%, as compared with 9.3% for the prior year period. Non-GAAP net income attributable to Yatsen's ordinary shareholders per diluted ADS([7]) for the fourth quarter of 2025 was RMB0.46 (US$0.07), as compared with RMB0.99 for the prior year period.
Full Year 2025 Financial Results
Total net revenues for the full year of 2025 increased by 26.7% to RMB4.30 billion (US$614.6 million) from RMB3.39 billion for the prior year period, primarily attributable to a 63.5% year-over-year increase in net revenues from Skincare Brands, combined with a 1.9% year-over-year increase in net revenues from Color Cosmetics Brands.
Gross profit for the full year of 2025 increased by 28.4% to RMB3.36 billion (US$480.7 million) from RMB2.62 billion for the prior year period. Gross margin for the full year of 2025 increased to 78.2% from 77.1% for the prior year period. The increase was primarily attributable to increasing sales of higher-gross margin products.
Loss from operations for the full year of 2025 was RMB185.8 million (US$26.6 million), as compared with RMB824.9 million for the prior year period. Operating loss margin decreased to 4.3% from 24.3% for the prior year period, primarily because there was no impairment of goodwill for the full year of 2025.
Non-GAAP loss from operations for the full year of 2025 was RMB84.0 million (US$12.0 million), as compared with RMB224.3 million for the prior year period. Non-GAAP operating loss margin decreased to 2.0% from 6.6% for the prior year period.
Net loss for the full year of 2025 was RMB92.4 million (US$13.2 million), as compared with RMB710.2 million for the prior year period. Net loss margin decreased to 2.2% from 20.9% for the prior year period. Net loss attributable to Yatsen's ordinary shareholders per diluted ADS for the full year of 2025 was RMB0.87 (US$0.12), as compared with RMB6.99 for the prior year period.
Non-GAAP net income for the full year of 2025 was RMB8.4 million (US$1.2 million), as compared with non-GAAP net loss of RMB128.2 million for the prior year period. Non-GAAP net income margin was 0.2%, as compared with non-GAAP net loss margin of 3.8% for the prior year period. Non-GAAP net income attributable to Yatsen's ordinary shareholders per diluted ADS for the full year of 2025 was RMB0.19 (US$0.03), as compared with non-GAAP net loss attributable to Yatsen's ordinary shareholders per diluted ADS of RMB1.26 for the prior year period.
Balance Sheet and Cash Flow
As of December 31, 2025, the Company had cash, restricted cash and short-term investments of RMB1.05 billion (US$150.7 million), as compared with RMB1.36 billion as of December 31, 2024.
Net cash used in operating activities for the fourth quarter of 2025 was RMB69.4 million (US$9.9 million), as compared with net cash generated from operating activities of RMB202.2 million for the prior year period. Net cash used in operating activities for the full year of 2025 was RMB94.7 million (US$13.5 million), as compared with RMB243.7 million for the prior year period.
Business Outlook
For the first quarter of 2026, the Company expects its total net revenues to be between RMB958.6 million and RMB1.08 billion, representing a year-over-year increase of approximately 15% to 30%. These forecasts reflect the Company's current and preliminary views on the market and operational conditions, which are subject to change.
Exchange Rate
This announcement contains translations of certain Renminbi ("RMB") amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ were made at a rate of RMB6.9931 to US$1.00, the exchange rate in effect as of December 31, 2025, as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ amounts could have been, or could be, converted into US$ or RMB, as the case may be, at any particular rate, or at all.
[1] Include net revenues from Galénic, DR.WU (its mainland China business), Eve Lom and other skincare brands of the Company. [2] Non-GAAP net income (loss) is a non-GAAP financial measure. Non-GAAP net income (loss) is defined as net income (loss) excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from assets and business acquisitions, (iii) revaluation of investments on the share of equity method investments, (iv) impairment of goodwill, (v) impairment of investments and (vi) tax effects on non-GAAP adjustments. [3] Include Perfect Diary, Little Ondine, Pink Bear and other color cosmetics brands of the Company. [4] Non-GAAP income (loss) from operations is a non-GAAP financial measure. Non-GAAP income (loss) from operations is defined as income (loss) from operations excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from assets and business acquisitions and (iii) impairment of goodwill. [5] Non-GAAP operating income (loss) margin is a non-GAAP financial measure, which is defined as non-GAAP net income (loss) from operations as a percentage of total net revenues. [6] ADS refers to American depositary shares, each of which represents twenty Class A ordinary shares. [7] Non-GAAP net income (loss) attributable to ordinary shareholders per diluted ADS is a non-GAAP financial measure. Non-GAAP net income (loss) attributable to ordinary shareholders per diluted ADS is defined as non-GAAP net income (loss) attributable to ordinary shareholders divided by the weighted average number of diluted ADS outstanding for computing diluted earnings per ADS. Non-GAAP net income (loss) attributable to ordinary shareholders is defined as net income (loss) attributable to ordinary shareholders excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from assets and business acquisitions, (iii) revaluation of investments on the share of equity method investments, (iv) impairment of goodwill, (v) impairment of investments, (vi) tax effects on non-GAAP adjustments and (vii) accretion to redeemable non-controlling interests.
Conference Call Information
The Company's management will hold a conference call on Monday, March 2, 2026, at 7:30 A.M. U.S. Eastern Time or 8:30 P.M. Beijing Time to discuss its financial results and operating performance for the fourth quarter and full year 2025.
United States (toll free): +1-888-346-8982 International: +1-412-902-4272 Mainland China (toll free): 400-120-1203 Hong Kong, SAR (toll free): 800-905-945 Hong Kong, SAR: +852-3018-4992
The replay will be accessible through Monday, March 9, by dialing the following numbers:
United States: +1-855-669-9658 International: +1-412-317-0088 Replay Access Code: 2950633
A live and archived webcast of the conference call will also be available on the Company's investor relations website at http://ir.yatsenglobal.com.
About Yatsen Holding Limited
Yatsen Holding Limited (NYSE: YSG) is a leading China-based beauty group with the mission of creating an exciting new journey of beauty discovery for consumers around the world. Founded in 2016, the Company has launched and acquired numerous color cosmetics and skincare brands including Perfect Diary, Little Ondine, Pink Bear, Galénic, DR.WU (its mainland China business) and Eve Lom. The Company's flagship brand, Perfect Diary, is one of the leading color cosmetics brands in China in terms of retail sales value. The Company primarily reaches and engages with customers directly both online and offline, with expansive presence across all major e-commerce, social and content platforms in China.
For more information, please visit http://ir.yatsenglobal.com.
Use of Non-GAAP Financial Measures
The Company uses non-GAAP income (loss) from operations, non-GAAP operating income (loss) margin, non-GAAP net income (loss), non-GAAP net income (loss) margin, non-GAAP net income (loss) attributable to ordinary shareholders and non-GAAP net income (loss) attributable to ordinary shareholders per diluted ADS, each a non-GAAP financial measure, in reviewing and assessing its operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company presents these non-GAAP financial measures because they are used by the management to evaluate operating performance and formulate business plans. Non-GAAP financial measures help identify underlying trends in its business, provide further information about its results of operations, and enhance the overall understanding of its past performance and future prospects. The Company defines non-GAAP income (loss) from operations as income (loss) from operations excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from assets and business acquisitions and (iii) impairment of goodwill. Non-GAAP operating income (loss) margin is non-GAAP income (loss) from operations as a percentage of total net revenues. The Company defines non-GAAP net income (loss) as net income (loss) excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from assets and business acquisitions, (iii) revaluation of investments on the share of equity method investments, (iv) impairment of goodwill, (v) impairment of investments and (vi) tax effects on non-GAAP adjustments. Non-GAAP net income (loss) margin is non-GAAP net income (loss) as a percentage of total net revenues. The Company defines non-GAAP net income (loss) attributable to ordinary shareholders as net income (loss) attributable to ordinary shareholders excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from assets and business acquisitions, (iii) revaluation of investments on the share of equity method investments, (iv) impairment of goodwill, (v) impairment of investments, (vi) tax effects on non-GAAP adjustments and (vii) accretion to redeemable non-controlling interests. Non-GAAP net income (loss) attributable to ordinary shareholders per diluted ADS is computed using non-GAAP net income (loss) attributable to ordinary shareholders divided by weighted average number of diluted ADS outstanding for computing diluted earnings per ADS.
However, the non-GAAP financial measures have limitations as analytical tools as the non-GAAP financial measures are not presented in accordance with U.S. GAAP and may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. Reconciliations of Yatsen's non-GAAP financial measures to the most comparable U.S. GAAP measure are included at the end of this press release.
Safe Harbor Statement
This announcement contains statements that may constitute "forward-looking" statements which are made pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to," and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the Securities and Exchange Commission ("SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs, plans, outlook and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's growth strategies; its future business development, results of operations and financial condition; its ability to continue to roll out popular products and maintain popularity of existing products; its ability to anticipate and respond to changes in industry trends and consumer preferences and behavior in a timely manner; its ability to attract and retain new customers and to increase revenues generated from repeat customers; its expectations regarding demand for and market acceptance of its products and services; its ability to integrate newly-acquired businesses and brands; trends and competition in and relevant government policies and regulations relating to China's beauty market; changes in its revenues and certain cost or expense items; and general economic conditions globally and in China. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For investor and media inquiries, please contact:
Yatsen Holding Limited
Investor Relations
E-mail: ir@yatsenglobal.com
YATSEN HOLDING LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except for share, per share data or
otherwise noted)
December 31, December 31, December 31,
------------ ------------ ------------
2024 2025 2025
------------ ------------ ------------
RMB'000 RMB'000 USD'000
Assets
Current assets
Cash and cash
equivalents 817,395 765,379 109,448
Restricted cash - 42,117 6,023
Short-term
investments 539,130 246,008 35,179
Accounts
receivable, net 214,558 220,870 31,584
Inventories, net 386,054 508,730 72,747
Prepayments and
other current
assets 381,404 450,970 64,488
Amounts due from
related parties 9,113 114 16
----------- ------------ ------------
Total current
assets 2,347,654 2,234,188 319,485
----------- ------------ ------------
Non-current
assets
Investments 664,579 653,560 93,458
Property and
equipment, net 74,373 77,014 11,013
Goodwill, net 155,029 155,029 22,169
Intangible assets,
net 559,708 537,509 76,863
Deferred tax
assets 1,381 1,435 205
Right-of-use
assets, net 147,501 173,915 24,870
Other non-current
assets 20,642 14,332 2,049
----------- ------------ ------------
Total non-current
assets 1,623,213 1,612,794 230,627
----------- ------------ ------------
Total assets 3,970,867 3,846,982 550,112
=========== ============ ============
Liabilities,
redeemable
non-controlling
interests and
shareholders'
equity
Current
liabilities
Accounts and notes
payable 72,090 149,371 21,360
Advances from
customers 19,574 28,821 4,121
Accrued expenses
and other
liabilities 460,143 348,700 49,863
Amounts due to
related parties 28,884 21,262 3,040
Income tax
payables 20,088 13,690 1,958
Lease liabilities
due within one
year 39,409 53,435 7,641
----------- ------------ ------------
Total current
liabilities 640,188 615,279 87,983
----------- ------------ ------------
Non-current
liabilities
Deferred tax
liabilities 103,306 107,906 15,430
Deferred
income-non
current 14,832 - -
Lease liabilities 109,526 123,157 17,611
----------- ------------ ------------
Total non-current
liabilities 227,664 231,063 33,041
----------- ------------ ------------
Total liabilities 867,852 846,342 121,024
----------- ------------ ------------
Redeemable
non-controlling
interests 50,984 1,337 191
----------- ------------ ------------
Shareholders'
equity
Ordinary Shares
(US$0.00001 par
value;
10,000,000,000
ordinary shares
authorized,
comprising of
6,000,000,000
Class A ordinary
shares,
960,852,606 Class
B ordinary shares
and 3,039,147,394
shares each of
such classes to
be designated as
of December 31,
2024 and December
31, 2025;
2,096,600,883
Class A shares
and 600,572,880
Class B ordinary
shares issued as
of December 31,
2024 and December
31, 2025;
1,234,627,468
Class A ordinary
shares and
600,572,880 Class
B ordinary shares
outstanding as of
December 31,
2024,
1,276,663,163
Class A ordinary
shares and
600,572,880 Class
B ordinary shares
outstanding as of
December 31,
2025) 173 173 25
Treasury shares (1,276,330) (1,250,678) (178,845)
Additional paid-in
capital 12,273,767 12,296,367 1,758,357
Statutory reserve 28,147 31,527 4,508
Accumulated
deficit (8,057,297) (8,141,545) (1,164,225)
Accumulated other
comprehensive
income 86,866 74,760 10,693
----------- ------------ ------------
Total Yatsen
Holding Limited
shareholders'
equity 3,055,326 3,010,604 430,513
----------- ------------ ------------
Non-controlling
interests (3,295) (11,301) (1,616)
----------- ------------ ------------
Total shareholders'
equity 3,052,031 2,999,303 428,897
----------- ------------ ------------
Total liabilities,
redeemable
non-controlling
interests and
shareholders'
equity 3,970,867 3,846,982 550,112
----------- ------------ ------------
YATSEN HOLDING LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(All amounts in thousands, except for share, per share data or otherwise noted)
For the Three Months Ended December 31, For the Year Ended December 31,
-------------------------------------------- -------------------------------------------
2024 2025 2025 2024 2025 2025
-------------- ------------- ------------- ------------- ------------- -------------
RMB'000 RMB'000 USD'000 RMB'000 RMB'000 USD'000
Total net revenues 1,148,522 1,379,443 197,258 3,393,414 4,298,124 614,624
Total cost of revenues (255,536) (308,105) (44,058) (776,236) (936,780) (133,958)
------------- ------------- ------------- ------------- ------------- -------------
Gross profit 892,986 1,071,338 153,200 2,617,178 3,361,344 480,666
------------- ------------- ------------- ------------- ------------- -------------
Operating expenses:
Fulfilment expenses (63,517) (77,025) (11,014) (216,540) (253,926) (36,311)
Selling and marketing
expenses (690,584) (893,771) (127,808) (2,268,793) (2,852,288) (407,872)
General and
administrative
expenses (100,122) (74,443) (10,645) (444,373) (303,628) (43,418)
Research and
development expenses (26,345) (38,788) (5,547) (109,287) (137,296) (19,633)
Impairment of goodwill (403,076) - - (403,076) - -
------------- ------------- ------------- ------------- ------------- -------------
Total operating
expenses (1,283,644) (1,084,027) (155,014) (3,442,069) (3,547,138) (507,234)
------------- ------------- ------------- ------------- ------------- -------------
Loss from operations (390,658) (12,689) (1,814) (824,891) (185,794) (26,568)
------------- ------------- ------------- ------------- ------------- -------------
Financial income 20,973 6,947 993 86,136 40,721 5,823
Foreign currency
exchange (loss) gain (22,129) 1,176 168 (20,399) 13,374 1,912
(Loss) income from
equity
method investments,
net (8,104) 2,304 329 1,386 5,940 849
Impairment of
investments - (13,453) (1,924) - (13,453) (1,924)
Other income, net 18,726 20,150 2,881 44,461 46,690 6,677
------------- ------------- ------------- ------------- ------------- -------------
(Loss) income before
income tax expenses (381,192) 4,435 633 (713,307) (92,522) (13,231)
------------- ------------- ------------- ------------- ------------- -------------
Income tax benefits
(expenses) 2,388 (1,398) (200) 3,086 108 15
------------- ------------- ------------- ------------- ------------- -------------
Net (loss) income (378,804) 3,037 433 (710,221) (92,414) (13,216)
------------- ------------- ------------- ------------- ------------- -------------
Net loss (income)
attributable to
non-controlling
interests and
redeemable
non-controlling
interests (5,430) 5,028 719 2,047 11,546 1,651
Net (loss) income
attributable to
Yatsen'sshareholders (384,234) 8,065 1,152 (708,174) (80,868) (11,565)
============= ============= ============= ============= ============= =============
Shares used in
calculating loss per
share(1):
Weighted average
number of Class A
and Class B ordinary
shares:
Basic 1,930,413,426 1,879,474,484 1,879,474,484 2,025,072,131 1,862,554,166 1,862,554,166
Diluted 1,930,413,426 2,018,668,765 2,018,668,765 2,025,072,131 1,862,554,166 1,862,554,166
Net (loss) income per
Class A and Class
B ordinary share
Basic (0.20) 0.00 0.00 (0.35) (0.04) (0.01)
Diluted (0.20) 0.00 0.00 (0.35) (0.04) (0.01)
Net (loss) income per
ADS (20
ordinary shares equal
to 1 ADS)
Basic (3.98) 0.09 0.01 (6.99) (0.87) (0.12)
Diluted (3.98) 0.08 0.01 (6.99) (0.87) (0.12)
* In the fourth quarter of 2025, we made certain out of period adjustments mainly relating to revenues and cost of revenues to correct certain prior periods errors mainly occurred during the sales return and inventory receipt processes, which reduced quarterly profit by RMB14.6 million. Out of the RMB14.6 million adjustments, RMB7.4 million adjustments were related to prior years. Based on our quantitative and qualitative analysis, we do not believe these errors are material to our financial position or results of operations for the current year and for any prior years or prior quarters individually or in aggregate.
For the Three Months Ended For the Year Ended
December 31, December 31,
--------------------------- --------------------------
2024 2025 2025 2024 2025 2025
-------- ------- -------- ------- ------- --------
Share-based
compensation
expenses
are included in the
operating expenses
as follows: RMB'000 RMB'000 USD'000 RMB'000 RMB'000 USD'000
Fulfilment expenses 237 2 0 387 213 30
Selling and
marketing
expenses (income) 2,259 1,411 202 (42) 4,959 709
General and
administrative
expenses 17,443 10,940 1,564 89,941 48,646 6,956
Research and
development
expenses 356 1,636 234 888 5,213 745
------- ------- -------- ------- ------- --------
Total 20,295 13,989 2,000 91,174 59,031 8,440
------- ------- -------- ------- ------- --------
(1) Authorized share capital is re-classified and re-designated into Class A ordinary shares and Class B ordinary shares, with each Class A ordinary share being entitled to one vote and each Class B ordinary share being entitled to twenty votes on all matters that are subject to shareholder vote.
YATSEN HOLDING LIMITED
UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except for share, per share data or otherwise noted)
For the Three Months Ended December 31, For the Year Ended December 31,
-------------------------------------------- -------------------------------------------
2024 2025 2025 2024 2025 2025
-------------- ------------- ------------- ------------- ------------- -------------
RMB'000 RMB'000 USD'000 RMB'000 RMB'000 USD'000
Loss from operations (390,658) (12,689) (1,814) (824,891) (185,794) (26,568)
Share-based
compensation
expenses 20,295 13,989 2,000 91,174 59,031 8,440
Impairment of goodwill 403,076 - - 403,076 - -
Amortization of
intangible assets
resulting from assets
and business
acquisitions 60,447 10,502 1,502 106,385 42,729 6,110
------------- ------------- ------------- ------------- ------------- -------------
Non-GAAP income (loss)
from operations 93,160 11,802 1,688 (224,256) (84,034) (12,018)
------------- ------------- ------------- ------------- ------------- -------------
Net (loss) income (378,804) 3,037 433 (710,221) (92,414) (13,216)
Share-based
compensation
expenses 20,295 13,989 2,000 91,174 59,031 8,440
Impairment of goodwill 403,076 - - 403,076 - -
Impairment of
investments - 13,453 1,924 - 13,453 1,924
Amortization of
intangible assets
resulting from assets
and business
acquisitions 60,447 10,502 1,502 106,385 42,729 6,110
Revaluation of
investments on the
share of equity
method investments 7,386 (3,475) (497) (10,019) (15,839) (2,265)
Tax effects on
non-GAAP adjustments (5,421) 3,725 533 (8,644) 1,435 205
------------- ------------- ------------- ------------- ------------- -------------
Non-GAAP net income
(loss) 106,979 41,231 5,895 (128,249) 8,395 1,198
------------- ------------- ------------- ------------- ------------- -------------
Net (loss) income
attributable to
Yatsen's
shareholders (384,234) 8,065 1,152 (708,174) (80,868) (11,565)
Share-based
compensation
expenses 20,295 13,989 2,000 91,174 59,031 8,440
Impairment of goodwill 403,076 - - 403,076 - -
Impairment of
investments - 13,453 1,924 - 13,453 1,924
Amortization of
intangible assets
resulting from assets
and business
acquisitions 60,079 10,228 1,463 104,853 41,390 5,919
Revaluation of
investments on the
share of equity
method investments 7,386 (3,475) (497) (10,019) (15,839) (2,265)
Tax effects on
non-GAAP adjustments (5,393) 3,724 533 (8,533) 1,490 213
Non-GAAP net income
(loss) attributable
to Yatsen's
shareholders 101,209 45,984 6,575 (127,623) 18,657 2,666
------------- ------------- ------------- ------------- ------------- -------------
Shares used in
calculating loss per
share:
Weighted average
number of Class A
and Class B ordinary
shares:
Basic 1,930,413,426 1,879,474,484 1,879,474,484 2,025,072,131 1,862,554,166 1,862,554,166 Diluted 2,049,750,667 2,018,668,765 2,018,668,765 2,025,072,131 2,009,621,005 2,009,621,005 Non-GAAP net income (loss) attributable to ordinary shareholders per Class A and Class B ordinary share Basic 0.05 0.02 0.00 (0.06) 0.01 0.00 Diluted 0.05 0.02 0.00 (0.06) 0.01 0.00 Non-GAAP net income (loss) attributable to ordinary shareholders per ADS (20 ordinary shares equal to 1 ADS) Basic 1.05 0.49 0.07 (1.26) 0.20 0.03 Diluted 0.99 0.46 0.07 (1.26) 0.19 0.03
View original content:https://www.prnewswire.com/news-releases/yatsen-announces-fourth-quarter-and-full-year-2025-financial-results-302700794.html
SOURCE Yatsen Holding Limited
(END) Dow Jones Newswires
March 02, 2026 05:00 ET (10:00 GMT)
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