Yatsen Holding Ltd. · NYSE:YSG
Yatsen — Q2 2026 Earnings Presentation
15 slides from Yatsen's earnings presentation, Sep 2, 2026
Slide 1: Second Quarter 2026 Investor Presentation
Second Quarter 2026 Investor Presentation Yatsen Holding Limited (NYSE: YSG)
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Yatsen Holding Limited (the “Company”) solely for information purpose. By viewing or accessing the information contained in this material, you hereby acknowledge and agree that no representations, warranties or undertakings, express or implied, are m
Slide 3: Second Quarter 2026 Review
Second Quarter 2026 Review
Slide 4: Second Quarter 2026 Snapshot
Second Quarter 2026 Snapshot 待更新图片 Total Net Revenues Gross Margin RMB 1.14B 73.9% +5.1% YoY -4.4 percentage points YoY GAAP Net Loss Margin Non-GAAP Net Loss Margin 8.0% 8.7% Net Cash Used in Operating Activities RMB 78.0M
Slide 5: Market Overview
Market Overview Year-over-Year Changes1 China Consumer Goods Retail Sales China Beauty Products2 Retail Sales 8.2% Total retail sales of consumer goods 6.2% 5.9% 6.6% grew by 0.2%… 5.4% 4.7% 4.6% 3.8% 3.3% 3.1% 3.4% 2.7% 2.7% 2.6% 2.4% 1.7% 0.2% …lower than the 6.6% growth in -1.2% -1.5% beauty reta
Slide 6: Key Financials at a Glance
Key Financials at a Glance Significant Year-over- Modest Year-over-year Higher Skincare Consistent year Revenue Growth Total Revenue Growth Revenue Share R&D Expenses %2 for Skincare Brands1 Net Revenues Net Revenues Net Revenues2 Research and Development (RMB M) (RMB M) (%) Expenses2 (%) +5.1% +40.
Slide 7: Robust Clinical and Premium Skincare Brands Performance
Robust Clinical and Premium Skincare Brands Performance Mainland China Business +41.6% YoY for 2026Q2 in combined net revenues for 1 Galénic, DR.WU , and Eve Lom Galénic further extended its Couture DR.WU once again demonstrated the depth of its Eve Lom participated in the British Beauty Révélation
Slide 8: Financial Review
Financial Review
Slide 9: Revenue
Revenue Net Revenues (RMB M) +5.1% YoY 1,142.2 1,086.7 2025Q2 2026Q2 The increase was primarily driven by a 40.4% year-over-year increase in net revenues from Skincare Brands1, which more than offset a 35.8% year-over-year decrease in net revenues from Color Cosmetics Brands2. Notes: 1 Include Galén
Slide 10: Gross Margin
Gross Margin Gross Margin (As % of Total Net Revenues) -4.4 percentage points YoY 78.3% 73.9% 2025Q2 2026Q2 Lower gross margin primarily due to higher inventory provisions in the color cosmetics business associated with the Company's proactive brand portfolio optimization and SKU rationalization. Ex
Slide 11: Operating Expenses
Operating Expenses Operating Expenses (As % of Total Net Revenues) 83.4% 85.4% 3.3% 3.3% 6.6% 7.7% 66.5% 70.7% 5.8% 4.9% 2025Q2 2026Q2 R&D exp G&A exp S&M exp Fulfillment exp • Higher S&M expenses as a percentage of total net revenues as compared with the prior year period primarily due to strategic
Slide 12: Net Income (Loss) Margin
Net Income (Loss) Margin Reconciliation of Non-GAAP Reconciliation of Non-GAAP Net Income (Loss)1 Net Income (Loss) Margin (RMB M) 2025Q2 2026Q2 2025Q2 2026Q2 Net Income (Loss) (19.5) (90.8) Net Income (Loss) Margin (1.8%) (8.0%) Share-based compensation expenses 24.0 9.2 Share-based compensation ex
Slide 13: Operating Cashflow
Operating Cashflow (RMB M) 202.2 Cash, Restricted Cash and Short-term Investments1 77.7 RMB 1.06B 23.8 -69.4 -78.0 -90.0 -121.8 -126.8 -148.2 -175.9 2024Q1 2024Q2 2024Q3 2024Q4 2025Q1 2025Q2 2025Q3 2025Q4 2026Q1 2026Q2 Note: 1 As of June 30, 2026
Slide 14: Inventory and Inventory Turnover Days
Inventory and Inventory Turnover Days 1 Inventory Turnover Days Inventories, Net (Number of Days) (RMB M) 205 201 196 194 193 180 180 167 171 146 573.3 554.6 508.7 479.7 422.3 438.4 386.1 383.4 392.3 349.5 2024Q1 2024Q2 2024Q3 2024Q4 2025Q1 2025Q2 2025Q3 2025Q4 2026Q1 2026Q2 Note: 1 Inventory turnov
Slide 15: Thank You
Thank You