Yatsen Holding Ltd. · NYSE:YSG
Yatsen — Q4 2025 Earnings Presentation
17 slides from Yatsen's earnings presentation, Mar 2, 2026
Slide 1: Fourth Quarter and Full Year 2025 Investor Presentation
Fourth Quarter and Full Year 2025 Investor Presentation Yatsen Holding Limited
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: Fourth Quarter and Full Year 2025 Review
Fourth Quarter and Full Year 2025 Review
Slide 4: Fourth Quarter 2025 Snapshot
Fourth Quarter 2025 Snapshot Total Net Revenues Gross Margin RMB 1.38B 77.7% +20.1% YoY -0.1 percentage points YoY GAAP Net Income Margin Non-GAAP Net Income Margin 0.2% 3.0% +33.2 percentage points YoY -6.3 percentage points YoY Net Cash Used in Operating Activities RMB 69.4M 4
Slide 5: Full Year 2025 Snapshot
Full Year 2025 Snapshot Total Net Revenues Gross Margin RMB 4.30B 78.2% +26.7% YoY +1.1 percentage points YoY GAAP Net Loss Margin Non-GAAP Net Income Margin 2.2% 0.2% Narrowed by 18.8 percentage +4.0 percentage points YoY points YoY Net Cash Used in Operating Activities RMB 94.7M 5
Slide 6: Market Overview
Market Overview Year-over-Year Changes1 China Consumer Goods Retail Sales China Beauty Products2 Retail Sales Total retail sales of consumer goods 8.2% increased by 1.7% and 3.7% year 6.2% over year for the fourth quarter and 4.7% 4.6% 5.4% full year of 2025, respectively… 3.8% 3.3% 3.1% 3.4% 5.1% 2
Slide 7: Key Financials at a Glance
Key Financials at a Glance Year-over-year Revenue Significant Year-over- Net Income Turnaround for the Non-GAAP Net Income for Growth for the Fourth year Revenue Growth Fourth Quarter and Narrowed the Fourth Quarter and Quarter and Full Year 2025 for Skincare Brands1 Net Loss for Full Year 2025 Full
Slide 8: Robust Clinical and Premium Skincare Brands Performance
Robust Clinical and Premium Skincare Brands Performance Mainland China Business +54.7% YoY for 2025Q4 and +69.8% YoY for FY2025 in combined net revenues for Galénic, DR.WU , and Eve Lom 1 Galénic continued its strategic expansion into DR.WU unveiled dual clinical studies on Eve Lom’s Renewal Treatme
Slide 9: Ongoing Investment in R&D
Ongoing Investment in R&D R&D Investment R&D Milestones R&D Expenses as % of Total Net Revenues 2025.04 Yatsen’s Global Innovation R&D Center received national- level CNAS accreditation on its first anniversary 3.4% 3.3% Perfect Diary unveiled third-generation Biotec™ technology, 3.2% 3.2% witnessed
Slide 10: Financial Review
YSGPiHill Financial Review
Slide 11: Revenue
Revenue Net Revenues (RMB M) +26.7% YoY +20.1% YoY 4,298 1,379 3,393 1,149 2024Q4 2025Q4 FY2024 FY2025 Increase in net revenues from Skincare Increase in net revenues from Skincare Brands1, partially offset by decrease in net Brands1, combined with increase in net revenues from Color Cosmetics Brand
Slide 12: Gross Margin
Gross Margin Gross Margin (As % of Total Net Revenues) +1.1 percentage points YoY 77.8% 77.7% 78.2% 77.1% 2024Q4 2025Q4 FY2024 FY2025 Higher revenue contribution from Remaining largely flat higher-gross-margin products 12
Slide 13: Operating Expenses
Operating Expenses Operating Expenses (As % of Total Net Revenues) 111.8% 101.4% 2.3% 3.2% 8.7% 13.1% 82.5% 3.2% 78.6% 7.1% 2.8% 60.1% 5.4% 66.9% 66.4% 5.5% 64.8% 35.1% 6.4% 11.9% 5.6% 5.9% 4Q2024 4Q2025 FY2024 FY2025 R&D exp G&A exp S&M exp Fulfillment exp Impairment of Goodwill • There was no impa
Slide 14: 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) 2024Q4 2025Q4 FY2024 FY2025 (%) 2024Q4 2025Q4 FY2024 FY2025 Net Income (Loss) (379) 3 (710) (92) Net Income (Loss) Margin (33.0%) 0.2% (20.9%) (2.2%) Share-based compens
Slide 15: Operating Cashflow
Operating Cashflow (RMB M) Net cash used in operating activities in 2024: Net cash used in operating activities in 2025: RMB 243.7M RMB 94.7M 202 Cash, Restricted Cash and Short-term Investments1 78 RMB 1.05B 24 -69 -122 -127 -148 -176 2024Q1 2024Q2 2024Q3 2024Q4 2025Q1 2025Q2 2025Q3 2025Q4 Note: 1
Slide 16: Inventory and Inventory Turnover Days
Inventory and Inventory Turnover Days1 Inventory Turnover Days Inventories, Net (Number of Days) (RMB M) 196 194 193 180 180 167 171 146 509 480 422 438 386 383 392 350 2024Q1 2024Q2 2024Q3 2024Q4 2025Q1 2025Q2 2025Q3 2025Q4 Note: 1 Inventory turnover days for a given quarter are calculated by divid
Slide 17: Thank You
YSGH1 Thank You