On March 2, Yatsen Global, the Chinese beauty brand group listed on the New York Stock Exchange, announced its unaudited financial results for the full year and fourth quarter of 2025: total net revenue for the fourth quarter increased by 20.1% year-on-year to RMB 1.38 billion (approximately USD 192 million), compared with RMB 1.15 billion in the same period last year. Total net revenue for the full year of 2025 rose by 26.7% to RMB 4.3 billion (approximately USD 600 million), up from RMB 3.39 billion in the previous year.
Notably, net revenue from skincare brands increased by 51.9% year-on-year in the fourth quarter to RMB 842.8 million (approximately USD 117 million), compared with RMB 554.8 million in the same period last year. Skincare brands accounted for 61.1% of total revenue in the fourth quarter, up from 48.3% a year earlier. For the full year of 2025, net revenue from skincare brands grew by 63.5% to RMB 2.28 billion (approximately USD 318 million), compared with RMB 1.39 billion in the previous year. Skincare brands contributed 53.0% of total annual revenue, an increase from 41.1% in the prior year.
*Yatsen Global’s colour cosmetics revenue is generated from brands including Perfect Diary, Little Ondine, and Pink Bear; skincare revenue is derived from Galénic, DR.WU (business in the Chinese Mainland), Eve Lom, and other skincare brands.
Other key financial data for the fourth quarter and full year of fiscal 2025 are as follows:
- Gross margin for the fourth quarter was 77.7%, largely flat compared with 77.8% in the same period last year. For the full year of 2025, gross margin improved to 78.2% from 77.1% in the previous year.
- Net profit for the fourth quarter was RMB 3 million (approximately USD 0.4 million), compared with a net loss of RMB 378.8 million in the same period last year. For the full year of 2025, net loss narrowed by 87% to RMB 92.4 million (approximately USD 12.9 million), from RMB 710.2 million in the previous year.
- Non-GAAP net profit for the fourth quarter was RMB 41.2 million (approximately USD 5.7 million), compared with RMB 107 million in the same period last year. For the full year of 2025, non-GAAP net profit was RMB 8.4 million (approximately USD 1.2 million), compared with a non-GAAP net loss of RMB 128.2 million in the previous year.
Huang Jinfeng, Founder, Chairman and Chief Executive Officer of Yatsen Global, stated, “We are pleased to conclude 2025 with solid performance, underscoring the long-term value generated by our strategic transformation. Throughout the year, we remained committed to three core strategies: advancing R&D-driven product innovation, strengthening brand equity across our multi-brand portfolio, and enhancing overall profitability. Looking ahead to 2026, we are confident that these core advantages will continue to drive sustainable growth and create enduring value for our shareholders.”
Yang Donghao, Director and Chief Financial Officer of Yatsen Global, added, “Our latest financial results mark a key milestone in our journey toward sustainable development. In the fourth quarter, we achieved growth in both net profit and non-GAAP net profit, while total net revenue maintained its upward trajectory. For the full year of 2025, we delivered year-on-year revenue growth, significantly narrowed net losses, and achieved a turnaround to non-GAAP profitability. This accomplishment reflects the robust health of our brand portfolio and substantial improvements in operational efficiency. Going forward, we will continue to prioritise financial discipline and strategic resource allocation to ensure the Group is well positioned for long-term success.”
Looking ahead, Yatsen Global expects total net revenue for the first quarter of 2026 to range between RMB 958.6 million (approximately USD 133 million) and RMB 1.08 billion (approximately USD 151 million), representing a year-on-year increase of approximately 15% to 30%.
丨Source: Official press release
丨Image Credit: Yatsen Global official website
丨Editor: LeZhi
