On May 16th, Yatsen Holding, the parent company of Perfect Diary, which is listed on the New York Stock Exchange, announced its unaudited key financial data for the first quarter ending March 31, 2023. Due to a decline in revenue from its cosmetics brand, net income decreased by 14.1% year-on-year to 765.4 million yuan ($119.5 million), while net income from the skincare brand surged by 34.2% year-on-year to 245.1 million yuan ($38.2 million), accounting for 32.0% of the total revenue, up from 20.5% in the same period last year. Additionally, the gross profit margin increased from 69. …
