YSGNYSEPerfumes, Cosmetics & Other Toilet PreparationsUS GAAP · USD

Yatsen Holding Ltd

Yatsen Holding Ltd is a China-based beauty company built around owned and acquired brands in color cosmetics and skincare. Its portfolio includes Perfect Diary, Little Ondine, Pink Bear, Galénic, DR.WU's mainland China business, and Eve Lom, sold through a mix of online and offline channels.

Kysy yhtiöstä
Liikevaihto4 298milj. USD
+26,7 %v/v
Liikevoitto (EBIT)−186milj. USD
+77,5 %v/v
EBIT-marginaali−4,3%
+20,0 %-yks.v/v
Nettotulos−80,9milj. USD
+88,6 %v/v
Vapaa kassavirta−137milj. USD
+53,9 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−4 000−2 00002 0004 0006 000milj. USD2020: 5 233 milj. USD2020: EBIT −2 683 milj. USD20202021: 5 840 milj. USD2021: EBIT −1 624 milj. USD20212022: 3 706 milj. USD2022: EBIT −929 milj. USD20222023: 3 415 milj. USD2023: EBIT −913 milj. USD20232024: 3 393 milj. USD2024: EBIT −825 milj. USD20242025: 4 298 milj. USD2025: EBIT −186 milj. USD20254 298−186
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: Yatsen Holding Ltd

Liiketoiminta

Osuus liikevaihdosta
Color Cosmetics55 %

Makeup products sold under brands such as Perfect Diary, Little Ondine, and Pink Bear.

Skincare45 %

Facial and body skincare products sold across mass to clinical segments.

Asiakkaat

Yatsen sells to Chinese beauty consumers across a wide range of age, income, and usage profiles, with brands positioned from mass-market to prestige and clinical skincare. The business relies on direct customer engagement through e-commerce, social platforms, content platforms, and offline retail touchpoints, which supports discovery-led purchasing and repeat buying.

Mass-market beauty consumers

Buy accessible cosmetics and skincare from brands like Perfect Diary and Pink Bear.

Prestige skincare consumers

Buy premium skincare and beauty products such as Galénic and Eve Lom.

Clinical and efficacy-focused users

Buy products associated with dermatology-led or science-led skincare positioning.

Online beauty shoppers

Purchase through e-commerce and social/content channels for convenience and discovery.

Offline retail customers

Buy through physical points of sale for product testing, advice, and immediate purchase.

Strategia

Yatsen's strategy centers on building a multi-brand beauty platform that covers different demographics and price tiers. The company emphasizes brand equity, product strength, operational agility, and R&D-backed consumer insight to support discovery, repeat purchase, and category expansion.

Expand multi-brand positioningKeskipitkä aikaväli

A broader brand stack lets Yatsen address different consumers and price points.

Deepen direct-to-consumer engagementLyhyt aikaväli

Digital discovery and conversion are central to how beauty products are marketed and sold.

Strengthen product innovationKeskipitkä aikaväli

Beauty demand is shaped by formula, efficacy, and brand differentiation.

Maantiede

Yatsen is primarily a China-focused business, with customer reach concentrated across major e-commerce, social, and content platforms in the mainland market. Its brand portfolio also spans prestige and international-origin labels, but the operating center and core commercial exposure remain tied to China.

Riskit

Yatsen faces normal beauty-industry risks tied to brand relevance, product innovation, and fast-changing consumer preferences, especially in digital channels where competition is intense. Its China concentration also creates exposure to local demand swings, platform dependence, and regulatory or channel-disruption risk, while acquisitions and intangible assets raise impairment and integration risk.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →China consumer demand concentration1Brand and product obsolescence2Goodwill and intangible impairment3Platform and channel dependence4
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. China consumer demand concentrationVaikutus: KorkeaTodennäköisyys: Korkea

    Most customer engagement and sales activity is centered in mainland China.

    Kohdistuu: Mainland China beauty market

  2. Brand and product obsolescenceVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Beauty categories depend on trends, efficacy perceptions, and brand freshness.

    Kohdistuu: Color cosmetics and skincare

  3. Goodwill and intangible impairmentVaikutus: KorkeaTodennäköisyys: Kohtalainen

    The company has acquired brands whose value depends on future performance.

    Kohdistuu: Acquired brands and goodwill

  4. Platform and channel dependenceVaikutus: KeskitasoTodennäköisyys: Korkea

    Digital acquisition and sales depend on third-party e-commerce and social platforms.

    Kohdistuu: Online customer acquisition

Kysy Clarifolta: Yatsen Holding Ltd

Kirjanpito

Harkinnanvaraiset erät
Goodwill impairment

The company disclosed a large goodwill impairment, showing valuation sensitivity in acquired businesses.

Vaikutus: Can materially reduce earnings and equity

Intangible asset amortization

Acquired brands generate amortization that affects GAAP profit and operating trends.

Vaikutus: Reduces reported operating income

Share-based compensation

Equity awards are a recurring expense and are often adjusted out of non-GAAP metrics.

Vaikutus: Affects comparability of operating performance

Non-GAAP adjustments

Adjusted results exclude items such as impairment, amortization, and revaluation effects.

Vaikutus: Can materially change the view of earnings quality

Samankaltaisia listattuja yhtiöitä

Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

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Päivitetty: 28.9.2026