Yatsen Holding (YSG) Financial Statements & Analysis

Yatsen Holding (YSG) Income Statement

Yatsen Holding reported revenue of CNY 4.30B in fiscal 2025 (fiscal year ended Dec 31, 2025), up 24.9% from CNY 3.44B a year earlier. Yatsen Holding posted a net loss of CNY 80.87M, compared with a net loss of CNY 718.21M a year earlier. Gross margin was 78.2% and operating margin -4.3%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was CNY 1.14B, up 5.1% from the same quarter a year earlier.

Yatsen Holding Income Statement Analysis

Values in billions CNY

Income Statement Balance Sheet Cash Flow Ratios

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Yatsen Holding Limited income statement - Annual data in billions CNY
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018
Revenue & Gross Profit
Revenue	4.30	3.44	3.41	3.77	5.84	5.23	3.02	0.66
Cost of Revenue	0.94	0.79	0.90	1.21	1.94	1.87	1.10	0.24
Gross Profit	3.36	2.65	2.51	2.56	3.90	3.36	1.92	0.42
Operating Expenses
Research & Development	0.14	0.11	0.11	0.13	0.14	0.07	0.02	0.00
Selling, General & Administrative	3.37	2.97	2.73	3.38	4.95	5.98	1.76	0.45
Operating Expenses	3.55	3.08	3.07	3.51	5.52	6.05	1.78	0.45
Operating Income	-0.19	-0.43	-0.56	-0.95	-1.62	-2.68	0.14	-0.03
Other Income/Expense
Interest Income	0.04	0.09	0.09	0.03	0.05	0.01	0.01	0.00
Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Income/Expense	0.09	-0.30	-0.28	0.11	0.03	-0.01	0.00	0.00
Income
Income Before Tax	-0.09	-0.72	-0.75	-0.83	-1.55	-2.68	0.15	-0.04
Income Tax Expense	0.00	0.00	0.00	0.00	0.00	0.01	0.07	0.00
Net Income	-0.08	-0.72	-0.75	-0.83	-1.54	-2.69	0.08	-0.04
Net Income - Continuous Operations	-0.09	-0.72	-0.75	-0.83	-1.55	-2.54	0.08	-0.04
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-
EBITDA	-0.06	-0.50	-0.36	-0.50	-1.20	-2.60	0.21	-0.03
EBIT	-0.14	-0.32	-0.56	-0.93	-1.62	-2.68	-	-
Depreciation & Amortization	0.15	0.22	0.20	0.35	0.43	0.08	0.07	0.00
Earnings Per Share
Basic EPS	-1.00	-7.00	-7.00	-7.00	-12.00	-96.00	-	-
Diluted EPS	-1.00	-7.00	-7.00	-7.00	-12.00	-96.00	-	-
Basic Shares Outstanding	0.09	0.10	0.11	0.11	0.13	0.04	0.13	0.13
Diluted Shares Outstanding	0.09	0.10	0.11	0.11	0.13	0.04	0.13	0.13

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Yatsen Holding Financial Statements

What was Yatsen Holding's revenue in fiscal 2025?

Yatsen Holding reported revenue of CNY 4.30B in fiscal 2025 (fiscal year ended Dec 31, 2025). That was up 24.9% from CNY 3.44B a year earlier.

Is Yatsen Holding profitable?

No. Yatsen Holding reported a net loss of CNY 80.87M in fiscal 2025. In fiscal 2024 it lost CNY 718.21M.

What is Yatsen Holding's operating margin?

Yatsen Holding's operating income was −CNY 185.79M on revenue of CNY 4.30B in fiscal 2025, an operating margin of -4.3%, compared with -12.4% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition