Yatsen Holding (YSG) Balance Sheet: Assets & Liabilities

Yatsen Holding (YSG) Balance Sheet

As of Dec 31, 2025 (end of fiscal 2025), Yatsen Holding reported total assets of CNY 3.85B and total liabilities of CNY 846.34M. Shareholders' equity was CNY 3.00B, down 1.8% from CNY 3.06B a year earlier. Total debt stood at CNY 230.14M against CNY 1.06B in cash and short-term investments, a net cash position of CNY 831.18M. That puts debt-to-equity at 0.08, compared with 0.05 a year earlier.

Yatsen Holding Balance Sheet Analysis

Values in billions CNY

Income Statement Balance Sheet Cash Flow Ratios

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Balance sheet showing assets, liabilities, and shareholders' equity for Yatsen Holding Limited (YSG) - 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
Current Assets
Cash and Cash Equivalents	0.77	0.82	0.84	1.51	3.14	5.73	0.68	0.03
Short-Term Investments	0.30	0.54	1.26	1.07	0.06	0.00	0.01	0.00
Cash & Short-Term Investments	1.06	1.36	2.10	2.59	3.20	5.73	0.69	0.03
Accounts Receivable	0.22	0.33	0.20	0.21	0.36	0.42	0.27	0.06
Inventory	0.51	0.39	0.35	0.42	0.70	0.62	0.50	0.09
Other Current Assets	0.49	0.28	0.33	0.29	0.30	0.33	0.12	0.11
Total Current Assets	2.23	2.35	2.95	3.51	4.56	7.09	1.57	0.29
Non-Current Assets
Property, Plant & Equipment (Net)	0.25	0.22	0.18	0.21	0.67	0.82	0.37	0.02
Long-Term Investments	0.65	0.66	0.62	0.50	0.35	0.03	0.03	0.00
Goodwill	0.16	0.16	0.56	0.86	0.87	0.02	0.02	0.00
Intangible Assets	0.54	0.56	0.67	0.69	0.75	0.19	0.01	0.00
Other Non-Current Assets	0.02	0.02	0.03	0.09	0.08	0.15	0.00	0.01
Total Non-Current Assets	1.61	1.62	2.05	2.35	2.72	1.22	0.44	0.04
Total Assets	3.85	3.97	5.01	5.86	7.27	8.31	2.01	0.33
Current Liabilities
Accounts Payable	0.17	0.07	0.12	0.12	0.24	0.47	0.40	0.09
Short-Term Debt	0.11	0.04	0.05	0.08	0.21	0.22	0.09	0.01
Accrued Liabilities	0.35	0.46	0.39	0.32	0.37	0.30	-	-
Deferred Revenue	0.03	0.02	0.04	0.02	0.02	0.01	0.00	0.00
Other Current Liabilities	0.01	0.48	0.02	0.35	0.38	0.42	0.13	0.07
Total Current Liabilities	0.62	0.64	0.61	0.59	0.88	1.13	0.76	0.19
Non-Current Liabilities
Long-Term Debt	0.12	0.11	0.07	0.05	0.21	0.31	0.17	0.01
Deferred Tax Liabilities	0.11	0.10	0.11	0.11	0.12	0.00	0.00	0.00
Other Non-Current Liabilities	0.11	0.00	0.14	0.00	0.00	0.00	0.00	0.00
Total Non-Current Liabilities	0.23	0.23	0.21	0.21	0.39	0.31	0.17	0.01
Total Liabilities	0.85	0.87	0.82	0.80	1.26	1.44	0.94	0.20
Stockholders' Equity
Common Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Retained Earnings	-8.11	-8.03	-7.32	-6.60	-5.78	-4.24	-0.09	-0.06
Accumulated Other Comprehensive Income	0.07	0.09	0.06	-0.05	-0.23	-0.08	0.03	0.00
Treasury Stock	1.25	1.28	0.86	0.67	0.02	-	-	-
Additional Paid-in Capital	11.05	11.00	12.26	11.37	11.68	11.17	0.00	0.00
Minority Interest	-0.01	0.05	0.05	0.34	0.35	0.02	0.00	0.00
Shares Outstanding	1.88	1.84	2.15	2.24	2.53	-	-	-
Total Stockholders' Equity	3.00	3.06	4.18	4.72	5.66	6.85	1.07	0.13
Total Liabilities & Equity	3.85	3.97	5.01	5.86	7.27	8.31	2.01	0.33

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 Balance Sheet

How much debt does Yatsen Holding have?

Yatsen Holding had total debt of CNY 230.14M as of Dec 31, 2025, against CNY 1.06B in cash and short-term investments. Its debt-to-equity ratio was 0.08. Total debt was CNY 148.94M a year earlier.

What are Yatsen Holding's total assets?

Yatsen Holding reported total assets of CNY 3.85B as of Dec 31, 2025, down 3.1% from CNY 3.97B a year earlier. Total liabilities were CNY 846.34M.

What is Yatsen Holding's shareholders' equity?

Yatsen Holding's shareholders' equity was CNY 3.00B as of Dec 31, 2025, or about CNY 1.60 of book value per share.

What is the debt-to-equity ratio?

The debt-to-equity ratio divides a company's total debt by its shareholders' equity. It shows how much of the business is financed with borrowed money; normal levels vary widely by industry. Full definition