Yatsen Holding Limited (YSG)

Yatsen Holding Income Statement

Financials in millions CNY. Fiscal year is January - December.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Revenue	4,298	3,393	3,415	3,706	5,840
Revenue Growth (YoY)	26.66%	-0.63%	-7.86%	-36.54%	11.59%
Cost of Revenue	936.78	776.24	901.46	1,187	1,941
Gross Profit	3,361	2,617	2,513	2,519	3,899
Selling, General & Admin	3,410	2,930	2,961	3,248	5,381
Research & Development	137.3	109.29	111.7	126.88	142.09
Operating Expenses	3,547	3,039	3,073	3,375	5,523
Operating Income	-185.79	-421.82	-559.32	-856.27	-1,624
Interest & Investment Income	40.72	86.14	89.02	34.66	45.66
Earnings From Equity Investments	5.94	1.39	10.12	12.55	5.98
Currency Exchange Gain (Loss)	13.37	-20.4	7.22	-35.36	-1.75
Other Non Operating Income (Expenses)	46.69	44.46	53.56	103.5	27.78
EBT Excluding Unusual Items	-79.07	-310.23	-399.4	-740.92	-1,547
Merger & Restructuring Charges	-	-	-	-72.63	-
Impairment of Goodwill	-	-403.08	-354.04	-	-
Gain (Loss) on Sale of Investments	-13.45	-	-	-5.08	-1.38
Pretax Income	-92.52	-713.31	-753.44	-818.63	-1,548
Income Tax Expense	-0.11	-3.09	-3.21	2.71	-0.92
Earnings From Continuing Operations	-92.41	-710.22	-750.23	-821.33	-1,547
Minority Interest in Earnings	11.55	2.05	2.46	5.96	6.3
Net Income	-80.87	-708.17	-747.76	-815.37	-1,541
Net Income to Common	-80.87	-708.17	-747.76	-815.37	-1,541
Shares Outstanding (Basic)	93	101	110	119	126
Shares Outstanding (Diluted)	93	101	110	119	126
Shares Change (YoY)	-8.03%	-7.78%	-7.46%	-6.10%	203.08%
EPS (Basic)	-0.87	-6.99	-6.81	-6.87	-12.19
EPS (Diluted)	-0.87	-7.00	-6.81	-6.87	-12.20
Free Cash Flow	-	-296.41	-151.09	85.43	-1,162
Free Cash Flow Per Share	-	-2.93	-1.38	0.72	-9.20
Gross Margin	78.20%	77.13%	73.60%	67.96%	66.76%
Operating Margin	-4.32%	-12.43%	-16.38%	-23.10%	-27.81%
Profit Margin	-1.88%	-20.87%	-21.90%	-22.00%	-26.38%
Free Cash Flow Margin	-	-8.73%	-4.42%	2.31%	-19.89%
EBITDA	-35.17	-271.19	-444.56	-685.37	-1,443
EBITDA Margin	-0.82%	-7.99%	-13.02%	-18.49%	-24.71%
D&A For EBITDA	150.63	150.63	114.76	170.9	181.37
EBIT	-185.79	-421.82	-559.32	-856.27	-1,624
EBIT Margin	-4.32%	-12.43%	-16.38%	-23.10%	-27.81%

Updated Mar 2, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q