Yatsen Holding Income Statement

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

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 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	3,321	5,381
Research & Development	137.3	109.29	111.7	126.88	142.09
Other Operating Expenses	-	403.08	354.04	-	-
Total Operating Expenses	3,547	3,442	3,427	3,448	5,523
Operating Income	-185.79	-824.89	-913.36	-928.9	-1,624
Interest Income	40.72	86.14	89.02	34.66	45.66
Other Non-Operating Income (Expense)	52.55	25.45	70.9	75.61	30.63
Total Non-Operating Income (Expense)	93.27	111.58	159.92	110.27	76.29
Pretax Income	-92.52	-713.31	-753.44	-818.63	-1,548
Provision for Income Taxes	-0.11	-3.09	-3.21	-2.71	-0.92
Net Income	-80.87	-708.17	-747.76	-815.37	-1,541
Minority Interest in Earnings	11.55	2.05	8.41	-5.96	-6.3
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)	-0.80	-7.00	-6.80	-6.80	-12.20
EPS (Diluted)	-0.80	-7.00	-6.80	-6.80	-12.20
Shares Outstanding	93.86	91.76	2,154	2,236	2,527
Free Cash Flow	-136.73	-296.41	-151.09	85.43	-1,162
Free Cash Flow Per Share	-1.47	-2.93	-1.38	0.72	-9.20
Gross Margin	78.20%	77.13%	73.60%	67.96%	66.76%
Operating Margin	-4.32%	-24.31%	-26.75%	-25.06%	-27.81%
Profit Margin	-2.15%	-20.93%	-21.97%	-22.16%	-26.49%
FCF Margin	-3.18%	-8.73%	-4.42%	2.31%	-19.90%
EBITDA	-39.71	-604.83	-709.95	-589.63	-1,197
EBITDA Margin	-0.92%	-17.82%	-20.79%	-15.91%	-20.50%
EBIT	-185.79	-824.89	-913.36	-928.9	-1,624
EBIT Margin	-4.32%	-24.31%	-26.75%	-25.06%	-27.81%
Effective Tax Rate	0.12%	0.43%	0.43%	0.33%	0.06%

Updated Mar 2, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

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