Yatsen Holding Limited (YSG)

Yatsen Holding Cash Flow Statement

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

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Income	-708.17	-747.76	-815.37	-1,541	-2,688
Depreciation & Amortization	220.06	203.41	339.26	427.26	263.87
Loss (Gain) From Sale of Assets	-	0.38	0.92	2.67	15.1
Asset Writedown & Restructuring Costs	401.95	352.85	80.29	36.23	-
Loss (Gain) From Sale of Investments	-	-	5.08	1.38	-
Loss (Gain) on Equity Investments	-1.39	-10.12	-12.55	-5.98	0.29
Stock-Based Compensation	91.17	77.5	340.86	530.44	1,901
Provision & Write-off of Bad Debts	0.62	19.89	-	-	2.64
Other Operating Activities	-49.55	-65.1	-32.34	58.7	24.34
Change in Accounts Receivable	-16.32	-4.47	155	99.75	-154.02
Change in Inventory	-11.17	109.44	278	-109.93	-134.26
Change in Accounts Payable	-33.6	-14.16	-120.97	-244.44	66.16
Change in Unearned Revenue	-22.01	24.93	-4.03	86.04	3.05
Change in Income Taxes	2.14	-3.88	5.08	-1.44	-55.96
Change in Other Net Operating Assets	-117.41	-50.35	-83.02	-360.39	-227.38
Operating Cash Flow	-243.67	-107.44	136.21	-1,020	-983.37
Capital Expenditures	-52.74	-43.65	-50.78	-141.43	-225.57
Sale of Property, Plant & Equipment	2.1	1.95	4.1	-	0.47
Cash Acquisitions	-	-	-2.11	-994.7	-99.17
Sale (Purchase) of Intangibles	-4.28	-0.32	-8.55	-25.3	-159.01
Investment in Securities	647.04	-218.47	-1,098	-322.83	-25.55
Investing Cash Flow	592.12	-260.49	-1,155	-1,484	-508.83
Short-Term Debt Issued	-	-	-	-	10
Total Debt Issued	-	-	-	-	10
Short-Term Debt Repaid	-	-	-	-0.1	-10
Total Debt Repaid	-	-	-	-0.1	-10
Net Debt Issued (Repaid)	-	-	-	-0.1	-
Issuance of Common Stock	11.57	4.9	1.91	12.96	4,380
Repurchase of Common Stock	-405.79	-212.69	-654.65	-15.16	-491.17
Other Financing Activities	-	-134.66	-1.71	0.6	-
Financing Cash Flow	-394.23	-342.46	-654.45	-1.71	6,681
Foreign Exchange Rate Adjustments	5.03	14.19	89.98	-88.98	-131.86
Net Cash Flow	-40.74	-696.19	-1,584	-2,595	5,057
Free Cash Flow	-296.41	-151.09	85.43	-1,162	-1,209
Free Cash Flow Margin	-8.73%	-4.42%	2.31%	-19.89%	-23.10%
Free Cash Flow Per Share	-2.93	-1.38	0.72	-9.20	-29.00
Cash Interest Paid	-	-	-	-	0.09
Cash Income Tax Paid	2.91	7.75	6.11	6.19	59.44
Levered Free Cash Flow	-68.17	-47.42	425.93	-505.32	-100.75
Unlevered Free Cash Flow	-68.17	-47.42	425.93	-505.32	-100.75
Change in Working Capital	-198.37	61.52	230.05	-530.42	-502.39

Updated Aug 21, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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