Yatsen’s Q4 Revenues Jump 20% to RMB1.38B; Full-Year Loss Narrows 87%
Yatsen’s Q4 net revenues rose 20.1% to RMB1.38 billion, lifting full-year sales 26.7% to RMB4.30 billion for 2025. The beauty group swung to a Q4 net profit of RMB3.0 million and cut its full-year net loss by 87% to RMB92.4 million.
1. Financial Highlights
Net revenues for Q4 2025 rose 20.1% year-over-year to RMB1.38 billion (US$197.3 million), while full-year net revenues climbed 26.7% to RMB4.30 billion (US$614.6 million). Yatsen achieved a Q4 net income of RMB3.0 million versus a loss of RMB378.8 million, and reduced its full-year net loss by 87% to RMB92.4 million.
2. Segment Performance
Skincare brands delivered a 51.9% revenue surge to RMB842.8 million in Q4, representing 61.1% of total net revenues up from 48.3% a year earlier. Color cosmetics revenues declined 9.1% in the quarter, reflecting the company’s strategic shift toward higher-margin skincare offerings.
3. Profitability Improvements
Gross margin held steady at 77.7% in Q4 and improved to 78.2% for the full year, up from 77.1%. Operating expenses fell 15.6% year-over-year in Q4 to RMB1.08 billion, reducing the expense ratio from 111.8% to 78.6% of net revenues.
4. Management Commentary
Leadership highlighted R&D-led innovation, stronger brand equity, and operational efficiency as key drivers of performance. The board affirmed confidence in sustaining growth and profitability through strategic resource allocation in 2026.