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Yatsen Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary17 Nov, 2025
Executive summary
Achieved fourth consecutive quarter of revenue growth, with Q3 2025 net revenues up 47.5% year-over-year to RMB 998.4 million, driven by strong skincare and color cosmetics performance.
Skincare brands grew 83.2% year-over-year, now comprising 49.2% of total revenue, supporting a margin-accretive portfolio shift.
Gross margin improved to 78.2% from 75.9% year-over-year, reflecting a shift to higher-margin products.
Net loss margin improved to 7% from 17.9% in the prior year; non-GAAP net loss margin narrowed to 5.2%.
Focus remains on R&D, innovation, and disciplined capital allocation to drive sustainable long-term growth.
Financial highlights
Total net revenues for Q3 2025 were RMB 998.4 million, up 47.5% year-over-year.
Gross profit increased 51.9% to RMB 780.5 million; gross margin rose to 78.2% from 75.9%.
Net loss narrowed to RMB 70.4 million (net loss margin 7%), compared to RMB 121.1 million (17.9%) a year ago.
Non-GAAP net loss was RMB 51.5 million (margin 5.2%), down from RMB 76.6 million (11.3%).
Cash, restricted cash, and short-term investments stood at RMB 1.16 billion as of September 30, 2025.
Outlook and guidance
Q4 2025 net revenues expected between RMB 1.32 billion and RMB 1.49 billion, a 15%–30% year-over-year increase.
Management expects continued improvement in profitability, driven by higher skincare mix, marketing efficiency, and cost structure optimization.
Forward-looking statements are subject to risks and uncertainties, including market and operational factors.
Skincare vs color cosmetics investment strategy
Drivers of Q3 loss margin improvement
Cash flow outlook given Q3 operating burn?
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Frequently asked questions
Yatsen Holding Limited, an investment holding company, develops and sells beauty products in the People's Republic of China. The company offers lipsticks, eye shadow palettes, lip glosses, foundations and powders, eyebrow products, mascara and eyeliners, and blush products under the Perfect Diary brand; nail polish under the Little Ondine brand; and skincare products under the Abby's Choice brand. It also provides e-commerce platform through its Website and mobile applications. Yatsen Holding Limited was founded in 2016 and is headquartered in Nanshan District, Shenzhen, China.
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