YSG on NYSE
Yatsen Holding Ltd
Perfumes company in the Cayman Islands, incorporated in the Cayman Islands. Summary from the record
Price unavailable
Last updated Oct 19, 2026.
Overview
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- TickerYSG on NYSE1
- IndustryPerfumes, Cosmetics & Other Toilet Preparations1
- HeadquartersE91
- Incorporated inCayman Islands3
- Business addressFloor 39, Poly Development Plaza, No.832 Yue Jiang Zhong Road, Guangzhou, 5103353
- Filer categoryAccelerated filer3
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We commenced our operations in July 2016 through Guangzhou Yatsen Global Co., Ltd., or Guangzhou Yatsen, a limited liability company under the laws of the PRC. In September 2016, we incorporated Mangrove Bay Ecommerce Holding (Cayman), which later changed its name to Yatsen Holding Limited in January 2019, under the laws of the Cayman Islands as our offshore holding company to facilitate offshore financing. Also in September 2016, Yatsen Holding Limited incorporated Yatsen (HK) Limited (formerly known as Mangrove Bay Ecommerce (Hong Kong) Limited) as its intermediary holding company.4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
78.2%Gross margin2
-4.3%Operating margin2
-1.9%Net margin2
32.2%Revenue growth, 20252
-2.7%Return on equity2
-$19.6MFree cash flow2
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Business segments
Skincare Brands brought in 53% of the revenue Yatsen Holding Ltd broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| Skincare Brands | 1.4B CNY | 1.4B CNY | 2.3B CNY |
| Color Cosmetics Brands | 2.0B CNY | 2.0B CNY | 2.0B CNY |
| Other Operating | 57.5M CNY | 31.8M CNY | 14.9M CNY |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue22¢$134.0M
- Research and development3¢$19.6M
- Other costs75¢$461.0M
- Income tax0¢$15.0K
Out of $614.6M in revenue.2 The company lost money this year.
Financial statements
No quarterly figures reported.
Every line of the income statement as filed: the last 3 fiscal years, latest first.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Total net revenues | 4.3B CNY | 3.4B CNY | 3.4B CNY |
| Total cost of revenues | -936.8M CNY | -776.2M CNY | -901.5M CNY |
| Gross profit | 3.4B CNY | 2.6B CNY | 2.5B CNY |
| Fulfilment expenses | -253.9M CNY | -216.5M CNY | -229.0M CNY |
| Selling and marketing expenses | -2.9B CNY | -2.3B CNY | -2.2B CNY |
| General and administrative expenses | -303.6M CNY | -444.4M CNY | -500.9M CNY |
| Research and development expenses | -137.3M CNY | -109.3M CNY | -111.7M CNY |
| Impairment of goodwill | 0 CNY | -403.1M CNY | -354.0M CNY |
| Total operating expenses | -3.5B CNY | -3.4B CNY | -3.4B CNY |
| Loss from operations | -185.8M CNY | -824.9M CNY | -913.4M CNY |
| Financial income | 40.7M CNY | 86.1M CNY | 89.0M CNY |
| Foreign currency exchange gain (loss) | 13.4M CNY | -20.4M CNY | 7.2M CNY |
| Income from equity method investments, net | 5.9M CNY | 1.4M CNY | 10.1M CNY |
| Impairment of investments | -13.5M CNY | 0 CNY | 0 CNY |
| Other income | 46.7M CNY | 44.5M CNY | 53.6M CNY |
| Loss before income tax expenses (benefits) | -92.5M CNY | -713.3M CNY | -753.4M CNY |
| Income tax benefits | 108.0K CNY | 3.1M CNY | 3.2M CNY |
| Net loss | -92.4M CNY | -710.2M CNY | -750.2M CNY |
| Less: Net loss attributable to non-controlling interests and redeemable non-controlling interests | -11.5M CNY | -2.0M CNY | -5.4M CNY |
| Accretion to redeemable non-controlling interests | 3.0M CNY | ||
| Net loss attributable to ordinary shareholders of Yatsen Holding Limited | -80.9M CNY | -708.2M CNY | -747.8M CNY |
| Net loss per ordinary share-basic | -0.04 CNY | -0.35 CNY | -0.34 CNY |
| Net loss per ordinary share-diluted | -0.04 CNY | -0.35 CNY | -0.34 CNY |
| Ordinary sharesbasic | 1.9B shares | 2.0B shares | 2.2B shares |
| Ordinary sharesdiluted | 1.9B shares | 2.0B shares | 2.2B shares |
No quarter-by-quarter statement was filed.
No quarterly figures reported.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | 765.4M CNY | 817.4M CNY | ||
| Restricted cash | 42.1M CNY | |||
| Short-term investments | 246.0M CNY | 539.1M CNY | ||
| Accounts receivable, net | 220.9M CNY | 214.6M CNY | ||
| Inventories, net | 508.7M CNY | 386.1M CNY | ||
| Prepayments and other current assets | 451.0M CNY | 381.4M CNY | ||
| Total current assets | 2.2B CNY | 2.3B CNY | ||
| Investments | 653.6M CNY | 664.6M CNY | ||
| Property and equipment, net | 77.0M CNY | 74.4M CNY | ||
| Goodwill, net | 155.0M CNY | 155.0M CNY | 556.6M CNY | |
| Intangible assets, net | 537.5M CNY | 559.7M CNY | ||
| Deferred tax assets | 1.4M CNY | 1.4M CNY | ||
| Right-of-use assets, net | 173.9M CNY | 147.5M CNY | ||
| Other non-current assets | 14.3M CNY | 20.6M CNY | ||
| Total non-current assets | 1.6B CNY | 1.6B CNY | ||
| Total assets | 3.8B CNY | 4.0B CNY | ||
| Accounts and notes payable (including accounts payable of the consolidated VIEs without recourse to the Group of RMB3,481 and RMB2,740 as of December 31, 2024 and 2025, respectively) | 149.4M CNY | 72.1M CNY | ||
| Advances from customers (including advances from customers of the consolidated VIEs without recourse to the Group of RMB11,064 and RMB8,317 as of December 31, 2024 and 2025, respectively) | 28.8M CNY | 19.6M CNY | ||
| Income tax payables (including income tax payables of the consolidated VIEs without recourse to the Group of RMB929 and RMB929 as of December 31, 2024 and 2025) | 13.7M CNY | 20.1M CNY | ||
| Lease liabilities due within one year | 53.4M CNY | 39.4M CNY | ||
| Total current liabilities | 615.3M CNY | 640.2M CNY | ||
| Deferred tax liabilities (including deferred tax liabilities of the consolidated VIEs without recourse to the Group of RMB10,628 and RMB19,204 as of December 31, 2024 and 2025, respectively) | 107.9M CNY | 103.3M CNY | ||
| Deferred income-non current | 14.8M CNY | |||
| Lease liabilities | 123.2M CNY | 109.5M CNY | ||
| Total non-current liabilities | 231.1M CNY | 227.7M CNY | ||
| Total liabilities | 846.3M CNY | 867.9M CNY | ||
| Redeemable non-controlling interests | 1.3M CNY | 51.0M CNY | ||
| Ordinary Shares | 173.0K CNY | 173.0K CNY | ||
| Treasury shares | -1.3B CNY | -1.3B CNY | ||
| Additional paid-in capital | 12.3B CNY | 12.3B CNY | ||
| Statutory reserves | 31.5M CNY | 28.1M CNY | ||
| Accumulated deficit | -8.1B CNY | -8.1B CNY | ||
| Accumulated other comprehensive income | 74.8M CNY | 86.9M CNY | ||
| Total Yatsen Holding Limited shareholders' equity | 3.0B CNY | 3.1B CNY | ||
| Non-controlling interests | -11.3M CNY | -3.3M CNY | ||
| Total shareholders' equity | 3.0B CNY | 3.1B CNY | 4.1B CNY | 4.7B CNY |
| Total liabilities, redeemable non-controlling interests and shareholders' equity | 3.8B CNY | 4.0B CNY | ||
| Accrued expenses and other liabilities (including accrued expenses and other liabilities of the consolidated VIEs without recourse to the Group of RMB6,639 and RMB13,690 as of December 31, 2024 and 2025, respectively) | 348.7M CNY | 460.1M CNY | ||
| Common stock, par value | $0.00 | $0.00 | ||
| Common stock, shares authorized | 10.0B shares | 10.0B shares | ||
| Common stock, shares designated | 3.0B shares | 3.0B shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | 765.4M CNY | 817.4M CNY | ||
| Restricted cash | 42.1M CNY | |||
| Short-term investments | 246.0M CNY | 539.1M CNY | ||
| Accounts receivable, net | 220.9M CNY | 214.6M CNY | ||
| Inventories, net | 508.7M CNY | 386.1M CNY | ||
| Prepayments and other current assets | 451.0M CNY | 381.4M CNY | ||
| Total current assets | 2.2B CNY | 2.3B CNY | ||
| Investments | 653.6M CNY | 664.6M CNY | ||
| Property and equipment, net | 77.0M CNY | 74.4M CNY | ||
| Goodwill, net | 155.0M CNY | 155.0M CNY | 556.6M CNY | |
| Intangible assets, net | 537.5M CNY | 559.7M CNY | ||
| Deferred tax assets | 1.4M CNY | 1.4M CNY | ||
| Right-of-use assets, net | 173.9M CNY | 147.5M CNY | ||
| Other non-current assets | 14.3M CNY | 20.6M CNY | ||
| Total non-current assets | 1.6B CNY | 1.6B CNY | ||
| Total assets | 3.8B CNY | 4.0B CNY | ||
| Accounts and notes payable (including accounts payable of the consolidated VIEs without recourse to the Group of RMB3,481 and RMB2,740 as of December 31, 2024 and 2025, respectively) | 149.4M CNY | 72.1M CNY | ||
| Advances from customers (including advances from customers of the consolidated VIEs without recourse to the Group of RMB11,064 and RMB8,317 as of December 31, 2024 and 2025, respectively) | 28.8M CNY | 19.6M CNY | ||
| Income tax payables (including income tax payables of the consolidated VIEs without recourse to the Group of RMB929 and RMB929 as of December 31, 2024 and 2025) | 13.7M CNY | 20.1M CNY | ||
| Lease liabilities due within one year | 53.4M CNY | 39.4M CNY | ||
| Total current liabilities | 615.3M CNY | 640.2M CNY | ||
| Deferred tax liabilities (including deferred tax liabilities of the consolidated VIEs without recourse to the Group of RMB10,628 and RMB19,204 as of December 31, 2024 and 2025, respectively) | 107.9M CNY | 103.3M CNY | ||
| Deferred income-non current | 14.8M CNY | |||
| Lease liabilities | 123.2M CNY | 109.5M CNY | ||
| Total non-current liabilities | 231.1M CNY | 227.7M CNY | ||
| Total liabilities | 846.3M CNY | 867.9M CNY | ||
| Redeemable non-controlling interests | 1.3M CNY | 51.0M CNY | ||
| Ordinary Shares | 173.0K CNY | 173.0K CNY | ||
| Treasury shares | -1.3B CNY | -1.3B CNY | ||
| Additional paid-in capital | 12.3B CNY | 12.3B CNY | ||
| Statutory reserves | 31.5M CNY | 28.1M CNY | ||
| Accumulated deficit | -8.1B CNY | -8.1B CNY | ||
| Accumulated other comprehensive income | 74.8M CNY | 86.9M CNY | ||
| Total Yatsen Holding Limited shareholders' equity | 3.0B CNY | 3.1B CNY | ||
| Non-controlling interests | -11.3M CNY | -3.3M CNY | ||
| Total shareholders' equity | 3.0B CNY | 3.1B CNY | 4.1B CNY | 4.7B CNY |
| Total liabilities, redeemable non-controlling interests and shareholders' equity | 3.8B CNY | 4.0B CNY | ||
| Accrued expenses and other liabilities (including accrued expenses and other liabilities of the consolidated VIEs without recourse to the Group of RMB6,639 and RMB13,690 as of December 31, 2024 and 2025, respectively) | 348.7M CNY | 460.1M CNY | ||
| Common stock, par value | $0.00 | $0.00 | ||
| Common stock, shares authorized | 10.0B shares | 10.0B shares | ||
| Common stock, shares designated | 3.0B shares | 3.0B shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net loss | -92.4M CNY | -710.2M CNY | -750.2M CNY |
| Depreciation of property and equipment | 36.9M CNY | 38.0M CNY | 53.7M CNY |
| Amortization of intangible assets | 49.3M CNY | 112.6M CNY | 61.1M CNY |
| Share-based compensation | 59.0M CNY | 91.2M CNY | 77.5M CNY |
| Amortization of right-of-use assets | 60.0M CNY | 69.4M CNY | 88.6M CNY |
| Recognition of deferred income | -14.7M CNY | -16.1M CNY | -15.7M CNY |
| Impairment allowance of inventory | -4.5M CNY | -22.8M CNY | -38.2M CNY |
| Current expected credit losses | -2.3M CNY | 617.0K CNY | 19.9M CNY |
| Deferred income tax (benefits) expenses | 1.4M CNY | -8.6M CNY | -8.7M CNY |
| Impairment of and (gain) loss on disposal of property and equipment | -732.0K CNY | -1.1M CNY | -1.2M CNY |
| Loss on disposal of intangible assets | 381.0K CNY | ||
| Impairment of investments | 13.5M CNY | 0 CNY | 0 CNY |
| Share of income from equity investments | -5.9M CNY | -1.4M CNY | -10.1M CNY |
| Impairment of goodwill | 0 CNY | 403.1M CNY | 354.0M CNY |
| Dividend received from equity method investments | 11.1M CNY | ||
| Accounts receivable | -4.0M CNY | -16.3M CNY | -4.5M CNY |
| Interest receivables on short-term investments | 257.0K CNY | 937.0K CNY | |
| Prepayments and other current assets | -89.1M CNY | -65.3M CNY | -7.3M CNY |
| Inventories | -124.8M CNY | -11.2M CNY | 109.4M CNY |
| Other non-current assets | 6.3M CNY | 6.5M CNY | 25.8M CNY |
| Amounts due from related parties | 9.0M CNY | 11.1M CNY | -28.0M CNY |
| Amounts due to related parties | -7.6M CNY | 19.5M CNY | -17.8M CNY |
| Accounts and notes payable | 77.3M CNY | -33.6M CNY | -14.2M CNY |
| Accrued expenses and other liabilities | -16.4M CNY | -22.5M CNY | 65.3M CNY |
| Advances from customers | 9.2M CNY | -22.0M CNY | 24.9M CNY |
| Income tax payables | -6.4M CNY | 2.1M CNY | -3.9M CNY |
| Lease liabilities | -58.7M CNY | -66.9M CNY | -89.3M CNY |
| Net cash used in operating activities | -94.7M CNY | -243.7M CNY | -107.4M CNY |
| Purchases of intangible assets | -1.7M CNY | -4.3M CNY | -321.0K CNY |
| Purchases of property and equipment | -42.1M CNY | -52.7M CNY | -43.6M CNY |
| Proceeds from disposal of property and equipment | 4.1M CNY | 2.1M CNY | 2.0M CNY |
| Purchases of short-term investments | -601.9M CNY | -1.3B CNY | -2.3B CNY |
| Sales of short-term investments | 888.4M CNY | 2.0B CNY | 2.2B CNY |
| Investments on equity investments | -42.0M CNY | -121.5M CNY | |
| Proceeds from disposal of investments | 22.2M CNY | ||
| Net cash (used in) provided by investing activities | 246.8M CNY | 592.1M CNY | -260.5M CNY |
| Proceeds from exercise of vested share options | 5.5M CNY | 11.6M CNY | 4.9M CNY |
| Repurchases of ordinary shares | -111.0M CNY | -405.8M CNY | -212.7M CNY |
| Repurchase of non-controlling interests and redeemable non-controlling interests | -45.9M CNY | -134.7M CNY | |
| Net cash used in financing activities | -151.4M CNY | -394.2M CNY | -342.5M CNY |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | -10.6M CNY | 5.0M CNY | 14.2M CNY |
| Net decrease in cash and cash equivalents and restricted cash | -9.9M CNY | -40.7M CNY | -696.2M CNY |
| Income taxes paid | -4.9M CNY | -2.9M CNY | -7.8M CNY |
| Purchases of property and equipment | 9.6M CNY | 9.1M CNY | 12.7M CNY |
| Purchases of intangible assets | 65.0K CNY | 828.0K CNY | 397.0K CNY |
| Receivables of exercise price of share options | 212.0K CNY | 577.0K CNY | 1.6M CNY |
| Payable for repurchases of Ordinary Shares | 94.7M CNY | 442.0K CNY | |
| Repurchase of redeemable non-controlling interests | 22.2M CNY | ||
| Recognition of redeemable non-controlling interests | 50.1M CNY |
No quarter-by-quarter statement was filed.
Leadership
Who has led Yatsen Holding Ltd, and when. Pick a name to see everywhere that person has worked.
Chief financial officer
- Chief financial officerDonghao Yang Mar 16, 2026 to now10
Board members and other officers (3)
- Board memberDonghao Yang Mar 16, 2026 to now10
- Board memberJiming Ha Mar 17, 2026 to now11
- Board memberAlan Hao Zong Mar 18, 2026 to now12
Filings
89 filings to the SEC since October 2021: 5 annual reports, 7 insider forms, 19 large holders, 58 other. The latest 20:
- Sep 15, 20263 EDGAR
- Sep 2, 20266-K EDGAR
- May 26, 20266-K EDGAR
- May 21, 20266-K EDGAR
- Apr 29, 202620-F EDGAR
- Mar 18, 20263 EDGAR
- Mar 17, 20263 EDGAR
- Mar 16, 20263 EDGAR
- Mar 16, 20263 EDGAR
- Mar 16, 20263 EDGAR
- Mar 16, 20263 EDGAR
- Mar 11, 20266-K EDGAR
- Mar 2, 20266-K EDGAR
- Mar 2, 20266-K EDGAR
- Feb 12, 2026SCHEDULE 13G/A EDGAR
- Nov 17, 20256-K EDGAR
- Nov 14, 2025SCHEDULE 13G/A EDGAR
- Aug 21, 20256-K EDGAR
- Aug 13, 2025SCHEDULE 13G/A EDGAR
- Jul 28, 2025UPLOAD EDGAR
The 89 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Jinfeng HuangSCHEDULE 13G/A, 3 filings Feb 14, 2022 to Feb 12, 202613
- Banyan Partners Fund III, L.P.SCHEDULE 13G/A, 6 filings Feb 11, 2022 to Nov 14, 202514
- Zhen Partners Management (TTGP) IV, Ltd.SC 13G/A, 2 filings Feb 14, 2024 to Nov 12, 202415
- HHLR ADVISORS, LTD.SC 13G/A, 2 filings Feb 14, 2022 to Feb 14, 202316
- Xiaoping XuSC 13G/A, 2 filings Feb 7, 2022 to Feb 14, 202317
- Yuwen ChenSC 13G/A, 2 filings Feb 14, 2022 to Feb 14, 202318
- Jianhua LyuSC 13G/A, 1 filing Feb 14, 202219
- TIGER GLOBAL MANAGEMENT LLCSC 13G/A, 1 filing Feb 14, 202220
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 43. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Hhlr Advisors, Ltd. | 4,885,873 | $15.5M | 1.9% | No change |
| Morgan Stanley | 2,766,425 | $8.8M | 0.0% | −495,032 |
| Bank Of America Corp /de/ | 1,545,081 | $4.9M | 0.0% | −79,994 |
| Yiheng Capital Management, L.P. | 946,193 | $3.0M | 1.3% | +148,327 |
| Renaissance Technologies LLC | 541,047 | $1.7M | 0.0% | −71,546 |
| Perseverance Asset Management International | 529,993 | $1.7M | 0.2% | No change |
| Goldman Sachs Group Inc | 404,445 | $1.3M | 0.0% | −33,489 |
| Helios Capital Management Pte. Ltd | 200,000 | $634.0K | 0.6% | No change |
| Citigroup Inc | 117,865 | $373.6K | 0.0% | −31,307 |
| State Street Corp | 103,769 | $328.9K | 0.0% | −3,118 |
| XTX Topco Ltd | 94,846 | $300.7K | 0.0% | +55,345 |
| Hsbc Holdings PLC | 76,841 | $243.6K | 0.0% | −11,245 |
| Barclays PLC | 53,681 | $170.2K | 0.0% | −185,848 |
| Citadel Advisors LLC | 51,581 | $163.5K | 0.0% | −71,874 |
| Jpmorgan Chase & Co | 45,428 | $146.3K | 0.0% | New |
| Invesco Ltd. | 45,244 | $143.4K | 0.0% | −6,280 |
| Oasis Management Co Ltd. | 45,000 | $142.7K | 0.0% | No change |
| Jane Street Group, LLC | 31,520 | $99.9K | 0.0% | +4,203 |
| Bnp Paribas Financial Markets | 29,720 | $94.2K | 0.0% | +2,300 |
| Headlands Technologies LLC | 23,428 | $74.3K | 0.0% | −8,924 |
| Point72 Asset Management, L.P. | 22,073 | $70.0K | 0.0% | −231,196 |
| Sei Investments Co | 20,676 | $65.5K | 0.0% | New |
| Millennium Management LLC | 17,764 | $56.3K | 0.0% | −45,162 |
| Persistent Asset Partners Ltd | 16,786 | $53.2K | 0.0% | −3,365 |
| Centiva Capital, LP | 14,085 | $44.6K | 0.0% | New |
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 11SEC EDGARJiming Ha, Board member
- 12SEC EDGARAlan Hao Zong, Board member
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