Yatsen Holding Ltd. · NYSE:YSG
Yatsen — Q1 2025 Earnings Presentation
15 slides from Yatsen's earnings presentation, May 16, 2025
Slide 1: First Quarter 2025 Investor Presentation
First Quarter 2025 Investor Presentation Yatsen Holding Limited
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Yatsen Holding Limited (the “Company”) solely for information purpose. By viewing or accessing the information contained in this material, you hereby acknowledge and agree that no representations, warranties or undertakings, express or implied, are m
Slide 3: First Quarter Review
YSGPiHill First Quarter 2025 Review Pot PUR GALENIC
Slide 4: First Quarter 2025 Snapshot
First Quarter 2025 Snapshot Total Net Revenues Gross Margin RMB 833.5M 79.1% +7.8% YoY +1.4 percentage points YoY GAAP Net Loss Margin Non-GAAP Net Income Margin 0.7% 0.9% Narrowed by 15.5 percentage Compared to non-GAAP net points YoY loss margin of 10.8% for the prior year period Net Cash Generate
Slide 5: Market Overview
Market Overview Year-over-Year Changes1 China Consumer Goods Retail Sales China Beauty Products2 Retail Sales 4.7% 4.6% Total retail sales of consumer goods 3.3% 3.8% 3.2% grew by 4.6%… 2.7% 2.7% -1.2% -1.5% …outpacing the 3.2% growth in beauty retail sales -5.5% 1Q2024 2Q2024 3Q2024 4Q2024 1Q2025 N
Slide 6: Key Financials at a Glance
Key Financials at a Glance Robust Year-over-year Steady Year-over-year Significantly Narrowed Achieved Non-GAAP Revenue Growth for Total Revenue Growth Net Loss Net Income2 Skincare Brands1 Net Revenues Net Revenues GAAP Net Loss Non-GAAP Net Income (RMB M) (RMB M) (RMB M) (Loss)1 (RMB M) +7.8% +47.
Slide 7: Robust Clinical and Premium Skincare Brands Performance
Robust Clinical and Premium Skincare Brands Performance Mainland China Business +58.0% YoY for 1Q2025 in combined net revenues for Galénic, DR.WU , and Eve Lom 1 Galénic hosted an offline event to launch DR.WU launched its third Acne Research Marking its 40th anniversary, Eve Lom the upgraded Rejuve
Slide 8: Financial Review
YSGPiHill Financial Review
Slide 9: Revenue
Revenue Net Revenues (RMB M) +7.8% YoY 834 773 1Q2024 1Q2025 Growth in net revenues from Skincare Brands1 Note: 1 Include net revenues from Galénic, DR.WU (its mainland China business), Eve Lom and other skincare brands of the Company. 9
Slide 10: Gross Margin
Gross Margin Gross Margin (As % of Total Net Revenues) +1.4 percentage points YoY 77.7% 79.1% 1Q2024 1Q2025 Higher revenue contribution from higher-gross-margin products 10
Slide 11: Operating Expenses
Operating Expenses Operating Expenses (As % of Total Net Revenues) 98.1% 3.6% 83.2% 18.1% 2.7% 7.8% 69.7% 66.4% 6.7% 6.2% 1Q2024 1Q2025 R&D exp G&A exp S&M exp Fulfillment exp • Lower S&M expenses as a percentage of total net revenues as compared with the prior year period primarily due to the Compa
Slide 12: Net Income (Loss) Margin
Net Income (Loss) Margin Reconciliation of Non-GAAP Reconciliation of Non-GAAP Net Income (Loss)1 Net Income (Loss) Margin (RMB M) 1Q2024 1Q2025 1Q2024 1Q2025 Net Income (Loss) (124.9) (5.6) Net Income (Loss) Margin (16.1%) (0.7%) Share-based compensation expenses 35.7 8.6 Share-based compensation e
Slide 13: Operating Cashflow
Operating Cashflow (RMB M) 202.2 Cash and Short-term Investments1 RMB 1.28B 23.8 -121.8 -147.7 -175.9 1Q2024 2Q2024 3Q2024 4Q2024 1Q2025 Note: 1 As of March 31, 2025 13
Slide 14: Inventory and Inventory Turnover Days
Inventory and Inventory Turnover Days1 Inventory Turnover Days Inventories, Net (Number of Days) (RMB M) 196 194 180 167 146 422 438 386 383 350 1Q2024 2Q2024 3Q2024 4Q2024 1Q2025 Note: 1 Inventory turnover days for a given quarter are calculated by dividing the average inventory balance at the begi
Slide 15: Thank You
YSGH1 Thank You