Yatsen Holding Ltd. · NYSE:YSG
Yatsen — Q4 2024 Earnings Presentation
17 slides from Yatsen's earnings presentation, Feb 25, 2025
Slide 1: Fourth Quarter and Full Year 2024 Investor Presentation
Fourth Quarter and Full Year 2024 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: Fourth Quarter and Full Year 2024 Review
Fourth Quarter and Full Year 2024 Review
Slide 4: Fourth Quarter 2024 Snapshot
Fourth Quarter 2024 Snapshot Total Net Revenues Gross Margin RMB 1.15B 77.8% +7.1% YoY +4.1 percentage points YoY GAAP Net Loss Margin Non-GAAP Net Income Margin 33.0% 9.3% Narrowed by 13.1 percentage +18.1 percentage points YoY points YoY Net Cash Generated from Operating Activities RMB 202.2M 4
Slide 5: Full Year 2024 Snapshot
Full Year 2024 Snapshot Total Net Revenues Gross Margin RMB 3.39B 77.1% -0.6% YoY +3.5 percentage points YoY GAAP Net Loss Margin Non-GAAP Net Loss Margin 20.9% 3.8% Narrowed by 1.0 percentage Narrowed by 4.9 percentage points YoY points YoY Cash, Restricted Cash and Short-term Investments1 RMB 1.36
Slide 6: Market Overview
Market Overview Year-over-Year Changes1 China Consumer Goods Retail Sales China Beauty Products2 Retail Sales Total retail sales of consumer goods 11.5% 10.7% increased by 3.8% and 3.5% year over year for the fourth quarter and 8.3% 7.2% full year of 2024, respectively… 5.7% 5.9% 5.1% 4.7% 4.2% 3.8%
Slide 7: Key Financials at a Glance
Key Financials at a Glance Year-over-year Revenue Non-GAAP Net Income for Growth for the Fourth Improved Narrowed the Fourth Quarter and Quarter and Modest Gross Margin Net Loss Narrowed Non-GAAP Net Decline for Full Year 2024 Loss for Full Year 2024 Total Net Revenues Gross Margin (%) GAAP Net Loss
Slide 8: Steady Clinical and Premium Skincare Brands Performance
Steady Clinical and Premium Skincare Brands Performance Mainland China Business +3.0% YoY for 4Q2024 and +5.4% YoY for FY2024 in combined net revenues for Galénic, DR.WU , and Eve Lom 1 Galénic won “Beauty of the Year” awards DR.WU debuted on the popular variety The “Guidelines for the Development f
Slide 9: Ongoing Investment in R&D
Ongoing Investment in R&D R&D Investment R&D Milestones R&D Expenses as % of Total Net Revenues 2024.03 DR.WU announced the second year of its Acne Research Fund Project. 3.4% 3.3% 3.2% 2024.05 The Yatsen Global Innovation R&D Center was officially inaugurated in Shanghai, with an initial investment
Slide 10: Financial Review
YSGP Bill itt Nib Financial Review
Slide 11: Revenue
Revenue Net Revenues (RMB M) -0.6% YoY +7.1% YoY 3,415 3,393 1,149 1,073 4Q2023 4Q2024 FY2023 FY2024 Decline in net revenues from Color Cosmetics Growth in net revenues from Brands,1 partially offset by increase in net Color Cosmetics Brands1 revenues from Skincare Brands2 Notes: 1 Include net reven
Slide 12: Gross Margin
Gross Margin Gross Margin (As % of Total Net Revenues) +4.1 percentage points YoY +3.5 percentage points YoY 77.8% 77.1% 73.7% 73.6% 4Q2023 4Q2024 FY2023 FY2024 Higher revenue contribution from higher-gross-margin products. 12
Slide 13: Operating Expenses
Operating Expenses Operating Expenses (As % of Total Net Revenues) 124.0% 100.3% 101.4% 3.4% 111.8% 3.3% 3.2% 14.8% 2.3% 13.1% 14.7% 8.7% 66.9% 60.1% 65.3% 66.9% 5.8% 5.5% 33.0% 35.1% 6.7% 6.4% 10.4% 11.9% 4Q2023 4Q2024 FY2023 FY2024 R&D exp G&A exp S&M exp Fulfillment exp Impairment of Goodwill • I
Slide 14: 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) 4Q2023 4Q2024 FY2023 FY2024 (%) 4Q2023 4Q2024 FY2023 FY2024 Net Income (Loss) (495) (379) (750) (710) Net Income (Loss) Margin (46.1%) (33.0%) (22.0%) (20.9%) Share-base
Slide 15: Operating Cashflow
Operating Cashflow (RMB M) Net cash used in operating Net cash used in operating activities in 2023: activities in 2024: RMB 107M RMB 244M 202 Cash, Restricted Cash and Short-term Investments1 91 RMB 1.36B -20 -14 -122 -163 -148 -176 1Q2023 2Q2023 3Q2023 4Q2023 1Q2024 2Q2024 3Q2024 4Q2024 Note: 1 As
Slide 16: Inventory and Inventory Turnover Days
Inventory and Inventory Turnover Days1 Inventory Turnover Days Inventories, Net (Number of Days) (RMB M) 196 194 167 158 151 146 146 133 422 438 383 395 393 386 352 350 1Q2023 2Q2023 3Q2023 4Q2023 1Q2024 2Q2024 3Q2024 4Q2024 Note: 1 Inventory turnover days for a given quarter are calculated by divid
Slide 17: Thank You
YSGH1 Thank You