Yatsen Holding Ltd. · NYSE:YSG

Yatsen — Q3 2025 Earnings Presentation

15 slides from Yatsen's earnings presentation, Nov 17, 2025

  1. Slide 1: Third Quarter 2025 Investor Presentation

    Third Quarter 2025 Investor Presentation Yatsen Holding Limited

  2. 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

  3. Slide 3: Third Quarter Review

    YSGP Hill Third Quarter 2025 Review

  4. Slide 4: Third Quarter 2025 Snapshot

    Third Quarter 2025 Snapshot Total Net Revenues Gross Margin RMB 998.4M 78.2% +47.5% YoY +2.3 percentage points YoY GAAP Net Loss Margin Non-GAAP Net Loss Margin 7.0% 5.2% Narrowed by 10.8 percentage Narrowed by 6.2 percentage points YoY points YoY Net Cash Used in Operating Activities RMB 126.8M 4

  5. Slide 5: Market Overview

    Market Overview Year-over-Year Changes1 China Consumer Goods Retail Sales China Beauty Products2 Retail Sales 5.4% 6.2% Total retail sales of consumer goods 4.7% 4.6% grew by 3.4%… 3.8% 3.3% 3.1% 3.4% 2.7% 2.6% 1.7% -1.2% …lower than the 6.2% growth in -1.5% beauty retail sales -5.5% 2024Q1 2024Q2 2

  6. Slide 6: Key Financials at a Glance

    Key Financials at a Glance Significant Year-over- Strong Year-over-year Improved Narrowed year Revenue Growth Total Revenue Growth Gross Margin Net Loss Margin for Skincare Brands1 Net Revenues Net Revenues Gross Margin GAAP Net Loss Margin (RMB M) (RMB M) (%) (%) +47.5% +83.2% 998.4 490.8 75.9% 78.

  7. Slide 7: Robust Clinical and Premium Skincare Brands Performance

    Robust Clinical and Premium Skincare Brands Performance Mainland China Business +90.4% YoY for 2025Q3 in combined net revenues for 1 Galénic, DR.WU , and Eve Lom Galénic held a global launch event for the DR.WU unveiled its first anti-aging product, Eve Lom showcased its latest findings on No.3 VB S

  8. Slide 8: Financial Review

    YSGP Bill Financial Review EVE LOM

  9. Slide 9: Revenue

    Revenue Net Revenues (RMB M) +47.5% YoY 998.4 677.0 2024Q3 2025Q3 The increase was primarily due to an 83.2% year-over-year increase in net revenues from Skincare Brands1, combined with a 25.2% year-over-year increase in net revenues from Color Cosmetics Brands2. Notes: 1 Include Galénic, DR.WU (its

  10. Slide 10: Gross Margin

    Gross Margin Gross Margin (As % of Total Net Revenues) +2.3 percentage points YoY 75.9% 78.2% 2024Q3 2025Q3 Higher revenue contribution from higher-gross-margin products 10

  11. Slide 11: Operating Expenses

    Operating Expenses Operating Expenses (As % of Total Net Revenues) 96.8% 3.7% 86.5% 12.6% 4.0% 8.0% 73.0% 68.3% 7.4% 6.2% 2024Q3 2025Q3 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 lever

  12. 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) 2024Q3 2025Q3 2024Q3 2025Q3 Net Income (Loss) (121.1) (70.4) Net Income (Loss) Margin (17.9%) (7.0%) Share-based compensation expenses 27.0 12.5 Share-based compensation

  13. Slide 13: Operating Cashflow

    Operating Cashflow (RMB M) 202.2 Cash, Restricted Cash and Short-term Investments1 77.7 RMB 1.16B 23.8 -121.8 -126.8 -148.2 -175.9 1Q2024 2Q2024 3Q2024 4Q2024 1Q2025 2Q2025 3Q2025 Note: 1 As of September 30, 2025 13

  14. Slide 14: Inventory and Inventory Turnover Days

    Inventory and Inventory Turnover Days 1 Inventory Turnover Days Inventories, Net (Number of Days) (RMB M) 196 194 180 180 167 171 146 480 422 438 386 383 392 350 1Q2024 2Q2024 3Q2024 4Q2024 1Q2025 2Q2025 3Q2025 Note: 1 Inventory turnover days for a given quarter are calculated by dividing the averag

  15. Slide 15: Thank You

    YSG#1 Thank You

Yatsen Holding — Q3 2025 Earnings Presentation on 6ix