Yatsen Holding Ltd. · NYSE:YSG
Yatsen — Q2 2025 Earnings Presentation
15 slides from Yatsen's earnings presentation, Aug 21, 2025
Slide 1: Second Quarter 2025 Investor Presentation
Second 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: Second Quarter 2025 Review
YSGP Hill Second Quarter 2025 Review
Slide 4: Second Quarter 2025 Snapshot
Second Quarter 2025 Snapshot Total Net Revenues Gross Margin RMB 1.09B 78.3% +36.8% YoY +1.5 percentage points YoY GAAP Net Loss Margin Non-GAAP Net Income Margin 1.8% 1.1% Narrowed by 9.0 percentage Compared to non-GAAP net points YoY loss margin of 9.4% for the prior year period Net Cash Generated
Slide 5: Market Overview
Market Overview Year-over-Year Changes1 China Consumer Goods Retail Sales China Beauty Products2 Retail Sales 4.7% 4.6% 5.4% Total retail sales of consumer goods 3.8% grew by 5.4%… 3.3% 3.1% 2.7% 2.7% 2.6% -1.2% -1.5% …outpacing the 2.6% growth in beauty retail sales -5.5% 1Q2024 2Q2024 3Q2024 4Q202
Slide 6: Key Financials at a Glance
Key Financials at a Glance Significant Year-over- Strong Year-over-year Significantly Narrowed Achieved Non-GAAP year Revenue Growth Total Revenue Growth Net Loss Net Income2 for Skincare Brands1 Net Revenues Net Revenues GAAP Net Loss Non-GAAP Net Income (RMB M) (RMB M) (RMB M) (Loss)1 (RMB M) +36.
Slide 7: Robust Clinical and Premium Skincare Brands Performance
Robust Clinical and Premium Skincare Brands Performance Mainland China Business +88.1% YoY for 2Q2025 in combined net revenues for 1 Galénic, DR.WU , and Eve Lom Galénic expanded its offline presence with DR.WU has entered the third year of its campus Eve Lom unveiled an immersive 40th anniversary t
Slide 8: Financial Review
YSGP Hill Financial Review
Slide 9: Revenue
Revenue Net Revenues (RMB M) +36.8% YoY 1,087 795 2Q2024 2Q2025 The increase was primarily due to a 78.7% year-over-year increase in net revenues from Skincare Brands1, combined with an 8.8% year-over-year increase in net revenues from Color Cosmetics Brands2. Notes: 1 Include net revenues from Galé
Slide 10: Gross Margin
Gross Margin Gross Margin (As % of Total Net Revenues) +1.5 percentage points YoY 76.7% 78.3% 2Q2024 2Q2025 Higher revenue contribution from higher-gross-margin products 10
Slide 11: Operating Expenses
Operating Expenses Operating Expenses (As % of Total Net Revenues) 93.7% 3.7% 83.4% 15.0% 3.3% 7.7% 68.6% 66.5% 6.4% 5.8% 2Q2024 2Q2025 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
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) 2Q2024 2Q2025 2Q2024 2Q2025 Net Income (Loss) (85.5) (19.5) Net Income (Loss) Margin (10.8%) (1.8%) Share-based compensation expenses 8.2 24.0 Share-based compensation e
Slide 13: Operating Cashflow
Operating Cashflow (RMB M) 202.2 Cash, Restricted Cash and Short-term Investments1 77.7 RMB 1.35B 23.8 -121.8 -148.2 -175.9 1Q2024 2Q2024 3Q2024 4Q2024 1Q2025 2Q2025 Note: 1 As of June 30, 2025 13
Slide 14: Inventory and Inventory Turnover Days
Inventory and Inventory Turnover Days 1 Inventory Turnover Days Inventories, Net (Number of Days) (RMB M) 196 194 180 167 171 146 422 438 386 383 392 350 1Q2024 2Q2024 3Q2024 4Q2024 1Q2025 2Q2025 Note: 1 Inventory turnover days for a given quarter are calculated by dividing the average inventory bal
Slide 15: Thank You
YSG#1 Thank You