Yatsen Holding Ltd (YSG) SEC Filings & Earnings Calls
EquiReason read 8 Yatsen Holding Ltd SEC filings in the last 12 months. Latest: 6-K on 2026-09-02 — Q2 2026 net revenues up 5.1% YoY to RMB1.14B, but net loss widened to RMB90.8M from RMB19.5M; skincare revenue grew 40.4% while color cosmetics declined 35.8%; gross margin fell to.
Source: SEC EDGAR filings · read by EquiReason
- Market cap
- 227.1M
- P/E TTM
- —
- Dividend yield
- —
- 52-week
- —
- Next earnings
- 16 Nov, in 23 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
2 Sep 20266-KQ2 2026 net revenues up 5.1% YoY to RMB1.14B, but net loss widened to RMB90.8M from RMB19.5M; skincare revenue grew 40.4% while color cosmetics declined 35.8%; gross margin fell to 73.9% from 78.3%; Q3 revenue guidance of RMB898.6-998.4M imearningsopen
Figures in the filing · each found in the filing text
| Gross margin · Q2-2026 | 73.9% | |
| Selling and marketing expenses as % of revenue · Q2-2026 | 70.7% |
Guidance
Q3 2026 revenue guidance: RMB898.6-998.4M, representing a year-over-year decrease of approximately 0% to 10%.
Q3 revenue guidance implies 0-10% YoY decline, indicating continued demand weakness and margin pressure.
Risks flagged
Color cosmetics segment structural decline; revenue -35.8% YoY.
“Color Cosmetics Brands decreased by 35.8% year-over-year.”
Gross margin pressure from inventory provisions and higher marketing spend.
“Gross margin decreased to 73.9% from 78.3% due to higher inventory provisions; selling and marketing expenses increased to 70.7% of revenue.”
Q3 revenue guidance implies potential 0-10% YoY decline, signaling weak near-term demand.
“Q3 2026 revenue guidance of RMB898.6-998.4M, representing a year-over-year decrease of approximately 0% to 10%.”
26 May 20266-KYatsen Q1 2026: total net revenues RMB1.02B (+22.5% YoY), skincare brands revenue +58.5% YoY, gross margin 80.2% (+1.1pts YoY), net loss RMB61.9M vs loss RMB5.6M YoY; Q2 guidance: revenues RMB1.20B-1.30B (+10-20% YoY).earningsopen
Figures in the filing · each found in the filing text
| gross margin · Q1 2026 | 80.2% |
Guidance
Q2 2026 total net revenues RMB1.20B-1.30B (+10-20% YoY)
Q2 guidance implies continued revenue growth, albeit at a slower pace than Q1.
Risks flagged
Net loss widened significantly due to increased selling and marketing expenses, which may pressure profitability if revenue growth slows.
“Selling and marketing expenses... increased to 72.2% from 66.4%... driven by investments in broadening consumer awareness... coupled with higher traffic acquisition costs on the Douyin platform.”
29 Apr 202620-FYatsen reported FY2025 results showing continued strategic shift to skincare, with skincare revenue growing 64% to RMB2.28B, gross margin expanding to 78.2%, and net loss narrowing to 2.2% of revenue.earningsopen
Figures in the filing · each found in the filing text
| Gross Margin · FY2025 | 78.2% | |
| Net Loss Margin · FY2025 | 2.2% | |
| Number of Experience Stores · FY2025 | 77 | |
| Patent Portfolio · FY2025 | 269 |
Risks flagged
Goodwill impairment risk on acquisitions
“We recorded impairment of goodwill of RMB354.0 million and RMB403.1 million in 2023 and 2024, respectively. The impairment represents the amount by which the carrying value of the Eve Lom reporting unit exceeded its fair value, based on quantitative goodwill impairment test, primarily due to weaker operating results than expected.” · word for word
Regulatory risk in China (internet and beauty industry)
“The PRC has historically afforded less protection to a company’s intellectual property than the United States and, therefore, companies such as ours operating in the PRC face an increased risk of intellectual property piracy.” · word for word
Dependence on third-party platforms and KOLs
“We post short video clips on certain third-party platforms including Weixin mini-program, Weixin Channel, Douyin and RedNote and enable our customers to post video clips and photos on our Weixin mini-program, which may require us to obtain a License for Online Transmission of Audiovisual Programs.” · word for word
11 Mar 20266-KYatsen Holding announces private placement of US$120M convertible senior notes and warrants to Trustar Capital and founder. Proceeds for R&D, supply chain, overseas expansion, and M&A. Conversion price $4.63 per ADS, 1.5% interest rate.open
Risks flagged
Potential dilution from conversion of notes and warrants
“Notes convertible at $4.63 per ADS; warrants for additional shares at $0.50 per ordinary share.”
2 Mar 20266-KQ4 2025 revenue +20.1% YoY to RMB1.38B; net income of RMB3.0M vs loss of RMB378.8M; FY2025 revenue +26.7% to RMB4.30B; non-GAAP net income turnaround; Q1 2026 guidance 15-30% YoY growth.earningsopen
Figures in the filing · each found in the filing text
| Gross margin · Q4-2025 | 77.7% | |
| Gross margin (FY) · FY2025 | 78.2% |
Guidance
Q1 2026 total net revenues expected between RMB958.6M and RMB1.08B, representing YoY growth of approximately 15% to 30%.
Q1 2026 guidance implies continued revenue growth of 15-30% YoY, reflecting confidence in demand momentum.
Risks flagged
Increased selling and marketing expenses as a percentage of revenue due to higher traffic acquisition costs during Double 11.
“Selling and marketing expenses for Q4 2025 increased to 64.8% from 60.1% of total net revenues, driven by higher traffic acquisition costs amid intensified competition during the Double 11 shopping festival.”
17 Nov 20256-KYatsen Q3 2025: total net revenues RMB998.4M (+47.5% YoY), skincare brands revenue RMB490.8M (+83.2% YoY), gross margin 78.2% (+2.3pp YoY), net loss narrowed to RMB70.4M from RMB121.1M. Q4 guidance: revenues RMB1.32-1.49B (+15-30% YoY). Strearningsopen
Figures in the filing · each found in the filing text
| Gross margin · Q3-2025 | 78.2% |
Guidance
Q4 2025 total net revenues RMB1.32-1.49B (+15-30% YoY)
Strong Q3 beat and positive Q4 guidance indicate sustained growth momentum.
Yatsen Holding Ltd — questions
- What did Yatsen Holding Ltd file recently?
- 8 SEC filings in the last 12 months. Latest: 6-K on 2026-09-02 — Q2 2026 net revenues up 5.1% YoY to RMB1.14B, but net loss widened to RMB90.8M from RMB19.5M; skincare revenue grew 40.4% while color cosmetics declined 35.8%; gross margin fell to 73.9% from 78.3%; Q3 revenue guidance of RMB898.6-998.4M im
Every figure on this page comes from Yatsen Holding Ltd's own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.