# YSG earnings call intelligence

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Updated: 2026-08-20T05:20:41

Quarters analyzed: 8

## Cross-quarter narrative

Across the eight earnings calls Yatsen’s story shifts from a period of revenue contraction and widening non‑GAAP losses in Q2 2024 toward a recovery anchored by strong skincare growth and margin expansion. Management moved from cost‑heavy Douyin investments and a bleak outlook to disciplined expense ratios, non‑GAAP profitability and a 20% revenue jump in Q4 2025. Gross margins climbed from 76.7% to roughly 78% while operating expense intensity fell, supporting a narrowed loss margin of 0.7% in Q1 2025. Demand remains modest; macro headwinds and slowing retail sales persist, yet online growth modestly rebounds and skincare becomes a stable engine. Channel‑mix pressure eases as TV and offline distribution gain share, but competition intensifies around major festivals, pressuring marketing spend. Cash liquidity slipped from RMB 1.58 bn to RMB 1.05 bn, underscoring financing needs. R&D activity accelerates, highlighted by multiple product launches, an AI‑driven platform and continued pipeline work. The firm’s narrative thus evolves from loss‑focused cost‑optimization to growth‑oriented skincare expansion, while still wrestling with market softness and competitive pressures.

## Quarter one-liners

- **2026 Q1:** —
- **2025 Q4:** Yatsen Q4 2025 revenue jumped 20.1% on strong skincare sales, margins held steady, net loss narrowed, and management projects 15‑30% revenue growth in Q1 2026 while leaning on R&D‑driven skincare expansion.
- **2025 Q3:** —
- **2025 Q2:** —
- **2025 Q1:** Yatsen posted 7.8% revenue growth, strong 47.7% skin‑care rise and narrowed loss margin to 0.7%, while maintaining Q2 guidance amid modest market growth.
- **2024 Q4:** Yatsen Q4 revenue grew 7.1% YoY to RMB 1.15B, gross margin expanded to 77.8%, non-GAAP net income margin 9.3%; full-year revenue flat (-0.6%), skincare brands 41.1% of sales; Q1 2025 guidance 2-12% YoY growth; goodwill impairment of RMB 503M for Yifang.
- **2024 Q3:** —
- **2024 Q2:** Yatsen Q2 revenue fell 7.5% YoY to RMB794.5M amid subdued China beauty market; gross margin rose to 76.7% but non-GAAP loss margin widened to 9.4%; Q3 guidance projects 0-10% YoY decline as management focuses on cost optimization, channel mix shift to TV, and new product launches.

## Theme arcs

- **Revenue trajectory** (improving): From a 7.5% YoY decline in Q2 2024 to 20% YoY growth in Q4 2025 and guidance for 15‑30% Q1 2026 growth.
- **Gross margin** (improving): Margin rose from 76.7% to ~78% across the period.
- **Non‑GAAP profitability** (improving): Loss margin narrowed from 9.4% to 0.7% and turned positive in Q4 2024.
- **Demand environment** (stable): Macro weakness persists but online sales show low‑double‑digit growth and skincare remains resilient.
- **Channel‑mix expense pressure** (improving): Selling & marketing expense fell from 68.6% to mid‑60s percent of revenue.
- **Competitive intensity** (deteriorating): Competition intensifies during festivals, raising traffic acquisition costs.
- **Cash liquidity** (deteriorating): Cash fell from RMB 1.58 bn to RMB 1.05 bn.
- **R&D focus** (improving): Accelerated product launches, AI platform and pipeline expansion.

## Guidance path

2024 Q2:lowered → 2024 Q3:vague → 2024 Q4:vague → 2025 Q1:maintained → 2025 Q2:vague → 2025 Q3:vague → 2025 Q4:vague → 2026 Q1:vague

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Research context only. Not personalized investment advice.

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