Yatsen Announces Second Quarter 2025 Financial Results

Conference Call to Be Held at 7:30 A.M. U.S. Eastern Time on August 21, 2025

Yatsen Holding Limited (“Yatsen” or the “Company”) (NYSE: YSG), a leading China-based beauty group, today announced its unaudited financial results for the second quarter ended June 30, 2025.

Second Quarter 2025 Highlights

— Total net revenues for the second quarter of 2025 increased by 36.8% to RMB1.09 billion (US$151.7 million) from RMB794.5 million for the prior year period.

— Total net revenues from Skincare Brands[1]for the second quarter of 2025 increased by 78.7% to RMB581.3 million (US$81.1 million) from RMB325.2 million for the prior year period. As a percentage of total net revenues, total net revenues from Skincare Brands for the second quarter of 2025 were 53.5%, as compared with 40.9% for the prior year period.

— Gross margin for the second quarter of 2025 increased to 78.3% from 76.7% for the prior year period.

— Net loss for the second quarter of 2025 narrowed by 77.2% to RMB19.5 million (US$2.7 million) from RMB85.5 million for the prior year period. Non-GAAP net income[2]for the second quarter of 2025 was RMB11.5 million (US1.6 million), as compared with non-GAAP net loss of RMB74.9 million for the prior year period.

Mr. Jinfeng Huang, Founder, Chairman and Chief Executive Officer of Yatsen, stated, “With the vision of becoming a world-class pioneer in beauty innovation, we remained focused in the second quarter of 2025 on executing our strategy to deliver high-quality products and build strong brand equity, fueled by our enhanced R&D capabilities. Key products including Galénic's Brightening Micro Mask, DR.WU's Purifying Renewal Essence Toner, and Perfect Diary's Translucent Blurring Setting Powder contributed to our continued growth momentum. Looking ahead, we are committed to the disciplined execution of our R&D-driven strategy, which we believe will further strengthen our position in the beauty industry.”

Mr. Donghao Yang, Director and Chief Financial Officer of Yatsen, commented, “We delivered solid year-over-year growth in the second quarter, leveraging the tailwind of the June 18 shopping festival. Specifically, our color cosmetics brands have returned to a growth trajectory, while our skincare brands maintained strong performance. As operating leverage began to take effect, coupled with our efforts to improve efficiency in our operations and marketing spend, we remain on track to achieve profitable growth.”

Second Quarter 2025 Financial Results

Net Revenues

Total net revenues for the second quarter of 2025 increased by 36.8% to RMB1.09 billion (US$151.7 million) from RMB794.5 million for the prior year period. The increase was primarily due to a 78.7% year-over-year increase in net revenues from Skincare Brands, combined with an 8.8% year-over-year increase in net revenues from Color Cosmetics Brands.[3]

Gross Profit and Gross Margin

Gross profit for the second quarter of 2025 increased by 39.5% to RMB850.4 million (US$118.7 million) from RMB609.4 million for the prior year period. Gross margin for the second quarter of 2025 increased to 78.3% from 76.7% for the prior year period. The increase was primarily driven by an increase in sales of higher-gross-margin products.

Operating Expenses

Total operating expenses for the second quarter of 2025 increased by 21.7% to RMB905.9 million (US$126.5 million) from RMB744.6 million for the prior year period. As a percentage of total net revenues, total operating expenses for the second quarter of 2025 were 83.4%, as compared with 93.7% for the prior year period.

— Fulfillment Expenses. Fulfillment expenses for the second quarter of 2025 were RMB63.3 million (US$8.8 million), as compared with RMB51.2 million for the prior year period. As a percentage of total net revenues, fulfillment expenses for the second quarter of 2025 decreased to 5.8% from 6.4% for the prior year period. The decrease was primarily due to further improvements in logistics efficiency.

— Selling and Marketing Expenses. Selling and marketing expenses for the second quarter of 2025 were RMB722.4 million (US$100.8 million), as compared with RMB544.7 million for the prior year period. As a percentage of total net revenues, selling and marketing expenses for the second quarter of 2025 decreased to 66.5% from 68.6% for the prior year period. The decrease was primarily driven by the leveraging effect of higher total net revenues in the second quarter of 2025.

— General and Administrative Expenses. General and administrative expenses for the second quarter of 2025 were RMB84.1 million (US$11.7 million), as compared with RMB119.1 million for the prior year period. As a percentage of total net revenues, general and administrative expenses for the second quarter of 2025 decreased to 7.7% from 15.0% for the prior year period. The decrease was primarily driven by lower payroll expenses resulting from a reduction in general and administrative headcount, coupled with the leveraging effect of higher total net revenues in the second quarter of 2025.

— Research and Development Expenses. Research and development expenses for the second quarter of 2025 were RMB36.1 million (US$5.0 million), as compared with RMB29.7 million for the prior year period. As a percentage of total net revenues, research and development expenses for the second quarter of 2025 decreased to 3.3% from 3.7% for the prior year period. The decrease was primarily driven by the leveraging effect of higher total net revenues in the second quarter of 2025.

Loss from Operations

Loss from operations for the second quarter of 2025 was RMB55.5million (US$7.7million), as compared with RMB135.2 million for the prior year period. Operating loss margin was 5.1%, as compared with 17.0% for the prior year period.

Non-GAAP loss from operations[4] for the second quarter of 2025 was RMB20.4million (US$2.8million), as compared with RMB111.9 million for the prior year period. Non-GAAP operating loss margin[5] was1.9%, as compared with 14.1% for the prior year period.

Net Loss / Income

Net loss for the second quarter of 2025 was RMB19.5million (US$2.7million), as compared with RMB85.5 million for the prior year period. Net loss margin was 1.8%, as compared with 10.8% for the prior year period. Net loss attributable to Yatsen's ordinary shareholders per diluted ADS[6]for the second quarter of 2025 was RMB0.19(US$0.03), as compared with RMB0.77 for the prior year period.

Non-GAAP net income for the second quarter of 2025 was RMB11.5million (US$1.6million), as compared with non-GAAP net loss of RMB74.9 million for the prior year period. Non-GAAP net income margin was 1.1%, as compared with non-GAAP net loss margin of 9.4% for the prior year period. Non-GAAP net income attributable to Yatsen's ordinary shareholders per diluted ADS[7] for the second quarter of 2025 was RMB0.13(US$0.02), as compared with non-GAAP net loss attributable to Yatsen's ordinary shareholders per diluted ADS of RMB0.67 for the prior year period.

Balance Sheet and Cash Flow

As of June 30, 2025, the Company had cash, restricted cash and short-term investments of RMB1.35 billion (US$188.6 million), as compared with RMB1.36 billion as of December 31, 2024.

Net cash generated from operating activities for the second quarter of 2025 was RMB77.7 million (US$10.8 million), as compared with net cash used in operating activities of RMB148.2 million for the prior year period.

Business Outlook

For the third quarter of 2025, the Company expects its total net revenues to be between RMB778.6 million and RMB880.1 million, representing a year-over-year increase of approximately 15% to 30%. These forecasts reflect the Company's current and preliminary views on the market and operational conditions, which are subject to change.

Exchange Rate

This announcement contains translations of certain Renminbi (“RMB”) amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ were made at a rate of RMB7.1636 to US$1.00, the exchange rate in effect as of June 30, 2025, as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ amounts could have been, or could be, converted into US$ or RMB, as the case may be, at any particular rate, or at all.

[1] Include net revenues fromGalénic, DR.WU (its mainland China business), Eve Lom and other skincare brands of the Company.[2] Non-GAAP net income (loss) is a non-GAAP financial measure. Non-GAAP net income (loss) is defined as net income (loss) excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from assets and business acquisitions, (iii) revaluation of investments on the share of equity method investments, (iv) impairment of goodwill and (v) tax effects on non-GAAP adjustments.[3] Include Perfect Diary, Little Ondine, Pink Bear and other color cosmetics brands of the Company.[4] Non-GAAP loss from operations is a non-GAAP financial measure. Non-GAAP loss from operations is defined as loss from operations excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from assets and business acquisitions and (iii) impairment of goodwill.[5] Non-GAAP operating loss margin is a non-GAAP financial measure, which is defined as non-GAAP net loss from operations as a percentage of total net revenues.[6] ADS refers to American depositary shares, each of which represents twenty Class A ordinary shares.[7] Non-GAAP net income (loss) attributable to ordinary shareholders per diluted ADS is a non-GAAP financial measure. Non-GAAP net income (loss) attributable to ordinary shareholders per diluted ADS is defined as non-GAAP net income (loss) attributable to ordinary shareholders divided by the weighted average number of diluted ADS outstanding for computing diluted earnings per ADS. Non-GAAP net income (loss) attributable to ordinary shareholders is defined as net income (loss) attributable to ordinary shareholders excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from assets and business acquisitions, (iii) revaluation of investments on the share of equity method investments, (iv) impairment of goodwill, (v) tax effects on non-GAAP adjustments and (vi) accretion to redeemable non-controlling interests.

Conference Call Information

The Company's management will hold a conference call on Thursday, August 21, 2025, at 7:30 A.M. U.S. Eastern Time or 7:30 P.M. Beijing Time to discuss its financial results and operating performance for the second quarter of 2025.

United States (toll free): +1-888-346-8982International: +1-412-902-4272Mainland China (toll free): 400-120-1203Hong Kong, SAR (toll free): 800-905-945Hong Kong, SAR: +852-3018-4992

The replay will be accessible through Thursday, August 28, by dialing the following numbers:

United States: +1-877-344-7529International: +1-412-317-0088Replay Access Code: 6410660

A live and archived webcast of the conference call will also be available on the Company's investor relations website at http://ir.yatsenglobal.com.

About Yatsen Holding Limited

Yatsen Holding Limited (NYSE: YSG) is a leading China-based beauty group with the mission of creating an exciting new journey of beauty discovery for consumers around the world. Founded in 2016, the Company has launched and acquired numerous color cosmetics and skincare brands including Perfect Diary, Little Ondine, Pink Bear, Galénic, DR.WU (its mainland China business), Eve Lom and EANTiM. The Company's flagship brand, Perfect Diary, is one of the leading color cosmetics brands in China in terms of retail sales value. The Company primarily reaches and engages with customers directly both online and offline, with expansive presence across all major e-commerce, social and content platforms in China.

For more information, please visit http://ir.yatsenglobal.com.

Use of Non-GAAP Financial Measures

The Company uses non-GAAP income (loss) from operations, non-GAAP operating income (loss) margin, non-GAAP net income (loss), non-GAAP net income (loss) margin, non-GAAP net income (loss) attributable to ordinary shareholders and non-GAAP net income (loss) attributable to ordinary shareholders per diluted ADS, each a non-GAAP financial measure, in reviewing and assessing its operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company presents these non-GAAP financial measures because they are used by the management to evaluate operating performance and formulate business plans. Non-GAAP financial measures help identify underlying trends in its business, provide further information about its results of operations, and enhance the overall understanding of its past performance and future prospects. The Company defines non-GAAP income (loss) from operations as income (loss) from operations excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from assets and business acquisitions and (iii) impairment of goodwill. Non-GAAPoperating income (loss) margin is non-GAAP income (loss) from operations as a percentage of total net revenues. The Company defines non-GAAP net income (loss) as net income (loss) excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from assets and business acquisitions, (iii) revaluation of investments on the share of equity method investments, (iv) impairment of goodwill and (v) tax effects on non-GAAP adjustments. Non-GAAP net income (loss) margin is non-GAAP net income (loss) as a percentage of total net revenues. The Company defines non-GAAP net income (loss) attributable to ordinary shareholders as net income (loss) attributable to ordinary shareholders excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from assets and business acquisitions, (iii) revaluation of investments on the share of equity method investments, (iv) impairment of goodwill, (v) tax effects on non-GAAP adjustments and (vi) accretion to redeemable non-controlling interests. Non-GAAP net income (loss) attributable to ordinary shareholders per diluted ADS is computed using non-GAAP net income (loss) attributable to ordinary shareholders divided by weighted average number of diluted ADS outstanding for computing diluted earnings per ADS.

However, the non-GAAP financial measures have limitations as analytical tools as the non-GAAP financial measures are not presented in accordance with U.S. GAAP and may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. Reconciliations of Yatsen's non-GAAP financial measure to the most comparable U.S. GAAP measure are included at the end of this press release.

Safe Harbor Statement

This announcement contains statements that may constitute “forward-looking” statements which are made pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the Securities and Exchange Commission (“SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs, plans, outlook and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's growth strategies; its future business development, results of operations and financial condition; its ability to continue to roll out popular products and maintain popularity of existing products; its ability to anticipate and respond to changes in industry trends and consumer preferences and behavior in a timely manner; its ability to attract and retain new customers and to increase revenues generated from repeat customers; its expectations regarding demand for and market acceptance of its products and services; its ability to integrate newly-acquired businesses and brands; trends and competition in and relevant government policies and regulations relating to China's beauty market; changes in its revenues and certain cost or expense items; and general economic conditions globally and in China. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

Yatsen Holding Limited Investor Relations E-mail: ir@yatsenglobal.com

YATSEN HOLDING LIMITEDUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(All amounts in thousands, except for share, per share data or otherwise noted) December31, June 30, June 30, 2024 2025 2025 RMB'000 RMB'000 USD'000AssetsCurrent assetsCash and cash equivalents 817,395 953,535 133,108Restricted cash – 47,048 6,568Short-term investments 539,130 350,771 48,966Accounts receivable, net 214,558 224,902 31,395Inventories, net 386,054 392,323 54,766Prepayments and other current assets 381,404 403,308 56,300Amounts due from related parties 9,113 2,553 356Total current assets 2,347,654 2,374,440 331,459Non-current assetsInvestments 664,579 662,961 92,546Property and equipment, net 74,373 67,181 9,378Goodwill, net 155,029 155,029 21,641Intangible assets, net 559,708 579,729 80,927Deferred tax assets 1,381 1,495 209Right-of-use assets, net 147,501 177,681 24,803Other non-current assets 20,642 24,744 3,454Total non-current assets 1,623,213 1,668,820 232,958Total assets 3,970,867 4,043,260 564,417Liabilities, redeemable non-controlling interests and shareholders' equityCurrent liabilitiesAccounts and notes payable 72,090 148,184 20,686Advances from customers 19,574 18,987 2,650Accrued expenses and other liabilities 460,143 384,315 53,648Amounts due to related parties 28,884 41,171 5,747Income tax payables 20,088 17,103 2,387Lease liabilities due within one year 39,409 48,694 6,797Total current liabilities 640,188 658,454 91,915Non-current liabilitiesDeferred tax liabilities 103,306 108,661 15,168Deferred income-non current 14,832 6,714 937Lease liabilities 109,526 130,517 18,219Total non-current liabilities 227,664 245,892 34,324Total liabilities 867,852 904,346 126,239Redeemable non-controlling interests 50,984 47,787 6,671Shareholders' equityOrdinary Shares (US$0.00001 par value; 10,000,000,000 ordinary shares authorized, 173 173 24comprising of 6,000,000,000 Class A ordinary shares, 960,852,606 Class B ordinary sharesand 3,039,147,394 shares each of such classes to be designated as of December 31, 2024and June 30, 2025; 2,096,600,883 Class A shares and 600,572,880 Class B ordinary sharesissued as of December 31, 2024 and June 30, 2025; 1,234,627,468 Class A ordinary sharesand 600,572,880 Class B ordinary shares outstanding as of December 31, 2024,1,276,392,603 Class A ordinary shares and 600,572,880 Class B ordinary sharesoutstanding as of June 30, 2025)Treasury shares (1,276,330) (1,246,804) (174,047)Additional paid-in capital 12,273,767 12,279,628 1,714,170Statutory reserve 28,147 28,147 3,929Accumulated deficit (8,057,297) (8,080,268) (1,127,962)Accumulated other comprehensive income 86,866 112,454 15,701Total Yatsen Holding Limited shareholders' equity 3,055,326 3,093,330 431,815Non-controlling interests (3,295) (2,203) (308)Total shareholders' equity 3,052,031 3,091,127 431,507Total liabilities, redeemable non-controlling interests and shareholders' equity 3,970,867 4,043,260 564,417YATSEN HOLDING LIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(All amounts in thousands, except for share, per share data or otherwise noted) For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2025 2025 2024 2025 2025 RMB'000 RMB'000 USD'000 RMB'000 RMB'000 USD'000Total net revenues 794,521 1,086,732 151,702 1,567,876 1,920,265 268,059Total cost of revenues (185,102) (236,335) (32,991) (357,509) (410,741) (57,337)Gross profit 609,419 850,397 118,711 1,210,367 1,509,524 210,722Operating expenses:Fulfilment expenses (51,163) (63,288) (8,835) (102,611) (115,131) (16,072)Selling and marketing expenses (544,659) (722,405) (100,844) (1,083,852) (1,276,220) (178,153)General and administrative expenses (119,106) (84,072) (11,736) (259,205) (148,955) (20,793)Research and development expenses (29,678) (36,116) (5,042) (57,604) (58,753) (8,202)Total operating expenses (744,606) (905,881) (126,457) (1,503,272) (1,599,059) (223,220)Loss from operations (135,187) (55,484) (7,746) (292,905) (89,535) (12,498)Financial income 28,829 11,467 1,601 57,441 22,073 3,081Foreign currency exchange (loss) gain (3,462) 5,507 769 (11,095) 16,171 2,257Income from equity method investments, net 12,724 877 122 16,000 3,382 472Other income, net 13,191 17,395 2,428 19,496 21,637 3,020Loss before income tax expenses (83,905) (20,238) (2,826) (211,063) (26,272) (3,668)Income tax (expenses) benefits (1,589) 763 107 702 1,196 167Net loss (85,494) (19,475) (2,719) (210,361) (25,076) (3,501)Net loss attributable to non-controlling interests and redeemable non-controlling interests 7,220 1,807 252 7,488 2,105 294Net loss attributable to Yatsen's shareholders (78,274) (17,668) (2,467) (202,873) (22,971) (3,207)Shares used in calculating loss per share (1):Weighted average number of Class A and Class B ordinary shares:Basic 2,043,644,209 1,854,988,850 1,854,988,850 2,092,400,120 1,846,275,864 1,861,746,795Diluted 2,043,644,209 1,854,988,850 1,854,988,850 2,092,400,120 1,846,275,864 1,861,746,795Net loss per Class A and Class B ordinary shareBasic (0.04) (0.01) (0.00) (0.10) (0.01) (0.00)Diluted (0.04) (0.01) (0.00) (0.10) (0.01) (0.00)Net loss per ADS (20 ordinary shares equal to 1 ADS)Basic (0.77) (0.19) (0.03) (1.94) (0.25) (0.03)Diluted (0.77) (0.19) (0.03) (1.94) (0.25) (0.03) For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2025 2025 2024 2025 2025Share-based compensation expenses are RMB'000 RMB'000 USD'000 RMB'000 RMB'000 USD'000included in the operating expenses asfollows:Fulfilment (income) expenses (178) 93 13 (102) 191 27Selling and marketing (income) expenses (7,246) 1,795 251 (4,590) 2,552 356General and administrative expenses 17,128 20,638 2,881 48,755 28,369 3,960Research and development (income) expenses (1,549) 1,429 199 (231) 1,469 205Total 8,155 23,955 3,344 43,832 32,581 4,548(1) Authorized share capital is re-classified and re-designated into Class A ordinary shares and Class B ordinary shares, with each Class A ordinary share being entitled to one vote and each Class B ordinary share being entitled to twenty votes on all matters that are subject to shareholder vote.YATSEN HOLDING LIMITEDUNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS(All amounts in thousands, except for share, per share data or otherwise noted) For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2025 2025 2024 2025 2025 RMB'000 RMB'000 USD'000 RMB'000 RMB'000 USD'000Loss from operations (135,187) (55,484) (7,746) (292,905) (89,535) (12,498)Share-based compensation expenses 8,155 23,955 3,344 43,832 32,581 4,548Amortization of intangible assets 15,103 11,147 1,556 30,159 21,708 3,030resulting from assets and businessacquisitionsNon-GAAP loss from operations (111,929) (20,382) (2,846) (218,914) (35,246) (4,920)Net loss (85,494) (19,475) (2,719) (210,361) (25,076) (3,501)Share-based compensation expenses 8,155 23,955 3,344 43,832 32,581 4,548Amortization of intangible assets 15,103 11,147 1,556 30,159 21,708 3,030resulting from assets and businessacquisitionsRevaluation of investments on the (13,632) (3,141) (438) (20,671) (9,151) (1,277)share of equity method investmentsTax effects on non-GAAP 983 (991) (138) (1,637) (1,424) (199)adjustmentsNon-GAAP net (loss) income (74,885) 11,495 1,605 (158,678) 18,638 2,601Net loss attributable to Yatsen's (78,274) (17,668) (2,467) (202,873) (22,971) (3,207)shareholdersShare-based compensation expenses 8,155 23,955 3,344 43,832 32,581 4,548Amortization of intangible assets 14,607 10,743 1,500 29,389 20,922 2,921resulting from assets and businessacquisitionsRevaluation of investments on the (13,632) (3,141) (438) (20,671) (9,151) (1,277)share of equity method investmentsTax effects on non-GAAP 1,039 (963) (134) (1,581) (1,368) (191)adjustmentsNon-GAAP net (loss) income (68,105) 12,926 1,805 (151,904) 20,013 2,794attributable to Yatsen'sshareholdersShares used in calculating loss pershare:Weighted average number of Class Aand Class B ordinary shares:Basic 2,043,644,209 1,854,988,850 1,854,988,850 2,092,400,120 1,846,275,864 1,861,746,795Diluted 2,043,644,209 1,998,882,473 1,998,882,473 2,092,400,120 1,980,640,851 1,995,977,934Non-GAAP net (loss) incomeattributable to ordinaryshareholders per Class A andClass B ordinary shareBasic (0.03) 0.01 0.00 (0.07) 0.01 0.00Diluted (0.03) 0.01 0.00 (0.07) 0.01 0.00Non-GAAP net (loss) incomeattributable to ordinaryshareholders per ADS (20ordinary shares equal to 1 ADS)Basic (0.67) 0.14 0.02 (1.45) 0.22 0.03Diluted (0.67) 0.13 0.02 (1.45) 0.20 0.03

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