Yatsen plans to achieve 4.3 billion yuan in revenue in 2025, with R&D expense ratio remaining at the top tier globally

Glonghui, April 30 – On the evening of April 29, Yatsen (NYSE: YSG) released its 2025 annual results report. According to the announcement, revenue for the full year 2025 reached 4.3 billion yuan, a year-on-year increase of 26.7%, with a gross margin of 78.2%, up 1.1 percentage points from the previous year; Non-GAAP net profit achieved a historic breakthrough, reaching 8.4 million yuan, marking the first annual Non-GAAP profit since the company went public. Among the segments, the skincare business showed strong development momentum, with net income surging 63.5% year-on-year to 2.28 billion yuan, accounting for 53.0% of the total annual net income. This demonstrates that Yatsen has established a high-quality dual-engine growth model driven by both skincare and makeup businesses, providing a stronger foundation for resilient future growth.Meanwhile, the company remains committed to its R&D-driven strategy and continues to increase investment in scientific research. R&D investment in 2025 reached 140 million yuan, up 25.6% year-on-year, with the R&D expense ratio remaining above 3% for four consecutive years, placing it in the first tier of the global beauty industry. Since its founding, the company's cumulative investment in R&D has approached 700 million yuan. By the end of 2025, Yatsen had filed a total of 269 patents globally, including 84 invention patents and 72 authorized invention patents, steadily progressing toward its goal of becoming a “world-class beauty innovation leader.”It is reported that Yatsen has ranked for several consecutive years on the WWD list of Top 100 Global Beauty Companies, maintaining 67th place globally and 7th among Chinese beauty companies in 2025, with brand momentum steadily rising.