YSG Yatsen Holding Ltd

Overview and Growth

Yatsen Holding Ltd generated $614.62M of revenue in fiscal 2025, with net loss of $11.56M and an operating cash outflow of $13.54M. At $614.62M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Compared with $464.90M in fiscal 2024, revenue recorded a 32.2% year-over-year increase. Diluted earnings per share were -$0.01, translating the period’s attributable earnings into the amount reported for each diluted share. The diluted weighted-average share count was 1.86B, linking total earnings with the per-share result received by shareholders. Total assets stood at $550.11M, showing the scale of resources supporting revenue, earnings, liquidity, and financing. The revenue-to-assets relationship was 1.12x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

The first profit layer was $480.67M of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. The gross-profit relationship equaled 78.2% of revenue, quantifying the portion retained before operating expenses were recognized. Operations produced a $26.57M operating loss before non-operating and tax effects. Relative to revenue, the operating deficit measured 4.3%, showing the shortfall after operating costs. The bottom-line result was a net loss of $11.56M after operating, financing, tax, and other recognized items. Net margin was -1.9%, reflecting a loss equal to 1.9% of reported revenue. The company reported negative EBITDA of $21.30M, adding a pre-interest, tax, depreciation, and amortization view of the operating shortfall. The pretax result was a loss of $13.23M, establishing the deficit before tax effects. The pretax loss equaled 2.2% of revenue, measuring the pre-tax deficit against sales. The reported tax benefit was $15.00K, favorably bridging the pretax and after-tax results. The loss-to-equity relationship was 2.7%, placing the bottom-line deficit against shareholder capital. Relative to total assets, the net loss represented 2.1%. The net loss narrowed to $11.56M from $97.02M in fiscal 2024.

Liquidity and Capital Structure

The company held $550.11M of assets against $121.02M of liabilities and $428.90M of equity, revealing how the asset base was financed. The near-term balance sheet paired $319.49M of current assets with $87.98M of current liabilities at the reporting date. At 3.63x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. Cash and equivalents totaled $109.45M, identifying the most liquid reported component available within the broader current-asset balance. Measured only with cash and equivalents, coverage of current liabilities was 124.4%, excluding receivables and other current assets. Book equity represented 78.0% of total assets, quantifying the balance-sheet share supported by shareholder capital. Relative to total assets, liabilities measured 22.0%, complementing the separate equity-based view of the company’s capital structure. The cash-to-assets relationship was 19.9%, comparing reported cash and equivalents with the full positive asset balance. Total assets were 1.1% higher than fiscal 2024 assets of $544.01M, measuring the company’s own balance-sheet change. Book equity was 2.6% higher than fiscal 2024 equity of $418.13M, showing how shareholder capital changed year over year. The reported cash balance changed 2.3% from $111.98M in fiscal 2024, ending lower year over year.

Cash Flow and Earnings Quality

The company reported an operating cash outflow of $13.54M, rather than cash generation from operations. Capital spending of $6.01M added to the period’s operating cash use, reinforcing the overall cash deficit after investment for the year. The company recorded a $19.55M cash deficit after capital spending for the period. Relative to revenue, the post-investment cash deficit represented 3.2%. The cash deficit after capital spending represented 3.6% of the period-end asset base. The operating cash outflow narrowed to $13.54M from $33.38M in fiscal 2024.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.