Yatsen Holding Limited (YSG): Business Model Canvas

In der dynamischen Welt der digitalen Kosmetik erweist sich Yatsen Holding Limited (YSG) als bahnbrechende Kraft und revolutioniert den Beauty-Einzelhandel durch seinen innovativen Digital-First-Ansatz. Durch die nahtlose Verbindung modernster Technologie, strategischer E-Commerce-Partnerschaften und einem gezielten Verständnis junger städtischer chinesischer Verbraucher hat YSG traditionelles Kosmetikmarketing in ein umfassendes, personalisiertes digitales Erlebnis verwandelt. Ihr einzigartiges Geschäftsmodell nutzt leistungsstarke Online-Plattformen, Eigenmarken wie Perfect Diary und datengesteuerte Strategien, um die Herzen der Millennials und Beauty-Enthusiasten der Generation Z zu erobern, die auf der Suche nach erschwinglichen, trendigen und hochwertigen Kosmetiklösungen sind.

Yatsen Holding Limited (YSG) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Online-Vertriebspartnerschaften

Yatsen Holding Limited hat wichtige E-Commerce-Partnerschaften mit großen chinesischen Online-Plattformen aufgebaut:

Plattform	Einzelheiten zur Partnerschaft	Verkaufsvolumen (2023)
Klein	Primärer Online-Vertriebskanal	1,2 Milliarden RMB
JD.com	Sekundäre Online-Verkaufsplattform	680 Millionen RMB

Fertigungspartnerschaften

Einzelheiten zur Zusammenarbeit mit Kosmetikproduktionsstätten:

• Gesamte Produktionspartner: 7 zertifizierte Einrichtungen
• Jährliche Produktionskapazität: 120 Millionen Einheiten
• Qualitätskonformitätsrate: 99,5 %

Technologiepartnerschaften

Technologiepartner	Fokusbereich	Investition (2023)
Alibaba Cloud	KI-gesteuerte Verbrauchereinblicke	RMB 45 Millionen
Tencent-Technologie	Digitale Innovationsplattformen	RMB 38 Millionen

Influencer-Marketing-Partnerschaften

Kennzahlen zur Zusammenarbeit in sozialen Medien:

• Gesamtes Influencer-Netzwerk: 250 wichtige Meinungsführer
• Kumulierte Social-Media-Reichweite: 120 Millionen Follower
• Conversion-Rate aus Influencer-Kampagnen: 4,7 %

Grenzüberschreitende E-Commerce-Partnerschaften

Plattform	Internationale Märkte	Umsatz (2023)
Shopee	Südostasiatische Märkte	RMB 210 Millionen
Amazon Global	Nordamerikanischer Markt	RMB 175 Millionen

Yatsen Holding Limited (YSG) – Geschäftsmodell: Hauptaktivitäten

Produktdesign und Entwicklung von Kosmetikmarken

Yatsen Holding Limited investierte im Jahr 2022 23,4 Millionen US-Dollar in Forschung und Entwicklung. Das Unternehmen verwaltet drei Hauptkosmetikmarken: Perfect Diary, Little Ondine und Abby's Choice.

Marke	Produktkategorien	Jährliches Entwicklungsbudget
Perfektes Tagebuch	Make-up, Hautpflege	12,6 Millionen US-Dollar
Kleine Ondine	Nagellack	5,2 Millionen US-Dollar
Abbys Wahl	Hautpflege	5,6 Millionen US-Dollar

Digitales Marketing und Social-Media-Engagement

Die Ausgaben für digitales Marketing erreichten im Jahr 2022 41,5 Millionen US-Dollar, wobei der Schwerpunkt hauptsächlich auf Social-Media-Plattformen lag.

• Monatlich aktive Social-Media-Follower: 15,6 Millionen
• Durchschnittliche Engagement-Rate: 4,3 %
• Verwendete Plattformen: Douyin, Xiaohongshu, WeChat

E-Commerce-Plattformmanagement

Yatsen ist über mehrere E-Commerce-Kanäle tätig und erzielte im Jahr 2022 einen Online-Gesamtumsatz von 456,2 Millionen US-Dollar.

E-Commerce-Plattform	Jährliches Verkaufsvolumen	Marktanteil
Klein	189,4 Millionen US-Dollar	41.5%
WeChat Store	126,7 Millionen US-Dollar	27.8%
JD.com	140,1 Millionen US-Dollar	30.7%

Erweiterung und Innovation des Markenportfolios

Yatsen brachte im Jahr 2022 78 neue Produkt-SKUs mit einem Innovationsbudget von 17,9 Millionen US-Dollar auf den Markt.

Kundendatenanalyse und Personalisierung

Das Unternehmen unterhält eine Kundendatenbank mit 22,4 Millionen registrierten Benutzern, wobei Personalisierungsalgorithmen für 36,7 % der Wiederholungskäufe verantwortlich sind.

Datenanalysemetrik	Leistung
Registrierte Benutzer	22,4 Millionen
Personalisierungsgesteuerte Einkäufe	36.7%
Kundenbindungsrate	48.2%

Yatsen Holding Limited (YSG) – Geschäftsmodell: Schlüsselressourcen

Starke Fähigkeiten im Bereich digitales Marketing

Yatsen Holding Limited investierte im dritten Quartal 2023 45,3 Millionen US-Dollar in Marketing- und Vertriebsausgaben. Digitale Marketingkanäle machten 87 % der gesamten Marketingausgaben aus.

Digitale Marketingkennzahlen	Daten für 2023
Gesamte Marketinginvestition	45,3 Millionen US-Dollar
Prozentsatz des digitalen Marketings	87%
Social-Media-Follower	15,6 Millionen

Eigene Kosmetikmarken

Yatsen verwaltet drei Hauptmarken: Perfect Diary, Little Ondine und Abby's Choice.

• Perfect Diary: Erwirtschaftete im Jahr 2022 einen Umsatz von 320 Millionen US-Dollar
• Little Ondine: Spezialisiert auf dekorative Kosmetik
• Abby's Choice: Marke mit Fokus auf Hautpflege

Fortschrittliche digitale Technologieinfrastruktur

Die Investitionen in die Technologieinfrastruktur erreichten im Jahr 2023 22,7 Millionen US-Dollar und konzentrierten sich auf E-Commerce-Plattformen und KI-gesteuerte Empfehlungssysteme.

Technologie-Investitionsbereiche	Zuteilung 2023
Entwicklung einer E-Commerce-Plattform	12,5 Millionen US-Dollar
KI-Empfehlungssysteme	6,2 Millionen US-Dollar
Cybersicherheit	4 Millionen Dollar

Junges, verbraucherorientiertes Markenportfolio

Zielgruppe: 18- bis 35-jährige Verbraucher, die 82 % des Kundenstamms der Marke ausmachen.

Robustes Online-Verkaufs- und Vertriebsnetzwerk

Online-Vertriebskanäle erwirtschafteten im Jahr 2022 einen Umsatz von 478,6 Millionen US-Dollar, wobei 95 % der Transaktionen über digitale Plattformen erfolgten.

Vertriebskanal	Umsatz 2022	Prozentsatz
Klein	213,4 Millionen US-Dollar	44.6%
WeChat	145,2 Millionen US-Dollar	30.3%
Andere Online-Plattformen	120 Millionen Dollar	25.1%

Yatsen Holding Limited (YSG) – Geschäftsmodell: Wertversprechen

Erschwingliche Premium-Kosmetikmarken für jüngere Verbraucher

Yatsen Holding Limited richtet sich mit Preisen zwischen 50 und 300 RMB (7 bis 42 USD) für Kosmetikprodukte an jüngere Verbraucher. Im dritten Quartal 2023 betrug der durchschnittliche Produktpreis des Unternehmens 128 RMB (17,80 USD).

Marke	Durchschnittliche Preisspanne (RMB)	Zielaltersgruppe
Perfektes Tagebuch	80-250	18-35
Kleine Ondine	50-180	20-30
Abbys Wahl	60-220	22-35

Innovative und trendige Produktdesigns

Yatsen investierte im Jahr 2022 45,2 Millionen RMB (6,3 Millionen US-Dollar) in Forschung und Entwicklung und konzentrierte sich dabei auf innovatives Produktdesign.

• Aktualisierungsrate des Produktdesigns: 4–6 neue Kollektionen pro Jahr
• Digitale Design-Zusammenarbeit mit 12 unabhängigen Designern
• Engagement in sozialen Medien: 5,2 Millionen Follower auf allen Plattformen

Digital-First-Einkaufserlebnis

Leistung digitaler Vertriebskanäle im Jahr 2022:

Plattform	Prozentsatz des Gesamtumsatzes	Jährliches Wachstum
Klein	38%	12.5%
WeChat	22%	18.3%
Offizielle Website	15%	9.7%

Hochwertige und dennoch kostengünstige Schönheitsprodukte

Produktqualitätskennzahlen:

• Produktrückgabequote: 2,3 %
• Kundenzufriedenheitswert: 4,6/5
• Durchschnittliche Produktherstellungskosten: 35 RMB (4,90 USD)

Personalisierte Kundenbindung durch digitale Plattformen

Statistiken zur Kundenbindung für 2022:

Metrisch	Nummer
Aktive Benutzer	8,3 Millionen
Mitglieder des Kundenbindungsprogramms	3,6 Millionen
Durchschnittliche Wiederholungskaufrate	42%

Yatsen Holding Limited (YSG) – Geschäftsmodell: Kundenbeziehungen

Social-Media-gesteuerte Kundeninteraktionen

Ab dem vierten Quartal 2023 unterhält Yatsen Holding Limited eine aktive Social-Media-Präsenz auf allen Plattformen:

Plattform	Anzahl der Follower	Engagement-Rate
Weibo	1,2 Millionen	3.7%
WeChat	850,000	4.2%
Xiaohongshu	680,000	5.1%

Community-basierte Marketingstrategien

Yatsen implementiert gezielte Strategien zur Einbindung der Gemeinschaft:

• Benutzergenerierte Content-Kampagnen generieren 42.000 monatliche Einsendungen
• Markenbotschafterprogramm mit 127 Influencern
• Online-Beauty-Community mit 230.000 aktiven Mitgliedern

Personalisierte Empfehlungssysteme

Kennzahlen zur digitalen Empfehlungstechnologie:

Metrisch	Leistung
Personalisierungsgenauigkeit	68.3%
Conversion-Rate aus Empfehlungen	14.7%
Durchschnittliche Produktempfehlungen pro Benutzer	4.2

Treueprogramm und digitales Engagement

Leistung des Treueprogramms im Jahr 2023:

• Gesamtzahl der Mitglieder des Treueprogramms: 1,5 Millionen
• Wiederholungskaufrate: 37,6 %
• Durchschnittlicher Customer Lifetime Value: 215 $

Interaktiver Online-Kundensupport

Leistung des Kundensupportkanals:

Support-Kanal	Reaktionszeit	Zufriedenheitsrate
Live-Chat	12 Minuten	89%
WeChat-Unterstützung	15 Minuten	86%
E-Mail-Support	24 Stunden	82%

Yatsen Holding Limited (YSG) – Geschäftsmodell: Kanäle

Kleiner Online-Marktplatz

Im Jahr 2023 repräsentierte Tmall 32,7 % der gesamten Online-Vertriebskanäle von Yatsen. Die Plattform generierte einen direkten Umsatz von rund 215 Millionen RMB für die Kosmetikmarken des Unternehmens.

Plattform	Verkaufsvolumen	Marktanteil
Klein	215 Millionen RMB	32.7%

JD.com E-Commerce-Plattform

JD.com trug im Jahr 2023 27,5 % zum Online-Umsatz von Yatsen bei, mit einem direkten Plattformumsatz von etwa 182 Millionen RMB.

Plattform	Verkaufsvolumen	Marktanteil
JD.com	182 Millionen RMB	27.5%

Offizielle Marken-Websites

Die offiziellen Markenwebsites von Yatsen generierten im Jahr 2023 Direktverkäufe in Höhe von 45 Millionen RMB, was 6,8 % des gesamten Online-Kanalumsatzes entspricht.

Social-Media-Plattformen

• WeChat: 98 Millionen RMB Umsatz
• Weibo: 37 Millionen RMB Umsatz

Xiaohongshu (Kleines Rotes Buch) Marketing

Xiaohongshu trug im Jahr 2023 52 Millionen RMB zum marketinggetriebenen Umsatz für Yatsen bei, mit einem 12,4 % Conversion-Rate von Plattforminteraktionen bis hin zu tatsächlichen Käufen.

Plattform	Marketing-Vertrieb	Conversion-Rate
Xiaohongshu	52 Millionen RMB	12.4%

Yatsen Holding Limited (YSG) – Geschäftsmodell: Kundensegmente

Junge urbane chinesische Verbraucher

Demografische Aufteilung ab 2023:

Altersspanne	Prozentsatz	Geschätzte Bevölkerung
18-35 Jahre	42.3%	589,000,000
Stadtbewohner	64.7%	900,000,000

Digital-Native Millennials und Gen Z

Statistiken zum digitalen Konsum:

• Online-Shopping-Penetration: 78,6 %
• Smartphone-Nutzung: 99,2 %
• Social-Media-Engagement-Rate: 92,5 %

Beauty- und Kosmetik-Enthusiasten

Details zum Marktsegment:

Kategorie	Jährliche Ausgaben	Wachstumsrate
Hautpflege	58,3 Milliarden US-Dollar	12.7%
Make-up	42,6 Milliarden US-Dollar	9.4%

Preisbewusste Premium-Produktsuchende

Konsumverhalten:

• Durchschnittliche monatliche Ausgaben für Schönheitsprodukte: 87,50 $
• Präferenz für Mittelklassemarken: 65,3 %
• Rabattsensitivität: 73,8 %

Verbrauchergruppen, die sich in sozialen Medien engagieren

Kennzahlen zum digitalen Engagement:

Plattform	Monatlich aktive Benutzer	Markeninteraktionsrate
Weibo	511,000,000	37.6%
WeChat	1,242,000,000	52.4%
Xiaohongshu	260,000,000	44.2%

Yatsen Holding Limited (YSG) – Geschäftsmodell: Kostenstruktur

Ausgaben für digitales Marketing

Für das Geschäftsjahr 2022 meldete Yatsen Holding Limited Ausgaben für digitales Marketing in Höhe von etwa 91,7 Millionen US-Dollar, was 21,4 % des Gesamtumsatzes entspricht.

Jahr	Ausgaben für digitales Marketing	Prozentsatz des Umsatzes
2022	91,7 Millionen US-Dollar	21.4%
2021	138,1 Millionen US-Dollar	26.8%

Produktforschung und -entwicklung

Im Jahr 2022 investierte Yatsen 42,3 Millionen US-Dollar in Forschung und Entwicklung, was 9,9 % seines Gesamtumsatzes ausmachte.

• Zu den Forschungs- und Entwicklungsschwerpunkten gehört die Formulierung von Kosmetika
• Investition in innovative Beauty-Technologie
• Produktentwicklung für mehrere Marken

Provisionen für E-Commerce-Plattformen

Die Plattformprovisionskosten für 2022 beliefen sich auf etwa 25,6 Millionen US-Dollar und deckten Verkäufe über Tmall, JD.com und andere Online-Marktplätze ab.

Herstellungs- und Lieferkettenkosten

Die Gesamtkosten für Herstellung und Lieferkette beliefen sich im Jahr 2022 auf 136,5 Millionen US-Dollar.

Kostenkategorie	Betrag
Rohstoffbeschaffung	78,2 Millionen US-Dollar
Produktionsaufwand	38,9 Millionen US-Dollar
Logistik und Vertrieb	19,4 Millionen US-Dollar

Investitionen in die Technologieinfrastruktur

Die Investitionen in die Technologieinfrastruktur beliefen sich im Jahr 2022 auf insgesamt 18,7 Millionen US-Dollar und konzentrierten sich auf E-Commerce-Plattformen und Datenanalysesysteme.

• Cloud-Computing-Infrastruktur
• Verbesserungen der Cybersicherheit
• Kundendatenmanagementsysteme

Yatsen Holding Limited (YSG) – Geschäftsmodell: Einnahmequellen

Direkter Online-Verkauf über E-Commerce-Plattformen

Im Jahr 2022 betrug der Gesamtnettoumsatz von Yatsen 336,3 Millionen US-Dollar. Der Online-Direktverkauf über Plattformen wie Tmall, JD.com und WeChat machte etwa 68 % des Gesamtumsatzes aus.

E-Commerce-Plattform	Umsatzbeitrag (%)
Klein	35%
JD.com	22%
WeChat	11%

Mehrere Einnahmen aus proprietären Kosmetikmarken

Yatsen betreibt drei Hauptkosmetikmarken:

• Perfect Diary: Erwirtschaftete im Jahr 2022 214,2 Millionen US-Dollar
• Little Ondine: Hat im Jahr 2022 62,5 Millionen US-Dollar beigesteuert
• Abby's Choice: Im Jahr 2022 wurden 59,6 Millionen US-Dollar produziert

Einnahmen aus digitalem Marketing und Markenzusammenarbeit

Die Einnahmen aus digitalem Marketing erreichten im Jahr 2022 42,7 Millionen US-Dollar, was 12,7 % des Gesamtumsatzes des Unternehmens entspricht.

Grenzüberschreitender E-Commerce-Verkauf

Der grenzüberschreitende E-Commerce-Umsatz belief sich im Jahr 2022 auf insgesamt 28,4 Millionen US-Dollar und zielte hauptsächlich auf südostasiatische Märkte ab.

Erweiterung der Produktlinie und neue Markteintritte

Produktkategorie	Umsatz 2022	Wachstumsrate
Farbkosmetik	247,3 Millionen US-Dollar	8.5%
Hautpflege	58,6 Millionen US-Dollar	15.2%
Duft	30,4 Millionen US-Dollar	22.7%

Yatsen Holding Limited (YSG) - Canvas Business Model: Value Propositions

You're looking at the core things Yatsen Holding Limited offers its customers, right now, based on their latest reported performance through the third quarter of 2025. It's all about balancing high-end science with mass-market appeal.

High-margin, science-backed skincare products (Galénic, DR.WU)

The shift to science-backed skincare is definitely paying off in the margin structure. For the third quarter of 2025, the overall gross margin for Yatsen Holding Limited stood at 78.2%. This is supported by the skincare segment, which is now a near 50/50 split of the business.

Skincare Brands net revenues hit RMB 490.8 million (US$68.9 million) in Q3 2025, marking an 83.2% year-over-year increase. This segment accounted for 49.2% of total net revenues for that quarter. You see the commitment to science in their product pipeline, with recent launches like DR.WU's PDRN Serum and Galénic's No.3 VB Serum being highlighted as drivers for the Double 11 shopping festival.

Trendy, affordable color cosmetics for mass-market appeal (Perfect Diary)

While skincare drives the margin, the mass-market color cosmetics portfolio, anchored by Perfect Diary, is back in growth mode. In Q3 2025, net revenues from Color Cosmetics Brands grew by 25.2% year-over-year. This segment is still important to the overall offering, even as the mix shifts.

For context, in the second quarter of 2025, color cosmetics revenue growth was 8.8%, and a key product, the Translucent Blurring Setting Powder, contributed to that momentum.

Fast-to-market product launches driven by consumer data insights

The ability to move fast from insight to shelf is a core value proposition, backed by dedicated investment. Yatsen Holding Limited reported Research and Development expenses of RMB 39.8 million for the third quarter of 2025, up from RMB 25.3 million in the prior year period. This investment fuels the robust product pipelines mentioned by the CEO.

The strategy focuses on disciplined execution of this R&D-driven approach to ensure they have fresh offerings ready for major sales events.

Multi-brand offering covering mass-market to premium segments

Yatsen Holding Limited offers a portfolio that spans the spectrum, from the mass-market appeal of Perfect Diary to the premium positioning of its acquired and developed skincare lines. This multi-brand structure allows them to capture different consumer spending levels.

Here's a look at how the two main categories stacked up in the most recent reported quarters:

Metric	Q2 2025	Q3 2025
Total Net Revenues	RMB 1.09 billion	RMB 998.4 million
Skincare Revenue Contribution	53.5%	49.2%
Gross Margin	78.3%	78.2%
Skincare Revenue YoY Growth	78.7%	83.2%

The company projects this strategy will continue to work, guiding Q4 2025 total net revenues to be between RMB 1.32 billion and RMB 1.49 billion, representing a 15% to 30% year-over-year increase.

You can see the breadth of the portfolio through the brands they manage:

• Perfect Diary (Flagship Color Cosmetics)
• Galénic (Science-backed Skincare)
• DR.WU (Science-backed Skincare)
• Eve Lom (Skincare)
• Little Ondine (Color Cosmetics)
• Pink Bear (Color Cosmetics)
• EANTiM (Brand)

Yatsen Holding Limited (YSG) - Canvas Business Model: Customer Relationships

You're looking at how Yatsen Holding Limited keeps its customers close in a competitive Chinese beauty market, which is defintely moving toward premium skincare. The relationship strategy is heavily weighted toward direct, digital-first interaction, which makes sense given their focus on brands like Perfect Diary, Galénic, and DR. WU.

High-touch digital engagement via social media and KOLs

Yatsen Holding Limited maintains an expansive presence across all major e-commerce, social, and content platforms in China to reach and engage customers directly. This digital intensity supports a business that posted total net revenues of RMB998.4 million (US$140.2 million) for the third quarter of 2025. While specific Key Opinion Leader (KOL) spend as a percentage of revenue isn't public, the strategy relies on this high-touch digital method to drive sales, especially for their color cosmetics and skincare brands. The broader e-commerce trend in 2025 shows that brands are leveraging social commerce platforms, which totally transform from simple photo sharing into digital storefronts where the entire journey from discovery to purchase happens in one spot.

Direct interaction through brand-specific e-commerce flagship stores

The company's model emphasizes direct interaction through its brand-specific e-commerce flagship stores. This direct-to-consumer approach helps maintain high gross margins, which stood at 79.1% in Q1 2025 and 78.2% in Q3 2025. Direct control over the online storefront allows Yatsen Holding Limited to manage the customer experience end-to-end, which is crucial as consumers increasingly demand seamless, personalized experiences across all touchpoints. For instance, the Q1 2025 results showed significant growth in skincare brands, with net revenues from those brands increasing by 47.7% year-over-year to RMB362.4 million (US$49.9 million).

Loyalty programs and personalized recommendations for repeat purchases

Building repeat purchases through loyalty is a core focus, aligning with industry benchmarks where loyalty program members generate 12-18% more incremental revenue annually. To foster this, Yatsen Holding Limited uses personalized recommendations. Industry data for 2025 suggests that 75% of consumers buy more from brands that have loyalty programs, and 72% expect personalization across all touchpoints. The financial health supporting this is evident, as the company held cash, restricted cash, and short-term investments totaling RMB1.16 billion (US$162.6 million) as of September 30, 2025, allowing for continued investment in these retention efforts.

The general impact of strong loyalty programs in 2025 includes:

• Loyal customers are 5x more likely to repurchase.
• Customers emotionally connected to a brand have 306% higher lifetime value.
• 60% of loyal customers are more frequent buyers.

Physical experience stores for brand immersion and trial

While digital is key, Yatsen Holding Limited also engages customers offline through physical experience stores. This omnichannel approach blends the digital and physical, a trend known as adaptive retail where the line between in-store and online shopping keeps fading. The use of technology like Augmented Reality (AR) in the broader retail space is showing tangible results, with AR experiences leading to a 25% drop in product returns and conversion rates jumping up to 20%. This suggests that physical trial points, enhanced by digital tools, directly support the company's revenue generation and customer satisfaction.

Here is a snapshot of the financial context supporting these relationship investments as of late 2025:

Metric	Period/Date	Value (RMB)	Value (USD Equivalent)
Total Net Revenues	Q3 2025	998.4 million	140.2 million
Gross Margin	Q3 2025	78.2%	N/A
Skincare Brands Net Revenues	Q1 2025	362.4 million	49.9 million
Cash & Short-Term Investments	September 30, 2025	1.16 billion	162.6 million

Finance: draft 13-week cash view by Friday.

Yatsen Holding Limited (YSG) - Canvas Business Model: Channels

You're looking at how Yatsen Holding Limited gets its products-from Perfect Diary to DR.WU-into the hands of Chinese consumers as of late 2025. Their channel strategy is a complex mix, leaning heavily digital but maintaining a physical footprint. The core idea is direct engagement across multiple touchpoints, which helps them manage brand equity and marketing spend more directly than traditional players.

Here's a quick look at the top-line financial context from their latest reported period, Q3 2025, which shows the result of these channel efforts:

Financial Metric (Q3 2025)	Amount (RMB)	Amount (US$)	Year-over-Year Change
Total Net Revenues	RMB998.4 million	US$140.2 million	47.5% increase
Skincare Brands Net Revenues (as % of Total)	N/A	N/A	49.2% of total revenue
Color Cosmetics Brands Net Revenues Growth	N/A	N/A	25.2% increase
Gross Margin	N/A	N/A	Increased to 78.2%

The company explicitly states they primarily reach and engage customers directly, both online and offline, with an expansive presence across all major platforms in China.

Major Chinese E-commerce Platforms (Tmall, JD.com, Pinduoduo)

The foundational digital sales engine for Yatsen Holding Limited still relies on the major marketplaces. These platforms are crucial for volume and broad market access, though the company has been refining its spending efficiency here.

• Yatsen Holding Limited entered Pinduoduo's e-commerce channel in 2019.
• The overall strategy involves an expansive presence across all major e-commerce platforms in China.
• Management noted continuing to see improving marketing efficiency driven by a higher skincare mix and more disciplined spending across channels.

Short-Video and Live-Streaming Platforms (Douyin, Kuaishou)

These content-driven channels are key for discovery and driving immediate sales, especially for their color cosmetics segment, though the shift to skincare is changing the marketing mix emphasis.

• Yatsen Holding Limited entered Douyin and Kuaishou's e-commerce channels in 2019.
• Customers can discover and purchase products through platforms like Douyin and Kuaishou.
• The company's flagship brand, Perfect Diary, achieved the No. 1 ranking among makeup brands on WeChat Video Channel during the quarter.

Offline Retail Presence via Select Brand Experience Stores

The physical channel serves as a brand experience touchpoint, though Yatsen Holding Limited has been strategically managing this footprint.

• The company established Guangzhou Yatsen Cosmetics Co., Ltd. in March 2017 to engage in offline retail business outside East China.
• As of December 31, 2020, Yatsen Holding Limited had 241 experience stores across over 110 cities in China.
• In Q1 2025, the company noted a decrease in revenue was partially due to the selective closure of offline stores.

Company-Owned Social Media Accounts and Mini-Programs

This represents the Direct-to-Consumer (DTC) core, allowing for direct customer relationship management and higher margin capture, which is vital for the premium skincare pivot.

• Yatsen Holding Limited built its platform on a digitally native DTC business model.
• The company's ability to directly engage customers across multiple channels differentiates it from traditional brands.
• The strategy focuses on continued development of clinical and premium brands, which aligns with a direct engagement model that supports higher-margin products.

Finance: draft Q4 2025 channel spend allocation review by next Tuesday.

Yatsen Holding Limited (YSG) - Canvas Business Model: Customer Segments

You're analyzing a company in a significant pivot, moving away from its initial mass-market success toward a more premium, efficacy-driven model, so the customer segments reflect this strategic shift in late 2025.

The customer base is clearly bifurcating based on the product category they purchase, with the higher-end, science-backed segment now representing nearly half of the total business.

• Chinese domestic consumers represent the primary market focus, as Yatsen Holding Limited is described as a leading China-based beauty group.
• The segment seeking higher-end consumers seeking clinical, science-backed skincare efficacy is driving the most significant growth.
• The segment of mass-market, trend-conscious young consumers, historically tied to the Color Cosmetics Brands, is still present but secondary to the skincare push.
• International consumers via cross-border e-commerce is a stated channel, though specific revenue contribution data is not broken out in the latest reports.

Here's the quick math on the revenue split as of the third quarter of 2025, which really shows where the money is flowing now:

Segment Indicator (By Brand Type)	Q3 2025 Revenue (RMB)	Q3 2025 Revenue Share (%)	Year-over-Year Growth
Skincare Brands (Higher-End/Efficacy Focus)	RMB 490.8 million	49.2%	83.2% increase
Color Cosmetics Brands (Mass-Market/Trend Focus)	Calculated Remainder	50.8% (Approx.)	25.2% increase
Total Net Revenues	RMB 998.4 million	100.0%	47.5% increase

The data clearly shows the success of targeting the science-backed consumer. For the first quarter of 2025, Skincare Brands already accounted for 43.5% of total net revenues, up from 31.7% in the prior year period. This trend accelerated into Q3 2025, where the skincare segment reached 49.2% of the total RMB 998.4 million in net revenues. To be fair, the Color Cosmetics Brands did see a 25.2% year-over-year increase in Q3 2025, but the growth rate of the skincare portfolio is the dominant story. What this estimate hides is the exact split between domestic and international sales, as the primary reporting focus is on brand category performance within the overall China-centric business structure.

The key customer groups driving the current financial performance are:

• Consumers prioritizing clinical results, evidenced by the 83.2% revenue surge in Skincare Brands in Q3 2025.
• Consumers purchasing products from the legacy color cosmetics line, which still contributed a significant portion of revenue, growing 25.2% in Q3 2025.
• The overall base remains concentrated in Mainland China, as the company primarily reaches and engages with customers across major e-commerce, social, and content platforms in China.

Finance: draft 13-week cash view by Friday.

Yatsen Holding Limited (YSG) - Canvas Business Model: Cost Structure

You're looking at the hard numbers driving Yatsen Holding Limited's operations as of late 2025. The cost structure is heavily weighted toward customer acquisition, which is typical for a digitally native beauty group.

Here's a breakdown of the primary expenditures for the third quarter ended September 30, 2025:

Cost Category	Q3 2025 Amount (RMB)	Percentage of Net Revenue (Approximate)
Selling and Marketing Expenses	RMB 682.3 million	68.3%
Cost of Goods Sold (COGS)	RMB 217.9 million	21.8%
Fulfillment Expenses	RMB 61.8 million	6.2%
Research and Development (R&D) Expenses	RMB 39.8 million	4.0%

Selling and marketing expenses were a major cost driver, hitting RMB 682.3 million in Q3 2025. That represented 68.3% of total net revenues for the period, which included a portion of planned upfront investments for the Double 11 shopping season.

The Cost of Goods Sold (COGS) is kept relatively lean, which helps support the high gross margin. For Q3 2025, the gross margin stood at a strong 78.2%, up from 75.9% in the prior year period. This margin improvement was mainly due to an increase in sales of higher-gross-margin products.

Here's the quick math on COGS based on the period's financials: Total net revenues were RMB 998.4 million, and the gross profit was RMB 780.5 million, meaning COGS was approximately RMB 217.9 million.

Research and development (R&D) investment totaled RMB 39.8 million in Q3 2025. As a percentage of total net revenues, R&D expenses increased to 4.0% from 3.7% year-over-year, primarily driven by higher payroll expenses from an increased R&D headcount.

For the Direct-to-Consumer (DTC) model, fulfillment and logistics expenses are a distinct line item. Fulfillment expenses for Q3 2025 were RMB 61.8 million. That figure, as a percentage of total net revenues, decreased to 6.2% from 7.4% in the prior year period, showing some cost optimization in logistics.

You can see how the operational spending stacks up:

• Selling and marketing expenses: RMB 682.3 million
• Fulfillment expenses: RMB 61.8 million
• R&D expenses: RMB 39.8 million

General and administrative expenses were RMB 80.2 million, representing 8.0% of total net revenues, down from 12.6% in the prior year period.

Yatsen Holding Limited (YSG) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers for Yatsen Holding Limited's revenue generation as of late 2025. We focus strictly on the financial results reported for the third quarter of 2025 and the guidance provided for the final quarter.

The primary revenue streams for Yatsen Holding Limited stem from the sales of its distinct brand portfolios, namely Skincare Brands and Color Cosmetics Brands. The overall top-line performance in the third quarter showed significant acceleration.

Here are the key financial data points for the third quarter ended September 30, 2025:

• Sales of Skincare Brands grew a remarkable 83.2% year-over-year (YoY) in Q3 2025.
• Total net revenues for Q3 2025 reached RMB 998.4 million.
• This total net revenue represented a 47.5% increase compared to the prior year period.

The shift in revenue mix is notable, with the higher-margin skincare segment taking a larger share of the total.

Revenue Segment	Q3 2025 Net Revenue (RMB)	YoY Growth Rate	% of Total Net Revenue
Skincare Brands	RMB 490.8 million	83.2%	49.2%
Color Cosmetics Brands	Not explicitly stated	25.2%	Approximately 40% (Implied)
Total Net Revenues	RMB 998.4 million	47.5%	100%

Sales of Color Cosmetics Brands, which includes the Perfect Diary line, also contributed positively, showing a 25.2% year-over-year increase in net revenues for the third quarter. This segment's growth, combined with the skincare surge, drove the overall revenue performance.

Looking ahead, management provided guidance that suggests continued top-line momentum heading into the end of the fiscal year. For the fourth quarter of 2025, Yatsen Holding Limited projects total net revenues to fall between RMB 1.32 billion and RMB 1.49 billion. This projection implies a year-over-year increase in the range of 15% to 30%.

The revenue streams are clearly being shaped by a strategic pivot:

• Focus on higher gross margin products, particularly in skincare.
• Successful product launches, such as DR.WU's PDRN Serum and Galénic's No.3 VB Serum.
• Anticipation of strong performance during major sales events like Double 11.

Finance: draft 13-week cash view by Friday.