Yatsen Holding Limited (YSG): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de los cosméticos digitales, Yatsen Holding Limited (YSG) emerge como una fuerza pionera, revolucionando el comercio minorista de belleza a través de su innovador enfoque digital primero. Al combinar a la perfección la tecnología de vanguardia, las asociaciones estratégicas de comercio electrónico y una comprensión centrada en el láser de los jóvenes consumidores chinos urbanos, YSG ha transformado el marketing cosmético tradicional en una experiencia digital inmersiva y personalizada. Su modelo de negocio único aprovecha poderosas plataformas en línea, marcas propietarias como el diario perfecto y las estrategias basadas en datos para capturar los corazones de los Millennials y los entusiastas de la belleza de la Generación Z que buscan soluciones cosméticas asequibles, de moda y de alta calidad.

Yatsen Holding Limited (YSG) - Modelo de negocio: asociaciones clave

Asociaciones estratégicas de distribución en línea

Yatsen Holding Limited ha establecido asociaciones críticas de comercio electrónico con las principales plataformas en línea chinas:

Plataforma	Detalles de la asociación	Volumen de ventas (2023)
Tmall	Canal de distribución en línea primario	RMB 1.2 mil millones
Jd.com	Plataforma de ventas en línea secundaria	RMB 680 millones

Asociaciones de fabricación

Detalles de colaboración de instalaciones de producción cosmética:

• Socios de fabricación total: 7 instalaciones certificadas
• Capacidad de producción anual: 120 millones de unidades
• Tasa de cumplimiento de la calidad: 99.5%

Asociaciones tecnológicas

Socio tecnológico	Área de enfoque	Inversión (2023)
Nube de alibaba	Insights del consumidor impulsadas por la IA	RMB 45 millones
Tecnología de Tencent	Plataformas de innovación digital	RMB 38 millones

Asociaciones de marketing de influencers

Métricas de colaboración en las redes sociales:

• Red total de influencers: 250 líderes de opinión clave
• Alcance de las redes sociales acumulativas: 120 millones de seguidores
• Tasa de conversión de campañas de influencia: 4.7%

Asociaciones de comercio electrónico transfronterizo

Plataforma	Mercados internacionales	Ingresos (2023)
Chaleco	Mercados del sudeste asiático	RMB 210 millones
Amazon Global	Mercado norteamericano	RMB 175 millones

Yatsen Holding Limited (YSG) - Modelo de negocio: actividades clave

Diseño y desarrollo de productos de marcas cosméticas

Yatsen Holding Limited invirtió $ 23.4 millones en investigación y desarrollo en 2022. La compañía administra tres marcas cosméticas primarias: Diario Perfect, Little Ondine y Abby's Choice.

Marca	Categorías de productos	Presupuesto de desarrollo anual
Diario perfecto	Maquillaje, cuidado de la piel	$ 12.6 millones
Little Ondine	Esmalte de uñas	$ 5.2 millones
La elección de Abby	Protección de la piel	$ 5.6 millones

Marketing digital y compromiso en las redes sociales

El gasto de marketing digital alcanzó los $ 41.5 millones en 2022, con un enfoque significativo en las plataformas de redes sociales.

• Seguidores mensuales de redes sociales activas: 15.6 millones
• Tasa de compromiso promedio: 4.3%
• Plataformas utilizadas: Douyin, Xiaohongshu, WeChat

Gestión de la plataforma de comercio electrónico

Yatsen opera en múltiples canales de comercio electrónico con ventas totales en línea de $ 456.2 millones en 2022.

Plataforma de comercio electrónico	Volumen de ventas anual	Cuota de mercado
Tmall	$ 189.4 millones	41.5%
Tienda WeChat	$ 126.7 millones	27.8%
Jd.com	$ 140.1 millones	30.7%

Expansión e innovación de cartera de marca

Yatsen lanzó 78 nuevos productos de productos en 2022, con un presupuesto de innovación de $ 17.9 millones.

Análisis de datos y personalización de los clientes

La compañía mantiene una base de datos de clientes de 22.4 millones de usuarios registrados, con algoritmos de personalización que impulsan el 36.7% de las compras repetidas.

Métrica de análisis de datos	Actuación
Usuarios registrados	22.4 millones
Compras impulsadas por la personalización	36.7%
Tasa de retención de clientes	48.2%

Yatsen Holding Limited (YSG) - Modelo de negocio: recursos clave

Fuertes capacidades de marketing digital

Yatsen Holding Limited invirtió $ 45.3 millones en gastos de marketing y ventas en el tercer trimestre de 2023. Los canales de marketing digital representaban el 87% del gasto total de marketing.

Métricas de marketing digital	2023 datos
Inversión de marketing total	$ 45.3 millones
Porcentaje de marketing digital	87%
Seguidores de redes sociales	15.6 millones

Marcas cosméticas patentadas

Yatsen administra tres marcas principales: Diary Perfect, Little Ondine y Abby's Choice.

• Diario perfecto: generó ingresos de $ 320 millones en 2022
• Little Ondine: Especializado en Color Cosmetics
• La elección de Abby: marca centrada en el cuidado de la piel

Infraestructura de tecnología digital avanzada

La inversión en infraestructura tecnológica alcanzó los $ 22.7 millones en 2023, centrándose en plataformas de comercio electrónico y sistemas de recomendación impulsados ​​por IA.

Áreas de inversión tecnológica	Asignación 2023
Desarrollo de la plataforma de comercio electrónico	$ 12.5 millones
Sistemas de recomendación de IA	$ 6.2 millones
Ciberseguridad	$ 4 millones

Jóvenes cartera de marca centrada en el consumidor

Demografía del objetivo: consumidores de 18-35 años, que representan el 82% de la base de clientes de la marca.

Red robusta de ventas y distribución en línea

Los canales de ventas en línea generaron $ 478.6 millones en ingresos para 2022, con transacciones del 95% a través de plataformas digitales.

Canal de ventas	2022 Ingresos	Porcentaje
Tmall	$ 213.4 millones	44.6%
Veloz	$ 145.2 millones	30.3%
Otras plataformas en línea	$ 120 millones	25.1%

Yatsen Holding Limited (YSG) - Modelo de negocio: propuestas de valor

Marcas cosméticas premium asequibles para consumidores más jóvenes

Yatsen Holding se dirige a los consumidores más jóvenes con puntos de precio que van desde 50-300 RMB ($ 7- $ 42 USD) para productos cosméticos. A partir del tercer trimestre de 2023, el precio promedio del producto de la compañía era de 128 RMB ($ 17.80 USD).

Marca	Rango de precios promedio (RMB)	Grupo de edad objetivo
Diario perfecto	80-250	18-35
Little Ondine	50-180	20-30
La elección de Abby	60-220	22-35

Diseños de productos innovadores y modernos

Yatsen invirtió 45.2 millones de RMB ($ 6.3 millones de dólares) en investigación y desarrollo en 2022, centrándose en el diseño innovador del producto.

• Tasa de actualización del diseño del producto: 4-6 nuevas colecciones por año
• Colaboración de diseño digital con 12 diseñadores independientes
• Participación en las redes sociales: 5.2 millones de seguidores en todas las plataformas

Experiencia de compra digital primero

Rendimiento del canal de ventas digitales en 2022:

Plataforma	Porcentaje de ventas totales	Crecimiento anual
Tmall	38%	12.5%
Veloz	22%	18.3%
Sitio web oficial	15%	9.7%

Productos de belleza de alta calidad pero rentables

Métricas de calidad del producto:

• Tasa de devolución del producto: 2.3%
• Puntuación de satisfacción del cliente: 4.6/5
• Costo promedio de fabricación de productos: 35 RMB ($ 4.90 USD)

Participación personalizada del cliente a través de plataformas digitales

Estadísticas de participación del cliente para 2022:

Métrico	Número
Usuarios activos	8.3 millones
Miembros del programa de fidelización del cliente	3.6 millones
Tasa promedio de compra repetida	42%

Yatsen Holding Limited (YSG) - Modelo de negocio: relaciones con los clientes

Interacciones del cliente impulsadas por las redes sociales

A partir del cuarto trimestre de 2023, Yatsen Holding Limited mantiene la presencia activa de las redes sociales en las plataformas:

Plataforma	Recuento de seguidores	Tasa de compromiso
Weibo	1.2 millones	3.7%
Veloz	850,000	4.2%
Xiaohongshu	680,000	5.1%

Estrategias de marketing basadas en la comunidad

Yatsen implementa estrategias de participación comunitaria específicas:

• Campañas de contenido generadas por el usuario que generan 42,000 envíos mensuales
• Programa de embajador de la marca con 127 personas influyentes
• Comunidad de belleza en línea con 230,000 miembros activos

Sistemas de recomendación personalizados

Métricas de tecnología de recomendación digital:

Métrico	Actuación
Precisión de personalización	68.3%
Tasa de conversión de las recomendaciones	14.7%
Recomendaciones promedio de productos por usuario	4.2

Programa de fidelización y compromiso digital

Rendimiento del programa de fidelización en 2023:

• Miembros del programa de fidelización total: 1.5 millones
• Repita la tasa de compra: 37.6%
• Valor promedio de por vida del cliente: $ 215

Atención al cliente interactiva en línea

Rendimiento del canal de soporte al cliente:

Canal de soporte	Tiempo de respuesta	Tasa de satisfacción
Chat en vivo	12 minutos	89%
Soporte de WeChat	15 minutos	86%
Soporte por correo electrónico	24 horas	82%

Yatsen Holding Limited (YSG) - Modelo de negocio: canales

Tmall en línea en línea

En 2023, TMall representó el 32.7% del total de canales de ventas en línea de Yatsen. La plataforma generó aproximadamente 215 millones de RMB en ingresos directos para las marcas cosméticas de la compañía.

Plataforma	Volumen de ventas	Cuota de mercado
Tmall	215 millones de RMB	32.7%

Plataforma de comercio electrónico JD.com

JD.com contribuyó con el 27.5% de las ventas en línea de Yatsen en 2023, con aproximadamente 182 millones de RMB en ingresos de plataforma directa.

Plataforma	Volumen de ventas	Cuota de mercado
Jd.com	182 millones de RMB	27.5%

Sitios web oficiales de la marca

Los sitios web oficiales de la marca de Yatsen generaron 45 millones de RMB en ventas directas durante 2023, lo que representa el 6.8% de los ingresos totales del canal en línea.

Plataformas de redes sociales

• WeChat: 98 millones de RMB en ventas
• Weibo: 37 millones de RMB en ventas

Xiaohongshu (Little Red Book) Marketing

Xiaohongshu contribuyó con 52 millones de RMB en ventas basadas en marketing para Yatsen en 2023, con un Tasa de conversión del 12,4% Desde interacciones de plataforma hasta compras reales.

Plataforma	Ventas de marketing	Tasa de conversión
Xiaohongshu	52 millones de RMB	12.4%

Yatsen Holding Limited (YSG) - Modelo de negocio: segmentos de clientes

Jóvenes consumidores chinos urbanos

Desglose demográfico a partir de 2023:

Rango de edad	Porcentaje	Población estimada
18-35 años	42.3%	589,000,000
Residentes urbanos	64.7%	900,000,000

Millennials nativos digitales y la generación Z

Estadísticas de consumo digital:

• Penetración de compras en línea: 78.6%
• Uso de teléfonos inteligentes: 99.2%
• Tasa de compromiso de las redes sociales: 92.5%

Entusiastas de la belleza y los cosméticos

Detalles del segmento de mercado:

Categoría	Gasto anual	Índice de crecimiento
Protección de la piel	$ 58.3 mil millones	12.7%
Constituir	$ 42.6 mil millones	9.4%

Buscadores de productos premium conscientes de los precios

Comportamiento del gasto del consumidor:

• Gasto promedio de productos de belleza mensuales: $ 87.50
• Preferencia por las marcas de rango medio: 65.3%
• Sensibilidad de descuento: 73.8%

Grupos de consumo comprometidos con las redes sociales

Métricas de compromiso digital:

Plataforma	Usuarios activos mensuales	Tasa de interacción de la marca
Weibo	511,000,000	37.6%
Veloz	1,242,000,000	52.4%
Xiaohongshu	260,000,000	44.2%

Yatsen Holding Limited (YSG) - Modelo de negocio: Estructura de costos

Gastos de marketing digital

Para el año fiscal 2022, Yatsen Holding Limited reportó gastos de marketing digital de aproximadamente $ 91.7 millones, lo que representa el 21.4% de los ingresos totales.

Año	Gastos de marketing digital	Porcentaje de ingresos
2022	$ 91.7 millones	21.4%
2021	$ 138.1 millones	26.8%

Investigación y desarrollo de productos

En 2022, Yatsen invirtió $ 42.3 millones en investigación y desarrollo, que representaba el 9.9% de sus ingresos totales.

• Las áreas de enfoque de I + D incluyen formulación cosmética
• Inversión en tecnología de belleza innovadora
• Desarrollo de productos para múltiples marcas

Comisiones de la plataforma de comercio electrónico

Los costos de la comisión de la plataforma para 2022 fueron de aproximadamente $ 25.6 millones, cubriendo las ventas a través de Tmall, JD.com y otros mercados en línea.

Costos de fabricación y cadena de suministro

Los gastos totales de fabricación y cadena de suministro para 2022 alcanzaron $ 136.5 millones.

Categoría de costos	Cantidad
Adquisición de materia prima	$ 78.2 millones
Producción sobre la cabeza	$ 38.9 millones
Logística y distribución	$ 19.4 millones

Inversiones de infraestructura tecnológica

Las inversiones en infraestructura tecnológica en 2022 totalizaron $ 18.7 millones, centrándose en plataformas de comercio electrónico y sistemas de análisis de datos.

• Infraestructura de computación en la nube
• Mejoras de ciberseguridad
• Sistemas de gestión de datos de clientes

Yatsen Holding Limited (YSG) - Modelo de negocios: flujos de ingresos

Ventas directas en línea a través de plataformas de comercio electrónico

En 2022, los ingresos netos totales de Yatsen fueron de $ 336.3 millones. Las ventas directas en línea a través de plataformas como Tmall, JD.com y WeChat comprendieron aproximadamente el 68% de los ingresos totales.

Plataforma de comercio electrónico	Contribución de ingresos (%)
Tmall	35%
Jd.com	22%
Veloz	11%

Múltiples ingresos de marca cosmética patentada

Yatsen opera tres marcas cosméticas primarias:

• Diario perfecto: generó $ 214.2 millones en 2022
• Little Ondine: contribuyó con $ 62.5 millones en 2022
• La elección de Abby: produjo $ 59.6 millones en 2022

Marketing digital e ingresos por colaboración de marca

Los ingresos por marketing digital en 2022 alcanzaron $ 42.7 millones, lo que representa el 12.7% de los ingresos totales de la compañía.

Ventas de comercio electrónico transfronterizo

Las ventas transfronterizas de comercio electrónico en 2022 totalizaron $ 28.4 millones, principalmente dirigidos a los mercados del sudeste asiático.

Expansión de la línea de productos y nuevas entradas de mercado

Categoría de productos	2022 Ingresos	Índice de crecimiento
Cosméticos de color	$ 247.3 millones	8.5%
Protección de la piel	$ 58.6 millones	15.2%
Fragancia	$ 30.4 millones	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.