Yatsen Holding Limited (YSG): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique des cosmétiques numériques, Yatsen Holding Limited (YSG) apparaît comme une force pionnière, révolutionnant la vente au détail de beauté grâce à son approche innovante numérique. En mélangeant de manière transparente la technologie de pointe, des partenariats stratégiques de commerce électronique et une compréhension laser des jeunes consommateurs chinois urbains, YSG a transformé le marketing cosmétique traditionnel en une expérience numérique immersive et personnalisée. Leur modèle commercial unique exploite de puissantes plateformes en ligne, des marques propriétaires comme Perfect Diary et des stratégies basées sur les données pour saisir le cœur des Millennials et des amateurs de beauté de la génération Z à la recherche de solutions cosmétiques abordables, à la mode et de haute qualité.

Yatsen Holding Limited (YSG) - Modèle d'entreprise: partenariats clés

Partenariats stratégiques de distribution en ligne

Yatsen Holding Limited a établi des partenariats critiques de commerce électronique avec les principales plateformes en ligne chinoises:

Plate-forme	Détails du partenariat	Volume des ventes (2023)
Tmall	Canal de distribution en ligne primaire	RMB 1,2 milliard
Jd.com	Plateforme de vente en ligne secondaire	RMB 680 millions

Partenariats de fabrication

Détails de collaboration des installations de production cosmétique:

• Partenaires de fabrication totale: 7 installations certifiées
• Capacité de production annuelle: 120 millions d'unités
• Taux de conformité de la qualité: 99,5%

Partenariats technologiques

Partenaire technologique	Domaine de mise au point	Investissement (2023)
Nuage d'alibaba	Informations sur les consommateurs dirigés par l'IA	RMB 45 millions
Technologie Tencent	Plateformes d'innovation numérique	RMB 38 millions

Partenariats de marketing d'influence

Métriques de collaboration sur les réseaux sociaux:

• Réseau total d'influenceurs: 250 leaders d'opinion clés
• Reach des médias sociaux cumulatifs: 120 millions de followers
• Taux de conversion des campagnes d'influence: 4,7%

Partenariats de commerce électronique transfrontaliers

Plate-forme	Marchés internationaux	Revenus (2023)
Acheteur	Marchés d'Asie du Sud-Est	RMB 210 millions
Amazon Global	Marché nord-américain	RMB 175 millions

Yatsen Holding Limited (YSG) - Modèle d'entreprise: Activités clés

Conception de produits et développement de marques cosmétiques

Yatsen Holding Limited a investi 23,4 millions de dollars dans la recherche et le développement en 2022. La société gère trois marques cosmétiques principales: Perfect Diary, Little Onidine et Abby's Choice.

Marque	Catégories de produits	Budget de développement annuel
Journal parfait	Maquillage, soin de la peau	12,6 millions de dollars
Petite ondine	Vernis à ongles	5,2 millions de dollars
Le choix d'Abby	Soins de la peau	5,6 millions de dollars

Marketing numérique et engagement des médias sociaux

Les dépenses de marketing numérique ont atteint 41,5 millions de dollars en 2022, en mettant un accent significatif sur les plateformes de médias sociaux.

• Followers de médias sociaux actifs mensuels: 15,6 millions
• Taux d'engagement moyen: 4,3%
• Plateformes utilisées: Douyin, Xiaohongshu, WeChat

Gestion de la plate-forme de commerce électronique

Yatsen opère sur plusieurs canaux de commerce électronique avec des ventes en ligne totales de 456,2 millions de dollars en 2022.

Plate-forme de commerce électronique	Volume des ventes annuelles	Part de marché
Tmall	189,4 millions de dollars	41.5%
Magasin de wechat	126,7 millions de dollars	27.8%
Jd.com	140,1 millions de dollars	30.7%

Expansion et innovation du portefeuille de marque

Yatsen a lancé 78 nouveaux SKU de produits en 2022, avec un budget d'innovation de 17,9 millions de dollars.

Analyse et personnalisation des données clients

La société maintient une base de données client de 22,4 millions d'utilisateurs enregistrés, des algorithmes de personnalisation conduisant 36,7% des achats répétés.

Métrique d'analyse des données	Performance
Utilisateurs enregistrés	22,4 millions
Achats axés sur la personnalisation	36.7%
Taux de rétention de la clientèle	48.2%

Yatsen Holding Limited (YSG) - Modèle d'entreprise: Ressources clés

Capacités de marketing numérique solides

Yatsen Holding Limited a investi 45,3 millions de dollars dans les frais de marketing et de vente au troisième trimestre 2023. Les canaux de marketing numériques représentaient 87% des dépenses marketing totales.

Métriques du marketing numérique	2023 données
Investissement marketing total	45,3 millions de dollars
Pourcentage de marketing numérique	87%
Abonnés des médias sociaux	15,6 millions

Marques cosmétiques propriétaires

Yatsen gère trois marques primaires: Perfect Diary, Little Ondine et Abby's Choice.

• Journal parfait: un chiffre d'affaires généré de 320 millions de dollars en 2022
• Little Ondine: Spécialisé dans les cosmétiques de couleur
• Choix d'Abby: marque axée sur la peau

Infrastructure de technologie numérique avancée

L'investissement en infrastructure technologique a atteint 22,7 millions de dollars en 2023, en se concentrant sur les plateformes de commerce électronique et les systèmes de recommandation axés sur l'IA.

Zones d'investissement technologique	2023 allocation
Développement de la plate-forme de commerce électronique	12,5 millions de dollars
Systèmes de recommandation de l'IA	6,2 millions de dollars
Cybersécurité	4 millions de dollars

Portfolio de marques axé sur les consommateurs

Target démographique: consommateurs de 18 à 35 ans, représentant 82% de la clientèle de la marque.

Réseau de ventes et de distribution en ligne robuste

Les canaux de vente en ligne ont généré 478,6 millions de dollars de revenus pour 2022, avec 95% de transactions via des plateformes numériques.

Canal de vente	2022 Revenus	Pourcentage
Tmall	213,4 millions de dollars	44.6%
Wechat	145,2 millions de dollars	30.3%
Autres plateformes en ligne	120 millions de dollars	25.1%

Yatsen Holding Limited (YSG) - Modèle d'entreprise: propositions de valeur

Marques cosmétiques premium abordables pour les jeunes consommateurs

Yatsen détient des cibles limitées les plus jeunes consommateurs avec des prix allant de 50 à 300 RMB (7 à 42 $ USD) pour les produits cosmétiques. Au troisième rang 2023, le prix moyen des produits de la société était de 128 RMB (17,80 USD).

Marque	Gamme de prix moyenne (RMB)	Groupe d'âge cible
Journal parfait	80-250	18-35
Petite ondine	50-180	20-30
Le choix d'Abby	60-220	22-35

Conceptions de produits innovants et à la mode

Yatsen a investi 45,2 millions de RMB (6,3 millions USD) en recherche et développement en 2022, en se concentrant sur la conception innovante des produits.

• Taux de rafraîchissement de la conception du produit: 4-6 nouvelles collections par an
• Collaboration de conception numérique avec 12 designers indépendants
• Engagement des médias sociaux: 5,2 millions de followers sur toutes les plateformes

Expérience de magasinage d'abord numérique

Performances du canal de vente numérique en 2022:

Plate-forme	Pourcentage des ventes totales	Croissance annuelle
Tmall	38%	12.5%
Wechat	22%	18.3%
Site officiel	15%	9.7%

Produits de beauté de haute qualité mais rentables

Métriques de qualité du produit:

• Taux de rendement des produits: 2,3%
• Score de satisfaction du client: 4.6 / 5
• Coût moyen de fabrication de produits: 35 RMB (4,90 $ USD)

Engagement client personnalisé via des plateformes numériques

Statistiques d'engagement client pour 2022:

Métrique	Nombre
Utilisateurs actifs	8,3 millions
Membres du programme de fidélisation de la clientèle	3,6 millions
Taux d'achat de répétition moyen	42%

Yatsen Holding Limited (YSG) - Modèle d'entreprise: relations avec les clients

Interactions client axées sur les médias sociaux

Au quatrième trimestre 2023, Yatsen Holding Limited maintient la présence active sur les réseaux sociaux sur toutes les plateformes:

Plate-forme	Nombre de suiveurs	Taux d'engagement
Weibo	1,2 million	3.7%
Wechat	850,000	4.2%
Xiaohongshu	680,000	5.1%

Stratégies de marketing communautaire

Yatsen met en œuvre des stratégies d'engagement communautaire ciblées:

• Campagnes de contenu générées par les utilisateurs générant 42 000 soumissions mensuelles
• Programme d'ambassadeur de marque avec 127 influenceurs
• Communauté de beauté en ligne avec 230 000 membres actifs

Systèmes de recommandation personnalisés

Métriques de technologie de recommandation numérique:

Métrique	Performance
Précision de la personnalisation	68.3%
Taux de conversion à partir des recommandations	14.7%
Recommandations moyennes de produits par utilisateur	4.2

Programme de fidélité et engagement numérique

Performance du programme de fidélité en 2023:

• Membres du programme de fidélité totale: 1,5 million
• Taux d'achat répété: 37,6%
• Valeur à vie moyenne du client: 215 $

Support client interactif en ligne

Performances du canal de support client:

Canal de support	Temps de réponse	Taux de satisfaction
Chat en direct	12 minutes	89%
Support WeChat	15 minutes	86%
Assistance par e-mail	24 heures	82%

Yatsen Holding Limited (YSG) - Modèle d'entreprise: canaux

Market en ligne tmall

En 2023, TMALL a représenté 32,7% du total des canaux de vente en ligne de Yatsen. La plate-forme a généré environ 215 millions de RMB en revenus directs pour les marques cosmétiques de l'entreprise.

Plate-forme	Volume des ventes	Part de marché
Tmall	215 millions de RMB	32.7%

Plateforme de commerce électronique JD.com

JD.com a contribué 27,5% des ventes en ligne de Yatsen en 2023, avec environ 182 millions de RMB dans les revenus directs de la plate-forme.

Plate-forme	Volume des ventes	Part de marché
Jd.com	182 millions de RMB	27.5%

Sites Web de marque officielles

Les sites Web officiels de Brand de Yatsen ont généré 45 millions de RMB dans les ventes directes au cours de 2023, ce qui représente 6,8% des revenus totaux des canaux en ligne.

Plateformes de médias sociaux

• WeChat: 98 millions de RMB dans les ventes
• Weibo: 37 millions de RMB dans les ventes

Xiaohongshu (Little Red Book) Marketing

Xiaohongshu a contribué 52 millions de RMB dans les ventes axées sur le marketing pour Yatsen en 2023, avec un Taux de conversion de 12,4% Des interactions de plate-forme aux achats réels.

Plate-forme	Ventes marketing	Taux de conversion
Xiaohongshu	52 millions de RMB	12.4%

Yatsen Holding Limited (YSG) - Modèle d'entreprise: segments de clientèle

Jeunes consommateurs chinois urbains

Déchange démographique à partir de 2023:

Tranche d'âge	Pourcentage	Population estimée
18-35 ans	42.3%	589,000,000
Résidents urbains	64.7%	900,000,000

Millennials numériques et Gen Z

Statistiques de consommation numérique:

• Pénétration des achats en ligne: 78,6%
• Utilisation du smartphone: 99,2%
• Taux d'engagement des médias sociaux: 92,5%

Antariens de beauté et de cosmétiques

Détails du segment de marché:

Catégorie	Dépenses annuelles	Taux de croissance
Soins de la peau	58,3 milliards de dollars	12.7%
Se maquiller	42,6 milliards de dollars	9.4%

Demandeurs de produits premium soucieux des prix

Comportement des dépenses de consommation:

• Dépenses de produits de beauté mensuels moyens: 87,50 $
• Préférence pour les marques de milieu de gamme: 65,3%
• Sensibilité à la réduction: 73,8%

Groupes de consommateurs engagés aux médias sociaux

Métriques d'engagement numérique:

Plate-forme	Utilisateurs actifs mensuels	Taux d'interaction de la marque
Weibo	511,000,000	37.6%
Wechat	1,242,000,000	52.4%
Xiaohongshu	260,000,000	44.2%

Yatsen Holding Limited (YSG) - Modèle d'entreprise: Structure des coûts

Dépenses de marketing numérique

Pour l'exercice 2022, Yatsen Holding Limited a déclaré des dépenses de marketing numérique d'environ 91,7 millions de dollars, ce qui représente 21,4% des revenus totaux.

Année	Dépenses de marketing numérique	Pourcentage de revenus
2022	91,7 millions de dollars	21.4%
2021	138,1 millions de dollars	26.8%

Recherche et développement de produits

En 2022, Yatsen a investi 42,3 millions de dollars dans la recherche et le développement, qui représentaient 9,9% de ses revenus totaux.

• Les domaines de concentration en R&D comprennent la formulation cosmétique
• Investissement dans une technologie de beauté innovante
• Développement de produits pour plusieurs marques

Commissions de plate-forme de commerce électronique

Les coûts de la commission de plate-forme pour 2022 étaient d'environ 25,6 millions de dollars, couvrant les ventes via TMALL, JD.com et d'autres marchés en ligne.

Coûts de fabrication et de chaîne d'approvisionnement

Les dépenses totales de fabrication et de chaîne d'approvisionnement pour 2022 ont atteint 136,5 millions de dollars.

Catégorie de coûts	Montant
Achat de matières premières	78,2 millions de dollars
Au-dessus de la production	38,9 millions de dollars
Logistique et distribution	19,4 millions de dollars

Investissements infrastructures technologiques

Les investissements en infrastructure technologique en 2022 ont totalisé 18,7 millions de dollars, en se concentrant sur les plateformes de commerce électronique et les systèmes d'analyse de données.

• Infrastructure de cloud computing
• Améliorations de la cybersécurité
• Systèmes de gestion des données clients

Yatsen Holding Limited (YSG) - Modèle d'entreprise: Strots de revenus

Ventes directes en ligne via des plateformes de commerce électronique

En 2022, les revenus nets totaux de Yatsen étaient de 336,3 millions de dollars. Les ventes directes en ligne via des plateformes comme TMALL, JD.com et WeChat représentaient environ 68% des revenus totaux.

Plate-forme de commerce électronique	Contribution des revenus (%)
Tmall	35%
Jd.com	22%
Wechat	11%

Revenus de marque cosmétique propriétaire multiple

Yatsen exploite trois principales marques cosmétiques:

• Journal parfait: généré 214,2 millions de dollars en 2022
• Little Ondine: a contribué 62,5 millions de dollars en 2022
• Le choix d'Abby: a produit 59,6 millions de dollars en 2022

Marketing numérique et revenu de collaboration de marque

Les revenus de marketing numérique en 2022 ont atteint 42,7 millions de dollars, ce qui représente 12,7% du total des revenus de l'entreprise.

Ventes de commerce électronique transfrontalières

Les ventes de commerce électronique transfrontalières en 2022 ont totalisé 28,4 millions de dollars, ciblant principalement les marchés d'Asie du Sud-Est.

Extension de la gamme de produits et nouvelles entrées du marché

Catégorie de produits	2022 Revenus	Taux de croissance
Cosmétiques de couleur	247,3 millions de dollars	8.5%
Soins de la peau	58,6 millions de dollars	15.2%
Parfum	30,4 millions de dollars	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.