Yatsen Holding Limited (YSG): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico dos cosméticos digitais, Yatsen Holding Limited (YSG) surge como uma força pioneira, revolucionando o varejo de beleza por meio de sua inovadora abordagem digital primeiro. Ao misturar perfeitamente a tecnologia de ponta, as parcerias estratégicas de comércio eletrônico e uma compreensão focada em laser dos jovens consumidores chineses urbanos, o YSG transformou o marketing tradicional de cosméticos em uma experiência digital imersiva e personalizada. Seu modelo de negócios exclusivo aproveita poderosas plataformas on-line, marcas proprietárias, como diário perfeito e estratégias orientadas a dados para capturar o coração dos millennials e os entusiastas da beleza da geração Z que buscam soluções cosméticas acessíveis, modernas e de alta qualidade.

Yatsen Holding Limited (YSG) - Modelo de negócios: Parcerias -chave

Parcerias estratégicas de distribuição on -line

A Yatsen Holding Limited estabeleceu parcerias críticas de comércio eletrônico com as principais plataformas on-line chinesas:

Plataforma	Detalhes da parceria	Volume de vendas (2023)
Tmall	Canal de distribuição online primário	RMB 1,2 bilhão
JD.com	Plataforma de vendas on -line secundária	RMB 680 milhões

Parcerias de fabricação

Detalhes de colaboração de instalações de produção cosmética:

• Total de Parceiros de Manufatura: 7 instalações certificadas
• Capacidade anual de produção: 120 milhões de unidades
• Taxa de conformidade da qualidade: 99,5%

Parcerias de tecnologia

Parceiro de tecnologia	Área de foco	Investimento (2023)
Cloud Alibaba	Insights de consumidores orientados a IA	RMB 45 milhões
Tecnologia Tencent	Plataformas de inovação digital	RMB 38 milhões

Parcerias de marketing de influenciadores

Métricas de colaboração de mídia social:

• Rede total de influenciadores: 250 líderes de opinião -chave
• Alcance de mídia social cumulativa: 120 milhões de seguidores
• Taxa de conversão de campanhas de influenciadores: 4,7%

Parcerias transfronteiriças de comércio eletrônico

Plataforma	Mercados internacionais	Receita (2023)
Lojista	Mercados do Sudeste Asiático	RMB 210 milhões
Amazon Global	Mercado norte -americano	RMB 175 milhões

Yatsen Holding Limited (YSG) - Modelo de negócios: Atividades -chave

Design de produtos e desenvolvimento de marcas de cosméticos

A Yatsen Holding Limited investiu US $ 23,4 milhões em pesquisa e desenvolvimento em 2022. A empresa gerencia três marcas de cosméticos primários: diário perfeito, Little Ondine e Abby's Choice.

Marca	Categorias de produtos	Orçamento anual de desenvolvimento
Diário perfeito	Maquiagem, cuidados com a pele	US $ 12,6 milhões
Little Ondine	Esmalte	US $ 5,2 milhões
Escolha de Abby	Cuidados com a pele	US $ 5,6 milhões

Marketing digital e engajamento de mídia social

As despesas de marketing digital atingiram US $ 41,5 milhões em 2022, com foco significativo nas plataformas de mídia social.

• Seguidores mensais de mídia social ativa: 15,6 milhões
• Taxa média de engajamento: 4,3%
• Plataformas utilizadas: Douyin, Xiaohongshu, WeChat

Gerenciamento de plataforma de comércio eletrônico

A Yatsen opera em vários canais de comércio eletrônico com vendas on-line totais de US $ 456,2 milhões em 2022.

Plataforma de comércio eletrônico	Volume anual de vendas	Quota de mercado
Tmall	US $ 189,4 milhões	41.5%
WeChat Store	US $ 126,7 milhões	27.8%
JD.com	US $ 140,1 milhões	30.7%

Expansão e inovação do portfólio de marcas

Yatsen lançou 78 novos produtos SKUs em 2022, com um orçamento de inovação de US $ 17,9 milhões.

Análise de dados do cliente e personalização

A empresa mantém um banco de dados de clientes de 22,4 milhões de usuários registrados, com algoritmos de personalização impulsionando 36,7% das compras repetidas.

Métrica de análise de dados	Desempenho
Usuários registrados	22,4 milhões
Compras orientadas a personalização	36.7%
Taxa de retenção de clientes	48.2%

Yatsen Holding Limited (YSG) - Modelo de negócios: Recursos -chave

Recursos de marketing digital fortes

A Yatsen Holding Limited investiu US $ 45,3 milhões em despesas de marketing e vendas no terceiro trimestre de 2023. Os canais de marketing digital representaram 87% do total de gastos de marketing.

Métricas de marketing digital	2023 dados
Investimento total de marketing	US $ 45,3 milhões
Porcentagem de marketing digital	87%
Seguidores de mídia social	15,6 milhões

Marcas de cosméticos proprietários

Yatsen gerencia três marcas principais: Diário Perfeito, Little Ondine e Abby's Choice.

• Diário perfeito: gerou receita de US $ 320 milhões em 2022
• Little Ondine: especializado em cosméticos coloridos
• Escolha de Abby: marca focada em cuidados com a pele

Infraestrutura de tecnologia digital avançada

O investimento em infraestrutura tecnológica atingiu US $ 22,7 milhões em 2023, com foco em plataformas de comércio eletrônico e sistemas de recomendação orientados a IA.

Áreas de investimento em tecnologia	2023 Alocação
Desenvolvimento da plataforma de comércio eletrônico	US $ 12,5 milhões
Sistemas de recomendação de IA	US $ 6,2 milhões
Segurança cibernética	US $ 4 milhões

Jovem portfólio de marcas focadas no consumidor

Demografia-alvo: consumidores de 18 a 35 anos, representando 82% da base de clientes da marca.

Rede robusta de vendas e distribuição on -line

Os canais de vendas on -line geraram US $ 478,6 milhões em receita para 2022, com 95% de transações por meio de plataformas digitais.

Canal de vendas	2022 Receita	Percentagem
Tmall	US $ 213,4 milhões	44.6%
WeChat	US $ 145,2 milhões	30.3%
Outras plataformas online	US $ 120 milhões	25.1%

Yatsen Holding Limited (YSG) - Modelo de negócios: proposições de valor

Marcas de cosméticos premium acessíveis para consumidores mais jovens

Yatsen Holding Medirs limitados Consumidores mais jovens, com preços que variam de 50 a 300 RMB (US $ 7 a US $ 42) para produtos cosméticos. A partir do terceiro trimestre de 2023, o preço médio do produto da empresa era de 128 RMB (US $ 17,80).

Marca	Faixa de preço médio (RMB)	Faixa etária -alvo
Diário perfeito	80-250	18-35
Little Ondine	50-180	20-30
Escolha de Abby	60-220	22-35

Designs de produtos inovadores e modernos

Yatsen investiu 45,2 milhões de RMB (US $ 6,3 milhões) em pesquisa e desenvolvimento em 2022, com foco no design inovador de produtos.

• Projeto de produto Taxa de atualização: 4-6 novas coleções por ano
• Colaboração de design digital com 12 designers independentes
• Engajamento de mídia social: 5,2 milhões de seguidores entre plataformas

Experiência de compra digital primeiro

Desempenho de canal de vendas digital em 2022:

Plataforma	Porcentagem de vendas totais	Crescimento anual
Tmall	38%	12.5%
WeChat	22%	18.3%
Site oficial	15%	9.7%

Produtos de beleza de alta qualidade, porém econômicos

Métricas de qualidade do produto:

• Taxa de retorno do produto: 2,3%
• Pontuação de satisfação do cliente: 4,6/5
• Custo médio de fabricação de produtos: 35 RMB (US $ 4,90 USD)

Engajamento personalizado do cliente através de plataformas digitais

Estatísticas de engajamento do cliente para 2022:

Métrica	Número
Usuários ativos	8,3 milhões
Membros do programa de fidelidade do cliente	3,6 milhões
Taxa média de compra repetida	42%

Yatsen Holding Limited (YSG) - Modelo de Negócios: Relacionamentos do Cliente

Interações de clientes orientadas por mídia social

A partir do quarto trimestre 2023, a Yatsen Holding Limited mantém a presença ativa das mídias sociais entre as plataformas:

Plataforma	Contagem de seguidores	Taxa de engajamento
Weibo	1,2 milhão	3.7%
WeChat	850,000	4.2%
Xiaohongshu	680,000	5.1%

Estratégias de marketing baseadas na comunidade

Yatsen implementa estratégias direcionadas de envolvimento da comunidade:

• Campanhas de conteúdo geradas pelo usuário gerando 42.000 envios mensais
• Programa de embaixadores da marca com 127 influenciadores
• Comunidade de beleza online com 230.000 membros ativos

Sistemas de recomendação personalizados

Métricas de tecnologia de recomendação digital:

Métrica	Desempenho
Precisão de personalização	68.3%
Taxa de conversão de recomendações	14.7%
Recomendações médias do produto por usuário	4.2

Programa de fidelidade e engajamento digital

Desempenho do programa de fidelidade em 2023:

• Membros do programa de fidelidade total: 1,5 milhão
• Repita taxa de compra: 37,6%
• Valor da vida média do cliente: $ 215

Suporte interativo ao cliente online

Desempenho do canal de suporte ao cliente: desempenho:

Canal de suporte	Tempo de resposta	Taxa de satisfação
Bate -papo ao vivo	12 minutos	89%
Suporte do WeChat	15 minutos	86%
Suporte por e -mail	24 horas	82%

Yatsen Holding Limited (YSG) - Modelo de Negócios: Canais

TMALL Online Marketplace

Em 2023, o TMall representou 32,7% do total de canais de vendas on -line de Yatsen. A plataforma gerou aproximadamente 215 milhões de RMB em receita direta para as marcas de cosméticos da empresa.

Plataforma	Volume de vendas	Quota de mercado
Tmall	215 milhões de RMB	32.7%

JD.com Plataforma de comércio eletrônico

O JD.com contribuiu com 27,5% das vendas on -line da Yatsen em 2023, com aproximadamente 182 milhões de RMB na receita direta da plataforma.

Plataforma	Volume de vendas	Quota de mercado
JD.com	182 milhões de RMB	27.5%

Sites oficiais de marca

Os sites oficiais da marca da Yatsen geraram 45 milhões de RMB em vendas diretas durante 2023, representando 6,8% da receita total de canais on -line.

Plataformas de mídia social

• WeChat: 98 milhões de RMB em vendas
• Weibo: 37 milhões de RMB em vendas

Xiaohongshu (Little Red Book) Marketing

Xiaohongshu contribuiu com 52 milhões de RMB em vendas de marketing para Yatsen em 2023, com um 12,4% de taxa de conversão Das interações da plataforma às compras reais.

Plataforma	Vendas de marketing	Taxa de conversão
Xiaohongshu	52 milhões de RMB	12.4%

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

Jovens consumidores chineses urbanos

Redução demográfica a partir de 2023:

Faixa etária	Percentagem	População estimada
18-35 anos	42.3%	589,000,000
Residentes urbanos	64.7%	900,000,000

Millennials digital-nativo e Gen Z

Estatísticas de consumo digital:

• Penetração de compras on -line: 78,6%
• Uso do smartphone: 99,2%
• Taxa de engajamento de mídia social: 92,5%

Entusiastas de beleza e cosméticos

Detalhes do segmento de mercado:

Categoria	Gastos anuais	Taxa de crescimento
Cuidados com a pele	US $ 58,3 bilhões	12.7%
Inventar	US $ 42,6 bilhões	9.4%

Buscadores de produtos premium conscientes de preços

Comportamento de gastos com consumidores:

• Despesas médias de produtos de beleza mensais: US $ 87,50
• Preferência por marcas de gama média: 65,3%
• Sensibilidade do desconto: 73,8%

Grupos de consumidores de mídia social

Métricas de engajamento digital:

Plataforma	Usuários ativos mensais	Taxa de interação da marca
Weibo	511,000,000	37.6%
WeChat	1,242,000,000	52.4%
Xiaohongshu	260,000,000	44.2%

Yatsen Holding Limited (YSG) - Modelo de negócios: estrutura de custos

Despesas de marketing digital

Para o ano fiscal de 2022, a Yatsen Holding Limited relatou despesas de marketing digital de aproximadamente US $ 91,7 milhões, representando 21,4% da receita total.

Ano	Despesas de marketing digital	Porcentagem de receita
2022	US $ 91,7 milhões	21.4%
2021	US $ 138,1 milhões	26.8%

Pesquisa e desenvolvimento de produtos

Em 2022, Yatsen investiu US $ 42,3 milhões em pesquisa e desenvolvimento, que representavam 9,9% de sua receita total.

• As áreas de foco em P&D incluem formulação cosmética
• Investimento em tecnologia de beleza inovadora
• Desenvolvimento de produtos para várias marcas

Comissões da plataforma de comércio eletrônico

Os custos da comissão da plataforma para 2022 foram de aproximadamente US $ 25,6 milhões, cobrindo as vendas através do TMall, JD.com e outros mercados on -line.

Custos de fabricação e cadeia de suprimentos

As despesas totais da cadeia de suprimentos para 2022 atingiram US $ 136,5 milhões.

Categoria de custo	Quantia
Aquisição de matéria -prima	US $ 78,2 milhões
Sobrecarga de produção	US $ 38,9 milhões
Logística e distribuição	US $ 19,4 milhões

Investimentos de infraestrutura de tecnologia

Os investimentos em infraestrutura de tecnologia em 2022 totalizaram US $ 18,7 milhões, com foco em plataformas de comércio eletrônico e sistemas de análise de dados.

• Infraestrutura de computação em nuvem
• Aprimoramentos de segurança cibernética
• Sistemas de gerenciamento de dados de clientes

Yatsen Holding Limited (YSG) - Modelo de negócios: fluxos de receita

Vendas on-line diretas por meio de plataformas de comércio eletrônico

Em 2022, as receitas líquidas totais de Yatsen foram de US $ 336,3 milhões. As vendas diretas on -line por meio de plataformas como TMall, JD.com e WeChat compreendiam aproximadamente 68% da receita total.

Plataforma de comércio eletrônico	Contribuição da receita (%)
Tmall	35%
JD.com	22%
WeChat	11%

Múltiplas receitas de marca de cosméticos proprietários

Yatsen opera três marcas de cosméticos primários:

• Diário perfeito: gerou US $ 214,2 milhões em 2022
• Little Ondine: contribuiu com US $ 62,5 milhões em 2022
• Escolha de Abby: produziu US $ 59,6 milhões em 2022

Renda de marketing digital e colaboração de marca

As receitas de marketing digital em 2022 atingiram US $ 42,7 milhões, representando 12,7% da receita total da empresa.

Vendas transfronteiriças de comércio eletrônico

As vendas transfronteiriças de comércio eletrônico em 2022 totalizaram US $ 28,4 milhões, direcionando principalmente os mercados do sudeste asiático.

Expansão da linha de produtos e novas entradas de mercado

Categoria de produto	2022 Receita	Taxa de crescimento
Cosméticos coloridos	US $ 247,3 milhões	8.5%
Cuidados com a pele	US $ 58,6 milhões	15.2%
Fragrância	US $ 30,4 milhões	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.