Yatsen Holding Limited (YSG) Earnings Call Transcripts

Yatsen Holding Limited's Latest Earnings Call - Q1 FY2026

Yatsen Holding Limited reported its Q1 2026 earnings with a notable 22.5% year-over-year increase in total net revenues, reaching $1.02 billion. This growth was primarily driven by a 58.5% increase in skincare brand revenues, despite a 5% decline in cosmetics. Gross margin improved to 80.2% from 79.1% YoY, but the company reported a net loss of $61.9 million, widening from $5.6 million the previous year. Management provided guidance for Q2 2026, expecting revenues between $1.2 billion and $1.3 billion, representing a 10% to 20% YoY increase.

Reported metrics

Guidance from management

For Q2 2026, Yatsen expects total net revenues between $1.2 billion and $1.3 billion, representing a 10% to 20% YoY increase. This reflects current market and operational conditions.

What management said

Well, otitis a very important case for us. So the brand has delivered strong growth while maintaining a healthier profitability profile. The 1 reason is higher B2T channel mix. including professional and off-line channels, which give us the brand a better balance between growth, shape costs and profitability. So this is a model we want to learn from and the selectively apply to other tinkers -- stronger signs, more p...

Thank you once again for joining us today. If you have any further questions, please feel free to commit us Yetsen directly. For content information for IR in both China and the U.S. can be found in today's press release. Thank you, and have a great day. .

What analysts pressed on

Analysts expressed concerns about the competitive landscape in the high-end skincare market, particularly from foreign brands. They also questioned the sustainability of growth in skincare and the impact of rising operating expenses on profitability.

Main topics on the call

• Revenue Growth — Total net revenues increased by 22.5% YoY to $1.02 billion, driven by a 58.5% increase in skincare brand revenues. Management highlighted the 'sustained upward momentum of our skincare brand' as a key driver.
• Gross Margin Expansion — Gross margin improved to 80.2% from 79.1% YoY. This was attributed to the favorable shift towards skincare offerings, which reinforced the 'structural health of our business model'.
• Increased Operating Expenses — Operating expenses rose by 32.5% YoY, with selling and marketing expenses increasing to 72.2% of net revenues due to investments in brand equity and higher traffic acquisition costs.
• R&D Investment — R&D expenses increased to 3.9% of net revenues, up from 2.7% YoY, driven by higher payroll expenses and a rise in R&D headcount. Management emphasized R&D as the 'ultimate engine behind our sustainable growth'.

Read the full Yatsen Holding Limited transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 21 Yatsen Holding Limited earnings call transcripts on record, spanning March 11, 2021 to May 26, 2026. Based on this history, Yatsen Holding Limited reports quarterly. The most recent call on file is dated May 26, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

YSG

Exchange

NYSE

Country

US

Sector

Consumer Staples

Industry

Personal Care Products

Calls on record

21

First call

March 11, 2021

Most recent

May 26, 2026

Reporting cadence

quarterly