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Yatsen Holding Limited

YSG

$3.37 3.06% Quote Jun 24, 3:29 PM

Exchange NYSE Sector Consumer Cyclical Industry Specialty Retail

Q3 2024

Reported

Published: Sep 30, 2024

Data: Financial Modeling Prep

Company Status Snapshot

Fast view of the latest quarter outcome for YSG

Report Date

Sep 30, 2024

Quarter Q3 2024

Revenue

677.02M

YoY: -5.7%

EPS

-1.18

YoY: +31.5%

Market Move

+3.06%

Previous quarter: Q2 2024

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Earnings Highlights

Gross Margin

75.9%

Net Income

-121.07M

YoY: +38.4%

Total net revenues for the third quarter of 2024 decreased by 5.7% to RMB 677 million from RMB 718.1 million for the prior year period. The decrease was primarily due to a 10% year-over-year decrease in net revenues from color cosmetics brands, partially offset by a 3.6% year-over-year increase in net revenues from skincare brands.

— Donghao Yang, CFO

YSG

Yatsen Holding Limited

Period Q3 2024

Currency CNY

Report Type Quarterly Earnings

Generated Jun 24, 2026

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Executive Summary

Yatsen reported Q3 2024 net revenues of CNY 677.0m, a 5.7% year-over-year decline driven by weaker color-cosmetics sales offset partially by growth in skincare. Gross margin expanded to 75.9% on a higher mix of premium/skincare products. Operating loss narrowed to CNY 141.3m and net loss to CNY 121.1m (EPS CNY -1.24). The company retains a strong liquidity position with CNY 1.309bn in cash and short-term investments and minimal net debt (net cash of CNY 372.5m). Management reiterated a strategic pivot toward higher-margin skincare, continued R&D investment and cost base optimization. Guidance for Q4 revenue is CNY 1.07–1.18bn (0%–10% YoY). Key near-term risks include soft beauty demand in China, channel concentration, and inventory build/turnover dynamics.

Key Performance Indicators

Revenue

Decreasing

677.02M

QoQ: -14.79% | YoY: -5.72%

Gross Profit

Increasing

513.83M

75.90% margin

QoQ: -15.69% | YoY: 0.20%

Operating Income

Increasing

-141.33M

QoQ: -4.54% | YoY: 38.95%

Net Income

Increasing

-121.07M

QoQ: -54.67% | YoY: 38.40%

EPS

Increasing

-1.24

QoQ: -55.00% | YoY: 31.49%

Revenue Trend

Margin Analysis

Financial Highlights

Selected Q3 2024 metrics (CNY):
- Revenue: 677,016,000 (down 5.7% YoY)
- Gross profit: 513,825,000; Gross margin: 75.9% (up vs 71.4% prior year)
- Operating loss: (141,328,000); operating margin: -20.9%
- Net loss: (121,067,000); net margin: -17.9%; Diluted EPS: (1.18)–reported EPS (1.24)
- R&D: 25,338,000 (3.7% of revenue)
- Selling & marketing: 494,357,000 (~73% of revenue); G&A: 85,046,000 (~12.6% of revenue)
- Cash & short-term investments: 1,308,926,000
- Total assets: 4,460,729,000; total liabilities: 789,676,000; total equity: 3,628,794,000
- Total debt: 130,526,000; net debt: (372,549,000) — net cash position
- Liquidity ratios: current ratio 4.16; quick ratio 3.39; cash ratio 0.873
- Working capital dynamics: days inventory outstanding 241.8 days; cash conversion cycle 231.4 days
- Operating cash usage (management disclosure): net cash used in operations Q3: CNY 175.9m
- Q4 2024 revenue guidance: CNY 1.07–1.18bn (0%–10% YoY)

Income Statement

Metric	Value	YoY Change	QoQ Change
Revenue	677.02M	-5.72%	-14.79%
Gross Profit	513.83M	0.20%	-15.69%
Operating Income	-141.33M	38.95%	-4.54%
Net Income	-121.07M	38.40%	-54.67%
EPS	-1.24	31.49%	-55.00%

Key Financial Ratios

Gross Profit Margin

Excellent

75.90%

Gross profit margin is exceptional, indicating strong pricing power and operational efficiency

Operating Profit Margin

Weak

-0.21%

Operating margin is below industry norms, profitability concerns

Net Profit Margin

Weak

-0.18%

Net profit margin is below industry norms, profitability concerns

Return on Assets

Weak

-0.03%

Return on assets suggests inefficient capital allocation

Return on Equity

Weak

-0.03%

Return on equity suggests inefficient capital allocation

Current Ratio

Strong

4.16

Current ratio indicates excellent liquidity and financial flexibility

Debt to Equity

Conservative

0.04

Debt-to-equity shows conservative leverage and low financial risk

P/E Ratio

Negative

-4.83x

Negative earnings make P/E ratio not meaningful

Price to Book

Undervalued

0.65x

Trading below book value, potential value opportunity or distressed

Historical Earnings Comparison

Period	Revenue ($M)	EPS ($)	YoY Growth	Report
Q3 2024	677.02	-1.18	-5.7%	View
Q2 2024	794.52	-0.77	-7.5%	View

Source & Methodology

Data provider: Financial Modeling Prep (FMP). Figures are pulled directly from filed company reports.
Year-over-year (YoY): Each line is compared to the same fiscal quarter one year prior; figures sourced from the company's own filings.
Quote freshness: The price shown above the report is a live quote, separate from the as-filed report numbers. Live quotes can lag a few minutes.
Time zone: Report dates and timestamps follow the company's filing time zone unless otherwise noted.

Yatsen Holding Limited (YSG) Q3 2024 Earnings Report

Company Status Snapshot

Earnings Highlights

Executive Summary

Key Performance Indicators

Revenue Trend

Margin Analysis

Historical Earnings Comparison

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