Yatsen Holding Ltd
YSG · Perfumes, Cosmetics & Other Toilet Preparations · EDGAR filings ↗
Grade
D53Fast-growing China beauty group with a top-decile gross margin but still loss-making and carrying heavy China/VIE governance risk.
Strengths
- Top-decile gross margin (78%, 95th pct) and strong revenue growth (+27%, 89th pct) with skincare mix shift
- Very strong liquidity: $1.66B cash (94th pct), ~49-quarter runway, 3.6x current ratio
Risks
- Negative returns and still a loss year (ROE -2.7%/38th pct, net margin -1.9%, net income -89%)
- Negative FCF (6th pct) and acute China regulatory/VIE/CSRC and data-security exposure
Notable findings
- Net lossNet loss (net margin -1.9%)
- Cash burnNegative free cash flow (-19.6M)
- Customer concentration~53% of revenue from one customer/distributor — 1% and 53
- Strong balance sheetStrong balance sheet — $238M cash & investments, ~49 quarters of runway
Key metrics
Gross margin
78.2%
Operating margin
-4.3%
Net margin
-1.9%
Return on equity
-2.7%
Return on assets
-2.1%
Revenue growth (QoQ)
32.2%
Current ratio
3.6×
Free cash flow
-$20M
Tangible book value
$331M
Cash & investments
$238M
Cash runway
49q
Stock comp / revenue
1.4%
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-29 | 2025-12-31 | 0001193125-26-192038 ↗ |
| 20-F | 2025-04-22 | 2024-12-31 | 0000950170-25-056464 ↗ |
| 20-F | 2024-04-26 | 2023-12-31 | 0000950170-24-048626 ↗ |
| 20-F | 2023-04-26 | 2022-12-31 | 0000950170-23-014540 ↗ |
| 20-F | 2022-04-22 | 2021-12-31 | 0001564590-22-015296 ↗ |
| 20-F | 2021-04-21 | 2020-12-31 | 0001564590-21-019694 ↗ |