Research and development drive performance realization for Yatsen Holding Ltd. ADR Class A (YSG.US). Research and development investment in 2025 amounts to 140 million, driving revenue growth by 26.7%.

On the evening of April 29th, Yatsen Holding Ltd. ADR Class A (YSG.US) released its 2025 annual performance report. The announcement shows that the company achieved a revenue of 4.3 billion yuan in 2025, a year-on-year increase of 26.7%, with a gross profit margin of 78.2%, a year-on-year increase of 1.1 percentage points; Non-GAAP net profit reached a historic breakthrough, reaching 84 million yuan, marking the first annual Non-GAAP profit since listing. Among them, the skincare business showed strong development momentum, with a net income increasing by 63.5% year-on-year to reach 2.28 billion yuan, accounting for 53.0% of the total annual net income. This means that Yatsen Holding Ltd. ADR Class A has formed a high-quality development pattern with dual drives of skincare and makeup business, providing a solid support for the resilient growth of future businesses. At the same time, the company adheres to a research and development-driven strategy, continuously increasing research investment. Research and development investment reached 140 million yuan in 2025, a year-on-year increase of 25.6%, and the research and development expense ratio has remained above 3% for four consecutive years, ranking among the top echelons of the global beauty industry. Since its establishment, the company has accumulated nearly 700 million yuan in research and development investment. By the end of 2025, a total of 269 patents have been filed worldwide, including 84 invention patents and 72 authorized invention patents, steadily advancing towards the goal of becoming a "world-class beauty innovation pioneer." It is reported that Yatsen Holding Ltd. ADR Class A has ranked on the WWD Global Beauty Company Top 100 list for multiple years, ranking 67th globally and 7th in China in 2025, with the brand's momentum steadily advancing.