<div id="readability-page-1"><div><p>Yatsen Holding (NYSE:YSG) has capped FY 2025 with fourth quarter revenue of C¥1.4b and basic EPS of C¥0.09, a clear contrast to the loss profile seen earlier in the year. The company has seen quarterly revenue move from C¥833.5m in Q1 2025 to C¥1.4b in Q4, while basic EPS has shifted from a loss of C¥0.06 in Q1 and C¥0.19 in Q2 to a profit in Q4, against a trailing twelve month EPS of a C¥1.35 loss and net income loss of C¥80.9m on C¥4.3b of revenue. That mix of stronger recent EPS and still negative trailing profitability puts the focus firmly on how durable the margin improvement really is.</p> <p>See our full analysis for Yatsen Holding.</p><p>With the headline numbers on the table, the next step is to see how this shift in revenue and EPS stacks up against the key narratives around Yatsen, and where the latest results either support or challenge those stories.</p> <p>See what the community is saying about Yatsen Holding</p> <figure><img height="476" src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/186f5a63-85f7-4e83-bde9-9e8e2256eaa9/chart/earnings-and-revenue-history/query-ZGF0ZT0yMDI2LTAzLTA0?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="746" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/186f5a63-85f7-4e83-bde9-9e8e2256eaa9/chart/earnings-and-revenue-history/query-ZGF0ZT0yMDI2LTAzLTA0"/><figcaption>NYSE:YSG Earnings &amp; Revenue History as at Mar 2026</figcaption></figure> <h2>Revenue climbs to C¥4.3b on a 12‑month view</h2> <ul> <li>On a trailing 12‑month basis to Q4 2025, Yatsen booked C¥4.3b of revenue and a net income loss of C¥80.9m, which is a much smaller loss than the C¥708.2m loss recorded over the 12 months to Q4 2024 on C¥3.4b of revenue.</li> <li>Consensus narrative points to skincare growth and premium products as key revenue drivers, and the numbers back that up in aggregate:     <ul> <li>Revenue on the trailing 12‑month view is about C¥904.7m higher than the 12 months to Q4 2024, while the loss over that same period narrowed by C¥627.3m, which lines up with the view that higher margin products are helping the income statement.</li> <li>At the same time, analysts are working with a revenue growth rate of about 13.9% per year. The current C¥4.3b revenue base is therefore a key starting point for their assumption that Yatsen can keep scaling without relying only on cost cuts.</li> </ul> </li> </ul> <h2>Loss narrows from C¥588.9m to C¥80.9m</h2> <ul> <li>Over the trailing 12 months to Q1 2025, Yatsen recorded a net income loss of C¥588.9m and a basic EPS loss of C¥6.04, compared with a loss of C¥80.9m and basic EPS loss of C¥1.35 by Q4 2025, while still reporting a small quarterly profit of C¥8.1m in Q4.</li> <li>Bears focus on high costs and potential pressure on margins, and the recent figures give you both sides of that story:     <ul> <li>Critics highlight spending on R&amp;D, marketing and past acquisitions as a drag on profitability, yet the move from a C¥708.2m loss over the 12 months to Q4 2024 to C¥80.9m over the latest 12 months shows that, at least recently, those costs have not prevented a large narrowing of losses.</li> <li>On the other hand, the fact that Yatsen still shows a C¥80.9m loss over 12 months even after a profitable Q4 keeps the bearish concern alive that the path from isolated profitable quarters to consistently profitable years is not settled yet.</li> </ul> </li> </ul><p> On a quarter where Yatsen moved from substantial losses to a small profit while still reporting a C¥80.9m loss over 12 months, skeptics are asking whether this is a turning point or just a brief bright spot, and the detailed Bear case sets out that side of the story in full <strong>🐻 Yatsen Holding Bear Case</strong></p><h2>P/S of 0.6x against 13.9% forecast growth</h2> <ul> <li>Yatsen is currently trading on a P/S of 0.6x, which is below both the peer average of 1.2x and the US Personal Products industry average of 0.8x, alongside forecast revenue growth of 13.9% per year and forecast earnings growth of about 112% per year from a loss making base.</li> <li>Bullish investors see this mix of growth and valuation as attractive, and the latest results give them several talking points:     <ul> <li>The move from a trailing 12‑month loss of C¥708.2m at Q4 2024 to a loss of C¥80.9m at Q4 2025, together with a single quarter profit of C¥8.1m, heavily supports the bullish claim that earnings are moving toward the forecasts that point to profitability within three years.</li> <li>With the share price at US$3.78 and analysts using a single consensus target of US$9.15, bulls will argue that today’s 0.6x P/S and improving loss profile leave room for re‑rating if the forecast growth and margin improvement continue to show up in reported numbers.</li> </ul> </li> </ul><p> If you want to see exactly how bulls connect the 0.6x P/S, improving losses and growth forecasts into a full story on Yatsen, their detailed thesis lays it all out <strong>🐂 Yatsen Holding Bull Case</strong></p><h2>Next Steps</h2> <p>To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Yatsen Holding on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.</p> <p>If this combination of improving numbers and remaining questions leaves you undecided, take a moment to weigh the potential benefits against the risks and form your own view by checking the 3 key rewards and 1 important warning sign for Yatsen.</p> <h2>See What Else Is Out There</h2> <p>Yatsen is still working through a C¥80.9m loss over the last 12 months, which keeps questions alive about consistency and overall risk.</p> <p>If that lingering loss profile makes you wary, it is worth acting now and using our 75 resilient stocks with low risk scores to focus on companies with steadier fundamentals and reduced downside risk.</p> <p><em> This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data     and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your     financial situation. We aim to bring you long-term focused analysis driven by fundamental data.     Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.     Simply Wall St has no position in any stocks mentioned.</em></p><div><h3><strong>New: </strong>Manage All Your Stock Portfolios in One Place</h3><p>We've created the <strong>ultimate portfolio companion</strong> for stock investors, <strong>and it's free.</strong></p><p>• Connect an unlimited number of Portfolios and see your total in one currency<br/>• Be alerted to new Warning Signs or Risks via email or mobile<br/>• Track the Fair Value of your stocks<br/></p><p>Try a Demo Portfolio for Free</p></div></div></div>

<p>Yatsen Holding (NYSE:YSG) reported a return to profitability in Q4 2025 with revenue of C¥1.4b and basic EPS of C¥0.09, contrasting earlier losses. The company narrowed its trailing 12-month net income loss from C¥708.2m to C¥80.9m, supported by growth in skincare and premium products. Despite a small profit in Q4, concerns remain about high costs and margin pressures. Yatsen trades at a P/S of 0.6x, below industry averages, with analysts forecasting revenue growth of 13.9% and potential profitability within three years, making it a point of interest for both bullish and bearish investors.</p>

- Yatsen Holding (NYSE:YSG) reported Q4 2025 revenue of C¥1.4 billion and a basic EPS of C¥0.09, marking a recovery from earlier losses this fiscal year.  
- While the company reduced its net income loss from C¥708.2 million in 2024 to C¥80.9 million in 2025, concerns about the sustainability of its profitability remain, highlighted by ongoing high costs.  
- Analysts expect a revenue growth rate of 13.9% annually, and despite the recent profit, skepticism persists regarding the company's ability to transition from sporadic profitability to consistent earnings.

Yatsen Holding (NYSE:YSG) Returns To Quarterly Profit, Testing Bearish Profitability Narratives