Yatsen Holding(US:YSG) 2 1 Shi Ji Jing Ji Bao Dao·2025-10-30 14:31Core Viewpoint - Yatsen Group has officially launched the "Yatsen Group Beauty Innovation White Paper," marking a significant milestone in China's beauty technology innovation and positioning it among the global R&D leaders [2][4][5]. Group 1: White Paper Overview - The white paper is structured around "innovation" and consists of six major sections, detailing the group's global research layout, technological innovations, efficacy verification, and sustainable development [5]. - It serves as a summary of Yatsen Group's R&D achievements over the past few years and aims to showcase its research strategy, technological outcomes, and future directions to the industry and society [7][13]. Group 2: Industry Insights - The white paper reflects the current critical phase of innovation-driven development in China's cosmetics industry, providing insights into cutting-edge beauty technology and future trends [9]. - It is seen as a vital resource for fostering collaboration and innovation within the industry, especially during a period of transformation and upgrading [9]. Group 3: R&D Achievements - Yatsen Group's R&D investments and system construction have reached international standards, with a focus on translating research into consumer products, particularly in the field of acne treatment [11]. - The launch of the DR.WU PDRN Water Light Essence, which utilizes advanced technology to deliver medical-grade effects at home, exemplifies the company's commitment to innovation [15]. Group 4: Innovation Ecosystem - The company has established an efficient innovation ecosystem by integrating industry, academia, medicine, and basic research, supported by AI technology [17]. - Yatsen Group's open lab model promotes rapid translation of research outcomes into market-ready products, collaborating with various prestigious institutions [17][18]. Group 5: Financial Performance - Since its listing on the NYSE in 2020, Yatsen Group has consistently prioritized R&D, with cumulative R&D expenses exceeding 600 million yuan, maintaining a R&D expense ratio above 3% for three consecutive years [19][22]. - The company reported a revenue of 1.09 billion yuan for Q2 2025, a year-on-year increase of 36.8%, with a gross profit margin of 78.3% and skincare business revenue growth of 78.7% [22][23].