逸仙电商持续亏损资本市场耐心不足、财报发布股价跌超20% 核心品牌完美日记“双11”榜上无名

Core Viewpoint - Yatsen Holding, the parent company of Perfect Diary, reported a 47.5% year-on-year revenue growth for Q3 2025, marking the fourth consecutive quarter of growth. However, the stock price plummeted by 20.32% post-announcement, indicating market skepticism regarding the sustainability of this growth amid ongoing losses and high marketing costs [1][5][12]. Financial Performance - For the first three quarters of 2025, Yatsen's total revenue reached 29.18 billion yuan, reflecting a 30.2% year-on-year increase, yet the company remains in a loss-making position [3][14]. - The company's revenue figures from 2021 to 2024 were 58.4 billion yuan, 37.06 billion yuan, 34.15 billion yuan, and 33.93 billion yuan, with year-on-year changes of -36.54%, -7.46%, and -0.6% respectively. Cumulative losses exceeded 60 billion yuan during this period [3][14]. Marketing and Cost Structure - In Q3 2025, sales and marketing expenses accounted for 68.3% of total revenue, an increase from the previous year. The marketing expense ratio has consistently remained above 60% from 2021 to 2024, indicating a significantly higher marketing investment compared to industry peers [7][18]. - The reliance on a "traffic-driven" growth model has become increasingly unsustainable as online traffic growth plateaus and competition intensifies [2][18]. Business Segmentation and Growth Drivers - The skincare segment, particularly the high-end brand Galénic, has been a key growth driver, with skincare revenue increasing by 83.2% year-on-year, making up 49.2% of total revenue [8][19]. - Despite the growth in skincare, other brands under Yatsen, such as DR.WU and EVE LOM, have not shown similar expansion, indicating potential risks in brand diversification [20]. Market Position and Challenges - Perfect Diary, once a leading brand in the domestic cosmetics market, has seen a decline in market presence and sales, failing to appear in major sales rankings during the 2025 Double 11 shopping festival [10][21]. - The company's challenges reflect broader issues faced by new consumer brands that lack a strong product moat, leading to increased pressure on growth as the market evolves [18].