Core Insights - Yatsen E-commerce reported a revenue of 1 billion yuan for Q3 2025, marking a 47.5% increase year-on-year, achieving revenue growth for four consecutive quarters [1] - The color cosmetics segment grew by 25.2% year-on-year, while the skincare segment saw a significant increase of 83.2% to 491 million yuan [1] - R&D investment reached 39.76 million yuan in Q3, up 56.9% year-on-year, with R&D expense ratio increasing to 4% [1] - Since its IPO in 2020, Yatsen E-commerce has invested over 650 million yuan in R&D, maintaining an R&D expense ratio of over 3% for three consecutive years [1] - For Q4 2025, total revenue is expected to be between 1.32 billion and 1.49 billion yuan, representing a year-on-year growth of approximately 15% to 30% [1]