当时代的大潮冲刷向每一片商业的滩涂，美妆的航船也驶入了一片未知水域。 往前三十年，每一轮美妆周期都有属于自己的"造富逻辑"：1990年代靠制造筑基，2000年代以渠道为王，2010年代借流量红利。近五年，行业迈入新的生命 周期，"下滑"成为一种普遍现象，"增长"反而变成了稀缺能力。 拿着旧地图，找不到新大陆，只有理解新周期的运行逻辑，才能在行业跌宕中，找到属于自己的增长路径。 迷雾之中，屹立潮头的美妆企业家、品牌主理人、投资人作为一个更具生长韧性的群体，有着远超常人的洞见。这种洞见，不仅源于躬身入局的实战经验， 更来自于对当下及未来的清醒认知。 11月25日，由品观主办，伟博海泰、杉海创新、立道集团Latop、乐美达生物战略合作的2025（第六届）中国化妆品年会，在广州白云国际会议中心越秀万 豪酒店成功举办。作为化妆品产业年度总结与趋势瞭望的重磅会议，中国化妆品年会已连续举办至第六届，成功邀请300+演讲嘉宾分享最新思考洞察，在 不断变化的时代里见证中国化妆品产业的变革与发展。 在2025（第六届）中国化妆品年会现场，上美股份创始人兼CEO吕义雄，逸仙集团创始人、董事长兼CEO黄锦峰，上海家化美妆事业部总经理 ...

财报显示，2025年第三季度，逸仙电商实现净营收9.984亿元，较去年同期增长47.5%，超出此前业绩指 引；同期，实现毛利润7.805亿元，同比增幅达51.9%，毛利率亦从去年同期的75.9%提升至78.2%，净营 收与盈利质量同步改善。 图演：21世纪经济报道制图 21世纪经济报道记者 刘婧汐 实习生 钟宸 彩妆品牌完美日记母公司逸仙电商（Yatsen Holding，股票代码："YSG"）近日发布2025年第三季度的 财报。财报显示，逸仙电商2025年第三季度营收为9.98亿元（约1.4亿美元），较上年同期的6.77亿元增 长47%。 图源：公司财报 这已是逸仙电商连续第四个季度录得净营收同比正增长，也是自2021年后，其前三季度业绩首次录得增 长。 值得注意的是，逸仙电商的新增长引擎并非大众所熟知的彩妆业务，而来自于近两年大力培养的护肤品 牌——科兰黎、EVE LOM和DR. WU。2025年前三季度，集团来自护肤品牌收入为4.908亿元（约6890 万美元），较上年同期的2.679亿元增长83.2%；护肤品牌总净收入占总净收入的49.2%，占比近半。作 为对比，彩妆业务净收入同比增长 25.2%。 ...

Core Viewpoint - Yatsen Holding, the parent company of the cosmetics brand Perfect Diary, reported a significant revenue increase in Q3 2025, marking a turnaround after a prolonged decline, driven primarily by its skincare brands rather than its traditional makeup business [1][4]. Financial Performance - In Q3 2025, total net revenues reached 998.4 million RMB (approximately 140.2 million USD), a 47% increase from 677.0 million RMB in the same period last year [2][5]. - Gross profit for the same quarter was 780.5 million RMB, reflecting a 51.9% year-over-year increase, with gross margin improving from 75.9% to 78.2% [5]. - The company reported a net loss of 70.4 million RMB, a 41.9% reduction compared to the previous year, with a non-GAAP net loss of 51.5 million RMB, down 32.8% [9]. Business Transformation - Yatsen's new growth engine is its skincare brands, which generated 490.8 million RMB (approximately 68.9 million USD) in revenue, an 83.2% increase year-over-year, accounting for 49.2% of total net revenues [3][4]. - The company has shifted focus from its declining makeup business, which saw a 57.7% drop in revenue in 2022, to a diversified portfolio that includes skincare brands like Colorkey, EVE LOM, and DR. WU [7][8]. Market Positioning - The company aims to enhance its market position by transitioning from a budget-focused brand to a high-end skincare provider, with a clear strategy to increase the proportion of skincare products in its offerings [10][11]. - Colorkey, a high-end skincare brand, has shown strong market performance, indicating a successful shift in consumer purchasing trends towards premium products [11]. Future Outlook - Yatsen Holding remains optimistic about future growth, projecting Q4 2025 total net revenues between 1.32 billion and 1.49 billion RMB, representing a year-over-year increase of approximately 15% to 30% [13].