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%。 ...

21世纪经济报道记者 刘婧汐 实习生 钟宸 重归增长 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。 | 逸仙电商近五年 1-9 月业绩情况一览(单位·亿元人民币) | | | | --- | --- | --- | | 时间 | 浄收人 | 同比增长 | | 2025 年 1-9 月 | 29.18 | 30.20% | | 2024 年 1-9 月 | 22.41 | -4.60% | | 2023 年 1-9 月 | 23.43 | -13.20% | | 2022年 1-9 月 | 26.99 | -37.40% | | 2021 年 1-9 月 | 43.1 | | 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%。 | | | Fo ...

研究报告 Research Report 20 Oct 2025 中国 & 香港 & 美国可选消费 China (A-share) & Hong Kong & US Discretionary 可选消费 W42 周度趋势解析：各板块持续轮动，股价回调提供买入机会 Week 42 Discretionary Trends: Sectors Continue Rotation as Price Pullbacks Present Buying Opportunities [Table_yemei1] 观点聚焦 Investment Focus 牌表现分化 Week 38 Discretionary Trends: Macau Gambling Sector Stands Out, Domestic | 股票名称 | 评级 | 股票名称 | 评级 | | --- | --- | --- | --- | | 耐克 | Outperform 科沃斯 | | Outperform | | 美的集团 | Outperform 波司登 | | Outperform | | 京东集团 | Outperform 石头科技 | | ...

Core Viewpoint - Yatsen E-commerce, the parent company of the cosmetics brand Perfect Diary, reported a significant narrowing of net losses in its financial results for the first half and second quarter of 2025, indicating potential for profitable growth despite ongoing challenges in the beauty industry [1][3]. Financial Performance - In the first half of 2025, Yatsen E-commerce achieved revenue of 1.92 billion yuan, a 22.4% increase from 1.568 billion yuan in the same period of 2024 [1]. - The net loss for the first half of 2025 was 25.08 million yuan, compared to a net loss of 210 million yuan in the same period of 2024 [1]. - For the second quarter of 2025, revenue reached 1.09 billion yuan, up 36.8% from 795 million yuan in the second quarter of 2024 [1]. - The net loss for the second quarter of 2025 was 19.5 million yuan, a significant improvement from a net loss of 85.5 million yuan in the same quarter of 2024 [1]. Business Challenges - The beauty industry is experiencing a slowdown, and Yatsen E-commerce has faced development bottlenecks since its peak performance in 2019, when revenue was 3.031 billion yuan, growing 377% year-on-year [3][4]. - The company's revenue has been on a downward trend since 2022, with figures of 3.706 billion yuan, 3.415 billion yuan, and 3.393 billion yuan for 2022, 2023, and 2024 respectively, reflecting year-on-year declines of -36.5%, -7.9%, and -0.6% [3][4]. Strategic Shifts - Yatsen E-commerce is undergoing a transformation, focusing on "self-sustaining" strategies and launching a "second entrepreneurship" initiative to adapt to external uncertainties [4]. - The skincare segment, which includes brands like "完子心选" and acquisitions of KORRES, EVE LOM, and DR. WU, has shown rapid growth, with skincare revenue increasing by 78.7% to 580 million yuan in the second quarter of 2025, accounting for 53.5% of total revenue [4][5]. Marketing and Brand Image - The company's heavy reliance on marketing has led to increased costs, with marketing expenses rising from 309 million yuan in 2018 to 3.412 billion yuan in 2020, a growth of over 1004% [6][7]. - Despite high marketing expenditures, consumer fatigue with advertising has diminished the effectiveness of these strategies, leading to a decline in brand reputation and increased complaints regarding product quality and customer service [9][10]. - The stock price of Yatsen E-commerce has significantly dropped, losing 63.7% from its peak, reflecting declining investor confidence due to prolonged losses [7][8].

Core Viewpoint - The company, Proya (珀莱雅), is planning to fill gaps in its product lines through overseas acquisitions, particularly in the segments of baby products, perfumes, and men's skincare, with intentions to introduce new brands to the domestic market [1]. Group 1: Financial Performance - Proya has established itself as the leading domestic beauty company, being the first local beauty firm to surpass 10 billion yuan in revenue, achieving 10.778 billion yuan in revenue last year, a year-on-year increase of 21.04% [2]. - The company's net profit attributable to shareholders reached 1.552 billion yuan, marking a 30.00% year-on-year growth [2]. - In the first quarter of 2025, Proya reported revenue of 2.359 billion yuan, reflecting an 8.13% year-on-year increase, with net profit attributable to shareholders growing by 28.87% to 390 million yuan [2]. Group 2: Strategic Development - Proya has been expanding its product lines through brand upgrades and a matrix strategy, which includes multiple brands under its umbrella, such as the makeup brand Caitang acquired in 2019 and the Japanese hair care brand Off&Relax acquired in 2021 [2]. - Analysts suggest that domestic beauty companies need a diversified brand matrix to scale effectively, indicating that "investment and acquisitions" are optimal paths for the continuous development of leading listed companies [2]. Group 3: Market Trends - Historically, many successful domestic brands were acquired by foreign companies, such as Coty Group's acquisition of a majority stake in DHC in 2010, valued at approximately 400 million USD, and L'Oréal's acquisitions of Yuesai and Little Nurse [3]. - Currently, domestic companies are in a position to acquire international brands, as seen with Perfect Diary's parent company Yatsen Holding's acquisitions of Galénic and Eve Lom in 2020 and 2021, respectively [4]. - The trend indicates that domestic beauty firms are looking to acquire existing international brands to enhance their high-end offerings, as internal brand incubation tends to focus on mass-market and affordable products [4].

Group 1 - The core viewpoint of the articles highlights the rise of domestic beauty brands in China, which are now taking on the role of buyers and engaging in reverse acquisitions to expand their market presence [1][4]. - Proya plans to fill gaps in its product lines, such as baby care, perfumes, and men's skincare, through overseas acquisitions, with specific brands yet to be disclosed [2][3]. - Proya has established itself as a leading domestic beauty company, achieving a revenue of 10.778 billion yuan in the previous year, marking a 21.04% year-on-year growth, and a net profit of 1.552 billion yuan, up 30% [2]. Group 2 - Analysts suggest that domestic beauty companies need a diversified brand matrix to scale effectively, with mergers and acquisitions being a preferred strategy for sustained growth [3]. - Historical context shows that many successful domestic brands were previously acquired by foreign companies, indicating a shift in the current trend where local firms are now acquiring international brands [3][4]. - The trend of local companies acquiring high-end or niche brands reflects a strategy to enhance their product offerings, as seen with Perfect Diary's acquisitions of Galénic and Eve Lom [4].