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 Holding Limited reported a 7.8% year-over-year increase in total net revenues for Q1 2025, driven by significant growth in skincare brands despite a challenging beauty market [3][4][6]. Financial Performance - Total net revenues for Q1 2025 reached RMB 833.5 million (US$ 114.9 million), up from RMB 773.4 million in the same period last year [4][6]. - Skincare brands contributed RMB 362.4 million (US$ 49.9 million) in net revenues, marking a 47.7% increase year-over-year [6]. - Gross profit increased by 9.7% to RMB 659.1 million (US$ 90.8 million), with gross margin rising to 79.1% from 77.7% [4][6]. Operating Expenses - Total operating expenses decreased by 8.6% to RMB 693.2 million (US$ 95.5 million) compared to the prior year [5][7]. - Selling and marketing expenses were RMB 553.8 million (US$ 76.3 million), with a decrease in percentage of total net revenues to 66.4% from 69.7% [7]. - General and administrative expenses dropped to RMB 64.9 million (US$ 8.9 million), representing 7.8% of total net revenues, down from 18.1% [7][8]. Loss and Income Metrics - The company recorded a net loss of RMB 5.6 million (US$ 0.8 million), significantly reduced from RMB 124.9 million a year ago [6][11]. - Non-GAAP net income for Q1 2025 was RMB 7.1 million (US$ 1.0 million), compared to a non-GAAP net loss of RMB 83.8 million in the previous year [12][36]. Cash Flow and Balance Sheet - As of March 31, 2025, Yatsen had cash and short-term investments totaling RMB 1.28 billion (US$ 176.4 million) [13]. - Net cash generated from operating activities was RMB 23.8 million (US$ 3.3 million), a turnaround from net cash used in operating activities of RMB 121.8 million in the prior year [13]. Business Outlook - For Q2 2025, Yatsen expects total net revenues to be between RMB 810.4 million and RMB 889.9 million, indicating a year-over-year increase of approximately 2% to 12% [14]. Share Repurchase Program - The company has initiated a new share repurchase program allowing for the repurchase of up to US$ 30.0 million worth of ordinary shares over the next 24 months [15][16].