Yatsen Holding Limited reported its unaudited fourth‑quarter and full‑year 2025 financial results, showing a rebound in revenue and a turnaround in profitability. Net revenues for the quarter ended December 31 rose 20.1% to RMB 1.38 billion (US$197.3 million), while full‑year revenue climbed 26.7% to RMB 4.30 billion (US$614.6 million). Gross profit increased to RMB 1.07 billion (US$153.2 million) in Q4, giving a gross margin of 77.7%, essentially flat from the 77.8% margin reported a year earlier. Operating expenses fell 15.6% to RMB 1.08 billion, and the company posted an operating loss of RMB 12.7 million (US$1.8 million) versus a RMB 390.7 million loss a year ago. Non‑GAAP operating income was RMB 11.8 million (US$1.7 million). Net income for the quarter was RMB 3.0 million (US$0.4 million), compared with a RMB 378.8 million loss a year earlier. For the full year, Yatsen recorded an operating loss of RMB 185.8 million (US$26.6 million) and a net loss of RMB 92.4 million (US$13.2 million), while non‑GAAP net income reached RMB 8.4 million (US$1.2 million).
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