Yatsen Fiscal Year 2023: Revenue Decreases by 7.9% with Q4 Improvement Indicating Potential Growth in 2024

Yatsen recently unveiled its unaudited financial results for the fourth quarter and full year ending December 31, 2023, showcasing a notable comeback in the final quarter with a 6.7 percent year-over-year revenue increase to RMB1.07 billion. Despite this positive fourth quarter performance, the company experienced a 7.9 percent decline in revenue for the entire year.

Moreover, Yatsen reported a 10.6 percent rise in gross profit during the last three months of the year, amounting to RMB790.1 million. The gross margin also improved from 71.1 percent to 73.7 percent compared to the previous year, attributed to the surge in sales of higher-gross margin products and the implementation of more strategic pricing and discount policies across all brands under the company’s portfolio.

Jinfeng Huang, Yatsen’s Founder, Chairman, and Chief Executive Officer, expressed satisfaction with the return to growth in the fourth quarter of 2023 as part of their strategic transformation plan. The company witnessed a remarkable 17.6 percent and 11.4 percent rise in revenues from its Skincare Brands for the fourth quarter and full year, respectively, driven by the stellar performances of Galénic, Dr Wu, and Eve Lom. Additionally, Perfect Diary’s rebranding efforts gained momentum, particularly with the successful launch of the Biolip Essence Lipstick product, propelling the brand to the second spot in the lipstick category based on retail sales value on Tmall and Douyin combined for December 2023.

Looking ahead, Yatsen remains committed to sustainable growth through continuous innovation across all its brands.

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