Yatsen Holding Limited has reported its financial results for the fourth quarter and full year of fiscal 2024, revealing a 7.1% increase in quarterly revenues to RMB 1.15 billion for the period ending December 31, 2024. Despite the quarterly growth, full-year revenues decreased slightly by 0.6%, totaling RMB 3.39 billion compared to the previous year.
The company’s gross margin saw improvements, rising to 77.8% for Q4 from 73.7% in the same period of 2023. For the full year, gross margin grew to 77.1%, up from 73.6% in fiscal 2023. Yatsen also reported a 5.3% reduction in its net loss, which amounted to RMB 710.2 million for the year.
Jinfeng Huang, the company’s Founder, Chairman, and CEO, commented on the results, noting that the company was “pleased to share solid performance” for Q4 despite ongoing challenges in the beauty market. Huang attributed the revenue growth to the recovery of Perfect Diary and strong performance from the company’s three major skincare brands.
“We made solid progress in profitability, narrowing our net loss margin and delivering non-GAAP net income for the quarter,” Huang stated. “This reflects the success of our strategic initiatives in product development, brand building, and cost optimization. We remain confident in our ability to navigate evolving market dynamics and drive sustainable growth.”
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