Question · Q3 2025
Jennifer Wu with Haitong Securities requested insights into Yatsen's expected future expenses, including general and operating expenses, and the company's approach to the increasingly fierce competition in the online channel.
Answer
Jinfeng Huang, Yatsen's CEO, stated that G&A expenses are expected to show operational leverage as total revenue grows, with continuous investment in R&D and branding for brand equity. Regarding online competition, Huang emphasized that Yatsen's growth is driven by past R&D investments and brand building. He believes focusing on robust product lineups, innovation, brand awareness, operational efficiency through product/channel mix, and organizational growth will ensure long-term sustainable growth.
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