Maggie Luyao Huang • CICC

Question 1

Maggie Luyao Huang's questions to Yatsen Holding Ltd (YSG) leadership • Q4 2024

Feb 25, 2025

Question

Maggie Luyao Huang of CICC asked about Yatsen's profitability outlook for 2025 following its Q4 non-GAAP turnaround, and inquired about the future resource allocation strategy between color cosmetics and skincare, given the former's accelerated growth.

Answer

Founder, Chairman, and CEO Jinfeng Huang explained that Yatsen will balance growth and profitability by enhancing brand equity and R&D to improve gross margins amid persistent market headwinds. He identified skincare as the key stable growth engine, while noting that the successful transformation of the Perfect Diary brand will drive sustainable growth in the makeup category. Resources will be strategically allocated to competitive, high-growth products across both segments.

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Question 2

Maggie Luyao Huang's questions to Yatsen Holding Ltd (YSG) leadership • Q3 2024

Nov 20, 2024

Question

Maggie Luyao Huang of CICC inquired about Yatsen's performance during the Double 11 shopping festival and its strategic plans for product development and channel expansion for the upcoming year.

Answer

CFO Donghao Yang stated that the Double 11 performance was in line with expectations, with strong results from the Galenic and Perfect Diary brands. He noted that for the next year, the company will focus on new product development and expand through key channels like Tmall and Douyin, while also exploring offline stores for Galenic. CEO Jinfeng Huang added that performance exceeded goals in some areas, highlighting successful promotions in Austin Li's live streams and the launch of Galenic's new Vitamin A serum to enter the anti-aging market. He emphasized disciplined pricing to protect gross margins and linked future product launches to the company's sustained investment in R&D.