On May 26, Yatsen Holding Limited released its financial results for the first quarter of 2026. The company reported quarterly revenue increasing to RMB 1.02 billion, a year-over-year rise of 22.5%, significantly outpacing industry averages. This marks the sixth consecutive quarter of year-over-year revenue growth, demonstrating a consistently solid growth foundation. The combined net revenue from its three major skincare brands—Galénic, DR.WU, and EVE LOM—surged by 61.4% year-over-year, driving the skincare segment's revenue to a stable increase of 58.5% and reaching RMB 574 million. The skincare business accounted for 56.2% of total revenue, operating synergistically with the color cosmetics segment to serve as the core engine for performance growth. Benefiting from the ongoing optimization of its revenue structure, the company's gross profit grew by 24.3% year-over-year, with the gross margin reaching a record high of 80.2%.

Guided by its corporate vision to become a "world-class beauty innovation pioneer," Yatsen has established a research-driven sustainable development model, maintaining high investment in research and development to enhance the technological content of its products. The financial report shows that R&D expenditure for the first quarter of 2026 was RMB 39.44 million, a 74.2% increase compared to the same period last year. Since 2020, the group has cumulatively invested over RMB 700 million in R&D innovation, maintaining an annual R&D expense ratio above 3% for three consecutive years.

Regarding these results, Huang Jinfeng, Founder, Chairman, and CEO of Yatsen Holding, stated, "Our revenue growth aligns with previous expectations, demonstrating the resilience of our multi-brand strategy. This quarter's growth is primarily attributable to the sustained upward momentum of our skincare brands. Upholding our vision to become a world-class beauty innovation pioneer, we will continue to strengthen our R&D innovation drive, expand our star product series, and promote high-quality growth for our core brands."

Recently, the initial issuance of Yatsen Holding's $120 million convertible bonds was completed. The subscription group expanded further, with Huang Jinfeng, Trustar Capital, and Hillhouse Capital jointly increasing their investments, fully reflecting the strong confidence of leading institutions and the founder in the company's long-term development value and strategic direction. Following the successful settlement of the first tranche of notes, the proceeds will be utilized for product research and development, global supply chain integration, overseas market expansion, strategic mergers and acquisitions, and general corporate purposes, further propelling the company's sustained business growth and solidifying its core competitiveness.