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Yatsen’s skincare brands, including Galénic, DR.WU’s mainland China business and Eve Lom, now contribute slightly more revenue than its makeup brands, which include Perfect Diary. Together, these product sales account for almost all revenue, with China supplying the significant majority.
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Yatsen’s results hinge on Chinese demand for makeup and skincare, how efficiently digital marketing turns spending into sales, and manufacturing partners such as Cosmax, which operates a manufacturing and R&D hub with Yatsen.
Estée Lauder competes with Yatsen for Chinese consumers’ skincare and makeup spending, with prestige beauty brands facing Yatsen’s skincare and color cosmetics portfolio.
Coty competes with Yatsen for Chinese consumers buying mass-market and prestige beauty products, including color cosmetics.
e.l.f. Beauty and Yatsen’s Perfect Diary and Pink Bear depend on consumers buying affordable makeup, supported by online sales and social-media marketing, although their main markets differ. Watch e.l.f.’s lower-priced eye, lip and face products for clues to affordable-makeup demand, not as a direct reading of Chinese sales.
ODDITY Tech Ltd. and Yatsen both sell beauty products directly to consumers online and use technology-driven marketing, so turning visitors into buyers at an affordable cost matters to both. Watch how efficiently ODDITY brings shoppers to its IL MAKIAGE beauty brand and converts them into sales, as a comparison for Yatsen’s online marketing returns.
Kenvue’s Neutrogena and Aveeno brands compete with Yatsen’s skincare portfolio for Chinese consumers seeking effective skincare products.
The Estee Lauder Companies Inc. earningsEL
Estée Lauder’s report will show the strength of prestige-beauty demand, the spending pool it and Yatsen both seek among Chinese skincare and makeup buyers.
Look for what Estée Lauder says about demand for prestige skincare and makeup. Stronger demand would mean Yatsen faces a rival competing for more beauty spending; weaker demand could ease that pressure, but would not prove Yatsen’s own sales are rising.
e.l.f. Beauty, Inc. earningsELF
e.l.f. Beauty’s report will show how affordable makeup demand and online sales are moving, offering a comparison for Yatsen’s Perfect Diary and Pink Bear, not a direct reading of China.
Look at e.l.f. Beauty’s sales of lower-priced eye, lip and face products alongside how it attracts online shoppers. Stronger sales would be a positive comparison for Yatsen’s affordable-makeup brands; weaker sales would point to possible category pressure, but the companies’ main markets differ, so this cannot settle Chinese demand.
ODDITY Tech Ltd. earningsODD
ODDITY Tech’s report will show how efficiently it attracts shoppers to IL MAKIAGE and converts them into sales, a comparison for Yatsen’s online marketing returns.
Compare ODDITY’s spending to attract shoppers with the sales it converts. Controlled spending and stronger conversion would indicate more efficient online customer acquisition, a useful comparison for Yatsen; rising costs without sales keeping pace would suggest a less efficient model, but would not establish Yatsen’s own returns.
Yatsen Holding Limited earningsThis company
Yatsen’s report will show whether skincare growth can offset the marketing needed to build its brands and move the company toward profit.
Read skincare revenue alongside selling and marketing expenses as a share of revenue. Rising skincare sales with a falling expense share would show that sales are carrying more of the brand-building effort; slower sales or a persistently high share would show that growth still relies on heavy spending and profitability remains constrained.
