← Yatsen Holding Ltd
| Annual Trend | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and Cash Equivalents, at Carrying Value | $676.6m | $877.7m | $492.4m | $219.4m | $117.9m | $112.0m | $109.4m | |
| Prepaid Expense and Other Assets, Current | $115.2m | $46.7m | $57.5m | $42.5m | $42.8m | $52.3m | $64.5m | |
| Short-term Investments | $10.0m | — | — | $155.6m | $171.6m | $73.9m | $35.2m | |
| Cash and cash equivalents | $676.6m | $5.7b | $3.1b | $1.5b | $836.9m | $817.4m | $765.4m | |
| Accounts receivable, net | $265.3m | $419.3m | $355.8m | $200.8m | $198.9m | $214.6m | $220.9m | |
| Inventories, net | $504.0m | $616.8m | $695.8m | $423.3m | $352.1m | $386.1m | $508.7m | |
| Prepayments and other current assets | $115.2m | $304.6m | $366.2m | $292.8m | $303.8m | $381.4m | $451.0m | |
| Allowance For Doubtful Accounts Receivable | — | — | — | $0 | ($6.5m) | ($7.1m) | ($18.3m) | |
| Cash Cash Equivalents And Short Term Investments | — | — | — | $2.6b | $2.1b | $1.4b | $1.0b | |
| Gross Accounts Receivable | — | — | — | $200.8m | $205.3m | $221.6m | $239.2m | |
| Inventories Adjustments Allowances | — | — | — | ($104.9m) | ($66.2m) | ($43.0m) | ($37.7m) | |
| Loans Receivable | — | — | — | — | — | $18.6m | $17.4m | |
| Non Current Prepaid Assets | — | — | — | $34.0m | $17.5m | $17.3m | $13.3m | |
| Other Current Assets | — | — | — | $46.6m | $55.8m | $41.9m | $47.5m | |
| Other Short Term Investments | — | — | — | $1.1b | $1.2b | $539.1m | $246.0m | |
| Prepaid Assets | — | — | — | $171.2m | $161.1m | $217.7m | $243.0m | |
| Taxes Receivable | — | — | — | $75.0m | $87.0m | $103.2m | $143.0m | |
| Inventory, Net | $504.0m | $94.5m | $109.2m | $61.4m | $49.6m | $52.9m | $72.7m | |
| Assets, Current | $1.6b | $1.1b | $714.9m | $508.7m | $415.7m | $321.6m | $319.5m | |
| Total current assets | $1.6b | $7.1b | $4.6b | $3.5b | $3.0b | $2.3b | $2.2b | |
| Property, Plant and Equipment, Net | $109.4m | $43.7m | $38.5m | $11.0m | $9.1m | $10.2m | $11.0m | |
| Goodwill | $20.6m | $3.2m | $136.4m | $124.3m | $78.4m | $21.2m | $22.2m | |
| Intangible Assets, Net (Excluding Goodwill) | $10.0m | $29.0m | $117.0m | $100.0m | $94.6m | $76.7m | $76.9m | |
| Intangible assets, net | $10.0m | $189.1m | $745.9m | $689.7m | $671.4m | $559.7m | $537.5m | |
| Goodwill And Other Intangible Assets | — | — | — | $1.5b | $1.2b | $714.7m | $692.5m | |
| Other Intangible Assets | — | — | — | $689.7m | $671.4m | $559.7m | $537.5m | |
| Operating Lease, Right-of-Use Asset | $263.3m | $82.3m | $66.4m | $19.3m | $16.1m | $20.2m | $24.9m | |
| Other Assets, Noncurrent | $30.9m | $23.3m | $12.6m | $7.7m | $3.8m | $2.8m | $2.0m | |
| Right-of-use assets, net | $263.3m | $536.7m | $423.0m | $133.0m | $114.3m | $147.5m | $173.9m | |
| Long term deposits and other assets | $2.8m | $1.4m | $1.2m | $953k | $726k | $906k | $1.7m | |
| Additional Financial Items | ||||||||
| Accounts Receivable, after Allowance for Credit Loss, Current | $265.3m | $64.3m | $55.8m | $29.1m | $28.0m | $29.4m | $31.6m | |
| Accrued Liabilities, Current | $191.1m | $63.1m | $58.1m | $46.9m | $55.1m | $63.0m | $49.9m | |
| Restricted cash | $0 | $6.4m | — | $41.4m | $21.2m | $0 | $42.1m | |
| Amounts due from related parties | $664k | $14.4m | $60k | $5.7m | $20.2m | $9.1m | $114k | |
| Investments | $5.0m | $34.9m | $350.4m | $502.6m | $618.8m | $664.6m | $653.6m | |
| Deferred tax assets | $4.2m | $597k | $2.0m | $2.0m | $1.4m | $1.4m | $1.4m | |
| Other non-current assets | $30.9m | $152.1m | $80.2m | $52.9m | $27.1m | $20.6m | $14.3m | |
| Advances from customers (including advances from customers of the consolidated VIEs without recourse to the Group of RMB11,064 and RMB8,317 as of December 31, 2024 and 2025, respectively) | $3.2m | $6.2m | $20.7m | $16.7m | $41.6m | $19.6m | $28.8m | |
| Amounts due to related parties | $8.5m | $11.8m | $14.0m | $27.2m | $9.4m | $28.9m | $21.3m | |
| Income tax payables (including income tax payables of the consolidated VIEs without recourse to the Group of RMB929 and RMB929 as of December 31, 2024 and 2025) | $74.6m | $18.7m | $16.7m | $21.8m | $17.9m | $20.1m | $13.7m | |
| Lease liabilities due within one year | $93.9m | $215.3m | $214.8m | $79.6m | $45.5m | $39.4m | $53.4m | |
| Deferred income-non current | — | — | $56.2m | $45.3m | $30.6m | $14.8m | — | |
| Lease liabilities | $171.0m | $311.9m | $206.3m | $53.0m | $67.8m | $109.5m | $123.2m | |
| Redeemable non-controlling interests | — | — | $338.6m | $339.9m | $51.5m | $51.0m | $1.3m | |
| Ordinary Shares | $56k | $173k | $173k | $173k | $173k | $173k | $173k | |
| Treasury shares | ($20k) | ($12k) | ($22.3m) | ($669.1m) | ($864.6m) | ($1.3b) | ($1.3b) | |
| Statutory reserves | $12.1m | $20.1m | $21.4m | $24.2m | $24.2m | $28.1m | $31.5m | |
| Non-controlling interests | — | $15.1m | $9.7m | $3.2m | ($1.7m) | ($3.3m) | ($11.3m) | |
| Investment in marketable security | — | — | $38.8m | $40.5m | $31.5m | $37.6m | $8.6m | |
| Accrued expenses and other current liabilities | $6.9m | $12.4m | $16.2m | $13.3m | $27.6m | $6.8m | $9.7m | |
| Shares to be issued | — | $200.1m | $128.1m | $33.9m | $30.8m | $20.8m | $20.8m | |
| Contingent consideration – earn-out liability | — | $92.2m | $10.6m | $4.3m | — | — | — | |
| Warrant liabilities | — | $29.6m | $10.3m | $166k | — | — | — | |
| Income tax payable | $8.4m | $8.6m | $8.3m | $13.5m | $13.0m | $20.1m | $13.7m | |
| Deferred revenue | $40.3m | $49.6m | $65.4m | $93.4m | $97.6m | $19.6m | $28.8m | |
| Class A ordinary shares | — | ($96.3m) | $140.2m | $396.9m | — | — | — | |
| Ordinary share, no par value, unlimited shares authorized, 19,400,000 and 27,037,302 shares issued and outstanding as of December 31, 2019 and 2020, respectively | 9.7m | (96.3m) | — | — | — | — | — | |
| Accumulated Depreciation | — | — | — | ($142.4m) | ($161.9m) | ($120.0m) | ($103.6m) | |
| Capital Lease Obligations | — | — | — | $132.6m | $113.2m | $148.9m | $176.6m | |
| Construction In Progress | — | — | — | $1.8m | $31.4m | $12k | $12.3m | |
| Current Accrued Expenses | — | — | — | $249.5m | $326.9m | $274.9m | $229.0m | |
| Current Capital Lease Obligation | — | — | — | $79.6m | $45.5m | $39.4m | $53.4m | |
| Current Debt And Capital Lease Obligation | — | — | — | $79.6m | $45.5m | $39.4m | $53.4m | |
| Current Deferred Liabilities | — | — | — | $16.7m | $41.6m | $19.6m | $28.8m | |
| Duefrom Related Parties Current | — | — | — | $5.7m | $20.2m | $9.1m | $114k | |
| Dueto Related Parties Current | — | — | — | $27.2m | $9.4m | $28.9m | $21.3m | |
| Finished Goods | — | — | — | $498.8m | $378.8m | $396.8m | $473.5m | |
| Gross PPE | — | — | — | $351.0m | $341.1m | $341.8m | $354.5m | |
| Invested Capital | — | — | — | $4.7b | $4.1b | $3.1b | $3.0b | |
| Leases | — | — | — | $153.0m | $131.6m | $114.3m | $93.9m | |
| Long Term Capital Lease Obligation | — | — | — | $53.0m | $67.8m | $109.5m | $123.2m | |
| Machinery Furniture Equipment | — | — | — | $24.4m | $27.7m | $37.7m | $27.0m | |
| Net PPE | — | — | — | $208.6m | $179.2m | $221.9m | $250.9m | |
| Net Tangible Assets | — | — | — | $3.2b | $2.9b | $2.3b | $2.3b | |
| Non Current Deferred Assets | — | — | — | $2.0m | $1.4m | $1.4m | $1.4m | |
| Non Current Deferred Liabilities | — | — | — | $158.7m | $142.1m | $118.1m | $107.9m | |
| Non Current Deferred Taxes Assets | — | — | — | $2.0m | $1.4m | $1.4m | $1.4m | |
| Non Current Note Receivables | — | — | — | $18.1m | $9.1m | $2.8m | $0 | |
| Ordinary Shares Number | — | — | — | $2.2b | $2.2b | $1.8b | $1.9b | |
| Other Current Liabilities | — | — | — | $55.9m | $46.3m | $66.4m | $72.3m | |
| Other Equity Adjustments | — | — | — | ($50.0m) | $84.4m | $115.0m | $106.3m | |
| Other Payable | — | — | $7.2m | — | $442k | $94.7m | — | |
| Other Properties | — | — | — | $171.9m | $150.4m | $189.9m | $221.4m | |
| Properties | — | — | — | $0 | $0 | $0 | $0 | |
| Raw Materials | — | — | — | $29.4m | $39.5m | $32.2m | $72.9m | |
| Share Issued | — | — | — | $2.7b | $2.7b | $2.7b | $2.7b | |
| Tangible Book Value | — | — | — | $3.2b | $2.9b | $2.3b | $2.3b | |
| Treasury Shares Number | — | — | — | $460.9m | $543.1m | $862.0m | $819.9m | |
| Working Capital | — | — | — | $2.9b | $2.3b | $1.7b | $1.6b | |
| Total non-current assets | $438.5m | $1.2b | $2.7b | $2.4b | $2.1b | $1.6b | $1.6b | |
| Total non-current liabilities | $172.8m | $313.5m | $386.9m | $211.7m | $209.9m | $227.7m | $231.1m | |
| Total Yatsen Holding Limited shareholders' equity | ($55.8m) | $6.8b | $5.7b | $4.7b | $4.1b | $3.1b | $3.0b | |
| Total shareholders' equity | ($55.8m) | $6.9b | $5.7b | $4.7b | $4.1b | $3.1b | $3.0b | |
| Total Capitalization | — | — | — | $4.7b | $4.1b | $3.1b | $3.0b | |
| Total Debt | — | — | — | $132.6m | $113.2m | $148.9m | $176.6m | |
| Total Tax Payable | — | — | — | $39.7m | $35.5m | $44.2m | $61.1m | |
| Assets | $2.0b | $1.3b | $1.1b | $850.0m | $705.1m | $544.0m | $550.1m | |
| Total assets | $2.0b | $8.3b | $7.3b | $5.9b | $5.0b | $4.0b | $3.8b | |
| LIABILITIES AND EQUITY | ||||||||
| Current liabilities: | ||||||||
| Operating Lease, Liability, Current | $93.9m | $33.0m | $33.7m | $11.5m | $6.4m | $5.4m | $7.6m | |
| Accounts Payable, Current | $400.5m | $71.5m | $37.8m | $17.4m | $14.9m | $9.9m | $16.7m | |
| Operating Lease, Liability, Noncurrent | $171.0m | $47.8m | $32.4m | $7.7m | $9.5m | $15.0m | $17.6m | |
| Dividends Payable | — | — | $0 | — | — | — | — | |
| Accounts and notes payable (including accounts payable of the consolidated VIEs without recourse to the Group of RMB3,481 and RMB2,740 as of December 31, 2024 and 2025, respectively) | — | — | — | — | — | $72.1m | $149.4m | |
| Accrued expenses and other liabilities (including accrued expenses and other liabilities of the consolidated VIEs without recourse to the Group of RMB6,639 and RMB13,690 as of December 31, 2024 and 2025, respectively) | $191.1m | $411.9m | $370.5m | $323.3m | $391.2m | $460.1m | $348.7m | |
| Accrued salary and employee benefits | $8.7m | $18.1m | $24.5m | $12.4m | $14.8m | $22.3m | $15.2m | |
| Payables And Accrued Expenses | — | — | — | $436.3m | $477.9m | $514.8m | $460.7m | |
| Liabilities, Current | $763.3m | $173.3m | $137.7m | $85.3m | $86.1m | $87.7m | $88.0m | |
| Total current liabilities | $763.3m | $1.1b | $877.6m | $588.4m | $611.3m | $640.2m | $615.3m | |
| Deferred Income Tax Liabilities, Net | $1.7m | $239k | $19.5m | $16.4m | $15.7m | $14.2m | $15.4m | |
| Deferred tax liabilities (including deferred tax liabilities of the consolidated VIEs without recourse to the Group of RMB10,628 and RMB19,204 as of December 31, 2024 and 2025, respectively) | $1.7m | $1.6m | $124.5m | $113.4m | $111.6m | $103.3m | $107.9m | |
| Long Term Debt And Capital Lease Obligation | — | — | — | $53.0m | $67.8m | $109.5m | $123.2m | |
| Non Current Deferred Taxes Liabilities | — | — | — | $113.4m | $111.6m | $103.3m | $107.9m | |
| Liabilities | $936.1m | $221.3m | $198.4m | $116.0m | $115.7m | $118.9m | $121.0m | |
| Total liabilities | $936.1m | $1.4b | $1.3b | $800.1m | $821.2m | $867.9m | $846.3m | |
| Redeemable Noncontrolling Interest, Equity, Carrying Amount | — | — | $53.1m | $49.3m | $7.2m | $7.0m | $191k | |
| Stockholders’ equity: | ||||||||
| Common Stock, Value, Issued | $56k | $27k | $27k | $25k | $24k | $24k | $25k | |
| Additional Paid in Capital | — | $1.7b | $1.8b | $1.7b | $1.7b | $1.7b | $1.8b | |
| Retained Earnings (Accumulated Deficit) | ($89.6m) | ($649.8m) | ($907.3m) | ($957.0m) | ($1.0b) | ($1.1b) | ($1.2b) | |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $14.4m | ($14.9m) | ($40.1m) | ($10.8m) | $8.5m | $11.9m | $10.7m | |
| Accumulated deficit | ($89.6m) | ($4.2b) | ($5.8b) | ($6.6b) | ($7.3b) | ($8.1b) | ($8.1b) | |
| Accumulated other comprehensive income | $14.4m | ($97.3m) | ($255.8m) | ($74.2m) | $60.2m | $86.9m | $74.8m | |
| Treasury stocks | — | — | — | ($16.5m) | ($19.2m) | — | — | |
| Capital Stock | — | — | — | $173k | $173k | $173k | $173k | |
| Gains Losses Not Affecting Retained Earnings | — | — | — | ($50.0m) | $84.4m | $115.0m | $106.3m | |
| Treasury Stock | — | — | — | $669.1m | $864.6m | $1.3b | $1.3b | |
| Stockholders' Equity Attributable to Parent | ($55.8m) | $1.0b | $888.1m | $684.3m | $582.4m | $418.6m | $430.5m | |
| Stockholders' Equity Attributable to Noncontrolling Interest | — | $2.3m | $1.5m | $458k | ($244k) | ($451k) | ($1.6m) | |
| Minority Interest | — | — | — | $343.1m | $49.7m | $47.7m | ($10.0m) | |
| Total Equity Gross Minority Interest | — | — | — | $5.1b | $4.2b | $3.1b | $3.0b | |
| Total Non Current Liabilities Net Minority Interest | — | — | — | $211.7m | $209.9m | $227.7m | $231.1m | |
| Liabilities and Equity | $2.0b | $1.3b | $1.1b | $850.0m | $705.1m | $544.0m | $550.1m | |
| Total liabilities, redeemable non-controlling interests and shareholders' equity | $2.0b | $8.3b | $7.3b | $5.9b | $5.0b | $4.0b | $3.8b |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.