Yatsen（YSG）2026年第2四半期決算説明会：スキンケア成長、赤字拡大

主要なポイント

• 逸仙電商（Yatsen / YSG）が発表した2026年第2四半期の純売上高は、経営陣が厳しい美容業界の背景と表現した状況にもかかわらず、前年同期比5.1％増の11億4,000万人民元となりました。
• スキンケア部門の売上高は40.4％増加して純売上高全体の71.5％に達した一方、カラーメイクアップ部門の売上高は、ブランドポートフォリオの最適化とSKUの整理縮小の中で35.8％減少しました。
• 粗利益率は、主にカラーメイクアップ部門の在庫引当金の増加により、前年同期の78.3％から73.9％に低下しました。経営陣は、これらの引当金を除いた実質的な粗利益率は概ね安定していたと述べています。
• 純損失は前年同期の1,950万人民元から9,080万人民元に拡大しました。Non-GAAP最終損益は前年同期の1,150万人民元の黒字から9,940万人民元の赤字となりました。
• 販売・マーケティング費用は売上高の70.7％に上昇しました。これは主力スキンケアブランドへの投資や、抖音（Douyin）におけるトラフィック獲得コストの上昇を反映しています。
• 経営陣は、2026年第3四半期の純売上高を8億9,860万人民元から9億9,840万人民元と予想しており、前年同期比で約0％から10％の減少を示しています。

主要財務データ

事業および業績の動向

スキンケア事業は引き続き逸仙電商の主要な成長エンジンとなっています。同セグメントの売上高が40.4％増加したことで、全社売上高に占める貢献度は70％を超えました。経営陣はこの好調の要因として、ブランド構築、製品イノベーション、チャネル開拓への継続的な投資を挙げています。

新製品としては、ガレニクス（Galénic）のアイクリーム、皮脂コントロール・保湿・鎮静ケアを目的としたDR.WUの美容液マスク3種、イヴロム（Eve Lom）のバイタルデューフレッシュハイドレーションクリームおよびスキンインフュージョンセラムなどが投入されました。逸仙電商は研究開発費を売上高比3.3％で維持しました。また経営陣は、7月にSCI採録誌に掲載されたDR.WUの3つの研究論文についても強調しました。

カラーメイクアップ事業は引き続き圧迫されました。逸仙電商がブランドポートフォリオの効率化とSKUの削減を進めたため、売上高は35.8％減少しました。これに伴う在庫引当金の計上が報告上の粗利益率を押し下げたものの、経営陣はより高成長なスキンケア事業へのリソース再配分を進めていると述べています。

フルフィルメント費用は、物流の効率化により前年同期の6,330万人民元から5,610万人民元に減少し、費用比率は5.8％から4.9％に改善しました。しかし、スキンケアブランドの認知度向上に向けた投資や、抖音（Douyin）でのトラフィック獲得コストの上昇により、販売・マーケティング費用は増加しました。

逸仙電商は2026年9月2日付で王麗（Li Wang）氏を共同最高財務責任者（Co-CFO）に任命しました。経営陣は、同氏の経験がコストの最適化、リソース配分、そして持続可能な収益性の高い成長を後押しすると述べています。

業績予想（ガイダンス）

経営陣は、2026年第3四半期の純売上高合計を8億9,860万人民元から9億9,840万人民元と予想しています。これは前年同期比で約0％から10％の減収を意味します。

同社は、この見通しが市場および事業環境に関する現在における予備的な評価を反映したものであり、変更される可能性があると注記しています。

リスクおよび注視項目

• 経営陣は、国内大手企業の成長減速や減収など、中国美容業界における広範な競争圧力を挙げました。
• 特に抖音（Douyin）におけるオンラインのトラフィック獲得コスト上昇が、逸仙電商の販売・マーケティング費用比率を押し上げました。
• カラーメイクアップ事業は、急速に変化する消費者トレンド、高いSKUの複雑さ、持続的なプロモーション競争の激化に直面しています。
• カラーメイクアップのポートフォリオ最適化に関連する在庫引当金が、第2四半期の粗利益率を大幅に押し下げました。
• 営業キャッシュフローは7,800万人民元の流出に転じ、営業損失および純損失は前年同期比で拡大しました。
• 第3四半期のガイダンスでは、総売上高が前年同期比で最大10％減少する可能性が示されています。

アナリスト質疑応答の要点

スキンケアのチャネル拡大について問われた経営陣は、逸仙電商が主力の天猫（Tmall）や抖音（Douyin）といったプラットフォームを超えて多様化を進める計画であると述べました。対象チャネルには、京東（JD.com）や唯品会（Vipshop）などのオンラインB2Bプラットフォームのほか、オフライン流通、免税店、プロフェッショナルチャネル、ガレニクス（Galénic）向けの高級百貨店ブティック、DR.WU向けのドラッグストアチャネルが含まれます。

経営陣は、これらのチャネルは一般的にトラフィックコストが低く、より健全な収益性を支えることができると説明しました。DR.WUにおける高いB2B比率は、他のスキンケアブランドにも選択的に適用できるモデルとして挙げられました。

オンラインのトラフィックコスト上昇に対処するため、逸仙電商はより成長率の高いスキンケアブランドへのリソース配分を増やし、B2Bおよびプロフェッショナルチャネルを拡大するとともに、厳格な財務規律とAIエージェントを活用してコンテンツ制作、顧客維持、予算配分の改善を図る計画です。経営陣は、目標が無差別に投資を削減することではなく、効率性を向上させることにあると強調しました。

決算説明会文字起こし全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Ladies and gentlemen, good day and welcome to the Yatsen's second quarter 2026 earnings conference call. Today's conference is being recorded.

At this time, I would like to turn the conference over to Irene Lyu, Vice President, Head of Strategic Investment and Capital Markets. Please go ahead.

Irene Lyu

Thank you, operator. Please note, the discussion today will contain forward-looking statements relating to the company's future performance and are intended to qualify for the safe harbor from liability as established by the U.S. Private Securities Litigation Reform Act. Such statements are not guarantees of future performance and are subject to certain risks and uncertainties, assumptions and other factors. Some of these risks are beyond the company's control and could cause actual results to differ materially from those mentioned in today's press release and this discussion.

A general discussion of the risk factors that could affect Yatsen's business and financial results is included in certain filings of the company with the Securities and Exchange Commission. The company does not undertake any obligation to update this forward-looking information except as required by law. During today's call, management will also discuss certain non-GAAP financial measures for comparison purposes only. Please see the earnings release issued earlier today for a definition of non-GAAP financial measures and a reconciliation of GAAP to non-GAAP financial results.

Joining us today on the call from Yatsen's senior management are Mr. Jinfeng Huang, our Founder, Chairman, CEO, and Mr. Donghao Yang, our CFO and Director. Management will begin with prepared remarks, and the call will conclude with a Q&A session.

As a reminder, this conference is being recorded. In addition, a webcast replay of this conference call will be available on Yatsen's Investor Relations website at ir.yatsenglobal.com.

I'll now turn the call over to Mr. Jinfeng Huang. Please go ahead, sir.

Jinfeng Huang

Thank you, Irene. Hello, everyone. And thank you for joining our second quarter 2026 earnings conference call. We delivered a quarter of continued strategy progress with total net revenue growing 5.1% year-over-year against a challenging industry backdrop. While overall growth was more moderate than our prior expectations, our Skincare portfolio delivered exceptional performance, reinforcing the effectiveness of our strategy transformation.

Turning to the macro environment, according to the National Bureau of Statistics, beauty retail sales grew 6.6% year-over-year in the second quarter of 2026, outperforming overall retail sales of consumer goods. While the impact of the June 18 shopping festival has become more moderate amid increasing promotional favor and more rational consumer behavior, the category continued to demonstrate strong consumption resilience.

That said, the competitive landscape remained challenging with many leading participants in the domestic beauty industry also reporting growth deceleration or revenue declines during the quarter, underscoring the broad-based headwinds facing the industry.

Against this resilient market backdrop, our total net revenues remained on a steady growth trajectory, increasing 5.1% year-over-year in the second quarter. More importantly, this growth was primarily driven by the sustained momentum of our Skincare portfolio, which delivered another strong quarter with revenues increasing 40.4% year-over-year and now representing 71.5% of our total net revenues.

The continued strength of our skincare brands further reinforced skincare as a core pillar of our business and a key driver of our overall growth, while underscoring the effectiveness of our ongoing investment in brand building, product innovation and channel development.

With Skincare now representing over 70% of the total revenues, our revenue mix has fundamentally shifted toward higher quality, more sustainable growth. At the heart of our strategy is a deep understanding of consumer needs and a strong commitment to delivering superior consumer experience. We remain focused on creating meaningful long-term value through both the products we offer and the emotional connections we build with consumers.

Let me now walk you through the progress we made in these areas during the quarter. Our first strategy priority is to continue strengthening our R&D capabilities and advancing innovation on a strong scientific foundation. We remain firmly committed to R&D investment with the R&D expenses maintained at 3.3% of total net revenues in the second quarter. We also continue to make meaningful progress in strengthening our scientific capabilities and external recognition.

In May, Yatsen's Global Innovation R&D Center was recognized as a national high-tech enterprise and received the Specialized, Sophisticated, Distinctive and Innovative designation in Shanghai. More recently, in July, DR.WU once again demonstrated the depth of its scientific capabilities, with 3 research studies published in international SCI-indexed journals, covering innovative approach to oily and acne-prone skin, new insights into the mechanism underlying post-acne marks, the clinical evidence supporting the combination of our mandelic acid serum with adapalene. These studies further validated the depth and breadth of our scientific research capabilities.

On the product front, we continue to build on the strengths of our existing franchise while deepening our expertise in targeted skincare solutions. Galénic further extended its Couture Révélation Cellulaire line with the launch of the Reviving Eye Cream, expanding the franchise into the delicate eye care category.

DR.WU also expanded its skincare portfolio with 3 new essence masks for oil control, hydration and soothing care. At Eve Lom, we further expanded the second-generation Vital Dew collection with the Vital Dew Fresh Hydration Cream and Skin Infusion Serum. These launches reflect our continued focus on leveraging established product franchises and scientific expertise to address evolving consumer needs and create sustainable growth opportunities.

Our second strategy priority is to further strengthen brand equity across our portfolio through high-impact consumer engagement and differentiated brand experiences. In late May, DR.WU partnered with CCTV.com for a dedicated live streaming event, which attracted a cumulative audience of 178 million viewers and generated a significant uplift in sales, further expanding the brand's reach and consumer engagement.

Galénic brought its Brightening Your Summer campaign to consumers through a pop-up experience on Wuzhizhou Island in Sanya in July. Eve Lom participated in the British Beauty Festival, further elevating its heritage and premium positioning. While these initiatives help to broadening our brand's reach and deepen consumer engagement across key markets and touch points, our third strategy priority is to enhance the quality and sustainability of our profitability.

In the second quarter, our gross margin was impacted by higher inventory provision in the Color Cosmetic business associated with the company's proactive brand portfolio optimization and SKU rationalization. Excluding the impact of this one-time inventory provisions, the underlying gross margin would have remained broadly stable year-over-year. Selling and marketing expenses as a percentage of net revenues rose, primarily driven by strategic investment in high-growth channels, particularly the Douyin.

At the same time, we remained focused on addressing structural profitability challenges in Color Cosmetics, where fast-changing consumer trends, high SKU complexity and ongoing promotion intensity require disciplined management and a more focused approach to resource allocation. We are actively streamlining our Color Cosmetics portfolio to improve profitability and refocus our resources on the higher growth skincare business.

Looking ahead, we will continue to optimize our cost structure, refine resource allocation across channels and unlock greater operating leverage from our fixed overhead. Furthermore, we are accelerating integration of AI across our operational workflow to drive continuous productivity gains. Together, these initiatives will further elevate our earnings quality and solidify the foundation of more sustainable long-term profitable growth.

Operator

Ladies and gentlemen, please hold while we reconnect with our speakers.

Jinfeng Huang

Yes. Yes, just reconnected. So finally, I am delighted to share a leadership update. Effective today, Ms. Wang, Li has been appointed as Co-Chief Financial Officer. Ms. Wang comes with a proven track record of over 15 years in the consumer and beauty industry, most recently serving as CFO of Proya Cosmetics. Her experience and financial expertise will further support our ongoing efforts to optimize our cost structure, improve resource allocation and drive sustainable profitable growth.

With that, I will now turn the call over to our CFO, Donghao Yang, to discuss our financial details.

Donghao Yang

Thank you, David, and hello, everyone. I am also very delighted to welcome Ms. Wang, as she joins the company. I look forward to working closely with her to ensure a smooth transition.

Before I discuss our financial details, I would like to clarify that all financial numbers presented today are in renminbi amounts and all percentage changes refer to year-over-year changes unless otherwise noted.

Total net revenues for the second quarter of 2026 increased by 5.1% to RMB 1.14 billion from RMB 1.09 billion for the prior year period. The increase was primarily due to a 40.4% year-over-year increase in net revenues from skincare brands, partially offset by a 35.8% year-over-year decrease in net revenues from our Color Cosmetics brands, which reflected the company's proactive brand portfolio optimization and deliberate SKU rationalization as part of its strategic transformation.

Gross profits for the second quarter of 2026 decreased by 0.8% to RMB 843.8 million from RMB 850.4 million for the prior year period. Gross margin for the second quarter of 2026 decreased to 73.9% from 78.3% for the prior year period, primarily due to higher inventory provisions in the Color Cosmetics business associated with brand portfolio optimization and SKU rationalization efforts.

Total operating expenses for the second quarter of 2026 increased by 7.7% to RMB 975.7 million from RMB 905.9 million for the prior year period. As a percentage of total net revenues, total operating expenses for the second quarter of 2026 were 85.4% as compared with 83.4% for the prior year period. Fulfillment expenses for the second quarter of 2026 were RMB 56.1 million as compared with RMB 63.3 million for the prior year period.

As a percentage of total net revenues, fulfillment expenses for the second quarter of 2026 decreased to 4.9% from 5.8% for the prior year period. The decrease was primarily attributable to further improvements in logistics efficiency.

Selling and marketing expenses for the second quarter of 2026 were RMB 807.6 million as compared with RMB 722.4 million for the prior year period. As a percentage of total net revenues, selling and marketing expenses for the second quarter of 2026 increased to 70.7% from 66.5% for the prior year period. The increase was primarily driven by strategic investments in broadening consumer awareness and building long-term brand equity of our core skincare brand, coupled with higher traffic acquisition costs on the Douyin platform as the company capitalized on the channel's strong growth momentum.

General and administrative expenses for the second quarter of 2026 were RMB 74.8 million as compared with RMB 84.1 million for the prior year period. As a percentage of total net revenues, general and administrative expenses for the second quarter of 2026 were 6.6% as compared with 7.7% for the prior year period. The decrease was primarily driven by lower share-based compensation expenses.

Research and development expenses for the second quarter of 2026 were RMB 37.3 million, as compared with RMB 36.1 million for the prior year period. As a percentage of total net revenues, research and development expenses for the second quarter of 2026 were 3.3%, consistent with the prior year period.

Loss from operations for the second quarter of 2026 was RMB 131.9 million as compared with RMB 55.5 million for the prior year period. Operating loss margin was 11.5% as compared with 5.1% for the prior year period. Non-GAAP loss from operations for the second quarter of 2026 was RMB 112.1 million as compared with RMB 20.4 million for the prior year period. The non-GAAP operating loss margin was 9.8% as compared with 1.9% for the prior year period. Net loss for the second quarter of 2026 was RMB 90.8 million as compared with RMB 19.5 million for the prior year period. Net loss margin was 8% as compared with 1.8% for the prior year period.

Net loss attributable to Yatsen's ordinary shareholders per diluted ADS for the second quarter of 2026 was RMB 0.97 as compared with RMB 0.19 for the prior year period. Non-GAAP net loss for the second quarter of 2026 was RMB 99.4 million as compared with non-GAAP net income of RMB 11.5 million for the prior year period. Non-GAAP net loss margin was 8.7% as compared with non-GAAP net income margin of 1.1% for the prior year period. Non-GAAP net loss attributable to Yatsen's ordinary shareholders per diluted ADS for the second quarter of 2026 was RMB 1.06 as compared with non-GAAP net income attributable to Yatsen's ordinary shareholders per diluted ADS of RMB 0.13 for the prior year period.

As of June 30, 2026, the company had cash, restricted cash and short-term investments of RMB 1.06 billion as compared with RMB 1.05 billion as of December 31, 2025. Net cash used in operating activities for the second quarter of 2026 was RMB 78 million as compared with net cash generated from operating activities of RMB 77.7 million for the prior period.

Looking at our business outlook for the third quarter of 2026, we expect our total net revenues to be between RMB 898.6 million and RMB 998.4 million, representing a year-over-year decrease of approximately 0% to 10%. These forecasts reflect the company's current and preliminary views on the market and operational conditions, which are subject to change.

With that, I would now like to open the call to Q&A. Operator?

Operator

[Operator Instructions] The first question today comes from Maggie Huang with CICC.

質疑応答

Manqi Huang

This is Maggie Huang from CICC. I have 2 questions. My first question is about our channel expansion strategy for our skincare brands going forward.

And my second question is that we are seeing online traffic costs rising, so how would the company respond to this trend? And what strategies will be adopted to further improve our marketing efficiency? That's my 2 questions.

Irene Lyu

Thank you, Maggie, for your question. So for the first question, yes, so channel expansion is very important for the next stage of growth for our skincare brand. As we widen our product offering, it will be natural and easier to diversify our channel. So right now, in addition to our core online platform, which is Tmall and Douyin, we will also increase B2B channels. For example, some of the online B2B channels are JD, Vipshop, [ TBD ]. And there will be some offline B2B channels that we'll be expanding, including offline distribution, duty-free and some professional channels.

So these channels generally carry lower traffic costs and support a healthier profitability profile. So to give you an example, DR.WU has already shown that a higher B2B mix can support both growth and profitability. So this is a model we will selectively apply to our other skincare brands. So we will also be adding some differentiated formats, such as Galénic, we have boutique stores in premium department stores and shopping malls. And also for DR.WU, we are also distributing in some OTC channels, the drugstores. So we believe this channel strategy can help us reduce reliance on some expensive online traffic and build a more balanced business and sustainable growth.

So then for your second question, in terms of the traffic cost, so yes, we are seeing rising traffic costs, which is an industry-wide trend right now. And we think we're responding in 3 ways. First, we're shifting more resources to the higher growth and higher return skincare brands, which now account for over 70% of our revenue. Secondly, we're expanding to B2B channels and professional channels, as mentioned earlier, right, to reduce reliance on very expensive online traffic. Thirdly, we're improving content creation, CRM retention and also budget allocation leveraging stronger financial discipline and AI agents. So the goal is not to cut investment blindly. Our goal is to support strong skincare growth with better efficiency and stronger profitability over time.

Manqi Huang

Okay. Got it. It's very clear. And I have no more questions.

Operator

This concludes our question and answer session. I would like to turn the conference back over to management for any additional or closing comments.

Irene Lyu

Thank you once again for joining us today. If you have any further questions, please feel free to contact us at Yatsen directly. Our contact information for IR in both China and the U.S. can be found in today's press release. Thank you, everyone, and have a great day.

Operator

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.