逸仙電商 (YSG) 2026 年第二季法說會：護膚業務成長，虧損擴大

重點摘要

• 逸仙電商 (YSG) 公布 2026 年第二季淨營收為 11.4 億元人民幣，年增 5.1%，儘管管理層稱美妝產業整體環境充滿挑戰。
• 護膚業務營收成長 40.4%，占總淨營收的 71.5%；彩妝業務營收則因品牌組合優化與 SKU 精簡而下滑 35.8%。
• 毛利率自 78.3% 降至 73.9%，主因為彩妝存貨跌價準備增加。管理層表示，若扣除這些準備金，基礎毛利率大致保持穩定。
• 淨虧損從去年同期的 1,950 萬元人民幣擴大至 9,080 萬元人民幣。Non-GAAP 淨虧損為 9,940 萬元人民幣，去年同期則為 Non-GAAP 淨利潤 1,150 萬元人民幣。
• 銷售與行銷費用升至營收的 70.7%，反映對核心護膚品牌的投資以及抖音平台流量獲取成本的增加。
• 管理層預估 2026 年第三季淨營收將介於 8.986 億元至 9.984 億元人民幣之間，相當於年減約 0% 至 10%。

關鍵財務數據

業務與營運表現

護膚業務仍是逸仙電商的主要成長引擎。該業務營收成長 40.4%，對公司總營收的貢獻提升至 70% 以上。管理層將此表現歸因於對品牌建設、產品創新及通路拓展的持續投入。

新推產品包括 Galénic（科蘭黎）的煥活眼霜、三款 DR.WU（達爾膚）控油、保濕及舒緩精華面膜，以及 Eve Lom 的沁潤水光保濕霜與精華液。逸仙電商將研發支出維持在營收的 3.3%。管理層亦強調 7 月有三項 DR.WU 研究發表於 SCI 期刊。

彩妝業務持續承壓。隨著逸仙電商精簡品牌組合並降低 SKU 複雜度，營收下滑 35.8%。相關存貨跌價準備拉低了報告毛利率，而管理層表示資源正重新聚焦於成長較快的護膚業務。

履約費用自 6,330 萬元人民幣降至 5,610 萬元人民幣，受益於物流效率提升，費用率從 5.8% 改善至 4.9%。然而，隨著逸仙電商加大對護膚品牌知名度的投資並支付更高的抖音流量獲取成本，銷售與行銷費用有所增加。

逸仙電商任命王莉女士為共同首席財務官（Co-CFO），自 2026 年 9 月 2 日起生效。管理層表示，她的經驗將有助於成本優化、資源分配及可持續的獲利成長。

管理層業績展望

管理層預期 2026 年第三季總淨營收將介於 8.986 億元至 9.984 億元人民幣之間，代表約年減 0% 至 10%。

公司指出，該預估反映其目前對市場及營運狀況的初步評估，未來仍可能調整。

風險與關注事項

• 管理層提到中國美妝產業面臨廣泛的競爭壓力，包括國內主要同業成長放緩或營收下滑。
• 線上流量獲取成本上升（尤其是抖音平台），推升了逸仙電商的銷售與行銷費用率。
• 彩妝業務面臨快速變化的消費者趨勢、高 SKU 複雜度以及持續的促銷強度。
• 與彩妝品牌組合優化相關的存貨跌價準備顯著拖累了第二季毛利率。
• 營運現金流轉為淨流出 7,800 萬元人民幣，且營業虧損與淨虧損均較去年同期擴大。
• 第三季展望顯示總營收可能年減高達 10%。

分析師問答重點

當被問及護膚業務的通路拓展時，管理層表示逸仙電商計劃超越核心的天貓與抖音平台進行多元化佈局。目標通路包括京東與唯品會等線上 B2B 平台，以及線下分銷、免稅店、專業通路、Galénic 的高端百貨專櫃與 DR.WU 的藥妝通路。

管理層指出，這些通路的流量成本通常較低，可支持更健康的獲利能力。DR.WU 較高的 B2B 業務占比被列為可選擇性應用於其他護膚品牌的範例。

為因應線上流量成本上升，逸仙電商計劃將更多資源分配給成長較快的護膚品牌，擴展 B2B 與專業通路，並結合更嚴格的財務紀律與 AI 代理（AI agents）來改善內容創作、客戶留存與預算分配。管理層強調，其目標是提升效率，而非一味削減投資。

電話會議完整逐字稿

完整財報電話會議逐字稿

管理層陳述

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.

分析師問答

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.