Yatsen E-commerce has released its financial report for the third quarter ending September 30, 2023. The company reported total net revenue of RMB 718.1 million, marking a year-on-year decrease of 16.3%. Despite the decline in revenue, Yatsen’s net loss was reduced by 6.1% year-on-year to RMB 197.9 million. On a non-GAAP basis, however, the net loss expanded by 3.0% year-on-year to RMB 130.2 million. Gross profit for the quarter was RMB 512.8 million, down 13.3% year-on-year, with a gross margin of 71.4%, compared to 68.9% in the same period in 2022.
Total operating expenses for Yatsen stood at RMB 744.3 million, a 13.1% decrease year-on-year. Fulfillment expenses were reduced to RMB 56 million from RMB 63.8 million in the same period in 2022. Sales and marketing expenses also saw a reduction, dropping to RMB 511.7 million from RMB 564.8 million. General and administrative expenses decreased to RMB 151.8 million, while R&D expenses declined to RMB 24.7 million. The operating loss narrowed by 12.9% to RMB 231.5 million, though on a non-GAAP basis, it expanded by 1.2% to RMB 164.6 million.
Yatsen E-commerce’s founder, Chairman, and CEO, Huang Jinfeng, stated: “In the third quarter, the company’s three major skincare brands experienced steady growth. Meanwhile, Yatsen’s flagship brand, Perfect Diary, continued to enhance its brand strength through a new visual identity and the launch of major new products. We are optimistic about the future, and according to the company’s Q4 performance guidance, total revenue is expected to grow year-on-year.”
Founded in 2016, Guangzhou Yatsen E-commerce Co., Ltd. was recognized as a “Unicorn” innovative enterprise in Guangzhou in 2019, making it the city’s only e-commerce unicorn at the time.
Other Listed Digital Retail Companies in China
- Comprehensive E-commerce: Alibaba, JD.com, Pinduoduo, Vipshop, Suning.com, GOME Retail, All Things New, Secoo, Yunji.
- Live-streaming E-commerce: Kuaishou, Yaowang Technology, Mogu, Oriental Selection, Jiao Ge Peng You.
- Fresh Food E-commerce: Dingdong Maicai, Missfresh, Pagoda.
- Auto E-commerce: Tuanche, Uxin.
- Shopping Guide E-commerce: SMZDM (What Worth Buying), Fanli.com.
- Installment E-commerce: Qudian, Lexin.
- Retail E-commerce Service Providers: Youzan, Weimob, Yueshang Group, Guangyun Technology, Baozun E-commerce, Youquhui, Lovely Beauty Makeup, Ruoyuchen, Qingmu Holdings.
- Vertical E-commerce: Babytree Group, Kutesmart, Wunong Net, Boqii Pet.
- Brand E-commerce: Xiaomi Group, Bear Electric Appliances, Bestore, Three Squirrels, Yujiahui, Yatsen E-commerce, Rongmei Holdings, Nanjiren E-commerce.
By focusing on strategic brand development and enhancing its market presence, Yatsen aims to navigate the challenges in the competitive e-commerce landscape.
Post time: Sep-18-2024