Yatsen Holding (YSG) Gross Margin (2019 - 2025)

Yatsen Holding's Gross Margin history runs 7 years deep, the most recent figure standing at 77.66% for Q4 2025.

• On a quarterly basis, Gross Margin fell 9.0% year-over-year to 77.66% in Q4 2025; TTM through Dec 2025 was 78.2%, a 108.0% increase from a year earlier, with the FY2025 full-year figure at 78.2%, up 108.0% from the prior year.
• Gross Margin eased to 77.66% in Q4 2025 per YSG's latest filing, from 78.17% in the prior quarter.
• Across five years, Gross Margin topped out at 79.08% in Q1 2025 and bottomed at 62.86% in Q2 2022.
• The 5-year median for Gross Margin is 73.98% (2023), against an average of 72.72%.
• Across the five-year window, Gross Margin sank 286 bps in 2022 and soared 1187 bps in 2023, its largest moves.
• Year by year, Gross Margin stood at 64.99% in 2021, then increased by 9 bps to 71.07% in 2022, then gained by 4 bps to 73.66% in 2023, then climbed by 6 bps to 77.75% in 2024, then dropped by 0 bps to 77.66% in 2025.
• Per Business Quant, the three latest YSG Gross Margin figures stand at 77.66% (Q4 2025), 78.17% (Q3 2025), and 78.25% (Q2 2025).