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Yatsen Holding Limited (YSG)
The export includes the complete available history of financial statements and ratios. Numbers are provided in full, without million or billion abbreviations, in their original reporting units.
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Yatsen Holding Limited Balance Sheet 2025-2011 | YSG
Brief balance sheet overview of Yatsen Holding Limited
This overview follows the five latest available annual observations between 2021 and 2025.
The asset base decreased -47.1%, from 7.3 billion CNY to 3.8 billion CNY. Resources became smaller over the five periods.
Liabilities expanded faster than the asset base, -33.1% versus -47.1%. Debt-service capacity deserves attention.
Equity accounts for 78.3% of assets. Against the initial 78%, the capital position looks resilient.
Negative net debt of -588.8 million CNY means cash holdings are larger than debt obligations.
The accumulated result is -8.1 billion CNY and remains below zero. The number alone does not explain whether losses, dividends or repurchases were the main cause.
Balance sheet takeaway
Taken together, the figures indicate acceptable resilience for Yatsen Holding Limited. The next assessment depends on debt and equity trends.
Annual Balance Sheet Yatsen Holding Limited
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
-589 M | -668 M | -724 M | -1.38 B | - | - | - | -2.29 M | - | - | - | - | - | - | - |
Long Term Debt |
123 M | 110 M | 67.8 M | 53 M | - | - | - | - | - | - | - | - | - | - | - |
Long Term Debt Current |
53.4 M | 39.4 M | 45.5 M | 79.6 M | - | 215 M | - | - | - | - | - | - | - | - | - |
Total Non Current Liabilities |
231 M | 228 M | 210 M | 212 M | 387 M | 313 M | 173 M | 11.5 M | - | - | - | - | - | - | - |
Total Current Liabilities |
615 M | 640 M | 611 M | 588 M | 878 M | 1.13 B | 763 M | - | - | - | - | - | - | - | - |
Total Liabilities |
846 M | 868 M | 821 M | 800 M | 1.26 B | 1.44 B | 936 M | 199 M | - | - | - | - | - | - | - |
Deferred Revenue |
28.8 M | 19.6 M | 41.6 M | 16.7 M | - | 6.23 M | 3.18 M | 1 K | - | - | - | - | - | - | - |
Retained Earnings |
-8.14 B | -8.06 B | -7.35 B | -6.6 B | -5.78 B | -4.24 B | -89.6 M | -60 M | - | - | - | - | - | - | - |
Total Assets |
3.85 B | 3.97 B | 5.01 B | 5.86 B | 7.27 B | 8.31 B | 2.01 B | 328 M | - | - | - | - | - | - | - |
Cash and Cash Equivalents |
765 M | 817 M | 837 M | 1.51 B | - | 5.73 B | - | - | - | - | - | - | - | - | - |
Book Value |
3 B | 3.1 B | 4.18 B | 5.06 B | 6.01 B | 6.86 B | 1.07 B | 129 M | - | - | - | - | - | - | - |
Total Shareholders Equity |
3.01 B | 3.06 B | 4.14 B | 4.72 B | 5.67 B | 6.86 B | -55.8 M | -58.5 M | - | - | - | - | - | - | - |
Annual performance
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All numbers in CNY currency
Quarterly Balance Sheet Yatsen Holding Limited
| 2025-Q4 | 2024-Q4 | 2023-Q4 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
123 M | 110 M | 67.8 M | - | - | - | - | 206 M | - | - | - | 312 M | - | - | - | 171 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Non Current Liabilities |
231 M | 228 M | 210 M | - | - | - | - | 387 M | - | - | - | 313 M | - | - | - | 173 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Liabilities |
846 M | 868 M | 821 M | - | - | - | - | 1.26 B | - | - | - | 1.44 B | - | - | - | 936 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Deferred Revenue |
28.8 M | 19.6 M | 41.6 M | - | - | - | - | 20.7 M | - | - | - | 6.23 M | - | - | - | 3.18 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Retained Earnings |
-8.14 B | -8.06 B | -7.35 B | - | - | - | - | -5.78 B | - | - | - | -4.24 B | - | - | - | -89.6 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Assets |
3.85 B | 3.97 B | 5.01 B | - | - | - | - | 7.27 B | - | - | - | 8.31 B | - | - | - | 2.01 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cash and Cash Equivalents |
765 M | 817 M | 837 M | - | - | - | - | 3.14 B | - | - | - | 5.73 B | - | - | - | 677 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Book Value |
3 B | 3.1 B | 4.18 B | - | - | - | - | 6.01 B | - | - | - | 6.86 B | - | - | - | 1.07 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Shareholders Equity |
3.01 B | 3.06 B | 4.14 B | - | - | - | - | 5.66 B | - | - | - | 6.85 B | - | - | - | -55.8 M | - | - | - | -58.5 M | - | - | - | -19.5 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quarterly performance
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All numbers in CNY currency
Balance Sheet is a fundamental financial report of Yatsen Holding Limited, providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
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