Yatsen Holding Limited, a leader in the China beauty market, has shared its unaudited financial results for the fourth quarter and full year ended December 31, 2020.
 
Fourth Quarter Results
 
Total net revenues for the fourth quarter of 2020 increased 71.7% to RMB 1.96 billion ($300.6 million) from RMB 1.14 billion for the fourth quarter of 2019. This increase was primarily attributable to the growth in sales volume of the company’s beauty products driven by an increase in the number of customers during the same period.
 
“We finished the fourth quarter of 2020 with solid financial results. Our healthy top line growth reflects strong performance across our brand portfolio and demonstrates the deep market appeal of our products, the success of our growth strategy, and our ability to skillfully execute our operational plan,” commented Donghao Yang, CFO and director of Yatsen.
 
Full Year Results
 
Total net revenues for the full year of 2020 increased by 72.6% to RMB 5.23 billion ($802.0 million) from RMB 3.03 billion in the prior year.
 
“We are thrilled to report solid fourth quarter and full year results as our efforts to scale our brands and unlock synergies between our various sales channels, resulted in powerful top-line growth,” said Jinfeng Huang, founder, chairman and CEO of Yatsen. “The growing popularity of homegrown Chinese beauty brands is presenting us with unprecedented opportunities that we are well positioned to capture. With our acquisition of several distinct skincare brands and our partnership with Sensient Technologies, we are on track to offer our customers a full suite of products.”
 
In 2021, Yatsen will continue to expand its offline experience stores. It also plans to introduce effective skincare regimens and new color cosmetics consisting of a fuller array of colors and textures.
 
For the first quarter of 2021, the company expects its total net revenues to be between RMB 1.37 billion and RMB 1.42 billion, representing a year-over-year growth rate of approximately 35% to 40%. These forecasts reflect the company’s current and preliminary views on the market and operational conditions, which are subject to change.