Yatsen (YSG, NC): APAC Consumer & Leisure Corp Day 2026: Skincare-led 2Q26 momentum w/ product launches & upgrades ahead

研报英文原文证据摘录

Yatsen (YSG, NC): APAC Consumer & Leisure Corp Day 2026: Skincare-led 2Q26 momentum w/ product launches & upgrades ahead

Goldman Sachs Yatsen (YSG, NC)

expectations, expecting 10%-20% yoy growth in 2Q26. Skincare remained the main

growth driver, with DR.WU performing particularly well across both Tmall and

Douyin, ranking first on Tmall’s fastest-growing store list and among the top 10

domestic skincare brands on Douyin. At the channel level, Douyin remained the

fastest-growing platform, while non-Douyin channels also started to contribute

incremental growth.

n Competition: Mgmt shared industry competition is showing a clear K-shaped split

with MNC premium brands regaining share through deeper discounting and stronger

online execution, while sub-Rmb100 white-label brands, especially in color

cosmetics, continue to benefit from rapid traffic-driven rotation on Douyin. Share is

increasingly concentrating at the premium and mass ends, with the former led by

global brands and the latter remaining highly competitive due to lower entry barriers

and crowded landscape. Management believes sustainable share gains require

strong capabilities in rapid product innovation, core SKU iteration, and content

format evolution, followed by gradual expansion across products and channels.

n Discounts & Return: The company said 618 discounting and return rates remained

broadly stable. In premium skincare, brands largely avoided aggressive price cuts or

heavy subsidies, with management stressing that pricing discipline remains intact

and that promotional adjustments are made mainly through product bundling rather

than direct price cuts.

2. Brand performance & strategy

n Galénic: Galénic remains one of the main focuses, with solid 2Q26 progress across

both products and channels.