| Category | Color Cosmetics |
| Founded | 2016 |
| Headquarters | Guangzhou |
| Listing | NYSE-listed via Yatsen · YSG (Nov 2020) |
| Latest revenue | Parent Yatsen FY2025 revenue RMB 4.30bn, net loss RMB 92.4m |
| Hero SKUs | Slim Velvet Lipstick / Animal Palette |
Brand History
Founded in 2016 by Huang Jinfeng under Yatsen, Perfect Diary bypassed distributors with DTC: Xiaohongshu content, WeChat private traffic, direct factory links and a sub-three-month launch cycle. On Double 11 2019 it became the first domestic brand to top Tmall's makeup chart; Yatsen listed on the NYSE in November 2020 and revenue peaked at RMB 5.84bn in 2021.
Rising traffic costs and homogenised competition ended that run. From 2022 Yatsen closed inefficient stores, acquired DR.WU's mainland business, GALENIC and EVE LOM, and shifted toward higher-margin skincare. In 2025 revenue reached RMB 4.30bn (+26.7%) with skincare at 53%, the net loss narrowed to RMB 92.4m and non-GAAP profit turned positive at RMB 8.4m. Perfect Diary itself returned to slight growth and restarted offline and overseas tests.
Hero Products
Three-Year Financials
| Year | Revenue (RMB bn) | YoY | Net profit (RMB bn) |
|---|---|---|---|
| 2024 | 33.94 | 约 -0.7% | -7.10 |
| 2025 | 43.00 | +26.7% | -0.92 |
Brand-level：Perfect Diary's own revenue is not disclosed; the company reports colour cosmetics up 1.9% in 2025, with skincare at 53% of total revenue.
Source：Yatsen FY2024-FY2025 results; National Business Daily coverage
Company Coverage
- 2026-03Yatsen FY2025: RMB 4.30bn revenue, first non-GAAP annual profit
DR.WU and GALENIC drove growth; Perfect Diary makeup rose 1.9%.
Source：Company results - 2025-10Offline restart
Multibrand stores and pop-ups return to core retail areas, testing try-on and pickup.
Source：Media - 2025-06Southeast Asia push
Cross-border entry into Indonesia and Malaysia at AOV close to domestic.
Source：Media