Yatsen is a China-based beauty company that develops, markets, and sells skincare and color cosmetics products under a portfolio of owned brands. Yatsen's flagship brand is Perfect Diary, a mass-market color cosmetics brand that built the company's early business through online channels targeting young Chinese consumers. Since 2021, Yatsen has pivoted toward skincare, and skincare brands now represent the majority of revenue. The skincare portfolio includes Galénic, a French-origin premium dermo-cosmetics brand acquired from Pierre Fabre; DR.WU, a Taiwanese dermatologist-founded clinical skincare brand; and Eve Lom, a prestige British brand known for its balm cleanser. The color cosmetics portfolio includes Perfect Diary, Little Ondine, and Pink Bear. Yatsen sells primarily through Chinese e-commerce platforms — Tmall, Douyin, JD, and others — and also operates a smaller network of offline stores. Galénic and Eve Lom have international distribution, though these remain a small share of the business. Yatsen sources most products from third-party ODM/OEM manufacturers and operates an R&D joint venture with Cosmax in Guangzhou. The core financial dynamic is that skincare brands carry meaningfully higher gross margins than color cosmetics brands, so the ongoing revenue mix shift toward skincare is the primary driver of margin expansion. The company's largest cost is selling and marketing, reflecting high customer acquisition costs on Chinese e-commerce and content platforms. Revenue is seasonal, concentrated around China's major shopping festivals in Q2 and Q4.