逸仙电商2025年财报：营收 43 亿元上市以来首次年度Non-GAAP盈利

作者：龚作仁文章来源：Laborer

2026-04-30 12:30

作者：龚作仁文章来源：Laborer

2026-04-30 12:30

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逸仙电商2025年实现历史性突破，营收和盈利均大幅增长。

1. 营收43亿元，同比增长26.7%；首次年度Non-GAAP盈利840万元，毛利率提升至78.2%。

2. 护肤业务强劲增长63.5%，达22.8亿元，占总收入53.0%；彩妆业务稳步增长，形成双轮驱动格局。

研发驱动战略显著提升产品力。

1. 研发投入1.4亿元，同比增长25.6%；连续四年研发费用率超3%，全球专利申请269项。

2. 明星单品如DR.WU杏仁酸精华、完美日记仿生膜口红系列热销，占据抖音、天猫等平台TOP1榜单；实操中，公司通过多品牌协同和科技赋能，如完美日记升级第三代妆养仿生膜技术。

逸仙电商的品牌营销和产品研发策略成效显著。

1. 品牌营销：DR.WU达尔肤杏仁酸精华长期占据嫩肤精华新品榜TOP1；Galénic科兰黎VC精华夺得天猫高端美白精华TOP1；EVE LOM洁颜霜蝉联多平台高端卸妆膏TOP1，反映用户对功效化和情绪护肤的偏好。

2. 产品研发：研发投入1.4亿元，同比增长25.6%；备案三项新原料如长双歧杆菌滤液，构筑技术壁垒；驱动消费趋势向品质化升级，如“妆养一体”赛道。

品牌渠道建设与用户行为分析。

1. 渠道：科兰黎在广州太古汇开设科技护肤精品店；完美日记等品牌在抖音、天猫平台表现亮眼，小金珠面膜持续热销。

2. 用户行为：热销单品显示消费者对美白、祛痘和眼油等高功效产品的需求增长；代表企业逸仙电商稳居全球美妆企业67位。

市场增长和政策环境带来机遇。

1. 增长市场：中国化妆品行业2025年销售额同比增长5.1%，2026年市场规模将突破10262亿元，消费需求向品质化升级。

2. 机会提示：逸仙电商护肤业务增长63.5%，4个过亿级单品如仿生膜口红系列；可学习点：以研发为核心的双轮驱动模式，多品牌协同增效。

事件应对和风险提示。

1. 正面影响：逸仙营收增长26.7%，毛利率创新高至78.2%；合作方式如平台TOP1排名，带来招商潜力。

2. 风险：行业竞争加剧需强化研发；机会：利用研发投入（如CNAS认证）规避低价竞争风险；最新商业模式：科技赋能产品升级，参考小奥汀多用棒抖音TOP1案例。

产品生产和设计需求高度关注研发赋能。

1. 生产需求：成功备案三项新原料，如焕复元和长双歧杆菌滤液，打造技术壁垒；采用CNAS认证技术提升产品品质。

2. 设计启示：完美日记“妆养仿生膜”科技赋能产品力，驱动彩妆增长；EVE LOM新单品琉金眼油登顶抖音TOP1，显示创新设计趋势。

商业机会和数字化启示。

1. 机会：与逸仙电商合作，利用其原料研发和专利（累计269项）；护肤业务增长63.5%，提供生产需求空间。

2. 数字化：研发投入1.4亿元，同比增25.6%，启示推进电商和科技融合；案例DR.WU抛光水多渠道TOP1，展示精细化生产价值。

行业发展趋势和技术创新驱动解决方案。

1. 趋势：中国化妆品市场2026年将达10262亿元，消费需求品质化升级；逸仙电商营收增长26.7%，显示行业景气回升。

2. 新技术：研发投入同比增长25.6%，获CNAS认证；备案新原料如长双歧杆菌溶胞产物；IFSCC大会入围11篇论文，代表全球领先创新。

客户痛点和解决方案。

1. 痛点：品牌需提升产品竞争力以应对价格战；逸仙案例显示，研发费用率超3%解决技术壁垒不足。

2. 解决方案：多品牌协同如科兰黎精品店，提升渠道效率；科技赋能产品升级（如完美日记仿生膜技术），提供效化解方；代表企业逸仙电商全球排名67位，可作为合作参考。

商业对平台需求和运营管理提出新要求。

1. 需求：逸仙电商产品在抖音、天猫等平台热销，DR.WU杏仁酸精华、Galénic VC精华均占TOP1榜单，显示平台引流机会。

2. 平台做法：基于榜单TOP1排名，优化招商策略；如完美日记仿生膜口红系列在多平台唇妆类前列，提供运营案例。

风向规避和平台最新动向。

1. 风险：行业竞争升级需规避价格风；逸仙毛利率78.2%创新高，启示以研发支撑。

2. 机会：平台合作方式如扶持TOP1单品；行业动向：2026年市场规模破万亿，消费功效化升级；运营管理：逸仙多品牌矩阵协同，参考小奥汀抖音TOP1案例，提升平台吸引力。

产业新动向和商业模式创新明显。

1. 动向：逸仙电商研发投入连续四年超3%，专利269项；新原料备案如长双歧杆菌滤液，反映原料创新趋势。

2. 商业模式：双轮驱动护肤彩妆业务，护肤增长63.5%；多品牌协同如DR.WU、EVE LOM明星单品热销，构建高质量运营体系。

政策法规建议和新问题探讨。

1. 政策启示：发布《美妆创新白皮书》，系统呈现科研成果；建议强化研发投入，应对行业5.1%增长。

2. 新问题：消费升级向品质化、功效化转变，逸仙案例显示风险如竞争加剧；代表企业数据：营收43亿元，首次盈利，提供全球排名67位的实证案例。

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我是品牌商卖家工厂服务商平台商研究者帮我再读一遍。

Quick Summary

Yatsen achieved a historic breakthrough in 2025, with significant growth in both revenue and profitability.

1. Revenue reached RMB 4.3 billion, a 26.7% year-on-year increase; it achieved its first annual Non-GAAP profit of RMB 8.4 million, with gross margin rising to 78.2%.

2. The skincare business saw robust growth of 63.5%, reaching RMB 2.28 billion and accounting for 53.0% of total revenue; the color cosmetics business grew steadily, forming a dual-engine growth model.

The R&D-driven strategy significantly enhanced product competitiveness.

1. R&D investment totaled RMB 140 million, up 25.6% year-on-year; the R&D expense ratio has exceeded 3% for four consecutive years, with 269 global patent applications filed.

2. Star products like DR.WU's Mandelic Acid Essence and Perfect Diary's Bio-Mimetic Film Lipstick Series were top sellers, ranking #1 on platforms like Douyin and Tmall; in practice, the company leverages multi-brand synergies and technology enablement, such as Perfect Diary's upgraded third-generation Bio-Mimetic Film technology.

Yatsen's brand marketing and product R&D strategies have yielded significant results.

1. Brand Marketing: DR.WU's Mandelic Acid Essence consistently ranked #1 on new exfoliating essence charts; Galénic's VC Essence secured the #1 spot for high-end whitening essences on Tmall; EVE LOM's Cleansing Balm maintained its #1 position for high-end cleansing balms across multiple platforms, reflecting consumer preference for efficacy-driven and sensorial skincare.

2. Product R&D: R&D investment reached RMB 140 million, a 25.6% YoY increase; three new ingredients, such as Bifidobacterium Longum Filtrate, were registered, building technical barriers; this drives the consumer trend towards quality upgrades, exemplified by the 'Skincare-Makeup Hybrid' category.

Brand channel development and consumer behavior analysis.

1. Channels: Galénic opened a tech-skincare boutique in Guangzhou's TaiKoo Hui; brands like Perfect Diary performed strongly on Douyin and Tmall, with products like the Little Gold Pearl Mask remaining bestsellers.

2. Consumer Behavior: Bestselling items indicate growing demand for high-efficacy products targeting whitening, acne treatment, and eye care; as a representative company, Yatsen ranked 67th among global beauty companies.

Market growth and policy environment present opportunities.

1. Growth Market: China's cosmetics industry sales grew 5.1% YoY in 2025, with the market size projected to exceed RMB 1,026.2 billion in 2026, indicating a consumer shift towards quality upgrades.

2. Opportunity Insight: Yatsen's skincare business grew 63.5%, with four products (e.g., the Bio-Mimetic Film Lipstick Series) generating over RMB 100 million each; key takeaway: an R&D-centric dual-engine model and multi-brand synergies drive growth.

Event response and risk alerts.

1. Positive Impact: Yatsen's revenue grew 26.7%, with gross margin hitting a record 78.2%; cooperation models, such as securing #1 platform rankings, enhance partnership potential.

2. Risk: Intensifying industry competition necessitates stronger R&D; Opportunity: Leverage R&D investments (e.g., CNAS certification) to mitigate low-price competition risks; Latest Business Model: Technology-enabled product upgrades, as seen with the Little Ondine Multi-Use Stick ranking #1 on Douyin.

Product manufacturing and design priorities are highly focused on R&D enablement.

1. Production Needs: Successfully registered three new ingredients, such as Reviferm and Bifidobacterium Longum Filtrate, creating technical barriers; adopted CNAS-certified technologies to enhance product quality.

2. Design Inspiration: Perfect Diary's 'Skincare-Makeup Bio-Mimetic Film' technology enhanced product appeal, driving color cosmetics growth; EVE LOM's new Gilded Eye Oil topped Douyin's #1 ranking, indicating innovative design trends.

Business opportunities and digital insights.

1. Opportunity: Partner with Yatsen to leverage its ingredient R&D and patents (269 cumulative); the 63.5% growth in its skincare business signals increased production demand.

2. Digitalization: R&D investment of RMB 140 million (up 25.6% YoY) highlights the need to integrate e-commerce and technology; the case of DR.WU's Polishing Water ranking #1 across channels demonstrates the value of precision manufacturing.

Industry trends and technological innovation drive solution demand.

1. Trends: China's cosmetics market will reach RMB 1,026.2 billion by 2026, with consumer demand shifting towards quality; Yatsen's 26.7% revenue growth indicates industry recovery.

2. New Tech: R&D investment grew 25.6% YoY, with CNAS certification obtained; new ingredients like Bifidobacterium Longum Lysate were registered; 11 papers were accepted by the IFSCC Congress, representing globally leading innovation.

Client pain points and solutions.

1. Pain Points: Brands need to enhance product competitiveness to counter price wars; Yatsen's case shows an R&D expense ratio exceeding 3% addresses insufficient technical barriers.

2. Solutions: Multi-brand synergies, like Galénic's boutique, improve channel efficiency; tech-enabled product upgrades (e.g., Perfect Diary's Bio-Mimetic Film technology) provide efficacy-based solutions; Yatsen's global rank of 67 serves as a partnership reference.

Business needs impose new requirements on platform demand and operations management.

1. Demand: Yatsen's products are top sellers on Douyin, Tmall, etc.; DR.WU's Mandelic Acid Essence and Galénic's VC Essence both rank #1, indicating platform traffic opportunities.

2. Platform Strategy: Optimize merchant recruitment based on #1 rankings; cases like Perfect Diary's Bio-Mimetic Film Lipstick Series leading lip category rankings on multiple platforms provide operational benchmarks.

Risk mitigation and latest platform dynamics.

1. Risk: Escalating industry competition requires avoiding price wars; Yatsen's record 78.2% gross margin highlights the importance of R&D support.

2. Opportunity: Platform cooperation models like promoting #1 products; Industry Dynamics: Market size to exceed RMB 1 trillion by 2026, with demand shifting towards efficacy; Operations: Yatsen's multi-brand matrix synergy, referenced in Little Ondine's Douyin #1 case, enhances platform appeal.

New industry trends and business model innovations are evident.

1. Trends: Yatsen's R&D investment exceeded 3% for four consecutive years, with 269 patents; new ingredient registrations like Bifidobacterium Longum Filtrate reflect raw material innovation trends.

2. Business Model: A dual-engine model drives skincare and color cosmetics, with skincare growing 63.5%; multi-brand synergies, with star products from DR.WU and EVE LOM as bestsellers, build a high-quality operational system.

Policy implications and new issue exploration.

1. Policy Insight: Published the 'Beauty Innovation White Paper' to systematically present R&D achievements; recommends strengthening R&D investment to cope with the industry's 5.1% growth.

2. New Issues: Consumption upgrade shifting towards quality and efficacy; Yatsen's case reveals risks like intensified competition; Representative Data: RMB 4.3 billion revenue, first-time profitability, providing an empirical case study with a global rank of 67.

Disclaimer: The "Quick Summary" content is entirely generated by AI. Please exercise discretion when interpreting the information. For issues or corrections, please email run@ebrun.com .

I am a Brand Seller Factory Service Provider Marketplace Seller Researcher Read it again.

4月29日晚，逸仙电商（NYSE:YSG）发布2025年年度业绩报告。公告显示，2025年全年实现营收43亿元，同比增长26.7%，毛利率78.2%，同比增加1.1个百分点；Non-GAAP净利润取得历史性突破，达840万元，为上市以来首次实现Non-GAAP年度盈利。其中，护肤业务发展动能强劲，净收入同比大幅增长63.5%达到22.8亿元，占全年总净收入的53.0%。这意味着逸仙电商已经形成护肤与彩妆业务双轮驱动的高质量发展格局，为后续业务的韧性增长提供了更坚实支撑。

与此同时，公司坚持研发驱动战略，持续加码科研投入。2025年研发投入达1.4亿元，同比增长25.6%，研发费用率连续四年保持在3%以上，位居全球美妆行业第一梯队。自成立以来，公司累计研发投入已近7亿元。截至2025年底，在全球范围内累计申请专利269项，其中发明专利84项、授权发明专利72项，稳步向 “世界级美妆创新先锋” 目标迈进。

据悉，逸仙电商连续多年荣登WWD全球美容企业百强榜单，2025年稳居全球第67位、中国美妆企业第7位，品牌势能稳步进阶。

科技赋能产品升级多品牌协同提质增效

2025年作为“十四五”的收官之年，中国化妆品行业迎来高质量发展的关键节点，全年销售额以同比增长5.1%的速度跑赢大盘，行业景气度持续回升。在此背景下，作为世界级美妆创新先锋，逸仙电商深入推进战略转型，夯实产品力，驱动企业高质量发展。

其中，护肤业务发展势能强劲，各大品牌明星单品持续热销。DR.WU达尔肤2025年实现口碑与销售双爆发，王牌杏仁酸精华长年占据嫩肤精华液新品榜TOP 1、祛痘面部精华好评榜TOP 1、百亿补贴祛痘修护精华热销榜TOP 1；抛光水包揽多渠道TOP1榜单。Galénic法国科兰黎天猫渠道表现亮眼，旗下明星单品VC精华占据天猫高端美白精华TOP1、抖音高端美白精华TOP1；爆品小金珠面膜单品天猫持续热销。EVE LOM伊芙珑明星单品传奇洁颜霜蝉联天猫、京东、抖音高端卸妆膏TOP1；新晋大单品「琉金眼油」上新首个季度登顶抖音高端眼油TOP1，「琉金油」也斩获多项美妆大奖，情绪护肤理念获得市场的高度认可。

科兰黎广州首家科技护肤精品店于太古汇启幕

彩妆方面，完美日记深耕“妆养一体”赛道，以升级后的第三代妆养仿生膜Biotec™科技赋能产品力，助力彩妆业务稳步增长。2025年品牌成功打造4个过亿级单品，其中「仿生膜」精华口红系列表现尤为亮眼，全系列销售额再创新高，在多平台唇妆品类榜单中均稳居前列。同时，小奥汀多用棒、双效高光登顶抖音相关榜单TOP1；Pink Bear皮可熊明星单品丰唇蜜、多用霜均占据抖音榜单前列。

完美日记第三代妆养仿生膜Biotec™科技

逸仙电商通过深耕产品力创新，驱动护肤业务强势增长，赋能彩妆业务持续突破。根据财报，2025年实现营收43亿元，毛利润同比增长28.4%至33.6亿，毛利率从上年的77.1% 增长至78.2%，创年度毛利率新高。

持续夯实研发科技力连续四年研发费用占比超3%

在高研发投入支撑下，“逸仙科技之路”战略取得重要进展。2025年4月，逸仙全球创新研发中心上海分析实验室还荣获国家级CNAS权威认证，成为国内极少数获此资质的美妆研发实验室。2025年10月，逸仙集团正式发布《逸仙集团美妆创新白皮书》。作为中国首份美妆创新白皮书，该报告系统呈现了集团的科研创新成果，展现出中国美妆科技跻身全球研发领先行列的实力。

逸仙全球创新研发中心上海分析实验室荣获国家级CNAS权威认证

在新功效原料研发方面公司亦稳步突破。目前已在药监局成功备案三项新原料，如焕复元（2023年备案，监测期）、长双歧杆菌婴儿亚种/乳糖发酵提取物滤液（2025年备案）、长双歧杆菌婴儿亚种/乳糖发酵溶胞产物（2025年备案），持续构筑自研原料的技术壁垒，并通过创新科技实现跨越式发展，为旗下品牌提供核心技术赋能。

逸仙集团正式发布《逸仙集团美妆创新白皮书》

与此同时，逸仙电商的研发实力也持续获得全球美妆行业的高度认可。2025年9月，作为连续四年受邀参会的中国美妆企业代表，逸仙电商再度登上“化妆品界诺贝尔”IFSCC大会，并以11篇高质量科研论文成功入围，入围论文的数量创下历史新高，稳居国货美妆行业领先水平。集团旗下五大品牌Perfect Diary完美日记、DR.WU达尔肤、Galénic法国科兰黎、EVE LOM伊芙珑及瑞科护携前沿科研成果集体亮相，与全球同行就四大核心研究领域的创新突破，展开深入交流。

连续四年亮相IFSCC大会

展望2026年，化妆品行业复苏韧性持续增强。据弗若斯特沙利文数据，中国作为全球第二大化妆品市场，2026年市场规模将突破万亿元，达到10262亿元。随着消费需求向品质化、功效化与品牌价值升级，具备硬核研发实力、精细化运营能力及长期品牌壁垒的企业，未来将具备先发增长优势。

行业分析认为，逸仙电商将紧抓行业机遇，持续以研发创新为核心，深化护肤与彩妆双轮驱动，依托多品牌矩阵与高质量运营，在万亿美妆市场中实现稳健持续的增长。

注：文/龚作仁，文章来源：Laborer，本文为作者独立观点，不代表亿邦动力立场。

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FAQ回顾

逸仙电商2025年财报的核心业绩数据是什么？

逸仙电商2025年全年营收43亿元，同比增长26.7%；Non-GAAP净利润为840万元，这是其上市以来首次实现年度Non-GAAP盈利。护肤业务净收入同比增长63.5%，达到22.8亿元。

逸仙电商在研发方面有哪些投入和成果？

2025年研发投入1.4亿元，同比增长25.6%，研发费用率连续四年保持在3%以上。累计申请专利269项，其中发明专利84项。其上海分析实验室获国家级CNAS认证，并发布了《逸仙集团美妆创新白皮书》。

逸仙电商旗下各品牌在2025年的表现如何？

护肤品牌DR.WU达尔肤、Galénic科兰黎、EVE LOM伊芙珑的多款明星产品在电商平台占据细分品类TOP1。彩妆品牌完美日记打造了4个过亿级单品，其‘仿生膜’精华口红系列销售亮眼。

标签:: 业界

美的Q1：赚了但只赚了一点点

美的2026年开局平稳暗藏隐忧，ToB业务的结构性分化、扣非净利润的下滑，将在后续季度持续接受市场检验。

产业科技品牌故事生活电器未来零售

2026-04-30 12:08:34