YSG (YSG) financial statements

· Market cap $233M

YSG reported revenue of 4.3B CNY in fiscal 2025, up 31.4% a year over 7 years.

Net income was -81M CNY and the operating margin -4.3%, against -5.2% in 2018.

Free cash flow was -137M CNY, and the company returned 111M CNY in net buybacks.

The diluted share count rose 587% over the period (dilution).

Revenue and free cash flow

Fiscal years, $ billions (CNY).

-2024620182019202020212022202320242025RevenueFree cash flow
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Income statement

Fiscal years, in CNY, from YSG's 10-K filings with the SEC.

Fiscal year20182019202020212022202320242025
Revenue635M CNY3.0B CNY5.2B CNY5.8B CNY3.7B CNY3.4B CNY3.4B CNY4.3B CNY
Cost of revenue232M CNY1.1B CNY1.9B CNY1.9B CNY1.2B CNY901M CNY776M CNY937M CNY
Gross profit403M CNY1.9B CNY3.4B CNY3.9B CNY2.5B CNY2.5B CNY2.6B CNY3.4B CNY
Research and development3M CNY23M CNY67M CNY142M CNY127M CNY112M CNY109M CNY137M CNY
Selling, general and admin353M CNY1.5B CNY5.6B CNY4.9B CNY3.1B CNY2.7B CNY2.7B CNY3.2B CNY
Operating income-33M CNY144M CNY-2.7B CNY-1.6B CNY-929M CNY-913M CNY-825M CNY-186M CNY
Pre-tax income-36M CNY147M CNY-2.7B CNY-1.5B CNY-819M CNY-753M CNY-713M CNY-93M CNY
Income tax4M CNY72M CNY7M CNY-921,000 CNY3M CNY-3M CNY-3M CNY-108,000 CNY
Net income-40M CNY75M CNY-2.7B CNY-1.5B CNY-815M CNY-748M CNY-708M CNY-81M CNY
EPS (diluted)-0.17 CNY-0.10 CNY-4.78 CNY-0.61 CNY-0.34 CNY-0.34 CNY-0.35 CNY-0.04 CNY
Diluted shares271M450M834M2.53B2.37B2.20B2.03B1.86B
Gross margin63.5%63.6%64.3%66.8%68.0%73.6%77.1%78.2%
Operating margin-5.2%4.7%-51.3%-27.8%-25.1%-26.7%-24.3%-4.3%
Net margin-6.3%2.5%-51.4%-26.4%-22.0%-21.9%-20.9%-1.9%

Balance sheet

Fiscal years, in CNY, from YSG's 10-K filings with the SEC.

Fiscal year20182019202020212022202320242025
Cash and short-term investments—687M CNY5.7B CNY3.1B CNY2.6B CNY2.1B CNY1.4B CNY1.0B CNY
Receivables—265M CNY419M CNY356M CNY201M CNY199M CNY215M CNY221M CNY
Inventory—504M CNY617M CNY696M CNY423M CNY352M CNY386M CNY509M CNY
Total current assets—1.6B CNY7.1B CNY4.6B CNY3.5B CNY3.0B CNY2.3B CNY2.2B CNY
Property, plant and equipment—109M CNY285M CNY245M CNY76M CNY65M CNY74M CNY77M CNY
Goodwill—21M CNY21M CNY869M CNY857M CNY557M CNY155M CNY155M CNY
Total assets—2.0B CNY8.3B CNY7.3B CNY5.9B CNY5.0B CNY4.0B CNY3.8B CNY
Total current liabilities—763M CNY1.1B CNY878M CNY588M CNY611M CNY640M CNY615M CNY
Total liabilities—936M CNY1.4B CNY1.3B CNY800M CNY821M CNY868M CNY846M CNY
Shareholders' equity-58M CNY-56M CNY6.8B CNY5.7B CNY4.7B CNY4.1B CNY3.1B CNY3.0B CNY
Net debt—-677M CNY-5.7B CNY-3.1B CNY-1.5B CNY-837M CNY-817M CNY-765M CNY

Cash flow

Fiscal years, in CNY, from YSG's 10-K filings with the SEC.

Fiscal year20182019202020212022202320242025
Operating cash flow-96M CNY-6M CNY-983M CNY-1.0B CNY136M CNY-107M CNY-244M CNY-95M CNY
Capital spending4M CNY106M CNY226M CNY141M CNY51M CNY44M CNY53M CNY42M CNY
Free cash flow-100M CNY-113M CNY-1.2B CNY-1.2B CNY85M CNY-151M CNY-296M CNY-137M CNY
Stock-based compensation14M CNY75M CNY1.9B CNY530M CNY341M CNY78M CNY91M CNY59M CNY
Share buybacks (net)—-47M CNY-491M CNY-15M CNY-655M CNY-213M CNY-406M CNY-111M CNY
Free cash flow margin-15.7%-3.7%-23.1%-19.9%2.3%-4.4%-8.7%-3.2%
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Questions

What was YSG's revenue in 2025?

4.3B CNY in fiscal 2025, from its 10-K filing.

How much free cash flow does YSG generate?

-137M CNY in fiscal 2025 (operating cash flow minus capital spending).

From YSG's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.