Yatsen Announces Second Quarter 2022 Financial Results

Conference Call to Be Held at 7:30 A.M. U.S. Eastern Time on August 25,2022

GUANGZHOU,China,Aug. 25,2022 -- Yatsen Holding Limited ("Yatsen" or the "Company") (NYSE: YSG),a leading Chinese beauty company,today announced its unaudited financial results for the second quarter ended June 30,2022.

Second Quarter 2022 Highlights

Total net revenuesfor the second quarter of 2022 decreased by 37.6% to RMB951.8 million (US$142.1 million) from RMB1.53 billion in the prior year period.

Total net revenues from Skincare Brands[1]for the second quarter of 2022 increased by 49.2% to RMB317.8 million from RMB213.0 million in the prior year period. As a percentage of total net revenues,totalnet revenues from Skincare Brands for the second quarter of 2022 increased to 33.4% from 14.0% in the prior year period.

Gross margin for the second quarter of 2022 was 62.9%,compared with 65.7% in the prior year period.

Net lossfor the second quarter of 2022 decreased by 32.4% to RMB264.3 million (US$39.5 million) from RMB391.2 million in the prior year period. Non-GAAP net loss[2]for the second quarter of 2022 increased by 6.5% to RMB207.5 million (US$31.0 million) from RMB194.9 million in the prior year period.

"The second quarter of 2022 was challenging due to the resurgence of COVID-19 in many regionsof China,which dampened consumer beauty spending. While our topline declined by 37.6% year-over-year,our net revenues from Skincare Brands grew by 49.2% to make up one third of Yatsen's total net revenues. In particular,net revenues from our newly acquired clinicaland premium skincare brands DR.WU(its mainland China business),Eve Lom and Galénic increased by 112.0% year-over-year in aggregate. Furthermore,thanks to ourteam's improvedworking capital practices,we achieved positive cashflow from operations in the second quarter for the first time since our IPO. Looking forward,we will continue executing our strategic developmentplan while carefully navigating a complex market environment in the second halfof the year," stated Mr. Jinfeng Huang,Founder,Chairman and Chief Executive Officer of Yatsen.

"We accelerated the improvementof our revenue mixand cost-cuttingin the second quarter,which resulted in a higher revenue contribution from our Skincare Brands and a reduction of our offline retail footprint. Our GAAP and non-GAAP net loss margin of 27.8% and 21.8% respectively were impacted by elevated levels of promotions during the June 18th shopping festival and higher operating cost ratios of our offline stores,as well as loss and provisions related to inventory and store-closures.However,we improved ourworking capitalto generate RMB111.9 million of net cash from operating activities and finished the quarter with RMB3.06 billion in cash,restricted cash and short-term investments,giving us ample flexibility to move forward with our strategic development plan," commented Mr. Donghao Yang,Director and Chief Financial Officer of Yatsen.

Second Quarter 2022 Financial Results

Net Revenues

Total net revenues for the second quarter of 2022 decreased by 37.6% to RMB951.8 million (US$142.1 million) from RMB1.53 billion in the prior year period. The decrease was primarily attributable to a 50.5% decrease in net revenues from our Color Cosmetics Brands[3],partially offset by a 49.2% increase in net revenues from our Skincare Brands.

Gross Profit and Gross Margin

Gross profit for the second quarter of 2022 decreased by 40.3% to RMB598.3 million (US$89.3 million) from RMB1.00 billion in the prior year period. Gross margin for the second quarter of 2022 decreased to 62.9% from 65.7% in the prior year period. The decrease was primarily attributable to the elevated levels of promotions during the June 18th shopping festival and aninventory loss of RMB43.9 million (US$6.6 million).

Operating Expenses

Total operating expenses for the second quarter of 2022 decreased by 38.0% to RMB875.3 million (US$130.7 million) from RMB1.41 billion in the prior year period. As a percentage of total net revenues,total operating expenses for the second quarter of 2022 were 92.0%,as compared with 92.6% in the prior year period.

Fulfillment Expenses. Fulfillment expenses for the second quarter of 2022 were RMB69.7 million (US$10.4 million),as compared with RMB118.1 million in the prior year period. As a percentage of total net revenues,fulfillment expenses for the second quarter of 2022 decreased to 7.3% from 7.7% in the prior year period. The decrease was primarily attributable to a reductionin share-based compensation corresponding to a decrease in fulfillment headcount.

Selling and Marketing Expenses. Selling and marketing expenses for the second quarter of 2022 were RMB625.7 million (US$93.4 million),as compared with RMB972.5 million in the prior year period. As a percentage of total net revenues,selling and marketing expenses for the second quarter of 2022 increased to 65.7% from 63.8% in the prior year period. The increase was primarily attributable to (i) higher operatingcost ratios of our offline stores corresponding to the depressedoffline store sales,and (ii) store closure-related expenses and a provision of RMB28.7 million (US$4.3 million) for further store closures in the second half of 2022,partially offset by a reduction of our performance-based and brand marketing spending.

General and Administrative Expenses.General and administrative expenses for the second quarter of 2022 were RMB147.8 million (US$22.1 million),as compared with RMB286.4 million in the prior year period. As a percentage of total net revenues,general and administrative expenses for the second quarter of 2022 decreased to 15.5% from 18.8% in the prior year period. The decrease was primarily attributable to a reductionin share-based compensation corresponding to a decrease in general and administrative headcount.

Research and Development Expenses. Research and development expenses for the second quarter of 2022 were RMB32.0 million (US$4.8 million),as compared with RMB35.2 million in the prior year period. As a percentage of total net revenues,research and development expenses for the second quarter of 2022 increased to 3.4% from 2.3% in the prior year period. The increase was primarily attributable to the deleveraging effect of lower total net revenues.

Loss from Operations

Loss from operations for the second quarter of 2022 decreased by 32.4% to RMB277.0 million (US$41.3 million) from RMB409.9 million in the prior year period. Operating loss margin was 29.1%,as compared with 26.9% in the prior year period.

Non-GAAP loss from operations[4] for the second quarter of 2022 increased by 3.2% to RMB218.2 million (US$32.6 million) from RMB211.4 million in the prior year period. Non-GAAP operating loss margin was 22.9%,as compared with 13.9% in the prior year period.

Net Loss

Net loss for the second quarter of 2022 decreased by 32.4% to RMB264.3 million (US$39.5 million) from RMB391.2 million in the prior year period. Net loss margin was 27.8%,as compared with 25.7% in the prior year period. Net loss attributable to Yatsen's ordinary shareholders per diluted ADS[5]for the second quarter of 2022 was RMB0.43 (US$0.06),as compared with RMB0.62 in the prior year period.

Non-GAAP net loss for the second quarter of 2022 increased by 6.5% to RMB207.5 million (US$31.0 million) from RMB194.9 million in the prior year period. Non-GAAP net loss margin was 21.8%,as compared with 12.8% in the prior year period. Non-GAAP net loss attributable to Yatsen's ordinary shareholders per diluted ADS[6]for the second quarter of 2022 was RMB0.34 (US$0.05),as compared with RMB0.31 in the prior year period.

Balance Sheet and Cash Flow

As of June 30,2022,the Company had cash,restricted cash and short-term investments of RMB3.06 billion (US$457.3 million),as compared with RMB3.14 billion as of December 31,2021.

Net cash generated fromoperating activities for the second quarter of 2022 increased by 241.6% to RMB111.9 million (US$16.7 million) from net cash used in operating activities of RMB79.0 million in the prior year period.

Business Outlook

For the third quarter of 2022,the Company expects its total net revenues to be between RMB738.4 million and RMB872.7 million,representing a year-over-year decline of approximately 35% to 45%,primarily due to the continued softness in market demand for color cosmetics. These forecasts reflect the Company's current and preliminary views on the market and operational conditions,which are subject to change.

Exchange Rate

This announcement contains translations of certain Renminbi ("RMB") amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader. Unless otherwise noted,all translations from RMB to US$ were made at a rate of RMB6.6981 to US$1.00,the exchange rate in effect as of June 30,as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ amounts could have been,or could be,converted into US$ or RMB,as the case may be,at any particular rate,or at all.

[1] Include net revenues from Abby's Choice,DR. WU (its mainland China business),Galénic,Eve Lom and other skincare brands.

[2] Non-GAAP net loss is a non-GAAP financial measure. Non-GAAP net loss is defined as net loss excluding (i) share-based compensation expenses,(ii) amortization of intangible assets resulting from assets and business acquisitions and (iii) tax effects on non-GAAP adjustments.

[3] Include net revenues from Perfect Diary,Little Ondine,Pink Bear and other color cosmetics brands.

[4] Non-GAAP loss from operations is a non-GAAP financial measure. Non-GAAP loss from operations is defined as loss from operations excluding share-based compensation expenses and amortization of intangible assets resulting from assets and business acquisitions.

[5] ADS refers to American depositary shares,each of which represents four Class A ordinary shares.

[6] Non-GAAP net loss attributable to ordinary shareholders per diluted ADS is a non-GAAP financial measure. Non-GAAP net loss attributable to ordinary shareholders per diluted ADS is defined as non-GAAP net loss attributable to ordinary shareholders divided by the weighted average number of diluted ADS outstanding for computing diluted earnings per ADS. Non-GAAP net loss attributable to ordinary shareholders is defined as net loss attributable to ordinary shareholders excluding (i) share-based compensation expenses,(ii) amortization of intangible assets resulting from assets and business acquisitions and (iii) tax effects on non-GAAP adjustments.

Conference Call Information

The Company's management will hold a conference call on Thursday,August 25,at 7:30 A.M. U.S. Eastern Time or 7:30 P.M. Beijing Time to discuss its financial results and operating performance for the second quarter 2022.

United States (toll free):

+1-888-346-8982

International:

+1-412-902-4272

Mainland China (toll free):

400-120-1203

Hong Kong (toll free):

800-905-945

Hong Kong:

+852-3018-4992

Conference ID:

2224933

The replay will be accessible through September 1,by dialing the following numbers:

United States:

+1-877-344-7529

International:

+1-412-317-0088

Replay Access Code:

2224933

A live and archived webcast of the conference call will also be available on the Company's investor relations website at http://ir.yatsenglobal.com/.

About Yatsen Holding Limited

Yatsen Holding Limited (NYSE: YSG) is a leading player in China's beauty market with a mission to create an exciting new journey of beauty discovery for consumers in China and around the world. Founded in 2016,the Company has launched and acquired multiple color cosmetics and skincare brands including Perfect Diary,Abby's Choice,DR.WU (its mainland China business),Eve Lom and Pink Bear. The Company's flagship brand,Perfect Diary,is one of the top color cosmetics brands in China in terms of online retail sales value. Leveraging its digitally native direct-to-customer business model,the Company has built core capabilities which enable it to launch and scale multiple brands quickly while offering a wide selection of products to a growing variety of customers. The Company reaches and engages with customers directly both online and offline,with expansive presence across all major e-commerce,social and content platforms in China.

For more information,please visit http://ir.yatsenglobal.com/.

Use of Non-GAAP Financial Measures

The Company uses non-GAAP income (loss) from operations,non-GAAP net income (loss),non-GAAP net income (loss) attributable to ordinary shareholders and non-GAAP net income (loss) attributable to ordinary shareholders per diluted ADS,each a non-GAAP financial measure,in reviewing and assessing its operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company presents these non-GAAP financial measures because they are used by the management to evaluate operating performance and formulate business plans. Non-GAAP financial measures help identify underlying trends in its business,provide further information about its results of operations,and enhance the overall understanding of its past performance and future prospects. The Company defines non-GAAP income (loss) from operations as income (loss) from operations excluding share-based compensation expenses and amortization of intangible assets resulting from assets and business acquisitions. The Company defines non-GAAP net income (loss) as net income (loss) excluding (i) share-based compensation expenses,(ii) amortization of intangible assets resulting from assets and business acquisitions and (iii) tax effects on non-GAAP adjustments. The Company defines non-GAAP net income (loss) attributable to ordinary shareholders as net income (loss) attributable to ordinary shareholders excluding (i) share-based compensation expenses,(ii) amortization of intangible assets resulting from assets and business acquisitions,(iii) tax effects on non-GAAP adjustments. Non-GAAP net income (loss) attributable to ordinary shareholders per diluted ADS is computed using non-GAAP net income (loss) attributable to ordinary shareholders divided by weighted average number of diluted ADS outstanding for computing diluted earnings per ADS.

However,the non-GAAP financial measures have limitations as analytical tools as the non-GAAP financial measures are not presented in accordance with U.S. GAAP and may differ from the non-GAAP information used by other companies,including peer companies,and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure,all of which should be considered when evaluating performance. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. Reconciliations of Yatsen's non-GAAP financial measure to the most comparable U.S. GAAP measure are included at the end of this press release.

Safe Harbor Statement

This announcement contains statements that may constitute "forward-looking" statements which are made pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to," and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the Securities and Exchange Commission ("SEC"),in its annual report to shareholders,in press releases and other written materials and in oral statements made by its officers,directors or employees to third parties. Statements that are not historical facts,including statements about the Company's beliefs,plans,outlook and expectations,are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement,which include but not limited to the following: the Company's growth strategies; its future business development,results of operations and financial condition; its ability to continue to roll out popular products and maintain popularity of existing products; its ability to anticipate and respond to changes in industry trends and consumer preferences and behavior in a timely manner; its ability to attract and retain new customers and to increase revenues generated from repeat customers; its expectations regarding demand for and market acceptance of its products and services; its ability to integrate newly-acquired businesses and brands; trends and competition in and relevant government policies and regulations relating to China's beauty market; changes in its revenues and certain cost or expense items; and general economic conditions in China. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release,and the Company does not undertake any obligation to update any forward-looking statement,except as required under applicable law.

For investor and media inquiries,please contact:

In China:

Yatsen Holding Limited

Investor Relations

E-mail: ir@yatsenglobal.com

The Piacente Group,Inc.

Emilie Wu

Tel: +86-21-6039-8363

E-mail: yatsen@thepiacentegroup.com

In the United States:

The Piacente Group,Inc.

Brandi Piacente

Tel: +1-212-481-2050

E-mail: yatsen@thepiacentegroup.com

YATSEN HOLDING LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands,except for share,per share data or otherwise noted)

December 31,

June 30,

2021

2022

2022

RMB'000

RMB'000

USD'000

Assets

Current assets

Cash and cash equivalents

3,138,008

1,708,485

255,070

Short-term investment

-

1,314,380

196,232

Accounts receivable

355,837

224,820

33,565

Inventories,net

695,761

505,976

75,540

Prepayments and other current assets

366,191

356,945

53,290

Amounts due from related parties

60

60

9

Total current assets

4,555,857

4,110,666

613,706

Non-current assets

Restricted Cash

-

40,189

6,000

Investments

350,380

393,624

58,767

Property and equipment,net

245,314

133,860

19,985

Goodwill

869,421

835,860

124,791

Intangible assets,net

745,851

694,280

103,653

Deferred tax assets

2,000

1,891

282

Right-of-use assets,net

422,966

275,638

41,152

Other non-current assets

80,220

54,781

8,179

Total non-current assets

2,716,152

2,430,123

362,809

Total assets

7,272,009

6,540,789

976,515

Liabilities,redeemable non-controlling interests and shareholders'

equity (deficit)

Current liabilities

Accounts payable

240,815

166,258

24,822

Advances from customers

20,680

19,906

2,972

Accrued expenses and other liabilities

370,531

360,528

53,825

Amounts due to related parties

13,967

28,259

4,219

Income tax payables

16,747

17,496

2,612

Lease liabilities due within one year

214,843

159,796

23,857

Total current liabilities

877,583

752,243

112,307

Non-current liabilities

Deferred tax liabilities

124,450

114,362

17,074

Deferred income-non current

56,180

51,511

7,690

Lease liabilities

206,303

116,366

17,373

Total non-current liabilities

386,933

282,239

42,137

Total liabilities

1,264,516

1,034,482

154,444

Redeemable non-controlling interests

338,587

341,561

50,994

Shareholders' equity (deficit)

Ordinary Shares (US$0.00001 par value; 10,000,000 ordinary

shares authorized,comprising of 6,000 Class A ordinary

shares,960,852,606 Class B ordinary shares and 3,039,147,394

shares each of such classes to be designated as of December 31,2021

and June 30,2022; 1,938,303,919 Class A shares and 758,869,844

Class B ordinary shares issued; 1,789,239,887 Class A ordinary

shares and 737,513,429 Class B ordinary shares outstanding as of and

December 31,2021; 2,030,600,883 Class A shares and 666,572,880

Class B ordinary shares issued; 1,722,629,448 Class A ordinary

shares and 666,880 Class B ordinary shares outstanding as of and

June 30,2022)

173

173

26

Treasury shares

(22,330)

(211,875)

(31,632)

Additional paid-in capital

11,697,942

11,870,700

1,772,249

Statutory reserve

21,352

21,352

3,188

Accumulated deficit

(5,782,169)

(6,339,014)

(946,390)

Accumulated other comprehensive income (loss)

(255,780)

(185,270)

(27,660)

Total Yatsen Holding Limited shareholders' (deficit) equity

5,659,188

5,156,066

769,781

Non-controlling interests

9,718

8,680

1,296

Total shareholders' (deficit) equity

5,668,906

5,164,746

771,077

Total liabilities,redeemable non-controlling interests and

shareholders' equity (deficit)

7,515

YATSEN HOLDING LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(All amounts in thousands,per share data or otherwise noted)

For the Three Months Ended June 30,

For the Six Months Ended June 30,

2021

2022

2022

2021

2022

2022

RMB'000

RMB'000

USD'000

RMB'000

RMB'000

USD'000

Total net revenues

1,525,001

951,770

142,096

2,969,466

1,842,724

275,111

Total cost of revenues

(522,640)

(353,450)

(52,769)

(975,539)

(629,858)

(94,035)

Gross profit

1,002,361

598,320

89,327

1,993,927

1,212,866

181,076

Operating expenses:

Fulfilment expenses

(118,072)

(69,743)

(10,412)

(210,790)

(143,606)

(21,440)

Selling and marketing expenses

(972,506)

(625,695)

(93,414)

(2,014,568)

(1,230,421)

(183,697)

General and administrative

expenses

(286,448)

(147,794)

(22,065)

(458,767)

(355,923)

(53,138)

Research and development

expenses

(35,216)

(32,045)

(4,784)

(62,956)

(67,855)

(10,130)

Total operating expenses

(1,412,242)

(875,277)

(130,675)

(2,747,081)

(1,797,805)

(268,405)

Income (loss) from operations

(409,881)

(276,957)

(41,348)

(753,154)

(584,939)

(87,329)

Financial income

11,346

8,263

1,234

25,391

16,366

2,443

Foreign currency exchange

income (losses)

(1,479)

(21,796)

(3,254)

(5,075)

(24,428)

(3,647)

Income (loss) from equity method

investments,net

(140)

45

7

7,002

(2,285)

(341)

Impairment loss of investments

-

(662)

(99)

-

(5,078)

(758)

Other non-operating income

(expenses)

7,831

27,932

4,170

15,305

45,586

6,806

Income (loss) before income tax

expenses

(392,323)

(263,175)

(39,290)

(710,531)

(554,778)

(82,826)

Income tax (expense) benefit

1,112

(1,095)

(163)

326

(872)

(130)

Net income (loss)

(391,211)

(264,270)

(39,453)

(710,205)

(555,650)

(82,956)

Net loss attributable to non-controlling

interests and redeemable non-

controlling interests

1,290

(1,660)

(248)

2,946

(1,195)

(178)

Net income (loss) attributable to

Yatsen's shareholders

(389,921)

(265,930)

(39,701)

(707,259)

(556,845)

(83,134)

Shares used in calculating earnings

per share (1):

Weighted average number of Class A

and Class B ordinary shares:

—Basic

2,526,453,776

2,475,134,621

2,500,801,376

2,376

—Diluted

2,376

Net income (loss) per Class A and

Class B ordinary share

Net income (loss) attributable to

Yatsen's ordinary shareholders

(0.15)

(0.11)

(0.02)

(0.28)

(0.22)

(0.03)

—Basic

Net income (loss) attributable to

Yatsen's ordinary shareholders

—Diluted

(0.15)

(0.11)

(0.02)

(0.28)

(0.22)

(0.03)

Net income (loss) per ADS (4

ordinary shares equal to 1 ADS)

Net income (loss) attributable to

Yatsen's ordinary shareholders

—Basic

(0.62)

(0.43)

(0.06)

(1.12)

(0.89)

(0.13)

Net income (loss) attributable to

Yatsen's ordinary shareholders

—Diluted

(0.62)

(0.43)

(0.06)

(1.12)

(0.89)

(0.13)

For the Three Months Ended June 30,

2021

2022

2022

2021

2022

2022

Share-based compensation expenses are included in the operating expenses as follows:

RMB'000

RMB'000

USD'000

RMB'000

RMB'000

USD'000

Fulfilment expenses

8,521

970

145

9,425

2,493

372

Selling and marketing expenses

22,161

11,363

1,696

34,000

33,718

5,034

General and administrative expenses

147,498

27,590

4,119

214,117

122,573

18,300

Research and development expenses

6,440

7,017

1,048

7,944

13,974

2,086

Total

184,620

46,940

7,008

265,486

172,758

25,792

(1) Authorized share capital is re-classified and re-designated into Class A ordinary shares and Class B ordinary shares,with each Class A ordinary share being entitled to one vote and each Class B ordinary share being entitled to twenty votes on all matters that are subject to shareholder vote.

YATSEN HOLDING LIMITED

UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands,

2021

2022

2022

2021

2022

2022

RMB'000

RMB'000

USD'000

RMB'000

RMB'000

USD'000

Income (loss) from operations

(409,881)

(276,957)

(41,348)

(753,154)

(584,939)

(87,329)

Share-based compensation

expenses

184,620

46,940

7,008

265,486

172,758

25,792

Amortization of intangible

assets resulting from assets and

business acquisitions

13,899

11,862

1,771

18,029

23,945

3,575

Non-GAAP income (loss)

from operations

(211,362)

(218,155)

(32,569)

(469,639)

(388,236)

(57,962)

Net income (loss)

(391,211)

(264,270)

(39,453)

(710,205)

(555,650)

(82,956)

Share-based compensation

expenses

184,575

Tax effects on non-GAAP

adjustments

(2,186)

(2,042)

(305)

(2,510)

(4,126)

(616)

Non-GAAP net income (loss)

(194,878)

(207,510)

(30,979)

(429,200)

(363,073)

(54,205)

Net income (loss) attributable

to ordinary shareholders of

Yatsen

(389,921)

(265,930)

(39,701)

(707,259)

(556,845)

(83,134)

Share-based compensation

expenses

184,738

10,945

1,634

17,474

22,776

3,400

Tax effects on non-GAAP

adjustments

(2,214)

(1,876)

(280)

(2,510)

(3,960)

(591)

Non-GAAP net income (loss)

attributable to ordinary

shareholders of Yatsen

(193,777)

(209,921)

(31,339)

(426,809)

(365,271)

(54,533)

Shares used in calculating

earnings per share:

Weighted average number of

Class A and Class B ordinary

shares:

—Basic

2,376

—Diluted

2,376

Non-GAAP net income (loss)

attributable to ordinary

shareholders per Class A and

Class B ordinary share

Non-GAAP net income (loss)

attributable to Yatsen's

ordinary shareholders

—Basic

(0.08)

(0.08)

(0.01)

(0.17)

(0.15)

(0.02)

Non-GAAP net income (loss)

attributable to Yatsen's

ordinary shareholders

—Diluted

(0.08)

(0.08)

(0.01)

(0.17)

(0.15)

(0.02)

Non-GAAP net income (loss)

attributable to ordinary

shareholders per ADS (4

ordinary shares equal to 1

ADS)

Non-GAAP net income (loss)

attributable to Yatsen's

ordinary shareholders

—Basic

(0.31)

(0.34)

(0.05)

(0.68)

(0.58)

(0.09)

Non-GAAP net income (loss)

attributable to Yatsen's

ordinary shareholders

—Diluted

(0.31)

(0.34)

(0.05)

(0.68)

(0.58)

(0.09)

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