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, /PRNewswire/ -- Yatsen Holding Limited ("Yatsen" or the "Company") (NYSE: YSG), a leading China-based beauty group, today announced that the Company has filed its annual report on Form 20-F for the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission ("SEC") on April 29, 2026.

The annual report is available on the Company's investor relations website at ir.yatsenglobal.com and on the SEC's website at https://www.sec.gov/. The Company will provide hard copies of the annual report, free of charge, to its shareholders and ADS holders upon written request. Requests should be directed to Investor Relations Department, Yatsen Holding Limited, Floor 39, Poly Development Plaza, No. 832 Yue Jiang Zhong Road, Haizhu District, Guangzhou 510335, People's Republic of China.

About Yatsen Holding Limited

Yatsen Holding Limited (NYSE: YSG) is a leading China-based beauty group with the vision of becoming a world-class pioneer in beauty innovation. Founded in 2016, the Company has launched and acquired numerous color cosmetics and skincare brands including Perfect Diary, Little Ondine, Pink Bear, Galénic, DR.WU (its mainland China business), and Eve Lom. Our brands are strategically positioned to capture a wide spectrum of consumer demographics and price points, ranging from the mass market to the prestige and clinical segments. Yatsen thrives on the synergy of brand equity, product strength and operational agility, anchored by a strong commitment to R&D and consumer insights.

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

For investor and media inquiries, please contact:

Yatsen Holding Limited
Investor Relations
E-mail: [email protected]

SOURCE Yatsen Holding Limited

, /PRNewswire/ -- Yatsen Holding Limited ("Yatsen" or the "Company") (NYSE: YSG), a leading China-based beauty group, today announced that it will release its unaudited financial results for the first quarter of 2026, on Tuesday, May 26, 2026, before the open of the U.S. markets.

The Company's management will hold a conference call on Tuesday, May 26, 2026 at 7:30 A.M. U.S. Eastern Time (7:30 P.M. Beijing/Hong Kong Time) to discuss the financial results. Listeners may access the call by dialing the following numbers:

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

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

A replay of the conference call will be accessible by phone one hour after the conclusion of the live call at the following numbers, until June 2, 2026:

United States:

+1-855-669-9658

International:

+1-412-317-0088

Replay Access Code:

4359154

About Yatsen Holding Limited

Yatsen Holding Limited (NYSE: YSG) is a leading China-based beauty group with the vision of becoming a world-class pioneer in beauty innovation. Founded in 2016, the Company has launched and acquired numerous color cosmetics and skincare brands including Perfect Diary, Little Ondine, Pink Bear, Galénic, DR.WU (its mainland China business), and Eve Lom. Our brands are strategically positioned to capture a wide spectrum of consumer demographics and price points, ranging from the mass market to the prestige and clinical segments. Yatsen thrives on the synergy of brand equity, product strength and operational agility, anchored by a strong commitment to R&D and consumer insights.

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

For investor and media inquiries, please contact:

Yatsen Holding Limited
Investor Relations
E-mail: [email protected]

SOURCE Yatsen Holding Limited

Conference Call to Be Held at 7:30 A.M. U.S. Eastern Time on May 26, 2026

, /PRNewswire/ -- Yatsen Holding Limited ("Yatsen" or the "Company") (NYSE: YSG), a leading China-based beauty group, today announced its unaudited financial results for the quarter ended March 31, 2026.

First Quarter 2026 Highlights

Total net revenues for the first quarter of 2026 increased by 22.5% to RMB1.02 billion (US$148.0 million) from RMB833.5 million for the prior year period. Total net revenues from Skincare Brands[1] for the first quarter increased by 58.5% to RMB574.2 million (US$83.2 million) from RMB362.4 million for the prior year period. As a percentage of total net revenues, total net revenues from Skincare Brands for the first quarter of 2026 were 56.2%, as compared with 43.5% for the prior year period. Gross margin for the first quarter of 2026 increased to 80.2% from 79.1% for the prior year period. Net loss for the first quarter of 2026 was RMB61.9 million (US$9.0 million), as compared with RMB5.6 million for the prior year period. Non-GAAP net loss[2] for the first quarter of 2026 was RMB57.3 million (US$8.3 million), as compared with non-GAAP net income of RMB7.1 million for the prior year period. Mr. Jinfeng Huang, Founder, Chairman and Chief Executive Officer of Yatsen, stated, "For the first quarter of 2026, we delivered top-line growth that met our previous guidance and demonstrated the ongoing resilience of our multi-brand strategy. Our growth this quarter was primarily propelled by the sustained upward momentum of our Skincare Brands, which experienced substantial year-over-year growth of 58.5%. Guided by our vision to become a world-class pioneer in beauty innovation, we remain committed to strengthening our R&D-led innovation, expanding our hero product families, and positioning our core brands for high-quality growth. Furthermore, we are pleased to note that we completed the first closing of our private placement of convertible notes and warrants in an aggregate principal amount equivalent to approximately US$120 million, with participation from Trustar Capital, Hillhouse and myself, on May 21, 2026. This successful closing serves as a powerful testament to our shareholders' long-term confidence in Yatsen's strategic direction and future value."

Mr. Donghao Yang, Director and Chief Financial Officer of Yatsen, commented, "Our financial results for the first quarter of 2026 reflect encouraging progress in the expansion of our core brands. Total net revenues from our Skincare Brands delivered robust growth, while the combined net revenues of our three major premium and clinical skincare brands, Galénic, DR.WU and Eve Lom, grew by 61.4% year over year. Our gross margin continued its year-over-year expansion and reached 80.2%. This underlying strength underscores the structural health of our business model. While we selectively deployed resources to scale and strengthen our core brands, our commitment to long-term profitability optimization remains unwavering. Moving forward, we are focused on cost optimization to ensure that our top-line expansion efficiently translates into future margin improvement."

First Quarter 2026 Financial Results

Net Revenues

Total net revenues for the first quarter of 2026 increased by 22.5% to RMB1.02 billion (US$148.0 million) from RMB833.5 million for the prior year period. The increase was primarily due to a 58.5% year-over-year increase in net revenues from Skincare Brands, partially offset by a 5.0% year-over-year decrease in net revenues from Color Cosmetics Brands.[3]

Gross Profit and Gross Margin

Gross profit for the first quarter of 2026 increased by 24.3% to RMB819.2 million (US$118.8 million) from RMB659.1 million for the prior year period. Gross margin for the first quarter of 2026 increased to 80.2% from 79.1% for the prior year period.

Operating Expenses

Total operating expenses for the first quarter of 2026 increased by 32.5% to RMB918.1 million (US$133.1 million) from RMB693.2 million for the prior year period. As a percentage of total net revenues, total operating expenses for the first quarter of 2026 were 89.9%, as compared with 83.2% for the prior year period.

Fulfillment Expenses. Fulfillment expenses for the first quarter of 2026 were RMB61.1 million (US$8.9 million), as compared with RMB51.8 million for the prior year period. As a percentage of total net revenues, fulfillment expenses for the first quarter of 2026 decreased to 6.0% from 6.2% for the prior year period. The decrease was primarily due to further improvements in logistics efficiency. Selling and Marketing Expenses. Selling and marketing expenses for the first quarter of 2026 were RMB737.2 million (US$106.9 million), as compared with RMB553.8 million for the prior year period. As a percentage of total net revenues, selling and marketing expenses for the first quarter of 2026 increased to 72.2% from 66.4% for the prior year period. The increase was primarily driven by investments in broadening consumer awareness and building long-term brand equity of our core brands, coupled with higher traffic acquisition costs on the Douyin platform. General and Administrative Expenses. General and administrative expenses for the first quarter of 2026 were RMB80.3 million (US$11.6 million), as compared with RMB64.9 million for the prior year period. As a percentage of total net revenues, general and administrative expenses for the first quarter of 2026 were 7.9% as compared with 7.8% for the prior year period, remaining largely flat. Research and Development Expenses. Research and development expenses for the first quarter of 2026 were RMB39.4 million (US$5.7 million), as compared with RMB22.6 million for the prior year period. As a percentage of total net revenues, research and development expenses for the first quarter of 2026 increased to 3.9% from 2.7% for the prior year period. The increase was primarily driven by higher payroll expenses resulting from a rise in research and development headcount. Loss / Income from Operations

Loss from operations for the first quarter of 2026 was RMB99.0 million (US$14.3 million), as compared with RMB34.1 million for the prior year period. Operating loss margin was 9.7%, as compared with 4.1% for the prior year period.

Non-GAAP loss from operations[4] for the first quarter of 2026 was RMB84.6 million (US$12.3 million), as compared with RMB14.9 million for the prior year period. Non-GAAP operating loss margin[5] was 8.3%, as compared with 1.8% for the prior year period.

Net Loss / Income

Net loss for the first quarter of 2026 was RMB61.9 million (US$9.0 million), as compared with RMB5.6 million for the prior year period. Net loss margin was 6.1%, as compared with 0.7% for the prior year period. Net loss attributable to Yatsen's ordinary shareholders per diluted ADS[6] for the first quarter of 2026 was RMB0.64 (US$0.09), as compared with RMB0.06 for the prior year period.

Non-GAAP net loss for the first quarter of 2026 was RMB57.3 million (US$8.3 million), as compared with non-GAAP net income of RMB7.1 million for the prior year period. Non-GAAP net loss margin was 5.6%, as compared with non-GAAP net income margin of 0.9% for the prior year period. Non-GAAP net loss attributable to Yatsen's ordinary shareholders per diluted ADS[7] for the first quarter of 2026 was RMB0.60 (US$0.09), as compared with non-GAAP net income attributable to Yatsen's ordinary shareholders per diluted ADS of RMB0.07 for the prior year period.

Balance Sheet and Cash Flow

As of March 31, 2026, the Company had cash, restricted cash and short-term investments of RMB934.2 million (US$135.4 million), as compared with RMB1.05 billion as of December 31, 2025.

Net cash used in operating activities for the first quarter of 2026 was RMB90.0 million (US$13.0 million), as compared with net cash generated from operating activities of RMB23.8 million for the prior year period.

Business Outlook

For the second quarter of 2026, the Company expects its total net revenues to be between RMB1.20 billion and RMB1.30 billion, representing a year-over-year increase of approximately 10% to 20%. 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 RMB6.8980 to US$1.00, the exchange rate in effect as of March 31, 2026, as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ 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 Galénic, DR.WU (its mainland China business), Eve Lom and other skincare brands of the Company.

[2] Non-GAAP net income (loss) is a non-GAAP financial measure. Non-GAAP net income (loss) is defined as net income (loss) excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from assets and business acquisitions, (iii) revaluation of investments on the share of equity method investments, (iv) impairment of goodwill, (v) impairment of investments and (vi) tax effects on non-GAAP adjustments.

[3] Include Perfect Diary, Little Ondine, Pink Bear and other color cosmetics brands of the Company.

[4] Non-GAAP income (loss) from operations is a non-GAAP financial measure. Non-GAAP income (loss) from operations is defined as income (loss) from operations excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from assets and business acquisitions and (iii) impairment of goodwill.

[5] Non-GAAP operating income (loss) margin is a non-GAAP financial measure, which is defined as non-GAAP net income (loss) from operations as a percentage of total net revenues.

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

[7] Non-GAAP net income (loss) attributable to ordinary shareholders per diluted ADS is a non-GAAP financial measure. Non-GAAP net income (loss) attributable to ordinary shareholders per diluted ADS is defined as non-GAAP net income (loss) attributable to ordinary shareholders divided by the weighted average number of diluted ADS outstanding for computing diluted earnings per ADS. Non-GAAP net income (loss) attributable to ordinary shareholders is defined 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) revaluation of investments on the share of equity method investments, (iv) impairment of goodwill, (v) impairment of investments, (vi) tax effects on non-GAAP adjustments and (vii) accretion to redeemable non-controlling interests.

Conference Call Information

The Company's management will hold a conference call on Tuesday, May 26, 2026, 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 first quarter of 2026.

United States (toll free):

+1-888-346-8982

International:

+1-412-902-4272

Mainland China (toll free):

400-120-1203

Hong Kong, SAR (toll free):

800-905-945

Hong Kong, SAR:

+852-3018-4992

The replay will be accessible through Tuesday, June 2, by dialing the following numbers:

United States:

+1-855-669-9658

International:

+1-412-317-0088

Replay Access Code:

4359154

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 China-based beauty group with the vision of becoming a world-class pioneer in beauty innovation. Founded in 2016, the Company has launched and acquired numerous color cosmetics and skincare brands including Perfect Diary, Little Ondine, Pink Bear, Galénic, DR.WU (its mainland China business), and Eve Lom. Our brands are strategically positioned to capture a wide spectrum of consumer demographics and price points, ranging from the mass market to the prestige and clinical segments. Yatsen thrives on the synergy of brand equity, product strength and operational agility, anchored by a strong commitment to R&D and consumer insights.

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 operating income (loss) margin, non-GAAP net income (loss), non-GAAP net income (loss) margin, 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 (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from assets and business acquisitions and (iii) impairment of goodwill. Non-GAAP operating income (loss) margin is non-GAAP income (loss) from operations as a percentage of total net revenues. 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, (iii) revaluation of investments on the share of equity method investments, (iv) impairment of goodwill, (v) impairment of investments and (vi) tax effects on non-GAAP adjustments. Non-GAAP net income (loss) margin is non-GAAP net income (loss) as a percentage of total net revenues. 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) revaluation of investments on the share of equity method investments, (iv) impairment of goodwill, (v) impairment of investments, (vi) tax effects on non-GAAP adjustments and (vii) accretion to redeemable non-controlling interests. 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 measures 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, including 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 globally and 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:

Yatsen Holding Limited
Investor Relations
E-mail: [email protected]

YATSEN HOLDING LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

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

December 31,

March 31,

March 31,

2025

2026

2026

RMB'000

RMB'000

USD'000

Assets

Current assets

Cash and cash equivalents

765,379

876,144

127,014

Restricted Cash

42,117

58,036

8,413

Short-term investments

246,008

-

-

Accounts receivable, net

220,870

183,701

26,631

Inventories, net

508,730

573,339

83,117

Prepayments and other current assets

450,970

440,103

63,802

Amounts due from related parties

114

53

8

Total current assets

2,234,188

2,131,376

308,985

Non-current assets

Investments

653,560

667,995

96,839

Property and equipment, net

77,014

71,982

10,435

Goodwill, net

155,029

155,029

22,474

Intangible assets, net

537,509

509,249

73,826

Deferred tax assets

1,435

1,040

151

Right-of-use assets, net

173,915

158,718

23,009

Other non-current assets

14,332

22,151

3,211

Total non-current assets

1,612,794

1,586,164

229,945

Total assets

3,846,982

3,717,540

538,930

Liabilities, redeemable non-controlling interests and shareholders'
equity

Current liabilities

Accounts and notes payable

149,371

154,805

22,442

Advances from customers

28,821

29,480

4,274

Accrued expenses and other liabilities

348,700

322,994

46,824

Amounts due to related parties

21,262

19,412

2,814

Income tax payables

13,690

13,778

1,997

Lease liabilities due within one year

53,435

53,039

7,689

Total current liabilities

615,279

593,508

86,040

Non-current liabilities

Deferred tax liabilities

107,906

106,052

15,374

Lease liabilities

123,157

110,184

15,973

Total non-current liabilities

231,063

216,236

31,347

Total liabilities

846,342

809,744

117,387

Redeemable non-controlling interests

1,337

1,337

194

Shareholders' equity

Ordinary Shares (US$0.00001 par value; 10,000,000,000 ordinary
shares authorized, comprising of 6,000,000,000 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,
2025 and March 31, 2026; 2,096,600,883 Class A shares and
600,572,880 Class B ordinary shares issued as of December 31,
2025 and March 31, 2026; 1,276,663,163 Class A ordinary shares
and 600,572,880 Class B ordinary shares outstanding as of
December 31, 2025, 1,275,536,483 Class A ordinary shares and
600,572,880 Class B ordinary shares outstanding as of March 31,
2026)

173

173

25

Treasury shares

(1,250,678)

(1,253,378)

(181,702)

Additional paid-in capital

12,296,367

12,297,001

1,782,691

Statutory reserve

31,527

31,527

4,570

Accumulated deficit

(8,141,545)

(8,202,059)

(1,189,049)

Accumulated other comprehensive income

74,760

45,910

6,657

Total Yatsen Holding Limited shareholders' equity

3,010,604

2,919,174

423,192

Non-controlling interests

(11,301)

(12,715)

(1,843)

Total shareholders' equity

2,999,303

2,906,459

421,349

Total liabilities, redeemable non-controlling interests and
shareholders' equity

3,846,982

3,717,540

538,930

YATSEN HOLDING LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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

For the Three Months Ended March 31,

2025

2026

2026

RMB'000

RMB'000

USD'000

Total net revenues

833,533

1,020,986

148,012

Total cost of revenues

(174,406)

(201,797)

(29,254)

Gross profit

659,127

819,189

118,758

Operating expenses:

Fulfilment expenses

(51,843)

(61,138)

(8,863)

Selling and marketing expenses

(553,815)

(737,236)

(106,877)

General and administrative expenses

(64,883)

(80,326)

(11,645)

Research and development expenses

(22,637)

(39,440)

(5,718)

Total operating expenses

(693,178)

(918,140)

(133,103)

Loss from operations

(34,051)

(98,951)

(14,345)

Financial income

10,606

10,741

1,557

Foreign currency exchange gain (loss)

10,664

(3,198)

(464)

Income from equity method investments, net

2,505

12,389

1,796

Other income, net

4,242

18,466

2,677

Loss before income tax expenses

(6,034)

(60,553)

(8,779)

Income tax benefits (expenses)

433

(1,375)

(199)

Net loss

(5,601)

(61,928)

(8,978)

Net loss attributable to non-controlling interests and redeemable non-
controlling interests

298

1,414

205

Net loss attributable to Yatsen's shareholders

(5,303)

(60,514)

(8,773)

Shares used in calculating loss per share (1):

Weighted average number of Class A and Class B ordinary shares:

    Basic

1,837,466,068

1,876,901,662

1,876,901,662

    Diluted

1,837,466,068

1,876,901,662

1,876,901,662

Net loss per Class A and Class B ordinary share

    Basic

(0.00)

(0.03)

(0.00)

    Diluted

(0.00)

(0.03)

(0.00)

Net loss per ADS (20 ordinary shares equal to 1 ADS) (2)

    Basic

(0.06)

(0.64)

(0.09)

    Diluted

(0.06)

(0.64)

(0.09)

For the Three Months Ended March 31,

2025

2026

2026

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

RMB'000

RMB'000

USD'000

Fulfilment expenses

98

249

36

Selling and marketing expenses

757

148

21

General and administrative expenses

7,731

2,003

290

Research and development expenses

40

1,159

168

Total

8,626

3,559

515

(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, except for share, per share data or otherwise noted)

For the Three Months Ended March 31,

2025

2026

2026

RMB'000

RMB'000

USD'000

Loss from operations

(34,051)

(98,951)

(14,345)

Share-based compensation expenses

8,626

3,559

515

Amortization of intangible assets resulting from assets and business
acquisitions

10,561

10,759

1,560

Non-GAAP loss from operations

(14,864)

(84,633)

(12,270)

Net loss

(5,601)

(61,928)

(8,978)

Share-based compensation expenses

8,626

3,559

515

Amortization of intangible assets resulting from assets and business
acquisitions

10,561

10,759

1,560

Revaluation of investments on the share of equity method
investments

(6,010)

(10,469)

(1,518)

Tax effects on non-GAAP adjustments

(433)

829

120

Non-GAAP net income (loss)

7,143

(57,250)

(8,301)

Net loss attributable to Yatsen's shareholders

(5,303)

(60,514)

(8,773)

Share-based compensation expenses

8,626

3,559

515

Amortization of intangible assets resulting from assets and business
acquisitions

10,179

10,473

1,518

Revaluation of investments on the share of equity method
investments

(6,010)

(10,469)

(1,518)

Tax effects on non-GAAP adjustments

(405)

829

120

Non-GAAP net income (loss) attributable to Yatsen's
shareholders

7,087

(56,122)

(8,138)

Shares used in calculating loss per share:

Weighted average number of Class A and Class B ordinary shares:

    Basic

1,837,466,068

1,876,901,662

1,876,901,662

    Diluted

1,953,491,427

1,876,901,662

1,876,901,662

Non-GAAP net income (loss) attributable to ordinary
shareholders per Class A and Class B ordinary share

    Basic

0.00

(0.03)

(0.00)

    Diluted

0.00

(0.03)

(0.00)

Non-GAAP net income (loss) attributable to ordinary
shareholders per ADS (20 ordinary shares equal to 1 ADS) (1)

    Basic

0.08

(0.60)

(0.09)

    Diluted

0.07

(0.60)

(0.09)

SOURCE Yatsen Holding Limited

Yatsen Holding Limited (YSG) Q1 2026 Earnings Call Transcript