Conference Call to Be Held at 7:30 A.M. U.S. Eastern Time on May 22, 2024
GUANGZHOU, China, May 22, 2024
/PRNewswire/ -- Yatsen Holding Limited ("Yatsen" or the "Company")
(NYSE: YSG), a leading China-based
beauty group, today announced its unaudited financial results for
the first quarter ended March 31,
2024.
First Quarter 2024 Highlights
- Total net revenues for the first quarter of 2024
increased by 1.0% to RMB773.4 million
(US$107.1 million) from RMB765.4 million for the prior year period.
- Total net revenues from Skincare Brands[1]
for the first quarter of 2024 increased by 0.1% to RMB245.3 million (US$34.0
million) from RMB245.1 million
for the prior year period. As a percentage of total net revenues,
total net revenues from Skincare Brands for the first quarter of
2024 were 31.7%, as compared with 32.0% for the prior year
period.
- Gross margin for the first quarter of 2024 was 77.7%, as
compared with 74.3% for the prior year period.
- Net loss for the first quarter of 2024 was RMB124.9 million (US$17.3
million), as compared with net income of RMB50.7 million for the prior year period.
Non-GAAP net loss[2] for the first quarter
of 2024 was RMB83.8 million
(US$11.6 million), as compared with
RMB25.8 million for the prior year
period.
Mr. Jinfeng Huang, Founder,
Chairman and Chief Executive Officer of Yatsen, stated, "In the
first quarter of 2024, we continued to build on the growth
trajectory initiated in the fourth quarter of 2023. Amid a
relatively mild season, we achieved 1.0% year-over-year revenue
growth. As we move into the second quarter, we will remain
committed to strengthening our current hero products' market
position and further expanding our product portfolio."
Mr. Donghao Yang, Director and
Chief Financial Officer of Yatsen, commented, "We marked a good
start to the year with revenue growth in the first quarter. Our
gross margin increased again by 3.4 percentage points year over
year to 77.7%. As a result of increased investments in the Douyin
platform and new product launches, as well as efforts in brand
equity building across our portfolio, our operating expenses
increased as a percentage of total net revenues. Going forward, we
will continue to balance the need to capture market opportunities
with cost optimization."
First Quarter 2024 Financial Results
Net Revenues
Total net revenues for the first quarter of 2024 increased by
1.0% to RMB773.4 million
(US$107.1 million) from RMB765.4 million for the prior year period. The
increase was primarily attributable to a 3.2% year-over-year
increase in net revenues from Color Cosmetics Brands,[3]
combined with a 0.1% year-over-year increase in net revenues from
Skincare Brands.
Gross Profit and Gross Margin
Gross profit for the first quarter of 2024 increased by 5.7% to
RMB600.9 million (US$83.2 million) from RMB568.7 million for the prior year period. Gross
margin for the first quarter of 2024 increased to 77.7% from 74.3%
for the prior year period. The increase was primarily driven by an
increase in sales of higher-gross margin products.
Operating Expenses
Total operating expenses for the first quarter of 2024 increased
by 31.7% to RMB758.7 million
(US$105.1 million) from RMB575.9 million for the prior year period. As a
percentage of total net revenues, total operating expenses for the
first quarter of 2024 were 98.1%, as compared with 75.2% for the
prior year period.
- Fulfillment Expenses. Fulfillment expenses for
the first quarter of 2024 were RMB51.4
million (US$7.1 million), as
compared with RMB51.9 million for the
prior year period. As a percentage of total net revenues,
fulfillment expenses for the first quarter of 2024 decreased to
6.7% from 6.8% for the prior year period.
- Selling and Marketing Expenses. Selling and
marketing expenses for the first quarter of 2024 were RMB539.2 million (US$74.7
million), as compared with RMB459.0
million for the prior year period. As a percentage of total
net revenues, selling and marketing expenses for the first quarter
of 2024 increased to 69.7% from 60.0% for the prior year period.
The increase was primarily due to increased investments in the
Douyin platform, in line with the growing revenue contribution from
Douyin, as well as the Company's investments in new product
launches and building brand equity across its portfolio.
- General and Administrative Expenses. General and
administrative expenses for the first quarter of 2024 were
RMB140.1 million (US$19.4 million), as compared with RMB40.7 million for the prior year period. As a
percentage of total net revenues, general and administrative
expenses for the first quarter of 2024 increased to 18.1% from 5.3%
for the prior year period. The increase was primarily attributable
to the exceptionally low general and administrative expenses
recorded in the prior year period as a result of the reversal of
recognized share-based compensation expenses of RMB109.4 million due to the forfeiture of
unvested awards granted to the Company's former chief technology
officer upon his resignation.
- Research and Development Expenses. Research and
development expenses for the first quarter of 2024 were
RMB27.9 million (US$3.9 million), as compared with RMB24.2 million for the prior year period. As a
percentage of total net revenues, research and development expenses
for the first quarter of 2024 increased to 3.6% from 3.2% for the
prior year period. The increase was primarily attributable to
higher personnel costs, reflecting the Company's commitment to
enhancing its research and development capabilities.
Loss from Operations
Loss from operations for the first quarter of 2024 was
RMB157.7 million (US$21.8 million), as compared with RMB7.2 million for the prior year period.
Operating loss margin was 20.4%, as compared with 0.9% for the
prior year period.
Non-GAAP loss from operations[4] for the first
quarter of 2024 was RMB107.0 million
(US$14.8 million), as compared with
RMB62.4 million for the prior year
period. Non-GAAP operating loss margin was 13.8%, as compared with
8.1% for the prior year period.
Net Loss/Income
Net loss for the first quarter of 2024 was RMB124.9 million (US$17.3
million), as compared with net income of RMB50.7 million for the prior year period. Net
loss margin was 16.1%, as compared with net income margin of 6.6%
for the prior year period. Net loss attributable to Yatsen's
ordinary shareholders per diluted ADS[5] for the
first quarter of 2024 was RMB1.16
(US$0.16), as compared with net
income attributable to Yatsen's ordinary shareholders per diluted
ADS of RMB0.42 for the prior year
period.
Non-GAAP net loss for the first quarter of 2024 was RMB83.8 million (US$11.6
million), as compared with RMB25.8
million for the prior year period. Non-GAAP net loss margin
was 10.8%, as compared with 3.4% for the prior year period.
Non-GAAP net loss attributable to Yatsen's ordinary shareholders
per diluted ADS[6] for the first quarter of 2024 was
RMB0.78 (US$0.11), as compared with RMB0.24 for the prior year period.
Balance Sheet and Cash Flow
As of March 31, 2024, the Company
had cash, restricted cash and short-term investments of
RMB1.89 billion (US$261.4 million), as compared with RMB2.08 billion as of December 31, 2023.
Net cash used in operating activities for the first quarter of
2024 was RMB121.8 million
(US$16.9 million), as compared with
RMB20.2 million for the prior year
period.
Business Outlook
For the second quarter of 2024, the Company expects its total
net revenues to be between RMB858.6
million and RMB901.5 million,
representing a year-over-year increase of approximately 0% to 5%.
These forecasts reflect the Company's current and preliminary views
on the market and operational conditions, which are subject to
change.
Exchange Rate
This announcement contains translations of certain Renminbi
("RMB") amounts into U.S. dollars ("US$") 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 RMB7.2203 to US$1.00, the exchange rate in effect as of
March 29, 2024, as set forth in the
H.10 statistical release of The Board of Governors of the Federal
Reserve System. The Company makes no representation that any RMB or
US$ 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 loss
is a non-GAAP financial measure. Effective from the fourth quarter
of 2023, 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, (iii)
revaluation of investments on the share of equity method
investments, (iv) impairment of goodwill and (v) tax effects on
non-GAAP adjustments. Non-GAAP net loss for the prior year period
presented in this document is also calculated in the same
manner.
[3] Include Perfect
Diary, Little Ondine, Pink Bear and other color
cosmetics brands of the Company.
[4] Non-GAAP loss from
operations is a non-GAAP financial measure. Effective from the
fourth quarter of 2023, non-GAAP loss from operations is defined as
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 loss from operations for the prior year period presented
in this document is also calculated in the same manner.
[5] ADS refers to
American depositary shares, each of which represents twenty Class A
ordinary shares, effective from March 18, 2024. Prior to that date,
each ADS represented four Class A ordinary shares. Unless otherwise
stated, the current ADS ratio has been applied retrospectively to
all periods presented in this document.
[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. Effective from the fourth quarter of 2023,
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, (iii)
revaluation of investments on the share of equity method
investments, (iv) impairment of goodwill, (v) tax effects on
non-GAAP adjustments and (vi) accretion to redeemable
non-controlling interests. Non-GAAP net loss attributable to
ordinary shareholders per diluted ADS for the prior year period
presented in this document is also calculated in the same
manner.
|
Conference Call Information
The Company's management will hold a conference call on
Wednesday, May 22, 2024, 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
2024.
|
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
|
|
Conference
ID:
|
6585471
|
The replay will be accessible through May
29, 2024, by dialing the following numbers:
|
United States:
|
+1-877-344-7529
|
|
International:
|
+1-412-317-0088
|
|
Replay Access
Code:
|
6585471
|
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 mission of
creating an exciting new journey of beauty discovery for consumers
around the world. 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), Eve Lom and EANTiM. The Company's flagship
brand, Perfect Diary, is one of the leading color cosmetics
brands in China in terms of retail
sales value. The Company primarily 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 (i) share-based compensation expenses, (ii) amortization
of intangible assets resulting from assets and business
acquisitions and (iii) impairment of goodwill. 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 and (v) 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) revaluation
of investments on the share of equity method investments, (iv)
impairment of goodwill, (v) tax effects on non-GAAP adjustments and
(vi) 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
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 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:
In China:
Yatsen Holding Limited
Investor Relations
E-mail: ir@yatsenglobal.com
Piacente Financial Communications
Hui Fan
Tel: +86-10-6508-0677
E-mail: yatsen@thepiacentegroup.com
In the United
States:
Piacente Financial Communications
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,
|
|
|
March
31,
|
|
|
March
31,
|
|
|
|
2023
|
|
|
2024
|
|
|
2024
|
|
|
|
RMB'000
|
|
|
RMB'000
|
|
|
USD'000
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
836,888
|
|
|
|
1,298,618
|
|
|
|
179,857
|
|
|
Restricted
Cash
|
|
|
21,248
|
|
|
|
21,285
|
|
|
|
2,948
|
|
|
Short-term
investments
|
|
|
1,218,481
|
|
|
|
567,799
|
|
|
|
78,639
|
|
|
Accounts receivable,
net
|
|
|
198,851
|
|
|
|
178,463
|
|
|
|
24,717
|
|
|
Inventories,
net
|
|
|
352,090
|
|
|
|
349,546
|
|
|
|
48,412
|
|
|
Prepayments and other
current assets
|
|
|
303,841
|
|
|
|
349,589
|
|
|
|
48,418
|
|
|
Amounts due from
related parties
|
|
|
20,200
|
|
|
|
4,126
|
|
|
|
571
|
|
|
Total current
assets
|
|
|
2,951,599
|
|
|
|
2,769,426
|
|
|
|
383,562
|
|
|
Non-current
assets
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
|
618,752
|
|
|
|
623,672
|
|
|
|
86,378
|
|
|
Property and
equipment, net
|
|
|
64,878
|
|
|
|
58,399
|
|
|
|
8,088
|
|
|
Goodwill,
net
|
|
|
556,567
|
|
|
|
554,798
|
|
|
|
76,839
|
|
|
Intangible assets,
net
|
|
|
671,396
|
|
|
|
649,758
|
|
|
|
89,990
|
|
|
Deferred tax
assets
|
|
|
1,375
|
|
|
|
1,369
|
|
|
|
190
|
|
|
Right-of-use assets,
net
|
|
|
114,348
|
|
|
|
95,732
|
|
|
|
13,259
|
|
|
Other non-current
assets
|
|
|
27,100
|
|
|
|
27,391
|
|
|
|
3,794
|
|
|
Total non-current
assets
|
|
|
2,054,416
|
|
|
|
2,011,119
|
|
|
|
278,538
|
|
|
Total
assets
|
|
|
5,006,015
|
|
|
|
4,780,545
|
|
|
|
662,100
|
|
|
Liabilities,
redeemable non-controlling interests and shareholders'
equity
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
105,691
|
|
|
|
64,180
|
|
|
|
8,889
|
|
|
Advances from
customers
|
|
|
41,579
|
|
|
|
34,743
|
|
|
|
4,812
|
|
|
Accrued expenses and
other liabilities
|
|
|
391,217
|
|
|
|
377,372
|
|
|
|
52,265
|
|
|
Amounts due to related
parties
|
|
|
9,431
|
|
|
|
21,520
|
|
|
|
2,980
|
|
|
Income tax
payables
|
|
|
17,946
|
|
|
|
17,632
|
|
|
|
2,442
|
|
|
Lease liabilities due
within one year
|
|
|
45,464
|
|
|
|
33,562
|
|
|
|
4,648
|
|
|
Total current
liabilities
|
|
|
611,328
|
|
|
|
549,009
|
|
|
|
76,036
|
|
|
Non-current
liabilities
|
|
|
|
|
|
|
|
|
|
|
Deferred tax
liabilities
|
|
|
111,591
|
|
|
|
108,523
|
|
|
|
15,030
|
|
|
Deferred income-non
current
|
|
|
30,556
|
|
|
|
26,616
|
|
|
|
3,686
|
|
|
Lease
liabilities
|
|
|
67,767
|
|
|
|
62,218
|
|
|
|
8,617
|
|
|
Total non-current
liabilities
|
|
|
209,914
|
|
|
|
197,357
|
|
|
|
27,333
|
|
|
Total
liabilities
|
|
|
821,242
|
|
|
|
746,366
|
|
|
|
103,369
|
|
|
Redeemable
non-controlling interests
|
|
|
51,466
|
|
|
|
51,466
|
|
|
|
7,128
|
|
|
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,
2023 and March 31,
2024; 2,030,600,883 Class A shares and
666,572,880 Class B
ordinary shares issued as of December 31,
2023 and March 31,
2024; 1,487,546,132 Class A ordinary shares
and 666,572,880 Class
B ordinary shares outstanding as of
December 31, 2023,
1,440,075,608 Class A ordinary shares and
666,572,880 Class B
ordinary shares outstanding as of March 31,
2024)
|
|
|
173
|
|
|
|
173
|
|
|
|
24
|
|
|
Treasury
shares
|
|
|
(864,568)
|
|
|
|
(887,205)
|
|
|
|
(122,876)
|
|
|
Additional paid-in
capital
|
|
|
12,260,208
|
|
|
|
12,254,541
|
|
|
|
1,697,234
|
|
|
Statutory
reserve
|
|
|
24,177
|
|
|
|
24,177
|
|
|
|
3,348
|
|
|
Accumulated
deficit
|
|
|
(7,345,153)
|
|
|
|
(7,469,752)
|
|
|
|
(1,034,549)
|
|
|
Accumulated other
comprehensive income
|
|
|
60,200
|
|
|
|
62,777
|
|
|
|
8,699
|
|
|
Total Yatsen Holding
Limited shareholders' equity
|
|
|
4,135,037
|
|
|
|
3,984,711
|
|
|
|
551,880
|
|
|
Non-controlling
interests
|
|
|
(1,730)
|
|
|
|
(1,998)
|
|
|
|
(277)
|
|
|
Total shareholders'
equity
|
|
|
4,133,307
|
|
|
|
3,982,713
|
|
|
|
551,603
|
|
|
Total liabilities,
redeemable non-controlling interests and
shareholders'
equity
|
|
|
5,006,015
|
|
|
|
4,780,545
|
|
|
|
662,100
|
|
|
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,
|
|
|
|
|
2023
|
|
|
2024
|
|
|
2024
|
|
|
|
|
RMB'000
|
|
|
RMB'000
|
|
|
USD'000
|
|
|
|
Total net
revenues
|
|
|
765,396
|
|
|
|
773,355
|
|
|
|
107,108
|
|
|
|
Total cost of
revenues
|
|
|
(196,667)
|
|
|
|
(172,407)
|
|
|
|
(23,878)
|
|
|
|
Gross
profit
|
|
|
568,729
|
|
|
|
600,948
|
|
|
|
83,230
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Fulfilment
expenses
|
|
|
(51,916)
|
|
|
|
(51,448)
|
|
|
|
(7,125)
|
|
|
|
Selling and marketing
expenses
|
|
|
(459,048)
|
|
|
|
(539,193)
|
|
|
|
(74,677)
|
|
|
|
General and
administrative expenses
|
|
|
(40,741)
|
|
|
|
(140,099)
|
|
|
|
(19,403)
|
|
|
|
Research and
development expenses
|
|
|
(24,178)
|
|
|
|
(27,926)
|
|
|
|
(3,868)
|
|
|
|
Total operating
expenses
|
|
|
(575,883)
|
|
|
|
(758,666)
|
|
|
|
(105,073)
|
|
|
|
Loss from
operations
|
|
|
(7,154)
|
|
|
|
(157,718)
|
|
|
|
(21,843)
|
|
|
|
Financial
income
|
|
|
26,988
|
|
|
|
28,612
|
|
|
|
3,963
|
|
|
|
Foreign currency
exchange loss
|
|
|
(5,549)
|
|
|
|
(7,633)
|
|
|
|
(1,057)
|
|
|
|
Income from equity
method investments, net
|
|
|
19,060
|
|
|
|
3,276
|
|
|
|
454
|
|
|
|
Other income,
net
|
|
|
17,517
|
|
|
|
6,305
|
|
|
|
873
|
|
|
|
Income (loss) before
income tax expenses
|
|
|
50,862
|
|
|
|
(127,158)
|
|
|
|
(17,610)
|
|
|
|
Income tax (expenses)
benefits
|
|
|
(186)
|
|
|
|
2,291
|
|
|
|
317
|
|
|
|
Net income
(loss)
|
|
|
50,676
|
|
|
|
(124,867)
|
|
|
|
(17,293)
|
|
|
|
Net (income) loss
attributable to non-controlling interests and
redeemable
non-controlling interests
|
|
|
(618)
|
|
|
|
268
|
|
|
|
37
|
|
|
|
Net income (loss)
attributable to Yatsen's shareholders
|
|
|
50,058
|
|
|
|
(124,599)
|
|
|
|
(17,256)
|
|
|
|
Shares used in
calculating loss per share (1):
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of Class A and Class B ordinary shares:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
2,236,250,264
|
|
|
|
2,141,156,030
|
|
|
|
2,141,156,030
|
|
|
|
Diluted
|
|
|
2,373,166,850
|
|
|
|
2,141,156,030
|
|
|
|
2,141,156,030
|
|
|
|
Net income (loss)
per Class A and Class B ordinary share
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
0.02
|
|
|
|
(0.06)
|
|
|
|
(0.01)
|
|
|
|
Diluted
|
|
|
0.02
|
|
|
|
(0.06)
|
|
|
|
(0.01)
|
|
|
|
Net income (loss)
per ADS (20 ordinary shares equal to 1 ADS) (2)
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
0.45
|
|
|
|
(1.16)
|
|
|
|
(0.16)
|
|
|
|
Diluted
|
|
|
0.42
|
|
|
|
(1.16)
|
|
|
|
(0.16)
|
|
|
|
|
For the Three Months
Ended March 31,
|
|
|
|
|
2023
|
|
|
2024
|
|
|
2024
|
|
|
|
Share-based
compensation expenses are included in the
operating expenses
as follows:
|
|
RMB'000
|
|
|
RMB'000
|
|
|
USD'000
|
|
|
|
Fulfilment
expenses
|
|
|
651
|
|
|
|
76
|
|
|
|
11
|
|
|
|
Selling and marketing
expenses
|
|
|
6,292
|
|
|
|
2,656
|
|
|
|
368
|
|
|
|
General and
administrative expenses
|
|
|
(76,320)
|
|
|
|
31,627
|
|
|
|
4,380
|
|
|
|
Research and
development expenses
|
|
|
1,979
|
|
|
|
1,318
|
|
|
|
183
|
|
|
|
Total
|
|
|
(67,398)
|
|
|
|
35,677
|
|
|
|
4,942
|
|
|
|
(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.
(2)
Effective from March 18, 2024, the Company changed its ADS to Class
A Ordinary Share ratio from one ADS representing
four ordinary shares to
one ADS representing twenty ordinary shares. The historical and
present income (loss) per ADS have
been adjusted
retroactively for all periods presented to reflect this
change.
|
|
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,
|
|
|
|
|
2023
|
|
|
2024
|
|
|
2024
|
|
|
|
|
RMB'000
|
|
|
RMB'000
|
|
|
USD'000
|
|
|
|
Loss from
operations
|
|
|
(7,154)
|
|
|
|
(157,718)
|
|
|
|
(21,843)
|
|
|
|
Share-based
compensation expenses
|
|
|
(67,398)
|
|
|
|
35,677
|
|
|
|
4,942
|
|
|
|
Amortization of
intangible assets resulting from assets and
business
acquisitions
|
|
|
12,176
|
|
|
|
15,056
|
|
|
|
2,085
|
|
|
|
Non-GAAP loss from
operations
|
|
|
(62,376)
|
|
|
|
(106,985)
|
|
|
|
(14,816)
|
|
|
|
Net income
(loss)
|
|
|
50,676
|
|
|
|
(124,867)
|
|
|
|
(17,293)
|
|
|
|
Share-based
compensation expenses
|
|
|
(67,398)
|
|
|
|
35,677
|
|
|
|
4,942
|
|
|
|
Amortization of
intangible assets resulting from assets and
business
acquisitions
|
|
|
12,176
|
|
|
|
15,056
|
|
|
|
2,085
|
|
|
|
Revaluation of
investments on the share of equity method
investments
|
|
|
(19,146)
|
|
|
|
(7,039)
|
|
|
|
(975)
|
|
|
|
Tax effects on non-GAAP
adjustments
|
|
|
(2,080)
|
|
|
|
(2,620)
|
|
|
|
(363)
|
|
|
|
Non-GAAP net
loss
|
|
|
(25,772)
|
|
|
|
(83,793)
|
|
|
|
(11,604)
|
|
|
|
Net income (loss)
attributable to Yatsen's shareholders
|
|
|
50,058
|
|
|
|
(124,599)
|
|
|
|
(17,256)
|
|
|
|
Share-based
compensation expenses
|
|
|
(67,398)
|
|
|
|
35,677
|
|
|
|
4,942
|
|
|
|
Amortization of
intangible assets resulting from assets and
business
acquisitions
|
|
|
11,912
|
|
|
|
14,782
|
|
|
|
2,047
|
|
|
|
Revaluation of
investments on the share of equity method
investments
|
|
|
(19,146)
|
|
|
|
(7,039)
|
|
|
|
(975)
|
|
|
|
Tax effects on non-GAAP
adjustments
|
|
|
(2,080)
|
|
|
|
(2,620)
|
|
|
|
(363)
|
|
|
|
Non-GAAP net loss
attributable to Yatsen's shareholders
|
|
|
(26,654)
|
|
|
|
(83,799)
|
|
|
|
(11,605)
|
|
|
|
Shares used in
calculating loss per share:
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of Class A and Class B ordinary shares:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
2,236,250,264
|
|
|
|
2,141,156,030
|
|
|
|
2,141,156,030
|
|
|
|
Diluted
|
|
|
2,236,250,264
|
|
|
|
2,141,156,030
|
|
|
|
2,141,156,030
|
|
|
|
Non-GAAP net loss
attributable to ordinary shareholders per
Class A and Class B
ordinary share
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
(0.01)
|
|
|
|
(0.04)
|
|
|
|
(0.01)
|
|
|
|
Diluted
|
|
|
(0.01)
|
|
|
|
(0.04)
|
|
|
|
(0.01)
|
|
|
|
Non-GAAP net loss
attributable to ordinary shareholders per
ADS (20 ordinary
shares equal to 1 ADS) (1)
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
(0.24)
|
|
|
|
(0.78)
|
|
|
|
(0.11)
|
|
|
|
Diluted
|
|
|
(0.24)
|
|
|
|
(0.78)
|
|
|
|
(0.11)
|
|
|
|
(1)
Effective from March 18, 2024, the Company changed its ADS to Class
A Ordinary Share ratio from one ADS representing
four ordinary shares to
one ADS representing twenty ordinary shares. The historical and
present income (loss) per ADS have
been adjusted
retroactively for all periods presented to reflect this
change.
|
View original
content:https://www.prnewswire.com/news-releases/yatsen-announces-first-quarter-2024-financial-results-302152471.html
SOURCE Yatsen Holding Limited