Conference Call to Be Held at 7:30 A.M. U.S. Eastern Time on August 20, 2024
GUANGZHOU, China, Aug. 20,
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 second quarter ended
June 30, 2024.
Second Quarter 2024 Highlights
- Total net revenues for the second quarter of 2024
decreased by 7.5% to RMB794.5 million
(US$109.3 million) from RMB858.6 million for the prior year period.
- Total net revenues from Skincare
Brands[1] for the second
quarter of 2024 were RMB325.2 million
(US$44.8 million), remaining flat as
compared with the prior year period. As a percentage of total net
revenues, total net revenues from Skincare Brands for the second
quarter of 2024 were 40.9%, as compared with 37.9% for the prior
year period.
- Gross margin for the second quarter of 2024 increased to
76.7% from 74.7% for the prior year period.
- Net loss for the second quarter of 2024 was
RMB85.5 million (US$11.8 million), representing a decrease of
21.2% from RMB108.5 million for the
prior year period. Non-GAAP net
loss[2] for the second
quarter of 2024 was RMB74.9 million (US$10.3 million), as compared with
RMB46.3 million for the prior year
period.
Mr. Jinfeng Huang, Founder,
Chairman and Chief Executive Officer of Yatsen, stated,
"China's beauty industry
experienced a subdued second quarter, with the 618 Shopping
Festival falling short of expectations and growth lagging the
overall consumer goods sector. Our total net revenues declined in
the second quarter, while our three major clinical and premium
skincare brands, including Galénic, DR.WU and
Eve Lom, achieved another
quarter of combined net revenue growth. Despite the ongoing
uncertainties in consumer demand, we will continue to focus on
broadening our product portfolio and optimizing our channel mix
with the goal of returning to a growth trajectory while balancing
profitability."
Mr. Donghao Yang, Director and
Chief Financial Officer of Yatsen, commented, "The challenging
beauty market conditions in China
negatively impacted our sales in the second quarter, resulting in a
year-over-year decline of 7.5% in total net revenues. However, our
three major skincare brands proved resilient, with net revenues
increasing by 5.0% year over year. In addition, our gross margin
improved by 2.0 percentage points year over year to 76.7%, while
our net loss margin narrowed to 10.8% from 12.6% for the prior year
period. We also continued to execute our share repurchase program,
demonstrating our confidence in the Company's long-term growth
prospects."
Second Quarter 2024 Financial Results
Net Revenues
Total net revenues for the second quarter of 2024 decreased by
7.5% to RMB794.5 million
(US$109.3 million) from RMB858.6 million for the prior year period. The
decrease was primarily due to an 11.4% year-over-year decrease in
net revenues from Color Cosmetics Brands.[3]
Gross Profit and Gross Margin
Gross profit for the second quarter of 2024 decreased by 5.0% to
RMB609.4 million (US$83.9 million) from RMB641.6 million for the prior year period. Gross
margin for the second quarter of 2024 increased to 76.7% from 74.7%
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 second quarter of 2024
decreased by 4.1% to RMB744.6 million
(US$102.5 million) from RMB776.7 million for the prior year period. As a
percentage of total net revenues, total operating expenses for the
second quarter of 2024 were 93.7%, as compared with 90.5% for the
prior year period.
- Fulfillment Expenses. Fulfillment expenses for
the second quarter of 2024 were RMB51.2
million (US$7.0 million), as
compared with RMB58.3 million for the
prior year period. As a percentage of total net revenues,
fulfillment expenses for the second quarter of 2024 decreased to
6.4% from 6.8% for the prior year period. The decrease was
primarily due to an increase in the overall average selling price
of the Company's products, as well as further improvements in
logistics efficiency.
- Selling and Marketing Expenses. Selling and
marketing expenses for the second quarter of 2024 were RMB544.7 million (US$74.9
million), as compared with RMB542.8
million for the prior year period. As a percentage of total
net revenues, selling and marketing expenses for the second quarter
of 2024 increased to 68.6% from 63.2% 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 second quarter of 2024 were
RMB119.1 million (US$16.4 million), as compared with RMB149.7 million for the prior year period. As a
percentage of total net revenues, general and administrative
expenses for the second quarter of 2024 decreased to 15.0% from
17.4% for the prior year period. The decrease was primarily
attributable to a reduction in share-based compensation, as a
result of the reversal of recognized share-based compensation
expenses due to the forfeiture of unvested awards granted to
certain former employees of the Company.
- Research and Development Expenses. Research
and development expenses for the second quarter of 2024 were
RMB29.7 million (US$4.1 million), as compared with RMB25.9 million for the prior year period. As a
percentage of total net revenues, research and development expenses
for the second quarter of 2024 increased to 3.7% from 3.0% for the
prior year period. The increase was primarily attributable to the
commencement of operation of the Company's Global Innovation
R&D Center in Shanghai on
May 28, 2024.
Loss from Operations
Loss from operations for the second quarter of 2024 was
RMB135.2 million (US$18.6 million), as compared with RMB135.1 million for the prior year period.
Operating loss margin was 17.0%, as compared with 15.7% for the
prior year period.
Non-GAAP loss from operations[4] for the second
quarter of 2024 was RMB111.9 million
(US$15.4 million), as compared with
RMB74.6 million for the prior year
period. Non-GAAP operating loss margin was 14.1%, as compared with
8.7% for the prior year period.
Net Loss
Net loss for the second quarter of 2024 decreased by 21.2% to
RMB85.5 million (US$11.8 million) from RMB108.5 million for the prior year period. Net
loss margin was 10.8%, as compared with 12.6% for the prior year
period. Net loss attributable to Yatsen's ordinary shareholders per
diluted ADS[5] for the second quarter of 2024
was RMB0.77 (US$0.11), as compared with RMB0.99 for the prior year period.
Non-GAAP net loss for the second quarter of 2024 was
RMB74.9 million (US$10.3 million), as compared with RMB46.3 million for the prior year period.
Non-GAAP net loss margin was 9.4%, as compared with 5.4% for the
prior year period. Non-GAAP net loss attributable to Yatsen's
ordinary shareholders per diluted ADS[6] for
the second quarter of 2024 was RMB0.67 (US$0.09),
as compared with RMB0.41 for the
prior year period.
Balance Sheet and Cash Flow
As of June 30, 2024, the Company
had cash, restricted cash and short-term investments of
RMB1.58 billion (US$217.5 million), as compared with RMB2.08 billion as of December 31, 2023.
Net cash used in operating activities for the second quarter of
2024 was RMB148.2 million
(US$20.4 million), as compared with
RMB14.4 million for the prior year
period.
Business Outlook
For the third quarter of 2024, the Company expects its total net
revenues to be between RMB646.3
million and RMB718.1 million,
representing a year-over-year decrease of approximately 0% to 10%.
These forecasts reflect the Company's current and preliminary views
on the market and operational conditions, which are subject to
change.
Exchange Rate
This announcement contains translations of certain Renminbi
("RMB") amounts into U.S. dollars ("US$") 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 RMB7.2672 to US$1.00, the exchange rate in effect as of
June 28, 2024, as set forth in the
H.10 statistical release of The Board of Governors of the Federal
Reserve System. The Company makes no representation that any RMB or
US$ 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
Tuesday, August 20, 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 second 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:
|
2105928
|
The replay will be accessible through Tuesday, August 27, by dialing the following
numbers:
|
United States:
|
+1-877-344-7529
|
|
International:
|
+1-412-317-0088
|
|
Replay Access
Code:
|
2105928
|
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, 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:
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,
|
|
|
June
30,
|
|
|
June
30,
|
|
|
|
2023
|
|
|
2024
|
|
|
2024
|
|
|
|
RMB'000
|
|
|
RMB'000
|
|
|
USD'000
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
836,888
|
|
|
|
796,485
|
|
|
|
109,600
|
|
|
Restricted
cash
|
|
|
21,248
|
|
|
|
-
|
|
|
|
-
|
|
|
Short-term
investments
|
|
|
1,218,481
|
|
|
|
783,948
|
|
|
|
107,875
|
|
|
Accounts receivable,
net
|
|
|
198,851
|
|
|
|
170,988
|
|
|
|
23,529
|
|
|
Inventories,
net
|
|
|
352,090
|
|
|
|
422,252
|
|
|
|
58,104
|
|
|
Prepayments and other
current assets
|
|
|
303,841
|
|
|
|
371,014
|
|
|
|
51,053
|
|
|
Amounts due from
related parties
|
|
|
20,200
|
|
|
|
2,497
|
|
|
|
344
|
|
|
Total current
assets
|
|
|
2,951,599
|
|
|
|
2,547,184
|
|
|
|
350,505
|
|
|
Non-current
assets
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
|
618,752
|
|
|
|
637,177
|
|
|
|
87,678
|
|
|
Property and
equipment, net
|
|
|
64,878
|
|
|
|
74,948
|
|
|
|
10,313
|
|
|
Goodwill,
net
|
|
|
556,567
|
|
|
|
556,649
|
|
|
|
76,597
|
|
|
Intangible assets,
net
|
|
|
671,396
|
|
|
|
636,087
|
|
|
|
87,528
|
|
|
Deferred tax
assets
|
|
|
1,375
|
|
|
|
1,375
|
|
|
|
189
|
|
|
Right-of-use assets,
net
|
|
|
114,348
|
|
|
|
135,710
|
|
|
|
18,674
|
|
|
Other non-current
assets
|
|
|
27,100
|
|
|
|
31,354
|
|
|
|
4,314
|
|
|
Total non-current
assets
|
|
|
2,054,416
|
|
|
|
2,073,300
|
|
|
|
285,293
|
|
|
Total
assets
|
|
|
5,006,015
|
|
|
|
4,620,484
|
|
|
|
635,798
|
|
|
Liabilities,
redeemable non-controlling interests and
shareholders' equity
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
105,691
|
|
|
|
102,652
|
|
|
|
14,125
|
|
|
Advances from
customers
|
|
|
41,579
|
|
|
|
29,705
|
|
|
|
4,088
|
|
|
Accrued expenses and
other liabilities
|
|
|
391,217
|
|
|
|
351,499
|
|
|
|
48,368
|
|
|
Amounts due to related
parties
|
|
|
9,431
|
|
|
|
26,314
|
|
|
|
3,621
|
|
|
Income tax
payables
|
|
|
17,946
|
|
|
|
17,411
|
|
|
|
2,396
|
|
|
Lease liabilities due
within one year
|
|
|
45,464
|
|
|
|
45,148
|
|
|
|
6,213
|
|
|
Total current
liabilities
|
|
|
611,328
|
|
|
|
572,729
|
|
|
|
78,811
|
|
|
Non-current
liabilities
|
|
|
|
|
|
|
|
|
|
|
Deferred tax
liabilities
|
|
|
111,591
|
|
|
|
109,975
|
|
|
|
15,133
|
|
|
Deferred income-non
current
|
|
|
30,556
|
|
|
|
22,725
|
|
|
|
3,127
|
|
|
Lease
liabilities
|
|
|
67,767
|
|
|
|
90,829
|
|
|
|
12,498
|
|
|
Total non-current
liabilities
|
|
|
209,914
|
|
|
|
223,529
|
|
|
|
30,758
|
|
|
Total
liabilities
|
|
|
821,242
|
|
|
|
796,258
|
|
|
|
109,569
|
|
|
Redeemable
non-controlling interests
|
|
|
51,466
|
|
|
|
49,500
|
|
|
|
6,811
|
|
|
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 June 30, 2024; 2,030,600,883 Class A shares and
666,572,880 Class B ordinary shares issued as of December 31,
2023, 2,096,600,883 Class A shares and 600,572,880 Class B
ordinary shares issued as of June 30, 2024; 1,487,546,132 Class
A
ordinary shares and 666,572,880 Class B ordinary shares
outstanding as of December 31, 2023, 1,408,629,028 Class A
ordinary shares and 600,572,880 Class B ordinary shares
outstanding as of June 30, 2024)
|
|
|
173
|
|
|
|
173
|
|
|
|
24
|
|
|
Treasury
shares
|
|
|
(864,568)
|
|
|
|
(1,018,480)
|
|
|
|
(140,148)
|
|
|
Additional paid-in
capital
|
|
|
12,260,208
|
|
|
|
12,249,071
|
|
|
|
1,685,528
|
|
|
Statutory
reserve
|
|
|
24,177
|
|
|
|
24,177
|
|
|
|
3,327
|
|
|
Accumulated
deficit
|
|
|
(7,345,153)
|
|
|
|
(7,548,026)
|
|
|
|
(1,038,643)
|
|
|
Accumulated other
comprehensive income
|
|
|
60,200
|
|
|
|
75,064
|
|
|
|
10,328
|
|
|
Total Yatsen Holding
Limited shareholders' equity
|
|
|
4,135,037
|
|
|
|
3,781,979
|
|
|
|
520,416
|
|
|
Non-controlling
interests
|
|
|
(1,730)
|
|
|
|
(7,253)
|
|
|
|
(998)
|
|
|
Total shareholders'
equity
|
|
|
4,133,307
|
|
|
|
3,774,726
|
|
|
|
519,418
|
|
|
Total liabilities,
redeemable non-controlling interests and
shareholders' equity
|
|
|
5,006,015
|
|
|
|
4,620,484
|
|
|
|
635,798
|
|
|
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 June 30,
|
|
|
For the Six Months
Ended June 30,
|
|
|
|
2023
|
|
|
2024
|
|
|
2024
|
|
|
2023
|
|
|
2024
|
|
|
2024
|
|
|
|
RMB'000
|
|
|
RMB'000
|
|
|
USD'000
|
|
|
RMB'000
|
|
|
RMB'000
|
|
|
USD'000
|
|
|
Total net
revenues
|
|
|
858,562
|
|
|
|
794,521
|
|
|
|
109,330
|
|
|
|
1,623,958
|
|
|
|
1,567,876
|
|
|
|
215,747
|
|
|
Total cost of
revenues
|
|
|
(216,915)
|
|
|
|
(185,102)
|
|
|
|
(25,471)
|
|
|
|
(413,582)
|
|
|
|
(357,509)
|
|
|
|
(49,195)
|
|
|
Gross
profit
|
|
|
641,647
|
|
|
|
609,419
|
|
|
|
83,859
|
|
|
|
1,210,376
|
|
|
|
1,210,367
|
|
|
|
166,552
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fulfilment
expenses
|
|
|
(58,339)
|
|
|
|
(51,163)
|
|
|
|
(7,040)
|
|
|
|
(110,255)
|
|
|
|
(102,611)
|
|
|
|
(14,120)
|
|
|
Selling and marketing
expenses
|
|
|
(542,781)
|
|
|
|
(544,659)
|
|
|
|
(74,948)
|
|
|
|
(1,001,829)
|
|
|
|
(1,083,852)
|
|
|
|
(149,143)
|
|
|
General and
administrative expenses
|
|
|
(149,655)
|
|
|
|
(119,106)
|
|
|
|
(16,390)
|
|
|
|
(190,396)
|
|
|
|
(259,205)
|
|
|
|
(35,668)
|
|
|
Research and
development expenses
|
|
|
(25,930)
|
|
|
|
(29,678)
|
|
|
|
(4,084)
|
|
|
|
(50,108)
|
|
|
|
(57,604)
|
|
|
|
(7,927)
|
|
|
Total operating
expenses
|
|
|
(776,705)
|
|
|
|
(744,606)
|
|
|
|
(102,462)
|
|
|
|
(1,352,588)
|
|
|
|
(1,503,272)
|
|
|
|
(206,858)
|
|
|
Loss from
operations
|
|
|
(135,058)
|
|
|
|
(135,187)
|
|
|
|
(18,603)
|
|
|
|
(142,212)
|
|
|
|
(292,905)
|
|
|
|
(40,306)
|
|
|
Financial
income
|
|
|
15,950
|
|
|
|
28,829
|
|
|
|
3,967
|
|
|
|
42,938
|
|
|
|
57,441
|
|
|
|
7,904
|
|
|
Foreign currency
exchange gain (loss)
|
|
|
4,567
|
|
|
|
(3,462)
|
|
|
|
(476)
|
|
|
|
(982)
|
|
|
|
(11,095)
|
|
|
|
(1,527)
|
|
|
(Loss) income from
equity method
investments, net
|
|
|
(6,729)
|
|
|
|
12,724
|
|
|
|
1,751
|
|
|
|
12,331
|
|
|
|
16,000
|
|
|
|
2,202
|
|
|
Other income,
net
|
|
|
11,649
|
|
|
|
13,191
|
|
|
|
1,815
|
|
|
|
29,166
|
|
|
|
19,496
|
|
|
|
2,683
|
|
|
Loss before income
tax expenses
|
|
|
(109,621)
|
|
|
|
(83,905)
|
|
|
|
(11,546)
|
|
|
|
(58,759)
|
|
|
|
(211,063)
|
|
|
|
(29,044)
|
|
|
Income tax benefits
(expenses)
|
|
|
1,154
|
|
|
|
(1,589)
|
|
|
|
(219)
|
|
|
|
968
|
|
|
|
702
|
|
|
|
97
|
|
|
Net
loss
|
|
|
(108,467)
|
|
|
|
(85,494)
|
|
|
|
(11,765)
|
|
|
|
(57,791)
|
|
|
|
(210,361)
|
|
|
|
(28,947)
|
|
|
Net loss attributable
to non-controlling
interests and redeemable non-controlling
interests
|
|
|
675
|
|
|
|
7,220
|
|
|
|
994
|
|
|
|
57
|
|
|
|
7,488
|
|
|
|
1,030
|
|
|
Accretion to redeemable
non-controlling
interests
|
|
|
(2,975)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(2,975)
|
|
|
|
-
|
|
|
|
-
|
|
|
Net loss
attributable to Yatsen's
shareholders
|
|
|
(110,767)
|
|
|
|
(78,274)
|
|
|
|
(10,771)
|
|
|
|
(60,709)
|
|
|
|
(202,873)
|
|
|
|
(27,917)
|
|
|
Shares used in calculating loss
per share
(1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of Class A and
Class B ordinary shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
2,228,009,569
|
|
|
|
2,043,644,209
|
|
|
|
2,043,644,209
|
|
|
|
2,232,107,152
|
|
|
|
2,092,400,120
|
|
|
|
2,092,400,120
|
|
|
Diluted
|
|
|
2,228,009,569
|
|
|
|
2,043,644,209
|
|
|
|
2,043,644,209
|
|
|
|
2,232,107,152
|
|
|
|
2,092,400,120
|
|
|
|
2,092,400,120
|
|
|
Net loss per Class A and Class
B ordinary
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
(0.05)
|
|
|
|
(0.04)
|
|
|
|
(0.01)
|
|
|
|
(0.03)
|
|
|
|
(0.10)
|
|
|
|
(0.01)
|
|
|
Diluted
|
|
|
(0.05)
|
|
|
|
(0.04)
|
|
|
|
(0.01)
|
|
|
|
(0.03)
|
|
|
|
(0.10)
|
|
|
|
(0.01)
|
|
|
Net loss per ADS (20 ordinary
shares equal
to 1 ADS) (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
(0.99)
|
|
|
|
(0.77)
|
|
|
|
(0.11)
|
|
|
|
(0.54)
|
|
|
|
(1.94)
|
|
|
|
(0.27)
|
|
|
Diluted
|
|
|
(0.99)
|
|
|
|
(0.77)
|
|
|
|
(0.11)
|
|
|
|
(0.54)
|
|
|
|
(1.94)
|
|
|
|
(0.27)
|
|
|
|
|
|
|
|
For the Three Months
Ended June 30,
|
|
|
For the Six Months
Ended June 30,
|
|
|
|
2023
|
|
|
2024
|
|
|
2024
|
|
|
2023
|
|
|
2024
|
|
|
2024
|
|
|
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
(income)
|
|
|
381
|
|
|
(178)
|
|
|
(24)
|
|
|
1,032
|
|
|
(102)
|
|
|
(14)
|
|
|
Selling and marketing
expenses (income)
|
|
|
4,443
|
|
|
(7,246)
|
|
|
(997)
|
|
|
10,735
|
|
|
(4,590)
|
|
|
(632)
|
|
|
General and
administrative expenses
(income)
|
|
|
40,899
|
|
|
17,128
|
|
|
2,357
|
|
|
(35,421)
|
|
|
48,755
|
|
|
6,709
|
|
|
Research and
development expenses
(income)
|
|
|
1,783
|
|
|
(1,549)
|
|
|
(213)
|
|
|
3,762
|
|
|
(231)
|
|
|
(32)
|
|
|
Total
|
|
|
47,506
|
|
|
8,155
|
|
|
1,123
|
|
|
(19,892)
|
|
|
43,832
|
|
|
6,031
|
|
|
(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 June 30,
|
|
|
For the Six Months
Ended June 30,
|
|
|
|
2023
|
|
|
2024
|
|
|
2024
|
|
|
2023
|
|
|
2024
|
|
|
2024
|
|
|
|
RMB'000
|
|
|
RMB'000
|
|
|
USD'000
|
|
|
RMB'000
|
|
|
RMB'000
|
|
|
USD'000
|
|
|
Loss from
operations
|
|
(135,058)
|
|
|
(135,187)
|
|
|
(18,603)
|
|
|
(142,212)
|
|
|
(292,905)
|
|
|
(40,306)
|
|
|
Share-based
compensation expenses
(income)
|
|
47,506
|
|
|
8,155
|
|
|
1,123
|
|
|
(19,892)
|
|
|
43,832
|
|
|
6,031
|
|
|
Amortization of
intangible assets
resulting from assets and business
acquisitions
|
|
12,934
|
|
|
15,103
|
|
|
2,078
|
|
|
25,110
|
|
|
30,159
|
|
|
4,150
|
|
|
Non-GAAP loss from
operations
|
|
(74,618)
|
|
|
(111,929)
|
|
|
(15,402)
|
|
|
(136,994)
|
|
|
(218,914)
|
|
|
(30,125)
|
|
|
Net loss
|
|
(108,467)
|
|
|
(85,494)
|
|
|
(11,765)
|
|
|
(57,791)
|
|
|
(210,361)
|
|
|
(28,947)
|
|
|
Share-based
compensation expenses
(income)
|
|
47,506
|
|
|
8,155
|
|
|
1,123
|
|
|
(19,892)
|
|
|
43,832
|
|
|
6,031
|
|
|
Amortization of
intangible assets
resulting from assets and business
acquisitions
|
|
12,934
|
|
|
15,103
|
|
|
2,078
|
|
|
25,110
|
|
|
30,159
|
|
|
4,150
|
|
|
Revaluation of
investments on the
share of equity method investments
|
|
3,932
|
|
|
(13,632)
|
|
|
(1,876)
|
|
|
(15,214)
|
|
|
(20,671)
|
|
|
(2,844)
|
|
|
Tax effects on
non-GAAP
adjustments
|
|
(2,211)
|
|
|
983
|
|
|
135
|
|
|
(4,291)
|
|
|
(1,637)
|
|
|
(225)
|
|
|
Non-GAAP net
loss
|
|
(46,306)
|
|
|
(74,885)
|
|
|
(10,305)
|
|
|
(72,078)
|
|
|
(158,678)
|
|
|
(21,835)
|
|
|
Net loss attributable
to Yatsen's
shareholders
|
|
(110,767)
|
|
|
(78,274)
|
|
|
(10,771)
|
|
|
(60,709)
|
|
|
(202,873)
|
|
|
(27,917)
|
|
|
Share-based
compensation expenses
(income)
|
|
47,506
|
|
|
8,155
|
|
|
1,123
|
|
|
(19,892)
|
|
|
43,832
|
|
|
6,031
|
|
|
Amortization of
intangible assets
resulting from assets and business
acquisitions
|
|
12,656
|
|
|
14,607
|
|
|
2,010
|
|
|
24,568
|
|
|
29,389
|
|
|
4,044
|
|
|
Revaluation of
investments on the
share of equity method
investments
|
|
3,932
|
|
|
(13,632)
|
|
|
(1,876)
|
|
|
(15,214)
|
|
|
(20,671)
|
|
|
(2,844)
|
|
|
Tax effects on
non-GAAP
adjustments
|
|
(2,211)
|
|
|
1,039
|
|
|
143
|
|
|
(4,291)
|
|
|
(1,581)
|
|
|
(218)
|
|
|
Accretion to redeemable
non-
controlling interests
|
|
2,975
|
|
|
-
|
|
|
-
|
|
|
2,975
|
|
|
-
|
|
|
-
|
|
|
Non-GAAP net loss
attributable to
Yatsen's shareholders
|
|
(45,909)
|
|
|
(68,105)
|
|
|
(9,371)
|
|
|
(72,563)
|
|
|
(151,904)
|
|
|
(20,904)
|
|
|
Shares used in
calculating loss per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of Class A
and Class B ordinary shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
2,228,009,569
|
|
|
2,043,644,209
|
|
|
2,043,644,209
|
|
|
2,232,107,152
|
|
|
2,092,400,120
|
|
|
2,092,400,120
|
|
|
Diluted
|
|
2,228,009,569
|
|
|
2,043,644,209
|
|
|
2,043,644,209
|
|
|
2,232,107,152
|
|
|
2,092,400,120
|
|
|
2,092,400,120
|
|
|
Non-GAAP net loss
attributable to
ordinary shareholders per Class A
and Class B ordinary share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
(0.02)
|
|
|
(0.03)
|
|
|
(0.00)
|
|
|
(0.03)
|
|
|
(0.07)
|
|
|
(0.01)
|
|
|
Diluted
|
|
(0.02)
|
|
|
(0.03)
|
|
|
(0.00)
|
|
|
(0.03)
|
|
|
(0.07)
|
|
|
(0.01)
|
|
|
Non-GAAP net loss
attributable to
ordinary shareholders per ADS
(20 ordinary shares equal to 1
ADS) (1)
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Basic
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(0.41)
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(0.67)
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(0.09)
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(0.65)
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(1.45)
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(0.20)
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Diluted
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(0.41)
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(0.67)
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(0.09)
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(0.65)
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(1.45)
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(0.20)
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(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.
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View original
content:https://www.prnewswire.com/news-releases/yatsen-announces-second-quarter-2024-financial-results-302226247.html
SOURCE Yatsen Holding Limited