YSG Yatsen Holding Limited

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of August 2024

 

 

 

Commission File Number: 001-39703

 

 

 

Yatsen Holding Limited

 

Building 35, No. 2519 East Xingang Road

Haizhu District, Guangzhou 510330

People’s Republic of China

 

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F  Form 40-F 

 

 

 

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EXHIBIT INDEX

 

Exhibit No.		Description
99.1		Press Release – Yatsen Announces Second Quarter 2024 Financial Results

 

 

 

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SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

YATSEN HOLDING LIMITED
By:		/s/ Donghao Yang
Name:		Donghao Yang
Title:		Chief Financial Officer

 

Date: August 20, 2024

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Yatsen Announces Second Quarter 2024 Financial Results

 

Conference Call to Be Held at 7:30 A.M. U.S. Eastern Time on August 20, 2024

 

GUANGZHOU, China, August 20, 2024 – 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

 

 

 

 

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.”

 

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.

 

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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

 

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

 

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.

 

 

 

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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 operations4 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 ADS5 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 ADS6 for the second quarter of 2024 was RMB0.67 (US$0.09), as compared with RMB0.41 for the prior year period.

 

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.

 

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.

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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.

 

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/.

 

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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.

 

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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

 

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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

 

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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	)

 

 

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		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.

 

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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)
Basic			(0.41	)			(0.67	)			(0.09	)			(0.65	)			(1.45	)			(0.20	)
Diluted			(0.41	)			(0.67	)			(0.09	)			(0.65	)			(1.45	)			(0.20	)

(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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