Yatsen Announces Second Quarter 2023 Financial Results Exhibit 99.1 Conference Call to Be Held at 7:30 A.M. U.S. Eastern Time on August 22, 2023 GUANGZHOU, China, August 22, 2023 – 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, 2023. Second Quarter 2023 Highlights • Total net revenues for the second quarter of 2023 decreased by 9.8% to RMB858.6 million (US$118.4 million) ...

Yatsen Holding Limited (NYSE:YSG) Q1 2023 Earnings Conference Call May 16, 2023 7:30 AM ET Company Participants Irene Lyu - Vice President and Head, Strategic Investment and Capital Markets Jinfeng Huang - Founder, Chairman and Chief Executive Officer Donghao Yang - Chief Financial Officer Conference Call Participants Dustin Wei - Morgan Stanley Olivia Tong - Raymond James Operator Ladies and gentlemen, good day and welcome to the Yatsen First Quarter 2023 Earnings Conference Call. Today’s conference is bei ...

[Q1 2023 Financial Performance Overview](index=1&type=section&id=Yatsen%20Announces%20First%20Quarter%202023%20Financial%20Results) Yatsen's Q1 2023 results show a revenue decline but significant profitability improvement driven by skincare growth and cost optimization [Q1 2023 Key Financial Highlights](index=1&type=section&id=First%20Quarter%202023%20Highlights) Yatsen's Q1 2023 net revenue declined 14.1% to RMB 765.4 million, with Skincare Brands growing 34.2% and gross margin improving to 74.3%, resulting in a net income of RMB 50.7 million, primarily due to a share-based compensation reversal Key Financial Highlights | Financial Metric | Q1 2023 (RMB million) | Q1 2022 (RMB million) | Change | | :--- | :--- | :--- | :--- | | **Total Net Revenues** | 765.4 | 891.0 | -14.1% | | **Skincare Brands Net Revenues** | 245.1 | 182.7 | +34.2% | | **Skincare as % of Total Revenue** | 32.0% | 20.5% | +11.5 p.p. | | **Gross Margin** | 74.3% | 69.0% | +5.3 p.p. | | **Net Income (Loss)** | 50.7 | (291.4) | Turnaround to Profit | | **Non-GAAP Net Loss** | (25.8) | (153.6) | -83.2% | - The significant net income in Q1 2023 was primarily driven by a **RMB 109.4 million** reversal of share-based compensation expenses related to the resignation of the former CTO[2](index=2&type=chunk)[3](index=3&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) Management affirmed progress on the five-year strategic transformation, with the CEO emphasizing brand portfolio health and R&D, and the CFO noting Q1 results exceeded guidance with improved gross margin - CEO Jinfeng Huang stated the company's strategic focus includes increasing brand awareness for Skincare Brands, developing new products, building a sustainable model for Color Cosmetics Brands, and strengthening R&D capabilities[4](index=4&type=chunk) - CFO Donghao Yang highlighted that Q1 results beat previous guidance, with Skincare Brands' revenue contribution growing to **32.0%** and gross margin improving by **5.3 percentage points** to **74.3%**[5](index=5&type=chunk) [Detailed Financial Analysis](index=2&type=section&id=First%20Quarter%202023%20Financial%20Results) A detailed analysis of Q1 2023 revenues, profitability, and operating expenses reveals key drivers of financial performance [Revenue Analysis](index=2&type=section&id=Net%20Revenues) Total net revenues for Q1 2023 decreased by 14.1% to RMB 765.4 million, primarily due to a 29.1% decline in Color Cosmetics Brands, partially offset by a 34.2% increase in Skincare Brands Revenue Segment Performance | Revenue Segment | Change (YoY) | Note | | :--- | :--- | :--- | | **Total Net Revenues** | -14.1% | Decreased to RMB 765.4 million | | **Color Cosmetics Brands** | -29.1% | Primary driver of the overall decline | | **Skincare Brands** | +34.2% | Partially offset the decline in cosmetics | [Profitability Analysis](index=2&type=section&id=Gross%20Profit%20and%20Gross%20Margin) Gross margin improved to 74.3% due to product mix and cost optimization, leading to a net income of RMB 50.7 million, a significant turnaround from a prior-year net loss of RMB 291.4 million - Gross margin increased due to: (i) higher sales of skincare products, (ii) disciplined pricing and discount policies, and (iii) cost optimization across all brands[7](index=7&type=chunk) Profitability Metrics | Profitability Metric | Q1 2023 (RMB million) | Q1 2022 (RMB million) | | :--- | :--- | :--- | | **Gross Profit** | 568.7 | 614.5 | | **Gross Margin** | 74.3% | 69.0% | | **Net Income (Loss)** | 50.7 | (291.4) | | **Diluted EPS (ADS)** | 0.08 | (0.46) | - The company's loss from operations narrowed by **97.7%** to **RMB 7.2 million** from **RMB 308.0 million** in the prior year period[12](index=12&type=chunk) [Operating Expenses Analysis](index=2&type=section&id=Operating%20Expenses) Total operating expenses for Q1 2023 decreased significantly by 37.6% to RMB 575.9 million, representing 75.2% of total net revenues, driven by cost reductions across all categories [Fulfillment Expenses](index=2&type=section&id=Fulfillment%20Expenses) Fulfillment expenses decreased to RMB 51.9 million (6.8% of revenue) from RMB 73.9 million, primarily due to reduced warehouse and logistics costs from outsourcing Fulfillment Expenses | Expense Category | Q1 2023 (RMB million) | Q1 2022 (RMB million) | Change | | :--- | :--- | :--- | :--- | | **Fulfillment Expenses** | 51.9 | 73.9 | -29.8% | | **As % of Net Revenues** | 6.8% | 8.3% | -1.5 p.p. | [Selling and Marketing Expenses](index=2&type=section&id=Selling%20and%20Marketing%20Expenses) Selling and marketing expenses decreased to RMB 459.0 million (60.0% of revenue) from RMB 604.7 million, mainly due to offline store closures and reduced share-based compensation Selling and Marketing Expenses | Expense Category | Q1 2023 (RMB million) | Q1 2022 (RMB million) | Change | | :--- | :--- | :--- | :--- | | **Selling & Marketing** | 459.0 | 604.7 | -24.1% | | **As % of Net Revenues** | 60.0% | 67.9% | -7.9 p.p. | [General and Administrative Expenses](index=3&type=section&id=General%20and%20Administrative%20Expenses) General and administrative expenses dramatically decreased to RMB 40.7 million (5.3% of revenue) from RMB 208.1 million, primarily due to a RMB 109.4 million share-based compensation reversal General and Administrative Expenses | Expense Category | Q1 2023 (RMB million) | Q1 2022 (RMB million) | Change | | :--- | :--- | :--- | :--- | | **General & Admin** | 40.7 | 208.1 | -80.4% | | **As % of Net Revenues** | 5.3% | 23.4% | -18.1 p.p. | [Research and Development Expenses](index=3&type=section&id=Research%20and%20Development%20Expenses) Research and development expenses decreased to RMB 24.2 million (3.2% of revenue) from RMB 35.8 million, managed in line with revenue levels Research and Development Expenses | Expense Category | Q1 2023 (RMB million) | Q1 2022 (RMB million) | Change | | :--- | :--- | :--- | :--- | | **R&D Expenses** | 24.2 | 35.8 | -32.4% | | **As % of Net Revenues** | 3.2% | 4.0% | -0.8 p.p. | [Financial Position and Cash Flow](index=4&type=section&id=Balance%20Sheet%20and%20Cash%20Flow) Yatsen's Q1 2023 financial position remains solid with substantial cash reserves and improved operating cash flow management [Balance Sheet Summary](index=4&type=section&id=Balance%20Sheet) As of March 31, 2023, Yatsen maintained a solid financial position with cash, restricted cash, and short-term investments totaling RMB 2.54 billion Balance Sheet Summary | Balance Sheet Item | As of Mar 31, 2023 (RMB billion) | As of Dec 31, 2022 (RMB billion) | | :--- | :--- | :--- | | **Cash, Restricted Cash & Short-term Investments** | 2.54 | 2.63 | [Cash Flow Summary](index=4&type=section&id=Cash%20Flow) Net cash used in operating activities significantly decreased by 80.6% to RMB 20.2 million in Q1 2023, reflecting improved cash management - Net cash used in operating activities for Q1 2023 was **RMB 20.2 million**, an **80.6%** decrease from **RMB 104.1 million** in Q1 2022[15](index=15&type=chunk) [Outlook](index=4&type=section&id=Business%20Outlook) The company provides its revenue forecast for Q2 2023, anticipating a continued year-over-year decline [Q2 2023 Business Outlook](index=4&type=section&id=Business%20Outlook) For Q2 2023, Yatsen forecasts total net revenues to decline year-over-year, ranging between RMB 761.4 million and RMB 856.6 million - The company expects total net revenues for Q2 2023 to be between **RMB 761.4 million** and **RMB 856.6 million**, representing a year-over-year decline of approximately **10% to 20%**[16](index=16&type=chunk) [Supplementary Information](index=6&type=section&id=Supplementary%20Information) This section provides non-GAAP financial measure definitions and unaudited consolidated financial statements for Q1 2023 [Non-GAAP Financial Measures](index=6&type=section&id=Use%20of%20Non-GAAP%20Financial%20Measures) The company uses non-GAAP measures, excluding items like share-based compensation and amortization, to evaluate operating performance and identify underlying business trends - Non-GAAP net loss is defined as net loss excluding share-based compensation expenses, amortization of intangible assets from acquisitions, revaluation of investments, and related tax effects[3](index=3&type=chunk)[22](index=22&type=chunk) [Financial Statements](index=8&type=section&id=Financial%20Statements) This section presents unaudited condensed consolidated financial statements for Q1 2023, including Balance Sheets, Statements of Operations, and GAAP to Non-GAAP reconciliations [Unaudited Condensed Consolidated Balance Sheets](index=8&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of March 31, 2023, the balance sheet shows total assets of RMB 5.76 billion and total liabilities of RMB 717.7 million Unaudited Condensed Consolidated Balance Sheets | (All amounts in thousands RMB) | March 31, 2023 (RMB thousands) | December 31, 2022 (RMB thousands) | | :--- | :--- | :--- | | **Total current assets** | 3,396,482 | 3,508,421 | | **Total non-current assets** | 2,368,272 | 2,354,235 | | **Total assets** | **5,764,754** | **5,862,656** | | **Total current liabilities** | 526,412 | 588,412 | | **Total non-current liabilities** | 191,240 | 211,718 | | **Total liabilities** | **717,652** | **800,130** | | **Total shareholders' equity** | 4,707,178 | 4,722,602 | [Unaudited Condensed Consolidated Statements of Operations](index=9&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) For Q1 2023, the company reported total net revenues of RMB 765.4 million and a net income of RMB 50.7 million, a significant improvement from the prior-year net loss of RMB 291.4 million Unaudited Condensed Consolidated Statements of Operations | (All amounts in thousands RMB) | Q1 2023 (RMB thousands) | Q1 2022 (RMB thousands) | | :--- | :--- | :--- | | **Total net revenues** | 765,396 | 890,954 | | **Gross profit** | 568,729 | 614,546 | | **Loss from operations** | (7,154) | (307,982) | | **Net (loss) income** | **50,676** | **(291,380)** | | **Net (loss) income attributable to Yatsen's shareholders** | 50,058 | (290,915) | [Unaudited Reconciliations of GAAP and Non-GAAP Results](index=11&type=section&id=UNAUDITED%20RECONCILIATIONS%20OF%20GAAP%20AND%20NON-GAAP%20RESULTS) After adjustments for share-based compensation and amortization, Non-GAAP loss from operations was RMB 62.4 million, and Non-GAAP net loss was RMB 25.8 million, a significant reduction from the prior year Unaudited Reconciliations of GAAP and Non-GAAP Results | (All amounts in thousands RMB) | Q1 2023 (RMB thousands) | Q1 2022 (RMB thousands) | | :--- | :--- | :--- | | **Loss from operations (GAAP)** | (7,154) | (307,982) | | Share-based compensation (income) expenses | (67,398) | 125,818 | | Amortization of intangible assets | 12,176 | 12,083 | | **Non-GAAP loss from operations** | **(62,376)** | **(170,081)** | | **Net (loss) income (GAAP)** | 50,676 | (291,380) | | Adjustments (net) | (76,448) | 137,803 | | **Non-GAAP net loss** | **(25,772)** | **(153,577)** |

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 19 ...

Yatsen Holding Limited (NYSE:YSG) Q4 2022 Earnings Conference Call March 8, 2023 7:30 AM ET Company Participants Irene Lyu - Investor Relations Jinfeng Huang - Founder, Chairman and Chief Executive Officer Donghao Yang - Chief Financial Officer Conference Call Participants Dustin Wei - Morgan Stanley Qianye Lin - CICC Devin Weinstein - Raymond James Operator Ladies and gentlemen, good day, and welcome to the Yatsen Fourth Quarter and Full Year 2022 Earnings Conference Call. [Operator Instructions] At this t ...

Exhibit 99.1 Yatsen Announces Fourth Quarter and Full Year 2022 Financial Results Conference Call to Be Held at 7:30 A.M. U.S. Eastern Time on March 8, 2023 GUANGZHOU, China, March 8, 2023 – Yatsen Holding Limited ("Yatsen" or the "Company") (NYSE: YSG), a leading Chinese beauty company, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2022. Fourth Quarter and Full Year 2022 Highlights • Total net revenues for the fourth quarter of 2022 decreased by 34. ...

Yatsen Holding Limited (NYSE:YSG) Q3 2022 Earnings Conference Call November 22, 2022 7:30 AM ET Company Participants Irene Lyu - Head, Strategic Investment and Capital Markets Jinfeng Huang - Founder, Chairman and Chief Executive Officer Donghao Yang - Chief Financial Officer Conference Call Participants Dustin Wei - Morgan Stanley Olivia Tong - Raymond James Operator Ladies and gentlemen, good day, and welcome to the Yatsen's Third Quarter 2022 Earnings Conference Call. Today's conference is being recorded ...

Shareholder Structure - As of February 28, 2023, the aggregate voting power of major shareholders, including Entities Affiliated with Jinfeng Huang, Hillhouse Entities, ZhenFund Entities, and Banyan Partners Entities, was 91.4%[4] - Entities Affiliated with Jinfeng Huang owned 5,736,314 Class A ordinary shares and 666,572,880 Class B ordinary shares, representing 24.9% of total outstanding ordinary shares and 86.8% of aggregate voting power[5] - Hillhouse Entities held 300,560,602 Class A ordinary shares, accounting for 11.1% of total outstanding ordinary shares and 2.0% of aggregate voting power[6] - ZhenFund Entities owned 224,286,241 Class A ordinary shares, representing 8.3% of total outstanding ordinary shares and 1.5% of aggregate voting power[7] - Banyan Partners Entities held 185,495,825 Class A ordinary shares, representing 6.9% of total outstanding ordinary shares and 1.2% of aggregate voting power[8] Governmental Control - The Company is not owned or controlled by any governmental entity in China[9] - There is no known governmental entity in China that can direct the management and policies of the Company[9] Financial Reporting - The Company filed its annual report on Form 20-F for the year ended December 31, 2021, with an audit report issued by PricewaterhouseCoopers Zhong Tian LLP[3] - The PCAOB was unable to inspect or investigate registered public accounting firms in mainland China until December 2022[3] - The Company submitted supplemental information as required under Item 16I(a) of Form 20-F in relation to the Holding Foreign Companies Accountable Act[2]

Yatsen Holding Limited (NYSE:YSG) Q2 2022 Earnings Conference Call August 25, 2022 7:30 AM ET Company Participants Irene Lyu - Head, Strategic Investment and Capital Markets Jinfeng Huang - Founder, Chairman and Chief Executive Officer Donghao Yang - Chief Financial Officer Conference Call Participants Dustin Wei - Morgan Stanley Devin Weinstein - Raymond James Operator Ladies and gentlemen, good day and welcome to the Yatsen Second Quarter 2022 Earnings Conference Call. Today’s conference is being recorded ...