Conference Call to Be Held at 7:30 A.M. U.S. Eastern Time on May 16, 2023
GUANGZHOU, China, May 16, 2023
/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,
2023.
First Quarter 2023 Highlights
- Total net revenues for the first quarter of 2023
decreased by 14.1% to RMB765.4
million (US$111.5 million)
from RMB891.0 million for the prior
year period.
- Total net revenues from Skincare
Brands[1] for the first quarter of 2023
increased by 34.2% to RMB245.1
million (US$35.7 million) from
RMB182.7 million for the prior year
period. As a percentage of total net revenues, total net revenues
from Skincare Brands for the first quarter of 2023 increased to
32.0% from 20.5% for the prior year period.
- Gross margin for the first quarter of 2023 was
74.3%, as compared with 69.0% for the prior year period.
- Net income[2] for the first quarter of 2023
was RMB50.7 million (US$7.4 million), as compared with net loss of
RMB291.4 million for the prior year
period. Non-GAAP net loss[3] for the first
quarter of 2023 decreased by 83.2% to RMB25.8 million (US$3.8
million) from RMB153.6 million
for the prior year period.
Mr. Jinfeng Huang, Founder,
Chairman and Chief Executive Officer of Yatsen, stated, "We started
2023 by continuing to execute our new five-year strategic
transformation plan, focusing on building a healthy brand portfolio
and capitalizing on rising opportunities as the consumer goods
industry recovers. For our Skincare Brands, we are committed to
increasing brand awareness and developing new products, while
improving our current hero products' market position in their
relevant sub-categories. For our Color Cosmetics Brands, we
continued to introduce high-quality products and build a more
sustainable business model. Additionally, we remained dedicated to
strengthening our R&D capabilities as a core strategy for our
future growth and product differentiation."
Mr. Donghao Yang, Director and
Chief Financial Officer of Yatsen, commented, "Our first quarter
financial results once again proved that we are on the right path
to achieve our strategic goal. We recorded net revenues of
RMB765.4 million, representing a
14.1% decline year-over-year and beating the guidance we provided
previously. Revenue contribution from our Skincare Brands grew to
32.0% for the first quarter from 20.5% for the prior year period.
Furthermore, gross margin improved significantly by 5.3 percentage
points year-over-year to 74.3%. We recorded net income
margin of 6.6%, as compared with net loss margin of 32.7% for
the prior year period. With an ample cash reserve, we are well
positioned to carry out our long-term development plan for
2023."
First Quarter 2023 Financial Results
Net Revenues
Total net revenues for the first quarter of 2023 decreased by
14.1% to RMB765.4 million
(US$111.5 million) from RMB891.0 million for the prior year period. The
decrease was primarily attributable to a 29.1% year-over-year
decrease in net revenues from Color Cosmetics Brands[4],
partially offset by a 34.2% year-over-year increase in net revenues
from Skincare Brands.
Gross Profit and Gross Margin
Gross profit for the first quarter of 2023 decreased by 7.5% to
RMB568.7 million (US$82.8 million) from RMB614.5 million for the prior year period. Gross
margin for the first quarter of 2023 increased to 74.3% from 69.0%
for the prior year period. The increase was driven by (i)
increasing sales of higher-gross margin products from Skincare
Brands, (ii) more disciplined pricing and discount policies and
(iii) cost optimization across all of the Company's brand
portfolios.
Operating Expenses
Total operating expenses for the first quarter of 2023 decreased
by 37.6% to RMB575.9 million
(US$83.9 million) from RMB922.5 million for the prior year period. As a
percentage of total net revenues, total operating expenses for the
first quarter of 2023 were 75.2%, as compared with 103.5% for the
prior year period.
- Fulfillment Expenses. Fulfillment expenses
for the first quarter of 2023 were RMB51.9
million (US$7.6 million), as
compared with RMB73.9 million for the
prior year period. As a percentage of total net revenues,
fulfillment expenses for the first quarter of 2023 decreased to
6.8% from 8.3% for the prior year period. The decrease was
primarily attributable to a decrease in warehouse and logistics
costs due to the outsourcing of most of the Company's warehousing
and handling operations.
- Selling and Marketing Expenses. Selling and
marketing expenses for the first quarter of 2023 were RMB459.0 million (US$66.8
million), as compared with RMB604.7
million for the prior year period. As a percentage of total
net revenues, selling and marketing expenses for the first quarter
of 2023 decreased to 60.0% from 67.9% for the prior year period.
The decrease was primarily attributable to the closure of
underperforming offline stores and a reduction in share-based
compensation related to the decrease in selling and marketing
headcount.
- General and Administrative Expenses. General
and administrative expenses for the first quarter of 2023 were
RMB40.7 million (US$5.9 million), as compared with RMB208.1 million for the prior year period. As a
percentage of total net revenues, general and administrative
expenses for the first quarter of 2023 decreased to 5.3% from 23.4%
for the prior year period. The decrease was primarily attributable
to a reversal of recognized share-based compensation expenses of
RMB109.4 million due to the
forfeiture of unvested awards granted to our former chief
technology officer upon his resignation, and a decrease of
RMB42.2 million in recognition of
share-based compensation expenses using the graded-vesting method
over the vesting term of the Company's awards.
- Research and Development Expenses. Research and
development expenses for the first quarter of 2023 were
RMB24.2 million (US$3.5 million), as compared with RMB35.8 million for the prior year period. As a
percentage of total net revenues, research and development expenses
for the first quarter of 2023 decreased to 3.2% from 4.0% for the
prior year period. The decrease was primarily attributable to the
Company's efforts to maintain research and development expenses at
a reasonable level relative to total net revenues.
Loss from Operations
Loss from operations for the first quarter of 2023 decreased by
97.7% to RMB7.2 million (US$1.0 million) from RMB308.0 million for the prior year period.
Operating loss margin was 0.9%, as compared with 34.6% for the
prior year period.
Non-GAAP loss from operations[5] for the first
quarter of 2023 decreased by 63.3% to RMB62.4 million (US$9.1
million) from RMB170.1 million
for the prior year period. Non-GAAP operating loss margin was 8.1%,
as compared with 19.1% for the prior year period.
Net Income/Loss
Net income for the first quarter of 2023 was RMB50.7 million (US$7.4
million), as compared with net loss of RMB291.4 million for the prior year period. Net
income margin was 6.6%, as compared with net loss margin of 32.7%
for the prior year period. Net income attributable to Yatsen's
ordinary shareholders per diluted ADS[6] for the first
quarter of 2023 was RMB0.08
(US$0.01), as compared with net loss
attributable to Yatsen's ordinary shareholders per diluted ADS of
RMB0.46 for the prior year
period.
Non-GAAP net loss for the first quarter of 2023 decreased by
83.2% to RMB25.8 million
(US$3.8 million) from RMB153.6 million for the prior year period.
Non-GAAP net loss margin was 3.4%, as compared with 17.2% for the
prior year period. Non-GAAP net loss attributable to Yatsen's
ordinary shareholders per diluted ADS[7] for the first
quarter of 2023 was RMB0.05
(US$0.01), as compared with
RMB0.24 for the prior year
period.
Balance Sheet and Cash Flow
As of March 31, 2023, the Company
had cash, restricted cash and short-term investments of
RMB2.54 billion (US$369.2 million), as compared with RMB2.63 billion as of December 31, 2022.
Net cash used in operating activities for the first quarter of
2023 decreased by 80.6% to RMB20.2
million (US$2.9 million) from
RMB104.1 million for the prior year
period.
Business Outlook
For the second quarter of 2023, the Company expects its total
net revenues to be between RMB761.4
million and RMB856.6 million,
representing a year-over-year decline of approximately 10% to 20%.
These forecasts reflect the Company's current and preliminary views
on the market and operational conditions, which are subject to
change.
Exchange Rate
This announcement contains translations of certain Renminbi
("RMB") amounts into U.S. dollars ("US$") at specified rates solely
for the convenience of the reader. Unless otherwise noted, all
translations from RMB to US$ were made at a rate of RMB6.8676 to US$1.00, the exchange rate in effect as of
March 31, 2023, as set forth in the
H.10 statistical release of The Board of Governors of the Federal
Reserve System. The Company makes no representation that any RMB or
US$ 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 DR.WU (its mainland China
business), Galénic, Eve Lom, Abby's
Choice and other skincare brands of the
Company.
|
|
[2] The net income
we recognized for the first quarter of 2023 was primarily
attributable to a reversal of recognized share-based compensation
expenses of RMB109.4 million due to the forfeiture of unvested
awards granted to our former chief technology officer upon his
resignation, and a decrease of RMB42.2 million in recognition of
share-based compensation expenses using the graded-vesting method
over the vesting term of the Company's awards.
|
|
[3] Non-GAAP net
loss is a non-GAAP financial measure. Effective from the third
quarter of 2022, 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, and (iv) tax effects on non-GAAP adjustments, and
non-GAAP net loss for the prior year period presented in this
document is also calculated in the same manner.
|
|
[4]
Include Perfect Diary, Little Ondine, Pink
Bear and other color cosmetics brands of the
Company.
|
|
[5] Non-GAAP loss from
operations is a non-GAAP financial measure. Non-GAAP loss from
operations is defined as loss from operations excluding share-based
compensation expenses and amortization of intangible assets
resulting from assets and business acquisitions.
|
|
[6] ADS refers to the
American depositary shares, each of which represents four Class A
ordinary shares.
|
|
[7] 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 third quarter of 2022,
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, and (iv) tax effects on non-GAAP adjustments, and
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, May 16, 2023, 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
2023.
|
United States (toll
free):
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+1-888-346-8982
|
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International:
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+1-412-902-4272
|
|
Mainland China (toll
free):
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400-120-1203
|
|
Hong Kong, SAR (toll
free):
|
800-905-945
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Hong Kong,
SAR:
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+852-3018-4992
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Conference
ID:
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6310119
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The replay will be accessible through May
23, 2023, by dialing the following numbers:
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United States:
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+1-877-344-7529
|
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International:
|
+1-412-317-0088
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Replay Access
Code:
|
6310119
|
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, Abby's Choice, Galénic, DR.WU
(its mainland China business),
Eve Lom, Pink Bear 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 share-based compensation expenses and amortization of
intangible assets resulting from assets and business acquisitions.
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, and (iv) 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 and (iv)
tax effects on non-GAAP adjustments. 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
The Piacente Group, Inc.
Hui Fan
Tel: +86-10-6508-0677
E-mail: yatsen@thepiacentegroup.com
In the United
States:
The Piacente Group, Inc.
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,
|
|
|
|
2022
|
|
|
2023
|
|
|
2023
|
|
|
|
RMB'000
|
|
|
RMB'000
|
|
|
USD'000
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
1,512,945
|
|
|
|
1,349,734
|
|
|
|
196,536
|
|
|
Restricted
cash
|
|
|
-
|
|
|
|
20,603
|
|
|
|
3,000
|
|
|
Short-term
investment
|
|
|
1,072,867
|
|
|
|
1,144,712
|
|
|
|
166,683
|
|
|
Accounts receivable,
net
|
|
|
200,843
|
|
|
|
186,144
|
|
|
|
27,105
|
|
|
Inventories,
net
|
|
|
423,287
|
|
|
|
382,780
|
|
|
|
55,737
|
|
|
Prepayments and other
current assets
|
|
|
292,825
|
|
|
|
299,933
|
|
|
|
43,674
|
|
|
Amounts due from
related parties
|
|
|
5,654
|
|
|
|
12,576
|
|
|
|
1,831
|
|
|
Total current
assets
|
|
|
3,508,421
|
|
|
|
3,396,482
|
|
|
|
494,566
|
|
|
Non-current
assets
|
|
|
|
|
|
|
|
|
|
|
Restricted
cash
|
|
|
41,383
|
|
|
|
20,603
|
|
|
|
3,000
|
|
|
Investments
|
|
|
502,579
|
|
|
|
569,138
|
|
|
|
82,873
|
|
|
Property and
equipment, net
|
|
|
75,619
|
|
|
|
63,288
|
|
|
|
9,215
|
|
|
Goodwill
|
|
|
857,145
|
|
|
|
866,945
|
|
|
|
126,237
|
|
|
Intangible assets,
net
|
|
|
689,669
|
|
|
|
683,636
|
|
|
|
99,545
|
|
|
Deferred tax
assets
|
|
|
1,951
|
|
|
|
1,295
|
|
|
|
189
|
|
|
Right-of-use assets,
net
|
|
|
133,004
|
|
|
|
110,855
|
|
|
|
16,142
|
|
|
Other non-current
assets
|
|
|
52,885
|
|
|
|
52,512
|
|
|
|
7,646
|
|
|
Total non-current
assets
|
|
|
2,354,235
|
|
|
|
2,368,272
|
|
|
|
344,847
|
|
|
Total
assets
|
|
|
5,862,656
|
|
|
|
5,764,754
|
|
|
|
839,413
|
|
|
Liabilities,
redeemable non-controlling interests and shareholders'
equity
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
119,847
|
|
|
|
94,505
|
|
|
|
13,761
|
|
|
Advances from
customers
|
|
|
16,652
|
|
|
|
15,174
|
|
|
|
2,210
|
|
|
Accrued expenses and
other liabilities
|
|
|
323,259
|
|
|
|
293,873
|
|
|
|
42,791
|
|
|
Amounts due to related
parties
|
|
|
27,242
|
|
|
|
27,192
|
|
|
|
3,959
|
|
|
Income tax
payables
|
|
|
21,826
|
|
|
|
20,883
|
|
|
|
3,041
|
|
|
Lease liabilities due
within one year
|
|
|
79,586
|
|
|
|
74,785
|
|
|
|
10,890
|
|
|
Total current
liabilities
|
|
|
588,412
|
|
|
|
526,412
|
|
|
|
76,652
|
|
|
Non-current
liabilities
|
|
|
|
|
|
|
|
|
|
|
Deferred tax
liabilities
|
|
|
113,441
|
|
|
|
112,779
|
|
|
|
16,422
|
|
|
Deferred income-non
current
|
|
|
45,280
|
|
|
|
41,221
|
|
|
|
6,002
|
|
|
Lease
liabilities
|
|
|
52,997
|
|
|
|
37,240
|
|
|
|
5,423
|
|
|
Total non-current
liabilities
|
|
|
211,718
|
|
|
|
191,240
|
|
|
|
27,847
|
|
|
Total
liabilities
|
|
|
800,130
|
|
|
|
717,652
|
|
|
|
104,499
|
|
|
Redeemable
non-controlling interests
|
|
|
339,924
|
|
|
|
339,924
|
|
|
|
49,497
|
|
|
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, 2022
and
March 31, 2023; 2,030,600,883 Class A shares and 666,572,880
Class
B ordinary shares issued; 1,569,677,384 Class A ordinary shares
and
666,572,880 Class B ordinary shares outstanding as of December
31, 2022 and March 31, 2023)
|
|
|
173
|
|
|
|
173
|
|
|
|
25
|
|
|
Treasury
shares
|
|
|
(669,150)
|
|
|
|
(669,150)
|
|
|
|
(97,436)
|
|
|
Additional paid-in
capital
|
|
|
12,038,802
|
|
|
|
11,971,404
|
|
|
|
1,743,171
|
|
|
Statutory
reserve
|
|
|
24,177
|
|
|
|
24,177
|
|
|
|
3,520
|
|
|
Accumulated
deficit
|
|
|
(6,600,365)
|
|
|
|
(6,550,307)
|
|
|
|
(953,799)
|
|
|
Accumulated other
comprehensive loss
|
|
|
(74,195)
|
|
|
|
(72,897)
|
|
|
|
(10,614)
|
|
|
Total Yatsen Holding
Limited shareholders' equity
|
|
|
4,719,442
|
|
|
|
4,703,400
|
|
|
|
684,867
|
|
|
Non-controlling
interests
|
|
|
3,160
|
|
|
|
3,778
|
|
|
|
550
|
|
|
Total shareholders'
equity
|
|
|
4,722,602
|
|
|
|
4,707,178
|
|
|
|
685,417
|
|
|
Total liabilities,
redeemable non-controlling interests and shareholders'
equity
|
|
|
5,862,656
|
|
|
|
5,764,754
|
|
|
|
839,413
|
|
|
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,
|
|
|
|
|
2022
|
|
|
2023
|
|
|
2023
|
|
|
|
|
RMB'000
|
|
|
RMB'000
|
|
|
USD'000
|
|
|
|
Total net
revenues
|
|
|
890,954
|
|
|
|
765,396
|
|
|
|
111,450
|
|
|
|
Total cost of
revenues
|
|
|
(276,408)
|
|
|
|
(196,667)
|
|
|
|
(28,637)
|
|
|
|
Gross
profit
|
|
|
614,546
|
|
|
|
568,729
|
|
|
|
82,813
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Fulfilment
expenses
|
|
|
(73,863)
|
|
|
|
(51,916)
|
|
|
|
(7,560)
|
|
|
|
Selling and marketing
expenses
|
|
|
(604,726)
|
|
|
|
(459,048)
|
|
|
|
(66,843)
|
|
|
|
General and
administrative expenses
|
|
|
(208,129)
|
|
|
|
(40,741)
|
|
|
|
(5,932)
|
|
|
|
Research and
development expenses
|
|
|
(35,810)
|
|
|
|
(24,178)
|
|
|
|
(3,521)
|
|
|
|
Total operating
expenses
|
|
|
(922,528)
|
|
|
|
(575,883)
|
|
|
|
(83,856)
|
|
|
|
Loss from
operations
|
|
|
(307,982)
|
|
|
|
(7,154)
|
|
|
|
(1,043)
|
|
|
|
Financial
income
|
|
|
8,103
|
|
|
|
26,988
|
|
|
|
3,930
|
|
|
|
Foreign currency
exchange losses
|
|
|
(2,632)
|
|
|
|
(5,549)
|
|
|
|
(808)
|
|
|
|
(Loss) income from
equity method investments, net
|
|
|
(2,330)
|
|
|
|
19,060
|
|
|
|
2,775
|
|
|
|
Impairment loss of
investments
|
|
|
(4,416)
|
|
|
|
-
|
|
|
|
-
|
|
|
|
Other income,
net
|
|
|
17,654
|
|
|
|
17,517
|
|
|
|
2,551
|
|
|
|
Loss before income
tax expenses
|
|
|
(291,603)
|
|
|
|
50,862
|
|
|
|
7,405
|
|
|
|
Income tax benefits
(expenses)
|
|
|
223
|
|
|
|
(186)
|
|
|
|
(27)
|
|
|
|
Net (loss)
income
|
|
|
(291,380)
|
|
|
|
50,676
|
|
|
|
7,378
|
|
|
|
Net income (loss)
attributable to non-controlling interests and redeemable
non-controlling interests
|
|
|
465
|
|
|
|
(618)
|
|
|
|
(90)
|
|
|
|
Net (loss) income
attributable to Yatsen's shareholders
|
|
|
(290,915)
|
|
|
|
50,058
|
|
|
|
7,288
|
|
|
|
Shares used in
calculating loss per share (1):
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of Class A and Class B ordinary shares:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
2,526,753,316
|
|
|
|
2,236,250,264
|
|
|
|
2,236,250,264
|
|
|
|
Diluted
|
|
|
2,526,753,316
|
|
|
|
2,373,166,850
|
|
|
|
2,373,166,850
|
|
|
|
Net (loss) income
per Class A and Class B ordinary share
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
(0.12)
|
|
|
|
0.02
|
|
|
|
0.00
|
|
|
|
Diluted
|
|
|
(0.12)
|
|
|
|
0.02
|
|
|
|
0.00
|
|
|
|
Net (loss) income
per ADS (4 ordinary shares equal to 1 ADS)
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
(0.46)
|
|
|
|
0.09
|
|
|
|
0.01
|
|
|
|
Diluted
|
|
|
(0.46)
|
|
|
|
0.08
|
|
|
|
0.01
|
|
|
|
|
For the Three Months
Ended March 31,
|
|
|
|
|
2022
|
|
|
2023
|
|
|
2023
|
|
|
|
Share-based
compensation expenses are included in the operating
expenses as follows:
|
|
RMB'000
|
|
|
RMB'000
|
|
|
USD'000
|
|
|
|
Fulfilment
expenses
|
|
|
1,523
|
|
|
|
651
|
|
|
|
95
|
|
|
|
Selling and marketing
expenses
|
|
|
22,355
|
|
|
|
6,292
|
|
|
|
916
|
|
|
|
General and
administrative expenses (income)
|
|
|
94,983
|
|
|
|
(76,320)
|
|
|
|
(11,113)
|
|
|
|
Research and
development expenses
|
|
|
6,957
|
|
|
|
1,979
|
|
|
|
288
|
|
|
|
Total
|
|
|
125,818
|
|
|
|
(67,398)
|
|
|
|
(9,814)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Authorized share capital is re-classified and re-designated into
Class A ordinary shares and Class B ordinary shares, with
each Class A ordinary share being entitled to one vote and each
Class B ordinary share being entitled to twenty votes on all
matters that are subject to shareholder vote.
|
|
YATSEN HOLDING
LIMITED
|
|
UNAUDITED RECONCILIATIONS OF GAAP AND
NON-GAAP RESULTS
|
|
(All amounts in
thousands, except for share, per share data or otherwise
noted)
|
|
|
|
For the Three Months
Ended March 31,
|
|
|
|
|
2022
|
|
|
2023
|
|
|
2023
|
|
|
|
|
RMB'000
|
|
|
RMB'000
|
|
|
USD'000
|
|
|
|
Loss from
operations
|
|
|
(307,982)
|
|
|
|
(7,154)
|
|
|
|
(1,043)
|
|
|
|
Share-based
compensation expenses (income)
|
|
|
125,818
|
|
|
|
(67,398)
|
|
|
|
(9,814)
|
|
|
|
Amortization of
intangible assets resulting from assets and business
acquisitions
|
|
|
12,083
|
|
|
|
12,176
|
|
|
|
1,773
|
|
|
|
Non-GAAP loss from
operations
|
|
|
(170,081)
|
|
|
|
(62,376)
|
|
|
|
(9,084)
|
|
|
|
Net (loss)
income
|
|
|
(291,380)
|
|
|
|
50,676
|
|
|
|
7,378
|
|
|
|
Share-based
compensation expenses (income)
|
|
|
125,818
|
|
|
|
(67,398)
|
|
|
|
(9,814)
|
|
|
|
Amortization of
intangible assets resulting from assets and business
acquisitions
|
|
|
12,083
|
|
|
|
12,176
|
|
|
|
1,773
|
|
|
|
Revaluation of
investments on the share of equity method investments
|
|
|
1,986
|
|
|
|
(19,146)
|
|
|
|
(2,788)
|
|
|
|
Tax effects on non-GAAP
adjustments
|
|
|
(2,084)
|
|
|
|
(2,080)
|
|
|
|
(303)
|
|
|
|
Non-GAAP net
loss
|
|
|
(153,577)
|
|
|
|
(25,772)
|
|
|
|
(3,754)
|
|
|
|
Net loss (income)
attributable to ordinary shareholders of Yatsen
|
|
|
(290,915)
|
|
|
|
50,058
|
|
|
|
7,288
|
|
|
|
Share-based
compensation expenses (income)
|
|
|
125,818
|
|
|
|
(67,398)
|
|
|
|
(9,814)
|
|
|
|
Amortization of
intangible assets resulting from assets and business
acquisitions
|
|
|
11,831
|
|
|
|
11,912
|
|
|
|
1,735
|
|
|
|
Revaluation of
investments on the share of equity method investments
|
|
|
1,986
|
|
|
|
(19,146)
|
|
|
|
(2,788)
|
|
|
|
Tax effects on non-GAAP
adjustments
|
|
|
(2,084)
|
|
|
|
(2,080)
|
|
|
|
(303)
|
|
|
|
Non-GAAP net loss
attributable to ordinary shareholders of Yatsen
|
|
|
(153,364)
|
|
|
|
(26,654)
|
|
|
|
(3,882)
|
|
|
|
Shares used in
calculating loss per share:
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of Class A and Class B ordinary shares:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
2,526,753,316
|
|
|
|
2,236,250,264
|
|
|
|
2,236,250,264
|
|
|
|
Diluted
|
|
|
2,526,753,316
|
|
|
|
2,236,250,264
|
|
|
|
2,236,250,264
|
|
|
|
Non-GAAP net loss
attributable to ordinary shareholders per Class
A and Class B ordinary share
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
(0.06)
|
|
|
|
(0.01)
|
|
|
|
(0.00)
|
|
|
|
Diluted
|
|
|
(0.06)
|
|
|
|
(0.01)
|
|
|
|
(0.00)
|
|
|
|
Non-GAAP net loss
attributable to ordinary shareholders per ADS
(4 ordinary shares equal to 1 ADS)
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
(0.24)
|
|
|
|
(0.05)
|
|
|
|
(0.01)
|
|
|
|
Diluted
|
|
|
(0.24)
|
|
|
|
(0.05)
|
|
|
|
(0.01)
|
|
|
View original
content:https://www.prnewswire.com/news-releases/yatsen-announces-first-quarter-2023-financial-results-301825641.html
SOURCE Yatsen Holding Limited