#1PSREECT DIARYAA PERFECT DIARY Management Presentation November 2020 YATSEN 逸仙电商#2Offering Summary Issuer Listing Venue / Ticker Filing Range Base Offering Size Over-allotment Option Indication of Interest Lock-up Use of Proceeds Expected Pricing Date H Joint Bookrunners H H H H Yatsen Holding Limited ("Yatsen", or the "Company") NYSE / YSG US$8.50 - US$10.50 per ADS 58,750,000 ADSS (1 ADS represents 4 Class A ordinary shares, 100% primary) US$499MM-US$617MM (pre-greenshoe) 8,812,500 ADSs (15% of Base Offering, 100% primary) US$75MM-US$93MM Up to US$300MM in total, including Up to US$120MM from Hillhouse Capital Up to US$80MM from Tiger Global Up to US$50MM from Tencent Up to US$30MM and US$20MM from two entities affiliated with Yunfeng Financial Group, respectively 0 YATSEN 180 days for the Company, executive officers, directors, and existing shareholders; In addition, executive officers and employees will not sell, transfer or otherwise dispose of any ordinary shares within 3 years after IPO(1) -30% for business operations and other general corporate purposes -30% for potential strategic investments and acquisitions -20% for development of data analytics technology, product development and formulation R&D -20% for offline experience store network expansion November 18, 2020 Morgan Stanley CICC|中金公司 (in alphabetical order) Note: 1.The Company's executive officers and employees who are beneficial owners of the Company's ordinary shares or have options to purchase the Company's ordinary shares have also covenanted with the Company that, during a three-year period from the offering, they will NOT sell, transfer or otherwise dispose of any ordinary shares except for the Class A ordinary shares to be held by Yellow Bon Limited following the completion of this offering Goldman Sachs 2#3Today's Presenters David Huang CEO and Chairman HARVARD BUSINESS SCHOOL UNIFON P&G 划定场 restly Donghao Yang CFO and Director HARVARD BUSINESS SCHOOL 唯品会 玩 vipshop.com UNIV Tyson YATSEN asen Irene Lyu Director of Corporate Development and M&A Yale University Waterloo Bank of America Merrill Lynch VENDIAN 3#4YATSEN 逸仙电商 SECTION 1 Company Overview#5We Are a Proven New Leader in China's Beauty Market YATSEN 11 仙电商 PERFECT DIARY No.1 Brand in China Online Color Cosmetics Market) PERFECT DIARY Little Ondre 小奥汀 No.1 in the Eyeliner and Mascara Categories on Tmall(²) Little Ondine 饿了 ABBY'S CHOICE GALÉNIC 完子心选 PARIS ABBY'S CHOICE 完子心选 The Best Moisturizing Mask) R 48MM+ Fan Base as of September 30, 2020) 23.5MM Total DTC Customers in 9M2020 377.1% Net Revenue Growth in 2019 Notes: 1. in terms of retail sales value in 2019, according to the CIC Report, which is an industry report dated November 2020 commissioned by us and prepared by China Insights Consultancy, or CIC, a third-party research firm, to provide information regarding our industry and our market position in China 2. in terms of total GMV in the nine September 30, 2020 according to the CC report 3. For the product Abby's Choice Ceramide Repairing Mask, awarded by Harper's BAZAAR in 2020 YATSEN asen 4 Followers across the various afficial accounts we own and operate on the various e-commerce and social media platforms as of September 30, 2020 5.DTC customer is defined as customers that have placed one or more orders through our DTC channels, including e-commerce platforms, our company channels on Weixin and experience stores regardless of returns and exclude third-party e-commerce distributors (JD.com and Vipshop) 6. Net revenue growth in 9M2020 is 73.2% COMPANY OVERVIEW 5#6Creating the Next Generation Beauty Platform Superior Omni- channel DTC Operations Future Brands Database of Customer Insights ABBY'S CHOICE RTOR Highly Social, Digitally Native Sales & Marketing PERFECT DIARY GALÉNIC Customers Data-driven Product Development Little Onane Technology & Data Advanced Digital Infrastructure 8 Social Marketing Engines گی World-class Supply Chain YATSEN asen Comprehensive & Dedicated Customer Service Engaging User Interface Platforms COMPANY OVERVIEW 6#7Our New Journey of Beauty Discovery Traditional Journey YATSEN's New Journey Awareness .TV, magazine One-way marketing Social, digital, interactive marketing Large network of KOLs across all major social platforms Product Top-down product development High price markup Data-enabled product development • Strong in-house R&D and co- creation with external partners • Value for money Shopping Brick and mortar distributors Limited access Multiple touchpoints via omni- channel DTC model • Easily accessible . Convenient and seamless online and offline experience Tod YATSEN asea Service Customer call centers Limited interaction and engagement Engaging customer service via company channels on Weixin Digital customer engagement online & offline to boost loyalty COMPANY OVERVIEW 7#8Massive and Growing Opportunity in China's Beauty Market YATSEN asen China is the world's largest beauty market and will grow an additional $29.9BN between 2019 and 2025 Retail sales value of China beauty market (US$ BN) 26.8 22.8 2015 9.7% CAGR 71% 29% 18.4% CAGR 38.8 30.8 ■ Gen-Z and Millennials(1) 8.0 2019 10.0% CAGR 14.2% CAGR 59% 68.7 51.0 Facial Skincare Color Cosmetics Gen-Z and Millennials(¹) constitute 29% of China's population but account for 59% of beauty product consumption in 2019 2019 China population 2019 China beauty market size (US$ BN) China has 402.9 million) Gen-Z and Millennials 17.7 2025E 41% ■ Others (35-64 years old) 2019 per capita spending on beauty products (USS) 50% 40% 30% 27.7 20% China has a long runway for growth China 86.5 UK Market share in beauty market in retail sales value 60% 96.6 US 152.8 2010 2011 2012 2013 2014 -Domestic Brand in Mass and Mid-end Markets South Korea Domestic brands have surpassed western brands in China's mass and mid-end beauty market since 2016 184.4 Japan Source: CIC Report, All data is for the year of 2019 unless otherwise indicated 1. "Gen-Z' refers to the group of people born between 1996 and 2005 (age between 15 and 24 in 2020): "Millennials refer to the group of people born between 1986 and 1995 (age between 25 and 34 in 2020) 2. in terms of retail sales value: 3 As of Dec 31, 2019; 4. As of 2020 2015 2016 2017 2018 2019 Western Brand in Mass and Mid-end Markets COMPANY OVERVIEW#9Yatsen is the No. 1 Domestic Color Cosmetics Company and Aiming to Become the Largest Beauty Company in China 2019 Color Cosmetics Retail Sales Value (RMB BN) International Company 1 International Company 2 International Company 3 International Company 4 YATSEN International Company 5 PRC Domestic Company 1 International Company 6 International Company 7 PRC Domestic Company 2 Source: CIC Report 1. By color cosmetics retail sales value in China 2.1 1.9 1.5 1.2 1.2 5.3 3.1 6.7 15.9 International Company 25.2% 7.5% 8.3% 38.9% 27.4% 54.8% 7.0% 27.4% 2018-2019 Growth Rate (1) 91.1% PRC Domestic Company YATSEN 326.6% COMPANY OVERVIEW 9#10YATSEN 逸仙电商 SECTION 2 Our Story LITTLES MYSTERY#11Investment Highlights 2 1 Omni-channel DTC Model at Massive Customer Scale Highly Social, Digitally Native Sales & Marketing 3 Data-enabled Product Development Methodology 7 4 2 5 YATSEN 逸仙电商 3 6 Strong and Diverse Management Team World-class Supply Chain YATSEN asen Proven Brand Incubation and Launch Capabilities 4 Superior Data and Technology 6 5 OUR STORY 11#121 Our Disruptive Omni-channel DTC Model A B Comprehensive Online Channel Coverage 91.3% سے gross sales from online channels(¹) Ae-Commerce Across all major online platforms F J 48MM+ fan base Libili 唯品会 vip.com B Social e-Commerce 8 小红书 с 11 Industry Pioneering Company Channels on Weixin Foster customer engagement Promote repeat purchase Increase customer lifetime value Wanzishuo Mini Program REIR Xiaowanzi Weixin Shop Notes: 1. in the nine months anded September 30, 2020 2. Followers across the various official accounts we own and operate on the various e-commerce and social media platforms as of September 30, 2020 3. "Xiaowana is the avatar of our online beauty advisor 4.As of September 30, 2020 Weixin Official Accounts PRAES 1-on-1 or Group Chats with Xiaowanzi D YATSEN asen Offline Experience Stores Provide for an Integrated Beauty Experience 200+ experience stores in 90+ cities in China(4) SEFE Online-offline integration providing convenient and seamless experience Passionate advisors offering a personalized beauty solution Interactive in-store promotions including with KOLs Social spaces and experience bars to relax "Store-as-warehouse" facilitating rapid order fulfillment OUR STORY 12#132 Our Innovative and Effective Marketing Initiatives Cost-Effective Self-owned Marketing Engine • Over 48MM followers across various official accounts(1) • Quickly advertise to vast customer base with minimal marketing costs 天猫 京东 Note: 1.As of September 30, 2020 唯品会 |品牌特卖 | Perfect Diary Explorer Eyeshadow Palettes J Impactful IP-based Marketing 89 Perfect Diary British Museum Eyeshadow Palettes MET bilibili dit 小红书 Perfect Diary x The Met Lipsticks Powerful and Pioneering Direct-to-KOL Marketing Capability Close to 15,000 KOLS, 800 Have More Than 1MM Followers (¹) YATSEN QUER Direct KOL Engagement Content Creation Tailored to Each KOL and Platform * Yibo Wang 36MM YATSEN asen Sunnee 20MM KOLS Across All Tiers Differentiated Celebrity Marketing Targeting Gen-Z Continuously Improving KOL Management System Zhengting Zhu 22MM Weibo Fan Base(¹) OUR STORY 13#143 Data-enabled Product Development Methodology Improving the product development process by shifting focus from an intuitive art to a data-driven science Design product attributes Initiate idea Produce and launch Data from customers Data from KOLS Insights from Analytics Notes: 1.7 eye products, 7 face products and 6 lp products 2.According to the CIC Report Iterating Ideas Product Testing 30,000+ surveys in 2019 Feedback In-house R&D team intercos COSMAX Close Collaboration OEM/ODM UNIVERSITY Research institutions / universities / hospitals NOOLYS Product launch cycle < 6 months vs. 7-18 months typically for international brands(2) YATSEN 20 products (¹) sold over 1 million units in 2019 Products OUR STORY 14#153 Unique Value Proposition of Our Products Our products deliver high value-for-money to our customers YATSEN 逸公书商 Product Price Range c.RMB49-129 Quality • Distinctive formulation • Developed in collaboration with institutions Safety • Non-toxic ingredients • Partner with top suppliers • Strict in-house quality assurance Notes: 1. According to the CIC report vs. Delivering high functional value through effective formulations and quality ingredients Products of Similar Quality on Tmall Product Price Range c.RMB109-630(¹) CALAR Effectiveness • Highly effective products tailored to customer needs • Access to advanced technology, formulation and ingredients DTC model with minimal take-rate paid to distributors YATSEN Supply Chain Management reducing overhead cost Economies of Scale with favorable terms with suppliers Unique and Memorable Product Concepts Offering strong emotional value by satisfying customers' needs for self- and social-expression Celebrities and KOL Endorsement Exciting IP Crossovers TOM-JERRY Discovery CHANNELS THE MET OUR STORY 15#163 Case Studies: Popular Products Delivering High Emotional Value 1 "Perfect Diary Puppy Eyeshadow Palette" with Austin Li • Austin Li, a top beauty KOL with over 34 million fans(1) • Launched the puppy eyeshadow palette together with Austin Li. Collaborating from start to finish - from concept initiation and product design to marketing and promotion • Over 389,000 units sold within 10 minutes, and Austin Li increased influence and attracted more fans • Donation to an animal protection charity fund 3 Perfect Diary Fantasist Eyeshadow Palettes with China National Geography Beautiful landscape published in China National Geography Launched during the 2019 National Day period #城市猎人# Notes: 1. As of September 30, 2020; 2. According to CIC report 2 "Master" Brushes with Chun Nan • Chun Nan, a famous makeup artist • Designed together a brush set to meet the high standards of makeup professionals • Appealing to professional & sophisticated consumers • Positive feedback from artists, KOLS, and consumers 4 Little Ondine "Cheese" Blush with Tom & Jerry • Collaboration with Tom and Jerry IP that was awarded "The Best Summer Flush" by Harper's BAZAAR in 2020 •Over 652,000 units were sold by September 30, 2020, launched in April 2020 (the Year of the Rat) • The top selling product in blush category on Tmall(2) YATSEN asen 大师高定 校如天城 OUR STORY 16#174 World-class Supply Chain OEM and ODM World-class ODM/OEM partners and packaging suppliers intercos COSMAX HCP NEXT GENERATION PACKAGING JV production facilities with COSMAX Notes: 1. In recent periods 2. In 2010, according to the CIC Report ODM/OEM kolmar Warehouse and Logistics Leading warehouse and logistics partners (SF) ZIO sto 申通快速 express EXPRESS + 100,000+/c.140,000 daily shipments on average in 2019 / 9M2020 6MM packages shipped in 5 days during Singles' Day in 2019 WAREHOUSE Warehouse YATSEN Cost and Efficiency Cost-effective supply chain operation with decreasing average shipping cost per order(¹) Decreasing average shipping hours per order from 94hrs in 2019 to 74hrs in 9M2020 Logistics 98 inventory turnover days vs. 126 days for China domestic listed beauty companies (2) Customer OUR STORY 17#185 Superior Data and Technology Capability @ Massive and rich database Market research in sizing, brands, KOLs, content Sales orders by day, SKU, channel, customer Behavioral data from social 2 platforms with insights on customers' shopping experience Notes: 1. As of September 30, 2020 Customers 800MM Dally Data Records Over 160 Dashboards Over 200 In-House Engineers (1) ipi 20% of HQ Employees (¹) YATSEN 设仙电商 Partners Cross-team collaboration between Technology and Operations World-class partnerships Tencent 腾讯 ELA Alibaba Group C aliyun.com Enabling development of unique intelligent systems Database of customer insights Social marketing engines YATSEN asea Engaging user interface platforms OUR STORY 18#196 Proven Brand Incubation and Launch Capabilities Driven by our platform capabilities and infrastructure Illustrative Monthly Gross Sales Mo Abby's Choice achieved same level of monthly gross sales as Perfect Diary did after its first year within 3 months of official launch in June 2020 M1 M2 M3 ABBY'S CHOICE 完子心选 M4 M5 Little Ondine achieved same level of monthly gross sales as Perfect Diary did after its first year within 8 months of relaunch in June 2019 M6 M7 Note: 1.MD. M1, M2... represents month following brand (official) launch or relaunch, MO of Abby's Choice is May 2020. MD of Little Ondine is May 2019. MO of Perfect Diary is March 2017 M8 M9 M10 Little Ondre 小奥汀 M11 YATSEN asen M12 PERFECT DIARY M13 OUR STORY 19#207 Strong and Experienced Management Team David Huang CEO and Chairman HARVARD BUSINESS SCHOOL unifon M P&G Rory Feng New Retail GM L'OREAL innisfree Vincent Chen COO and Director 广发证券 YISHion SECURITIES 21549 Irene Lyu Director of Corporate Development and M&A Yale University Bank of America Merrill Lynch Waterloo Extensive Experience Across Multiple Consumer Sectors John Lyu CSO and Director YISHION 6139 Alex Chen Product Development Director Felix He R&D Director NBC INFINITUS Superior Operational Expertise Donghao Yang CFO and Director HARVARD BUSINESS SCHOOL 唯品会玩Cen vipshop.com Calvin Cai QA & Production Director liby Jahwa #B 上海家化 YATSEN asen William Liu CTO Wharton RSM MARS amazon IBM Joy Jiao Beauty Training Director SEPHORA BOBBI BROWN ESTEE LAUDER GIVENCHY Diverse Base of Employees with Passion for Beauty OUR STORY 20#21YATSEN 逸仙电商 SECTION 3 Financial Overview ABBY'S CHOICE ABBY'S CHOICE PERFECT DIARY 10#22Net Revenue and Key Drivers Net Revenues (RMB MM) +377.1% -3,031 635 630 2018 5 2,960 2019 71 ■ Perfect Diary +73.2% 3,272 1,889 22 1,867 9M2019 ■ Others 661 2,611 9M2020 (MM) (RMB) 7.0 82.6 2018 8.1% # of DTC Customers(1) 23.4 2018 2019 Average Net Revenue per DTC Customer(2) 2017Q3 114.1 15.7 38.9% 2018Q3 9M2019 106.8 YATSEN 2019 Cohort Repeat Purchase Rate (³) 9M2019 23.5 9M2020 41.5% 120.7 9M2020 2019Q3 1. DTC customers refer to the customers that have placed one or more orders purchasing our products through our DTC channels, including our online stores on third-party e-commerce platforms, our company channels on Weixin and our experience stores, during the relevant periods, if such products were shipped. but regardless of whether or not the customer returned the products. This number does not include the number of customers placing orders through our third-party e-commerce platform distributors including JD.com and Vipshop 2. Average net revenue per DTC customer is calculated as total net revenues generated from DTC channels, including our online stores operated on e-commerce platforms, our company channels on Weixin and our experience stones, divided by the total number of DTC customers in the relevant period. In the years ended December 31, 2018 and 2019 and the nine months ended September 30, 2019 and 2020, our total net revenues generated from DTC channels were RMBS78.5 milion, RMB2 670.9 million (US$393.4 million), RMB1,676.1 million and RMB2,836.4 million (US$417.8 million), respectively 3. For DTC customers who first purchased one of our products in the third quarter of 2017, the first quarter of our operations, of our third quarter of 2017 DTC customer cohort, 8.1% of them made at least one additional purchase by the end of the second quarter of 2018. Such repeall purchase rate increased to 38.9% by the end of the second quarter of 2019 for our third quarter of 2018 DTC customer cohort, and further to 41.5% by the end of the second quarter of 2020 for our third quarter of 2019 DTC customer cohort. Repeat purchase rate is defined as percentage of DTC customers of a cohort, defined as all of our DTC customers who made their initial purchase during the cohort quarter and at least one additional purchase between initial purchase and the end of a specified quarter after the initial purchase FINANCIAL OVERVIEW 22#23Gross Sales - By Brand and By Category Increasing Contribution from Little Ondine and Abby's Choice Gross Sales (RMB BN) 0.8 100.0% 3.5 98.3% 1.7% 2018 1% of gross sales from Perfect Diary 1% of gross sales from Little Ondine and Abby's Choice 2019 3.8 17.9% 82.1% 9M2020 Increasing Contribution from Skincare Products Gross Sales (RMB BN) 0.8 97.1% 2.1% 0.8% 3.5 7.0% 89.4% 2019 3.6% 2018 1% of gross sales from color cosmetics products 1% of gross sales from skincare products 1% of gross sales from other products YATSEN asen 3.8 5.2% 12.9% 81.9% 9M2020 FINANCIAL OVERVIEW 23#24Quarterly Financials Update (RMB MM) 446 2019Q1 683 2019Q2 Total Net Revenues Over Last 7 Quarters 760 2019Q3 1,142 2019Q4 YOY % Growth 126.9% 1,012 2020Q1 45.5% 993 2020Q2 YATSEN 66.6% 1,266 2020Q3 FINANCIAL OVERVIEW#25Gross Margin and Operating Expenses (RMB MM) (RMB MM) 63.5% 403 2018 66.3% 421 309 2018 3 28 81 0.4% 4.4% 48.7% 12.8% 63.6% 1,928 2019 1,709 1,251 Gross Profit and Margin 300 2019 Gross profit Non-GAAP Operating Expenses Breakdown 56.4% 57.3% 23 134 64.1% 0.8% 4.4% 41.3% 9.9% 1,211 9M2019 1,083 805 9M2019 10 0.5% 81 4.3% 42.6% 187 9.9% Total% of net revenue 63.1% 81 2,063 9M2020 78.1% 2,555 200 YATSEN 2,034 280 9M2020 65.5% (1) 2,144(¹) 1.3% 6.1% 62.1% 8.5% Fulfillment expenses S&M expenses #Non-GAAP G&A Expenses R&D Expenses Non-GAAP Operating expense as % of net revenue Notes: 1.Pro forma gross margin and gross profit for the nine months ended September 30, 2020, excluding the one-off RMB80.9mm inventory provision in the same period due to COVID-19. 2. Excluding share based compensation RM14.0mm, RMB75 0mm, RMB56 4mm, and RMB856 8mm in 2018, 2019, in the nine months ended September 30, 2019 and in the nine months ended September 30, 2020, respectively GAAP G&A expenses are RMB43.3mm, RMB209.3mm, RMB1374mm and 856.8mm, in 2018, 2019, in the nine months ended September 30, 2018 and in the nine months ended September 30, 2020 respectively FINANCIAL OVERVIEW 25#26Non-GAAP Profitability (RMB MM) (3.0)% (19) Non-GAAP Operating Income(¹) 2018 7.2% 219 6.8% 2019 129 (15.0)% (12.5)%(3) 81 (492) (409)(3) 9M2020 (RMB MM) One-off RMB80.9mm inventory provision during 9M2020 due to COVID-19 (3.8)% (24) Non-GAAP Net Income (2) 2018 5.0% 150 4.5% 2019 86 YATSEN asen 9M2019 9M2019 Non- GAAP Operating Margin Non-GAAP Net Margin Notes: 1, Defined as operating income/(loss) excluding share-based compensation expenses. GAAP Operating Income (Loss) is RMB(33.3mm, RMB143 8mm RMB72.3mm, RMB(1,149)mm in 2018, 2019, in the nine months ended September 30, 2019 and in the nine months ended September 30, 2020, respectively 2. Defined as net income/(loss) excluding share-based compensation expenses and a non-recurring item of forward value loss on a forward liability incurred in connection with a forward to purchase Series A-2 Preferred Shares at a fixed price provided to one of our shareholders. GAAP Net Income (Loss) is RMB(401)mm, RMB75 4mm, RMB29.1mm, and RMB(1,167)mm in 2018, 2019, in the nine months ended September 30, 2019 and in the nine months ended September 30, 2020, respectively 3. Pro forma indicative figures for the nine months ended September 30, excluding an one-off RMB80 9mm inventory provision during the same period due to COVID-19 (15.3)% 81 (500) (12.8)%(3) 9M2020 (419)(3) FINANCIAL OVERVIEW 26#27YATSEN 逸仙电商 SECTION 4 Our Growth Strategies + EONDI LE ONDINE E ONDINE LE ONDIN HJM LITTLE ONDINE PERFECT DIARY ABBY'S CHOICE#28Our Growth Strategies Enhance Our Highly Social, Digitally Native Sales and Marketing Capabilities Continue to Invest in 2 Technology and Data Capabilities Continue to Innovate and 3 for Existing Color Cosmetics and Skincare Brands 1010 110 01010 O YATSEN 逸仙电商 7 Expand Overseas 63 1 4 YATSEN asen Launch Leading New Brands in Our Target Market Segments 6 5 Further improve our Supply Chain Capabilities Acquisitions and Collaboration OUR GROWTH STRATEGIES 28#29Becoming A Global Multi-Brand Beauty Platform Different Prices Mass Different Brands Masstige PERFECT DIARY Color Cosmetics Premium Price(1) Little Ondhe 小奥汀 ABBY'S CHOICE Skincare Different Categories GALÉNIC New Brand Body Care Different Demographics Notes: 1.Graphics other than Perfect Diary, Little Ondine, Abby's Choice and Galenic are for ilustrative purpose only and not indicative of actual future expansion plans 2. In October 2020, Yatsen entered into an agreement to acquire the loonic premium skincare brand Galenic from Pierre Fabre, a French pharmaceutical and dermo-onsmetics group 3.In November 2020, Yatsen entered into an agreement to acquire the mainiand China business of a masstige skincare brand Hair Care Different Geographies Men's Care Global Multi-brand Beauty Platform Others YATSEN asen 711 Category(¹) OUR GROWTH STRATEGIES 29#30Disclaimer This presentation has been prepared by Yatsen Holding Limited (the "Company") solely for informational purposes. The information included herein in this presentation has not been independently verified. No representations, warranties or undertakings, express or implied, are made by the Company or any of its affiliates, advisers or representatives or the underwriters as to, and no reliance should be placed upon, the accuracy, fairness, completeness or correctness of the information or opinions presented or contained in this presentation. By viewing or accessing the information contained in this presentation, you acknowledge and agree that none of the Company or any of its affiliates, advisers or representatives or the underwriters accept any responsibility whatsoever (in negligence or otherwise) for any loss howsoever arising from any information presented or contained in this presentation or otherwise arising in connection with the presentation. The information presented or contained in this presentation is subject to change without notice and its accuracy is not guaranteed. None of the Company or any of its affiliates, advisers or representatives or the underwriters make any undertaking to update any such information subsequent to the date hereof. This presentation should not be construed as legal, tax, investment or other advice. YATSEN The Company has filed a registration statement on Form F-1 with the SEC relating to the proposed public offering of its securities in the United States, but the registration statement has not yet become effective. The proposed offering of the Company's securities to be made in the United States will be made solely on the basis of the information contained in the prospectus included in such registration statement, as amended. Any decision to purchase the Company's securities in the proposed offering should be made solely on the basis of the information contained in the prospectus. This presentation contains statements that reflect the Company's intent, beliefs or current expectations about the future. These statements can be recognized by the use of words such as "expects," "plans," "will," "estimates," "projects," "intends," or words of similar meaning. These forward-looking statements are not guarantees of future performance and are based on a number of assumptions about the Company's operations and other factors, many of which are beyond the Company's control, and accordingly, actual results may differ materially from these forward-looking statements. Caution should be taken with respect to such statements and you should not place undue reliance on any such forward-looking statements. The Company or any of its affiliates, advisers or representatives or the underwriters has no obligation and does not undertake to revise forward-looking statements to reflect newly available information, future events or circumstances. This presentation does not constitute an offer to sell or an invitation to purchase or subscribe for any securities of the Company for sale in the United States or anywhere else. No part of this presentation shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. Specifically, these materials do not constitute a "prospectus" within the meaning of the U.S. Securities Act of 1933, as amended, and the regulations enacted thereunder. This presentation does not contain all relevant information relating to the Company or its securities, particularly with respect to the risks and special considerations involved with an investment in the securities of the Company and is qualified in its entirety by reference to the detailed information in the prospectus relating to the proposed offering. In evaluating its business, the Company uses certain non-GAAP measures as supplemental measures to review and assess its operating and financial performance. These non-GAAP financial measures have limitations as analytical tools, and when assessing the Company's operating and financial performances, investors should not consider them in isolation, or as a substitute for any consolidated statement of operations data prepared in accordance with U.S. GAAP. 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