#1PERFECT DIARY 32 PERFECT DIARY Little ONDINE Third Quarter 2023 Investor Presentation Yatsen Holding Limited Pink Bear DR.WU GALENIC EVE LOM ARIS ABBY'S CHOICE 完子 心选#2YSG 逸仙 Disclaimer This presentation has been prepared by Yatsen Holding Limited (the "Company") solely for information purpose. By viewing or accessing the information contained in this material, you hereby acknowledge and agree that no representations, warranties or undertakings, express or implied, are made by the Company or any of its directors, shareholders, employees, agents, affiliates, advisors or representatives 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. 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No part of this presentation shall form the basis of or be relied upon in connection with any contract or investment decision in relation to any securities or otherwise. 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. Nothing contained in this presentation shall be relied upon as a promise or representation as to the past or future performance of the Company. Past performance does not guarantee or predict future performance. You acknowledge that any assessment of the Company that may be made by you will be independent of this presentation and that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business of the Company. Certain statements in this presentation, and other statements that the Company may make, are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. These statements 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," "anticipates," "believes," "confident" 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. The Company or any of its affiliates, advisers or representatives has no obligation and does not undertake to revise forward-looking statements to reflect future events or circumstances. This presentation also contains non-GAAP financial measures, the presentation of which is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). In addition, the Company's calculation of these non-GAAP financial measures may be different from the calculation used by other companies, and therefore comparability may be limited. The reconciliation of those measures to the most comparable GAAP measures is contained within this document or available at the Company website http://ir.yatsenglobal.com/. 2#3PERFECT DIARY Third Quarter 2023 Review YSG1L#4Third Quarter 2023 Snapshot Total Net Revenues RMB 718.1M -16.3% YoY GAAP Net Loss Margin 27.6% Increased by 3.0 percentage points YOY Gross Margin 71.4% +2.5 percentage points YoY Notes: ¹ As of September 30, 2023. Non-GAAP Net Loss Margin 18.1% Increased by 3.4 percentage points YoY Cash, Restricted Cash and Short-term Investments¹ RMB 2.24B GALENIC PARIS 法国科兰黎 14 45 YEARS COLLECTION BOLET GALÉNIC PARIS#5Modest Recovery Post-COVID China Consumer Goods Retail Sales China Beauty Products² Retail Sales 3.3% 1.8% 1Q2022 -4.6% Year-over-Year Changes¹ -6.7% 2Q2022 3.5% -3.2% 3Q2022 0.5% -3.1% 4Q2022 5.7% 5.9% 1Q2023 10.7% 11.5% 2Q2023 Notes: 1 Based on the adjusted data published by China National Bureau of Statistics ("CNBS"). 2 Beauty products include color cosmetics and skincare products. 4.2% 2.6% 3Q2023 YSG 逸仙 Retail sales of both China consumer goods and beauty products increased year-over-year... ...while remaining in the mild recovery phase following the lifting of pandemic restrictions 5#6Key Business Initiatives Drive growth of skincare brands Revenue Mix Optimization Implement more disciplined pricing and discount policies Reshape color cosmetics business model Cost Cutting Optimize supply chain YSG 逸仙 Invest in R&D for robust new hero product pipeline Improve operating efficiencies 6#7Growing Contribution¹ from Skincare Brands² As a Percentage of Total Net Revenues 3Q2022 31.4% SECRET D'EXCELLENCE LA CRÈME ACTIVE 3Q2023 36.0% 3Q2023 Net Revenues from Skincare Brands² RMB 258.5M -4.1% YoY < FOAMING CREAM CLEANSER Note: ¹ Net revenues from skincare brands as a percentage of total net revenues GALENIC 2 Include net revenues from Galénic, DR. WU (its mainland China business), Eve Lom, Abby's Choice and other skincare brands of the Company. YSG 逸仙 7#8Solid Clinical and Premium Skincare Brands Performance EVE LOM GALÉNIC PARIS Galénic celebrated its 45th anniversary with a gala celebration in Paris, France. GALÉNIC 2008 Gala celebration in Paris, France +7% 3Q2023 YoY growth in combined net revenues for Galénic, DR.WU¹, and Eve Lom Note: DR.WU's mainland China business PARIS 法国科兰黎 DR.WU CLINICAL SKINCARE Mainland China Business DR.WU 亚洲领先 杏仁酸护肤品牌 抗度平米口大象林氏 DR.WU was honored as "Asia's Leading Mandelic Acid Skincare Brand" by Euromonitor at its 20th anniversary. DR.WU 达尔肤规格研究基金 2023 & & 221 27 931492 DR.WU 医师专研 低敏高效 NO.1 NO.1 杏仁酸换肤 清白提族 保持领先 DR.WU 达尔肤 "Asia's Leading Mandelic Acid" Eve Lom introduced renowned singer and actor Zhan Xiao as its brand ambassador. SEPHORA WWW Pop-up events in Sephora offline stores EVELOIVI#9Offline Retail Footprint Perfect Diary Eve Lom We completed most of our adjustments in our offline footprint during 2022. 294 8 286 2021/12/31 Note: 1 Mainland China stores only 278 8 270 2022/3/31 234 6 228 # of Experience Stores¹ 2022/6/30 204 6 198 2022/9/30 164 6 158 2022/12/31 157 7 150 2023/3/31 141 5 136 2023/6/30 127 -4 123 YSG1L 2023/9/30 9#10EVE LON EVEL EVELOM EVELOM EVE LOM THE MIAMI BEACH EDITION YSG1LL Financial Review#11Revenue and Gross Margin (RMB M) 858 3Q2022 Net Revenues -16.3% YOY 718 3Q2023 Slow-down in Color Cosmetics Brands¹ combined with modest decrease in Skincare Brands² +2.5 percentage points YoY 68.9% Gross Margin 3Q2022 71.4% Notes: 1 Include net revenues from Perfect Diary, Little Ondine, Pink Bear and other color cosmetic brands of the Company. 2 Include net revenues from Galénic, DR.WU (its mainland China business), Eve Lom, Abby's Choice and other skincare brands of the Company. 3Q2023 YSG 逸仙 Higher revenue contribution from Skincare Brands², more disciplined pricing and discount policies and cost optimization 11#12Operating Expenses GAAP Operating Expenses %¹ +3.8 percentage points YoY 99.9% 3.9% 22.7% 65.8% 7.4% 3Q2022 R&D exp G&A exp Notes: ¹ As a percentage of total net revenues. S&M exp 103.6% 3.4% 21.1% 71.3% 7.8% 3Q2023 Fulfillment exp YSG1LL Lower G&A expenses as a percentage of total net revenues primarily attributable to a reduction in compensation corresponding to a decrease in G&A headcount. Higher S&M expenses as a percentage of total net revenues primarily attributable to increased investments in the Perfect Diary brand upgrade and preparations for the Double 11 Shopping Festival. 12#13Net Income (Loss) Margin Reconciliation of Non-GAAP Net Income (Loss)¹ (RMB M) Net Income (Loss) YoY Share-based compensation expenses Amortization of intangible assets resulting from assets and business acquisitions Revaluation of investments on the share of equity method investments Tax effects on non-GAAP adjustments Non-GAAP Net Income (Loss) YoY 3Q2022 (211) 91 12 (17) (2) (127) 3Q2023 (198) -6.1% 53 14 3 (2) (130) +3.0% (%) Net Income (Loss) Margin YoY Reconciliation of Non-GAAP Net Income (Loss) Margin Share-based compensation expenses Amortization of intangible assets resulting from assets and business acquisitions Revaluation of investments on the share of equity method investments Tax effects on non-GAAP adjustments Non-GAAP Net Income (Loss) Margin YoY 3Q2022 (24.6%) 10.7% 1.4% (2.0%) (0.2%) (14.7%) YSG1LL 3Q2023 (27.6%) -3.0 percentage points 7.4% 1.9% 0.4% (0.3%) (18.1%) -3.4 percentage points Note: ¹ Non-GAAP net income (loss) is a non-GAAP financial measure. Non-GAAP net income (loss) is defined 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. 13#14Operating Cashflow (RMB M) 4,326 -466 4,106 -79 3,633 Note: 1 As of the end of each quarter. -225 3,138 -250 2,965 -104 1Q2021 2Q2021 3Q2021 4Q2021 1Q2022 3,063 112 2,601 22 2,627 107 2,536 -20 2Q2022 3Q2022 4Q2022 1Q2023 Balance of Cash, Restricted Cash and Short-term Investments¹ 2,571 -14 YSG1LL 2,240 -163 2Q2023 3Q2023 14#15YSG 逸仙 Thank You