Yatsen IPO Presentation Deck

Net 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

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