Yatsen Results Presentation Deck

Operating Expenses GAAP Operating Expenses % 103.5% 4.0% 23.4% 67.9% 8.3% 1Q2022 R&D exp -28.3 percentage points YoY 75.2% 5.3% 3.2% 60.0% 6.8% 1Q2023 G&A exp S&M exp Fulfillment exp YSG1LL Lower G&A expenses % attributable to a reversal of recognized share-based compensation expenses and a decrease in recognition of share-based compensation expenses using the graded-vesting method over the vesting term of the Company's awards¹ Lower S&M expenses % attributable to the closure of underperforming offline stores and a reduction in share-based compensation related to the decrease in selling and marketing headcount Note: ¹A 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. 13

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