Yatsen Results Presentation Deck

Our Strategic Transformation on Track Higher Net Revenues from Skincare Brands¹ Total Net Revenues from Skincare Brands² (%) 20.5% 1Q2022 32.0% 1Q2023 Improved Gross Margin Gross Margin (%) 69.0% 1Q2022 74.3% 1Q2023 Lower S&M Expenses % Selling & Marketing Expenses (%) 67.9% 1Q2022 60.0% 1Q2023 Turned Profitable under GAAP Measures³ Net Income (RMB MM) -291 YSG1L 1Q2022 51 1Q2023 Notes: ¹ As a percentage of total net revenues 2 Include net revenues from DR. WU (its mainland China business), Galénic, Eve Lom, Abby's Choice and other skincare brands of the Company. 3 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. 6

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