Yatsen IPO Presentation Deck

Gross 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

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