Yatsen IPO Presentation Deck

Massive and Growing Opportunity in China's Beauty Market YATSEN asen China is the world's largest beauty market and will grow an additional $29.9BN between 2019 and 2025 Retail sales value of China beauty market (US$ BN) 26.8 22.8 2015 9.7% CAGR 71% 29% 18.4% CAGR 38.8 30.8 ■ Gen-Z and Millennials(1) 8.0 2019 10.0% CAGR 14.2% CAGR 59% 68.7 51.0 Facial Skincare Color Cosmetics Gen-Z and Millennials(¹) constitute 29% of China's population but account for 59% of beauty product consumption in 2019 2019 China population 2019 China beauty market size (US$ BN) China has 402.9 million) Gen-Z and Millennials 17.7 2025E 41% ■ Others (35-64 years old) 2019 per capita spending on beauty products (USS) 50% 40% 30% 27.7 20% China has a long runway for growth China 86.5 UK Market share in beauty market in retail sales value 60% 96.6 US 152.8 2010 2011 2012 2013 2014 -Domestic Brand in Mass and Mid-end Markets South Korea Domestic brands have surpassed western brands in China's mass and mid-end beauty market since 2016 184.4 Japan Source: CIC Report, All data is for the year of 2019 unless otherwise indicated 1. "Gen-Z' refers to the group of people born between 1996 and 2005 (age between 15 and 24 in 2020): "Millennials refer to the group of people born between 1986 and 1995 (age between 25 and 34 in 2020) 2. in terms of retail sales value: 3 As of Dec 31, 2019; 4. As of 2020 2015 2016 2017 2018 2019 Western Brand in Mass and Mid-end Markets COMPANY OVERVIEW

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