GUANGZHOU, China, March 11, 2021 /PRNewswire/ -- Yatsen Holding
Limited ("Yatsen" or the "Company") (NYSE: YSG), a leader in the
rapidly evolving China beauty
market, today announced its unaudited financial results for the
fourth quarter and full year ended December
31, 2020.
Fourth Quarter 2020 Highlights
- Total net revenues for the fourth quarter of 2020
increased 71.7% to RMB1.96 billion
(US$300.6 million) from RMB1.14 billion for the fourth quarter of
2019.
- Gross margin for the fourth quarter of 2020 was 66.3%
compared to 62.7% for the fourth quarter of 2019.
- Gross sales[1] for the fourth quarter of 2020
increased 73.3% to RMB2.27 billion
(US$348.2 million) from RMB1.31 billion for the fourth quarter of
2019.
- The number of Direct-to-Consumer ("DTC")
customers[2] for the fourth quarter of 2020
increased 30.9% to 14.4 million from 11.0 million for the fourth
quarter of 2019.
"We are thrilled to report solid fourth quarter and full year
results as our efforts to scale our brands and unlock synergies
between our various sales channels, resulted in powerful top-line
growth," said Mr. Jinfeng Huang,
founder, chairman and CEO of Yatsen. "The growing popularity of
homegrown Chinese beauty brands is presenting us with unprecedented
opportunities that we are well positioned to capture. With our
acquisition of several distinct skincare brands and our partnership
with Sensient Technologies, we are on track to offer our customers
a full suite of products. While we continue to focus on innovation
and quality, our efforts in expanding our offline experience stores
will create even greater value for our customers and spur stronger
brand engagement and loyalty. In 2021, as customers continue their
journey of beauty discovery, we look forward to introducing
effective skincare regimens and new color cosmetics consisting of
an even fuller array of colors and textures."
Mr. Donghao Yang, CFO and
director of Yatsen, commented, "We finished the fourth quarter of
2020 with solid financial results. Our healthy top line growth
reflects strong performance across our brand portfolio and
demonstrates the deep market appeal of our products, the success of
our growth strategy, and our ability to skillfully execute our
operational plan. 2020 was a pivotal year for Yatsen and the
overall beauty industry, and our efforts in product innovation and
development paid off. As we move further into 2021, we remain
committed to our growth strategy of expanding our product offerings
and customer base which we firmly believe will lay a solid
foundation for profitability in the long run."
Fourth Quarter 2020 Financial Results
Net Revenues. Total net revenues for the fourth
quarter of 2020 increased by 71.7% to RMB1.96 billion (US$300.6
million) from RMB1.14 billion
for the fourth quarter of 2019, primarily attributable to the
growth in sales volume of our beauty products driven by an increase
in the number of customers during the same period.
Gross Profit and Gross Margin. Gross profit
for the fourth quarter of 2020 increased by 81.6% to RMB1.30 billion (US$199.4
million) from RMB716.3 million
for the fourth quarter of 2019. Gross margin for the fourth quarter
of 2020 was 66.3% compared to 62.7% for the fourth quarter of
2019.
Operating Expenses. Total operating expenses for
the fourth quarter of 2020 were RMB2.83
billion (US$434.5 million),
compared to RMB644.8 million for the
fourth quarter of 2019. As a percentage of total net revenues,
total operating expenses for the fourth quarter of 2020 were
144.5%, compared to 56.5% for the fourth quarter of 2019.
- Fulfillment Expenses. Fulfillment expenses for
the fourth quarter of 2020 were RMB144.7
million (US$22.2 million),
compared to RMB113.2 million for the
fourth quarter of 2019. The increase was primarily due to (i) an
increase in warehousing, shipping and handling expenses driven by
the growth in sales volume of our beauty products during the same
period, and (ii) share-based compensation expenses recognized upon
occurrence of initial public offering ("IPO") according to
accounting principles generally accepted in the United States of America ("U.S. GAAP"). As
a percentage of total net revenues, fulfillment expenses for the
fourth quarter of 2020 decreased to 7.4% from 9.9% for the fourth
quarter of 2019.
- Selling and Marketing Expenses. Selling and
marketing expenses for the fourth quarter of 2020 were RMB1.38 billion (US$211.3million), compared to RMB446.3 million for the fourth quarter of 2019.
The increase was primarily due to (i) an increase in advertising,
marketing and brand promotion costs, (ii) an increase in expenses
incurred during the development of experience stores, and (iii)
share-based compensation expenses recognized upon occurrence of IPO
according to U.S. GAAP. As a percentage of total net revenues,
selling and marketing expenses for the fourth quarter of 2020
increased to 70.3% from 39.1% for the fourth quarter of 2019.
- General and Administrative Expenses. General and
administrative expenses for the fourth quarter of 2020 were
RMB1.29 billion (US$197.1 million), compared to RMB71.9 million for the fourth quarter of 2019.
The increase was primarily due to (i) an increase in personnel
cost, and (ii) share-based compensation expenses recognized upon
occurrence of IPO according to U.S. GAAP. As a percentage of total
net revenues, general and administrative expenses for the fourth
quarter of 2020 increased to 65.6% from 6.3% for the fourth quarter
of 2019.
- Research and Development Expenses.
Research and development expenses for the fourth quarter of 2020
were RMB25.6 million (US$3.9 million), compared to RMB13.4 million for the fourth quarter of 2019.
The increase was primarily due to (i) an increase in personnel
costs, and (ii) share-based compensation expenses recognized upon
occurrence of IPO according to U.S. GAAP. As a percentage of total
net revenues, research and development expenses for the fourth
quarter of 2020 increased to 1.3% from 1.2% for the fourth quarter
of 2019.
Income (Loss) from Operations and Non-GAAP Income (Loss)
from Operations[3]. Loss from operations
for the fourth quarter of 2020 was RMB1.53
billion (US$235.1 million),
compared to income from operations of RMB71.5 million for the fourth quarter of 2019.
Non-GAAP loss from operations for the fourth quarter of 2020 was
RMB290.1 million (US$44.5 million), compared to non-GAAP income
from operations of RMB90.0 million
for the fourth quarter of 2019.
Net Income (Loss) and Non-GAAP Net Income
(Loss)[4]. Net loss for the fourth
quarter of 2020 was RMB1.53 billion
(US$234.7 million), compared to net
income of RMB46.2 million for the
fourth quarter of 2019. Non-GAAP net loss for the fourth quarter of
2020 was RMB287.4 million
(US$44.1 million), compared to
non-GAAP net income of RMB64.8
million for the fourth quarter of 2019.
Net Income (Loss) attributable to Ordinary
Shareholders per Diluted
ADS[5] and Non-GAAP Net
Income (Loss) attributable to Ordinary
Shareholders per Diluted
ADS[6]. Net
loss attributable to Yatsen's ordinary shareholders per diluted ADS
for the fourth quarter of 2020 was RMB4.04 (US$0.62),
compared to net income attributable to Yatsen's ordinary
shareholders per diluted ADS of RMB0.10 for the fourth quarter of 2019. Non-GAAP
net loss attributable to Yatsen's ordinary shareholders per diluted
ADS for the fourth quarter of 2020 was RMB0.73 (US$0.11),
compared to non-GAAP net income attributable to Yatsen's ordinary
shareholders per diluted ADS of RMB0.16 for the fourth quarter of 2019.
Balance Sheet and Cash Flow
As of December 31, 2020, the
Company had cash and cash equivalents and restricted cash of
RMB5.73 billion (US$878.7 million), compared to RMB676.6 million as of December 31, 2019.
For the quarter ended December 31,
2020, net cash used in operating activities was RMB362.1 million (US$55.5
million). For the full year ended December 31, 2020, net cash used in operating
activities was RMB983.4 million
(US$150.7 million).
Full Year 2020 Financial Results
Net Revenues. Total net revenues for the full year
of 2020 increased by 72.6% to RMB5.23
billion (US$802.0 million)
from RMB3.03 billion in the prior
year, primarily attributable to the growth in sales volume of
beauty products driven by an increase in the number of
customers.
Gross Profit and Gross Margin. Gross profit for
the full year of 2020 increased by 74.5% to RMB3.36 billion (US$515.6
million) from RMB1.93 billion
in the prior year. Gross margin for the full year of 2020 was 64.3%
compared to 63.6% in the prior year.
Income (Loss) from Operations and Non-GAAP Income (Loss)
from Operations. Loss from operations for the full
year of 2020 was RMB2.68 billion
(US$411.1 million), compared to
income from operations of RMB143.8
million in the prior year. Non-GAAP loss from operations for
the full year of 2020 was RMB782.1
million (US$119.9 million),
compared to non-GAAP income from operations of RMB218.8 million in the prior year.
Net Income (Loss) and Non-GAAP Net Income (Loss).
Net loss for the full year of 2020 was RMB2.69 billion (US$412.0
million), compared to net income of RMB75.4 million in the prior year. Non-GAAP net
loss for the full year of 2020 was RMB787.8
million (US$120.7 million),
compared to non-GAAP net income of RMB150.4
million in the prior year.
Net Income (Loss) attributable to Ordinary
Shareholders per Diluted ADS and Non-GAAP Net Income
(Loss) attributable to Ordinary Shareholders
per Diluted ADS. Net loss attributable to
Yatsen's ordinary shareholders per diluted ADS for the full year of
2020 was RMB19.12 (US$2.93), compared to net loss attributable to Yatsen's ordinary
shareholders per diluted ADS of RMB0.40 in the prior
year. Non-GAAP net loss attributable to Yatsen's ordinary
shareholders per diluted ADS for the full year of 2020 was
RMB3.78 (US$0.58), compared to non-GAAP net income
attributable to Yatsen's ordinary shareholders per diluted ADS of
RMB0.36 in the prior year.
Fourth Quarter and Recent Developments
- The Company successfully completed its IPO and listing of
67,562,500 ADSs (including the full exercise of the over-allotment
option to purchase additional ADSs from the underwriters) on the
New York Stock Exchange on November 19,
2020. The Company raised total proceeds of US$709.4 million from the offering.
- At the end of October 2020, the
Company acquired Galénic, an iconic premium skincare brand, from
Pierre Fabre, a French
pharmaceutical and dermo-cosmetics group. The Company will continue
to support the brand in Europe and
China. In addition, the Company
has completed the acquisition of the masstige Chinese skincare
brand which was mentioned during the IPO.
- In March 2021, the Company
entered into a definitive agreement to acquire the prestige
skincare brand Eve Lom from Manzanita Capital. The brand combines
high quality natural ingredients with the latest scientific
innovations to create a portfolio of luxurious and effective
products, many of which are award-winning.
- The Company appointed Dr. Jiming
Ha as the third independent director in the Company's board
of directors, effective March 11,
2021. Dr. Ha served as a managing director at Goldman Sachs
(Asia) in investment banking
services from 2010 to 2017. Prior to that, Dr. Ha was Chief
Economist at China International Capital Corporation from 2004 to
2010. Dr. Ha received his Ph.D. from
University of Kansas and an MS and BS
from Fudan University in Shanghai. Following the appointment,
Dr. Ha will serve as a member of the audit committee and
compensation committee, and as the chairman of nominating and
corporate governance committee.
- Concurrent with the appointment of Dr. Ha, our board of
directors has approved to further update the composition of our
committees in furtherance of good corporate governance. Our three
committees will be fully independent with composition set forth
below:
Audit
Committee
|
Chair: Sidney Xuande
Huang
Members: Bonnie Yi
Zhang; Jiming Ha
|
Nominating
and Corporate Governance
Committee
|
Chair: Jiming
Ha
Members: Sidney
Xuande Huang; Bonnie Yi Zhang
|
Compensation
Committee
|
Chair: Bonnie Yi
Zhang
Members: Sidney
Xuande Huang; Jiming Ha
|
Business Outlook
For the first quarter of 2021, the Company expects its total net
revenues to be between RMB1.37
billion and RMB1.42 billion,
representing a year-over-year growth rate of approximately 35% to
40%. These forecasts reflect the Company's current and preliminary
views on the market and operational conditions, which are subject
to change.
Exchange Rate
This announcement contains translations of certain Renminbi
("RMB") amounts into U.S. dollars ("US$") at specified rates solely
for the convenience of the reader. Unless otherwise noted, all
translations from RMB to US$ were made at a rate of RMB6.5250 to US$1.00, the exchange rate in effect as of
December 31, 2020 as set forth in the
H.10 statistical release of The Board of Governors of the Federal
Reserve System. The Company makes no representation that any RMB or
US$ amounts could have been, or could be, converted into US$ or
RMB, as the case may be, at any particular rate, or at all.
[1] Gross sales refers to the total
value of all orders for products and services placed and shipped,
regardless of whether the goods are returned. Calculation of gross
sales includes shipping charges paid by customers to the
Company.
|
[2] DTC
customers refer to the customers that have placed one or more
orders purchasing products through the Company's DTC channels,
including the Company's online stores on third-party e-commerce
platforms, the Company's channels on Weixin and 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 the Company's third-party e-commerce platform distributors
including JD.com and Vipshop.
|
[3]
Non-GAAP income (loss) from operations is a non-GAAP financial
measure, which is defined as income (loss) from operations
excluding share-based compensation expenses.
|
[4]
Non-GAAP net income (loss) is a non-GAAP financial measure, which
is defined as net income (loss) excluding share-based compensation
expenses.
|
[5] ADSs
refer to the American depositary shares, each of which represents
four Class A ordinary shares.
|
[6] Non-GAAP net income (loss)
attributable to ordinary shareholders per diluted ADS is a non-GAAP
financial measure, which is defined as non-GAAP net income (loss)
attributable to ordinary shareholders, divided by the weighted
average number of diluted ADS outstanding for computing diluted
earnings per ADS.
|
Conference Call Information
The Company will hold a conference call on March 11, 2021 at 7:30 am
Eastern Time or 8:30 pm
Beijing Time to discuss its financial results and operating
performance for the fourth quarter and full year of 2020.
United States (toll
free):
|
+1-888-346-8982
|
International:
|
+1-412-902-4272
|
Mainland China (toll
free):
|
400-120-1203
|
Hong Kong (toll
free):
|
800-905-945
|
Hong Kong:
|
+852-3018-4992
|
Conference
ID:
|
10152710
|
The replay will be accessible through March 18, 2021 by dialing the following
numbers:
United
States:
|
+1-877-344-7529
|
International:
|
+1-412-317-0088
|
Conference
ID:
|
10152710
|
A live and archived webcast of the conference call will also be
available at the Company's investor relations website at
http://ir.yatsenglobal.com/.
About Yatsen Holding Limited
Yatsen Holding Limited (NYSE: YSG) is a leader in the rapidly
evolving China beauty market with the mission of creating
an exciting new journey of beauty discovery for consumers
in China and around the world. The Company has launched
three fast-growing, successful color cosmetics and skincare
brands: Perfect Diary, Little
Ondine and Abby's Choice, and has recently
acquired Galénic, an iconic premium skincare brand.
Leveraging its digitally native direct-to-customer business model,
the Company has built a platform with core capabilities that
disrupt every part of the traditional beauty industry value chain
and deliver greater value to its customers. The Company reaches and
engages with customers directly both online and offline, with
expansive presence across all major e-commerce, social and content
platforms in China. For more information, please
visit http://ir.yatsenglobal.com/.
Use of Non-GAAP Financial Measures
The Company uses non-GAAP income (loss) from operations,
non-GAAP net income (loss), non-GAAP net income (loss) attributable
to ordinary shares and non-GAAP net income (loss) attributable to
ordinary shares per diluted ADS, each a non-GAAP financial measure,
in reviewing and assessing its operating performance. The
presentation of these non-GAAP financial measures is not intended
to be considered in isolation or as a substitute for the financial
information prepared and presented in accordance with U.S. GAAP.
The Company presents these non-GAAP financial measures because they
are used by the management to evaluate operating performance and
formulate business plans. Non-GAAP financial measures help identify
underlying trends in its business, provide further information
about its results of operations, and enhance the overall
understanding of its past performance and future prospects. The
Company defines non-GAAP income (loss) from operations as income
(loss) from operations excluding share-based compensation expenses,
non-GAAP net income (loss) as net income (loss) excluding
share-based compensation expenses and non-GAAP net income (loss)
attributable to ordinary shares as net income (loss) attributable
to ordinary shares excluding (i) share-based compensation expenses,
(ii) accretion to preferred shares, and (iii) deemed dividends to
preferred shareholders due to modification of preferred shares.
Non-GAAP net income (loss) attributable to ordinary shares per
diluted ADS is computed using non-GAAP net income (loss)
attributable to ordinary shareholders divided by weighted average
number of diluted ADS outstanding for computing diluted earnings
per ADS.
However, the non-GAAP financial measures have limitations as
analytical tools as the non-GAAP financial measures are not
presented in accordance with U.S. GAAP and may differ from the
non-GAAP information used by other companies, including peer
companies, and therefore their comparability may be limited. The
Company compensates for these limitations by reconciling the
non-GAAP financial measures to the nearest U.S. GAAP performance
measure, all of which should be considered when evaluating
performance. The Company encourages investors and others to review
its financial information in its entirety and not rely on a single
financial measure. Reconciliations of Yatsen's non-GAAP financial
measure to the most comparable U.S. GAAP measure are included at
the end of this press release.
Safe Harbor Statement
This announcement contains statements that may constitute
"forward-looking" statements which are made pursuant to the "safe
harbor" provisions of the U.S. Private Securities Litigation Reform
Act of 1995. These forward-looking statements can be identified by
terminology such as "will," "expects," "anticipates," "aims,"
"future," "intends," "plans," "believes," "estimates," "likely to,"
and similar statements. Statements that are not historical facts,
including statements about the Company's beliefs, plans, and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. Further
information regarding these and other risks is included in the
Company's filings with the SEC. All information provided in this
press release is as of the date of this press release, and the
Company does not undertake any obligation to update any
forward-looking statement, except as required under applicable
law.
For investor and media inquiries, please contact:
In China:
Yatsen Holding Limited
Investor Relations
E-mail: ir@yatsenglobal.com
The Piacente Group, Inc.
Emilie Wu
Tel: +86-21-6039-8363
E-mail: yatsen@thepiacentegroup.com
In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: yatsen@thepiacentegroup.com
YATSEN HOLDING
LIMITED
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(All amounts in
thousands, except for share, per share data or otherwise
noted)
|
|
|
|
December
31,
|
December
31,
|
December
31,
|
|
|
2019
|
2020
|
2020
|
|
|
RMB'000
|
RMB'000
|
USD'000
|
|
|
|
|
|
Assets
|
|
|
|
|
Current
assets
|
|
|
|
|
Cash and cash
equivalents
|
|
676,579
|
5,727,029
|
877,706
|
Restricted cash
|
|
-
|
6,363
|
975
|
Short-term
investment
|
|
10,000
|
-
|
-
|
Accounts
receivable
|
|
265,302
|
419,317
|
64,263
|
Inventories,
net
|
|
504,049
|
616,808
|
94,530
|
Prepayments
and other current assets
|
|
115,231
|
304,641
|
46,688
|
Amounts due
from related parties
|
|
664
|
14,370
|
2,202
|
Total current
assets
|
|
1,571,825
|
7,088,528
|
1,086,364
|
Non-current
assets
|
|
|
|
|
Investments
|
|
-
|
34,862
|
5,343
|
Property and
equipment, net
|
|
109,410
|
285,297
|
43,724
|
Goodwill
|
|
20,596
|
20,596
|
3,156
|
Intangible
assets, net
|
|
10,028
|
189,090
|
28,979
|
Deferred tax
assets
|
|
4,233
|
597
|
91
|
Right-of-use
assets, net
|
|
263,346
|
536,710
|
82,254
|
Other
non-current assets
|
|
30,879
|
152,058
|
23,304
|
Total non-current
assets
|
|
438,492
|
1,219,210
|
186,851
|
Total
assets
|
|
2,010,317
|
8,307,738
|
1,273,215
|
Liabilities,
mezzanine equity and shareholders' equity (deficit)
|
|
|
|
|
Current
liabilities
|
|
|
|
|
Accounts
payable
|
|
400,542
|
466,705
|
71,526
|
Advances from
customers
|
|
3,177
|
6,228
|
954
|
Accrued
expenses and other liabilities
|
|
191,065
|
411,944
|
63,131
|
Amounts due to
related parties
|
|
-
|
11,814
|
1,811
|
Income tax
payables
|
|
74,644
|
18,686
|
2,864
|
Lease
liabilities due within one year
|
|
93,915
|
215,300
|
32,996
|
Total current
liabilities
|
|
763,343
|
1,130,677
|
173,282
|
Non-current
liabilities
|
|
|
|
|
Deferred tax
liabilities
|
|
1,742
|
1,557
|
239
|
Lease
liabilities
|
|
171,045
|
311,910
|
47,802
|
Total non-current
liabilities
|
|
172,787
|
313,467
|
48,041
|
Total
liabilities
|
|
936,130
|
1,444,144
|
221,323
|
Mezzanine
equity
|
|
1,129,987
|
-
|
-
|
Shareholders'
equity (deficit)
|
|
|
|
|
Ordinary
Shares (US$0.00001 par value; 4,044,840,121 ordinary
shares
authorized, comprising of 3,130,264,924 Class A
ordinary shares,
914,575,197 Class B ordinary shares; nil Class A
ordinary shares issued
and outstanding; 914,575,197 Class B ordinary
shares issued and
567,335,222 Class B ordinary shares outstanding as of
December 31, 2019;
10,000,000,000 ordinary shares authorized, comprising
of 6,000,000,000
Class A ordinary shares, 960,852,606 Class B
ordinary shares and
3,039,147,394 shares each of such classes to be
designated; 1,736,321,157
Class A shares and 960,852,606 Class B ordinary shares
issued;
1,586,957,585 Class A ordinary shares and
939,496,191 Class B ordinary
shares outstanding as of December 31, 2020)
|
|
56
|
173
|
27
|
Treasury shares
|
|
(20)
|
(12)
|
(2)
|
Additional paid-in capital
|
|
-
|
11,165,697
|
1,711,218
|
Statutory reserve
|
|
19,322
|
20,051
|
3,073
|
Accumulated deficit
|
|
(89,590)
|
(4,240,134)
|
(649,829)
|
Accumulated other comprehensive income (loss)
|
|
14,432
|
(97,265)
|
(14,907)
|
Total Yatsen
Holding Limited shareholders' (deficit) equity
|
|
(55,800)
|
6,848,510
|
1,049,580
|
Non-controlling interests
|
|
|
15,084
|
2,312
|
Total
shareholders' (deficit) equity
|
|
(55,800)
|
6,863,594
|
1,051,892
|
Total liabilities,
mezzanine equity and shareholders' equity (deficit)
|
|
2,010,317
|
8,307,738
|
1,273,215
|
YATSEN HOLDING
LIMITED
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
(All amounts in
thousands, except for share, per share data or otherwise
noted)
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended December 31,
|
|
For the Year Ended
December 31,
|
|
|
2019
|
2020
|
2020
|
|
2019
|
2020
|
2020
|
|
|
RMB'000
|
RMB'000
|
USD'000
|
|
RMB'000
|
RMB'000
|
USD'000
|
Total net
revenues
|
|
1,142,237
|
1,961,598
|
300,628
|
|
3,031,167
|
5,233,170
|
802,018
|
Total cost of
revenues
|
|
(425,928)
|
(660,588)
|
(101,240)
|
|
(1,103,509)
|
(1,869,145)
|
(286,459)
|
Gross
profit
|
|
716,309
|
1,301,010
|
199,388
|
|
1,927,658
|
3,364,025
|
515,559
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Fulfilment
expenses
|
|
(113,214)
|
(144,715)
|
(22,179)
|
|
(300,122)
|
(425,052)
|
(65,142)
|
Selling and
marketing expenses
|
|
(446,334)
|
(1,378,407)
|
(211,250)
|
|
(1,251,270)
|
(3,412,159)
|
(522,936)
|
General and
administrative expenses
|
|
(71,883)
|
(1,286,130)
|
(197,108)
|
|
(209,326)
|
(2,142,973)
|
(328,425)
|
Research and
development expenses
|
|
(13,411)
|
(25,610)
|
(3,925)
|
|
(23,179)
|
(66,512)
|
(10,193)
|
Total operating
expenses
|
|
(644,842)
|
(2,834,862)
|
(434,462)
|
|
(1,783,897)
|
(6,046,696)
|
(926,696)
|
Income (loss) from
operations
|
|
71,467
|
(1,533,852)
|
(235,074)
|
|
143,761
|
(2,682,671)
|
(411,137)
|
Financial
income
|
|
4,712
|
5,292
|
811
|
|
5,320
|
14,313
|
2,194
|
Foreign
currency exchange losses
|
|
(1)
|
(2,038)
|
(312)
|
|
(62)
|
(2,774)
|
(425)
|
Other
non-operating expenses
|
|
(652)
|
(2,259)
|
(346)
|
|
(1,684)
|
(10,313)
|
(1,581)
|
Income (loss)
before income tax expenses
|
|
75,526
|
(1,532,857)
|
(234,921)
|
|
147,335
|
(2,681,445)
|
(410,949)
|
Income tax
(expense) benefit
|
|
(29,310)
|
1,653
|
253
|
|
(71,976)
|
(6,970)
|
(1,068)
|
Net income
(loss)
|
|
46,216
|
(1,531,204)
|
(234,668)
|
|
75,359
|
(2,688,415)
|
(412,017)
|
Net loss
attributable to non-controlling interests
|
|
-
|
608
|
93
|
|
-
|
608
|
93
|
Net income (loss)
attributable to
Yatsen's shareholders
|
|
46,216
|
(1,530,596)
|
(234,575)
|
|
75,359
|
(2,687,807)
|
(411,924)
|
Accretion
to preferred shares
|
|
(27,434)
|
(65,304)
|
(10,008)
|
|
(59,200)
|
(242,209)
|
(37,120)
|
Deemed dividends
to preferred shareholders due to
modification of preferred
shares
|
|
-
|
-
|
-
|
|
(61,239)
|
(1,054,220)
|
(161,566)
|
Net income (loss)
attributable to
ordinary shareholders of Yatsen
|
|
18,782
|
(1,595,900)
|
(244,583)
|
|
(45,080)
|
(3,984,236)
|
(610,610)
|
Shares used in
calculating earnings per
share (1):
|
|
|
|
|
|
|
|
|
Weighted
average number of Class A and
Class B ordinary shares:
|
|
|
|
|
|
|
|
|
—Basic
|
|
567,335,222
|
1,579,586,407
|
1,579,586,407
|
|
450,499,736
|
833,714,126
|
833,714,126
|
—Diluted
|
|
1,833,321,082
|
1,579,586,407
|
1,579,586,407
|
|
450,499,736
|
833,714,126
|
833,714,126
|
Net income (loss)
per Class A and Class
B ordinary share
|
|
|
|
|
|
|
|
|
Net
income (loss) attributable to Yatsen's
ordinary shareholders——Basic
|
|
0.03
|
(1.01)
|
(0.15)
|
|
(0.10)
|
(4.78)
|
(0.73)
|
Net
income (loss) attributable to Yatsen's
ordinary shareholders——Diluted
|
|
0.03
|
(1.01)
|
(0.15)
|
|
(0.10)
|
(4.78)
|
(0.73)
|
Net income (loss)
per ADS (4 ordinary
shares equal to 1 ADS)
|
|
|
|
|
|
|
|
|
Net
income (loss) attributable to Yatsen's
ordinary shareholders——Basic
|
|
0.12
|
(4.04)
|
(0.62)
|
|
(0.40)
|
(19.12)
|
(2.93)
|
Net
income (loss) attributable to Yatsen's
ordinary shareholders——Diluted
|
|
0.10
|
(4.04)
|
(0.62)
|
|
(0.40)
|
(19.12)
|
(2.93)
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
December 31,
|
|
For the Year
Ended
December 31,
|
|
|
2019
|
2020
|
2020
|
|
2019
|
2020
|
2020
|
Share-based
compensation expenses are included
in the operating expenses as follows:
|
|
RMB'000
|
RMB'000
|
USD'000
|
|
RMB'000
|
RMB'000
|
USD'000
|
Fulfilment expenses
|
|
-
|
2,947
|
452
|
|
-
|
2,947
|
452
|
Selling
and marketing expenses
|
|
-
|
54,332
|
8,327
|
|
-
|
54,332
|
8,327
|
General
and administrative expenses
|
|
18,553
|
1,184,585
|
181,546
|
|
74,995
|
1,841,409
|
282,208
|
Research
and development expenses
|
|
-
|
1,900
|
291
|
|
-
|
1,900
|
291
|
Total
|
|
18,553
|
1,243,764
|
190,616
|
|
74,995
|
1,900,588
|
291,278
|
|
|
|
|
|
|
|
|
|
(1) Authorized share capital is
re-classified and re-designated into Class A ordinary shares and
Class B ordinary shares, with each Class A ordinary share being
entitled to one vote
and each Class B ordinary share being entitled to twenty votes on
all matters that are subject to shareholder
vote.
|
YATSEN HOLDING
LIMITED
|
Reconciliations of GAAP and Non-GAAP
Results
|
(All amounts in thousands,
except for share, per share date or otherwise
noted)
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended December 31,
|
|
For the Year Ended
December 31,
|
|
|
2019
|
2020
|
2020
|
|
2019
|
2020
|
2020
|
|
|
RMB'000
|
RMB'000
|
USD'000
|
|
RMB'000
|
RMB'000
|
USD'000
|
|
|
|
|
|
|
|
|
|
Income (loss)
from operations
|
|
71,467
|
(1,533,852)
|
(235,074)
|
|
143,761
|
(2,682,671)
|
(411,137)
|
Share-based
compensation expenses
|
|
18,553
|
1,243,764
|
190,616
|
|
74,995
|
1,900,588
|
291,278
|
Non-GAAP income
(loss) from operations
|
|
90,020
|
(290,088)
|
(44,458)
|
|
218,756
|
(782,083)
|
(119,859)
|
Net income
(loss)
|
|
46,216
|
(1,531,204)
|
(234,668)
|
|
75,359
|
(2,688,415)
|
(412,017)
|
Share-based compensation
expenses
|
|
18,553
|
1,243,764
|
190,616
|
|
74,995
|
1,900,588
|
291,278
|
Non-GAAP net income
(loss)
|
|
64,769
|
(287,440)
|
(44,052)
|
|
150,354
|
(787,827)
|
(120,739)
|
Net income
(loss) attributable to ordinary
shareholders of Yatsen Holding
Limited
|
|
18,782
|
(1,595,900)
|
(244,583)
|
|
(45,080)
|
(3,984,236)
|
(610,610)
|
Share-based
compensation expenses
|
|
18,553
|
1,243,764
|
190,616
|
|
74,995
|
1,900,588
|
291,278
|
Accretion to preferred
shares
|
|
27,434
|
65,304
|
10,008
|
|
59,200
|
242,209
|
37,120
|
Deemed dividends to
preferred shareholders due to
modification of preferred
shares
|
|
-
|
-
|
-
|
|
61,239
|
1,054,220
|
161,566
|
Non-GAAP net income (loss)
attributable to ordinary
shareholders of Yatsen Holding Limited
|
|
64,769
|
(286,832)
|
(43,959)
|
|
150,354
|
(787,219)
|
(120,646)
|
Shares used in
calculating earnings per share:
|
|
|
|
|
|
|
|
|
Weighted
average number of Class A and Class B
ordinary shares:
|
|
|
|
|
|
|
|
|
—Basic
|
|
567,335,222
|
1,579,586,407
|
1,579,586,407
|
|
450,499,736
|
833,714,126
|
833,714,126
|
—Diluted
|
|
1,833,321,082
|
1,579,586,407
|
1,579,586,407
|
|
1,660,036,501
|
833,714,126
|
833,714,126
|
Non-GAAP net
income (loss) attributable to ordinary
shareholders per Class A and Class B ordinary
share
|
|
|
|
|
|
|
|
|
Non-GAAP net
income (loss) attributable to Yatsen's
ordinary shareholders——Basic
|
|
0.11
|
(0.18)
|
(0.03)
|
|
0.33
|
(0.94)
|
(0.14)
|
Non-GAAP net
income (loss) attributable to Yatsen's
ordinary shareholders——Diluted
|
|
0.04
|
(0.18)
|
(0.03)
|
|
0.09
|
(0.94)
|
(0.14)
|
Non-GAAP net
income (loss) attributable to ordinary
shareholders per ADS (4 ordinary shares equal to 1
ADS)
|
|
|
|
|
|
|
|
|
Non-GAAP net
income (loss) attributable to Yatsen's
ordinary shareholders——Basic
|
|
0.44
|
(0.73)
|
(0.11)
|
|
1.32
|
(3.78)
|
(0.58)
|
Non-GAAP net
income (loss) attributable to Yatsen's
ordinary shareholders——Diluted
|
|
0.16
|
(0.73)
|
(0.11)
|
|
0.36
|
(3.78)
|
(0.58)
|
View original
content:http://www.prnewswire.com/news-releases/yatsen-reports-fourth-quarter-and-full-year-2020-financial-results-301245349.html
SOURCE Yatsen Holding Limited