GUANGZHOU, China, May 19, 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
first quarter ended March 31,
2021.
First Quarter 2021 Highlights
- Total net revenues for the first quarter of 2021
increased 42.7% to RMB1.44 billion
(US$220.5 million) from RMB1.01 billion for the first quarter of
2020.
- Gross margin for the first quarter of 2021 was 68.6%
compared to 61.7% for the first quarter of 2020.
- Gross sales[1] for the first quarter of 2021
increased 47.0% to RMB1.69 billion
(US$257.3 million) from RMB1.15 billion for the first quarter of
2020.
- The number of Direct-to-Consumer ("DTC")
customers[2] for the first quarter of 2021 increased
11.6% to 9.6 million from 8.6 million for the first quarter of
2020.
- Average net revenue per DTC
customer[3] for the first quarter of 2021
increased 24.5% to RMB122.9 from
RMB98.7 for the first quarter of
2020.
Mr. Jinfeng Huang, founder,
Chairman and Chief Executive Officer of Yatsen, said, "The year is
off to a good start with robust topline growth and continued
execution of our multi-brand strategy. Growth in the quarter was
driven by stellar performance of our flagship Perfect Diary
brand as well as robust growth from Little Ondine, Abby's
Choice and other brands under Yatsen's portfolio. We are
especially pleased to see increases in revenue per DTC user and
gross margin driven by brand premiumization and disciplined pricing
and discounts policies.
"The launch of our mass market cosmetics brand Pink Bear as well as the acquisition of
Eve
Lom and DR.WU's mainland China business this quarter propelled our
brand portfolio expansion. While we are still in early stages of
integration for our newly acquired brands, we already saw signs of
success with the relaunch of certain hero products within the
Galénic and DR.WU portfolio. Building on our
momentum in the first quarter, we will continue to leverage our
current unique window of opportunity to identify valuable brands
and businesses to further enrich our portfolio and invest in
critical research and development and infrastructure capabilities
to sustain our competitive advantage over the long term."
Mr. Donghao Yang, Chief Financial
Officer and Director of Yatsen, commented, "We have had a solid
start to the year, with total net revenues exceeding our guidance
to reach RMB1.44 billion, a 42.7%
year-over-year increase. As our top line expands, our gross margin
also improved to 68.6% compared to 61.7% in the same period last
year. We believe our leading market position and stellar operating
performance position us well to achieve our strategic objectives
this year and further capture the growth potential of China's beauty market."
First Quarter 2021 Financial Results
Net Revenues. Total net revenues for the first
quarter of 2021 increased by 42.7% to RMB1.44 billion (US$220.5
million) from RMB1.01 billion
for the first quarter of 2020, primarily attributable to (i) an
increase in DTC customers and revenue per DTC customer during the
period, (ii) an increase in sales from increasingly diversified
sales channels, and (iii) an increase in the sales contributed by
our newly launched and acquired brands.
Gross Profit and Gross Margin. Gross
profit for the first quarter of 2021 increased by 58.8% to
RMB991.6 million (US$151.3 million) from RMB624.4 million for the first quarter of 2020.
Gross margin for the first quarter of 2021 was 68.6% compared to
61.7% for the first quarter of 2020, attributable to (i)
disciplined pricing and discounts policies, (ii) premiumization of our Perfect
Diary brand, and (iii) increased sales generated from higher
margin brands and through experience stores.
Operating Expenses. Total operating expenses
for the first quarter of 2021 were RMB1.33
billion (US$203.7 million),
compared to RMB800.3 million for the
first quarter of 2020. As a percentage of total net revenues, total
operating expenses for the first quarter of 2021 were 92.4%,
compared to 79.1% for the first quarter of 2020.
- Fulfillment Expenses. Fulfillment expenses for
the first quarter of 2021 were RMB92.7
million (US$14.2 million),
compared to RMB107.1 million for the
first quarter of 2020. As a percentage of total net revenues,
fulfillment expenses for the first quarter of 2021 decreased to
6.4% from 10.6% for the first quarter of 2020. The decrease in
percentage was primarily due to the normalization of logistics
expense compared to the first quarter of 2020 during which
logistics expenses were higher due to impacts from the COVID-19
pandemic.
- Selling and Marketing Expenses. Selling and
marketing expenses for the first quarter of 2021 were RMB1.04 billion (US$159.1
million), compared to RMB556.9
million for the first quarter of 2020. As a percentage of
total net revenues, selling and marketing expenses for the first
quarter of 2021 increased to 72.1% from 55.0% for the first quarter
of 2020. The increase in percentage was primarily due to (i) investment in promotions and consumer
awareness-building for the newer brands, and (ii) testing of the effectiveness of new traffic
acquisition channels.
- General and Administrative Expenses. General and
administrative expenses for the first quarter of 2021 were
RMB172.3 million (US$26.3 million), compared to RMB124.1 million for the first quarter of 2020.
As a percentage of total net revenues, general and administrative
expenses for the first quarter of 2021 decreased to 11.9% from
12.3% for the first quarter of 2020. The decrease in percentage was
primarily due to increased economy of scale resulting from a higher
level of revenue.
- Research and Development Expenses. Research and
development expenses for the first quarter of 2021 were
RMB27.7 million (US$4.2 million), compared to RMB12.2 million for the first quarter of 2020. As
a percentage of total net revenues, research and development
expenses for the first quarter of 2021 increased to 1.9% from 1.2%
for the first quarter of 2020. The increase was primarily due to an
increase in personnel costs and share-based compensation expenses
as a reflection of our commitment to enhance our research and
development capabilities as sustainable source of competitive
advantage.
Loss from Operations and
Non-GAAP Loss from
Operations[4]. Loss from operations for
the first quarter of 2021 was RMB343.3
million (US$52.4 million),
representing operating loss margin of 23.8%, compared to loss from
operations of RMB176.0 million,
representing operating loss margin of 17.4%, for the first quarter
of 2020. Non-GAAP loss from operations for the first quarter of
2021 was RMB258.3 million
(US$39.4 million), representing
non-GAAP operating loss margin of 17.9%, compared to non-GAAP loss
from operations of RMB113.7 million,
representing non-GAAP operating loss margin of 11.2%, for the first
quarter of 2020.
Net Loss and Non-GAAP
Net
Loss[5]. Net loss for the first
quarter of 2021 was RMB319.0 million
(US$48.7 million), representing net
loss margin of 22.1%, compared to net loss of RMB191.7 million, representing net loss margin of
18.9%, for the first quarter of 2020. Non-GAAP net loss for the
first quarter of 2021 was RMB234.3
million (US$35.8 million),
representing non-GAAP net loss margin of 16.2%, compared to
non-GAAP net loss of RMB129.4
million, representing non-GAAP net loss margin of 12.8%, for
the first quarter of 2020.
Net Loss attributable to
Ordinary Shareholders per Diluted
ADS[6] and Non-GAAP
Net Loss attributable to Ordinary
Shareholders per Diluted ADS[7]. Net
loss attributable to Yatsen's ordinary shareholders per diluted ADS
for the first quarter of 2021 was RMB0.50 (US$0.08),
compared to net loss attributable to Yatsen's ordinary shareholders
per diluted ADS of RMB4.60 for the
first quarter of 2020. Non-GAAP net loss attributable to Yatsen's
ordinary shareholders per diluted ADS for the first quarter of 2021
was RMB0.37 (US$0.06), compared to non-GAAP net loss
attributable to Yatsen's ordinary shareholders per diluted ADS of
RMB0.92 for the first quarter of
2020.
Balance Sheet and Cash Flow
As of March 31, 2021, the Company
had cash and cash equivalents and restricted cash of RMB4.33 billion (US$660.3
million), compared to RMB5.73
billion as of December 31,
2020.
For the quarter ended March 31,
2021, net cash used in operating activities was RMB466.1 million (US$71.1
million).
Business Outlook
For the second quarter of 2021, the Company expects its total
net revenues to be between RMB1.49
billion and RMB1.54 billion,
representing a year-over-year growth rate of approximately 50% to
55%. These forecasts reflect the Company's current and preliminary
views on the market and operational conditions, which are subject
to change.
Exchange Rate
This announcement contains translations of certain Renminbi
("RMB") amounts into U.S. dollars ("US$") 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 RMB6.5518 to US$1.00, the exchange rate in effect as of
March 31, 2021 as set forth in the
H.10 statistical release of The Board of Governors of the Federal
Reserve System. The Company makes no representation that any RMB or
US$ 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 and certain DTC channels where such data is yet
to be available to the Company.
|
[3]Average
net revenue per DTC customer is calculated as total net revenues
generated by DTC customers from DTC channels, including our online
stores operated on e-commerce
platforms, our company channels on Weixin and our experience
stores, divided by the total number of DTC customers in the
relevant period. For the quarters ended March 31, 2020 and
March 31, 2021, our total net revenues generated from DTC channels
were RMB849.0 million and RMB1.18 billion, respectively. Total
number of DTC customers for the three months
ended March 31, 2021 did not include customers of certain DTC
channels as such data is yet to be available to the Company. As a
result, the average net revenue per DTC customer for
the three months ended March 31, 2021 did not take into account
revenues generated from such channels.
|
[4] Non-GAAP loss
from operations is a non-GAAP financial measure, which is defined
as loss from operations excluding share-based compensation expenses
and amortization of intangible assets resulting from assets and
business acquisitions.
|
[5] Non-GAAP net loss
is a non-GAAP financial measure, which is defined as net loss
excluding (i) share-based compensation expenses, (ii) amortization
of intangible assets resulting from assets and business
acquisitions and (iii) tax effects on non-GAAP
adjustments.
|
[6] ADS refers to the
American depositary shares, each of which represents four Class A
ordinary shares.
|
[7] Non-GAAP net loss
attributable to ordinary shareholders per diluted ADS is a non-GAAP
financial measure, which is defined as non-GAAP net loss
attributable to ordinary shareholders, divided by the weighted
average number of diluted ADS outstanding for computing diluted
earnings per ADS. Non-GAAP net loss attributable to ordinary
shareholders is defined as net loss attributable to ordinary
shareholders excluding (i) share-based compensation expenses, (ii)
amortization of intangible assets resulting from assets and
business acquisitions, (iii) tax effects on non-GAAP adjustments,
(iv) accretion to preferred shares, and (v) deemed dividends to
preferred shareholders due to modification of preferred
shares.
|
Conference Call Information
The Company will hold a conference call on May 19, 2021 at 7:30 am
Eastern Time or 7:30 pm
Beijing Time to discuss its financial results and operating
performance for the first quarter 2021.
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:
|
10155919
|
The replay will be accessible through May
26, 2021 by dialing the following numbers:
United
States:
|
+1-877-344-7529
|
International:
|
+1-412-317-0088
|
Conference
ID:
|
10155919
|
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. Founded in 2016, The Company has launched and acquired
seven color cosmetics and skincare brands including Perfect
Diary, Little Ondine, Abby's Choice,
Galénic, DR.WU (its mainland China business), Eve Lom and Pink Bear. The Company's
flagship brand, Perfect Diary, became the top color
cosmetics brand in China in terms
of online retail sales value three years after launch. Leveraging
its digitally native direct-to-customer business model, the Company
has built a platform with core capabilities which enables it to
launch and scale multiple brands quickly while offering a wide
selection of products to a growing variety of 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.
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 shareholders and non-GAAP net income (loss)
attributable to ordinary shareholders 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 and amortization of
intangible assets resulting from assets and business acquisitions.
The Company defines non-GAAP net income (loss) as net income (loss)
excluding (i) share-based compensation expenses, (ii) amortization
of intangible assets resulting from assets and business
acquisitions and (iii) tax effects on non-GAAP adjustments. The
Company defines non-GAAP net income (loss) attributable to ordinary
shareholders as net income (loss) attributable to ordinary
shareholders excluding (i) share-based compensation expenses, (ii)
amortization of intangible assets resulting from assets and
business acquisitions, (iii) tax effects on non-GAAP adjustments,
(iv) accretion to preferred shares, and (v) deemed dividends to
preferred shareholders due to modification of preferred shares.
Non-GAAP net income (loss) attributable to ordinary shareholders
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. The Company may also make written or oral
forward-looking statements in its periodic reports to the
Securities and Exchange Commission ("SEC"), in its annual report to
shareholders, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties. Statements that are not historical facts, including
statements about the Company's beliefs, plans, outlook and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, which include but not
limited to the following: the Company's growth strategies; its
future business development, results of operations and financial
condition; its ability to continue to roll out popular products and
maintain popularity of existing products; its ability to anticipate
and respond to changes in industry trends and consumer preferences
and behavior in a timely manner; its ability to attract and retain
new customers and to increase revenues generated from repeat
customers; its expectations regarding demand for and market
acceptance of its products and services; its ability to integrate
newly-acquired businesses and brands; trends and competition in
China's beauty market; changes in
its revenues and certain cost or expense items; and general
economic conditions in China.
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,
|
|
March
31,
|
|
March
31,
|
|
|
|
2020
|
|
2021
|
|
2021
|
|
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
5,727,029
|
|
|
4,325,289
|
|
|
660,168
|
|
Restricted
Cash
|
|
|
6,363
|
|
|
648
|
|
|
99
|
|
Accounts
receivable
|
|
|
419,317
|
|
|
451,114
|
|
|
68,853
|
|
Inventories,
net
|
|
|
616,808
|
|
|
757,730
|
|
|
115,652
|
|
Prepayments and other
current assets
|
|
|
304,641
|
|
|
418,141
|
|
|
63,821
|
|
Amounts due from
related parties
|
|
|
14,370
|
|
|
60
|
|
|
9
|
|
Total current
assets
|
|
|
7,088,528
|
|
|
5,952,982
|
|
|
908,602
|
|
Non-current
assets
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
|
34,862
|
|
|
55,099
|
|
|
8,410
|
|
Property and
equipment, net
|
|
|
285,297
|
|
|
277,684
|
|
|
42,383
|
|
Goodwill
|
|
|
20,596
|
|
|
797,143
|
|
|
121,668
|
|
Intangible assets,
net
|
|
|
189,090
|
|
|
721,559
|
|
|
110,131
|
|
Deferred tax
assets
|
|
|
597
|
|
|
3,321
|
|
|
507
|
|
Right-of-use assets,
net
|
|
|
536,710
|
|
|
629,795
|
|
|
96,125
|
|
Other non-current
assets
|
|
|
152,058
|
|
|
62,673
|
|
|
9,566
|
|
Total non-current
assets
|
|
|
1,219,210
|
|
|
2,547,274
|
|
|
388,790
|
|
Total
assets
|
|
|
8,307,738
|
|
|
8,500,256
|
|
|
1,297,392
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities,
redeemable non-controlling interests
and shareholders' equity
(deficit)
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
466,705
|
|
|
344,719
|
|
|
52,614
|
|
Advances from
customers
|
|
|
6,228
|
|
|
5,204
|
|
|
794
|
|
Accrued expenses and
other liabilities
|
|
|
411,944
|
|
|
500,178
|
|
|
76,343
|
|
Amounts due to related
parties
|
|
|
11,814
|
|
|
4,301
|
|
|
656
|
|
Income tax
payables
|
|
|
18,686
|
|
|
18,952
|
|
|
2,893
|
|
Lease liabilities due
within one year
|
|
|
215,300
|
|
|
260,374
|
|
|
39,741
|
|
Total current
liabilities
|
|
|
1,130,677
|
|
|
1,133,728
|
|
|
173,041
|
|
Non-current
liabilities
|
|
|
|
|
|
|
|
|
|
|
Deferred tax
liabilities
|
|
|
1,557
|
|
|
103,461
|
|
|
15,791
|
|
Deferred income-non
current
|
|
|
-
|
|
|
68,820
|
|
|
10,504
|
|
Lease
liabilities
|
|
|
311,910
|
|
|
369,881
|
|
|
56,455
|
|
Total non-current
liabilities
|
|
|
313,467
|
|
|
542,162
|
|
|
82,750
|
|
Total
liabilities
|
|
|
1,444,144
|
|
|
1,675,890
|
|
|
255,791
|
|
Redeemable
non-controlling interests
|
|
|
-
|
|
|
179,147
|
|
|
27,343
|
|
Shareholders'
equity (deficit)
|
|
|
|
|
|
|
|
|
|
|
Ordinary Shares
(US$0.00001 par value;
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 and March 31, 2021)
|
|
|
173
|
|
|
173
|
|
|
26
|
|
Treasury
shares
|
|
|
(12)
|
|
|
(12)
|
|
|
(2)
|
|
Additional paid-in
capital
|
|
|
11,165,697
|
|
|
11,246,563
|
|
|
1,716,561
|
|
Statutory
reserve
|
|
|
20,051
|
|
|
20,051
|
|
|
3,060
|
|
Accumulated
deficit
|
|
|
(4,240,134)
|
|
|
(4,557,472)
|
|
|
(695,606)
|
|
Accumulated other
comprehensive income (loss)
|
|
|
(97,265)
|
|
|
(78,172)
|
|
|
(11,931)
|
|
Total Yatsen
Holding Limited shareholders'
(deficit) equity
|
|
|
6,848,510
|
|
|
6,631,131
|
|
|
1,012,108
|
|
Non-controlling
interests
|
|
|
15,084
|
|
|
14,088
|
|
|
2,150
|
|
Total
shareholders' (deficit) equity
|
|
|
6,863,594
|
|
|
6,645,219
|
|
|
1,014,258
|
|
Total liabilities,
redeemable non-controlling
interests and shareholders' equity
(deficit)
|
|
|
8,307,738
|
|
|
8,500,256
|
|
|
1,297,392
|
|
|
(1) At the date of
this report, the Company is still in the process of finalizing the
valuation of the assets acquired and liabilities assumed on the
acquisition date of Eve Lom. Total assets acquired, assumed
liabilities, redeemable non-controlling interest and goodwill
relating this acquisition was estimated in the financial statements
as of March 31, 2021, which can be subject to adjustments upon the
completion of its valuation. Such adjustments may include
reclassifications between intangible assets, redeemable
non-controlling interest, deferred tax liabilities and goodwill and
impacts to the consolidated statements of operations are not
expected to be material.
|
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 March 31,
|
|
|
2020
|
|
2021
|
|
2021
|
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
Total net
revenues
|
|
|
1,012,109
|
|
|
1,444,465
|
|
|
220,468
|
Total cost of
revenues
|
|
|
(387,720)
|
|
|
(452,899)
|
|
|
(69,126)
|
Gross
profit
|
|
|
624,389
|
|
|
991,566
|
|
|
151,342
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Fulfilment
expenses
|
|
|
(107,135)
|
|
|
(92,718)
|
|
|
(14,152)
|
Selling and marketing
expenses
|
|
|
(556,902)
|
|
|
(1,042,062)
|
|
|
(159,050)
|
General and
administrative expenses
|
|
|
(124,120)
|
|
|
(172,319)
|
|
|
(26,301)
|
Research and
development expenses
|
|
|
(12,191)
|
|
|
(27,740)
|
|
|
(4,234)
|
Total operating
expenses
|
|
|
(800,348)
|
|
|
(1,334,839)
|
|
|
(203,737)
|
Income (loss) from
operations
|
|
|
(175,959)
|
|
|
(343,273)
|
|
|
(52,395)
|
Financial
income
|
|
|
3,202
|
|
|
14,045
|
|
|
2,144
|
Foreign currency
exchange income (losses)
|
|
|
1,081
|
|
|
(3,596)
|
|
|
(549)
|
Income (loss) from
equity method
investments, net
|
|
|
(7)
|
|
|
7,142
|
|
|
1,090
|
Other non-operating
income (expenses)
|
|
|
(11,108)
|
|
|
7,474
|
|
|
1,141
|
Income (loss)
before income tax expenses
|
|
|
(182,791)
|
|
|
(318,208)
|
|
|
(48,569)
|
Income tax (expense)
benefit
|
|
|
(8,859)
|
|
|
(786)
|
|
|
(120)
|
Net income
(loss)
|
|
|
(191,650)
|
|
|
(318,994)
|
|
|
(48,689)
|
Net loss attributable
to non-controlling interests
and redeemable
non-controlling interests
|
|
|
-
|
|
|
1,656
|
|
|
253
|
Net income (loss)
attributable to Yatsen's shareholders
|
|
|
(191,650)
|
|
|
(317,338)
|
|
|
(48,436)
|
Accretion to preferred
shares
|
|
|
(31,284)
|
|
|
-
|
|
|
-
|
Deemed dividends to
preferred shareholders
due to modification of
preferred shares
|
|
|
(421,125)
|
|
|
-
|
|
|
-
|
Net income (loss)
attributable to ordinary shareholders of Yatsen
|
|
|
(644,059)
|
|
|
(317,338)
|
|
|
(48,436)
|
Shares used in
calculating earnings per share (1):
|
|
|
|
|
|
|
|
|
|
Weighted average number of
Class A and Class
B ordinary shares:
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
|
557,657,423
|
|
|
2,526,453,776
|
|
|
2,526,453,776
|
—Diluted
|
|
|
557,657,423
|
|
|
2,526,453,776
|
|
|
2,526,453,776
|
Net income (loss)
per Class A and Class B ordinary share
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Yatsen's
ordinary shareholders —Basic
|
|
|
(1.15)
|
|
|
(0.13)
|
|
|
(0.02)
|
Net income (loss)
attributable to Yatsen's
ordinary shareholders—Diluted
|
|
|
(1.15)
|
|
|
(0.13)
|
|
|
(0.02)
|
Net income (loss)
per ADS (4 ordinary shares equal to 1 ADS)
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Yatsen's
ordinary shareholders—Basic
|
|
|
(4.60)
|
|
|
(0.50)
|
|
|
(0.08)
|
Net income (loss)
attributable to Yatsen's
ordinary shareholders—Diluted
|
|
|
(4.60)
|
|
|
(0.50)
|
|
|
(0.08)
|
|
|
For the Three
Months Ended March 31,
|
|
|
2020
|
|
2021
|
|
2021
|
Share-based
compensation expenses are included
in the operating expenses as follows:
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
Fulfilment
expenses
|
|
|
-
|
|
|
904
|
|
|
138
|
Selling and marketing
expenses
|
|
|
-
|
|
|
11,839
|
|
|
1,807
|
General and
administrative expenses
|
|
|
62,089
|
|
|
66,619
|
|
|
10,168
|
Research and
development expenses
|
|
|
-
|
|
|
1,504
|
|
|
230
|
Total
|
|
|
62,089
|
|
|
80,866
|
|
|
12,343
|
|
(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
UNAUDITED
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(All amounts in
thousands, except for share, per share data or otherwise
noted)
|
|
|
|
For the Three
Months Ended March 31,
|
|
|
2020
|
|
2021
|
|
2021
|
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
Income (loss) from operations
|
|
|
(175,959)
|
|
|
(343,273)
|
|
|
(52,395)
|
Share-based compensation expenses
|
|
|
62,089
|
|
|
80,866
|
|
|
12,343
|
Amortization of intangible assets resulting from
assets and business
acquisitions
|
|
|
185
|
|
|
4,130
|
|
|
630
|
Non-GAAP income
(loss) from operations
|
|
|
(113,685)
|
|
|
(258,277)
|
|
|
(39,422)
|
Net income (loss)
|
|
|
(191,650)
|
|
|
(318,994)
|
|
|
(48,689)
|
Share-based compensation expenses
|
|
|
62,089
|
|
|
80,866
|
|
|
12,343
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible assets resulting from
assets and business
acquisitions
|
|
|
185
|
|
|
4,130
|
|
|
630
|
Tax
effects on non-GAAP adjustments
|
|
|
(46)
|
|
|
(324)
|
|
|
(49)
|
Non-GAAP net
income (loss)
|
|
|
(129,422)
|
|
|
(234,322)
|
|
|
(35,765)
|
Net income (loss) attributable to ordinary
shareholders of Yatsen
|
|
|
(644,059)
|
|
|
(317,338)
|
|
|
(48,436)
|
Share-based compensation expenses
|
|
|
62,089
|
|
|
80,866
|
|
|
12,343
|
Amortization of intangible assets resulting from
assets and business
acquisitions
|
|
|
185
|
|
|
3,736
|
|
|
570
|
Tax effects on non-GAAP adjustments
|
|
|
(46)
|
|
|
(296)
|
|
|
(45)
|
Accretion to preferred shares
|
|
|
31,284
|
|
|
-
|
|
|
-
|
Deemed dividends to preferred shareholders
due to modification of preferred
shares
|
|
|
421,125
|
|
|
-
|
|
|
-
|
Non-GAAP net
income (loss) attributable to
ordinary shareholders of Yatsen
|
|
|
(129,422)
|
|
|
(233,032)
|
|
|
(35,568)
|
Shares used in
calculating earnings per share:
|
|
|
|
|
|
|
|
|
|
Weighted average number of Class A and Class
B ordinary shares:
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
|
557,657,423
|
|
|
2,526,453,776
|
|
|
2,526,453,776
|
—Diluted
|
|
|
557,657,423
|
|
|
2,526,453,776
|
|
|
2,526,453,776
|
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
|
|
|
(0.23)
|
|
|
(0.09)
|
|
|
(0.01)
|
Non-GAAP net income (loss) attributable to
Yatsen's ordinary
shareholders—Diluted
|
|
|
(0.23)
|
|
|
(0.09)
|
|
|
(0.01)
|
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
|
|
|
(0.92)
|
|
|
(0.37)
|
|
|
(0.06)
|
Non-GAAP net income (loss) attributable to
Yatsen's ordinary
shareholders—Diluted
|
|
|
(0.92)
|
|
|
(0.37)
|
|
|
(0.06)
|
View original
content:http://www.prnewswire.com/news-releases/yatsen-reports-first-quarter-2021-financial-results-301294674.html
SOURCE Yatsen Holding Limited