GUANGZHOU, China, Aug. 26, 2021 /PRNewswire/ -- Yatsen Holding
Limited ("Yatsen" or the "Company") (NYSE: YSG), a leading Chinese
beauty company, today announced its unaudited financial results for
the second quarter ended June 30,
2021.
Second Quarter 2021 Highlights
- Total net revenues for the second quarter of 2021
increased by 53.5% to RMB1.53 billion
(US$236.2 million) from RMB993.2 million in the prior year period.
- Gross margin for the second quarter of 2021 was 65.7%
compared to 61.1% in the prior year period.
- Gross sales[1] for the second quarter of 2021
increased by 48.7% to RMB1.71 billion
(US$265.4 million) from RMB1.15 billion in the prior year period.
- The number of Direct-to-Consumer ("DTC")
customers[2] for the second quarter of 2021
increased by 13.3% to 10.2 million from 9.0 million in the prior
year period.
- Average net revenue per DTC customer[3] for
the second quarter of 2021 increased by 17.6% to RMB116.7 from RMB99.2 in the prior year period.
Mr. Jinfeng Huang, founder,
Chairman and Chief Executive Officer of Yatsen, said, "We are
pleased with our performance in the second quarter, driven by
customer growth stemming from our flagship brand Perfect
Diary and newly incubated and acquired brands such as Pink
Bear, Galénic, DR. WU, and Eve Lom. As our color cosmetics and skincare
brands resonate more and more with consumers, we are confident and
firmly committed to further boosting our market share among Gen-Z,
Gen-A and an expanding group of luxury consumers, and transforming
Yatsen into a flourishing global multi-brand beauty group. We will
continue to invest in R&D and technological capabilities as
innovation and creativity remain the hallmarks of our brand. We
believe this, along with our user-centric value proposition, will
continue to drive our future success."
Mr. Donghao Yang, Director and Chief Financial Officer of
Yatsen, commented, "We achieved another quarter of strong growth,
with revenues growing by 53.5% year-over-year and reaching
RMB1.53 billion. With increased
revenues and an improved product mix, our second-quarter gross
margin rose to 65.7% from 61.1% in the same period last year.
Notably, our efforts to optimize our ROI on marketing expenses
yielded encouraging results, leading to lower operating expenses
and a subsequent improvement to our bottom line. Our non-GAAP net
loss margin decreased to 12.8% from 17.4% in the same period last
year. Looking ahead, we will continue to work to achieve
sustainable growth, taking the best interests of our long-term
investors and our broader customer base into account."
Second Quarter 2021 Financial Results
Net Revenues. Total net revenues for the second
quarter of 2021 increased by 53.5% to RMB1.53 billion (US$236.2
million) from RMB993.2 million
in the prior year period. The increase was primarily attributable
to (i) sales from our newly launched and acquired brands, and (ii)
an increase in the number of DTC customers and average net revenue
per DTC customer during the period.
Gross Profit and Gross Margin. Gross profit for
the second quarter of 2021 increased by 65.1% to RMB1.00 billion (US$155.2
million) from RMB607.0 million
in the prior year period. Gross margin for the second quarter of
2021 increased to 65.7% from 61.1% in the prior year period. The
increase was primarily attributable to (i) premiumization of our
Perfect Diary brand,
and (ii) increased sales from skin care brands with higher
margins.
Operating Expenses. Total operating expenses for
the second quarter of 2021 increased by 51.0% to RMB1.41 billion (US$218.7
million) from RMB935.3 million
in the prior year period. As a percentage of total net
revenues, total operating expenses for the second quarter of 2021
were 92.6%, as compared with 94.2% in the prior year
period.
- Fulfillment Expenses. Fulfillment expenses for
the second quarter of 2021 were RMB118.1
million (US$18.3 million), as
compared with RMB81.7 million in the
prior year period. As a percentage of total net revenues,
fulfillment expenses for the second quarter of 2021 decreased to
7.7% from 8.2% in the prior year period. The decrease was primarily
attributable to the high base effect of the prior year period,
during which logistic costs were high as result of the COVID-19
pandemic.
- Selling and Marketing Expenses. Selling and
marketing expenses for the second quarter of 2021 were RMB972.5 million (US$150.6
million), as compared with RMB622.5
million in the prior year period. As a percentage of total
net revenues, selling and marketing expenses for the second quarter
of 2021 increased to 63.8% from 62.7% in the prior year period. The
increase was primarily attributable to (i) an increase in personnel
costs and share-based compensation expenses, and (ii) expansion of
offline experience store network.
- General and Administrative Expenses. General and
administrative expenses for the second quarter of 2021 were
RMB286.4 million (US$44.4 million), as compared with RMB216.8 million in the prior year period. As a
percentage of total net revenues, general and administrative
expenses for the second quarter of 2021 decreased to 18.8% from
21.8% in the prior year period. The decrease was primarily
attributable to a decrease in share-based compensation expenses
compared to the second quarter of 2020.
- Research and Development Expenses. Research and
development expenses for the second quarter of 2021 were
RMB35.2 million (US$5.5 million), as compared with RMB14.3 million in the prior year period. As a
percentage of total net revenues, research and development expenses
for the second quarter of 2021 increased to 2.3% from 1.4% in the
prior year period. The increase was primarily attributable to an
increase in personnel costs and share-based compensation expenses
as a reflection of our commitment to enhance our research and
development capabilities.
Loss from Operations and Non-GAAP Loss from Operations[4]. Loss from operations for the
second quarter of 2021 increased by 24.9% to RMB409.9 million (US$63.5
million) from RMB328.3 million
in the prior year period. Operating loss margin was 26.9%, as
compared with 33.1% in the prior year period.
Non-GAAP loss from operations for the second quarter of 2021
increased by 17.7% to RMB211.4
million (US$32.7 million) from
RMB179.6 million in the prior year
period. Non-GAAP operating loss margin was 13.9%, as compared with
18.1% in the prior year period.
Net Loss and Non-GAAP Net Loss[5]. Net
loss for the second quarter of 2021 increased by 21.6% to
RMB391.2 million (US$60.6 million) from RMB321.7 million in the prior year
period. Net loss margin was 25.7%, as compared with 32.4% in
the prior year period.
Non-GAAP net loss for the second quarter of 2021 increased by
12.6% to RMB194.9 million
(US$30.2 million) from RMB173.1 million in the prior year period.
Non-GAAP net loss margin was 12.8%, as compared with 17.4% in the
prior year period.
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 second quarter of
2021 was RMB0.62 (US$0.10), as compared with RMB5.68 in the prior year period.
Non-GAAP net loss attributable to Yatsen's ordinary shareholders
per diluted ADS for the second quarter of 2021 was RMB0.31 (US$0.05),
as compared with RMB1.28 in the prior
year period.
Balance Sheet and Cash Flow
As of June 30, 2021, the Company
had cash and cash equivalents and restricted cash of RMB4.11 billion (US$635.9
million), as compared with RMB5.73
billion as of December 31,
2020.
For the quarter ended June 30,
2021, net cash used in operating activities was RMB79.0 million (US$12.2
million).
Business Outlook
For the third quarter of 2021,
the Company expects its total net revenues to be between
RMB1.33 billion and RMB1.39 billion, representing a year-over-year
growth rate of approximately 5% to 10%. The growth outlook in the
third quarter is mainly attributable to the unusual quarterly
seasonality pattern caused by the COVID-19 pandemic last year. These forecasts
reflect the Company's current and preliminary views on the market
and operational conditions, which are subject to change.
Exchange Rate
This announcement contains translations of certain Renminbi
("RMB") amounts into U.S. dollars ("US$") 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 RMB6.4566 to US$1.00, the exchange rate in effect as of
June 30, 2021 as set forth in the
H.10 statistical release of The Board of Governors of the Federal
Reserve System. The Company makes no representation that any RMB or
US$ 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 June
30, 2020 and June 30, 2021, our total net revenues generated from
DTC channels were RMB892.6 million and RMB1.19 billion,
respectively. Total number of DTC customers for the three months
ended June 30, 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 June 30, 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 August 26, 2021 at 7:30
A.M. Eastern Time or 7:30 P.M.
Beijing Time to discuss its financial results and operating
performance for the second 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:
|
10159579
|
The replay will be accessible through September 2, 2021 by dialing the following
numbers:
United
States:
|
+1-877-344-7529
|
International:
|
+1-412-317-0088
|
Conference
ID:
|
10159579
|
A live and archived webcast of the conference call will also be
available on the Company's investor relations website at
http://ir.yatsenglobal.com/.
About Yatsen Holding Limited
Yatsen Holding Limited (NYSE: YSG) is a leading player in
China's beauty market with a
mission to create 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, is one of the top color cosmetics brands in China in terms of online retail sales value.
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.
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 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 and
relevant government policies and regulations relating to
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,
|
|
June
30,
|
|
June
30,
|
|
|
|
2020
|
|
2021
|
|
2021
|
|
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
5,727,029
|
|
|
4,105,047
|
|
|
635,791
|
|
Restricted
Cash
|
|
|
6,363
|
|
|
648
|
|
|
100
|
|
Accounts
receivable
|
|
|
419,317
|
|
|
384,495
|
|
|
59,551
|
|
Inventories,
net
|
|
|
616,808
|
|
|
631,045
|
|
|
97,736
|
|
Prepayments and other
current assets
|
|
|
304,641
|
|
|
425,498
|
|
|
65,901
|
|
Amounts due from
related parties
|
|
|
14,370
|
|
|
60
|
|
|
9
|
|
Total current
assets
|
|
|
7,088,528
|
|
|
5,546,793
|
|
|
859,088
|
|
Non-current
assets
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
|
34,862
|
|
|
91,593
|
|
|
14,186
|
|
Property and
equipment, net
|
|
|
285,297
|
|
|
290,973
|
|
|
45,066
|
|
Goodwill
|
|
|
20,596
|
|
|
792,953
|
|
|
122,813
|
|
Intangible assets,
net
|
|
|
189,090
|
|
|
698,886
|
|
|
108,244
|
|
Deferred tax
assets
|
|
|
597
|
|
|
2,607
|
|
|
404
|
|
Right-of-use assets,
net
|
|
|
536,710
|
|
|
530,058
|
|
|
82,096
|
|
Other non-current
assets
|
|
|
152,058
|
|
|
58,860
|
|
|
9,116
|
|
Total non-current
assets
|
|
|
1,219,210
|
|
|
2,465,930
|
|
|
381,925
|
|
Total
assets
|
|
|
8,307,738
|
|
|
8,012,723
|
|
|
1,241,013
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities,
redeemable non-controlling interests and shareholders'
equity (deficit)
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
466,705
|
|
|
272,203
|
|
|
42,159
|
|
Advances from
customers
|
|
|
6,228
|
|
|
6,518
|
|
|
1,010
|
|
Accrued expenses and
other liabilities
|
|
|
411,944
|
|
|
469,969
|
|
|
72,788
|
|
Amounts due to related
parties
|
|
|
11,814
|
|
|
9,204
|
|
|
1,426
|
|
Income tax
payables
|
|
|
18,686
|
|
|
14,154
|
|
|
2,192
|
|
Lease liabilities due
within one year
|
|
|
215,300
|
|
|
242,233
|
|
|
37,517
|
|
Total current
liabilities
|
|
|
1,130,677
|
|
|
1,014,281
|
|
|
157,092
|
|
Non-current
liabilities
|
|
|
|
|
|
|
|
|
|
|
Deferred tax
liabilities
|
|
|
1,557
|
|
|
100,809
|
|
|
15,613
|
|
Deferred income-non
current
|
|
|
-
|
|
|
64,187
|
|
|
9,941
|
|
Lease
liabilities
|
|
|
311,910
|
|
|
291,261
|
|
|
45,111
|
|
Total non-current
liabilities
|
|
|
313,467
|
|
|
456,257
|
|
|
70,665
|
|
Total
liabilities
|
|
|
1,444,144
|
|
|
1,470,538
|
|
|
227,757
|
|
Redeemable
non-controlling interests
|
|
|
-
|
|
|
179,807
|
|
|
27,849
|
|
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 June
30,
2021)
|
|
|
173
|
|
|
173
|
|
|
27
|
|
Treasury
shares
|
|
|
(12)
|
|
|
(12)
|
|
|
(2)
|
|
Additional paid-in
capital
|
|
|
11,165,697
|
|
|
11,431,183
|
|
|
1,770,465
|
|
Statutory
reserve
|
|
|
20,051
|
|
|
20,051
|
|
|
3,106
|
|
Accumulated
deficit
|
|
|
(4,240,134)
|
|
|
(4,947,393)
|
|
|
(766,254)
|
|
Accumulated other
comprehensive income (loss)
|
|
|
(97,265)
|
|
|
(153,762)
|
|
|
(23,815)
|
|
Total Yatsen
Holding Limited shareholders' (deficit) equity
|
|
|
6,848,510
|
|
|
6,350,240
|
|
|
983,527
|
|
Non-controlling
interests
|
|
|
15,084
|
|
|
12,138
|
|
|
1,880
|
|
Total
shareholders' (deficit) equity
|
|
|
6,863,594
|
|
|
6,362,378
|
|
|
985,407
|
|
Total liabilities,
redeemable non-controlling interests and
shareholders' equity (deficit)
|
|
|
8,307,738
|
|
|
8,012,723
|
|
|
1,241,013
|
|
|
|
(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 June 30, 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 June 30,
|
|
|
2020
|
|
2021
|
|
2021
|
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
Total net
revenues
|
|
|
993,238
|
|
|
1,525,001
|
|
|
236,193
|
Total cost of
revenues
|
|
|
(386,224)
|
|
|
(522,640)
|
|
|
(80,947)
|
Gross
profit
|
|
|
607,014
|
|
|
1,002,361
|
|
|
155,246
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Fulfilment
expenses
|
|
|
(81,666)
|
|
|
(118,072)
|
|
|
(18,287)
|
Selling and marketing
expenses
|
|
|
(622,534)
|
|
|
(972,506)
|
|
|
(150,622)
|
General and
administrative expenses
|
|
|
(216,845)
|
|
|
(286,448)
|
|
|
(44,365)
|
Research and
development expenses
|
|
|
(14,267)
|
|
|
(35,216)
|
|
|
(5,454)
|
Total operating
expenses
|
|
|
(935,312)
|
|
|
(1,412,242)
|
|
|
(218,728)
|
Income (loss) from
operations
|
|
|
(328,298)
|
|
|
(409,881)
|
|
|
(63,482)
|
Financial
income
|
|
|
3,717
|
|
|
11,346
|
|
|
1,757
|
Foreign currency
exchange income (losses)
|
|
|
(661)
|
|
|
(1,479)
|
|
|
(229)
|
Income (loss) from
equity method investments, net
|
|
|
(82)
|
|
|
(140)
|
|
|
(22)
|
Other non-operating
income (expenses)
|
|
|
2,655
|
|
|
7,831
|
|
|
1,213
|
Income (loss)
before income tax expenses
|
|
|
(322,669)
|
|
|
(392,323)
|
|
|
(60,763)
|
Income tax (expense)
benefit
|
|
|
930
|
|
|
1,112
|
|
|
172
|
Net income
(loss)
|
|
|
(321,739)
|
|
|
(391,211)
|
|
|
(60,591)
|
Net loss attributable
to non-controlling interests and redeemable non-
controlling interests
|
|
|
-
|
|
|
1,290
|
|
|
200
|
Net income (loss)
attributable to Yatsen's shareholders
|
|
|
(321,739)
|
|
|
(389,921)
|
|
|
(60,391)
|
Accretion to preferred
shares
|
|
|
(64,250)
|
|
|
-
|
|
|
-
|
Deemed dividends to
preferred shareholders due to modification of
preferred shares
|
|
|
(375,033)
|
|
|
-
|
|
|
-
|
Net income (loss)
attributable to ordinary shareholders of Yatsen
|
|
|
(761,022)
|
|
|
(389,921)
|
|
|
(60,391)
|
Shares used in
calculating earnings per share(1):
|
|
|
|
|
|
|
|
|
|
Weighted average
number of Class A and Class B ordinary shares:
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
|
534,967,186
|
|
|
2,526,453,776
|
|
|
2,526,453,776
|
—Diluted
|
|
|
534,967,186
|
|
|
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
|
|
|
(1.42)
|
|
|
(0.15)
|
|
|
(0.02)
|
Net income (loss)
attributable to Yatsen's ordinary shareholders—
Diluted
|
|
|
(1.42)
|
|
|
(0.15)
|
|
|
(0.02)
|
Net income (loss)
per ADS (4 ordinary shares equal to 1 ADS)
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Yatsen's ordinary shareholders—
Basic
|
|
|
(5.68)
|
|
|
(0.62)
|
|
|
(0.10)
|
Net income (loss)
attributable to Yatsen's ordinary shareholders—
Diluted
|
|
|
(5.68)
|
|
|
(0.62)
|
|
|
(0.10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended June 30,
|
|
|
2020
|
|
2021
|
|
2021
|
Share-based
compensation expenses are included in the operating
expenses as follows:
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
Fulfilment
expenses
|
|
|
-
|
|
|
8,521
|
|
|
1,320
|
Selling and marketing
expenses
|
|
|
-
|
|
|
22,161
|
|
|
3,432
|
General and
administrative expenses
|
|
|
148,464
|
|
|
147,498
|
|
|
22,845
|
Research and
development expenses
|
|
|
-
|
|
|
6,440
|
|
|
997
|
Total
|
|
|
148,464
|
|
|
184,620
|
|
|
28,594
|
|
(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 June 30,
|
|
|
2020
|
|
2021
|
|
2021
|
|
|
RMB'000
|
|
RMB'000
|
|
USD'000
|
Income (loss) from
operations
|
|
|
(328,298)
|
|
|
(409,881)
|
|
|
(63,482)
|
Share-based
compensation expenses
|
|
|
148,464
|
|
|
184,620
|
|
|
28,594
|
Amortization of
intangible assets resulting from assets and business
acquisitions
|
|
|
185
|
|
|
13,899
|
|
|
2,153
|
Non-GAAP income
(loss) from operations
|
|
|
(179,649)
|
|
|
(211,362)
|
|
|
(32,735)
|
Net income
(loss)
|
|
|
(321,739)
|
|
|
(391,211)
|
|
|
(60,591)
|
Share-based
compensation expenses
|
|
|
148,464
|
|
|
184,620
|
|
|
28,594
|
Amortization of
intangible assets resulting from assets and business
acquisitions
|
|
|
185
|
|
|
13,899
|
|
|
2,153
|
Tax effects on
non-GAAP adjustments
|
|
|
(47)
|
|
|
(2,186)
|
|
|
(339)
|
Non-GAAP net
income (loss)
|
|
|
(173,137)
|
|
|
(194,878)
|
|
|
(30,183)
|
Net income (loss)
attributable to ordinary shareholders of Yatsen
|
|
|
(761,022)
|
|
|
(389,921)
|
|
|
(60,391)
|
Share-based
compensation expenses
|
|
|
148,464
|
|
|
184,620
|
|
|
28,594
|
Amortization of
intangible assets resulting from assets and business
acquisitions
|
|
|
185
|
|
|
13,738
|
|
|
2,128
|
Tax effects on
non-GAAP adjustments
|
|
|
(47)
|
|
|
(2,214)
|
|
|
(343)
|
Accretion to preferred
shares
|
|
|
64,250
|
|
|
-
|
|
|
-
|
Deemed dividends to
preferred shareholders due to modification of
preferred shares
|
|
|
375,033
|
|
|
-
|
|
|
-
|
Non-GAAP net
income (loss) attributable to ordinary shareholders of
Yatsen
|
|
|
(173,137)
|
|
|
(193,777)
|
|
|
(30,012)
|
Shares used in
calculating earnings per share:
|
|
|
|
|
|
|
|
|
|
Weighted
average number of Class A and Class B ordinary shares:
|
|
|
|
|
|
|
|
|
|
—Basic
|
|
|
534,967,186
|
|
|
2,526,453,776
|
|
|
2,526,453,776
|
—Diluted
|
|
|
534,967,186
|
|
|
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
|
|
|
(0.32)
|
|
|
(0.08)
|
|
|
(0.01)
|
shareholders—Basic
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income (loss) attributable to Yatsen's ordinary
|
|
|
(0.32)
|
|
|
(0.08)
|
|
|
(0.01)
|
shareholders—Diluted
|
|
|
|
|
|
|
|
|
|
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
|
|
|
(1.28)
|
|
|
(0.31)
|
|
|
(0.05)
|
shareholders—Basic
|
|
|
|
|
|
|
|
|
|
Non-GAAP net
income (loss) attributable to Yatsen's ordinary
|
|
|
(1.28)
|
|
|
(0.31)
|
|
|
(0.05)
|
shareholders—Diluted
|
|
|
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/yatsen-reports-second-quarter-2021-financial-results-301363428.html
SOURCE Yatsen Holding Limited