Q3 2025 Yatsen Holding Ltd Earnings Call

November 17, 2025

Operator: Vice President, Head of Strategic Investment and Capital Markets. Please go ahead.

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Operator: Vice President, Head of Strategic Investment and Capital Markets, please go ahead.

Yeah.

Thank you operator. Please note the discussion today will contain forward for famous.

Irene Lyu: Thank you, operator. Please note that discussion today will contain forward-looking statements relating to the company's future performance and are intended to qualify for the safe harbor from liability as established by the US Private Securities Litigation Reform Act. Such statements are not guarantees of future performance and are subject to certain risks and uncertainties, assumptions, and other factors. Some of these risks are beyond the company's control and could cause actual results to differ materially from those mentioned in today's press release and this discussion. A general discussion of the risk factors that could affect the Yatsen business and financial results is included in certain filings of the company with the Securities and Exchange Commission. The company does not undertake any obligation to update this forward-looking information except required by law. During today's call, management will also discuss certain non-GAAP financial measures for comparison purposes only.

[Company Representative 1] (Yatsen Holding Limited): Thank you, Operator. Please note that the discussion today will contain forward-looking statements relating to the company's future performance and our intention to qualify for the safe harbor from liability as established by the US Private Securities Litigation Reform Act. Such statements are not guarantees of future performance and are subject to certain risks and uncertainties, assumptions, and other factors. Some of these risks are beyond the company's control and could cause actual results to differ materially from those mentioned in today's press release and this discussion. A general discussion of the risk factors that could affect Yatsen's business and financial results is included in certain filings of the company with the Securities and Exchange Commission. The company does not undertake any obligation to update its forward-looking information except required by law. During today's call, management will also discuss certain non-GAAP financial measures for comparison purposes only.

Going to the company's future performance and are intended to qualify for the safe Harbor from liability.

Stablish by the U S Private Securities Litigation Reform Act.

Statements are not guarantees of future performance and are subject to certain risks and uncertainties assumptions and other factors some of which are beyond the company's control and could cause actual results to differ materially from those mentioned.

<unk> press release and this discussion.

General discussion of the risk factors that could affect the Atkins business and financial results is included in certain filings of the company with the Securities Exchange Commission.

The company does not undertake any obligation to update this forward looking information except as required by law.

During today's call management will also discuss certain non-GAAP financial measures for comparison purposes only.

Please see the earnings release issued earlier today for a definition of non-GAAP financial measures.

Irene Lyu: Please see that earnings release issued earlier today for a definition of non-GAAP financial measures and a reconciliation of GAAP to non-GAAP financial results. Joining us today on the call from Yatsen Senior Management are Mr. Jinfeng Huang, our founder, chairman, and CEO, and Mr. Donghao Yang, our CFO and director. Management will begin with its prepared remarks and the call will conclude with a Q&A session. As a reminder, this conference is being recorded. In addition, a webcast replay of this conference call will be available on Yatsen investor relations website at ir.yatsenglobal.com. I'll now turn the call over to Mr. Jinfeng Huang. Please go ahead, sir.

Irene Lyu: Please see that earnings release issued earlier today for a definition of non-GAAP financial measures and a reconciliation of GAAP to non-GAAP financial results. Joining us today on the call from Yatsen Senior Management are Mr. Jinfeng Huang, our Founder, Chairman, and CEO, and Mr. Donghao Yang, our CFO and Director. Management will begin with its prepared remarks and the call will conclude with a Q&A session. As a reminder, this conference is being recorded. In addition, a webcast replay of this conference call will be available on Yatsen investor relations website at ir.yatsenglobal.com. I'll now turn the call over to Mr. Jinfeng Huang. Please go ahead, sir.

[Company Representative 1] (Yatsen Holding Limited): Please see that earnings release issued earlier today for a definition of non-GAAP financial measures and a reconciliation of GAAP to non-GAAP financial results. Joining us today on the call from Yatsen's senior management are Mr. Jinfeng Huang, our Founder, Chairman, and CEO, and Mr. Donghao Yang, our CFO and Director. Management will begin with a prepared remark, and the call will conclude with a Q&A session. As a reminder, this conference is being recorded. In addition, a webcast replay of this conference call will be available on Yatsen's investor relations website at ir@yatsenglobal.com. I'll now turn the call over to Mr. Jinfeng Huang. Please go ahead, sir.

A reconciliation of GAAP to non-GAAP financial results.

Joining us today on the call from yachts and senior management are Mr. Can fulfill our founder chairman and CEO and Mr. Gopal Young our CFO and director.

Management will begin with prepared remarks, and the call will conclude with a Q&A session.

As a reminder, this conference is being recorded in addition.

Webcast replay of this conference call will be available on Yahoo.

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I'll turn the call over to Mr people will have to.

Hello, everyone. Thank you for joining our third quarter tended to define earnings calls.

Jinfeng Huang: Hello, everyone. Thank you for joining our Q3 2025 Earnings Call. The beauty market in China continued to show signs of recovery in Q3, particularly in the skincare category, which remained robust and supported overall industry growth. Amid this improving backdrop, we remained focused on executing our long-term strategy to build a competitive and resilient brand portfolio anchored in R&D and innovation. Through disciplined execution, we delivered our fourth consecutive quarter of revenue growth, with total net revenues increasing by 47.5% year-over-year and exceeding the high end of our guidance. Our momentum continues to be driven by strong growth from skincare and sustained performance of our hero product engines rather than short-term promotions.

Jinfeng Huang: Hello, everyone. Thank you for joining our third quarter 2025 earnings call. The beauty market in China continued to show signs of recovery in the third quarter, particularly in the skincare category, which remained robust and supported overall industry growth. Amid this improving backdrop, we remained focused on executing our long-term strategy to build a competitive and resilient brand portfolio anchored in R&D and innovation. Through this planned execution, we delivered our fourth consecutive quarter of revenue growth, with total net revenues increasing by 47.5% year over year and exceeding the high end of our guidance. Our momentum continues to be driven by strong growth from skincare and sustained performance of our hero-product engines rather than short-term promotions.

The beauty market in China continued to show signs of recovery in the third quarter.

Particularly in the skin care category.

We should remain robust and are supported or industry growth.

Amid this improving backdrop, we remain focused on executing our long term strategy to.

To build a competitive and resilient brand portfolio.

Included in R&D and innovation.

Disciplined execution, we delivered our fourth consecutive quarter of revenue growth.

Total net revenues, increasing by 47, 5% year over year and exiting the high end of our guidance.

Momentum continues to be driven by strong growth from skincare and sustained performance of our hero product engine.

Rather than short term promotions.

Our skincare brands grew by 83, 2% year over year.

Jinfeng Huang: Our skincare brands grew by 83.2% year over year and reached 49.2% of total revenue, making another step forward in our category upgrade strategy and reinforcing our transformation toward a more sustainable, margin-accretive portfolio. Meanwhile, our net loss narrowed meaningfully as a result of improved gross margin, optimized operating efficiency, and more disciplined resources allocation. Net loss margin improved significantly from 17.9% in the prior year period to 7% this quarter, demonstrating the continued progress in our profitability trajectory. These results reflect the strength of our brands, as well as our commitment to disciplined execution. Looking ahead, our priority is to continue progressing toward profitability in a disciplined and sustainable way. We expect further improvement to be driven by a higher skincare mix, ongoing gross margin optimization, and greater marketing efficiency. While we will continue to invest in innovation and heel products, we remain disciplined in balancing growth with profitability.

Jinfeng Huang: Our skincare brands grew by 83.2% year over year and reached 49.2% of total revenue, making another step forward in our category upgrade strategy and reinforcing our transformation toward a more sustainable gross margin accretive portfolio. Meanwhile, our net loss narrowed meaningfully as a result of improved gross margin, optimized operating efficiency, and a more disciplined resources allocation. Net loss margin improved significantly from 17.9% in the prior year period to 7% this quarter, demonstrating the continued progress in our profitability trajectory. These results reflect the strength of our brands as well as our commitment to disciplined execution. Looking ahead, our priority is to continue progressing toward profitability in a disciplined and sustainable way. We expect further improvement to be driven by a higher skincare mix, ongoing gross margin optimization, and greater marketing efficiency.

Jinfeng Huang: Our skincare brands grew by 83.2% year over-year and reached 49.2% of total revenue, making another step forward in our category upgrade strategy and reinforcing our transformation toward a more sustainable gross margin accretive portfolio. Meanwhile, our net loss narrowed meaningfully as a result of improved gross margin, optimized operating efficiency, and a more disciplined resources allocation. Net loss margin improved significantly from 17.9% in the prior year period to 7% this quarter, demonstrating the continued progress in our profitability trajectory. These results reflect the strength of our brands as well as our commitment to disciplined execution. Looking ahead, our priority is to continue progressing toward profitability in a disciplined and sustainable way. We expect further improvement to be driven by a higher skincare mix, ongoing gross margin optimization, and greater marketing efficiency.

49, 2% of total revenue.

Making it another step forward in our category upgrade strategy and reinforcing our transformation toward a more sustainable margin accretive portfolio.

Meanwhile, our net loss narrowed meaningfully as a result of improved gross margin optimize operating efficiency and a more disciplined resources allocation.

Net loss margin improved significantly from 17, 9% in the prior year periods two 7% this quarter.

Demonstrating the continued progress in our profitability to decorate.

These results reflect the strength of our brands as well as our commitment to disciplined execution.

Looking ahead, our priority is to continue progressing towards profitability in a disciplined and sustainable ways.

That's where the improvement to be driven by a higher skincare amid ongoing gross margin optimization and greater marketing efficiency.

While we will continue to invest in innovation and a hero products, we remain disciplined in balancing growth with profitability.

Jinfeng Huang: While we will continue to invest in innovation and hero products, we remain disciplined in balancing growth with profitability. Let me share some brand and product highlights during this quarter. Galénic delivered strong momentum and remained one of the fastest growing premium skincare brands. The brand's hero serum series continued to perform well with the number one VC serum and number two VA serum ranking among the top selling serums across major e-commerce platforms. The newly introduced number three VB serum, launched in the mid-September to further build out the brand's ABC cellular-level skincare framework, quickly became one of the brand's best-selling items on Douyin. We are also seeing encouraging signs of regimen adoption with more consumers purchasing multiple products within the series, supporting stronger customer lifetime value. DR. WU recorded healthy growth during the quarter, supported by strong performance from its core categories.

Now, let me share some Brian and pull the highlights during this quarter.

Jinfeng Huang: Now, let me share some brand and product highlights during this quarter. Galénic delivered strong momentum and remained one of the fastest-growing premium skincare brands. The brand's heel serum series continued to perform well, with the No. 1 VC Serum and the No. 2 AVA Serum ranking among the top-selling serums across major e-commerce platforms. The newly introduced No. 3 VB Serum, launched in mid-September to further build up the brand's ABC cellular-level skincare framework, quickly became one of the brand's best-selling items on Douyin. We are also seeing encouraging signs of regimen adoption, with more consumers purchasing multiple products within the series, supporting stronger customer lifetime value. Dr. Wu recorded healthy growth during the quarter, supported by strong performance from its core categories. In September, Dr. Wu unveiled its first anti-aging product in the UK, leveraging decades of clinical expertise in skin renewal.

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The newly introduced number three VB seven.

Launched in the mid September to further build out the brands a b C. Cellular level skincare framework quickly became one of the brand's best selling items on the OEM.

We are also seeing encouraging signs of a regimen of adoption with more consumers purchasing multiple products within the suite.

Supporting stronger customer lifetime value.

In total we will record the healthy growth during the quarter.

Despite strong performance from our core categories.

In September Baka, who unveiled the first anti ageing product in the U K.

Jinfeng Huang: In September, DR. WU unveiled its first anti-aging product in the UK, leveraging decades of clinical expertise in skin renewal. The newly launched PDRN serum gained strong traction across e-commerce platforms driven by its innovative formula featuring a high concentration of active ingredients and a patent penetration technology, underscoring the brand's ability to build trust through clinically validated innovation. In China, DR. WU continued to lead the mandelic acid category across online platforms. In addition, DR. WU presented its research at the ninth annual academic conferences of the Dermatology Committee of the Chinese Non-Government Medical Institution Association, further demonstrating the brand's commitment to clinically grounded innovation and strengthening its leadership in renewable focused skin care. Our flagship brand, Perfect Diary, also continued to make progress.

Leveraging decades of clinical expertise in.

In renewables.

The newly launched <unk> gained strong traction across e-commerce platforms.

Jinfeng Huang: The newly launched PDRN Serum gained strong traction across e-commerce platforms, driven by its innovative formula featuring a high concentration of active ingredients and patent penetration technology, underscoring the brand's ability to build trust through clinically validated innovation. In China, Dr. Wu continued to lead the mandelic acid category across online platforms. In addition, Dr. Wu presented its research at the Knight and New Academic Conferences of the Dermatology Committee of the Chinese Non-Governmental Medical Institution Association, further demonstrating the brand's commitment to clinically grounded innovation and strengthening its leadership in renewal-focused skincare. Our flagship brand, Perfect Diary, also continued to make progress. Following the successful launch of the Translucent Blurring Setting Powder and the Biofaze Essence Foundation, the brand focused on streamlining its core product assortment, improving hero product quality, and enhancing overall product experience under the makeup skinification concept.

You can buy it in a way to formula.

Between the high concentration of active ingredients and the patent penetration technologies.

Underscoring the brand's ability to built up little clinical validated.

Validated innovation.

In China, both of them will continue to lead the Mandaric IC category across all our platforms.

In addition, those who presented his research at a nice and new academic conferences of the Dermatology Committee of the Chinese Nongovernment Medical Institution Association.

Further demonstrating the brand's commitment to clinically grounded in innovation and strengthening its leadership in renewable focus here.

Our flagship brand for the dairy also continued to make progress.

Following the successful launch of the translucent flirting setting powder Antibiosis Athens Foundation.

Jinfeng Huang: Following the successful launch of the Translucent Blurring Loose Powder and the Bio Face Essence Foundation, the brand focused on streamlining its core product assortment, improving hero product quality, and enhancing overall product experience under the makeup skinification concept. Several of these hero products delivered the performance above expectations, driving Perfect Diary's base makeup category to exceed 40% of the total sales and supporting a more sustainable and disciplined recovery. In Q3, Perfect Diary also excelled in new channel performance and achieved the number 1 ranking among makeup brands on WeChat video channel, reflecting the brand's strengthened competitiveness and a growing consumer re-recognition. R&D and innovation have consistently served as the cornerstone of our product development and brand building. We are committed to advancing scientific research to strengthen our long-term competitiveness.

The brand brokers on streaming lining is core product assortment, improving product quality and enhancing overall experience under the makeup unification concept.

Several of these hero product delivers the performance above expectations driving perfect bodies face makeup category.

Jinfeng Huang: Several of these hero products delivered performance above expectations, driving Perfect Diary's base makeup category to exceed 40% of the total sales, and supporting a more sustainable and disciplined recovery. In the third quarter, Perfect Diary also excelled in new channel performance and achieved the No. 1 ranking among makeup brands on WeChat Video Channel, reflecting the brand's strengthened competitiveness and growing consumer revenue. R&D and innovation have consistently served as the cornerstone of our product development and brand building. We are committed to advancing scientific research to strengthen our long-term competitiveness. During the quarter, we participated in the IFSC Congress for the fourth consecutive year, this time in Cannes, France. Eleven of our papers were shortlisted by the IFSC, covering topics from molecular mechanism and clinical translation to AI algorithms and emotion skincare.

40% of the total sales.

And so putting a more sustainable and this thing be covered.

In the third quarter commentary also excelled in new channel performance and achieved the number one ranking among makeup brands all of which have video channel.

Plenty to Brent strengthen competitiveness and a growing consumer recognized.

IMT and innovation have consistently serve as the cornerstone of our product development and brand building.

We are committed to advancing scientific research to strengthen our long term competitiveness.

During the quarter, we participated in the eye FCC Congress for the fourth consecutive year.

Jinfeng Huang: During the quarter, we participated in the IFSCC Congress for the 4th consecutive year, this time in Cannes, France. 11 of our papers were shortlisted by the IFSCC, covering topics from multicellular mechanism and clinical translation to AI algorithms and emotion skincare. This work highlights our full chain capabilities from fundamental science to technology translation and clinical validation, and it directly supports future hero pipelines across our brands. As we finish Q3, we are pleased to see continued progress in both growth and operational improvement. We remain confident that our strategic focus on R&D, together with disciplined execution and a sharper resource allocation, will enable us to deliver sustainable long-term growth. At the same time, we will remain highly disciplined in capital allocation, prioritizing investments that strengthen our core brands and innovation capabilities while creating long-term value for shareholders. Thank you.

This time in Hain a friend.

11 of our papers will shortlist.

By that I ever see hovering pumping from.

More cellular metabolism, and a clinical translation to AI algorithms and emotion skincare.

So these were highlights our food chain capabilities.

Jinfeng Huang: These works highlight our full-chain capabilities, from fundamental science to technology translation and clinical validation, and directly support future heel pillars across our brands. As we finish the third quarter, we are pleased to see continued progress in both growth and operational improvement. We remain confident that our strategic focus on R&D, together with disciplined execution and sharper resource allocation, will enable us to deliver sustainable long-term growth. At the same time, we will remain highly disciplined in capital allocation, prioritizing investments that strengthen our core brand and innovation capabilities, while creating long-term value for shareholders. Thank you. I will now turn the call to Donghao.

From fundamental science and technology translation and clinical validation.

And that directly supports future if Europe highlights across our brands.

As we finished the third quarter, we are pleased to.

You see continued progress in both growth and operational improvements we remain confident that our strategic focus on R&D together with disciplined execution and the shopper resource allocation, which enabled us to deliver sustainable long term growth.

At the same time, we will remain highly disciplined in capital allocation.

I always heightened investments.

Strength in our core brands.

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I will now turn the call today.

Thank you, David and Hello, everyone before I get started I would like to clarify that all financial numbers presented today are you maybe amounts and all percentage changes refer to year over year changes unless otherwise noted.

Jinfeng Huang: I will now turn the call to Donghao.

Donghao Yang: Thank you, David. Hello, everyone. Before I get started, I would like to clarify that all financial numbers presented today are in immediate amounts, and all percentage changes refer to year-over-year changes, unless otherwise noted. Total net revenues for the third quarter of 2025 increased by 47.5% to RMB 998.4 million, from RMB 677 million for the prior year period. The increase was primarily due to an 83.2% year-over-year increase in net revenues from skincare brands, combined with a 25.2% year-over-year increase in the revenues from color cosmetics brands. Gross profits for the third quarter of 2025 increased by 51.9% to RMB 780.5 million, from RMB 513.8 million for the prior year period. Gross margin for the third quarter of 2025 increased to 78.2%, from 75.9% for the prior year period. The increase was primarily driven by an increase in sales of higher gross margin products.

Donghao Yang: Thank you, David, and hello everyone. Before I get started, I would like to clarify that all financial numbers presented today are in RMB amounts, and all percentage changes refer to year-over-year changes, unless otherwise noted. Total net revenues for Q3 2025 increased by 47.5% to RMB 998.4 million, from RMB 677 million for the prior year period. The increase was primarily due to an 83.2% year-over-year increase in net revenues from skincare brands, combined with a 25.2% year-over-year increase in the revenues from color cosmetics brands. Gross profits for Q3 2025 increased by 61.9% to RMB 780.5 million, from RMB 513.8 million for the prior year period.

Total net revenues for the third quarter of.

2025 increased by 47, 5%.

$998 4 million from 677 million for the prior year period.

The increase was primarily due to an 83, 2% year over year increase in net revenues from skincare brands combined with a 25, 2% year over year increase in our revenues from color cosmetics brand.

Gross profit for the third quarter of 2025 increased by 51, 9%.

$785 million from $513 8 million for the prior.

Year period.

Margin for the third quarter of 2025 increased to 78, 2% from 75, 9% for the prior year period. The increase was primarily driven by an increase in sales of higher gross margin products.

Donghao Yang: Gross margin for Q3 2025 increased to 78.2% from 75.9% for the prior year period. The increase was primarily driven by an increase in sales of higher gross margin products. Total operating expenses for Q3 2025 increased by 31.9% to RMB 864.1 million, from RMB 665.2 million for the prior year period. As a percentage of total net revenues, total operating expenses for Q3 2025 were 86.5% as compared with 96.8% for the prior year period. Fulfillment expenses for Q3 2025 were RMB 61.8 million as compared with RMB 50.4 million for the prior year period.

Total operating expenses for the third quarter of 2025 increased by 31, 9%.

Donghao Yang: Total operating expenses for the third quarter of 2025 increased by 31.9% to RMB 864.1 million, from RMB 655.2 million for the prior year period. As a percentage of total net revenues, total operating expenses for the third quarter of 2025 were 86.5%, as compared with 96.8% for the prior year period. Fulfillment expenses for the third quarter of 2025 were RMB 61.8 million, as compared with RMB 50.4 million for the prior year period. As a percentage of total net revenues, fulfillment expenses for the third quarter of 2025 decreased to 6.2%, from 7.4% for the prior year period. The decrease was primarily driven by fulfillment cost optimization, coupled with the leveraging effect of higher total net revenues in the third quarter of 2025. Selling and marketing expenses for the third quarter of 2025 were RMB 682.3 million, as compared with RMB 494.4 million for the prior year period.

$864 1 million from eight $655 2 million for the prior year period.

As a percentage of total net revenue total operating expenses for the third quarter of 275, or 86, 5% as compared with 96, 8% for the.

Prior year period.

Fulfillment expenses for the third quarter of 2025 were 61 point.

Million, that's compared with $54 million for the prior year period as a percentage of total net revenues fulfillment expenses for the third quarter of 2025 decreased to six 2% from seven 4% for the prior year period. The decrease was.

Donghao Yang: As a percentage of total net revenues, fulfillment expenses for Q3 2025 decreased to 6.2% from 7.4% for the prior year period. The decrease was primarily driven by fulfillment cost optimization, coupled with the leveraging effect of higher total net revenues in Q3 2025. Selling and marketing expenses for Q3 2025 were RMB 682.3 million as compared with RMB 494.4 million for the prior year period. As a percentage of total net revenues, selling and marketing expenses for Q3 2025 decreased to 68.3% from 73% for the prior year period. Q3 included a portion of our planned upfront investment for the Double Eleven shopping season.

Primarily driven by fulfillment cost optimization, coupled with the leveraging effect from higher total net revenues in the third quarter of 2025.

Selling and marketing expenses for the third quarter of 2025 or $682 3 million as compared with.

$494 4 million for the prior year period.

As a percentage of total net revenues selling and marketing expenses for the third quarter of 2025.

Donghao Yang: As a percentage of total net revenues, selling and marketing expenses for the third quarter of 2025 decreased to 68.3%, from 73% for the prior year period. The third quarter included a portion of our planned upfront investments for the 2011 shopping season. These investments typically elevate selling and marketing ratios in the short term, but support revenue acceleration and stronger brand equity in the fourth quarter and beyond. Excluding these seasonal effects, we continue to see improving marketing efficiencies driven by a higher skincare mix, and more disciplined spending across channels. General and administrative expenses for the third quarter of 2025 were RMB 80.2 million, as compared with RMB 85 million for the prior year period. As a percentage of total net revenues, general and administrative expenses for the third quarter of 2025 decreased to 8%, from 12.6% for the prior year period.

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3% from 73.

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The third quarter included important of our planned upfront investment for the double 11 shopping season.

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Donghao Yang: These investments typically elevate selling and marketing ratios in the short term, but support revenue acceleration and stronger brand equity in Q4 and beyond. Excluding these seasonal effects, we continue to see improving marketing efficiency driven by a higher skincare mix and more disciplined spending across channels. General and administrative expenses for Q3 of 2025 were CNY 80.2 million, as compared with CNY 85 million for the prior year period. As a percentage of total net revenues, general and administrative expenses for Q3 of 2025 decreased to 8% from 12.6% for the prior year period. The decrease was primarily driven by lower share-based compensation expenses, coupled with the leveraging effect of higher total net revenues in Q3 of 2025.

Excluding these seasonal effects, we continue to see improving marketing efficiencies driven by a higher skincare mix and more disciplined spending across channels.

General and administrative expenses for the third quarter of 2025 or $82 million as compared with $85 million for the prior year period.

As a percentage of total net revenues general and administrative expenses for the third quarter of 25 decreased two 8% from 12, 6% for the prior year period. The decrease was primarily driven by lower.

Donghao Yang: The decrease was primarily driven by lower share-based compensation expenses, coupled with the leveraging effect of higher total net revenues in the third quarter of 2025. Research and development expenses for the third quarter of 2025 were RMB 39.8 million, as compared with RMB 25.3 million for the prior year period. As a percentage of total net revenues, research and development expenses for the third quarter of 2025 increased to 4%, from 3.7% for the prior year period. The increase was primarily driven by higher payroll expenses resulting from a rise in research and development headcount. Loss from operations for the third quarter of 2025 was RMB 83.6 million, as compared with RMB 141.3 million for the prior year period. Operating loss margin was 8.4%, as compared with 20.9% for the prior year period.

Our base compensation expenses, coupled with the leveraging effect of higher total net revenues in the third quarter of 2020 five.

Research and development expenses for the third quarter of 2025, or 39 8 million as compared with 25 3 million for the prior year period as.

Donghao Yang: Research and development expenses for Q3 2025 were RMB 39.8 million, as compared with RMB 25.3 million for the prior year period. As a percentage of total net revenues, research and development expenses for Q3 2025 increased to 4% from 3.7% for the prior year period. The increase was primarily driven by higher payroll expenses resulting from a rise in research and development headcount. Loss from operations for Q3 2025 was RMB 83.6 million, as compared with RMB 141.3 million for the prior year period. Operating loss margin was 8.4%, as compared with 20.9% for the prior year period.

As a percentage of total net revenues.

Search and development expenses for the third quarter of 2025 increased two 4% from three 7% for the prior year period. The increase was primarily driven by higher payroll expenses, resulting from a rise in research and development headcount.

Yeah.

Loss from operations for the third quarter of 295 with $83 6 million as compared with 100.

And 41.3.

3 million for the prior year period.

Operating loss margin was eight 4% at <unk>.

Compared with 29% for the prior year period.

non-GAAP loss from operations for the third quarter of 2025 was 60.6 million as compared with 98 5 million for the prior year period non-GAAP operating loss margin was six 1%.

Donghao Yang: Non-GAAP loss from operations for Q3 2025 was RMB 60.6 million, as compared with RMB 98.5 million for the prior year period. Non-GAAP operating loss margin was 6.1%, as compared with 14.5% for the prior year period. Net loss for Q3 2025 was RMB 70.4 million, as compared with RMB 121.1 million for the prior year period. Net loss margin was 7%, as compared with 17.9% for the prior year period. Net loss attributable to Yatsen's ordinary shareholders for diluted ADS for Q3 2025 was RMB 0.7, as compared with RMB 1.22 for the prior year period.

Donghao Yang: Non-GAAP loss from operations for the third quarter of 2025 was RMB 60.6 million, as compared with RMB 98.5 million for the prior year period. Non-GAAP operating loss margin was 6.1%, as compared with 14.5% for the prior year period. Net loss for the third quarter of 2025 was RMB 70.4 million, as compared with RMB 121.1 million for the prior year period. Net loss margin was 7%, as compared with 17.9% for the prior year period. Net loss attributable to Yatsen's ordinary shareholders for diluted ADS for the third quarter of 2025 was RMB 0.7, as compared with RMB 1.22 for the prior year period. Non-GAAP net loss for the third quarter of 2025 was RMB 51.5 million, as compared with RMB 76.6 million for the prior year period. Non-GAAP net loss margin was 5.2%, as compared with 11.3% for the prior year period.

Compared with 14.5% for the prior year period.

Net loss for the third quarter of 2025.

$74 million as compared with $121 1 million for the prior year period.

Net loss margin with 7% as compared with 17, 9% for the prior year period.

Net loss attributable to.

Ordinary shareholders per diluted ads for.

For the third quarter of 2025 was 0.7, R&D as compared with 1.2 to RMB for the prior year period.

non-GAAP net loss for the third quarter of 2025, with 51 5 million as compared with 76 6 million for the prior year period non-GAAP net loss margin was five 2% as compared with 11, 3% for the prior year.

Donghao Yang: Non-GAAP net loss for Q3 2025 was RMB 51.5 million, as compared with RMB 76.6 million for the prior year period. Non-GAAP net loss margin was 5.2%, as compared with 11.3% for the prior year period. Non-GAAP net loss attributable to Yatsen's ordinary shareholders for diluted ADS for Q3 2025 was RMB 0.5, as compared with RMB 0.7 for the prior year period. As of 30 September 2025, the company had cash, restricted cash and short-term investments of RMB 1.16 billion, as compared with RMB 1.36 billion as of 31 December 2024.

Period.

non-GAAP net loss attributable to.

Donghao Yang: Non-GAAP net loss attributable to Yatsen's ordinary shareholders for diluted ADS for the third quarter of 2025 was CNY 0.5 million, as compared with CNY 0.77 million for the prior year period. As of 30 September 2025, the company had cash, restricted cash, and short-term investments of CNY 1.16 billion, as compared with CNY 1.36 billion as of 31 December 2024. Net cash used in operating activities for the third quarter of 2025 was CNY 126.8 million, as compared with CNY 175.9 million for the prior year period. The operating cash flow was primarily due to working capital movement, including inventory, positioning, and receivables timing ahead of 2011. These are seasonal and planned effects. We expect operating cash flow to improve as these improved investments convert into revenue in the fourth quarter, and as we continue to optimize inventory efficiency and marketing ROI.

Ordinary shareholders per diluted ads for the third quarter of 2025.

0.5, RMB as compared with 0.77 RMB for the prior year period.

As of September 32025, the company had cash restricted cash and short term investments of 1.16 billion RMB as compared with 1.36 billion RMB as of December 31, 2024.

Net cash used in operating activities for the third quarter of 2025.

Donghao Yang: Net cash used in operating activities for Q3 2025 was RMB 126.8 million, as compared with RMB 175.9 million for the prior year period. The operating cash flow was primarily due to working capital movements, including inventory positioning and receivables timing ahead of Double Eleven. These are seasonal and planned effects. We expect operating cash flow to improve as these improved investments convert into revenue in Q4 and as we continue to optimize inventory efficiency and marketing ROI. Looking at our business outlook for Q4 2025, we expect our total net revenues to be between RMB 1.32 billion and 1.49 billion, representing a year-over-year increase of approximately 15% to 30%.

$126 each.

<unk> million as compared with 175 9 million for the prior year period.

The operating cash flow was primarily due to working capital movements, including inventory positioning and the receivables timing ahead of several 11th.

These are seasonal and plan.

We expect operating cash flow to improve as these improved investment convert into revenue in the fourth quarter and as we continue to optimize inventory efficiencies and marketing ROI.

Looking at our business outlook for the fourth quarter of 425, we expect our total net revenues to be between 1.32 billion and 1.49 billion, representing a year over year increase of approximately 15% to 30%.

Donghao Yang: Looking at our business outlook for the fourth quarter of 2025, we expect our total net revenues to be between RMB 1.32 billion and 1.49 billion, representing a year-over-year increase of approximately 15% to 30%. These forecasts reflect our current and preliminary views on the market and operational conditions, which are subject to change. With that, I would now like to open the call to Q&A. Operator.

These forecasts reflect our current and preliminary views on the market and operational conditions, which are subject to change.

Donghao Yang: These forecasts reflect our current and preliminary views on the market and operational conditions, which are subject to change. With that, I would now like to open the call to Q&A. Operator.

I would now like to open the call for Q&A.

Operator.

Thank you we will now begin the question and answer session.

Operator: Thank you. We will now begin the question-and-answer session. To ask a question, please press Star, then 1 on your touch-tone phone. If you're using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press Star, then 2. For the benefit of all participants on today's call, if you wish to ask your question to management in Chinese, please immediately repeat your question in English. At this time, we'll pause momentarily to assemble our roster. Again, to ask a question, please press Star, then 1. Our first question will come from Maggie Wang with CICC. Please go ahead.

Operator: Our first question will come from Maggie Huang with CICC. Please go ahead.

To ask a question. Please press Star then one on your Touchtone phone.

If youre using a speakerphone please pick up your handset before pressing the keys.

Anytime Youre question has been addressed so you would like to withdraw your question. Please press Star then two so.

So the benefit of all participants on today's call. If you wish to ask your question to management in Chinese. Please immediately repeat your question in English and at this time, we'll pause momentarily to assemble our roster.

Okay.

Again to ask a question. Please press Star then one and our first question will come from Maggie Wang with TICC. Please go ahead.

Operator: Our first question will come from Maggie Huang with CICC. Please go ahead.

Yeah.

Hello, Thanks for taking my question. This is Maggie Qualcomm Sankey C. Firstly, congratulations on beating our revenue guidance and I have two questions. My first question is about our performance during double 11 festival is that in line with our expectation and have we observed any change.

Maggie Huang: Well, thanks for taking my question. This is Maggie Huang from CICC. Firstly, congratulations for beating our revenue guidance. I have 2 questions. My first question is about our performance during Double Eleven festival. Is that in line with our expectation? Have we observed any change in the competition from foreign high-end brands? My second question is that, how do we expect the profitability of Q4 and the next year? That's my questions. Thank you.

Maggie Wang: Well, thanks for taking my question. This is Maggie Wang from CICC. Firstly, congratulations for meeting our revenue guidance. I have two questions. My first question is about our performance during the 2011 festival. Is that in line with our expectation? Have we observed any change in the competition from foreign high-end brands? My second question is that, how do we expect the profitability of the fourth quarter and the next year? That's my question. Thank you.

Competition from pharma and high end brands.

And my second question is that how do we expect profitability after the fourth quarter and so next year and that's my questions. Thank you.

Yeah.

Well I think first of all the double year performance for the whole company and generally it's in line with our expectation.

Jinfeng Huang: Well, I think first of all, the Double Eleven performance for the whole company generally, it's in line with our expectation, and, of course, some of the brands are exceeding our expectations. Having said that, I think we are very happy to observe some of not only the existing tier SKUs are doing well, but some of the newly launched products are gaining a very strong momentum during the Double Eleven shopping festival, which will contribute for further growth potentials in coming quarters. Those products we already mentioned in the earnings call. Going back to your question about the challenges and also competitions coming from the foreign high-end brands. We did observe a very big challenge and also competition for the past Double Eleven shopping festival.

Jinfeng Huang: Well, I think first of all, the 2011 performance for the whole company in general, it's in line with our expectation. For some of the brands, are exceeding our expectations. Having said that, I think we are very happy to observe some of not only the existing hero SKUs that are doing well, but some of the newly launched products are gaining a very strong momentum during the 2011 shopping festival, which will contribute for further growth potentials in coming quarters. Those products we already mentioned in the earnings call. Going back to your question about the challenges and also competitions coming from the foreign high-end brands, we did observe a very big challenge and also competition for the past 2011 shopping festival. Some of the high-end brands are struggling with very big and also deep price cuts for their hero products.

With some of the rents exceeding all expectations I'm. So having said that I think we are very happy to open the <unk>.

Not only the existing he rescues that doing well, but some of the newly launched the product.

Been a very strong momentum during the a couple of 11 shopping festival, which.

Which will contribute for further growth potentials in coming quarters.

Those photos.

I already mentioned in the earnings call.

I'm going back to your question about the challenges and also competition coming from.

We're in high end for them.

We did observe a very.

The challenge, we're still competition of four.

Past couple of 11 shopping festival and the some of the the high end upper end.

Jinfeng Huang: Some of the high-end brands are struggling with very big and also deep price cuts for their SKU products. We did see that with our R&D supporting some of our new product launch, those products are still gaining a very strong momentum. Looking forward, I think the competition during the top Double Eleven shopping festival will load some of the pantry for some of the foreign high-end brands, which means will hurt their long-term growth. Having said that, I'm happy to see that our high-end brands will still keeping a very strong momentum by balancing the price promotion and also with focusing on promoting some of the new SKUs.

Struggling with a very big and also see.

So there he will put us.

Are we.

I see that with our R&D supporting.

Jinfeng Huang: We see that with our R&D supporting some of our new product launch, those products are still gaining a very strong momentum. Looking forward, I think the competition during the 2011 shopping festival will load some of the pantries for some of the foreign high-end brands, which means we'll hurt their long-term growth. Having said that, I'm happy to see that our high-end brands will still keep in a very strong momentum by balancing the price promotion, and also focusing on promoting some of the new SKUs. Going back to Q4, I think we are on our right track to reach the profitability. That is our long-term goal. We are seeing the balance of the growth, and also the right track for the profitability. Thank you.

Some of our new product launch.

So speaking in a very strong momentum.

I'm looking forward I think the the competition.

During the last couple of years, I think shopping as well.

Some of the pantry for some of the foreign I am for them.

So which means you hurts their long term growth.

So having said that I'm happy to see that our high end brands, we're still keeping a very strong momentum.

By balancing the.

Promotion and also focusing on promoting some of the newer to us so going back to the Q4 I think we are alright check to reach the profitability and then that's the our long term goals and then we are seeing the balance of the growth and also to the right.

Jinfeng Huang: Going back to the Q4, I think we are on a right track to reach the profitability, that's our long-term goal. We are seeing the balance of the growth and also the right track for the profitability. Thank you.

So the book of business.

Thank you.

Okay got it it's very clear thank you very much and I have no more questions.

Maggie Huang: Okay, got it. It's very clear. Thank you very much. I have no more questions.

Maggie Wang: Okay. Got it. It's very clear. Thank you very much. I have no more questions.

Okay.

The next question will come from <unk>, Zhang with <unk> Securities. Please go ahead.

Jinfeng Huang: Thank you.

Operator: The next question will come from Lucia Zhang with C.P. Company. Please go ahead.

Operator: The next question will come from Lucia Zhang with CP Securities. Please go ahead.

Thank you.

Okay, John from Citic Securities.

Lucia Zhang: Thank you for taking Lucia Zhang from CP Securities. I also have two questions. The first one is we can see that the skincare business of the company has achieved rapid growth this year. From which aspects should we make efforts to sustain the growth maybe in Q4 and next year? The second question is about their profitability. In which aspects will the company make efforts to continuously improve their profitability? Thank you.

Lucia Zhang: Thank you, Jin, from CP Securities. I also have two questions. The first one is, we can see that the skincare business of the company has achieved rapid growth this year. From which aspects should we make efforts to sustain the growth, maybe in the last quarter and next year? The second question is about their profitability. In which aspects will the company make efforts to continuously improve their profitability? Thank you.

I have two questions. The first one is we can see that the skincare business of the company has achieved healthy growth this year.

That's really an effort to sustain their crews are maybe in the last quarter and that's here.

And the second question is about Oh stability, So English as that's where the company Oh, we will make efforts to continuously improve their profitability. Thank you.

Well.

Going back to the fundamental drivers.

Jinfeng Huang: Well, going back to the fundamental drivers for our skincare business, I think the number one thing is about the R&D. Beauty market has always driven by further and then better product innovation. We are very happy to see that, with our R&D growth engine, and then we can launch a very strong pipeline this year and then, and also for coming years as well. The second thing we can think is with our expansion for our skincare portfolio, including the benefit expansion and also product line extension, we see further link sales for our product portfolios, which can help us to drive further marketing ROI. The third thing is for our skincare brands, I think the overall for the three major skincare brands, we still have a pretty far potential to reach their optimized revenue level.

Jinfeng Huang: Well, going back to the fundamental drivers for our skincare business, I think the number one thing is about the R&D. Beauty market has always driven by further and then better product innovation. We are very happy to see that with our R&D growth engine, we can launch a very strong pipeline this year and also for coming years as well. The second thing we can think is with our expansion for our skincare portfolio, including the benefit expansion, and also product line expansion, we see further link sales for our product portfolios, which can help us to drive further marketing outline. The third thing is for our skincare brands, I think overall for the three major skincare brands, we still have a pretty far potential to reach their optimized revenue level.

Our skin care business I think the number one thing is about the R&D.

Our beauty market has always driven by weather and then better.

Innovation, So we're very happy to see that with our R&D growth engine and then we can launch a very strong high line this year.

And then and also for coming years as well.

The second thing we can think he is with our expansion for our <unk> portfolio, including the benefit pension and also called a landline sanction we see further lean cells for our political photos, which can help us to drive further marketing online.

The third thing is four hours being hip runs I think the overall or.

For the three major Ah think it Brian we still have a problem with the potential to reach their optimized revenue level. So at the end.

This process has to be continue to drive the brand's awareness and also continuously drive the customer base, we still have a potential to grow skin care brands and.

Jinfeng Huang: During this process, as we continue to drive the brand awareness and also continuously drive the customer base, we still have a potential to grow our existing skincare brands. Last but not least, I think for us, we focus on launching some new products on some of the key channels. In the future, we will expand into other channels and also drive further, better channel mix. With that, I think that we will contribute to the sustainable driver for our skincare brands. Going back to your questions about how can we continuously improve the profitability, I think as we said many times before, the product mix optimization and the channel mix optimization can help us drive the gross margin and also the further ROI on the marketing expenses.

Jinfeng Huang: During this process, as we continue to drive the brand awareness and also continuously drive the customer base, we still have a potential to grow our existing skincare brands. The last but not least, I think, for us, we focus on launching some new products on some of the key channels, and then in the future we will expand into other channels and also drive further better channel mix. With that, I think that will contribute to the sustainable driver for our skincare brands. Going back to your questions about how can we continuously improve the profitability.

Lots of Colombia.

Think for US we focused on launching some new products.

On some of the key channels and in the future we would expand.

Into other channels and also talk further better channel mix.

So with that I think this year will contribute to the sustainable fiber for the Arlington and kept them.

I'm going back to your question about how can we continue to improve the profitability.

Yeah, as we said many times before I think the product mix optimization and the channel mix optimization can help us drive the the gross margin and also the further oh I on the marketing expenses.

Jinfeng Huang: I think as we said many times before, I think the product mix optimization and the channel mix optimization can help us drive the growth margin and also the further ROI on the marketing expenses. The second one is as we focus more on the customer CRM and also the product link sales, this will help us to further drive better ROI on the marketing expenses. The third thing is very important. For some of our brands, those brands are reaching to what we call the optimized threshold. In the future as the brands like the revenue scale grow up, we will see further leverage on the true branding expenses ROI. Those are the things, some of the things we think are very important to drive the continuously improvement for the profitability.

Second one is as we focus more on the customer see.

Jinfeng Huang: The second one is as we focus more on the customer CIM, and also the product link sales, this will help us to further drive better ROI on the marketing expenses. The third thing is very important. For some of our brands, those brands are reaching to what we call the optimized threshold. In the future, as the brands' revenue scale grow up, we will see further leverage on the true branding expenses ROI. Those are some of the things we think are very important to drive the continuous improvement for the profitability. Thank you.

I am and also to put the lean cells. This will help us to further drive.

Better ROI on the marketing expenses.

Third thing is very important.

For some of our brands those brands are reaching to will.

It will be called the optimize the stay at home.

In the future as the brands like a revenue scale grew up we will see further leverage on the true branding expense.

Expenses all those.

So those are the things some of the things we think are very important to drive continuous improvement.

For the possibilities.

Yes.

Thank you.

Okay. Thank you. Thank you that's really helpful and clear.

Jinfeng Huang: Thank you.

Lucia Zhang: Okay, thank you. Thank you. That's really helpful and clear.

Okay.

The next question will come from Jennifer <unk> with high Child Securities. Please go ahead.

Operator: The next question will come from Jennifer Wan with Haitong Securities. Please go ahead.

Operator: The next question will come from Jennifer Wong with Huatai Securities. Please go ahead.

Hi, This is Jeffrey Rand from Hyundai Securities. So congratulate on companies great performances and could you. Please introduce a it just give us some colors unexpected expenses of the company in the future and maybe.

Jennifer Wan: Hi, this is Jennifer Wan from Haitong Securities. Congratulate on company's great performances. Could you please introduce, just give us some colors on the expected expenses of the company in the future? Maybe could you please share how do you view the increasingly fierce competition in the online channel? Thank you for your answers.

Jennifer Wong: Hi. This is Jennifer Wong from Hytel Securities. Congratulations on the company's great performances. Could you please introduce, just give us some colors on the expected expenses of the company in the future? Maybe could you please share how do you view the increasingly fierce competition in the online channel? Thank you for your answers.

Could you please share how do you view them be increasingly see as competition in the online channel. Thank you for your answers.

<unk>.

Well can you tell me to clarify what you mean by expenses.

Jinfeng Huang: Well, can you help me to clarify what do you mean by expenses?

Yes.

Like.

General expenses operating expenses et cetera, just general speaking.

Jennifer Wan: Like, general expenses, operating expenses, et cetera, just general speaking.

Jennifer Wong: Like general expenses, operating expenses, etc., just generally speaking.

Mhm Okay.

Well, if you looked at our.

Jinfeng Huang: Okay. Well,

Jinfeng Huang: Okay. Well.

Jennifer Wan: Thank you so much.

Jennifer Wong: Thank you so much.

If you look at our financial statements I see we see a pretty stable.

Jinfeng Huang: If you look at our financial statements, I see we see a pretty stable G&A expenses in the past quarters. Having said that, I think moving forward, as the scale of our total revenue grow, then we will see some operational leverage on the general and administrative expenses. We will continuously to invest in some of the, what we think, short-term wise will categorize as expenses, but we see as more like investment, including R&D and also for branding dollars to really build up the brand equity. Those are the some of the areas that we focus on. What Sorry, what was your second question?

Jinfeng Huang: If you look at our financial statements, I see we see pretty stable G&A expenses in the past quarters. Having said that, I think moving forward, as the scale of our total revenue grows, I think we will see some operational leverage on the general and administrative expenses. We will continuously invest in some of what we think short-term-wise we will categorize as expenses, but we see it more like an investment, including R&D, and also for branding dollars to really build up the brand equity. Those are some of the areas that we focus on. Sorry, what was your second question?

G&A expenses for the past quarters, So having said that I think that moving forward.

Scale off of our total revenue growth and if we do see some operational leverage on the general and administrative.

Expenses.

We will continue to invest in some of the what we think.

So can you clarify are categorized as expensive, but we see it more likely investments, including R&D and also for renting dollars really built up the friends equity.

Those are the some of the areas that we focus on.

And it was like well what was your second question.

Yes.

Oh, that's how do you view the like ongoing fierce competition on the online channel. How do you think are companies going to face such kind of situation. Thank you for your answers.

Jennifer Wan: That's how do you view the like ongoing sales competition on the online channel? How do you think our company's gonna face such kind of situation? Thank you for your answers.

Jennifer Wong: Oh, that's how do you view the ongoing fierce competition on the online channel? How do you think our company is going to face such kind of situation? Thank you for your answers.

Jennifer Wan: That's how do you view the like ongoing sales competition on the online channel? How do you think our company's gonna face such kind of situation? Thank you for your answers.

Well I think has to be said before or when we are looking at the the beauty market are there. So many players and then.

Jinfeng Huang: I think, as we said before, when we are looking at the beauty market, there are so many players. The one of the reasons that we can continuously and also accelerating our growth is mainly driven for some of the investments we have devoted in R&D in the past few years. Also, our continuously commitment on brand building. We did something right before. That's why we are getting the growth today. If we are looking at the competition, as long as we continue to focus on what we have done right, we will see more and more robust product lineup and then better innovations coming.

Jinfeng Huang: Well, I think as we said before, when we are looking at the beauty market, there are so many players. One of the reasons that we can continuously and also accelerating our growth is mainly driven for some of the investments we have devoted in R&D in the past few years, and also our continuous commitment on brand building. We did something right before, that's why we are getting the growth today. If we are looking at the competition, as long as we continue to focus on what we have done right, we will see more and more robust product lineups, and then better innovations coming. We will see the higher brand awareness so that we can get some more operational and also brand building optimization.

The one of the reasons that we can.

And also accelerating outflows, mainly driven where some of the.

Vestments, we have devoted in R&D in the past few years.

And also the hour continuously compete continuously our commitment comprehensive it. So so we did something right.

That's why we are getting the growth today.

So if we're looking at the competition as long as we continue to focus on what we have done right.

And then we will see a more in a more robust product lineup and then a battery and the weakness is coming and.

And we will see the higher brand awareness.

Jinfeng Huang: We will see the higher brand awareness so that we can cut some more operational and also brand building like optimization. Also we will see some of the operational efficiency improving by our product mix and the channel mix optimization. We will see some organization growth by we focus on the cornerstones of our product innovation, customer focus, CRM, and et cetera. As long as we focus on do the right thing, we think in the future we will achieve the long-term and sustainable growth result. Thank you.

So that we can cut some more operational and also a friend building like that.

Amortization.

And also we will see some of the operational efficiency improving.

Jinfeng Huang: We will see some of the operational efficiency improving by our product mix and the channel mix optimization. We will see some organization growth by we focus on the cornerstones of our product innovation, customer focus, CIM, and etc. As long as we focus on doing the right thing, we think in the future we will achieve the long-term and sustainable growth we want. Thank you.

I'll put them makes them a ton of mix optimization and if we do see some organization.

Gross but we focus on the cornerstone of our.

Putting innovation customer focus Diane etcetera.

It's also we focus on do the right thing.

In the future, we view a cheeky lumpiness with Symbicort.

Thank you.

Yeah.

Thank you for your kind response, where they're looking for what do you see the company's rapid growth.

Jennifer Wan: Thank you for your kind response. We're very looking forward to see the company's rapid growth.

Jennifer Wong: Thank you for your kind response. We're very looking forward to see the company's rapid growth.

I appreciate it thank you.

Jinfeng Huang: Appreciate it. Thank you.

And this concludes our question and answer session I would like to turn the conference back over to management for any additional or closing comments. Please go ahead.

Operator: This concludes our question and answer session. I would like to turn the conference back over to management for any additional or closing comments. Please go ahead.

Operator: This concludes our question-and-answer session. I would like to turn the conference back over to management. For any additional or closing comments, please go ahead.

Operator: This concludes our question-and-answersession. I would like to turn the conference back over to management for any additional or closing comments. Please go ahead.

Yes.

Thank you once again for joining us today, if you have any further questions.

Irene Lyu: Thank you once again for joining us today. If you have any further questions, please feel free to contact us at Yatsen directly. Our contact information for IR in both China and the US can be found in today's press release. Thank you and have a great day.

[Company Representative 2] (Yatsen Holding Limited): Thank you once again for joining us today. If you have any further questions, please feel free to contact us at Yatsen directly. Our contact information for IR in both China and the US can be found in today's press release. Thank you, and have a great day.

You're free to contact us.

Yes, it directly or contact information for IR in both.

China and the U S can be found in today's press release. Thank.

Thank you and have a great day.

Yeah.

The conference has now concluded. Thank you for attending today's presentation you may now disconnect.

Operator: The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

Operator: The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

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