Yatsen Holding Restricted (YSG) Q3 2022 Earnings Name Transcript

November 23, 2022

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Yatsen Holding Restricted (YSG -6.90%)
Q3 2022 Earnings Name
Nov 22, 2022, 7:30 a.m. ET

Contents:

  • Ready Remarks
  • Questions and Solutions
  • Name Individuals

Ready Remarks:

Operator

Women and gents, good day, and welcome to the Yatsen third-quarter 2022 earnings convention name. Right now’s convention is being recorded. Right now, I wish to flip the convention over to Irene Lyu, head of strategic funding and capital markets. Please go forward.

Irene LyuHead of Strategic Investments and Capital Markets

Thanks, operator. Please observe the dialogue right now will comprise forward-looking statements regarding the corporate’s future efficiency and are supposed to qualify for the protected harbor from legal responsibility as established by the U.S. Personal Securities Litigation Reform Act. Such statements aren’t ensures of future efficiency and are topic to sure dangers and uncertainties, assumptions, and different elements.

A few of these dangers are past the corporate’s management and will trigger precise outcomes to vary materially from these talked about in right now’s press launch and this dialogue. A basic dialogue of the danger elements that would have an effect on Yatsen’s enterprise and monetary outcomes is included in sure filings of the corporate with the Securities and Change Fee. The corporate doesn’t undertake any obligation to replace this forward-looking data, besides as required by regulation. Throughout right now’s name, administration can even focus on sure non-GAAP monetary measures for comparability goal solely.

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Please see the earnings launch issued earlier right now for a definition of non-GAAP monetary measures and a reconciliation of GAAP to non-GAAP monetary outcomes. Becoming a member of us right now on the decision from Yatsen’s senior administration are Mr. Jinfeng Huang, our founder, chairman, and CEO; and Mr. Donghao Yang, our CFO and director.

Administration will start with ready remarks, and the decision will conclude with a Q&A session. As a reminder, this convention is being recorded. As well as, a webcast replay of this convention name might be out there on Yatsen’s Investor Relations web site at ir.yatsenglobal.com. I’ll now flip the decision over to Mr.

Jinfeng Huang. Please go forward, sir.

Jinfeng HuangFounder, Chairman, and Chief Government Officer

Thanks, Irene, and thanks, everybody, for collaborating in Yatsen’s third-quarter 2022 earnings convention name right now. We began the 12 months by launching a five-year technique, outlining our plans to evolve our enterprise and drive the long-term and sustainable development. With this technique targets as our street map, the administration crew continued to fine-tune our enterprise mannequin. Though negatively impacted by the softened magnificence market and resurgence of COVID-19, our skincare manufacturers recorded stable development within the third quarter of 2022.

We’ve additionally seen enhancements in gross margin, internet loss, and non-GAAP internet loss on account of our value optimization plan. General, our gross sales within the third quarter of 2022 continued to expertise slowdowns on account of difficult macro headwinds and the decrease ranges of shopper spending, which have been exacerbated by resurgence of COVID-19. Magnificence retail gross sales within the third quarter of 2022 went down by 3.2% 12 months over 12 months in keeping with the adjusted information revealed by China Nationwide Bureau of Statistics. Gross sales of each shade cosmetics and skincare merchandise on Tmall fell by double digits 12 months over 12 months within the third quarter of 2022, extending the downward pattern within the second quarter of 2022.

Our complete internet revenues for the third quarter of 2022 declined by 36.1% 12 months over 12 months to RMB 857.9 million, assembly the excessive finish of our income steering. Let’s take a look at our income combine intimately. Internet revenues of skincare manufacturers elevated by 33% 12 months over 12 months to RMB 269.4 million. As a spotlight, complete internet revenues of our fast-growing clinic and premium manufacturers, DR.

WU, Eve Lom, and Galenic delivered stable development of 69% 12 months over 12 months this quarter. By way of income contribution, our skincare manufacturers contributed 31.4% of complete internet revenues for the third quarter of 2022, which has exceeded 30% of complete internet revenues for 2 consecutive quarters, in contrast with 51% of complete internet revenues for the third quarter of 2021. Our shade beauty manufacturers, however, noticed a 48.8% decline 12 months over 12 months in complete internet revenues to RMB 559.3 million, reflecting the continued softness in market demand for our shade cosmetics, in addition to intensified business addition from each home and worldwide manufacturers. Gross margin for the third quarter of 2022 elevated by 1 share level to 58.9% from 57.9% for the third quarter of 2021 as a result of elevated gross sales of upper gross-margin merchandise from our skincare manufacturers, value optimization, and stricter pricing and low cost insurance policies throughout all our model portfolios.

Our internet loss margin was 24.6% within the third quarter of 2022, representing an enchancment of three.2 share factors from the second quarter of 2022 or 2.4 share factors from the previous-year interval. Our non-GAAP internet loss margin was 14.7% within the third quarter of 2022, representing an enchancment of seven.1 share factors from the second quarter of 2022 or 1.4 share factors from the prior-year interval. The advance is attributable to our continued value optimization. Now, I’ll share a number of the quarter’s main initiatives and developments.

Within the third quarter of 2022, our enterprise groups had been energetic in growing and strengthening our portfolio of high-performing manufacturers tailor-made to Chinese language customers’ evolving wants and house. And DR. WU just lately launched new merchandise infused with Triple Motion Restore know-how, which was confirmed efficacious on the enduring restore serum. We celebrated the model’s nineteenth anniversary with its loyal prospects throughout China, particularly these with delicate or uncovered pores and skin who search environment friendly merchandise designed for his or her pores and skin varieties.

Eve Lom achieved a strong development regardless of the difficult business environments. Whereas the model remained robust in premium cleanser class, we expanded to serum class by launching radiance restore retinol serum. In September, Eve Lom partnered with beautiful Harrods Tea Rooms in Shanghai to domesticate a sophisticated and opulent expertise for the celebrated model. Galenic additionally recorded very robust on-line development within the third quarter of 2022.

We’ve gained extra market share and stayed No. 1 for 2 consecutive quarters within the premium serum class on Douyin. Whereas our hero VC serum maintained its main place, the Secret D’Excellence energetic serum additionally skilled regular development within the third quarter of 2022. The launch of the Secret D’Excellence energetic serum within the third quarter of 2022 was attended by business consultants and thought leaders and raised consciousness of the model, amplifying its management within the premium dermatological skincare sphere.

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Whereas our shade cosmetics enterprise skilled a year-over-year decline of 48.8%, we noticed improved gross margin in combination. Our shade manufacturers went via channel optimization and promotion management to develop sustainable enterprise mannequin. Excellent Diary gross sales on Douyin achieved robust year-over-year development of 97% and ranked No. 2 amongst all cosmetics manufacturers, one other enchancment from No.

3 rating it achieved final 12 months. We’ve additionally closed underperforming offline shops all through 2022. In consequence, as of September 30, 2022, we operated a complete of 198 expertise shops of the Excellent Diary model, representing a internet discount of 88 shops because the starting of the 12 months. Within the fourth quarter, this offline retailer optimization program will proceed, and we’re continually monitoring the market state of affairs of the offline retail house to finest help our model methods transferring ahead.

Along with channel optimization, we’re additionally adjusting the class combine to extend our market share in facial make-up and complexion merchandise. Excellent Diary’s translucent blurring unfastened powder, an improve that provides anti dullness efficacy along with the unique SmartLock know-how gained extra market share within the unfastened powder class on Tmall in comparison with final quarter. We additionally utilized this patent know-how to the newly launched clear cowl 3-color concealer palette as an try to develop it to different facial classes. Our sturdy new product launch and a wholesome pipeline are backed by steady investments in R&D.

R&D bills elevated to three.9% from 2.7% of internet revenues within the prior-year interval. We debuted on the Worldwide Federation of Societies of Beauty Chemistry Congress, with two cutting-edge applied sciences in September. We’ll proceed our efforts to construct a robust R&D functionality as our core technique for future grows. We’re additionally continually reminded of the significance of our dedication to our environmental, social, and governance program.

Within the third quarter of 2022, Yatsen donated computer systems and projection gear to the federal government of Zhongshan city situated in Guangdong province to assist enhance the townships data know-how infrastructure. We’re actively concerned in elevating the standard of lifetime of these in tougher circumstances, and we’ll proceed to take the initiative to imagine company social duty and to contribute our help sooner or later. Whereas we count on the retail atmosphere to stay difficult for the remainder of 2022 and for the primary half of 2023, we’ve got enough sources to satisfy our technique goals. Throughout the Double 11 procuring competition this 12 months, we noticed excellent efficiency in our skincare manufacturers.

Galenic achieved excessive triple digits year-over-year gross sales development. Eve Lom and DR. WU received the primary place in premium cleanser class and acne-control class with their hero product cleanser and mandelic light renewal serum, respectively, on Tmall. In abstract, we’ve got already made important progress in our technique evolutionary journey with increased contribution from our skincare manufacturers, improved gross margin, and considerably narrowed internet loss within the third quarter of 2022.

With the money, restricted money, and short-term funding stability of RMB 2.6 billion on the finish of this quarter, we’ve got enough sources and adaptability in pursuit of our long-term strategic objectives. With that, I’ll now flip the decision over to our CFO, Donghao Yang, to debate our monetary efficiency. Thanks, everybody.

Donghao YangChief Monetary Officer and Director

Thanks, David, and hey, everybody. Earlier than I get began, I wish to make clear that every one monetary numbers introduced right now are in renminbi quantity, and all share adjustments confer with year-over-year adjustments except in any other case famous. Whole internet revenues for the third quarter of 2022 decreased by 36.1% to 857.9 million RMB from 1.34 billion RMB within the prior-year interval. The lower was primarily attributable to a 48.8% lower in internet revenues from our shade cosmetics manufacturers, partially offset by a 33% improve in internet revenues from our skincare manufacturers.

Gross revenue for the third quarter of 2022 decreased by 35.2% to 591.3 million RMB from 911.8 million RMB within the prior-year interval. Gross margin for the third quarter of 2022 elevated to 68.9% from 67.9% within the prior-year interval. The rise was primarily pushed by elevated gross sales of upper gross-margin merchandise from our skincare manufacturers, value optimization, and stricter pricing and low cost insurance policies throughout all of our model portfolio. Whole working bills for the third quarter of 2022 decreased by 33.1% to 857 million RMB from 1.28 billion RMB within the prior-year interval.

As a share of complete internet income, complete working bills for the third quarter of 2022 had been 99.9% as in contrast with 95.4% within the prior-year interval. Achievement bills for the third quarter of 2022 had been 63.8 million RMB as in contrast with 102 million RMB within the prior-year interval. As a share of complete internet revenues, success bills for the third quarter of 2022 decreased to 7.4% from 7.5% within the prior-year interval. The lower was primarily attributable to a lower in warehouse and logistics prices as a result of optimization of our success capability.

Promoting and advertising bills for the third quarter of 2022 had been 564.8 million RMB as in contrast with 911.3 million RMB within the prior-year interval. As a share of complete internet revenues, promoting and advertising bills for the third quarter of 2022 decreased to 65.8% from 67.9% within the prior-year interval. The lower was primarily attributable to the upper effectivity of on-line advertising actions, partially offset by retailer closure-related bills and provisions. Common and administrative bills for the third quarter of 2022 had been 194.5 million RMB as in contrast with 233.9 million RMB within the prior-year interval.

As a share of complete internet revenues, basic and administrative bills for the third quarter of 2022 elevated to 22.7% from 17.4% within the prior-year interval. The rise was primarily attributable to the decrease complete internet revenues within the third quarter of 2022, making a low base impact. Analysis and growth bills for the third quarter of 2022 had been 33.9 million as in contrast with 35.8 million within the prior-year interval. As a share of complete internet revenues, analysis and growth bills for the third quarter of 2022 elevated to three.9% from 2.7% within the prior-year interval.

The rise was primarily attributable to the decrease complete internet revenues within the third quarter of 2022, making a low base impact. Loss from operations for the third quarter of 2022 decreased by 28.1% to 265.7 million RMB from 369.3 million RMB within the prior-year interval. Working loss margin was 31% as in contrast with 27.5% within the prior-year interval. Non-GAAP loss from operations for the third quarter of 2022 decreased by 26.6% to 162.6 million from 221.7 million within the prior-year interval.

Non-GAAP working loss margin was 19% as in contrast with 16.5% within the prior-year interval. Internet loss for the third quarter of 2022 decreased by 41.7% to 210.7 million from 361.8 million within the prior-year interval. Internet loss margin was 24.6% as in contrast with 26.9% within the prior-year interval. Internet loss attributable to Yatsen’s unusual shareholders per diluted ADS for the third quarter of 2022 was 0.37 RMB as in contrast with 0.57 RMB within the prior-year interval.

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Non-GAAP internet loss for the third quarter of 2022 decreased by 41.5% to 126.5 million RMB from 216.3 million RMB within the prior-year interval. Non-GAAP internet loss margin was 14.7% as in contrast with 16.1% within the prior-year interval. Non-GAAP internet loss attributable to Yatsen’s unusual shareholders per diluted ADS for the third quarter of 2022 was 0.22 RMB as in contrast with 0.34 RMB within the prior-year interval. As of September 30, 2022, the corporate had money, restricted money, and short-term investments of two.6 billion RMB as in contrast with 3.14 billion RMB as of December thirty first, 2021.

Internet money generated from working actions for the third quarter of 2022 was 21.8 million RMB, in contrast with internet money utilized in working actions of RMB 225.3 million RMB within the prior-year interval. our enterprise outlook for the fourth quarter of 2022, we count on our complete internet revenues to be between 916.7 million RMB and 1.07 billion RMB, representing a year-over-year decline of roughly 30% to 40%. This forecast displays our present and the preliminary views of the market and operational situations, that are topic to alter. With that, I’d now prefer to open the decision to Q&A.

Questions & Solutions:

Operator

Sure, thanks. Right now, we’ll start the question-and-answer session. [Operator instructions] So, with these directions in thoughts, we’ll pause momentarily to assemble the roster. And right now’s first query comes from Dustin Wei with Morgan Stanley.

Dustin WeiMorgan Stanley — Analyst

Thanks for taking my query. First query is said to the Double 11 efficiency. I am questioning if administration can remark by way of the efficiency by model or by skincare manufacturers and the colour model? And can we count on that the GP margin within the fourth quarter may very well be sequentially decrease versus third quarter due to the promotion for Double 11? And the second query associated to the efficiency for the skincare manufacturers in third quarter. It seems like excluding Abby’s Alternative, the opposite three main skincare manufacturers carried out fairly strongly.

However might you type of elaborate somewhat extra by way of — perhaps present a variety of the efficiency or a number of the totally different technique and their progress? And simply, you recognize, from a administration’s perspective, the important thing skincare manufacturers efficiency is form of somewhat forward of the expectation or there’s one thing extra to do?

Jinfeng HuangFounder, Chairman, and Chief Government Officer

Thanks. First query for the Double 11 outcomes. For skincare manufacturers, proper now, our Galenic, Eve Lom, and DR. WU achieved sturdy gross sales development in Double 11 with GMV increased than 100 million RMB for every of the manufacturers.

So, a number of the hero merchandise of every manufacturers are performing fairly properly. I believe Galenic has excessive triple-digit year-on-year gross sales development and in addition achieved as the highest of the brand new manufacturers for Tmall Double 11. And so, for the VC serum, it is also a excessive triple-digit year-on-year gross sales development. And we additionally launched a brand new product, the Secret D’Excellence serum.

And that turns into the necessary essence top-sales within the — for the [Inaudible] Eve Lom nonetheless proceed to taking the No. 1 premium cleanser class. And likewise for DR. WU, proper now, the Renewal Serum is already fairly robust within the zits management class.

And a number of the new merchandise at DR. WU are performing rather well, particularly the triple motion restore serum is rating as the highest 4 restore serum on Tmall. So, wanting ahead, I believe the — a number of the hero merchandise of the skincare manufacturers will assist to contribute the expansion of the manufacturers and, in combination, enhancing the share of the income of our complete income sooner or later.For shade cosmetics, properly, I believe proper now, our shade manufacturers are nonetheless going through a fairly large problem. And likewise Excellent Diary has been present process a turnaround.

So, we prioritize profitability, and we utilized a really strict pricing and low cost insurance policies throughout all these shade manufacturers with a purpose to enhance the gross margin and in addition to enhance the profitability, in addition to defending the model picture. So, wanting ahead, for This autumn, I believe we, on the precise likelihood, to proceed optimizing the gross margin and in addition the underside line.

Donghao YangChief Monetary Officer and Director

Effectively, in your second query, gross margin, properly, gross margin has quite a bit to do with the class combine and stock provision, a variety of issues. And we’re not ready to make touch upon the gross margin in This autumn. However what I can inform you is, over the long run, because the skincare enterprise grows stronger and take the next share within the complete product combine, and we imagine in the long run, our gross margin will see an upward pattern.

Dustin WeiMorgan Stanley — Analyst

Received it. Thanks. Can I ask yet one more query associated to type of the bills and the restructuring? So, understanding that firm has been centered on like retailer closure, group, optimization, and so on., so can we’ve got an replace on the standing now? Like, can we count on that these train might be just about completed within the fourth quarter this 12 months, or a few of these will proceed into the 2023 relying on the macro atmosphere? And is there some quantity which you could share by way of the type of one-off prices like for the total 12 months this 12 months, 12 months thus far, together with the human useful resource like severance prices or one-off retailer closure prices, form of one-off bills that we probably will not see in 2023?

Donghao YangChief Monetary Officer and Director

All proper. So, we’ve got been fairly aggressive in closing the nonperforming shops as a result of principally the challenges in our financial state of affairs, particularly attributable to COVID-19. So, originally of this 12 months, we’ve got greater than — near 300 shops. However in keeping with our present plan, by the top of this 12 months, you recognize, we’ll have somewhat over 100 — about 100 shops, together with self-operated shops and franchise shops.

Effectively, by way of the bills that we have incurred within the — throughout the course of, properly, it has been fairly substantial. We are able to give you a breakdown, if you’d like, after this name. However going into subsequent 12 months, I do not assume we’ll incur, you recognize, substantial loss or substantial bills as a result of retailer closure associated provision bills. As a result of now, I believe we’ve got diminished the full variety of shops to a really manageable stage.

Dustin WeiMorgan Stanley — Analyst

Received it. Thanks quite a bit for answering my questions.

Donghao YangChief Monetary Officer and Director

Certain. Thanks.

Operator

Thanks. And the subsequent query comes from [Inaudible] with CICC.

Unknown speaker

Hello. Thanks for taking my questions. I’ve received two questions. The primary one concerning shade cosmetics.

It appears that evidently gross sales of shade cosmetics maintain reducing every quarter. Nonetheless, we nonetheless imagine within the firm’s aggressive edge in shade cosmetics, in addition to the model asset of PD. So, at what time or what gross sales dimension do administration count on the colour cosmetics will return to development? So, that is the primary query. And my second query is said to steering for the fourth quarter.

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So, the full internet income is predicted to lower by 30% to 40% within the fourth quarter. Might you elaborate extra concerning the pattern of shade cosmetics and skincare, like simply break down by class? Thanks.

Irene LyuHead of Strategic Investments and Capital Markets

Sure, certain. So, for Excellent Diary, really, you’ll be able to see for the previous three quarters, the place the colour cosmetics in complete, the year-over-year decline is in an identical scale. So, we’re not really altering. It is extra a steady pattern proper now.

After which by way of what we’re doing for Excellent Diary proper now, the important thing purpose is to attain profitability. So, how we’ll try this? We predict there are two main plans that we’re present process proper now. One is by way of channel optimization, and the second is on the product class optimization. And on the channel one, we’ve got alluded earlier is that offline proper now due to the difficult macro atmosphere.

So, we’re closing down the variety of shops that may contribute to the gross sales decline. However we expect that may more likely to stabilize by the top of this 12 months. After which secondly, by way of channel combine, you’ll be able to see all the web channels, shade cosmetics are additionally dropping, apart from Douyin. So, we’re additionally doing closely — investing closely on Douyin to advertise the expansion and attracting prospects.

So, for this quarter, our Douyin has skilled a year-over-year improve of 97%. So, that half, we’re fairly comfy and proceed to hope to do properly on the Douyin half. So, that is concerning the channel optimization. And on the product class optimization, Excellent Diary was very — have very excessive market share on the lip and in addition eye class.

However by way of complexion and facial make-up, that is really a bigger market that we expect we have to faucet in and in addition improve our market share. So, as talked about in our convention name, we’re introducing various complexion merchandise that are endorsed by our SmartLock know-how. And we’re seeing quarter-over-quarter improve of market share within the facial make-up. So, that is one other driver that may assist Excellent Diary model’s turnaround and sure flip right into a extra wholesome pattern subsequent 12 months.

Donghao YangChief Monetary Officer and Director

Yeah. Effectively, concerning your second query about our steering for This autumn, you recognize, we’re guiding the market that our complete income goes to say no by 30% to 40%. And the decline will come primarily from our shade cosmetics enterprise, offset by our quick development of skincare enterprise. So, the overall pattern of our enterprise and particularly our class combine sooner or later might be very quick and wholesome development in our skincare enterprise.

And within the meantime, we’re working very onerous to attempt to flip round our shade cosmetics enterprise.

Unknown speaker

Received it. Thanks quite a bit. I’ve no different questions.

Donghao YangChief Monetary Officer and Director

Thanks.

Operator

Thanks. [Operator instructions] And our subsequent query comes from Olivia Tong with Raymond James.

Olivia TongRaymond James — Analyst

Thanks. Good morning. I wished to ask you about your view on the aggressive atmosphere, native manufacturers versus worldwide manufacturers, how they stack up, notably with 11/11. After which additionally your ideas as you go into subsequent 12 months.

After which particularly for you about fiscal ’23, the This autumn information would recommend that on a two-year stack foundation on income that the gross sales deceleration begins to — it is a larger deceleration in gross sales. So, as you consider the go ahead over the subsequent 12 months, is your view that that is type of the steady-state tempo now, or is there one thing that adjustments materially as you go into fiscal ’23? Thanks.

Jinfeng HuangFounder, Chairman, and Chief Government Officer

Effectively, I believe because the market — the expansion for the full magnificence market proper now, it is already nearly 0 or generally declining. So, principally, the competitors might be intense. However that is — I believe it is regular on this market. So, if we’re wanting on the worldwide gross sales, they’re fewer funding loss and in addition proceed to low cost principally for the entire 12 months since Double 11 final 12 months.

So, for home manufacturers, I believe the brand new manufacturers rising as capital challenges challenged the sweetness business previously two or three years, particularly on the fast-growing Douyin platform. So, for us, I believe we might be extra centered on our technique and attempt to concentrate on the exterior competitors. Proper now, we’ve got a really clear technique to develop our skincare manufacturers within the portfolio and in addition to turnaround our shade enterprise. So, profitability would be the precedence, and in addition skincare manufacturers would be the precedence.

So, as we glance ahead, I believe we’re executing the technique constantly and in addition we’ll proceed to maneuver ahead with that very clear technique sooner or later as properly.

Donghao YangChief Monetary Officer and Director

Yeah. And your second query about our subsequent 12 months’s outlook. Effectively, to start with, we don’t present steering for our — for any time horizon past the subsequent quarter. However anyway — properly, for 2023, I believe the decline in our development price, I do not assume it will likely be, you recognize, as deep as this 12 months for various causes.

One, we have been working very onerous to show round our shade cosmetics enterprise, and we have seen some excellent constructive indicators in our efforts. And secondly, we have a really robust development in our skincare enterprise, which we imagine will proceed into subsequent — properly into subsequent 12 months. So, if you happen to think about these two tendencies collectively, I believe, general, our — subsequent 12 months, I believe our development price of our enterprise will begin to stabilize, if not, flip constructive from a year-over-year standpoint.

Olivia TongRaymond James — Analyst

Thanks a lot.

Donghao YangChief Monetary Officer and Director

Thanks.

Operator

Thanks. And that concludes the question-and-answer session. I wish to flip the convention again over to administration for any closing feedback.

Irene LyuHead of Strategic Investments and Capital Markets

Thanks for becoming a member of us right now. You probably have any additional questions, please be happy to contact us at Yatsen instantly or via TPG Buyers. Our firm data for IR in each China and the U.S. might be present in right now’s press launch.

Have a superb day. Thanks.

Operator

Thanks. [Operator signoff]

Length: 0 minutes

Name contributors:

Irene LyuHead of Strategic Investments and Capital Markets

Jinfeng HuangFounder, Chairman, and Chief Government Officer

Donghao YangChief Monetary Officer and Director

Dustin WeiMorgan Stanley — Analyst

Unknown speaker

Olivia TongRaymond James — Analyst

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