Yatsen Announces Fourth Quarter and Full Year 2024 Financial Results
PR Newswire
GUANGZHOU, China, Feb. 25, 2025
Conference Call to Be Held at 7:30 A.M. U.S. Eastern Time on February 25, 2025
GUANGZHOU, China, Feb. 25, 2025 /PRNewswire/ -- Yatsen Holding Limited ("Yatsen" or the "Company") $(YSG)$, a leading China-based beauty group, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024.
Fourth Quarter and Full Year 2024 Highlights
-- Total net revenues for the fourth quarter of 2024 increased by 7.1% to
RMB1.15 billion (US$157.3 million) from RMB1.07 billion for the prior
year period. Total net revenues for the full year of 2024 decreased by
0.6% to RMB3.39 billion (US$464.9 million) from RMB3.41 billion for the
prior year period.
-- Total net revenues from Skincare Brands[1] for the fourth quarter of 2024
were RMB554.8 million (US$76.0 million), remaining flat as compared with
the prior year period. As a percentage of total net revenues, total net
revenues from Skincare Brands for the fourth quarter of 2024 were 48.3%,
as compared with 51.7% for the prior year period. Total net revenues from
Skincare Brands for the full year of 2024 increased by 0.7% to RMB1.39
billion (US$190.9 million) from RMB1.38 billion for the prior year
period. As a percentage of total net revenues, total net revenues from
Skincare Brands for the full year of 2024 were 41.1%, as compared with
40.5% for the prior year period.
-- Gross margin for the fourth quarter of 2024 increased to 77.8% from 73.7%
for the prior year period. Gross margin for the full year of 2024
increased to 77.1% from 73.6% for the prior year period.
-- Net loss for the fourth quarter of 2024 decreased by 23.4% to RMB378.8
million (US$51.9 million) from RMB494.5 million for the prior year
period. Net loss for the full year of 2024 decreased by 5.3% to RMB710.2
million (US$97.3 million) from RMB750.2 million for the prior year
period. Non-GAAP net income[2] for the fourth quarter of 2024 was
RMB107.0 million (US14.7 million), as compared with non-GAAP net loss of
RMB93.7 million for the prior year period. Non-GAAP net loss for the full
year of 2024 decreased by 56.7% to RMB128.2 million (US$17.6 million)
from RMB296.1 million for the prior year period.
Mr. Jinfeng Huang, Founder, Chairman and Chief Executive Officer of Yatsen, stated, "We are pleased to share our solid performance in the fourth quarter of 2024, despite the continued challenges in the beauty market. We achieved year-over-year growth in total net revenues for the fourth quarter, driven by the recovery of Perfect Diary as well as the combined growth of our three major skincare brands. In terms of profitability, we also made solid progress, narrowing our net loss margin while delivering non-GAAP net income for the quarter. This performance reflects the success of our strategic initiatives in product development, brand building, and cost optimization. As we move forward, we will remain committed to our strategic transformation plan and are confident in our ability to navigate the evolving market dynamics and drive sustainable growth."
Mr. Donghao Yang, Director and Chief Financial Officer of Yatsen, commented, "Our financial results for the fourth quarter and full year of 2024 demonstrate the effective execution of our strategic transformation. In the fourth quarter, we achieved a 7.1% year-over-year increase in net revenues, in line with our guidance. Our gross margin rose to 77.8%, up from 73.7% for the prior year period. While we recorded a net loss, primarily due to a goodwill impairment of RMB403.1 million, we achieved solid non-GAAP net income with a 9.3% margin.([3]) For the full year 2024, our total net revenues declined by 0.6% year over year, reflecting overall stability. Meanwhile, our gross margin, net loss margin, and non-GAAP net loss margin all showed improvements compared with the prior year. Looking ahead, we will continue to enhance our operational efficiencies and strategically allocate resources to position the company for long-term success."
Fourth Quarter 2024 Financial Results
Net Revenues
Total net revenues for the fourth quarter of 2024 increased by 7.1% to RMB1.15 billion (US$157.3 million) from RMB1.07 billion for the prior year period. The increase was primarily due to a 16.4% year-over-year increase in net revenues from Color Cosmetics Brands.([4])
Gross Profit and Gross Margin
Gross profit for the fourth quarter of 2024 increased by 13.0% to RMB893.0 million (US$122.3 million) from RMB790.1 million for the prior year period. Gross margin for the fourth quarter of 2024 increased to 77.8% from 73.7% for the prior year period. The increase was primarily driven by an increase in sales of higher-gross-margin products.
Operating Expenses
Total operating expenses for the fourth quarter of 2024 decreased by 3.5% to RMB1.28 billion (US$175.9 million) from RMB1.33 billion for the prior year period. As a percentage of total net revenues, total operating expenses for the fourth quarter of 2024 were 111.8%, as compared with 124.0% for the prior year period.
-- Fulfillment Expenses. Fulfillment expenses for the fourth quarter of 2024
were RMB63.5 million (US$8.7 million), as compared with RMB62.7 million
for the prior year period. As a percentage of total net revenues,
fulfillment expenses for the fourth quarter of 2024 decreased to 5.5%
from 5.8% for the prior year period. The decrease was primarily due to an
increase in the overall average selling price of the Company's products,
as well as further improvements in logistics efficiency.
-- Selling and Marketing Expenses. Selling and marketing expenses for the
fourth quarter of 2024 were RMB690.6 million (US$94.6 million), as
compared with RMB717.4 million for the prior year period. As a percentage
of total net revenues, selling and marketing expenses for the fourth
quarter of 2024 decreased to 60.1% from 66.9% for the prior year period.
The decrease was primarily due to the Company's more strategic marketing
spending, combined with lower payroll expenses related to selling and
marketing personnel.
-- General and Administrative Expenses. General and administrative expenses
for the fourth quarter of 2024 were RMB100.1 million (US$13.7 million),
as compared with RMB158.7 million for the prior year period. As a
percentage of total net revenues, general and administrative expenses for
the fourth quarter of 2024 decreased to 8.7% from 14.8% for the prior
year period. The decrease was primarily attributable to lower payroll
expenses resulting from a reduction in general and administrative
headcount and lower share-based compensation expenses.
-- Research and Development Expenses. Research and development expenses for
the fourth quarter of 2024 were RMB26.3 million (US$3.6 million), as
compared with RMB36.9 million for the prior year period. As a percentage
of total net revenues, research and development expenses for the fourth
quarter of 2024 decreased to 2.3% from 3.4% for the prior year period.
The decrease was primarily attributable to the Company's efforts to
maintain research and development expenses at a reasonable level relative
to total net revenues.
-- Impairment of Goodwill. Impairment of goodwill for the fourth quarter of
2024 was RMB403.1 million (US$55.2 million), as compared with RMB354.0
million in the prior year period. Impairment recorded in this quarter
mainly represents the amount by which the carrying value of the Eve Lom
reporting unit exceeded its fair value, based on the quantitative
goodwill impairment test, primarily due to weaker operating results than
expected.
Loss / Income from Operations
Loss from operations for the fourth quarter of 2024 was RMB390.7 million (US$53.5 million), as compared with RMB539.6 million for the prior year period. Operating loss margin was 34.0%, as compared with 50.3% for the prior year period.
Non-GAAP income from operations([5]) for the fourth quarter of 2024 was RMB93.2 million (US$12.8 million), as compared with non-GAAP loss from operations of RMB125.9 million for the prior year period. Non-GAAP operating income margin([6]) was 8.1%, as compared with non-GAAP operating loss margin of 11.7% for the prior year period.
Net Loss / Income
Net loss for the fourth quarter of 2024 was RMB378.8 million (US$51.9 million), as compared with RMB494.5 million for the prior year period. Net loss margin was 33.0%, as compared with 46.1% for the prior year period. Net loss attributable to Yatsen's ordinary shareholders per diluted ADS([7]) for the fourth quarter of 2024 was RMB3.98 (US$0.55), as compared with RMB4.57 for the prior year period.
Non-GAAP net income for the fourth quarter of 2024 was RMB107.0 million (US$14.7 million), as compared with non-GAAP net loss of RMB93.7 million for the prior year period. Non-GAAP net income margin was 9.3%, as compared with non-GAAP net loss margin of 8.7% for the prior year period. Non-GAAP net income attributable to Yatsen's ordinary shareholders per diluted ADS([8]) for the fourth quarter of 2024 was RMB0.99 (US$0.14), as compared with non-GAAP net loss attributable to Yatsen's ordinary shareholders per diluted ADS of RMB0.84 for the prior year period.
Full Year 2024 Financial Results
Total net revenues for the full year of 2024 decreased by 0.6% to RMB3.39 billion (US$464.9 million) from RMB3.41 billion for the prior year period, primarily attributable to the decline in net revenues from Color Cosmetics Brands, partially offset by the increase in net revenues from Skincare Brands.
Gross profit for the full year of 2024 increased by 4.1% to RMB2.62 billion (US$358.6 million) from RMB2.51 billion for the prior year period. Gross margin for the full year of 2024 increased to 77.1% from 73.6% for the prior year period. The increase was primarily attributable to increasing sales of higher-gross margin products.
Loss from operations for the full year of 2024 was RMB824.9 million (US$113.0 million), as compared with RMB913.4 million for the prior year period. Operating loss margin decreased to 24.3% from 26.7% for the prior year period.
Non-GAAP loss from operations for the full year of 2024 was RMB224.3 million (US$30.7 million), as compared with RMB427.5 million for the prior year period. Non-GAAP operating loss margin decreased to 6.6% from 12.5% for the prior year period.
Net loss for the full year of 2024 was RMB710.2 million (US$97.3 million), as compared with RMB750.2 million for the prior year period. Net loss margin decreased to 20.9% from 22.0% for the prior year period. Net loss attributable to Yatsen's ordinary shareholders per diluted ADS for the full year of 2024 was RMB6.99 (US$0.96), as compared with RMB6.81 for the prior year period.
Non-GAAP net loss for the full year of 2024 was RMB128.2 million (US$17.6 million), as compared with RMB296.1 million for the prior year period. Non-GAAP net loss margin decreased to 3.8% from 8.7% for the prior year period. Non-GAAP net loss attributable to Yatsen's ordinary shareholders per diluted ADS for the full year of 2024 was RMB1.26 (US$0.17), as compared with RMB2.66 for the prior year period.
Balance Sheet and Cash Flow
As of December 31, 2024, the Company had cash, restricted cash and short-term investments of RMB1.36 billion (US$185.8 million), as compared with RMB2.08 billion as of December 31, 2023.
Net cash generated from operating activities for the fourth quarter of 2024 was RMB202.2 million (US$27.7 million), as compared with RMB90.5 million for the prior year period. Net cash used in operating activities for the full year of 2024 was RMB243.7 million (US$33.4 million), as compared with RMB107.4 million for the prior year period.
Business Outlook
For the first quarter of 2025, the Company expects its total net revenues to be between RMB788.8 million and RMB866.2 million, representing a year-over-year increase of approximately 2% to 12%. These forecasts reflect the Company's current and preliminary views on the market and operational conditions, which are subject to change.
Exchange Rate
This announcement contains translations of certain Renminbi ("RMB") amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ were made at a rate of RMB7.2993 to US$1.00, the exchange rate in effect as of December 31, 2024, as set forth in the H.10 statistical release of The Board of Governors of the Federal Reserve System. The Company makes no representation that any RMB or US$ amounts could have been, or could be, converted into US$ or RMB, as the case may be, at any particular rate, or at all.
[1] Include net revenues from Galénic, DR.WU (its mainland China business), Eve Lom and other skincare brands of the Company. [2] Non-GAAP net income (loss) is a non-GAAP financial measure. Non-GAAP net income (loss) is defined as net income (loss) excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from assets and business acquisitions, (iii) revaluation of investments on the share of equity method investments, (iv) impairment of goodwill and (v) tax effects on non-GAAP adjustments. [3] Non-GAAP net income (loss) margin is a non-GAAP financial measure, which is defined as non-GAAP net income (loss) as a percentage of total net revenues. [4] Include Perfect Diary, Little Ondine, Pink Bear and other color cosmetics brands of the Company. [5] Non-GAAP income (loss) from operations is a non-GAAP financial measure. Non-GAAP income (loss) from operations is defined as income (loss) from operations excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from assets and business acquisitions and (iii) impairment of goodwill. [6] Non-GAAP operating income (loss) margin is a non-GAAP financial measure, which is defined as non-GAAP net income (loss) from operations as a percentage of total net revenues. [7] ADS refers to American depositary shares, each of which represents twenty Class A ordinary shares, effective from March 18, 2024. Prior to that date, each ADS represented four Class A ordinary shares. Unless otherwise stated, the current ADS ratio has been applied retrospectively to all periods presented in this document. [8] Non-GAAP net income (loss) attributable to ordinary shareholders per diluted ADS is a non-GAAP financial measure. Non-GAAP net income (loss) attributable to ordinary shareholders per diluted ADS is defined as non-GAAP net income (loss) attributable to ordinary shareholders divided by the weighted average number of diluted ADS outstanding for computing diluted earnings per ADS. Non-GAAP net income (loss) attributable to ordinary shareholders is defined as net income (loss) attributable to ordinary shareholders excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from assets and business acquisitions, (iii) revaluation of investments on the share of equity method investments, (iv) impairment of goodwill, (v) tax effects on non-GAAP adjustments and (vi) accretion to redeemable non-controlling interests.
Conference Call Information
The Company's management will hold a conference call on Tuesday, February 25, 2025, at 7:30 A.M. U.S. Eastern Time or 8:30 P.M. Beijing Time to discuss its financial results and operating performance for the fourth quarter and full year 2024.
United States (toll free): +1-888-346-8982 International: +1-412-902-4272 Mainland China (toll free): 400-120-1203 Hong Kong, SAR (toll free): 800-905-945 Hong Kong, SAR: +852-3018-4992 Conference ID: 5014463
The replay will be accessible through Tuesday, March 4, by dialing the following numbers:
United States: +1-877-344-7529 International: +1-412-317-0088 Replay Access Code: 5014463
A live and archived webcast of the conference call will also be available on the Company's investor relations website at http://ir.yatsenglobal.com.
About Yatsen Holding Limited
Yatsen Holding Limited (NYSE: YSG) is a leading China-based beauty group with the mission of creating an exciting new journey of beauty discovery for consumers around the world. Founded in 2016, the Company has launched and acquired numerous color cosmetics and skincare brands including Perfect Diary, Little Ondine, Pink Bear, Galénic, DR.WU (its mainland China business), Eve Lom and EANTiM. The Company's flagship brand, Perfect Diary, is one of the leading color cosmetics brands in China in terms of retail sales value. The Company primarily reaches and engages with customers directly both online and offline, with expansive presence across all major e-commerce, social and content platforms in China.
For more information, please visit http://ir.yatsenglobal.com.
Use of Non-GAAP Financial Measures
The Company uses non-GAAP income (loss) from operations, non-GAAP operating income (loss) margin, non-GAAP net income (loss), non-GAAP net income (loss) margin, non-GAAP net income (loss) attributable to ordinary shareholders and non-GAAP net income (loss) attributable to ordinary shareholders per diluted ADS, each a non-GAAP financial measure, in reviewing and assessing its operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company presents these non-GAAP financial measures because they are used by the management to evaluate operating performance and formulate business plans. Non-GAAP financial measures help identify underlying trends in its business, provide further information about its results of operations, and enhance the overall understanding of its past performance and future prospects. The Company defines non-GAAP income (loss) from operations as income (loss) from operations excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from assets and business acquisitions and (iii) impairment of goodwill. Non-GAAP operating income (loss) margin is non-GAAP income (loss) from operations as a percentage of total net revenues. The Company defines non-GAAP net income (loss) as net income (loss) excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from assets and business acquisitions, (iii) revaluation of investments on the share of equity method investments, (iv) impairment of goodwill and (v) tax effects on non-GAAP adjustments. Non-GAAP net income (loss) margin is non-GAAP net income (loss) as a percentage of total net revenues. The Company defines non-GAAP net income (loss) attributable to ordinary shareholders as net income (loss) attributable to ordinary shareholders excluding (i) share-based compensation expenses, (ii) amortization of intangible assets resulting from assets and business acquisitions, (iii) revaluation of investments on the share of equity method investments, (iv) impairment of goodwill, (v) tax effects on non-GAAP adjustments and (vi) accretion to redeemable non-controlling interests. Non-GAAP net income (loss) attributable to ordinary shareholders per diluted ADS is computed using non-GAAP net income (loss) attributable to ordinary shareholders divided by weighted average number of diluted ADS outstanding for computing diluted earnings per ADS.
However, the non-GAAP financial measures have limitations as analytical tools as the non-GAAP financial measures are not presented in accordance with U.S. GAAP and may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating performance. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. Reconciliations of Yatsen's non-GAAP financial measure to the most comparable U.S. GAAP measure are included at the end of this press release.
Safe Harbor Statement
This announcement contains statements that may constitute "forward-looking" statements which are made pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to," and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the Securities and Exchange Commission ("SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company's beliefs, plans, outlook and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's growth strategies; its future business development, results of operations and financial condition; its ability to continue to roll out popular products and maintain popularity of existing products; its ability to anticipate and respond to changes in industry trends and consumer preferences and behavior in a timely manner; its ability to attract and retain new customers and to increase revenues generated from repeat customers; its expectations regarding demand for and market acceptance of its products and services; its ability to integrate newly-acquired businesses and brands; trends and competition in and relevant government policies and regulations relating to China's beauty market; changes in its revenues and certain cost or expense items; and general economic conditions globally and in China. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For investor and media inquiries, please contact:
In China:
Yatsen Holding Limited
Investor Relations
E-mail: ir@yatsenglobal.com
Piacente Financial Communications
Hui Fan
Tel: +86-10-6508-0677
E-mail: yatsen@thepiacentegroup.com
In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: yatsen@thepiacentegroup.com
YATSEN HOLDING LIMITED UNAUDITED CONDENSED CONSOLIDATED
BALANCE SHEETS (All amounts in thousands, except for share,
per share data or otherwise noted)
December December December
31, 31, 31,
------------ ----------- -----------
2023 2024 2024
------------ ----------- -----------
RMB'000 RMB'000 USD'000
Assets
Current assets
Cash and cash
equivalents 836,888 817,395 111,983
Restricted cash 21,248 - -
Short-term
investments 1,218,481 539,130 73,861
Accounts receivable,
net 198,851 214,558 29,394
Inventories, net 352,090 386,054 52,889
Prepayments and
other current
assets 303,841 381,404 52,252
Amounts due from
related parties 20,200 9,113 1,248
----------- ----------- -----------
Total current assets 2,951,599 2,347,654 321,627
----------- ----------- -----------
Non-current assets
Investments 618,752 664,579 91,047
Property and
equipment, net 64,878 74,373 10,189
Goodwill, net 556,567 155,029 21,239
Intangible assets,
net 671,396 559,708 76,680
Deferred tax assets 1,375 1,381 189
Right-of-use assets,
net 114,348 147,501 20,208
Other non-current
assets 27,100 20,642 2,828
----------- ----------- -----------
Total non-current
assets 2,054,416 1,623,213 222,380
----------- ----------- -----------
Total assets 5,006,015 3,970,867 544,007
=========== =========== ===========
Liabilities,
redeemable
non-controlling
interests and
shareholders'
equity
Current liabilities
Accounts payable 105,691 72,090 9,876
Advances from
customers 41,579 19,574 2,682
Accrued expenses and
other liabilities 391,217 460,143 63,039
Amounts due to
related parties 9,431 28,884 3,957
Income tax payables 17,946 20,088 2,752
Lease liabilities
due within one
year 45,464 39,409 5,399
----------- ----------- -----------
Total current
liabilities 611,328 640,188 87,705
----------- ----------- -----------
Non-current
liabilities
Deferred tax
liabilities 111,591 103,306 14,153
Deferred income-non
current 30,556 14,832 2,032
Lease liabilities 67,767 109,526 15,005
----------- ----------- -----------
Total non-current
liabilities 209,914 227,664 31,190
----------- ----------- -----------
Total liabilities 821,242 867,852 118,895
----------- ----------- -----------
Redeemable
non-controlling
interests 51,466 50,984 6,985
----------- ----------- -----------
Shareholders'
equity
Ordinary Shares
(US$0.00001 par
value;
10,000,000,000
ordinary shares
authorized,
comprising of
6,000,000,000 Class
A ordinary shares,
960,852,606 Class B
ordinary shares and
3,039,147,394
shares each of such
classes to be
designated as of
December 31, 2023
and December 31,
2024; 2,030,600,883
Class A shares and
666,572,880 Class B
ordinary shares
issued as of
December 31, 2023,
2,096,600,883 Class
A shares and
600,572,880 Class B
ordinary shares
issued as of
December 31, 2024;
1,487,546,132 Class
A ordinary shares
and 666,572,880
Class B ordinary
shares outstanding
as of December 31,
2023, 1,234,627,468
Class A ordinary
shares and
600,572,880 Class B
ordinary shares
outstanding as of
December 31, 2024) 173 173 24
Treasury shares (864,568) (1,276,330) (174,856)
Additional paid-in
capital 12,260,208 12,273,767 1,681,499
Statutory reserve 24,177 28,147 3,856
Accumulated deficit (7,345,153) (8,057,297) (1,103,845)
Accumulated other
comprehensive
income 60,200 86,866 11,900
----------- ----------- -----------
Total Yatsen Holding
Limited
shareholders'
equity 4,135,037 3,055,326 418,578
----------- ----------- -----------
Non-controlling
interests (1,730) (3,295) (451)
----------- ----------- -----------
Total shareholders'
equity 4,133,307 3,052,031 418,127
----------- ----------- -----------
Total liabilities,
redeemable
non-controlling
interests and
shareholders'
equity 5,006,015 3,970,867 544,007
----------- ----------- -----------
YATSEN HOLDING LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(All amounts in thousands, except for share, per share data or otherwise noted)
For the Three Months Ended December 31, For the Year Ended December 31,
-------------------------------------------- -------------------------------------------
2023 2024 2024 2023 2024 2024
-------------- ------------- ------------- ------------- ------------- -------------
RMB'000 RMB'000 USD'000 RMB'000 RMB'000 USD'000
Total net revenues 1,072,691 1,148,522 157,347 3,414,774 3,393,414 464,896
Total cost of revenues (282,548) (255,536) (35,008) (901,455) (776,236) (106,344)
------------- ------------- ------------- ------------- ------------- -------------
Gross profit 790,143 892,986 122,339 2,513,319 2,617,178 358,552
------------- ------------- ------------- ------------- ------------- -------------
Operating expenses:
Fulfilment expenses (62,741) (63,517) (8,702) (229,021) (216,540) (29,666)
Selling and marketing
expenses (717,439) (690,584) (94,610) (2,230,974) (2,268,793) (310,823)
General and
administrative
expenses (158,716) (100,122) (13,717) (500,942) (444,373) (60,879)
Research and
development
expenses (36,851) (26,345) (3,609) (111,698) (109,287) (14,972)
Impairment of
goodwill (354,039) (403,076) (55,221) (354,039) (403,076) (55,221)
------------- ------------- ------------- ------------- ------------- -------------
Total operating
expenses (1,329,786) (1,283,644) (175,859) (3,426,674) (3,442,069) (471,561)
------------- ------------- ------------- ------------- ------------- -------------
Loss from operations (539,643) (390,658) (53,520) (913,355) (824,891) (113,009)
------------- ------------- ------------- ------------- ------------- -------------
Financial income 15,763 20,973 2,873 89,020 86,136 11,801
Foreign currency
exchange gain
(loss) 6,400 (22,129) (3,032) 7,218 (20,399) (2,795)
Income (loss) from
equity method
investments, net 4,446 (8,104) (1,110) 10,122 1,386 190
Other income, net 15,612 18,726 2,565 53,558 44,461 6,091
------------- ------------- ------------- ------------- ------------- -------------
Loss before income tax
expenses (497,422) (381,192) (52,224) (753,437) (713,307) (97,722)
------------- ------------- ------------- ------------- ------------- -------------
Income tax benefits 2,896 2,388 327 3,210 3,086 423
------------- ------------- ------------- ------------- ------------- -------------
Net loss (494,526) (378,804) (51,897) (750,227) (710,221) (97,299)
------------- ------------- ------------- ------------- ------------- -------------
Net loss (income)
attributable to non-
controlling interests
and redeemable non-
controlling
interests 4,011 (5,430) (744) 5,439 2,047 280
Accretion to
redeemable
non-controlling
interests - - - (2,975) - -
------------- ------------- ------------- ------------- ------------- -------------
Net loss attributable
to Yatsen's
shareholders (490,515) (384,234) (52,641) (747,763) (708,174) (97,019)
============= ============= ============= ============= ============= =============
Net loss attributable
to ordinary
shareholders of
Yatsen (490,515) (384,234) (52,641) (747,763) (708,174) (97,019)
============= ============= ============= ============= ============= =============
Shares used in
calculating loss per
share (1):
Weighted average
number of Class A
and Class B ordinary
shares:
Basic 2,146,881,745 1,930,413,426 1,930,413,426 2,195,818,231 2,025,072,131 2,025,072,131
Diluted 2,146,881,745 1,930,413,426 1,930,413,426 2,195,818,231 2,025,072,131 2,025,072,131
Net loss per Class A
and Class B ordinary
share
Basic (0.23) (0.20) (0.03) (0.34) (0.35) (0.05)
Diluted (0.23) (0.20) (0.03) (0.34) (0.35) (0.05)
Net loss per ADS (20
ordinary shares
equal to 1 ADS) (2)
Basic (4.57) (3.98) (0.55) (6.81) (6.99) (0.96)
Diluted (4.57) (3.98) (0.55) (6.81) (6.99) (0.96)
For the Three Months Ended December 31, For the Year Ended December 31,
-------------------------------------------- -------------------------------------------
2023 2024 2024 2023 2024 2024
-------------- ------------- ------------- ------------- ------------- -------------
Share-based
compensation
expenses are
included in the
operating expenses
as follows: RMB'000 RMB'000 USD'000 RMB'000 RMB'000 USD'000
Fulfilment expenses 256 237 32 2,055 387 53
Selling and marketing
expenses 3,298 2,259 309 23,518 (42) (6)
General and
administrative
expenses 39,688 17,443 2,390 46,902 89,941 12,322
Research and
development
expenses 1,241 356 49 5,027 888 122
------------- ------------- ------------- ------------- ------------- -------------
Total 44,483 20,295 2,780 77,502 91,174 12,491
------------- ------------- ------------- ------------- ------------- -------------
(1) Authorized share capital is re-classified and re-designated into Class A
ordinary shares and Class B ordinary shares, with each Class A ordinary share
being entitled to one vote and each Class B ordinary share being entitled to
twenty votes on all matters that are subject to shareholder vote.
(2) Effective from March 18, 2024, the Company changed its ADS to Class A
Ordinary Share ratio from one ADS representing four ordinary shares to one ADS
representing twenty ordinary shares. The historical and present income (loss)
per ADS have been adjusted retroactively for all periods presented to reflect
this change.
YATSEN HOLDING LIMITED
UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except for share, per share data or otherwise noted)
For the Three Months Ended December 31, For the Year Ended December 31,
-------------------------------------------- -------------------------------------------
2023 2024 2024 2023 2024 2024
-------------- ------------- ------------- ------------- ------------- -------------
RMB'000 RMB'000 USD'000 RMB'000 RMB'000 USD'000
Loss from
operations (539,643) (390,658) (53,520) (913,355) (824,891) (113,009)
Share-based
compensation
expenses 44,483 20,295 2,780 77,502 91,174 12,491
Impairment of
goodwill 354,039 403,076 55,221 354,039 403,076 55,221
Amortization of
intangible
assets
resulting from
assets and
business
acquisitions 15,231 60,447 8,281 54,297 106,385 14,575
------------- ------------- ------------- ------------- ------------- -------------
Non-GAAP (loss)
income from
operations (125,890) 93,160 12,762 (427,517) (224,256) (30,722)
------------- ------------- ------------- ------------- ------------- -------------
Net loss (494,526) (378,804) (51,897) (750,227) (710,221) (97,299)
Share-based
compensation
expenses 44,483 20,295 2,780 77,502 91,174 12,491
Impairment of
goodwill 354,039 403,076 55,221 354,039 403,076 55,221
Amortization of
intangible
assets resulting
from assets and
business
acquisitions 15,231 60,447 8,281 54,297 106,385 14,575
Revaluation of
investments on
the share of
equity method
investments (10,337) 7,386 1,012 (22,324) (10,019) (1,373)
Tax effects on
non-GAAP
adjustments (2,635) (5,421) (743) (9,356) (8,644) (1,184)
------------- ------------- ------------- ------------- ------------- -------------
Non-GAAP net
(loss) income (93,745) 106,979 14,654 (296,069) (128,249) (17,569)
------------- ------------- ------------- ------------- ------------- -------------
Net loss
attributable to
Yatsen's
shareholders (490,515) (384,234) (52,641) (747,763) (708,174) (97,019)
Share-based
compensation
expenses 44,483 20,295 2,780 77,502 91,174 12,491
Impairment of
goodwill 354,039 403,076 55,221 354,039 403,076 55,221
Amortization of
intangible
assets resulting
from assets and
business
acquisitions 14,945 60,079 8,231 53,214 104,853 14,365
Revaluation of
investments on
the share of
equity method
investments (10,337) 7,386 1,012 (22,324) (10,019) (1,373)
Tax effects on
non-GAAP
adjustments (2,635) (5,393) (739) (9,356) (8,533) (1,169)
Accretion to
redeemable non-
controlling
interests - - - 2,975 - -
Non-GAAP net
(loss) income
attributable to
Yatsen's
shareholders (90,020) 101,209 13,864 (291,713) (127,623) (17,484)
------------- ------------- ------------- ------------- ------------- -------------
Shares used in
calculating
loss per
share:
Weighted
average number
of Class A and
Class B
ordinary
shares:
Basic 2,146,881,745 1,930,413,426 1,930,413,426 2,195,818,231 2,025,072,131 2,025,072,131
Diluted 2,146,881,745 2,049,750,667 2,049,750,667 2,195,818,231 2,025,072,131 2,025,072,131
Non-GAAP net
(loss) income
attributable to
ordinary
shareholders
per Class A and
Class B
ordinary share
Basic (0.04) 0.05 0.01 (0.13) (0.06) (0.01)
Diluted (0.04) 0.05 0.01 (0.13) (0.06) (0.01)
Non-GAAP net
(loss) income
attributable to
ordinary
shareholders
per ADS (20
ordinary shares
equal to 1 ADS)
(1)
Basic (0.84) 1.05 0.14 (2.66) (1.26) (0.17)
Diluted (0.84) 0.99 0.14 (2.66) (1.26) (0.17)
(1) Effective from March 18, 2024, the Company changed its ADS to Class A
Ordinary Share ratio from one ADS representing four ordinary shares to one ADS
representing twenty ordinary shares. The historical and present income (loss)
per ADS have been adjusted retroactively for all periods presented to reflect
this change.
View original content:https://www.prnewswire.com/news-releases/yatsen-announces-fourth-quarter-and-full-year-2024-financial-results-302384327.html
SOURCE Yatsen Holding Limited
(END) Dow Jones Newswires
February 25, 2025 05:00 ET (10:00 GMT)
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