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Yatsen Announces Fourth Quarter and Full Year 2024 Financial Results

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”) (NYSE: 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
31,

December
31,

December
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.

 

HUYA Inc. to Report Fourth Quarter and Fiscal Year 2024 Financial Results on Tuesday, March 18, 2025

-Earnings Webinar Scheduled for 6:00 a.m. ET on March 18, 2025

GUANGZHOU, China, Feb. 25, 2025 /PRNewswire/ — HUYA Inc. (“Huya” or the “Company”) (NYSE: HUYA), a leading game live streaming platform in China, today announced that it will report its fourth quarter and fiscal year 2024 unaudited financial results on Tuesday, March 18, 2025, before the open of U.S. markets.

The Company’s management will host a Tencent Meeting Webinar at 6:00 a.m. U.S. Eastern Time on March 18, 2025 (6:00 p.m. Beijing/Hong Kong time on March 18, 2025), to review and discuss the Company’s business and financial performance.

For participants who wish to join the webinar, please complete the online registration in advance using the links provided below. Upon registration, participants will receive an email with webinar access information, including meeting ID, meeting link, dial-in numbers, and a unique attendee ID to join the webinar.

Participant Online Registration

A live webcast of the webinar will be accessible at https://ir.huya.com, and a replay of the webcast will be available following the session.

[1] For the purpose of this announcement only, Chinese Mainland excludes the Hong Kong Special Administrative Region, the Macao Special Administrative Region of the People’s Republic of China, and Taiwan.

About HUYA Inc.

HUYA Inc. is a leading game live streaming platform in China. As a technology-driven company, Huya offers rich and dynamic content across games, e-sports, and other entertainment genres where it has cultivated a large, highly engaged, interactive, immersive community of game enthusiasts. Building on its success in game live streaming and through close collaboration with game companies, e-sports tournament organizers, broadcasters and talent agencies, Huya is expanding its presence in the game industry, both domestically and internationally. By providing more innovative game-related services, the Company is committed to meeting the evolving needs of game enthusiasts, content creators, and industry partners.

For more information, please visit: https://ir.huya.com.

For investor and media inquiries, please contact:

In China:

HUYA Inc.
Investor Relations
Tel: +86-20-2290-7829
E-mail: ir@huya.com

Piacente Financial Communications
Jenny Cai
Tel: +86-10-6508-0677
E-mail: huya@tpg-ir.com

In the United States:

Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: huya@tpg-ir.com

 

Innovation and technology fuels winter economy in Harbin

BEIJING, Feb. 25, 2025 /PRNewswire/ — A news report from China Daily:

Harbin, capital of Heilongjiang province in Northeast China, has become a popular destination for ice and snow tourism in recent years.

As the city hosted the 9th Asian Winter Games from Feb 7-14, there was a large influx of visitors who enjoyed sightseeing and shopping in Harbin, injecting new vitality into cultural and tourism consumption.

The Pingshan Shenlu Ski Resort, located more than 70 kilometers away from downtown Harbin, attracts enthusiasts who step onto snowboards and speed down the snow-covered trails. The resort manager, Wang Xiaojing, has noted significant changes over the past two years: an increase in visitor numbers and expansions in skiing equipment, attire and instructors.

To attract and cater to young skiers from all over the country, the resort has constructed children’s ski trails and channels, preventing adult beginners from posing a risk to them.

In a factory building within the Harbin Xinyu Intelligent Manufacturing Industrial Park, an intelligent skiing machine weighing more than 6 metric tons is developed and manufactured.

Tian Mingzhu, president of the Harbin Sports Industry Association, said that this machine can help beginners reach an intermediate skiing level in about four sessions.

People ranging from 3-4 years old to 60-70 years old can also safely learn to ski on the machine.

Harbin also scaled new heights culturally and creatively. For instance, the sales volume of augmented reality refrigerator magnets featuring Harbin design elements has exceeded 20 million yuan ($2.76 million).

“Customers can scan the refrigerator magnet with their phones and see exquisite images of Harbin’s four seasons,” said Wang Jing, general manager of Longyue Cultural and Creative Technology, the company that developed the product.

Despite cold weather, many young people queued up in front of a shop named “Zhongqi Shizu” on Central Avenue to purchase traditional Chinese medicine ice cream.

“We combined different traditional Chinese medicines, related food ingredients and probiotic pretreatments, fully releasing the nutritional value of raw materials, which can make the ice cream healthier, and more distinctive in flavor,” said Shen Xiaodi, director of its brand operation.

“Riding on the popularity of the ice and snow season, we will upgrade our products, expand consumer scenarios, and present a richer range of traditional Chinese medicine products to customers,” Shen added.

The 9th Asian Winter Games holds its closing ceremony in Harbin on Feb 14. FENG YONGBIN / CHINA DAILY
The 9th Asian Winter Games holds its closing ceremony in Harbin on Feb 14. FENG YONGBIN / CHINA DAILY

 

Emirates to hold its first ever pilot recruitment roadshow in Macao

DUBAI, UAE  , Feb. 25, 2025  /PRNewswire/ — Emirates, as the international airline based in Dubai, has announced its first series of pilot recruitment roadshows in Macao Special Administrative Region, China to meet the strong surge in customer demand.

The three sessions of upcoming roadshows in Macao will be held at 1pm & 6pm on 6 March and 10am on 7 March. Last year, Emirates announced significant and exciting changes to its pilot recruitment, including higher salaries, new roles, and a radical change to eligibility. Experienced pilots will join Emirates for roles in one of the four programmes: Direct Entry Captains, Accelerated Command, First Officers Type Rated and First Officers Non-Type Rated.

Prior registration is not required, and pilots are only required to attend one of the sessions. At the session, prospective Emirates pilots can find out more about the airline’s recruitment process, available opportunities, training programmes, expected career trajectory, and benefits, as well as speak to pilots currently flying with Emirates. More information can be found at https://www.emiratesgroupcareers.com/pilots/.

Captain Brian Tyrrell, Emirates’ Senior Vice President Fleet, said: “Emirates pilots fly a modern all wide-body fleet to over 148 destinations across the globe. They undergo robust in-house training at Emirates’ cutting-edge training facility and are also based in the safe, vibrant and tech-savvy city of Dubai. Emirates is on a bold growth trajectory, and we look forward to welcoming pilots from Macao come onboard our airline.”

Flying with Emirates

With a network spanning 148 destinations, Emirates pilots have the exciting opportunity to fly to diverse destinations. With the retrofit of an additional 71 Airbus A380s and Boeing 777s, the airline is refreshing the interiors of 191 aircraft in its fleet. The airline’s continuous investment ensures that its pilots fly modern fleet of all wide-body aircraft.

The airline has received its first three A350s, of which it has 65 on order. Emirates is also looking forward to receiving its Boeing 777Xs, of which the airline has 205 on order.

Emirates offers an exciting range of benefits for pilots and their families, including competitive tax-free salary, 42 days of annual leave with annual leave tickets for self and immediate family, company provided accommodation in gated communities, child education allowance, life, medical and dental insurance, deeply discounted travel benefits for the wider family and friends, and more.

Cutting-edge Training Experience

Emirates provides new joiners a robust, evidence- and competency-based in-house training to ease them into their roles. Successful candidates complete training programmes at Emirates’ advanced pilot training facilities in Dubai, which currently houses ten simulators.

Emirates’ new and sophisticated pilot training facility is spread across 63,318 sq. ft. and worth an investment of US$135 million. The facility accommodates six Full Flight Simulator Bays for its A350 and 777X aircraft and will be opening very soon.

Direct Entry Captain

To command Emirates’ highly anticipated A350 fleet of 65 aircraft or A380s. Candidates need a minimum of 7,000 hours of flying experience on multi-crew, multi-engine commercial aircraft.

Accelerated Command Programme

Primarily designed for experienced Airbus and Boeing Captains, who currently command narrow-body aircraft on regional routes and wish to dial up their careers by working with a global airline brand.

Captains with a minimum of 1,000 hours of Airbus fly-by-wire and Boeing experience will join Emirates as First Officers on an enhanced salary package. They are eligible for an accelerated command upgrade after a minimum of 700 flying hours and two successful recurrent checks. Typically, Emirates pilots achieve these milestones in a little over a year as they fly a mix of ultra-long, long- and short-haul routes.

First Officers – non-type rated

Emirates is welcoming First Officers who are non-type rated – mainly those who have experience only on turbo prop or jets. These pilots will now have the opportunity to be fully trained to fly the airline’s all wide-body fleet of 144 Boeing aircraft. First Officers will also be able to fly 205 of the new Boeing 777-Xs when these aircraft enter the fleet.

First Officer

Candidates for First Officer roles must have multi-engine, multi-crew aircraft experience, a valid International Civil Aviation Organization (ICAO) Airline Transport Pilot License (ATPL), and a minimum of 2,000 hours on 20-tonne maximum take-off weight aircraft.

More information about the requirements and benefits of each role can be found here: https://www.emiratesgroupcareers.com/pilots/.

About Emirates

From its global hub in Dubai, Emirates serves customers on six continents, providing high quality air transport services that facilitate tourism and trade. The airline has earned customer recognition for its industry-leading services on the ground and in the sky, delivered by a passionate workforce representing over 140 nations. Emirates operates the world’s largest fleet of wide-body Boeing 777 and Airbus A380 aircraft, offering spacious cabins and iconic inflight features such as its A380 Shower Spa and Onboard Lounge, and its ice inflight entertainment system available in all seats across its fleet, which has topped “best in sky” awards for 17 consecutive years. Emirates is committed to environmentally-responsible operations and focusses on three areas: reducing emissions, consuming responsibly, and protecting wildlife and habitats. 

LS Education Expands Global Learning Opportunities for Lao Students

LS Education facility

LS Education is striving to provide students with internationally recognized qualifications and opportunities. To bridge the gap between local education and global standards, LS Education has partnered with PSB Academy, a renowned institution in Singapore known for its quality education and industry-relevant programs.

Fusion Bank and WeBank Technology Services Forge New Benchmark in FinTech Collaboration with Next-Gen Core System

HONG KONG, Feb. 25, 2025 /PRNewswire/ — In the digital age, the global financial industry is undergoing rapid transformation, and Hong Kong’s Fusion Bank has just unveiled a significant milestone in its digital infrastructure. The bank’s new-generation core banking system, launched in October last year, has achieved remarkable results: it has halved the time required for new product development and is projected to reduce non-human IT costs by 53% over the next three years. This success is the result of a collaboration with WeBank Technology Services, which provided core banking system solutions based on distributed architecture, and Tencent Cloud, which supplied the full-stack proprietary cloud platform and database solutions. The project not only sets a new benchmark for core system upgrades in Hong Kong but also offers valuable experience for ShenzhenHong Kong fintech cooperation.

A New Milestone in Digital Banking

Fusion Bank, a licensed digital bank in Hong Kong, initiated the project to build a new-generation core system to meet the demands of business innovation and cost efficiency. The project involved integrating and transforming over 150 subsystems across five core business areas. Within just 10 months, the upgrade was completed, with the go-live process taking only 15 hours and the migration of systems and data from various vendors to the new core system accomplished in just 6 hours.

The new system, built on a distributed architecture, incorporates key features of the digital banking solutions from WeBank Technology Services. It offers low cost, high agility, and high availability while maintaining an open nature. The upgraded system can now scale on demand according to business growth, solving the problem of high upfront investment and resource waste associated with traditional one-step solutions. Additionally, the system’s capabilities in parameterized products, modular design, process orchestration, and AI-native features have significantly enhanced the efficiency of new product launches. The compatibility with mainstream software and hardware also ensures that the bank’s operations are no longer reliant on a single supplier or technology platform, reducing the impact of supply chain disruptions.

Significant Benefits for Fusion Bank

“This upgrade is of great significance to Fusion Bank’s long-term development,” said Fusion Bank’s Alternate Chief Executive and Chief Technology Officer, Billy Chiu. “It not only supports our operations in a more cost-effective manner but also helps us build a sustainable agile innovation capability to respond more quickly to customer needs.” The new product development cycle has been shortened from six months to three months, and non-human IT costs are expected to be reduced by 53% by 2027.

Global Implications for Digital Banking Transformation

The global financial industry is currently in urgent need of updating its digital infrastructure, with many financial institutions seeking technological solutions to optimize their cost structures. The successful upgrade of Fusion Bank’s new core banking system demonstrates WeBank Technology Services’ continued effectiveness in delivering digital finance solutions in international markets. It also provides a valuable reference for banks in Hong Kong and around the world looking to upgrade their core systems and accelerate digital transformation.

WeBank Technology Services, established in June 2024 as the wholly-owned fintech arm of WeBank, is committed to providing digital finance and digital infrastructure solutions globally. Leveraging WeBank’s leading fintech capabilities, WeBank Technology Services has actively pursued opportunities in the global market, engaging with over 20 enterprises and institutions across countries such as Saudi Arabia, Thailand, Indonesia, and regions including Hong Kong.

WeBank is a global leader in digital banking. Since its inception, WeBank has adopted commodity servers and open-source software to develop the world’s first core banking system based on a fully distributed architecture. The system has served over 400 million individual customers and 5 million micro-, small- and medium-sized enterprises (MSMEs),with a peak daily transaction volume exceeding 1.4 billion. The system’s availability rate remains above 99.999%, and the annual IT O&M cost per account has been reduced to less than $0.3, one-tenth of the industry average.

About WeBank Technology Services
Launched in Hong Kong in June 2024, WeBank Technology Services sets out to leverage WeBank’s cutting-edge fintech capabilities and digital finance best practice to deliver a variety of superior digital finance and digital infrastructure solutions to digital banks, financial institutions, government agencies, and industry partners worldwide.

 

XCMG and FinDreams Battery Co-Host the 3rd Super Battery Day: Pioneering Green Construction with Innovation and Collaboration

XUZHOU, China, Feb. 25, 2025 /PRNewswire/ — The 3rd XCMG & FinDreams Super Battery Day was successfully held at the XCMG International Conference Center, Xuzhou, China, focused on cutting-edge technologies and explored new pathways for green energy development. Technical experts from XCMG Research Institute and FinDreams Battery, a subsidiary of BYD, engaged in in-depth discussions on the application scenarios and solutions for power batteries, covering topics such as battery technology, battery management systems, core components, and quality control.

XCMG XCT100G5_1HEV, a truck-mounted telescopic boom crane, is designed with a maximum lifting capacity of approximately 100 metric tons, and capable of handling heavy loads with ease in the challenging environment.
XCMG XCT100G5_1HEV, a truck-mounted telescopic boom crane, is designed with a maximum lifting capacity of approximately 100 metric tons, and capable of handling heavy loads with ease in the challenging environment.

Yang Dongsheng, Chairman of XCMG Group and XCMG Machinery, emphasized the significance of the strategic partnership between XCMG and BYD. “The collaboration between XCMG and BYD has been a pivotal force in advancing XCMG’s green transformation. Over the past three years, our joint efforts have yielded remarkable achievements. Moving forward, we will continue to deepen our cooperation in the new energy sector, leveraging our technological strengths and innovative capabilities to pioneer a greener future for the construction machinery and commercial vehicle industries.”

He Long, Senior Vice President of BYD and Chairman of FinDreams Battery, highlighted the successful application of FinDreams Battery technology in XCMG products. He outlined plans to further strengthen the partnership by establishing a joint R&D platform, building an ecosystem of collaboration, and expanding into global markets. “Together, we aim to set a new benchmark for the green transformation of the global commercial vehicle and construction machinery industries,” he said.

The event brings together over 300 industry leaders, experts, and academics from XCMG, BYD FinDreames Battery, Wuxi Caitong, the China Automotive Technology and Research Center, the China Industrial Association of Power Sources, Xi’an Jiaotong University, and Beijing Institute of Technology. Industry leaders and academics also shared their latest research findings and perspectives on the innovation and application of new energy technologies.

Shan Zenghai, Chief Engineer and Vice President of XCMG Machinery, provided an in-depth analysis of the rapid growth trends and challenges in the new energy construction machinery market. He shared insights into the technological advancements and market applications achieved through the collaboration with FinDreams Battery and expressed optimism about future innovations in power battery technology. “Our partnership will continue to deliver high-quality, efficient, and green construction machinery and commercial vehicles,” he added.

Looking ahead, XCMG and FinDreams Battery will deepen their collaboration, accelerate the integration of innovation and industrial chains, and drive breakthroughs in core new energy technologies.

Green transformation remains a cornerstone of XCMG’s strategic development. At the 2024 Shanghai bauma Exhibition, XCMG and FinDreams Battery jointly announced a lifetime warranty policy for electric construction machinery and commercial vehicle batteries, underscoring their commitment to sustainability. During the exhibition, XCMG showcased 48  new energy products, accounting for 42% of its display, reflecting its leadership in the new energy sector. XCMG has achieved full electrification across its product line, with applications in earthmoving, logistics, and mining operations. The penetration rate of new energy product revenue has reached 19%, solidifying XCMG’s position as a leader in the industry’s green and low-carbon transformation.

African Swine Fever Detected in Xaysomboun, Control Measures Enforced

Pig Farm (Photo: Vincent ter Beek - Pig Progress)

Authorities have declared several villages in Xaysomboun Province as under threat for African swine fever (ASF) following confirmed test results from five pigs in Vang Hai village.