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Exhibit 99.1 Yatsen Announces Third Quarter 2021 Financial Results and US $ 100 Million Share Repurchase Program Conference Call to Be Held at 7:30 A.M. U.S. Eastern Time on November 18 , 2021 GUANGZHOU , China , November 18 , 2021 / PRNewswire / -- Yatsen Holding Limited ( " Yatsen " or the " Company " ) ( NYSE : YSG ) , a leading Chinese beauty company , today announced its unaudited financial results for the third quarter ended September 30 , 2021 and the authorization by its board of directors of a US $ 100 million share repurchase program . Third Quarter 2021 Highlights • Total net revenues for the third quarter of 2021 increased by 6.0 % to RMB1.34 billion ( US $ 208.4 million ) from RMB1.27 billion in the prior year period . Gross margin for the third quarter of 2021 was 67.9 % compared to 65.7 % in the prior year period . Gross sales1 for the third quarter of 2021 increased by 8.3 % to RMB1.56 billion ( US $ 241.9 million ) from RMB1.44 billion in the prior year period . “ Despite a challenging macroeconomic backdrop and soft industry environment for color cosmetics , our topline continued to grow in the third quarter , supported by a significant growth of our skincare brands² , " stated Mr. Jinfeng Huang , Founder , Chairman and Chief Executive Officer of Yatsen . " Looking ahead , as we embark upon the next phase of our development , we expect to continue shifting our revenue mix towards higher - quality and more profitable growth , underpinned by sustained investments in our brand's brand equities and R & D . We are confident that despite some short - term pain , our strategic initiatives will allow us to emerge stronger with a clear path to long - term sustainable growth . " " We managed to grow the business in the face of strong industry headwinds , ” commented Mr. Donghao Yang , Director and Chief Financial Officer of Yatsen . “ Total net revenues reached RMB1.34 billion in the third quarter , representing an increase of 6.0 % year over year . Our gross margin continued its upward trend and reached 67.9 % in the quarter compared to 65.7 % in the same period last year . With ample cash reserves and our sights set on charting a sustainable path to long - term growth , we will continue to build a world - class multi - brand beauty group in China . " Third Quarter 2021 Financial Results Net Revenues . Total net revenues for the third quarter of 2021 increased by 6.0 % to RMB1.34 billion ( US $ 208.4 million ) from RMB1.27 billion in the prior year period . The increase was primarily attributable to sales from our newly launched and acquired brands . Gross Profit and Gross Margin . Gross profit for the third quarter of 2021 increased by 9.6 % to RMB911.8 million ( US $ 141.5million ) from RMB831.6 million in the prior year period . Gross margin for the third quarter of 2021 increased to 67.9 % from 65.7 % in the prior year period . The increase was primarily attributable to ( i ) premiumization of our Perfect Diary brand , and ( ii ) increased sales from skincare brands with higher margins in the sales mix . 1 Gross sales refer to the total value of all orders for products and services placed and shipped , regardless of whether the goods are returned . Calculation of gross sales includes shipping charges paid by customers to the Company . 2 Skincare brands include Abby's Choice , Dr. WU ( its mainland China business ) , Galénic and Eve Lom .