Yatsen Holding Limited provided revenue guidance for the first quarter of 2022. For the first quarter of 2022, the Company expects its total net revenues to be between RMB 866.7 million and RMB 938.9 million, representing a year-over-year decline of approximately 35% to 40%, primarily due to (i) high base of comparison to the prior year period which resulted from release of the pent-up demand due to the COVID-19 recovery, (ii) the softer-than-expected industry-wide color cosmetics sales, and (iii) continued focus on operating margin improvement and limits on discounts. These forecasts reflect the Company's current and preliminary views on the market and operational conditions, which are subject to change.