Yatsen is a leader in the rapidly evolving China beauty market. Founded in 2016, we have launched three fast-growing, successful color cosmetics and skincare brands: Perfect Diary, Little Ondine and Abby’s Choice. Together, these three brands served 23.4 million and 23.5 million DTC (direct-to-consumer) customers in 2019 and the nine months ended Sept. 30, 2020, respectively. Our first brand, Perfect Diary, launched in 2017, became the top color cosmetics brand in China in terms of online retail sales value three years after launch, according to the CIC Report. (CIC stands for China Insights Consultancy; the CIC Report is dated August 2020.) This success is due to our digitally native DTC business model that is new to China’s beauty industry. Through this model, we focus on deep customer engagement, innovative product development and personalized services. (Note: Revenue and net loss figures are for 2019, according to the prospectus.)