SCHEDULE 13G/A 0001564590-21-005121 0001844267 XXXXXXXX LIVE 2 Class A ordinary shares, US$0.00001 par value per share 12/31/2024 0001819580 Yatsen Holding Limited 985194109 Floor 39, Poly Development Plaza No.832 Yue Jiang Zhong Rd, Haizhu Dist. Guangzhou F4 510335 Rule 13d-1(d) Slumdunk Holding Limited D8 650765914 0 650765914 0 650765914 N 35.5 CO The shares beneficially owned by Slumdunk Holding Limited represent (a) 45,722,880 Class A ordinary shares in the form of American depositary shares and 600,572,880 Class B ordinary shares directly held by Slumdunk Holding Limited, a British Virgin Islands company wholly-owned by Mr. Jinfeng Huang; and (b) 4,470,234 Class A ordinary shares directly held by Yellow Bee Limited, a British Virgin Islands company. Slumdunk Holding Limited owns the entire voting shares of Yellow Bee Limited and Mr. Jinfeng Huang is the sole director of Yellow Bee Limited. Class B ordinary shares are convertible into Class A ordinary shares on a one-for-one basis and are deemed to be converted into Class A ordinary shares for purposes of determining the aggregate amount of Class A ordinary shares beneficially owned by the Reporting Person and calculating the corresponding ownership percentage of the Reporting Person. The voting power of the shares beneficially owned by Slumdunk Holding Limited represented 91.1% of the total voting power of the Issuer. Jinfeng Huang F4 650765914 0 650765914 0 650765914 N 35.5 IN The shares beneficially owned by Jinfeng Huang represent (a) 45,722,880 Class A ordinary shares in the form of American depositary shares and 600,572,880 Class B ordinary shares directly held by Slumdunk Holding Limited, a British Virgin Islands company wholly-owned by Mr. Jinfeng Huang; and (b) 4,470,234 Class A ordinary shares directly held by Yellow Bee Limited, a British Virgin Islands company. Slumdunk Holding Limited owns the entire voting shares of Yellow Bee Limited and Mr. Jinfeng Huang is the sole director of Yellow Bee Limited. Class B ordinary shares are convertible into Class A ordinary shares on a one-for-one basis and are deemed to be converted into Class A ordinary shares for purposes of determining the aggregate amount of Class A ordinary shares beneficially owned by the Reporting Person and calculating the corresponding ownership percentage of the Reporting Person. The voting power of the shares beneficially owned by Jinfeng Huang represented 91.1% of the total voting power of the Issuer. Yatsen Holding Limited Floor 39, Poly Development Plaza, No.832 Yue Jiang Zhong Rd., Haizhu Dist. Guangzhou 510335, People's Republic of China (i) Slumdunk Holding Limited (ii) Jinfeng Huang For Slumdunk Holding Limited c/o Craigmuir Chambers, Road Town, Tortola, VG 1110, British Virgin Islands For Jinfeng Huang c/o Floor 39, Poly Development Plaza, No.832 Yue Jiang Zhong Rd., Haizhu Dist. Guangzhou 510335, People's Republic of China Slumdunk Holding Limited - British Virgin Islands Jinfeng Huang - People's Republic of China Y See Row (9) of each cover page. As of December 31, 2024, Jinfeng Huang beneficially owned 50,193,034 Class A ordinary shares and 600,572,880 Class B ordinary shares, consisting of (i) 4,470,234 Class A ordinary shares directly held by Yellow Bee Limited, and (ii) 45,722,880 Class A ordinary shares in the form of American depositary shares and 600,572,880 Class B ordinary shares directly held by Slumdunk Holding Limited. Slumdunk Holding Limited owns the entire voting shares of Yellow Bee Limited and Mr. Jinfeng Huang is the sole director of Yellow Bee Limited. See Row (11) of each cover page. The percent of class for each Reporting Person is obtained by dividing (i) the total Class A ordinary shares beneficially owned by such Reporting Person as of December 31, 2024 on an as-converted basis, by (ii) the total Class A ordinary shares of the Issuer outstanding as of December 31, 2024, on an as-converted basis. Pursuant to Rule 13d-3(d)(1), all Class B ordinary shares (which are convertible into Class A ordinary shares) held by each Reporting Person are deemed to be converted for the purpose of (x) determining the aggregate amount of Class A ordinary shares beneficially owned by each Reporting Person and (y) calculating the percentages of the Class A ordinary shares beneficially owned by each Reporting Person. As of December 31, 2024, the Issuer had a total of 1,234,627,468 Class A ordinary shares and 600,572,880 Class B ordinary shares outstanding. The CUSIP number 985194109 applies to the American depositary shares ("ADSs") of the Issuer, which are quoted on New York Stock Exchange under the symbol "YSG." Each ADS represents twenty Class A ordinary shares of the Issuer, par value $0.00001 per share. No CUSIP number has been assigned to ordinary shares of the Issuer. See Row (5) of each cover page. The percent of aggregate voting power for each Reporting Person is calculated by dividing (i) the total voting power represented by the Class A ordinary shares and Class B ordinary shares beneficially owned by such Reporting Person as of December 31, 2024, by (ii) the voting power represented by the total outstanding share capital of the Issuer as of December 31, 2024. Each holder of Class A ordinary shares is entitled to one vote per share and each holder of Class B ordinary shares is entitled to twenty votes per share on all matters submitted to them for vote. See Row (6) of each cover page. See Row (7) of each cover page. See Row (8) of each cover page. Y N Certain persons holding minority stakes in Yellow Bee Limited may be deemed to have the right to receive dividend from, or the proceeds from the sale of the equity securities held of record by Yellow Bee Limited, and such interest relates to no more than 0.2% of outstanding Class A ordinary shares (calculated based on all outstanding Class B ordinary shares beneficially owned by the Reporting Persons being deemed to have been converted into the same amount of Class A ordinary shares). Y Y Y Y Exhibit 99.1: Joint Filing Agreement (incorporated by reference to Exhibit 99.1 to Schedule 13G filed on February 10, 2021 by the Reporting Persons with the Securities and Exchange Commission) Slumdunk Holding Limited /s/ Jinfeng Huang 02/14/2025 Jinfeng Huang /s/ Jinfeng Huang 02/14/2025