[Form 3] Yatsen Holding Ltd Initial Statement of Beneficial Ownership

Rhea-AI Filing Summary

Yatsen Holding Ltd director Zhang Yi filed an initial ownership report detailing existing share option awards tied to the company’s Class A ordinary shares. These are derivative positions that give the right to buy shares at a fixed exercise price.

The filing lists three direct holdings of share options with an exercise price of $0.025 per share. Two option grants each cover 261,396 underlying Class A ordinary shares and expire on March 25, 2031 and March 1, 2032. A third grant covers 653,480 underlying Class A ordinary shares and expires on January 1, 2035.

Footnotes explain that all options granted are fully vested and exercisable as of the filing date, and that one grant was made on January 1, 2025 with vesting spread across four annual installments through November 18, 2028. This Form 3 does not reflect new purchases or sales but records existing option-based holdings.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Zhang Yi

(Last) (First) (Middle)

THE NOVA

88TH THIRD STREET

(Street)

SAI YING PUN K3

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
03/16/2026

3. Issuer Name and Ticker or Trading Symbol
Yatsen Holding Ltd [ YSG ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Share Options (Right to Buy)	(1)	03/25/2031	Class A ordinary shares	261,396	$0.025	D
Share Options (Right to Buy)	(2)	03/01/2032	Class A ordinary shares	261,396	$0.025	D
Share Options (Right to Buy)	(3)	01/01/2035	Class A ordinary shares	653,480	$0.025	D

Explanation of Responses:

1. All options granted have been fully vested and exercisable as of the date hereof.

2. All options granted have been fully vested and exercisable as of the date hereof.

3. Represents share options granted on January 1, 2025. The options vest over a 4-year period, with 163,360 shares vesting on November 18, 2025, 163,360 shares vesting on November 18, 2026,163,360 shares vesting on November 18, 2027, and 163,400 shares vesting on November 18, 2028, subject to terms and conditions of the underlying award agreement.

	/s/ Yi Zhang	03/16/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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