Founder Jinfeng Huang controls 90.7% voting power at Yatsen (YSG)

Rhea-AI Filing Summary

Yatsen Holding Limited’s founder-linked entities Veritas Vision Holding Limited and Jinfeng Huang report beneficial ownership of 643,671,174 Class A ordinary shares on an as-converted basis, equal to 34.3% of the Class A share capital as of December 31, 2025.

This position comes from 43,098,294 Class A ordinary shares and 600,572,880 Class B ordinary shares held through Veritas Vision Holding Limited and Yellow Bee Limited. Because each Class B share carries twenty votes, these holdings together represent 90.7% of Yatsen’s total voting power, effectively giving Huang control over shareholder decisions.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

Yatsen Holding Limited

(Name of Issuer)

Class A ordinary shares, US$0.00001 par value per share

(Title of Class of Securities)

985194109

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 985194109

1

Names of Reporting Persons

Veritas Vision Holding Limited

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

VIRGIN ISLANDS, BRITISH

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 643,671,174.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 643,671,174.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

643,671,174.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

34.3 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: The shares beneficially owned by Veritas Vision Holding Limited (formerly known as Slumdunk Holding Limited) represent (a) 38,628,060 Class A ordinary shares in the form of American depositary shares and 600,572,880 Class B ordinary shares directly held by Veritas Vision 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. Veritas Vision 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 Veritas Vision Holding Limited represented 90.7% of the total voting power of the Issuer.

SCHEDULE 13G

CUSIP No. 985194109

1

Names of Reporting Persons

Jinfeng Huang

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CHINA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 643,671,174.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 643,671,174.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

643,671,174.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

34.3 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: The shares beneficially owned by Jinfeng Huang represent (a) 38,628,060 Class A ordinary shares in the form of American depositary shares and 600,572,880 Class B ordinary shares directly held by Veritas Vision 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. Veritas Vision 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 90.7% of the total voting power of the Issuer.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Yatsen Holding Limited
(b)	Address of issuer's principal executive offices: Floor 39, Poly Development Plaza, No.832 Yue Jiang Zhong Rd., Haizhu Dist. Guangzhou 510335, People's Republic of China
Item 2.
(a)	Name of person filing: (i) Veritas Vision Holding Limited (ii) Jinfeng Huang
(b)	Address or principal business office or, if none, residence: For Veritas Vision 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
(c)	Citizenship: Veritas Vision Holding Limited - British Virgin Islands Jinfeng Huang - People's Republic of China
(d)	Title of class of securities: Class A ordinary shares, US$0.00001 par value per share
(e)	CUSIP No.: 985194109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See Row (9) of each cover page. As of December 31, 2025, Jinfeng Huang beneficially owned 43,098,294 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) 38,628,060 Class A ordinary shares in the form of American depositary shares and 600,572,880 Class B ordinary shares directly held by Veritas Vision Holding Limited. Veritas Vision Holding Limited owns the entire voting shares of Yellow Bee Limited and Mr. Jinfeng Huang is the sole director of Yellow Bee Limited.
(b)	Percent of class: 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, 2025 on an as-converted basis, by (ii) the total Class A ordinary shares of the Issuer outstanding as of December 31, 2025, 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, 2025, the Issuer had a total of 1,276,663,163 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.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 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, 2025, by (ii) the voting power represented by the total outstanding share capital of the Issuer as of December 31, 2025. 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.
	(ii) Shared power to vote or to direct the vote: See Row (6) of each cover page.
	(iii) Sole power to dispose or to direct the disposition of: See Row (7) of each cover page.
	(iv) Shared power to dispose or to direct the disposition of: See Row (8) of each cover page.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.	Certifications:
	Not Applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Veritas Vision Holding Limited

Signature:	Jinfeng Huang
Name/Title:	Director
Date:	02/12/2026

Jinfeng Huang

Signature:	Jinfeng Huang
Name/Title:	Jinfeng Huang
Date:	02/12/2026

Exhibit Information

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)

FAQ

How much of Yatsen Holding Limited (YSG) does Jinfeng Huang beneficially own?

As of December 31, 2025, Jinfeng Huang beneficially owns 643,671,174 Class A ordinary shares on an as-converted basis, representing 34.3% of Yatsen’s Class A share capital, primarily through Veritas Vision Holding Limited and Yellow Bee Limited.

What voting power does Veritas Vision Holding Limited have in Yatsen (YSG)?

Veritas Vision Holding Limited’s holdings represent 90.7% of Yatsen’s total voting power. This high percentage arises because its 600,572,880 Class B ordinary shares carry twenty votes each, compared with one vote per Class A ordinary share.

How are Yatsen (YSG) Class A and Class B ordinary shares structured?

Yatsen’s Class A ordinary shares carry one vote per share, while Class B ordinary shares carry twenty votes per share. For ownership calculations, Class B shares are treated as if converted one-for-one into Class A ordinary shares on an as-converted basis.

What is the role of Yellow Bee Limited in Yatsen (YSG) ownership?

Yellow Bee Limited directly holds 4,470,234 Class A ordinary shares of Yatsen. Veritas Vision Holding Limited owns all voting shares of Yellow Bee Limited, and Jinfeng Huang is Yellow Bee’s sole director, consolidating control through these entities.

How many Yatsen (YSG) shares are outstanding as of December 31, 2025?

As of December 31, 2025, Yatsen had 1,276,663,163 Class A ordinary shares and 600,572,880 Class B ordinary shares outstanding. These figures are used to calculate each reporting person’s percentage ownership on an as-converted basis.

How do Yatsen (YSG) American depositary shares relate to Class A shares?

Yatsen’s American depositary shares (ADSs), quoted on the New York Stock Exchange under the symbol YSG with CUSIP 985194109, each represent twenty Class A ordinary shares, par value US$0.00001 per share, of Yatsen Holding Limited.