# EDGAR Filing Document

**Accession Number:** 0001699470
**File Stem:** 0001104659-25-077075
**Filing Date:** 2025-8
**Character Count:** 19035
**Document Hash:** d38262a6e7f7f4a1713d45f43e4b8e95
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-077075.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0001104659-25-077075

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Yatsen Holding Ltd
- **CENTRAL INDEX KEY:** 0001819580
- **STANDARD INDUSTRIAL CLASSIFICATION:** PERFUMES, COSMETICS & OTHER TOILET PREPARATIONS [2844]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-91868
- **FILM NUMBER:** 251208800

**BUSINESS ADDRESS:**
- **STREET 1:** 32-35, 38/F, POLY MIDTOWN PLAZA
- **STREET 2:** NO.23 EAST XUANYUE STREET
- **CITY:** GUANGZHOU
- **STATE:** F4
- **ZIP:** 510330
- **BUSINESS PHONE:** 86 20 38373543

**MAIL ADDRESS:**
- **STREET 1:** 32-35, 38/F, POLY MIDTOWN PLAZA
- **STREET 2:** NO.23 EAST XUANYUE STREET
- **CITY:** GUANGZHOU
- **STATE:** F4
- **ZIP:** 510330
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Banyan Partners Fund III, L.P.
- **CENTRAL INDEX KEY:** 0001699470

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A

**BUSINESS ADDRESS:**
- **STREET 1:** C/O WALKERS CORPORATE LIMITED
- **STREET 2:** CAYMAN CORPORATE CENTRE, 27 HOSPITAL RD
- **CITY:** GEORGE TOWN, GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-9008
- **BUSINESS PHONE:** 010-8444-2729

**MAIL ADDRESS:**
- **STREET 1:** C/O WALKERS CORPORATE LIMITED
- **STREET 2:** CAYMAN CORPORATE CENTRE, 27 HOSPITAL RD
- **CITY:** GEORGE TOWN, GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-9008

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

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**(Amendment No. 5)**

**Issuer:** Yatsen Holding Limited

**Title of Class of Securities:** Class A Ordinary Shares, par value US$0.00001 per share

**CUSIP Number:** 985194109

**Date of Event Which Requires Filing of this Statement:** 06/30/2025

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

- [ ] Rule 13d-1(b)

- [ ] Rule 13d-1(c)

- [x] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>Banyan Partners Fund III, L.P. | Names of Reporting Persons<br>Banyan Partners Fund III, L.P. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>E9 | Citizenship or Place of Organization<br>E9 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>54668026.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>54668026.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>54668026.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>54668026.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [x] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [x] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>4.4% | Percent of Class Represented by Amount in Row (9)<br>4.4% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

**Comment for Type of Reporting Person:** Comments to item 2(b): This statement on Schedule 13G is filed by Banyan Partners Fund III, L.P. ("Banyan Fund III"), Banyan Partners Fund III-A, L.P. ("Banyan Fund III-A") and Banyan Partners III Ltd. ("Banyan III GP", collectively with Banyan Fund III and Banyan III-A, the "Reporting Persons"). The Reporting Persons expressly disclaim status as a "group" for purposes of this Schedule 13G.

Comments to item 6&8&9: Such 54,668,026 Class A ordinary shares are held by Banyan Fund III directly. Banyan Fund III-A directly holds 9,415,519 Class A ordinary shares. Banyan III GP is the general partner of both Banyan Fund III and Banyan Fund III-A, and as such, may exercise voting and dispositive power over the shares held by Banyan Fund III and Banyan Fund III-A.

Comments to item 10: Banyan Fund III disclaims beneficial ownership over shares reported herein that are directly held by Banyan Fund III-A.

Comments to item 11: Calculation is based on 1,837,165,628 ordinary shares outstanding as of February 28, 2025, consisting of 1,236,592,748 Class A ordinary shares and 600,572,880 Class B ordinary shares, as reported in the Issuer's annual report on Form 20-F filed with the Securities and Exchange Commission on April 22, 2025 (the "Issuer's 20-F Filing"). Each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to twenty votes and is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Accordingly, and based on the foregoing, the Class A ordinary shares beneficially owned by Banyan Fund III represent approximately 0.4% of the aggregate voting power of the total issued and outstanding ordinary shares of the Issuer.

---

| 1. | Names of Reporting Persons<br>Banyan Partners Fund III-A, L.P. | Names of Reporting Persons<br>Banyan Partners Fund III-A, L.P. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>E9 | Citizenship or Place of Organization<br>E9 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>9415519.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>9415519.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>9415519.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>9415519.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [x] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [x] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>0.8% | Percent of Class Represented by Amount in Row (9)<br>0.8% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

**Comment for Type of Reporting Person:** Comments to item 2(b): This statement on Schedule 13G is filed by the Reporting Persons. The Reporting Persons expressly disclaim status as a "group" for purposes of this Schedule 13G.

Comments to item 6&8&9: Such 9,415,519 Class A ordinary shares are held by Banyan Fund III-A directly. Banyan Fund III directly holds 54,668,026 Class A ordinary shares. Banyan III GP is the general partner of both Banyan Fund III and Banyan Fund III-A, and as such, may exercise voting and dispositive power over the shares held by Banyan Fund III and Banyan Fund III-A.

Comments to item 10: Banyan Fund III-A disclaims beneficial ownership over shares reported herein that are directly held by Banyan Fund III.

Comments to item 11: Calculation is based on 1,837,165,628 ordinary shares outstanding as of February 28, 2025, consisting of 1,236,592,748 Class A ordinary shares and 600,572,880 Class B ordinary shares, as reported in the Issuer's 20-F Filing. Each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to twenty votes and is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Accordingly, and based on the foregoing, the Class A ordinary shares beneficially owned by Banyan Fund III-A represent approximately 0.1% of the aggregate voting power of the total issued and outstanding ordinary shares of the Issuer.

---

| 1. | Names of Reporting Persons<br>Banyan Partners III Ltd. | Names of Reporting Persons<br>Banyan Partners III Ltd. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>E9 | Citizenship or Place of Organization<br>E9 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>64083545.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>64083545.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>64083545.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>64083545.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>5.2% | Percent of Class Represented by Amount in Row (9)<br>5.2% |
| 12. | Type of Reporting Person (See Instructions)<br>CO | Type of Reporting Person (See Instructions)<br>CO |

**Comment for Type of Reporting Person:** Comments to item 2(b): This statement on Schedule 13G is filed by the Reporting Persons. The Reporting Persons expressly disclaim status as a "group" for purposes of this Schedule 13G.

Comments to item 6&8&9: Consists of (i) 54,668,026 Class A ordinary shares directly held by Banyan Fund III and (ii) 9,415,519 Class A ordinary shares directly held by Banyan Fund III-A. Banyan III GP is the general partner of both Banyan Fund III and Banyan Fund III-A, and as such, may exercise voting and dispositive power over the shares held by Banyan Fund III and Banyan Fund III-A.

Comments to item 11: Calculation is based on 1,837,165,628 ordinary shares outstanding as of February 28, 2025, consisting of 1,236,592,748 Class A ordinary shares and 600,572,880 Class B ordinary shares, as reported in the Issuer's 20-F Filing. Each Class A ordinary share is entitled to one vote, and each Class B ordinary share is entitled to twenty votes and is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. Accordingly, and based on the foregoing, the Class A ordinary shares beneficially owned by Banyan III GP represent approximately 0.5% of the aggregate voting power of the total issued and outstanding ordinary shares of the Issuer.

---

**Item 1(a). Name of Issuer:**
Yatsen Holding Limited

**Item 1(b). Address of Issuer's Principal Executive Offices:**
Floor 39, Poly Development Plaza, No. 832 Yue Jiang Zhong Road, Haizhu District, Guangzhou, China, 510335

**Item 2(a). Name of Person Filing:**
Banyan Partners Fund III, L.P. ("Banyan Fund III")
Banyan Partners Fund III-A, L.P. ("Banyan Fund III-A")
Banyan Partners III Ltd. ("Banyan III GP")

**Item 2(b). Address of Principal Business Office:**
The address of each of Banyan Partners Fund III, L.P., Banyan Partners Fund III-A, L.P. and Banyan Partners III Ltd. is:
c/o Walkers Corporate Limited
190 Elgin Avenue
George Town
Grand Cayman, KY1-9008
Cayman Islands

**Item 2(c). Citizenship:**
Banyan Partners Fund III, L.P.: Cayman Islands
Banyan Partners Fund III-A, L.P.: Cayman Islands
Banyan Partners III Ltd.: Cayman Islands

**Item 2(d). Title of Class of Securities:**
Class A Ordinary Shares, par value US$0.00001 per share

**Item 2(e). CUSIP Number:**
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:**

Banyan Partners Fund III, L.P. directly holds 54,668,026 Class A ordinary shares.
Banyan Partners Fund III-A, L.P. directly holds 9,415,519 Class A ordinary shares.
Banyan III GP is the general partner of both Banyan Fund III and Banyan Fund III-A, and as such, may in the aggregate exercise voting and dispositive power over 64,083,545 Class A ordinary shares held by Banyan Fund III and Banyan Fund III-A.
The Reporting Persons expressly disclaim status as a "group" for purposes of this Schedule 13G. In addition, Banyan Partners Fund III, L.P. disclaims beneficial ownership over the shares reported herein directly held by Banyan Partners Fund III-A, L.P.; and Banyan Partners Fund III-A, L.P. disclaims beneficial ownership over the shares reported herein directly held by Banyan Partners Fund III, L.P.

**(b) Percent of class:**

Banyan Partners Fund III, L.P. beneficially owns 4.4% of the outstanding Class A ordinary shares, 3.0% of the total outstanding ordinary shares and 0.4% of the aggregate voting power.
Banyan Partners Fund III-A, L.P. beneficially owns 0.8% of the outstanding Class A ordinary shares, 0.5% of the total outstanding ordinary shares and 0.1% of the aggregate voting power.
Banyan III GP is the general partner of both Banyan Fund III and Banyan Fund III-A, and as such, in the aggregate beneficially owns 5.2% of the outstanding Class A ordinary shares, 3.5% of the total outstanding ordinary shares and 0.5% of the aggregate voting power.
The above-mentioned percents of class are calculated based on 1,236,592,748 outstanding Class A ordinary shares and 600,572,880 outstanding Class B ordinary shares as reported in the Issuer's 20-F Filing.

**(c) Number of shares as to which the person has:**

**(i) Sole power to vote or to direct the vote:**

Banyan Partners Fund III, L.P. holds no Class A ordinary shares with sole voting power or the ability to direct the vote.
Banyan Partners Fund III-A, L.P. holds no Class A ordinary shares with sole voting power or the ability to direct the vote.
Banyan Partners III Ltd. holds no Class A ordinary shares with sole voting power or the ability to direct the vote.

**(ii) Shared power to vote or to direct the vote:**

Banyan Partners Fund III, L.P. holds 54,668,026 Class A ordinary shares with shared voting power or the ability to direct the vote.
Banyan Partners Fund III, L.P-A. holds 9,415,519 Class A ordinary shares with shared voting power or the ability to direct the vote.
Banyan Partners III Ltd. holds 64,083,545 Class A ordinary shares with shared voting power or the ability to direct the vote.

**(iii) Sole power to dispose or to direct the disposition of:**

Banyan Partners Fund III, L.P. holds no Class A ordinary shares with sole power to dispose of or direct the disposition of.
Banyan Partners Fund III-A, L.P. holds no Class A ordinary shares with sole power to dispose of or direct the disposition of.
Banyan Partners III Ltd. holds no Class A ordinary shares with sole power to dispose of or direct the disposition of.

**(iv) Shared power to dispose or to direct the disposition of:**

Banyan Partners Fund III, L.P. holds 54,668,026 Class A ordinary shares with shared power to dispose of or direct the disposition of.
Banyan Partners Fund III, L.P-A. holds 9,415,519 Class A ordinary shares with shared power to dispose of or direct the disposition of.
Banyan Partners III Ltd. holds 64,083,545 Class A ordinary shares with shared power to dispose of or direct the disposition of.

**Item 5. Ownership of Five Percent or Less of a Class.**

[x] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

Not Applicable

**Item 7. Identification and Classification of the Subsidiary**

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. Certification:**

—

### 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.

**Banyan Partners Fund III, L.P.**

**Date:** 08/13/2025

**By:** /s/ Peter Wong

**Name & Title:** Peter Wong/Authorized Signatory

**Banyan Partners Fund III-A, L.P.**

**Date:** 08/13/2025

**By:** /s/ Peter Wong

**Name & Title:** Peter Wong/Authorized Signatory

**Banyan Partners III Ltd.**

**Date:** 08/13/2025

**By:** /s/ Peter Wong

**Name & Title:** Peter Wong/Authorized Signatory