YSG: Operating Metrics Show Growth Y/Y; Adding More Offline Stores; Ex...

YSG will report 3Q21 results on November 18th before the markets open with a 7:30am ET conference call. We are neutral on YSG’s 3Q21 performance. We believe that the company is likely to deliver in line results as the 3Q21 guidance was rather conservative, in our opinion. Even though there is a slowdown in China retail sales, the sales for cosmetics are still enjoying strong momentum. As one of the leading domestic brands, we believe YSG is likely to attract more customers.