The receipt of a non-compliance letter from the NYSE is a serious matter for any listed company. It means that the company's stock has not met the minimum trading price requirement, which is a key listing criterion. If Yatsen does not manage to raise its ADS average closing price above $1.00 over the next six months, it could face delisting. This would likely have a negative impact on the stock's price in the short term as investors may sell off their shares due to the increased risk.