Yeahka (9923) H2 2025 earnings summary

Executive summary

• Core EBITDA increased 52.7% year-over-year to RMB 352.8 million, reflecting strong operational leverage and profitability improvements.

• Revenue grew 7.3% to RMB 3,310.5 million, driven by robust one-stop payment service growth, overseas expansion, and AI-powered merchant solutions.

• Overseas payment GPV surged 323.3% year-over-year to RMB 5 billion, with high fee rates and gross margins supporting long-term growth.

• AI integration deepened across products and operations, enhancing efficiency, reducing costs, and accelerating product development cycles.

• Profit attributable to equity holders rose 11.9% to RMB 92.2 million, with net profit up 15.5% to RMB 84.3 million.

Financial highlights

• Gross profit increased 8.1% to RMB 788.2 million, with gross margin improving to 23.8%.

• One-stop payment services revenue grew 8% year-over-year to RMB 2,901.6 million, with fee rate rising to 12.4 basis points.

• Merchant solutions revenue increased 4.6% to RMB 355.3 million, with gross margin at 91.8%.

• In-store e-commerce GMV grew nearly 50% year-over-year, though revenue declined due to channel mix; achieved first positive monthly net profit.

• Selling, administrative, and R&D expenses decreased by 13.2%, and finance costs dropped 37.8% year-over-year.

Outlook and guidance

• Overseas GPV expected to grow in multiples annually for the next five years, with profit contribution targeted to reach 30–50% midterm.

• Focus on global high-potential economies, leveraging localized products and exclusive licenses for overseas expansion.

• AI and value-added services will remain key growth drivers, with further expansion into developed overseas markets and new product launches.

• Continued deep integration of AI across all business lines to drive efficiency, cost reduction, and new revenue streams.

• Strategic investments in R&D and overseas expansion, with unutilized proceeds earmarked for these initiatives.