YesAsia Holdings (2209) H1 2024 earnings summary

Executive summary

• Achieved record interim revenue of US$163.3 million, up 80.2% year-over-year, and net profit of US$11.1 million, up 610.6%, driven by strong K-Beauty sales across retail and wholesale platforms.

• Beauty products contributed 91.4% of total revenue, with YesStyle remaining the top Asian beauty shopping platform by traffic in major overseas markets.

• European Union outpaced the US in revenue growth, with EU revenue up 114.1% and US revenue up 42.4%.

• Expanded B2B and B2C channels, influencer and CRM programs, and strategic expansion into new markets and logistics infrastructure.

• Included as a constituent in the MSCI Hong Kong Micro Cap Index.

Financial highlights

• Revenue rose 80.2% year-over-year to US$163.3 million; gross profit up 78.1% to US$50.2 million; gross margin at 30.7% (down 0.4pp year-over-year).

• Net profit surged 610.6% to US$11.1 million; basic EPS increased to 2.80 US cents, diluted EPS to 2.78 US cents.

• Beauty product sales grew 113.9% to US$149.4 million; B2B platform sales up 112.1%.

• Influencer program revenue up 115.2% year-over-year.

• Cash and bank balances at US$6.9 million as of 30 June 2024.

Outlook and guidance

• Optimistic about continued global demand for K-Beauty, with US and Europe expected to drive growth.

• Plans to build a second automated warehouse in Hong Kong and expand logistics infrastructure in the US, UK, and Germany.

• Focus on influencer marketing, CRM enhancements, and cost control to sustain growth.