YesAsia Holdings (2209) H1 2025 earnings summary

Executive summary

• Revenue grew 49.3% year-over-year to US$243.9M, driven by strong retail and wholesale beauty product sales.

• Net profit increased 26.7% to US$14.1M, with profit margin at 5.8% despite higher investment in growth initiatives and expanded B2B operations.

• Beauty products accounted for 96.5% of total revenue, with K-Beauty as the main growth engine.

• Significant investments in logistics, including a new AMR warehouse in Hong Kong and a warehouse in Korea to support B2B growth.

• Major expansion in non-core markets, especially Europe, Latin America, and Middle East.

Financial highlights

• Gross profit rose 46.0% to US$73.3M; gross margin slightly decreased to 30.0% from 30.7%.

• Operating profit up 31.9% to US$18.7M.

• Earnings per share: basic US 3.43 cents, diluted US 3.36 cents.

• Cost of sales increased 50.8% to US$170.7M, mainly due to higher product costs and increased wholesale share.

• No interim dividend declared for the period.

Outlook and guidance

• Optimistic on continued global expansion in both retail and wholesale, especially in K-Beauty and non-English speaking markets.

• Plans to further invest in logistics, social media marketing, and European market localization.

• Ongoing investments in logistics and marketing are planned to support scalability and market reach.