YesAsia Holdings (2209) H1 2025 earnings summary

Executive summary

• Revenue rose 49.3% year-over-year to US$243.93 million, with net profit up 26.7% to US$14.08 million, driven by strong retail and wholesale beauty product sales.

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

• B2B (ABW) revenue more than doubled, now 32% of total revenue; B2C (YesStyle) revenue up 31.7%.

• Non-core markets contributed significantly, with Latin America and Middle East showing exceptional growth.

• Expanded logistics network with new warehouses in Korea and Hong Kong, deploying advanced robotics for fulfillment.

Financial highlights

• Gross profit increased 46.0% year-over-year to US$73.3 million, with gross margin slightly down to 30.0%.

• Net profit margin declined by 1.0pp to 5.8%, but remained above the 2024 full-year margin.

• Basic EPS rose to 3.43 US cents; diluted EPS up to 3.36 US cents.

• Operating profit increased 31.9% to US$18.7 million.

• Influencer program revenue grew 31.6% to US$44.64 million.

Outlook and guidance

• K-beauty sector projected to grow at 8.4% CAGR, reaching US$25.98 billion by 2032.

• Continued focus on expanding in non-core European and Middle Eastern markets, leveraging logistics and influencer marketing.

• Ongoing investments in logistics, social media marketing, and European market localization planned.

• No interim dividend declared for the period.