YesAsia Holdings (2209) H2 2024 earnings summary

Executive summary

• Achieved record revenue of US$345.8M in 2024, up 71.7% year-over-year, with net profit rising 151.5% to US$19.0M and net profit margin improving to 5.5% from 3.8% in 2023.

• Growth driven by both B2C (YesStyle) and B2B (AsianBeautyWholesale) segments, with Europe overtaking the US as the major revenue growth driver.

• Non-Core Markets (excluding US, UK, Australia, Canada) contributed 50.2% of revenue, up from 39.7% in 2023.

Financial highlights

• Revenue: US$345.8M (2024) vs US$201.3M (2023), +71.7%.

• Net profit: US$19.0M (2024) vs US$7.6M (2023), +151.5%.

• Gross profit: US$105.4M (2024) vs US$62.7M (2023), +68.1%.

• Gross margin: 30.5% (2024) vs 31.1% (2023), -0.6pp.

• EPS: Basic 4.74 US cents (2024) vs 1.91 US cents (2023).

• Proposed final dividend: HK7.5 cents per share (2024) vs HK5.0 cents (2023).

Outlook and guidance

• K-Beauty market expected to grow from US$13.59B (2024) to US$25.98B (2032), CAGR 8.4%.

• Europe anticipated to surpass US as largest revenue source in 2025.

• Focus on expanding B2B business and further diversification into Non-Core Markets.