Yoho Group Holdings (2347) H1 2026 earnings summary

Executive summary

• 1H25/26 revenue fell 4.4% YoY to HK$369.9m and net profit declined to HK$8.1m from HK$11.2m; gross margin reached a four-year high of 15.9%.

• GMV was HK$427.3m, down 1.1% YoY; orders rose 12.5% to 252,000 while basket value declined 11.9% to HK$1,697.

• EBITDA was HK$15.3m versus HK$15.7m; registered members reached 1.31m, up 11.6%, and 3P-model GMV rose 113.1%.

Financial highlights

• Revenue decreased 4.4% YoY to HK$369.9m from HK$387.0m; reported product-category revenue excluding advertising services was HK$365.3m.

• Gross profit was HK$58.8m versus HK$59.0m; gross margin rose to 15.9% from 15.2%, supported by product-mix refinement and margin management.

• Net profit was HK$8.1m versus HK$11.2m; adjusted net profit excluding share-based payment expense was HK$8.4m versus HK$11.8m.

• EBITDA was HK$15.3m versus HK$15.7m; basic and diluted EPS were HK1.65 cents versus HK2.24 cents.

• Other income declined to HK$3.1m from HK$4.5m, mainly due to HK$1.4m lower fixed-deposit interest income.

Outlook and guidance

• H2 retail conditions are expected to remain challenging, with elevated rates, inflation, cautious spending and outbound expenditure weighing on local demand.

• The margin-first approach prioritizes profit quality, product-mix optimisation, procurement discipline and supply-chain efficiency, with no quantitative guidance stated.

• 1P remains the core revenue and profit engine; priorities include higher-margin beauty, health and emerging technology categories, supplier collaboration and improved inventory turnover.

• Cross-border expansion targets Mainland China and Southeast Asia through additional channels, marketing and a scalable fulfilment network.