Yoho Group Holdings (2347) H2 2025 earnings summary

Executive summary

• FY24/25 revenue declined 10.4% YoY to HK$753.8m and GMV fell 8.4% to HK$848.1m amid weak local demand; gross margin improved to 15.7% through product-mix changes and cost discipline.

• Profit for the year was HK$20.5m; adjusted net profit was HK$21.6m. Registered members rose 10.5% to 1.224m, while orders fell 8.8% to 433,000.

Financial highlights

• Revenue was HK$753.8m versus HK$841.1m in FY23/24; gross profit was HK$118.1m versus HK$121.8m, while gross margin rose to 15.7% from 14.5%.

• Profit before tax was HK$24.1m versus HK$26.4m; audited profit and total comprehensive income was HK$20.466m versus HK$22.304m.

• Adjusted net profit, excluding HK$1.111m of share-option grants, was HK$21.577m versus HK$23.379m; basic and diluted EPS were 4.13 HK cents versus 4.46 HK cents.

• GMV decreased 8.4% to HK$848.1m; basket value rose 0.6% to HK$1,960, while order intake declined 8.8% to 433,000.

• Final dividend proposed at HK$0.015 per share, alongside HK$0.015 interim dividend; FY24/25 total dividend was HK$0.030 per share versus HK$0.030 in FY23/24.

Outlook and guidance

• Near-term Hong Kong retail headwinds are expected to persist; strategy prioritizes profitability, disciplined execution, customer value and long-term resilience.

• The 1P model is expected to remain the primary revenue engine and profit backbone; the 3P model is positioned to broaden assortment and support growth with limited inventory risk.

• Cross-border development targets Mainland China, with a Shenzhen subsidiary, local recruitment and a pilot WeChat Mini Program; expansion is planned in a measured manner.

• Future priorities include merchant advertising, 3PL and data services, AI, automation, OMO integration and personalized customer journeys.