YSB Inc (9885) H1 2023 earnings summary

Executive summary

• Total GMV rose 34.4% YoY to RMB22,041m; registered buyers exceeded 589,000, including ~379,000 pharmacies and ~211,000 primary healthcare institutions.

• Average monthly active buyers increased 17.6% to 353,000 and monthly paying buyers rose 22.5% to 331,000; paying ratio reached 93.6%.

Financial highlights

• H1 revenue rose 18.6% to RMB7,968.7m; gross profit increased 31.3% to RMB817.2m.

• IFRS loss widened to RMB3,176.6m from RMB644.3m, primarily due to a non-cash, one-time RMB3,171.9m preferred-share fair-value loss.

• Adjusted net profit was RMB70.2m versus an adjusted net loss of RMB94.8m; adjusted margin was 0.9% versus negative 1.4%.

• Basic and diluted loss per share was RMB23.70 versus RMB5.07.

Outlook and guidance

• Priorities include expanding users and product categories, improving warehouse planning and smart supply-chain capabilities, and connecting pharmaceutical manufacturers with pharmacies and clinics.

• Plans include advancing digital and online-offline healthcare services and developing the Online Marketplace and Self-operation Business models; no numerical financial guidance was stated.