YSB Inc (9885) H1 2025 earnings summary

Executive summary

• H1 revenue rose 11.7% YoY to RMB9,842.6 million; gross profit increased 25.3% to RMB1,104.5 million, and gross margin expanded 1.2 percentage points to 11.2%.

• Profit for the period was RMB74.0 million versus RMB13.4 million; profit attributable to owners was RMB78.1 million, and adjusted net profit rose 33.2% to RMB121.8 million.

• Growth was supported by self-operation, expanding own-brand products and buyer growth; average monthly paying buyers increased 7.6% to 426,000.

Financial highlights

• Revenue increased to RMB9,842.6 million from RMB8,814.0 million, driven mainly by self-operation growth and acquisition contribution; cost of sales rose 10.2% to RMB8,738.1 million.

• Profit before tax was RMB68.9 million versus RMB12.7 million, with a RMB5.1 million income tax credit.

• Adjusted net profit, excluding share-based payment and acquisition-related expenses, was RMB121.8 million versus RMB91.4 million; adjusted margin rose to 1.2% from 1.0%.

• Selling and marketing expenses rose 16.9% to RMB826.9 million; G&A increased 12.0% to RMB190.1 million and R&D increased 6.3% to RMB48.6 million.

Outlook and guidance

• Priorities include strengthening Online Marketplace and Self-operation, expanding product categories, improving seller support and logistics, and increasing operational efficiency.

• Plans include scaling own-brand products and Targeted Product Launch, deepening pharmaceutical partnerships, and extending local self-operation and half-day delivery pilots.

• Further AI and SaaS integration, FutureClou device upgrades, and longer-term industry-chain investments and M&A are planned.