YSB Inc (9885) H1 2026 earnings summary

Executive summary

• H1 2026 revenue rose 4.5% YoY to RMB10,283.1m; profit for the period increased 47.1% to RMB108.9m, and adjusted net profit grew 12.9% to RMB137.5m.

• Self-operation growth and higher gross margin supported results, while marketplace revenue fell amid weak pharmaceutical retail conditions.

Financial highlights

• Revenue was RMB10,283.1m, up 4.5%; gross profit rose 4.2% to RMB1,151.4m, with gross margin stable at 11.2%.

• Profit attributable to owners increased 41.9% to RMB110.8m; basic and diluted EPS were RMB0.164 and RMB0.163, versus RMB0.115 and RMB0.113.

• Adjusted net profit, excluding share-based payment and Yikuai acquisition-related expenses, rose 12.9% to RMB137.5m; adjusted margin was 1.3% versus 1.2%.

• Cost of sales rose 4.5% to RMB9,131.7m; selling and marketing expenses increased 1.7% to RMB840.9m, while R&D expenses fell 10.2% to RMB43.6m.

Outlook and guidance

• Priorities include developing the platform ecosystem, improving supply-chain quality and cost efficiency, expanding direct-origin procurement, and improving fulfilment and delivery timeliness.

• Private-label plans focus on product quality, lower-tier markets and primary-care channels, aiming to improve earnings quality and profitability.

• LLMs and proprietary algorithms are planned for inventory dispatch, fulfilment routing and supply-demand matching; on-demand pharmaceutical retail remains a development focus.