Yeahka (9923) H1 2026 earnings summary

Executive summary

• Gross profit margin rose to 28.8% (up from 23.3% year-over-year), with net profit at RMB 41.9 million, marking the best half-year profit margin since 2023 and four consecutive years of first-half profit growth.

• Revenue declined 23.9% year-over-year to RMB 1,249.2 million, mainly due to a 23% drop in domestic GPV, but overseas and Hong Kong/Macau businesses saw accelerated growth, with overseas GPV surging 293.8% to RMB 6 billion and fee rates at 63.1 basis points.

• AI-driven value-added services and in-store e-commerce achieved record highs, with e-commerce GMV up over 75% year-over-year and AI-generated video transaction value up 207%.

• Administrative and R&D expenses decreased by 8.1% year-over-year due to AI integration and process optimization.

• Interim dividend of HKD 0.03 per share (HKD 13.8 million total) declared for the first time since listing, reflecting a focus on sustainable growth and shareholder returns.

Financial highlights

• Gross profit reached RMB 360.1 million (down 6.0% year-over-year), but gross profit margin improved to 28.8% from 23.3%.

• Net profit for the period was RMB 41.9 million, up 1.3% year-over-year, with a net profit margin of 3.4%.

• Core EBITDA was RMB 138.5 million, with a margin of 11.1%.

• Domestic GPV dropped 23% to RMB 880 billion, while overseas GPV surged 293% to RMB 6 billion.

• Cash and cash equivalents increased 14.6% to RMB 865 million as of June 30, 2026.

Outlook and guidance

• Focus on expanding global payment services, especially in Hong Kong, Macau, and overseas, leveraging local teams and AI-driven products.

• Overseas profit is targeted to contribute 50% of total payment profit within three years.

• Continued focus on high-value customer segments, ecosystem partnerships, and leveraging AI for efficiency and new revenue streams.

• Board will consider further share buybacks and dividends to enhance shareholder returns.