YesAsia Holdings (2209) H2 2025 earnings summary

Executive summary

• Achieved record revenue of US$501.5M in 2025, up 45% year-over-year, with net profit rising 21.5% to US$23.1M.

• Beauty products accounted for 97% of YesStyle and ABW revenue, driven by global K-Beauty demand.

• Non-core markets (outside US, UK, Australia, Canada) contributed 63.6% of revenue, growing 83.9% year-over-year.

• B2B segment (ABW) revenue surged 91.7% to US$148.9M, with ABW Offline newly launched and contributing US$49.9M.

• Significant investments in logistics, marketing, and technology, including a second AMR warehouse and AI-driven initiatives.

Financial highlights

• Revenue: US$501.5M (2025) vs US$345.8M (2024), +45%.

• Net profit: US$23.1M (2025) vs US$19.0M (2024), +21.5%.

• Gross profit: US$148.5M, gross margin 29.6% (down 0.9pp due to higher B2B mix).

• Operating profit: US$31.9M, up 28.2% year-over-year.

• EPS: Basic 5.62 US cents, Diluted 5.50 US cents.

• Final dividend proposed: HK 10.0 cents/share (up from HK 7.5 cents in 2024).

Outlook and guidance

• K-Beauty expected to remain a key growth driver, especially in non-core markets (Europe, Latin America, Middle East).

• Continued investment in B2B expansion, logistics, and AI to support growth and operational efficiency.

• Focus on multilingual platforms, influencer marketing, and community-building initiatives.