股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | 致：香港交易及結算所有限公司 第 1 頁 共 10 頁 v 1.1.1 FF301 FF301 公司名稱: 有贊科技有限公司 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 08083 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | 50,000,000,000 | HKD | | 0.01 | HKD | | 500,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | 50,000,000,000 | HKD | | 0.01 | HKD | | 500,000,000 | 本月底法定/註冊 ...

Core Insights - The e-commerce SaaS industry has been struggling with high growth and high losses, primarily relying on capital infusion for expansion. However, signs of profitability have emerged in the mid-2025 financial reports, with major players Youzan and Weimob reporting their first profits after years of losses [2][3][7] - Despite achieving profitability, both companies face challenges such as declining revenue and customer attrition, raising questions about whether this turnaround is sustainable or merely a temporary phenomenon [2][7] Revenue Performance - Youzan reported a net profit of 72.57 million yuan in the first half of 2025, while Weimob achieved an adjusted net profit of 16.9 million yuan, marking their first profit since 2021 [2][3] - Youzan's revenue for the first half of 2025 was approximately 710 million yuan, showing a modest year-on-year growth of about 4%, following eight consecutive periods of negative growth [2][3] - Weimob's revenue was 775 million yuan, a decline of 10.6% compared to the previous year, although adjusted revenue showed a growth of 7.8% [3][4] Revenue Structure - For Youzan, the merchant solutions segment saw a revenue increase of 10.3% to approximately 338 million yuan, driven by the rapid expansion of its logistics solutions [3] - The subscription solutions segment, which constitutes 52.7% of total revenue, experienced a 1.0% decline to about 374 million yuan, with a decrease in gross margin by 2.8% [3] - Weimob's subscription solutions revenue fell by 10% to 438 million yuan, while its merchant solutions revenue also declined by 11.3% to 338 million yuan. However, adjusted merchant solutions revenue grew significantly by 45.3% [4] Cost Management - Weimob successfully reduced its sales costs from 292 million yuan to 193 million yuan, a decrease of 33.9%, which contributed to its improved gross profit and margin [5][6] - Youzan's sales and distribution expenses were 260 million yuan, slightly down from 266 million yuan, accounting for 36.6% of total revenue, indicating a small optimization [6] - Both companies have focused on cost-cutting measures, including workforce optimization and a shift towards high-margin business areas [5][6] Customer Dynamics - Both Youzan and Weimob have experienced a decline in customer numbers, with Youzan's total merchants dropping by 4% to 53,651 in the first half of 2025, significantly lower than its peak of nearly 100,000 in 2020 [7][8] - Weimob's paid merchants in the subscription solutions segment decreased by 13.9%, while its merchant solutions segment saw a slight increase of 1.5% [8][9] Strategic Shifts - In response to declining customer numbers, both companies have shifted from a broad acquisition strategy to focusing on larger clients and reducing non-core and low-quality business segments [10] - Weimob's large client strategy has shown success, with significant revenue contributions from key industries, while Youzan has concentrated on high-margin sectors [10] Workforce Adjustments - Both companies expanded their workforce significantly during the pandemic but have since undergone substantial layoffs to improve efficiency [11][12][14] - Youzan's employee count dropped from 4,494 in 2021 to 1,509 in 2025, while Weimob's workforce decreased from 8,562 to 3,400 in the same period [14][15] AI Integration - Both companies are embracing AI to enhance operational efficiency, with Weimob reporting a 30% improvement in overall operations through AI applications [16][17] - Youzan has begun integrating AI into its offerings but has not yet seen significant revenue impacts from these initiatives [17][18]

Group 1 - The core focus of the article is the launch of Xiaohongshu's local lifestyle business, specifically the "Xiaohong Card" program, which is set to fully roll out by the end of September [1] - The initial testing phase of the "Xiaohong Card" targets merchants in the dining, leisure activities, and exhibition sectors, with the first cities being Hangzhou, Shanghai, and Guangzhou [1] - The "Xiaohong Card" offers users at least a 10% discount at participating merchants, while merchants have the flexibility to set their own discount levels [1] Group 2 - Xiaohongshu's "Xiaohong Card" is similar to loyalty programs like Taobao's 88VIP and JD's PLUS, aiming to connect online decision-making with offline consumption to create a transaction loop [1] - Youzan serves as the exclusive service provider for the "Xiaohong Card," having previously collaborated with Xiaohongshu to launch local lifestyle solutions covering group buying and food delivery [1] - Several local influencers in Hangzhou have already participated in the internal testing and shared their experiences through posts [1]

Core Viewpoint - Youzan (08083) reported a significant increase in revenue and profitability in its recent interim results, indicating a positive trend in its business operations and future growth potential [1] Financial Performance - Youzan achieved a revenue of 714 million yuan, representing a year-on-year increase of 3.97% [1] - The profit attributable to the parent company was 72.74 million yuan, a turnaround from a loss of 17.22 million yuan in the same period last year [1] - The increase in revenue was primarily driven by the growth in merchant solutions, although this was partially offset by a decrease in subscription solution revenue [1] Future Growth Targets - For the first half of 2025, the gross merchandise volume (GMV) generated by merchants using Youzan's solutions is expected to be approximately 49.8 billion yuan [1] - Youzan's operational goal for 2025 includes achieving business growth while steadily increasing profit margins and enhancing the "silicon content" across various business segments [1] - Over the long term (5-7 years), Youzan aims to serve 200,000 merchants and over 1 million stores, achieving a transaction volume exceeding 300 billion yuan and servicing an order volume of 1 trillion yuan [1]

Core Viewpoint - Youzan has finally turned a profit after years of losses, reporting a net profit of approximately RMB 73 million for the first half of 2025, marking a significant turnaround in its financial performance [1][3]. Financial Performance - In the first half of 2025, Youzan's revenue was approximately RMB 710 million, representing a year-on-year growth of about 4% [3]. - The net profit for the same period was RMB 73 million, a substantial improvement compared to a net loss of RMB 42.95 million in the previous year [4]. - The total comprehensive income for the first half of 2025 was RMB 75.75 million, compared to a loss of RMB 7.07 million in the same period last year [4]. Business Strategy - Youzan has optimized its business structure, increasing the proportion of high-margin businesses, with revenue from merchant solutions growing significantly to approximately RMB 338 million, a year-on-year increase of 10.3% [5]. - The average sales per merchant reached approximately RMB 930,000, reflecting an 11% year-on-year increase, indicating improved merchant service effectiveness [6]. Market Context - The Chinese SaaS market is projected to reach RMB 49.82 billion in 2024, with a year-on-year growth of 31.6% [3]. - Youzan's stock price has significantly declined from a peak market capitalization of over RMB 70 billion to around RMB 4.7 billion, highlighting the challenges faced in the SaaS sector [1]. Competitive Landscape - Youzan faces intense competition from major players like Alibaba and Tencent, which have entered the SaaS market with substantial resources and established customer bases [15]. - The competition with similar companies like Weimob is particularly fierce, as both companies target small and medium-sized merchants [15]. Technological Innovation - The application of AI technology has been crucial for Youzan, enhancing operational efficiency and reducing research and development costs, which has contributed to its profitability [9][10]. - Youzan has expanded its sales team to approximately 750 personnel in the first half of 2025, improving its market outreach and customer acquisition capabilities [11]. Ecosystem Development - Youzan has diversified its platform partnerships beyond WeChat, integrating with platforms like Alipay and Xiaohongshu to reduce dependency on a single ecosystem [12]. - The company has also expanded its services to include offline retail solutions, creating a more integrated online and offline service model [13].

Financial and Business Summary [Summary of Financial Performance](index=3&type=section&id=摘要-财务业绩) For H1 2025, the Group's total revenue grew 4.0% to RMB 714 million, operating profit surged over 30 times to RMB 84.09 million, achieving a net profit of RMB 72.57 million, with period-end cash at RMB 940 million and no interim dividend recommended Key Financial Indicators for H1 2025 | Indicator | H1 2025 (RMB 10,000) | H1 2024 (RMB 10,000) | YoY Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | 71,359 | 68,633 | +4.0% | | **Gross Profit** | 46,678 | 46,915 | -0.5% | | **Gross Profit Margin** | 65.4% | 68.4% | -3.0 p.p. | | **Operating Profit** | 8,409 | 259 | +3,151.7% | | **Profit/(Loss) for the Period** | 7,257 | (430) | Turnaround to Profit | | **Cash and Cash Equivalents (Period-end)** | 93,982 | - | - | - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[7](index=7&type=chunk) [Business Segment Performance](index=3&type=section&id=摘要-业务分部表现) During the reporting period, merchant solutions business was the primary growth driver with a 10.3% increase in revenue, while subscription solutions revenue slightly decreased by 1.0%, with merchant solutions also achieving a 3.5% gross profit growth, contrasting with a 2.8% decline in subscription solutions gross profit Revenue and Gross Profit Performance by Business Segment | Business Segment | Revenue (RMB 100 million) | YoY Change | Gross Profit (RMB 100 million) | YoY Change | | :--- | :--- | :--- | :--- | :--- | | **Subscription Solutions** | 3.74 | -1.0% | 2.87 | -2.8% | | **Merchant Solutions** | 3.38 | +10.3% | 1.78 | +3.5% | Unaudited Condensed Consolidated Financial Statements [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=5&type=section&id=未經審核簡明綜合損益及其他全面收益表) The Group achieved a turnaround to profit in H1 2025, reporting RMB 72.57 million in net profit, primarily due to effective cost control, reduced operating expenses, and a reversal of financial asset impairment losses Key Items from Statement of Profit or Loss (RMB thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | 713,589 | 686,329 | | Gross Profit | 466,775 | 469,149 | | Selling and Distribution Expenses | (259,962) | (265,763) | | Administrative Expenses | (63,457) | (70,020) | | Research and Development Costs | (79,861) | (93,828) | | **Operating Profit** | **84,089** | **2,586** | | **Profit/(Loss) for the Period** | **72,569** | **(4,295)** | | Profit/(Loss) attributable to owners of the parent | 72,742 | (17,224) | | Basic Earnings/(Loss) Per Share (RMB) | 0.0023 | (0.0005) | [Consolidated Statement of Financial Position](index=7&type=section&id=未經審核簡明綜合財務狀況表) As of June 30, 2025, the Group's financial position remained robust with total assets of RMB 6.08 billion and net assets increasing to RMB 1.14 billion, demonstrating stable short-term solvency with a current ratio of 1.09 times Key Items from Statement of Financial Position (RMB thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Non-current Assets** | 1,408,728 | 1,412,490 | | **Total Current Assets** | 4,670,940 | 4,498,721 | | **Total Current Liabilities** | 4,283,227 | 4,144,146 | | **Total Non-current Liabilities** | 657,915 | 691,574 | | **Net Assets** | **1,138,526** | **1,075,491** | | Deposits with central banks | 3,351,375 | 3,127,657 | | Cash and cash equivalents | 939,816 | 888,821 | [Consolidated Statement of Cash Flows](index=11&type=section&id=未經審核簡明綜合現金流量報表) In H1 2025, the Group's operating cash flow significantly improved, turning from a net outflow to a net inflow of RMB 86.53 million, with period-end cash and cash equivalents increasing to RMB 940 million Summary of Cash Flow Statement (RMB thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net cash flows from/(used in) operating activities | 86,530 | (64,293) | | Net cash flows from/(used in) investing activities | 95 | (1,086) | | Net cash flows used in financing activities | (35,539) | (17,088) | | **Net increase/(decrease) in cash and cash equivalents** | **51,086** | **(82,467)** | | Cash and cash equivalents at end of period | 939,816 | 840,766 | Notes to the Financial Statements [Operating Segment Information](index=13&type=section&id=附註4.%20經營分部資料) The Group operates in third-party payment and merchant services segments, with merchant services contributing the majority of revenue in H1 2025, while third-party payment services demonstrated stronger profitability with a segment result of RMB 51.74 million Segment Results for H1 2025 (RMB thousand) | Segment | Sales to external customers | Segment result | | :--- | :--- | :--- | | Third-party payment services | 149,807 | 51,741 | | Merchant services | 560,277 | 41,278 | | Others | 3,505 | 3,560 | | **Total** | **713,589** | **96,579** | [Revenue Analysis](index=15&type=section&id=附註5.%20收益) The Group's total revenue is primarily from subscription and merchant solutions, with merchant solutions revenue growing 10.3% in H1 2025 as a key driver, while subscription solutions revenue slightly decreased, and most revenue originated from mainland China Revenue by Business Line (RMB thousand) | Business Line | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Subscription solutions | 373,643 | 377,489 | (1.0) | | Merchant solutions | 338,211 | 306,639 | 10.3 | | Others | 1,735 | 2,201 | - | | **Total** | **713,589** | **686,329** | **4.0** | - Mainland China contributed **RMB 710 million** in revenue, accounting for **99.6%** of total revenue[24](index=24&type=chunk) Management Discussion and Analysis [Business Review](index=27&type=section&id=業務回顧) In H1 2025, Youzan integrated intelligent technologies to enhance merchant marketing and operations, with GMV reaching RMB 49.8 billion, store SaaS business contributing 51% of GMV, and average sales per existing paying merchant increasing by 11% - The company continues to integrate intelligent technologies with its solutions, launching various smart products focused on intelligent marketing, omnichannel management, and operational analysis to help merchants increase revenue and efficiency[48](index=48&type=chunk) Key Operating Data for H1 2025 | Indicator | Value | | :--- | :--- | | Gross Merchandise Volume (GMV) | Approx. RMB 49.8 billion | | Store SaaS Business GMV Share | Approx. 51% | | Average Sales Per Merchant | Approx. RMB 930,000 (YoY growth of 11%) | | Number of Existing Paying Merchants | 53,651 | | Number of New Paying Merchants | 8,583 | [Financial Review](index=29&type=section&id=財務回顧) The Group's H1 2025 financial performance was robust, with total revenue up 4.0% driven by merchant solutions, and despite higher cost of sales impacting gross margin, effective expense control led to significant operating profit growth and a net profit turnaround, with adjusted non-HKFRS profit increasing 59.0% [Revenue Analysis](index=29&type=section&id=財務回顧-收益) Total revenue increased by 4.0% to RMB 714 million, driven by a 10.3% growth in merchant solutions revenue due to logistics solution penetration, while subscription solutions revenue slightly decreased by 1.0% Revenue Breakdown (RMB thousand) | Business Segment | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Subscription solutions | 373,643 | 377,489 | (1.0) | | Merchant solutions | 338,211 | 306,639 | 10.3 | | **Total** | **713,589** | **686,329** | **4.0** | - The growth in merchant solutions revenue was primarily due to increased penetration of logistics solutions, leading to a higher volume of orders utilizing Youzan's logistics solutions[59](index=59&type=chunk) [Cost of Sales and Gross Profit Analysis](index=31&type=section&id=財務回顧-銷售成本) Cost of sales increased by 13.6% to RMB 247 million, primarily due to higher logistics, transaction, and technical service expenses, resulting in a decrease in the Group's overall gross profit margin from 68.4% to 65.4% - Key drivers for the increase in cost of sales include a **69.0%** rise in logistics costs, a **9.6%** increase in transaction costs, and a **52.6%** increase in technical service expenses[62](index=62&type=chunk) Gross Profit Margin by Business Segment | Business Segment | H1 2025 Gross Profit Margin | H1 2024 Gross Profit Margin | | :--- | :--- | :--- | | Subscription solutions | 76.9% | 78.3% | | Merchant solutions | 52.7% | 56.2% | | **Total** | **65.4%** | **68.4%** | [Analysis of Expenses and Other Items](index=33&type=section&id=財務回顧-費用和其他) The Group effectively controlled expenses, with selling and distribution, administrative, and R&D costs decreasing by 2.2%, 9.4%, and 14.9% respectively, largely due to the adoption of AI-driven tools reducing R&D labor costs - Selling and distribution expenses decreased by **2.2%**, primarily due to reduced channel commission expenses[68](index=68&type=chunk) - Administrative expenses decreased by **9.4%**, mainly attributable to reduced staff costs due to a decrease in administrative and back-office personnel[68](index=68&type=chunk) - Research and development costs decreased by **14.9%**, primarily due to the widespread adoption of AI-driven tools in R&D activities, leading to lower R&D staff costs[68](index=68&type=chunk) [Non-HKFRS Measures](index=34&type=section&id=非香港財務報告準則計量) Under non-HKFRS measures, adjusted profit for the period increased 59.0% to RMB 82.36 million, and adjusted EBITDA rose 94.6% to RMB 70.20 million, primarily excluding non-cash items like share-based payments and intangible asset amortization Non-HKFRS Profit Reconciliation (RMB thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit/(Loss) for the period | 72,569 | (4,295) | | Add: Equity-settled share-based payments | 9,822 | 21,704 | | Add: Amortization of intangible assets | – | 40,467 | | Less: Related tax adjustments | (34) | (6,070) | | **Adjusted non-HKFRS profit for the period** | **82,357** | **51,806** | [Financial Resources and Liquidity](index=36&type=section&id=財務資源及流動資金) As of June 30, 2025, the Group maintained a robust financial position with approximately RMB 940 million in cash and cash equivalents, and a stable debt-to-asset ratio of 5.7%, consistent with year-end 2024 Key Liquidity Data (RMB thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | 939,816 | 888,821 | | Bank and other borrowings | 345,291 | 338,725 | - As of June 30, 2025, the Group's debt-to-asset ratio was **5.7%**, remaining relatively stable compared to **5.7%** as of December 31, 2024[74](index=74&type=chunk) Other Disclosures [Share Repurchases](index=44&type=section&id=購買、出售或贖回本公司的上市證券) For H1 2025, the company repurchased 257,868,000 shares on the Stock Exchange for approximately HKD 23.79 million, reflecting the Board's confidence in business prospects and commitment to shareholder value Share Repurchase Details for H1 2025 | Month of Repurchase | Number of Shares Repurchased | Total Consideration (HKD thousand) | | :--- | :--- | :--- | | January 2025 | 4,000,000 | 428 | | March 2025 | 59,888,000 | 6,084 | | April 2025 | 136,392,000 | 11,945 | | May 2025 | 40,588,000 | 3,721 | | June 2025 | 17,000,000 | 1,613 | | **Total** | **257,868,000** | **23,791** | [Corporate Governance](index=45&type=section&id=企業管治守則) The company largely complied with the Corporate Governance Code, with one deviation: the Chairman and CEO roles are held by Mr. Zhu Ning, an arrangement the Board deems in the best interest of the company and shareholders due to his leadership and business understanding - The company deviated from the Corporate Governance Code's provision that the roles of Chairman and Chief Executive Officer should be held by different individuals, as Mr. Zhu Ning, the Executive Director and Chief Executive Officer, also serves as the Chairman of the Board[103](index=103&type=chunk)[104](index=104&type=chunk) - The Board believes Mr. Zhu Ning is the most suitable person for both positions, and this arrangement is beneficial to the company and its shareholders and is in their overall best interests[105](index=105&type=chunk)

Group 1 - The core viewpoint of the article highlights that Youzan (08083) experienced a significant stock price increase of over 12% following the release of its interim results, indicating positive market sentiment towards the company's performance [1] - Youzan reported a revenue of 714 million yuan, representing a year-on-year increase of 3.97%, and a profit attributable to shareholders of 72.74 million yuan, a turnaround from a loss of 17.22 million yuan in the same period last year [1] - The revenue growth was primarily driven by an increase in merchant solutions revenue, although this was partially offset by a decrease in subscription solutions revenue [1] Group 2 - In the first half of 2025, the gross merchandise volume (GMV) generated by merchants using Youzan's solutions is expected to be approximately 49.8 billion yuan [1] - Huachuang Securities noted that Youzan is a leading SaaS platform for merchant services, utilizing AI tools to address operational challenges faced by merchants [1] - According to Huatai Securities, Tencent's management indicated that the impact of the newly implemented advertising tax in July is minimal, with significant growth in eCPM driven by advertising, and notable internal circulation from WeChat stores and mini-games [1]

Core Viewpoint - Youzan (08083) has shown a significant increase in stock price following the release of its interim results, indicating positive market sentiment towards the company's performance and growth potential [1] Financial Performance - Youzan reported a revenue of 714 million yuan, representing a year-on-year increase of 3.97% [1] - The net profit attributable to the parent company was 72.74 million yuan, a turnaround from a loss of 17.22 million yuan in the same period last year [1] - The increase in revenue was primarily driven by the growth in merchant solutions, although this was partially offset by a decrease in subscription solution revenue [1] Market Insights - By the first half of 2025, merchants using Youzan's solutions are expected to generate a Gross Merchandise Volume (GMV) of approximately 49.8 billion yuan [1] - Huachuang Securities highlighted Youzan as a leading SaaS platform for merchant services, utilizing AI tools to address operational challenges for merchants [1] - Huatai Securities noted that Tencent's management indicated a low impact from the recently implemented advertising tax, with significant growth in eCPM driven by advertising [1] - The management also mentioned that if the depreciation costs of AI infrastructure rise rapidly in the coming years, the company may consider accelerating the commercialization of advertising [1]

Core Viewpoint - Youzan (08083) has shown a significant increase in stock price, rising over 12% after the release of its interim results, indicating positive market sentiment towards the company's performance [1] Financial Performance - Youzan reported a revenue of 714 million yuan, representing a year-on-year increase of 3.97% [1] - The net profit attributable to the parent company was 72.74 million yuan, a turnaround from a loss of 17.22 million yuan in the same period last year [1] - The increase in revenue was primarily driven by the growth in merchant solutions, although this was partially offset by a decrease in subscription solution revenue [1] Market Insights - By the first half of 2025, merchants using Youzan's solutions are expected to generate a Gross Merchandise Volume (GMV) of approximately 49.8 billion yuan [1] - Huachuang Securities highlighted Youzan as a leading SaaS platform for merchant services, utilizing AI tools to address operational challenges for merchants [1] - According to Huatai Securities, Tencent's management noted that the impact of the newly implemented advertising tax in July was minimal, with significant growth in eCPM driven by advertising [1] - The management also indicated that if the depreciation costs of AI infrastructure rise rapidly in the coming years, the company may consider accelerating the commercialization of advertising [1]

Group 1 - The core viewpoint of the article highlights that Youzan (08083) experienced a stock price increase of 5.44%, reaching HKD 0.155 per share with a trading volume of HKD 27.607 million as of 13:40 on August 14 [1] - Youzan Technology Co., Ltd. primarily offers SaaS products and services to assist merchants in expanding their businesses through online sales, social marketing, and omnichannel new retail, including Youzan Micro Mall and Youzan Retail [1] - The company has entered the third phase of e-commerce SaaS and continues to deepen its industry engagement and ecosystem development, providing customized and value-added services to meet diverse merchant needs [1] Group 2 - As of the mid-year report in 2025, Youzan reported total revenue of HKD 714 million and a net profit of HKD 72.742 million [2] - On August 12, the company repurchased 18.38 million shares at a price range of HKD 0.142-0.144 per share, with a total repurchase amount of HKD 2.623 million [3]