Core Viewpoint - After the release of its interim results, Youzan (08083) experienced a decline of over 13%, closing at HKD 0.144 with a trading volume of HKD 67.78 million [1] Financial Performance - For the six months ending June 30, 2025, Youzan reported revenue of RMB 714 million, an increase of 3.97% year-on-year [1] - The profit attributable to the parent company was RMB 72.74 million, compared to a loss of RMB 17.22 million in the same period last year [1] - Basic earnings per share were RMB 0.0023 [1] Business Operations - The increase in revenue was primarily driven by higher merchant solution revenues, partially offset by a decrease in subscription solution revenues [1] - In the first half of 2025, the Gross Merchandise Volume (GMV) generated by merchants using Youzan's solutions was approximately RMB 49.8 billion [1] - The average sales per merchant in the first half of 2025 were approximately RMB 930,000, reflecting a year-on-year growth of about 11% [1] Strategic Goals - Youzan's operational goal for 2025 is to achieve business growth while steadily increasing profit margins [1] - The company aims to enhance the silicon content across various business segments and build an intelligent organization [1]

智通财经获悉，有赞(08083)绩后倒跌逾13%，截至发稿，跌12.73%，报0.144港元，成交额6778.77万港 元。 据悉，2025年上半年，商家通过有赞的解决方案产生的GMV约为人民币498亿元。平均单个商家的销售 额在2025年上半年约为93万元，同比增长约11%。门店SaaS GMV同比增长，门店SaaS存量付费商家数 量较2024年底有所提升。公司2025年经营目标为：实现业务增长，且保持利润率稳步上升；提高各业务 环节的含硅率，打造智能化组织。 消息面上，8月11日，有赞发布截至2025年6月30日止6个月的中期业绩，该集团取得收益7.14亿元，同 比增加3.97%；母公司拥有人应占溢利7274.2万元，去年同期则亏损1722.4万元；每股基本盈利0.0023 元。公告称，收入增加主要由于商家解决方案收益增加，部分已由订阅解决方案收益减少所抵销。 本文源自：智通财经网 ...

Core Viewpoint - After the earnings report, Youzan (08083) experienced a decline of over 13%, with a current trading price of HKD 0.144 and a transaction volume of HKD 67.78 million [1] Financial Performance - For the six months ending June 30, 2025, Youzan reported revenue of RMB 714 million, an increase of 3.97% year-on-year [1] - The profit attributable to the parent company was RMB 72.74 million, compared to a loss of RMB 17.22 million in the same period last year [1] - Basic earnings per share were RMB 0.0023 [1] Revenue Drivers - The increase in revenue was primarily due to the growth in merchant solutions revenue, which was partially offset by a decrease in subscription solutions revenue [1] - In the first half of 2025, the Gross Merchandise Volume (GMV) generated by merchants using Youzan's solutions was approximately RMB 49.8 billion [1] - The average sales per merchant in the first half of 2025 were approximately RMB 930,000, representing a year-on-year growth of about 11% [1] Business Goals - Youzan's operational goals for 2025 include achieving business growth while maintaining a steady increase in profit margins [1] - The company aims to enhance the silicon content across various business segments and build an intelligent organization [1]

丨 2025年8月12日星期二丨 NO.1抖音电商成立安全与信任中心 （文章来源：每日经济新闻） NO.2 立秋当天饿了么骑手平均收入为去年1.4倍 8月11日，淘宝闪购及饿了么发布的"立秋消费观察"数据显示，8月7日立秋当天，有30多万家餐饮小店 在淘宝闪购平台上成交突破峰值，饿了么骑手数量达到去年的3.5倍，平均收入是去年的1.4倍。其中，7 月收入超过1万元的骑手数量较去年同比增长了184%。立秋当天，有超过30万家餐饮夫妻老婆店在淘宝 闪购迎来成交破峰，同时有8万家非餐小店成交增速超过100%。 点评：在当下竞争激烈的外卖行业中，平台纷纷发力。继美团不发布"秋天第一杯奶茶"战报之后，饿了 么也更关注平台收入和餐饮夫妻老婆店的收入和增速，可以看出在集体承诺"规范促销"后，外卖平台竞 争正从单纯的价格战，逐步转向价值和高质量的角逐。 NO.3有赞今年上半年实现扭亏为盈 点评：有赞此次逆袭，源于其在AI应用、客户结构调整等方面发力，比如推出"智能体"与全托管服务， 降低商家运营成本。在对手如云的市场中，有赞靠此实现盈利，未来有望持续拓展市场份额。 8月11日，抖音电商发文称，抖音电商近日正式成立安全与信任中 ...

Summary of the Conference Call for Youzan Company Overview - **Company**: Youzan - **Industry**: SaaS (Software as a Service) for merchants, focusing on e-commerce and retail solutions Key Financial Metrics - **Total Revenue**: 710 million CNY in H1 2025, a 4% year-on-year increase [2][4] - **Net Profit**: 72.57 million CNY, achieving a net profit margin of 10% for the first time [2][4] - **Operating Cash Flow**: 86.53 million CNY, indicating healthy business operations [2][4] - **Adjusted EBITDA**: 36 million CNY in 2023, with an EBITDA margin of 8.4% expected in 2024 [2][3] Revenue Breakdown - **Subscription Solutions Revenue**: 370 million CNY, a slight decline year-on-year, but ARPU increased by 10% to 6,964 CNY [2][9] - **Merchant Solutions Revenue**: 63.04 million CNY, a 22% year-on-year increase, driven by cross-border transaction solutions [2][11] Operational Efficiency - **Employee Count**: 1,509 as of June 30, 2025, with a 5% year-on-year decrease but a 1% increase from the end of 2024 [7] - **Sales Personnel**: 50% of total employees, with a 9% increase in sales staff [7][8] - **Cost Control**: Significant reductions in R&D and administrative expenses due to AI integration and efficiency improvements [13] Strategic Initiatives - **Sales Team Expansion**: Plans to continue expanding the sales team to support future growth [8] - **AI Integration**: AI capabilities are being integrated into higher-tier subscription products to enhance merchant efficiency [12][25] - **Market Expansion**: Gradual expansion into the restaurant sector, significantly increasing the target market size [18] Future Guidance - **2025 Revenue Guidance**: Expecting slight revenue growth and maintaining a 10% profit margin [3][22] - **2026 Revenue Growth**: Projected at 10%, with key drivers including sales recovery and expansion into high-margin sectors [3][22] Challenges and Considerations - **AI Commercialization**: The pace of AI commercialization in China is slow, with many merchants hesitant to invest without clear ROI [26] - **Market Dynamics**: The company is focusing on integrating AI into existing products rather than standalone offerings to avoid complex sales processes [17][27] Shareholder Returns - **Share Buybacks**: Approximately 30 million HKD in buybacks since last year, with plans to continue based on market conditions [24] - **Dividend Considerations**: Healthy financial status with over 500 million CNY in net cash, allowing for potential dividends [24] Conclusion - **Overall Performance**: Youzan has shown resilience with a return to profitability and a focus on operational efficiency and strategic growth initiatives. The integration of AI and expansion into new markets are key components of its future strategy.

有赞(08083)发布截至2025年6月30日止6个月的中期业绩，该集团取得收益7.14亿元，同比增加3.97%;母 公司拥有人应占溢利7274.2万元，去年同期则亏损1722.4万元;每股基本盈利0.0023元。 公告称，收入增加主要由于商家解决方案收益增加，部分已由订阅解决方案收益减少所抵销。 ...

Financial Performance - Revenue in 2025H1 was RMB 714 million, a 4% increase year-over-year[10] - Merchant solutions revenue increased by 10% to RMB 338 million in 2025H1[10] - The company achieved profitability in 2025H1 with a profit of RMB 73 million, a turnaround from a loss in the previous period[10] - Net cash from operating activities was RMB 87 million in 2025H1[10] - Semi-ARPU in 2025H1 was RMB13,301, up 15% YoY[9] Business Metrics - GMV in 2025H1 reached RMB 49.8 billion[9] - Store SaaS GMV accounted for 51% of the total GMV, showing year-over-year growth[9] - Average sales per merchant in 2025H1 increased by 11% year-over-year to RMB 930,000[9] - As of June 30, 2025, the company had 53,651 paying merchants[49] Strategic Focus - The company aims to achieve business growth while steadily increasing profit margins[53]

Core Insights - Youzan (08083) reported a revenue of approximately RMB 710 million for the first half of 2025, representing a year-on-year growth of about 4% [1] - The company achieved a net profit of approximately RMB 73 million, marking a turnaround from losses, with a net profit margin rising to about 10% [1] - Operating cash inflow for the first half of 2025 was approximately RMB 87 million [1] Business Performance - The Gross Merchandise Volume (GMV) generated by merchants using Youzan's solutions was approximately RMB 49.8 billion in the first half of 2025 [1] - The average sales per merchant in the first half of 2025 was about RMB 930,000, reflecting a year-on-year increase of approximately 11% [1] - The GMV from store SaaS showed year-on-year growth, and the number of paying merchants for store SaaS increased compared to the end of 2024 [1] Future Goals - The company's operational goal for 2025 is to achieve business growth while steadily increasing profit margins [1] - Youzan aims to enhance the silicon content across various business segments and build an intelligent organization [1]

[Performance Highlights](index=3&type=section&id=Performance%20Highlights) [Key Financial Indicators](index=3&type=section&id=Key%20Financial%20Indicators) For the six months ended June 30, 2025, Youzan Technology's total revenue increased by 4.0% to RMB 714 million, swinging to a profit of RMB 72.57 million for the period, with operating profit surging over 30 times, while gross margin decreased from 68.4% to 65.4% Overview of Key Financial Data for H1 2025 | Indicator | H1 2025 (RMB) | H1 2024 (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Revenue** | 713,589,000 | 686,329,000 | +4.0% | | **Gross Profit** | 466,775,000 | 469,149,000 | -0.5% | | **Gross Margin** | 65.4% | 68.4% | -3.0 p.p. | | **Operating Profit** | 84,089,000 | 2,586,000 | +3151.7% | | **Profit/(Loss) for the Period** | 72,569,000 | (4,295,000) | Swung to Profit | | **Cash and Cash Equivalents (End of Period)** | 939,816,000 | - | - | - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[7](index=7&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) During the reporting period, the company's total revenue was RMB 714 million, a 4.0% year-on-year increase, with operating profit significantly rising from RMB 2.59 million to RMB 84.09 million due to effective control of expenses, resulting in a net profit of RMB 72.57 million and basic earnings per share of RMB 0.0023, a turnaround from last year's loss Consolidated Statement of Profit or Loss Summary | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 713,589 | 686,329 | | Gross Profit | 466,775 | 469,149 | | Operating Profit | 84,089 | 2,586 | | Profit/(Loss) Before Tax | 74,353 | (6,764) | | 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=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets were RMB 6.08 billion, total liabilities RMB 4.94 billion, and net assets RMB 1.14 billion, an increase from RMB 1.08 billion at the end of 2024, with net current assets rising to RMB 388 million and a current ratio of 1.09, indicating stable short-term solvency Consolidated Statement of Financial Position Summary | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | **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 | | **Net Current Assets** | 387,713 | 354,575 | | **Total Non-current Liabilities** | 657,915 | 691,574 | | **Net Assets** | 1,138,526 | 1,075,491 | [Consolidated Statement of Changes in Equity](index=9&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) As of June 30, 2025, total equity attributable to owners of the parent increased to RMB 1.14 billion, primarily driven by a profit of RMB 72.74 million for the period, alongside share repurchases of RMB 22.54 million and adjustments to reserves due to share award schemes - During the period, equity attributable to owners of the parent increased from **RMB 1.077 billion** at the beginning of the year to **RMB 1.140 billion** at the end of the period[13](index=13&type=chunk) - The primary driver for the increase in equity was the **RMB 72.74 million** profit recorded for the period[13](index=13&type=chunk) - The company conducted share repurchases during the period, leading to an increase in treasury shares of **RMB 22.54 million**[13](index=13&type=chunk) [Consolidated Statement of Cash Flows](index=11&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) During the reporting period, net cash flow from operating activities turned positive, reaching a net inflow of RMB 86.53 million, indicating improved core business cash generation, with cash and cash equivalents increasing by RMB 51.09 million to RMB 940 million at period-end, reflecting a robust overall financial position Cash Flow Statement Summary | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | 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](index=12&type=section&id=Notes%20to%20the%20Financial%20Statements) [Operating Segment Information](index=13&type=section&id=Operating%20Segment%20Information) The company operates in three segments: third-party payment services, merchant services, and others, with merchant services being the primary revenue source at RMB 560 million and turning profitable with RMB 41.28 million, while third-party payment services generated RMB 150 million in revenue and RMB 51.74 million in segment profit Segment Performance for H1 2025 | Segment | Sales to External Customers (RMB thousands) | Segment Profit (RMB thousands) | | :--- | :--- | :--- | | Third-Party Payment Services | 149,807 | 51,741 | | Merchant Services | 560,277 | 41,278 | | Other | 3,505 | 3,560 | - Compared to the same period last year, the merchant services segment's performance significantly improved, swinging from a loss of **RMB 41.83 million** to a profit of **RMB 41.28 million**[22](index=22&type=chunk) [Revenue Analysis](index=15&type=section&id=Revenue%20Analysis) The company's total revenue is primarily derived from subscription and merchant solutions, with merchant solutions revenue growing by 10.3% to RMB 338 million, driving overall growth, while subscription solutions revenue slightly decreased by 1.0% to RMB 374 million, with the vast majority of revenue originating from mainland China Revenue by Business Line | Business Line | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Subscription Solutions | 373,643 | 377,489 | -1.0% | | Merchant Solutions | 338,211 | 306,639 | +10.3% | | Other | 1,735 | 2,201 | -21.2% | | **Total** | **713,589** | **686,329** | **+4.0%** | - Over **99%** of the company's revenue is derived from the mainland China market[24](index=24&type=chunk) [Management Discussion and Analysis](index=27&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review and Outlook](index=27&type=section&id=Business%20Review%20and%20Outlook) In H1 2025, Youzan continued to integrate intelligent technology into its SaaS solutions, helping merchants enhance public domain marketing, private domain operations, and store management efficiency, with GMV reaching approximately RMB 49.8 billion, of which 51% came from store SaaS business, and existing paying merchants totaling 53,651 with an 11% increase in average sales per merchant - The company's core strategy is to provide merchants with social network-based omnichannel SaaS systems and new retail solutions, continuously integrating intelligent technology to help merchants increase revenue and efficiency[47](index=47&type=chunk)[48](index=48&type=chunk) Key Operating Data for H1 2025 | Indicator | Value | | :--- | :--- | | Gross Merchandise Volume (GMV) | Approximately RMB 49.8 billion | | Proportion of GMV from Store SaaS Business | Approximately 51% | | Average Sales Per Merchant | Approximately RMB 0.93 million (Year-on-year increase of **11%**) | | Number of Existing Paying Merchants | 53,651 | | Number of New Paying Merchants | 8,583 | - The company's future business development strategy is to: 1. Achieve business growth while maintaining a steady increase in profit margins; 2. Enhance the "silicon content" (intelligence) across all business segments to build an intelligent organization[53](index=53&type=chunk) [Financial Review](index=29&type=section&id=Financial%20Review) Total revenue in H1 2025 grew 4.0% to RMB 714 million, primarily driven by a 10.3% increase in merchant solutions revenue due to higher logistics solution penetration, while subscription solutions revenue slightly declined by 1.0%, and cost of sales rose 13.6% due to increased logistics and transaction costs, leading to a gross margin decrease from 68.4% to 65.4%, with significant operating profit improvement attributed to effective control over selling, administrative, and R&D expenses Revenue Composition and Changes | Business Line | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Subscription Solutions | 373,643 | 377,489 | (1.0) | | Merchant Solutions | 338,211 | 306,639 | 10.3 | | **Total** | **713,589** | **686,329** | **4.0** | - Cost of sales increased by **13.6%** year-on-year, primarily due to higher logistics costs (**+69.0%**), transaction costs (**+9.6%**), and technical service expenses (**+52.6%**) [62](index=62&type=chunk) Gross Profit and Gross Margin Analysis | Business Line | H1 2025 Gross Profit (RMB thousands) | H1 2025 Gross Margin (%) | H1 2024 Gross Margin (%) | | :--- | :--- | :--- | :--- | | Subscription Solutions | 287,318 | 76.9% | 78.3% | | Merchant Solutions | 178,323 | 52.7% | 56.2% | | **Total** | **466,775** | **65.4%** | **68.4%** | - All operating expenses decreased year-on-year: selling and distribution expenses by **2.2%**, administrative expenses by **9.4%**, and research and development costs by **14.9%**, primarily due to personnel optimization and the widespread application of AI tools[68](index=68&type=chunk) [Non-HKFRS Measures](index=34&type=section&id=Non-HKFRS%20Measures) To better reflect core operating performance, the company disclosed non-HKFRS financial metrics, with adjusted EBITDA reaching RMB 70.20 million, a 94.6% year-on-year increase, and adjusted non-HKFRS profit for the period at RMB 82.36 million, up 59.0%, after excluding non-cash or non-operating items like share-based payments and depreciation and amortization Reconciliation of Non-HKFRS Measures | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Operating Profit | 84,089 | 2,586 | | **Adjusted EBITDA** | **70,201** | **36,069** | | Profit/(Loss) for the Period | 72,569 | (4,295) | | **Adjusted Non-HKFRS Profit for the Period** | **82,357** | **51,806** | [Capital and Liquidity](index=36&type=section&id=Capital%20and%20Liquidity) As of June 30, 2025, the company maintained a robust financial position with approximately RMB 940 million in cash and cash equivalents, a stable debt-to-asset ratio of 5.7%, and manageable foreign exchange risk as most transactions and balances are denominated in RMB, with a total of 1,509 employees at period-end - As of June 30, 2025, the Group's cash and cash equivalents amounted to approximately **RMB 940 million**[76](index=76&type=chunk) - The debt-to-asset ratio (total debt/total assets) was **5.7%**, remaining stable compared to the end of 2024[74](index=74&type=chunk) - As of June 30, 2025, the Group employed approximately **1,509** staff[78](index=78&type=chunk) [Other Statutory Disclosures](index=38&type=section&id=Other%20Statutory%20Disclosures) [Share Option and Share Award Schemes](index=40&type=section&id=Share%20Option%20and%20Share%20Award%20Schemes) The company incentivizes employees through share option and share award schemes, with 13.6 million unexercised share options under the 2019 scheme as of June 30, 2025, and the share award scheme ongoing, with certain awards vested and forfeited during the period, and scheme limits clarified - As of June 30, 2025, there were **13,600,000** unexercised share options under the terminated "2019 Share Option Scheme," with an exercise price of **HKD 0.385**[89](index=89&type=chunk) - During the period, **12,353,942** awarded shares vested and **6,012,564** awarded shares were forfeited or lapsed under the Share Award Scheme[95](index=95&type=chunk) [Share Repurchases](index=44&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) For the six months ended June 30, 2025, the company actively repurchased 257.87 million shares on the Stock Exchange for a total consideration of approximately HKD 23.79 million, demonstrating management's confidence in the company's prospects, and also transferred approximately 1.576 billion treasury shares to the trustee under the share award scheme Share Repurchase Details for H1 2025 | Repurchase Month | Number of Shares Repurchased | Price Paid Per Share Range (HKD) | Total Consideration (HKD thousands) | | :--- | :--- | :--- | :--- | | January 2025 | 4,000,000 | 0.104 - 0.108 | 428 | | March 2025 | 59,888,000 | 0.097 - 0.104 | 6,084 | | April 2025 | 136,392,000 | 0.079 - 0.101 | 11,945 | | May 2025 | 40,588,000 | 0.086 - 0.095 | 3,721 | | June 2025 | 17,000,000 | 0.090 - 0.097 | 1,613 | | **Total** | **257,868,000** | - | **23,791** | [Corporate Governance](index=45&type=section&id=Corporate%20Governance) The company is committed to maintaining high corporate governance standards, largely complying with the Corporate Governance Code during the reporting period, though the roles of Chairman and CEO are held by the same individual, Mr. Zhu Ning, a deviation from Code Provision C.2.1, which the Board believes is in the best interest of the company and its shareholders, and the Audit Committee has reviewed the period's results - The company has complied with the Corporate Governance Code, but there is a deviation from Code Provision C.2.1, where the roles of Chairman and Chief Executive Officer are held by the same individual, Mr. Zhu Ning[103](index=103&type=chunk)[104](index=104&type=chunk) - The Board believes that Mr. Zhu Ning serving concurrently as Chairman and Chief Executive Officer facilitates the continuous execution of business plans and is in the overall best interest of the company and its shareholders[105](index=105&type=chunk) - The Audit Committee, comprising three independent non-executive directors, has reviewed the unaudited interim results for the period[106](index=106&type=chunk)

Group 1 - The article provides an overview of the investment activities of Hong Kong-listed companies on August 11, 2025, including new stock activities, earnings announcements, shareholder meetings, and dividend distributions [1] Group 2 - New stock activities include companies such as ZhiNuo Pharmaceutical-B (currently in the IPO process) and Zhonghui Biotechnology-B (listing date) [1] - Earnings announcements are scheduled for companies like Baosheng International, Yuanyuan Group, and Kang Shifu Holdings among others [1] - Shareholder meetings will be held for companies including Huatai Textile, Shandong Gold, and Sichuan Chengyu Expressway [1] - Dividend distributions are noted for companies like Jianbei Miao Miao and Kangnait Optical, with specific ex-dividend and payment dates mentioned [1]