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]

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 | 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 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 32,548,044,375 | | 430,264,377 | | 32,978,308,752 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 32,548,044,375 | | 430,264,377 | | 32,978,308,752 | 公司名稱: 有贊科技有限公司 呈交日期: 2025年8月6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) | ...

Core Viewpoint - Youzan (08083) has seen a significant increase in stock price, rising over 7% to HKD 0.137, with a trading volume of HKD 17.0036 million, following the announcement of its expected financial performance for the first half of the year [1] Financial Performance - Youzan anticipates revenue for the first half of the year to be approximately RMB 709 million to RMB 719 million, representing a year-on-year increase of about 3.3% to 4.8% [1] - The company expects a net profit of approximately RMB 68 million to RMB 74 million, a turnaround from a net loss of approximately RMB 4.295 million in the same period last year, primarily due to overall revenue growth [1] - The increase in human productivity year-on-year is attributed to the widespread use of AI tools and improved operational efficiency [1] Corporate Developments - Beijing Gao Huitong Commercial Management Co., Ltd. has been approved to change its name to Beijing Youzan Payment Co., Ltd., with its registered capital increasing from RMB 150 million to RMB 200 million, in order to meet regulatory requirements [1] - According to Youzan's 2024 annual report, the total merchandise transaction volume generated by merchants using Youzan's solutions reached approximately RMB 102.8 billion, an increase of about RMB 300 million compared to 2023 [1]

Core Viewpoint - The company Youzan (08083) has experienced a stock price increase of over 5% following the announcement of positive earnings expectations for the upcoming six months ending June 30, 2025 [1] Financial Performance - The expected revenue for the six months ending June 30, 2025, is projected to increase from approximately RMB 686 million to between RMB 709 million and RMB 719 million, representing an increase of approximately RMB 22.67 million to RMB 32.67 million, or about 3.3% to 4.8% [1] - The operating net cash flow for the same period is expected to shift from a net outflow of approximately RMB 68.24 million to a net inflow of approximately RMB 83 million, indicating an increase of about RMB 151 million [1] - The net profit for the six months is anticipated to be between RMB 68 million and RMB 74 million, a significant turnaround from a net loss of approximately RMB 4.295 million in the same period last year [1] Factors Contributing to Performance - The turnaround to profitability is primarily attributed to an overall increase in revenue, enhanced operational efficiency through the widespread use of AI tools, and the elimination of costs related to intangible assets that were amortized by the end of 2024 [1]

【今日头条】 香港金管局发布稳定币发行人指引，可于9月30日或之前提交申请 香港金融管理局就2025年8月1日起实施的稳定币发行人监管制度发布《持牌稳定币发行人监管指引》、 《打击洗钱及恐怖分子资金筹集指引》，以及两项指引的咨询总结。两套指引于2025年8月1日刊宪。香 港金管局同时发布与发牌制度及申请程序相关的《稳定币发行人发牌制度摘要说明》，以及《原有稳定 币发行人过渡条文摘要说明》。 香港金管局表示，截至今日尚未发出任何牌照。鼓励有意申请牌照的机构于2025年8月31日或之前联系 金管局，让金管局可传达监管期望并适当提供反馈。发牌将是一个持续进行的过程，如个别机构认为已 准备充分并希望尽早获得考虑，应于2025年9月30日或之前向金管局提交申请。 对于首批牌照的潜在得主，机构纷纷给出预测。民生证券分析指出，《稳定币条例》生效后，蚂蚁集 团、京东等科技巨头凭借深厚的区块链技术积累和丰富的应用场景，有望首批获香港金管局批准，进而 搭建稳定币及 RWA 相关产业链。国金证券也在其稳定币报告中推测，参与香港稳定币沙盒测试的公司 以及像蚂蚁这样具备场景的企业，大概率会成为首批牌照的获得者。 【大势展望】 投资者等 ...

消息面上，有赞发布公告，集团截至2025年6月30日止六个月的取得收益与去年同期相比，预计将由约 人民币6.86亿元增加到约人民币7.09亿元至人民币7.19亿元，即增加约人民币2267.1万元至人民币3267.1 万元(约3.3%至4.8%)。 有赞(08083)盈喜后涨超5%，截至发稿，涨5.22%，报0.122港元，成交额250.92万港元。 集团截至2025年6月30日止六个月的净利润，将约人民币6800万元至人民币7400万元，而去年同期为净 亏损约人民币429.5万元。净利润扭亏为盈主要得益于整体收入提升；随着AI工具的广泛使用及经营效 率提升，人均产出同比提高；及因历史收购形成的无形资产已于2024年年末完成摊销，相关费用影响消 除。 集团截至2025年6月30日止六个月的经营性净现金流与去年同期相比，预计将由净流出约人民币6824.4 万元增加到净流入约人民币8300万元，即增加约人民币1.51亿元。 ...