有赞(08083) - 2025 - 中期业绩

Performance Highlights Key Financial Indicators 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] Financial Statements Consolidated Statement of Profit or Loss and Other Comprehensive Income 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 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 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] - The primary driver for the increase in equity was the RMB 72.74 million profit recorded for the period[13] - The company conducted share repurchases during the period, leading to an increase in treasury shares of RMB 22.54 million[13] Consolidated Statement of Cash Flows 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 Operating Segment Information 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] Revenue Analysis 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] Management Discussion and Analysis Business Review and Outlook 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][48] 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] Financial Review 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] 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] Non-HKFRS Measures 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 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] - The debt-to-asset ratio (total debt/total assets) was 5.7%, remaining stable compared to the end of 2024[74] - As of June 30, 2025, the Group employed approximately 1,509 staff[78] Other Statutory Disclosures Share Option and Share Award Schemes 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] - 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] Share Repurchases 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 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][104] - 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] - The Audit Committee, comprising three independent non-executive directors, has reviewed the unaudited interim results for the period[106]