有赞(08083) - 2025 - 中期财报

Financial and Business Summary Summary of Financial Performance 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] Business Segment Performance 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 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 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 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 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 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] Management Discussion and Analysis Business Review 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] 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 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 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] Cost of Sales and Gross Profit Analysis 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] 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 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] - Administrative expenses decreased by 9.4%, mainly attributable to reduced staff costs due to a decrease in administrative and back-office personnel[68] - 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] Non-HKFRS Measures 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 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] Other Disclosures Share Repurchases 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 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][104] - 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]