YOUZAN Technology Limited (Stock Code: 08083) released its audited results for the year ended 31 December 2025, highlighting a return to profitability and continued top-line growth.
Financial highlights • Revenue grew 3.10 % to RMB1.49 billion, supported by an 8.6 % rise in Merchant Solutions turnover to RMB714.89 million, which offset a 1.4 % dip in Subscription Solutions revenue to RMB769.75 million. • Gross profit edged up 0.60 % to RMB984.39 million; gross margin softened to 66.2 % from 67.8 % on a lower subscription mix. • Operating profit reached RMB171.58 million, reversing the prior-year operating loss of RMB132.68 million. • Net profit attributable to shareholders was RMB163.11 million versus a RMB176.62 million loss in 2024. • Adjusted EBITDA (non-HKFRS) climbed 81.03 % year on year to RMB184.03 million.
Segment performance • Subscription Solutions: Revenue slipped to RMB769.75 million, reflecting deliberate rationalisation of smaller merchants; average revenue per user continued to improve, limiting the revenue impact. Segment gross margin eased to 77.3 % (2024: 79.5 %). • Merchant Solutions: Revenue advanced 8.6 % to RMB714.89 million, buoyed by increased demand for Youzan Logistics Solutions. Gross margin improved slightly to 54.4 %. • Other income streams contributed RMB2.42 million (–29.6 %).
Cost and expense moves • Cost of sales increased 8.30 % to RMB502.67 million, driven mainly by a 34.3 % jump in logistics costs and an 11.8 % rise in server and SMS expenses. • Selling expenses were broadly stable at RMB555.13 million (–0.2 %), while administrative and R&D expenses fell 4.2 % and 8.4 % respectively, reflecting efficiency measures. • Equity-settled share-based payments dropped sharply to RMB19.30 million from RMB173.59 million, following a one-off 2024 grant. • Finance costs declined 18.1 % to RMB19.23 million as borrowings decreased.
Balance-sheet and cash flow • Cash and cash equivalents increased to RMB1.08 billion (2024: RMB888.82 million). • Interest-bearing borrowings stood at RMB352.11 million (2024: RMB338.73 million), resulting in a gearing ratio of 6.2 % versus 5.7 % a year earlier. • Net cash from operating activities improved to RMB245.21 million, up from RMB68.04 million in 2024. • The board did not recommend a final dividend for FY2025.
Operational metrics • Gross merchandise value processed through Youzan solutions reached RMB103.0 billion. • Store SaaS GMV rose 3 % to RMB53.70 billion, comprising 52 % of total GMV. • Paying merchants totalled 52,809 at year-end; 61 % used e-commerce SaaS packages, while 39 % subscribed to store-focused solutions such as Youzan Store, Chain and Beauty. • New paying merchants numbered 18,068 during the year. • Total headcount was 1,675 employees.
Strategic focus Management reiterated goals to accelerate revenue growth while sustaining margins, alongside faster deployment and commercialisation of AI capabilities across the SaaS portfolio.
Corporate actions During 2025, YOUZAN repurchased 276.25 million shares for approximately HKD26.41 million and transferred 1.58 billion treasury shares to its share award scheme trustee. As at 31 December 2025, 448.64 million treasury shares remained on hand.
No material acquisitions, pledges of assets or post-period events were reported. The audited financial statements were reviewed by the Audit Committee and the external auditor, Ernst & Young.
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