YSB reported robust full-year 2025 results, underscored by double-digit top-line growth and a sharp turnaround in profitability.
Revenue and Segment Performance • Total revenue rose 17.1% year-on-year to RMB20.97 billion. • Self-operation Business, now 95.7% of group sales, expanded 18.2% to RMB20.07 billion, driven by wider SKU coverage and deeper brand penetration. • Online Marketplace revenue slipped 1.7% to RMB866.03 million amid sector softness, while Other Businesses declined 23.3% to RMB38.07 million.
Profitability • Gross profit increased 27.2% to RMB2.31 billion; gross margin improved to 11.0% (2024: 10.1%), reflecting faster growth in higher-margin own-brand products (SKU count >1,200, transaction value +282.8%). • Profit attributable to owners jumped to RMB152.97 million, up 409.7% from RMB30.01 million a year earlier. • Adjusted net profit (adds back share-based payments and acquisition costs) rose 51.2% to RMB237.06 million, taking the adjusted net margin to 1.1% (2024: 0.9%). • Basic EPS climbed to RMB0.224 (2024: RMB0.047).
Cost Structure • Selling and marketing expenses increased 19.3% to RMB1.74 billion, broadly in line with revenue growth. • Administrative expenses grew 14.3% to RMB404.51 million; research and development spend was stable at RMB95.66 million.
Cash Flow and Balance Sheet • Operating cash inflow amounted to RMB637.70 million (2024: RMB655.86 million). • Cash and cash equivalents stood at RMB710.00 million, down from RMB1.04 billion, reflecting higher placements in time deposits, restricted deposits and financial assets. • Net gearing rose to 6.4% (2024: 0.9%) due to increased bank borrowings linked to discounted notes. • Working-capital discipline remained strong: inventory turnover 32.6 days, receivables 1.9 days, payables 69.6 days, resulting in a cash conversion cycle of –35.0 days.
Dividend The Board recommended a final dividend of RMB0.110 per share (approximately HK$0.125), up 46.7% year-on-year, payable on or around 24 June 2026 subject to shareholder approval.
Operational Highlights • Monthly active buyers averaged 461,000 (+6.5%); monthly paying buyers reached 435,000 (+8.4%), sustaining a 94% conversion rate. • On-time delivery rate improved to 96.70% following network and AI-driven logistics upgrades. • Supply-chain financing volume climbed 10.1% to RMB9.11 billion, supporting over 12,000 downstream users.
Outlook Management aims to deepen own-brand penetration, enhance AI-enabled supply-chain efficiency, and pursue disciplined M&A to widen the outside-hospital pharmaceutical ecosystem in 2026. No material post-period events were reported.
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