According to public disclosure information from the Hong Kong Stock Exchange, YSB (09885) Chairman and Chief Executive Officer Zhang Buzhen has executed four consecutive share purchases in the open market since March 2026. The latest record shows that, through the related party MIYT Holdings Limited, he purchased 100,000 ordinary shares of the company on April 22, 2026, at an average price of HK$5.65 per share, involving approximately HK$565,000. Following this purchase, Zhang Buzhen's shareholding ratio increased to 22.85%.
Previously, on March 24, YSB announced the conditional grant of 26.041 million share options to Chairman and CEO Zhang Buzhen. The exercise price for this incentive plan is set at the average closing price of the five business days preceding the grant date, which was HK$4.608. The vesting conditions for the options are directly linked to the company's market capitalization targets: the options will vest in batches only after the company's average market capitalization over 10 consecutive business days reaches or exceeds HK$12 billion, HK$20 billion, and HK$30 billion, respectively. The announcement noted that the granted options come from the company's treasury shares, and their exercise will not increase the total share capital.
In 2025, the company delivered strong performance. During the reporting period, YSB achieved operating revenue of RMB 20.97 billion, a 17.1% increase compared to 2024. Net profit attributable to owners of the parent company was RMB 153 million, surging 409.7% year-on-year, while adjusted net profit was RMB 237 million, up 51.2% year-on-year.
In terms of business, the transaction volume of the high-margin "First Promotion of Manufacturer Brands" business reached RMB 2.445 billion, an increase of 111.2% year-on-year. Within this, the transaction volume of proprietary brands amounted to approximately RMB 1.937 billion.
Regarding user data, as of the end of 2025, the company's downstream business covered 98.9% of the country's counties and 91.2% of its townships. The monthly average number of active buyers was 461,000, a 6.5% increase year-on-year; the monthly average number of paying buyers was 435,000, with a stable paying rate of 94%.
From a market perspective, consecutive share purchases by company executives following earnings releases are often interpreted as sending multiple positive signals. The Chairman's use of personal funds for repeated purchases directly demonstrates his confidence in the company's current valuation level and future growth potential. Furthermore, this action deeply aligns management's personal interests with the company's long-term value, echoing the concurrently introduced equity incentive plan tied to high market cap targets. This helps signal to the market that management's interests are highly aligned with those of shareholders.
Additionally, considering the company's fundamental performance in 2025, which included a net profit growth of over four times, management's share purchases are seen as an endorsement of this "report card." This may strengthen investor confidence in the sustainability of the company's profitability and its business development prospects.
Public data shows that in recent years, Zhang Buzhen's pre-tax base salary has been approximately RMB 800,000. Compared to other Hong Kong-listed companies, this compensation level is not high, reflecting a compensation structure philosophy deeply aligned with shareholder interests. His personal income is linked to the company's long-term market performance rather than relying on fixed salary, thereby achieving a high degree of synergy between his own returns and investor returns.
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