Yesasia Holdings Limited · HKEX:2209
Yesasia — FY2025 Earnings Presentation
41 slides from Yesasia's earnings presentation, March 2026
Slide 1: YesAsia Holdings Limited 2025 Annual Results
YesAsia Holdings Limited 喆麗控股有限公司 Stock code: 02209.HK 2025 Annual Results
Slide 2: Disclaimer
DISCLAIMER THESE MATERIALS HAVE BEEN PREPARED BY YESASIA HOLDINGS LIMITED (THE "COMPANY") SOLELY FOR USE AT THIS PRESENTATION AND ARE NOT FOR PUBLIC DISSEMINATION. THESE SLIDES AND ANY OTHER MATERIALS USED IN THIS PRESENTATION ARE STRICTLY CONFIDENTIAL AND MUST BE TREATED AS SUCH BY THE ATTENDEES TO
Slide 3: Agenda
AGENDA 1 Executive Summary 2 2025 Annual Highlights 3 Financial Performance 4 Industry Potential & Business Strategies 5 Appendix
Slide 4: Executive Summary
Executive Summary
Slide 5: Dual Engines, Global Reach
DUAL ENGINES, GLOBAL REACH Record-Breaking Performance Global Leadership • Remains the most visited platform for Asian beauty products in major overseas markets • Revenue +45.0% to US$501.54 million (2024: US$345.78 million) • Non-core markets revenue +83.9% and contributed 63.6% of total • Net prof
Slide 6: 2025 Annual Highlights
2025 Annual Highlights
Slide 7: Another Record High Results
ANOTHER RECORD HIGH RESULTS Revenue Net Profit Non-core Market Growth +45.0% +21.5% +83.9% US$501.54 million US$23.14 million US$318.99 million Revenue Referred by B2B Sales B2C Platform Sales Influencers +91.7% +30.5% +43.0% US$148.89 million US$349.33 million US$104.8 million 7
Slide 8: Financial Performance
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Slide 9: Profit and Loss Highlights
PROFIT AND LOSS HIGHLIGHTS US$’000 1H 2025 2H 2025 2025 2024 Change Revenue 243,932 257,612 501,544 345,782 ▲ 45.0% Gross profit 73,262 75,241 148,503 105,386 ▲ 40.9% Gross profit margin 30.0% 29.2% 29.6% 30.5% ▼ 0.9 pp Profit for the period / year 14,075 9,065 23,140 19,042 ▲ 21.5% Net profit margi
Slide 10: Revenue Analysis: Consolidated
REVENUE ANALYSIS: CONSOLIDATED Revenue Revenue by Regions US$’000 % as of total revenue 501,544 2024 | 2025 Europe and Associated Countries US 38.5% | 38.7% 33.7% | 21.1% 345,782 2H: 257,612 201,339 1H: 243,932 Latin America 3.7% | 8.2% Oceania 3.7% | 3.6% Rest of the World 14.1% | 20.8% Middle East
Slide 11: Revenue Analysis: YesStyle
REVENUE ANALYSIS: YESSTYLE Revenue Revenue by Regions US$’000 % as of total revenue 2024 | 2025 347,479 Europe and Associated Countries US 44.2% | 48.2% 30.1% | 20.3% 265,635 2H: 182,622 158,655 1H: 164,857 Latin America 4.7% | 9.4% Oceania 4.0% | 3.9% Rest of the World 10.6% | 10.2% Middle East 202
Slide 12: Revenue Analysis: YesStyle – Core Market
REVENUE ANALYSIS: YESSTYLE – CORE MARKET Percentage to YesStyle’s Revenue US UK US$’000 30.1% 20.3% 6.9% 6.5% 47.8% 80,062 37.8% 70,586 22,705 18,344 131,339 126,900 2024 2025 2024 2025 Canada Australia 7.2% 7.5% 3.5% 3.5% 25,925 12,123 19,139 9,355 2024 2025 2024 2025 2024 2025 12
Slide 13: Revenue Analysis: AsianBeautyWholesale
REVENUE ANALYSIS: AsianBeautyWholesale Revenue Revenue by Regions US$’000 % as of total revenue 2024 | 2025 148,891 Latin America 0.3% | 1.4% US 46.4% | 30.3% Oceania 2.7% | 2.2% Europe and Associated Middle East Countries Online 6.3% | 6.5% 20.2% | 21.1% Rest of the World 24.1% | 38.5% 2H: 70,947 7
Slide 14: Profits Analysis
PROFITS ANALYSIS Gross Profit and Gross Profit Margin Net Profit and Net Profit Margin US$’000 US$’000 31.1% 30.5% 29.6% 3.8% 5.5% 4.6% 23,140 19,042 7,572 148,503 105,386 2023 2024 2025 62,698 Basic Earnings per Share (EPS) US Cents 2023 2024 2025 YesStyle gross margin improved to 35.4% US$’000 (%)
Slide 15: Cost Analysis
COST ANALYSIS Cost of Sales as a Percentage of Revenue % as of total revenue 2024 | 2025 Freight Charges - Trend and Percentage of Revenue (US$’000) 21.1% 18.7% Substantial reduction Product cost Freight charges 72,953 93,780 47.9% | 50.6% 21.1% | 18.7% 2024 2025 Revenue Trend by Business Unit and G
Slide 16: Expenses Analysis
EXPENSES ANALYSIS Expenses as a Percentage of Revenue Selling Expenses % as of total revenue 2024 | 2025 11.5% 11.3% 12.2% 11.9% Marketing and promotion fees Outsourced fulfilment fee 0.1% | -* 0.4% 0.4% 5.4% | 5.5% Web content translation fee Finance costs Adminstrative expenses Selling expenses 0.
Slide 17: Cash Conversion Cycle Analysis
CASH CONVERSION CYCLE ANALYSIS 2024 2025 Inventory Turnover Days1 84 89 Payables Turnover Days2 12 12 Receivables Turnover Days3 2 6 Gearing Ratio4 43.0% 43.2% Return on Assets 15.8% 14.1% Return on Equity 35.9% 28.9% Despite increase in inventory level and revenue, inventories are kept in good qual
Slide 18: Financial Position
FINANCIAL POSITION US$’000 As at 30 June 2025 As at 31 December 2025 (Unaudited) (Audited) Current Assets Inventories 69,491 69,135 Trade and other receivables 19,627 18,012 Trade receivables from third-party payment platforms 3,466 2,298 Prepayments and deposits 6,443 11,657 Bank and cash balances1
Slide 19: Industry Potential & Business Strategies
Industry Potential & Business Strategies
Slide 20: The Continuing Global Rise of K-Beauty
THE CONTINUING GLOBAL RISE OF K-BEAUTY Market Value Maintains Positive Momentum Korea as the World’s Second-Largest Cosmetics Exporter K-Beauty products market size South Korea’s cosmetics exports reached an all-time high US$30.6 billion USD 11.4 billion representing a YoY growth of 12.3% US$13.6 bi
Slide 21: Non-Core European Market Continues to Outperform
NON-CORE EUROPEAN MARKET CONTINUES TO OUTPERFORM The authorized distributor of 475+ K-Beauty brands for global B2C and B2B channels across 50+ countries and regions Core Markets Non-core Markets 36.4% of total revenue 63.6% of total revenue Sales revenue Sales revenue +5.9% +83.9% (2024: +41.9%) (20
Slide 22: Smart Fulfillment Centers in Hong Kong to Meet Booming Demand
SMART FULFILLMENT CENTERS IN HONG KONG TO MEET BOOMING DEMAND One of Asia’s most advanced e-commerce logistics networks, driven by over 400 AMRs First AMR warehouse: operational success since 2022 Key Performance First AMR warehouse Second AMR warehouse Goodman Interlink, Mapletree Smart Robotics Wa
Slide 23: Global Warehouses Enhance Supply Chain Flexibility
GLOBAL WAREHOUSES ENHANCE SUPPLY CHAIN FLEXIBILITY Our global logistics network enables us to navigate geopolitics, and trade-related uncertainty such as tariff and administrative barriers New Warehouse in South Korea Warehouses in Europe Sheffield, United Kingdom • 147,000 sq. ft. • Commenced opera
Slide 24: B2C Platform Consolidates Lead
B2C PLATFORM CONSOLIDATES LEAD Key Performance Latest Movement Revenue — The No.1 platform for Asian beauty products by revenue3 — (US$’000) 347,479 265,635 US, Canada, Australia, UK, France, Germany, Italy, Netherlands, Spain, Belgium, Poland, Greece, Mexico, Chile, Peru, UAE, and Saudi Arabia • Th
Slide 25: Moving Beyond E-Commerce into Physical Brand Experiences
MOVING BEYOND E-COMMERCE INTO PHYSICAL BRAND EXPERIENCES Our global logistics network enables us to navigate geopolitics, and trade-related uncertainty such as tariff and administrative barriers Key Performance Latest Movement Revenue generated by influencers: trend and — The Launch of Yesful Land (
Slide 26: B2B Platform Scales Rapidly as Expected
B2B PLATFORM SCALES RAPIDLY AS EXPECTED Key Performance Latest Movement Revenue (US$’000) • Mr. Howon SONG appointed CEO (Jan 2025) to lead ABW’s global expansion and cross-border growth • New South Korea office with 15+ sales staff, complementing 148,891 Hong Kong B2B team to better support Korean
Slide 27: B2B Platform Continues Rapid Expansion
B2B PLATFORM CONTINUES RAPID EXPANSION Formalized channels with 56 leading retailers across 26 markets to boost K-beauty visibility offline A snapshot of some of the leading retailers North America Europe 1. Burlington 7. Primark 14. Vita 2. Ulta 8. Superdrug 15. Sokos 3. TJX 9. OVS 16. Mastas 4. Ya
Slide 28: Appendix
Appendix
Slide 29: Consolidated Statement of Profit or Loss
CONSOLIDATED STATEMENT OF PROFIT OR LOSS (US$’000) 2023 2024 2025 REVENUE 201,339 345,782 501,544 Cost of sales (138,641) (240,396) (353,041) Gross profit 62,698 105,386 148,503 Other income and other gains and losses 83 1,296 (707) Selling expenses (23,908) (42,121) (59,504) Administrative expenses
Slide 30: Consolidated Statement of Profit or Loss
CONSOLIDATED STATEMENT OF PROFIT OR LOSS (US cents per share) 2023 2024 2025 Earnings per share Basic 1.91 4.74 5.62 Diluted 1.91 4.60 5.50 30
Slide 31: Consolidated Statement of Financial Position
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (US$’000) As at 30 June 2025 As at 31 December 2025 (Unaudited) (Audited) Non-current assets Property, plant and equipment 10,831 10,294 Right-of-use assets 21,284 26,189 Investment in an associate 248 445 Financial assets at fair value through profit or
Slide 32: Consolidated Statement of Financial Position
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (US$’000) As at 30 June 2025 As at 31 December 2025 (Unaudited) (Audited) Current liabilities Trade and other payables and accruals 32,074 26,334 Contract liabilities 10,958 16,482 Provisions 481 576 Lease liabilities 9.002 8,178 Bank borrowings 17,416 7,
Slide 33: Consolidated Statement of Financial Position
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (US$’000) As at 30 June 2025 As at 31 December 2025 (Unaudited) (Audited) Capital and reserves Share capital 24,911 28,286 Reserves 41,528 51,859 Equity attributable to owners of the Company 66,439 80,145 Non-controlling interest (62) (89) Total equity 66
Slide 34: Shareholding Structure
SHAREHOLDING STRUCTURE Number of issued shares: 417,854,138 shares (As at 27 March 2026) PCCW Mr. Lui Pak Shing, Stonepath Group, Other Public Mr. Lau Kwok Chu1 Ms. Chu Lai King2 e-Ventures Limited Michael Inc. Shareholders 29.81% 6.90% 9.50% 7.49% 6.22% 40.08% 1. Mr. Lau Kowk Chu (劉國柱), Founder, Ex
Slide 35: Visionary Leadership Team
VISIONARY LEADERSHIP TEAM LAU Kwok Chu, Joshua (劉國柱) CHU Lai King, Priscilla (朱麗琼) CHU Kin Hang (朱健恒) NG Sai Cheong, Curtis (伍世昌) Founder, CEO and Founder, Chair of the Board and Executive Director and Chief Financial Officer and Executive Director VP of Operations VP of Content Company Secretary •
Slide 36: Visionary Leadership Team
VISIONARY LEADERSHIP TEAM WAN Siu Chung (溫兆聰) KIM In Sook Erik HOHMANN VP of Business Development and GM of South Korean VP of Information Technology VP of Marketing Office • Joined the Group in June 2000 as programmer until August • Joined the Group in August 2001 • Joined the Group in April 2018,
Slide 37: Visionary Leadership Team
VISIONARY LEADERSHIP TEAM TSANG Sau Lin (曾秀蓮) LAM Wai Kong, Arthur (林偉江) SONG Howon VP of Human Resources and Administration VP of Strategy and Planning CEO of AsianBeautyWholesale • Joined the Group in October 2019, serving as Director until • Joined the Group in 2025 • Joined the Group in 2025 Apr
Slide 38: Corporate Milestones
CORPORATE MILESTONES Completed corporate reorganization, which saw YesStyle App downloads incorporation of YesAsia Holdings reached 3 million Limited in Hong Kong in March Joshua Lau and Pricilla Chu 2005, and it became the Annual revenue founded the Group in California Completed Series investment h
Slide 39: Corporate Milestones
CORPORATE MILESTONES Setup offline branch in Berlin for YesStyle Launched Polish language websites of YesStyle Setup corporate team for ABW and formally entered into the offline retail market globally A new Korean distribution center and a second AMR warehouse in Setup new warehouse in US Hong Kong
Slide 40: Q&A
Q&A
Slide 41: Thank You
THANK YOU CONTACT US Investor Enquiries: SPRG_YesAsia@sprg.com.hk Website: https://www.yesasiaholdings.com YesAsia Holdings Limited 喆麗控股有限公司 Stock code: 02209.HK