Yesasia Holdings Limited · HKEX:2209
Yesasia — H1 2025 Earnings Presentation
45 slides from Yesasia's earnings presentation, Aug 25, 2025
Slide 1: YesAsia Holdings Limited 2025 Interim Results
YesAsia Holdings Limited 喆麗控股有限公司 Stock code: 02209.HK 2025 Interim 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 Interim Highlights 3 Financial Performance 4 Industry Potential & Business Strategies 5 Appendix
Slide 4: Executive Summary
Executive Summary
Slide 5: Shaping the Global K-Beauty Development
SHAPING THE GLOBAL K-BEAUTY DEVELOPMENT Another Record High Interim Results • Revenue (+49.3%) • Net profit (+26.7%) • Revenue generated from B2B business (+110.9%) 1H2025: US$243.93 million 1H2025: US$14.08 million 1H2025: US$77.94 million 1H2024: US$163.35 million 1H2024: US$11.11 million 1H2024:
Slide 6: 2025 Interim Highlights
2025 Interim Highlights
Slide 7: Another Record High Interim Results
ANOTHER RECORD HIGH INTERIM RESULTS Revenue Net Profit B2B Sales +49.3% +26.7% +110.9% US$243.93million US$14.08 million US$77.94 million Europe and Associated Revenue Generated by B2C Platform Sales Influencer Program Countries +31.7% +47.7% +31.6% US$164.86 million US$93.95 million US$44.64 millio
Slide 8: Financial Performance
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Slide 9: Profit and Loss Highlights
PROFIT AND LOSS HIGHLIGHTS US$’000 1H 2024 1H2025 Change Revenue 163,348 243,932 +49.3% Gross profit 50,192 73,262 +46.0% Gross profit margin 30.7% 30.0% -0.7pp Profit for the period 11,107 14,075 +26.7% Net profit margin 6.8% 5.8% -1.0pp US Cent Basic earnings per share 2.80 3.43 +22.5% Diluted ear
Slide 10: Revenue Analysis: Consolidated
REVENUE ANALYSIS: CONSOLIDATED Revenue Revenue by Regions US$’000 % as of total revenue 1H2024 | 1H2025 243,932 Europe and Associated Countries US 39.0% | 38.5% 35.4% | 26.8% 163,348 90,657 Latin America 3.2% | 6.0% Oceania 3.7% | 2.7% Rest of the World 12.7% | 18.6% Middle East 6.0% | 7.4% 1H2023 1
Slide 11: Revenue Analysis: YesStyle and Other Platforms
REVENUE ANALYSIS: YESSTYLE AND OTHER PLATFORMS Contributing 67.6% of Total Revenue Revenue by Regions US$’000 % as of total revenue 1H2024 | 1H2025 Europe and Associated Countries 164,857 44.4% | 47.8% US 31.2% | 24.3% 125,132 71,450 Latin America 4.1% | 7.6% Oceania 3.9% | 3.2% Rest of the World 10
Slide 12: Revenue Analysis: AsianBeautyWholesale
REVENUE ANALYSIS: AsianBeautyWholesale Contributing 32.0% of Total Revenue Revenue by Regions US$’000 % as of total revenue 1H2024 | 1H2025 Latin America 0.1% | 0.8% 77,944 US 49.6% | 35.0% Oceania 3.1% | 2.3% Europe and Associated Middle East Online 6.1% | 6.7% Countries 21.3% | 22.2% Rest of the W
Slide 13: Profits Analysis
PROFITS ANALYSIS Gross Profit and Gross Profit Margin Net Profit and Net Profit Margin US$’000 US$’000 6.8% 5.8% 31.1% 30.7% 30.0% 1.7% 14,075 11,107 73,262 1,563 50,192 1H2023 1H2024 1H2025 28,182 Basic Earnings per Share (EPS) US Cents 1H2023 1H2024 1H2025 US$’000 1H2023 1H2024 1H2025 YesStyle and
Slide 14: Cost Analysis
COST ANALYSIS Cost of Sales as a Percentage of Revenue % as of total revenue 1H2024 | 1H2025 Freight Charges - Trend and Percentage of Revenue (US$’000) 21.5% 19.2% Product cost 35,104 46,867 Freight charges 47.3% | 50.2% 21.5% | 19.2% 1H2024 1H2025 Revenue Trend by Business Unit and Growth Rate (US
Slide 15: Expenses Analysis
EXPENSES ANALYSIS Expenses as a Percentage of Revenue Selling Expenses % as of total revenue 1H2024 | 1H2025 11.2% 10.9% 11.4% 11.8% Marketing and promotion fees Outsourced fulfilment fee - | 0.1% 0.3% 0.3% 5.0% | 5.5% Web content translation fee - | 0.1% Finance costs Adminstrative expenses Selling
Slide 16: Cash Conversion Cycle Analysis
CASH CONVERSION CYCLE ANALYSIS 1H2024 1H2025 Inventory Turnover Days1 57 66 Payables Turnover Days2 11 13 Receivables Turnover Days3 4 8 Gearing Ratio4 0.0% 26.2% Return on Assets 12.7% 8.9% Return on Equity 25.3% 21.2% Despite increase in inventory level and revenue, inventories are kept in good qu
Slide 17: Financial Position
FINANCIAL POSITION US$’000 As at 31 December 2024 As at 30 June 2025 (Audited) (Unaudited) Current Assets Inventories 55,097 69,491 Trade and other receivables 9,971 17,991 Prepayments and deposits 5,969 6,443 Bank and cash balances1 15,529 15,248 Current Liabilities Trade and other payables and acc
Slide 18: Industry Potential & Business Strategies
Industry Potential & Business Strategies
Slide 19: Global Momentum of K-Beauty
GLOBAL MOMENTUM OF K-BEAUTY The K-beauty sector is projected to grow from US$12.54 billion in 2023 to US$25.98 billion by 2032, at a CAGR of 8.4%. Korea as the world’s K-Beauty products Increasing Popularity in non-English second-largest overseas shipment speaking European countries and the Middle E
Slide 20: Non-Core European Market Continues to Outperform
NON-CORE EUROPEAN MARKET CONTINUES TO OUTPERFORM The Group’s B2C and B2B channels are reaching millions of customers across 50+ countries and regions. Core English-speaking Markets Non-core Markets 41.6% of total revenue 58.4% of total revenue Sales revenue Sales revenue +20.0% +80.8% (1H2024: +227.
Slide 21: Smart Fulfillment Centers in Hong Kong to Meet Booming Demand
SMART FULFILLMENT CENTERS IN HONG KONG TO MEET BOOMING DEMAND The deployment of the AMR system successfully achieved and demonstrated 1.5 times increase in number of shipments.1 First AMR warehouse: operational success since 2022 Second AMR warehouse launched: scaling new heights in 2025 Globally-le
Slide 22: Global Warehouses Enhance Supply Chain Flexibility
GLOBAL WAREHOUSES ENHANCE SUPPLY CHAIN FLEXIBILITY The global logistics network shortens delivery times, reduces transportation costs, and enhances YesStyle‘s scalability to meet rising customer demand. New Warehouse in South Korea Warehouses in Europe Sheffield, United Kingdom • 147,000 sq. ft. • C
Slide 23: B2C Platform Sustains Upward Trend
B2C PLATFORM SUSTAINS UPWARD TREND Key Performance Seamless Access for Global Consumer Base Revenue (US$’000) • The launch of the Polish-language website expands its multilingual support to 9 languages, including Arabic, Chinese, Dutch, English, French, German, Italian, and Spanish 164,857 125,132 C
Slide 24: B2C Platform Sustains Upward Trend: Mobile App and Campaigns
B2C PLATFORM SUSTAINS UPWARD TREND YesStyle Mobile App Seasonal Campaigns to Engage Global Beauty Enthusiasts • 9 seasonal campaigns have been planned for 2025 Approx. US$82,430 January New Year February Valentine's Day March Spring Break April May Hydration & June Summer Revenue generated +36.5% Yo
Slide 25: The Power of Story-Telling: Social Media Marketing
THE POWER OF STORY-TELLING: SOCIAL MEDIA MARKETING Worldwide influencers can join the YesStyle Influencer Program and earn commissions on successful sales. The Program helps save promotion costs and drive sales performance. Key Performance Latest Movement Revenue generated by influencers: trend and
Slide 26: B2B Platform Continues Rapid Expansion
B2B PLATFORM CONTINUES RAPID EXPANSION Key Performance Key Leadership and Expansion Initiatives Revenue For ABW Online Platform + Offline Channels Strategic team and infrastructure (US$’000) • Mr. Howon SONG, with 11+ years of global B2B experience, becomes ABW’s new CEO in January 2025 • Hong Kong
Slide 27: B2B Platform Continues Rapid Expansion: Retail Channels
B2B PLATFORM CONTINUES RAPID EXPANSION ABW has formalized new channels with 21 leading retailers across 17 markets, so as to strengthen the visibility of K-beauty brands in offline spaces. North America Europe US 1. Burlington UK 6. Primark 2. Ulta 7. Superdrug 3. TJX 4. Yami Italy 8. OVS Canada 5.
Slide 28: Appendix
Appendix
Slide 29: Elevating K-Beauty Brands for Shared Growth
ELEVATING K-BEAUTY BRANDS FOR SHARED GROWTH The authorized distributor of 460+ K-Beauty brands for global B2C and B2B channels, serving as the go-to e-commerce gateway for leading Asian brand partners seeking to reach audience worldwide. 29
Slide 30: The Power of Story-Telling: Social Media Marketing
THE POWER OF STORY-TELLING: SOCIAL MEDIA MARKETING YesStyle Influencer Program Tier 1 (KOL Initiative) • 1,520 KOLs across 31 countries worldwide • Collectively reach 380 million subscribers on YouTube • 598 million followers in total on TikTok and Instagram • Achieved 8,100 video mentions YesStyle
Slide 31: The Power of Story-Telling: Social Media Marketing
THE POWER OF STORY-TELLING: SOCIAL MEDIA MARKETING Brand Influencer Account Management Influencer Product Seeding Program The Program aims to • Enables brands to leverage global influencer marketing • Eliminate manual work and shipping costs associated with product seeding Key achievements (February
Slide 32: AI-Powered Customer Journey
AI-POWERED CUSTOMER JOURNEY The CRM system enhances sales performance by collecting and analyzing customer data, leveraging AI for real-time segmentation to deliver tailored experiences with high-quality Asian beauty products. <Behavior> Added brands to "My Favorite Brands" list or saved products in
Slide 33: Consolidated Statement of Profit or Loss
CONSOLIDATED STATEMENT OF PROFIT OR LOSS (US$’000) 1H2023 1H2024 1H2025 (Unaudited) (Unaudited) (Unaudited) REVENUE 90,657 163,348 243,932 Cost of sales (62,475) (113,156) (170,670) Gross profit 28,182 50,192 73,262 Other income and other gains and losses 50 711 359 Selling expenses (11,146) (18,642
Slide 34: Consolidated Statement of Profit or Loss
CONSOLIDATED STATEMENT OF PROFIT OR LOSS (US cents per share) 1H2023 1H2024 1H2025 (Unaudited) (Unaudited) (Unaudited) Earnings per share Basic 0.39 2.80 3.43 Diluted 0.39 2.78 3.36 34
Slide 35: Consolidated Statement of Financial Position
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (US$’000) As at 31 December 2024 As at 30 June 2025 (Audited) (Unaudited) Non-current assets Property, plant and equipment 3,143 10,831 Right-of-use assets 21,669 21,284 Financial assets at fair value through profit or loss (“FVTPL”) 1,397 4,489 Prepaymen
Slide 36: Consolidated Statement of Financial Position
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (US$’000) As at 31 December 2024 As at 30 June 2025 (Audited) (Unaudited) Current liabilities Trade and other payables and accruals 22,665 32,074 Contract liabilities 16,262 10,958 Provisions 392 481 Lease liabilities 8,146 9.002 Bank borrowings — 17,416
Slide 37: Consolidated Statement of Financial Position
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (US$’000) As at 31 December 2024 As at 30 June 2025 (Audited) (Unaudited) Capital and reserves Share capital 24,182 24,911 Reserves 28,882 41,528 Equity attributable to owners of the Company 53,004 66,439 Non-controlling interest (14) (62) Total equity 52
Slide 38: Shareholding Structure
SHAREHOLDING STRUCTURE Number of issued shares: 412,411,905 shares (As of 22 August 2025) PCCW Mr. Lui Pak Shing, Stonepath Group, Other Public Mr. Lau Kwok Chu1 Ms. Chu Lai King2 e-Ventures Limited Michael Inc. Shareholders 30.21% 6.99% 9.63% 7.60% 6.30% 39.27% 1. Mr. Lau Kowk Chu (劉國柱), Founder, E
Slide 39: 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 40: Visionary Leadership Team
VISIONARY LEADERSHIP TEAM KIM In Sook FUNG Man Yee (馮敏儀) WAN Siu Chung (溫兆聰) Erik HOHMANN VP of Consumer Business and VP of Business Development and GM of VP of Information Technology VP of Marketing Co-Head of the YesStyle South Korean Office business unit • Joined the Group in June 2000 as • Joine
Slide 41: 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 42: 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 43: Corporate Milestones
CORPORATE MILESTONES Setup offline branch in Berlin for YesStyle Launched Polish language websites of YesStyle Setup corporate team for ABW ABW’s formal entry into the offline retail market in North America Setup new warehouse in US A new Korean distribution center The Group is listed on the main bo
Slide 44: Q&A
Q&A
Slide 45: 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