Youzan Technology (8083) H2 2025 earnings summary

Executive summary

• Achieved a turnaround to profitability in 2025, with net profit of RMB 163 million versus a net loss of RMB 165.8 million in 2024, driven by revenue growth and cost optimization.

• Revenue reached RMB 1.49 billion, up 3.1% year-over-year, mainly due to growth in merchant solutions, partially offset by a decline in subscription solutions.

• GMV reached RMB 103.0 billion in 2025, with Store SaaS GMV accounting for 52% and growing 3% year-over-year; average sales per merchant increased 6%.

• Focused on larger merchants, AI commercialization, and enhancing solution capabilities to drive future growth.

Financial highlights

• Adjusted EBITDA rose 81% year-over-year to RMB 184 million.

• Net profit margin was 11% in 2025, compared to a -11% loss margin in 2024.

• Gross profit was RMB 984.4 million, up 0.6% year-over-year; gross margin decreased to 66.2% from 67.8%.

• ARPU for 2025 was RMB 28,159, up 9% year-over-year.

• No final dividend recommended for 2025.

Outlook and guidance

• Strategies for 2026 focus on accelerating revenue growth while maintaining profit margins.

• Plans to accelerate AI application implementation and commercialize AI capabilities.

• Deepening customer-centric strategies to drive future growth.