YesAsia Holdings (02209) announces a profit increase, with expected annual net profit not less than 19 million US dollars, a year-on-year increase of approximately 150.0%.

YESASIA HLDGS (02209) announced that the group is expected to achieve unaudited comprehensive net profit of no less than 19 million US dollars for the year ending December 31, 2024 (reporting year), an increase of approximately 11.4 million US dollars or 150.0% from the previous year's net profit of approximately 7.6 million US dollars, reaching a historical high, mainly due to increased revenue and gross profit. Based on current information, the unaudited comprehensive revenue for the reporting year is estimated to be around 346 million US dollars (previous year: 201 million US dollars), an increase of approximately 144 million US dollars or 71.7% from the previous year, reaching a historical high, driven by the growth in sales of beauty products on the YesStyle platform and AsianBeautyWholesale. This growth is mainly attributed to the strengthened marketing efforts on the YesStyle platform to boost sales of beauty products, as well as the expansion of AsianBeautyWholesale, serving more business-to-business (B2B) customers looking to purchase Asian beauty products globally. However, the group's gross profit margin for the reporting year is expected to decrease by approximately 0.6 percentage points to around 30.5% (previous year: 31.1%), mainly due to the increased revenue contribution from AsianBeautyWholesale (which has lower mark-up margins due to its B2B nature). The unaudited comprehensive gross profit for the reporting year is expected to be approximately 105 million US dollars, an increase of approximately 42.7 million US dollars or 68.1% from the previous year's approximately 62.7 million US dollars.