Business Review

YOHO Group announced its FY25/26 interim results on 27 November 2025. During the Period, the macroeconomic environment remained sluggish, while consumer habits continued to evolve rapidly. The frequent cross-border spending and outbound travel of Hong Kong residents further weighed on the local retail market. Against this landscape, the domestic retail sector faced dual pressures on both sales and profitability, with the competitive landscape becoming increasingly polarised. Nevertheless, the Group managed to deliver a robust performance, underpinned by its strong brand equity, cost efficiency, and a well-established e-commerce infrastructure, demonstrating a solid operational foundation and strong capability to resist cyclical pressure.

During the Period, the Group's GMV reached approximately HK$427 million, remaining largely stable year-on-year, reflecting that the Group’s core business was not affected by external competition. While GMV remained stable, operational metrics saw further growth. The number of orders intake2 increased by 12.5% year-on-year to 252,000, while GMV generated from the marketplace platform recorded robust year-on-year growth of approximately 113.1%. This reflects strong platform traffic and transaction activity despite market headwinds. Nevertheless, the “Margin-First” strategy implemented by the Group since last year continued to gain traction during the Period. Benefiting from an optimized product mix and enhanced procurement efficiency, gross margin rose counter-cyclically to a four-year high of 15.9%.

To strengthen long-term competitiveness, the Group steadily advanced multiple medium to long-term strategic initiatives during the Period. Despite increased strategic investments, the Group recorded EBITDA of approximately HK$15.3 million (1H24/25: HK$15.7 million) and continued to achieve solid net profitability, reaffirming the resilience of its core operating capabilities.

Amid a challenging market conditions, the Group has maintained a strong financial position, consistently delivering profitability and sustaining a healthy balance sheet over the years. After comprehensive consideration of profitability, cash reserves and future strategic initiatives, the Board has recommended an interim dividend of HK$0.015 per share (1H24/25: HK$0.015 per share), underscoring the Group's commitment to providing stable returns to shareholders while maintaining prudent operations.