Business Review

YOHO Group announced its FY25/26 annual results on 25 June 2026. During the Year, the Hong Kong retail market showed signs of gradual recovery from a low base, although the overall recovery momentum remained modest and category performance continued to diverge. Against the backdrop of macroeconomic uncertainties, cautious consumer sentiment, and the diversion of consumption to outbound travel, the Group continued to adhere to its “Margin-First” strategy and maintained stable operating performance. Notably, order volume reached a record high, while gross profit margin rose to a five-year high.

The Group’s GMV and revenue amounted to approximately HK$855.6 million and HK$736.8 million, respectively, remaining broadly stable year-on-year. Although the basket value declined to approximately HK$1,634 due to cautious consumer sentiment and changes in product mix, the impact was partially offset by growth in order volume, continued expansion of the member base and further development of the 3P business, supporting overall GMV stability. The number of orders intake increased by 20.8% year-on-year to approximately 523,000, reaching a record high, and registered members further increased to approximately 1.4 million, reflecting the continued growth of the platform’s user base and sustained improvement in transaction activity. GMV of the 3P business also increased by 74.4% year-on-year to approximately HK$30.9 million, the continued expansion reflected improving merchant participation and the gradual development of the platform ecosystem.

While maintaining a stable GMV scale, the Group further strengthened its discipline in product selection, procurement and replenishment. Benefiting from an improved product mix, reduced pressure from low-efficiency inventory and clearance sales, and a higher proportion of higher-margin categories, the Group’s gross profit amounted to approximately HK$117.3 million, while gross profit margin reached 15.9%, representing a five-year high.

In addition, during the Year, the Group continued to advance the application of technology and upgrade its platform service capabilities. These initiatives included the launch of the YOHO mobile application, the rollout of “Flash Delivery” as an express fulfilment service, the optimisation of backend functions for the 3P business, and the continued enhancement of after-sales and customer service capabilities. While the related investments led to an increase in operating expenses, they helped improve service efficiency, user experience and repeat purchase capability. Supported by an improved gross profit margin, enhanced inventory management and growth in order volume, the Group recorded EBITDA of approximately HK$30.4 million.

Underpinned by the stable performance of its core business, a healthy financial position and sufficient cash reserves, the Board recommended the payment of a final dividend of HK$0.015 per ordinary share for FY25/26. Together with the interim dividend, the total dividend for the year amounted to HK$0.030 per ordinary share, reflecting the Group’s commitment to balancing long-term development with shareholder returns.