Yeahka Announces 2024 Annual Results

AI applications empowered product ecosystem
Stellar growth overseas across Asia
More robust business models with enhanced profitability

HONG KONG, March 27, 2025 /PRNewswire/ -- Yeahka Limited ("Yeahka" or the "Company," Stock Code: 9923.HK), a leading payment and digital commerce technology platform in Asia, is pleased to announce its annual results for the year ended December 31, 2024 (the "year" or the "2024").

Business and Financial Summary

• Focusing in recent years on in-depth and extensive application of generative AI technology, and have achieved remarkable results in reducing costs, increasing efficiency and generating revenue for the Company and our customers. Fushi Technology, our investee company, launched the first AI Agent industry solution for merchants in Southeast Asia;
  
  
• Overseas business transaction volume exceeded RMB1.1 billion in 2024, a nearly five-fold year-on-year increase, with expanded business footprint in more Asian countries such as Japan and Singapore;
  
  
• Our one-stop payment services continued to lead the industry, with peak number of daily transactions reaching nearly 60 million;
  
  
• Against the industry backdrop of decrease in average transaction value per customer, our gross payment volume (GPV) in 2024 was RMB2,335.5 billion, representing a decrease of 19.0% compared to 2023;
  
  
• Our payment fee rate for 2024 was 11.9 basis points (bps), maintaining our commercialization capabilities in line with industry trends;
  
  
• Revenue for 2024 was RMB3,086.7 million, representing a decrease of 21.9% from 2023;
  
  
• Optimization of business structure continued, where revenue contribution from value-added services (including merchant solutions and in-store e-commerce services) with higher gross profit margins increased from 11.8% in 2023 to 13.0% in 2024;
  
  
• Overall gross profit margin increased from 18.7% in 2023 to 23.6% in 2024. In particular, overall gross profit margin for second half 2024 reached 28.4%, recovering to pre-pandemic levels;
  
  
• Leveraging the broader application of AI across the Group's three major business lines, selling, administrative, and research and development expenses in 2024 decreased by 11.0%, 10.8%, and 10.5%, respectively, compared to 2023, reflecting cost reduction across the board;
  
  
• Our equity shareholder and financing structure were actively upgraded, with finance costs in 2024 reduced by 31.5% compared to 2023;
  
  
• Net cash generated from operating activities in 2024 was approximately RMB118.9 million. Adjusted EBITDA in 2024 was RMB384.5 million. Profit for the year amounted to RMB73.0 million in 2024, representing an increase of more than six times compared to 2023; and
  
  
• Gearing ratio decreased to 35.9% as of December 31, 2024 due to the Company's early repurchase of its convertible bonds using its internal cash flow.

Mr. Luke Liu, Chairman of the Board and Chief Executive Officer, said, "In 2024, we further embraced AI and generative technologies. We expanded our product range including more AI-related products; we deepened service offerings into more geographies in Asia; we increased focus on margins and commercial sustainability across payments and value-added services; and we also applied technology streamlining operations delivering thicker profits and cash flow, which in turn further power our investments into products and regions more comprehensively. All these form a continuous, virtuous cycle that solidifies our Company's inherent competitive advantage to continue to lead the industry, which is still in its early stages in AI application globally."

Mr. Vincent Chan, Head of Corporate Development & Capital Markets, added, "For instance, we are providing the first industry AI agent solution in Southeast Asia through Fushi. Our core edge lies on our commercial digitalized ecosystem, where our payment business captures trillions RMB worth of transactions and behavioral data every year, from which we can further develop many extension of use cases as captured through our merchant solutions and in-store e-commerce businesses, based on which merchants' needs on AI could be further developed and satisfied by our new products. The inter-connectedness amongst all these components is well poised to have a flywheel effect and support much wider application of our products, including AI."

Outlook

Mr. Luke Liu concluded, "We remain committed to innovation further harnessing the transformative power of AI technology in enhancing operational efficiency and product competitiveness. We also prioritize localized operations and addressing local needs in our global expansion drawing operational experience and established products in China. We will continue to enhance commercialization on a wider array of products and strengthen our market position being a leading payment-based technology platform for merchants, one-stop, across regions."

About YEAHKA LIMITED (Stock Code: 9923.HK)

Yeahka is a leading commerce enablement technology platform dedicated to creating value for merchants and consumers. We strive to expand an independent commercial digitalized ecosystem to (i) provide seamless, convenient and reliable payment services to both merchants and consumers through our one-stop payment services; (ii) enable merchants to better manage and drive business growth through our merchant solutions; and (iii) provide consumers with local lifestyle services of great value through our in-store e-commerce services.

For more information, please visit https://www.yeahka.com/ 

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SOURCE Yeahka Limited