In This Article:
Brilliant growth momentum in one-stop payment services, GPV increased by 29.2% YoY,
Adjusted EBITDA significantly improved by 160.6% YoY
HONG KONG, March 21, 2024 /PRNewswire/ -- Yeahka Limited ("Yeahka" or the "Company," Stock Code: 9923.HK), a leading payment-based technology platform in China, is pleased to announce its annual results for the twelve months ended December 31, 2023 (the "year" or the "2023").
Financial Highlights
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Total revenue reached RMB3,950.6 million, representing a year-on-year (YoY) increase of 15.6%;
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Adjusted EBITDA amounted to RMB556.0 million, an increase of 160.6% YoY;
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Gross profit margin of in-store e-commerce services improved to 80.3% in 2023 from 67.3% in 2022, while its net loss narrowed significantly by 79.4% YoY.
Operational Highlights
One-stop payment services growth fueled by growing merchant base and expanding channel network:
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Total gross payment volume ("GPV") of payment services increased by 29.2% YoY to reach RMB2.88 trillion, of which 71.2% was app-based payment services;
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Number of active payment service merchants reached 9.2 million, an increase of 13.3% YoY;
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Fee rate[1] increased to 13.3 basis points (bps) in 2023 from 12.3 bps in 2022, an increase of 1 bps YoY;
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The peak daily count of app-based payment transactions reached nearly 60 million;
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Number of independent sales agents in nationwide channel network reached nearly 19,000, number of joint merchant acquiring partner banks exceeded 150, and number of application programming interface (API) partners in cloud payment platform reached nearly 5,000.
Merchant solutions effectively strengthened commercialization, capitalized on cross-segment synergies and recovered offline consumption:
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Number of active merchant solutions merchants for the twelve months ended December 31, 2023, exceeded 1.6 million, an increase of 30.8% YoY.
In-store e-commerce services sustained growth momentum:
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Total gross merchandise value ("GMV") exceeded RMB4.3 billion, an increase of 30.3% YoY.
Mr. Luke Liu, Chairman of the Board and Chief Executive Officer, said, "Yeahka achieved a strong performance during the year, fueled by our strategic positioning of serving small and medium-sized offline merchants, and our independent and scalable ecosystem. Our domestic business grew steadily while our overseas initiatives began to yield tangible results. The growth in our one-stop payment services GPV, as well as the number of active merchants, outpaced the industry, representing a stellar performance that further solidified our industry-leading position. Beyond that, we actively expanded into overseas markets, serving over 5,000 local merchants in Hong Kong SAR and Singapore. Simultaneously, in-store e-commerce services sustained growth momentum and substantially narrowed losses as we built merchants' comprehensive digital marketing capabilities and refined our standardized midstream operational capabilities. Merchant solutions also achieved improved monetization, powered by our innovative models and merchant servicing capabilities. Moreover, we consistently pursued technological innovation. Throughout 2023, we adopted private clouds in our companywide technological infrastructure, significantly reducing costs comparing with traditional physical hosts in data centers, and are made available to our payment partners. And lastly, leveraging massive data and cutting-edge open-source models, we self-developed generative AI technology products and applied them to all business lines. For example, the code adoption rate of our self-develped co-pilot has reached to 10%, significantly improving our R&D and operational efficiency."