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YesAsia Holdings 2024 Annual Revenue and Net Profit Hit Historical High of US$345.78 Million and US$19.04 Million Respectively
Global Footprint and B2C-B2B Synergies Drive Long-term Development
Results Highlights
- Revenue surged by 71.7% to historical high of US$345.78 million.
- Net profit hit historical high and grew by 151.5% to US$19.04 million, net profit margin improved by 1.7 percentage points to 5.5%.
- The Board of Directors has recommended a final dividend of HK7.5 cents per share.
- The Business-to-Customer (B2C) YesStyle Platforms recorded revenue of US$265.64 million, up 67.4%, contributing 76.8% of the Group’s total revenue, and continued to be the most visited platform for Asian beauty products in major overseas markets.
- Revenue of the Business-to-Business (B2B) platform AsianBeautyWholesale up by 100.2% to US$77.67 million, contributing 22.5% of the Group’s total revenue.
- The YesStyle Influencer Program, with approximately 403,000 unique influencers across various social media platforms, contributed 27.6% of revenue to YesStyle Platforms.
HONG KONG SAR – Media OutReach Newswire – 31 March 2025 – YesAsia Holdings Limited (“YesAsia Holdings”, and together with its subsidiaries, the “Group”) (02209.HK), a leading e-commerce platform operator recognized for its expertise in identifying and procuring quality Asian beauty and lifestyle products, announced its annual results for the year ended 31 December 2024 (the “Year”).
The Group’s revenue rose by 71.7% to US$345.78 million, owed mainly to the notable contribution from beauty products via the YesStyle Platforms and AsianBeautyWholesale (“ABW“). Gross profit increased by 68.1% to US$105.39 million, and gross profit margin remained stable at 30.5%. As a result, profit for the Year reached US$19.04 million, a 1.5 times leap, and net profit margin improved by 1.7 percentage points to 5.5%. Basic earnings per share were US4.74 cents (2023: US1.91 cents).
As at 31 December 2024, the Group was in a healthy financial position with bank and cash balance and unutilized bank facilities amounting to US$39.82 million (2023: US$31.83 million), laying for it a solid foundation for future development. To reward shareholders for their long-standing support, the Board of Directors has recommended payment of a final dividend of HK7.5 cents per share (2023: HK5 cents per share).
Enhancing Logistics and Marketing Capabilities to Support Global Expansion
The Group has made market diversification its priority for meeting rising global demand for Asian beauty products, as well as for securing multi-regional revenue streams to help it mitigate geopolitical and trade risks on its performance. The approach has yielded exponential growth in non-core markets, which accounted for 50.2% of the Group’s total revenue during the Year, increasing by 117.0% and outpacing the revenue growth of core English-speaking markets (the US, UK, Australia, and Canada) for the second consecutive year. Key drivers included the robust demand in European hubs like France and Germany, and emerging regions such as Latin America and the Middle East, where appetite for Asian beauty products has been rapidly rising.
To fuel expansion, the Group enhanced its marketing capabilities across 40 European countries, 19 Spanish-speaking Latin American countries, and 25 Arabic-speaking countries. YesStyle Platforms bolstered localization efforts to ensure seamless access for its diverse global consumer base. An Arabic-language website was launched, expanding its multilingual support to eight languages, including French, German, Spanish, Italian, Dutch, English, and Chinese. A dedicated regional office in Berlin, Germany further strengthened on-the-ground marketing, combining European and Arabic language expertise to drive regional engagement. Moreover, the Group optimized its global logistics network across Hong Kong, the US, and Europe, enabling faster, cost-effective delivery worldwide while advancing supply chain agility. A second autonomous mobile robotics (AMR) warehouse in Hong Kong, slated for operation in April 2025, will become the Group’s largest automated facility, set to help improve operational efficiency and flexibility.
Bridging Asian Beauty Demand through Expanded B2C-B2B Networks
The Group’s B2C and B2B segments both delivered robust performance in 2024, with the latter deemed as a key future growth driver. YesStyle Platforms solidified the market-leading position as the most-visited platform for Asian beauty products in major overseas markets, including the US, UK, Australia, Canada, France, Germany, Italy, Netherlands, Spain, Poland, Greece, Belgium, Mexico, Chile, Peru, United Arab Emirates and Kingdom of Saudi Arabia. 1 Three major sales campaigns mounted in 2024 were significant sales boosters, lifting average sales quantity up by between 300% to over 2,000%. In total, nine seasonal campaigns, including the three proven, have been planned for 2025, to reinforce the platforms’ capacity to engage global beauty enthusiasts. The YesStyle Influencer Program generated US$73.29 million in referral revenue and launched a comprehensive account management service. Twenty brands joined this Year to benefit from content creation and ongoing engagement for optimal brand alignment and audience reach.
Building on the success of its B2C business, the Group strategically expanded ABW‘s operation during the Year to capture soaring wholesale demand for Asian beauty products. Enhancement initiatives included establishing dedicated teams serving various clients to facilitate wholesale orders of different requirements, as well as partnerships with high-street retail chains to strengthen the visibility of Asian beauty brands in offline retail spaces. One of the alliances ABW formed this Year was with Kiokii Inc., a leading Canadian beauty chain, marking its formal entry into the offline retail market in North America. ABW not only supplied them with the latest seasonal products but also supported their marketing plans with big data analytics. These efforts brought measurable growth in the early stage of expansion of B2B business, with customer numbers rising 3.6%, orders surging 50.8%, and average order size swelling 32.7% year-on-year, reflective of its strong scalability and potential to become one of the pillars to support the Group’s long-term growth.
Mr. Joshua Lau, Founder, Executive Director and Chief Executive Officer, said: “The global passion for Asian beauty, led by K-beauty, is currently riding a rising tide. As a market leader, YesAsia is accelerating strategic investments to tap that growth momentum. Our second smart warehouse to start operation in April 2025 will redefine speed and scale for us, and our B2B expansion efforts will unlock new partnerships. Innovation gives us the drive, but agility is what defines us. We will address broader market uncertainties by maintaining vigilance and adjusting strategies as needed. Supported by established partnerships with K-beauty brands, a clear global roadmap, and diversified risk-management plans, we are poised to seize opportunities and create value for shareholders and stakeholders over the long term.”
Hashtag: #YesAsia
The issuer is solely responsible for the content of this announcement.
About YesAsia Holdings Limited (02209.HK)
Established in 1997, YesAsia Holdings is a leading e-commerce platform operator recognized for its expertise in identifying and procuring quality Asian beauty, fashion, lifestyle and entertainment products. Headquartered in Hong Kong, the Group deliver products promptly and efficiently to a global audience through its strong ties with over 400 leading Asian beauty brand and supplier partners. The Group operates three major e-commerce platforms: YesStyle, an e-commerce B2C platform for serving the increasingly popular Asian beauty, fashion and lifestyle products, particularly Korean beauty products; AsianBeautyWholesale, a B2B platform for Asian beauty products; and YesAsia, an e-commerce retail platform for entertainment products. YesAsia Holdings is a constituent member of the MSCI Hong Kong Micro Cap Index.
For more information, please visit the Group’s official website: https://www.yesasiaholdings.com/
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VinFast inaugurates 20 e-motorcycle dealerships in Indonesia, expanding its green mobility ecosystem nationwide
The grand opening of VinFast dealers will take place from July 19 to 25, 2026, bringing VinFast’s genuine products and services closer to customers across Indonesia. The 20 new dealerships are located across key regions such as Jakarta, Bandung, Semarang, Yogyakarta, Medan, Palembang, Makassar and many other major provinces and cities nationwide.
The expansion follows strong customer response to VinFast’s Early Booking Program, which has attracted thousands of deposits across Indonesia.
Dealerships will provide a full range of services, including vehicle sales, product consultation, after-sales support, and customer care in accordance with VinFast’s global standards. In addition to showcasing and selling VinFast E-motorcycles, the dealerships will offer customers opportunities to test ride the vehicles, experience the battery swapping solution and home charging options, and learn more about VinFast’s attractive ownership policies. Customers can visit VinFast’s official website at: https://vinfastauto.id/ to locate their nearest dealership and register for a test ride.
The opening campaign kicked off with the VinFast E-Motorcycle Experience Day, taking place on July 18, 2026, at Tribeca, Jakarta. The event welcomed customers, media representatives, KOLs, business partners, and electric mobility enthusiasts to explore VinFast’s e-motorcycle lineup and green mobility ecosystem.
During the event, attendees explored the full range of color options available for the VinFast Evo, VinFast Feliz II, and VinFast Viper, while learning more about each model, VinFast’s battery swapping network, home charging solutions, and the energy infrastructure being developed in partnership with V-Green.
In addition to the product showcase, the event featured dedicated test ride sessions, battery swapping demonstrations, safe riding challenges, interactive games, and opportunities to engage directly with VinFast’s product specialists.
Ms. Vo Thi Cam Tu, Managing Director of VinFast E-scooter Overseas Market, said: “VinFast’s strategy goes beyond introducing high-quality electric vehicles. Our vision is to build a complete ecosystem that makes owning and using electric vehicles more convenient than ever. The launch of 20 dealerships across Indonesia, together with our battery swapping, charging, and after-sales service network, represents another important step toward realizing that vision. We hope more Indonesian consumers will choose E-motorcycles as a smart, economical, and sustainable mobility solution.”
The three e-motorcycle models introduced by VinFast in Indonesia are designed to meet the needs of different customer segments while sharing the company’s advanced technology platform and innovative battery swapping ecosystem.
The VinFast Viper features a sporty design tailored to young, tech-savvy riders. Meanwhile, the VinFast Feliz II and VinFast Evo build upon the proven strengths of their predecessors in Vietnam while incorporating refinements to better suit the needs and preferences of Indonesian consumers.
All three models are equipped with a 5,200W BLDC in-wheel motor. The VinFast Viper and VinFast Feliz II offer a top speed of 90 km/h, while the VinFast Evo reaches 80 km/h. Each motorcycle is designed with dual battery compartments under the seat, allowing the simultaneous use of two 1.5 kWh LFP batteries.
With two fully-charged batteries installed, the VinFast Evo delivers a riding range of up to 150 km, while the VinFast Viper and VinFast Feliz II can travel up to 145 km under standard testing conditions, making them well-suited for both daily commuting and longer urban journeys.
Customers can choose to purchase their motorcycles with batteries included or opt for a battery subscription plan. In addition to battery swapping, the motorcycles can also be conveniently charged at home.
As a special launch benefit, all VinFast E-motorcycle owners will enjoy free battery swapping at V-Green’s public battery swapping stations for one year, with a maximum of 20 battery swaps per motorcycle per month. The motorcycles are also backed by a warranty of up to 4+2 years or 60,000+12,000 kilometers, whichever comes first, helping reduce ownership costs while enhancing convenience and peace of mind.
The simultaneous opening of 20 e-motorcycle dealerships further demonstrates VinFast’s long-term commitment to the Indonesian market. By expanding its retail network, diversifying its product portfolio, and investing in energy infrastructure, VinFast is steadily building a comprehensive green mobility ecosystem that will help accelerate the country’s transition toward sustainable transportation in one of the world’s largest motorcycle markets.
Hashtag: #VinFast
The issuer is solely responsible for the content of this announcement.
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VinFast partners with Bespoke Logistics to strengthen electric motorcycle logistics capabilities in the Philippines
Under the agreement, Bespoke Logistics will operate an integrated mobility processing center and VinFast-authorized service workshop, responsible for warehousing, vehicle inspection, technical preparation of electric motorcycles prior to delivery, vehicle yard management, and transportation. Located in Carmona City, Cavite Province, the 20,000-square-meter facility has a storage capacity of up to 30,000 vehicles, helping streamline vehicle preparation, improve operational efficiency, and ensure product quality before delivery to customers.
As part of the partnership, VinFast will work closely with Bespoke Logistics to implement technician training and certification programs, transfer standardized operating procedures and quality control processes, and establish a parts supply system to support aftersales operations.
Bespoke Logistics specializes in automotive logistics, offering an end-to-end service portfolio that includes pre-delivery inspection (PDI), warehousing, vehicle yard management, transportation, and vehicle delivery. The company also has extensive experience in warehouse-based technical operations and modern vehicle and inventory management systems, serving as a trusted logistics partner for multiple automotive brands in the Philippines.
Partnering with experienced local companies such as Bespoke Logistics will not only strengthen VinFast’s logistics and service capabilities in the Philippines but also provide a strong operational foundation for the delivery of its first electric motorcycles to customers.
The agreement forms part of VinFast’s long-term strategy to develop a comprehensive, international-standard electric motorcycle ecosystem in the Philippines. Alongside the launch of its diverse lineup of battery-swapping electric motorcycles, VinFast is steadily expanding its distribution network, aftersales services, and battery swapping infrastructure to deliver a seamless, convenient, and reliable ownership experience for customers.
Mr. Bui Viet Hung, VinFast Deputy CEO of Global Aftersales Service, said: “At VinFast, world-class products must be supported by robust infrastructure and exceptional aftersales services. Our partnership with Bespoke Logistics is a key milestone in strengthening our distribution and aftersales capabilities in line with global standards, ensuring that customers in the Philippines enjoy high quality products and services from day one of ownership.”
Mr. Allan A. Mina, President and CEO of Bespoke Logistics said: “We are proud to partner with VinFast as it develops its electric motorcycle ecosystem in the Philippines. We are committed to operating the facility in accordance with VinFast’s international standards while continuously enhancing our team’s capabilities and operational processes to support the brand’s long-term growth in the market.”
Over the past few years, VinFast has steadily built a green mobility ecosystem across the Philippines, Indonesia, India, and other international markets through strategic partnerships with local companies and ecosystem partners such as Green GSM and V-Green. In addition to electric motorcycles, VinFast is expanding its product portfolio to include electric cars, electric bicycles, and electric buses, providing consumers with more sustainable mobility options while accelerating the global transition to greener transportation.
Hashtag: #VinFast
The issuer is solely responsible for the content of this announcement.
About About VinFast
VinFast (NASDAQ: VFS), a subsidiary of Vingroup JSC, one of Vietnam’s largest conglomerates, is a pure-play electric vehicle (“EV”) company with the mission of making EVs accessible to everyone. VinFast’s product lineup today includes a wide range of electric SUVs, e-scooters, and e-buses.
VinFast is currently embarking on its next growth phase through rapid expansion of its distribution and dealership network globally while expanding its production footprint with a focus on key markets across North America, Europe, the Middle East and Asia.
Learn more at: 
https://vinfastauto.ph/
About Bespoke Logistics
Bespoke Logistics is a Philippine-based automotive logistics, warehousing, and mobility solutions company specializing in vehicle processing, stockyard management, electric vehicle support services, transportation, and distribution.
Through its Mobility Processing Center platform, Bespoke Logistics provides integrated solutions for automotive manufacturers, distributors, and emerging mobility brands operating in the Philippines.
The decision was announced during the discussion “Competition Development in Global Grain Trade: Joint Efforts of BRICS Countries”, organized by the BRICS Competition Law and Policy Centre on the sidelines of the 23rd Session of the UNCTAD Intergovernmental Group of Experts on Competition Law and Policy in Geneva.
The event included a closed meeting of BRICS competition authorities and a public panel featuring researchers, academics and representatives of international organizations.
Discussions focused on competition in global grain markets, the growing influence of financialization and digitalization across agricultural value chains, and policy tools to improve market transparency. Participants also reviewed the findings of a joint report prepared by the BRICS Competition Centre and UNCTAD (link: https://www.bricscompetition.org/ru/grainreport) , first presented at the 9th BRICS International Competition Conference in Cape Town in 2025.
A coordinated market study
The central outcome of the meeting was the establishment of a BRICS task force that will coordinate a joint sector inquiry into global grain trade within the framework of the BRICS Working Group on Food Markets.
The task force will be co-chaired by Diogo Thomson, President of Brazil’s Administrative Council for Economic Defense (CADE), and Mahmoud Momtaz, Chairperson of the Egyptian Competition Authority (ECA).
Thomson welcomed the initiative and proposed making competition in global grain trade a key topic at the next BRICS International Competition Conference, scheduled to take place in Brazil in 2027.
“Brazil is the only jurisdiction that has launched an investigation into digital grain trading platforms such as Covantis. I therefore strongly welcome this sector inquiry, which will help us better understand the impact of digitalization across grain supply chains and the risks it may create for competition. I also support using the BRICS Competition Centre as the coordination platform for this work,” he said.
Momtaz said one of the main conclusions of the BRICS-UNCTAD report was the significant role speculative activity plays in global grain markets.
“One of the key findings of the report presented by the BRICS Competition Centre is the extent to which speculative factors influence global grain trade. The most effective response is greater market transparency. We should not accept a situation where farmers receive only a small share of the value they create while consumers in Egypt pay excessively high prices for bread. Where does this margin accumulate, and who ultimately benefits from it? These are the questions our sector inquiry should answer,” he said.
He also proposed that the task force develop a common AI-powered price monitoring tool covering BRICS grain markets.
“Such a tool would provide the information needed for market analysis and become an important complement to the joint sector inquiry,” Momtaz added.
From analysis to policy recommendations
Hardin Ratshisusu, Deputy Commissioner of the Competition Commission of South Africa, said the study should contribute to the implementation of the BRICS Grain Exchange initiative endorsed by BRICS leaders in the Kazan Declaration (2024) and the Rio de Janeiro Declaration (2025).
“The proposal to establish a BRICS Grain Exchange should become one of the key recommendations of the sector inquiry as an innovative mechanism for restoring competition in global grain trade. Our objective is not merely to identify market problems but to develop practical recommendations that can ultimately be submitted to the leaders of our countries,” he said.
Alexey Ivanov, Director of the BRICS Competition Law and Policy Centre, said competition authorities should play a central role in designing the institutional framework of the future exchange.
“The BRICS Grain Exchange should not become another formal institution. It must serve as a practical mechanism for improving competition and market transparency. Competition authorities are uniquely positioned to identify the institutional features that will allow the exchange to achieve these objectives,” he said.
Growing international role
Frédéric Jenny, Chairmanof the OECD Competition Committee, said the initiative demonstrated the growing international role of BRICS competition authorities.
“This project illustrates how BRICS competition authorities are becoming drivers of the global competition agenda. In the past, they largely followed the lead of developed jurisdictions. That is no longer the case. There are very few examples worldwide of such close cooperation between competition authorities. This applies not only to joint market studies, but also to enforcement cooperation and competition advocacy. Rather than acting individually, you have found both the mechanisms and the political will to work together,” Jenny said.
The task force will now begin developing the methodology and work plan for the joint inquiry. Its findings are expected to provide policy recommendations aimed at strengthening competition, improving transparency in global grain trade, and supporting future BRICS initiatives in agricultural markets.
Hashtag: #BRICSCompetition
The issuer is solely responsible for the content of this announcement.
