Earnings release
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Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. YesAsia Holdings Limited ʮ ̡ (Incorporated in Hong Kong with limited liability) (Stock Code: 2209) INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2026 The board (the “ Board ”) of directors (the “ Directors ”) of YesAsia Holdings Limited (the “Company ”) is pleased to announce the unaudited consolidated results of the Company and its subsidiaries (collectively referred to as the “ Group ”) for the six months ended 30 June 2026. This announcement, containing the full text of the interim report of the Company for the six months ended 30 June 2026 (the “ Interim Report ”), complies with the relevant requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “ Listing Rules ”) in relation to information to accompany preliminary announcements of interim results. The Interim Report will be disseminated to the shareholders of the Company and published on the websites of Hong Kong Exchanges and Clearing Limited at https://www.hkexnews.hk and of the Company at https://www.yesasiaholdings.com on or before 30 September 2026. On behalf of the Board Chu Lai King Chairperson Hong Kong, 28 August 2026 As of the date of this announcement, the Board comprises Mr. LAU Kwok Chu, Ms. CHU Lai King, Mr. CHU Kin Hang, and Mr. HUI Yat Yan Henry as executive directors; Mr. LUI Pak Shing Michael, and Mr. POON Chi Ho as non-executive directors; and Mr. CHAN Yu Cheong, Mr. SIN Pak Cheong Philip Charles, and Mr. WONG Chee Chung as independent non-executive directors.
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CONTENTS Contents Corporate Information Definitions and Glossary Key Highlights Management Discussion and Analysis Other Information Interim Condensed Consolidated Statement of Profit or Loss Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Interim Condensed Consolidated Statement of Financial Position Interim Condensed Consolidated Statement of Changes in Equity Interim Condensed Consolidated Statement of Cash Flows Notes to Interim Condensed Consolidated Financial Information 1 2 3 7 9 22 40 41 42 43 44 45
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YesAsia Holdings Limited Interim Report 2026 2 CORPORATE INFORMATION BOARD OF DIRECTORS Executive Directors Mr. Lau Kwok Chu (劉國柱) (Chief Executive Officer) Ms. Chu Lai King (朱麗琼) (Chairperson) Mr. Chu Kin Hang (朱健恒) Mr. Hui Yat Yan Henry (許日昕) Non-executive Directors Mr. Lui Pak Shing Michael (雷百成) Mr. Poon Chi Ho (潘智豪) Independent Non-executive Directors Mr. Chan Yu Cheong (陳汝昌) Mr. Sin Pak Cheong Philip Charles (冼栢昌) Mr. Wong Chee Chung (王子聰) AUDIT COMMITTEE Mr. Wong Chee Chung (王子聰) (Chairman) Mr. Sin Pak Cheong Philip Charles (冼栢昌) Mr. Chan Yu Cheong (陳汝昌) REMUNERATION COMMITTEE Mr. Chan Yu Cheong (陳汝昌) (Chairman) Mr. Poon Chi Ho (潘智豪) Mr. Wong Chee Chung (王子聰) Mr. Sin Pak Cheong Philip Charles (冼栢昌) NOMINATION COMMITTEE Mr. Sin Pak Cheong Philip Charles (冼栢昌) (Chairman) Ms. Chu Lai King (朱麗琼) Mr. Chan Yu Cheong (陳汝昌) Mr. Wong Chee Chung (王子聰) COMPANY SECRETARY Mr. Ng Sai Cheong (伍世昌) AUTHORISED REPRESENTATIVES Mr. Lau Kwok Chu (劉國柱) Mr. Ng Sai Cheong (伍世昌) AUDITOR RSM Hong Kong Certified Public Accountants Registered Public Interest Entity Auditor 29th Floor Lee Garden Two 28 Yun Ping Road Causeway Bay Hong Kong HEAD OFFICE AND REGISTERED OFFICE IN HONG KONG 5/F., KC100, 100 Kwai Cheong Road Kwai Chung, New Territories, Hong Kong LEGAL ADVISOR AS TO HONG KONG LAWS Ronald Tong & Co SHARE REGISTRAR Computershare Hong Kong Investor Services Limited Shops 1712-1716, 17th Floor, Hopewell Centre 183 Queen’s Road East, Wan Chai Hong Kong PRINCIPAL BANKS The Hongkong and Shanghai Banking Corporation Limited Standard Chartered Bank (Hong Kong) Limited STOCK CODE 2209 CORPORATE WEBSITE www.yesasiaholdings.com SHOPPING WEBSITES www.yesstyle.com www.asianbeautywholesale.com www.yesasia.com
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YesAsia Holdings Limited Interim Report 2026 3 DEFINITIONS AND GLOSSARY “2016 Share Option Scheme” the YesAsia Holdings 2016 General Stock Option Plan approved and adopted by the Company on 30 June 2016 “2025 2H” the period from 1 July 2025 to 31 December 2025 “2026 June EGM” the extraordinary general meeting of the Company held on 18 June 2026 “ABW Offline” or “AsianBeautyWholesale Offline” the Group’s wholesale business of beauty products via offline channels “ABW Online” or “AsianBeautyWholesale Online” the Group’s wholesale business of beauty products via online platform, namely www.asianbeautywholesale.com “AMR” automated robot equipment used in the integrated system of hardware and software for warehouse and logistics management functions “AsianBeautyWholesale” or “ABW” the Group’s wholesale business of beauty products via online platform, namely www.asianbeautywholesale.com and offline channels “Audit Committee” the audit committee of our Company “Board” or “Board of Directors” the board of directors of our Company “CN Logistics” CN Logistics International Holdings Limited (嘉泓物流國際控股有限公司) (a company incorporated in the Cayman Islands with limited liability, whose shares are listed on the Main Board of the Stock Exchange (stock code: 2130)) “Company”, “our Company”, “the Company”or “YesAsia Holdings” YesAsia Holdings Limited (喆 麗控股有限公司), a company incorporated with limited liability in Hong Kong on 11 March 2005, or, where the context requires (as the case may be), its predecessor, YesAsia.com, Inc. (formerly known as Asia CD, Inc.), a company incorporated in California, the US on 18 December 1997, and except where the context indicates otherwise (i) our subsidiaries and (ii) with respect to the period before our Company became the holding company of our present subsidiaries, the business operated by our present subsidiaries or (as the case may be) their predecessors “Comprehensively Sanctioned Countries” any country or territory subject to a general and comprehensive export, import, financial or investment embargo under sanctions related laws or regulation “Core markets” US, UK, Australia and Canada “Directors” or “our Directors” the directors of our Company
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YesAsia Holdings Limited Interim Report 2026 4 DEFINITIONS AND GLOSSARY “EU” European Union “Europe and Associated Countries” the member states of the EU, the member states of the European Economic Area (EEA), the United Kingdom and the Swiss Confederation “Group”, “our Group”, “we” or “us” our Company and its subsidiaries or, where the context requires, in respect of the period prior to our Company becoming the holding company of its present subsidiaries, such subsidiaries as if they were subsidiaries of our Company at the relevant time “HK$” or “Hong Kong dollars” Hong Kong dollars, the lawful currency of Hong Kong “Hong Kong” the Hong Kong Special Administrative Region of the People’s Republic of China “KOL” key opinion leader, a person or an organization who has expert product knowledge and influence in a particular field, who is trusted by relevant interest groups and has significant effects on consumer behaviour, we define KOL as person or organization we facilitate collaboration with, who normally has more than 100,000 followers on social media platforms “Latin America” or “LATAM” the countries and territories including Mexico, Belize, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, Panama, Cuba, Dominican Republic, Puerto Rico, Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Paraguay, Peru, Uruguay and Venezuela “Listing” the listing of the Shares on the Main Board of the Stock Exchange “Listing Date” 9 July 2021 “Listing Rules” the Rules Governing the Listing of Securities on the Stock Exchange, as amended or supplemented from time to time “Main Board” the stock exchange (excluding the option market) operated by the Stock Exchange which is independent from and operated in parallel with the GEM of the Stock Exchange. For the avoidance of doubt, the Main Board excludes the GEM “Mapletree Smart Robotics Warehouse” the smart warehouse located at Mapletree Logistics Hub with approximately 147,468 square feet in Tsing Yi equipped with AMR “Middle East” the geographic region comprising Bahrain, Cyprus, Egypt, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Oman, Palestine, Qatar, Saudi Arabia, Syria, Turkey, the United Arab Emirates, and Yemen “Model Code” Model Code for Securities Transactions by Directors of Listed Issuers as contained in Appendix C3 to the Listing Rules
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YesAsia Holdings Limited Interim Report 2026 5 DEFINITIONS AND GLOSSARY “N.M.” Not meaningful “Non-core markets” Countries and regions except for the Core markets “Oceania” the geographic region comprising the countries and territories of Australia, New Zealand, Papua New Guinea, and the island nations and territories of the Pacific Ocean, including but not limited to Fiji, Samoa, Tonga, Vanuatu, Solomon Islands, Micronesia, Palau, Marshall Islands, Nauru, Kiribati, and Tuvalu “pp” percentage point “Post-IPO Share Option Scheme” the post-IPO share option scheme conditionally adopted by the Company on 13 March 2021, which came into effect upon the Listing on 9 July 2021, and was subsequently amended by way of ordinary resolutions passed at the 2026 June EGM “Prior Period” or “2025 1H” or “1H 2025” the six months ended 30 June 2025 “Prospectus” prospectus of the Company dated 28 June 2021 “Reporting Period” or “2026 1H” or “1H 2026” the six months ended 30 June 2026 “Sanctioned Person(s)” certain person(s) and entity(ies) listed on The US Department of Treasury’s Office of Foreign Assets Control’s Specially Designated Nationals and Blocked Persons List or other restricted parties lists maintained by the US, the European Union, the United Nations or Australia “Scheme Mandate Limit” for the purpose of the Post-IPO Share Option Scheme, means the maximum number of Shares which may be issued (including such number of treasury shares that may be transferred, where applicable) upon the exercise of all options to be granted under the Post-IPO Share Option Scheme and all other share options and share awards to be granted under any other schemes of the Company “SFO” the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) “Share(s)” Ordinary share(s) in the share capital of our Company “Share Option Schemes” the 2016 Share Option Scheme and the Post-IPO Share Option Scheme “Share Split” the subdivision of one Share into ten Shares pursuant to the resolutions passed by the Shareholders on 9 June 2021
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YesAsia Holdings Limited Interim Report 2026 6 DEFINITIONS AND GLOSSARY “Shareholder(s)” holder(s) of Shares “Stock Exchange” The Stock Exchange of Hong Kong Limited “Subsidiary(ies)” has the meaning ascribed to it under the Listing Rules “UK” or “U.K.” the United Kingdom “US”, “United States” or “U.S.” the United States of America, its territories and possessions, any state of the United States and the District of Columbia “US$” or “US Dollar” United States dollar, the lawful currency of the United States “YesAsia” or “YesAsia Platform” the YesAsia platform with its website at www.YesAsia.com “YesStyle” or “YesStyle Platforms” the YesStyle platforms, which include the website at www.YesStyle.com and the YesStyle Mobile apps and other third-party B2C oriented marketplace platforms
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YesAsia Holdings Limited Interim Report 2026 7 KEY HIGHLIGHTS Six months ended 30 June 2026 2025 (Unaudited) (Unaudited) Change US$’000 US$’000 Revenue 301,510 244,649 23.2%▲ Gross profit 93,975 73,295 28.2%▲ Gross profit margin(1) 31.2% 30.0% 1.2pp▲ Operating profit(2) 24,293 18,679 30.1%▲ Profit for the period 18,296 14,075 30.0%▲ Net profit margin(3) 6.1% 5.8% 0.3pp▲ Notes: (1) Gross profit margin is calculated based on gross profit divided by revenue and multiplied by 100%. (2) Operating profit is the subtotal of all income and expenses from the Group’s main business activities but excluding interest income, dividend income, fair value gains/loss on financial assets at fair value through profit or loss, finance costs and income tax expense. (3) Net profit margin is calculated based on profit for the period divided by revenue and multiplied by 100%. Six months ended 30 June 2026 2025 Change Number of E-commerce platform customers (YesStyle Platforms)(1) 1,986,000 1,728,000 14.9%▲ Number of customers (AsianBeautyWholesale Online)(2) 2,800 4,100 31.7% ▲ Average order size (YesStyle Platforms)(3) (US$) $70.6 $65.0 8.6%▲ Average order size (AsianBeautyWholesale Online)(3) (US$) $3,590.6 $2,590.8 38.6%▲ Acquisition cost per new customer (YesStyle Platforms)(4) (US$) $15.5 $13.5 14.8%▲ Revenue generated by fashion and lifestyle products (US$’000) $4,782 $7,459 35.9% ▲ Revenue generated by beauty products (US$’000) $293,041 $235,342 24.5%▲ Revenue generated by entertainment products (US$’000) $863 $890 3.0% ▲ Return rate (YesStyle) 0.1% 0.3% 0.2pp ▲ Return rate (AsianBeautyWholesale Online) 1.0% 0.4% 0.6pp▲ Return rate (YesAsia) 0.2% 0.3% 0.1pp ▲ Notes: (1) A person is considered as a customer of our YesStyle Platforms during a reporting period if the invoice of his/her/ its order has been issued within the reporting period. (2) A person is considered as a customer of our AsianBeautyWholesale Online during a reporting period if the invoice of such order has been issued within the reporting period. (3) The average order size is equal to the total order amount divided by the number of orders (excluding cancelled orders). Total order amount represents the amount paid by our customers for the value of products purchased, and before indirect tax payment, effects on foreign exchange, post-sale order refund and adjustments, and other accounting adjustments. (4) This represents marketing and promotion fees incurred during the period by the number of new customers acquired across YesStyle Platforms during the same period. A new customer is a customer where first invoice of his/her/its first ever order has been issued within the reporting periods. A guest visitor who made his/her purchase during different reporting periods without specific customer identification data is counted as a new customer for each of the reporting periods. Six months ended 30 June 2026 2025 Change Number of YesStyle Mobile App downloads for the period (Includes iOS and Android) 2,414,000 2,538,000 4.9% ▲ Influencer Program expenses (US$’000) $5,067 $3,814 32.9%▲ Revenue generated by the YesStyle Mobile App (US$’000) $116,291 $82,430 41.1%▲ Revenue generated from influencers’ referrals (US$’000) $85,702 $44,644 92.0%▲
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YesAsia Holdings Limited Interim Report 2026 8 KEY HIGHLIGHTS REVENUE FROM DIFFERENT REGIONS US$’000 US Europe and Associated Countries Middle East -22.1%65,270 40,503 50,832 2025 1H 2025 2H 2026 1H 22.1% 93,948 100,141 114,733 2025 1H 2025 2H 2026 1H 18,089 19,989 24,133 2025 1H 2025 2H 2026 1H 33.4% Oceania Latin America Rest of World 6,674 11,608 10,286 2025 1H 2025 2H 2026 1H 54.1% 14,614 26,354 40,686178.4% 2025 1H 2025 2H 2026 1H 46,054 58,300 60,840 2025 1H 2025 2H 2026 1H 32.1% The Group 2025 1H | 2026 1H YesStyle 2025 1H | 2026 1H 38.4% | 38.1% Europe and Associated Countries 26.7% | 16.9% US18.8% | 20.1% Rest of World 6.0% | 13.5% Latin America 2.7% | 3.4% Oceania 7.4% | 8.0% Middle East 47.8% | 47.3% Europe and Associated Countries 24.3% | 16.4% US 9.8% | 10.3% Rest of World 7.6% | 14.8% Latin America 3.2% | 3.4% Oceania 7.3% | 7.8% Middle East ABW Online 2025 1H | 2026 1H ABW Offline 2025 1H | 2026 1H 22.2% | 16.4% Europe and Associated Countries 35.0% | 15.6% US 33.0% | 54.8% Rest of World 0.8% | 6.7% Latin America 2.3% | 2.4% Oceania 6.7% | 4.1% Middle East 11.4% | 14.3% Europe and Associated Countries 24.3% | 22.4% US 45.5% | 25.9% Rest of World 7.9% | 16.5% Latin America 10.9% | 15.8% Middle East – | 5.1% Oceania Note: Revenue from ABW Offline includes both direct and indirect exports. Direct export revenue is classified based on the port of destination. For indirect exports, although sales are made to wholesalers, corporate customers, and resellers in South Korea, revenue is classified according to the destination countries or regions of the goods, based on enquiries made with the respective wholesalers, corporate customers, and resellers.
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YesAsia Holdings Limited Interim Report 2026 9 MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS OVERVIEW The Group has continued to sustain robust revenue growth in the first half of 2026, thanks to the strong revenue growth in both retail and wholesale sales of beauty products via its two platforms, YesStyle and AsianBeautyWholesale (ABW). During the Reporting Period: – Revenue increased about 23.2% to approximately US$301,510,000 (Prior Period: US$244,649,000). – Net profit rose 30.0% to approximately US$18,296,000, compared with approximately US$14,075,000 in the Prior Period. Steady growth in both key business areas – Revenue from YesStyle Platforms, which cater to B2C customers, increased approximately 30.5% to about US$215,069,000 during the Reporting Period (Prior Period: US$164,857,000), primarily driven by the growth in Latin America. – The wholesale arm of our business, ABW, had consolidated its newly built partnerships with retailers in US and Latin America. For 2026 1H, ABW generated revenue of US$82,754,000, compared with US$77,944,000 in the Prior Period. Although ABW’s 2026 1H contributed only 27.4% of the Group’s consolidated revenue (Prior Period 31.9%), its average order size rose by approximately 38.6% as compared to the Prior Period. – As at 30 June 2026, ABW had formalized distribution channels with more than 60 leading retailers, including but not limited to: North America Burlington, Ulta, TJX US, Target, Urban Outfitters, Yami, TJX Canada, Costco, Ardene Europe Primark, Superdrug, Flaconi, Rossmann, Müller, Douglas, OVS, Notino, Super- Pharm, Hebe, Brandsdal Group, Lyko, Sokos, EVA, Zegin, TJX EU, Vita, Mastas Group Latin America Sally Beauty, Euphoria, Skinko & Perfumerías Pigmento, Todomoda, Pichara, Línea Estética, Arrocha, Mumuso, Farmacia Siman, Farmadon, Blush Bar, DBS, Cromatic, Medipel Middle East Asia Boutiqaat, ULTA Kuwait, Lifestyle, BFL, X-Beauty, Gratis, Trendyol, Gold Apple, Watsons, Guardian, Qoo10, Don Quijote (Donki), Eveandboy, Konvy, Nykaa, Tira Ongoing cost control efforts – Apart from the strong revenue growth mentioned above, effective cost management also played a key role in the overall improvement in net profit. – The accumulated effect of the previous investments in logistics and technology infrastructure have paid off as they result in a stable baseline of business costs, while improving overall business scalability and agility. – Therefore, the rise in freight costs was slower than the growth in revenue, supporting our profit margins despite spikes in fuel prices amidst the conflicts in the Middle East. Net profit margin for 2026 1H improved slightly to hover at 6.1%, compared with 5.8% same period last year.
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YesAsia Holdings Limited Interim Report 2026 10 MANAGEMENT DISCUSSION AND ANALYSIS Traditional core markets and non-core markets – Revenue from the Core markets recorded approximately US$92,819,000 (Prior Period: US$101,564,000), decreased by approximately 8.6%. During the Reporting Period, revenue from the US market decreased by approximately 22.1% to approximately US$50,832,000 (Prior Period: US$65,270,000). Notwithstanding the year-on-year decrease, the US market has well absorbed the tariff-related challenges from last year, with performance improved progressively during the Reporting Period and surpassing that achieved in the second half of 2025 despite the latter typically benefiting from the peak holiday shopping season. The Group believes this reflects the restoration of growth momentum in the market. Moving forward, we expect the US to continue to be one of the important markets for the Group in terms of revenue. – Non-core markets continued to deliver strong growth during the Reporting Period with revenue increased to approximately US$208,691,000 (Prior Period: US$143,085,000), representing growth of approximately 45.9% compared to the Prior Period. In particular, revenue from Latin America increased significantly by approximately 178.4% to approximately US$40,686,000, compared with approximately US$14,614,000 in the Prior Period. The continuous growth in these regions reflects the increasing penetration of the Group’s products and the sustained demand from customers. Revenue from Europe also increased to approximately US$114,733,000 (Prior Period: US$93,948,000), representing growth of approximately 22.1% compared to the Prior Period. Growing offline presence: augmenting social media marketing impact – Social media marketing is one of the key pillars of strength of the Group, which boosts an ecosystem of over 557,000 of unique influencers, generating about US$85,702,000 (Prior Period: US$44,644,000) revenue during the Reporting Period. There is little doubt that content marketing and influencer marketing are essential to creating demand for K-beauty products. – To augment the online impact of our social media marketing efforts, the Group has strategically increased its offline presence across the world to bridge the gap between online and offline experiences. – In May 2026, YesStyle has launched our 1,500 square feet, debut concept store in the Great Mall in Milpitas, at the heart of the San Francisco Bay Area to provide an immersive retail experience. – In June 2026, YesStyle collaborated with a popular café in Madrid to offer an immersive experience: over 30 KOLs and influencers were invited for an exclusive coffee meet at the pop-up café, which was then open to the public to offer the local community a glimpse and a taste of the Korean beauty products alongside a cup of coffee. The campaign’s success extended well beyond the physical space, generating over 2 million impressions across social media and online channels. – Yesful Land, the experiential community hub of YesStyle, in Seoul, has also organised a series of events in collaboration with K-beauty brands and global KOLs. In March 2026, it held an immersive Soft Glam masterclass in collaboration with renowned K-beauty brand CLIO Cosmetics, celebrity makeup artist Nina Park, and over 10 leading global KOLs and influencers. The event has generated more than 1 million views across all platforms in the same month. – Another collaborative workshop was held in Yesful Land in June 2026, where the founder and CEO of personal colour authority MyShopper offered a private session with 12 selected global content creators. The project achieved significant viral momentum, generating over 2 million views across social channels in the same month.
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YesAsia Holdings Limited Interim Report 2026 11 MANAGEMENT DISCUSSION AND ANALYSIS PROSPECTS We would like to express our appreciation to our colleagues, partners, and customers for such a robust 2026 1H. K-beauty is still on track in an upward trajectory to become one of the mainstream players in the global beauty business, which is expected to reach US$590 billion by 2030 according to McKinsey. Looking forward, we believe that there is ample room for growth for the Group in both retail and wholesale across the world. Offline footprint – In today’s digitalised economy, immersive, offline experience becomes one of the key denominators in determining the impact of digital and social media marketing efforts as it bridges offline and online user experience. – The success of the newly opened flagship YesStyle store, which attracted a lot of footfall, paved the way for potential offline stores in strategic locations. – The Group will also continue to host campaigns at the Seoul-based Yesful Land, and organise more collaborative, community-based events in different markets, following the successful pop-up café event in Madrid. Business Agility – The agility of global supply chain management has been tested time repeatedly over the past few years — first by the global pandemic, and then by wars in Europe and Middle East. The rise of protectionism in global trade has added another layer of complexity through tariffs and import controls. It is therefore paramount that businesses remain agile in managing their supply chains amid uncertainty surrounding fuel prices, logistical challenges, and trade measures. – On the other hand, as K-Beauty is known for its speed of innovation, small, independent K-Beauty brands may offer a strategic advantage because of their creative nature. They also offer better profit margin compared with mainstream brands. AI capabilities – Speed is paramount in e-commerce. While the global reach of our products opens up opportunities across the world, it also means we are competing with local providers across different time zones and geographies. – Investment in AI-empowered customer service helps us cater to our various markets as it boosts our capabilities in responding in local languages. It also provides us with the flexibility to scale our local language customer service offerings in accordance with the ups and downs of consumer activities in the fast- changing world of e-commerce.
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YesAsia Holdings Limited Interim Report 2026 12 MANAGEMENT DISCUSSION AND ANALYSIS FINANCIAL REVIEW Revenue Our revenue increased by approximately US$56,861,000 or 23.2% from approximately US$244,649,000 during the Prior Period to approximately US$301,510,000 during the Reporting Period. The increase was primarily attributable to the following: • approximately US$50,212,000 or 30.5% increase in sales contributed by YesStyle Platforms to approximately US$215,069,000 during the Reporting Period from approximately US$164,857,000 during the Prior Period; • approximately US$12,379,000 or 57.1% increase in sales contributed by ABW Offline, to approximately US$34,040,000 during the Reporting Period from approximately US$21,661,000 during the Prior Period; • approximately US$1,955,000 or 272.7% increase in income contributed by marketing services, to approximately US$2,672,000 during the Reporting Period from approximately US$717,000 during the Prior Period; partially offset by • approximately US$7,569,000 or 13.4% decrease in sales contributed by ABW Online, to approximately US$48,714,000 during the Reporting Period from approximately US$56,283,000 during the Prior Period; • approximately US$89,000 or 36.9% decrease in income contributed by logistics services, to approximately US$152,000 during the Reporting Period from approximately US$241,000 during the Prior Period; and • approximately US$27,000 or 3.0% decrease in sales contributed by YesAsia Platform, to approximately US$863,000 during the Reporting Period from approximately US$890,000 during the Prior Period. The following table sets forth the breakdown of our revenue by business segments: Six months ended 30 June 2026 2025 (Unaudited) As % of total (Unaudited) As % of total Change US$’000 revenue US$’000 revenue (%) YesStyle business-to- consumer (B2C) – YesStyle Platforms 215,069 71.3% 164,857 67.4% 30.5%▲ ABW business-to- business (B2B) – ABW Online 48,714 16.1% 56,283 23.0% 13.4% ▲ – ABW Offline (key channel sales) 34,040 11.3% 21,661 8.9% 57.1%▲ ABW Subtotal 82,754 27.4% 77,944 31.9% 6.2%▲ Subtotal 297,823 98.7% 242,801 99.3% 22.7%▲ Marketing services 2,672 0.9% 717 0.3% 272.7%▲ YesAsia Platform 863 0.3% 890 0.3% 3.0% ▲ Logistics services 152 0.1% 241 0.1% 36.9% ▲ Total 301,510 100.0% 244,649 100.0% 23.2%▲
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YesAsia Holdings Limited Interim Report 2026 13 MANAGEMENT DISCUSSION AND ANALYSIS Cost of Sales Cost of sales of the Group during the Reporting Period was approximately US$207,535,000, representing an increase of approximately US$36,181,000 or 21.1%, as compared to approximately US$171,354,000 during the Prior Period. The increase was primarily attributable to the following: • approximately US$23,460,000 or 19.1% increase in product costs to approximately US$146,034,000 during the Reporting Period from approximately US$122,574,000 in the Prior Period. This was mainly because of the increase in sales of higher margin brands for our ABW Offline business; • approximately US$10,530,000 or 22.5% increase in freight charges to approximately US$57,397,000 during the Reporting Period from approximately US$46,867,000 in the Prior Period. This was mainly because of the warehouse in South Korea to provide more efficient consolidation and export of K-Beauty products directly from South Korea and efficient shipping solutions provided by our couriers which offset against the increase in fuel surcharge during the Reporting Period; • approximately US$1,817,000 or 265.6% increase in marketing and promotion fees for marketing services which was in line with the growth of income contributed by marketing services; and • approximately US$385,000 or 33.2% increase in packaging materials which was in line with the revenue growth. Six months ended 30 June 2026 2025 (Unaudited) As % of total revenue (Unaudited) As % of total revenue Change US$’000 US$’000 (%) Product costs 146,034 48.5% 122,574 50.1% 19.1%▲ Freight charges 57,397 19.0% 46,867 19.2% 22.5%▲ Marketing and promotion fees 2,501 0.8% 684 0.2% 265.6%▲ Packaging materials 1,546 0.5% 1,161 0.5% 33.2%▲ Direct labour cost 57 – 68 – 16.2% ▲ Total 207,535 68.8% 171,354 70.0% 21.1%▲ Gross Profit and Gross Margin Gross profit of the Group during the Reporting Period was approximately US$93,975,000, representing an increase of approximately US$20,680,000 or 28.2% as compared to approximately US$73,295,000 for the Prior Period. Gross profit margins for ABW Online and ABW Offline improved to 21.6% and 22.8% for the Reporting Period respectively. ABW Offline recorded a notable improvement in gross profit margin during the Reporting Period, driven by an enhanced sales mix with a greater contribution from higher-margin brands. Thus, the consolidated gross profit margin increased by approximately 1.2 percentage points to approximately 31.2% (Prior Period: 30.0%).
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YesAsia Holdings Limited Interim Report 2026 14 MANAGEMENT DISCUSSION AND ANALYSIS The following table sets forth the breakdown of our gross profit by business segments: Six months ended 30 June 2026 2025 (Unaudited) Gross Profit (Unaudited) Gross Profit Change US$’000 Margin US$’000 Margin (%) YesStyle business-to- consumer (B2C) – YesStyle Platforms 75,270 35.0% 58,405 35.4% 28.9%▲ ABW business-to- business (B2B) – ABW Online 10,523 21.6% 11,279 20.0% 6.7% ▲ – ABW Offline (key channel sales) 7,751 22.8% 3,193 14.7% 142.7%▲ ABW Subtotal 18,274 22.1% 14,472 18.6% 26.3%▲ Subtotal 93,544 31.4% 72,877 30.0% 28.4%▲ Marketing services 171 6.4% 33 4.6% 418.2%▲ YesAsia Platform 165 19.1% 214 24.0% 22.9% ▲ Logistics services 95 62.5% 171 71.0% 44.4% ▲ Total 93,975 31.2% 73,295 30.0% 28.2%▲ Other Income and Other Gains and Losses Our other income and other gains was approximately US$178,000, which represented an increase of approximately US$536,000 and a turnaround from loss to gain as compared to approximately US$358,000 losses during the Prior Period. The increase was primarily attributable to the following: • approximately US$492,000 reduction in fair value loss on financial assets at FVTPL; and • approximately US$80,000 of gain on lease remeasurement.
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YesAsia Holdings Limited Interim Report 2026 15 MANAGEMENT DISCUSSION AND ANALYSIS Selling Expenses The Group’s selling expenses during the Reporting Period were approximately US$35,134,000 (Prior Period: US$28,019,000), representing an increase of approximately US$7,115,000 or 25.4% as compared to that for the Prior Period. Such increase was mainly attributable to the following: • approximately US$4,031,000 or 31.8% increase in marketing and promotion fees due to (i) product seeding cost of approximately US$1,800,000; (ii) cost related to participation of trade exhibitions in Italy and Miami of approximately US$902,000; and (iii) marketing support to ABW’s key channel customer of approximately US$200,000; • approximately US$894,000 or 16.7% increase in payment gateway charges which was in line with the revenue growth; • approximately US$734,000 or 60.3% increase in customs duties which was mainly due to increase in US tariffs and also increase in sales in regions such as Europe and Latin America; • approximately US$682,000 or 13.2% increase in outsourced warehouse labour charges; • approximately US$468,000 or 56.9% increase in IT networking for cloud and security services spent during the Reporting Period; and • approximately US$365,000 or 14.4% increase in warehouse wages. Six months ended 30 June 2026 2025 (Unaudited) As % of total (Unaudited) As % of total Change US$’000 revenue US$’000 revenue (%) Marketing and promotion fees 16,707 5.5% 12,676 5.2% 31.8%▲ Payment gateway charges 6,258 2.1% 5,364 2.2% 16.7%▲ Outsourced warehouse labour charges 5,850 1.9% 5,168 2.1% 13.2%▲ Warehouse wages 2,903 1.0% 2,538 1.0% 14.4%▲ Customs duties 1,952 0.6% 1,218 0.5% 60.3%▲ IT networking fee 1,291 0.4% 823 0.3% 56.9%▲ Web content and translation fee 92 0.1% 62 0.1% 48.4%▲ Outsourced fulfilment fee 81 0.1% 170 0.1% 52.4% ▲ Total 35,134 11.7% 28,019 11.5% 25.4%▲
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YesAsia Holdings Limited Interim Report 2026 16 MANAGEMENT DISCUSSION AND ANALYSIS Administrative Expenses The Group’s administrative expenses during the Reporting Period were approximately US$34,248,000 (Prior Period: US$26,585,000), representing an increase by approximately US$7,663,000 or 28.8% as compared to that of Prior Period. The increase in administrative expenses was mainly attributable to the following: • approximately US$4,656,000 or 31.8% increase in staff costs mainly attributable to (i) annual pay raises and increased headcount during the Reporting Period; (ii) approximately US$1,219,000 or 94.3% increase in staff bonuses to US$2,511,000 during the Reporting Period from US$1,292,000 during the Prior Period; and (iii) a one-off expense of approximately US$1,241,000 in termination benefits arising from the organisational streamlining; • approximately US$1,126,000 or 51.9% increase in net exchange losses due to more payments settled by our payment gateway as a result of revenue increase during the Reporting Period; • approximately US$553,000 or 59.7% increase in depreciation of property, plant and equipment due to the leasing of the Mapletree Smart Robotics Warehouse; • approximately US$592,000 bad debt recognised for ABW Offline business during the Reporting Period; • approximately US$445,000 or 10.7% increase in depreciation of right-of-use assets due to the Mapletree Smart Robotics Warehouse launched in May 2025; and • approximately US$302,000 or 44.7% increase in legal and professional fees due to business expansion during the Reporting Period. Excluding the one-off termination benefits of approximately US$1,241,000, the Group has maintained its administrative expenses as a percentage of revenue stable at approximately 10.9% (Prior Period: 10.9%) for the Reporting Period.
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YesAsia Holdings Limited Interim Report 2026 17 MANAGEMENT DISCUSSION AND ANALYSIS Six months ended 30 June 2026 2025 (Unaudited) As % of total (Unaudited) As % of total Change US$’000 revenue US$’000 revenue (%) Staff costs 19,283 6.4% 14,627 6.0% 31.8%▲ Depreciation of right-of-use assets 4,594 1.5% 4,149 1.7% 10.7%▲ Exchange losses, net 3,296 1.1% 2,170 0.9% 51.9%▲ Depreciation of property, plant and equipment 1,480 0.5% 927 0.4% 59.7%▲ Rates and management fees 1,082 0.4% 1,207 0.5% 10.4%▼ Legal and professional fees 978 0.3% 676 0.3% 44.7%▲ Utilities expenses 649 0.2% 638 0.2% 1.7%▲ Bad debt expense 592 0.2% – – N.M. Customer services expenses 528 0.2% 476 0.2% 10.9%▲ Directors’ remuneration 524 0.2% 465 0.1% 12.7%▲ Operating lease charges 344 0.1% 251 0.1% 37.1%▲ Auditor’s remuneration 146 0.1% 124 0.1% 17.7%▲ Staff training and recruitment expenses 132 – 178 0.1% 25.8%▼ Others 620 0.2% 697 0.3% 11.0%▼ Total 34,248 11.4% 26,585 10.9% 28.8%▲ Finance Costs The Group’s finance costs for the Reporting Period were approximately US$1,061,000 (Prior Period: US$826,000), representing an increase of approximately 28.5% as compared to that of the Prior Period, reflecting an increase in interest on lease liabilities of the new Mapletree Smart Robotics Warehouse and the interest for bank borrowings for the Reporting Period. Income Tax Expense Income tax expense for the Reporting Period was approximately US$5,018,000 (Prior Period: US$3,407,000), representing an increase of approximately US$1,611,000 or 47.3% as compared to the Prior Period. The increase was mainly due to the higher taxable profit generated in South Korea during the Reporting Period. Profit for the Period As a result of the foregoing, a profit of approximately US$18,296,000 was recorded for the Reporting Period (Prior Period: US$14,075,000). The increase in profit was mainly attributable to (i) a continuation of YesStyle Platforms’ marketing efforts to promote the sale of beauty products, and (ii) the further expansion of AsianBeautyWholesale to serve more business-to-business (B2B) customers who are looking to source Asian beauty products globally.
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YesAsia Holdings Limited Interim Report 2026 18 MANAGEMENT DISCUSSION AND ANALYSIS CAPITAL EXPENDITURE During the Reporting Period, the Group acquired plant and equipment of approximately US$298,000 (Prior Period: US$8,605,000), representing a decrease of approximately US$8,307,000 or 96.5% as compared to that for the Prior Period. The significant reduction in capital expenditure during the Reporting Period was primarily attributable to the absence of leasehold improvement and purchases of new equipment for the newly leased Mapletree Smart Robotics Warehouse, which had resulted in substantial capital expenditure in the Prior Period. LIQUIDITY AND CAPITAL RESOURCES As of 30 June 2026, the Group’s bank and cash balances amounted to approximately US$13,700,000 (31 December 2025: US$15,942,000), which were mainly denominated in US Dollar, Hong Kong Dollar, South Korean Won, Japanese Yen, British Pound Sterling and Euro. As at 30 June 2026, the Group’s bank and cash balances comprises (i) cash and cash equivalents of approximately US$13,610,000 (31 December 2025: US$15,859,000); and (ii) bank fixed deposits with original maturity beyond three months of approximately US$90,000 (31 December 2025: US$83,000). Our cash and cash equivalents before effect of foreign exchange rate changes decreased by approximately US$535,000 during the Reporting Period, which was attributable to the net cash generated from operating activities of approximately US$4,029,000, partially offset by the net cash used in (i) investing activities of approximately US$419,000; (ii) financing activities of approximately US$4,145,000; and (iii) the negative effect of foreign exchange rate changes of approximately US$1,714,000 during the period ended 30 June 2026. Net cash generated from operating activities was mainly due to (i) operating profit before working capital changes of approximately US$34,047,000; (ii) approximately US$4,040,000 decrease in prepayments and deposits; (iii) approximately US$3,741,000 increase in trade and other payables and accruals; (iv) approximately US$1,877,000 increase in contract liabilities; and (v) approximately US$162,000 of lease incentive received, partially offset by (i) approximately US$28,343,000 increase in inventories; (ii) approximately US$8,907,000 increase in trade and other receivables; (iii) approximately US$1,578,000 income taxes paid; (iv) approximately US$815,000 interest on lease liabilities; and (v) approximately US$190,000 interest on bank borrowings. Net cash used in investing activities was mainly due to (i) approximately US$298,000 paid for purchasing property, plant and equipment during the Reporting Period; (ii) approximately US$160,000 of deposit paid for an investment in an associate, partially offset by approximately US$46,000 interest received. Net cash used in financing activities was mainly due to (i) approximately US$7,502,000 repayment of borrowings; (ii) approximately US$3,858,000 repayment of principal elements of lease payments; and (iii) approximately US$146,000 increase in pledged bank fixed deposits during the Reporting Period which is partially offset by cash generated from (i) newly raised borrowings of approximately US$7,281,000; and (ii) proceeds from issuance of shares of approximately US$80,000 during the Reporting Period. As at 30 June 2026, the Group had outstanding bank borrowings of approximately US$7,345,000 (31 December 2025: US$7,566,000). Such borrowings were mainly incurred to strengthen the Group’s working capital position and facilitate its ongoing business expansion. For details of the Group’s bank borrowings, please refer to Note 17 to the Interim Condensed Consolidated Financial Information. The Group’s finance costs for the Reporting Period were approximately US$1,061,000 (Prior Period: US$826,000), representing an increase of approximately 28.5% as compared to that of the Prior Period, reflecting an increase in interest on lease liabilities and provision for reinstatement costs of the Mapletree Smart Robotics Warehouse and the interest for bank borrowings during the Reporting Period. We believe that our liquidity requirements and our expected source of funding going forward will be satisfied by using a combination of cash generated from our operations and banking facilities available. As of 30 June 2026, the Group’s bank and cash balances plus unutilised bank facilities amounted to approximately US$37,306,000 (31 December 2025: US$40,647,000).
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YesAsia Holdings Limited Interim Report 2026 19 MANAGEMENT DISCUSSION AND ANALYSIS TREASURY AND FOREIGN EXCHANGE POLICIES The Group’s treasury management policy is to avoid any investment in highly-leveraged or speculative derivative products. The Group continued to be conservative in managing financial risk during the Reporting Period. Consistent with the aforesaid treasury objectives and policy, the Group undertakes treasury management activities with respect to its surplus cash assets. The selection criteria of investments include the relative risk profile involved, the liquidity of an investment, the after-tax equivalent yield of an investment and investments that are not speculative in nature. Most business transactions, assets and liabilities of the Group were denominated either in US Dollar, Hong Kong Dollar, South Korean Won, Japanese Yen, British Pound Sterling, and Euro. The E-commerce customers of the Group generally settle their invoices using their designated currencies upon checkout via secure payment gateways, and the fund is generally transferred to the Group’s account in Hong Kong Dollar and US Dollar upon currency conversion. As Hong Kong Dollar is pegged to US Dollar, our Group does not expect any significant movements in the exchange rate between US Dollars and Hong Kong Dollars. Besides, our Group has certain exposure to foreign currency risk as some of our business transactions, assets and liabilities are denominated in currencies (i.e. South Korean Won, Japanese Yen, British Pound Sterling, Renminbi and Euro, etc) other than the functional currency of our Group (i.e. US Dollar). Currently, we do not have a formal foreign currency hedging policy. However, our management monitors the Group’s foreign exchange exposure constantly and will consider engaging in derivatives markets or foreign exchange hedging measures to minimise the foreign exchange risk when it is foreseen to be significant. GEARING RATIO Our gearing ratio, calculated by total debts (including lease liabilities) divided by total equity, decreased from approximately 43.2% as at 31 December 2025 to approximately 37.7% as at 30 June 2026, primarily due to the increase in total equity as a result of the profit generated for the six months ended 30 June 2026, which outpaced the increase in lease liabilities. The following table sets out the calculations of the gearing ratio: As at 30 June As at 31 December 2026 2025 US$’000 US$’000 Bank borrowings 7,345 7,566 Lease liabilities 27,753 27,055 Total debts 35,098 34,621 Total equity 93,097 80,056 Gearing ratio 37.7% 43.2%
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YesAsia Holdings Limited Interim Report 2026 20 MANAGEMENT DISCUSSION AND ANALYSIS NET GEARING RATIO Our net gearing ratio, calculated by net debt divided by total equity, whereas net debt is defined as total interest- bearing borrowings less bank and cash balances and pledged bank fixed deposits. The following table sets out the calculations of the net gearing ratio: As at 30 June As at 31 December 2026 2025 US$’000 US$’000 Bank borrowings 7,345 7,566 Less: Bank and cash balances (13,700) (15,942) Less: Pledged bank fixed deposits (3,380) (3,234) Net debt/(cash) (9,735) (11,610) Total equity 93,097 80,056 Net gearing ratio N/A (Net cash) N/A (Net cash) CONTINGENT LIABILITIES As at 30 June 2026, the Group did not have any material contingent liabilities (31 December 2025: Nil). CAPITAL COMMITMENTS Saved for those disclosed in Note 22 to the Interim Condensed Consolidated Financial Information, the Group did not have any significant capital commitments as at 30 June 2026. SIGNIFICANT INVESTMENTS HELD During the Reporting Period, the Group held 1,100,000 shares in CN Logistics, representing approximately 0.37% of the issued share capital of CN Logistics with a fair value amounted to approximately US$446,000 as at 30 June 2026 (31 December 2025: US$477,000). The investment represents approximately 0.2% of the total consolidated asset of the Group as at 30 June 2026 (31 December 2025: 0.3%). The aforementioned 1,100,000 shares in CN Logistics were subscribed by the Company at a total cash consideration of HK$10,120,000. The principal activity of CN Logistics is investment holding, and through its subsidiaries, principally engages in the provision of air freight forwarding services and distribution and logistics services in relation to fashion products and fine wine, primarily focusing on high-end fashion (including luxury and affordable luxury) products. CN Logistics is a strategic logistics partner of the Group for delivery of our customers’ products to the US, Europe and other overseas markets. As at 30 June 2026, the unrealised fair value loss of such investment was approximately US$31,000 due to the decrease in share price in CN Logistics during the Reporting Period from the carrying value as at 31 December 2025. We have received dividend of approximately US$1,000 from the investment during the Reporting Period. In view of the expected complementary effect and positive impact to the business of both CN Logistics and the Group through the strategic logistics partnership, the investment in CN Logistics is expected to be strategic and enable the Group to foster a closer business partnership with CN Logistics for a longer term and result in potential investment returns to the Shareholders.
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YesAsia Holdings Limited Interim Report 2026 21 MANAGEMENT DISCUSSION AND ANALYSIS During the Reporting Period, the Group held a life insurance policy to insure Mr. Lau Kwok Chu, Chief Executive Officer of the Group and an executive Director, which is considered as financial assets of our Group. Under the policy, the beneficiary and the policy holder is YesStyle.com Limited and the total insured sum is approximately US$4,447,000. The fair value of investment in life insurance policies is determined by reference to the cash surrender value as provided by the insurance company. As at 30 June 2026, the life insurance policy was pledged to a bank to secure banking facilities of our Group. For the Reporting Period, the fair value gain on financial assets at fair value through profit or loss amounted to approximately US$31,000. As at 30 June 2026, the fair value of the life insurance policy amounted to approximately US$3,631,000 (31 December 2025: US$3,565,000). Save as disclosed above, the Group did not hold any significant investments as at 30 June 2026. INTERIM DIVIDEND The Board has resolved not to declare any interim dividend for the six months ended 30 June 2026 (Prior Period: Nil). FUTURE PLANS FOR MATERIAL INVESTMENTS AND CAPITAL ASSETS Except as disclosed herein, as of the date of this report, the Group did not have any immediate future plans for material investments or capital assets.
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YesAsia Holdings Limited Interim Report 2026 22 OTHER INFORMATION DIRECTORS’ AND CHIEF EXECUTIVES’ INTERESTS AND SHORT POSITIONS IN SHARES, UNDERLYING SHARES AND DEBENTURES As of 30 June 2026, interests and short positions of the Directors and the chief executives of the Company in the Shares, underlying Shares and debentures of the Company and its associated corporations (within the meaning of Part XV of the SFO) which have been notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests and short positions which were taken or deemed to have taken under such provisions of the SFO), or which were recorded in the register required to be kept pursuant to section 352 of the SFO or as otherwise notified to the Company and the Stock Exchange pursuant to the Model Code were as follows: Name of Director Capacity Nature of interest Number of Shares and underlying Shares Approximate percentage of the issued share capital of the Company (%) Mr. Lau Kwok Chu (劉國柱)(1) Beneficial interest Long position 124,670,980 29.80% Interest of Spouse Long position 29,940,550 7.16% Ms. Chu Lai King (朱麗琼)(1) Beneficial interest Long position 29,940,550 7.16% Interest of Spouse Long position 124,670,980 29.80% Mr. Chu Kin Hang (朱健恒)(2) Beneficial interest Long position 4,692,120 1.12% Mr. Lui Pak Shing Michael (雷百成)(3) Beneficial interest Long position 31,150,210 7.44% Mr. Hui Yat Yan Henry (許日昕)(4) Beneficial interest Long position 600,000 0.14% Mr. Poon Chi Ho (潘智豪)(5) Beneficial interest Long position 100,000 0.02% Mr. Chan Yu Cheong (陳汝昌)(6) Beneficial interest Long position 100,000 0.02% Mr. Sin Pak Cheong Philip Charles (冼栢昌)(7) Beneficial interest Long position 100,000 0.02% Mr. Wong Chee Chung (王子聰)(8) Beneficial interest Long position 100,000 0.02%
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YesAsia Holdings Limited Interim Report 2026 23 OTHER INFORMATION (1) As at 30 June 2026, Mr. Lau Kwok Chu directly held 124,570,980 Shares, and held options under the Post-IPO Share Option Scheme which entitled him to subscribe for 100,000 Shares. As at 30 June 2026, Ms. Chu Lai King directly held 29,840,550 Shares, and held options under the Post- IPO Share Option Scheme which entitled her to subscribe 100,000 Shares. As Mr. Lau Kwok Chu is the spouse of Ms. Chu Lai King and vice versa, and they are each deemed under the SFO to be interested in the Shares and underlying Shares directly held by each other, they are therefore both interested in the combined number of Shares (being 154,611,530 Shares as at 30 June 2026, representing approximately 36.95% of the issued share capital of the Company as at 30 June 2026). (2) Mr. Chu Kin Hang is the brother of Ms. Chu Lai King and brother-in-law of Mr. Lau Kwok Chu. As at 30 June 2026, Mr. Chu Kin Hang directly held 4,592,120 Shares, and held options under the Post-IPO Share Option Scheme which entitled him to subscribe for 100,000 Shares. (3) As at 30 June 2026, Mr. Lui Pak Shing Michael directly held 31,050,210 Shares, and held options under the Post-IPO Share Option Scheme which entitled him to subscribe for 100,000 Shares. (4) As at 30 June 2026, Mr. Hui Yat Yan Henry directly held 87,500 Shares, and held options under the Post- IPO Share Option Scheme which entitled him to subscribe for 512,500 Shares. (5) As at 30 June 2026, Mr. Poon Chi Ho directly held options under the Post-IPO Share Option Scheme which entitled him to subscribe for 100,000 Shares. (6) As at 30 June 2026, Mr. Chan Yu Cheong directly held options under the Post-IPO Share Option Scheme which entitled him to subscribe for 100,000 Shares. (7) As at 30 June 2026, Mr. Sin Pak Cheong Philip Charles directly held 37,500 Shares, and held options under the Post-IPO Share Option Scheme which entitled him to subscribe for 62,500 Shares. (8) As at 30 June 2026, Mr. Wong Chee Chung directly held 50,000 Shares, and options under the Post-IPO Share Option Scheme which entitled him to subscribe for 50,000 Shares. Mr. Lau Kwok Chu holds one share, representing 10% of the issued share capital of YesAsia.com Limited as a trustee for the Company, which is the beneficial owner of the share in YesAsia.com Limited held by Mr. Lau Kwok Chu. YesAsia.com Limited was incorporated on 7 December 1998 and was subject to the requirement of a minimum of two shareholders set out in the predecessor Companies Ordinance (Cap. 32 of the Laws of Hong Kong). Accordingly, Mr. Lau Kwok Chu holds the share in YesAsia.com Limited upon trust for the Company for nominee shareholding purpose to comply with the aforesaid requirement.
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YesAsia Holdings Limited Interim Report 2026 24 OTHER INFORMATION SUBSTANTIAL SHAREHOLDERS’ INTERESTS AND SHORT POSITIONS IN SHARES AND UNDERLYING SHARES As of 30 June 2026, to the best knowledge of the Directors, the following persons (other than a Director or chief executive of the Company) had interests or short positions in the Shares or underlying Shares which were required to be disclosed to the Company under the provisions of Divisions 2 and 3 of Part XV of the SFO, or recorded in the register required to be kept by the Company under section 336 of the SFO: Name of Shareholder Capacity Nature of interest Number of Shares Approximate percentage of the issued share capital of the Company (%) PCCW e-Ventures Limited(1) Beneficial interest Long Position 39,704,030 9.49% CyberWorks Ventures Limited(1) Interest in controlled corporation Long Position 39,704,030 9.49% PCCW Limited(1)(3) Interest in controlled corporation Long Position 39,704,030 9.49% Stonepath Group, Inc.(2) Beneficial interest Long Position 26,000,000 6.21% Notes: (1) PCCW e-Ventures Limited is held as to 50% by CyberWorks Ventures Limited and 50% by PCCW Nominees Limited (acting as a bare trustee for and on behalf of CyberWorks Ventures Limited as the beneficiary). CyberWorks Ventures Limited is a wholly-owned subsidiary of PCCW Limited (being a company listed on the Main Board of the Stock Exchange with stock code 0008). Therefore, each of CyberWorks Ventures Limited and PCCW Limited is deemed to be interested in the 39,704,030 Shares held by PCCW e-Ventures Limited for the purpose of Part XV of the SFO. (2) Stonepath Group, Inc., is a US company incorporated in the State of Delaware, directly held 26,000,000 Shares. As far as our Directors are aware, Stonepath Group, Inc. is held by various shareholders, and none of which is deemed to be interested in the Shares held by Stonepath Group, Inc. for the purpose of Part XV of the SFO. (3) As at 30 June 2026, the following Directors were directors/employees of a company who had an interest in the Shares which would fall to be disclosed to the Company under the provisions of Divisions 2 and 3 of Part XV of the SFO: (a) Mr. POON Chi Ho held a number of positions within the PCCW Group, including as director in a number of subsidiaries in both the PCCW Group and the HKT Group. Save as disclosed above, as of 30 June 2026, the Company is not aware of any other person (other than the Directors or chief executives of the Company) who had an interest or short position in the Shares or underlying Shares as recorded in the register required to be kept by the Company pursuant to section 336 of the SFO.
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YesAsia Holdings Limited Interim Report 2026 25 OTHER INFORMATION SHARE OPTION SCHEME 2016 Share Option Scheme The Company adopted the 2016 Share Option Scheme on 30 June 2016 for the purpose of enabling the Company to attract and retain qualified employees by providing them with an opportunity for investment in the Company. The Company could grant options under the 2016 Share Option Scheme only to employees of the Company. As the Company became listed on the Stock Exchange on 9 July 2021, no further options can be granted under the 2016 Share Option Scheme. However, the terms of the 2016 Share Option Scheme allow the options to have a maximum exercise period of ten (10) years from the date of grant of the respective options and all outstanding options granted prior to the expiration of the scheme would remain effective, and the expiration of the 2016 Share Option Scheme would not result in the termination of any options already granted. There was no maximum entitlement of each participant specified under the 2016 Share Option Scheme. The respective exercise prices of options granted under the 2016 Share Option Scheme was determined by the Board but was not less than 85% of the fair market value of the Shares as at the respective grant dates. Following the Share Split which took effect on 9 June 2021, each grantee shall receive 10 Shares for exercising each outstanding option granted under the 2016 Share Option Scheme. Movements of the share options under the 2016 Share Option Scheme during the Reporting Period are as follows: Name of category/ participant Outstanding as at 1 January 2026 Granted during the Reporting Period Exercised during the Reporting Period Cancelled during the Reporting Period Lapsed during the Reporting Period Outstanding as at 30 June 2026 Number of Shares underlying the outstanding options Date of grant Vesting period Exercise period Exercise price per option US$ Other Employees* Chu Pui King (Associate of Director – Sister of Ms. Chu Lai King and Mr. Chu Kin Hang) 3,000 – – – – 3,000 30,000 23 April 2020 23 April 2020 to 23 April 2024 23 April 2021 to 23 April 2030 2.01 2 Grantees 2,451 – (2,400)(1) – – 51 510 28 July 2016 28 July 2016 to 28 July 2020 28 July 2017 to 28 July 2026 0.80 4 Grantees 18,038 – (4,800)(1) – – 13,238 132,380 27 April 2018 1 April 2018 to 1 April 2022 1 April 2019 to 27 April 2028 1.20 2 Grantees 19,875 – – – – 19,875 198,750 26 July 2018 1 April 2018 to 1 April 2022 1 April 2019 to 26 July 2028 1.20 3 Grantees 31,309 – – – – 31,309 313,092 24 January 2019 1 January 2019 to 1 January 2023 1 January 2020 to 24 January 2029 1.20 10 Grantees 21,085 – (562)(1) – – 20,523 205,230 25 April 2019 25 April 2019 to 25 April 2023 25 April 2020 to 25 April 2029 1.55 1 Grantee 1,650 – – – – 1,650 16,500 15 August 2019 15 August 2019 to 15 August 2023 15 August 2020 to 15 August 2029 1.55
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YesAsia Holdings Limited Interim Report 2026 26 OTHER INFORMATION Name of category/ participant Outstanding as at 1 January 2026 Granted during the Reporting Period Exercised during the Reporting Period Cancelled during the Reporting Period Lapsed during the Reporting Period Outstanding as at 30 June 2026 Number of Shares underlying the outstanding options Date of grant Vesting period Exercise period Exercise price per option US$ 17 Grantees 86,300 – – – – 86,300 863,000 23 April 2020 23 April 2020 to 23 April 2024 23 April 2021 to 23 April 2030 2.01 1 Grantee 13,000 – – – – 13,000 130,000 30 July 2020 30 July 2020 to 30 July 2024 30 July 2021 30 July 2030 2.01 5 Grantees 29,150 – (1,925)(1) – – 27,225 272,250 29 October 2020 29 October 2020 to 29 October 2024 29 October 2021 to 29 October 2030 2.01 6 Grantees 44,000 – (2,950)(1) – – 41,050 410,500 28 January 2021 28 January 2021 to 28 January 2025 28 January 2022 to 28 January 2031 2.01 40 Grantees 155,850 – (1,137)(1) – – 154,713 1,547,125 29 April 2021 29 April 2021 to 29 April 2025 29 April 2022 to 29 April 2031 2.01 Total 425,708 – (13,774) – – 411,934 4,119,337 * Represents number of grantees as at 30 June 2026. As at 1 January 2026, the total number of Shares that could be issued upon exercise of all outstanding options granted under the 2016 Share Option Scheme was 4,257,080 Shares, which represented about 1.02% of the total number of issued Shares as at 1 January 2026. As at 30 June 2026, the total number of Shares that could be issued upon exercise of all outstanding options granted under the 2016 Share Option Scheme was 4,119,337 Shares, which represented about 0.98% of the total number of issued Shares as at 30 June 2026. The default vesting schedule of the 2016 Share Option Scheme was as follows: (i) 25% of all the options granted would become vested on the first anniversary of the vesting start date and (ii) 6.25% of the options granted would become vested as at the end of each three-month period after the vesting start date. The total proceeds of approximately US$20,600 received from the exercise of share options under the 2016 Share Option Scheme during the Reporting Period were used as general working capital of the Company. Note: (1) During the six months ended 30 June 2026, i) the exercise date; ii) the number of exercised options under the 2016 Share Option Scheme; and iii) the weighted average closing prices of Shares immediately before the exercise date are as follows:
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YesAsia Holdings Limited Interim Report 2026 27 OTHER INFORMATION Exercise date Number of exercised options The weighted average closing prices of Shares immediately before the exercise date 7 January 2026 1,000 HK$4.01 14 January 2026 625 HK$3.82 21 January 2026 13 HK$3.69 4 February 2026 1,561 HK$3.53 9 February 2026 188 HK$3.54 4 March 2026 1,250 HK$3.31 1 April 2026 299 HK$3.03 22 April 2026 400 HK$3.34 6 May 2026 625 HK$3.07 13 May 2026 2,400 HK$3.12 20 May 2026 488 HK$3.01 27 May 2026 1,925 HK$2.96 3 June 2026 3,000 HK$2.79 Total: 13,774
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YesAsia Holdings Limited Interim Report 2026 28 OTHER INFORMATION Post-IPO Share Option Scheme 1. General Information, Purpose, and Life of the Scheme The Post-IPO Share Option Scheme was conditionally approved and adopted by the Company on 13 March 2021, which was conditional upon the Listing and came into effect on 9 July 2021 (being the date on which the Shares were first listed on the Stock Exchange), and was subsequently amended pursuant to resolutions passed at the 2026 June EGM held on 18 June 2026. The Post-IPO Share Option Scheme shall be valid and effective for the period of ten years from 9 July 2021 (being the date on which the Shares were first listed on the Stock Exchange) until 8 July 2031. The purposes of the Post-IPO Share Option Scheme are, among others, to recognize and acknowledge the contribution of Eligible Participants (as defined below), to advance the interests of the Company and its shareholders by enabling the Group to attract, retain and motivate qualified personnel, and to develop, maintain, and strengthen long-term relationships that the Eligible Participants may have with the Group. At the 2026 June EGM, the Shareholders passed ordinary resolutions to approve amendments to the Post-IPO Share Option Scheme to, among other changes, expand the scope of Eligible Participants (as defined below) to include the Related Entity Participants (as defined below) and Service Providers (as defined below), adopt the Service Provider Sublimit (as defined below), reduce the Scheme Mandate Limit, include existing Shares and treasury shares as additional source of Shares to satisfy the option shares upon exercise of the option, and align with Chapter 17 of the Listing Rules. For further details regarding these amendments, please refer to the circular of the Company dated 29 May 2026. 2. Eligible Participants Participants of the Post-IPO Share Option Scheme (“Eligible Participants”) include: (a) employee participants (being director(s) and employee(s) (whether full time or part time employees) of the Company and/or of any of its subsidiaries (including persons who are granted options under the Post-IPO Share Option Scheme as an inducement to enter into employment contracts with these companies)) (“Employee Participants”); (b) related entity participants (being directors and employees of the holding companies, fellow subsidiaries, or associated companies of the Company) (“Related Entity Participants”); and (c) service providers (being person(s) (whether a natural person, a corporate entity or otherwise) who provide services to the Group on a continuing and recurring basis in its ordinary and usual course of business which are in the interests of the long-term growth of the Group, including but not limited to person(s) who work for any member of the Group as independent contractors (such as agents, distributors, contractors, vendors, suppliers, advisers, consultants and service providers of any member of the Group) where the continuity and frequency of their services are akin to those of employees, but excluding placing agents or financial advisers providing advisory services for fundraising, mergers or acquisitions or professional service providers such as auditors or valuers who provide assurance, or are required to perform their services with impartiality and objectivity) (“Service Providers”).
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YesAsia Holdings Limited Interim Report 2026 29 OTHER INFORMATION The Administrator (being the Board or its delegated committee or sub-committee) determines eligibility in its sole discretion based on the participant’s contribution to the business performance of the Group. However, no individual who is a resident in a place where the grant, acceptance or exercise of options pursuant to the Post-IPO Share Option Scheme is not permitted under the laws and regulations of such place or where, in the view of the Board or its delegate(s), compliance with applicable laws and regulations in such place makes it necessary or expedient to exclude such individual from the grant or offer of such options shall be eligible to participate in the scheme. 3. Scheme Mandate Limit and Service Provider Sublimit Pursuant to a resolution passed at the 2026 June EGM on 18 June 2026, the then prevailing Scheme Mandate Limit was revised and refreshed. The total number of Shares which may be issued (including such number of treasury shares transferred and to be transferred, where applicable) upon exercise of all options to be granted under the Post-IPO Share Option Scheme is 20,920,838 Shares, being the maximum 5% of the Shares in issue (excluding treasury shares) as at the date of the 2026 June EGM (excluding any Shares which may be issued pursuant to the exercise of the outstanding options granted under the 2016 Share Option Scheme and the Post-IPO Share Option Scheme but prior to the date of the 2026 June EGM). Within the Scheme Mandate Limit, the total number of Shares which may be issued (including such number of treasury shares transferred and to be transferred, where applicable) in respect of all options to be granted to Service Providers under all share schemes of the Company shall not exceed 4,184,167 Shares, representing 1% of the total number of Shares in issue (excluding treasury shares) as at the date of the 2026 June EGM (“Service Provider Sublimit”) (subject to refreshment and adjustment pursuant to the terms thereof). The Company may seek separate Shareholders’ approval in general meeting to grant options under the Post-IPO Share Option Scheme beyond the Scheme Mandate Limit (or the Service Provider Sublimit) or, if applicable, the refreshed limits in compliance with the requirements of the Listing Rules. As at the date of this interim report, the total number of Shares available for issue under the Post-IPO Share Option Scheme is 10,044,511 Shares, representing approximately 2.40% of the total number of Shares in issue. Options which have lapsed in accordance with the terms of the rules of the Post-IPO Share Option Scheme (or any other share option schemes of the Company) shall not be counted for the purpose of calculating the Scheme Mandate Limit. 4. Maximum Entitlement of Each Participant (Individual Limit) Unless approved by the Shareholders, the total number of Shares issued and to be issued (including such number of treasury shares transferred and to be transferred, where applicable) upon exercise of the options granted and to be granted under the Post-IPO Share Option Scheme and any other share option scheme(s) of the Company to each Eligible Participant (including both exercised and outstanding options) in any 12-month period shall not exceed 1% of the total number of Shares in issue (excluding treasury shares) (“Individual Limit”). Any further grant of options to such Eligible Participant which would result in the aggregate number of Shares issued and to be issued upon exercise of all options granted and to be granted to such Eligible Participant (including exercised, canceled and outstanding options) in the 12-month period up to and including the date of such further grant exceeding the Individual Limit shall be subject to separate approval of the Shareholders (with such selected participant and his close associates (or associates if the Eligible Participant is a connected person) abstaining from voting). There was no option granted under such circumstances during the Reporting Period.
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YesAsia Holdings Limited Interim Report 2026 30 OTHER INFORMATION 5. Share Adjustments and Entitlements Following the Share Split which took effect on 9 June 2021, each grantee shall receive 10 Shares for exercising each outstanding option granted under the Post-IPO Share Option Scheme on or before 18 June 2026. Pursuant to a resolution passed at the 2026 June EGM, for all new options granted and to be granted on or after 18 June 2026 under the Post-IPO Share Option Scheme, each option shall entitle the relevant grantee to subscribe for 1 Share upon its exercise. An option is personal to the grantee and shall not be transferable or assignable and no grantee shall in any way sell, transfer, charge, mortgage, encumber or otherwise dispose of or create any interest in favor of or enter into any agreement with any other person over or in relation to any option. 6. Trust Arrangement and Source of Shares As existing Shares and treasury shares of the Company (if any) are included as additional sources of Shares to satisfy the option shares upon exercise of the options, to support and facilitate the operation of the scheme, a private trust company (PTC), being a wholly-owned subsidiary of the Company, has been appointed to act as the trustee for the purpose of the Post-IPO Share Option Scheme. Further, the administrator of the Post-IPO Share Option Scheme may from time to time provide instructions and funds to the trustee to acquire Shares for the purpose of satisfying the options granted or to be granted. All Shares purchased by the trustee will be held on trust for the benefit of Eligible Participants pursuant to the terms of the relevant trust deed entered into between the Company and the trustee to satisfy option shares upon exercise of options in accordance with the provisions of the Post-IPO Share Option Scheme. The trustee shall not exercise the voting rights in respect of any Shares held on trust. During the Reporting Period, the trustee did not purchase any Shares. As at 30 June 2026, nil unvested Shares were held by the trustee for the purpose of the Post-IPO Share Option Scheme. 7. Exercise Price The subscription price, being the amount payable for each Share to be subscribed for under an option, in the event of the option being exercised shall be determined by the Board but shall not be less than the greater of: (i) the closing price of the Shares as stated in the daily quotations sheet issued by the Stock Exchange on the date of grant; (ii) the average closing price of the Shares as stated in the daily quotations sheets issued by the Stock Exchange for the five business days immediately preceding the date of grant; and (iii) the nominal value of the Shares on the date of grant.
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YesAsia Holdings Limited Interim Report 2026 31 OTHER INFORMATION 8. Grants to Connected Persons Each grant of options to any director, chief executive or substantial shareholder of the Company (or any of their respective associates) must first be approved by the independent non-executive Directors (excluding any independent non-executive Director who is a proposed recipient of the grant of options). In addition, where any grant of options to a substantial shareholder of the Company or an independent non-executive Director (or any of their respective associates) would result in the number of Shares issued and to be issued (including such number of treasury shares transferred and to be transferred, where applicable) upon exercise of all options already granted and to be granted (including options exercised, canceled and outstanding) to such person in the 12-month period up to and including the date of such grant representing in aggregate over 0.1% (or such other percentage as may from time to time be specified by the Stock Exchange) of the Shares in issue (excluding treasury shares, if any); and such further grant of options must also be first approved by the Shareholders (voting by way of poll) in a general meeting. In obtaining the approval, the Company shall send a circular to the Shareholders in accordance with and containing such information as is required under the Listing Rules. Such connected grantee, his associates and all core connected persons of the Company shall abstain from voting in favour of such grant at such general meeting, except that any such core connected person may vote against the relevant resolution at the general meeting provided that his intention to do so has been stated in the circular to be sent to the Shareholders in connection therewith. There was no option granted under such circumstances during the Reporting Period. 9. Events after the Reporting Period Subsequent to the Reporting Period, on 27 July 2026, the Company granted the first batch of options under the revised and refreshed Scheme Mandate Limit to Eligible Participants comprising 88 Employee Participants and a Service Provider (the grant to the said Service Provider thereby utilizing the newly approved Service Provider Sublimit). Please refer to the announcement of the Company dated 27 July 2026 and Note 23 to the Interim Condensed Consolidated Financial Information for further details.
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YesAsia Holdings Limited Interim Report 2026 32 OTHER INFORMATION During the Reporting Period, 130,000 options carrying rights to subscribe for a maximum of an aggregate of 1,300,000 Shares have been granted by the Company under the Post-IPO Share Option Scheme. Movements of the share options under the Post-IPO Share Option Scheme during the Reporting Period are as follows: Name of category/participant Outstanding as at 1 January 2026 Granted during the Reporting Period Exercised during the Reporting Period Cancelled during the Reporting Period Lapsed during the Reporting Period Outstanding as at 30 June 2026 Number of Shares underlying the outstanding options Date of grant Vesting period Exercise period Exercise price per option Closing share price immediately before the date of grant Fair value at the date of grant for options granted during the Reporting Period HK$ HK$ US$’000 Executive Directors Lau Kwok Chu 10,000 – – – – 10,000 100,000 31 October 2022 31 October 2022 to 30 October 2026 31 October 2023 to 30 October 2032 5.80 0.56 Chu Lai King 10,000 – – – – 10,000 100,000 31 October 2022 31 October 2022 to 30 October 2026 31 October 2023 to 30 October 2032 5.80 0.56 Chu Kin Hang 10,000 – – – – 10,000 100,000 31 October 2022 31 October 2022 to 30 October 2026 31 October 2023 to 30 October 2032 5.80 0.56 Hui Yay Yan Henry 10,000 – (8,750)(2) – – 1,250 12,500 31 October 2022 31 October 2022 to 30 October 2026 31 October 2023 to 30 October 2032 5.80 0.56 50,000 – – – – 50,000 500,000 2 May 2025 2 May 2025 to 1 May 2029 2 May 2026 to 1 May 2035 42.3 4.07 Subtotal 90,000 – (8,750) – – 81,250 812,500 Non-Executive Directors Lui Pak Shing, Michael 10,000 – – – – 10,000 100,000 31 October 2022 31 October 2022 to 30 October 2026 31 October 2023 to 30 October 2032 5.80 0.56 Poon Chi Ho 10,000 – – – – 10,000 100,000 31 October 2022 31 October 2022 to 30 October 2026 31 October 2023 to 30 October 2032 5.80 0.56 Subtotal 20,000 – – – – 20,000 200,000 Independent Non- Executive Directors Chan Yu Cheong 10,000 – – – – 10,000 100,000 31 October 2022 31 October 2022 to 30 October 2026 31 October 2023 to 30 October 2032 5.80 0.56 Sin Pak Cheong Philip Charles 6,250 – – – – 6,250 62,500 31 October 2022 31 October 2022 to 30 October 2026 31 October 2023 to 30 October 2032 5.80 0.56 Wong Chee Chung 5,000 – – – – 5,000 50,000 31 October 2022 31 October 2022 to 30 October 2026 31 October 2023 to 30 October 2032 5.80 0.56 Subtotal 21,250 – – – – 21,250 212,500
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YesAsia Holdings Limited Interim Report 2026 33 OTHER INFORMATION Name of category/participant Outstanding as at 1 January 2026 Granted during the Reporting Period Exercised during the Reporting Period Cancelled during the Reporting Period Lapsed during the Reporting Period Outstanding as at 30 June 2026 Number of Shares underlying the outstanding options Date of grant Vesting period Exercise period Exercise price per option Closing share price immediately before the date of grant Fair value at the date of grant for options granted during the Reporting Period HK$ HK$ US$’000 Other Employees* 2 Grantees 10,000 – – – – 10,000 100,000 30 August 2021 30 August 2021 to 29 August 2025 30 August 2022 to 29 August 2031 24.48 2.16 1 Grantee 5,000 – – – – 5,000 50,000 29 October 2021 29 October 2021 to 28 October 2025 29 October 2022 to 28 October 2031 14.28 1.40 47 Grantees 95,219 – (9,213)(2) (31) – 85,975 859,752 21 April 2022 21 April 2022 to 20 April 2026 21 April 2023 to 20 April 2032 11.60 1.16 6 Grantees 15,738 – (2,450)(2) – – 13,288 132,875 31 October 2022 31 October 2022 to 30 October 2026 31 October 2023 to 30 October 2032 5.80 0.56 67 Grantees 128,074 – (14,130)(2) (469) – 113,475 1,134,746 21 April 2023 21 April 2023 to 20 April 2027 21 April 2024 to 20 April 2033 5.10 0.52 2 Grantees 10,625 – – – – 10,625 106,250 27 October 2023 27 October 2023 to 26 October 2027 27 October 2024 to 26 October 2033 4.70 0.47 67 Grantees 244,306 – (27,088)(2) (3,375) – 213,843 2,138,438 26 April 2024 26 April 2024 to 25 April 2028 26 April 2025 to 25 April 2034 7.90 0.75 4 Grantees 58,800 – – (5,000) – 53,800 538,000 29 July 2024 29 July 2024 to 28 July 2028 29 July 2025 to 28 July 2034 49.4 4.94 3 Grantees 15,000 – – – – 15,000 150,000 20 December 2024 20 December 2024 to 19 December 2028 20 December 2025 to 19 December 2034 46.8 4.68 1 Grantee 2,000,000 – – – – 2,000,000 20,000,000 2 January 2025 2 January 2025 to 1 January 2029 2 January 2026 to 1 January 2035 49.6 5.10 81 Grantees 427,000 – (40,000) 387,000 3,870,000 25 April 2025 25 April 2025 to 24 April 2029 25 April 2026 to 24 April 2035 42.0 4.39 31 Grantees 340,000 – – (20,000) – 320,000 3,200,000 27 October 2025 27 October 2025 to 26 October 2029 27 October 2026 to 26 October 2035 54.5 5.53 13 Grantees – 130,000(1) – (5,000) – 125,000 1,250,000 24 April 2026 24 April 2026 to 23 April 2030 24 April 2027 to 23 April 2036 32.2 3.22 228 Subtotal 3,349,762 130,000 (52,881) (73,875) – 3,353,006 33,530,061 228 Total 3,481,012 130,000 (61,631) (73,875) – 3,475,506 34,755,061 228 * Represents number of grantees as at 30 June 2026. Notes: (1) On 24 April 2026, 130,000 options were granted under Post-IPO Share Option Scheme at nil consideration and the total estimated fair value of these options on the date of grant was approximately US$228,000. Please refer to the Note 19 to the consolidated financial statements for the accounting policy adopted for share options. The Share closing price immediately before the date of grant of the aforementioned 130,000 options was HK$3.22.
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YesAsia Holdings Limited Interim Report 2026 34 OTHER INFORMATION (2) There are no performance targets attached to the 130,000 options granted on 24 April 2026. However, these options are subject to the clawback mechanisms as set out in the terms of the Post-IPO Share Option Scheme. (3) During the six months ended 30 June 2026, i) the exercise date; ii) the number of exercised options under the Post-IPO Share Option Scheme; and iii) the weighted average closing prices of Shares immediately before the exercise date are as follows: Exercise date Number of exercised options The weighted average closing prices of Shares immediately before the exercise date 14 January 2026 1,625 HK$3.82 21 January 2026 3,237 HK$3.69 28 January 2026 375 HK$3.62 4 February 2026 2,112 HK$3.53 9 February 2026 375 HK$3.54 11 February 2026 3,631 HK$3.57 4 March 2026 3,150 HK$3.31 1 April 2026 50 HK$3.03 15 April 2026 600 HK$3.33 22 April 2026 11,375 HK$3.34 29 April 2026 2,850 HK$3.09 6 May 2026 9,863 HK$3.07 13 May 2026 16,475 HK$3.12 18 May 2026 625 HK$3.07 20 May 2026 1,644 HK$3.01 27 May 2026 2,344 HK$2.96 3 June 2026 1,300 HK$2.79 Total: 61,631 As at 1 January 2026, the total number of Shares that could be issued upon exercise of all outstanding options granted under the Post-IPO Share Option Scheme were 34,810,120 Shares, which represented about 8.33% of the total number of issued Shares as at 1 January 2026. As at 30 June 2026, the total number of Shares that could be issued upon exercise of all outstanding options granted under the Post-IPO Share Option Scheme were 34,755,061 Shares, which represented about 8.31% of the total number of issued Shares as at 30 June 2026. The default vesting schedule of the Post-IPO Share Option Scheme is as follows: (i) 25% of the options granted will become vested on the first anniversary of the vesting start date and (ii) 6.25% of the options granted will become vested as at the end of each three month period after the vesting start date. For options granted on or after 18 June 2026 under the Post-IPO Share Option Scheme (as amended), the minimum vesting period shall not be less than 12 months (or such other period as the Listing Rules may prescribe or permit from time to time); but options granted to Employee Participants may be subject to a shorter vesting period as determined by the Remuneration Committee or the Board under specific circumstances. The Post-IPO Share Option Scheme does not demand payment on application or acceptance of the option. The total proceeds of approximately US$59,100 received from the exercise of share options under the Post-IPO Share Option Scheme during the Reporting Period were used as general working capital of the Company. Please refer to Note 19 to the Interim Condensed Consolidated Financial Information for the methodology and assumptions used in the calculation of the fair value of options granted.
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YesAsia Holdings Limited Interim Report 2026 35 OTHER INFORMATION Further details of the Share Option Schemes are set out as follows: 2016 Share Option Scheme Post-IPO Share Option Scheme Number of share options available for grant under the scheme mandate As at 1 January 2026 – 199,814(2) As at 30 June 2026 – 20,920,838(2) Number of share options available for grant under the service provider sublimit As at 1 January 2026 – – As at 30 June 2026 – 4,184,167 Number of Shares that may be issued in respect of share options granted during the Reporting Period divided by the weighted average number of Shares (excluding treasury shares) during the Reporting Period (2) – 2.23% Remaining life of the share option schemes as at 30 June 2026 –(1) 5.02 years As at the date of interim report Total number of Shares available for issue under the Share Option Schemes in respect of share options granted 3,629,076 10,044,511 % of the total number of issued Shares 0.87% 2.40% Total number of Shares available for issue upon exercise of all share options that could be granted –(1) 18,230,838 % of the total number of issued Shares – 4.35% (1) As the Company became listed on the Stock Exchange on 9 July 2021, no further options can be granted under the 2016 Share Option Scheme. (2) The Company underwent share subdivision on 9 June 2021 whereby each issued and unissued Share in the Company’s then share capital was subdivided into 10 shares, following which (among others) for each outstanding share option granted prior to 18 June 2026 under the Post-IPO Share Option Scheme, each grantee shall receive 10 shares upon exercising each such share option. Pursuant to the ordinary resolutions passed at the 2026 June EGM held on 18 June 2026, the Post-IPO Share Option Scheme was amended and the scheme mandate limit was refreshed, following which, for all share options granted and to be granted on or after 18 June 2026 under the Post-IPO Share Option Scheme (as amended), each grantee shall receive 1 share upon exercising each such outstanding share option. (3) Please refer to Note 10 to the Interim Condensed Consolidated Financial Information for the weighted average number of Shares during the Reporting Period. According to the terms of the Share Option Schemes, the exercise period of the share options granted under the Share Option Schemes is determinable by the Board (or by a committee appointed by the Board which consists of two or more members of the Board) and ends on a date which is not later than ten years from the date of grant of the relevant share options. The Share Option Schemes do not specify any minimum holding period for which an option must be held before it can be exercised. There is no performance target attached to the vesting or exercise of the options granted under the Share Option Schemes.
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YesAsia Holdings Limited Interim Report 2026 36 OTHER INFORMATION The Share Option Schemes do not demand payment on application or acceptance of the option. The Company has not adopted any share award scheme during the Reporting Year and up to the date of this report. MANAGEMENT CONTRACTS No contracts, other than employment contracts, concerning the management and administration of the whole or any substantial part of the Company’s business were entered into or existed during the Reporting Period. MATERIAL LITIGATION During the Reporting Period, the Group was not involved in any material litigation or arbitration, nor were the Directors aware of any material litigation or claims that were pending or threatened against the Group. PERMITTED INDEMNITY PROVISIONS During the Reporting Period and up to the date of this report, there was or is permitted indemnity provision in the Articles in force. The Company has maintained Directors’ and officers’ liability insurance throughout the Reporting Period and up to the date of this report, which provides appropriate cover for certain legal actions brought against its Directors and officers arising out of corporate activities. AUDIT COMMITTEE The Board has established the Audit Committee, currently comprising three independent non-executive Directors, namely Mr. Wong Chee Chung (Chairman), Mr. Sin Pak Cheong Philip Charles and Mr. Chan Yu Cheong. The primary duties of the Audit Committee are to review and supervise our financial reporting process and the internal control system of the Group, manage risk, perform internal audit, provide advice and comments to the Board and perform other duties and responsibilities as may be assigned by the Board. The interim condensed consolidated financial information for the six months ended 30 June 2026 have not been audited by the auditors of the Company but have been reviewed by the Audit Committee. PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES OF THE COMPANY During the Reporting Period, neither the Company nor any of its subsidiaries has purchased, sold or redeemed any of the Company’s listed securities, save for the grant of 130,000 options (each option shall entitle the holder to subscribe for 10 Shares) under the Post-IPO Share Option Scheme on 24 April 2026. CORPORATE GOVERNANCE PRACTICES The Company’s corporate governance practices are based on the principles and the Code Provisions set out in the CG Code as amended from time to time contained in Appendix C1 to the Listing Rules. During the six months ended 30 June 2026, the Company has complied with the Code Provisions as set out in the CG Code apart from the deviation from Code Provision D.2.5 of the CG Code.
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YesAsia Holdings Limited Interim Report 2026 37 OTHER INFORMATION Under Code Provision D.2.5, issuers should have an internal audit function. The Group does not have an internal audit function and the Board is of the view that there is no immediate need to set up an internal audit function within the Group having reviewed the size, nature and complexity of the Group’s business during the Reporting Period. It was decided that the Board would be directly responsible for internal control of the Group and for reviewing its effectiveness. Procedures have been designed for safeguarding assets against unauthorised use or disposition, ensuring the maintenance of proper accounting records for the provision of reliable financial information for internal use or for publication, and ensuring compliance with applicable laws, rules and regulations. The situation will be reviewed by the Board on an annual basis. Save as disclosed above, none of the Directors is aware of any information which would reasonably indicate that the Company had not, throughout the six months ended 30 June 2026, fully complied with the Code Provisions. MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS The Company has adopted a model code of conduct regarding securities transactions by Directors on terms no less exacting than the required standard as set out in the Model Code. The Company has made specific enquiries with all Directors and all of them confirmed that they have complied with the required standards set out in the Model Code during the Reporting Period. EMPLOYEES AND REMUNERATION POLICY As of 30 June 2026, we had 610 employees (31 December 2025: 619 employees) based in Hong Kong, Chinese Mainland, Japan, South Korea, UK and Germany. Our success depends on our ability to attract, retain and motivate qualified personnel. As part of our human resources strategy, we offer employees and Directors competitive remuneration packages, which generally include basic wages, variable wages, bonuses and other benefits granted in accordance with their business performance. In order to promote overall operational efficiency, employee loyalty and employee retention, we provide our employees with technical and operational on-the-job training as well as talent development programs. Options may also be granted to employees of the Group under the Post-IPO Share Option Scheme at the sole discretion of the Board or its delegate(s). TRANSACTIONS IN COMPREHENSIVELY SANCTIONED COUNTRIES OR WITH SANCTIONED PERSONS During the Reporting Period, proper internal control and risk management measures relating to sanction laws, as disclosed in the Prospectus, had been implemented and the Group did not have any transactions in Comprehensively Sanctioned Countries or with Sanctioned Persons. In order to protect the interest of our Group from economic sanctions risks, we have adopted enhanced internal control and risk management measures including utilising the international sanctions databases to screen whether our business counterpart is listed on the U.S. Department of Treasury’s Office of Foreign Assets Control (“OFAC”), the U.S. Department of Commerce’s Bureau of Industry and Security (“BIS”) or other sanctions lists, with regular updates to the screening results to ensure the counterpart has not been newly added to any sanctions list. As of 30 June 2026, the Group did not anticipate any plans for any new activities in Comprehensively Sanctioned Countries or with Sanctioned Persons.
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YesAsia Holdings Limited Interim Report 2026 38 OTHER INFORMATION During the Reporting Period, the Group derived revenue from sales to non-sanctioned customers located in the regions below: Six months ended 30 June 2026 2025 US$’000 US$’000 Afghanistan, Balkans(1), Belarus, Democratic Republic of the Congo, Egypt, Hong Kong, Iraq, Lebanon, Libya, Mali, Myanmar, Russia (excluding the Crimea, Kherson, Zaporizhzhaia and LPR/DPR regions), Somalia, Tunisia, Ukraine (excluding the Crimea, Kherson, Zaporizhzhaia and the so-called Donetsk People’s Republic (“DPR”) and so-called Luhansk People’s Republic (“LPR”) regions) and Zimbabwe 29,770 20,338 Note: (1) Balkans include Albania, Bosnia And Herzegovina, Bulgaria, Croatia, Greece, Kosovo, North Macedonia, Montenegro, Romania, Serbia, Slovenia and Turkiye (Turkey). MATERIAL ACQUISITIONS, DISPOSALS AND FUTURE PLANS FOR SUBSIDIARIES During the Reporting Period and as of the date of this interim report, we did not have any material acquisition or disposal of subsidiaries, associates and joint ventures nor any future plans. CHARGE ON ASSETS As at 30 June 2026, the banking facilities of the Group mainly comprised revolving loans, term loans, corporate credit cards and letters of guarantee issued to the Group and the Group’s suppliers, respectively for products purchased by the Group and securing the payments to the Group’s suppliers respectively. The banking facilities were secured by the pledged bank fixed deposits and a life insurance policy of the Group which amounted to approximately US$7,011,000 as of 30 June 2026 (31 December 2025: US$6,799,000). EVENTS AFTER THE REPORTING PERIOD Events after the reporting date are set out in Note 23 to the Interim Condensed Consolidated Financial Information. DIRECTORS’ INFORMATION The Company has not been advised by its Directors of any change in the information required to be disclosed pursuant to paragraphs (a) to (e) and (g) of Rule 13.51(2) of the Listing Rules since its last update to Shareholders during the Reporting Period.
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YesAsia Holdings Limited Interim Report 2026 39 OTHER INFORMATION APPRECIATION On behalf of the Board, I would like to take this opportunity to express gratitude to our employees for their contribution and dedication to the Group, and our Shareholders, customers and business partners for their continuous support. On behalf of the Board Chu Lai King Chairperson Hong Kong, 28 August 2026
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YesAsia Holdings Limited Interim Report 2026 40 INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS For the six months ended 30 June 2026 Six months ended 30 June 2026 2025 Note (Unaudited) (Unaudited) US$’000 US$’000 Revenue 4 301,510 244,649 Cost of sales (207,535) (171,354) Gross profit 93,975 73,295 Other income and other gains and losses 5 178 (358) Selling expenses (35,134) (28,019) Administrative expenses (34,248) (26,585) Impairment losses for trade receivables (419) (25) Share of gain of an associate 23 – Profit from operations 24,375 18,308 Finance costs (1,061) (826) Profit before tax 23,314 17,482 Income tax expense 7 (5,018) (3,407) Profit for the period 8 18,296 14,075 Attributable to: Owners of the Company 18,329 14,123 Non-controlling interests (33) (48) Profit for the period 18,296 14,075 Earnings per share 10 Basic (US cents per share) 4.39 3.43 Diluted (US cents per share) 4.32 3.36
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YesAsia Holdings Limited Interim Report 2026 41 INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the six months ended 30 June 2026 Six months ended 30 June 2026 2025 (Unaudited) (Unaudited) US$’000 US$’000 Profit for the period 18,296 14,075 Other comprehensive income: Item that will not be reclassified to profit or loss: Remeasurement losses on defined benefit obligations (30) – Item that may be reclassified to profit or loss: Exchange differences on translating foreign operations (1,516) 935 Other comprehensive income for the period, net of tax (1,546) 935 Total comprehensive income for the period 16,750 15,010 Attributable to: Equity shareholders of the Company 16,783 15,058 Non-controlling interests (33) (48) 16,750 15,010
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YesAsia Holdings Limited Interim Report 2026 42 INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 30 June 2026 As at 30 June 2026 As at 31 December 2025 Note (Unaudited) (Audited) US$’000 US$’000 Non-current assets Property, plant and equipment 11 9,105 10,294 Right-of-use assets 25,959 26,189 Investment in an associate 20 628 445 Financial assets at fair value through profit or loss (“FVTPL”) 446 477 Prepayments and deposits 13 2,556 2,483 Total non-current assets 38,694 39,888 Current assets Inventories 96,613 69,135 Trade and other receivables 12 28,801 20,310 Financial assets at FVTPL 3,631 3,565 Prepayments and deposits 13 7,545 11,657 Current tax assets 32 26 Pledged bank fixed deposits 3,380 3,234 Bank and cash balances 13,700 15,942 Total current assets 153,702 123,869 Current liabilities Trade and other payables and accruals 14 35,475 26,334 Contract liabilities 15 18,360 16,482 Provisions 568 576 Lease liabilities 16 8,322 8,178 Bank borrowings 17 7,345 7,566 Current tax liabilities 6,786 3,488 Total current liabilities 76,856 62,624 Net current assets 76,846 61,245 Total assets less current liabilities 115,540 101,133 Non-current liabilities Provisions 3,012 2,200 Lease liabilities 16 19,431 18,877 Total non-current liabilities 22,443 21,077 Net assets 93,097 80,056 Capital and reserves Share capital 18 28,407 28,286 Reserves 64,812 51,859 Equity attributable to owners of the Company 93,219 80,145 Non-controlling interests (122) (89) Total equity 93,097 80,056
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YesAsia Holdings Limited Interim Report 2026 43 INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the six months ended 30 June 2026 Attributable to shareholders of the Company Share capital Share– based payment reserve Capital reserve Merge reserve Foreign currency translation reserve Retained earnings Sub-total Non– controlling interest Total equity US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 At 1 January 2026 28,286 5,079 14,342 2,271 (733) 30,900 80,145 (89) 80,056 Profit for the period – – – – – 18,329 18,329 (33) 18,296 Other comprehensive income – – – – (1,516) (30) (1,546) – (1,546) Total comprehensive income for the period – – – – (1,516) 18,299 16,783 (33) 16,750 Issue of shares under share options schemes (Note 18) 121 (41) – – – – 80 – 80 Dividend (Note 9) – – – – – (5,400) (5,400) – (5,400) Recognition of share-based payments (Note 19) – 1,611 – – – – 1,611 – 1,611 Forfeiture of share options (Note 19) – (15) – – – 15 – – – Change in equity for the period 121 1,555 – – (1,516) 12,914 13,074 (33) 13,041 At 30 June 2026 (Unaudited) 28,407 6,634 14,342 2,271 (2,249) 43,814 93,219 (122) 93,097 Attributable to shareholders of the Company Share capital Share- based payment reserve Capital reserve Merge reserve Foreign currency translation reserve Retained earnings Sub-total Non- controlling interest Total equity US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 US$’000 At 1 January 2025 (Audited) 24,182 1,370 14,342 2,271 (831) 11,670 53,004 (14) 52,990 Profit for the period – – – – – 14,123 14,123 (48) 14,075 Other comprehensive income – – – – 935 – 935 – 935 Total comprehensive income for the period – – – – 935 14,123 15,058 (48) 15,010 Issue of shares under share option schemes (Note 18) 729 (329) – – – – 400 – 400 Dividend (Note 9) – – – – – (3,989) (3,989) – (3,989) Recognition of share-based payments (Note 19) – 1,966 – – – – 1,966 – 1,966 Forfeiture of share options (Note 19) – (2) – – – 2 – – – Change in equity for the period 729 1,635 – – 935 10,136 13,435 (48) 13,387 At 30 June 2025 (Unaudited) 24,911 3,005 14,342 2,271 104 21,806 66,439 (62) 66,377
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YesAsia Holdings Limited Interim Report 2026 44 INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS For the six months ended 30 June 2026 2026 2025 (Unaudited) (Unaudited) US$’000 US$’000 NET CASH GENERATED FROM/(USED IN) OPERATING ACTIVITIES 4,029 (1,485) Increase in non-pledged bank deposits (7) (30) Interest received 46 74 Investment in associate (160) (150) Purchases of property, plant and equipment (298) (8,605) Acquisition of financial assets at FVTPL – (3,539) NET CASH USED IN INVESTING ACTIVITIES (419) (12,250) Borrowings raised 7,281 17,637 Repayment of borrowings (7,502) (221) Principal elements of lease payments (3,858) (4,847) Proceeds from issuance of shares 80 400 Increase in pledged bank deposits (146) (637) NET CASH (USED IN)/GENERATED FROM FINANCING ACTIVITIES (4,145) 12,332 NET DECREASE IN CASH AND CASH EQUIVALENTS (535) (1,403) Effect of foreign exchange rate changes (1,714) 1,092 CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD 15,859 15,448 CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 13,610 15,137 ANALYSIS OF CASH AND CASH EQUIVALENTS Bank and cash balances 13,700 15,248 Less: Bank fixed deposits with original maturity beyond three months (90) (111) 13,610 15,137
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YesAsia Holdings Limited Interim Report 2026 45 NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 30 June 2026 1 CORPORATE AND GROUP INFORMATION The Company was incorporated in Hong Kong with limited liability. The registered office and principal place of business in Hong Kong is 5/F, KC100, 100 Kwai Cheong Road, Kwai Chung, New Territories, Hong Kong. The Group is principally engaged in trading of fashion wear, beauty and accessories and entertainment products through the Group’s own e-commerce platforms (including websites and mobile app) and offline wholesale channels. The Company has no ultimate holding company, and ultimate controlling shareholders of the Company are Mr. Lau Kwok Chu and Ms. Chu Lai King respectively. This interim condensed consolidated financial information is presented in United States dollars (“US$”), unless otherwise stated. The financial information relating to the year ended 31 December 2025 that is included in the interim condensed consolidated financial information for the six months ended 30 June 2026 as comparative information does not constitute the Company’s statutory annual consolidated financial statements for that year but is derived from those financial statements. Further information relating to these statutory financial statements required to be disclosed in accordance with section 436 of the Companies Ordinance (Cap. 622 of the Laws of Hong Kong) is as follows: The Company has delivered the financial statements for the year ended 31 December 2025 to the Registrar of Companies as required by section 662(3) of, and Part 3 of Schedule 6 to, the Companies Ordinance (Cap. 622 of the Laws of Hong Kong). The Company’s auditor has reported on those financial statements. The auditor’s report was unqualified; did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying its report; and did not contain a statement under sections 406(2), 407(2) or (3) of the Companies Ordinance (Cap. 622 of the Laws of Hong Kong).
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YesAsia Holdings Limited Interim Report 2026 46 NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 30 June 2026 2 BASIS OF PREPARATION AND CHANGES TO THE GROUP’S ACCOUNTING POLICIES The unaudited interim condensed financial information for the six months ended 30 June 2026 has been prepared in accordance with Hong Kong Accounting Standard 34 (“HKAS 34”) Interim Financial Reporting issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”), as well as with the applicable disclosures required by the Listing Rules. The interim condensed consolidated financial information does not include all of the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group’s annual financial statements for the year ended 31 December 2025, which have been prepared in accordance with the Hong Kong Financial Reporting Standards (“HKFRSs”). The preparation of interim condensed consolidated financial information requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. The accounting policies applied in the preparation of the unaudited interim condensed consolidated financial information are consistent with those applied to the consolidated financial statements for the year ended 31 December 2025. In the current period, the Group has adopted all the new and revised Hong Kong Financial Reporting Standards issued by the HKICPA that are relevant to its operations and effective for its accounting year beginning on 1 January 2026 but they do not have a material effect on the Group’s financial statements. A number of new standards and amendments to standards are effective for annual periods beginning after 1 January 2026 and earlier application is permitted. The Group has not adopted in advance any of the forthcoming new or amended standards in preparing these condensed consolidated interim financial statements.
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YesAsia Holdings Limited Interim Report 2026 47 NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 30 June 2026 3 FAIR VALUE MEASUREMENTS Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following disclosures of fair value measurements use a fair value hierarchy that categorises into three levels the inputs to valuation techniques used to measure fair value: Level 1 inputs: quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group can access at the measurement date. Level 2 inputs: inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs: unobservable inputs for the asset or liability. The Group’s policy is to recognise transfers into and transfers out of any of the three levels as of the date of the event or change in circumstances that caused the transfer. Disclosures of level in fair value hierarchy: Fair value measurements as at 30 June 2026 Description Level 1 Level 2 Level 3 Total (Unaudited) (Unaudited) (Unaudited) (Unaudited) US$’000 US$’000 US$’000 US$’000 Recurring fair value measurements: Financial assets at FVTPL Investment in a life insurance policy – 3,631 – 3,631 An equity security listed in Hong Kong 446 – – 446 446 3,631 – 4,077 Fair value measurements as at 31 December 2025 Description Level 1 Level 2 Level 3 Total (Audited) (Audited) (Audited) (Audited) US$’000 US$’000 US$’000 US$’000 Recurring fair value measurements: Financial assets at FVTPL Investment in a life insurance policy – 3,565 – 3,565 An equity security listed in Hong Kong 477 – – 477 477 3,565 – 4,042 The fair value of investment in life insurance policies is determined by reference to Cash Surrender Value as provided by the insurance company.
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YesAsia Holdings Limited Interim Report 2026 48 NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 30 June 2026 4 REVENUE Disaggregation of revenue from contracts with customers by major products or service lines for the period is as follows: Six months ended 30 June 2026 2025 (Unaudited) (Unaudited) US$’000 US$’000 Revenue from contracts with customers within the scope of HKFRS 15 Disaggregated by major products or service lines Sales of merchandise 273,869 220,029 Shipping revenue 24,817 23,661 Marketing income 2,672 717 Logistic income 152 241 Consignment sales – 1 301,510 244,649 5 OTHER INCOME AND OTHER GAINS AND LOSSES Six months ended 30 June 2026 2025 (Unaudited) (Unaudited) US$’000 US$’000 Cash rebates – 7 Dividend income 1 2 Fair value loss on financial assets at FVTPL (62) (554) Interest income from: Bank deposits 46 74 Financial assets at FVTPL 97 107 143 181 Sublease income 13 4 Gain on remeasurement upon modification 80 – Sundry income 3 2 178 (358)
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YesAsia Holdings Limited Interim Report 2026 49 NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 30 June 2026 6 SEGMENT INFORMATION The Group determines its operating segments based on the information reported to the Chief Executive Officer of the Group, being the chief operating decision maker (“CODM”), for the purpose of resource allocation and assessment of segment performance. For the six months ended 30 June 2025, the CODM organised the Group’s results based on product categories and the differences in the nature of goods and services delivered. Under this structure, the focus was primarily on “Fashion & Lifestyle and Beauty Products” and “Entertainment Products”. During the six months ended 30 June 2026, the Group reorganised its internal reporting structure to better align with its latest business strategy and the distinct operational characteristics of its retail and wholesale channels. Following the increasing scale of the wholesale business and the strategic shift toward channel based management, the CODM now monitors financial performance and allocates resources based on the B2C and B2B models of beauty, fashion and lifestyle products. The Group’s reportable segments under the new structure are as follows: YesStyle B2C: Retail distribution of beauty, fashion and lifestyle products directly to individual end consumers. These operations are primarily conducted through the Group’s proprietary e-commerce platforms, including YesStyle B2C online channels. ABW B2B: Wholesale distribution of beauty products to corporate customers, distributors and resellers. The business is primarily conducted through the Group’s proprietary e-commerce platform, AsianBeautyWholesale , and local sales teams in South Korea and Hong Kong. This reclassification provides more relevant information regarding the Group’s strategic focus and the economic characteristics of its customer base. In accordance with HKFRS 8, the segment information for the comparative period has been restated to conform to the current period’s presentation. The Group’s other operating segments represent revenue from entertainment product, marketing income and logistic and ancillary services. None of these segments meet any of the quantitative thresholds for determining reportable segments. The information of these other operating segments is included in the “unallocated” column. No analysis of segment assets or segment liabilities is presented as such information is not regularly provided to the CODM. The accounting policies of the operating segments are the same as the Group’s accounting policies described in Note 2 to the interim condensed consolidated financial statements. Segment results do not include unallocated administrative expenses, other income, other gains and losses, finance costs and share of gain of an associate that are not directly attributable to segments and income tax expense.
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YesAsia Holdings Limited Interim Report 2026 50 NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 30 June 2026 6 SEGMENT INFORMATION (CONTINUED) Information about operating segment results YesStyle B2C ABW B2B Unallocated Total (Unaudited) (Unaudited) (Unaudited) (Unaudited) US$’000 US$’000 US$’000 US$’000 Six months ended 30 June 2026 Revenue from external customers 215,069 82,754 3,687 301,510 Segment results 20,337 8,280 (10,321) 18,296 YesStyle B2C ABW B2B Unallocated Total (Unaudited) (Unaudited) (Unaudited) (Unaudited) US$’000 US$’000 US$’000 US$’000 Six months ended 30 June 2025 Revenue from external customers 164,857 77,944 1,848 244,649 Segment results 15,975 7,718 (9,618) 14,075 Reconciliations of segment results Six months ended 30 June 2026 2025 (Unaudited) (Unaudited) US$’000 US$’000 Revenue Total revenue of reportable segments 301,510 244,649 Segment results Total segment results of reportable segments 28,617 23,693 Share of gain of an associate 23 – Unallocated amounts: Unallocated income 240 192 Unallocated corporate expenses (10,739) (9,801) Non-reportable segments 155 (9) Profit for the period 18,296 14,075
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YesAsia Holdings Limited Interim Report 2026 51 NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 30 June 2026 6 SEGMENT INFORMATION (CONTINUED) Geographical information: An analysis of the Group’s revenue from external customers by geographic location, determined based on the customers’ port of destination or their location, and information on the Group’s non-current assets by location of the assets, are detailed below: Six months ended 30 June 2026 2025 (Unaudited) (Unaudited) US$’000 US$’000 United States 49,576 60,155 European Union countries (“EU countries”) France 23,539 21,820 Spain 15,125 8,806 Germany 14,697 13,125 Italy 10,045 6,957 Netherlands 4,972 3,930 Poland 4,339 3,478 Belgium 2,797 2,455 Other EU Countries (Note 1) 19,689 15,237 95,203 75,808 Hong Kong 23,399 16,411 Mexico 17,895 7,127 Canada 17,831 14,912 South Korea 15,961 18,370 United Kingdom 14,887 15,586 Australia 8,199 5,868 Israel 6,580 1,859 United Arab Emirates 5,853 6,387 Others (Note 2) 46,126 22,166 Consolidated Total 301,510 244,649 Note 1: Other EU countries include sales to EU countries that individually contributed less than 1.0% (Prior Period: 1.0%) of our total revenue of the Group for the six months ended 30 June 2026 and 2025. Note 2: Others include sales to countries individually contributed less than 2.0% (Prior Period: 2.0%) of our total revenue of the Group for the six months ended 30 June 2026 and 2025. 85.6% and 86.6% of the Group’s non-current assets are located in Hong Kong as at 30 June 2026 and 2025 respectively. Revenue about major customers No revenue from a single customer of the Group contributed over 10% of the total revenue of the Group during the six months ended 30 June 2026 and 2025 respectively.
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YesAsia Holdings Limited Interim Report 2026 52 NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 30 June 2026 7 INCOME TAX EXPENSE Six months ended 30 June 2026 2025 (Unaudited) (Unaudited) US$’000 US$’000 Current tax – Hong Kong Profits Tax 2,711 2,278 – Overseas Corporate Income Tax 2,307 1,129 5,018 3,407 Under the two-tiered profits tax regime, the first HK$2 million of profits of the qualifying group entity established in Hong Kong will be taxed at 8.25%, and profits above that amount will be subject to the tax rate of 16.5%. The profits of the group entities not qualifying the two-tiered profits tax rate regime will continue to be taxed at a rate of 16.5%. The Company’s subsidiaries incorporated in South Korea are subject to Korean Corporate Income Tax which comprised national and local taxes (collectively “Korean Corporate Income Tax”). Korean Corporate Income Tax is generally charged at the progressive rate from 9.9% to 26.4% (Prior Period: 9.9% to 26.4%) on the estimated assessable profit for the Period. The progressive tax rates were 9.9% to 20.9% (Prior Period: 9.9% to 20.9%) based on the estimated assessable profits for the Period. The Group’s branch in the United Kingdom (“UK branch”) is subject to the General Corporate Tax Rate of the United Kingdom (collectively “UK Corporate Income Tax”). UK Corporate Income Tax is generally charged at a small profits rate of 19.0%. UK Corporate Income Tax is calculated at 19.0% on the estimated assessable profit for both Period. Tax charge on profits assessable elsewhere have been calculated at the rates of tax prevailing in the countries in which the Group operates, based on existing legislation, interpretation and practices in respect thereof.
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YesAsia Holdings Limited Interim Report 2026 53 NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 30 June 2026 8 PROFIT FOR THE PERIOD The Group’s profit for the period is stated after charging the following: Six months ended 30 June 2026 2025 (Unaudited) (Unaudited) US$’000 US$’000 Auditor’s remuneration 146 124 Cost of inventories sold 146,034 122,574 Depreciation – Property, plant and equipment 1,480 927 – Right-of-use assets 4,594 4,149 6,074 5,076 Employee benefits expenses (including directors’ emoluments) 22,710 17,630 Foreign exchange losses, net 3,296 2,170 Expenses relating to short-term lease – leased properties 334 244 – leased equipment 10 7 344 251 Write down of inventories, net (included in cost of inventories sold) 864 287 9 DIVIDEND Six months ended 30 June 2026 2025 (Unaudited) (Unaudited) US$’000 US$’000 Final dividend of US$0.0129 (equivalent to HK$0.10) (2025: HK$0.075) per ordinary share 5,400 3,989 The Board has resolved not to declare any interim dividend for the six months ended 30 June 2026 (Prior Period : Nil). The final dividend of HK10.0 cents per share amounting to approximately US$5,400,000 for the year ended 31 December 2025 has been approved on 18 June 2026 and paid on 13 July 2026.
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YesAsia Holdings Limited Interim Report 2026 54 NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 30 June 2026 10 EARNINGS PER SHARE The calculation of the basic and diluted earnings per share is based on the following: Six months ended 30 June 2026 2025 (Unaudited) (Unaudited) US$’000 US$’000 Earnings for the purpose of calculating basic and diluted earnings per share 18,329 14,123 (Unaudited) (Unaudited) ’000 ’000 Number of shares Weighted average number of ordinary shares for the purpose of calculating basic earnings per share 417,981 410,874 Effect of dilutive potential ordinary shares arising from share options issued by the Company 6,257 8,415 Weighted average number of ordinary shares for the purpose of calculating diluted earnings per share 424,238 419,289 During the six months ended 30 June 2026, the computation of diluted earnings per share did not assume the exercise of the Company’s outstanding share options as the exercise prices of those options were higher than the average market price for shares.
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YesAsia Holdings Limited Interim Report 2026 55 NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 30 June 2026 11 PROPERTY, PLANT AND EQUIPMENT During the Reporting Period, the Group acquired property, plant and equipment of approximately US$298,000 (Prior Period: US$8,605,000). 12 TRADE AND OTHER RECEIVABLES As at As at 30 June 31 December 2026 2025 (Unaudited) (Audited) US$’000 US$’000 Trade receivables from third-party payment platforms 4,033 2,298 Trade receivables from customers 17,038 12,674 21,071 14,972 Less: Impairment losses (415) (1) 20,656 14,971 Other receivables Receivables from third-party payment platforms 3,545 2,695 Export tax refundable 4,536 2,596 Others 64 48 8,145 5,339 Trade and other receivables 28,801 20,310
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YesAsia Holdings Limited Interim Report 2026 56 NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 30 June 2026 12 TRADE AND OTHER RECEIVABLES (CONTINUED) Before accepting new wholesales or logistic customers, the Group assesses the potential customers’ credit quality and defines credit limits for each individual customer. Recoverability of the existing customers is reviewed by the management of the Group regularly. The Group’s turnover primarily comprises E-commerce sales, offline wholesale of products, and income from logistics and ancillary services. E-commerce sales are typically conducted without credit terms, while credit terms of up to 180 days are offered for offline wholesale and logistics and ancillary services. The aging analysis of trade receivables, based on the revenue recognition date (i.e. invoice date), at the end of each reporting period and net of allowance, is as follows: As at As at 30 June 31 December 2026 2025 (Unaudited) (Audited) US$’000 US$’000 0 to 30 days 8,377 8,808 31 to 60 days 3,344 2,499 61 to 90 days 2,140 1,026 91 to 120 days 3,523 2,042 121 to 180 days 2,414 517 Over 180 days 858 79 20,656 14,971 As at 30 June 2026, included in the Group’s trade receivables balance are debtors with an aggregate carrying amount of US$5,188,000 (31 December 2025: US$727,000) which are past due. Out of the past due balance, an aggregate amount of US$753,000 (31 December 2025: US$100,000) has been past due over 90 days and is not considered as default as there has not been a significant change in the credit standing of the debtors. The Group did not hold any collateral over these receivables.
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YesAsia Holdings Limited Interim Report 2026 57 NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 30 June 2026 13 PREPAYMENTS AND DEPOSITS As at As at 30 June 31 December 2026 2025 (Unaudited) (Audited) US$’000 US$’000 Prepayments Prepayment to suppliers 3,837 9,264 Prepaid rental 153 14 Prepaid selling expenses 367 535 Prepaid administrative expenses 1,735 967 6,092 10,780 Deposits Deposits paid for property, plant and equipment 280 – Rental deposits 3,353 2,981 Trade deposits 262 298 Utilities deposits 114 81 4,009 3,360 10,101 14,140 Analysed as: Current assets 7,545 11,657 Non-current assets 2,556 2,483 10,101 14,140
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YesAsia Holdings Limited Interim Report 2026 58 NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 30 June 2026 14 TRADE AND OTHER PAYABLES AND ACCRUALS As at As at 30 June 31 December 2026 2025 (Unaudited) (Audited) US$’000 US$’000 Trade payables 16,625 13,574 Other payables Indirect tax payables 4,116 4,900 Dividend payables 6,156 756 Others 65 11 10,337 5,667 Accruals Accrued staff costs 3,627 3,227 Accrued selling expenses 3,481 2,867 Accrued administrative expenses 1,405 999 8,513 7,093 35,475 26,334 The aging analysis of the Group’s trade payables, based on the invoice date, is as follows: As at As at 30 June 31 December 2026 2025 (Unaudited) (Audited) US$’000 US$’000 0 to 30 days 14,309 12,240 31 to 60 days 1,752 1,274 61 to 90 days 403 40 Over 90 days 161 20 16,625 13,574
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YesAsia Holdings Limited Interim Report 2026 59 NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 30 June 2026 15 CONTRACT LIABILITIES As at 30 June 2026 As at 31 December 2025 Note (Unaudited) (Audited) US$’000 US$’000 Sales of goods (i) 12,968 11,763 Deferred revenue for customer loyalty programme (ii) 3,164 2,364 Store credits (iii) 2,228 2,355 18,360 16,482 Notes: (i) When the Group receives the payment in full before the goods is shipped/delivered, this will give rise to contract liabilities at the start of a contract, until the revenue recognised when the goods is shipped/ delivered to the customers. (ii) Contract liabilities relating to deferred revenue for loyalty programme are a portion of the transaction price allocated to the memberships based on the relative stand-alone selling price. (iii) Store credit is a type of refund offered by the Group to a customer who returns an item that allows them to purchase something in the Group up to the value of a returned item. Store credit would be valid for 2 years upon the grant date. As at 30 June 2026, store credits granted to customers of US$395,000 (31 December 2025: US$451,000) were unused and expired in accordance with the terms of use of the Group. Such expired and unused store credits were written back. Accordingly, the Group recognised US$395,000 for the six months ended 30 June 2026 (31 December 2025: US$451,000) arising from the written back of the expired and unused store credits. Except the store credits which would be valid for 2 years upon the grant date, all of the remaining contract liabilities are expected to be recognised as revenue within one year.
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YesAsia Holdings Limited Interim Report 2026 60 NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 30 June 2026 16 LEASE LIABILITIES As at As at 30 June 31 December 2026 2025 (Unaudited) (Audited) US$’000 US$’000 Leased properties 27,262 26,862 Office and warehouse equipment 491 193 27,753 27,055 As at As at 30 June 31 December 2026 2025 (Unaudited) (Audited) US$’000 US$’000 Within one year 8,322 8,178 More than one year, but not exceeding two years 8,528 7,734 More than two years, but not more than five years 10,425 11,141 Over five years 478 2 Present value of lease obligations 27,753 27,055 Less: Am ount due for settlement within 12 months (shown under current liabilities) (8,322) (8,178) 19,431 18,877 As at 30 June 2026, the Group has leased certain of its office and warehouse equipment under finance leases. The average lease term is 5 years. The incremental borrowing rates applied to lease liabilities range from 1.96% to 7.5% (31 December 2025: 1.96% to 7.36%).
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YesAsia Holdings Limited Interim Report 2026 61 NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 30 June 2026 17 BANK BORROWINGS As at As at 30 June 31 December 2026 2025 (Unaudited) (Audited) US$’000 US$’000 Secured bank loans 7,345 7,566 7,345 7,566 Notes: (i) The analysis of the repayment schedule of borrowings is as follows: As at As at 30 June 31 December 2026 2025 (Unaudited) (Audited) US$’000 US$’000 Within one year 4,674 4,804 More than one year, but not exceeding two years 155 155 More than two years, but not more than five years 464 464 More than five years 2,052 2,143 7,345 7,566 Carrying amount of bank loans for repayments after one year which contain a repayment on demand clause (shown under current liabilities) (Note (v)) 2,684 2,762 (ii) As at 30 June 2026, the Group’s bank borrowings bear interest at floating rates based on the Hong Kong Interbank Offered Rate plus margins ranging from 1.95% to 2.25% per annum or the Secured Overnight Financing Rate plus 0.6% per annum. Accordingly, the Group is exposed to cash flow interest rate risk. (iii) The bank borrowings are secured by charges over pledged bank deposits and the investment in life insurance policy of approximately US$3,631,000 (31 December 2025: US$3,565,000) and US$3,380,000 (31 December 2025: US$3,234,000) respectively. (iv) The carrying amounts of the Group’s bank borrowings are denominated in HKD and USD.
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YesAsia Holdings Limited Interim Report 2026 62 NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 30 June 2026 17 BANK BORROWINGS (CONTINUED) Notes: (continued) (v) The banking facilities contain a repayment-on-demand clause which provides the lending bank with an unconditional right to demand repayment at any time at its discretion. As at 30 June 2026, the loans included an amount of approximately US$2,684,000 (31 December 2025: US$2,762,000) which, in accordance with the repayment schedule set out in the loan agreements, is contractually due for repayment more than one year after the reporting period. Notwithstanding the contractual repayment schedule, this portion of the loan is repayable on demand under the facility terms and is secured by, and linked to, the life insurance policy, which may be surrendered by the Group at any time upon written request subject to applicable surrender charges. Accordingly, this portion of the loan has been classified as a current liability as at 30 June 2026 in accordance with Hong Kong Interpretation 5 Presentation of Financial Statements – Classification by the Borrower of a Term Loan that Contains a Repayment on Demand Clause. 18 SHARE CAPITAL Note Number of shares Amount US$’000 Issued and fully paid: At 1 January 2025 409,712,466 24,182 Issue of shares under share option schemes 3,850,249 1,168 Placement of new shares 4,100,000 2,936 At 31 December 2025 and 1 January 2026 (audited) 417,662,715 28,286 Issue of shares under share option schemes (i) 754,053 121 At 30 June 2026 (unaudited) 418,416,768 28,407 Note: (i) During the six months ended 30 June 2026, 754,053 (31 December 2025: 3,850,249) ordinary shares of the Company were issued under share option schemes. The net proceeds of US$79,700 (31 December 2025: US$662,000) were credited to share capital with the average market price of approximately US$0.41 (31 December 2025: US$0.63) per share at the respective exercise days.
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YesAsia Holdings Limited Interim Report 2026 63 NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 30 June 2026 18 SHARE CAPITAL (CONTINUED) The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern and to maximise the return to the members through the optimisation of the debt and equity balance. The Group sets the amount of capital in proportion to risk. The Group manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group may issue new shares, buy-back shares, raise new debts, redeem existing debts or sell assets to reduce debts. The Group monitors capital using a gearing ratio, which is the Group’s total debts (comprising lease liabilities) over its total equity. The Group’s policy is to keep the gearing ratio at a reasonable level. The Group’s gearing ratios as at 30 June 2026 was 37.7% (31 December 2025: 43.2%). The decrease in the gearing ratio of the Group is primarily due to the increase in total equity as a result of the profit generated for the six months ended 30 June 2026, which outpaced the increase in lease liabilities. The externally imposed capital requirements for the Group are: (i) in order to maintain its listing on the Stock Exchange it has to have a public float of at least 25% of the shares; and (ii) to meet financial covenants attached to the banking facilities granted. Based on information that is publicly available to the Company and within the knowledge of the directors of the Company, as at the date of this annual report, the Company has maintained sufficient public float with at least 25% of the shares held by the public as required under the Listing Rules. There have been no breaches in the financial covenants of any of these banking facilities for the six months ended 30 June 2026 and year ended 31 December 2025.
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YesAsia Holdings Limited Interim Report 2026 64 NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 30 June 2026 19 SHARE-BASED PAYMENTS 2016 Share Option Scheme The Company adopted the 2016 Share Option Scheme on 30 June 2016 for the purpose of enabling the Company to attract and retain qualified employees by providing them with an opportunity for investment in the Company. The 2016 Share Option Scheme expired on 30 June 2026. However, as the Company became listed on the Stock Exchange on 9 July 2021, no further options can be granted under the 2016 Share Option Scheme. At 30 June 2026 and 31 December 2025, details of the specific categories of options outstanding under the 2016 Share Option Scheme are as follows: Exercise Price per Option No. of share options outstanding (Note) As at As at Grant date Expiry date 30 June 2026 31 December 2025 US$ Employees 28 July 2016 28 July 2026 0.80 51 2,451 27 April 2018 27 April 2028 1.20 13,238 18,038 26 July 2018 26 July 2028 1.20 19,875 19,875 24 January 2019 24 January 2029 1.20 31,309 31,309 25 April 2019 25 April 2029 1.55 20,523 21,085 15 August 2019 15 August 2029 1.55 1,650 1,650 23 April 2020 23 April 2030 2.01 89,300 89,300 30 July 2020 30 July 2030 2.01 13,000 13,000 29 October 2020 29 October 2030 2.01 27,225 29,150 28 January 2021 28 January 2031 2.01 41,050 44,000 29 April 2021 29 April 2031 2.01 154,713 155,850 Total for the 2016 Share Option Scheme 411,934 425,708 Notes: (i) Following the Share Split which took effect on 9 June 2021, each grantee shall receive 10 ordinary shares for each outstanding share option granted under the 2016 Share Option Scheme exercised. (ii) As the Company became listed on the Stock Exchange on 9 July 2021, no further share options can be granted under the 2016 Share Option Scheme. (iii) The default vesting schedule of the 2016 Share Option Scheme is as follows: (i) 25% of all the share options granted will become vested on the first anniversary of the vesting start date as specified in the share option agreement and (ii) 6.25% of the share options granted will become vested as at the end of each three month period after the vesting start date.
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YesAsia Holdings Limited Interim Report 2026 65 NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 30 June 2026 19 SHARE-BASED PAYMENTS (CONTINUED) Post-IPO Share Option Scheme The Post-IPO Share Option Scheme was adopted by the Company on 13 March 2021, which was conditional upon the Listing and came into effect on the Listing Date which was subsequently amended pursuant to ordinary resolutions passed at the 2026 June EGM held on 18 June 2026. The Post-IPO Share Option Scheme will expire on 8 July 2031. The purpose of the Post-IPO Share Option Scheme is, among others, to advance the interests of the Company and its shareholders by enabling the Company to attract and retain and motivate qualified personnel through providing them with an opportunity for investment in the shares of the Company. Prior to the refreshment as approved at the 2026 June EGM, the total number of Shares which may be issued upon exercise of all options to be granted under the Post-IPO Share Option Scheme was 39,539,079 (equivalent to 3,953,908 options), being the maximum 10% of the ordinary Shares in issue on the Listing Date. Given the aforesaid initial scheme mandate limit under the Post-IPO Share Option Scheme (i.e. 39,539,079 Shares, equivalent to 3,953,908 options) was almost fully utilized, the Company sought Shareholders’ approval by way of ordinary resolutions passed at the 2026 June EGM to allow the Company to, among other things, revise and refresh the limit, and expand the scope of eligible participants to include related entity participants and service providers and to align with the requirements under the prevailing Chapter 17 of the Listing Rules. Pursuant to the Post-IPO Share Option Scheme (as amended), the maximum number of Shares which may be issued (including such number of treasury shares transferred and to be transferred, where applicable) upon exercise of all options to be granted is now 20,920,838 Shares, representing 5% of the total number of Shares in issue (excluding treasury shares) as at the date of the 2026 June EGM. Within this refreshed limit, the maximum number of Shares which may be issued in respect of all options to be granted to service providers shall not exceed 4,184,167 Shares, representing 1% of the total number of Shares in issue as at the date of the 2026 June EGM. Furthermore, among the amendments approved at the 2026 June EGM, it was clarified that for all the new options that may be granted under the Post-IPO Share Option Scheme (as amended) on or after 18 June 2026, each Option shall entitle the grantee to subscribe for 1 Share upon its exercise. The default vesting schedule of the Post-IPO Share Option Scheme is as follows: (i) 25% of all the options granted will become vested on the first anniversary of the vesting start date as specified in the option agreement and (ii) 6.25% of the options granted will become vested as at the end of each three month period after the vesting start date. For options granted on or after 18 June 2026 under the Post-IPO Share Option Scheme (as amended), the minimum vesting period shall not be less than 12 months (or such other period as the Listing Rules may prescribe or permit from time to time), but options granted to employee participants may be subject to a shorter vesting period as determined by the remuneration committee or the Board under specific circumstances.
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YesAsia Holdings Limited Interim Report 2026 66 NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 30 June 2026 19 SHARE-BASED PAYMENTS (CONTINUED) Post-IPO Share Option Scheme (continued) Details of the specific categories of options outstanding under the Post-IPO Share Option Scheme as at 30 June 2026 and 31 December 2025 are as follows: Grant date Expiry date Exercise Price per Option No. of share options outstanding (Note) As at As at 30 June 2026 31 December 2025 US$ Directors 31 October 2022 30 October 2032 0.75(i) 72,500 81,250 2 May 2025 1 May 2035 5.46(xii) 50,000 50,000 Employees 30 August 2021 29 August 2031 3.16(ii) 10,000 10,000 29 October 2021 28 October 2031 1.84(iii) 5,000 5,000 21 April 2022 20 April 2032 1.50(iv) 85,975 95,219 31 October 2022 30 October 2032 0.75(i) 13,288 15,738 21 April 2023 20 April 2033 0.66(v) 113,475 128,074 27 October 2023 26 October 2033 0.61(vi) 10,625 10,625 26 April 2024 25 April 2034 1.02(vii) 213,843 244,306 29 July 2024 28 July 2034 6.37(viii) 53,800 58,800 20 December 2024 19 December 2034 6.04(ix) 15,000 15,000 2 January 2025 1 January 2035 6.40(x) 2,000,000 2,000,000 25 April 2025 24 April 2035 5.42(xi) 387,000 427,000 27 October 2025 26 October 2035 7.03(xiii) 320,000 340,000 24 April 2026 23 April 2036 4.15(xiv) 125,000 – Total for the Post-IPO Share Option Scheme 3,475,506 3,481,012 (i) Equivalent to the exercise price per share option denominated in HK$ of HK$5.80. (ii) Equivalent to the exercise price per share option denominated in HK$ of HK$24.48. (iii) Equivalent to the exercise price per share option denominated in HK$ of HK$14.28. (iv) Equivalent to the exercise price per share option denominated in HK$ of HK$11.60. (v) Equivalent to the exercise price per share option denominated in HK$ of HK$5.10. (vi) Equivalent to the exercise price per share option denominated in HK$ of HK$4.70. (vii) Equivalent to the exercise price per share option denominated in HK$ of HK$7.90. (viii) Equivalent to the exercise price per share option denominated in HK$ of HK$49.4.
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YesAsia Holdings Limited Interim Report 2026 67 NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 30 June 2026 19 SHARE-BASED PAYMENTS (CONTINUED) Post-IPO Share Option Scheme (continued) (ix) Equivalent to the exercise price per share option denominated in HK$ of HK$46.8. (x) Equivalent to the exercise price per share option denominated in HK$ of HK$49.6. (xi) Equivalent to the exercise price per share option denominated in HK$ of HK$42.0. (xii) Equivalent to the exercise price per share option denominated in HK$ of HK$42.3. (xiii) Equivalent to the exercise price per share option denominated in HK$ of HK$54.5. (xiv) Equivalent to the exercise price per share option denominated in HK$ of HK$32.3. Notes: (i) Following the announcement of the Company dated on 30 August 2021, 29 October 2021, 21 April 2022, 31 October 2022, 21 April 2023, 27 October 2023, 26 April 2024, 29 July 2024, 20 December 2024, 2 January 2025, 25 April 2025, 2 May 2025, 27 October 2025 and 24 April 2026, each grantee shall receive 10 ordinary shares for each share option under the Post-IPO Share Option Scheme exercised. (ii) The default vesting schedule of the Post-IPO Share Option Scheme is as follows: (i) 25% of all the options granted will become vested on the first anniversary of the vesting start date as specified in the share option agreement and (ii) 6.25% of the share options granted will become vested as at the end of each three month period after the vesting start date. Details of the movement of share options granted during the period/year are as follows: Six months ended 30 June 2026 Year ended 31 December 2025 Weighted Weighted average average Number of exercise Number of exercise share price share price options (Note) options (Note) US$ US$ Outstanding at 1 January 3,906,720 5.02 1,488,152 1.69 Granted during the period/year 130,000 4.15 2,822,000 6.31 Exercised during the period/year (75,405) 1.06 (385,025) 1.72 Forfeited during the period/year (73,875) 5.60 (18,407) 1.97 Outstanding at end of period/year 3,887,440 5.06 3,906,720 5.02 Exercisable at end of period/year 1,358,941 3.72 717,283 1.67 Note: Following the Share Split which took effect on 9 June 2021, each grantee shall receive 10 ordinary shares for each outstanding share option granted under the share option scheme exercised. Therefore, the weighted average exercisable price per share under share options granted as at 30 June 2026 is US$0.37 (31 December 2025: US$0.17).
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YesAsia Holdings Limited Interim Report 2026 68 NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 30 June 2026 19 SHARE-BASED PAYMENTS (CONTINUED) The weighted average share price at the date of exercise for share options exercised during the period/year was US$0.41 (31 December 2025: US$0.63 per share). The share options outstanding at the end of the period/year have a weighted average remaining contractual life of 7.96 years as at 30 June 2026 (31 December 2025: 8.38 years). During the year ended 31 December 2025, 2,000,000, 432,000, 50,000 and 340,000 share options were granted under post-IPO Share Option Scheme on 2 January 2025, 25 April 2025, 2 May 2025 and 27 October 2025 respectively and total estimated fair value of these share options on the date of grant was US$8,979,000. During the six months ended 30 June 2026, 130,000 share options were granted under post-IPO Share Option Scheme on 24 April 2026 and total estimated fair value of these share options on the date of grant was US$228,000. The fair value was calculated using the Binomial Option pricing model. The inputs into the model are as follows: For the six months ended 30 June 2026 Share option granted on 24 April 2026 Stock price US$0.42(*) Exercise price per option US$4.15 Expected volatility 49.03% Expected life 10 years Risk free rate 2.90% Expected dividend yield 3.11% (*) Equivalent to the stock price denominated in HK$ of HK$3.22
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YesAsia Holdings Limited Interim Report 2026 69 NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 30 June 2026 19 SHARE-BASED PAYMENTS (CONTINUED) For the year ended 31 December 2025 Share option granted on 2 January 25 April 2 May 27 October 2025 2025 2025 2025 Stock price US$0.64(*) US$0.54(*) US$0.53(*) US$0.65(*) Exercise price per option US$6.40 US$5.42 US$5.46 US$7.03 Expected volatility 46.98% 51.49% 52.13% 47.55% Expected life 10 years 10 years 10 years 10 years Risk free rate 3.72% 3.31% 3.23% 2.85% Expected dividend yield 1.01% 1.79% 1.84% 1.48% (*) Equivalent to the stock price denominated in HK$ of HK$4.96, HK$4.20, HK$4.07 and HK$5.06 respectively. Average of industry annualised historical share price volatility is deemed to be the expected volatility of the share price of the Company. The expected life used in the model has been adjusted, based on the Group’s best estimate, for the effects of non-transferability, exercise restrictions and behavioral considerations. The Group recorded total expenses of US$1,611,000 (Prior Period: US$1,966,000) during the six months ended 30 June 2026 in respect of the share option schemes. During the six months ended 30 June 2026, 73,875 share options (Prior Period: 10,000) were forfeited due to the resignation of certain employees of the Group, resulting in the transfer of the related share-based payment reserve of US$15,000 (Prior Period: US$2,000) to retained earnings. During the six months ended 30 June 2026 and 30 June 2025 respectively, the accounting policy adopted for the share options are as follows: The Group issues share options to certain directors and employees. Share options granted to directors and employees are measured at the fair value (excluding the effect of non market-based vesting conditions) of the equity instruments at the date of grant. The fair value determined at the grant date of the share options is expensed on a straight-line basis over the vesting period, based on the Group’s estimate of shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions.
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YesAsia Holdings Limited Interim Report 2026 70 NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 30 June 2026 20 INVESTMENT IN AN ASSOCIATE As at As at 30 June 31 December 2026 2025 (Unaudited) (Audited) US$’000 US$’000 Unlisted investment: Share of net assets 628 445 628 445 Details of the Group’s associate at 30 June 2026 are as follows: Name Place of Incorporation/ registration Issued and Paid up capital Percentage of ownership interest/ voting power/ profit sharing Principal activities Candy Doll YS LLC United States US$660,000 35% Selling beauty and lifestyle products The following table shows information on the associate that is immaterial to the Group and accounted for using the equity method in the consolidated financial statements. As at As at 30 June 31 December 2026 2025 (Unaudited) (Audited) US$’000 US$’000 Carrying amount of interests 628 445 Profit/(loss) and other comprehensive income for the period/year 23 (55) As at 30 June 2026, the associate did not have any significant commitment or contingent liabilities (31 December 2025: Nil). The Group has no capital commitment to provide funding for the associate (31 December 2025: Nil).
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YesAsia Holdings Limited Interim Report 2026 71 NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 30 June 2026 21 RELATED PARTY TRANSACTIONS (a) Key management personnel remuneration Remuneration for key management personnel of the Group, including amounts paid to the Company’s executive directors and certain of the highest paid employees, is as follows: Six months ended 30 June 2026 2025 (Unaudited) (Unaudited) US$’000 US$’000 Salaries and allowances 1,121 989 Discretionary bonus 151 182 Equity-settled share-based payments 1,035 1,772 Retirement benefits scheme contributions 67 71 2,374 3,014 (b) Other related party transactions In addition to those related party transactions and balances disclosed elsewhere in the consolidated financial statements, the Group had the following transactions with its related parties during the period: Six months ended 30 June 2026 2025 (Unaudited) (Unaudited) US$’000 US$’000 Return merchandise authorization service fee to Ms. Chu Po King (Note (i)) 1 1 Consultancy fee to Mr. Hui Yat Yan Henry (Note (ii)) 68 18 Notes: (i) Ms. Chu Po King is a sister of a director and shareholder of the Company. (ii) Mr. Hui Yat Yan Henry, an Executive Director of the Company with effect from 1 April 2026.
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YesAsia Holdings Limited Interim Report 2026 72 NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION 30 June 2026 22 CAPITAL COMMITMENTS As at As at 30 June 31 December 2026 2025 (Unaudited) (Audited) US$’000 US$’000 Property, plant and equipment 108 53 23 EVENTS AFTER THE REPORTING PERIOD Subsequent to the Reporting Period, on 27 July 2026, the Company granted the first batch of options under the revised and refreshed Scheme Mandate Limit to Eligible Participants comprising 88 Employee Participants and a Service Provider (the grant to the said Service Provider thereby utilizing the newly approved Service Provider Sublimit). Please refer to the announcement of the Company dated 27 July 2026 for further details. The total number of share options granted was 2,690,000 and the estimated fair value of the share options on the date of grant was approximately US$522,000. Save as disclosed above, there were no significant events after the reporting period up to the date of this report. 24 COMPARATIVE FIGURES The comparative figures for the Prior Period have been reclassified in order to align them with the Reporting Period’s presentation. This reclassification has been made to ensure that the information provided in the interim condensed financial statements is relevant, comparable, and understandable to stakeholders. Such reclassification did not have any impact on the Company’s financial performance for the periods presented. 25 APPROVAL OF INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION The interim condensed consolidated financial information was approved and authorised for issue by the Board on 28 August 2026.