Yeahka: Overseas expansion accelerates

研报英文原文证据摘录

Yeahka: Overseas expansion accelerates

11 June 2026

Other Financial Services

Yeahka

in FY25. The company plans to onboard more less price-sensitive payment clients

in FY26 to secure higher fee rates.

AI solution adoption helps margin recovery and merchant stickness

AI technology is now deeply integrated across Yeahka's business lines, yielding

tangible benefits. For instance, leveraging AI in production and business processes

reduced operating costs by 13% in FY25, leading to a 3% improvement in core

EBITDA to 11%. A particularly significant impact is observed in the merchant

solutions business, where AI-generated advertisements have become a key growth

driver. The advertising transaction volume generated by AI surged by 110% HoH,

reaching 40% of the total video transaction volume in 2H25. These low-cost,

efficient, and customized AI-powered contents are crucial for improving merchant

stickiness to Yeahka's payment services.

Earnings revision

We have updated our model for Yeahka, factoring in the latest 1Q26 performance

data. Consequently, we are lowering TPV assumptions by 1-9% for FY26-28F due

to continued weakness in domestic consumption. Concurrently, we are slightly

nudging up the blended take rate for FY28F forward by 0.1bps, attributing this to an

increased contribution from overseas payments. We are also slightly lowering the

operating margin by 0.2-0.5%, primarily due to (1) a slightly lower than projected

operating margin in FY25, and (2) anticipating slightly higher costs for overseas

expansion and R&D investment. Furthermore, we have lowered the associate

income projection due to delayed income resulting from a lower invested income

shared in FY25. As a result of these adjustments, we have lowered our earnings