Yeahka Limited (9923) AI Stock Analysis

• Market Cap: HK$3.69B
• Dividend Yield: N/A
• Average Volume (3M): 1.87M
• Price to Earnings (P/E): 31.9
• Beta (1Y): 1.51
• Revenue Growth: -9.32%
• EPS Growth: 477.27%
• Country: HK
• Employees: 871
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Infrastructure
• EPS (TTM): N/A
• Shares Outstanding: 462,162,450
• 10 Day Avg. Volume: 1,201,533
• 30 Day Avg. Volume: 1,866,956
• PEG Ratio: 0.08
• Price to Book (P/B): 1.62
• Price to Sales (P/S): 1.40
• P/FCF Ratio: 37.46
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 58 Neutral
• Price Target: HK$8.50 ▲(3.16% Upside)

Yeahka Limited's overall stock score is driven by strong earnings call performance and strategic advancements in AI and international growth. However, financial performance challenges, bearish technical indicators, and high valuation limit the score.

Positive Factors

AI-driven cost advantage

Integration of AI that cuts content production costs sharply and drives rapidly growing AI transaction volume supports scalable marketing and automation. Over time this reduces unit economics, improves margins, and creates a differentiated tech moat in merchant services and marketing solutions.

Improving margins and profitability

Sustained gross margin expansion across core services signals better pricing, product mix shift toward higher-margin merchant solutions, and operational efficiency. Higher margins improve cash generation potential and resilience to revenue volatility over the medium term.

Robust equity base

A strong equity ratio and moderate leverage provide financial flexibility to fund international expansion, invest in AI, and absorb cyclical shocks. This stability lowers refinancing risk and supports strategic investments without forcing dilutive financing in the near term.

Negative Factors

Declining revenue trend

A near-term multi-year decline in revenue undermines scale economics and raises questions about market traction. Persisting top-line contraction can offset margin gains, constrain reinvestment in product and sales, and force reliance on cost cuts to sustain profitability.

Negative operating cash flow

Consistent negative operating and free cash flow signals limited internal cash generation, increasing reliance on external financing for growth or working capital. This weakens liquidity buffers and can restrict strategic investments or make the company vulnerable in tighter credit conditions.

Limited overseas contribution

International operations remain early-stage and contribute minimally to payment gross profit, leaving the firm exposed to domestic demand weakness. Slow overseas monetization limits diversification benefits and means sustained growth depends on addressing domestic consumption headwinds.

Yeahka Limited Business Overview & Revenue Model

Company Description

Yeahka Limited operates payment-based technology platform that provides payment and business services to merchants and consumers in China. It offers one-stop payment services, which include app-based and traditional payment services. The company also provides technology-enabled business services, including various merchant SaaS products, precision marketing, and fintech services. In addition, it offers in-store e-commerce services, including provision of display in-store, hotel and travel services or various goods of merchants through its platform. The company was incorporated in 2011 and is headquartered in Shenzhen, the People's Republic of China.

How the Company Makes Money

Yeahka Limited generates revenue through multiple streams primarily focused on payment processing fees, service subscriptions, and value-added services. The company earns transaction fees from merchants each time a payment is processed through its platform, which constitutes a significant portion of its income. Additionally, Yeahka offers subscription-based services that provide merchants with access to advanced analytics, marketing tools, and customer engagement solutions, generating recurring revenue. The company also benefits from partnerships with banks and financial institutions, allowing it to expand its service offerings and enhance its market reach. These collaborations may include co-branded products and joint marketing initiatives, further contributing to its revenue growth.

Yeahka Limited Financial Statement Overview

Summary

Yeahka Limited shows strong cost management and improving profitability, but faces challenges with revenue growth and cash flow generation. The balance sheet is robust, but liquidity and revenue growth are crucial for sustaining financial health.

Income Statement

Yeahka Limited has shown a mixed performance in its income statement. The gross profit margin remains healthy, indicating cost control, but revenue has declined year-over-year, impacting overall growth. The net profit margin has improved significantly, driven by an increase in net income, suggesting improved efficiency. However, the declining revenue trend raises concerns about future growth prospects.

Balance Sheet

The balance sheet reveals a strong equity base, with a favorable equity ratio, indicating financial stability. The debt-to-equity ratio is manageable, suggesting prudent use of leverage. However, the declining total assets and stockholders' equity over time could indicate potential risks if this trend continues.

Cash Flow

The cash flow statement shows challenges, with negative operating and free cash flows in recent years. This indicates potential issues with generating cash from operations, which could strain liquidity if not addressed. The absence of positive cash flow growth is a concern for sustaining operations without external financing.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	3.15B	3.09B	3.95B	3.42B	3.06B	2.29B
Gross Profit	811.58M	728.76M	738.16M	1.03B	814.62M	743.68M
EBITDA	148.65M	17.53M	181.30M	105.00M	69.29M	442.13M
Net Income	93.90M	82.45M	11.63M	153.92M	420.93M	438.91M
Balance Sheet
Total Assets	7.76B	7.71B	8.42B	7.29B	6.76B	5.62B
Cash, Cash Equivalents and Short-Term Investments	686.51M	600.24M	901.50M	1.61B	2.09B	2.56B
Total Debt	986.30M	967.92M	1.24B	1.09B	551.25M	266.57M
Total Liabilities	4.94B	5.12B	5.80B	4.61B	3.56B	2.46B
Stockholders Equity	2.90B	2.67B	2.71B	2.77B	3.26B	3.12B
Cash Flow
Free Cash Flow	99.20M	115.57M	-346.08M	186.03M	-193.05M	-20.05M
Operating Cash Flow	112.74M	118.91M	-317.20M	193.88M	-164.12M	-5.09M
Investing Cash Flow	-88.88M	6.21M	-321.46M	-480.67M	-166.05M	-82.47M
Financing Cash Flow	-21.23M	-419.79M	-72.47M	-254.42M	-129.67M	2.30B

Yeahka Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 8.24
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:9923, the sentiment is Negative. The current price of 8.24 is above the 20-day moving average (MA) of 8.22, above the 50-day MA of 8.04, and below the 200-day MA of 10.15, indicating a bearish trend. The MACD of -0.08 indicates Positive momentum. The RSI at 38.25 is Neutral, neither overbought nor oversold. The STOCH value of 31.70 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:9923.

Yeahka Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
8062	63 Neutral	HK$96.48M	-75.77	-0.93%	8.40%	-29.38%	-104.21%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
3315	61 Neutral	HK$654.08M	14.07	2.23%	6.63%	-16.76%	-50.21%
9923	58 Neutral	HK$3.69B	31.91	3.35%	―	-9.32%	477.27%
2598	58 Neutral	HK$7.61B	3.87	94.40%	―	―	―
0818	54 Neutral	HK$1.39B	9.73	1.98%	―	-17.23%	-6.20%
8613	40 Underperform	HK$84.82M	-2.26	―	―	-43.10%	-5.98%

Yeahka Limited Corporate Events

Yeahka Expands Nomination Committee with New Board Appointments

Yeahka Limited has adjusted the composition of its board committees, adding executive director Liang Shengtian and independent non-executive director Ouyang Rihui as new members of its nomination committee with effect from 19 December 2025. Following these appointments, the nomination committee now consists of five members, chaired by Liu Yingqi, a move that underscores the company’s ongoing focus on corporate governance and board oversight through a balanced mix of executive and independent directors.

The most recent analyst rating on (HK:9923) stock is a Hold with a HK$8.00 price target. To see the full list of analyst forecasts on Yeahka Limited stock, see the HK:9923 Stock Forecast page.

Yeahka Formalises Terms of Reference for Nomination Committee

Yeahka Limited has formalised the terms of reference for its nomination committee, a board committee originally established on 30 April 2020, to strengthen its corporate governance framework. The document sets out the committee’s composition—requiring a majority of independent non-executive directors, a minimum of three members, and a chairman who is either the board chairman or an independent non-executive director—as well as rules on meeting frequency, notice periods, quorum, voting procedures, written resolutions and minute keeping, underscoring the company’s focus on transparent, structured oversight of director nominations and board composition.

The most recent analyst rating on (HK:9923) stock is a Hold with a HK$8.00 price target. To see the full list of analyst forecasts on Yeahka Limited stock, see the HK:9923 Stock Forecast page.

Yeahka Sets Out Board Composition and Governance Committee Structure

Yeahka Limited has announced the current composition of its board of directors, comprising four executive directors led by chairman Liu Yingqi and three independent non-executive directors. The company also updated the membership of its four key board committees—Audit, Remuneration, Nomination, and Environmental, Social and Governance—clarifying chairmanships and cross-memberships, a move that underscores its emphasis on formal governance structures and provides investors with greater transparency on oversight responsibilities within the organisation.

The most recent analyst rating on (HK:9923) stock is a Hold with a HK$8.00 price target. To see the full list of analyst forecasts on Yeahka Limited stock, see the HK:9923 Stock Forecast page.

Yeahka Limited Reports Robust Growth and Expands Market Reach in Q3 2025

Yeahka Limited reported strong growth in the third quarter of 2025, with a significant increase in overseas payment transaction volume by 50% quarter-on-quarter. The company’s domestic payment transaction volume also grew, supported by partnerships and a resilient ecosystem. Yeahka’s value-added services, including AI-generated digital human videos, contributed to sustainable profitability. The company expanded its client base across vertical industries and became a Douyin service provider in Hong Kong and Macau, serving international brands. These developments indicate Yeahka’s strengthened market position and long-term growth potential.

The most recent analyst rating on (HK:9923) stock is a Hold with a HK$11.00 price target. To see the full list of analyst forecasts on Yeahka Limited stock, see the HK:9923 Stock Forecast page.