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Revenue remains high, but profitability is thin, according to Yeah1 chairwoman Le Phuong Thao, who said the margin decline is linked to investment in a long-term platform rather than spending to “burn money” to generate revenue.
At the company’s annual general meeting this morning, shareholders repeatedly asked about the group’s financial health. One investor requested clarification on why, in 2025, Yeah1’s revenue increased to 1,653 billion dong—its highest level in seven years—while profit fell by nearly 35% to just over 80 billion dong. Net profit margin was reported at just over 4.8%.
Responding to the questions, Thao said the profit decline was driven by higher costs as the company allocates resources to build a sustainable platform for long-term growth. She noted that last year Yeah1 focused capital on the core of the Mango+ online content platform and the 1Creators platform.
Thao also pointed to investments in concert operations, including LED screens, lighting, and sound systems, aimed at differentiating in the market and establishing a “new standard” for the entertainment industry. She said these investments are intended to create a foundation for sustainable growth, with the audience as the ultimate beneficiary.
“Rising cost of goods and expenses is not because we are burning money to buy revenue or to gain market share,” she asserted.
For 2026, the company targets consolidated revenue of 1,650 billion dong, a slight decrease of 0.2%. Management expects costs to fall due to continued investment in long-term platforms, which it said should improve profitability. Yeah1 expects after-tax profit of about 105 billion dong, up 36%.
Management said growth will be supported by new seasons of shows “Anh trai vượt ngàn chông gai” and “Gia đình Haha”, as well as the management of bands and independent artists.
The company also plans to develop new business lines, including 1Creators. In this segment, the flagship product is collaboration with banks to provide digital banking services, including credit cards, payment accounts and savings, and business loans.
In addition, 1Creators offers tax management solutions for content creators in coordination with MobiFone Ho Chi Minh City.
On the stock market, Yeah1 shares closed at 10,200 dong per share, down 17% from the start of the year. Over the past year, the stock price has mainly traded in the 10,000–16,000 dong range.
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