Financial Reports | Fantastic Vacation IR

Financial Performance Overview

4.82 billion

2025 Annual Revenue (YoY growth of 41%）

8,960 million

2025 Annual Net Profit (YoY growth of 38%）

1.12 billion

2025 Annual Operating Cash Flow

38%

Custom Business Revenue Share (Gross Margin 35%+）

29%

Charter Business Revenue Share (Utilization 78%）

21%

Management Business Revenue Share (Renewal Rate 90%+）

Revenue Composition Analysis (2025 Annual)

🛥️ Yacht Custom & Brokerage · Share38%

2025 completed 5 yachts, total contract value approximately 1.83 billion RMB. Brands represented include Ferretti Yachts 920（1 yachts), Feadship Pure 55 m（1 yachts), Custom Line Navetta 37（2 yachts), Wally WHY200（1 yachts). Average delivery cycle: 18 months, client satisfaction score 4.8/5.0

🌊 Charter Routes Operations · Share29%

2025 charter trips completed in 416 trips, serving approximately 1,280 person-times. Top routes: TOP3: Mediterranean Côte d'Azur (32%), Caribbean Island Cruises (25%), Southeast Asia Andaman Sea (18%). Average revenue per charter trip: approximately 13.5 thousand RMB, fleet utilization 78%, peak season (6-9): utilization reached 95%

⚙️ Yacht Management Services · Share21%

As of end-2025 Year-end fleet under management: 52 yachts, total managed asset value approximately 45 billion RMB. New management contracts: 8 (including 3100+ ft superyachts). Management service renewal rate: 91%, client NPS (NPS) score of 82; service gross margin 28%; economies of scale becoming increasingly evident

👑 Membership · Share12%

2025 Year-end total members: 687 (Silver 382/Gold178/Platinum89/Diamond31/Black Card7). Average annual member spending: 128 thousand RMB, membership renewal rate 87%. Newly launched membership-exclusive services including "Global Berth Access" and "Maritime Academy," 5 membership-exclusive services; membership benefit utilization rate increased to 73%

Key Operating Metrics

Metric	2023	2024	2025	YoY
Revenue (10 k RMB)	24,600	34,200	48,200	+41%
Net Profit (10 k RMB)	4,800	6,490	8,960	+38%
Net Margin	19.5%	19.0%	18.6%	-0.4 pp
Operating Cash Flow (10 k RMB)	5,300	7,800	11,200	+44%
Yachts Under Mgmt	35	44	52	+18%
Total Members	412	548	687	+25%
Employees	185	242	310	+28%

Performance Highlights & Outlook

2025 Core Highlights:

✅ Full-year revenue exceeded 4.8 billion RMB, with custom business gross margin stable above 35%+
✅ Operating cash flow exceeded the 100 million RMB milestone, demonstrating excellent cash flow quality
✅ Delivered the first 50-meter+ superyacht (Feadship Pure 55 m), marking the company's custom capabilities reaching a new level
✅ In the first full year after the membership system upgrade, benefit utilization rate improved from 52% increased to 73%
✅ Miami business center commenced operations; Americas market revenue grew 156%
✅ Obtained ISO 45001 certification, achieving ISO coverage across all three ISO systems

2026 Outlook: Based on current order backlog (confirmed custom orders: 7 yachts, total contract value approximately 2.3 billion RMB) and membership renewal trends, management is optimistic about 2026 performance outlook remains optimistic, with full-year revenue growth expected to stay above 30% with fleet under management potentially exceeding 65 yachts. Southeast Asia market expansion and green fleet development will be the strategic priorities for the year.

Access Detailed Financial Data

To obtain complete financial statements, audit reports, and Management Discussion & Analysis (MD&A), please contact the MD&A), please contact the Investor Relations team. We also welcome investors to schedule company visits for due diligence.

📈 Data Center 🎤 Roadshow Materials 📧 ContactIR team