[Executive Summary](index=1&type=section&id=Executive%20Summary) [2025 Interim Performance Review](index=1&type=section&id=2025%20Interim%20Performance%20Review) The Group's H1 2025 performance saw digital sports entertainment revenue decline due to market challenges, offset by strategic AI and overseas expansion, with total users growing to 114 million and net loss decreasing to HKD 12.1 million due to fair value gains on financial assets - The Group's digital sports entertainment revenue declined, primarily due to the non-major sports event year cycle, evolving competitive landscape, and business model adjustments[5](index=5&type=chunk)[10](index=10&type=chunk) - Strategic adjustments focused on AI technology R&D, overseas expansion of sports and casual games, and building a new sports industry ecosystem[5](index=5&type=chunk) Key Financial and Operational Data for H1 2025 | Metric | 2025 H1 | | :--- | :--- | | Total Platform Users | 114.0 million | | Total Revenue | HKD 152.5 million | | Loss for the Period | HKD 12.1 million | | Reason for Loss Reduction | Increased fair value gains on financial assets | [Business Review and Development](index=2&type=section&id=Business%20Review%20and%20Development) [Business Model and Strategic Direction](index=2&type=section&id=Business%20Model%20and%20Strategic%20Direction) The Group aims to build a digital sports entertainment ecosystem for enthusiasts, leveraging big data and AI to empower traditional sports, with "Crazy Red Ticket + Sports Lottery New Retail" as its core strategy, complemented by event, betting, IP, and gaming enhancements - The Group's business model is digital sports entertainment, aiming to build a multi-dimensional, real-time interactive sports entertainment community[11](index=11&type=chunk) - The core strategy is to empower the traditional sports industry with big data and AI technology, focusing on **"Crazy Red Ticket + Sports Lottery New Retail"** as the main business, supplemented by **"Events + Betting, IP + Games"** enhancement businesses[12](index=12&type=chunk) [Core Business Review and Development](index=3&type=section&id=Core%20Business%20Review%20and%20Development) In H1 2025, core businesses faced challenges, with sports knowledge platforms seeing revenue decline but strategically investing in AI "Foretell" and global partnerships, while sports and casual games achieved overseas breakthroughs, lottery retail optimized channels, and sports event operations successfully hosted the WBC Boxing Championship, boosting brand influence Core Business Revenue Overview | Business Segment | H1 2025 Revenue (HKD million) | H1 2024 Revenue (HKD million) | YoY Change | | :--- | :--- | :--- | :--- | | Sports Knowledge Payment Platform | 97.9 | 125.0 | -21.7% | | Sports and Casual Games | 46.6 | 76.7 | -39.3% | | Sports Event Operation | 3.7 | 0.0 | New | - Overseas revenue from sports and casual games accounted for **9.1%**, with core product **"Football Master"** having over **100,000 average daily active players** in the Vietnamese market[8](index=8&type=chunk)[20](index=20&type=chunk)[21](index=21&type=chunk) - The sports event operation business successfully hosted the WBC Boxing Championship, achieving over **600 million online views** and generating **HKD 3.7 million** in revenue[9](index=9&type=chunk)[28](index=28&type=chunk)[34](index=34&type=chunk) [Sports Knowledge Payment Platform – Technology Foundation and Ecosystem Expansion, Preparing for Major Sports Event Years](index=3&type=section&id=Sports%20Knowledge%20Payment%20Platform%20%E2%80%93%20Technology%20Foundation%20and%20Ecosystem%20Expansion,%20Preparing%20for%20Major%20Sports%20Event%20Years) Sports Knowledge Payment Platform Revenue | Metric | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | HKD 97.9 million | HKD 125.0 million | -21.7% | - Successfully launched the self-developed **"Foretell"** sports prediction large model beta, aiming for higher prediction accuracy and commercialization breakthroughs by the **2026 World Cup**[13](index=13&type=chunk)[14](index=14&type=chunk)[15](index=15&type=chunk) - The platform expanded diversified traffic entry points through partnerships with leading platforms like 360 Search and Baidu Mobile, and upgraded data sources and animated live broadcast services, covering over **3,000 sports events globally**[16](index=16&type=chunk)[17](index=17&type=chunk) [Focus on AI Technology R&D, Accelerating Commercialization](index=3&type=section&id=Focus%20on%20AI%20Technology%20R%26D,%20Accelerating%20Commercialization) - The **"Foretell"** large model beta was launched, with core advantages including a **70 billion parameter-level large language model**, a dynamic sports knowledge base integrating **25 years of China Sports Lottery data**, and a multi-agent system[14](index=14&type=chunk) - The model has been validated through events like the Club World Cup, with optimization planned for H2 2025, aiming for breakthroughs in both prediction accuracy and commercial application by the **2026 World Cup**[15](index=15&type=chunk) [Enhancing Platform Content Quality, Enriching Product Cooperation Ecosystem](index=4&type=section&id=Enhancing%20Platform%20Content%20Quality,%20Enriching%20Product%20Cooperation%20Ecosystem) - Launched products like **"Plan Ticket"** and **"Divine Ticket"** to meet diverse user needs; upgraded data sources and animated live broadcast services, improving response speed by **30%** and covering over **3,000 sports events globally**[16](index=16&type=chunk) - Achieved deep cooperation with 360 Search and Baidu Mobile, precisely capturing sports lottery users through special event displays and mini-program formats, driving new growth points[17](index=17&type=chunk) [Continuous Product Matrix Upgrades, Enhancing Competitive Advantage](index=4&type=section&id=Continuous%20Product%20Matrix%20Upgrades,%20Enhancing%20Competitive%20Advantage) - The **"China Sports Lottery Mobile App"** completed seven major core data model iterations, fully supporting mainstream football and basketball gameplay[18](index=18&type=chunk) - The **"Ball Game APP"** was upgraded for the Club World Cup, enhancing live interaction, professional commentary teams, real-time data analysis, lineup prediction, and odds interpretation[18](index=18&type=chunk) - The **"Wow Match Model"** launched **"Wow Match Basketball"** and **"Poisson Distribution"** prediction models, integrating discrete probability theory with AI to significantly improve score and goal count prediction accuracy[18](index=18&type=chunk)[19](index=19&type=chunk) [Sports and Casual Game Business](index=5&type=section&id=Sports%20and%20Casual%20Game%20Business) Sports and Casual Game Revenue | Metric | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | HKD 46.6 million | HKD 76.7 million | -39.3% | | Overseas Revenue Share | 9.1% | - | - | - Core product **"Football Master"** achieved over **100,000 average daily active players** in the Vietnamese market, successfully validating its overseas revenue generation capability and product vitality[8](index=8&type=chunk)[21](index=21&type=chunk) - Deepened cooperation with strategic partners like Transsion Zhochen and Yunchang Games to expand into multiple new overseas markets including Hong Kong, Macau, Taiwan, Indonesia, Japan, Korea, South America, and Africa[8](index=8&type=chunk)[20](index=20&type=chunk)[22](index=22&type=chunk) [Global Breakthrough and Expansion, Core Products Validated by Market](index=5&type=section&id=Global%20Breakthrough%20and%20Expansion,%20Core%20Products%20Validated%20by%20Market) - **"Football Master"** performed strongly in the Vietnamese market, with over **100,000 average daily active players**, successfully validating its overseas revenue generation capability[21](index=21&type=chunk) - Partnered with Transsion Zhochen for planned releases in South America, Africa, Indonesia, Malaysia, and other regions, aiming to create a "national-level" football mobile game for Africa leveraging the Africa Cup of Nations[22](index=22&type=chunk) - Collaborated with Yunchang Games for the distribution of **"Football Master"** in high-potential markets such as Japan, Korea, Hong Kong, Macau, and Taiwan[22](index=22&type=chunk) [Focus on Core Football IP Games](index=6&type=section&id=Focus%20on%20Core%20Football%20IP%20Games) - Flagship title **"Football Master"** achieved world-leading standards, featuring advanced individual and collective player AI technology, and obtained official FIFPro authorization, including IP information for over **60,000 professional players**[23](index=23&type=chunk) - **"Dream Football World"** significantly improved user retention through AI optimization and enhanced animation effects, with a second-generation title planned before the **2026 World Cup**[24](index=24&type=chunk) - Launched **"Dream Football"**, the first mobile game developed with AI technology, deeply integrating AI into player images, certain gameplay mechanics, and code[25](index=25&type=chunk) [Continuously Optimizing Co-publishing Business, Actively Adapting to Publishing Market Changes](index=7&type=section&id=Continuously%20Optimizing%20Co-publishing%20Business,%20Actively%20Adapting%20to%20Publishing%20Market%20Changes) - Shrank the co-publishing product line to focus on high-margin niche categories and reduce the release of low-return games, leading to a short-term revenue decline[26](index=26&type=chunk) - Future strategy adheres to a profit-oriented approach, selecting long-lifecycle, healthy monetization products, and enhancing economic efficiency through refined operations and cost control[26](index=26&type=chunk) [Sports Lottery Retail Services](index=7&type=section&id=Sports%20Lottery%20Retail%20Services) - Instant sports lottery performed strongly, with national operational efficiency steadily improving[27](index=27&type=chunk) - Opened **13 new supermarket stores**, innovatively adopting a **"joint operation" profit-sharing model** to effectively reduce costs and enhance efficiency[27](index=27&type=chunk) - Commercial complex business significantly improved overall store revenue by optimizing rent, personnel costs, and sales incentives[27](index=27&type=chunk) [Sports Event Operation Business](index=7&type=section&id=Sports%20Event%20Operation%20Business) - Successfully hosted the WBC Boxing Championship, achieving over **600 million online views** and setting a new traffic record for professional boxing events in China[9](index=9&type=chunk)[28](index=28&type=chunk) - The event featured **"three China firsts"**, including the world's first public human-machine boxing match, integrating culture, technology, and competition[28](index=28&type=chunk) - The event boosted Foshan's cultural tourism consumption, enhanced the Group's brand influence, and validated the feasibility of the **"Digital + Sports + Entertainment" model**[9](index=9&type=chunk)[29](index=29&type=chunk) [Business Outlook](index=8&type=section&id=Business%20Outlook) [Business Outlook](index=8&type=section&id=Business%20Outlook) For H2 2025, the Group plans to deepen AI technology application, optimize the "Foretell" model, accelerate global expansion for games and knowledge platforms, and strategically leverage the 2026 World Cup to drive growth and launch global football esports - H2 will deepen AI technology application and upgrades, optimize the **"Foretell"** large model, and explore AI-driven game innovation[30](index=30&type=chunk) - Accelerate global expansion, with the game business intensively releasing **"Football Master"** and the sports knowledge payment business advancing its globalization strategy[30](index=30&type=chunk) - Seize the **2026 World Cup** opportunity, plan all business segments to drive user and revenue growth, and launch a global football esports event strategy[30](index=30&type=chunk) [Financial Performance Analysis](index=9&type=section&id=Financial%20Performance%20Analysis) [Comparison of Six Months Ended June 30, 2025 with the Same Period in 2024](index=9&type=section&id=Comparison%20of%20Six%20Months%20Ended%20June%2030,%202025%20with%20the%20Same%20Period%20in%202024) For H1 2025, total revenue declined 26.8% to HKD 152.5 million due to market factors, gross profit fell 52.9% to HKD 37.9 million with gross margin at 24.8% due to increased intangible asset amortization, while net loss decreased 26.9% to HKD 12.1 million, driven by fair value gains on financial assets and reduced operating expenses Summary of Condensed Consolidated Statement of Profit or Loss for H1 2025 | Metric | H1 2025 (HKD '000) | H1 2024 (HKD '000) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 152,547 | 208,311 | -26.8% | | Gross Profit | 37,899 | 80,550 | -52.9% | | Gross Margin | 24.8% | 38.7% | -13.9pp | | Loss for the Period | (12,131) | (16,604) | -26.9% | - The decline in gross margin was primarily due to an **80.5% increase in amortization of intangible assets** to **HKD 23.1 million**, reflecting investments in overseas expansion and AI technology R&D[37](index=37&type=chunk) - The reduction in loss for the period was mainly attributable to an increase in fair value gains on financial assets at fair value through profit or loss to **HKD 7.8 million**, compared to a loss of **HKD 10.9 million** in the prior period[38](index=38&type=chunk)[43](index=43&type=chunk) [Revenue](index=10&type=section&id=Revenue) Revenue Breakdown (HKD million) | Business Segment | 2025 | Share (%) | 2024 | Share (%) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Sports Knowledge Payment Platform | 97.9 | 64.2 | 125.0 | 60.0 | -21.7 | | Sports and Casual Games | 46.5 | 30.5 | 76.7 | 36.8 | -39.3 | | Lottery-related Commission Income | 4.3 | 2.8 | 6.2 | 3.0 | -30.6 | | Sports Event Operation | 3.7 | 2.4 | 0.0 | 0.0 | New | | Digital Collectibles Platform | 0.1 | 0.1 | 0.4 | 0.2 | -75.0 | | **Total Revenue** | **152.5** | **100.0** | **208.3** | **100.0** | **-26.8** | - The decline in sports knowledge payment platform revenue was primarily affected by the non-major sports event year cycle and the phased challenges of AI technology changes[34](index=34&type=chunk) - The decrease in sports and casual game revenue was mainly due to optimizing the business model and reducing the number of low-return games, but overseas revenue already accounted for **9.1%** of game performance[34](index=34&type=chunk) [Cost of Revenue and Gross Profit](index=11&type=section&id=Cost%20of%20Revenue%20and%20Gross%20Profit) Cost of Revenue and Gross Profit (HKD million) | Metric | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Cost of Revenue | 114.6 | 127.8 | -10.3% | | Gross Profit | 37.9 | 80.6 | -52.9% | | Gross Margin | 24.8% | 38.7% | -13.9pp | - Amortization of intangible assets increased by **HKD 10.3 million (+80.5%)** to **HKD 23.1 million**, which was the primary reason for the decline in gross margin, reflecting investments in overseas expansion games and AI technology R&D[37](index=37&type=chunk) [Other Income and Losses, Net](index=11&type=section&id=Other%20Income%20and%20Losses,%2C%20Net) Other Income and Losses, Net Breakdown (HKD million) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Exchange (Loss) / Gain | (3.2) | 2.9 | | Fair Value Gains / (Losses) on Financial Assets | 7.8 | (10.9) | | **Total** | **4.6** | **(7.9)** | - Fair value gains on financial assets turned from a loss in the prior period to a gain, which was the main reason for the turnaround in other income and losses, net, for the current period[38](index=38&type=chunk) [Selling and Marketing Expenses](index=11&type=section&id=Selling%20and%20Marketing%20Expenses) Selling and Marketing Expenses (HKD million) | Metric | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Selling and Marketing Expenses | 34.7 | 61.5 | -43.5% | - The decrease in expenses was mainly due to lower advertising efficiency in a non-major sports event year and reduced promotion of low-return games[39](index=39&type=chunk) [Administrative Expenses](index=12&type=section&id=Administrative%20Expenses) Administrative Expenses (HKD million) | Metric | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Administrative Expenses | 19.3 | 21.5 | -10.4% | - The reduction in administrative expenses reflects the Group's efforts to improve cost-effectiveness of corporate expenditures[40](index=40&type=chunk) [Share of Results of an Associate](index=12&type=section&id=Share%20of%20Results%20of%20an%20Associate) - The Group ceased to recognize its share of losses from an associate (Asia Bank) as the losses exceeded its interest and there were no further obligations[41](index=41&type=chunk) Share of Results of an Associate (HKD million) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Share of Results of an Associate | 0.0 | (3.1) | [Income Tax Expense](index=12&type=section&id=Income%20Tax%20Expense) - Income tax expense increased compared to the prior period[42](index=42&type=chunk) [Loss for the Period](index=12&type=section&id=Loss%20for%20the%20Period) Loss for the Period (HKD million) | Metric | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Loss for the Period | (12.1) | (16.6) | -26.9% | - The reduction in loss was primarily due to increased fair value gains on financial assets[43](index=43&type=chunk) [Strategic Investments](index=12&type=section&id=Strategic%20Investments) [Strategic Investments](index=12&type=section&id=Strategic%20Investments) As of June 30, 2025, the Group's investment portfolio grew to HKD 245.1 million, with strategic investments, acquisitions, and alliances aimed at complementing existing businesses, fostering innovation, and achieving synergy with emerging sectors like AI, blockchain, media, sports, and entertainment Total Investment Portfolio (HKD million) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Investment Portfolio | 245.1 | 234.3 | - Strategic investments aim to complement existing businesses, drive innovation, and establish connections with emerging industries such as AI, blockchain, media, sports, and entertainment[44](index=44&type=chunk) [Investments in Private Equity Funds](index=13&type=section&id=Investments%20in%20Private%20Equity%20Funds) Private Equity Fund Investments (HKD million) | Fund Name | Fair Value as of June 30, 2025 | Fair Value as of December 31, 2024 | Fair Value Gain (Current Period) | | :--- | :--- | :--- | :--- | | CPC Fund | 167.2 | 159.2 | 8.0 | | New Rock Capital Fund | 75.8 | 72.8 | 2.9 | | **Total** | **243.0** | **232.0** | **10.9** | - CPC Fund primarily invests in the Greater China mobile internet and technology sectors, especially cultural entertainment, aiming for long-term capital appreciation and business synergy[45](index=45&type=chunk) - New Rock Capital Fund continues to invest in AI, internet, media, and technology businesses, aiming for long-term capital appreciation[46](index=46&type=chunk) [China Prosperity Capital Mobile Internet Fund, L.P. (CPC Fund)](index=13&type=section&id=China%20Prosperity%20Capital%20Mobile%20Internet%20Fund,%20L.P.%20(CPC%20Fund)) - The Group holds a **27.17% limited partnership interest** in CPC Fund, with an investment fair value of **HKD 167.2 million**, recognizing a fair value gain of **HKD 8.0 million** in the current period[45](index=45&type=chunk) - CPC Fund primarily invests in the Greater China mobile internet and technology sectors, especially cultural entertainment, aiming for long-term capital appreciation[45](index=45&type=chunk) [New Rock Capital Fund LP (New Rock Capital Fund)](index=13&type=section&id=New%20Rock%20Capital%20Fund%20LP%20(New%20Rock%20Capital%20Fund)) - The Group holds a **91.05% limited partnership interest** in New Rock Capital Fund, with an investment fair value of **HKD 75.8 million**, recognizing a fair value gain of **HKD 2.9 million** in the current period[46](index=46&type=chunk) - New Rock Capital Fund continues to invest in AI, internet, media, and technology businesses, aiming for long-term capital appreciation[46](index=46&type=chunk) [Liquidity and Financial Resources](index=14&type=section&id=Liquidity%20and%20Financial%20Resources) [Liquidity and Financial Resources](index=14&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, cash and equivalents were HKD 23.9 million, with net cash generated from operations at HKD 23.4 million, net cash used in investing at HKD 21.8 million (mainly for intangible assets), and net cash used in financing at HKD 1.6 million, while total assets reached HKD 1,018.1 million, primarily funded by HKD 702.7 million in shareholders' equity Cash Flow Summary (HKD '000) | Cash Flow Type | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash Generated From / (Used In) Operating Activities | 23,361 | (14,921) | | Net Cash Used In Investing Activities | (21,817) | (482) | | Net Cash Used In Financing Activities | (1,621) | (10,511) | | Cash and Cash Equivalents at End of Period | 23,882 | 35,864 | - Operating cash flow turned from negative to positive, indicating improved operational efficiency[49](index=49&type=chunk) - Cash outflow from investing activities significantly increased, primarily due to the acquisition of intangible assets totaling **HKD 21.7 million**[50](index=50&type=chunk) [Working Capital](index=14&type=section&id=Working%20Capital) Cash and Cash Equivalents (HKD million) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and Cash Equivalents | 23.9 | 24.4 | [Net Cash Generated From / (Used In) Operating Activities](index=14&type=section&id=Net%20Cash%20Generated%20From%20/%20(Used%20In)%20Operating%20Activities) Net Cash From Operating Activities (HKD million) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash From Operating Activities | 23.4 | (14.9) | - Operating cash flow turned from negative to positive, primarily benefiting from digital sports entertainment revenue[49](index=49&type=chunk) [Net Cash Used In Investing Activities](index=15&type=section&id=Net%20Cash%20Used%20In%20Investing%20Activities) Net Cash Used In Investing Activities (HKD million) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash Used In Investing Activities | (21.8) | (0.5) | - Cash outflow from investing activities significantly increased, primarily for the acquisition of intangible assets[50](index=50&type=chunk) [Net Cash Used In Financing Activities](index=15&type=section&id=Net%20Cash%20Used%20In%20Financing%20Activities) Net Cash Used In Financing Activities (HKD million) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash Used In Financing Activities | (1.6) | 10.5 | - Financing activities shifted from net cash inflow to net outflow, mainly due to repayment of lease liabilities[51](index=51&type=chunk) [Capital Structure](index=15&type=section&id=Capital%20Structure) Capital Structure (HKD million) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 1,018.1 | 967.7 | | Shareholders' Equity | 702.7 | 690.1 | - The Group's capital structure is primarily composed of ordinary shares[52](index=52&type=chunk) [Other Financial Information](index=15&type=section&id=Other%20Financial%20Information) [Other Financial Information](index=15&type=section&id=Other%20Financial%20Information) The Group maintains treasury policies to manage risks and ensure funding, with a 2.3% capital gearing ratio as of June 30, 2025, reporting no significant acquisitions, foreign exchange risks, asset pledges, or contingent liabilities, and no interim dividend declared - The Group has established treasury policies to monitor risks and ensure sufficient funding[53](index=53&type=chunk) Capital Gearing Ratio | Metric | June 30, 2025 | | :--- | :--- | | Capital Gearing Ratio | 2.3% | - No significant acquisitions, foreign exchange risks, asset pledges, or contingent liabilities occurred during the period. The Board resolved not to declare an interim dividend[55](index=55&type=chunk)[56](index=56&type=chunk)[57](index=57&type=chunk)[58](index=58&type=chunk)[59](index=59&type=chunk) [Treasury Policy](index=15&type=section&id=Treasury%20Policy) - The Group has established policies to monitor risks related to business operations and treasury activities, ensuring timely fulfillment of financial obligations and sufficient funding sources[53](index=53&type=chunk) [Capital Gearing Ratio](index=15&type=section&id=Capital%20Gearing%20Ratio) Capital Gearing Ratio | Metric | June 30, 2025 | | :--- | :--- | | Capital Gearing Ratio | 2.3% | [Significant Acquisitions and Disposals](index=15&type=section&id=Significant%20Acquisitions%20and%20Disposals) - The Group had no significant acquisitions or disposals of subsidiaries, associates, and joint ventures during the period[55](index=55&type=chunk) [Foreign Exchange Risk](index=16&type=section&id=Foreign%20Exchange%20Risk) - As most of the Group's revenue and costs are denominated in RMB, there is no significant foreign exchange risk[56](index=56&type=chunk) [Pledge of Assets](index=16&type=section&id=Pledge%20of%20Assets) - The Group did not pledge any assets as of June 30, 2025, and December 31, 2024[57](index=57&type=chunk) [Contingent Liabilities](index=16&type=section&id=Contingent%20Liabilities) - As of June 30, 2025, the Group had no material contingent liabilities[58](index=58&type=chunk) [Interim Dividend](index=16&type=section&id=Interim%20Dividend) - The Board resolved not to declare any interim dividend for the period[59](index=59&type=chunk) [Financial Statements](index=17&type=section&id=Financial%20Statements) [Financial Information](index=17&type=section&id=Financial%20Information) This section presents the Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2025, including the statement of profit or loss and other comprehensive income, statement of financial position, and statement of changes in equity, detailing financial performance, asset-liability status, and equity changes - Provided the Group's unaudited condensed consolidated statement of profit or loss and other comprehensive income, statement of financial position, and statement of changes in equity for the six months ended June 30, 2025[60](index=60&type=chunk)[62](index=62&type=chunk)[64](index=64&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=17&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) Key Data from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (HKD '000) | Metric | H1 2025 | H1 2024 (Restated) | | :--- | :--- | :--- | | Revenue | 152,547 | 208,311 | | Gross Profit | 37,899 | 80,550 | | Loss for the Period | (12,131) | (16,604) | | Other Comprehensive Income for the Period | 24,051 | (34,096) | | Total Comprehensive Income for the Period | 11,920 | (50,700) | | Basic and Diluted Loss Per Share (HK cents) | (0.27) | (0.37) | - Total comprehensive income for the period turned from negative in the prior period to positive, mainly influenced by exchange differences and fair value changes of financial assets within other comprehensive income[60](index=60&type=chunk) [Condensed Consolidated Statement of Financial Position](index=19&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) Key Data from Condensed Consolidated Statement of Financial Position (HKD '000) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 1,018,056 | 967,745 | | Non-current Assets | 793,733 | 770,054 | | Current Assets | 224,323 | 197,691 | | Current Liabilities | 307,468 | 273,208 | | Non-current Liabilities | 6,275 | 2,144 | | Net Assets | 704,313 | 692,393 | - Both total assets and net assets increased, reflecting an improvement in the Group's financial position[62](index=62&type=chunk)[63](index=63&type=chunk) - Net current liabilities were negative, indicating that current assets were insufficient to cover current liabilities, putting pressure on working capital[63](index=63&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=21&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) Summary of Changes in Equity (HKD '000) | Metric | June 30, 2025 | January 1, 2025 | | :--- | :--- | :--- | | Equity Attributable to Owners of the Company | 702,654 | 690,778 | | Total Comprehensive Income for the Period | 11,920 | - | - The increase in total equity was primarily due to the contribution from other comprehensive income, offsetting the loss for the period[64](index=64&type=chunk) [Notes to the Financial Statements](index=22&type=section&id=Notes%20to%20the%20Financial%20Statements) [Notes](index=22&type=section&id=Notes) This section provides detailed notes to the condensed consolidated interim financial statements, covering general information, basis of preparation (including restatement), accounting policies, judgments, estimates, segment reporting, revenue, other income/losses, finance costs, loss before tax, income tax, EPS, PPE, associate interests, receivables, payables, bank borrowings, and commitments - Detailed the basis of preparation for the financial statements, including preparation in accordance with HKAS 34, and disclosed the restatement of 2024 comparative figures due to reclassification of financial assets[66](index=66&type=chunk)[69](index=69&type=chunk) - The Group has only one reportable operating segment, digital sports entertainment, with Chinese customers contributing over **95% of revenue**[75](index=75&type=chunk)[76](index=76&type=chunk) - Disclosed details of various expenses, including staff costs, depreciation, amortization of intangible assets, as well as income tax calculation and applicable preferential tax rates[80](index=80&type=chunk)[81](index=81&type=chunk) [1. General Information](index=22&type=section&id=1.%20General%20Information) - The Company is listed on the Main Board of the Hong Kong Stock Exchange, with its principal business in digital sports entertainment, covering sports knowledge payment, betting, event operation, digital collectibles, game publishing, and lottery sales[65](index=65&type=chunk) [2. Basis of Preparation](index=22&type=section&id=2.%20Basis%20of%20Preparation) - The financial statements were prepared in accordance with HKAS 34 and the Listing Rules, and authorized for issue on **August 27, 2025**[66](index=66&type=chunk) - 2024 comparative figures were restated due to reclassification of investment funds, with no impact on operating, investing, and financing cash flows[69](index=69&type=chunk)[70](index=70&type=chunk) [(a) Basis of Preparation](index=22&type=section&id=(a)%20Basis%20of%20Preparation) - The condensed consolidated interim financial statements were prepared in accordance with HKAS 34 and the disclosure requirements of the Listing Rules, and authorized for issue on **August 27, 2025**[66](index=66&type=chunk) [(b) Restatement](index=23&type=section&id=(b)%20Restatement) - Certain accounts as of January 1, 2024, and June 30, 2024, were restated due to reclassification of investment funds, but this had no impact on operating, investing, and financing cash flows[69](index=69&type=chunk)[70](index=70&type=chunk) [3. Accounting Policies](index=24&type=section&id=3.%20Accounting%20Policies) - The accounting policies applied are consistent with those adopted in the Group's consolidated financial statements for the year ended December 31, 2024[71](index=71&type=chunk) - New or amended Hong Kong Financial Reporting Standards effective from **January 1, 2025**, had no significant impact on the Group's condensed consolidated interim financial statements[73](index=73&type=chunk) [4. Use of Judgments and Estimates](index=24&type=section&id=4.%20Use%20of%20Judgments%20and%20Estimates) - The preparation of financial statements involves management's judgments, estimates, and assumptions, and actual results may differ[74](index=74&type=chunk) [5. Segment Reporting](index=24&type=section&id=5.%20Segment%20Reporting) - The Group has only one reportable operating segment: digital sports entertainment business[75](index=75&type=chunk) - Chinese customers contributed over **95% of the Group's revenue**, and over **90% of non-current assets** are located in China[76](index=76&type=chunk) [(a) Reportable Segments](index=24&type=section&id=(a)%20Reportable%20Segments) - The Group has only one reportable operating segment, digital sports entertainment business, covering sports knowledge payment, betting, event operation, digital collectibles, game publishing, and lottery sales[75](index=75&type=chunk) [(b) Geographical Information](index=24&type=section&id=(b)%20Geographical%20Information) - For the six months ended June 30, 2025, Chinese customers accounted for over **95% of the Group's revenue**, and over **90% of non-current assets** are located in China[76](index=76&type=chunk) [6. Revenue](index=25&type=section&id=6.%20Revenue) Revenue Breakdown (HKD '000) | Business Segment | 2025 | 2024 | | :--- | :--- | :--- | | Sports Knowledge Payment Platform | 97,908 | 124,985 | | Sports and Casual Games | 46,592 | 76,707 | | Lottery-related Commission Income | 4,347 | 6,210 | | Sports Event Operation | 3,661 | – | | Digital Collectibles Platform | 39 | 409 | | **Total Revenue** | **152,547** | **208,311** | - The majority of revenue (**HKD 148.8 million**) is recognized over time, reflecting subscription or continuous service models[77](index=77&type=chunk) [7. Other Income and Losses, Net](index=25&type=section&id=7.%20Other%20Income%20and%20Losses,%20Net) Other Income and Losses, Net Breakdown (HKD '000) | Metric | 2025 | 2024 (Restated) | | :--- | :--- | :--- | | Net Exchange (Loss) / Gain | (3,156) | 2,907 | | Fair Value Gains / (Losses) on Financial Assets | 7,771 | (10,885) | | **Total** | **4,593** | **(7,861)** | [8. Finance Costs](index=26&type=section&id=8.%20Finance%20Costs) Finance Costs Breakdown (HKD '000) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Interest on Lease Liabilities | 117 | 113 | | Interest on Bank Borrowings | 168 | 185 | | **Total** | **285** | **298** | [9. Loss Before Income Tax](index=26&type=section&id=9.%20Loss%20Before%20Income%20Tax) Components of Loss Before Income Tax (HKD '000) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Staff Costs | 8,735 | 10,810 | | Depreciation of Property, Plant and Equipment | 122 | 324 | | Depreciation of Right-of-Use Assets | 1,220 | 1,440 | | Amortization of Intangible Assets Included in Cost of Revenue | 23,070 | 12,784 | | Expected Credit Losses | – | 3,330 | | Auditors' Remuneration | 150 | 150 | - Amortization of intangible assets significantly increased by **80.5%** year-on-year, representing a key factor in the composition of loss for the period[80](index=80&type=chunk) [10. Income Tax Expense / (Credit)](index=27&type=section&id=10.%20Income%20Tax%20Expense%20/%20(Credit)) Income Tax Expense / (Credit) (HKD '000) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Current Tax - PRC Enterprise Income Tax | 331 | 2 | | Deferred Tax | – | (499) | | **Income Tax Expense / (Credit)** | **331** | **(497)** | - PRC subsidiaries enjoy preferential tax rates for high-tech enterprises or economic special zones, such as **Beijing Crazy Sports at 15%**, **Horgos Crazy at 12.5%**, and **Horgos Kairuisi exemption**[81](index=81&type=chunk) [11. Loss Per Share Attributable to Owners of the Company](index=28&type=section&id=11.%20Loss%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Company) Loss Per Share (HK cents) | Metric | 2025 | 2024 (Restated) | | :--- | :--- | :--- | | Basic Loss Per Share | (0.27) | (0.37) | | Diluted Loss Per Share | (0.27) | (0.37) | - Loss per share narrowed, and unexercised share options had no dilutive effect as their exercise price was higher than the market price[82](index=82&type=chunk) [12. Changes in Property, Plant and Equipment](index=28&type=section&id=12.%20Changes%20in%20Property,%20Plant%20and%20Equipment) Acquisition of Property, Plant and Equipment (HKD '000) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Acquisition Amount | 78 | 30 | [13. Interests in an Associate](index=29&type=section&id=13.%20Interests%20in%20an%20Associate) - The Group ceased to recognize its share of losses from an associate (Asia Bank) as the losses exceeded its interest, with accumulated unrecognized losses of **HKD 9,959,000**[84](index=84&type=chunk) - The associate, Asia Bank, was ordered into provisional liquidation on **May 28, 2025**[85](index=85&type=chunk) [14. Trade and Other Receivables](index=30&type=section&id=14.%20Trade%20and%20Other%20Receivables) Trade and Other Receivables, Net (HKD '000) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade and Other Receivables, Net | 87,896 | 82,815 | Ageing Analysis of Trade and Other Receivables (HKD '000) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 6 months | 69,226 | 72,414 | | Over 6 months but within 1 year | 18,670 | 10,401 | [15. Trade and Other Payables](index=30&type=section&id=15.%20Trade%20and%20Other%20Payables) Trade and Other Payables (HKD '000) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Trade Payables | 37,475 | 13,359 | | Accruals and Other Payables | 89,900 | 80,455 | | **Total** | **127,375** | **93,814** | - Total trade payables significantly increased, with trade payables within six months rising from **HKD 3.1 million** to **HKD 26.2 million**[87](index=87&type=chunk) [16. Bank Borrowings](index=31&type=section&id=16.%20Bank%20Borrowings) Bank Borrowings (HKD '000) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Repayable within one year | 10,945 | 15,960 | | Repayable after one year | 5,472 | – | | **Total** | **16,417** | **15,960** | - Secured bank borrowings are personally guaranteed, while unsecured borrowings bear interest at an annual rate of **0.65%**[90](index=90&type=chunk) - The Group had no unutilized bank facilities and did not breach any loan covenants[90](index=90&type=chunk) [17. Commitments](index=32&type=section&id=17.%20Commitments) Contracted but Not Provided For Commitments (HKD '000) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Intangible Assets | 3,283 | 3,192 | [18. Related Party Transactions](index=32&type=section&id=18.%20Related%20Party%20Transactions) Remuneration of Directors and Other Key Management Personnel (HKD '000) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Short-term Benefits | 7,832 | 8,890 | - Amounts due to related companies are interest-free, unsecured, and repayable on demand[93](index=93&type=chunk) - Some of the Group's bank borrowings are personally guaranteed by a director (Mr. Peng Xitao) or a subsidiary director (Mr. Wei Guilei) or by corporate guarantees[95](index=95&type=chunk) [Other Information](index=33&type=section&id=Other%20Information) [Other Information](index=33&type=section&id=Other%20Information) In H1 2025, the Group maintained compliance with corporate governance codes, employed 107 staff, and used share option schemes for incentives, with directors confirming adherence to securities transaction standards; no listed securities were bought, redeemed, or sold, and interim results were reviewed by the Audit Committee, with no significant post-reporting events - The Group consistently complied with the Corporate Governance Code, and directors confirmed adherence to the Model Code for Securities Transactions[96](index=96&type=chunk)[100](index=100&type=chunk) - As of **June 30, 2025**, the Group employed **107 staff** and incentivized employees through a share option scheme[98](index=98&type=chunk) - No listed securities were purchased, redeemed, or sold during the period, and the interim results were reviewed by the Audit Committee[101](index=101&type=chunk)[102](index=102&type=chunk) [Compliance with Corporate Governance Practices](index=33&type=section&id=Compliance%20with%20Corporate%20Governance%20Practices) - The Company has consistently applied and complied with all applicable code provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules for the six months ended June 30, 2025[96](index=96&type=chunk) [Employee Remuneration and Benefits](index=33&type=section&id=Employee%20Remuneration%20and%20Benefits) - As of **June 30, 2025**, the Group employed a total of **107 staff**[98](index=98&type=chunk) - The Group incentivizes directors, senior management, and other employees through a share option scheme and provides regular training to enhance skills and knowledge[98](index=98&type=chunk)[99](index=99&type=chunk) [Compliance with the Model Code for Securities Transactions by Directors](index=33&type=section&id=Compliance%20with%20the%20Model%20Code%20for%20Securities%20Transactions%20by%20Directors) - Following specific inquiries to all directors, each director confirmed compliance with the required standards set out in the Model Code during the period[100](index=100&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=34&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) - During the period, neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities on the Stock Exchange[101](index=101&type=chunk) [Review by Audit Committee](index=34&type=section&id=Review%20by%20Audit%20Committee) - The Group's unaudited interim financial results for the period have been reviewed by the Audit Committee, which comprises four independent non-executive directors[102](index=102&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=34&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) - This interim results announcement is published on the Company's website and the website of Hong Kong Exchanges and Clearing Limited, and the interim report will be dispatched to shareholders and published on the website[103](index=103&type=chunk) [Events After Reporting Period](index=34&type=section&id=Events%20After%20Reporting%20Period) - Save as disclosed in this announcement, no other significant events affecting the Group occurred after June 30, 2025, and up to the date of this announcement[104](index=104&type=chunk) [Acknowledgement](index=34&type=section&id=Acknowledgement) - The Board sincerely thanks customers, merchants, and partners for their trust, all employees and management for their outstanding contributions, and shareholders for their continued support[105](index=105&type=chunk) [Definitions and Glossary](index=35&type=section&id=Definitions%20and%20Glossary) [Definitions and Technical Glossary](index=35&type=section&id=Definitions%20and%20Technical%20Glossary) This section defines key terms and technical vocabulary used throughout the report, ensuring consistent understanding of concepts such as "Audit Committee," "the Group," "Listing Rules," "AI," "HKD," "IP," and other financial and operational terminology - Provided definitions for key terms and technical vocabulary used in the report, ensuring consistent understanding of the report's content[106](index=106&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk)

Group 1 - The core point of the announcement is the appointment of Ms. Zhang Xiaofen as an independent non-executive director of the company, effective from August 20, 2025 [1] - Ms. Zhang will also serve as a member of the company's audit committee, nomination committee, and environmental, social, and governance committee [1]

智通财经APP讯，疯狂体育(00082)发布公告，张晓芬女士获委任为公司独立非执行董事，公司审核委员 会、提名委员会及环境、社会及管治委员会成员，自2025年8月20日起生效。 ...

CRAZY SPORTS GROUP LIMITED 瘋 狂 體 育 集 團 有 限 公 司 （於百慕達註冊成立之有限公司） 本公司共設有四個董事會委員會。下表提供各董事會成員擔任該等委員會成員之資 料。 | | 審核委員會 | 薪酬委員會 | 提名委員會 | 環境、社會及管 | | --- | --- | --- | --- | --- | | | | | | 治委員會 | | 張力軍博士 | - | M | C | - | | 彭錫濤先生 | - | - | - | C | | 臧東力先生 | M | C | M | M | | 周京平先生 | M | - | M | M | | 劉昊明女士 | C | M | M | M | | 張曉芬女士 | M | - | M | M | 附註： C 相關董事會委員會之主席 M 相關董事會委員會之成員 （股份代號：82） 董事名單及彼等之角色及職能 瘋狂體育集團有限公司（「本公司」）董事（「董事」）會（「董事會」）成員載列如下。 執行董事 張力軍博士 （主席） 彭錫濤先生 獨立非執行董事 臧東力先生 周京平先生 劉昊明女士 張曉芬女士 香港，二零二五年八月二十日 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明， 並明確表示，概不對因本公告全部或任何部份內容而産生或因倚賴該等內容而引致的任何損失承擔任何責任。 CRAZY SPORTS GROUP LIMITED 瘋 狂 體 育 集 團 有 限 公 司 （於百慕達註册成立之有限公司） （股份代號：82） 張女士已確認(i)彼已符合上市規則第 3.13(1)至(8)條所載的獨立性準則；(ii)彼過往或目 前並無於本公司或其附屬公司之業務中擁有財務或其他權益，亦並無與本公司任何核心 關連人士（定義見上市規則）有任何關連；及(iii)彼獲委任時並無其他可能影響其獨立 性的因素。 一名獨立非執行董事之委任 及 董事會委員會組成之變更 瘋狂體育集團有限公司（「本公司」，連同其附屬公司，統稱「本集團」）董事（「董事」） 會（「董事會」）欣然宣佈，張曉芬女士獲委任為本公司獨立非執行董事，本公司審核委 員會、提名委員會及環境、社會及管治委員會成員，自二零二五年八月二十日起生效。 張女士之履歷載列如下： 張曉芬女士（「張女士」），41歲，畢業於江蘇工程職業技術學院，現任蘇州中歐技 ...

格隆汇8月14日丨疯狂体育(00082.HK)公告，公司谨定于2025年8月27日(星期三)举行董事会会议，以审 议及批准(其中包括)公司及其附属公司截至2025年6月30日止6个月中期业绩及其刊发，以及审议派发中 期股息(如有)。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而産生或因倚賴該等內容而引致 的任何損失承擔任何責任。 董事會召開日期 瘋 狂 體 育 集 團 有 限 公 司 （於百慕達注册成立之有限公司） （股份代號：82） CRAZY SPORTS GROUP LIMITED 香港，二零二五年八月十四日 於本公告日期，本公司董事包括： 瘋狂體育集團有限公司（「本公司」）董事會（「董事會」）宣佈，本公司謹定於二 零二五年八月二十七日（星期三）舉行董事會會議，以審議及批准（其中包括） 本公司及其附屬公司截至二零二五年六月三十日止六個月之中期業績及其刊發， 以及審議派發中期股息（如有）。 承董事會命 瘋狂體育集團有限公司 主席 張力軍 執行董事： 張力軍博士 （主席） 彭錫濤先生 獨立非執行董事： 臧東力先生 周京平先生 劉昊明女士 ...

Core Viewpoint - The company, *ST节能, announced that its subsidiary, Wuhan United Energy Technology Co., Ltd., has won a bid for the EPC general contracting of the independent energy storage project in Mengjin District, with a total bid amount of approximately 320 million yuan for surveying and design fees and 3.01 billion yuan for construction engineering fees [1] Group 1 - The subsidiary, Wuhan United Energy Technology Co., Ltd., is the lead entity in the joint bid for the project [1] - The joint venture partner in this project is Henan Tongli Power Design Co., Ltd. [1] - The project involves significant financial commitments, with a total bid amount of 3.33 billion yuan [1]

格隆汇8月5日丨*ST节能(000820.SZ)公布，公司子公司联合立本于近日收到洛阳平洛新能源有限公司孟 津区独立储能项目EPC总承包的《中标通知书》，中标价：勘察设计费报价：320万元；建设工程费报 价：3.01亿元。 ...

Core Insights - The 2025 World Artificial Intelligence Conference (WAIC) emphasizes the transformation of AI from technology to productivity, with a focus on "Agent" as a key term in the industry [1] - The sports industry is accelerating its entry into the AI value explosion phase, with companies like Crazy Sports positioning themselves as benchmarks for intelligent transformation [1] Company Strategy - Crazy Sports' strategic focus aligns with the "Agent industrialization" direction highlighted at WAIC, launching the first domestic sports vertical large model "Ruyi" in 2024 and the world's first sports prediction model "Foretell" in 2025 [3] - These initiatives reflect a shift towards practical applications of AI, emphasizing decision support and predictive capabilities in complex environments [3] Business Impact - The "Foretell" prediction platform has undergone rigorous testing during the 2025 FIFA Club World Cup, showcasing its ability to process vast amounts of event data in "second-level" updates, providing unprecedented timeliness and objectivity in sports predictions [4] - This platform exemplifies the "RaaS" (Robotics as a Service) concept, integrating predictive analytics with interactive capabilities for a comprehensive smart service portal in sports [4] Data and Policy Advantages - Crazy Sports benefits from a robust data foundation, leveraging a 25-year historical database from its platform, China Football Lottery, combined with real-time data from major global events, creating a significant data barrier for competitors [4] - National policies are driving the intelligent upgrade of the sports industry, with the government identifying sports as a key area for development, targeting a market exceeding 5 trillion yuan [5] Future Outlook - Crazy Sports' exploration in AI illustrates a clear path from short-term efficiency gains to long-term value creation, contributing valuable practices to the broader sports industry's intelligent transformation [7] - With strong data assets and favorable policies, Crazy Sports is positioned to lead the sports industry towards a more intelligent, efficient, and imaginative future [7]