股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 致：香港交易及結算所有限公司 公司名稱: 第七大道控股有限公司 呈交日期: 2025年10月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00797 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | USD | | 0.000005 USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 10,000,000,000 | USD | | 0.000005 USD | ...

[Corporate Profile](index=3&type=section&id=Corporate%20Profile) This section provides an overview of the company's governance structure, including its Board of Directors and committees, along with essential corporate information and contact details [Board of Directors and Committees](index=3&type=section&id=BOARD%20OF%20DIRECTORS) This section outlines the composition of the company's Board of Directors, Audit Committee, Remuneration Committee, and Nomination Committee, including changes in director and joint company secretary appointments and resignations - Mr. Liu Zhizhen was appointed as an executive director on January 26, 2025[4](index=4&type=chunk) - Mr. Li Zhengquan resigned as an executive director on January 26, 2025[4](index=4&type=chunk) - Mr. Yang Cheng was appointed as a joint company secretary on January 26, 2025[5](index=5&type=chunk) - Mr. Zheng Chengjie was appointed as a joint company secretary and authorized representative on July 10, 2025[5](index=5&type=chunk) [Corporate Information and Contacts](index=4&type=section&id=Corporate%20Information%20and%20Contacts) This section provides detailed information on the company's auditor, legal counsel, website, stock code, registered office, principal place of business, share registrar, and principal bankers - The company's auditor is ZHONGHUI ANDA CPA Limited[8](index=8&type=chunk) - The company's stock code is **797**[8](index=8&type=chunk) - The company's principal bankers include Bank of China Shenzhen Qianhaiwan Branch and China Merchants Bank Shanghai Xuhui Binjiang Branch[11](index=11&type=chunk) [Financial Performance Highlights](index=6&type=section&id=Financial%20Performance%20Highlights) For the six months ended June 30, 2025, revenue from continuing operations increased by **26.5%** to approximately **RMB 176.4 million**, achieving a profit of approximately **RMB 26.1 million** for the period, reversing the loss from the same period last year 2025 H1 Financial Performance Summary | Metric | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Revenue | 176,387 | 139,389 | +26.5% | | Profit/(Loss) for the period | 26,099 | (5,971) | Turned from loss to profit | | Profit/(Loss) for the period attributable to owners of the Company | 27,129 | (7,814) | Turned from loss to profit | [Management Discussion and Analysis](index=7&type=section&id=Management%20Discussion%20and%20Analysis) This section analyzes the company's performance, covering industry overview, business review, future outlook, and a detailed financial review, including operational data, income statement, liquidity, investments, and human resources [Industry Overview](index=7&type=section&id=I.%20Overview%20of%20the%20industries%20in%20which%20the%20Company%20operates%20in) In the first half of 2025, China's game market achieved record-high actual sales revenue and player scale, driven by new game performance, stable growth of evergreen games, and strong momentum in esports and mini-program games 2025 H1 China Game Market Data | Metric | Amount/Quantity | Year-on-year growth rate | | :--- | :--- | :--- | | Actual Sales Revenue | approx RMB 168.0 billion | approx 14.08% | | Game Player Scale | nearly 679 million people | approx 0.72% | | Mobile Game Market Actual Sales Revenue | approx RMB 125.31 billion | approx 16.55% | | Client Game Market Actual Sales Revenue | approx RMB 35.40 billion | approx 4.86% | | Web Game Market Actual Sales Revenue | approx RMB 2.20 billion | approx -5.87% | | Mini-Program Mobile Game Actual Sales Revenue | approx RMB 23.28 billion | 40.2% | | Overseas Actual Sales Revenue of China's Self-Developed Games | approx USD 9.50 billion | 11.07% | - Market revenue and user scale grew simultaneously, primarily driven by outstanding new game performance, robust operation of evergreen games, and strong growth in esports and mini-program games[15](index=15&type=chunk)[16](index=16&type=chunk) - Strategy and role-playing games accounted for the highest proportion among self-developed mobile games exported from China[15](index=15&type=chunk)[16](index=16&type=chunk) [Business Review in the First Half of 2025](index=8&type=section&id=II.%20Business%20review%20in%20the%20first%20half%20of%202025) In the first half of 2025, the Group focused on core businesses, with online game revenue increasing by **30.7%** to approximately **RMB 176 million**, of which mobile games accounted for **79%** 2025 H1 Online Game Revenue Composition | Metric | 2025 H1 (RMB) | 2024 H1 (RMB) | Year-on-year growth rate | | :--- | :--- | :--- | :--- | | Online Game Revenue | approx 176 million | approx 135 million | 30.7% | | Mobile Game Revenue Share | 79% | - | - | | Web Game Revenue Share | 21% | - | - | - Self-developed mobile game "DDTank" saw its cumulative revenue increase by **15.2%** in the first half of 2025[21](index=21&type=chunk)[23](index=23&type=chunk) - The exclusively operated mini-program game "I Am MT" has been launched on multiple platforms and continues to generate revenue[21](index=21&type=chunk)[23](index=23&type=chunk) - The "Myth War H5" project successfully expanded to Hong Kong, Macau, Taiwan, and Southeast Asia after its launch in Europe and America, contributing incremental revenue[22](index=22&type=chunk)[23](index=23&type=chunk) - The company has successfully integrated artificial intelligence into multiple business lines, enhancing R&D efficiency and product quality[25](index=25&type=chunk)[26](index=26&type=chunk) [Outlook for the Second Half of 2025](index=10&type=section&id=OUTLOOK%20FOR%20THE%20SECOND%20HALF%20OF%202025) The Group will continue its "IP-driven," "premiumization," and "globalization" strategies in the second half of 2025, deepening R&D investment in casual competitive and MMORPG genres, and exploring niche overseas markets - The Group will continue to adhere to the "IP-driven," "premiumization," and "globalization" development strategies, strengthening long-term operations and global publishing capabilities[27](index=27&type=chunk)[32](index=32&type=chunk) - Multiple projects under the classic IPs "DDTank" and "Myth War" have completed content development and market preparation, and will actively participate in the "summer season" competition[28](index=28&type=chunk)[32](index=32&type=chunk) - Overseas publishing will explore market opportunities in Turkey and extend to the Middle East region[29](index=29&type=chunk)[33](index=33&type=chunk) - The first "DDTank" IP cross-platform classic version is under development, with basic R&D expected to be completed within 2025[30](index=30&type=chunk)[34](index=34&type=chunk) - "I Am MT" 3D mini-program project and other mini-program projects are expected to be launched in the market in the second half of 2025[31](index=31&type=chunk)[34](index=34&type=chunk) [Financial Review](index=12&type=section&id=FINANCIAL%20REVIEW) This section reviews the company's financial performance in the first half of 2025, including operational data, income statement items, liquidity, borrowings, capital expenditures, and risk management, showing a turnaround to profit [Operational Information](index=12&type=section&id=Operational%20Information) In the first half of 2025, the company's online game revenue primarily came from popular titles such as "DDTank" series, "Myth War" series, "I Am MT," and "Bloodline," with ARPPU for both web and mobile games increasing - In the first half of 2025, the Group's online game revenue primarily came from well-known games such as the "DDTank" series, "Myth War" series, "I Am MT," and "Bloodline"[39](index=39&type=chunk)[42](index=42&type=chunk) 2025 H1 Key Operational Performance Indicators | Metric | Web Games | Mobile Games | | :--- | :--- | :--- | | Average Monthly Active Users (MAUs) | approx **0.64 million** | approx **0.55 million** | | Average Monthly Paying Users (MPUs) | approx **24,200** | approx **47,400** | | Average Revenue Per Paying User (ARPPU) | approx **RMB 626** (year-on-year increase of **19.2%**) | approx **RMB 620** (year-on-year increase of **15.9%**) | [Comparison of Statement of Profit or Loss](index=13&type=section&id=THE%20SIX%20MONTHS%20ENDED%2030%20JUNE%202025%20COMPARED%20TO%20THE%20SIX%20MONTHS%20ENDED%2030%20JUNE%202024) In the first half of 2025, the company's continuing operations generated revenue of **RMB 176.4 million**, a **26.5%** increase year-on-year, achieving a profit of **RMB 26.1 million** for the period 2025 H1 Key Data from Statement of Profit or Loss for Continuing Operations | Metric | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | Year-on-year change rate | | :--- | :--- | :--- | :--- | | Revenue | 176,387 | 139,389 | +26.5% | | Cost of Revenue | (53,748) | (35,856) | +49.9% | | Gross Profit | 122,639 | 103,533 | +18.5% | | Research and Development Expenses | (33,074) | (70,690) | -53.2% | | Selling and Marketing Expenses | (24,690) | (38,023) | -35.1% | | Administrative Expenses | (29,811) | (21,322) | +39.8% | | Operating Profit/(Loss) | 32,419 | (4,789) | Turned from loss to profit | | Profit/(Loss) Before Income Tax | 31,579 | (6,911) | Turned from loss to profit | | Income Tax Expense | (5,480) | (335) | +1535.8% | | Profit/(Loss) for the Period | 26,099 | (5,971) | Turned from loss to profit | | Profit/(Loss) for the Period Attributable to Owners of the Company | 27,129 | (7,814) | Turned from loss to profit | - Gross profit margin decreased from **74.3%** in the first half of 2024 to **69.5%** in the first half of 2025, primarily because the growth rate of cost of revenue exceeded that of revenue[51](index=51&type=chunk)[55](index=55&type=chunk) - Research and development expenses decreased by **53.2%**, mainly due to enhanced R&D expense management and reduced staff remuneration and other R&D expenses[52](index=52&type=chunk)[56](index=56&type=chunk) - Selling and marketing expenses decreased by **35.1%**, primarily due to reduced marketing and promotional expenses for game operations and distribution[53](index=53&type=chunk)[57](index=57&type=chunk) - Administrative expenses increased by **39.8%**, mainly due to higher other professional service fees[58](index=58&type=chunk)[62](index=62&type=chunk) [Liquidity and Financial Resources](index=16&type=section&id=LIQUIDITY%20AND%20FINANCIAL%20RESOURCES) As of June 30, 2025, cash and cash equivalents increased to approximately **RMB 100 million**, up **64.9%** year-on-year, driven by net cash inflow from operating activities, while capital expenditure significantly decreased Key Data for Liquidity and Financial Resources | Metric | 2025-06-30 (RMB millions) | 2024-12-31 (RMB millions) | Change Rate | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 100.0 | 60.7 | +64.9% | | Total Borrowings | 15.0 | 15.0 | 0% | | Gearing Ratio | 7.7% | 6.9% | +0.8% | | Total Capital Expenditure (H1) | 0.6 | 16.3 | -96.5% | - The company has no policy to hedge against foreign exchange fluctuation risks[74](index=74&type=chunk)[79](index=79&type=chunk) - As of June 30, 2025, the company pledged property, plant and equipment of approximately **RMB 7.227 million** and right-of-use assets of approximately **RMB 32.234 million** for borrowings of **RMB 15 million**[75](index=75&type=chunk)[80](index=80&type=chunk) - As of the date of this interim report, the company has no other significant future plans for investments or capital assets[78](index=78&type=chunk)[82](index=82&type=chunk) [Significant Investments Held](index=19&type=section&id=SIGNIFICANT%20INVESTMENTS%20HELD) The company holds significant investments in Shanghai Chaosilicon, Ningbo Lianjun, and Nanjing Linghang; the investment in Shanghai Chaosilicon was sold in July 2025, expected to yield a gain of approximately **RMB 2 million** Fair Value and Proportion of Significant Investments (June 30, 2025) | Investment Project | Fair Value (RMB millions) | % of Total Assets | Accumulated Unrealized Fair Value Gain (RMB millions) | | :--- | :--- | :--- | :--- | | Shanghai Chaosilicon | 394.0 | approx 21.4% | 14.0 | | Ningbo Lianjun | 116.3 | approx 6.3% | 11.3 | | Nanjing Linghang | 122.3 | approx 6.6% | 0 | - The investment in Shanghai Chaosilicon was completed on July 16, 2025, with an expected disposal gain of approximately **RMB 2 million** for 2025, totaling approximately **RMB 14 million** in gains compared to the original investment cost[85](index=85&type=chunk)[88](index=88&type=chunk) - Ningbo Lianjun's investment focuses on integrated circuits and their upstream and downstream enterprises[91](index=91&type=chunk)[96](index=96&type=chunk) - Nanjing Linghang operates a smart mobility platform[93](index=93&type=chunk)[97](index=97&type=chunk) [Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=20&type=section&id=MATERIAL%20ACQUISITIONS%20AND%20DISPOSALS%20OF%20SUBSIDIARIES,%20ASSOCIATES%20AND%20JOINT%20VENTURES) For the six months ended June 30, 2025, the Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures - For the six months ended June 30, 2025, the Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures[95](index=95&type=chunk)[98](index=98&type=chunk) [Employees and Remuneration Policies](index=21&type=section&id=EMPLOYEES%20AND%20REMUNERATION%20POLICIES) As of June 30, 2025, the company had **209** full-time employees, with R&D personnel accounting for **70%**, and total employee remuneration for the first half of the year was approximately **RMB 45.8 million** Number of Employees by Function as of June 30, 2025 | Function | Number of Employees | Percentage of Total | | :--- | :--- | :--- | | R&D | 146 | 70% | | Operations | 28 | 13% | | Administration | 35 | 17% | | **Total** | **209** | **100%** | - For the six months ended June 30, 2025, total employee remuneration was approximately **RMB 45.8 million**[101](index=101&type=chunk)[104](index=104&type=chunk) - The company determines remuneration based on employee performance, experience, capabilities, and market conditions, and provides targeted training[102](index=102&type=chunk)[104](index=104&type=chunk) [Other Information](index=22&type=section&id=Other%20Information) This section covers other important information including legal proceedings, subsequent events, directors' and substantial shareholders' interests, RSU scheme, share capital changes, securities dealings, dividend policy, corporate governance, director information changes, compliance with laws and regulations, and audit committee work [Material Legal Proceedings](index=22&type=section&id=MATERIAL%20LEGAL%20PROCEEDINGS) The "DDTank" intellectual property contract dispute lawsuit filed by Qianhai Huanjing in April 2021 is currently under retrial and is not expected to affect the Group's normal business operations - The "DDTank" intellectual property contract dispute lawsuit filed by Qianhai Huanjing in April 2021, with a claim amount of approximately **RMB 60.2 million**, is currently under retrial at the Shenzhen Intermediate People's Court[105](index=105&type=chunk)[108](index=108&type=chunk) - This lawsuit is not expected to affect the Group's normal business operations[105](index=105&type=chunk)[108](index=108&type=chunk) [Significant Subsequent Events](index=22&type=section&id=SIGNIFICANT%20SUBSEQUENT%20EVENTS) After June 30, 2025, the company completed the disposal of its equity interest in the Shanghai Chaosilicon related partnership on July 16, 2025 - The Group completed the disposal of its equity interest in the related partnership on July 16, 2025[107](index=107&type=chunk)[110](index=110&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures](index=23&type=section&id=DIRECTORS'%20AND%20CHIEF%20EXECUTIVE'S%20INTERESTS%20AND%20SHORT%20POSITIONS%20IN%20THE%20SHARES,%20UNDERLYING%20SHARES%20AND%20DEBENTURES) As of June 30, 2025, Mr. Meng Shuqi held **19.20%** of the company's shares through controlled corporations and beneficially owned **21.50%** of Shenzhen 7Road's registered capital Directors' Interests in the Company (June 30, 2025) | Name of Director | Capacity/Nature of Interest | Number of Shares or Underlying Shares Held | Approximate Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | | Mr. Meng Shuqi | Interest in controlled corporation | 528,854,000 | 19.20% | Directors' Interests in Other Group Companies (June 30, 2025) | Name of Director | Name of Other Group Company | Capacity/Nature of Interest | Approximate Percentage of Registered Capital | | :--- | :--- | :--- | :--- | | Mr. Meng Shuqi | Shenzhen 7Road | Beneficial owner | 21.50% | [Substantial Shareholders' and Other Persons' Interests and Short Positions in Shares and Underlying Shares](index=25&type=section&id=SUBSTANTIAL%20SHAREHOLDERS'%20AND%20OTHER%20PERSONS'%20INTERESTS%20AND%20SHORT%20POSITIONS%20IN%20SHARES%20AND%20UNDERLYING%20SHARES) As of June 30, 2025, several entities and individuals, including Baohu Holdings Limited and its associates, held over **5%** equity interests in the company Interests of Substantial Shareholders and Other Persons in Shares (June 30, 2025) | Name/Designation | Capacity/Nature of Interest | Number of Shares or Underlying Shares Held | Approximate Percentage of Interest | | :--- | :--- | :--- | :--- | | Baohu Holdings Limited | Beneficial owner | 352,714,000 | 12.81% | | Shanghai Bao Hu Investment Management Center (Limited Partnership) | Interest in controlled corporation | 352,714,000 | 12.81% | | Shanghai Bao Pu Investment Management Co., Ltd. | Interest in controlled corporation | 353,586,000 | 12.84% | | Ningbo Hao Chu Enterprise Management Consulting Co., Ltd. | Interest in controlled corporation | 353,586,000 | 12.84% | | Mr. Yan Zurong | Interest in controlled corporation | 353,586,000 | 12.84% | | Shengqu Technology Korean Limited | Beneficial owner | 51,902,000 | 1.89% | | Shengqu Technology Korean Limited | Interest in controlled corporation | 88,764,000 | 3.22% | | Zhejiang Century Huatong Group Co., Ltd. | Interest in controlled corporation | 274,366,000 | 9.97% | | Shangyulongcheng Holdings Limited | Beneficial owner | 174,410,000 | 6.33% | | Shaoxing Shang Yu Long Cheng Capital Investment Fund (Limited Partnership) | Interest in controlled corporation | 174,410,000 | 6.33% | | Zhejiang Long Xin Equity Investment Management Co., Ltd. | Interest in controlled corporation | 174,410,000 | 6.33% | | Wolong Holding Group Co., Ltd. | Interest in controlled corporation | 174,410,000 | 6.33% | | Mr. Chen Jiancheng | Interest in controlled corporation | 174,410,000 | 6.33% | | Ms. Chen Yanni | Interest in controlled corporation | 174,410,000 | 6.33% | | Ben 7Road Holdings Limited | Beneficial owner | 429,922,000 | 15.62% | | Ben 7Road Holdings Limited | Interest in controlled corporation | 98,932,000 | 3.59% | | World 7Road Holdings Limited | Beneficial owner | 331,130,000 | 12.03% | | World 7Road Holdings Limited | Interest in controlled corporation | 80,000,000 | 2.91% | | Mr. Hu Min | Interest in controlled corporation | 411,130,000 | 14.93% | | Songshuxing Holdings Limited | Beneficial owner | 189,936,000 | 6.90% | | Mr. Song Shuxing | Interest in controlled corporation | 189,936,000 | 6.90% | [Restricted Share Unit Scheme](index=28&type=section&id=RSU%20SCHEME) The company adopted an RSU scheme on March 6, 2018, to incentivize employees; as of June 30, 2025, RSU trustees held **178,932,000** shares for the scheme, with no RSU grants or vesting during the period - The RSU scheme aims to incentivize directors, senior management, and employees, attracting, motivating, and retaining talent[127](index=127&type=chunk)[131](index=131&type=chunk) - As of June 30, 2025, RSU trustees held **178,932,000** shares for the RSU scheme[134](index=134&type=chunk)[136](index=136&type=chunk) - For the six months ended June 30, 2025, no restricted share units were granted, vested, expired, lapsed, cancelled, or remained unvested[139](index=139&type=chunk)[141](index=141&type=chunk) - The remaining term of the RSU scheme is approximately two years and eight months[138](index=138&type=chunk)[141](index=141&type=chunk) [Movements in Share Capital](index=31&type=section&id=MOVEMENTS%20IN%20SHARE%20CAPITAL) For the six months ended June 30, 2025, there were no movements in the company's share capital - For the six months ended June 30, 2025, there were no movements in the company's share capital[144](index=144&type=chunk)[152](index=152&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=31&type=section&id=PURCHASE,%20SALE%20OR%20REDEMPTION%20OF%20LISTED%20SECURITIES) For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any shares, and the company held no treasury shares - For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any shares (including treasury shares)[145](index=145&type=chunk)[153](index=153&type=chunk) - As of June 30, 2025, the company held no treasury shares[146](index=146&type=chunk)[153](index=153&type=chunk) [Interim Dividend](index=31&type=section&id=INTERIM%20DIVIDEND) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[147](index=147&type=chunk)[154](index=154&type=chunk) [Compliance with the Corporate Governance Code](index=31&type=section&id=COMPLIANCE%20WITH%20THE%20CG%20CODE) For the six months ended June 30, 2025, the company complied with all applicable code provisions of the Corporate Governance Code - For the six months ended June 30, 2025, the company complied with all applicable code provisions of the Corporate Governance Code as set out in Appendix C1 Part 2 of the Listing Rules[148](index=148&type=chunk)[155](index=155&type=chunk) [Model Code for Securities Transactions by Directors](index=31&type=section&id=MODEL%20CODE%20FOR%20SECURITIES%20TRANSACTIONS%20BY%20DIRECTORS) The company adopted the Model Code for Securities Transactions by Directors as its code of conduct, and all directors confirmed compliance for the period - The company adopted the Model Code as set out in Appendix C3 of the Listing Rules as its own code of conduct for securities transactions by directors and relevant employees[149](index=149&type=chunk)[156](index=156&type=chunk) - All directors confirmed compliance with the Model Code for the six months ended June 30, 2025[150](index=150&type=chunk)[156](index=156&type=chunk) [Sufficiency of Public Float](index=32&type=section&id=SUFFICIENCY%20OF%20PUBLIC%20FLOAT) As of the date of this interim report, the company maintained the public float as required by the Listing Rules - As of the date of this interim report, the company maintained the public float as required by the Listing Rules[157](index=157&type=chunk)[162](index=162&type=chunk) [Changes in Directors' and Chief Executive's Information](index=32&type=section&id=CHANGES%20IN%20DIRECTORS'%20AND%20CHIEF%20EXECUTIVE'S%20INFORMATION) Mr. Li Zhengquan resigned as executive director, CFO, and joint company secretary, while Mr. Liu Zhizhen and Mr. Yang Cheng were appointed to executive director and CFO/joint company secretary roles, respectively, effective January 26, 2025 - Mr. Li Zhengquan resigned as executive director, chief financial officer, and joint company secretary on January 26, 2025[158](index=158&type=chunk)[163](index=163&type=chunk) - Mr. Liu Zhizhen was appointed as an executive director on January 26, 2025[158](index=158&type=chunk)[163](index=163&type=chunk) - Mr. Yang Cheng was appointed as chief financial officer and joint company secretary on January 26, 2025[159](index=159&type=chunk)[163](index=163&type=chunk) [Compliance with Laws and Regulations](index=32&type=section&id=COMPLIANCE%20WITH%20LAWS%20AND%20REGULATIONS) For the six months ended June 30, 2025, and up to the date of this interim report, the company complied with relevant laws and regulations materially affecting it - For the six months ended June 30, 2025, and up to the date of this interim report, the Group complied with relevant laws and regulations materially affecting the company[160](index=160&type=chunk)[164](index=164&type=chunk) [Audit Committee](index=32&type=section&id=AUDIT%20COMMITTEE) The Audit Committee, comprising three independent non-executive directors with Mr. Xue Jun as chairman, has been established in accordance with the Corporate Governance Code - The Audit Committee comprises three independent non-executive directors: Mr. Xue Jun (Chairman), Ms. Li Yiqing, and Mr. Lu Zhihao[161](index=161&type=chunk)[165](index=165&type=chunk) [Review of the Interim Financial Information and the Interim Report](index=33&type=section&id=REVIEW%20OF%20THE%20INTERIM%20FINANCIAL%20INFORMATION%20AND%20THE%20INTERIM%20REPORT) The Audit Committee reviewed the Group's unaudited interim financial information and interim report for the six months ended June 30, 2025 - The Audit Committee reviewed the Group's unaudited interim financial information and interim report for the six months ended June 30, 2025[166](index=166&type=chunk)[168](index=168&type=chunk) [Publication of the Interim Report](index=33&type=section&id=PUBLICATION%20OF%20THE%20INTERIM%20REPORT) This interim report has been published on the company's website (www.7road.com) and the HKEXnews website (www.hkexnews.hk) - This interim report has been published on the company's website (www.7road.com) and the HKEXnews website (www.hkexnews.hk)[167](index=167&type=chunk)[169](index=169&type=chunk) [Unaudited Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=34&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement presents the company's unaudited condensed consolidated profit or loss and other comprehensive income for the six months ended June 30, 2025, showing a significant improvement from a loss to a profit in continuing operations 2025 H1 Summary of Statement of Profit or Loss and Other Comprehensive Income | Metric | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | | :--- | :--- | :--- | | Revenue from Continuing Operations | 176,387 | 139,389 | | Profit/(Loss) for the Period from Continuing Operations | 26,099 | (7,246) | | Profit/(Loss) for the Period | 26,099 | (5,971) | | Profit/(Loss) for the Period Attributable to Owners of the Company | 27,129 | (7,814) | | Basic and Diluted Profit/(Loss) Per Share (RMB) | 0.011 | (0.003) | [Unaudited Condensed Consolidated Statement of Financial Position](index=36&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement provides the company's unaudited condensed consolidated financial position as of June 30, 2025, indicating a slight increase in total assets, stable net current assets, and growth in total equity 2025 H1 Summary of Statement of Financial Position | Metric | 2025-06-30 (RMB thousands) | 2024-12-31 (RMB thousands) | | :--- | :--- | :--- | | Non-current Assets | 1,575,811 | 1,547,385 | | Current Assets | 269,422 | 257,234 | | Current Liabilities | 122,994 | 113,783 | | Non-current Liabilities | 18,376 | 11,225 | | Net Assets | 1,703,863 | 1,679,611 | | Total Equity Attributable to Owners of the Company | 1,703,863 | 1,678,077 | | Cash and Cash Equivalents | 100,008 | 60,653 | [Unaudited Condensed Consolidated Statement of Changes in Equity](index=37&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This statement presents the company's unaudited condensed consolidated statement of changes in equity for the six months ended June 30, 2025, showing an increase in total equity attributable to owners of the company, primarily due to total comprehensive income for the period 2025 H1 Summary of Changes in Equity | Metric | 2025-06-30 (RMB thousands) | 2024-06-30 (RMB thousands) | | :--- | :--- | :--- | | Total Equity Attributable to Owners of the Company | 1,703,863 | 1,743,846 | | Total Comprehensive Income/(Expense) for the Period | 24,756 | (6,224) | | Retained Earnings | 587,351 | 625,861 | - Non-controlling interests decreased to zero in the first half of 2025, partly due to the acquisition of non-controlling interests without a change in control[178](index=178&type=chunk) [Interim Condensed Consolidated Statement of Cash Flows](index=38&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This statement summarizes the company's cash flows for the six months ended June 30, 2025, showing increased net cash from operating activities, net cash outflow from investing activities, reduced net cash outflow from financing activities, and a significant increase in cash and cash equivalents 2025 H1 Summary of Cash Flow Statement | Type of Cash Flow | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | | :--- | :--- | :--- | | Net Cash from Operating Activities | 47,897 | 41,419 | | Net Cash (Used in)/from Investing Activities | (3,823) | 49,931 | | Net Cash Used in Financing Activities | (3,353) | (88,699) | | Net Increase in Cash and Cash Equivalents | 40,721 | 2,651 | | Cash and Cash Equivalents at End of Period | 100,008 | 50,206 | - Cash outflow from investing activities primarily included payments for the purchase of other financial assets at fair value through profit or loss (**RMB 38 million**) and payments for the acquisition of property, plant and equipment (**RMB 0.57 million**)[179](index=179&type=chunk) - Net cash used in financing activities significantly decreased, mainly due to large repayments of bank and other borrowings and lease liabilities in the same period of 2024[179](index=179&type=chunk) [Notes to the Unaudited Condensed Consolidated Financial Statements](index=39&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes to the unaudited condensed consolidated financial statements, covering general information, basis of preparation, adoption of new accounting standards, fair value measurements, segment information, and other financial details [1. General Information](index=40&type=section&id=1.%20GENERAL%20INFORMATION) The company was incorporated in the Cayman Islands on September 6, 2017, primarily engaged in the development and publishing of web and mobile games in China and other countries, with its unaudited condensed consolidated financial statements presented in RMB - The company was incorporated in the Cayman Islands on September 6, 2017, primarily engaged in the development and publishing of web and mobile games[180](index=180&type=chunk)[181](index=181&type=chunk)[184](index=184&type=chunk) - The unaudited condensed consolidated financial statements are presented in RMB and were approved for publication by the Board of Directors on August 28, 2025[181](index=181&type=chunk)[184](index=184&type=chunk) [2. Basis of Preparation](index=40&type=section&id=2.%20BASIS%20OF%20PREPARATION) The unaudited condensed consolidated financial statements are prepared in accordance with IAS 34 "Interim Financial Reporting" and applicable disclosure requirements of the Listing Rules, consistent with the accounting policies used for the 2024 annual financial statements - The financial statements are prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and the applicable disclosure requirements of the Listing Rules[182](index=182&type=chunk)[185](index=185&type=chunk) - The accounting policies and methods of computation used are consistent with those applied in the annual financial statements for the year ended December 31, 2024[183](index=183&type=chunk)[185](index=185&type=chunk) [3. Adoption of New and Revised IFRS Accounting Standards](index=41&type=section&id=3.%20ADOPTION%20OF%20NEW%20AND%20REVISED%20IFRS%20ACCOUNTING%20STANDARDS) The company adopted all business-relevant new and revised IFRS accounting standards effective January 1, 2025, with no significant changes to accounting policies or financial statement presentation, and is evaluating the impact of new standards not yet effective - All business-relevant new and revised IFRS accounting standards effective January 1, 2025, have been adopted for the current period[187](index=187&type=chunk)[190](index=190&type=chunk) - The adoption of these new standards did not result in significant changes to accounting policies, financial statement presentation, or reported amounts[187](index=187&type=chunk)[190](index=190&type=chunk) - The company has commenced assessing the impact of new and revised IFRS accounting standards not yet effective[188](index=188&type=chunk)[190](index=190&type=chunk) [4. Fair Value Measurements](index=41&type=section&id=4.%20FAIR%20VALUE%20MEASUREMENTS) This section discloses the fair value measurements of the company's financial assets, including those at fair value through profit or loss, categorized by fair value hierarchy (Level 1, Level 2, Level 3), with most being Level 3 measurements [Disclosures of Level in Fair Value Hierarchy](index=42&type=section&id=Disclosures%20of%20level%20in%20fair%20value%20hierarchy) As of June 30, 2025, the total financial assets at fair value through profit or loss amounted to **RMB 863.7 million**, with the majority being Level 3 measurements, including unlisted equity investments and unlisted limited partnerships in China Fair Value Measurement Hierarchy as of June 30, 2025 | Description | Level 1 (RMB thousands) | Level 2 (RMB thousands) | Level 3 (RMB thousands) | Total (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Hong Kong listed equity securities | 22,326 | — | — | 22,326 | | China unlisted equity investments | — | — | 298,848 | 298,848 | | China unlisted limited partnerships | — | — | 542,553 | 542,553 | | **Total recurring fair value measurements** | **22,326** | **—** | **841,401** | **863,727** | [Movement of Financial Assets at Fair Value Through Profit or Loss for the Period](index=43&type=section&id=Movement%20of%20financial%20assets%20at%20fair%20value%20through%20profit%20or%20loss%20for%20the%20period) As of June 30, 2025, total financial assets at fair value through profit or loss increased to **RMB 863.7 million**, with new investments of **RMB 38 million** and a net gain or loss of **RMB -53 thousand** recognized during the period 2025 H1 Movement of Financial Assets at Fair Value Through Profit or Loss | Movement Item | Hong Kong listed shares (RMB thousands) | China unlisted equity investments (RMB thousands) | China unlisted limited partnerships (RMB thousands) | Total (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | As at January 1, 2025 | 18,603 | 263,693 | 545,757 | 828,053 | | Additions | — | 38,000 | — | 38,000 | | Disposals | — | — | (2,166) | (2,166) | | Total gains or losses recognized in profit or loss | 3,830 | (2,845) | (1,038) | (53) | | Exchange adjustments | (107) | — | — | (107) | | **As at June 30, 2025** | **22,326** | **298,848** | **542,553** | **863,727** | - There were no transfers between Level 1, Level 2, and Level 3 during the period[197](index=197&type=chunk) [Disclosure of Valuation Process Used by the Group and Valuation Techniques and Inputs Used in Fair Value Measurements](index=44&type=section&id=Disclosure%20of%20valuation%20process%20used%20by%20the%20Group%20and%20valuation%20techniques%20and%20inputs%20used%20in%20fair%20value%20measurements) The company's CFO is responsible for fair value measurements, reporting directly to the Board, and the team uses valuation techniques at least twice a year for Level 3 measurements, engaging external experts when necessary - The Chief Financial Officer is responsible for fair value measurements, reporting directly to the Board, and discusses valuation processes and results with the Board at least twice a year[198](index=198&type=chunk)[200](index=200&type=chunk) - For Level 3 fair value measurements, the company's team uses valuation techniques to determine fair value at least twice a year, engaging external valuation experts when necessary[199](index=199&type=chunk)[200](index=200&type=chunk) 2025 H1 Level 3 Fair Value Measurement Valuation Techniques and Inputs | Description | Valuation Technique | Unobservable Input | Range | Impact of an increase in the input on fair value | | :--- | :--- | :--- | :--- | :--- | | Unlisted equity securities | Recent market transactions | Not applicable | Not applicable | Not applicable | | Unlisted equity securities | Market approach | Volatility | 43.24%–54.11% | Decrease | | | | Risk-free rate | 1.38%–1.47% | Decrease | | Unlisted limited partnerships, trusts and funds | Adjusted net asset value | Discount for lack of marketability | 9.00%–12.90% | Decrease | [5. Segment Information and Revenue](index=47&type=section&id=5.%20SEGMENT%20INFORMATION%20AND%20REVENUE) The company operates and manages as a single segment, thus no segment information is presented; total revenue from continuing operations for the six months ended June 30, 2025, was **RMB 176.4 million**, a **26.5%** increase, primarily from online games - The company primarily operates and manages as a single segment, therefore no segment information is presented[211](index=211&type=chunk)[213](index=213&type=chunk) 2025 H1 Revenue Details from Continuing Operations | Type of Goods or Services | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | | :--- | :--- | :--- | | **Online Game Revenue** | **176,387** | **134,941** | | — Self-developed games published by the Group | 92,733 | 77,734 | | — Self-developed games published by other publishers | 46,322 | 39,035 | | — Agency games published by the Group | 31,623 | 18,172 | | — Agency games published by other publishers | 5,709 | — | | Intellectual property licensing | — | 3,553 | | Cloud-related services | — | 895 | | **Total** | **176,387** | **139,389** | - In the first half of 2025, revenue from the top five single external customers was approximately **RMB 56.659 million**[215](index=215&type=chunk)[218](index=218&type=chunk) - Revenue from one single external customer was approximately **RMB 18.766 million**, accounting for over **10%** of total revenue[216](index=216&type=chunk)[218](index=218&type=chunk) [6. Other Income](index=48&type=section&id=6.%20OTHER%20INCOME) For the six months ended June 30, 2025, other income from continuing operations was **RMB 1.379 million**, a significant decrease from **RMB 13.545 million** in the prior year, mainly due to reduced government grants and other income 2025 H1 Other Income Details | Income Type | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | | :--- | :--- | :--- | | Government grants | 760 | 2,528 | | Refund of China VAT | 581 | 444 | | Others | 38 | 10,573 | | **Total** | **1,379** | **13,545** | - Other income significantly decreased year-on-year, mainly affected by a reduction in other income items (from **RMB 10.573 million** to **RMB 0.038 million**) and government grants (from **RMB 2.528 million** to **RMB 0.76 million**)[220](index=220&type=chunk) [7. Other Gains or Losses, Net](index=49&type=section&id=7.%20OTHER%20GAINS%20OR%20LOSSES,%20NET) For the six months ended June 30, 2025, other gains or losses from continuing operations resulted in a net loss of **RMB 0.292 million**, compared to a net gain of **RMB 23.011 million** in the prior year, primarily due to changes in fair value of financial assets at fair value through profit or loss 2025 H1 Other Gains or Losses, Net Details | Item | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | | :--- | :--- | :--- | | Fair value changes of financial assets at fair value through profit or loss | (53) | 21,225 | | (Loss)/gain on disposal of property, plant and equipment and right-of-use assets | (235) | 311 | | Gain on disposal of a subsidiary | 120 | — | | Net foreign exchange (loss)/gain | (36) | 394 | | Others | (88) | 1,081 | | **Total** | **(292)** | **23,011** | - Other gains or losses, net, turned from a gain of **RMB 21.225 million** in the first half of 2024 to a loss of **RMB 0.053 million** in the first half of 2025, which was the main reason for the overall shift from profit to loss[221](index=221&type=chunk) [8. Finance Costs, Net](index=49&type=section&id=8.%20FINANCE%20COSTS,%20NET) For the six months ended June 30, 2025, net finance costs from continuing operations decreased to **RMB 0.695 million** from **RMB 0.944 million** in the prior year, mainly due to reduced interest expenses on bank and other borrowings 2025 H1 Finance Costs, Net Details | Item | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | | :--- | :--- | :--- | | Finance income | 805 | 198 | | — Interest income from bank balances | 697 | 72 | | — Others | 108 | 126 | | Finance costs | (1,500) | (1,142) | | — Interest expense on bank and other borrowings | (234) | (578) | | — Interest expense on lease liabilities | (596) | (252) | | — Others | (670) | (312) | | **Finance costs, net** | **(695)** | **(944)** | - Net finance costs decreased primarily due to a reduction in interest expense on bank and other borrowings from **RMB 0.578 million** to **RMB 0.234 million**[223](index=223&type=chunk) [9. Income Tax Expense](index=50&type=section&id=9.%20INCOME%20TAX%20EXPENSE) For the six months ended June 30, 2025, income tax expense significantly increased to **RMB 5.48 million**, primarily due to higher profit before tax, with applicable income tax rates ranging from **8.25%** to **25%** 2025 H1 Income Tax Expense Details | Item | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | | :--- | :--- | :--- |

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產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 7Road Holdings Limited 茲提述第七大道控股有限公司（「本公司」，連同其附屬公司統稱為「本集團」） (i)於二零二零年六月三十日刊發的截至二零一九年十二月三十一日止年度的 年報（「二零一九年年報」）；(ii)於二零二一年九月九日刊發的截至二零二零年 十二月三十一日止年度的年報（「二零二零年年報」）；及(iii)於二零二二年三月 二十五日刊發的截至二零二一年十二月三十一日止年度的年報（「二零二一年 年報」）（「該等年報」）。除另有界定者外，本公告所用詞彙與該等年報所界定者 具有相同涵義。 除該等年報所載資料外，董事會謹此就(i)二零一九年年報所載綜合財務報表附 註10；(ii)二零二零年年報所載綜合財務報表附註11；及(iii)二零二一年年報所 載綜合財務報表附註11所披露的有關支付予董事及最高行政人員的酬金提供 下列補充資料。 下述額外資料概不影響該等年報所載的其他資料，且除本公告所 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 第七大道控股有限公司 呈交日期: 2025年9月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00797 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | USD | | 0.000005 USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 10,000,000,000 | USD | | 0.000005 USD | | 50,000 | 本月底法定/註冊股本總額： USD 50,0 ...

Core Viewpoint - The company reported a significant increase in total revenue and a turnaround in profitability for the first half of 2025, primarily driven by strong performance in its online gaming segment [1] Financial Performance - Total revenue for the six months ending June 30, 2025, was approximately RMB 176.4 million, representing a year-on-year increase of about 26.5% [1] - The profit attributable to the owners of the company for the same period was approximately RMB 27.1 million, compared to a loss of approximately RMB 9.1 million in the previous year [1] - The turnaround from loss to profit was mainly due to the positive performance of the company's online gaming business, which contributed to increased revenue [1]

Group 1 - The company reported a revenue of 176 million, representing a year-on-year increase of 26.54% [1] - The profit attributable to the owners of the company for the period was 27.129 million, compared to a loss of 7.814 million in the same period last year [1] - Earnings per share were reported at 0.011 [1] Group 2 - The increase in revenue was primarily driven by the positive performance of the company's online games in the first half of 2025 [1]

Core Viewpoint - The company reported a significant increase in revenue and profitability for the first half of 2025, driven primarily by the positive performance of its online gaming segment [1] Financial Performance - The company achieved revenue of 176 million yuan, representing a year-on-year increase of 26.54% [1] - Profit attributable to the owners of the company for the period was 27.129 million yuan, a turnaround from a loss of 7.814 million yuan in the same period last year [1] - Earnings per share were reported at 0.011 yuan [1] Business Segment Performance - The increase in revenue was mainly attributed to the positive performance of the company's online gaming business during the first half of 2025 [1]

[Company Announcement and Financial Highlights](index=1&type=section&id=Company%20Announcement%20and%20Financial%20Highlights) This section provides an overview of 7Road Holdings Limited's unaudited interim results for the six months ended June 30, 2025, and key financial performance [Company Information](index=1&type=section&id=Company%20Information) 7Road Holdings Limited (Stock Code: 797) released its unaudited consolidated interim results for the six months ended June 30, 2025 - Company Name: **7Road Holdings Limited**, Stock Code: **797**[2](index=2&type=chunk) - Announcement content: Unaudited consolidated interim results for the six months ended June 30, 2025[3](index=3&type=chunk) [Financial Performance Summary](index=1&type=section&id=Financial%20Performance%20Summary) In H1 2025, total revenue from continuing operations increased by 26.5% to RMB 176.4 million, achieving a profit of RMB 26.1 million, turning losses into profits 2025 H1 Key Financial Data Summary | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | Change | | :--- | :--- | :--- | :--- | | Revenue | 176,387 | 139,389 | +26.5% | | Profit/(Loss) for the period | 26,099 | (5,971) | Turnaround | | Profit/(Loss) for the period attributable to owners of the Company | 27,129 | (7,814) | Turnaround | - Total revenue from continuing operations was approximately **RMB 176.4 million**, an increase of approximately **26.5%** year-on-year[5](index=5&type=chunk) - Profit for the period was approximately **RMB 26.1 million**, compared to a loss of approximately **RMB 6.0 million** in the same period last year, achieving a turnaround[5](index=5&type=chunk) [Business Overview](index=2&type=section&id=Business%20Overview) This section details the overall market conditions for the gaming industry and the Group's operational review and outlook for the second half of 2025 [Industry Overview](index=2&type=section&id=Industry%20Overview) In H1 2025, China's gaming market achieved record-high actual sales revenue and user scale, with strong growth in mobile and mini-program games, and increased overseas revenue from self-developed games - From January to June 2025, domestic game market actual sales revenue was approximately **RMB 168.0 billion**, a year-on-year increase of **14.08%**[6](index=6&type=chunk) - China's game user scale reached nearly **679 million**, a year-on-year increase of **0.72%**, both historical highs[6](index=6&type=chunk) - Mobile game market actual sales revenue was approximately **RMB 125.309 billion**, a year-on-year increase of **16.55%**; mini-program mobile game revenue increased by **40.2%** to **RMB 23.276 billion**[6](index=6&type=chunk) - Overseas actual sales revenue of self-developed domestic games was approximately **USD 9.501 billion**, a year-on-year increase of **11.07%**, with the US, Japan, and South Korea remaining the main markets[6](index=6&type=chunk) [Business Review for H1 2025](index=3&type=section&id=Business%20Review%20for%20H1%202025) The Group focused on core online game business in H1, achieving a 30.7% revenue increase, with mobile games accounting for 79%, while expanding mini-program games, overseas markets, and integrating AI - During the reporting period, online game business achieved revenue of approximately **RMB 176 million**, a year-on-year increase of **30.7%**[7](index=7&type=chunk) - Mobile game revenue accounted for **79%**, and web game revenue accounted for **21%**[7](index=7&type=chunk) - Self-developed mobile game "DDTank" accumulated revenue increased by **15.2%** year-on-year in H1; exclusive operation of mini-program game "I Am MT" continued to generate revenue[7](index=7&type=chunk) - Overseas publishing business continued to strengthen, with "Shen Qu H5" launched in Europe, America, Hong Kong, Macau, Taiwan, and Southeast Asia, contributing incremental revenue[7](index=7&type=chunk) - Artificial intelligence has been successfully integrated into multiple business lines, improving R&D efficiency and product quality[9](index=9&type=chunk) [Outlook for H2 2025](index=4&type=section&id=Outlook%20for%20H2%202025) The Group will continue its "IP-driven, premium, globalized" strategy, deepening R&D in casual competitive and MMORPGs, exploring niche overseas markets, and launching new multi-platform and mini-program games - The Group will adhere to the "IP-driven, premium, globalized" development strategy, strengthening long-term operations and global publishing capabilities[10](index=10&type=chunk) - Continued deepening of R&D investment in casual competitive and MMORPG fields to enrich product types[10](index=10&type=chunk) - Overseas publishing will explore niche regional market opportunities such as Turkey and the extended Middle East region[10](index=10&type=chunk) - The first "DDTank" IP multi-platform classic version is under development, expected to complete basic R&D within 2025[10](index=10&type=chunk) [Financial Review](index=5&type=section&id=Financial%20Review) This section provides a detailed analysis of the Group's financial performance, liquidity, and financial resources for the period, including key operational data and balance sheet items [Operating Data](index=5&type=section&id=Operating%20Data) The Group assesses operational performance using key performance indicators (MAU, MPAU, ARPPU), with both web and mobile game ARPPU showing year-on-year growth in H1 2025, indicating improved user monetization - The Group uses Monthly Active Users (MAU), Monthly Paying Active Users (MPAU), and Average Revenue Per Paying User (ARPPU) to assess operating performance[12](index=12&type=chunk) 2025 H1 Operating Key Performance Indicators | Indicator | Web Games | Mobile Games | | :--- | :--- | :--- | | Average Monthly Active Users (MAU) | Approx. 640,000 | Approx. 550,000 | | Average Monthly Paying Active Users (MPAU) | Approx. 24,200 | Approx. 47,400 | | Average Revenue Per Paying User (ARPPU) | RMB 626 (YoY +19.2%) | RMB 620 (YoY +15.9%) | [Income Statement Comparison (2025 vs 2024 H1)](index=6&type=section&id=Income%20Statement%20Comparison%20(2025%20vs%202024%20H1)) In H1 2025, the Group's continuing operations achieved an operating profit of RMB 32.4 million, a significant improvement from the RMB 4.8 million operating loss in the prior year, driven by revenue growth and controlled expenses 2025 H1 Income Statement Key Metrics Comparison | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 176,387 | 139,389 | +26.5% | | Cost of Revenue | (53,748) | (35,856) | +49.9% | | Gross Profit | 122,639 | 103,533 | +18.5% | | R&D Expenses | (33,074) | (70,690) | -53.2% | | Selling and Marketing Expenses | (24,690) | (38,023) | -35.1% | | Administrative Expenses | (29,811) | (21,322) | +39.8% | | Operating Profit/(Loss) | 32,419 | (4,789) | Turnaround | | Profit/(Loss) for the period | 26,099 | (5,971) | Turnaround | [Revenue](index=7&type=section&id=Revenue) Total revenue increased by 26.5% year-on-year to RMB 176.4 million in H1 2025, primarily driven by the positive performance of the online game business, with growth in both self-developed and agency games - Total revenue was approximately **RMB 176.4 million**, an increase of approximately **26.5%** year-on-year[15](index=15&type=chunk) - Game business revenue was approximately **RMB 176.4 million**, an increase of approximately **30.7%** year-on-year, mainly due to the positive performance of online games[15](index=15&type=chunk) 2025 H1 Revenue Details | Type of Goods or Services | 2025 (RMB '000) | % | 2024 (RMB '000) | % | | :--- | :--- | :--- | :--- | :--- | | Online Game Revenue | 176,387 | 100.0% | 134,941 | 96.8% | | - Self-developed Games (published by the Group) | 92,733 | 52.6% | 77,734 | 55.8% | | - Self-developed Games (published by other publishers) | 46,322 | 26.3% | 39,035 | 28.0% | | - Agency Games (published by the Group) | 31,623 | 17.9% | 18,172 | 13.0% | | - Agency Games (published by other publishers) | 5,709 | 3.2% | — | — | | IP Licensing | — | — | 3,553 | 2.6% | | Cloud-related Services | — | — | 895 | 0.6% | | **Total** | **176,387** | **100%** | **139,389** | **100%** | [Cost of Revenue](index=7&type=section&id=Cost%20of%20Revenue) Cost of revenue increased by 49.9% year-on-year to RMB 53.7 million, primarily due to higher game channel service fees and agency costs - Cost of revenue was approximately **RMB 53.7 million**, an increase of approximately **49.9%** year-on-year[16](index=16&type=chunk) - The increase was mainly due to higher game channel service fees and agency costs[16](index=16&type=chunk) [Gross Profit and Gross Margin](index=8&type=section&id=Gross%20Profit%20and%20Gross%20Margin) Gross profit increased by 18.5% year-on-year to RMB 122.6 million, but gross margin decreased to 69.5% as cost of revenue grew faster than revenue - Gross profit was approximately **RMB 122.6 million**, an increase of approximately **18.5%** year-on-year[17](index=17&type=chunk) - Gross margin was approximately **69.5%**, a decrease from **74.3%** in the same period last year, mainly because the growth rate of cost of revenue exceeded that of total revenue[17](index=17&type=chunk) [Research and Development Expenses](index=8&type=section&id=Research%20and%20Development%20Expenses) R&D expenses significantly decreased by 53.2% year-on-year to RMB 33.1 million, primarily due to enhanced R&D expense management and reduced staff remuneration - R&D expenses were approximately **RMB 33.1 million**, a decrease of approximately **53.2%** year-on-year[18](index=18&type=chunk) - The decrease was mainly due to strengthened R&D expense management, reduced staff remuneration expenses, and other R&D expenses[18](index=18&type=chunk) [Selling and Marketing Expenses](index=8&type=section&id=Selling%20and%20Marketing%20Expenses) Selling and marketing expenses decreased by 35.1% year-on-year to RMB 24.7 million, primarily due to lower marketing and promotion costs for game operations and publishing - Selling and marketing expenses were approximately **RMB 24.7 million**, a decrease of approximately **35.1%** year-on-year[19](index=19&type=chunk) - The decrease was mainly due to lower marketing and promotion expenses for game operations and publishing compared to the same period last year[19](index=19&type=chunk) [Administrative Expenses](index=9&type=section&id=Administrative%20Expenses) Administrative expenses increased by 39.8% year-on-year to RMB 29.8 million, primarily due to an increase in other professional service fees - Administrative expenses were approximately **RMB 29.8 million**, an increase of approximately **39.8%** year-on-year[20](index=20&type=chunk) - The increase was mainly due to an increase in other professional service fees compared to the same period last year[20](index=20&type=chunk) [Income Tax](index=9&type=section&id=Income%20Tax) Income tax expense increased year-on-year, primarily due to higher profit before tax, with applicable tax rates ranging from 8.25% to 25% - Income tax expense increased year-on-year, mainly due to higher profit before tax[21](index=21&type=chunk) - Applicable income tax rates ranged from **8.25% to 25%** (2024: 12.5% to 25%)[21](index=21&type=chunk) [Profit/(Loss) for the Period](index=9&type=section&id=Profit%2F(Loss)%20for%20the%20Period) Profit for the period attributable to owners of the Company from continuing operations was approximately RMB 27.1 million, successfully reversing the loss from the prior year, mainly due to increased online game revenue - Profit for the period attributable to owners of the Company from continuing operations was approximately **RMB 27.1 million**, compared to a loss of approximately **RMB 9.1 million** in the same period last year[22](index=22&type=chunk) - The turnaround was mainly due to increased revenue from online games' positive performance in H1 2025[22](index=22&type=chunk) [Liquidity and Financial Resources](index=9&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, cash and cash equivalents increased by 64.9% to RMB 100.0 million, primarily driven by net cash inflow from operating activities - Cash and cash equivalents were approximately **RMB 100.0 million**, an increase of approximately **64.9%** compared to December 31, 2024[23](index=23&type=chunk) - The increase was mainly due to net cash inflow from operating activities during the reporting period[23](index=23&type=chunk) [Interest-Bearing Borrowings](index=10&type=section&id=Interest-Bearing%20Borrowings) As of June 30, 2025, total borrowings remained at RMB 15.0 million, indicating a stable financial position - Total borrowings were approximately **RMB 15.0 million**, consistent with December 31, 2024[24](index=24&type=chunk) [Gearing Ratio](index=10&type=section&id=Gearing%20Ratio) As of June 30, 2025, the gearing ratio slightly increased to 7.7%, indicating a low level of financial leverage - The gearing ratio was approximately **7.7%**, a slight increase from **6.9%** as of December 31, 2024[25](index=25&type=chunk) [Capital Expenditure](index=10&type=section&id=Capital%20Expenditure) Capital expenditure significantly decreased by 96.5% to RMB 0.6 million in H1 2025, primarily due to building-related renovations in the prior year 2025 H1 Capital Expenditure Comparison | Item | 2025 (RMB '000) | 2024 (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | | Servers and other equipment | 25 | 98 | -74.5 | | Motor vehicles | 545 | — | 0 | | Buildings and related renovations and leasehold land | — | 16,178 | -100.0 | | **Total** | **570** | **16,276** | **-96.5** | - Total capital expenditure was approximately **RMB 0.6 million**, a decrease of approximately **96.5%** compared to **RMB 16.3 million** in the same period last year[27](index=27&type=chunk) - The decrease was mainly due to building-related renovations purchased in H1 2024[27](index=27&type=chunk) [Foreign Exchange Risk](index=11&type=section&id=Foreign%20Exchange%20Risk) The Group operates in overseas markets through foreign publishers, exposing it to foreign exchange risks from currencies like USD, but currently has no hedging policy - The Group operates in overseas markets through foreign publishers, bearing foreign exchange risks from currencies such as USD[28](index=28&type=chunk) - For the six months ended June 30, 2025, the Group had no policy to hedge against any foreign currency fluctuations[28](index=28&type=chunk) [Pledged Assets](index=11&type=section&id=Pledged%20Assets) As of June 30, 2025, the Group pledged certain property, plant and equipment and right-of-use assets for borrowings of RMB 15.0 million - Property, plant and equipment of **RMB 7,227,000** and right-of-use assets of **RMB 32,234,000** were pledged for borrowings of **RMB 15.0 million**[29](index=29&type=chunk) [Contingent Liabilities and Guarantees](index=11&type=section&id=Contingent%20Liabilities%20and%20Guarantees) As of June 30, 2025, the Group had no other unrecorded significant contingent liabilities, guarantees, or major litigations, apart from disclosed major legal proceedings and part of Note 16 - Except for major legal proceedings and disclosures in Note 16, there were no other unrecorded significant contingent liabilities, guarantees, or major litigations[31](index=31&type=chunk) [Future Plans for Material Investments or Capital Assets](index=11&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) As of the announcement date, the Group has no other future plans for material investments or capital assets beyond those already disclosed - As of the announcement date, the Group has no other future plans for material investments or capital assets[32](index=32&type=chunk) [Material Investments Held](index=11&type=section&id=Material%20Investments%20Held) The Group holds material investments in Shanghai Chaoxi, Ningbo Lianjun, and Nanjing Linghang; the Shanghai Chaoxi investment was sold in July 2025, generating a gain, while the others are long-term investments [Investment in Shanghai Chaoxi](index=11&type=section&id=Investment%20in%20Shanghai%20Chaoxi) As of June 30, 2025, the Group held approximately 1.97% equity in Shanghai Chaoxi with a fair value of RMB 394.0 million, recognizing an unrealized fair value gain of RMB 14.0 million; this investment was sold in July 2025, yielding a gain - As of June 30, 2025, the fair value of the investment in Shanghai Chaoxi was approximately **RMB 394.0 million**, accounting for approximately **21.4%** of total assets[33](index=33&type=chunk) - Accumulated unrealized fair value gain on investment in Shanghai Chaoxi was approximately **RMB 14.0 million**[33](index=33&type=chunk) - The investment was sold on July 16, 2025, and the Group will record a disposal gain of approximately **RMB 2.0 million**, totaling a gain of approximately **RMB 14.0 million**[35](index=35&type=chunk) [Investment in Ningbo Lianjun](index=12&type=section&id=Investment%20in%20Ningbo%20Lianjun) As of June 30, 2025, the Group held approximately 20.98% equity in Ningbo Lianjun with a fair value of RMB 116.3 million, recognizing an unrealized fair value gain of RMB 11.3 million, considered a medium-to-long-term investment focusing on integrated circuits - The fair value of the investment in Ningbo Lianjun was approximately **RMB 116.3 million**, accounting for approximately **6.3%** of total assets[36](index=36&type=chunk) - Accumulated unrealized fair value gain on investment in Ningbo Lianjun was approximately **RMB 11.3 million**[36](index=36&type=chunk) - The Group actually holds approximately **20.98%** equity in Ningbo Lianjun, a fund focusing on integrated circuits and upstream/downstream enterprises, considered a medium-to-long-term investment[36](index=36&type=chunk) [Direct Investment in Nanjing Linghang](index=12&type=section&id=Direct%20Investment%20in%20Nanjing%20Linghang) As of June 30, 2025, the Group directly held approximately 0.5085% equity in Nanjing Linghang with a fair value of RMB 122.3 million, considered a medium-to-long-term investment expected to yield financial returns from its smart mobility platform business - The fair value of the direct investment in Nanjing Linghang was approximately **RMB 122.3 million**, accounting for approximately **6.6%** of total assets[38](index=38&type=chunk) - The Group directly holds approximately **0.5085%** equity in Nanjing Linghang, which operates a smart mobility platform, and this investment is considered a medium-to-long-term investment[38](index=38&type=chunk) [Material Acquisitions and Disposals of Subsidiaries, Associates, and Joint Ventures](index=13&type=section&id=Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries,%20Associates,%20and%20Joint%20Ventures) In H1 2025, the Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures - In H1 2025, the Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures[40](index=40&type=chunk) [Employees and Remuneration Policy](index=13&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 209 full-time employees, with 70% in R&D; total employee remuneration in H1 was RMB 45.8 million, based on performance, experience, and ability, with training provided - As of June 30, 2025, the Group had **209** full-time employees, with R&D personnel accounting for **70%**[41](index=41&type=chunk) - Total employee remuneration for H1 2025 was approximately **RMB 45.8 million**[41](index=41&type=chunk) - Remuneration policy is based on performance, experience, and ability, with targeted training provided[42](index=42&type=chunk) [Major Legal Proceedings](index=14&type=section&id=Major%20Legal%20Proceedings) The Group is involved in a legal dispute with Qianhai Huanjing regarding "DDTank" IP contract, with a claim of RMB 60.2 million; the case was remanded for retrial after a successful appeal, but is not expected to affect normal business operations - Qianhai Huanjing filed a lawsuit against Guangzhou Zhangyingkong and Angame Inc. in April 2021 regarding a "DDTank" IP contract dispute, with a claim amount of approximately **RMB 60.2 million**[43](index=43&type=chunk) - The first instance ruling dismissed the claim, Qianhai Huanjing successfully appealed, and the case has been remanded for retrial, but is not expected to affect the Group's normal business operations[43](index=43&type=chunk) [Material Post-Balance Sheet Events](index=14&type=section&id=Material%20Post-Balance%20Sheet%20Events) The Group completed the disposal of its investment in Shanghai Chaoxi-related partnership interests on July 16, 2025, with no other material post-balance sheet events - The Group completed the disposal of its investment in Shanghai Chaoxi-related partnership interests on July 16, 2025[45](index=45&type=chunk) [Financial Statements](index=15&type=section&id=Financial%20Statements) This section presents the Group's interim condensed consolidated statement of profit or loss and other comprehensive income and statement of financial position for the period [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=15&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The statement shows a profit from continuing operations of RMB 26.1 million, profit attributable to owners of the Company of RMB 27.1 million, total comprehensive income of RMB 24.8 million, and basic earnings per share of RMB 0.011 for the six months ended June 30, 2025 2025 H1 Consolidated Statement of Profit or Loss and Other Comprehensive Income Summary | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Profit/(Loss) for the period from continuing operations | 26,099 | (7,246) | | Profit/(Loss) for the period | 26,099 | (5,971) | | Total comprehensive income/(expense) for the period | 24,756 | (6,224) | | Profit/(Loss) for the period attributable to owners of the Company | 27,129 | (7,814) | | Basic earnings/(loss) per share | 0.011 | (0.003) | [Interim Condensed Consolidated Statement of Financial Position](index=17&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets were RMB 1,845.2 million, total liabilities were RMB 141.4 million, and net assets reached RMB 1,703.9 million, with financial assets at fair value through profit or loss being a significant component of non-current assets 2025 June 30 Consolidated Statement of Financial Position Summary | Indicator | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Non-current assets | 1,575,811 | 1,547,385 | | Current assets | 269,422 | 257,234 | | **Total Assets** | **1,845,233** | **1,804,619** | | Current liabilities | 122,994 | 113,783 | | Non-current liabilities | 18,376 | 11,225 | | **Total Liabilities** | **141,370** | **125,008** | | Net Assets | 1,703,863 | 1,679,611 | | Total Equity attributable to owners of the Company | 1,703,863 | 1,678,077 | - Financial assets at fair value through profit or loss were the main component of non-current assets, totaling **RMB 841.4 million**[48](index=48&type=chunk) [Notes to Financial Information](index=19&type=section&id=Notes%20to%20Financial%20Information) This section provides detailed notes on the Group's financial information, including general information, basis of preparation, accounting policies, segment information, and specific financial item breakdowns [General Information](index=19&type=section&id=General%20Information) 7Road Holdings Limited, incorporated in the Cayman Islands, primarily develops and publishes web and mobile games in China and other countries, with financial statements presented in RMB - The Company is incorporated in the Cayman Islands, primarily engaged in the development and publishing of web and mobile games in China and other countries[50](index=50&type=chunk) - The unaudited condensed consolidated financial statements are presented in RMB[50](index=50&type=chunk) [Basis of Preparation](index=19&type=section&id=Basis%20of%20Preparation) The financial statements are prepared in accordance with IAS 34 "Interim Financial Reporting" and the HKEX Listing Rules, with accounting policies consistent with the 2024 annual financial statements - The financial statements are prepared in accordance with IAS 34 and the HKEX Listing Rules[51](index=51&type=chunk) - Accounting policies are consistent with the annual financial statements for the year ended December 31, 2024[51](index=51&type=chunk) [Adoption of New and Revised IFRS Accounting Standards](index=19&type=section&id=Adoption%20of%20New%20and%20Revised%20IFRS%20Accounting%20Standards) The Group adopted all new and revised IFRS effective January 1, 2025, with no material changes to accounting policies, presentation, or reported amounts for the current and prior periods - The Group has adopted all new and revised IFRS effective January 1, 2025[52](index=52&type=chunk) - The adoption of these standards did not result in material changes to accounting policies, presentation, or reported amounts for the current and prior periods[52](index=52&type=chunk) [Segment Information and Revenue](index=20&type=section&id=Segment%20Information%20and%20Revenue) The Board considers the Group's business to operate and be managed as a single segment, thus no segment information is presented; the vast majority of non-current assets are located in China, and online game revenue is the primary source of income - The Group's business is operated and managed as a single segment, thus no segment information is presented[53](index=53&type=chunk) - The vast majority of non-current assets are located in China[53](index=53&type=chunk) 2025 H1 Online Game Revenue Details | Type of Goods or Services | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Online Game Revenue | 176,387 | 134,941 | | - Self-developed Games (published by the Group) | 92,733 | 77,734 | | - Self-developed Games (published by other publishers) | 46,322 | 39,035 | | - Agency Games (published by the Group) | 31,623 | 18,172 | | - Agency Games (published by other publishers) | 5,709 | — | | IP Licensing | — | 3,553 | | Cloud-related Services | — | 895 | [Other Income](index=20&type=section&id=Other%20Income) Other income in H1 2025 was RMB 1.4 million, a significant decrease from RMB 13.5 million in the prior year, mainly due to reduced government grants and other income 2025 H1 Other Income Details | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Government grants | 760 | 2,528 | | Refund of China VAT | 581 | 444 | | Others | 38 | 10,573 | | **Total** | **1,379** | **13,545** | [Net Other Gains or Losses and Net Finance Costs](index=21&type=section&id=Net%20Other%20Gains%20or%20Losses%20and%20Net%20Finance%20Costs) Net other gains or losses in H1 2025 was a loss of RMB 0.3 million, compared to a gain of RMB 23.0 million in the prior year, mainly impacted by fair value changes of financial assets; net finance costs improved to a loss of RMB 0.7 million from RMB 0.9 million 2025 H1 Net Other Gains or Losses Details | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Fair value changes of financial assets at fair value through profit or loss | (53) | 21,225 | | (Loss)/gain on disposal of property, plant and equipment and right-of-use assets | (235) | 311 | | Gain on disposal of a subsidiary | 120 | — | | Net foreign exchange (loss)/gain | (36) | 394 | | Others | (88) | 1,081 | | **Total** | **(292)** | **23,011** | 2025 H1 Net Finance Costs Details | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Finance income (total) | 805 | 198 | | Finance costs (total) | (1,500) | (1,142) | | **Net Finance Costs** | **(695)** | **(944)** | [Income Tax Expense](index=22&type=section&id=Income%20Tax%20Expense) Income tax expense in H1 2025 significantly increased to RMB 5.5 million from RMB 0.3 million in the prior year, primarily due to higher current and deferred tax during the period 2025 H1 Income Tax Expense Details | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Current income tax | 1,060 | 14 | | Deferred tax | 4,420 | 321 | | **Total** | **5,480** | **335** | - The increase in income tax expense was mainly due to the increase in profit before tax for the Group and its subsidiaries in H1 2025[21](index=21&type=chunk) [Discontinued Operations](index=22&type=section&id=Discontinued%20Operations) The Group completed the disposal of Shanghai Ling Su Network Technology Co., Ltd. on April 11, 2024, with its cloud computing and related services business classified as discontinued operations, which recorded a profit of RMB 1.3 million in H1 2024 - The Group completed the disposal of all equity interests in Shanghai Ling Su Network Technology Co., Ltd. on April 11, 2024, and its cloud computing and related services business is considered a discontinued operation[64](index=64&type=chunk) 2024 H1 Discontinued Operations Financial Summary | Indicator | 2024 (RMB '000) | | :--- | :--- | | Loss from discontinued operations | (8,167) | | Gain on disposal of discontinued operations | 9,442 | | **Profit for the period from discontinued operations** | **1,275** | [Notes to Operating Profit/(Loss)](index=24&type=section&id=Notes%20to%20Operating%20Profit%2F(Loss)) This note details the expenses comprising operating profit/(loss), highlighting significant year-on-year decreases in employee benefit expenses and promotion and advertising expenses in H1 2025 2025 H1 Major Operating Expenses Details | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Channel service fees and agency costs | 31,995 | 13,356 | | Employee benefit expenses | 45,828 | 69,088 | | Other R&D technical service fees | 8,321 | 23,001 | | Other professional service fees | 14,264 | 3,757 | | Promotion and advertising expenses | 24,690 | 38,297 | - Employee benefit expenses decreased by approximately **33.7%** year-on-year, and promotion and advertising expenses decreased by approximately **35.5%** year-on-year[65](index=65&type=chunk) [Dividends](index=24&type=section&id=Dividends) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[66](index=66&type=chunk) [Basic and Diluted Earnings/(Loss) Per Share](index=25&type=section&id=Basic%20and%20Diluted%20Earnings%2F(Loss)%20Per%20Share) Basic and diluted earnings per share for H1 2025 were both RMB 0.011, a turnaround from a loss of RMB 0.003 in the prior year 2025 H1 Basic and Diluted Earnings/(Loss) Per Share | Indicator | 2025 (RMB) | 2024 (RMB) | | :--- | :--- | :--- | | Basic earnings/(loss) per share — continuing and discontinued operations | 0.011 | (0.003) | | Basic earnings/(loss) per share — continuing operations | 0.011 | (0.004) | | Weighted average number of ordinary shares (thousands) | 2,574,268 | 2,574,268 | - Diluted earnings/(loss) per share is equal to basic earnings/(loss) per share as there are no potential dilutive ordinary shares[68](index=68&type=chunk) [Trade and Other Receivables](index=26&type=section&id=Trade%20and%20Other%20Receivables) As of June 30, 2025, the carrying amount of trade receivables decreased to RMB 58.7 million, with credit terms ranging from 30 to 120 days 2025 June 30 Trade Receivables Ageing Analysis | Ageing | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Within 3 months | 25,431 | 38,993 | | 3 to 6 months | 337 | 1,756 | | 6 months to 1 year | 7,299 | 1,805 | | 1 to 2 years | 1,602 | 2,049 | | Over 2 years | 86,347 | 86,918 | | **Total** | **121,016** | **131,521** | | Provision for impairment losses | (62,354) | (62,930) | | **Carrying Amount** | **58,662** | **68,591** | - The carrying amount of trade receivables decreased from **RMB 68.6 million** as of December 31, 2024, to **RMB 58.7 million**[69](index=69&type=chunk) [Financial Assets at Fair Value Through Profit or Loss](index=26&type=section&id=Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2025, financial assets at fair value through profit or loss totaled RMB 863.7 million, primarily comprising listed and unlisted equity investments in China, unlisted limited partnerships in China, and listed shares in Hong Kong 2025 June 30 Financial Assets at Fair Value Through Profit or Loss Details | Type | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Non-current - China listed shares and unlisted equity investments | 298,848 | 263,693 | | Non-current - China unlisted limited partnerships | 542,553 | 545,757 | | Current - Hong Kong listed shares | 22,326 | 18,603 | | **Total** | **863,727** | **828,053** | [Trade and Other Payables](index=27&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables increased to RMB 79.7 million, mainly consisting of trade payables and remuneration liabilities 2025 June 30 Trade and Other Payables Details | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Trade payables | 42,799 | 21,420 | | Remuneration liabilities | 18,309 | 22,543 | | Other tax payables | 3,385 | 5,276 | | Accrued expenses | 15,039 | 15,754 | | **Total** | **79,678** | **65,158** | - Trade payables increased from **RMB 21.4 million** as of December 31, 2024, to **RMB 42.8 million**[70](index=70&type=chunk) [Contingent Liabilities and Guarantees](index=28&type=section&id=Contingent%20Liabilities%20and%20Guarantees) The "Shen Qu" trade secret litigation was dismissed in the first instance on April 8, 2024, no longer a contingent liability; the Group still provides a guarantee of up to RMB 120 million for the disposed Shanghai Ling Su, but with counter-guarantees, credit risk is not material - The "Shen Qu" trade secret litigation's first instance judgment became effective on April 8, 2024, dismissing all plaintiff's claims, thus no longer constituting a contingent liability for the Group[71](index=71&type=chunk) - The Group provides a guarantee of up to **RMB 120 million** for the disposed Shanghai Ling Su, but has obtained counter-guarantees, making the credit risk not material[72](index=72&type=chunk)[73](index=73&type=chunk) [Other Information and Corporate Governance Summary](index=29&type=section&id=Other%20Information%20and%20Corporate%20Governance%20Summary) This section covers the Group's policies and practices regarding securities transactions, dividends, compliance with corporate governance codes, and the role of the audit committee [Purchase, Sale or Redemption of Listed Securities](index=29&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20Listed%20Securities) For the six months ended June 30, 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any listed securities, nor did the Company hold any treasury shares - For the six months ended June 30, 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any shares[74](index=74&type=chunk) - The Company did not hold any treasury shares as of June 30, 2025[75](index=75&type=chunk) [Interim Dividend](index=29&type=section&id=Interim%20Dividend) The Board does not recommend the declaration of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[76](index=76&type=chunk) [Compliance with Corporate Governance Code](index=29&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) For the six months ended June 30, 2025, the Company complied with all applicable code provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules - The Company has complied with all applicable code provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules[77](index=77&type=chunk) [Standard of Conduct for Directors' Securities Transactions](index=29&type=section&id=Standard%20of%20Conduct%20for%20Directors'%20Securities%20Transactions) The Company adopted the Standard Code set out in Appendix C3 of the Listing Rules, and all directors and relevant employees confirmed compliance during the reporting period - The Company has adopted the Standard Code set out in Appendix C3 of the Listing Rules as its own code of conduct for directors and relevant employees dealing in securities[78](index=78&type=chunk) - All directors confirmed compliance with the Standard Code during the reporting period, and no non-compliance by relevant employees was noted[78](index=78&type=chunk) [Audit Committee](index=29&type=section&id=Audit%20Committee) The Audit Committee, composed of three independent non-executive directors, has reviewed the Group's unaudited interim results for the six months ended June 30, 2025 - The Audit Committee is composed of three independent non-executive directors, with Mr. Xue Jun as the chairman of the committee[79](index=79&type=chunk) - The Audit Committee has reviewed the Group's unaudited interim results for the six months ended June 30, 2025[79](index=79&type=chunk) [Publication of Interim Results Announcement and 2025 Interim Report](index=30&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%202025%20Interim%20Report) This announcement has been published on the HKEX and Company websites, and the interim report will be published by the end of September 2025 - This announcement has been published on the HKEX website (www.hkexnews.hk) and the Company's website (www.7road.com)[80](index=80&type=chunk) - The Group's interim report for the six months ended June 30, 2025, will be published by the end of September 2025[80](index=80&type=chunk) [Definitions](index=30&type=section&id=Definitions) This section provides definitions for key terms and abbreviations used throughout the report, including company names, financial metrics, business types, and related entities, ensuring clarity and understanding [Definitions](index=30&type=section&id=Definitions) This chapter provides definitions for key terms and abbreviations used in the report, including company names, financial indicators, business types, and related entities, to ensure clear understanding of the report content - Provides definitions for key terms such as "Directors", "Average Revenue Per Paying User", "Audit Committee", "Average Monthly Paying User", "Board", "Corporate Governance Code", "China", "Company"[82](index=82&type=chunk)[83](index=83&type=chunk) - Includes definitions for business and finance-related terms such as "Group", "Hong Kong", "IP", "Listing Rules", "Monthly Active User", "Mobile Game", "Standard Code", "Monthly Paying User", "Nanjing Linghang", "Ningbo Lianjun", "Online Game"[84](index=84&type=chunk) - Further defines "Partnership Interest", "Paying User", "Qianhai Huanjing", "R&D", "RMB", "Restricted Share Unit", "Senior Management", "Shanghai Ling Su", "Shanghai Chaoxi", "Shares", "Shareholders", "Stock Exchange", "USD", "Web Game", and "%"[85](index=85&type=chunk)[86](index=86&type=chunk)

7Road Holdings Limited 第七大道控股有限公司 (the "Company"） （「本公司」） Terms of reference of the Nomination Committee (the "Committee") of the Board (the "Board") of Directors (the "Directors") of the Company 本公司董事（「董事」）會（「董事會」）提名委員會（「委員會」）職權範圍 （中文本為翻譯稿，僅供參考用） 1. Constitution 1.1 The Committee is established pursuant to a resolution passed by the Board at its meeting held on June 23, 2018. 2. Membership 組成 本委員會乃根據董事會於2018年6月23日 舉行的會議通過的決議案成立。 成員 委員會成員由董事會從董事中挑選，委 員會人數最少三名，而大部份之成員須 為獨立非執行董事，其中至少一名成員 為不同性別。 委員會主席由董事會委任或經委 ...

Core Viewpoint - The recent launch of two similar mini-games, "New Bouncing Hall" by 7th Avenue and "Bouncing Planet" by 4399, has sparked competition in the casual gaming sector, with both games utilizing the classic gameplay of "Bouncing Hall" [1][2]. Market Situation - "New Bouncing Hall" debuted on the WeChat mini-game sales chart on August 3, ranking 82nd, and climbed to 12th by August 18, showing a strong upward trend [3]. - "Bouncing Planet" entered the sales chart on August 9, peaked at 27th on August 12, and stabilized at 31st as of August 18, indicating a more stable but less dynamic performance compared to its competitor [5]. Product Strategy - "New Bouncing Hall" leverages its heritage as the original creator of "Bouncing Hall," employing a classic horizontal battle mode and high-definition graphics to attract nostalgic players [8]. - In contrast, "Bouncing Planet" features a vertical operation mode and a cute art style aimed at attracting a younger audience, indicating a strategic focus on broadening user reach rather than competing directly on nostalgia [10][11]. Advertising and Marketing - "New Bouncing Hall" began stable advertising in August, peaking at around 300 ads on August 16, while "Bouncing Planet" ramped up its advertising significantly before its launch, reaching nearly 3,000 ads on its peak day [12][5]. - Over the past 30 days, "Bouncing Planet" has released approximately 6,600 ads, significantly outpacing "New Bouncing Hall," which had around 1,200 ads [12][24]. Creative Material - The top creative formats for "New Bouncing Hall" include user-generated content, classic IP showcases, and gameplay explanations, with a focus on nostalgia [13][15]. - "Bouncing Planet" emphasizes gameplay explanations and mixed gameplay recordings, aiming to lower the entry barrier for casual gamers [19][21]. Summary of Strategies - 7th Avenue's strategy for "New Bouncing Hall" focuses on engaging core users of the original IP before expanding its marketing efforts, while 4399 targets a broader audience from the outset, which may lead to less stable initial user engagement [25]. - The competition between these two games highlights the importance of product differentiation and marketing strategies in the evolving mini-game market, where leveraging classic IPs is becoming a significant trend [25][26].