Core Viewpoint - Qutai Group (00917) reported a significant increase in its mid-year performance for 2025, with revenue reaching approximately 676 million, a year-on-year growth of 31.3%, and a turnaround to profitability with a net profit attributable to shareholders of approximately 123 million [1] Group 1: Financial Performance - Revenue for the first half of 2025 was approximately 676 million, representing a year-on-year increase of 31.3% [1] - Gross profit was approximately 386 million, showing a year-on-year growth of 37% [1] - Net profit attributable to shareholders was approximately 123 million, marking a turnaround from a loss to profit [1] - Basic earnings per share stood at 0.47 [1] Group 2: Growth Drivers - Revenue growth was primarily driven by several key factors, including steady economic growth in China and supportive policies for the consumer market [1] - The company maintained strong and stable relationships with brand clients due to its innovative and efficient business model, excellent service capabilities, and strong industry reputation [1] - Expansion of service application scenarios and optimization of AI interactive marketing products contributed to increased cooperation with high-quality brand clients [1] - Continuous improvement of the AI interactive terminal network's efficiency and increased terminal density in high-potential cities supported sustained growth in product sales [1]

[Interim Results Summary](index=1&type=section&id=%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E6%91%98%E8%A6%81) During the reporting period, Quzhi Group achieved significant growth in revenue and gross profit, successfully turning losses into profits, primarily driven by marketing services, with contributions from merchandise sales and other services Interim Results Summary (2025 vs 2024) | Metric | 2025 (RMB Thousand) | 2024 (RMB Thousand) | Year-on-year change (%) | | :--- | :--- | :--- | :--- | | Revenue | 676,189 | 515,117 | 31.3 | | - Marketing Services | 568,020 | 411,759 | 37.9 | | - Merchandise Sales | 83,219 | 78,449 | 6.1 | | - Other Services | 24,950 | 24,909 | 0.2 | | Gross Profit | 385,511 | 281,424 | 37.0 | | Profit/(Loss) for the Period | 128,363 | (1,846,245) | 107.0 | | EBITDA | 175,751 | (1,805,098) | 109.7 | [Management Discussion and Analysis](index=2&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) This section details Quzhi Group's operating performance, business segment performance, long-term strategy, financial position, and other significant matters for the first half of 2025, benefiting from macroeconomic support and AI strategy upgrades, achieving significant revenue and profit growth, and increasing AI technology investment and market expansion [Performance Review](index=2&type=section&id=%E6%A5%AD%E7%B8%BE%E5%9B%9E%E9%A1%A7) In the first half of 2025, China's economy grew steadily, driving strong marketing demand across various sectors, and Quzhi Group, as an AI interactive marketing leader, achieved rapid revenue and gross profit growth, turning losses into profits, primarily due to its innovative business model, service capabilities, and AI investments - China's economy experienced steady growth, with **GDP increasing by 5.3%** year-on-year, new energy vehicle sales growing over **40%**, and home appliance sales increasing over **30%**, stimulating strong marketing demand across industries[4](index=4&type=chunk) - The company's revenue reached **RMB 676.2 million**, a **31.3% year-on-year increase**, with gross profit rising to **RMB 385.5 million**, up **37.0% year-on-year**[4](index=4&type=chunk) - Profit for the period was **RMB 128.4 million**, turning losses into profits compared to a **loss of RMB 1,846.2 million** in the same period last year, primarily due to a **non-cash fair value loss of RMB 1,899.4 million** related to convertible redeemable preference shares in the first half of 2024[6](index=6&type=chunk) - The company's core strategy fully upgraded to "AI+Consumer Scenarios," aiming to reshape more consumption scenarios with AIoT, significantly increasing R&D investment to **RMB 77.8 million**, a **107.7% year-on-year increase**[5](index=5&type=chunk) [Business Segment Performance](index=3&type=section&id=%E6%A5%AD%E5%8B%99%E5%88%86%E9%83%A8%E8%A1%A8%E7%8F%BE) During the reporting period, marketing services revenue and gross profit both achieved rapid growth, with value-added marketing services performing particularly well, while merchandise sales revenue saw a slight increase, and lifestyle and innovative businesses (AI+Entertainment) made initial progress in the Middle East market [Marketing Services](index=3&type=section&id=%E7%87%9F%E9%8A%B7%E6%9C%8D%E5%8B%99) Marketing services revenue increased by **37.9%** year-on-year, with gross profit growing by **43.8%**, driven by significant growth in both standardized and high-margin value-added marketing services, attributed to a quality customer base, expanded service scope, AI technology innovation, and enhanced AI interactive terminal network efficiency - Marketing services revenue reached **RMB 568.0 million**, a **37.9% year-on-year increase**, with gross profit at **RMB 353.3 million**, up **43.8% year-on-year**[7](index=7&type=chunk) - Standardized marketing services revenue reached **RMB 483.2 million**, a **34.3% year-on-year increase**, while value-added marketing services revenue reached **RMB 84.9 million**, up **63.1% year-on-year**[7](index=7&type=chunk) - Average revenue per major client increased to **RMB 16.2 million**, a **52.2% year-on-year increase**[8](index=8&type=chunk) - The company significantly increased investment in AI interactive marketing and data product development, launching AI digital human shopping guide optimization, AI holographic marketing cabinets, and a marketing selling point database and pre-evaluation services for beverages and snacks[9](index=9&type=chunk)[10](index=10&type=chunk) - During the reporting period, registered software copyrights in China increased to **159 items**, with **34 new patent applications** submitted[11](index=11&type=chunk) - Optimizing the AI interactive terminal network layout and deploying an internal terminal operation large model significantly enhanced single-terminal marketing revenue contribution and operational efficiency[12](index=12&type=chunk) [Merchandise Sales](index=5&type=section&id=%E5%95%86%E5%93%81%E9%8A%B7%E5%94%AE) Merchandise sales revenue increased by **6.1%** year-on-year, primarily due to the expansion of the terminal network in high-potential cities and a more cost-effective pricing strategy to enhance consumer appeal - Merchandise sales revenue was **RMB 83.2 million**, a **6.1% year-on-year increase**[13](index=13&type=chunk) - Growth was driven by terminal network expansion in high-potential cities like Hangzhou, Chengdu, and Chongqing, and the adoption of more cost-effective merchandise pricing strategies[13](index=13&type=chunk) [Lifestyle and Innovative Businesses](index=5&type=section&id=%E7%94%9F%E6%B4%BB%E6%96%B9%E5%BC%8F%E5%8F%8A%E5%89%B5%E6%96%B0%E6%A5%AD%E5%8B%99) The company is focusing on "AI+Entertainment" as a key new scenario, aiming to create globally leading AI indoor entertainment spaces, with the Middle East market as the first stop, having established an overseas entertainment division and completed initial venue preparations - "AI+Entertainment" is a key new scenario, aiming to build globally leading AI indoor entertainment spaces, with the Middle East market as the initial expansion target[14](index=14&type=chunk) - An overseas entertainment division has been established, organizational structure completed, initial venues prepared, and local licenses obtained[14](index=14&type=chunk) [Other Services](index=6&type=section&id=%E5%85%B6%E4%BB%96%E6%9C%8D%E5%8B%99) Other services revenue remained largely stable, primarily comprising IT system development and software development services, as the company strategically reduced non-core projects to focus resources on enhancing core business technological innovation - Other services revenue was **RMB 25.0 million**, a **0.2% year-on-year increase**[15](index=15&type=chunk) - The company strategically focused on core businesses, reducing the undertaking of non-core IT system development and software development projects[15](index=15&type=chunk) [Long-term Strategy and Outlook](index=6&type=section&id=%E9%95%B7%E6%9C%9F%E7%AD%96%E7%95%A5%E5%8F%8A%E5%B1%95%E6%9C%9B) For the second half of 2025, the company will continue to advance its "AI+Consumer Scenarios" core strategy, increase investment in AI marketing, and deepen its focus on creating AI entertainment spaces, using the Middle East project to gain experience for global expansion, while also planning strategic business acquisitions and ecosystem integration for high-quality, scaled growth - Looking ahead to the second half of 2025, AI applications are expected to accelerate large-scale implementation, and the company will continue to advance its "AI+Consumer Scenarios" core strategy[16](index=16&type=chunk) - In the "AI+Marketing" sector, the company will continue to increase AI interaction investment, providing more innovative and efficient one-stop marketing solutions[16](index=16&type=chunk) - In the "AI+Entertainment" sector, the company will focus on creating globally leading AI indoor entertainment spaces, optimizing its business model based on the Middle East project to accumulate experience for global expansion[16](index=16&type=chunk) - Plans include strategic business acquisitions and ecosystem integration to deepen diversified layouts and expand business boundaries and value chain depth[17](index=17&type=chunk) [Financial Performance Analysis](index=7&type=section&id=%E8%B2%A1%E5%8B%99%E8%A1%A8%E7%8F%BE%E5%88%86%E6%9E%90) This section analyzes Quzhi Group's financial performance during the reporting period, including revenue, costs, gross profit, expenses, and net profit, showing significant growth in revenue and gross profit, slower growth in cost of sales, decreased administrative expenses due to completed listing fees, and substantially increased R&D investment, ultimately turning losses into profits [Revenue](index=7&type=section&id=%E6%94%B6%E5%85%A5) During the reporting period, the company's total revenue increased by **31.3%** year-on-year, primarily driven by China's economic growth, supportive consumer market policies, innovative business models, deepened cooperation with quality clients, and enhanced efficiency of the AI interactive terminal network - Total revenue increased from **RMB 515.1 million** in the first half of 2024 to **RMB 676.2 million** in the first half of 2025, a **31.3% year-on-year increase**[18](index=18&type=chunk) - Key growth drivers include steady economic growth in China, supportive consumer market policies, innovative business models, expanded cooperation with quality brand clients, and enhanced efficiency of the AI interactive terminal network[18](index=18&type=chunk) Revenue and Gross Margin by Business Segment | Business Segment | 2025 Revenue (RMB Thousand) | 2025 Gross Margin (%) | 2025 % of Total Revenue | 2024 Revenue (RMB Thousand) | 2024 Gross Margin (%) | 2024 % of Total Revenue | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Marketing Services | 568,020 | 62.2 | 84.0 | 411,759 | 59.7 | 79.9 | | - Standardized Marketing Services | 483,157 | 57.2 | 71.5 | 359,712 | 55.8 | 69.8 | | - Value-added Marketing Services | 84,863 | 90.9 | 12.6 | 52,047 | 86.2 | 10.1 | | Merchandise Sales | 83,219 | 25.6 | 12.3 | 78,449 | 30.7 | 15.2 | | Other Services | 24,950 | 43.4 | 3.7 | 24,909 | 46.7 | 4.8 | | **Total** | **676,189** | **57.0** | **100.0** | **515,117** | **54.6** | **100.0** | - Marketing services revenue increased by **37.9%** year-on-year, with standardized marketing services growing by **34.3%** and value-added marketing services by **63.1%**[20](index=20&type=chunk) - Merchandise sales revenue increased by **6.1%** year-on-year[21](index=21&type=chunk) - Other services revenue increased by **0.2%** year-on-year[22](index=22&type=chunk) [Cost of Sales](index=9&type=section&id=%E9%8A%B7%E5%94%AE%E6%88%90%E6%9C%AC) Cost of sales increased by **24.4%** year-on-year, primarily due to higher information technology service fees from increased marketing services sales and increased cost of inventories sold from higher merchandise sales, with its growth rate remaining below revenue growth, supporting gross margin improvement - Cost of sales increased from **RMB 233.7 million** in the first half of 2024 to **RMB 290.7 million** in the first half of 2025, a **24.4% increase**[23](index=23&type=chunk) - Main reasons include increased information technology service fees (from **RMB 139.8 million** to **RMB 193.9 million**) and increased cost of inventories sold (from **RMB 53.6 million** to **RMB 60.7 million**)[23](index=23&type=chunk) - The growth rate of cost of sales was lower than that of revenue, reflecting efficient cost control[23](index=23&type=chunk) [Gross Profit and Gross Margin](index=9&type=section&id=%E6%AF%9B%E5%88%A9%E5%8F%8A%E6%AF%9B%E5%88%A9%E7%8E%87) Gross profit increased by **37.0%** year-on-year, with gross margin improving from **54.6%** to **57.0%**, primarily driven by revenue growth and effective cost of sales control - Gross profit increased from **RMB 281.4 million** in the first half of 2024 to **RMB 385.5 million** in the first half of 2025, a **37.0% increase**[24](index=24&type=chunk) - Gross margin improved from **54.6%** in the first half of 2024 to **57.0%** in the first half of 2025[24](index=24&type=chunk) [Other Income and Gains](index=9&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E5%8F%8A%E6%94%B6%E7%9B%8A) Other income and gains decreased by **17.2%** year-on-year, primarily due to a reduction in government grants received after the company's listing in 2024 - Other income decreased from **RMB 4.3 million** in the first half of 2024 to **RMB 3.5 million** in the first half of 2025, a **17.2% decrease**[25](index=25&type=chunk) - The decrease was primarily due to reduced government grants received after the company's listing in 2024[25](index=25&type=chunk) [Selling and Distribution Expenses](index=10&type=section&id=%E9%8A%B7%E5%94%AE%E5%8F%8A%E5%88%86%E9%8A%B7%E8%B2%BB%E7%94%A8) Selling and distribution expenses increased by **21.7%** year-on-year, with marketing and promotion expenses growing by **28.5%**, primarily aimed at enhancing brand awareness, expanding potential customer base, and scaling business operations - Selling and distribution expenses increased from **RMB 141.9 million** in the first half of 2024 to **RMB 172.7 million** in the first half of 2025, a **21.7% increase**[26](index=26&type=chunk) - Marketing and promotion expenses increased from **RMB 100.5 million** to **RMB 129.1 million**, a **28.5% increase**, primarily for online and offline marketing activities to enhance brand awareness and expand the customer base[26](index=26&type=chunk) [Administrative Expenses](index=10&type=section&id=%E7%AE%A1%E7%90%86%E8%B2%BB%E7%94%A8) Administrative expenses decreased by **31.3%** year-on-year, primarily because the one-off listing expenses related to the global offering incurred in the first half of 2024 had concluded - Administrative expenses decreased from **RMB 36.3 million** in the first half of 2024 to **RMB 24.9 million** in the first half of 2025, a **31.3% decrease**[27](index=27&type=chunk) - The decrease was primarily due to the conclusion of one-off listing expenses related to the global offering in the first half of 2024[27](index=27&type=chunk) [Finance Costs](index=10&type=section&id=%E8%B2%A1%E5%8B%99%E8%B2%BB%E7%94%A8) Finance costs increased by **RMB 5.5 million** year-on-year, primarily due to the company utilizing domestic loans to supplement its domestic business operational needs and optimize capital allocation efficiency - Finance costs increased from **RMB 4.0 million** in the first half of 2024 to **RMB 9.5 million** in the first half of 2025, an increase of **RMB 5.5 million**[28](index=28&type=chunk) - The increase was primarily due to supplementing domestic business operational needs through domestic loans to optimize capital allocation efficiency[28](index=28&type=chunk) [Research and Development Expenses](index=10&type=section&id=%E7%A0%94%E7%99%BC%E9%96%8B%E6%94%AF) Research and development expenses significantly increased by **107.7%** year-on-year, primarily due to intensified efforts in AI interactive marketing and data product development, yielding substantial technological achievements such as AI digital human shopping guide optimization, AI holographic marketing cabinets, and marketing selling point databases - Research and development expenses increased from **RMB 37.5 million** in the first half of 2024 to **RMB 77.8 million** in the first half of 2025, a **107.7% increase**[29](index=29&type=chunk) - The increase was primarily for intensifying AI interactive marketing and data product development, including AI digital human shopping guide optimization, AI holographic marketing cabinets, and marketing selling point databases and pre-evaluation services for beverages and snacks[29](index=29&type=chunk) [Other Expenses and Losses](index=11&type=section&id=%E5%85%B6%E4%BB%96%E8%B2%BB%E7%94%A8%E5%8F%8A%E8%99%A7%E7%B4%85) Other expenses for the first half of 2025 amounted to **RMB 3.8 million**, primarily comprising exchange losses arising from foreign currency fluctuations - Other expenses for the first half of 2025 were **RMB 3.8 million**, primarily exchange losses arising from foreign currency fluctuations[30](index=30&type=chunk) [Income Tax Expense](index=11&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) Income tax expense increased year-on-year, primarily due to higher profit before tax, with the company's effective tax rate of **8.7%** benefiting from preferential high-tech enterprise tax rates and super deduction for R&D expenses - Income tax expense increased from **RMB 9.2 million** in the first half of 2024 to **RMB 11.2 million** in the first half of 2025[31](index=31&type=chunk) - The increase was due to higher profit before tax, with an effective tax rate of **8.7%** in the first half of 2025[31](index=31&type=chunk) [Profit/(Loss) for the Period](index=11&type=section&id=%E6%9C%9F%E5%85%A7%E5%88%A9%E6%BD%A4%E2%88%95%EF%BC%88%E8%99%A7%E7%B4%85%EF%BC%89) The company achieved a profit of **RMB 128.4 million** in the first half of 2025, successfully turning losses into profits compared to a **loss of RMB 1,846.2 million** in the same period of 2024, primarily due to a one-off non-cash fair value loss in the prior period - Profit for the first half of 2025 was **RMB 128.4 million**, turning losses into profits compared to a **loss of RMB 1,846.2 million** in the first half of 2024[32](index=32&type=chunk) - The loss in the first half of 2024 was primarily due to a **non-cash one-off fair value loss of RMB 1,899.4 million** related to convertible redeemable preference shares[32](index=32&type=chunk) [Financial Position Analysis](index=12&type=section&id=%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E5%88%86%E6%9E%90) This section analyzes the company's statement of financial position at the end of the reporting period, showing a robust financial position with ample cash and cash equivalents, decreased inventory turnover days, increased trade receivables and payables commensurate with business expansion, and capital expenditures primarily on AI interactive terminals [Inventories](index=12&type=section&id=%E5%AD%98%E8%B2%A8) Inventory balance slightly increased, but inventory turnover days significantly decreased, reflecting the company's improved lean inventory management - Inventory balance increased from **RMB 11.8 million** as of December 31, 2024, to **RMB 12.0 million** as of June 30, 2025[33](index=33&type=chunk) - Inventory turnover days decreased from **65.3 days** as of December 31, 2024, to **46.2 days** as of June 30, 2025[33](index=33&type=chunk) [Trade Receivables](index=12&type=section&id=%E8%B2%A3%E6%98%93%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) Trade receivables slightly increased, consistent with business expansion, while trade receivables turnover days remained stable, with the company effectively managing credit risk through its credit control department - Trade receivables increased from **RMB 510.0 million** as of December 31, 2024, to **RMB 514.1 million** as of June 30, 2025[34](index=34&type=chunk) - Trade receivables turnover days remained stable at **172.3 days**[34](index=34&type=chunk) [Trade Payables](index=12&type=section&id=%E8%B2%A3%E6%98%93%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) Trade payables significantly increased, primarily due to business expansion, growth in merchandise transaction volume, and increased R&D investment - Trade payables increased from **RMB 19.0 million** as of December 31, 2024, to **RMB 57.0 million** as of June 30, 2025[35](index=35&type=chunk) - The increase was primarily due to business expansion, growth in merchandise transaction volume, and increased R&D investment[35](index=35&type=chunk) [Prepayments, Deposits and Other Receivables - Current](index=12&type=section&id=%E9%A0%90%E4%BB%98%E6%AC%BE%E9%A0%85%E3%80%81%E6%8C%89%E9%87%91%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%EF%BC%8D%E5%8D%B3%E6%9C%9F) Prepayments, deposits, and other current receivables decreased, primarily including prepayments to suppliers, rental deposits, and other receivables - Prepayments, deposits, and other current receivables decreased from **RMB 218.1 million** as of December 31, 2024, to **RMB 178.3 million** as of June 30, 2025[36](index=36&type=chunk) [Capital Expenditure](index=13&type=section&id=%E8%B3%87%E6%9C%AC%E9%96%8B%E6%94%AF) Property, plant and equipment decreased, primarily due to the write-off and depreciation of AI interactive terminals offsetting new purchases, while right-of-use assets increased due to new lease agreements - Property, plant and equipment decreased from **RMB 134.6 million** as of December 31, 2024, to **RMB 113.1 million** as of June 30, 2025[37](index=37&type=chunk) - Right-of-use assets increased from **RMB 4.7 million** as of December 31, 2024, to **RMB 6.9 million** as of June 30, 2025[37](index=37&type=chunk) [Financial Position](index=13&type=section&id=%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81) The company's financial position is robust, with a significant increase in cash and cash equivalents and a rise in bank borrowings to meet business operational needs and optimize capital allocation efficiency - Cash and cash equivalents increased from **RMB 892.0 million** as of December 31, 2024, to **RMB 1,141.2 million** as of June 30, 2025[38](index=38&type=chunk) - Bank borrowings increased from **RMB 426.8 million** as of December 31, 2024, to **RMB 544.7 million** as of June 30, 2025[38](index=38&type=chunk) [Gearing Ratio](index=13&type=section&id=%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E7%8E%87) As of June 30, 2025, the company's gearing ratio slightly increased but remained at a low level - As of June 30, 2025, the gearing ratio was **29.4%**, higher than **25.7%** as of December 31, 2024[39](index=39&type=chunk) [Pledged Assets](index=13&type=section&id=%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) As of the end of the reporting period, the company had no pledged assets - As of June 30, 2025, the Group had no pledged assets[40](index=40&type=chunk) [Contingent Liabilities](index=14&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) As of the end of the reporting period, the company had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities[41](index=41&type=chunk) [Foreign Exchange Risk](index=14&type=section&id=%E5%A4%96%E5%8C%AF%E9%A2%A8%E9%9A%AA) The company primarily operates in China, with transactions settled in RMB, and management believes there is no significant foreign exchange risk exposure, nor has it hedged against foreign exchange fluctuations - The company primarily operates in China, with transactions settled in RMB, and management believes there is no significant foreign exchange risk exposure[42](index=42&type=chunk) - As of June 30, 2025, the company had not hedged against foreign exchange fluctuations[42](index=42&type=chunk) [Credit Risk](index=14&type=section&id=%E4%BF%A1%E7%94%A8%E9%A2%A8%E9%9A%AA) The company transacts with reputable third parties, managing credit risk through credit checks and continuous monitoring of receivables balances, with no significant bad debt risk - The company only transacts with approved, reputable third parties and has credit check procedures and continuous monitoring of receivables balances in place[43](index=43&type=chunk) - The risk of bad debts is not significant[43](index=43&type=chunk) [Other Significant Matters](index=14&type=section&id=%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A0%85) This section covers non-financial significant matters for the reporting period, including no major acquisitions or disposals, no major investment plans, employee numbers and remuneration policies, post-reporting period events, and the use of proceeds from the global offering [Major Acquisitions and Disposals](index=14&type=section&id=%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE) During the reporting period, the company did not undertake any major acquisitions or disposals of subsidiaries, associates, or joint ventures - During the reporting period, the Group did not undertake any major acquisitions or disposals of subsidiaries, associates, or joint ventures[44](index=44&type=chunk) [Major Investments Held and Prospects](index=14&type=section&id=%E6%89%80%E6%8C%81%E7%9A%84%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E5%8F%8A%E5%89%8D%E6%99%AF) As of the end

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7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: | 趣致集團 | | | | | | 呈交日期: | 2025年8月6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) | 00917 | 說明 | | | | | | 法定/註冊股份數目 | 面值 | | 法定/註冊股本 | | | --- | --- | --- | --- | --- | --- | | 上月底結存 | | 5,000,000,000 USD | 0.00001 | USD | 50,000 | | 增加 / 減少 (-) | | 0 | | USD | 0 | | 本月底結存 | | 5,000,000,000 USD | 0.0 ...

格隆汇8月5日丨趣致集团(00917.HK)宣布，董事会会议将于2025年8月15日（星期五）举行，藉以（其 中包括）考虑及批准集团截至2025年6月30日止六个月的中期业绩及其发布。 ...

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分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 趣致集團（「本公司」，連同其附屬公司，統稱為「本集團」）董事（「董事」）會（「董 事會」）謹此宣佈，董事會會議將於2025年8月15日（星期五）舉行，藉以（其中包 括）考慮及批准本集團截至2025年6月30日止六個月的中期業績及其發佈。 承董事會命 Qunabox Group Limted （趣致集團） 董事長、執行董事兼首席執行官 殷珏輝女士 香港 2025年8月5日 於本公告日期，董事會包括(i)執行董事殷珏輝女士、曹理文先生及黃愛華先生； (ii)非執行董事戴建春先生及陳瑞先生；及(iii)獨立非執行董事車錄鋒博士、朱霖 先生及楊波博士。 Qunabox Group Limited 趣致集團 （於開曼群島註冊成立的有限公司） （股份代號：0917） 董事會會議通告 ...

Group 1 - The core viewpoint highlights the ongoing development of commercial real estate, particularly in retail, with various companies expanding their operations and enhancing consumer experiences through innovative strategies [3][5][8] - Multiple cities are implementing or enhancing tax refund policies to stimulate inbound consumption, with notable examples including Guangzhou and Dalian, which have introduced convenient tax refund services for foreign tourists [5][6] - Companies like China Resources and Poly are expanding their commercial footprints through strategic partnerships and new project developments, targeting both core cities and emerging markets [10][11] Group 2 - Alibaba is raising funds to support its international e-commerce and cloud computing businesses, while competitors like JD.com and Meituan are intensifying their efforts in instant retail [4][28] - The REITs market is experiencing significant activity, with several companies, including Cinda and China Overseas, pushing for the listing and expansion of quality assets, indicating a robust interest from investors [31][33] - High-end brands are innovating their retail experiences, as seen with LV's unique store concept in Shanghai, which has attracted considerable foot traffic and consumer interest [19][21] Group 3 - The retail landscape is evolving with brands like Ba Wang Cha Ji and Lao Xiang Ji expanding into Hong Kong, indicating a trend of brands using the city as a launchpad for global expansion [18][24] - Nike is facing challenges in the Chinese market, with a reported 13% decline in revenue, while luxury brands are leveraging experiential marketing to attract consumers [19][20] - Community-focused commercial projects are on the rise, with new concepts like DT-X aiming to enhance local shopping experiences and meet consumer demands for convenience [17][18]

Core Viewpoint - The recent stock placement by Qizhi Group, raising approximately HKD 320 million, reflects the capital market's confidence in the integration of AI technology with traditional business, particularly in the AI interactive marketing sector [1][3][6]. Group 1: Financial Performance and Market Position - Qizhi Group's initial public offering raised a net amount of HKD 421 million at an issue price of HKD 25 per share, while the recent placement involved 3 million new shares priced at HKD 106.60 each, indicating a significant increase in valuation [3]. - As of July 25, Qizhi Group's stock price reached HKD 114, with a total market capitalization of HKD 30.3 billion, representing a cumulative increase of over 146% since its listing [3]. - For the year 2024, Qizhi Group reported a revenue of HKD 1.34 billion and a gross profit of HKD 750 million, marking a year-on-year growth of 40.1%, outperforming the industry average [5]. Group 2: Strategic Focus and Investment Allocation - The funds from the recent placement are earmarked for three strategic areas: HKD 157 million for domestic and international operations, HKD 31.38 million for research and development, and HKD 125 million for optimizing capital structure [4]. - Qizhi Group aims to enhance its market position through continuous investment in AIoT technology, with a planned R&D expenditure of HKD 91.5 million in 2024, a 43.8% increase year-on-year [5]. Group 3: Market Expansion and Future Outlook - The company is focusing on international expansion, particularly in the Middle East and Singapore, with plans to establish a regional center in the UAE and collaborate with local investment entities [9]. - Qizhi Group's long-term strategy includes diversifying its service offerings and building an AIoT ecosystem that integrates various consumer engagement scenarios, aiming for significant overseas revenue contribution by 2027 [10].

Market Overview - Hong Kong stocks experienced a pullback after an initial rise, with the Hang Seng Index closing down 0.29% at 24,517.76 points and a total trading volume of 258.95 billion HKD [1] - The Hang Seng China Enterprises Index fell 0.18% to 8,861.39 points, while the Hang Seng Tech Index decreased by 0.24% to 5,418.4 points [1] - Shenwan Hongyuan remains optimistic about investment opportunities in Hong Kong and A-share markets, predicting that Hong Kong will play a crucial role in the restructuring of the global financial order [1] Blue Chip Performance - Anta Sports (02020) led blue-chip stocks, rising 2.28% to 91.85 HKD, contributing 4.55 points to the Hang Seng Index [2] - Other notable performers included Kuaishou-W (01024) up 2.13% and Trip.com Group-S (09961) up 1.59%, while Shenzhou International (02313) and Zhongsheng Holdings (00881) saw declines of 2.75% and 2.67%, respectively [2] Sector Highlights - Large tech stocks showed mixed results, with Kuaishou rising over 2% and Baidu nearly 1%, while Tencent fell 0.19% [3] - The humanoid robot sector is gaining traction, with Shengye rising nearly 15% following positive developments [3] - The innovative drug sector remains active, with Lijun Pharmaceutical rising 13% amid ongoing interest in new drug procurement [4][5] Innovative Drug Sector - The 11th batch of national drug procurement has started, focusing on mature "old drugs" while excluding innovative drugs [5] - Analysts believe that the current innovative drug market is driven by value reassessment, with domestic investors increasing their positions through Hong Kong Stock Connect [5] Stablecoin Activity - China San San Media (08087) surged 72.73% after announcing plans to apply for a stablecoin license in Hong Kong, which will officially take effect on August 1 [6] - The global regulatory framework for stablecoins is expected to lead to significant industry growth [6] New Consumption Trends - New consumption stocks showed varied performance, with Guoquan (02517) up 7.29% and Hu Shang Ayi (02589) up 1.99%, while Gu Ming (01364) fell 4.26% [7] - Guoquan expects a net profit of approximately 180 to 210 million RMB for the first half of 2025, representing a year-on-year increase of 111% to 146% [7] Notable Stock Movements - Weiyali (00854) saw a dramatic increase of 288.34% after resuming trading, reaching a peak of 33.2 HKD [8] - Chongqing Machinery (02722) rose 14.06% following news of NVIDIA resuming sales of its H20 chip in China [9] - Jiufang Zhitu Holdings (09636) increased by 10.06% as it plans to issue shares for strategic investments [10] - Quzhi Group (00917) fell 12.06% after announcing a share placement at a discount to its market price [11]

Group 1 - The company, Qizhi Group, announced a placement agreement to issue 3 million shares at a price of HKD 106.60 per share, representing approximately 1.14% of the existing issued shares [1] - The placement price reflects a discount of about 17.04% compared to the closing price of HKD 128.50 on the last trading day and a discount of approximately 17.44% compared to the average closing price of HKD 129.12 over the last five trading days [1] - The board believes that the placement will enhance the company's liquidity and financial position, expand the shareholder base, optimize the capital structure, and support sustainable development [1] Group 2 - If all placement shares are fully subscribed, the total gross proceeds are expected to be approximately HKD 320 million, with a net amount of about HKD 314 million after deducting commissions and related costs [2] - The net proceeds are planned to be used as follows: approximately 50% for domestic and international business operations, about 10% for research and development, and around 40% for optimizing the capital structure and other general corporate purposes [2] - The expected timeline for utilizing the net proceeds is by December 31, 2030, subject to adjustments based on future developments, market conditions, and business circumstances [2]

Financial Performance - In 2024, the company's revenue reached RMB 1,339.5 million, representing a year-on-year growth of 33.1%[9] - Gross profit for 2024 was RMB 749.8 million, an increase of 40.1% compared to the previous year[13] - Adjusted EBITDA for 2024 amounted to RMB 339.7 million, reflecting a year-on-year growth of 21.2%[13] - The company reported a net loss of RMB 1,662.7 million for the year ended December 31, 2024, primarily due to a non-cash one-time fair value change related to the conversion of convertible redeemable preferred shares[54] - Adjusted profit (non-IFRS measure) totaled RMB 251.2 million for the year ended December 31, 2024, representing a year-on-year increase of 25.1%[54] - Other income surged from RMB 6.3 million for the year ended December 31, 2023, to RMB 19.4 million for the year ended December 31, 2024, marking a growth of 207.9%[45] - The financial performance for the year ending December 31, 2024, is detailed in the consolidated income statement and other comprehensive income section of the annual report[99] Assets and Liabilities - The total assets of the company as of December 31, 2024, were RMB 2,106.3 million, up from RMB 1,067.4 million in 2023[10] - The company's net current assets increased to RMB 1,365.7 million in 2024, compared to RMB 730.7 million in 2023[10] - The total liabilities decreased significantly to RMB 540.7 million in 2024 from RMB 1,435.3 million in 2023[10] - The company's debt-to-asset ratio decreased dramatically from 134.5% as of December 31, 2023, to 25.7% as of December 31, 2024, primarily due to the conversion of convertible redeemable preferred shares into ordinary shares[66] Revenue Segments - Marketing services revenue for 2024 was RMB 1,097.4 million, a rise from RMB 808.0 million in 2023[9] - The company reported a total of RMB 184.6 million in product sales for 2024, compared to RMB 144.3 million in 2023[9] - The marketing services segment generated revenue of RMB 1,097.4 million, a year-on-year increase of 35.8%, with a gross profit of RMB 679.5 million, up 41.7%[24] - Revenue from the merchandise sales segment reached RMB 184.6 million, a year-on-year increase of 27.9%, with gross profit rising by 47.1% to RMB 43.7 million[32] - Value-added marketing services revenue surged from RMB 115.8 million to RMB 177.8 million, reflecting a year-on-year growth of 53.5% due to continued investment in AI interactive marketing and data strategy products[39] Client and Market Development - The number of brand clients served increased to 294, with the number of major clients rising to 50, and the average revenue per major client grew by 30.1% to RMB 18.0 million[25] - The company aims to expand its services into high-potential sectors such as new energy vehicles and home appliances, supported by favorable policies[16] - The group plans to accelerate international expansion into the Middle East and Singapore markets, along with strategic business acquisitions to enhance resource integration[34] Research and Development - The company significantly increased its R&D investment in AI interaction and data products by 44.7% year-on-year, resulting in substantial technological achievements and product transformations[26] - The company plans to focus its R&D efforts on AI interaction and big data for core marketing services, reducing engagement in non-core projects[41] Shareholder and Equity Information - The company reported that as of December 31, 2024, the total issued share capital was 262,705,446 shares[128] - The company has a distributable reserve of approximately RMB 1,536.3 million as of December 31, 2024, compared to zero in 2023[114] - The company has established a unified action agreement among key shareholders to ensure consistent voting behavior at shareholder meetings[141] - The total number of shares held by major shareholders indicates a significant concentration of ownership, with several entities holding over 8% of the issued share capital[132][133][134][135][136] Governance and Management - The management team includes experienced professionals with over 25 years in telecommunications and technology sectors[78] - The board consists of three executive directors, two non-executive directors, and three independent non-executive directors, ensuring compliance with listing rules regarding independent director appointments[181] - The company has established mechanisms to ensure the board can obtain independent opinions, including the appointment of at least three independent non-executive directors[188] - The company has appropriate liability insurance arrangements for directors and reviews the coverage annually[180] Employee and Training Initiatives - The group has a total employee cost of RMB 40.7 million for the reporting period, an increase from RMB 38.3 million for the previous year[76] - The company continuously provides training programs to enhance employees' skills and ensure compliance with policies[76] - The gender distribution among employees, including senior management, is approximately 65% male and 35% female, with a goal to achieve a more balanced gender ratio[186] Future Plans and Strategic Initiatives - The company plans to initiate strategic acquisitions in 2025 to enhance resource integration and expand business synergies[16] - The company aims to optimize marketing services with 13.0% of the net proceeds, totaling HKD 54.67 million[106] - The company is committed to maintaining effective cost control and efficient operations in response to market competition and regulatory changes[104]