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 | 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) | 01039 | 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 | | 0.01 | USD | | 50,000,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.01 | USD | | 50,000,000 | 本月底法定/註冊股本總額： USD 50,000,000 FF301 第 1 頁 共 10 頁 v 1.1.1 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 ...

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 致：香港交易及結算所有限公司 公司名稱: 暢由國際集團有限公司 呈交日期: 2025年10月2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) | 01039 | 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 | | 0.01 | USD | | 50,000,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.01 | USD | | 50,000,000 | 本月底法定/註冊股 ...

CHANGYOU INTERNATIONAL GROUP LIMITED 暢由國際集團有限公司 (incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock code 股份代號: 1039) N O T I F I C AT I O N L E T T E R 通 知 信 函 Dear Registered Shareholder(s), Changyou International Group Limited (the "Company") –Notice of Publication of 2025 Interim Report (the "Current Corporate Communications") The Current Corporate Communications of the Company have been published in English and Chinese languages and are available on the website of The Sto ...

CHANGYOU INTERNATIONAL GROUP LIMITED 暢由國際集團有限公司 (incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock code 股份代號: 1039) N O T I F I C AT I O N L E T T E R 通 知 信 函 Dear Non-registered holder(s)(Note) , Changyou International Group Limited (the "Company") –Notice of Publication of 2025 Interim Report (the "Current Corporate Communications") The Current Corporate Communications of the Company have been published in English and Chinese languages and are available on the website of T ...

Corporate Information [Company Overview & Board](index=3&type=section&id=Company%20Overview%20%26%20Board) The report discloses the composition of the company's board of directors, including executive, non-executive, and independent non-executive directors, along with members and chairs of the audit, remuneration, and nomination committees - Mr. Cheng Jerome serves as the Chairman of the Board, and Mr. Wong Chi Keung succeeded Mr. Cheng Jerome as the Chairman of the Nomination Committee after his resignation on June 24, 2025[4](index=4&type=chunk) [Key Contacts & Advisors](index=4&type=section&id=Key%20Contacts%20%26%20Advisors) This section provides the company's principal place of business in Hong Kong, principal bankers, auditor, legal advisor, stock code, Hong Kong share registrar, company website, and investor relations contact information - The company's stock code is **1039**[7](index=7&type=chunk)[8](index=8&type=chunk) - The auditor is BDO Limited, Hong Kong, and the legal advisor is Nixon, Zheng, Lin & Hu Solicitors[7](index=7&type=chunk)[8](index=8&type=chunk) Management Discussion and Analysis [Business Review](index=5&type=section&id=Business%20Review) Changyou International Group leverages its e-commerce experience to enter the digital points business, forming the Changyou Alliance with major enterprises to develop the 'Changyou Platform' for integrating digital membership points, resources, and strategic advantages, utilizing blockchain and big data technologies to create a global asset blockchain token issuance, circulation, storage, and payment settlement platform - The Changyou Platform utilizes advanced technologies like blockchain and big data to build a global digital asset circulation platform[10](index=10&type=chunk)[14](index=14&type=chunk) [Platform Development & User Growth](index=5&type=section&id=Platform%20Development%20%26%20User%20Growth) The Changyou Platform continues to grow its user base, enrich product and service categories, and refine its business model and consumption scenarios Changyou Platform User Growth | Metric | As of June 30, 2025 | As of December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Cumulative Registered Users | Approx. **275.0 million** | - | Newly added approx. **23.2 million** | Changyou Alliance Business Transaction Volume and Revenue | Metric | Amount (RMB) | | :--- | :--- | | Total Transaction Volume | Approx. **122.7 million** | | Revenue | Approx. **90.4 million** | [SaaS Digital Points Services & Ecosystem](index=5&type=section&id=SaaS%20Digital%20Points%20Services%20%26%20Ecosystem) SaaS digital points services maintain stable operations, contributing significant revenue to the group, while user experience optimization and deep scenario linkage strengthen competitive advantages, actively collaborating with China Mobile provincial companies to form a virtuous cycle of "points + scenarios + traffic" - SaaS digital points services maintain stable operations, continuously contributing significant revenue[13](index=13&type=chunk)[16](index=16&type=chunk) - The company actively collaborates with China Mobile provincial companies to develop business synergies, forming a virtuous cycle of "points + scenarios + traffic" to effectively enhance user stickiness and business added value[13](index=13&type=chunk)[16](index=16&type=chunk) [Traffic Expansion Strategy](index=6&type=section&id=Traffic%20Expansion%20Strategy) The company actively explores public domain traffic promotion paths based on the SaaS digital points service ecosystem traffic, deeply integrating with self-operated platform customer acquisition and user retention, establishing a complete closed loop within the Alipay ecosystem, and systematically advancing exploration in the WeChat and Douyin ecosystems - The Alipay ecosystem has established a complete closed loop of "traffic acquisition – user conversion – transaction completion"[18](index=18&type=chunk)[22](index=22&type=chunk) - Exploration of the WeChat and Douyin ecosystems is progressing systematically, laying the foundation for future traffic expansion[18](index=18&type=chunk)[22](index=22&type=chunk) [Financial Review](index=6&type=section&id=Financial%20Review) For the six months ended June 30, 2025, the group's revenue decreased by 11.8% year-on-year to RMB 90.4 million, primarily due to business partners reducing total points usage; despite the revenue decline, gross profit margin improved from 18.0% to 21.7% through supply chain optimization and product focus, and all expenses (selling and distribution, administrative, R&D) decreased, leading to a turnaround from operating loss to profit - The group's operating profit turned from a loss of **RMB 1.9 million** in the same period of 2024 to a profit of **RMB 4.4 million** in the same period of 2025[89](index=89&type=chunk) [Revenue Performance](index=6&type=section&id=Revenue%20Performance) For the six months ended June 30, 2025, the group's consolidated revenue decreased by 11.8% year-on-year, mainly due to unstable economic conditions leading business partners to reduce total points usage Revenue Comparison | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Consolidated Revenue | **90.4** | **102.4** | **-11.8%** | - The decrease in revenue is primarily attributed to business partners reducing the total usage of points amidst an unstable economic environment[19](index=19&type=chunk)[23](index=23&type=chunk) [Profitability Analysis](index=6&type=section&id=Profitability%20Analysis) The group's gross profit increased year-on-year, and gross profit margin significantly improved, primarily due to Changyou Platform supply chain optimization, product category focus, and the integration of points redemption with business promotion, effectively enhancing user conversion rates and overall profitability Gross Profit and Gross Profit Margin Comparison | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Gross Profit | **19.6** | **18.4** | **+6.5%** | | Gross Profit Margin | **21.7%** | **18.0%** | **+3.7 percentage points** | - The group improved user conversion rates and overall profitability by optimizing the Changyou Platform supply chain, focusing on specific product categories, and integrating points redemption with business promotion[20](index=20&type=chunk)[24](index=24&type=chunk) [Operating Expenses](index=6&type=section&id=Operating%20Expenses) Selling and distribution expenses, administrative expenses, and research and development costs all decreased year-on-year, reflecting the group's efforts in cost control, particularly through flexible employment, outsourcing cooperation, and strict control over fixed costs and labor expenses Operating Expense Comparison | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Selling and Distribution Expenses | **1.9** | **2.1** | **-8.7%** | | Administrative Expenses | **9.8** | **14.6** | **-32.5%** | | Research and Development Costs | **3.4** | **4.0** | **-14.7%** | - The decrease in selling and distribution expenses is directly related to the decline in business scale, achieved through flexible employment and outsourcing cooperation[26](index=26&type=chunk)[31](index=31&type=chunk) - The significant reduction in administrative expenses is primarily due to the group's continuous implementation of cost-saving measures, strictly controlling fixed costs, labor, and administrative expenses[27](index=27&type=chunk)[32](index=32&type=chunk) - The decrease in research and development costs is mainly due to reduced technical infrastructure development costs and employee costs for R&D activities[28](index=28&type=chunk)[33](index=33&type=chunk) - Impairment gains on trade and other receivables were zero, compared to approximately **RMB 26,000** in the prior year period[29](index=29&type=chunk)[34](index=34&type=chunk) [Finance Costs & Taxation](index=7&type=section&id=Finance%20Costs%20%26%20Taxation) The group's finance costs decreased by 13.1% year-on-year, primarily including convertible bonds, equity shareholder loan interest, and lease liability interest, and recorded a net foreign exchange gain; income tax expense of RMB 2.8 million was recognized in the current period, compared to zero in the prior year period Finance Costs and Taxation Comparison | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Finance Costs | **5.3** | **6.1** | **-13.1%** | | Income Tax Expense | **2.8** | **0.0** | N/A | - Finance costs include financial expenses for convertible bonds, interest expenses on lease liabilities, interest expenses on equity shareholder loans, and a net foreign exchange gain of **RMB 3.3 million** (compared to a loss of **RMB 0.7 million** in the same period of 2024)[30](index=30&type=chunk)[35](index=35&type=chunk)[137](index=137&type=chunk) [Liquidity and Financial Resources](index=8&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the group's cash and cash equivalents significantly increased, primarily driven by net cash inflow from operating activities; despite this, the group still faces net current liabilities and net liabilities, and there is significant uncertainty regarding its ability to continue as a going concern, relying on financial support from its controlling shareholder - The group's ability to continue as a going concern is highly dependent on the timely financial support from its controlling company, Century Investment (Holding) Limited, posing significant uncertainty[122](index=122&type=chunk)[126](index=126&type=chunk) [Cash Flow & Current Position](index=8&type=section&id=Cash%20Flow%20%26%20Current%20Position) The group's cash and cash equivalents significantly increased, primarily driven by net cash inflow from operating activities, but net current liabilities persist, with a slight improvement in the current ratio Cash and Liquidity Indicators Comparison | Metric | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | **26.6** | **8.2** | **+18.4** | | Net Cash Inflow/(Outflow) from Operating Activities | **18.9** (Inflow) | **-18.4** (Outflow) | N/A | | Net Cash Outflow from Investing Activities | **0.043** | **0.6** | N/A | | Net Cash Outflow from Financing Activities | **0.5** | **-1.7** (Inflow) | N/A | | Net Current Liabilities | **53.8** | **54.0** | **-0.2** | | Current Ratio | **0.73** | **0.71** | **+0.02** | [Assets, Liabilities & Debt Ratios](index=8&type=section&id=Assets%20%26%20Liabilities%20%26%20Debt%20Ratios) The group's total assets and total liabilities both increased, but the debt-to-equity ratio slightly decreased, and the asset-to-liability ratio remained negative, indicating negative equity Assets, Liabilities and Debt Ratios Comparison | Metric | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Total Assets | **145.4** | **138.8** | **+6.6** | | Total Liabilities | **304.2** | **293.2** | **+11.0** | | Debt-to-Equity Ratio | **2.09** | **2.11** | **-0.02** | | Total Borrowings | **165.3** | **163.8** | **+1.5** | | Asset-to-Liability Ratio | **-1.04** | **-1.06** | **+0.02** | [Convertible bonds](index=9&type=section&id=Convertible%20bonds) The company issued 3.5% convertible bonds (CB1) in 2020, which matured in 2023; in January 2024, the company entered into an agreement with major shareholder CIH to issue 8% convertible bonds (CB2) to redeem CB1 and offset related amounts; CB2 was issued in April 2024 and is planned for the development of the new international Changyou platform, team building, and working capital - The 2020 convertible bonds (CB1) matured on October 19, 2023, and CIH did not exercise its conversion rights[48](index=48&type=chunk)[52](index=52&type=chunk)[177](index=177&type=chunk) - On January 26, 2024, the company entered into an agreement with CIH to issue **HKD 126 million** of 8% convertible bonds (CB2), which were issued on April 23, 2024, for the redemption of CB1[49](index=49&type=chunk)[52](index=52&type=chunk)[178](index=178&type=chunk) Actual Use of Net Proceeds from 2020 Convertible Bonds (As of June 30, 2025) | Use | Original Use (HKD million) | Revised Use (HKD million) | Actual Use as of June 30, 2025 (HKD million) | Revised Estimated Timeline | | :--- | :--- | :--- | :--- | :--- | | Development of new international Changyou platform | **25.0** | **3.0** | **1.9** | December 31, 2025 | | Establishment of new team to support new international Changyou platform | **25.0** | **10.0** | **7.2** | December 31, 2025 | | General working capital for new international Changyou platform | **10.0** | **2.0** | **0.7** | December 31, 2025 | | Promotion and marketing activities for existing China Changyou platform | - | **10.0** | **10.0** | December 31, 2022 | | Employee costs and technical infrastructure development for existing China Changyou platform | - | **60.0** | **60.0** | December 31, 2021 | | Fixed administrative expenses for existing China Changyou platform | - | **12.0** | **12.0** | December 31, 2021 | | General working capital for the group | **24.4** | **27.4** | **27.4** | June 30, 2022 | | **Total** | **124.4** | **124.4** | **119.2** | | [Loans from an equity shareholder of the Company](index=11&type=section&id=Loans%20from%20an%20equity%20shareholder%20of%20the%20Company) The company's subsidiary PCL entered into a revolving loan facility agreement with Century Investment for a total of **HKD 111 million**; this loan is unsecured, with the interest rate adjusted from 6.5% to 8%, and the loan term has been extended multiple times, most recently to mature in July and September 2027 - The loan facility amount is **HKD 111 million**, unsecured[59](index=59&type=chunk)[66](index=66&type=chunk)[185](index=185&type=chunk)[187](index=187&type=chunk) - The loan interest rate was adjusted from **6.5% to 8%** effective May 31, 2024[59](index=59&type=chunk)[66](index=66&type=chunk)[187](index=187&type=chunk) - The loan term has been extended multiple times, most recently on July 28, 2025, to mature in July and September 2027[59](index=59&type=chunk)[66](index=66&type=chunk)[190](index=190&type=chunk)[192](index=192&type=chunk) Equity Shareholder Loan Status | Metric | June 30, 2025 (HKD million) | December 31, 2024 (HKD million) | | :--- | :--- | :--- | | Outstanding Principal | **56.08** | **56.08** | | Outstanding Accrued Interest | **6.364** | **4.139** | [Other Financial Information](index=11&type=section&id=Other%20Financial%20Information) This section outlines the group's property and equipment, trade and other receivables, and trade and other payables balances at period-end, confirming no pledged assets, significant contingent liabilities, or contracted capital commitments at period-end - As of June 30, 2025, the group has no pledged assets, significant contingent liabilities, or contracted capital commitments not provided for in the interim financial report[60](index=60&type=chunk)[61](index=61&type=chunk)[62](index=62&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk)[69](index=69&type=chunk) [Property and equipment](index=11&type=section&id=Property%20and%20equipment) As of June 30, 2025, the group's property and equipment carrying value was **RMB 0.9 million**, a decrease from **RMB 2.5 million** at the end of 2024; new property and equipment costs incurred during the period amounted to **RMB 45,000** Property and Equipment Carrying Value | Metric | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Property and Equipment | **0.9** | **2.5** | - For the six months ended June 30, 2025, the group incurred new property and equipment costs of **RMB 45,000**[153](index=153&type=chunk)[157](index=157&type=chunk) [Trade and other receivables](index=11&type=section&id=Trade%20and%20other%20receivables) As of June 30, 2025, the group's trade and other receivables amounted to **RMB 115.3 million**, a decrease from **RMB 122.7 million** at the end of 2024; net trade receivables were **RMB 8.2 million**, primarily due within 3 months Trade and Other Receivables | Metric | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Trade and Other Receivables | **115.3** | **122.7** | | Net Trade Receivables | **8.2** | **14.3** | - Trade receivables (net of loss allowance) are primarily due within 3 months, amounting to **RMB 8.0 million**[164](index=164&type=chunk)[165](index=165&type=chunk) - Other receivables include **RMB 100 million** due from the issuance of subsidiary shares to a non-controlling equity shareholder, which has not yet been received[159](index=159&type=chunk)[161](index=161&type=chunk) [Trade and other payables](index=11&type=section&id=Trade%20and%20other%20payables) As of June 30, 2025, the group's trade and other payables amounted to **RMB 138.7 million**, an increase from **RMB 127.4 million** at the end of 2024; trade payables were **RMB 17.7 million**, primarily due within 3 months Trade and Other Payables | Metric | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Trade and Other Payables | **138.7** | **127.4** | | Trade Payables | **17.7** | **9.3** | - Trade payables are primarily due within 3 months, amounting to **RMB 16.9 million**[170](index=170&type=chunk)[171](index=171&type=chunk) - Other payables include advances of **RMB 100 million** from a non-controlling equity shareholder[170](index=170&type=chunk) [Pledged assets, contingent liabilities and capital commitment](index=11&type=section&id=Pledged%20assets%2C%20contingent%20liabilities%20and%20capital%20commitment) As of June 30, 2025, the group had no pledged assets, significant contingent liabilities, or contracted capital commitments not provided for in the interim financial report - As of June 30, 2025, the group had no pledged assets[60](index=60&type=chunk)[67](index=67&type=chunk) - As of June 30, 2025, the group had no significant contingent liabilities[61](index=61&type=chunk)[68](index=68&type=chunk) - As of June 30, 2025, the group had no contracted capital commitments not provided for in the interim financial report[62](index=62&type=chunk)[69](index=69&type=chunk) [Human Resources & Risk Management](index=12&type=section&id=Human%20Resources%20%26%20Risk%20Management) This section outlines the group's employee situation, remuneration policy, and foreign exchange risk management strategy - The group's business is primarily located in China, with most transactions denominated in RMB, but it has entered into financing agreements denominated in HKD[72](index=72&type=chunk)[76](index=76&type=chunk) - For the six months ended June 30, 2025, the group did not use any forward contracts or currency borrowings to hedge foreign exchange risk, but will continue to monitor and consider hedging when necessary[72](index=72&type=chunk)[76](index=76&type=chunk) [Employees and remuneration policy](index=12&type=section&id=Employees%20and%20remuneration%20policy) As of June 30, 2025, the group had 57 employees, with total employee costs of **RMB 9.0 million**; the group is committed to enhancing employee capabilities and professional skills through internal and external training Employee and Remuneration Information | Metric | June 30, 2025 | H1 2025 (RMB million) | | :--- | :--- | :--- | | Number of Employees | **57** | N/A | | Total Employee Costs | N/A | **9.0** | - The group promotes employee self-improvement and skill enhancement through internal training, external training, and relevant courses[71](index=71&type=chunk)[75](index=75&type=chunk) [Foreign exchange risk](index=12&type=section&id=Foreign%20exchange%20risk) The group's business is primarily denominated in RMB, but it has financing agreements denominated in HKD; no foreign exchange hedging was conducted during the reporting period, but risks will continue to be monitored - The group's business is primarily located in China, with most transactions denominated in RMB, but it has entered into financing agreements denominated in HKD[72](index=72&type=chunk)[76](index=76&type=chunk) - For the six months ended June 30, 2025, the group did not utilize any forward contracts or currency borrowings to hedge foreign exchange risk[72](index=72&type=chunk)[76](index=76&type=chunk) [Strategic Investments & Shareholder Matters](index=12&type=section&id=Strategic%20Investments%20%26%20Shareholder%20Matters) This section clarifies that the group had no significant investments, acquisitions, or disposals during the reporting period, and discloses the controlling shareholder CIH's pledge of its interests in convertible bonds and certain shares to Poly Platinum - For the six months ended June 30, 2025, the group had no significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures[73](index=73&type=chunk)[77](index=77&type=chunk) [Significant investments held, material acquisitions and disposals of subsidiaries, associates or joint ventures, and future plans for material investments or purchase of capital assets](index=12&type=section&id=Significant%20investments%20held%2C%20material%20acquisitions%20and%20disposals%20of%20subsidiaries%2C%20associates%20or%20joint%20ventures%2C%20and%20future%20plans%20for%20material%20investments%20or%20purchase%20of%20capital%20assets) During the reporting period, the group held no significant investments and made no material acquisitions or disposals of subsidiaries, associates, or joint ventures; the board also did not approve any other plans for significant investments or capital asset purchases - During the reporting period, the group had no significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures[73](index=73&type=chunk)[77](index=77&type=chunk) [Pledge of shares by controlling shareholder](index=12&type=section&id=Pledge%20of%20shares%20by%20controlling%20shareholder) Controlling shareholder CIH pledged its interests in the 2020 and 2024 convertible bonds, as well as its interest in **60,000,000 shares**, to Poly Platinum Enterprises Limited - CIH has pledged its interests in the 2020 convertible bonds and the 2024 convertible bonds to Poly Platinum[74](index=74&type=chunk)[78](index=78&type=chunk) - CIH also pledged its interest in **60,000,000 shares** to Poly Platinum[74](index=74&type=chunk)[78](index=78&type=chunk) [Dividend](index=13&type=section&id=Dividend) The Board does not recommend the payment of any 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[79](index=79&type=chunk)[84](index=84&type=chunk)[146](index=146&type=chunk)[149](index=149&type=chunk) [Prospects](index=13&type=section&id=Prospects) Looking ahead, the group will continue to deepen its points ecosystem layout, expand redemption scenarios, and enhance the stability of SaaS digital points services; concurrently, it plans to rapidly expand its advertising business, strengthen public domain traffic operations, and deepen cooperation with China Mobile and Bank of China provincial branches to explore the deep integration of points, benefits, and financial services for multi-party win-win outcomes - The group will deepen its points ecosystem layout and expand points redemption scenarios to maintain the stability of its SaaS digital points service business[81](index=81&type=chunk)[86](index=86&type=chunk) - The group aims to rapidly expand its advertising business scale, improve gross profit margin, and build a "public domain traffic acquisition + private domain conversion" closed loop[82](index=82&type=chunk)[87](index=87&type=chunk) - The group will strengthen business cooperation with China Mobile provincial companies and Bank of China provincial branches, exploring the deep integration of points, benefits, and financial services[83](index=83&type=chunk)[87](index=87&type=chunk) Consolidated Financial Statements [Consolidated Statement of Profit or Loss](index=14&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the group recorded revenue of **RMB 90.4 million**, gross profit of **RMB 19.6 million**, operating profit of **RMB 4.4 million**, and a loss for the period of **RMB 3.8 million**; basic and diluted loss per share was **RMB 0.26 cents** Consolidated Statement of Profit or Loss Key Data (For the six months ended June 30) | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | **90,372** | **102,429** | | Cost of Sales | **(70,739)** | **(84,040)** | | Gross Profit | **19,633** | **18,389** | | Operating Profit/(Loss) | **4,375** | **(1,936)** | | Finance Costs | **(5,314)** | **(6,112)** | | Loss Before Tax | **(955)** | **(8,083)** | | Income Tax | **(2,833)** | – | | Loss for the Period | **(3,788)** | **(8,083)** | | Basic and Diluted Loss Per Share (RMB cents) | **(0.26)** | **(0.41)** | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=15&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the group's loss for the period was **RMB 3.8 million**, which, combined with exchange differences arising from the translation of financial statements into the presentation currency (other comprehensive income), resulted in a total comprehensive loss for the period of **RMB 4.5 million** Consolidated Statement of Profit or Loss and Other Comprehensive Income Key Data (For the six months ended June 30) | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Loss for the Period | **(3,788)** | **(8,083)** | | Exchange Differences on Translation of Financial Statements | **(743)** | **(799)** | | Total Comprehensive Loss for the Period | **(4,531)** | **(8,882)** | [Consolidated Statement of Financial Position](index=16&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the group's total assets were **RMB 145.4 million**, and total liabilities were **RMB 304.2 million**, resulting in net liabilities of **RMB 158.9 million**; the group had net current liabilities of **RMB 53.8 million** Consolidated Statement of Financial Position Key Data (As of June 30) | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Non-current Assets | **3,251** | **7,676** | | Current Assets | **142,103** | **131,148** | | Current Liabilities | **195,924** | **185,140** | | Net Current Liabilities | **(53,821)** | **(53,992)** | | Non-current Liabilities | **108,322** | **108,045** | | Net Liabilities | **(158,892)** | **(154,361)** | | Share Capital | **117,812** | **117,812** | | Reserves | **109,485** | **114,885** | | Total Equity - Deficit | **(158,892)** | **(154,361)** | [Consolidated Statement of Changes in Equity](index=17&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, the loss attributable to equity holders of the company was **RMB 4.7 million**, which, combined with other comprehensive income (exchange reserve movements), resulted in a total comprehensive loss attributable to equity holders of the company of **RMB 5.4 million**, further widening the total equity deficit Consolidated Statement of Changes in Equity Key Data (For the six months ended June 30) | Metric | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Loss for the Period Attributable to Equity Holders of the Company | **(4,657)** | **(7,394)** | | Other Comprehensive Income (Exchange Reserve) | **(743)** | **(799)** | | Total Comprehensive Loss for the Period Attributable to Equity Holders of the Company | **(5,400)** | **(8,193)** | | Total Equity - Deficit (End of Period) | **(158,892)** | **(149,800)** | [Condensed Consolidated Cash Flow Statement](index=19&type=section&id=Condensed%20Consolidated%20Cash%20Flow%20Statement) For the six months ended June 30, 2025, the group generated net cash inflow of **RMB 18.9 million** from operating activities, while investing and financing activities both resulted in net cash outflows, ultimately leading to a net increase in cash and cash equivalents of **RMB 18.4 million** Condensed Consolidated Cash Flow Statement Key Data (For the six months ended June 30) | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Net Cash From/(Used in) Operating Activities | **18,875** | **(11,350)** | | Net Cash Used in Investing Activities | **(43)** | **(202)** | | Net Cash Used in Financing Activities | **(477)** | **(927)** | | Net Increase/(Decrease) in Cash and Cash Equivalents | **18,355** | **(12,479)** | | Cash and Cash Equivalents at End of Period | **26,566** | **12,947** | Notes to the Unaudited Interim Financial Report [1 Corporate Information](index=20&type=section&id=1%20Corporate%20Information) Changyou International Group Limited was incorporated in the Cayman Islands in 2008 and listed on the Hong Kong Stock Exchange in 2010; the group's principal activities are the development and operation of an electronic trading platform to facilitate the exchange of rewards earned from other companies' customer loyalty programs in China for goods, games, services, and other commercial transactions in the form of virtual assets and credits - The company was incorporated in the Cayman Islands on May 21, 2008, and listed on the Hong Kong Stock Exchange on September 24, 2010[103](index=103&type=chunk)[108](index=108&type=chunk) - The group's principal activities involve the development and operation of an electronic trading platform for selling goods in the form of virtual assets and credits, facilitating the exchange of rewards earned from other companies' customer loyalty programs in China for goods, games, services, and other commercial transactions[104](index=104&type=chunk)[109](index=109&type=chunk)[129](index=129&type=chunk) [2 Basis of Preparation](index=20&type=section&id=2%20Basis%20of%20Preparation) This interim financial report is prepared in accordance with HKAS 34, unaudited but reviewed by the Audit Committee; the report notes that as of June 30, 2025, the group has a net loss, net current liabilities, and net liabilities, with substantial short-term loans and insufficient cash to cover them, indicating significant uncertainty regarding its ability to continue as a going concern, relying on timely financial support from its controlling shareholder Century Investment - For the six months ended June 30, 2025, the group incurred a net loss of **RMB 3,788,000**[116](index=116&type=chunk)[119](index=119&type=chunk) - As of June 30, 2025, the group had net current liabilities of **RMB 53,821,000** and net liabilities of **RMB 158,892,000**[116](index=116&type=chunk)[119](index=119&type=chunk) - The group has loans from an equity shareholder of **RMB 51,142,000** due within one year, while cash and cash equivalents are only **RMB 26,566,000**[116](index=116&type=chunk)[119](index=119&type=chunk) - The group's ability to continue as a going concern faces significant uncertainty, primarily dependent on the timely financial support from its controlling company, Century Investment (Holding) Limited[122](index=122&type=chunk)[126](index=126&type=chunk) - The group controls variable interest entities (VIEs), Shanghai Fen Hulian Information Technology Co., Ltd. and its subsidiaries, through contractual arrangements and accounts for them as subsidiaries[124](index=124&type=chunk)[126](index=126&type=chunk) [3 Changes in Accounting Policies](index=23&type=section&id=3%20Changes%20in%20Accounting%20Policies) The group has applied the amendments to HKAS 21, "Lack of Exchangeability," issued by the HKICPA, but these changes have no material impact on the results and financial position for the current or prior periods - The group has applied the amendments to HKAS 21, "Lack of Exchangeability," issued by the HKICPA[127](index=127&type=chunk)[128](index=128&type=chunk) - These changes in accounting policies have not had a material impact on the group's results or financial position for the current or prior periods[127](index=127&type=chunk)[128](index=128&type=chunk) [16 Fair Value Measurement of Financial Instruments](index=33&type=section&id=16%20Fair%20Value%20Measurement%20of%20Financial%20Instruments) The group's fair value measurement of financial instruments primarily focuses on Level 1, which uses unadjusted quoted prices in active markets for trading securities; there were no transfers between Level 1 and Level 2, or into or out of Level 3 during the reporting period Financial Assets Measured at Fair Value (Level 1) | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trading Securities | **183** | **202** | - During the reporting period, there were no transfers between Level 1 and Level 2, or into or out of Level 3[197](index=197&type=chunk)[201](index=201&type=chunk) - There were no significant differences between the carrying amounts and fair values of the group's financial instruments accounted for at cost or amortized cost[198](index=198&type=chunk)[202](index=202&type=chunk) [17 Material Related Party Transactions](index=34&type=section&id=17%20Material%20Related%20Party%20Transactions) The group's main related party transactions with equity shareholders include interest expenses on loans from an equity shareholder of the company Related Party Transactions with Equity Shareholders | Transaction Type | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest Expense on Equity Shareholder Loan | **2,053** | **1,710** | - Details of the issuance of convertible bonds and financial expenses to an equity shareholder of the company are provided in Note 14[205](index=205&type=chunk) Other Information [Share Option Scheme](index=35&type=section&id=Share%20Option%20Scheme) The company adopted the 2020 Share Option Scheme on June 3, 2020, to incentivize or reward eligible participants; the scheme has a ten-year validity period, with approximately 4.75 years remaining as of the reporting date; no share options were granted under the scheme as of June 30, 2025 - The 2020 Share Option Scheme was adopted on June 3, 2020, with a ten-year validity period, and approximately **4.75 years** remaining as of the reporting date[207](index=207&type=chunk)[210](index=210&type=chunk) - As of June 30, 2025, and the reporting date, no share options were granted under the 2020 Share Option Scheme[214](index=214&type=chunk)[217](index=217&type=chunk) - The exercise price of share options shall not be less than the highest of the closing price on the Stock Exchange on the offer date, the average closing price for the five business days immediately preceding the offer date, and the nominal value of the shares[213](index=213&type=chunk)[216](index=216&type=chunk) [Interests and Short Positions of the Directors and Chief Executive of the Company in the Shares, Underlying Shares and Debentures](index=36&type=section&id=Interests%20and%20Short%20Positions%20of%20the%20Directors%20and%20Chief%20Executive%20of%20the%20Company%20in%20the%20Shares%2C%20Underlying%20Shares%20and%20Debentures) As of June 30, 2025, among the company's directors and chief executive, Mr. Sun Jun held **30,000 shares**, representing approximately **0.002%** of the issued shares; apart from this, no other directors or chief executive held disclosable interests or short positions in shares or underlying shares Directors' Long Positions in Company Shares | Director Name | Number of Shares Held | Approximate Percentage of Issued Shares | | :--- | :--- | :--- | | Mr. Sun Jun | **30,000** | **0.002%** | - As of June 30, 2025, other than Mr. Sun Jun, no other directors or chief executive held disclosable interests or short positions in shares or underlying shares[221](index=221&type=chunk)[223](index=223&type=chunk) [Substantial Shareholders](index=37&type=section&id=Substantial%20Shareholders) As of June 30, 2025, the company's substantial shareholders include Pan Deng, CIH, Greater Bay Area Common Home Investment Limited, Starr International Foundation, Beijing Enterprises Real Estate (Hong Kong) Limited, Liu Yang, and Guo Long, who held long or short positions in the company's shares or underlying shares Substantial Shareholders' Long and Short Positions in Shares and Underlying Shares (As of June 30, 2025) | Substantial Shareholder Name | Nature of Interest | Share Interest | Approximate Percentage of Issued Shares | | :--- | :--- | :--- | :--- | | Pan Deng | Beneficial Interest | **71,367,000** (Long Position) | **3.94%** | | | Controlled Corporation Interest | **898,885,818** (Long Position) | **49.64%** | | | | **660,000,000** (Short Position) | **36.44%** | | CIH | Beneficial Interest | **898,885,818** (Long Position) | **49.64%** | | | | **660,000,000** (Short Position) | **36.44%** | | Greater Bay Area Common Home Investment Limited | Controlled Corporation Interest | **712,647,000** (Long Position) | **39.35%** | | Starr International Foundation | Controlled Corporation Interest | **224,710,691** (Long Position) | **12.41%** | | Beijing Enterprises Real Estate (Hong Kong) Limited | Controlled Corporation Interest | **151,515,000** (Long Position) | **8.37%** | | Liu Yang | Controlled Corporation Interest | **144,853,000** (Long Position) | **8.00%** | | Guo Long | Beneficial Interest | **108,940,000** (Long Position) | **6.02%** | - CIH is wholly owned by Ms. Pan Deng, and its long position includes underlying shares of **300 million** 2024 convertible bonds[227](index=227&type=chunk)[228](index=228&type=chunk) - CIH's short position involves exchangeable bonds convertible into **300 million shares**, and CIH has pledged its interest in the 2024 convertible bonds to Poly Platinum[227](index=227&type=chunk)[228](index=228&type=chunk) [Corporate Governance](index=40&type=section&id=Corporate%20Governance) The company is committed to maintaining high standards of corporate governance and has complied with the code provisions of the HKEX Corporate Governance Code; during the reporting period, all company directors complied with the Model Code for Securities Transactions by Directors of Listed Issuers - The company has complied with the code provisions of the HKEX Corporate Governance Code[231](index=231&type=chunk)[235](index=235&type=chunk) - For the six months ended June 30, 2025, all directors declared and confirmed compliance with the Model Code for Securities Transactions by Directors of Listed Issuers[234](index=234&type=chunk)[238](index=238&type=chunk) - During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any shares or other listed securities[233](index=233&type=chunk)[237](index=237&type=chunk) [Audit Committee](index=41&type=section&id=Audit%20Committee) The Audit Committee comprises three independent non-executive directors, with Mr. Wong Chi Keung as Chairman; the committee has reviewed the group's accounting principles, practices, and methods, as well as the unaudited interim results for the six months ended June 30, 2025 - The Audit Committee is composed of three independent non-executive directors, with Mr. Wong Chi Keung serving as Chairman[239](index=239&type=chunk)[241](index=241&type=chunk) - The Audit Committee has reviewed the group's accounting principles, practices, and methods, as well as the unaudited interim results for the six months ended June 30, 2025[240](index=240&type=chunk)[242](index=242&type=chunk)

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: 暢由國際集團有限公司 呈交日期: 2025年9月2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) | 01039 | 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 | | 0.01 | USD | | 50,000,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.01 | USD | | 50,000,000 | 本月底法定/註冊股本 ...

格隆汇8月28日丨畅由国际集团(01039.HK)公布中期业绩，2025年上半年，公司收益为人民币9037.2万 元，同比减少11.77%；公司权益股东应占期内亏损为人民币465.7万元，上年同期亏损为人民币739.4万 元，基本每股亏损为人民币0.26分。 ...

Group 1 - The company, Changyou International Group, reported a revenue of RMB 90.372 million for the six months ending June 30, 2025, representing a year-on-year decrease of 11.77% [1] - The loss attributable to shareholders narrowed to RMB 4.657 million, a reduction of 37.02% compared to the previous year [1] - The loss per share was recorded at 0.26 cents [1]

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佈的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部分內容而產生或因依賴該等內容 而引致的任何損失承擔任何責任。 CHANGYOU INTERNATIONAL GROUP LIMITED 暢由國際集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1039） 截至二零二五年六月三十日止六個月之中期業績公佈 財務摘要 1 ‧ 本集團收入減少約11.8%至截至二零二五年六月三十日止六個月的約人民幣90.4百萬元（二零 二四年六月三十日：約人民幣102.4百萬元）。 ‧ 截至二零二五年六月三十日止六個月的暢由聯盟業務商品總額約為人民幣122.7百萬元（二零 二四年六月三十日：約人民幣141.5百萬元），減少約13.3%。 ‧ 截至二零二五年六月三十日止六個月，本集團毛利約為人民幣19.6百萬元（二零二四年六月 三十日：約人民幣18.4百萬元）。 ‧ 截至二零二五年六月三十日止六個月，本集團錄得虧損約人民幣3.8百萬元（二零二四年六月 三十日：約人民幣8.1百萬元）。 ‧ 截至二零二五年六月三十日止六個月的每股基本及 ...

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，並明確表示概不就因本公告全部或任何部分內容而產生或因 依賴該等內容而引致的任何損失承擔任何責任。 茲提述暢由國際集團有限公司（「本公司」）日期為二零二五年八月一日之通函（「通函」）。除 另有指明者外，本公告所用詞彙與通函所界定者具有相同涵義。 董事會欣然宣佈，載於日期為二零二五年八月一日之股東特別大會通告之建議普通決議案 （「決議案」）已於二零二五年八月二十日舉行之股東特別大會上獲獨立股東以投票表決方式 正式通過。 於股東特別大會日期，已發行股份總數為 1,810,953,272 股。CIH 及其聯繫人於 706,252,818 股 股份中擁有權益，佔本公司已發行股本約 39.00%。CIH 及其聯繫人須於股東特別大會上就決 議案放棄投票並已放棄投票。因此，合共 1,104,700,454 股股份由獨立股東持有，而彼等有權 出席股東特別大會及投票贊成或反對決議案。 除上文所披露者外，(i)概無任何股份(a)賦予持有人出席但於股東特別大會上就決議案放棄投 贊成票﹔或(b)持有人須根據上市規則於股東特別大 ...