| | | 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 致：香港交易及結算所有限公司 公司名稱: 虎視傳媒有限公司 呈交日期: 2025年11月5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) | 01163 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | USD | | 0.0005 | USD | | 500,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 1,000,000,000 | USD | | 0.0005 | USD | | 500,000 | 本月底法定/註冊股本總額： USD 500,000 FF301 ...

本月底法定/註冊股本總額： USD 500,000 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 | | | 致：香港交易及結算所有限公司 公司名稱: 虎視傳媒有限公司 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) | 01163 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | USD | | 0.0005 | USD | | 500,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 1,000,000,000 | USD | | 0.0005 | USD | | 500,000 | 第 1 頁 ...

Core Insights - The latest shareholder equity disclosures for Hong Kong Exchanges (00388), Tiger Media (01163), and Han Kong Holdings (01663) were made on September 30, 2025 [1] Group 1: Hong Kong Exchanges (00388) - Chen Yiting increased his holdings from 161,500 shares to 163,100 shares, representing a holding percentage of 0.01% [2] Group 2: Tiger Media (01163) - The total shares held increased from 137 million shares to 157 million shares, with a new holding percentage of 17.52%, up from 15.29% previously [2][2][2] Group 3: Han Kong Holdings (01663) - Chen Xiangling and Wang Linbing both increased their holdings from 1.315 billion shares to 1.327 billion shares, resulting in a holding percentage of 53.84%, slightly up from 53.36% previously [2][2]

ADTIGER CORPORATIONS LIMITED 虎視傳媒有限公司 (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: 1163) N OT IF IC ATI ON LET TE R 通 知 信 函 Dear Non-registered Shareholders(1) , ADTIGER CORPORATIONS LIMITED (the "Company") – Notice of Publication of 2025 Interim Report (the "Current Corporate Communication(s)") English and Chinese versions of the Company's Current Corporate Communication(s) are available on the Company's website at www.adtiger.hk and the website of The St ...

ADTIGER CORPORATIONS LIMITED 虎視傳媒有限公司 (Incorporated in the Cayman Islands with limited liability) ( 於開曼群島註冊成立的有限公司 ) It is the responsibility of you to provide a functional email address. If you have not provided your email address to the Com pany or need to update your email address, the Company recommends you provide your email address by completing, signing the enclosed Request Form and returning it to th e Hong Kong Branch Share Registrar at the above-mentioned address by post or by email to ecomhk@boar ...

ADTIGER CORPORATIONS LIMITED 虎視傳媒有限公司 （於開曼群島註冊成立的有限公司） 股份代號：1163 2025 中期報告 Stock Code: 1163 (incorporated in the Cayman Islands with limited liability) ADTIGER CORPORATIONS LIMITED 虎視傳媒有限公司 Stock Code: 1163 (incorporated in the Cayman Islands with limited liability) ADTIGER CORPORATIONS LIMITED 虎視傳媒有限公司 2025 INTERIM REPORT 虎視傳媒有限公司 ADTIGER CORPORATIONS LIMITED Interim Report 2025 中期報告 目錄 陳歡先生 （主席） 張耀亮先生 鄭琪先生 提名委員會 | | 頁次 | | --- | --- | | 公司資料 | 2 | | 財務摘要 | 4 | | 管理層討論及分析 | 5 | | 獨立審閱報告 | 16 | | 中期簡明綜合損益表 ...

本月底法定/註冊股本總額： USD 500,000 FF301 第 1 頁 共 10 頁 v 1.1.1 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: 虎視傳媒有限公司 呈交日期: 2025年9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) | 01163 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | USD | | 0.0005 | USD | | 500,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | ...

Core Viewpoint - Tiger Media (01163) reported a revenue of 154 million RMB for the six months ending June 30, 2025, representing an 18.1% year-on-year increase [1] - The company achieved a profit of 1.787 million RMB during the period, marking a turnaround from a loss to profitability [1] - Basic earnings per share were reported at 0.02 RMB [1] Financial Performance - Revenue for the period was 154 million RMB, up 18.1% compared to the previous year [1] - The company recorded a profit of 1.787 million RMB, indicating a recovery from previous losses [1] - Basic earnings per share stood at 0.02 RMB [1]

Core Viewpoint - Tiger Media (01163) reported a revenue of 154 million RMB for the six months ending June 30, 2025, representing an 18.1% year-on-year increase [1] Financial Performance - The company achieved a profit of 1.787 million RMB during the period, marking a turnaround from a loss to profitability [1] - Basic earnings per share were reported at 0.02 RMB [1]

[Financial Summary](index=1&type=section&id=Financial%20Summary) The company achieved revenue growth and a profit turnaround for the six months ended June 30, 2025, with no interim dividend declared Financial Summary for the Six Months Ended June 30 | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Period Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 154,376 | 130,666 | 18.1 | | Gross Profit | 22,875 | 20,835 | 9.8 | | Profit/(Loss) for the Period | 1,787 | (4,640) | 138.5 | - The Board has resolved not to declare any interim dividend for the reporting period (prior period: nil)[6](index=6&type=chunk) [Management Discussion and Analysis](index=2&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the company's business, financial performance, employee policies, liquidity, key relationships, cash flow, debt, financial ratios, and market risks [Business Review](index=2&type=section&id=Business%20Review) As an online advertising platform, the company focuses on providing overseas online advertising services to Chinese advertisers, expanding media coverage and technological innovation, particularly in AI-driven video generation and marketing strategies, with an increase in advertiser numbers - The company is positioned as an online advertising platform, providing overseas online advertising services to Chinese advertisers, covering top media publishers such as Meta, Google, and TikTok[7](index=7&type=chunk) - As of June 30, 2025, the number of advertisers reached **1,498**, an increase from **1,332** as of December 31, 2024[10](index=10&type=chunk) - The company continues to strengthen the computing infrastructure of its AdTensor platform, deploying industry-leading text-to-video (T2V) and image-to-video (I2V) technologies, and utilizing AI algorithms for intelligent insights and multimodal innovation[11](index=11&type=chunk)[12](index=12&type=chunk) [Financial Review](index=5&type=section&id=Financial%20Review) During the reporting period, the company's revenue grew by **18.1%**, primarily due to favorable pricing policies and expanded market share; cost of sales increased with business growth, and gross profit margin slightly decreased; the company turned profitable, mainly influenced by increased foreign exchange gains and reduced administrative expenses Revenue Breakdown (by Pricing Model) | Pricing Model | 2025 (RMB thousands) | 2025 (%) | 2024 (RMB thousands) | 2024 (%) | | :--- | :--- | :--- | :--- | :--- | | CPA Pricing Model — Designated Action Revenue | 135,171 | 87.6 | 112,900 | 86.4 | | CPC/CPM Pricing Model — Designated Action Revenue | 7,113 | 4.6 | 2,787 | 2.1 | | CPC/CPM Pricing Model — Agreed Rebates | 12,092 | 7.8 | 14,979 | 11.5 | | Subtotal (CPC/CPM) | 19,205 | 12.4 | 17,766 | 13.6 | | Total | 154,376 | 100.0 | 130,666 | 100.0 | Revenue Breakdown (by Advertising Type) | Advertising Type | 2025 (RMB thousands) | 2025 (%) | 2024 (RMB thousands) | 2024 (%) | | :--- | :--- | :--- | :--- | :--- | | Financial | 58,202 | 37.7 | 33,316 | 25.5 | | E-commerce | 48,625 | 31.5 | 56,764 | 43.4 | | Utility Tools and Content App Developers | 38,432 | 24.9 | 31,455 | 24.1 | | Education | 5,026 | 3.3 | 3,134 | 2.4 | | Others | 4,091 | 2.6 | 5,997 | 4.6 | | Total | 154,376 | 100.0 | 130,666 | 100.0 | - Total revenue increased by approximately **RMB23.7 million** or **18.1%** from approximately **RMB130.7 million** in the prior period to approximately **RMB154.4 million** in the reporting period, primarily due to the company offering more favorable pricing policies to advertisers, encouraging increased advertising spend and expanding market share[16](index=16&type=chunk) Cost of Sales Breakdown | Cost of Sales Item | 2025 (RMB thousands) | 2025 (%) | 2024 (RMB thousands) | 2024 (%) | | :--- | :--- | :--- | :--- | :--- | | Traffic Acquisition Cost - Facebook | 51,649 | 39.2 | 27,963 | 25.4 | | Traffic Acquisition Cost - Google | 48,617 | 37.0 | 36,702 | 33.4 | | Traffic Acquisition Cost - TikTok | 23,509 | 17.9 | 38,515 | 35.1 | | Traffic Acquisition Cost - Others | 2,361 | 1.8 | 2,148 | 2.0 | | Subtotal (Traffic Acquisition Cost) | 126,136 | 95.9 | 105,328 | 95.9 | | Expenses for External Optimizers and Designers | 1,878 | 1.4 | 1,999 | 1.8 | | Salaries and Benefits Paid to Internal Optimizers and Designers | 3,487 | 2.7 | 2,504 | 2.3 | | Total | 131,501 | 100.0 | 109,831 | 100.0 | - Total cost of sales increased by approximately **RMB21.7 million** or **19.8%** from approximately **RMB109.8 million** in the prior period to approximately **RMB131.5 million** in the reporting period, primarily due to increased traffic acquisition costs from purchasing advertising slots in the financial industry and an increase in the number of optimizers and designers employed to enhance service capabilities[18](index=18&type=chunk) Total Gross Profit and Gross Profit Margin | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Total Revenue | 154,376 | 130,666 | | Total Cost of Sales | 131,501 | 109,831 | | Total Gross Profit | 22,875 | 20,835 | | Total Gross Profit Margin | 14.8% | 15.9% | - The company recorded a profit of approximately **RMB1.8 million** in the reporting period, compared to a loss of approximately **RMB4.6 million** in the prior period, achieving a turnaround to profitability[25](index=25&type=chunk) [Employees and Remuneration Policy](index=9&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the company had **177** employees, with optimizers and designers accounting for the largest proportion; the company offers competitive remuneration and benefits, along with share option and share award schemes to incentivize employees Employee Breakdown (by Function) | Function | Number of Employees | % of Total | | :--- | :--- | :--- | | Optimizers and Designers | 71 | 40.1 | | Sales and Marketing | 30 | 16.9 | | Operations | 24 | 13.6 | | Finance and Administration | 48 | 27.1 | | IT and R&D | 4 | 2.3 | | Total | 177 | 100.0 | - During the reporting period, the Group's total staff costs were approximately **RMB17.2 million**, offering competitive salaries, performance bonuses, housing allowances, team-building activities, and training opportunities[26](index=26&type=chunk) - The company has adopted a post-IPO share option scheme and a share award scheme to incentivize and reward eligible individuals for their contributions to the Group[27](index=27&type=chunk)[28](index=28&type=chunk) [Liquidity, Financial and Capital Resources](index=11&type=section&id=Liquidity%2C%20Financial%20and%20Capital%20Resources) The company maintains a prudent financial management approach, with a slight increase in cash and cash equivalents, and no significant contingent liabilities, capital commitments, asset pledges, or interest-bearing bank borrowings - As of June 30, 2025, cash and cash equivalents increased by approximately **RMB3.2 million** from approximately **RMB395.1 million** as of December 31, 2024, to approximately **RMB398.3 million**[30](index=30&type=chunk) - As of June 30, 2025, the Group had no significant contingent liabilities, capital commitments, or asset pledges, nor any interest-bearing bank borrowings[29](index=29&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk) [Major Customers and Suppliers](index=12&type=section&id=Major%20Customers%20and%20Suppliers) The company has a high dependency on its top five customers and suppliers, with the contribution ratios of both the largest customer and supplier increasing - For the six months ended June 30, 2025, the company's top five customers accounted for **72.8%** of revenue, with the largest customer accounting for **53.3%**[34](index=34&type=chunk) - For the six months ended June 30, 2025, the company's top five suppliers accounted for **93.8%** of total cost of sales, with the largest supplier accounting for **36.6%**[35](index=35&type=chunk) [Cash Flow](index=12&type=section&id=Cash%20Flow) During the reporting period, net cash outflow from operating activities decreased, and net cash inflow from financing activities increased, leading to a net increase in cash and cash equivalents Summary of Condensed Consolidated Cash Flow Statement | Cash Flow Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Net Cash Flows Used in Operating Activities | (6,287) | (19,217) | | Net Cash Flows (Used in)/Generated from Investing Activities | (45) | 45,658 | | Net Cash Flows Generated from/(Used in) Financing Activities | 11,667 | (1,219) | | Net Increase in Cash and Cash Equivalents | 5,335 | 25,222 | | Cash and Cash Equivalents at Beginning of Period | 395,103 | 358,466 | | Cash and Cash Equivalents at End of Period | 398,326 | 384,560 | [Indebtedness](index=13&type=section&id=Indebtedness) As of June 30, 2025, the company had no bank financing, outstanding debt securities, or other borrowed capital, with a slight increase in total lease liabilities - As of June 30, 2025, the company had not applied for or obtained any bank financing, nor did it have any outstanding debt securities, mortgages, pledges, debentures, or other borrowed capital; total lease liabilities were approximately **RMB1.9 million**[37](index=37&type=chunk) [Certain Financial Ratios](index=13&type=section&id=Certain%20Financial%20Ratios) During the reporting period, the company's return on equity and return on total assets turned positive, while current ratio and gross profit margin showed slight changes Certain Financial Ratios | Financial Ratio | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Return on Equity | 1.7% | -2.5% | | Return on Total Assets | 0.5% | -0.7% | | Current Ratio | 1.4 | 1.3 | | Gearing Ratio | — | — | | Gross Profit Margin | 14.8% | 17.7% | [Financial and Market Risks](index=14&type=section&id=Financial%20and%20Market%20Risks) The company faces foreign currency, credit, and liquidity risks, employing prudent risk management policies, without using derivative financial instruments to hedge foreign currency risk, and assessing and monitoring credit risk - The company faces various financial and market risks, including foreign currency risk (RMB, USD, and other currencies), credit risk, and liquidity risk, and has established financial management policies and practices to manage these risks[39](index=39&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk) [Interim Condensed Consolidated Financial Statements](index=15&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) This section presents the interim condensed consolidated statement of profit or loss, comprehensive income, and financial position [Interim Condensed Consolidated Statement of Profit or Loss](index=15&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the company achieved revenue of **RMB154,376 thousand** and a profit for the period of **RMB1,787 thousand**, a significant improvement compared to the loss in the prior year Summary of Interim Condensed Consolidated Statement of Profit or Loss | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 154,376 | 130,666 | | Cost of Sales | (131,501) | (109,831) | | Gross Profit | 22,875 | 20,835 | | Other Income and Gains | 7,622 | 3,688 | | Selling and Distribution Expenses | (5,148) | (4,573) | | Administrative Expenses | (20,980) | (22,708) | | Net Impairment Loss on Financial Assets | (838) | (1,122) | | Other Expenses | (1,121) | (1,914) | | Finance Costs | (38) | (39) | | Profit/(Loss) Before Tax | 2,372 | (6,136) | | Income Tax (Expense)/Credit | (585) | 1,496 | | Profit/(Loss) for the Period | 1,787 | (4,640) | - Basic and diluted earnings per share attributable to owners of the parent were **RMB0.2 cents** (2024: loss of **RMB0.6 cents**)[43](index=43&type=chunk) [Interim Condensed Consolidated Statement of Comprehensive Income](index=16&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) During the reporting period, the company's total comprehensive loss was **RMB285 thousand**, primarily impacted by exchange differences on overseas operations Summary of Interim Condensed Consolidated Statement of Comprehensive Income | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit/(Loss) for the Period | 1,787 | (4,640) | | Exchange Differences on Translation of Overseas Operations | (2,641) | 22 | | Exchange Differences on Translation of the Company's Financial Statements | 569 | 814 | | Other Comprehensive (Loss)/Income for the Period, Net of Tax | (2,072) | 836 | | Total Comprehensive Loss for the Period | (285) | (3,804) | [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 company's total assets and net assets both increased, with a rise in net current assets, reflecting a stable financial position Summary of Interim Condensed Consolidated Statement of Financial Position | Item | As of June 30, 2025 (RMB thousands) | As of December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Property, Plant and Equipment | 195 | 189 | | Right-of-use Assets | 1,794 | 1,564 | | Deferred Tax Assets | 7,811 | 6,805 | | Financial Assets at Fair Value Through Profit or Loss | 7,916 | 8,661 | | **Total Non-current Assets** | **17,716** | **17,219** | | **Current Assets** | | | | Trade Receivables | 253,592 | 227,049 | | Prepayments, Other Receivables and Other Assets | 7,574 | 13,326 | | Cash and Cash Equivalents | 398,326 | 395,103 | | Financial Assets at Fair Value Through Profit or Loss | 57,209 | 56,621 | | **Total Current Assets** | **716,701** | **692,099** | | **Current Liabilities** | | | | Trade Payables | 432,316 | 428,409 | | Other Payables and Accruals | 91,630 | 81,261 | | Tax Payable | 1,566 | 3,108 | | Lease Liabilities | 1,362 | 1,242 | | **Total Current Liabilities** | **526,874** | **514,020** | | **Net Current Assets** | **189,827** | **178,079** | | **Total Assets Less Current Liabilities** | **207,543** | **195,298** | | **Non-current Liabilities** | | | | Lease Liabilities | 561 | 169 | | **Total Non-current Liabilities** | **561** | **169** | | **Net Assets** | **206,982** | **195,129** | | **Total Equity** | **206,982** | **195,129** | [Notes to the Interim Condensed Consolidated Financial Information](index=19&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) This section provides detailed notes on company information, accounting policies, segment data, revenue, profit before tax, income tax, dividends, EPS, receivables, payables, and post-reporting events [Company Information](index=19&type=section&id=Company%20Information) The company was incorporated in the Cayman Islands as an investment holding company, with its subsidiaries engaged in providing online advertising services in China and internationally - The company was incorporated as a limited liability company in the Cayman Islands on February 1, 2019, primarily engaged in providing online advertising services[48](index=48&type=chunk) [Basis of Preparation and Changes in Accounting Policies](index=19&type=section&id=Basis%20of%20Preparation%20and%20Changes%20in%20Accounting%20Policies) The interim financial information is prepared in accordance with HKAS 34, with accounting policies consistent with the prior year, except for the initial adoption of HKAS 21 amendments 'Lack of Exchangeability', which had no material impact on the Group - The interim condensed consolidated financial information has been prepared in accordance with Hong Kong Accounting Standard 34 Interim Financial Reporting, with accounting policies consistent with those adopted for the preparation of the Group's annual consolidated financial statements for the year ended December 31, 2024[49](index=49&type=chunk)[50](index=50&type=chunk) - The initial adoption of HKAS 21 amendments 'Lack of Exchangeability' had no impact on the interim condensed consolidated financial information, as all the Group's transaction currencies are exchangeable[51](index=51&type=chunk) [Segment Information](index=20&type=section&id=Segment%20Information) The company operates in a single operating segment, providing online advertising services; geographically, Hong Kong market contribution significantly increased, while mainland China market revenue decreased - The Group did not present segment information during the period, with revenue and reported results derived from a single operating segment, which is the provision of online advertising services[52](index=52&type=chunk) Revenue by Country/Jurisdiction of Registration of External Customers | Country/Jurisdiction | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Hong Kong | 87,653 | 42,307 | | Mainland China | 30,876 | 63,035 | | Singapore | 16,377 | 9,559 | | Indonesia | 12,980 | 2,572 | | Other Countries | 6,490 | 13,193 | | Total | 154,376 | 130,666 | Information About Major Customers | Customer | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Customer A | 82,298 | 32,103 | | Customer B | 10,490 | Not Applicable* | | * Less than 10% of the Group's total revenue. | | | [Revenue, Other Income and Gains](index=21&type=section&id=Revenue%2C%20Other%20Income%20and%20Gains) Revenue primarily derives from customer contracts, including designated action revenue and agreed rebates; other income and gains mainly consist of bank interest and foreign exchange gains Analysis of Revenue, Other Income and Gains | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue from Customer Contracts - Designated Action Revenue | 142,284 | 115,687 | | Revenue from Customer Contracts - Agreed Rebates | 12,092 | 14,979 | | Total Revenue | 154,376 | 130,666 | | Other Income and Gains - Others | 7,622 | 3,688 | - Revenue from online advertising services is recognized at a point in time[56](index=56&type=chunk) [Profit/(Loss) Before Tax](index=22&type=section&id=Profit%2F%28Loss%29%20Before%20Tax) Profit before tax turned from a loss to a profit compared to the prior year, mainly influenced by cost of services, bank interest income, exchange differences, and employee benefit expenses Profit/(Loss) Before Tax is Arrived at After Charging/(Crediting) the Following | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Cost of Services Provided | 128,014 | 107,328 | | Bank Interest Income | (3,011) | (2,456) | | Depreciation of Property, Plant and Equipment | 82 | 120 | | Depreciation of Right-of-use Assets | 715 | 1,199 | | Impairment Provision for Trade Receivables | 838 | 1,122 | | Lease Payments Not Included in the Measurement of Lease Liabilities | 53 | 1,158 | | Auditor's Remuneration | 700 | 700 | | Employee Benefit Expense (Including Directors' Emoluments) | 17,166 | 17,415 | | Net Exchange Differences | (2,729) | 1,848 | | Net Fair Value Loss/(Gain) on Financial Assets at Fair Value Through Profit or Loss | 157 | (290) | [Income Tax](index=22&type=section&id=Income%20Tax) The company pays income tax at applicable rates in different jurisdictions, with an income tax expense of **RMB585 thousand** during the reporting period - The company pays income tax at a rate of **16.5%** (or **8.25%**) in Hong Kong and **25%** in Mainland China, while companies registered in the Cayman Islands are exempt from income tax[59](index=59&type=chunk)[60](index=60&type=chunk) Income Tax Breakdown | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Current — Hong Kong | 1,077 | 259 | | Deferred | (492) | (1,755) | | Total | 585 | (1,496) | [Dividends](index=23&type=section&id=Dividends) No dividends were paid or declared by the company during the reporting period - The company did not pay or declare any dividends during the period[62](index=62&type=chunk) [Earnings/(Loss) Per Share Attributable to Owners of the Parent](index=23&type=section&id=Earnings%2F%28Loss%29%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Parent) Basic and diluted earnings per share were **RMB0.2 cents**, compared to a loss of **RMB0.6 cents** in the prior period, reflecting improved profitability - Basic and diluted earnings per share were **RMB0.2 cents** (2024: loss of **RMB0.6 cents**), calculated based on the profit/(loss) for the period attributable to owners of the parent and the weighted average number of ordinary shares outstanding[63](index=63&type=chunk) Calculation of Basic and Diluted Earnings Per Share is Based On | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit/(Loss) for the Period Attributable to Owners of the Parent Used for Calculating Basic and Diluted Earnings/(Loss) Per Share | 1,787 | (4,397) | | Weighted Average Number of Ordinary Shares Outstanding During the Period Used for Calculating Basic and Diluted Earnings Per Share | 881,950,753 | 741,965,000 | [Trade Receivables](index=24&type=section&id=Trade%20Receivables) Total trade receivables increased, primarily concentrated in aging periods of within 1 month and 1 to 3 months Aging Analysis of Trade Receivables | Aging | As of June 30, 2025 (RMB thousands) | As of December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 1 month | 187,390 | 170,182 | | 1 to 3 months | 65,754 | 54,660 | | 3 to 12 months | 448 | 2,207 | | Total | 253,592 | 227,049 | [Trade Payables](index=24&type=section&id=Trade%20Payables) Total trade payables slightly increased, primarily settled within 1 year Aging Analysis of Trade Payables | Aging | As of June 30, 2025 (RMB thousands) | As of December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 1 year | 432,316 | 428,409 | - Trade payables are non-interest-bearing and generally settled within **60 days**[69](index=69&type=chunk) [Events After the Reporting Period](index=24&type=section&id=Events%20After%20the%20Reporting%20Period) No significant events occurred after the reporting period, except as disclosed in this announcement - There were no significant events after the reporting period[70](index=70&type=chunk) [Future Outlook](index=25&type=section&id=Future%20Outlook) The company plans to focus on data-driven transformation, cross-industry collaboration, international market expansion, AI technology integration, and sustainable development - The company will continue to strengthen data collection, analysis, and application, accelerating a comprehensive transformation from experience-driven to data-driven decision-making, maximizing advertising effectiveness through AdTensor's real-time data analysis tools[72](index=72&type=chunk) - The company will place greater emphasis on cross-industry collaboration and ecosystem building, actively establishing close partnerships with content creators, technology providers, and media platforms to jointly explore new marketing models and growth points[73](index=73&type=chunk) - The company will actively expand into international markets, strengthen its global presence, and deeply research cultural, legal, and consumer habit differences across various countries and regions to formulate marketing strategies that meet local market demands[74](index=74&type=chunk) - AI technology will be the company's core competitiveness; it will strengthen the implementation of AI technology, deeply cultivate areas such as large video models, digital human technology, and virtual shooting, and actively explore the commercialization and business model innovation of AI technology[75](index=75&type=chunk) - The company will undertake sustainable development and social responsibility, focusing on promoting green marketing and environmentally friendly advertising, and actively participating in social welfare activities[76](index=76&type=chunk) [Corporate Governance and Other Information](index=26&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section covers listed securities transactions, corporate governance code compliance, directors' securities trading, audit committee review, use of placing proceeds, subsequent events, interim dividends, and report publication [Purchase, Sale or Redemption of the Company's Listed Securities](index=26&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities, nor did they hold any treasury shares - During the reporting period, the company did not redeem any of its listed securities, nor did the company or any of its subsidiaries purchase or sell such securities, and as of June 30, 2025, no treasury shares were held as required by the Listing Rules[77](index=77&type=chunk)[78](index=78&type=chunk) [Corporate Governance Code](index=27&type=section&id=Corporate%20Governance%20Code) The company has adopted the Corporate Governance Code and complies with all mandatory disclosure requirements, though the roles of Chairman and Chief Executive Officer are combined, which the Board believes contributes to efficient decision-making - The company has adopted the Corporate Governance Code and complies with all mandatory disclosure requirements, except that the roles of Chairman and Chief Executive Officer are combined and held by Ms. Chang Su Fang, which the Board believes provides strong and consistent leadership to the company[79](index=79&type=chunk) [Standard Code for Securities Transactions by Directors](index=27&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The company has adopted the Standard Code, and all directors confirmed their compliance with it during the reporting period - The company has adopted the Standard Code, and all directors have confirmed their compliance with the Standard Code during the reporting period[80](index=80&type=chunk) [Audit Committee](index=27&type=section&id=Audit%20Committee) The Audit Committee has reviewed the interim financial statements and deemed them compliant with applicable Listing Rules; the financial information has been reviewed by Ernst & Young - The Audit Committee has reviewed the Group's unaudited condensed consolidated financial statements for the reporting period and considers them to have been prepared in compliance with the applicable Listing Rules; the financial information has been reviewed by the company's auditor, Ernst & Young[81](index=81&type=chunk)[82](index=82&type=chunk) [Use of Proceeds from Placing of New Shares](index=28&type=section&id=Use%20of%20Proceeds%20from%20Placing%20of%20New%20Shares) The company disclosed the use of proceeds from two placings of new shares in 2023 and 2025; the 2023 placing proceeds were for strengthening AI capabilities and general working capital, with some uses deferred; the 2025 placing proceeds were partially used for working capital [2023 Placing](index=28&type=section&id=2023%20Placing) Details of the 2023 placing proceeds, intended for AI capabilities and general working capital, with a revised timeline for remaining funds - The net proceeds from the 2023 Placing were approximately **HKD12,818,520**, which the Directors intend to use for strengthening and improving the Group's AdTensor platform services and general working capital[83](index=83&type=chunk) Breakdown of Use of Net Proceeds from 2023 Placing | Planned Use | Approximate Percentage of Total Net Proceeds (%) | Actual Net Proceeds (HKD millions) | Unutilized Net Proceeds as of January 1, 2025 (HKD millions) | Actual Use of Net Proceeds for the Six Months Ended June 30, 2025 (HKD millions) | Unutilized Net Proceeds as of June 30, 2025 (HKD millions) | Expected Timeline for Utilizing Remaining Net Proceeds from 2023 Placing | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Strengthening big data, machine learning, and AI capabilities; and improving the Group's AdTensor platform services | 70 | 9.0 | 4.1 | 3.4 | 0.7 | Before December 31, 2025 | | Supplementing the Group's operations and general working capital | 30 | 3.8 | — | — | — | | - Due to the rapid development of AI technology, the expected timeline for utilizing the remaining balance of net proceeds from the 2023 Placing has been deferred from before December 31, 2024, to before December 31, 2025[84](index=84&type=chunk) [2025 Placing](index=29&type=section&id=2025%20Placing) Details of the 2025 placing proceeds, intended for AI capabilities and general working capital, with partial utilization for working capital - The net proceeds from the 2025 Placing were approximately **HKD13,121,540**, which the Directors intend to use for strengthening and improving the Group's AdTensor platform services and general working capital[85](index=85&type=chunk) Breakdown of Use of Net Proceeds from 2025 Placing | Planned Use | Approximate Percentage of Total Net Proceeds (%) | Planned Use of Net Proceeds (HKD millions) | Unutilized Net Proceeds as of January 1, 2025 (HKD millions) | Actual Use of Proceeds for the Six Months Ended June 30, 2025 (HKD millions) | Unutilized Net Proceeds as of June 30, 2025 (HKD millions) | Expected Timeline for Utilizing Remaining Net Proceeds from 2025 Placing | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Strengthening big data, machine learning, and AI capabilities; and improving the Group's AdTensor platform services | 70 | 9.2 | 9.2 | — | 9.2 | Before December 31, 2026 | | Supplementing the Group's operations and general working capital | 30 | 3.9 | 3.9 | 3.9 | — | | - During the reporting period, the Group has utilized the unutilized proceeds in accordance with the proposed uses stated in the company's announcement dated January 10, 2025[86](index=86&type=chunk) [Subsequent Events](index=30&type=section&id=Subsequent%20Events) No other significant subsequent events occurred after the reporting period, except as disclosed in this announcement - Other than as disclosed in this announcement, the Directors are not aware of any other significant subsequent events concerning the Group's business or financial performance from June 30, 2025, up to the date of this announcement[87](index=87&type=chunk) [Interim Dividends](index=30&type=section&id=Interim%20Dividends) The Board has resolved not to declare any interim dividend - The Board has resolved not to declare any interim dividend for the reporting period (prior period: nil)[88](index=88&type=chunk) [Publication of 2025 Interim Condensed Consolidated Results and Interim Report](index=30&type=section&id=Publication%20of%202025%20Interim%20Condensed%20Consolidated%20Results%20and%20Interim%20Report) This announcement has been published on the Stock Exchange and the company's website, and the interim report will be dispatched to shareholders in due course - This announcement is published on the Stock Exchange's website and the company's website; the company's interim report for the reporting period will be dispatched and sent to shareholders in due course, and published on the respective websites of the Stock Exchange and the company[89](index=89&type=chunk) [Acknowledgement](index=31&type=section&id=Acknowledgement) The Board sincerely thanks the Group's shareholders, management team, employees, business partners, and customers for their support and contributions to the Group - The Board hereby expresses its sincere gratitude to the Group's shareholders, management team, employees, business partners, and customers for their support and contributions to the Group[90](index=90&type=chunk) [Definitions](index=31&type=section&id=Definitions) Provides definitions for key terms and abbreviations used in the report - The report includes definitions of key terms and abbreviations such as 'the Company', '2023 Placing', 'AdTensor', 'AI', 'CPA', 'CPC', and 'CPM'[91](index=91&type=chunk)[92](index=92&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk)