Core Viewpoint - In the face of macroeconomic fluctuations and industry structural adjustments, the company has successfully transformed its business model by integrating AI technology and OMO (Online-Merge-Offline) strategies, establishing a new consumption platform that lays a solid foundation for long-term development [1]. Financial Performance - In the first half of 2025, the company achieved total revenue of 181 million yuan, a year-on-year increase of 4.6%, maintaining steady growth in a complex market environment [2]. - The company reported a loss of 21.95 million yuan, significantly narrowing by 42.1% compared to the same period last year, indicating improved profitability [2]. - Gross margin increased from 18.9% to 20.5%, reflecting enhanced profit quality [2]. - The education business saw revenue of 40.64 million yuan, a substantial year-on-year growth of 119.3%, serving as a strong growth engine alongside the liquor business [2]. - The home appliance segment generated total revenue of 124 million yuan, up 5.1% from 118 million yuan in 2024, indicating stable growth [2]. Strategic Focus - The company has positioned its liquor business, particularly sauce-flavored liquor, as a core growth driver, focusing on strengthening its distributor network and deepening market penetration [3]. - The brand value of "Guofeng Liquor" exceeded 8.1 billion yuan, supported by awards and market recognition [3]. Marketing and Advertising Innovations - The company has implemented a Digital-out-of-Home (DOOH) advertising strategy, utilizing large screens in urban CBDs and transportation hubs to enhance brand visibility [5][6]. - The advertising campaign has covered 24 provinces, 48 airports, and 134 train stations, significantly expanding the brand's reach [5][6]. - The DOOH strategy targets high-net-worth individuals and business professionals, aligning with the core consumer base for premium liquor [8]. Partnership and Payment Innovations - The company has entered a three-year advertising agreement with Junxiang, valued at 450 million yuan, utilizing a share payment model to optimize cash flow and strengthen partnerships [10][11]. - This innovative payment approach reflects confidence in the company's growth potential and aligns the interests of advertising partners with the company's long-term success [11]. AI Integration and Future Growth - The company signed a strategic cooperation agreement with AI leader Mai Fushi to develop a vertical AI model for the liquor industry, integrating AI across production and marketing [12]. - A planned acquisition of an AI technology company, valued between 350 million to 500 million HKD, aims to enhance the company's capabilities in interest-based e-commerce and data analysis [12][13]. - The integration of AI technology is expected to improve operational efficiency and expand user coverage, creating a sustainable revenue growth engine [12][14]. Overall Business Logic and Market Position - The company's business model has demonstrated coherence and efficiency, with a dual-core strategy of "traffic entry construction + technology empowerment" driving value realization [14]. - The successful implementation of DOOH advertising and AI technology integration positions the company as an innovative benchmark in resource integration within the liquor industry [15].

Group 1 - The core point of the article is that Qidian Guofeng (01280.HK) has entered into an advertising agreement with Junxiang, involving a total consideration of RMB 450 million over three years [1] - The first year's payment of RMB 150 million will be settled through the issuance of 33.61 million shares to Junxiang [1]

Group 1 - The company, Qidian Guofeng (01280), announced an advertising agreement with Junxiang, involving its wholly-owned subsidiary, Guizhou Renhuai [1] - The agreement is for a duration of three years, with a total consideration of RMB 450 million [1] - The first year's payment of RMB 150 million will be settled through the issuance of 33.61 million shares to Junxiang [1]

Core Viewpoint - The company, Singularity Guofeng (01280), has entered into an advertising agreement with Junxiang, involving a total consideration of RMB 450 million over three years, with the first year's payment settled through the issuance of shares [1] Group 1 - The agreement is for a duration of three years [1] - The total consideration for the agreement is RMB 450 million [1] - The first year's payment amounts to RMB 150 million, which will be settled by issuing 33.61 million shares to Junxiang [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。 （於開曼群島註冊成立的有限公司） （股份代號：1280） 建議就廣告協議根據一般授權發行代價股份 廣告協議 於二零二五年九月二十九日（交易時段後），本公司及本公司全資附屬公司貴州仁 懷與君翔訂立廣告協議，據此，貴州仁懷同意委任君翔提供該服務，為期三年， 總代價為人民幣450,000,000元，第一年之代價人民幣150,000,000元將通過本公 司向君翔發行及配發33,610,009股代價股份結算。 根據一般授權發行代價股份 根據股東於本公司二零二五年五月十二日舉行之股東週年大會上授予之一 般授權，董事可行使本公司全部權力以配發、發行及買賣不超過股份總數 1,812,055,508股（即本公司於股東週年大會日期之已發行股本）之20%的額外股 份。根據一般授權，本公司已獲授權發行的新股份總數為362,411,101股。於本公 告日期，概無根據該一般授權配發及發行任何股份。 申請上市 本公司將向聯交所上市委 ...

Group 1 - The company reported a revenue of 182 million RMB for the first half of 2025, representing a year-on-year growth of 4.9% [1] - The loss attributable to the company's owners narrowed to 19.286 million RMB, a decrease of 40.8% compared to the previous year [1] - The basic loss per share was reported at 0.01 RMB [1]

[Mid-term Results Announcement](index=1&type=section&id=Mid-term%20Results%20Announcement) [Financial Summary](index=1&type=section&id=Financial%20Summary) Unaudited H1 2025 interim results show revenue growth, increased gross profit, and a significantly narrowed loss Financial Summary for the Six Months Ended June 30 | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 181,907 | 173,335 | +4.9% | | Gross Profit | 37,359 | 32,705 | +14.2% | | Gross Margin | 20.5% | 18.9% | +1.6pp | | Loss Before Tax | (21,461) | (37,940) | -43.4% | | Loss for the Period | (21,958) | (37,935) | -42.1% | | Loss for the Period Attributable to Owners of the Company | (19,286) | (32,579) | -40.8% | | Basic Loss Per Share (RMB) | (0.01) | (0.09) | -88.9% | [Condensed Consolidated Statement of Financial Position](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets slightly decreased, with stable non-current assets and improved equity and net current liabilities Key Data from Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 585,165 | 596,131 | -1.8% | | Total Non-current Assets | 462,297 | 460,766 | +0.3% | | Total Current Assets | 122,868 | 135,365 | -9.2% | | Total Equity | 191,642 | 210,252 | -8.8% | | Total Liabilities | 393,523 | 385,879 | +2.0% | | Net Current Liabilities | (109,400) | (118,937) | -8.0% | [Condensed Consolidated Statement of Comprehensive Income](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) The Group's revenue grew, gross profit improved, losses significantly narrowed, and net finance income turned positive Key Data from Condensed Consolidated Statement of Comprehensive Income | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 181,907 | 173,335 | +4.9% | | Sales and Service Costs | (144,548) | (140,630) | +2.8% | | Gross Profit | 37,359 | 32,705 | +14.2% | | Operating Loss | (23,529) | (28,524) | -17.5% | | Net Finance Income/(Costs) | 2,068 | (9,416) | from negative to positive | | Loss Before Income Tax | (21,461) | (37,940) | -43.4% | | Loss and Total Comprehensive Expense for the Period | (21,958) | (37,935) | -42.1% | | Loss for the Period Attributable to Owners of the Company | (19,286) | (32,579) | -40.8% | [Notes to the Condensed Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) [General Information](index=5&type=section&id=General%20Information) China Singularity Guofeng Holdings Limited, registered in the Cayman Islands and listed in Hong Kong, primarily engages in investment holding and operates appliance retail, liquor, and education businesses in China - The company was incorporated in the Cayman Islands on February 5, 2008, and listed on the Hong Kong Stock Exchange from March 25, 2010[6](index=6&type=chunk) - The Group's principal activities include retail and repair services for home appliances, mobile phones, computers, imported and general merchandise; liquor business; and education and training services[7](index=7&type=chunk) - Greatssjy Co., Ltd. is the direct and ultimate holding company, with Mr. Yuan Li as the ultimate controlling party[6](index=6&type=chunk) [Basis of Preparation and Principal Accounting Policies](index=6&type=section&id=Basis%20of%20Preparation%20and%20Principal%20Accounting%20Policies) The condensed consolidated financial statements are prepared under HKAS 34 and Listing Rules, using a going concern basis and historical cost, with no significant impact from the first-time application of revised HKAS 21 - The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants and the Listing Rules of the Stock Exchange[8](index=8&type=chunk) - The revised Hong Kong Financial Reporting Standards (HKAS 21 Amendment "Lack of Exchangeability") were applied for the first time, but had no significant impact on the financial position and performance for the current and prior periods[9](index=9&type=chunk) [Trade Receivables](index=7&type=section&id=Trade%20Receivables) As of June 30, 2025, net trade receivables significantly increased by 152.3% to RMB 21,189 thousands, driven by a rise in receivables within 90 days, alongside an increase in credit loss provisions Trade Receivables Changes | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Gross Trade Receivables | 24,048 | 9,491 | +153.4% | | Provision for Credit Losses | (2,859) | (1,094) | +161.3% | | Net Trade Receivables | 21,189 | 8,397 | +152.3% | - Trade receivables within 90 days increased from **RMB 7,805 thousands** as of December 31, 2024, to **RMB 20,067 thousands** as of June 30, 2025[11](index=11&type=chunk) [Share Capital](index=9&type=section&id=Share%20Capital) As of June 30, 2025, the company's issued and fully paid ordinary shares and total share capital increased due to the issuance of award shares Changes in Issued and Fully Paid Share Capital | Indicator | June 30, 2025 (thousand shares) | December 31, 2024 (thousand shares) | Change | | :--- | :--- | :--- | :--- | | Number of Issued Ordinary Shares | 1,812,055,508 | 1,805,728,508 | +6,327,000 shares | | Equivalent Amount (RMB thousands) | 254,040 | 253,128 | +912 | - On May 27, 2025, **6,327,000 award shares** were issued due to share vesting[12](index=12&type=chunk) [Trade and Bills Payables](index=10&type=section&id=Trade%20and%20Bills%20Payables) As of June 30, 2025, total trade and bills payables slightly increased by 1.9%, with trade payables rising and bills payables decreasing Changes in Trade and Bills Payables | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Trade Payables | 27,991 | 22,714 | +23.2% | | Bills Payables | 6,200 | 10,850 | -42.8% | | Total | 34,191 | 33,564 | +1.9% | - Most major suppliers have credit terms ranging from **15 to 60 days**[13](index=13&type=chunk) [Borrowings](index=11&type=section&id=Borrowings) As of June 30, 2025, total Group borrowings increased to RMB 129,817 thousands, primarily driven by an increase in non-current borrowings, including unsecured loans from shareholders, former shareholders, and other third parties, with interest rates between 3% and 5.5% Borrowings Total Changes | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current Borrowings | 129,817 | 100,287 | +29.4% | | Current Borrowings | — | 9,479 | -100% | | Total Borrowings | 129,817 | 109,766 | +18.3% | - All borrowings are unsecured, with fixed interest rates ranging from **3.0% to 5.5%**[18](index=18&type=chunk)[19](index=19&type=chunk)[20](index=20&type=chunk) [Loans from Shareholders](index=12&type=section&id=Loans%20from%20Shareholders) As of June 30, 2025, shareholder loans from Shengxing International totaled approximately RMB 72,956 thousands in principal and RMB 12,388 thousands in interest, bearing an annual interest rate of 4.5% and due on May 23, 2027 Shengxing International Loan Changes | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Shengxing International Group Limited | 85,344 | 85,010 | - As of June 30, 2025, borrowings from Shengxing International totaled approximately **RMB 72,956 thousands** in principal and **RMB 12,388 thousands** in interest, bearing an annual interest rate of **4.5%** and repayable on May 23, 2027[18](index=18&type=chunk) [Loans from Former Shareholders](index=14&type=section&id=Loans%20from%20Former%20Shareholders) As of June 30, 2025, borrowings from Chongqing Shengsheng increased to RMB 18,705 thousands, bearing annual interest rates of 3% to 3.5% with various maturity dates Chongqing Shengsheng Loan Changes | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Chongqing Shengsheng | 18,705 | 3,219 | +481.0% | - The borrowings are unsecured, bear annual interest rates of **3% to 3.5%**, and mature between November 2027 and April 2028[19](index=19&type=chunk) [Other Borrowings](index=14&type=section&id=Other%20Borrowings) Total other borrowings increased to RMB 25,768 thousands, including loans from independent third party Mr. Wu Jipeng (extended to 2028), Guangdong Shengrong (extended to 2027), and related party Mr. Yuan Yang Other Borrowings Changes | Borrower | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Independent Third-Party Loans | 20,646 | 20,566 | +0.4% | | Related Party (Mr. Yuan Yang) | 5,122 | 971 | +427.5% | | Total | 25,768 | 21,537 | +19.6% | - The loan from Mr. Wu Jipeng was extended on February 14, 2025, to December 31, 2028, bearing an annual interest rate of **5.5%**[20](index=20&type=chunk) - The repayment date for interest and amortized cost of Guangdong Shengrong's loan was extended to November 26, 2027[20](index=20&type=chunk) - Borrowings from Mr. Yuan Yang (brother of ultimate controlling party Mr. Yuan Li) bear an annual interest rate of **4%** and mature between October 2027 and February 2028[20](index=20&type=chunk) [Revenue and Segment Information](index=16&type=section&id=Revenue%20and%20Segment%20Information) The Group's revenue primarily comes from home appliance sales, liquor sales, and education services, with education revenue significantly growing, home appliance revenue stable, and liquor revenue declining - Revenue represents the fair value of consideration received or receivable from the sale of goods and provision of education and training services, net of discounts and sales-related taxes[21](index=21&type=chunk) - The Group's reportable and operating segments include home appliance business, liquor business, and education business[24](index=24&type=chunk) [Revenue Classification](index=16&type=section&id=Revenue%20Classification) As of June 30, 2025, total revenue increased by 4.9% year-on-year, with education services revenue surging by 119.3%, home appliance sales growing by 5.1%, and liquor sales declining by 52.6% Revenue by Type of Goods and Services | Type of Goods and Services | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Home Appliance Sales | 124,049 | 118,492 | +5.1% | | Liquor Sales | 17,215 | 36,308 | -52.6% | | Provision of Education Services | 40,643 | 18,535 | +119.3% | | **Total Revenue** | **181,907** | **173,335** | **+4.9%** | - Revenue recognized at a point in time was **RMB 141,264 thousands**, and revenue recognized over a period of time was **RMB 40,643 thousands**[23](index=23&type=chunk) [Segment Performance Analysis](index=18&type=section&id=Segment%20Performance%20Analysis) For the six months ended June 30, 2025, all home appliance, liquor, and education segments recorded operating losses, with education having the largest loss, and home appliance and liquor segments turning from profit to loss year-on-year Segment Performance Analysis | Segment | 2025 Segment Performance (RMB thousands) | 2024 Segment Performance (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Home Appliance Business | (3,726) | 11,472 | from profit to loss | | Liquor Business | (3,324) | 2,902 | from profit to loss | | Education Business | (8,227) | (17,775) | loss narrowed | | **Total** | **(15,277)** | **(3,401)** | **loss widened** | - In the first half of 2025, loss before income tax was **RMB (21,461) thousands**, significantly narrowing from **RMB (37,940) thousands** in the same period of 2024[26](index=26&type=chunk)[27](index=27&type=chunk) [Segment Assets and Liabilities](index=19&type=section&id=Segment%20Assets%20and%20Liabilities) As of June 30, 2025, the education business held the largest segment assets, while the home appliance business had the largest segment liabilities Segment Assets and Liabilities (June 30, 2025) | Segment | Segment Assets (RMB thousands) | Segment Liabilities (RMB thousands) | | :--- | :--- | :--- | | Home Appliance Business | 116,635 | 134,063 | | Liquor Business | 19,693 | 18,683 | | Education Business | 447,644 | 90,337 | | **Total** | **583,972** | **243,083** | - As of June 30, 2025, total assets were **RMB 585,165 thousands**, and total liabilities were **RMB 393,523 thousands**[28](index=28&type=chunk) [Other Income](index=20&type=section&id=Other%20Income) For the six months ended June 30, 2025, other income significantly decreased by 96.7% to RMB 135 thousands, mainly due to reduced rental income from investment properties and other income Other Income Changes | Category | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Rental Income from Investment Properties | — | 1,155 | -100% | | Event Income | 51 | 247 | -79.4% | | Others | 84 | 2,709 | -96.9% | | **Total** | **135** | **4,111** | **-96.7%** | [Other Net Gains and Losses](index=20&type=section&id=Other%20Net%20Gains%20and%20Losses) For the six months ended June 30, 2025, the Group recorded other net gains of RMB 177 thousands, compared to a net loss of RMB 3.1 millions in the prior year, primarily due to the reversal of inventory write-downs Other Net Gains and Losses Changes | Category | 2025 (RMB thousands) | 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Reversal/(Write-down) of Inventory | 454 | (53) | from loss to profit | | Loss on Disposal of Subsidiaries | — | (3,313) | loss eliminated | | **Total** | **177** | **(3,136)** | **from loss to profit** | [Deductions from Loss Before Income Tax](index=21&type=section&id=Deductions%20from%20Loss%20Before%20Income%20Tax) For the six months ended June 30, 2025, sales and service costs, employee benefit expenses, and depreciation of right-of-use assets increased, while depreciation of property, plant, and equipment and investment properties decreased Major Deduction Items Changes | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Sales and Service Costs | 144,548 | 140,630 | +2.8% | | Employee Benefit Expenses | 22,800 | 21,163 | +7.7% | | Depreciation of Right-of-Use Assets | 3,576 | 2,592 | +37.9% | | Depreciation of Property, Plant and Equipment | 391 | 838 | -53.3% | | Depreciation of Investment Properties | — | 792 | -100% | [Net Finance Income/(Costs)](index=21&type=section&id=Net%20Finance%20Income%2F%28Costs%29) For the six months ended June 30, 2025, the Group recorded net finance income of RMB 2.1 millions, compared to net finance costs of RMB 9.4 millions in the prior year, mainly due to increased foreign exchange gains on borrowings and interest income from loans receivable Net Finance Income/(Costs) Changes | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Interest on Other Borrowings | 2,107 | 7,347 | -71.3% | | Foreign Exchange (Gain)/Loss on Borrowings | (1,525) | 1,778 | from loss to gain | | Interest on Lease Liabilities | 403 | 583 | -30.9% | | Interest Income from Bank Deposits | (148) | (292) | -49.3% | | Interest Income from Loans Receivable | (2,905) | — | new income | | **Net Finance Income/(Costs)** | **(2,068)** | **9,416** | **from cost to income** | [Income Tax Expense/(Credit)](index=22&type=section&id=Income%20Tax%20Expense%2F%28Credit%29) For the six months ended June 30, 2025, the Group recorded an income tax expense of RMB 497 thousands, compared to an income tax credit of RMB 5 thousands in the prior year, primarily due to insufficient prior year provision for China corporate income tax Income Tax Expense/(Credit) Changes | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | China Corporate Income Tax | 573 | (5) | from credit to expense | | Deferred Tax – Current Year | (76) | — | new credit | | **Income Tax Expense/(Credit)** | **497** | **(5)** | **from credit to expense** | - The statutory tax rate for Chinese subsidiaries is **25%**, but Beijing Shengsheng Chuangye Technology Co., Ltd. is subject to a **15%** corporate income tax rate due to its high-tech enterprise certificate[38](index=38&type=chunk) [Basic and Diluted Loss Per Share](index=23&type=section&id=Basic%20and%20Diluted%20Loss%20Per%20Share) For the six months ended June 30, 2025, basic loss per share significantly narrowed to RMB 0.01, mainly due to reduced loss attributable to owners of the company and an increased weighted average number of ordinary shares outstanding Basic Loss Per Share Changes | Indicator | 2025 (RMB) | 2024 (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Loss Attributable to Owners of the Company (thousands) | (19,286) | (32,579) | -40.8% | | Weighted Average Number of Ordinary Shares Outstanding (thousand shares) | 1,806,952 | 370,690 | +387.5% | | **Basic Loss Per Share** | **(0.01)** | **(0.09)** | **-88.9%** | - For the six months ended June 30, 2025 and 2024, diluted loss per share was the same as basic loss per share, as there were no potential dilutive ordinary shares[41](index=41&type=chunk) [Interim Dividend](index=23&type=section&id=Interim%20Dividend) For the six months ended June 30, 2025, the Board of Directors did not recommend the payment of any interim dividend - For the six months ended June 30, 2025, the company did not declare or propose any interim dividend[42](index=42&type=chunk) [Management Discussion and Analysis](index=24&type=section&id=Management%20Discussion%20and%20Analysis) [Market Review](index=24&type=section&id=Market%20Review) In H1 2025, China's economy demonstrated resilience amid complex conditions, with GDP growing by 5.3%, driven by coordinated macro policies, strong infrastructure and manufacturing investment, steady consumption recovery, and better-than-expected foreign trade exports - China's GDP reached **RMB 66.05 trillion** in H1 2025, a year-on-year increase of **5.3%**[43](index=43&type=chunk) - Infrastructure investment (excluding real estate) grew by **6.6%**, and manufacturing investment increased by **7.5%** year-on-year[43](index=43&type=chunk) - Total retail sales of consumer goods reached **RMB 24.55 trillion**, growing by **5%**[43](index=43&type=chunk) [Business Review and Operating Performance](index=24&type=section&id=Business%20Review%20and%20Operating%20Performance) The diversified Group continues to optimize operations in liquor, training, and home appliance businesses, strategically contracting inefficient liquor channels, innovating in training, and focusing on smart and high-end home appliances - The Group is committed to enhancing overall operational efficiency and core competitiveness, continuously advancing its liquor, training, and home appliance retail businesses[44](index=44&type=chunk) [Liquor Business](index=24&type=section&id=Liquor%20Business) Facing deep industry adjustments, liquor business revenue declined by 52.6% year-on-year, as the Group strategically optimized its structure, exited inefficient distributors, focused on high-margin products, and built a three-dimensional distribution network and OMO ecosystem through the "Shengyouhui" platform Liquor Business Revenue Changes | Indicator | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Liquor Sales Revenue | 17,215 | 36,308 | -52.6% | - Strategic contraction of inefficient channels, focusing on high-quality, affordable sauce-flavor liquor, resulting in short-term loss of mass market sales but improving long-term customer quality[45](index=45&type=chunk) - Innovatively built a "three-dimensional distribution network" system (Shengyouhui partners, special distributors, regional distributors), deepened online-offline integration (OMO) ecological collaborative operations, and integrated parent company student resources to create a "education-community-liquor" business closed loop[47](index=47&type=chunk) - Ren Shen Guofeng Winery, a subsidiary, specializes in high-end and custom-sealed Shengjiu products, with the Shengjiu brand recognized as a "Top Ten Influential Brand of 2025"[48](index=48&type=chunk) [Training Business](index=27&type=section&id=Training%20Business) Despite challenges in the financial education sector, the Group's training business achieved revenue of RMB 40.64 millions, a significant 119.3% year-on-year increase, by integrating online and offline models, collaborating with governments, and developing a smart assessment system with Maifushi Training Business Revenue Changes | Indicator | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Training Revenue | 40,643 | 18,535 | +119.3% | - Integrated "online knowledge payment + offline practical sandbox" model, utilizing the Jiowei Wealth curriculum system and Shengsheng Engine SaaS tools, now covering over **180,000 corporate students**[50](index=50&type=chunk) - Actively collaborated with various local governments to conduct "SME Digital Transformation Matching Activities," increasing market penetration in third and fourth-tier cities[50](index=50&type=chunk) - Jointly developed a smart assessment system with Maifushi (02556.HK), significantly improving the conversion rate of customized courses through precise analysis of corporate financial data and deep diagnosis of pain points[50](index=50&type=chunk) [Home Appliance Business](index=28&type=section&id=Home%20Appliance%20Business) Benefiting from national "trade-in" policies, home appliance business achieved total revenue of RMB 124 millions, a 5.1% year-on-year increase, by focusing on high-end, smart, and green development, upgrading technology, and expanding market coverage through regional KOLs and omni-channel upgrades Home Appliance Business Revenue Changes | Indicator | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Total Home Appliance Revenue | 124,049 | 118,492 | +5.1% | - National "expanded trade-in" policy drives structural growth, with the central government allocating **RMB 81 billion** in special funds, for the first time including digital products like mobile phones and tablets in the subsidy scope[51](index=51&type=chunk) - Significant achievements in high-end traditional home appliances, with technology upgrades driving an **18% increase** in average transaction value[52](index=52&type=chunk) - Mobile phone ecosystem leverages national subsidies to focus on high-end Apple/Huawei models, with subsidiary Xinhuiyin expanding regional coverage through regional KOL fission model, achieving a monthly compound growth rate of **67.3%**[52](index=52&type=chunk) [Financial Review](index=29&type=section&id=Financial%20Review) The Group's overall financial performance improved, with revenue and gross profit growth, significantly narrowed operating and pre-tax losses, and improved net current liabilities, though total borrowings increased and the gearing ratio slightly rose - For the six months ended June 30, 2025, the Group's revenue, gross profit, operating loss, loss before income tax, and loss attributable to owners of the company all showed significant improvement[53](index=53&type=chunk)[56](index=56&type=chunk)[61](index=61&type=chunk)[63](index=63&type=chunk)[65](index=65&type=chunk) [Revenue](index=29&type=section&id=Revenue) For the six months ended June 30, 2025, the Group's revenue was approximately RMB 181.9 millions, a 4.9% increase from the prior year Revenue Changes | Indicator | 2025 (RMB millions) | 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 181.9 | 173.3 | +4.9% | [Cost of Sales](index=29&type=section&id=Cost%20of%20Sales) For the six months ended June 30, 2025, cost of sales was approximately RMB 144.5 millions, a 2.8% increase from the prior year, primarily due to increased sales volume Cost of Sales Changes | Indicator | 2025 (RMB millions) | 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Cost of Sales | 144.5 | 140.6 | +2.8% | [Gross Profit](index=29&type=section&id=Gross%20Profit) For the six months ended June 30, 2025, gross profit was approximately RMB 37.4 millions, a 14.2% increase from the prior year Gross Profit Changes | Indicator | 2025 (RMB millions) | 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Gross Profit | 37.4 | 32.7 | +14.2% | [Other Income](index=30&type=section&id=Other%20Income) For the six months ended June 30, 2025, other income significantly decreased by 96.7% to RMB 135 thousands Other Income Changes | Indicator | 2025 (RMB thousands) | 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Other Income | 135 | 4.1 | -96.7% | [Other Net Gains and Losses](index=30&type=section&id=Other%20Net%20Gains%20and%20Losses) For the six months ended June 30, 2025, other net gains of RMB 177 thousands were recorded, compared to a net loss of RMB 3.1 millions in the prior year Other Net Gains and Losses Changes | Indicator | 2025 (RMB thousands) | 2024 (RMB millions) | Change | | :--- | :--- | :--- | :--- | | Other Net Gains and Losses | 177 | (3.1) | from loss to profit | [Selling and Marketing Expenses](index=30&type=section&id=Selling%20and%20Marketing%20Expenses) For the six months ended June 30, 2025, selling and marketing expenses decreased by 25.8% to RMB 30.8 millions Selling and Marketing Expenses Changes | Indicator | 2025 (RMB millions) | 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Selling and Marketing Expenses | 30.8 | 41.5 | -25.8% | [Administrative Expenses](index=30&type=section&id=Administrative%20Expenses) For the six months ended June 30, 2025, administrative expenses increased by 38.8% to RMB 30.0 millions Administrative Expenses Changes | Indicator | 2025 (RMB millions) | 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Administrative Expenses | 30.0 | 21.6 | +38.8% | [Operating Loss](index=30&type=section&id=Operating%20Loss) For the six months ended June 30, 2025, operating loss decreased by 17.5% to RMB 23.5 millions Operating Loss Changes | Indicator | 2025 (RMB millions) | 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Loss | (23.5) | (28.5) | -17.5% | [Net Finance Income/(Costs)](index=31&type=section&id=Net%20Finance%20Income%2F%28Costs%29) For the six months ended June 30, 2025, net finance income of RMB 2.1 millions was recorded, compared to net finance costs of RMB 9.4 millions in the prior year Net Finance Income/(Costs) Changes | Indicator | 2025 (RMB millions) | 2024 (RMB millions) | Change | | :--- | :--- | :--- | :--- | | Net Finance Income/(Costs) | 2.1 | (9.4) | from cost to income | [Loss Before Income Tax](index=31&type=section&id=Loss%20Before%20Income%20Tax) For the six months ended June 30, 2025, loss before income tax decreased by 43.4% to RMB 21.5 millions Loss Before Income Tax Changes | Indicator | 2025 (RMB millions) | 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Loss Before Income Tax | (21.5) | (37.9) | -43.4% | [Income Tax (Expense)/Credit](index=31&type=section&id=Income%20Tax%20%28Expense%29%2FCredit) For the six months ended June 30, 2025, an income tax expense of RMB 497 thousands was recorded, compared to an income tax credit of RMB 5 thousands in the prior year Income Tax (Expense)/Credit Changes | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Income Tax (Expense)/Credit | 497 | (5) | from credit to expense | [Loss Attributable to Owners of the Company](index=31&type=section&id=Loss%20Attributable%20to%20Owners%20of%20the%20Company) For the six months ended June 30, 2025, loss attributable to owners of the company decreased by 40.8% to RMB 19.3 millions Loss Attributable to Owners of the Company Changes | Indicator | 2025 (RMB millions) | 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Loss Attributable to Owners of the Company | (19.3) | (32.6) | -40.8% | [Cash and Cash Equivalents](index=31&type=section&id=Cash%20and%20Cash%20Equivalents) As of June 30, 2025, cash and cash equivalents decreased by 9.7% to RMB 25.0 millions Cash and Cash Equivalents Changes | Indicator | June 30, 2025 (RMB millions) | December 31, 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 25.0 | 27.7 | -9.7% | [Inventories](index=32&type=section&id=Inventories) As of June 30, 2025, inventories increased by 9.6% to RMB 49.2 millions Inventories Changes | Indicator | June 30, 2025 (RMB millions) | December 31, 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Inventories | 49.2 | 44.9 | +9.6% | [Prepayments, Deposits and Other Receivables](index=32&type=section&id=Prepayments%2C%20Deposits%20and%20Other%20Receivables) As of June 30, 2025, prepayments, deposits, and other receivables decreased by 51.1% to RMB 21.3 millions Prepayments, Deposits and Other Receivables Changes | Indicator | June 30, 2025 (RMB millions) | December 31, 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Prepayments, Deposits and Other Receivables | 21.3 | 43.6 | -51.1% | [Trade and Bills Receivables](index=32&type=section&id=Trade%20and%20Bills%20Receivables) As of June 30, 2025, trade and bills receivables increased by 152.3% to RMB 21.2 millions Trade and Bills Receivables Changes | Indicator | June 30, 2025 (RMB millions) | December 31, 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Trade and Bills Receivables | 21.2 | 8.4 | +152.3% | [Trade and Bills Payables](index=32&type=section&id=Trade%20and%20Bills%20Payables) As of June 30, 2025, trade and bills payables increased by 1.9% to RMB 34.2 millions Trade and Bills Payables Changes | Indicator | June 30, 2025 (RMB millions) | December 31, 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Trade and Bills Payables | 34.2 | 33.6 | +1.9% | [Gearing Ratio](index=32&type=section&id=Gearing%20Ratio) As of June 30, 2025, the gearing ratio was 67.2%, an increase from 64.7% as of December 31, 2024 Gearing Ratio Changes | Indicator | June 30, 2025 | December 31, 2024 | Change (pp) | | :--- | :--- | :--- | :--- | | Gearing Ratio | 67.2% | 64.7% | +2.5pp | [Liquidity, Financial Resources and Capital](index=33&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital) As of June 30, 2025, the Group's cash and cash equivalents decreased, net current liabilities improved, but interest-bearing borrowings increased, primarily denominated in RMB and HKD, with fixed interest rates between 3.0% and 5.5% Liquidity Status | Indicator | June 30, 2025 (RMB millions) | December 31, 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 25.0 | 27.7 | -9.7% | | Net Current Liabilities | (109.4) | (119.0) | -8.1% | | Interest-Bearing Borrowings | 129.8 | 109.8 | +18.2% | - Interest-bearing borrowings are denominated in RMB and HKD, with fixed interest rates ranging from **3.0% to 5.5%**[72](index=72&type=chunk) [Foreign Currency and Treasury Policy](index=33&type=section&id=Foreign%20Currency%20and%20Treasury%20Policy) The Group's revenue and most expenses are denominated in RMB, with no forward contracts currently in place to hedge foreign exchange risk, though the Board closely monitors and may consider adopting a hedging policy in the future - All of the Group's revenue and most expenses are denominated in **RMB**[73](index=73&type=chunk) - For the six months ended June 30, 2025, the Group had not entered into any forward contracts to hedge foreign exchange risk, nor did it have a foreign currency hedging policy[73](index=73&type=chunk) [Litigation](index=34&type=section&id=Litigation) The Group is involved in two significant lawsuits, including Nanjing Haihuitong's attempt to revoke the equity transfer of Anhui Sihai and a final judgment against Huainan Jianle Investment, which may lead to the disposal of Anhui Sihai's equity, though directors believe no material adverse impact will occur - Involved in a lawsuit filed by Nanjing Haihuitong Supply Chain Services Co., Ltd., seeking to revoke the gratuitous transfer of **65% equity** in Anhui Sihai Huiyin Home Appliance Sales Co., Ltd. by Yangzhou Laitai Commercial Group Co., Ltd[74](index=74&type=chunk) - The judgment in the lawsuit involving Huainan Jianle Investment Co., Ltd. has become effective, potentially leading to the disposal of Anhui Sihai's equity[74](index=74&type=chunk) - The directors believe that the related lawsuits will not have a material adverse impact on the Group[74](index=74&type=chunk) [Employment and Remuneration Policy](index=34&type=section&id=Employment%20and%20Remuneration%20Policy) The Group's remuneration policy is comparable to industry peers, with management receiving base salaries and discretionary performance bonuses, other employees receiving base salaries and monthly performance bonuses, and all employees participating in social security schemes - Remuneration policy is comparable to industry peers, with management receiving fixed base salaries and discretionary performance bonuses after assessment[76](index=76&type=chunk) - The Group participates in various social security schemes for its employees[76](index=76&type=chunk) [Human Resources](index=35&type=section&id=Human%20Resources) As of June 30, 2025, the Group had 279 employees, a 1.41% decrease from December 31, 2024 Employee Count Changes | Indicator | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Employee Count | 279 | 283 | -1.41% | [Significant Investments](index=35&type=section&id=Significant%20Investments) As of June 30, 2025, the Group held no significant investments whose fair value exceeded 5% of total assets - As of June 30, 2025, the Group held no significant investments whose fair value exceeded **5%** of the Group's total assets[78](index=78&type=chunk) [Future Material Investments and Capital Asset Plans](index=35&type=section&id=Future%20Material%20Investments%20and%20Capital%20Asset%20Plans) As of June 30, 2025, the Group had no identified and legally binding contracts for future material investments and capital asset plans for the coming year - As of June 30, 2025, the Group had no identified and legally binding contracts for future material investments and capital asset plans for the coming year[79](index=79&type=chunk) [Future Outlook](index=35&type=section&id=Future%20Outlook) [Macroeconomic Outlook](index=35&type=section&id=Macroeconomic%20Outlook) In H2 2025, China's economy is expected to continue its moderate recovery, achieving steady progress, with full-year GDP growth projected to reach around 5%, as policies maintain strategic focus and provide timely support - China's economy is expected to continue its moderate recovery in H2 2025, achieving steady progress[80](index=80&type=chunk) - Full-year GDP growth for 2025 is projected to reach around **5%**, largely meeting the preset target of approximately **5.1%**[80](index=80&type=chunk) [Liquor Business Outlook](index=36&type=section&id=Liquor%20Business%20Outlook) The liquor business will focus on "strengthening foundations, restructuring, and innovating" by upgrading advertising strategies, expanding channels, leveraging top think tanks, and empowering the entire chain with AI technology to deepen industry positioning and reshape the intelligent brewing value system - The liquor business will adopt "strengthening foundations, restructuring, and innovating" as its strategic core, focusing on deep cultivation of production areas, digital transformation of channels, product innovation breakthroughs, and cultural marketing upgrades[81](index=81&type=chunk) - Advertising strategies will upgrade from "broad coverage" to "precise targeting," forming a dual-track system of precise penetration of high-end customer groups and deep coverage of experiential scenarios in sinking markets[81](index=81&type=chunk) - Channel expansion will involve regional fission, achieving deep penetration into consumer hinterlands through an "OMO new retail model + experience centers + pre-warehouses"[82](index=82&type=chunk) - AI technology will be integrated across the entire value chain, migrating Maifushi's Tforce large model to brewing to improve premium liquor yield and blending consistency, and using AI to analyze private domain user behavior data for personalized tasting videos and custom liquor recommendations[83](index=83&type=chunk) [Home Appliance Business Outlook](index=37&type=section&id=Home%20Appliance%20Business%20Outlook) The home appliance business will capitalize on peak consumption season opportunities, focusing on high-end, smart, and green development through product structure optimization, policy benefit conversion, niche market exploration, and service chain upgrades to build a resilient supply chain matrix and achieve robust growth - The industry is undergoing channel transformation (Douyin interest e-commerce, Xiaohongshu content marketing, integration of offline channels with home scenarios) and policy-driven growth (the fourth round of **RMB 69 billion** consumer product trade-in subsidies for 2025 will be disbursed in October)[84](index=84&type=chunk) - The Group will precisely position itself for consumption upgrades, increasing the proportion of high-end smart home appliances, deeply exploring Gen Z's demand for "aesthetic justice" and "lazy tech," and the elderly's preference for health functions, to optimize the product matrix and improve gross margins[85](index=85&type=chunk) - Deep conversion of policy benefits, closely following the "trade-in" expansion policy, adjusting product strategy to focus on high-efficiency and smart categories[85](index=85&type=chunk) - Full-cycle service chain upgrade, creating a closed-loop solution for "selection-installation-old appliance recycling"[85](index=85&type=chunk) [Training Business Outlook](index=38&type=section&id=Training%20Business%20Outlook) The training business will seize opportunities in the financial education market, advance AI technology migration and blockchain applications to create a dedicated financial AI assistant, and deepen ecological synergy and regional penetration by replicating the Shengyouhui private domain operation model to expand market share - The financial education market is expected to exceed **RMB 100 billion** in 2025, with increased vitality in the private economy and intergenerational transitions in SMEs generating significant demand for high-end customized courses[86](index=86&type=chunk) - Advance AI technology migration and blockchain applications, transferring vertical large model capabilities from the liquor business to training scenarios to create a dedicated financial AI assistant[87](index=87&type=chunk) - Introduce blockchain technology to build a verifiable credit archive for the entire chain of corporate learning, practice, and financing, enhancing service credibility[87](index=87&type=chunk) - Deepen ecological synergy and regional penetration, replicating the successful Shengyouhui private domain operation model, promoting high-net-worth liquor customers to the financial education curriculum, and leveraging **280 regional centers** to radiate into third and fourth-tier city markets[87](index=87&type=chunk) [AI Strategy](index=39&type=section&id=AI%20Strategy) The Group actively explores establishing AI as a strategic emerging business segment, planning to offer data intelligence services and e-commerce operation management solutions externally, and collaborating with Maifushi to develop vertical industry AI models for internal business scenarios, aiming to make AI a technology-driven growth engine - The Group actively explores establishing Artificial Intelligence (AI) as a strategic new business segment[88](index=88&type=chunk) - Plans to externally provide data intelligence services and e-commerce operation management solutions, including user behavior analysis, AI content generation, and precise matching algorithms[88](index=88&type=chunk) - Collaborates with Maifushi to explore and develop vertical industry AI models for internal business scenarios (liquor brewing, home appliance marketing, training diagnostics), such as an intelligent brewing monitoring system for liquor[88](index=88&type=chunk) - The AI business aims to form a synergistic cycle with the three main businesses, feeding back to improve internal operational efficiency and opening up independent profit growth points by outputting standardized technical products externally[89](index=89&type=chunk) [Overall Strategy and Synergy](index=40&type=section&id=Overall%20Strategy%20and%20Synergy) The Group will seize China's economic development opportunities, using liquor as a foundation for channel expansion and intelligent brewing, home appliances as an engine for policy benefits, training as a link for OMO and regional integration, and actively exploring AI commercialization to achieve synergistic innovation and long-term value growth across its four business segments - Seize the opportunities of China's stable and improving economic development, deepening channel fission and intelligent brewing upgrades with the liquor business as its foundation[89](index=89&type=chunk) - Drive with the home appliance business, capitalizing on policy benefits to optimize supply chain resilience[89](index=89&type=chunk) - Accelerate OMO ecosystem and regional penetration integration with the training business as a link[89](index=89&type=chunk) - Actively explore strategic applications and commercialization paths for AI technology, continuously forging core competitiveness through synergistic innovation and resource cross-pollination across the four business segments[89](index=89&type=chunk) [Other Information](index=40&type=section&id=Other%20Information) [Compliance with the Corporate Governance Code](index=40&type=section&id=Compliance%20with%20the%20Corporate%20Governance%20Code) For the six months ended June 30, 2025, the company generally complied with the Corporate Governance Code, with the only exception being Chairman Mr. Yuan Li's absence from the AGM due to other business commitments, with Executive Director Mr. Zhuang Liangbao serving as chairman - The company generally complied with the code provisions of the Corporate Governance Code during the reporting period and up to the date of this announcement[90](index=90&type=chunk) - Chairman Mr. Yuan Li did not attend the Annual General Meeting due to other business commitments, with Executive Director Mr. Zhuang Liangbao serving as chairman, which was the only instance of non-compliance with code provision F.1.3[90](index=90&type=chunk) [Audit Committee](index=41&type=section&id=Audit%20Committee) For the six months ended June 30, 2025, the Audit Committee, comprising three independent non-executive directors, met Listing Rules requirements and reviewed the Group's accounting principles, internal controls, and interim results - The Audit Committee comprises three independent non-executive directors, including one with professional qualifications or relevant financial management expertise, in compliance with the Listing Rules[91](index=91&type=chunk) - The Audit Committee's primary responsibilities include reviewing financial information and reporting procedures, internal control procedures, and risk management systems, and it has reviewed the unaudited interim results for the six months ended June 30, 2025[91](index=91&type=chunk) [Sufficiency of Public Float](index=41&type=section&id=Sufficiency%20of%20Public%20Float) For the six months ended June 30, 2025, and up to the date of this announcement, the company consistently maintained a sufficient public float - For the entire period of the six months ended June 30, 2025, and up to the date of this announcement, the company consistently maintained a sufficient public float[92](index=92&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=41&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities, and there were no treasury shares - For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[93](index=93&type=chunk) - As of June 30, 2025, the company held no treasury shares[93](index=93&type=chunk) [Significant Events After Reporting Period](index=42&type=section&id=Significant%20Events%20After%20Reporting%20Period) On July 10, 2025, the Group entered into a letter of intent with an independent third party to acquire 100% equity in a Chinese AI technology company specializing in interest e-commerce AI empowerment services, aiming to provide AI technical support for the Group's liquor and education and training segments - On July 10, 2025, the Group entered into a non-legally binding letter of intent with an independent third party to acquire **100% equity** in a Chinese AI technology company specializing in AI empowerment services for interest e-commerce[94](index=94&type=chunk) - This acquisition aims to provide AI technical support for the Group's liquor and education and training segments[94](index=94&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=42&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) The company's 2025 interim report will be dispatched to shareholders (upon request) and published on the HKEXnews website and the company's website in due course - The 2025 interim report will be dispatched to shareholders (upon request) and published on the HKEXnews website (www.hkexnews.hk) and the company's website (www.qidianguofeng.cn) in due course[95](index=95&type=chunk) [By Order of the Board](index=42&type=section&id=By%20Order%20of%20the%20Board) This announcement was signed and released by Board Chairman Mr. Yuan Li on August 29, 2025, with the Board comprising four executive directors, one non-executive director, and three independent non-executive directors - This announcement was signed and released by Board Chairman Mr. Yuan Li on August 29, 2025[96](index=96&type=chunk) - The Board comprises four executive directors (Yuan Li, Sun Yue, Yuan Lijun, Zhuang Liangbao), one non-executive director (Wang Xianfu), and three independent non-executive directors (Zhang Yihua, Chen Rui, Deng Zhongjun)[96](index=96&type=chunk)

Group 1 - The company, Singularity Guofeng (01280.HK), announced a board meeting scheduled for August 29, 2025, to consider and approve the unaudited interim results for the six months ending June 30, 2025, and to discuss the distribution of an interim dividend, if any, along with other matters [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告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 承董事會命 中国奇点国峰控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1280） 董事會召開日期 中国奇点国峰控股有限公司（「本公司」，連同其附屬公司為「本集團」）董事會（「董事 會」）茲通告謹定於二零二五年八月二十九日（星期五）舉行董事會會議，以考慮及通 過本集團截至二零二五年六月三十日止六個月的未經審核中期業績，及派發中期股 息（如有），以及處理任何其他事項。 主席 袁力 中國深圳，二零二五年八月十三日 於本公告日期，董事會包括四名執行董事（即袁力先生、孫躍先生、袁麗軍先生及莊良寶先生）；一 名非執行董事（即王賢福先生）；及三名獨立非執行董事（即張軼華先生、陳睿先生及鄧仲君女士）。 ...

Core Viewpoint - Singularity Guofeng (01280.HK) is considering the acquisition of a target company focused on AI-enabled interest e-commerce services, which includes data analysis and live e-commerce services [1] Group 1: Business Segments - The target company's business is divided into two main categories: (i) Data analysis and live e-commerce services, which involve deploying proprietary AI algorithms for user behavior analysis, automatic short video and live script generation, and precise matching of products, content, and audiences within an interest-driven e-commerce ecosystem [1] - The technology architecture is based on a multi-dimensional AI agent system, integrating large language models from both domestic and international sources. Services include creating AI virtual IP images for influencers and brand ambassadors, consumer behavior analysis, personalized content recommendation engines, and precision marketing AI toolkits [1] - (ii) External seller operation management services, where the target group leverages its data processing capabilities and AI tools to enhance seller performance on e-commerce platforms and improve live streaming efficiency, without directly participating in product sales [1] Group 2: Operational Plans - In the short term, the target company will operate as an independent wholly-owned subsidiary and will charge inter-company service fees for providing AI technology support related to the liquor and education training sectors [1] - Management anticipates that after the potential acquisition, there will be no separate reporting of the segments [1]