Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue decreased to RMB 151.851 million, a decline of 2.6% compared to RMB 155.358 million in 2023[9] - The gross profit for the same period was RMB 85.850 million, representing a significant drop of 29.5% from RMB 121.784 million in 2023[9] - The profit attributable to owners of the company fell sharply to RMB 2.692 million, down 93.7% from RMB 42.884 million in 2023[9] - Adjusted net profit for 2024 was RMB 2.314 million, a decrease of 94.4% compared to RMB 41.413 million in 2023[9] - Online advertising service revenue for the fiscal year ending December 31, 2024, was approximately RMB 119.2 million, representing a decline of about 23.3% compared to the same period in 2023[15] - The company's net profit for the fiscal year ending December 31, 2024, was approximately RMB 2.3 million, a significant decrease of about 94.4% compared to the same period in 2023[15] - The gross margin decreased from approximately 78.4% for the fiscal year ending December 31, 2023, to about 56.5% for the fiscal year ending December 31, 2024[29] - Net profit for the year was approximately RMB 23 million, a decrease of about RMB 391 million (or 94.4%) due to strategic transformation focusing on platform technology upgrades and increased R&D in AI and virtual interaction technologies[39] Assets and Liabilities - Total assets increased to RMB 622.752 million, up 2.0% from RMB 609.599 million in 2023[9] - Total liabilities rose to RMB 88.881 million, an increase of 14.4% from RMB 77.664 million in 2023[9] - Current assets increased to approximately RMB 5,561 million, a rise of about RMB 15 million (or 0.3%), mainly due to increased prepayments[44] - Current liabilities increased to approximately RMB 842 million, up by about RMB 87 million (or 11.4%) due to increased trade payables[44] - As of December 31, 2024, the company has no pledged assets as collateral for bank loans or other financing activities[50] - The company reported no bank borrowings as of December 31, 2024, consistent with the previous year[101] Strategic Focus and Development - The company is focusing on AI-driven technology upgrades, including the development of intelligent advertising matching systems and virtual interaction tools[14] - The company aims to expand its content matrix by enhancing short video, live streaming, and new energy content to create immersive consumer decision-making scenarios[14] - The company plans to launch the "AI X" distribution system in 2025, transitioning from a "vertical media service provider" to an "AI + ecological marketing technology platform"[18] - The company aims to enhance its AI research and development investments, focusing on building an AI-native strategic foundation to drive comprehensive intelligent upgrades[21] - The company is seeking strategic partnerships and acquisitions to create a closed loop of "technology - scenario - data" in the automotive industry's intelligent and ecological transformation[22] Marketing and Advertising Trends - The automotive industry in China is projected to see a production and sales increase of 4.3% and 4.0%, respectively, in 2024, with a significant focus on new energy vehicles[11] - The online automotive advertising market in China is expected to exceed RMB 100 billion in 2024, with online advertising penetration surpassing 50% for the first time[11] - The company is focusing on expanding its user base and enhancing marketing efficiency through a dual-engine strategy of "technology + content" in the automotive vertical media sector[16] Employee and Governance - The company has established a competitive compensation system to attract and motivate employees, linking their remuneration to overall performance[94] - The company has established an effective employee performance evaluation system and incentive plan, linking employee compensation to overall performance and contributions to business operations[57] - The company has a total of 81 full-time employees as of December 31, 2024, with most located in China[56] - The company has appointed independent non-executive directors with initial terms of three years, automatically renewable unless terminated with three months' notice[109] - The board believes its current composition meets the business development needs and provides valuable advice and oversight[199] Compliance and Risk Management - The company has complied with all relevant laws and regulations that significantly impact its operations as of December 31, 2024[88] - The company faced various risks in its operations, including specific risks related to the online automotive advertising industry and regulatory environment[90] - The independent non-executive directors have reviewed the contractual arrangements and deemed them fair and reasonable, aligning with the overall interests of the company and its shareholders[173] Shareholder Information - For the fiscal year ending December 31, 2024, the top five customers contributed approximately 46.0% of the total revenue, up from 39.7% in 2023, with the largest customer accounting for 21.4% of total revenue, compared to 11.7% in 2023[92] - As of December 31, 2024, the company has available reserves of approximately RMB 387 million, an increase from RMB 375 million as of December 31, 2023[98] - Major shareholders include Cheshi Holdings, holding 802,500,000 shares (65.0%), and The Core Trust Company Limited, holding 80,000,000 shares (6.5%)[121] Corporate Governance - The company has adopted the Corporate Governance Code as its own governance framework, complying with most of its best practices[185] - The audit committee consists of three independent non-executive directors, ensuring compliance with applicable accounting principles and standards[184] - The board will review corporate governance policies and compliance with the Corporate Governance Code annually[190] Environmental and Social Responsibility - The company has implemented environmental protection measures and encourages employees to reduce energy consumption and waste[89] - The company has not made any charitable donations during the reporting period, consistent with the previous year[175]

Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of RMB 151,851,000, a decrease of 2.3% compared to RMB 155,358,000 in 2023[4] - Gross profit for the same period was RMB 85,850,000, reflecting a significant decline of 29.5% from RMB 121,784,000 in the previous year[4] - The profit attributable to equity holders of the parent company dropped dramatically by 93.7% to RMB 2,692,000 from RMB 42,884,000 in 2023[4] - Adjusted net profit decreased by 94.4% to RMB 2,314,000 compared to RMB 41,413,000 in the prior year[4] - The company reported a pre-tax profit of RMB 3,410,000, down from RMB 42,520,000 in 2023[5] - Total comprehensive income for the year was RMB 2,350,000, a sharp decline from RMB 41,326,000 in the previous year[6] - Total other income for 2024 is RMB 13,594,000, down from RMB 16,148,000 in 2023, representing a decrease of about 15.9%[27] - The group's profit before tax for 2024 is RMB 3,410,000, a significant decrease from RMB 42,520,000 in 2023, reflecting a decline of approximately 92%[35] - The basic earnings per share for the year ended December 31, 2024, is RMB 2,692,000, a sharp decline from RMB 42,884,000 in 2023, indicating a decrease of around 93.7%[39] - The net profit for the fiscal year ending December 31, 2024, was approximately RMB 2.3 million, a significant decrease of about 94.4% compared to the previous year[54] Revenue Breakdown - For the fiscal year ending December 31, 2024, total revenue reached RMB 151.851 million, with online advertising services contributing RMB 119.160 million and integrated marketing services contributing RMB 32.546 million[21] - Online advertising service revenue for the fiscal year ending December 31, 2024, was approximately RMB 119.2 million, representing a decrease of about 23.3% year-over-year[54] - Major client A, providing integrated marketing services, generated revenue of RMB 32.546 million in 2024, while major client B, offering online advertising services, contributed RMB 18.246 million in 2023[20] - The company reported a decrease in recognized revenue from contract liabilities for online advertising services, with RMB 6.232 million recognized in 2024 compared to RMB 7.166 million in 2023[22] Assets and Liabilities - As of December 31, 2024, total non-current assets amounted to RMB 66,700,000, an increase from RMB 54,986,000 in 2023[7] - Current assets totaled RMB 556,052,000, slightly up from RMB 554,613,000 in the previous year[7] - The company's total liabilities increased to RMB 84,166,000 from RMB 75,547,000 in 2023, indicating a rise in current liabilities[8] - The equity attributable to equity holders of the parent company was RMB 537,415,000, a marginal increase from RMB 535,101,000 in 2023[8] - As of December 31, 2024, trade receivables amounted to RMB 82,155 thousand, a decrease of 12.7% from RMB 94,172 thousand in 2023[42] - The aging analysis of trade receivables shows that 30 days overdue receivables increased to RMB 34,583 thousand in 2024 from RMB 23,552 thousand in 2023, representing a 47.0% increase[42] - The expected credit loss for trade receivables as of December 31, 2024, was RMB 16,203 thousand, up 32.5% from RMB 12,245 thousand in 2023[43] - Trade payables increased significantly to RMB 20,911 thousand in 2024 from RMB 10,005 thousand in 2023, marking a 109.5% increase[46] Research and Development - Research and development expenses for 2024 amount to RMB 4,095,000, up from RMB 3,701,000 in 2023, marking an increase of approximately 10.7%[28] - The group’s main business costs increased by approximately RMB 32.4 million (or 96.6%) to about RMB 66.0 million, attributed to ongoing optimization of advertising structure and digital transformation initiatives[62] - Research and development expenses rose by approximately RMB 0.8 million (or about 7.5%) to RMB 11.9 million, reflecting increased investment in AI business and technology upgrades[67] Strategic Initiatives - The company has launched its self-developed AIGC product "AI X," which includes capabilities for diverse content generation and intelligent distribution, set to be fully operational by 2025[56] - The company aims to enhance its vertical media ecosystem leadership by evolving from PGC to a collaborative model of AI+UGC+PGC[58] - The company plans to increase investment in AI research and development to build an AI-native strategic foundation, focusing on intelligent creation, distribution, and attribution[59] - The company is seeking strategic partnerships and acquisitions to create a closed loop of "technology - scenario - data" in the automotive industry[60] - The company has established a collaboration with Xinhua News Agency to create a dedicated automotive column, enhancing industry communication[57] - The company is focusing on expanding its user base and enhancing advertising effectiveness through a comprehensive content ecosystem and distribution efficiency[55] Governance and Compliance - The company has adopted the Corporate Governance Code and has complied with most of its best practices, except for the separation of the roles of Chairman and CEO[93] - The board consists of independent non-executive directors with diverse backgrounds, accounting for over one-third of the board members[94] - The audit committee, composed of three independent non-executive directors, has reviewed the applicable accounting principles and the consolidated financial statements for the year ending December 31, 2024[98] - The company's auditor, Ernst & Young, confirmed that the financial figures in the preliminary announcement align with the consolidated financial statements prepared for the year[99] Future Outlook - The Chinese automotive industry is projected to produce and sell 31.5 million and 31.3 million passenger vehicles in 2024, reflecting year-on-year growth of 4.3% and 4.0% respectively[51] - The penetration rate of new energy vehicles in China is expected to exceed 35% in 2024, with production and sales surpassing 12 million units[51] - The online automotive advertising market in China is anticipated to exceed RMB 100 billion in 2024, with online advertising penetration surpassing 50% for the first time[51] Miscellaneous - The company does not recommend the distribution of any final dividend for the year ended December 31, 2024, consistent with 2023[36] - The group has no significant contingent liabilities as of December 31, 2024[86] - The group employed 81 full-time employees as of December 31, 2024, with employee benefits and expenses amounting to approximately RMB 47 million[87] - The company will hold its annual general meeting on May 22, 2025[102]

Automotive Industry Performance - As of June 30, 2024, China's passenger car production and sales reached approximately 11.9 million and 12.0 million units, representing year-on-year growth of 5.4% and 6.3% respectively[6] - The production and sales of new energy vehicles (NEVs) in China reached 4.9 million units each, with year-on-year growth of 30.1% and 32%, accounting for 35.2% of total new car sales[6] - China's total vehicle exports amounted to approximately 2.8 million units, reflecting a year-on-year increase of 30.5%, while NEV exports reached 0.6 million units, up 13.2% year-on-year[6] Online Advertising Market - The online automotive advertising market in China is projected to grow from RMB 568 billion in 2020 to RMB 1,164 billion by 2025, with a compound annual growth rate (CAGR) of 15.4%[6] - The online advertising penetration rate in China's automotive sector is expected to reach 58.6% by 2025, with a CAGR of 5.14%[6] Company Strategy and Development - The company aims to become a "super connector" in the automotive industry by leveraging digitalization and collaboration strategies to build an efficient industrial cooperation network[7] - The company has transitioned into the mobility business market since September 2021, focusing on the integration of industry internet and digital ecosystems[7] - The company has developed into one of China's leading automotive vertical media advertising platforms since its establishment in 2015[7] - The company acquired the "Online Car Market" in October 2015, enhancing its market position and brand recognition in the automotive advertising sector[7] - The company has implemented a dual-driven strategy of technology and service to enhance its operational capabilities and market reach[7] Financial Performance - For the six months ended June 30, 2024, the group's revenue was approximately RMB 67.0 million, a decrease of about 11.3% compared to RMB 75.5 million for the same period in 2023[9] - Online advertising service revenue for the same period was approximately RMB 56.0 million, down about 25.9% year-over-year[9] - Gross profit for the six months ended June 30, 2024, was approximately RMB 42.3 million, a decrease of about 28.8% from RMB 59.4 million in the prior year[9] - Net profit for the same period was approximately RMB 4.3 million, down about 84.6% from RMB 28.1 million in 2023[9] - For the six months ended June 30, 2024, the profit attributable to the owners of the group was approximately RMB 4.3 million, a decrease of about RMB 23.7 million (or approximately 84.6%) compared to RMB 28.0 million for the same period in 2023, primarily due to a decrease in revenue and an increase in cost of sales[28] - The adjusted net profit for the same period was RMB 4.3 million, reflecting a decrease of 84.6% from RMB 28.1 million in the previous year[31] Expenses and Investments - The group's sales and distribution expenses increased by approximately RMB 1.3 million (or about 4.8%) to RMB 29.4 million for the six months ended June 30, 2024, primarily due to increased marketing activities[22] - Research and development expenses increased by approximately RMB 0.3 million (or about 6.0%) to RMB 6.0 million, driven by system and technology upgrades[25] - The group intends to strengthen its technology R&D investment and improve IT systems, product development, and SaaS service capabilities[13] - The company invested RMB 30 million in the Rui Bo Fund, acquiring a 59.99% partnership interest as of June 30, 2024[43] Cash Flow and Assets - The net cash generated from operating activities for the six months ended June 30, 2024, was approximately RMB 11.6 million, down from RMB 25.8 million in the same period of 2023[35] - The net cash generated from investing activities was approximately RMB 13.4 million, compared to a net cash outflow of RMB 121.7 million for the same period in 2023[36] - The net cash used in financing activities was approximately RMB 1.2 million, an increase from RMB 0.6 million in the previous year[37] - As of June 30, 2024, the group's current assets were approximately RMB 550.5 million, while current liabilities were approximately RMB 83.0 million, resulting in a current ratio of 6.6 times[32] - The group had cash and cash equivalents of approximately RMB 394.9 million as of June 30, 2024, significantly increased from RMB 188.9 million in the previous year[33] Shareholder Information - As of June 30, 2024, the company has issued a total of 1,234,600,000 shares[61] - Cheshi Holdings owns 802,500,000 shares, representing 65.0% of the total shares[60] - The Core Trust Company Limited holds 80,000,000 shares, accounting for 6.5% of the total shares[60] - The employee incentive plan includes 2,170,000 restricted share units and 80,000,000 share awards granted to employees[63] - The restricted share unit plan and share award plan are effective for a total of 10 years, with approximately 5 years remaining[64] Governance and Management - The company’s board consists of independent non-executive directors with diverse backgrounds, ensuring balanced governance[49] - The chairman and CEO roles are held by the same individual, which the board believes ensures effective strategic guidance[49] - The company has established an effective employee performance evaluation and incentive plan linking compensation to overall performance[45] Future Outlook - The company expects revenue guidance for the second half of 2024 to be between RMB 600 million and RMB 650 million, indicating a potential growth of 20% to 30%[128] - The company plans to expand its market presence in Southeast Asia, targeting a 15% market share by the end of 2025[128] - A new advertising technology platform is set to launch in Q3 2024, expected to increase ad revenue by 30%[128] - The company aims to introduce three new products by the end of 2024, focusing on electric vehicle solutions[128] - The strategic partnership with major automotive manufacturers is projected to generate an additional RMB 200 million in revenue over the next year[128]

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 66,974 thousand, a decrease of 11.3% compared to RMB 75,518 thousand in the same period of 2023[1] - Gross profit for the same period was RMB 42,316 thousand, down 28.8% from RMB 59,420 thousand year-on-year[1] - Profit for the period was RMB 4,328 thousand, representing an 84.6% decline from RMB 28,054 thousand in the previous year[1] - Adjusted net profit for the six months was also RMB 4,328 thousand, reflecting the same 84.6% decrease compared to RMB 28,060 thousand in 2023[1] - Basic and diluted earnings per share for the parent company were both RMB 0.004, down from RMB 0.03 in the prior year[2] - Total comprehensive income for the period was RMB 4,328 thousand, unchanged from the previous year[3] - The group reported total revenue of RMB 66,974 thousand for the six months ended June 30, 2024, compared to RMB 55,945 thousand for the same period in 2023, representing a year-over-year increase of approximately 19.5%[12] - Online advertising services generated revenue of RMB 11,029 thousand, while integrated marketing services contributed RMB 55,945 thousand during the same period[12] - The group reported a net foreign exchange loss of RMB 1,343 thousand for the first half of 2024, compared to a loss of RMB 7,222 thousand in the same period of 2023, indicating an improvement in foreign exchange management[16] - For the six months ending June 30, 2024, the group's profit attributable to ordinary equity holders was RMB 4,525,000 (approximately a 83.8% decrease from RMB 27,923,000 for the same period in 2023)[23] - The group reported trade payables of RMB 14,301,000 as of June 30, 2024, an increase of 42.4% from RMB 10,005,000 as of December 31, 2023[25] - The group's profit attributable to owners for the six months ended June 30, 2024, was approximately RMB 4.3 million, a decrease of about RMB 23.7 million (or approximately 84.6%) compared to RMB 28.0 million for the same period in 2023, primarily due to a decrease in revenue and an increase in sales costs[46] - Adjusted net profit for the same period was RMB 4.3 million, reflecting a similar decline of 84.6% from RMB 28.1 million in 2023[48] Assets and Liabilities - Non-current assets totaled RMB 71,678 thousand as of June 30, 2024, an increase from RMB 54,986 thousand at the end of 2023[4] - Current assets amounted to RMB 550,518 thousand, slightly down from RMB 554,613 thousand at the end of 2023[4] - Total equity attributable to the parent company was RMB 535,855 thousand, compared to RMB 531,935 thousand at the end of 2023[5] - Non-current liabilities increased to RMB 3,292 thousand from RMB 2,117 thousand at the end of 2023[5] - Trade receivables as of June 30, 2024, totaled RMB 72,286,000, down 23.2% from RMB 94,172,000 as of December 31, 2023[24] - As of June 30, 2024, the group's current assets were approximately RMB 550.5 million, while current liabilities were approximately RMB 83.0 million, resulting in a current ratio of 6.6 times, down from 7.3 times as of December 31, 2023[49] - The group had no bank borrowings as of June 30, 2024, maintaining a capital debt ratio of 16.1%, up from 14.6% as of December 31, 2023[49] - As of June 30, 2024, the company reported no significant contingent liabilities, consistent with the previous year[57] Operational Highlights - The cost of services provided increased to RMB 24,658 thousand in the first half of 2024 from RMB 16,098 thousand in the first half of 2023, reflecting a rise of approximately 53.5%[16] - Employee benefits expenses decreased to RMB 23,934 thousand in the first half of 2024 from RMB 25,841 thousand in the first half of 2023, a decline of about 7.4%[16] - The company's sales cost increased by approximately 53.4% to RMB 24.7 million, up from RMB 16.1 million in the prior year, primarily due to increased marketing activities[39] - The gross margin decreased from approximately 78.7% to 63.2% for the six months ended June 30, 2024[40] - Other income and gains decreased by approximately 38.4% to RMB 8.2 million from RMB 13.3 million in the previous year, mainly due to currency exchange rate fluctuations[41] - Research and development expenses increased by approximately 6.0% to RMB 6.0 million from RMB 5.7 million in the prior year, driven by system and technology upgrades[44] - The company has 126 full-time employees as of June 30, 2024, an increase from 114 employees a year earlier, with employee benefits and expenses amounting to approximately RMB 23.9 million[59] Strategic Initiatives - The company plans to strengthen its market position in the automotive vertical media advertising sector and expand its geographic coverage in lower-tier cities[34] - The company is actively pursuing overseas expansion of its automotive business, starting in Thailand and extending to other Southeast Asian countries[37] - The company has initiated a new marketing strategy aimed at increasing brand awareness, with a budget allocation of HKD 20 million[71] - A strategic acquisition of a local tech firm is in progress, expected to close by Q4 2024, enhancing technological capabilities[70] - The board has approved a share buyback program worth HKD 100 million to enhance shareholder value[70] Market Trends - The Chinese automotive industry saw a production and sales increase of 5.4% and 6.3%, respectively, for passenger vehicles in the six months ending June 30, 2024[29] - New energy vehicle production and sales in China reached 4.9 million units, representing a year-on-year growth of 30.1% and 32%, respectively, accounting for 35.2% of total new car sales[29] - User engagement metrics showed a 30% increase in active users, totaling 1.2 million by June 30, 2024[71] - The company anticipates a revenue growth forecast of 20% for the second half of 2024, projecting total revenue of HKD 600 million[71] - New product launches in the AI sector are expected to contribute an additional HKD 100 million in revenue by the end of 2024[70] - The company plans to enhance its online advertising services, aiming for a 25% growth in this segment[71] Compliance and Governance - The group has reassessed its liabilities and confirmed that the classification of current and non-current liabilities remains unchanged following the adoption of revised accounting standards[6] - The group has been approved as a high-tech enterprise in China, allowing it to pay a reduced corporate income tax rate of 15% from October 2023 to October 2026[21] - The audit committee, consisting of three independent non-executive directors, reviewed the interim financial statements for the six months ended June 30, 2024, and confirmed compliance with relevant accounting standards[67] - The board has not recommended any interim dividend for the six months ending June 30, 2024[22] - The company has not declared any interim dividend for the six months ended June 30, 2024, similar to the previous year[62]

Financial Performance - For the fiscal year ended December 31, 2023, the company's revenue was approximately RMB 155.4 million, a decrease of about 8.6% compared to RMB 170.0 million in the same period of 2022[15]. - The gross profit for the fiscal year ended December 31, 2023, was approximately RMB 121.8 million, down about 5.7% from RMB 129.2 million in 2022[15]. - The net profit for the fiscal year ended December 31, 2023, was approximately RMB 41.4 million, an increase of about 175.5% compared to RMB 15.2 million in 2022, primarily due to reduced operating expenses and increased other income[15]. - The online advertising service revenue for the fiscal year ended December 31, 2023, was approximately RMB 155.4 million, a decrease of about 4.8% compared to the previous year[15]. - The group's total revenue for the reporting period was approximately RMB 155.4 million, a decrease of about RMB 14.6 million or approximately 8.6% compared to RMB 170.0 million for the year ended December 31, 2022, primarily due to a decline in online advertising revenue[30]. - The gross profit decreased from approximately RMB 129.2 million for the year ended December 31, 2022, to approximately RMB 121.8 million, a reduction of about RMB 7.4 million or approximately 5.7%, while the gross margin increased from approximately 76.0% to approximately 78.4%[33]. - The profit for the year was approximately RMB 41.4 million, an increase of about RMB 26.4 million (or 175.5%) compared to the previous year[44]. - Adjusted net profit for the year was approximately RMB 41.4 million, reflecting a year-on-year increase of 173.2%[48]. Assets and Liabilities - The total assets as of December 31, 2023, were RMB 609.6 million, an increase from RMB 572.4 million in 2022[8]. - The total liabilities as of December 31, 2023, were RMB 77.7 million, a decrease from RMB 81.8 million in 2022[8]. - The total equity as of December 31, 2023, was RMB 531.9 million, up from RMB 490.6 million in 2022[8]. - Current assets as of December 31, 2023, were approximately RMB 554.6 million, an increase of about RMB 29.6 million (or 5.6%) from the previous year[49]. - Current liabilities as of December 31, 2023, were approximately RMB 75.5 million, a decrease of about RMB 2.6 million (or 3.3%) from the previous year[49]. - The cash and cash equivalents as of December 31, 2023, were approximately RMB 369.9 million, primarily from net cash flows from operating activities[49]. - The capital adequacy ratio as of December 31, 2023, was 14.6%, down from 16.7% in the previous year[49]. - The available distributable reserves as of December 31, 2023, amounted to approximately RMB 375 million, an increase from RMB 367 million in 2022[115]. Market Position and Strategy - The company continues to enhance its market position in the automotive advertising industry by optimizing its media content matrix and investing in short video content creation[16]. - The group plans to strengthen its market position in the automotive vertical media advertising industry by enhancing the quality and quantity of PGC content and expanding its user base in lower-tier cities[22]. - The group aims to enhance its IT system and SaaS service capabilities by optimizing its Picker engine and installing new computer servers[23]. - The group is actively seeking strategic alliances, investments, and acquisition opportunities to complement its existing services and strategies, focusing on targets with significant user traffic and robust financial health[24]. - The group is planning overseas expansion of its automotive business, starting in Thailand and extending to other Southeast Asian countries, leveraging its brand influence on social media platforms[26]. - The group has entered into a collaboration with JD.com to explore new automotive retail business models, aiming to create an integrated online and offline car purchasing experience[21]. Employee and Compensation - The group employed 111 full-time employees as of December 31, 2023, with employee benefits and expenses amounting to approximately RMB 34.3 million[64]. - Employee compensation is linked to overall performance and contributions to business operations, with a performance-based compensation reward system established[65]. - The company has implemented a restricted share unit plan post-IPO to incentivize employees and align their performance with the group's overall performance[65]. - The company has maintained a competitive compensation structure to attract and motivate employees, linking remuneration to overall performance and contributions to business outcomes[111]. - The company has established effective employee performance evaluation and incentive plans to ensure alignment with business goals[111]. Investments and Acquisitions - The group made a significant investment of RMB 30 million in the Rui Bo Fund, acquiring a 59.99% limited partnership interest[58]. - The company aims to invest in target companies that can supplement its PGC and have strong user traffic and financial stability[106]. - The company has utilized all of the net proceeds from the listing, with no remaining funds as of December 31, 2023[107]. Compliance and Governance - The board report indicates compliance with relevant laws and regulations in all significant aspects affecting the group[100]. - The independent non-executive directors have reviewed the contractual arrangements and deemed them fair and reasonable, aligning with the overall interests of the company and its shareholders[196]. - The company has confirmed compliance with disclosure requirements regarding related party transactions under the Listing Rules[183]. - The company has not made any charitable or other donations for the year ending December 31, 2023, consistent with the previous year[198]. - There have been no significant legal proceedings or arbitrations involving the company as of December 31, 2023[200]. Shareholder Information - As of December 31, 2023, the company had 1,234,600,000 shares outstanding, with Mr. Xu holding 802,500,000 shares, representing 65.00% ownership[136]. - The company has established a retirement benefits plan for its employees, with contributions based on a certain percentage of their salaries[134]. - The company has no significant transactions or contracts involving directors that could impact the business, as of December 31, 2023[129]. - The company will suspend share transfer registration from May 17, 2024, to May 22, 2024, to determine the eligibility of shareholders for the annual general meeting[96].

Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 155,358,000, a decrease of 8.6% compared to RMB 170,037,000 in 2022[3] - Gross profit for the same period was RMB 121,784,000, down 5.7% from RMB 129,205,000 in the previous year[3] - Profit attributable to owners of the parent company increased significantly by 161.6% to RMB 42,884,000 from RMB 16,396,000 in 2022[3] - Adjusted net profit rose by 173.2% to RMB 41,413,000 compared to RMB 15,159,000 in the prior year[3] - The total comprehensive income for the year was RMB 41,326,000, compared to RMB 13,990,000 in 2022, marking an increase of 195.5%[6] - The group reported a pre-tax profit of RMB 58,334 thousand in 2023, a decrease from RMB 63,213 thousand in 2022, reflecting a decline of about 8%[28] - The company's net profit for the fiscal year ending December 31, 2023, was approximately RMB 41.4 million, an increase of about 175.5% compared to the same period in 2022, attributed to reduced operating expenses and increased other income[55] - The net profit for the year was approximately RMB 41.4 million, an increase of about RMB 26.4 million (or 175.5%) compared to RMB 15.0 million for the year ended December 31, 2022, driven by reduced period expenses and interest costs[76] - Adjusted net profit was approximately RMB 41.4 million, representing a year-on-year increase of 173.2% from RMB 15.2 million[79] Revenue Sources - For the fiscal year ending December 31, 2023, the total revenue from customer contracts amounted to RMB 155,358,000, exclusively from online advertising services[20] - Online advertising service revenue for the fiscal year ending December 31, 2023, was approximately RMB 155.4 million, down about 4.8% from RMB 163.1 million in 2022[65] - Total revenue for the year ended December 31, 2022, was RMB 170,037 thousand, with online advertising services contributing RMB 163,130 thousand and mobility services contributing RMB 6,907 thousand[21] - Customer B contributed RMB 18,246,000 to the total revenue, representing over 10% of the group's income for the fiscal year[19] Expenses and Cost Management - Research and development expenses decreased to RMB 11,044,000 from RMB 17,922,000, reflecting a reduction of 38.3%[5] - Sales and distribution expenses were approximately RMB 59.4 million, a decrease of about RMB 10.8 million (or 15.4%) compared to RMB 70.2 million for the year ended December 31, 2022, mainly due to reduced online advertising and marketing expenses[69] - Administrative expenses decreased by approximately RMB 5.1 million (or 16.3%) to about RMB 25.9 million, attributed to organizational restructuring and optimization[70] - Research and development expenses decreased by approximately RMB 6.9 million (or 38.4%) to about RMB 11.0 million, mainly due to improved R&D efficiency[71] Assets and Liabilities - Cash and cash equivalents increased to RMB 369,880,000 from RMB 278,216,000, representing a growth of 32.9%[8] - Total assets less current liabilities amounted to RMB 534,052,000, up from RMB 494,287,000 in 2022, indicating a growth of 8.1%[9] - Current assets increased by approximately RMB 29.6 million (or 5.6%) to about RMB 554.6 million as of December 31, 2023, mainly due to increased tax refunds and interest income[80] - Current liabilities decreased by approximately RMB 2.6 million (or 3.3%) to about RMB 75.5 million, with a current ratio of 7.3 compared to 6.7 as of December 31, 2022[81] - Trade receivables increased to RMB 106,417,000 in 2023 from RMB 102,744,000 in 2022, with a provision for impairment of RMB 12,245,000[43] - The aging analysis of trade receivables shows that amounts overdue for more than one year rose to RMB 4,417,000 in 2023 from RMB 912,000 in 2022[44] - The expected credit loss rate for trade receivables was 11.51% in 2023, compared to 16.59% in 2022, indicating improved credit risk management[45] Investments and Future Plans - The company plans to enhance its PGC quality and quantity, strengthen partnerships with KOLs, and expand coverage in lower-tier cities to improve content service quality and industry influence in 2024[61] - The company aims to optimize its Picker engine and enhance IT infrastructure through new server installations to improve SaaS services and develop effective marketing tools[62] - The company is actively seeking strategic alliances, investments, and acquisition opportunities to complement its existing services and strategies, focusing on targets with significant user traffic and robust financial health[63] - The company plans to expand its automotive business overseas, starting in Thailand and extending to other Southeast Asian countries, leveraging its brand influence and expertise in automotive information services[64] - Future investments will focus on companies that can enhance the group's PGC and have strong user traffic and financial stability[96] Market Overview - The automotive industry in China saw production and sales reach 30.2 million and 30.1 million units respectively in 2023, marking a year-on-year growth of 11.6% and 12%[52] - New energy vehicle production and sales surged to 9.6 million and 9.5 million units in 2023, reflecting year-on-year growth of 35.8% and 37.9%[52] - The penetration rate of new energy vehicles in China reached 31.6% in 2023, up 5.9 percentage points from the previous year[52] - China's automotive advertising market is projected to grow from RMB 568 billion in 2020 to RMB 1,164 billion by 2025, with a compound annual growth rate of 15.4%[53] Governance and Compliance - The company has adopted the Corporate Governance Code as its own governance code and has complied with most of its best practices during the reporting period[102] - The company has a balanced board composition with independent non-executive directors representing more than one-third of the board members[104] - The company has adopted the Standard Code for Securities Transactions by Directors and confirmed compliance by all directors during the reporting period[105] - The audit committee, consisting of three independent non-executive directors, has reviewed the applicable accounting principles and the consolidated financial statements for the year ended December 31, 2023[108] - The company's auditor, Ernst & Young, confirmed that the figures in the preliminary announcement are consistent with the consolidated financial statements prepared for the year ended December 31, 2023[109] Shareholder Information - The board expresses gratitude to management and employees for their hard work over the past year and appreciates the continued support from shareholders and stakeholders[111] - The annual general meeting of shareholders is scheduled for May 22, 2024[100] - The company will suspend share transfer registration from May 17 to May 22, 2024, to determine eligible shareholders for the annual general meeting[101] - No dividends were proposed for the year ended December 31, 2023[99]

Financial Performance - For the six months ended June 30, 2023, the total revenue of the company was approximately RMB 755 million, representing a year-on-year increase of about 1.0% compared to RMB 748 million for the same period in 2022[9]. - Online advertising service revenue for the same period was approximately RMB 755 million, which is an increase of about 11.2% compared to the previous year[13]. - Gross profit for the six months ended June 30, 2023, was approximately RMB 594 million, reflecting a growth of about 10.4% from RMB 538 million in the same period of 2022[13]. - Net profit for the six months ended June 30, 2023, was approximately RMB 281 million, marking a significant increase of about 116.5% compared to the previous year[13]. - Total revenue for the six months ended June 30, 2023, was approximately RMB 755.18 million, an increase of about RMB 0.7 million or 1.0% compared to RMB 747.93 million for the same period in 2022[24]. - Gross profit increased by approximately RMB 5.6 million or 10.4% to RMB 594.20 million, with gross margin rising from approximately 71.9% to 78.7%[26]. - Profit for the period attributable to owners was approximately RMB 27.9 million, an increase of about RMB 13.9 million or 98.5% compared to RMB 14.1 million for the same period in 2022[33]. - The company achieved a profit before tax of RMB 28,258,000, which is a significant increase of 91% compared to RMB 14,793,000 in the previous year[88]. - Net profit for the period was RMB 28,054,000, up 116% from RMB 12,956,000 in 2022[90]. - The group’s profit before tax for the six months ended June 30, 2023, was RMB 27,923,000, compared to RMB 14,068,000 for the same period in 2022, representing an increase of 98.5%[128]. Market and Industry Insights - The automotive market in China saw production and sales of approximately 11.28 million and 11.27 million vehicles, respectively, for the first half of 2023, with year-on-year growth of 8.1% and 8.8%[8]. - The online automotive advertising market in China is projected to grow from RMB 568 billion in 2020 to RMB 1,164 billion by 2025, with a compound annual growth rate of 15.4%[8]. - The company continues to enhance its position in the Chinese automotive advertising industry by optimizing its new media content matrix and implementing the self-developed Picker vertical cloud service system[14]. - The company plans to expand its market presence in lower-tier cities and enhance collaboration with KOLs and business partners to increase content service quality and industry influence[17]. - The company is exploring cross-industry collaborations with AI technology firms to enhance content technology and ecosystem development[15]. Operational Efficiency and Strategy - The company is actively optimizing its IT systems and applying AI technology to assist in content creation and review, ensuring the quality of professional content[15]. - The company aims to build a high-efficiency industrial collaboration network and a full-link service ecosystem through digitalization and intelligent development strategies[10]. - The company plans to enhance its IT systems and SaaS services, including optimizing its Picker engine and improving operational efficiency through AI technology[18]. - The company aims to seek strategic alliances, investments, and acquisition opportunities to complement its existing services, focusing on targets with significant user traffic and robust financial health[19]. - The company plans to optimize the Picker engine and enhance its IT infrastructure through new server installations[60]. Cash Flow and Financial Position - As of June 30, 2023, the company's current assets were approximately RMB 541.1 million, an increase from RMB 525.0 million as of December 31, 2022[38]. - The current ratio improved to 8.1 times as of June 30, 2023, compared to 6.7 times at the end of 2022[38]. - The net cash generated from operating activities for the first half of 2023 was RMB 25,830,000, compared to RMB 20,254,000 in the same period of 2022[39]. - The net cash used in investing activities was RMB 121,653,000 for the first half of 2023, significantly higher than RMB 19,768,000 in the previous year[41]. - The company had no bank borrowings as of June 30, 2023, maintaining a capital debt ratio of 13.5%, down from 16.7% at the end of 2022[38]. - The company reported a significant reduction in management compensation from RMB 3,561 thousand in 2022 to RMB 1,451 thousand in 2023, a decrease of about 59.3%[144]. - The company has no capital commitments as of the reporting date, indicating a conservative financial strategy[138]. Shareholder Information - As of June 30, 2023, the company has 1,234,600,000 shares issued, with Xu holding 65.0% of the shares[69]. - The company has not granted any restricted share units under the post-IPO restricted share unit plan during the reporting period[85]. - The employee incentive plan includes 2,170,000 restricted share units granted to 17 employees and 80,000,000 shares awarded under the share incentive plan[76]. - Mr. Xu holds 95.0% equity in Cheshi Holdings, with an approximate investment of RMB 35,750,000[70]. - The company will not declare any interim dividend for the six months ended June 30, 2023[60]. Future Outlook - The company expects a revenue guidance of RMB 1 billion for the full year 2023, representing a 20% increase compared to 2022[166]. - New product launches in the second half of 2023 are anticipated to drive an additional 10% revenue growth[167]. - The company is investing RMB 50 million in R&D for new technologies aimed at enhancing user experience[166]. - Market expansion plans include entering three new provinces in China by the end of 2023[167]. - The company is exploring potential acquisitions to enhance its service offerings, with a budget of RMB 100 million allocated for this purpose[166].

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。 Cheshi Technology Inc. 車 市 科 技 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1490） 截至2023年6月30日止六個月的 中期業績公告 車市科技有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本公司及其 附屬公司（統稱為「本集團」）截至2023年6月30日止六個月的未經審計中期簡明綜 合業績，連同2022年同期的比較數字載列如下： 財務摘要 截至6月30日止六個月 2023年 2022年 變動 人民幣千元 人民幣千元 % 收入 75,518 74,793 1.0 毛利 59,420 53,803 10.4 ...

Financial Performance - For the year ended December 31, 2022, the company's revenue was approximately RMB 170.0 million, a decrease of about 13.8% compared to RMB 197.2 million in 2021[16]. - Online advertising service revenue for the same period was approximately RMB 163.1 million, down 8.8% from the previous year[16]. - The company's adjusted net profit for 2022 was RMB 15.2 million, significantly lower than RMB 58.8 million in 2021, reflecting a decrease of approximately 74.1%[9]. - The company's gross profit for the year ended December 31, 2022, was approximately RMB 129.2 million, a decrease of about 11.7% compared to RMB 146.4 million for the same period in 2021[18]. - The net profit for the year ended December 31, 2022, was approximately RMB 15.0 million, down about 63.2% from the previous year, primarily due to a slowdown in the automotive industry and increased operational expenses related to the business transformation[18]. - Total revenue for the year ended December 31, 2022, was approximately RMB 170.0 million, a decrease of about RMB 27.1 million (or approximately 13.8%) from RMB 197.2 million for the year ended December 31, 2021[30]. - Online advertising services generated revenue of RMB 163.1 million, accounting for 95.9% of total revenue, down 8.8% from RMB 178.9 million in 2021[31]. - The net profit for the reporting period was approximately RMB 15.0 million, a decrease of about RMB 25.8 million (or 63.2%) compared to approximately RMB 40.8 million for the year ended December 31, 2021, attributed to reduced revenue and increased sales and distribution expenses, financial and contract asset impairment losses, and other expenses[45]. Assets and Liabilities - Total assets as of December 31, 2022, amounted to RMB 572.4 million, a slight increase from RMB 560.3 million in 2021[9]. - The total liabilities for the company were RMB 81.8 million, showing a marginal increase from RMB 80.3 million in 2021[9]. - The company reported a total equity of RMB 490.6 million as of December 31, 2022, compared to RMB 480.0 million in the previous year[9]. - As of December 31, 2022, the group's current assets were approximately RMB 525.0 million, an increase of about RMB 25.8 million (or 5.2%) from approximately RMB 499.2 million as of December 31, 2021, mainly due to increased contract assets from online advertising services[50]. - Current liabilities increased to approximately RMB 78.1 million, up about RMB 15.0 million (or 23.7%) from approximately RMB 63.2 million as of December 31, 2021, primarily due to increased trade payables and other receivables related to marketing and promotional activities[50]. - The current ratio as of December 31, 2022, was 6.7, compared to 7.9 as of December 31, 2021, indicating a decrease in liquidity[50]. Market and Industry Outlook - The automotive industry in China saw a production and sales increase of 3.4% and 2.1% respectively in 2022, reaching 27.0 million and 26.9 million vehicles[12]. - The company anticipates a rebound in the automotive market in 2023, supported by government policies and easing pandemic restrictions[12]. - The company aims to leverage its expertise in automotive content production and resource integration to capture new business opportunities in the recovering market[13]. - The company has entered the mobility service market and is actively implementing a digital ecosystem strategy to enhance its service offerings[15]. Expenses and Investments - The company's sales and distribution expenses increased to approximately RMB 70.2 million, up about RMB 18.7 million (or approximately 36.4%) compared to RMB 51.4 million in the previous year, mainly due to increased marketing expenses for online advertising services[36]. - Administrative expenses for the reporting period were approximately RMB 31.0 million, a decrease of about RMB 16.8 million (or 35.2%) compared to approximately RMB 47.8 million for the year ended December 31, 2021, mainly due to reduced share-based payment expenses and organizational restructuring[37]. - Research and development expenses increased to approximately RMB 17.9 million, up about RMB 0.2 million (or 0.9%) from approximately RMB 17.8 million for the year ended December 31, 2021, primarily due to increased R&D investment and upgrades of existing technology products[38]. - The company plans to enhance its technology R&D investment and improve IT systems, product development, and SaaS service capabilities in 2023[24]. - The company aims to seek strategic alliances, investments, and acquisition opportunities to complement its existing services and strategies[25]. Shareholder and Equity Information - The company reported a total of 1,234,600,000 shares outstanding as of December 31, 2022[141]. - Mr. Xu holds a controlled interest in 802,500,000 shares, representing 65.00% of the total shares[140]. - Mr. Liu and Mr. Lin hold beneficial interests of 15,000,000 shares (1.21%) and 7,500,000 shares (0.61%) respectively[140]. - The company has established a competitive compensation system to attract and motivate employees, linking their remuneration to overall performance and contributions to business outcomes[116]. - The company has no knowledge of any tax relief or exemptions available to shareholders due to shareholding[123]. - The independent non-executive directors confirmed their independence as of December 31, 2022[130]. Compliance and Regulatory Matters - The company confirmed compliance with the relevant regulations regarding related party transactions as per the listing rules[186]. - The company has established contractual arrangements to maintain control over its consolidated affiliated entities in compliance with applicable regulations[188]. - There have been no updates regarding qualification requirements for foreign investors in value-added telecommunications businesses as of the report date[189]. - The company has not purchased, redeemed, or sold any listed securities other than those disclosed in the report for the fiscal year ending December 31, 2022[184]. Employee and Compensation Plans - The company employed 114 full-time employees as of December 31, 2022, with compensation linked to performance and market conditions[70]. - The company has established a remuneration committee to review compensation policies based on operational performance and market practices[136]. - The employee incentive plan aims to attract and retain skilled personnel by providing equity ownership opportunities[149]. - The company has a stock incentive plan with a maximum limit of 80,000,000 shares that can be granted without board approval[162]. - The stock incentive plan aims to recognize and encourage contributions from key management and core employees[160].

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。 Cheshi Technology Inc. 車 市 科 技 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1490） 截至2022年12月31日止年度的 年度業績公告 車市科技有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本公司及其 附屬公司（統稱為「本集團」）截至2022年12月31日止年度（「報告期」）的綜合年度 業績，連同截至2021年12月31日止年度的比較數字載列如下。 財務摘要 截至12月31日止年度 2022年 2021年 變動 人民幣千元 人民幣千元 % 收入 170,037 197,185 -13.8 毛利 129,205 146,403 -11.7 ...