股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 聯洋智能控股有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01561 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | 本月底法定 ...

Pan Asia Data Holdings Inc. (the "Company") – Notice of publication of 2025 Interim Report ("Current Corporate Communication") on the Company's website The English and Chinese versions of the Company's Current Corporate Communications are available on the Company's website at www.irasia.com/listco/hk/pad/ and the website of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") at www.hkexnews.hk respectively (the "Website Version"). The Company strongly recommends you to access the Website Version ...

Pan Asia Data Holdings Inc. 聯 洋 智 能 控 股 有 限 公 司 (Incorporated in the Cayman Islands with limited liability) （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 (Stock Code 股份代號：1561) NOTIFICATION LETTER 通知信函 30 September 2025 Dear Registered Shareholder, Pan Asia Data Holdings Inc. (the "Company") – Notice of publication of 2025 Interim Report ("Current Corporate Communication") on the Company's website The English and Chinese versions of the Company's Current Corporate Communications are now available on the Company's website a ...

中期報告 目 錄 | 公司資料 | 2 | | --- | --- | | 管理層討論及分析 | 4 | | 其他資料披露 | 10 | | 簡明綜合損益及其他全面收益表 | 18 | | 簡明綜合財務狀況表 | 20 | | 簡明綜合權益變動表 | 22 | | 簡明綜合現金流量表 | 23 | | 簡明綜合財務報表附註 | 24 | 1 聯洋智能控股有限公司 中期報告2025 公司資料 董事會 執行董事 獨立非執行董事 徐豔瓊女士 容海恩女士（太平紳士） 蘇清棟先生（太平紳士） 審核委員會 徐豔瓊女士 （主席） 容海恩女士（太平紳士） 蘇清棟先生（太平紳士） 提名委員會 容海恩女士（太平紳士） （主席） 顧中立先生 徐豔瓊女士 薪酬委員會 顧中立先生 （主席） 李雲九先生 金培毅先生 非執行董事 施少鳴先生 施嘉豪先生 主要往來銀行 徐豔瓊女士 （主席） 顧中立先生 容海恩女士（太平紳士） 4th Floor, Harbour Place 103 South Church Street P.O. Box 10240 Grand Cayman KY1-1002 Cayman Islands 公司秘書 香港的 ...

（ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號： 1561） 於2024年年報日期（即2025年3月31日），根據購股權計劃可供發行之股份總數為 64,248,366股，佔本公司已發行股份（不包括庫存股份）之6.03%。 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之內容概不負責， 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之任何損失承擔任何責任。 Pan Asia Data Holdings Inc. 聯 洋 智 能 控 股 有 限 公 司 有關截至2024年12月31日止年度年報之 補充公告 茲提述聯洋智能控股有限公司（「本公司」）於2025年4月30日刊發之截至2024年12 月31日止年度之年報（「2024年年報」）。除文義另有所指外，本公告所用詞彙與 2024年年報所界定者具有相同涵義。 董事會謹此向本公司股東及潛在投資者提供以下有關購股權計劃之補充資料，該 計劃載於2024年年報董事會報告「購股權計劃」章節。 主席 顧中立 香港，2025年9月23日 於本公告日期，董事會成員包括執行董事顧中 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 聯洋智能控股有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01561 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | 本月底法定/ ...

Group 1 - The core viewpoint of the article is that Lianyang Intelligent Holdings (01561.HK) reported a significant decline in revenue from its continuing operations, primarily due to a substantial reduction in its big data service activities [1] - For the six months ending June 30, 2025, the group's revenue from continuing operations was approximately HKD 20,258,000, representing a decrease of about 77.4% compared to the same period last year [1] - The profit from continuing operations for the same period was approximately HKD 6,229,000, a significant improvement from a loss of approximately HKD 250,400,000 in 2024, mainly due to reductions in impairment losses on intangible assets, distribution and sales expenses, administrative expenses, and research and development expenses [1]

截至2025年6月30日止6个月，持续经营业务溢利约为622.9万港元(2024年：持续经营业务亏损约为2.504 亿港元)，主要由于就无形资产确认的减值亏损、分销及销售开支、行政开支以及研发开支的减少，惟 被本集团大数据服务业务活动大幅减少导致毛利减少所部分抵销。 联洋智能控股(01561)发布截至2025年6月30日止6个月中期业绩，该集团取得收益2025.8万港元，同比减 少77.42%;公司拥有人应占溢利2736.2万港元，去年同期则取得亏损2.26亿港元;每股盈利2.57港仙。 ...

截至2025年6月30日止6个月，持续经营业务溢利约为622.9万港元(2024年：持续经营业务亏损约为2.504 亿港元)，主要由于就无形资产确认的减值亏损、分销及销售开支、行政开支以及研发开支的减少，惟 被本集团大数据服务业务活动大幅减少导致毛利减少所部分抵销。 智通财经APP讯，联洋智能控股(01561)发布截至2025年6月30日止6个月中期业绩，该集团取得收益 2025.8万港元，同比减少77.42%;公司拥有人应占溢利2736.2万港元，去年同期则取得亏损2.26亿港元;每 股盈利2.57港仙。 ...

[Interim Results Announcement](index=1&type=section&id=%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%85%AC%E5%91%8A) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) The Group achieved a profit of HK$6,229 thousand from continuing operations, a significant improvement from a loss of HK$250,400 thousand in the prior period, despite a revenue decrease due to reduced big data services activity Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Continuing Operations) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Revenue | 20,258 | 89,721 | | Gross Profit | 10,052 | 57,567 | | Profit/(Loss) Before Tax | 6,207 | (256,708) | | Profit/(Loss) for the Period from Continuing Operations | 6,229 | (250,400) | | Profit/(Loss) for the Period from Discontinued Operations | 4,897 | (109,570) | | Profit/(Loss) for the Period | 11,126 | (359,970) | | Profit/(Loss) for the Period Attributable to Owners of the Company | 27,362 | (226,005) | | Basic and Diluted Earnings/(Loss) Per Share (HK cents) | 2.57 | (21.21) | - Continuing operations turned from a loss of **HK$250,400 thousand** in the prior period to a profit of **HK$6,229 thousand**, indicating a significant improvement in operating performance[4](index=4&type=chunk) [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, total non-current assets significantly decreased to HK$23,989 thousand, while net current liabilities improved to HK$35,926 thousand, and the deficiency attributable to owners of the company narrowed to HK$45,273 thousand Condensed Consolidated Statement of Financial Position (Period End) | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Non-current Assets | 23,989 | 112,827 | | Current Assets | 188,363 | 436,383 | | Current Liabilities | 224,289 | 578,320 | | Net Current Liabilities | (35,926) | (141,937) | | Net Liabilities | (15,345) | (36,229) | | Deficiency Attributable to Owners of the Company | (45,273) | (54,339) | | Total Deficiency | (15,345) | (36,229) | - Net current liabilities significantly improved from **HK$141,937 thousand** as of December 31, 2024, to **HK$35,926 thousand** as of June 30, 2025[6](index=6&type=chunk) - Non-current assets significantly decreased, primarily due to financial assets at fair value through profit or loss reducing from **HK$86,836 thousand** to zero[6](index=6&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=6&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) [1 General Information and Basis of Preparation](index=6&type=section&id=1%20%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99%E5%8F%8A%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) The Group, an investment holding company primarily engaged in big data services, completed the disposal of its discontinued third-party payment business and faces significant going concern uncertainties due to net current liabilities, net deficiency, and a substantial decline in continuing operations revenue, with directors implementing measures to ensure sustainability - The Company primarily engages in big data services and has disposed of its third-party payment services business, which is classified as a discontinued operation[9](index=9&type=chunk)[10](index=10&type=chunk) - As of June 30, 2025, the Group faces **net current liabilities of HK$35,926 thousand** and a **net deficiency of HK$15,345 thousand**, with a significant decline in revenue from continuing operations, indicating material uncertainty about its ability to continue as a going concern[10](index=10&type=chunk) - The Board has prepared cash flow forecasts and plans to implement measures such as equity financing, disposal of unlisted equity investments, negotiation of convertible bond settlements, and renewal of big data service license agreements to ensure the Group can operate on a going concern basis[12](index=12&type=chunk)[13](index=13&type=chunk) [2 Significant Accounting Policies](index=7&type=section&id=2%20%E4%B8%BB%E8%A6%81%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) The condensed consolidated financial statements are prepared on a historical cost basis, with the first-time application of HKFRS accounting standards (amendments) having no material impact on financial position or performance - The financial statements are primarily prepared on a historical cost basis, with the first-time application of HKFRS accounting standards (amendments) having no material impact[14](index=14&type=chunk)[15](index=15&type=chunk) [3 Revenue](index=7&type=section&id=3%20%E6%94%B6%E7%9B%8A) Revenue from continuing operations (big data services) significantly decreased by approximately **77.4%** to **HK$20,258 thousand** in the first half of 2025 compared to **HK$89,721 thousand** in the same period of 2024 Revenue from Continuing Operations | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Data Analysis Services Revenue | 20,258 | 89,721 | - Revenue from continuing operations decreased significantly by **77.4%** year-on-year, primarily due to reduced big data services business activities[16](index=16&type=chunk) [4 Segment Information](index=8&type=section&id=4%20%E5%88%86%E9%A1%9E%E8%B3%87%E6%96%99) The Group's continuing operations are attributed to a single operating segment, big data services, following the termination of its third-party payment business, with no separate geographical segment analysis presented as revenue and non-current assets are primarily from China - The Group's continuing operations comprise a single operating segment, big data services, as the third-party payment services business has been terminated[17](index=17&type=chunk) - All revenue and non-current assets from continuing operations are primarily derived from China, hence no geographical segment information is provided[18](index=18&type=chunk) [5 Other Income and Net Gains or Losses](index=8&type=section&id=5%20%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%E5%8F%8A%E虧%E6%90%8D%E6%B7%A8%E9%A1%8D) Net other income from continuing operations significantly improved to **HK$10,994 thousand** for the six months ended June 30, 2025, from a loss of **HK$45 thousand** in the prior period, primarily due to gains from derecognition of a subsidiary and net gains on lease termination Other Income and Net Gains or Losses | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Fair value change in financial assets at FVTPL – gains/(losses) | 961 | (87) | | Gain on derecognition of a subsidiary | 5,008 | – | | Net gain on lease termination | 5,163 | 46 | | Net exchange losses | (4) | (1) | | Others | (134) | (3) | | **Total** | **10,994** | **(45)** | - Other income and net gains or losses turned from a loss to a gain, primarily due to gains from derecognition of a subsidiary and net gains on lease termination[19](index=19&type=chunk) [6 Finance Costs](index=8&type=section&id=6%20%E8%9E%8D%E8%B3%87%E6%88%90%E6%9C%AC) Finance costs for continuing operations slightly increased to **HK$3,097 thousand** for the six months ended June 30, 2025, primarily driven by effective interest expense on convertible bonds Finance Costs | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Interest on bank and other borrowings | 480 | 516 | | Interest on lease liabilities | 166 | 80 | | Effective interest expense on convertible bonds | 2,451 | 2,465 | | **Total** | **3,097** | **3,061** | [7 Profit/(Loss) Before Tax](index=9&type=section&id=7%20%E9%99%A4%E7%A8%85%E5%89%8D%E6%BA%A2%E5%88%A9%E2%88%95%EF%BC%88%E虧%E6%90%8D%EF%BC%89) Profit/(loss) before tax from continuing operations is stated after deducting/(crediting) items such as amortization of intangible assets, depreciation of property, plant and equipment, depreciation of right-of-use assets, and interest income Adjustments to Profit/(Loss) Before Tax | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Amortisation of intangible assets | 89 | 979 | | Depreciation of property, plant and equipment | 16 | 7,961 | | Depreciation of right-of-use assets | 609 | 2,323 | | Interest income | (121) | (222) | [8 Income Tax Credit](index=9&type=section&id=8%20%E6%89%80%E5%BE%97%E7%A8%85%E6%8A%B5%E5%85%8D) Income tax credit from continuing operations significantly decreased to **HK$22 thousand** for the six months ended June 30, 2025, from **HK$6,308 thousand** in the prior period, primarily due to a reduction in the reversal of deferred tax liabilities related to fair value adjustments of intangible assets Income Tax Credit | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Deferred tax credit | (22) | (6,308) | - Income tax credit significantly decreased, primarily due to a reduction in the reversal of deferred tax liabilities[21](index=21&type=chunk)[44](index=44&type=chunk) [9 Discontinued Operations](index=9&type=section&id=9%20%E5%B7%B2%E7%B5%82%E6%AD%A2%E6%A5%AD%E5%8B%99) The Group completed the disposal of its third-party payment services business (PAD (BVI)) on June 16, 2025, which is classified as a discontinued operation, achieving a profit of **HK$4,897 thousand** in the first half of 2025, primarily due to a **HK$33,867 thousand** gain on disposal, reversing a **HK$109,570 thousand** loss in the prior period - The Group completed the disposal of its third-party payment services business, PAD (BVI), on **June 16, 2025**, which is classified as a discontinued operation[22](index=22&type=chunk)[34](index=34&type=chunk) Profit/(Loss) for the Period from Discontinued Operations | Item | January 1, 2025 to June 16, 2025 (HK$ thousand) | Six Months Ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Loss from discontinued operations for the period | (28,970) | (109,570) | | Gain on disposal of discontinued operations | 33,867 | – | | **Total** | **4,897** | **(109,570)** | - Net cash flow from discontinued operations turned from an outflow of **HK$86,266 thousand** in the prior period of 2024 to an inflow of **HK$7,612 thousand** in the first half of 2025[25](index=25&type=chunk) [10 Earnings/(Loss) Per Share](index=11&type=section&id=10%20%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9%E2%88%95%EF%BC%88%E虧%E6%90%8D%EF%BC%89) Basic and diluted earnings per share from continuing operations significantly improved to **0.89 HK cents** for the six months ended June 30, 2025, from a loss of **18.21 HK cents** in the prior period, with discontinued operations also turning profitable at **1.7 HK cents** Earnings/(Loss) Per Share | Item | 2025 (HK cents) | 2024 (HK cents) | | :--- | :--- | :--- | | Basic and diluted from continuing operations | 0.89 | (18.21) | | Basic and diluted from discontinued operations | 1.7 | (3.0) | - The calculation of diluted earnings per share does not assume the exercise of convertible bonds and share options, as their exercise prices are higher than the average market price of shares or would result in a reduction in loss per share[26](index=26&type=chunk)[27](index=27&type=chunk) [11 Dividends](index=12&type=section&id=11%20%E8%82%A1%E6%81%AF) For the six months ended June 30, 2025, the Board did not pay, declare, or propose any interim dividends - No dividends were paid, declared, or proposed for the current period or the prior period[29](index=29&type=chunk)[39](index=39&type=chunk) [12 Trade and Other Receivables](index=12&type=section&id=12%20%E8%B2%BF%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) Total trade and other receivables significantly decreased to **HK$49,350 thousand** as of June 30, 2025, from **HK$307,791 thousand** as of December 31, 2024, with trade receivables net of credit loss allowance at **HK$9,560 thousand** and no overdue balances at the reporting date Trade and Other Receivables | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Trade receivables (net) | 9,560 | 48,645 | | Other receivables, deposits and prepayments | 39,790 | 259,146 | | **Total** | **49,350** | **307,791** | - As of June 30, 2025, the Group had no overdue trade receivables balances[31](index=31&type=chunk) [13 Trade and Other Payables](index=13&type=section&id=13%20%E8%B2%BF%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) Total trade and other payables significantly decreased to **HK$148,079 thousand** as of June 30, 2025, from **HK$336,983 thousand** as of December 31, 2024, with trade payables over 90 days forming the largest proportion Trade and Other Payables | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Trade payables | 108,244 | 133,250 | | Accrued staff costs | 7,738 | 23,370 | | Amounts due to merchants | – | 44,709 | | Unutilised float | – | 39,089 | | Other payables and accrued expenses | 32,097 | 96,565 | | **Total** | **148,079** | **336,983** | - Among trade payables, amounts overdue for **over 90 days** accounted for **HK$107,080 thousand**, representing a major component[33](index=33&type=chunk) [14 Disposal of a Subsidiary](index=14&type=section&id=14%20%E5%87%BA%E5%94%AE%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8) The Group disposed of its entire equity interest in PAD (BVI), a third-party payment services subsidiary, for a cash consideration of **HK$1** on June 16, 2025, resulting in a gain on disposal of **HK$33,867 thousand** - The Group disposed of its entire equity interest in PAD (BVI), which engages in third-party payment services, for a cash consideration of **HK$1**, completed on **June 16, 2025**[34](index=34&type=chunk) Net Liabilities and Gain on Disposal of PAD (BVI) | Item | Amount (HK$ thousand) | | :--- | :--- | | Net liabilities disposed of | (45,763) | | Gain on disposal | 33,867 | | Non-controlling interests | 31,273 | | Reserves released on disposal | (19,377) | | **Total consideration settled by cash** | **–*** | | Net cash outflow arising from disposal | (727) | [Management Discussion and Analysis](index=15&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) [Results and Financial Overview](index=15&type=section&id=%E6%A5%AD%E7%B8%BE%E5%8F%8A%E8%B2%A1%E5%8B%99%E6%A6%82%E8%A6%BD) For the six months ended June 30, 2025, revenue from continuing operations significantly decreased by **77.4%** to **HK$20,258 thousand** due to reduced big data services activity, yet continuing operations achieved a profit of **HK$6,229 thousand**, reversing a prior-period loss, primarily due to substantial reductions in impairment losses on intangible assets, distribution and selling expenses, administrative expenses, and research and development expenses, leading to a turnaround in earnings per share - Revenue from continuing operations decreased by **77.4%** year-on-year to **HK$20,258 thousand**, primarily due to a significant reduction in big data services business activities[38](index=38&type=chunk) - Continuing operations turned from a loss of **HK$250,400 thousand** in the prior period to a profit of **HK$6,229 thousand**, mainly due to significant reductions in impairment losses on intangible assets, distribution and selling expenses, administrative expenses, and research and development expenses[38](index=38&type=chunk) - Earnings per share from continuing operations turned from a loss of **18.21 HK cents** in the prior period to a profit of **0.89 HK cents**[38](index=38&type=chunk) [Interim Dividends](index=15&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board has resolved not to pay and not to recommend the payment of any interim dividend for the six months ended June 30, 2025 - The Board decided not to pay an interim dividend[39](index=39&type=chunk) [Business Review](index=15&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) [Big Data Services Business](index=15&type=section&id=%E5%A4%A7%E6%95%B8%E6%93%9A%E6%9C%8D%E5%8B%99%E6%A5%AD%E5%8B%99) LYGR Group, a subsidiary, provides AI-powered big data analytics and digital risk management solutions for retail financial services, but faced significant business contraction in H1 2025 due to economic headwinds, prompting cost-efficiency measures and expansion of its SaaS/PaaS cloud platform and AI large model capabilities into new sectors like education, culture, and telecom operators - LYGR Group provides digital risk management and other digital services for retail financial services, building SaaS/PaaS cloud platforms to offer AI-powered algorithmic solutions to key clients, including leading Chinese banks[40](index=40&type=chunk) - In the first half of 2025, the big data risk control business significantly contracted due to macroeconomic and regulatory impacts, with the industry entering a new normal of **"low gross profit, high compliance"**[41](index=41&type=chunk)[53](index=53&type=chunk) - The Group implemented cost reduction and efficiency improvement measures, and expanded its big data analysis services to multiple industries, including education, culture, and telecom operators[41](index=41&type=chunk)[54](index=54&type=chunk) [Overall Performance](index=16&type=section&id=%E6%95%B4%E9%AB%94%E8%A1%A8%E7%8F%BE) For the six months ended June 30, 2025, continuing operations saw significant declines in gross profit and gross margin, but a substantial increase in net other income, alongside significant reductions in impairment losses on intangible assets, distribution and selling expenses, administrative expenses, and R&D expenses, while finance costs slightly increased and income tax credit decreased Key Financial Performance Changes for Continuing Operations | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Gross Profit | 10,052 | 57,567 | Decreased by 82.5% | | Gross Margin | 49.6% | 64.2% | Decreased by 14.6 percentage points | | Other Income | 842 | 1,159 | Decreased by 27.4% | | Other Income and Net Gains or Losses | 10,994 | (45) | Turned from loss to gain | | Impairment Loss on Intangible Assets | 0 | 238,301 | Decreased by 100% | | Distribution and Selling Expenses | 1,844 | 25,469 | Decreased by 92.8% | | Administrative Expenses | 8,527 | 30,103 | Decreased by 71.7% | | Research and Development Expenses | 2,213 | 18,455 | Decreased by 88% | | Finance Costs | 3,097 | 3,061 | Increased by 1.2% | | Income Tax Credit | 22 | 6,308 | Decreased by 99.6% | - The decrease in gross profit and gross margin was primarily due to a significant reduction in big data services business activities[42](index=42&type=chunk) - The significant increase in other income was primarily due to gains from derecognition of a subsidiary and net gains on lease termination[42](index=42&type=chunk) [Liquidity, Financial Resources, Borrowings, Share Capital Structure, Charges on Assets and Foreign Exchange Fluctuation Risks](index=17&type=section&id=%E8%B3%87%E9%87%91%E6%B5%81%E5%8B%95%E6%80%A7%E3%80%81%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90%E3%80%81%E5%80%9F%E6%AC%BE%E3%80%81%E8%82%A1%E6%9C%AC%E7%B5%90%E6%A7%8B%E3%80%81%E8%B3%87%E7%94%A2%E6%8A%BC%E8%A8%98%E5%8F%8A%E5%8C%AF%E7%8E%87%E6%B3%A2%E5%8B%95%E7%9A%84%E9%A2%A8%E9%9A%AA) As of June 30, 2025, the Group experienced a significant reduction in non-current assets and an improvement in net current liabilities, with total debt substantially decreasing due to reduced borrowings, while maintaining stable gearing and current ratios, no asset pledges, and close monitoring of foreign exchange risks Liquidity and Debt Indicators | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Non-current Assets | 23,989 | 112,827 | | Net Current Liabilities | (35,926) | (141,937) | | Total Debt | 76,210 | 149,202 | | Borrowings | 12,617 | 80,683 | | Convertible Bonds | 62,909 | 60,458 | | Lease Liabilities | 684 | 8,061 | | Gearing Ratio | 1.1 times | 1.1 times | | Current Ratio | 0.8 times | 0.8 times | - All borrowings of approximately **HK$12,617 thousand** are repayable after one year[47](index=47&type=chunk) - Convertible bonds bear interest at **6% per annum**, with an additional **10% per annum** interest accruing upon default[46](index=46&type=chunk) - The Group has no assets pledged/charged and closely monitors foreign exchange risks[48](index=48&type=chunk) [Treasury Policy](index=18&type=section&id=%E5%BA%AB%E5%8B%99%E6%94%BF%E7%AD%96) The Group adopts a prudent financial management approach, committed to maintaining a sound liquidity position, mitigating credit risk through continuous credit assessments, and closely monitoring liquidity to meet funding requirements - The Group adopts a prudent treasury policy, maintaining sound liquidity, mitigating risks through credit assessments, and monitoring its liquidity position[50](index=50&type=chunk) [Employees](index=18&type=section&id=%E5%83%B1%E5%93%A1) As of June 30, 2025, the Group's employee count significantly decreased to **24** (December 31, 2024: **172**), with remuneration policies regularly reviewed to align with market conditions and individual performance - The number of employees significantly decreased from **172** to **24**[51](index=51&type=chunk) - The Group regularly reviews its remuneration policy to ensure alignment with market conditions and individual performance[51](index=51&type=chunk) [Material Investments, Acquisitions and Disposals](index=18&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E3%80%81%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE%E4%BA%8B%E9%A0%85) Apart from the disclosed disposal of a subsidiary, the Group had no other material investments, acquisitions, or disposals during the interim period - Apart from the disclosed disposal of a subsidiary, there were no other material investments, acquisitions, or disposals during the current period[52](index=52&type=chunk) [Prospects and Strategies](index=18&type=section&id=%E5%89%8D%E6%99%AF%E5%8F%8A%E7%AD%96%E7%95%A5) Facing macroeconomic challenges and a "low gross profit, high compliance" industry new normal, the Group achieved revenue in H1 2025 under business pressure and will continue cost reduction and efficiency improvement, leveraging its SaaS/PaaS cloud platform and AI large model capabilities to expand into education, culture, and telecom sectors, while focusing on "stabilizing finance," "diversifying," and "pioneering innovation" in H2 to develop new growth drivers - The Group will continue to implement cost reduction and efficiency improvement measures, leveraging its SaaS/PaaS cloud platform and AI large model capabilities to expand big data analysis services into multiple industries, including education, culture, and telecom operators[41](index=41&type=chunk)[54](index=54&type=chunk) - The Group will actively participate in the integrated development of public and social data, striving to gain a first-mover advantage in the new round of market access[54](index=54&type=chunk) - Looking ahead to the second half of the year, the Group's strategy focuses on **"stabilizing finance"** (lightweight transformation of credit risk control products), **"diversifying"** (deepening data analysis services in real economy sectors like education, culture, and operators), and **"pioneering innovation"** (accelerating vertical application iteration of industry large models, breaking through multimodal data fusion and automated compliance auditing)[55](index=55&type=chunk) [Other Information](index=19&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) [Purchase, Sale or Redemption of the Company's Listed Securities](index=19&type=section&id=%E8%B3%BC%E5%85%A5%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B9%8B%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) 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 - Neither the Company nor its subsidiaries purchased, sold, or redeemed any listed securities during the current period[56](index=56&type=chunk) [Changes in Directors' Information](index=20&type=section&id=%E8%91%A3%E4%BA%8B%E8%B3%87%E6%96%99%E8%AE%8A%E5%8B%95) For the six months ended June 30, 2025, Mr. Li Yunjiu was appointed as an executive director on February 14, 2025, and Dr. Wang Bangyi resigned as an executive director on July 23, 2025 Changes in Directors' Information | Director Name | Change Details | | :--- | :--- | | Mr. Li Yunjiu | Appointed as Executive Director on February 14, 2025 | | Dr. Wang Bangyi | Resigned as Executive Director on July 23, 2025 | [Corporate Governance and Other Information](index=20&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%8F%8A%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) The Company generally complies with the Corporate Governance Code, except for Code Provision C.2.1 regarding the separation of Chairman and CEO roles, with Chairman Mr. Gu Zhongli overseeing strategy and supervision while executive directors and senior management monitor daily operations, a structure the Board believes ensures a balance of power and authority - The Company complies with the Corporate Governance Code, except for Code Provision C.2.1 regarding the separation of roles between the Chairman and Chief Executive Officer[57](index=57&type=chunk)[58](index=58&type=chunk) - Following Dr. Wang Bangyi's resignation as CEO, the Company has no CEO position, with Chairman Mr. Gu Zhongli responsible for strategy formulation and supervision, while daily operations are monitored by executive directors and senior management[58](index=58&type=chunk) - All Directors confirmed compliance with the Model Code for Securities Transactions by Directors of Listed Issuers throughout the current period[59](index=59&type=chunk) [Review by Audit Committee](index=21&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83%E4%B9%8B%E5%AF%A9%E9%96%B1) The Audit Committee reviewed the Group's adopted accounting principles and practices, discussed internal controls and financial reporting matters, and examined the unaudited condensed consolidated financial statements for the six months ended June 30, 2025 - The Audit Committee reviewed accounting principles, internal controls, and financial reporting matters, and examined the unaudited condensed consolidated financial statements for the current period[60](index=60&type=chunk) [Publication of Interim Report on the HKEX Website](index=21&type=section&id=%E6%96%BC%E8%81%AF%E4%BA%A4%E6%89%80%E7%B6%B2%E7%AB%99%E5%88%8A%E7%99%BB%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) The 2025 interim report will be dispatched to shareholders and published on the HKEX website and the Company's website in due course - The 2025 interim report will be dispatched to shareholders and published on the HKEX and Company websites[61](index=61&type=chunk)