Financial Performance - For the six months ended June 30, 2025, the company's consolidated revenue from continuing operations was approximately HKD 20,258,000, a decrease of about 77.4% compared to HKD 89,721,000 in 2024[7]. - The company reported a profit from continuing operations of approximately HKD 6,229,000, a significant improvement from a loss of HKD 250,400,000 in 2024[7]. - Earnings per share for continuing operations was approximately HKD 0.89, compared to a loss of HKD 18.21 per share in 2024[7]. - Gross profit for continuing operations decreased to approximately HKD 10,052,000, with a gross margin of about 49.6%, down from HKD 57,567,000 and 64.2% in 2024[11]. - Other income for continuing operations decreased to approximately HKD 842,000, primarily due to a reduction in government subsidies[11]. - Revenue for the first half of 2025 was approximately HKD 20,258,000, despite a challenging business environment[24]. - Revenue for the six months ended June 30, 2025, was HKD 20,258,000, a decrease of 77.6% compared to HKD 89,721,000 for the same period in 2024[49]. - Gross profit for the same period was HKD 10,052,000, down 82.5% from HKD 57,567,000 in 2024[49]. - The company reported a profit of HKD 11,126,000 for the period, a significant recovery from a loss of HKD 359,970,000 in the previous year[49]. - The company reported a net loss attributable to the owners of the company from continuing operations of HKD 9,470,000, compared to a loss of HKD 194,050,000 in the previous year[50]. - The company’s total comprehensive income for the period was HKD 13,996,000, a recovery from a loss of HKD 357,464,000 in 2024[50]. - The company experienced a total comprehensive loss of HKD 224,202,000 for the six months ended June 30, 2025, which includes a loss of HKD 226,005,000 during the period[53]. Expenses and Cost Management - The company reduced its distribution and sales expenses to approximately HKD 1,844,000, down from HKD 25,469,000 in 2024, due to decreased personnel and advertising costs[12]. - Research and development expenses decreased to approximately HKD 2,213,000, down from HKD 18,455,000 in 2024, reflecting a reduction in spending related to big data services[12]. - The company reported a significant decrease in executive compensation, with total remuneration for the six months ended June 30, 2025, at HKD 980,000, down from HKD 4,839,000 for the same period in 2024, representing an 80.7% decline[93]. Assets and Liabilities - As of June 30, 2025, the company's non-current assets were approximately HKD 23,989,000, a significant decrease from HKD 112,827,000 as of December 31, 2024[14]. - As of June 30, 2025, the total debt of the group was approximately HKD 76,210,000, a significant decrease from HKD 149,202,000 as of December 31, 2024[15]. - The asset-liability ratio was 1.1 times as of June 30, 2025, unchanged from December 31, 2024[16]. - Total assets decreased to HKD 188,363,000 as of June 30, 2025, from HKD 436,383,000 at the end of 2024, reflecting a decline of 56.9%[51]. - Current liabilities were HKD 224,289,000, down from HKD 578,320,000 in 2024, indicating a reduction of 61.2%[51]. - Trade receivables as of June 30, 2025, amounted to HKD 10,489,000, significantly down from HKD 135,661,000 as of December 31, 2024[80]. - Total trade and other receivables decreased to HKD 49,350,000 as of June 30, 2025, from HKD 307,791,000 as of December 31, 2024[80]. - Trade payables as of June 30, 2025, were HKD 108,244,000, a decrease from HKD 133,250,000 as of December 31, 2024[84]. - As of June 30, 2025, the company has unsecured other borrowings totaling approximately HKD 12,617,000, down from HKD 79,527,000 as of December 31, 2024, indicating a significant reduction of 84.1%[85]. Operational Changes and Strategy - The company has decided not to declare an interim dividend for the six months ended June 30, 2025, consistent with 2024[8]. - The company is actively expanding its big data services into sectors such as education, culture, and telecommunications, leveraging its SaaS/PaaS cloud platform and AI capabilities[10]. - The group plans to enhance its existing credit risk control products and introduce more flexible service models to lower customer procurement thresholds[25]. - The group aims to expand into various industries such as education and telecommunications, leveraging its SaaS/PaaS cloud platform and AI capabilities[24]. - The company has completed the sale of its wholly-owned subsidiary, Pan Asia Data (BVI) Inc., which has been classified as a discontinued operation[56]. - The company has terminated its operations related to third-party payment services following the sale of a subsidiary, impacting its operational classification[62]. - The company is actively seeking to renew or sign licensing agreements to improve revenue from big data services and generate additional operating cash inflows[58]. Cash Flow and Financing - For the six months ended June 30, 2025, the company reported a net cash inflow from operating activities of HKD 10,154,000, a significant improvement compared to a net outflow of HKD 90,106,000 in the same period of 2024[54]. - The company recorded a net cash outflow from investing activities of HKD 38,945,000 for the six months ended June 30, 2025, compared to a cash inflow of HKD 16,749,000 in the prior year[54]. - The company reported a net decrease in cash and cash equivalents of HKD 32,426,000 for the six months ended June 30, 2025[54]. - The company aims to negotiate favorable settlement terms with convertible bondholders to address defaulted principal and interest[58]. - The company plans to seek additional funding through equity financing and unused bank credit to support its operations and cash flow[58]. Shareholder Information - Major shareholders include Mr. Shi Qingliu with 223,744,000 shares (21.00%) and Lian Yang Investment Limited with 76,092,789 shares (7.14%) as of June 30, 2025[41]. - The total number of issued shares as of June 30, 2025, is 1,065,454,100 shares[41]. - The company did not purchase, sell, or redeem any of its listed securities during the six-month period ending June 30, 2025[42]. - The stock option plan is effective for a period of ten years from June 30, 2021, and will expire on June 29, 2031[30]. - As of June 30, 2025, a total of 17,340,000 stock options were granted, with 16,600,000 options remaining unexercised[37]. - The exercise price for the stock options granted on July 27, 2021, is HKD 2.056, representing 0.61% and 0.92% of the total issued shares for employees and consultants, respectively[37]. - The company has not established any arrangements for directors to benefit from purchasing shares or debt securities of the company or any other entity[40]. Compliance and Governance - The company has adopted the corporate governance code and confirmed compliance with the standards for securities trading by directors[46]. - The company has applied new accounting standards effective from January 1, 2025, with no significant impact on the financial statements for the current and prior periods[60]. - The company has no significant capital commitments or contingent liabilities as of June 30, 2025[19]. - The company has not made any significant investments or acquisitions in the first half of 2025[22]. - The company has no transfers between Level 1 and Level 2, nor any transfers in or out of Level 3 for the reporting period[96].

Share Option Scheme - The total number of shares available for issuance under the share option scheme is 64,248,366 shares, representing 6.03% of the company's issued shares (excluding treasury shares) as of March 31, 2025[3] - The announcement is related to the supplementary information regarding the share option scheme included in the 2024 annual report[3] - The company emphasizes that the supplementary information does not affect other data disclosed in the 2024 annual report[3] - The share option plan is part of the company's broader strategy to incentivize and retain talent[3] Governance Structure - The board of directors includes executive and non-executive members, ensuring a diverse governance structure[5] - The chairman of the board is Gu Zhongli, indicating leadership continuity[4] Transparency and Disclosure - The announcement date is September 23, 2025, providing a timeline for stakeholders[5] - The company is registered in the Cayman Islands, reflecting its international presence[2] - The supplementary announcement is aimed at shareholders and potential investors, highlighting transparency[3] - The company maintains a commitment to accurate and complete disclosures in its financial reporting[1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 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]

Core Viewpoint - Lianyang Intelligent Holdings (01561) reported a significant decrease in revenue for the six months ending June 30, 2025, while achieving a profit attributable to shareholders, contrasting with a loss in the same period last year [1] Financial Performance - The company recorded revenue of HKD 20.58 million, a year-on-year decrease of 77.42% [1] - Profit attributable to shareholders was HKD 27.36 million, compared to a loss of HKD 226 million in the same period last year [1] - Earnings per share stood at HKD 0.0257 [1] Operational Insights - The profit from continuing operations was approximately HKD 6.229 million, a significant improvement from a loss of HKD 250.4 million in the previous year [1] - The improvement in profit was primarily due to reductions in impairment losses on intangible assets, distribution and sales expenses, administrative expenses, and research and development expenses [1] - However, the company's big data service business activities saw a substantial decline, which partially offset the gross profit reduction [1]

Core Viewpoint - Lianyang Intelligent Holdings (01561) reported a significant decrease in revenue for the six months ending June 30, 2025, but achieved a profit attributable to shareholders, contrasting with a loss in the same period last year [1] Financial Performance - The company recorded revenue of HKD 20.258 million, a decrease of 77.42% year-on-year [1] - Profit attributable to shareholders was HKD 27.362 million, compared to a loss of HKD 226 million in the same period last year [1] - Earnings per share stood at HKD 0.0257 [1] Operational Insights - The profit from continuing operations was approximately HKD 6.229 million, a significant improvement from a loss of HKD 250.4 million in the previous year [1] - The improvement in profit was primarily due to a reduction in impairment losses on intangible assets, distribution and sales expenses, administrative expenses, and research and development expenses [1] - However, the substantial decrease in gross profit was partially offset by a significant reduction in activities within the company's big data services business [1]

[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)

Group 1 - The company, Lianyang Intelligent Holdings (01561), announced that its indirect non-wholly owned subsidiary, Lianyang Guorong (Beijing), subscribed to units of a fund with a principal amount of RMB 20 million on April 15, 2025, and May 7, 2025 [1] - The subscription is recorded as financial assets measured at fair value through profit or loss [1] - The relevant fund units were redeemed on July 8, 2025, and August 20, 2025, yielding a profit of approximately RMB 1.06 million [1] Group 2 - The fund involved is named "Fuxi Bond No. 3 Private Securities Investment Fund" [1]

Core Viewpoint - Lianyang Intelligent Holdings (01561.HK) announced the subscription of units in a private securities investment fund, indicating a strategic move towards stable asset growth through investment in the fund [1] Group 1: Investment Details - The company’s indirect non-wholly owned subsidiary, Lianyang Guorong (Beijing), subscribed to the fund units on April 15, 2025, and May 7, 2025, with a principal amount of RMB 20,000,000 each [1] - The subscription is recorded as financial assets measured at fair value through profit or loss [1] Group 2: Redemption and Returns - The fund units were redeemed on July 8, 2025, and August 20, 2025, resulting in a recorded profit of approximately RMB 1,060,000 [1] Group 3: Fund Information - The fund is named Fuxi Bond No. 3 Private Securities Investment Fund, with an investment objective focused on constructing a portfolio for sustained and stable growth of fund assets based on in-depth research [1]

Group 1 - The company, Lianyang Intelligent Holdings (01561), announced that its indirect non-wholly owned subsidiary, Lianyang Guorong (Beijing), subscribed to units of a fund with a principal amount of RMB 20 million each on April 15, 2025, and May 7, 2025 [1] - The subscription is recorded as financial assets measured at fair value through profit or loss [1] - The relevant fund units were redeemed on July 8, 2025, and August 20, 2025, generating a profit of approximately RMB 1.06 million [1] Group 2 - The fund involved is named "Fuxi Bond No. 3 Private Securities Investment Fund" [1]