根据H股回购一般性授权，公司获授权回购最多825万股H股，占股东周年大会及类别股东大会上通过H 股回购一般性授权的特别决议案当日已发行H股(不包括库存股份)总数的10%。此外，倘回购H股将导致 公司公众持股量低于香港联交所规定的最低百分比，则董事会将不会于香港联交所回购H股。公司将根 据回购相关时间的市况及集团的资本管理需要，注销所回购的H股或以库存股份方式持有该等H股。如 公司以库存股份方式持有该等H股，随后拟将该等库存股份用于转售、股权激励计划或香港上市规则允 许的其他方式。 公司拟以自有资金回购H股，拟使用的最高金额为人民币8000万元。董事会已授权公司执行董事根据回 购期间的股价、财务及经营状况，在必要时调整回购金额上限。董事会认为，公司目前的财务资源使其 能够在保持稳健的财务状况的同时实施H股回购计划。 为促进公司的可持续经营及发展，维护投资者的长期利益及使股东价值最大化，经计及公司目前的经营 状况、财务状况及未来发展前景，于2025年7月23日，董事会决定运用H股回购一般性授权，以根据市 场状况及公司需求不时于公开市场回购H股。董事会认为，H股回购符合公司及其股东的整体最佳利 益。 智通财经APP ...

营销层面，集团持续推进渠道佈局下沉市场、增加从业人员，同时通过专业化赋能，加强增值经销服务 商的经营能力建设和人员专业能力建设;持续推广AI技术数字化营销和精细化运营方案，提升增值经销 服务商的商机获取及转化能力，推进经营模式升级。"新财税、新商贸、新零售、新制造、新服务"领域 持续深耕经济产业带，进一步加强小微企业行业化、数智化经营根据地运营，通过推广数智化客户成功 案例，助力更多的小微企业数智化转型升级。在直销通路，围绕「多通路引流+精细转化」双引擎策 略，持续释放增长动能，通过搜索引擎营销(SEM)、搜索引擎优化(SEO)、电商、生态、新媒体等组合 拳助力品牌曝光和精準获客，投入产出比得到持续优化;销售转化方面，运用AI技术赋能全链路运营， 精準提升获客效率及销售转化率;搭建覆盖18大行业及50多个细分领域的高復用内容营销体系，为行业 化一致性营销奠定基础。在合销通路，继续加强与电信运营商、银行、互联网平台等战略伙伴的深度合 作，加快拓展低╱零代码开发者和ISV生态伙伴，加强产品融合，丰富产品应用场景，提升产品竞争力 并扩大收入来源。 报告期内，集团云服务业务新增付费企业用户数超过4.4万，较上年同期增 ...

Financial Performance - The company achieved a revenue of RMB 959.27 million in 2024, representing a 20% increase compared to the previous year[18]. - Cloud subscription revenue reached RMB 653.81 million, a growth of 34%, accounting for nearly 70% of total revenue[18]. - The profit attributable to the owners of the parent company was RMB 33.46 million, an increase of 111% year-on-year[18]. - The company's gross profit for 2024 was RMB 692.05 million, compared to RMB 538.60 million in 2023[15]. - Basic earnings per share rose to RMB 10.4 in 2024, up from RMB 5.0 in 2023[15]. - Operating cash flow improved significantly to a net inflow of RMB 91.30 million, compared to a net outflow of RMB 42.05 million in the previous year[38]. - The number of new paid enterprise users for cloud services increased by 143,000 during the reporting period[38]. - The company's gross profit was RMB 692.05 million, reflecting a 28% growth from the previous year[38]. - The net profit attributable to the parent company was RMB 33.46 million, a significant increase of 111% year-on-year[50]. - Basic earnings per share rose to RMB 0.104, marking a 108% increase compared to the previous year[38]. Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 1,694.66 million, up from RMB 1,585.58 million in 2023[15]. - Total liabilities increased to RMB 791.39 million in 2024 from RMB 715.92 million in 2023[15]. - As of the end of the reporting period, the company had cash and bank deposits of RMB 1,259.03 million, indicating a healthy financial position[38]. - The current ratio as of December 31, 2024, was 193%, down from 229% in the previous year, mainly due to the purchase of long-term time deposits and an increase in contract liabilities[69]. Market Strategy and Product Development - The company is focusing on the digital transformation of small and micro enterprises, enhancing product competitiveness through AI technology[18]. - The company aims to transition from application services to ecological platform services to promote scalable and efficient business development[18]. - The company accelerated product innovation in the "Five New" areas, enhancing the automation and intelligence of digital tax and finance services, and developed a new generation enterprise-level AI native application development platform[20]. - The company introduced an intelligent tax BaaS service for micro-enterprises, improving the efficiency and accuracy of automated accounting and tax reporting through AI technology[20]. - The company aims to expand its market share in the micro-enterprise cloud service sector, targeting to establish a leading position by 2025[22]. - The company plans to enhance its marketing strategies by leveraging AI for precise customer acquisition and improving operational efficiency, resulting in rapid growth in direct sales revenue[21]. - The company will continue to focus on the integration of AI technology in product innovation and operational processes, promoting a "customer success" principle[22]. - The company is committed to expanding its ecosystem partnerships with telecom operators, banks, and internet platforms to enhance product application value and market coverage[28]. - The company will implement a multi-channel strategy, including direct sales, distribution, and co-sales, to support the digital transformation of micro-enterprises[26]. - The company is focused on the globalization of its products, ensuring localization in finance and business aspects to expand its operational scope[25]. Leadership and Management - Yang Yuchun has been the President since January 9, 2017, and has over 25 years of experience in the software industry[81]. - Liu Junhui has served as an independent non-executive director since September 8, 2011, providing independent financial opinions[82]. - Wu Xiaoqing has been an independent non-executive director since July 26, 2022, with extensive experience in financial management in large state-owned enterprises[83]. - Cui Qiang has been an independent non-executive director since September 8, 2023, with over 20 years of experience in the enterprise service sector[84]. - Guo Xinping has been the chairman of the supervisory board since September 8, 2011, and has held various positions in finance and management[85]. - The company has seen significant leadership changes with the introduction of new senior executives focusing on R&D and channel operations[95][96]. - The company has a strong emphasis on user growth and customer success, led by Ms. Xiong Xiaoxiao since March 18, 2022[94]. - Financial oversight is managed by Ms. Gao Jin, who has been the Chief Financial Officer since May 28, 2018, ensuring strategic financial planning and budgeting[91]. - The company has a robust human resources team, with Ms. Ren Jie and Ms. Xia Yuhan serving as employee representative supervisors since April 20, 2018, and September 8, 2020, respectively[89][90]. - The company is committed to expanding its market presence and enhancing its product offerings through strategic leadership appointments[94][95]. Shareholder and Equity Structure - As of December 31, 2024, the company's share capital structure consists of 243,272,499 domestic shares (74.68%) and 82,500,000 H-shares (25.32%), totaling 325,772,499 shares[109]. - The company plans to convert 53,401,211 domestic shares (16.39% of total issued shares) into H-shares, pending regulatory approvals[109]. - The controlling shareholder, Yonyou, holds 216,458,791 domestic shares, accounting for approximately 66.44% of the company's total equity[125]. - The company has a significant ownership structure with major shareholders holding a combined total of 216,458,791 domestic shares, which is approximately 88.98% of the related equity[125]. - The total number of shares held by the company's directors, supervisors, and senior management in the company and its affiliated entities is 222,210,241 domestic shares, representing approximately 68.21% of the company's total equity[121]. Employee and Compensation Policies - The company has established a competitive, performance-oriented compensation policy based on market levels, employee performance, and contributions[141]. - The employee compensation includes basic salary, performance bonuses, and allowances, with social insurance contributions made monthly[141]. - The company has implemented long-term incentive measures, including employee stock ownership plans and cash-based long-term incentives, to attract and retain key talent[141]. - The total number of incentive shares granted under the employee stock ownership plan is capped at 15,412,716 shares, representing approximately 7.10% of the total issued share capital as of December 28, 2020[148]. - The annual allowance for independent non-executive directors is RMB 150,000 (tax inclusive), while independent supervisors receive RMB 80,000 (tax inclusive)[140]. Corporate Governance and Compliance - The board of directors includes a mix of executive and independent directors, ensuring governance and oversight[119]. - The company has confirmed compliance with non-competition agreements from January 1, 2024, to December 31, 2024[173]. - The company has not entered into any significant contracts with controlling shareholders or their subsidiaries during the reporting period[168]. - The group faces various risks and uncertainties, with corresponding response policies and potential opportunities outlined in the management discussion[107]. - The board report includes information on the group's environmental policies and performance, as well as compliance with relevant laws and regulations[107]. Capital and Investment Activities - The company has undergone a capital reduction from RMB 40.357 million to RMB 5.357 million, maintaining a 10% stake in the partnership post-reduction[178]. - The company and Beijing Yongyou Ronglian Technology Co., Ltd. agreed to increase capital in Changjietong Payment by a total of RMB 100 million, with the company contributing RMB 19.28 million, maintaining a 19.28% ownership stake[181]. - The registered capital of Changjietong Payment will increase from RMB 200 million to RMB 300 million following the capital increase[181]. - The company has raised a total of HKD 900.90 million, with a net amount of HKD 854.96 million after deducting related issuance costs[131]. - The actual usage of the raised funds includes approximately HKD 290.69 million for T+ series software product development, HKD 194.08 million for cloud platform and innovative application product R&D, and HKD 199.21 million for promoting cloud services[131].

各位尊敬的投资者,大家上午好,我是公司总统会秘书鲍洁,欢迎参加长津通2024年业绩交流会。今天出席会议的公司高管有,执行董事兼总裁杨宇春先生,主管财务和资本运作的高级副总裁、财务总监高洁女士,主管整体产品规划的高级副总裁张红女士,以及投资者关系总监张小蕾先生。 2024年畅接通坚定贯彻规模化增长效应化发展的经营策略取得了可喜的成效首先公司账面的净利润翻番经调整后的经营性利润大幅转正较上一年改善了九千多万迎来了业绩拐点全面步入盈利加增长的新轨道其次公司云订阅业务收入接近70%air达到一亿美元完成了云订阅模式的转型 公司全年新增付费用户14.3万累计付费用户数77.5万在行业内持续保持领先地位2024年AI技术的发展可以说是日新月异昌尼通也全面拥抱AI时代为2025年制定下AI之上的战略主题 我们在行业化数据储备、AI场景化应用、AI智能体构建和AI商业化路径上也有持续的积累和规划稍后我们的产品专家张宏总也会和大家进一步介绍下面先请我们的投资者关系总监张晓雷先生向大家简要介绍公司2024年的业绩情况好的谢谢鲍总尊敬的各位投资人分析师大家上午好 下面我们来详细一点的看一下2024年畅接通公司在各方面取得的成果 根 ...

别家还在讨论SaaS寒冬何时过去,畅捷通已率先步入春天。 最新财报数据显示,24年畅捷通扣非净利润转正+现金流大幅改善,小微财税SaaS商业模式盈利可持续性 得到验证。 跨过盈利的拐点,往后尽春色 报告期内,畅捷通实现净利润3346万元,同比增长111%。经营性现金净流入9130万元,对比上年净流出 4205万元现金流显著改善。 为什么大家如此关心breakeven point?因为它关系着商业模式的证实或者证伪。对于小微企业SaaS尤其如 此,很多人觉得小微企业的LTV(客户终身价值)覆盖不了CAC(客户获取成本),畅捷通打破了小微企业SaaS 盈利难的魔咒。 如同大家理想中的SaaS模型一样,用户规模突破临界点后,前期研发形成的成熟产品矩阵驱动规模效应释 放,持续推动降本和盈利能力的提升。 畅捷通依靠极高的经营效率和持续的研发投入和转化,率先走到了这一步。如在报告期内,畅捷通运用低/ 零代码能力,推出"行业化营销—行业化体验—行业化交付"的运营过程提升客户转化率,不断提升标准化 产品的灵活扩展能力,提高交付质量和交付效率等。 和金蝶做个对比。 收入:畅捷通收入增长较快,总营收24年同比增长20%,云订阅2 ...

Financial Performance - Revenue for the year ended December 31, 2024, reached RMB 959,273 thousand, representing a 20% increase from RMB 800,621 thousand in 2023[3] - Gross profit increased by 28% to RMB 692,047 thousand, up from RMB 538,599 thousand in the previous year[4] - Profit attributable to equity holders of the parent company surged by 111% to RMB 33,464 thousand, compared to RMB 15,876 thousand in 2023[4] - Basic earnings per share rose to RMB 0.104, reflecting a 108% increase from RMB 0.050 in the prior year[4] - Total revenue for the year 2024 reached RMB 959,273,000, an increase of 19.8% from RMB 800,621,000 in 2023[25] - The company reported a profit attributable to equity holders of RMB 33,464,000 for the year ended December 31, 2024, compared to RMB 15,876,000 for 2023, representing a 111.5% increase[37] - The company achieved revenue of RMB 959.27 million for the year ended December 31, 2024, representing a 20% increase compared to the previous year[81] - The net profit attributable to the company's owners was RMB 33.46 million, a significant increase of 111% from RMB 15.88 million in the previous year[82] - The basic earnings per share rose to RMB 0.104, reflecting a growth of 108% year-over-year[82] Revenue Breakdown - Product sales contributed RMB 249,082,000, up from RMB 215,954,000, reflecting a growth of 15.3%[25] - Service revenue increased significantly to RMB 707,992,000 from RMB 582,607,000, marking a growth of 21.5%[25] - Revenue from procurement of goods sales was RMB 2,199,000, slightly up from RMB 2,060,000[25] - The majority of revenue, RMB 959,071,000, was generated from the mainland China market, indicating a strong domestic performance[26] - Revenue recognized at a point in time was RMB 274,683,000, down from RMB 290,183,000, while revenue recognized over time rose to RMB 684,590,000 from RMB 510,438,000[26] - Revenue from service provision recognized in the reporting period amounted to RMB 361,335,000, an increase from RMB 283,099,000 in the previous year, representing a growth of approximately 27.6%[28] Cost Management - Research and development costs decreased to RMB 210,844 thousand from RMB 247,340 thousand, indicating a focus on cost management[4] - Research and development expenses totaled RMB 210.84 million, down 15% from the previous year, contributing to a total R&D investment of RMB 228.99 million, a decrease of 7%[89] - The total tax expense for 2024 is RMB 530,000, significantly lower than RMB 5,820,000 in 2023, indicating a decrease of approximately 90.9%[32] - The company’s employee benefits expenses for 2024 total RMB 427,460,000, down from RMB 470,698,000 in 2023, reflecting a decrease of approximately 9.2%[31] - Sales and distribution expenses increased by 22% to RMB 408.01 million, driven by efforts to scale the business and enhance direct sales[90] Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 1,716,662 thousand, compared to RMB 1,585,582 thousand in 2023[6] - Cash and bank balances increased significantly to RMB 1,259,031 thousand from RMB 1,037,565 thousand year-on-year[6] - Net assets rose to RMB 903,273 thousand, up from RMB 869,658 thousand in the previous year[7] - The current portion of contract liabilities as of December 31, 2024, is approximately RMB 455,692,000, up from RMB 402,134,000 in 2023, indicating a year-over-year increase of about 13.3%[29] - Total trade receivables amounted to RMB 62,755,000 as of December 31, 2024, down from RMB 57,967,000 in the previous year[46] - The impairment provision for trade receivables rose to RMB 3,751,000 in 2024 from RMB 1,041,000 in 2023, indicating a focus on credit risk management[45] Cash Flow - The company reported a cash flow from operations of RMB 492,559,000 for the year, down from RMB 785,789,000 in the previous year[52] - The net cash flow from operating activities for the year ended December 31, 2024, was RMB 91.30 million, a significant improvement from a net cash outflow of RMB 42.05 million in the previous year, primarily due to increased collections from cloud services and reduced payments to employees[95] - The net cash outflow from investing activities for the year ended December 31, 2024, was RMB 378.56 million, an increase of RMB 312.87 million compared to RMB 65.69 million in the previous year, mainly due to the purchase of time deposits and capital injection into an associated company[96] - The net cash outflow from financing activities for the year ended December 31, 2024, was RMB 7.88 million, primarily related to lease principal and interest payments under IFRS 16[97] Strategic Focus - The company continues to focus on the development of computer software technology and related services, with a strong emphasis on market expansion and innovation[8] - The group operates primarily in the cloud services sector, which constitutes a significant portion of its operations[22] - The company plans to enhance product competitiveness and strengthen the application of new technologies like AI to improve customer value and satisfaction[62] - The company will continue to develop a multi-channel approach, including direct sales and partnerships, to enhance market coverage and customer engagement[62] - The company aims to expand its market share in small and micro enterprise cloud services, establishing a leading position in the sector by 2025[75] Governance and Compliance - The company has fully complied with the Corporate Governance Code as per the listing rules during the reporting period[119] - The audit committee, composed of independent non-executive directors, reviewed the accounting principles and practices adopted by the group without any objections[124] - The company has implemented a competitive, performance-oriented compensation policy for its employees, including basic salary, performance bonuses, and allowances[113] - The company has adopted employee stock ownership plans and long-term incentive plans to attract and retain key talent[113]

Summary of Conference Call Company Overview - The conference call was held by Guozheng International, focusing on Changjitong, a Hong Kong-listed company specializing in financial and commercial cloud services for small and micro enterprises in China [1][2]. Core Business Insights - Changjitong has transitioned from traditional software packages to cloud-based solutions, targeting small and micro enterprises with digital financial and commercial services [2][3]. - The company provides services that include digital tax reporting and business management tools, catering to the needs of approximately 50 million enterprises in China, with around 10 million actively operating [3][4]. Market Potential - The target market consists of 900,000 to 1 million small enterprises that employ professional accountants, with potential annual revenues ranging from 500,000 to 3 million RMB [4][5]. - The average customer lifecycle is 8.2 years, with most new users being established businesses of 3 to 5 years [5][6]. Financial Performance - For the first three quarters of 2024, total revenue reached 670 million RMB, a 24% year-over-year increase, driven by a subscription model that now accounts for over 70% of revenue [9][10]. - Gross profit margin improved to 71%, with a 36% increase in gross profit year-over-year [9][10]. - The company anticipates a shift from loss to profit in 2024, with a target of over 30 million RMB in net profit for the year [11][12]. Customer Acquisition and Retention - The average customer acquisition cost is approximately 1,700 RMB, with a retention rate of 82-83% [19][12]. - New customer growth primarily comes from new users rather than switching from competitors, with only about 5% of new customers coming from other products [20][21]. Competitive Landscape - The competitive landscape is expected to consolidate, with fewer players remaining due to economic pressures, leading to a more stable market environment [22][23]. - Traditional competitors like Kingdee and other established accounting firms continue to operate, but the market is becoming less fragmented [22][23]. Sales Strategy - The company aims to increase the direct sales channel's contribution to 20-30% of total sales, currently at 10% [24][25]. - The distribution network covers all major cities in China, with a focus on larger small enterprises for direct sales [25][26]. AI Integration - Changjitong is actively integrating AI into its products to enhance service delivery and operational efficiency, with AI expected to improve customer service response rates significantly [32][33]. - The company is exploring AI's potential for cost savings and revenue generation, particularly in automating accounting processes for small businesses [35][36]. Future Outlook - The company projects a revenue growth rate of at least 20% over the next three years, with a goal of achieving a 10% net profit margin by 2026 [32][33]. - The focus will remain on supporting small enterprises, particularly those with international business aspirations, through tailored solutions [30][31]. Conclusion - The conference highlighted Changjitong's strategic direction towards cloud services, AI integration, and a robust growth trajectory, positioning the company favorably within the small and micro enterprise sector in China [1][2][30].

Summary of the Conference Call Company Overview - The conference call was held by Changjie Tong, focusing on the company's performance and future strategies for 2024 and beyond. The company has transitioned to a cloud subscription model and is leveraging AI technology for its services [1][2]. Key Points Industry and Market Position - The company has achieved an Annual Recurring Revenue (ARR) of $100 million, with a total of 775,000 paid users, maintaining a leading position in the industry [2][3]. - As of 2024, there are 182 million market entities in China, with approximately 49 million small and micro enterprises, indicating a growing market for the company's services [3]. Financial Performance - In 2024, the company reported total revenue of 960 million yuan, a year-on-year increase of 20%. Gross profit reached 690 million yuan, up 28%, with a net profit of 33.46 million yuan, reflecting a 111% increase [5][6]. - The gross margin improved by 5 percentage points to 72% [5]. - Subscription revenue for 2024 was 650 million yuan, a 34% increase year-on-year, with an ARR of 720 million yuan, up 27% [5][6]. AI Strategy and Development - The company has embraced AI technology, planning to implement an "AI-first" strategy by 2025, focusing on AI applications in data storage, scenario-based applications, and commercialization [2][4]. - The AI strategy includes building a specialized AI model for financial and tax services, which has achieved a 98% accuracy rate in bookkeeping and tax reporting [11][14]. Business Model and Future Plans - The company is transitioning from a SaaS tool provider to a service-oriented company, offering intelligent financial and tax services (BaaS) to small and micro enterprises [8][9]. - Plans to expand the user base to 5 million paid users by 2028, leveraging AI to enhance service delivery and customer acquisition [25][46]. Operational Efficiency - The company has improved operational efficiency, achieving a 10-fold increase in productivity through AI integration, which significantly reduces costs in the accounting industry [16][17]. - The average customer lifetime value has increased to 8.4 years, indicating strong customer retention [4]. Challenges and Considerations - The company is aware of the competitive landscape and aims to maintain profitability while investing in AI and new technologies [34][35]. - There are ongoing discussions regarding potential stock buybacks and strategic investments in similar companies to enhance business synergies [30][36]. Market Potential - The small and micro enterprise market for financial services is substantial, with a potential customer base of 40 million, indicating significant growth opportunities for the company [46]. Additional Insights - The company is focused on maintaining a balance between growth and profitability, with expectations of continued revenue growth and improved profit margins in the coming years [34][35]. - The management emphasized the importance of customer engagement and retention strategies to enhance overall business performance [19][28]. This summary encapsulates the key points discussed during the conference call, highlighting the company's strategic direction, financial performance, and market opportunities.

Summary of the Conference Call Company Overview - The conference call is regarding the Q3 performance of Changjie Tong, a company undergoing a cloud transformation with a focus on subscription-based revenue models [1][2]. Key Points Financial Performance - For the first three quarters of the year, the total revenue reached 670 million, representing a year-on-year growth of 24% [3]. - Subscription business revenue has increased to approximately 70% of total revenue, indicating a significant shift towards a subscription model [2][3]. - Gross profit for the first three quarters was 480 million, up 36% year-on-year, with a gross margin of 71% [4]. - The company reported a reduction in losses by 81% compared to the same period last year, with losses narrowing to less than 30 million [4][5]. - The company expects to achieve a profit of approximately 70-80 million more than last year, excluding non-recurring items [5][6]. Operational Efficiency - Operating expenses (OPEX) as a percentage of revenue have been decreasing, with a notable drop from 98% in Q3 2022 to 79% in 2023 [6]. - The company has reduced its workforce by 40 employees, leading to an increase in revenue per employee, which is now 76,000 per month [8]. - The company aims for an annual revenue per employee to exceed 1 million in 2024 [8]. Market Position and Competition - The main competitors include Kingdee and other traditional tax reporting companies, with a focus on small and micro enterprises [12][13]. - The company emphasizes a SaaS model, contrasting with competitors who may engage in aggressive pricing strategies [13][14]. - The management is confident in maintaining a competitive edge through customer success and subscription retention strategies [13][14]. Industry Trends and Government Policies - Recent government measures aimed at stimulating the economy are expected to positively impact small and medium enterprises, which could benefit the company [15][16]. - The company is involved in government projects that provide subsidies to small businesses, enhancing their market opportunities [16][18]. Future Outlook - The company anticipates a strong Q4, traditionally a peak season, and is optimistic about achieving its annual profit targets [5][6]. - The management has set a long-term goal of maintaining a compound annual growth rate (CAGR) of over 20% for total revenue and over 25% for subscription revenue over the next three years [9][22]. - The company is focusing on integrating AI into its products to enhance user experience and operational efficiency [27][28]. Challenges and Risks - The company acknowledges the competitive pricing strategies of rivals and is preparing to counteract these tactics without compromising its pricing integrity [14][15]. - There are concerns regarding the impact of macroeconomic factors and regulatory changes on future growth [39]. Additional Insights - The company has been actively addressing issues related to software piracy and is taking legal action against offenders [41][42]. - The management is exploring opportunities for a potential return to the A-share market, contingent on favorable market conditions [40]. This summary encapsulates the key points discussed during the conference call, highlighting the company's financial performance, operational strategies, market positioning, and future outlook.

Financial Performance - Revenue increased by 21% to RMB 452.883 million compared to RMB 375.573 million in the same period last year[19] - Gross profit rose by 33% to RMB 327.125 million from RMB 245.244 million year-on-year[19] - The company reported a net loss of RMB 9.879 million, compared to a net profit of RMB 18.135 million in the same period last year[19] - Basic loss per share was RMB 0.031, compared to earnings per share of RMB 0.057 in the previous year[19] - Revenue for the reporting period reached RMB 452.88 million, a 21% year-over-year increase, with cloud subscription revenue accounting for RMB 307.85 million, a 35% increase, representing 68% of total revenue[22] - Gross profit for the reporting period was RMB 327.13 million, a 33% year-over-year increase[22] - Revenue for the six months ended June 30, 2024, was RMB 452.88 million, a 21% increase year-over-year[41][43] - Gross profit increased by 33% to RMB 327.13 million, with gross margin rising by 7 percentage points to 72%[46] - The company recorded a net loss of RMB 9.88 million, compared to a net profit of RMB 18.14 million in the same period last year[41][43] - Revenue for the six months ended June 30, 2024, was RMB 452.883 million, compared to RMB 375.573 million in the same period in 2023, representing a 20.6% increase[100] - Gross profit for the six months ended June 30, 2024, was RMB 327.125 million, up from RMB 245.244 million in the same period in 2023, reflecting a 33.4% increase[100] - The company reported a net loss of RMB 9.879 million for the six months ended June 30, 2024, compared to a net profit of RMB 18.135 million in the same period in 2023[100] - Net loss for the six months ended June 30, 2024, was RMB 9,879 thousand, compared to a net profit of RMB 18,135 thousand in the same period of 2023[103] - Total comprehensive loss for the six months ended June 30, 2024, was RMB 9,867 thousand, compared to a total comprehensive income of RMB 18,218 thousand in the same period of 2023[104] - Basic and diluted loss per share attributable to ordinary equity holders was RMB 0.031 in 2024, compared to a profit of RMB 0.057 in 2023[144] Assets and Liabilities - Total assets grew by 5% to RMB 1.659 billion as of June 30, 2024, compared to RMB 1.586 billion at the end of 2023[19] - Total liabilities increased by 12% to RMB 799.303 million from RMB 715.924 million at the end of 2023[19] - The company's cash and bank balances stood at RMB 1,234.56 million at the end of the reporting period, maintaining a healthy and stable financial position[23] - Total non-current assets increased to RMB 631,540 thousand as of June 30, 2024, from RMB 318,776 thousand as of December 31, 2023[105] - Total current assets decreased to RMB 1,027,613 thousand as of June 30, 2024, from RMB 1,266,806 thousand as of December 31, 2023[105] - Total current liabilities increased to RMB 618,690 thousand as of June 30, 2024, from RMB 552,792 thousand as of December 31, 2023[105] - Net current assets decreased to RMB 408,923 thousand as of June 30, 2024, from RMB 714,014 thousand as of December 31, 2023[105] - Total equity decreased to RMB 859,850 thousand as of June 30, 2024, from RMB 869,658 thousand as of December 31, 2023[107] - Cash and bank balances increased significantly to RMB 454,230 thousand as of June 30, 2024, from RMB 150,712 thousand as of December 31, 2023[105] - Cash and bank balances totaled RMB 1,234,557 thousand as of June 30, 2024, up from RMB 1,037,565 thousand as of December 31, 2023, with current portion at RMB 780,327 thousand[176] - As of June 30, 2024, the company had fixed deposits totaling RMB 450,000,000 with accrued interest of RMB 4,230,000, compared to RMB 150,000,000 and RMB 712,000 respectively as of December 31, 2023[179] Cash Flow - Net cash flow from operating activities turned positive, reaching RMB 49.33 million[23] - Net cash used in investing activities was RMB 344.34 million, primarily due to higher purchases of fixed deposits and wealth management products[56] - Operating cash flow for the six months ended June 30, 2024, was RMB 49,326 thousand, compared to a negative RMB 28,046 thousand in the same period in 2023[112] - Net cash used in investing activities for the six months ended June 30, 2024, was RMB 344,341 thousand, primarily due to the purchase of intangible assets and financial investments[115] - Net cash used in financing activities for the six months ended June 30, 2024, was RMB 4,195 thousand, mainly from lease payments[115] - Cash and cash equivalents decreased by RMB 299,210 thousand to RMB 486,590 thousand as of June 30, 2024, compared to RMB 785,789 thousand at the beginning of the period[115] Digital Transformation and AI Technology - The company highlighted the positive impact of China's GDP growth of 5.0% in the first half of 2024 on its business environment[20] - The company emphasized the importance of AI technology in driving digital transformation and enhancing competitiveness in the enterprise sector[20] - The company noted the nationwide adoption of electronic tax invoices and the promotion of a unified electronic tax bureau, which provides a strong technical foundation for its digital services[20] - The company identified the growing trend of small and micro enterprises embracing digitalization to improve financial and tax management, aligning with regulatory requirements and market competition[20] - The company's AI-native application development platform has enhanced developer efficiency and capabilities, integrating cloud-native, prompt engineering, and AI Agent technologies[27] - Continued focus on AI technology application in product innovation and company operations[35] - Enhanced product competitiveness through AI and big data integration[37] - Promoted intelligent decision-making development through deep integration of big data and AI[37] Cloud Services and Subscription Business - Cloud subscription revenue reached RMB 307.85 million, accounting for 68% of total revenue, with a 35% year-over-year growth[44] - Cloud subscription contract liabilities at the end of the reporting period were RMB 644.96 million, a 21% increase compared to the end of the previous year[22] - The company added 73,000 new paying enterprise users for its cloud services, a 29% year-over-year increase, with the total number of paying enterprise users reaching 706,000 by the end of the reporting period[23] - Cloud subscription business and cost optimization contributed to a significant reduction in losses, with adjusted net loss narrowing to RMB 0.06 million[43] Expenses and Costs - Sales and service provision costs decreased by 4% to RMB 125.76 million, driven by reductions in contract operation and maintenance costs[45] - Other income and net gains decreased by 83% to RMB 17.61 million, primarily due to the absence of gains from the sale of tax training products and services[47] - R&D investment totaled RMB 113.84 million, a 11% decrease year-over-year, with R&D costs dropping by 20% to RMB 102.49 million[49] - Sales and distribution expenses increased by 37% to RMB 216.82 million, driven by business scale expansion and increased direct sales investment[50] - Management expenses decreased by 13% to RMB 35.23 million, primarily due to reduced labor costs[51] - Research and development costs decreased to RMB 102.490 million in the first half of 2024, down from RMB 127.750 million in the same period in 2023, a 19.8% reduction[100] - Sales and distribution expenses increased to RMB 216.820 million in the first half of 2024, up from RMB 158.717 million in the same period in 2023, a 36.6% rise[100] - Employee benefit expenses, including salaries and wages, decreased to RMB 189.859 million in 2024 from RMB 226.78 million in 2023, indicating cost optimization[137] - Employee compensation and benefits decreased to RMB 28.98 million from RMB 74.88 million in the same period last year[55] Market Expansion and Strategic Partnerships - The company plans to deepen precision marketing strategies and expand market coverage in the tax and finance sector[39] - Strategic partnerships with telecom operators, banks, and internet platforms will be strengthened to drive business scalability[39] - Strengthened channel layout and coverage in county-level markets[38] - Successfully selected as a service provider for 13 digital transformation pilot cities[31] - Won multiple awards including "2023 Best Service Provider for Small and Micro Enterprises Digital Transformation" and "2024 Leading Enterprise in Small and Micro Enterprises Financial and Tax Application SaaS"[32] Employee and Shareholder Information - Total number of employees decreased by 8% to 1,026 compared to the end of the previous year[34] - The company approved an employee stock ownership plan (ESOP) on December 28, 2020, and revised the plan on May 21, 2024, to attract and retain key personnel[72] - A total of 15,412,716 shares were granted to 158 participants under the ESOP, representing approximately 7.10% of the company's total issued share capital as of December 28, 2020[73] - The granted shares will be unlocked in three batches: 40% after two years, 30% after three years, and 30% after four years from the grant date[73] - The company completed a capital increase in October 2021, resulting in the granted shares increasing to 23,119,074 shares[73] - The first batch of 40% of the granted shares was unlocked on December 28, 2022, and the second batch of 30% was unlocked on December 28, 2023[75] - The company implemented a long-term incentive bonus plan on December 28, 2020, to motivate key personnel and support business transformation[76] - The long-term incentive bonus plan includes 158 participants, with bonuses paid in three batches after meeting performance conditions[77] - The first batch of bonuses under the long-term incentive plan was approved on December 28, 2022, and the second batch on December 28, 2023[77] - Wang Wenjing holds 222,210,241 domestic shares (L) of the company, representing 68.21% of the total share capital and 91.34% of the domestic share capital[79] - Wang Wenjing holds 1,421,079,511 shares (L) of Youyou, representing 41.57% of the total share capital[79] - Wu Zhengping holds 1,867,450 shares (L) of Youyou, representing 0.05% of the total share capital[79] - Guo Xinping holds 128,080,000 shares (L) of Youyou, representing 3.75% of the total share capital[79] - Zhang Peilin holds 1,629,589 shares (L) of Youyou, representing 0.05% of the total share capital[79] - Youyou directly and indirectly holds 216,458,791 domestic shares (L) of the company, representing 66.44% of the total share capital and 88.98% of the domestic share capital[83] - UBS Group AG holds 15,026,887 H shares (L) of the company, representing 4.61% of the total share capital and 18.21% of the H share capital[83] - Gaocheng Fund I, L.P. holds 8,250,000 H shares (L) of the company, representing 2.53% of the total share capital and 10.00% of the H share capital[83] - Gaocheng Holdings GP, Ltd holds 8,250,000 H shares (L) of the company, representing 2.53% of the total share capital and 10.00% of the H share capital[83] - Tsing Young Holding Limited holds 8,250,000 H shares (L) of the company, representing 2.53% of the total share capital and 10.00% of the H share capital[83] - Gaocheng Fund I, L.P. held 8,250,000 H-shares as of June 30, 2024, representing approximately 2.53% of the company's total share capital[84] - The company's total issued shares as of June 30, 2024, were 325,772,499, consisting of 243,272,499 domestic shares and 82,500,000 H-shares[84] - The company's employee stock ownership plan allows for the issuance of up to 15,412,716 domestic shares, representing approximately 7.10% of the total issued share capital as of the date of the board's proposal[190] - The first batch of incentive shares under the employee stock ownership plan was unlocked on December 28, 2022, with 40% of the total 22,474,074 domestic shares unlocked[190] - The second batch of incentive shares was unlocked on December 28, 2023, with 30% of the total 21,979,074 domestic shares unlocked[193] - Employee stock ownership plan (ESOP) target incentive shares decreased by 27,000 shares due to unmet vesting conditions, compared to 247,500 shares in the same period last year[194] - The fair value of granted shares was RMB 2,247,000, with total share-based payment expenses of RMB 59,000 for the six months ended June 30, 2024, down from RMB 149,049 in the same period last year[195] Other Financial Information - The company's total funds raised from its H-share listing amounted to HKD 900.90 million, with a net amount of HKD 854.96 million after deducting issuance expenses[85] - As of June 30, 2024, the company had unused funds of HKD 80.83 million allocated for acquisitions related to its business strategy, which are planned to be utilized by December 31, 2025[87] - The company did not recommend an interim dividend for the six months ended June 30, 2024, consistent with the same period in 2023[93] - Exchange differences on translation of foreign operations for the six months ended June 30, 2024, were RMB 12 thousand, compared to RMB 83 thousand in the same period of 2023[110] - Share-based payment expenses for the six months ended June 30, 2024, were RMB 59 thousand, compared to RMB 149 thousand in the same period of 2023[110] - The company's contract liabilities increased by RMB 111,032 thousand during the six months ended June 30, 2024, compared to an increase of RMB 61,685 thousand in the same period in 2023[112] - The company's pre-tax loss for the six months ended June 30, 2024, was RMB 11,927 thousand, compared to a pre-tax profit of RMB 22,693 thousand in the same period in 2023[112] - The company's fair value loss for the six months ended June 30, 2024, was RMB 8,670 thousand, compared to a fair value gain of RMB 32,955 thousand in the same period in 2023[112] - The company's interest income for the six months ended June 30, 2024, was RMB 12,578 thousand, compared to RMB 12,911 thousand in the same period in 2023[112] - The company's depreciation of property, plant, and equipment for the six months ended June 30, 2024, was RMB 1,575 thousand, compared to RMB 1,997 thousand in the same period in 2023[112] - The company's amortization of intangible assets for the six months ended June 30, 2024, was RMB 135 thousand, compared to RMB 3,857 thousand in the same period in 2023[112] - Changjie Yunhui's paid-up capital as of June 30, 2024, was RMB 10,000,000[120] - Changjie Yunzhi's paid-up capital as of June 30, 2024, was RMB 1,000,000[120] - Total customer contract revenue for the six months ended June 30, 2024, was RMB 452,883 thousand, a 20.6% increase from RMB 375,573 thousand in the same period in 2023[133] - Product sales revenue for the six months ended June 30, 2024, was RMB 118,791 thousand, a 20.3% increase from RMB 98,740 thousand in the same period in 2023[133] - Service revenue for the six months ended June 30, 2024, was RMB 333,305 thousand, a 20.9% increase from RMB 275,708 thousand in the same period in 2023[133] - Revenue recognized over time for services was RMB 322,342 thousand for the six months ended June 30, 2024, a 35.7% increase from RMB 237,619 thousand in the same period in 2023[133] - The company recognized a trade receivables impairment loss of RMB 244,000 for customer contracts in the six months ended June 30, 2024[133] - Other income for the six months ended June 30, 2024, totaled RMB 25,258 thousand, compared to RMB 24,968 thousand in the same period in 2023[135] - VAT refunds for the six months ended June 30, 2024, were RMB 12,430 thousand, a 12.