Financial Performance - Revenue increased by approximately 29.4% from RMB 295.1 million in 2020 to RMB 381.7 million in 2021[7] - Gross profit rose by about 56.4% from RMB 74.7 million in 2020 to RMB 116.8 million in 2021, with a gross margin increase from 25.3% to 30.6%[7] - Adjusted net profit for the year was approximately RMB 13.0 million, up 38.7% from RMB 9.4 million in 2020[9] - The company reported a net loss of approximately RMB 549.6 million for the year, compared to a loss of RMB 100.6 million in 2020, representing an increase in loss of 446.1%[8] - The company reported a loss before tax of RMB 541.9 million for the year ended December 31, 2021, compared to a loss of RMB 98.8 million in 2020[21] - The company recorded an income tax expense of approximately RMB 7.7 million in 2021, up from RMB 1.8 million in 2020, primarily due to an increase in taxable income[45] Cash Flow and Liquidity - Net cash flow from operating activities surged by 136.1% from RMB 39.2 million in 2020 to RMB 92.7 million in 2021[7] - The company maintained a solid liquidity position throughout 2021, managing cash flow through operational income and proceeds from global offerings[48] - As of December 31, 2021, the company's cash and cash equivalents were approximately RMB 359.7 million, a decrease from RMB 516.4 million in 2020[49] - The net cash inflow from operating activities for 2021 was approximately RMB 92.7 million, compared to RMB 39.2 million in 2020, reflecting a significant increase[52] - The net cash used in investing activities was approximately RMB 244.8 million in 2021, up from RMB 205.2 million in 2020[52] Operational Highlights - The number of developed online electronic guides increased by 9,263 to 35,315 in 2021 from 26,052 in 2020[10] - The number of online electronic navigation developed reached 35,315, up from 26,052 in 2020, covering 288 AAAAA-level tourist attractions in China[14][16] - Revenue from online travel platform sales of electronic guides accounted for about 89.0% of total revenue in 2021, increasing by approximately 20.7% from RMB 281.7 million in 2020 to RMB 339.9 million in 2021[26] - The company launched the "Digital Scenic Communication" product, focusing on smart management, marketing, and services for scenic areas[17] - The company established deep cooperation with various cultural and tourism bureaus to enhance service models and consumer travel experiences[18] Cost Management - The company implemented cost control measures, achieving initial success in increasing revenue while reducing expenses[12] - Total sales costs increased by approximately 20.2% from RMB 2,204 million in 2020 to RMB 2,649 million in 2021, primarily due to increased online travel platform commissions and amortization of intangible assets[33] - Selling and distribution expenses increased by approximately 87.5% from RMB 393 million in 2020 to RMB 737 million in 2021, driven by increased offline promotion services and online marketing expenses[36] - Administrative expenses decreased by approximately 43.1% from RMB 728 million in 2020 to RMB 414 million in 2021, primarily due to a reduction in one-time listing expenses[37] Strategic Initiatives - The company plans to enhance its online electronic guide products and services, focusing on digital upgrades for scenic areas to improve operational efficiency[20] - The company aims to strengthen sustainable partnerships with local cultural tourism bureaus to develop a comprehensive smart guiding system for tourism[20] - The company is committed to exploring acquisition opportunities to promote future development[20] - The company plans to enhance its competitive position by increasing investments in sales and marketing, expanding product offerings, and seeking strategic alliances and acquisitions[131] Market Outlook - The company anticipates a sales volume growth rate of 2.2% to 8.1% in the domestic market from 2023 to 2026, based on economic development trends in various provinces[41] - In the overseas market, the sales volume is projected to grow by 15% to 25% from 2023 to 2026, considering international instability and tourism policies[42] - The company anticipates that the penetration rate of online travel products will continue to increase, driven by the expansion of the middle-class population and the demand for upgraded consumption in China[19] Shareholder and Governance - The company has established a unanimous action agreement among major shareholders to ensure coordinated decision-making[152] - The board consists of 3 executive directors, 1 non-executive director, and 3 independent non-executive directors, meeting the requirement that independent non-executive directors account for at least one-third of the board[191] - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[185] - The independent non-executive directors confirmed their independence according to the listing rules[142] Employee and Talent Management - Employee compensation for the year reached RMB 30.5 million, slightly down from RMB 30.7 million in 2020[62] - The company has established an employee stock option plan, allowing for the issuance of up to 141,030,000 shares, which represents approximately 9.64% of the total shares issued as of the report date[68] - The company adopted a share award plan on January 21, 2022, aimed at recognizing employee contributions and attracting suitable talent for further development[74] Risks and Compliance - The company must maintain various licenses and permits for its operations, and any changes in regulations could significantly impact its business performance[133] - The company has not faced significant health, safety, or environmental risks, and does not anticipate any major liabilities or expenditures in these areas[120] - The company is committed to compliance with relevant laws and regulations, ensuring adherence to corporate governance standards[121]

Financial Performance - Revenue for the six months ended June 30, 2021, increased by approximately 118.1% to RMB 175.1 million, compared to RMB 80.3 million for the same period in 2020[14]. - Gross profit surged by 1,219.1% to RMB 48.8 million, with a gross margin of 27.9%, compared to a gross margin of 4.6% in the same period of 2020[14]. - The company recorded a profit of RMB 0.9 million for the period, a turnaround from a loss of RMB 80.0 million in the same period of 2020[14]. - The adjusted profit for the period, excluding listing expenses, was RMB 0.88 million, compared to a loss of RMB 40.4 million in the same period of 2020[16]. - Gross profit for the same period was RMB 48,819,000, compared to RMB 3,701,000 in 2020, indicating a significant improvement[104]. - The company reported a net profit of RMB 880,000 for the six months ended June 30, 2021, recovering from a loss of RMB 79,955,000 in the previous year[104]. - The group’s profit before tax for the six months ended June 30, 2021, was RMB 85,268,000, compared to RMB 39,289,000 for the same period in 2020, representing an increase of 117%[137]. Revenue Sources - Revenue from online electronic guides amounted to approximately RMB 170.8 million, an increase of 117.0% compared to the same period in 2020, driven by a strong recovery in the travel market since March 2021[18]. - Revenue from customized content increased approximately 174.2% year-on-year, rising from about RMB 1.6 million for the six months ended June 30, 2020, to approximately RMB 4.3 million for the six months ended June 30, 2021[23]. - Revenue from online electronic guides sold through online travel platforms accounted for approximately 97.1% of total revenue, increasing from RMB 78.6 million to approximately RMB 170.1 million, a growth of about 116.5%[33]. - Revenue from sales to travel agents increased by approximately 2,785.0% to RMB 577,000 from RMB 20,000, driven by the recovery of the travel industry[38]. Market Recovery and Strategy - The travel market in China has shown significant recovery since March 2021, with a notable release of pent-up travel demand during the Qingming and Labor Day holidays[25]. - The company anticipates continued growth in domestic travel demand, supported by widespread vaccination efforts and the gradual establishment of immunity barriers[25]. - The company aims to strengthen its market leadership in online electronic guides and enhance user experience while expanding coverage in popular travel areas[19]. - The company has strategically increased its coverage of electronic guides in suburban tourist areas to adapt to changing market demands, particularly for short-distance and nearby travel[21]. Research and Development - The company continues to invest in R&D to optimize electronic guide content and meet the changing travel market demands post-pandemic[19]. - The company plans to enhance innovation and R&D capabilities to meet the demand for digital upgrades in scenic areas[27]. - Research and development costs for the six months ended June 30, 2021, were RMB 5,119,000, down from RMB 7,365,000 in 2020, indicating a decrease of 30%[137]. Financial Position and Cash Flow - As of June 30, 2021, the company's cash and cash equivalents amounted to approximately RMB 389.5 million, a decrease from RMB 516.4 million as of December 31, 2020[54]. - The net cash used in operating activities for the six months ended June 30, 2021, was approximately RMB 29.6 million, compared to RMB 14.5 million for the same period in 2020[55]. - The net cash used in investing activities was approximately RMB 97.9 million, primarily due to an increase in other intangible assets by approximately RMB 97.3 million[57]. - The company's current ratio as of June 30, 2021, was approximately 8.67 times, down from 10.75 times as of December 31, 2020[54]. - The company reported a decrease in other payables to RMB 13,384 thousand as of June 30, 2021, down from RMB 15,002 thousand as of December 31, 2020, a reduction of 10.8%[159]. Shareholder Information - As of June 30, 2021, Mr. Zang and Mr. Fan each hold 547,748,500 shares, representing approximately 37.42% of the company’s shares[71]. - Lu Jia Technology directly holds 399,995,400 shares, fully owned by Mr. Zang, who is deemed to have an interest in these shares[71]. - Invest Profit directly holds 61,444,900 shares, fully owned by Mr. Fan, who is also deemed to have an interest in these shares[72]. - The company plans to establish a share incentive plan comprising 114,117,300 shares, accounting for approximately 7.8% of the issued share capital[5]. Corporate Governance - The company has adopted the corporate governance code and has complied with its principles and provisions, except for a deviation regarding the roles of the Chairman and CEO[9]. - The company continues to review and monitor its corporate governance practices to ensure compliance with the corporate governance code[90]. - The audit committee has reviewed the interim financial results for the six months ending June 30, 2021, and found them compliant with relevant accounting standards[91]. Other Financial Metrics - The company reported other income and gains of RMB 7,285,000 for the six months ended June 30, 2021, compared to RMB 4,726,000 in 2020, reflecting growth in additional revenue streams[104]. - The company’s total equity as of June 30, 2021, was RMB 1,137,992,000, a slight decrease from RMB 1,140,417,000 at the end of 2020[108]. - The company reported a basic loss attributable to ordinary equity holders of RMB 880,000 for the six months ended June 30, 2021, compared to a loss of RMB 79,955,000 in 2020, showing a significant improvement[148].

驴迹科技 LVJ TECHNOLOGY Lvji Technology Holdings Inc. 驢跡科技控股有限公司 (於開曼群島註冊成立的有限公司) 股份代號：1745 年 報 2020 x 令 ... III (8) (0) ? all 公司资料 重點摘要 4 主席報告 5 (10) 管理層討論與分析 (21) 董事及高级管理層履歷 25 ) 董事會報告 (44 ) 企業管治報告 60 獨立核數師報告 66 綜合損益表 67 綜合全面收益表 68 綜合財務狀況表 综合權益變動表 69 71 綜合現金流量表 財務報表附註 73 (133) 五年業績回顧 134 釋義 2 董事會 吳大香女士（主席） 執行董事 龍超先生 臧偉仲先生 顧 瑞 珍 女 士（於 二 零 二 零 年 十 一 月 四 日 獲 委 任） （主席兼行政總裁） 劉 勇 先 生（於 二 零 二 零 年 十 一 月 四 日 辭 任） 孫紅艷女士 龍超先生 公司秘書 非執行董事 林仕萍女士，ACIS、ACS 張敬謙先生 樊 保 國 先 生（於 二 零 二 一 年 二 月 十 日 獲 委 任） 授權代表 張 軍 先 生（於 二 零 二 一 年 二 ...

Financial Performance - Revenue decreased by approximately 56.1% to RMB 80.3 million from RMB 183.0 million for the same period of 2019[12]. - Results for the period decreased by approximately 254.1% to a loss of RMB 80.0 million from a profit of RMB 51.9 million for the same period of 2019[12]. - Adjusted loss for the period (a non-GAAP measure) amounted to RMB 40.4 million compared to adjusted profit of RMB 56.3 million for the same period of 2019[12]. - Gross profit for the first half of 2020 was RMB 3.7 million, a decline of 95.2% compared to RMB 76.4 million in the first half of 2019[20]. - The net loss for the period was RMB 79.96 million, compared to a profit of RMB 51.88 million in the same period of 2019, representing a year-over-year change of 254.1%[20]. - The adjusted net loss margin (excluding listing expenses) was approximately 50.3% for the first half of 2020, down from 30.7% in the first half of 2019, a decrease of 81.1 percentage points[20]. - Revenue for the six months ended June 30, 2020, decreased by approximately 56.1% to RMB 80.3 million from RMB 183.0 million for the same period in 2019[46]. - Gross profit for the six months ended June 30, 2020, was RMB 3.7 million, a significant decline from RMB 76.4 million in the same period of 2019[42]. - The company reported a loss before tax of RMB 79,955,000 for the six months ended June 30, 2020, compared to a profit of RMB 60,565,000 in 2019[158]. - The loss per share attributable to ordinary equity holders of the parent was RMB (0.06) for the six months ended June 30, 2020, compared to earnings of RMB 0.05 in 2019[158]. Operational Metrics - Number of online tour guides developed increased by approximately 70.7% year-to-year to 22,044 from 12,913 for the same period of 2019[12]. - Number of tourist attractions in China covered by the Group's online tour guides increased by approximately 40.6% year-to-year to 11,674 from 8,304 for the same period of 2019[12]. - The number of online tour guides developed increased by approximately 70.7% year-over-year to 22,044 as of June 30, 2020, compared to 12,913 in 2019[15]. - The number of tourist attractions covered in China rose to 11,674, marking a 40.6% increase from 8,304 in 2019[15]. - The number of AA tourist attractions covered increased from 167 to 312 during the same period, indicating a significant expansion in coverage[34][37]. - The number of tourism attractions for which customized online tour guide content was created increased from 485 to 621, indicating an expansion in service offerings[59]. Strategic Initiatives - The company adopted a cost-saving operation mode immediately after the COVID-19 outbreak, which contributed to a flexible operations strategy[20]. - The company focused on customized demands from customers and increased online coverage of products during the epidemic[24]. - Innovative sales and marketing strategies were developed, including "Tour Guides + Fuel Cards" and community marketing initiatives, to enhance revenue opportunities[24]. - The company collaborated with local governments to revitalize the post-epidemic tourism market as signs of recovery emerged[24]. - The company has established in-depth cooperation with multiple domestic tourism bureaus to transform the service model of the tourism industry and enhance travel experiences[29]. - The company launched a platform called "The Academy of Culture and Tourism" and introduced various programs and products to meet evolving tourism needs[35][38]. - The company is focused on cost-saving operations while actively seeking opportunities for growth in the post-epidemic recovery phase[36][39]. - The company plans to leverage AR and AI technologies to build a digital marketing platform focused on ticket sales for tourist destinations[40]. - The company aims to expand its tourist attraction coverage in China and explore new cooperation opportunities with tourist attractions[40]. - The company is dedicated to improving user experience and empowering partners' business capabilities to build a more efficient online tourism ecosystem[40]. Financial Position and Cash Flow - As of June 30, 2020, the company had cash and cash equivalents of approximately RMB 128.6 million, an increase from RMB 77.3 million as of December 31, 2019[73]. - The current ratio was approximately 11.71 times as of June 30, 2020, compared to 2.76 times as of December 31, 2019[73]. - The company's net cash used in operating activities for the six months ended June 30, 2020 was approximately RMB 14.5 million, resulting from a loss before tax of approximately RMB 80.0 million[80]. - The net cash used in investing activities for the same period was approximately RMB 501.8 million, primarily due to additions of approximately RMB 421.5 million to time deposits[81]. - The net cash generated from financing activities was approximately RMB 563.7 million, mainly due to proceeds from the company's listing[82]. - Total equity as of June 30, 2020 was approximately RMB 1,153.4 million, compared to RMB 664.7 million as of December 31, 2019[77]. - The company maintained a healthy liquidity position throughout the first half of 2020, with no bank borrowings reported[79]. - Cash generated from operations was negative at RMB 15,440,000, a stark contrast to the positive cash flow of RMB 85,673,000 in the prior year[177]. - The financing activities generated a net cash inflow of RMB 563,678,000, primarily from the issuance of new shares amounting to RMB 585,950,000[179]. - Cash and cash equivalents at the end of the period stood at RMB 128,608,000, an increase from RMB 91,060,000 at the end of the previous year[179]. Shareholding and Corporate Governance - As of June 30, 2020, Mr. Zang holds a long position of 547,748,500 shares, representing approximately 38.84% of the company's shareholding[106]. - As of June 30, 2020, Lu Jia Technology held approximately 38.84% of the total issued share capital of the Company[111]. - The company has multiple substantial shareholders with interests in controlled corporations[120]. - The company has complied with the Corporate Governance Code, except for the deviation from code provision A.2.1, which states that the roles of chairman and chief executive should be separate[142]. - The company has adopted the Model Code for securities transactions and confirmed compliance by all Directors from the Listing Date up to June 30, 2020[138][140]. - The company will continue to review and monitor its corporate governance practices to ensure compliance with the Corporate Governance Code[142]. Employee and Development Policies - The company maintains a good working relationship with employees and did not experience any significant labor disputes for the six months ended June 30, 2020[93]. - The company has adopted robust internal training policies for employee development, utilizing both in-house trainers and third-party consultants[92]. - Employee benefits are mandated by PRC laws, including contributions to various social insurance funds based on specified percentages of salaries and bonuses[90]. Market and Regulatory Environment - The Group is primarily an online tour guide provider in Mainland China[197]. - The majority of the Group's revenue and operating profit were generated from online tour guide and customized content sales in Mainland China[198]. - All identifiable assets and liabilities of the Group are located in Mainland China, with no overseas income exceeding 10% of total revenue[198]. - No single end user, travel agency, tourist attraction administrator, or government office contributed 10% or more to the total revenue during the period[199].

Financial Performance - Revenue increased by approximately 79.6% year-to-year to RMB541.8 million from RMB301.7 million in 2018[10] - Profit for the year increased by approximately 61.1% year-to-year to RMB160.8 million from RMB99.8 million in 2018, with net profit margin decreasing from approximately 33.1% in 2018 to 29.7% in 2019[10] - Adjusted profit for the year (a non-GAAP measure) increased by approximately 68.6% year-to-year to RMB178.8 million from RMB106.1 million in 2018, with adjusted net profit margin decreasing slightly from approximately 35.2% in 2018 to 33.0% in 2019[10] - Total revenue increased by approximately 79.6% from RMB301.7 million in 2018 to RMB541.8 million in 2019[22] - Profit for the year rose by approximately 61.1% from RMB99.8 million in 2018 to RMB160.8 million in 2019[22] - Net profit margin decreased from approximately 33.1% in 2018 to 29.7% in 2019[22] - Gross profit for 2019 was RMB 232,382,000, up 64.6% from RMB 141,153,000 in 2018[35] - Profit before tax for 2019 was RMB 171,363,000, an increase of 47.9% compared to RMB 115,794,000 in 2018[35] - Profit for the year attributable to owners of the parent was RMB 160,784,000, which is a 61.1% increase from RMB 99,783,000 in 2018[35] User and Market Growth - Number of online tour guides increased by approximately 142.0% year-to-year from 8,056 in 2018 to 19,493 in 2019[10] - Number of tourist attractions in China covered by the online tour guide increased by approximately 106.4% year-to-year from 5,445 in 2018 to 11,238 in 2019[10] - The number of AAA tourist attractions covered increased from 635 in 2018 to 1,394 in 2019, while AA tourist attractions rose from 98 to 290[25] - The number of AAAAA tourist attractions covered reached 258 by December 31, 2019, solidifying the company's market position[25] - The number of registered users of the Lvji APP increased from 743,467 in 2018 to 1,823,271 in 2019[51] Operational and Strategic Developments - The company achieved significant growth for the year ended December 31, 2019, driven by increased market demand for online tour guides[25] - The company expanded its cooperation network from 22 OTAs in 2018 to 27 OTAs in 2019, enhancing brand recognition[25] - New features introduced in 2019 included city tour recommendations and a points mall, improving user engagement[26] - The company focused on R&D to enhance user experience, implementing innovative technologies such as segment-loading and image compression[26] - The company established a guided big data platform using Hadoop technology to support its R&D efforts[26] - The company plans to expand its tourist attraction coverage in China and explore new cooperation opportunities with tourist attractions[30] - The company aims to strengthen its technical capabilities by developing a big data-driven software platform and AI-enabled online tour guide[30] - The company is exploring acquisition opportunities to complement organic growth[31] Financial Position and Cash Flow - Non-current assets rose to RMB568.4 million in 2019 from RMB213.6 million in 2018[20] - Total assets increased to RMB726.8 million in 2019 from RMB455.3 million in 2018[20] - Total equity attributable to owners of the parent increased to RMB664.7 million in 2019 from RMB406.0 million in 2018[20] - Current liabilities increased to RMB57.3 million in 2019 from RMB47.7 million in 2018[20] - As of December 31, 2019, cash and cash equivalents were approximately RMB77.3 million, down from RMB91.4 million in 2018, and net current assets were approximately RMB101.1 million, down from RMB194.0 million[68][72] - Net cash generated from operating activities in 2019 was approximately RMB198.2 million, an increase from RMB90.4 million in 2018[74] - Net cash used in investing activities in 2019 was approximately RMB376.8 million, primarily due to additions of RMB406.3 million to other intangible assets[75] - Net cash generated from financing activities in 2019 was approximately RMB164.3 million, mainly from a capital injection of RMB168.4 million by shareholders[76] Cost Structure and Expenses - Cost of sales increased by approximately 92.7% from RMB160.5 million in 2018 to RMB309.4 million in 2019, primarily due to a significant increase in OTA concession fees and amortization of intangible assets[61][62] - Gross profit increased by approximately 64.6% from RMB141.2 million in 2018 to RMB232.4 million in 2019, while gross profit margin decreased from approximately 46.8% to 42.9%[63] - Selling and distribution expenses increased by approximately 25.0% from RMB21.3 million in 2018 to RMB26.6 million in 2019, driven by higher employee salaries and welfare expenses[63] - Administrative expenses surged by approximately 211.2% from RMB15.7 million in 2018 to RMB48.8 million in 2019, attributed to increases in employee costs and R&D expenses[63] Corporate Governance and Management - Mr. Zang Weizhong, aged 39, is the chairman and CEO, responsible for overall business planning and corporate culture since the company's establishment in December 2013[108] - Ms. Sun Hongyan, aged 42, serves as the finance director, managing financial issues and tax planning since joining the group in June 2015[110] - Mr. Long Chao, aged 40, appointed as COO, focuses on formulating and executing overall business strategies since August 2017[116] - The company emphasizes the importance of corporate governance through the roles of its executive and non-executive directors[125] - The board of directors is committed to providing strategic oversight and advice to ensure effective governance[125] Future Outlook and Strategic Initiatives - The company aims to enhance market share and profitability through high-quality products and user experience improvements[26] - For the upcoming fiscal year, Lvji Technology Holdings Inc. has provided guidance for revenue growth of between BB% to CC%, driven by new product launches and market expansion strategies[128] - The company is investing in R&D for new technologies, with a budget allocation of $DD million, aiming to enhance service offerings and improve user experience[128] - The management team emphasized the importance of strategic partnerships, which are expected to drive further growth and innovation in the coming years[128] - The Group intends to expand its product and service offerings to enhance competitiveness and user engagement[200] Shareholder and Investment Information - The company raised net proceeds of approximately HK$580.0 million from the issuance of 352,700,000 shares at a price of HK$2.12 per share during the Global Offering[154] - The net proceeds from the global offering were approximately HK$580.0 million after deducting underwriting commissions and related expenses[169] - The Group plans to allocate approximately 50% (HK$290.0 million) of the proceeds for the production of online tour guides for tourist attractions in China and overseas by 2022[169] - Approximately 20% (HK$116.0 million) is designated for strategic investments and acquisitions by 2022[36] - The Group had no outstanding bank loans as of December 31, 2019[165] - No dividend was declared or paid for the year ended December 31, 2019, and no final dividend is recommended[162]