致：香港交易及結算所有限公司 公司名稱: 优矩控股有限公司 呈交日期: 2025年11月3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) | 01948 | 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 | USD | | 0.01 | USD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 10,000,000,000 | USD | | 0.01 | USD | | 100,000,000 | 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 | | | 本月底法定/註冊股本總額： USD 100,000, ...

| 證券代號 (如上市) | 01948 | 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 | USD | | 0.01 | USD | 100,000,000 | | 增加 / 減少 (-) | | | | | | | USD | | | 本月底結存 | | | 10,000,000,000 | USD | | 0.01 | USD | 100,000,000 | 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年9月30日 | | | | 狀態: 新提交 | | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | 公司名稱: | 优矩控股有限公司 | | | | | | 呈交日期: | 2025年10月2日 | | | | | | ...

UJU HOLDING LIMITED 優 矩 控 股 有 限 公 司 UJU HOLDING LIMITED (the "Company") — Notice of publication of Interim Report 2025 ("Current Corporate Communication") on the Company's website The English and Chinese versions of the Company's Current Corporate Communications are now available on the Company's website at https://www.ujumedia.com and the website of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") at www.hkexnews.hk respectively (the "Website Version"). The Company strongly recommends you to ...

26 September 2025 UJU HOLDING LIMITED (the "Company") — Notice of publication of Interim Report 2025 ("Current Corporate Communication") on the Company's website UJU HOLDING LIMITED 優 矩 控 股 有 限 公 司 (Incorporated in Cayman Islands with limited liability) （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） (Stock Code 股份代號：1948) NOTIFICATION LETTER 通知信函 Dear Non-Registered Holder (Note 1) , The English and Chinese versions of the Company's Current Corporate Communications are available on the Company's website at https://www.uju ...

[Company Information](index=3&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) [Board of Directors and Corporate Governance Structure](index=3&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E5%8F%8A%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E6%9E%B6%E6%A7%8B) The company's board of directors underwent changes, with Mr. Cheng Yu appointed Executive Director and Chairman, Mr. Peng Liang reassigned as Vice Chairman and resigning as Co-CEO, and Ms. Ma Xiaoxia and Mr. Li Nian appointed Executive Directors - Mr. Cheng Yu was appointed Executive Director and Chairman of the Board on **June 27, 2025**[5](index=5&type=chunk) - Mr. Peng Liang was re-designated from Chairman of the Board to Vice Chairman and resigned as Co-Chief Executive Officer on **June 27, 2025**[5](index=5&type=chunk) - Ms. Ma Xiaoxia and Mr. Li Nian were appointed Executive Directors on **June 27, 2025**[5](index=5&type=chunk) - Ms. Luo Xiaomei resigned as Executive Director and Chairman of the Nomination Committee effective **June 27, 2025**[5](index=5&type=chunk) [Key Contact and Registration Information](index=3&type=section&id=%E4%B8%BB%E8%A6%81%E8%81%AF%E7%B5%A1%E5%8F%8A%E8%A8%BB%E5%86%8A%E4%BF%A1%E6%81%AF) The company is registered in the Cayman Islands with its principal place of business in Beijing, China, and a primary place of business in Hong Kong, with PwC as auditor and DeHeng Law Offices (Hong Kong) as legal counsel - The company's registered office is in the Cayman Islands, with its principal place of business and headquarters in Chaoyang District, Beijing, China[6](index=6&type=chunk) - The auditor is **PricewaterhouseCoopers**, and the legal counsel is **DeHeng Law Offices (Hong Kong) LLP**[5](index=5&type=chunk)[6](index=6&type=chunk) - The company's stock code is **01948**, and its website is **https://www.ujumedia.com**[7](index=7&type=chunk) [Financial Highlights](index=5&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) [Operating Results](index=5&type=section&id=%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9) For the six months ended June 30, 2025, the company's revenue increased by 29.8% to RMB 5,018.3 million, profit before income tax grew by 63.2% to RMB 84.7 million, and profit attributable to owners increased by 52.8% to RMB 66.3 million Operating Results for the Six Months Ended June 30 (RMB million) | Indicator | 2025 (Unaudited) | 2024 (Unaudited) | Change | | :--- | :--- | :--- | :--- | | Revenue | 5,018.3 | 3,867.1 | 29.8% | | Gross Profit | 153.1 | 150.8 | 1.5% | | Profit Before Income Tax | 84.7 | 51.9 | 63.2% | | Profit for the Period Attributable to Owners of the Company | 66.3 | 43.4 | 52.8% | [Financial Position](index=5&type=section&id=%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5) As of June 30, 2025, the company's total assets increased by 10.1% to RMB 5,061.1 million, total liabilities grew by 13.7% to RMB 3,568.6 million, total equity rose by 2.5% to RMB 1,492.5 million, and retained earnings increased by 8.6% to RMB 748.3 million Financial Position as of June 30, 2025 (RMB million) | Indicator | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 5,061.1 | 4,596.5 | 10.1% | | Total Liabilities | 3,568.6 | 3,139.9 | 13.7% | | Total Equity | 1,492.5 | 1,456.6 | 2.5% | | Retained Earnings | 748.3 | 688.8 | 8.6% | [Chairman's Report](index=6&type=section&id=%E4%B8%BB%E5%B8%AD%E5%A0%B1%E5%91%8A) [Performance Review and Outlook](index=6&type=section&id=%E4%B8%9A%E7%BB%A9%E5%9B%9E%E9%A1%BE%E4%B8%8E%E5%B1%95%E6%9C%9B) In the first half of 2025, the company leveraged AI technology to enhance service delivery in the marketing industry, achieving approximately RMB 7.9 billion in total billings, a 29.8% increase in total revenue to RMB 5 billion, and a 50.2% rise in net profit to RMB 64.8 million - In the first half of **2025**, AI technology brought disruptive changes to the marketing industry, creating significant opportunities for digital marketing[12](index=12&type=chunk) - The Group's advertising business recorded total billings of approximately **RMB 7.9 billion**, with direct advertiser business accounting for **62.8%**[12](index=12&type=chunk) Key Financial Data for H1 2025 (RMB) | Indicator | H1 2025 | H1 2024 | Growth Rate | | :--- | :--- | :--- | :--- | | Total Revenue | Approx. RMB 5 billion | Approx. RMB 3.9 billion | 29.8% | | Net Profit | RMB 64.8 million | RMB 43.2 million | Approx. 50.2% | | Live E-commerce GMV | RMB 512.8 million | RMB 539.2 million | -4.9% | [Accelerated Implementation of Intelligent Marketing Solutions](index=6&type=section&id=%E8%90%A5%E9%94%80%E4%B8%9A%E5%8A%A1%E6%99%BA%E8%83%BD%E5%8C%96%E8%A7%A3%E5%86%B3%E6%96%B9%E6%A1%88%E5%8A%A0%E9%80%9F%E8%90%BD%E5%9C%B0) The company advanced intelligent marketing solutions, upgrading its "U-Engine" smart advertising platform to integrate mainstream media algorithms, boosting client budget utilization by 12 percentage points and managing over RMB 50 billion in ad budgets, while its "U-Crane" smart content creation platform, integrating 12 AI core technologies, improved material production efficiency by 8 times and reduced video production costs by 75% - The smart advertising platform "U-Engine" completed its upgrade, increasing clients' budget utilization rate within the stipulated time by **12 percentage points**[13](index=13&type=chunk) - The U-Engine platform has integrated with **7 mainstream media ecosystems**, including ByteDance and Tencent Ads, serving clients across **8 major vertical industries** such as e-commerce, finance, and internet services, cumulatively managing over **RMB 50 billion** in advertising budgets[13](index=13&type=chunk) - The smart content creation platform "U-Crane" integrates **12 AI core technologies**, supporting text-to-image/text-to-video, increasing material production efficiency by **8 times** compared to traditional methods, and reducing the average production cost per video by **75%**[15](index=15&type=chunk) [Intelligent Organizational Transformation and Future Strategy](index=7&type=section&id=%E6%99%BA%E8%83%BD%E7%BB%84%E7%BB%87%E5%8F%98%E9%9D%A9%E4%B8%8E%E6%9C%AA%E6%9D%A5%E6%88%98%E7%95%A5) The company actively adjusted its organizational collaboration model, implementing a "business-technology integration" approach to enhance responsiveness to client needs, with a future strategic goal of achieving "RMB 10 billion self-operation" by focusing on core value clients, industries, and regional markets - The company implements a "business-technology integration" collaboration model within its organization to enhance agile response to client needs[17](index=17&type=chunk) - The future strategic goal is to achieve "**RMB 10 billion self-operation**," focusing on deep self-operation around core value clients, industries, and regional markets[16](index=16&type=chunk) - The company promotes the principle of "**talent density a step ahead**" and the "**three empowerments, three demands**" incentive system to ensure organizational capabilities lead business development[16](index=16&type=chunk) [Management Discussion and Analysis](index=8&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) [Revenue Analysis](index=8&type=section&id=%E6%94%B6%E7%9B%8A%E5%88%86%E6%9E%90) For the six months ended June 30, 2025, total revenue increased by 29.8% to RMB 5,018.3 million, driven by a 30.3% growth in online marketing solutions revenue to RMB 4,989.6 million, while live e-commerce revenue decreased by 24.4% to RMB 27.9 million due to strategic resource reallocation Revenue by Source (RMB thousand) | Revenue Source | 2025 | Percentage of Total | 2024 | Percentage of Total | | :--- | :--- | :--- | :--- | :--- | | Online Marketing Solutions Business | 4,989,591 | 99.4% | 3,828,615 | 99.0% | | Live E-commerce Business | 27,938 | 0.5% | 36,965 | 0.9% | | Others | 765 | 0.1% | 1,558 | 0.1% | | **Total** | **5,018,294** | **100.0%** | **3,867,138** | **100.0%** | - Revenue from online marketing solutions business increased by **30.3%**, primarily due to enhanced operational and creative teams, continuous expansion of the internet advertising market, and successful acquisition of new clients[19](index=19&type=chunk) - Revenue from live e-commerce business decreased by **24.4%**, mainly due to the company's proactive restructuring in response to market changes, reallocating resources to core businesses[19](index=19&type=chunk) Online Marketing Solutions Business Revenue by Advertiser Client Type (RMB thousand) | Client Type | 2025 | Percentage of Total | 2024 | Percentage of Total | | :--- | :--- | :--- | :--- | :--- | | Advertisers | 4,938,466 | 99.0% | 3,806,587 | 99.4% | | Advertising Agencies | 51,125 | 1.0% | 22,028 | 0.6% | | **Total** | **4,989,591** | **100.0%** | **3,828,615** | **100.0%** | Online Marketing Solutions Business Revenue by Industry (RMB thousand) | Industry | 2025 | Percentage of Total | 2024 | Percentage of Total | | :--- | :--- | :--- | :--- | :--- | | E-commerce | 2,228,689 | 45.2% | 2,082,802 | 54.8% | | Internet Services | 968,475 | 19.6% | 548,834 | 14.4% | | Financial Services | 747,946 | 15.1% | 443,042 | 11.6% | | Gaming | 668,494 | 13.5% | 485,288 | 12.7% | | Leisure Travel | 145,565 | 2.9% | 114,166 | 3.0% | | Education | 57,740 | 1.2% | 75,961 | 2.0% | | Real Estate and Home Decoration | 24,704 | 0.5% | 6,398 | 0.2% | | Others | 96,853 | 2.0% | 50,096 | 1.3% | | **Total** | **4,938,466** | **100.0%** | **3,806,587** | **100.0%** | - The e-commerce industry remains the largest client group, though its proportion decreased, while the internet services industry client group's proportion increased[24](index=24&type=chunk) [Cost and Profit Analysis](index=9&type=section&id=%E6%88%90%E6%9C%AC%E4%B8%8E%E5%88%A9%E6%B6%A6%E5%88%86%E6%9E%90) Service costs, primarily traffic acquisition and monitoring, increased to RMB 4,865.2 million, leading to a 1.5% gross profit increase to RMB 153.1 million but a gross margin decline from 3.9% to 3.1%, while sales and general & administrative expenses decreased, and R&D expenses rose by 20.5% to RMB 5.3 million Service Cost Components (RMB thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Traffic Acquisition and Monitoring Costs | 4,777,776 | 3,645,838 | | Employee Benefit Expenses | 51,286 | 41,209 | | Outsourced Short Video Production, Advertising, and Live Streamer Costs | 7,891 | 8,779 | | Cost of Inventories Sold | 5,610 | 8,463 | | Depreciation and Amortisation Expenses | 2,992 | 3,173 | | Taxes and Surcharges | 13,020 | 5,439 | | Others | 6,650 | 3,417 | | **Total** | **4,865,225** | **3,716,318** | - Gross profit increased by **1.5%** to **RMB 153.1 million**, but the gross profit margin decreased from **3.9% to 3.1%**[27](index=27&type=chunk) - Selling expenses decreased to **RMB 12.0 million**, primarily due to reduced live streaming expenses for domestic self-operated e-commerce business[28](index=28&type=chunk) - General and administrative expenses decreased by **13.1%** to **RMB 36.4 million**, mainly due to reduced employee benefit expenses and professional and consulting service fees[29](index=29&type=chunk) - Research and development expenses increased by **20.5%** to **RMB 5.3 million**, primarily due to increased software service fees for R&D activities[30](index=30&type=chunk) [Other Financial Performance](index=11&type=section&id=%E5%85%B6%E4%BB%96%E8%B4%A2%E5%8A%A1%E8%A1%A8%E7%8E%B0) Net impairment losses on financial assets decreased to RMB 11.6 million due to credit risk control, other income surged by 500% to RMB 1.2 million from government grants, and net other gains turned positive at RMB 1.3 million, while net finance costs became an expense of RMB 5.7 million, and profit attributable to owners increased by 52.8% to RMB 66.3 million, with net profit margin rising to 1.3% - Net impairment losses on financial assets decreased to **RMB 11.6 million**, primarily due to effective credit risk control[31](index=31&type=chunk) - Other income increased by approximately **500%** to **RMB 1.2 million**, mainly due to increased government grants[32](index=32&type=chunk) - Net other gains turned from a loss of **RMB 7.7 million** in the same period of 2024 to a gain of **RMB 1.3 million** in the same period of 2025[33](index=33&type=chunk) - Net finance costs turned from income of **RMB 1.9 million** in the same period of 2024 to costs of **RMB 5.7 million** in the same period of 2025, primarily due to increased interest expenses[34](index=34&type=chunk) - Income tax expense increased to **RMB 19.9 million**, with the effective income tax rate rising from **16.8% to 23.5%**, mainly due to a decreased profit contribution ratio from Hainan Youju[35](index=35&type=chunk) - Profit for the period attributable to owners of the Company increased by **52.8%** to **RMB 66.3 million**, with a net profit margin of **1.3%**[36](index=36&type=chunk)[37](index=37&type=chunk) [Liquidity and Financial Resources](index=12&type=section&id=%E6%B5%81%E5%8A%A8%E6%80%A7%E5%8F%8A%E8%B4%A2%E5%8A%A1%E8%B5%84%E6%BA%90) As of June 30, 2025, the company's bank and other borrowings were approximately RMB 289.0 million, with a gearing ratio of 0.2 times, while cash and cash equivalents decreased to RMB 719.6 million due to net cash outflow from operating activities, maintaining a sound liquidity position and managing foreign exchange risk through options - As of **June 30, 2025**, bank and other borrowings were approximately **RMB 289.0 million** (December 31, 2024: approximately RMB 248.2 million)[39](index=39&type=chunk) - As of **June 30, 2025**, the gearing ratio was **0.2 times** (December 31, 2024: 0.18 times)[39](index=39&type=chunk) - Cash and cash equivalents decreased to **RMB 719.6 million**, primarily due to net cash outflow from daily operating activities[39](index=39&type=chunk) Key Financial Ratios | Indicator | June 30, 2025 (%) | June 30, 2024 (%) | | :--- | :--- | :--- | | Gross Profit Margin | 3.1 | 3.9 | | Net Profit Margin | 1.3 | 1.1 | | Return on Equity | 8.7 | 6.2 | | Return on Assets | 2.6 | 2.2 | | Current Ratio | 1.4 | 1.4 | | Gearing Ratio | 0.20 | 0.18 | - The Group adopts a prudent financial management approach to treasury policies, mitigating credit risk through continuous credit assessments[49](index=49&type=chunk) - Foreign exchange risk primarily arises from overseas media traffic acquisition costs paid in **USD**, which are hedged through foreign exchange options[50](index=50&type=chunk) [Assets and Investments](index=14&type=section&id=%E8%B5%84%E4%BA%A7%E4%B8%8E%E6%8A%95%E8%B5%84) As of June 30, 2025, restricted cash balances were approximately RMB 116.9 million, serving as collateral for borrowings, with no significant equity investments held, no major future investment plans beyond the prospectus, and no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the period - As of **June 30, 2025**, restricted cash balances were approximately **RMB 116.9 million**, serving as collateral for bank borrowings, factoring borrowings, and bills payable[54](index=54&type=chunk) - The Group holds no significant equity investments in any other companies and has no major future plans for investments and capital assets[55](index=55&type=chunk)[56](index=56&type=chunk) - For the six months ended **June 30, 2025**, the Group had no significant acquisitions or disposals of subsidiaries, associates, or joint ventures[57](index=57&type=chunk) [Employee Information](index=14&type=section&id=%E9%9B%87%E5%91%98%E8%B3%87%E6%96%99) As of June 30, 2025, the Group had 884 employees, an increase from 645 at the end of 2024, with total employee costs of approximately RMB 90.7 million, and implements competitive remuneration, share option, and share award schemes to attract and retain talent - As of **June 30, 2025**, the Group had **884 employees** (December 31, 2024: 645 employees)[58](index=58&type=chunk) - Total employee costs for the six months ended **June 30, 2025**, were approximately **RMB 90.7 million** (same period in 2024: approximately RMB 82.7 million)[58](index=58&type=chunk) - The Group implements share option schemes and share award schemes, but as of **June 30, 2025**, no shares or share options have been granted under these schemes[58](index=58&type=chunk) [Use of Net Proceeds from Global Offering](index=15&type=section&id=%E5%85%A8%E7%90%83%E5%8F%91%E5%94%AE%E6%89%80%E5%BE%97%E6%AC%BE%E9%A1%B9%E5%87%80%E9%A2%9D%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5) The net proceeds from the global offering were approximately HKD 748.5 million, with HKD 628.6 million utilized by June 30, 2025, for platform upgrades, digital service development, internal management, e-commerce expansion, AI content creation, sales and marketing, media expansion, and new business exploration, while the remaining HKD 119.9 million is earmarked for strategic investments and acquisitions by the end of 2026 Use of Net Proceeds from Global Offering (As of June 30, 2025) | Purpose | Approximate Percentage of Total Net Proceeds | Net Proceeds from Global Offering (HKD million) | Net Proceeds Utilized (HKD million) | Remaining Net Proceeds (HKD million) | Expected Timeframe for Full Utilization of Remaining Net Proceeds | | :--- | :--- | :--- | :--- | :--- | :--- | | Upgrading U-Engine platform, focusing on R&D and leveraging AI capabilities and SaaS technology | 2.3% | 17.0 | 17.0 | — | — | | Developing a digital service platform for U-Engine | 2.0% | 14.8 | 14.8 | — | — | | Upgrading internal management system | 0.6% | 4.4 | 4.4 | — | — | | Expanding business opportunities for online short video platform e-commerce | 3.3% | 24.4 | 24.4 | — | — | | Enhancing content creation capabilities with AI technology | 6.6% | 49.6 | 49.6 | — | — | | Strengthening sales and marketing teams | 3.4% | 25.2 | 25.2 | — | — | | Expanding media base | 15.6% | 117.0 | 117.0 | — | — | | Exploring new businesses with new advertiser clients and online media platforms | 40.3% | 302.1 | 302.1 | — | — | | Seeking strategic investments and acquisitions | 16.0% | 119.9 | — | 119.9 | Before the end of the year ending December 31, 2026 | | Working capital and general corporate purposes | 9.9% | 74.1 | 74.1 | — | — | | **Total** | **100%** | **748.5** | **628.6** | **119.9** | | - As of **June 30, 2025**, approximately **HKD 628.6 million** of the net proceeds from the global offering has been utilized, with the remaining approximately **HKD 119.9 million** allocated for strategic investments and acquisitions[59](index=59&type=chunk) [Other Information](index=16&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) [Corporate Governance and Compliance](index=16&type=section&id=%E4%BC%81%E4%B8%9A%E7%AE%A1%E6%B2%BB%E4%B8%8E%E5%90%88%E8%A7%84) The Group is committed to high corporate governance standards, complying with the Corporate Governance Code in Appendix C1 of the Listing Rules for the six months ended June 30, 2025, with a temporary deviation regarding the separation of Chairman and CEO duties, and has adopted and confirmed compliance with the Model Code for directors' securities transactions, while the audit committee reviewed the interim financial information for compliance - The Company has complied with the Corporate Governance Code set out in Appendix C1 to the Listing Rules, with a deviation from **January 1, 2025, to June 27, 2025**, due to the non-segregation of duties between the Chairman and Chief Executive Officer, but has fully complied thereafter[61](index=61&type=chunk) - The Company has adopted the Model Code set out in Appendix C3 to the Listing Rules as the code of conduct for directors' securities transactions and confirmed that the directors have complied with it[63](index=63&type=chunk) - The Audit Committee has reviewed the Group's interim financial information and considers that it has been prepared in accordance with applicable accounting standards, the Listing Rules, and other applicable legal requirements[64](index=64&type=chunk) [Securities Transactions and Incentive Schemes](index=16&type=section&id=%E8%AF%81%E5%88%B8%E4%BA%A4%E6%98%93%E4%B8%8E%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92) For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities, and while share option and share award schemes are in place to incentivize talent, no options or awards were granted during the reporting period - 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[65](index=65&type=chunk) - The Share Option Scheme aims to incentivize participants, with a limit of **10%** of the issued shares on the listing date and a **1%** limit per participant within any 12-month period, valid until **October 7, 2031**[67](index=67&type=chunk)[68](index=68&type=chunk) - The Share Award Scheme aims to recognize contributions, retain, and attract talent, with a limit of **10%** of the issued share capital on the adoption date of the Share Award Scheme and a **1%** limit per participant within any 12-month period, valid until **May 21, 2033**[71](index=71&type=chunk)[72](index=72&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk) - For the six months ended **June 30, 2025**, no share options were granted under the Share Option Scheme, nor were any awards granted under the Share Award Scheme[69](index=69&type=chunk)[82](index=82&type=chunk) [Directors' and Major Shareholders' Interests](index=20&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E4%B8%BB%E8%A6%81%E8%82%A1%E4%B8%9C%E6%9D%83%E7%9B%8A) As of June 30, 2025, Mr. Cheng Yu and his spouse Ms. Ma Xiaoxia held interests in the company's shares, with Mr. Cheng Yu directly and indirectly holding 50.62% and Ms. Ma Xiaoxia deemed to hold 50.65% due to spousal interest, while major shareholders Autumn Harvest Ltd, Vast Business, and Vigorous Development held 50.62% and 22.06% respectively, with no changes in directors' information requiring disclosure during the period Interests of Directors and Chief Executive in the Company's Shares (As of June 30, 2025) | Director Name | Capacity/Nature of Interest | Number and Class of Securities Held | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Mr. Cheng Yu | Interest in controlled corporation | 303,715,400 shares (L) | 50.62% | | | Beneficial owner | 210,000 shares (L) | 0.04% | | Ms. Ma Xiaoxia | Spouse's interest | 303,925,400 shares (L) | 50.65% | Interests of Major Shareholders in the Company's Shares (As of June 30, 2025) | Shareholder Name | Capacity/Nature of Interest | Number and Class of Securities Held | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Autumn Harvest Ltd | Beneficial owner | 303,715,400 shares (L) | 50.62% | | Vast Business | Interest in controlled corporation | 132,350,000 shares (L) | 22.06% | | Mr. Ma Xiaohui | Interest in controlled corporation | 132,350,000 shares (L) | 22.06% | | Ms. Yu Juan | Spouse's interest | 132,350,000 shares (L) | 22.06% | | Vigorous Development | Beneficial owner | 132,350,000 shares (L) | 22.06% | - From the date of the 2024 annual report up to the date of this report, no changes in directors' information required disclosure under Rule 13.51B(1) of the Listing Rules[83](index=83&type=chunk) [Interim Dividend and Public Float](index=21&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF%E4%B8%8E%E5%85%AC%E4%BC%97%E6%8C%81%E8%82%A1%E9%87%8F) The Board did not declare any interim dividend for the six months ended June 30, 2025, and the company maintained the public float required by the Listing Rules throughout the period and up to the report date - The Board did not declare any interim dividend for the six months ended **June 30, 2025**[89](index=89&type=chunk) - The Company maintained the public float required by the Listing Rules for the six months ended **June 30, 2025**, and up to the date of this report[90](index=90&type=chunk) [Review Report on Interim Financial Information](index=22&type=section&id=%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E7%9A%84%E5%AF%A9%E9%96%B1%E5%A0%B1%E5%91%8A) [Introduction and Scope of Review](index=22&type=section&id=%E5%BC%95%E8%A8%80%E4%B8%8E%E5%AE%A1%E9%98%85%E8%8C%83%E5%9B%B4) PricewaterhouseCoopers reviewed the interim financial information of Uju Holdings Limited and its subsidiaries for the six months ended June 30, 2025, in accordance with International Standard on Review Engagements 2410, which is less extensive than an audit and thus no audit opinion is expressed - The auditor has reviewed the interim financial information of Uju Holdings Limited and its subsidiaries for the six months ended **June 30, 2025**[92](index=92&type=chunk) - The review was conducted in accordance with International Standard on Review Engagements 2410, which is less in scope than an audit, and therefore no audit opinion is expressed[93](index=93&type=chunk) [Conclusion](index=22&type=section&id=%E7%BB%93%E8%AE%BA) Based on the review, the auditor found no matters suggesting that the Group's interim financial information was not prepared in all material respects in accordance with International Accounting Standard 34 "Interim Financial Reporting" - The auditor found no matters that cause them to believe that the Group's interim financial information has not been prepared in all material respects in accordance with International Accounting Standard 34 "Interim Financial Reporting"[94](index=94&type=chunk) [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=23&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E7%B6%9C%E5%90%88%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the company's revenue was RMB 5,018,294 thousand, a 29.8% increase year-on-year, with profit for the period at RMB 64,797 thousand and profit attributable to owners at RMB 66,265 thousand, resulting in basic and diluted earnings per share of RMB 0.11, while other comprehensive loss primarily stemmed from exchange differences on financial statement translation and fair value changes of equity investments Summary of Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (RMB thousand) | Item | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Revenue | 5,018,294 | 3,867,138 | | Gross Profit | 153,069 | 150,820 | | Operating Profit | 90,346 | 50,023 | | Profit Before Income Tax | 84,696 | 51,891 | | Income Tax Expense | (19,899) | (8,738) | | Profit for the Period | 64,797 | 43,153 | | Profit for the Period Attributable to Owners of the Company | 66,265 | 43,414 | | Total Comprehensive Income for the Period | 58,141 | 44,870 | | Basic Earnings Per Share (RMB) | 0.11 | 0.07 | | Diluted Earnings Per Share (RMB) | 0.11 | 0.07 | - Other comprehensive loss primarily resulted from exchange differences on translation of the Company's financial statements (**RMB -11,285 thousand**) and fair value changes of equity investments at fair value through other comprehensive income (**RMB -3,565 thousand**)[96](index=96&type=chunk) [Interim Condensed Consolidated Statement of Financial Position](index=24&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E8%A1%A8) As of June 30, 2025, the company's total assets were RMB 5,061,053 thousand, a 10.1% increase from year-end 2024, with total current assets at RMB 4,993,126 thousand, predominantly trade receivables, while total liabilities were RMB 3,568,575 thousand, mostly current liabilities, and total equity was RMB 1,492,478 thousand Summary of Interim Condensed Consolidated Statement of Financial Position (RMB thousand) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | **Assets** | | | | Total Non-current Assets | 67,927 | 69,559 | | Total Current Assets | 4,993,126 | 4,526,946 | | **Total Assets** | **5,061,053** | **4,596,505** | | **Liabilities** | | | | Total Non-current Liabilities | 2,908 | 3,396 | | Total Current Liabilities | 3,565,667 | 3,136,547 | | **Total Liabilities** | **3,568,575** | **3,139,943** | | **Equity** | | | | Equity Attributable to Owners of the Company | 1,491,951 | 1,454,567 | | Non-controlling Interests | 527 | 1,995 | | **Total Equity** | **1,492,478** | **1,456,562** | - Trade receivables are the largest current asset, amounting to **RMB 3,734,958 thousand** as of **June 30, 2025**[98](index=98&type=chunk) - Trade payables are the largest current liability, amounting to **RMB 2,485,989 thousand** as of **June 30, 2025**[98](index=98&type=chunk) [Interim Condensed Consolidated Statement of Changes in Equity](index=26&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) For the six months ended June 30, 2025, total equity attributable to owners of the company increased from RMB 1,454,567 thousand at the beginning of the period to RMB 1,491,951 thousand at the end, driven by a profit of RMB 66,265 thousand despite other comprehensive losses of RMB 6,656 thousand, and dividends of RMB 22,225 thousand were declared and paid Summary of Interim Condensed Consolidated Statement of Changes in Equity (RMB thousand) | Item | June 30, 2025 (Unaudited) | June 30, 2024 (Unaudited) | | :--- | :--- | :--- | | Equity Attributable to Owners of the Company at Beginning of Period | 1,454,567 | 1,382,832 | | Profit/(Loss) for the Period | 66,265 | 43,414 | | Other Comprehensive Loss/(Income) | (6,656) | 1,717 | | Total Comprehensive Income/(Loss) for the Period | 59,609 | 45,131 | | Dividends Declared and Paid | (22,225) | (27,187) | | Profit Appropriation to Statutory Reserve | — | — | | Equity Attributable to Owners of the Company at End of Period | 1,491,951 | 1,400,776 | - As of **June 30, 2025**, total equity attributable to owners of the Company was **RMB 1,491,951 thousand**[102](index=102&type=chunk) [Interim Condensed Consolidated Statement of Cash Flows](index=27&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the six months ended June 30, 2025, net cash used in operating activities was RMB 61,853 thousand, net cash from investing activities was RMB 15,034 thousand, and net cash used in financing activities was RMB 14,643 thousand, resulting in cash and cash equivalents of RMB 719,626 thousand at period-end, a decrease from the beginning of the period Summary of Interim Condensed Consolidated Statement of Cash Flows (RMB thousand) | Item | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (61,853) | (240,633) | | Net Cash From/(Used in) Investing Activities | 15,034 | (21,648) | | Net Cash Used in Financing Activities | (14,643) | (49,435) | | Net Decrease in Cash and Cash Equivalents | (61,462) | (311,716) | | Cash and Cash Equivalents at End of Period | 719,626 | 409,272 | - Net cash used in operating activities significantly decreased, indicating improved operating efficiency[104](index=104&type=chunk) - Investing activities shifted from cash outflow to cash inflow, primarily due to the maturity and recovery of time deposits[104](index=104&type=chunk) [Notes to the Interim Condensed Consolidated Financial Information](index=28&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E9%99%84%E8%A8%BB) [General Information and Basis of Preparation](index=28&type=section&id=%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99%E8%88%87%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) The company, incorporated in the Cayman Islands and listed on the HKEX Main Board on November 8, 2021, primarily provides one-stop cross-media online marketing solutions, with its interim financial information prepared in accordance with IAS 34 and no significant impact from the initial application of "Lack of Exchangeability — Amendments to IAS 21" on January 1, 2025, while new or revised IFRS standards will be adopted in the future - The Company completed its listing on the Main Board of The Stock Exchange of Hong Kong Limited on **November 8, 2021**[107](index=107&type=chunk) - The Group primarily markets advertiser clients' products and services through media partners, provides advertising distribution services, and live e-commerce services[107](index=107&type=chunk) - The interim financial information has been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting"[108](index=108&type=chunk) - The Group first applied "Lack of Exchangeability — Amendments to IAS 21" on **January 1, 2025**, with no significant impact[110](index=110&type=chunk) - New or revised standards, including IFRS 9, 7, 18, and 19, will be adopted in the future, with no significant impact expected except for IFRS 18[113](index=113&type=chunk)[114](index=114&type=chunk) [Financial Risk Management and Segment Information](index=29&type=section&id=%E8%B2%A1%E5%8B%99%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86%E8%88%87%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group faces market risks (foreign exchange, interest rate), credit risk, and liquidity risk, with risk management overseen by senior management and no significant changes to policies since December 31, 2024, while financial instrument fair value estimates are tiered, and the fair value of financial assets at fair value through other comprehensive income was reduced to zero, and the business is managed as a single reporting segment - The Group is exposed to market risks (foreign exchange risk, cash flow and fair value interest rate risk), credit risk, and liquidity risk[116](index=116&type=chunk) - There have been no significant changes to risk management policies since **December 31, 2024**[119](index=119&type=chunk) - Management has assessed and reduced the fair value of the Group's financial assets at fair value through other comprehensive income to **zero** as of **June 30, 2025**[121](index=121&type=chunk) - The Group's business is operated and managed as a single reporting segment, and therefore no segment information is presented[123](index=123&type=chunk) [Revenue and Cost Details](index=31&type=section&id=%E6%94%B6%E7%9B%8A%E4%B8%8E%E6%88%90%E6%9C%AC%E6%98%8E%E7%BB%86) For the six months ended June 30, 2025, revenue from one-stop online marketing solutions was RMB 4,938,466 thousand, advertising distribution services RMB 51,125 thousand, and live e-commerce RMB 27,938 thousand, with revenue recognized primarily at a point in time and over time, while credit risk is concentrated with a major client contributing approximately 44% of total revenue, and total expenses, mainly traffic acquisition and monitoring costs, amounted to RMB 4,918,946 thousand Revenue Analysis from Contracts with Customers (RMB thousand) | Revenue Category | 2025 | 2024 | | :--- | :--- | :--- | | One-stop Online Marketing Solutions Services | 4,938,466 | 3,806,587 | | Advertising Distribution Services | 51,125 | 22,028 | | Live E-commerce Business | 27,938 | 36,965 | | Provision of Other Services | 765 | 1,558 | | **Total** | **5,018,294** | **3,867,138** | Revenue Analysis by Timing of Revenue Recognition (RMB thousand) | Timing of Recognition | 2025 | 2024 | | :--- | :--- | :--- | | At a point in time | 4,339,926 | 3,341,482 | | Over time | 678,368 | 525,656 | | **Total** | **5,018,294** | **3,867,138** | - Credit risk is concentrated from a major client A, which contributed approximately **44%** of the Group's total revenue for the six months ended **June 30, 2025**[126](index=126&type=chunk) Expenses by Nature (RMB thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Traffic Acquisition and Monitoring Costs | 4,777,776 | 3,645,838 | | Employee Benefit Expenses | 90,701 | 82,671 | | Taxes and Surcharges | 13,020 | 5,439 | | Outsourced Short Video Production, Advertising, and Live Streamer Costs | 8,593 | 13,231 | | Professional and Consulting Service Fees | 6,145 | 10,020 | | Cost of Inventories Sold and Consumed | 5,610 | 8,463 | | Depreciation and Amortisation Expenses | 5,204 | 5,368 | | Transportation Costs | 3,825 | 1,610 | | Office Expenses | 3,676 | 2,042 | | Travel and Entertainment Expenses | 2,723 | 2,772 | | Others | 1,673 | 1,235 | | **Total** | **4,918,946** | **3,778,689** | [Net Impairment Losses on Financial Assets and Other Income/Losses](index=32&type=section&id=%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2%E6%B8%9B%E5%80%BC%E8%99%A7%E6%90%8D%E5%87%88%E9%A1%8D%E8%88%87%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%2F%E8%99%A7%E6%90%8D) For the six months ended June 30, 2025, net impairment losses on financial assets were RMB 11,556 thousand, primarily from trade receivables, other income was RMB 1,209 thousand, mainly from government grants, and net other gains were RMB 1,345 thousand, influenced by litigation loss provisions, foreign exchange gains, investment income, and impairment reversals for in-kind settlement arrangements Net Impairment Losses on Financial Assets (RMB thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Impairment loss provision — Trade receivables | 11,462 | 26,769 | | Impairment loss provision — Other receivables | 94 | 4,143 | | **Total** | **11,556** | **30,912** | Other Income (RMB thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Government grants | 1,068 | 63 | | Others | 141 | 96 | | **Total** | **1,209** | **159** | Net Other Gains/(Losses) (RMB thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Provision for litigation losses | (3,652) | — | | Net foreign exchange gains/(losses) | 2,632 | (216) | | Investment income | 1,867 | — | | Impairment reversal/(provision) and losses on goods obtained in in-kind settlement arrangements | 484 | (2,729) | | Provision for an onerous contract | — | (5,705) | | Others | 14 | 977 | | **Total** | **1,345** | **(7,673)** | - Provision for litigation losses increased by **RMB 3,652 thousand**, and net foreign exchange gains turned from a loss to a gain[131](index=131&type=chunk) [Net Finance (Costs)/Income and Income Tax Expense](index=34&type=section&id=%E8%B2%A1%E5%8B%99%EF%BC%88%E6%88%90%E6%9C%AC%EF%BC%89%2F%E6%94%B6%E5%85%A5%E5%87%88%E9%A1%8D%E8%88%87%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) For the six months ended June 30, 2025, net finance costs were RMB 5,650 thousand, primarily due to increased interest expenses on bank borrowings, guarantee fees, and factoring borrowings, while income tax expense rose to RMB 19,899 thousand, with the effective tax rate increasing to 23.5% due to a lower profit contribution from Hainan Youju, and no Pillar Two model rules related tax provision was deemed necessary Net Finance (Costs)/Income (RMB thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Finance income | 9,029 | 10,142 | | Finance costs | (14,679) | (8,274) | | **Net Finance (Costs)/Income** | **(5,650)** | **1,868** | Income Tax Expense (RMB thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Current income tax expense | 21,444 | 14,756 | | Deferred income tax credit | (1,545) | (6,018) | | **Income Tax Expense** | **19,899** | **8,738** | - The corporate income tax rate in China is generally **25%**, with Hainan Youju Technology Co., Ltd. enjoying a preferential tax rate of **15%**, and certain small low-profit enterprises enjoying a **20%** tax rate[136](index=136&type=chunk) - The Group has assessed that as of **June 30, 2025**, no tax provision related to the Organisation for Economic Co-operation and Development ("OECD") Pillar Two model rules is required[137](index=137&type=chunk) [Dividends and Earnings Per Share](index=36&type=section&id=%E8%82%A1%E6%81%AF%E4%B8%8E%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) On March 21, 2025, the company declared a final dividend of HKD 4 cents per ordinary share for the year ended December 31, 2024, totaling approximately RMB 22,225 thousand, which was approved by shareholders and fully paid on May 30, 2025, with no interim dividends declared for the six months ended June 30, 2025, and basic and diluted earnings per share increasing to RMB 0.11 from RMB 0.07 in the prior year Dividends Declared (RMB thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Dividends declared by the Company | 22,225 | 27,187 | - No interim dividends were declared for the six months ended **June 30, 2025, and 2024**[139](index=139&type=chunk) Earnings Per Share (RMB) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Profit for the period attributable to owners of the Company (RMB thousand) | 66,265 | 43,414 | | Weighted average number of ordinary shares in issue during the period (thousand shares) | 590,919 | 590,919 | | **Basic Earnings Per Share** | **0.11** | **0.07** | | **Diluted Earnings Per Share** | **0.11** | **0.07** | [Property, Plant and Equipment and Leases](index=37&type=section&id=%E7%89%A9%E4%B8%9A%E3%80%81%E5%8E%82%E6%88%BF%E5%8F%8A%E8%AE%BE%E5%A4%87%E4%B8%8E%E7%A7%9F%E8%B5%81) As of June 30, 2025, the net book value of property, plant, and equipment was RMB 14,312 thousand, with additions of RMB 1,999 thousand during the period, while right-of-use assets were RMB 6,623 thousand, and total lease liabilities were RMB 7,092 thousand, with depreciation expenses primarily recognized in cost of services Net Book Value of Property, Plant and Equipment (RMB thousand) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Buildings | 10,715 | 11,005 | | Motor vehicles | 46 | 78 | | Electronic equipment | 817 | 964 | | Furniture and fixtures | 24 | 52 | | Leasehold improvements | 2,710 | 1,352 | | **Total** | **14,312** | **13,451** | - Additions to property, plant, and equipment amounted to **RMB 1,999 thousand** during the period[143](index=143&type=chunk) Lease Liabilities (RMB thousand) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Current | 4,184 | 5,807 | | Non-current | 2,908 | 3,396 | | **Total** | **7,092** | **9,203** | - Depreciation expense for right-of-use assets was **RMB 3,552 thousand**, and interest expense was **RMB 257 thousand**[146](index=146&type=chunk) [Trade Receivables and Prepayments](index=39&type=section&id=%E5%BA%94%E6%94%B6%E8%B4%A6%E6%AC%BE%E4%B8%8E%E9%A2%84%E4%BB%98%E6%AC%BE%E9%A1%B9) As of June 30, 2025, net trade receivables were RMB 3,734,958 thousand, with approximately 48% from a major client A, while transferred trade receivables amounted to RMB 58,854 thousand with related secured borrowings of RMB 50,026 thousand, and total prepayments, deposits, and other assets were RMB 415,507 thousand, primarily comprising prepayments to media platforms and recoverable VAT, with time deposits matured and recovered during the period Trade Receivables (RMB thousand) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Trade receivables | 3,862,012 | 3,284,262 | | Less: Provision for credit losses | (127,054) | (115,678) | | **Trade receivables — Net** | **3,734,958** | **3,168,584** | - As of **June 30, 2025**, the balance of trade receivables from major client A was approximately **RMB 1,836,185 thousand**, accounting for approximately **48%** of total trade receivables[126](index=126&type=chunk) Ageing Analysis of Trade Receivables (RMB thousand) | Ageing | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Within 90 days | 3,529,073 | 3,107,466 | | 91 to 180 days | 197,736 | 77,864 | | 181 to 270 days | 29,143 | 6,080 | | 271 days to 1 year | 18,469 | 3,934 | | Over 1 year | 87,591 | 88,918 | | **Total** | **3,862,012** | **3,284,262** | Prepayments, Deposits and Other Assets (RMB thousand) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Deposits paid to media platforms | 87,850 | 98,612 | | Prepayments to media platforms and suppliers | 171,897 | 126,393 | | Recoverable VAT | 137,698 | 207,004 | | **Total Current Prepayments, Deposits and Other Assets** | **415,507** | **453,338** | - Time deposits matured and were recovered as of **June 30, 2025**, with a zero balance at period-end[153](index=153&type=chunk) [Cash and Borrowings](index=41&type=section&id=%E7%8E%B0%E9%87%91%E4%B8%8E%E5%80%9F%E6%AC%BE) As of June 30, 2025, restricted cash was RMB 116,936 thousand, primarily collateral for borrowings, while cash and cash equivalents were RMB 719,626 thousand, mainly in RMB and USD, and total trade payables were RMB 2,485,989 thousand, including RMB 330,000 thousand guaranteed by third parties, with bills payable of RMB 219,000 thousand secured by bank deposits or subsidiary guarantees, and total borrowings of RMB 289,048 thousand at effective annual interest rates ranging from 1.3% to 4.7% Restricted Cash (RMB thousand) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Restricted bank balances and deposits | 116,936 | 99,382 | Cash and Cash Equivalents (RMB thousand) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Cash on hand | 22 | 22 | | Cash at bank | 718,832 | 781,368 | | Cash equivalents | 772 | 642 | | **Total** | **719,626** | **782,032** | Ageing Analysis of Trade Payables (RMB thousand) | Ageing | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Less than 6 months | 2,478,151 | 2,087,566 | | 6 months to 1 year | 2,579 | 1,251 | | Over 1 year | 5,259 | 6,687 | | **Total** | **2,485,989** | **2,095,504** | - As of **June 30, 2025**, guaranteed amounts payable to media platforms were approximately **RMB 330,000 thousand**[160](index=160&type=chunk) Borrowings (RMB thousand) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Short-term bank and other borrowings, unsecured | 142,022 | 151,102 | | Short-term bank and other borrowings, secured | 147,026 | 97,118 | | **Total** | **289,048** | **248,220** | - The effective annual interest rates for borrowings ranged from **1.3% to 4.7%**[165](index=165&type=chunk) [Share Award Scheme and Related Party Transactions](index=46&type=section&id=%E8%82%A1%E4%BB%BD%E5%A5%96%E5%8A%B1%E8%AE%A1%E5%88%92%E4%B8%8E%E5%85%B3%E8%81%94%E6%96%B9%E4%BA%A4%E6%98%93) The company adopted a share award scheme on May 22, 2023, establishing a trust to purchase its shares for awards, which held shares with a book value of RMB 25,762 thousand as of June 30, 2025, though no shares have been granted to participants, and key management personnel compensation of RMB 4,013 thousand was the only significant related party transaction during the period - The Company adopted a Share Award Scheme on **May 22, 2023**, and established a trust to purchase the Company's shares for awards[168](index=168&type=chunk) - As of **June 30, 2025**, the trust held the Company's shares with a book value of **RMB 25,762 thousand**, but no shares have been granted to any selected participants yet[169](index=169&type=chunk)[170](index=170&type=chunk) Key Management Personnel Compensation (RMB thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Salaries and wages | 3,789 | 5,405 | | Other social security costs, housing benefits and other employee benefits | 131 | 176 | | Pension costs — Defined contribution plans | 93 | 130 | | **Total** | **4,013** | **5,711** | [Definitions](index=47&type=section&id=%E9%87%8B%E7%BE%A9) This section provides definitions for key terms and abbreviations used throughout the report, covering company entities, business activities, technical terms, financial indicators, and legal regulations to ensure clarity and consistency

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: | 优矩控股有限公司 | | | | | | 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) | 01948 | 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 | USD | | | USD | 0.01 | | 100,000,000 | | ...

Core Viewpoint - The company reported a significant increase in revenue and profit for the six months ending June 30, 2025, indicating strong business growth and performance in its advertising and live e-commerce segments [1] Financial Performance - The company recorded revenue of RMB 5.018 billion, representing a year-on-year increase of 29.8% [1] - Profit attributable to owners of the company was RMB 66.265 million, showing a substantial growth of 52.63% year-on-year, with earnings per share at RMB 0.11 [1] - The net profit for the period was RMB 64.8 million, which is approximately 50.2% higher than the same period last year [1] Business Segments - The total advertising business billings amounted to approximately RMB 7.9 billion, with direct advertiser business accounting for 62.8% of this total [1] - The company's live e-commerce business has expanded into South America and Europe, achieving a gross merchandise value (GMV) of RMB 513 million [1]

Core Viewpoint - The company reported a significant increase in revenue and profit for the first half of 2025, indicating strong operational efficiency and financial stability [1] Financial Performance - The company achieved revenue of RMB 5.018 billion, representing a year-on-year increase of 29.8% [1] - Profit attributable to shareholders was RMB 66.265 million, up 52.63% compared to the previous year [1] - Earnings per share stood at RMB 0.11 [1] Business Segments - The advertising business generated a total billings of approximately RMB 7.9 billion, with direct advertiser business accounting for 62.8% [1] - The net profit for the period was RMB 64.8 million, an increase of about 50.2% from approximately RMB 43.2 million in the same period of 2024 [1] - The company's live e-commerce business successfully expanded into South America and Europe, achieving a gross merchandise value (GMV) of RMB 513 million, slightly down from RMB 539 million in 2024 [1]

Core Insights - The company reported a revenue of RMB 5.018 billion for the six months ending June 30, 2025, representing a year-on-year increase of 29.8% [1] - The profit attributable to shareholders was RMB 66.265 million, up 52.63% compared to the previous year [1] - Earnings per share stood at RMB 0.11 [1] Revenue Breakdown - The advertising business generated a total billings of approximately RMB 7.9 billion, with direct advertiser business accounting for 62.8% of this total [1] - Total revenue for the company reached approximately RMB 5 billion, an increase from about RMB 3.9 billion in the same period of 2024, reflecting a growth of 29.8% [1] Profitability and Efficiency - The net profit for the period was RMB 64.8 million, which is a growth of about 50.2% from approximately RMB 43.2 million in 2024 [1] - The company demonstrated improved operational efficiency and financial stability during this period [1] Expansion in E-commerce - The live e-commerce business successfully launched in South America and Europe, achieving a gross merchandise value (GMV) of RMB 513 million, slightly down from RMB 539 million in the same period of 2024 [1]

[Interim Results Announcement](index=1&type=section&id=Interim%20Results%20Announcement) [Financial Results Summary](index=1&type=section&id=Financial%20Results%20Summary) Uju Holdings Limited announced its unaudited interim results for the six months ended June 30, 2025, showing significant growth in both revenue and net profit, with improved operational efficiency and financial stability | Metric | 2025 (RMB million) | 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Revenue | 5,018.3 | 3,867.1 | 29.8% | | Gross Profit | 153.1 | 150.8 | 1.5% | | Profit before income tax | 84.7 | 51.9 | 63.2% | | Profit for the period attributable to owners of the Company | 66.3 | 43.4 | 52.8% | [Management Discussion and Analysis](index=2&type=section&id=Management%20Discussion%20and%20Analysis) [Business Overview and Strategy](index=2&type=section&id=Business%20Overview%20and%20Strategy) The Group actively responds to the disruptive changes brought by AI technology to the marketing industry, accelerating upgrades through digitalization and intelligent solutions, focusing on advertising placement and content creation to enhance customer service delivery, while setting a "RMB 10 billion self-operation" strategic goal and implementing a "talent density a step ahead" organizational strategy - AI technology is fundamentally transforming the digital marketing industry across thinking, collaboration, business flows, and asset monetization, creating significant opportunities for the Group[5](index=5&type=chunk) - In the first half of 2025, the Group's total advertising business billings were approximately **RMB 7.9 billion**, with direct advertiser business accounting for **62.8%**[5](index=5&type=chunk) - Live e-commerce business successfully launched in South American and European markets, with a Gross Merchandise Volume (GMV) of **RMB 512.8 million** (RMB 539.2 million in the same period of 2024)[5](index=5&type=chunk) - The intelligent advertising platform U-Engine completed its upgrade, integrating mainstream media platform algorithms, increasing client budget utilization by **12 percentage points**, connected to **7 mainstream media ecosystems**, serving **8 major vertical industries**, and cumulatively managing advertising budgets exceeding **RMB 50 billion**[6](index=6&type=chunk) - The intelligent content creation platform U-Crane integrates **12 core AI technologies**, combining algorithms like Stable Diffusion and LLM, supporting multi-modal content creation, improving content production efficiency by **8 times** compared to traditional methods, and reducing the average cost per video by **75%**[7](index=7&type=chunk) - Organizational collaboration model actively adjusted, implementing "business-technology integration," with technology teams empowering various functions to achieve comprehensive penetration of business, information, and capital flows, enhancing customer response agility[8](index=8&type=chunk) - "RMB 10 billion self-operation" is a key strategic goal, focusing on core value clients, industries, and regional markets to increase market share[9](index=9&type=chunk) - The organizational strategy adheres to the "talent density a step ahead" principle, dividing teams into basic operators and strategic innovators, and implementing a "three empowerment, three pursuit" incentive system[9](index=9&type=chunk) [Revenue Analysis](index=4&type=section&id=Revenue%20Analysis) The Group's total revenue increased by 29.8% year-on-year, primarily driven by online marketing solutions, which grew by 30.3% and accounted for 99.4% of total revenue; live e-commerce revenue decreased due to proactive restructuring, with e-commerce remaining the largest client group, though internet services client share rose Revenue by Source | Revenue Source | 2025 (RMB thousand) | % of Total | 2024 (RMB thousand) | % of Total | | :--- | :--- | :--- | :--- | :--- | | Online Marketing Solutions Business | 4,989,591 | 99.4% | 3,828,615 | 99.0% | | Live E-commerce Business | 27,938 | 0.5% | 36,965 | 0.9% | | Others | 765 | 0.1% | 1,558 | 0.1% | | **Total** | **5,018,294** | **100.0%** | **3,867,138** | **100.0%** | - Revenue from online marketing solutions business increased by **30.3%**, primarily due to enhanced operational and creative teams, expansion of the internet advertising market, and successful acquisition of new clients[12](index=12&type=chunk) - Revenue from live e-commerce business decreased by **24.4%**, mainly due to proactive restructuring in response to market changes and reallocation of resources to core businesses[12](index=12&type=chunk) Online Marketing Solutions Business Revenue by Advertiser Client Type | Client Type | 2025 (RMB thousand) | % of Total | 2024 (RMB thousand) | % of Total | | :--- | :--- | :--- | :--- | :--- | | Advertisers | 4,938,466 | 99.0% | 3,806,587 | 99.4% | | Advertising Agencies | 51,125 | 1.0% | 22,028 | 0.6% | | **Total** | **4,989,591** | **100.0%** | **3,828,615** | **100.0%** | Online Marketing Solutions Business Revenue by Industry | Industry | 2025 (RMB thousand) | % of Total | 2024 (RMB thousand) | % of Total | | :--- | :--- | :--- | :--- | :--- | | E-commerce | 2,228,689 | 45.2% | 2,082,802 | 54.8% | | Internet Services | 968,475 | 19.6% | 548,834 | 14.4% | | Financial Services | 747,946 | 15.1% | 443,042 | 11.6% | | Gaming | 668,494 | 13.5% | 485,288 | 12.7% | | Leisure Travel | 145,565 | 2.9% | 114,166 | 3.0% | | Education | 57,740 | 1.2% | 75,961 | 2.0% | | Real Estate and Home Decoration | 24,704 | 0.5% | 6,398 | 0.2% | | Others | 96,853 | 2.0% | 50,096 | 1.3% | | **Total** | **4,938,466** | **100.0%** | **3,806,587** | **100.0%** | - The e-commerce industry remains the largest advertiser client group, but its proportion has decreased; the internet services client group's proportion has increased[17](index=17&type=chunk) [Cost of Services and Gross Profit](index=7&type=section&id=Cost%20of%20Services%20and%20Gross%20Profit) Cost of services primarily consists of traffic acquisition and monitoring costs and employee benefit expenses, with traffic acquisition costs being the largest component; gross profit slightly increased year-on-year, but gross margin decreased as revenue growth was slightly lower than the increase in cost of services Cost of Services Breakdown | Cost Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Traffic Acquisition and Monitoring Costs | 4,777,776 | 3,645,838 | | Employee Benefit Expenses | 51,286 | 41,209 | | Outsourcing Short Video Production, Advertising and Live Streamer Costs | 7,891 | 8,779 | | Cost of Inventories Sold | 5,610 | 8,463 | | Depreciation and Amortization Expenses | 2,992 | 3,173 | | Taxes and Surcharges | 13,020 | 5,439 | | Others | 6,650 | 3,417 | | **Total** | **4,865,225** | **3,716,318** | - Traffic acquisition and monitoring costs accounted for approximately **98.2%** of total cost of services (2024: 98.1%)[19](index=19&type=chunk) - Employee benefit expenses increased, attributable to business growth[19](index=19&type=chunk) Gross Profit and Gross Margin | Metric | 2025 (RMB million) | 2024 (RMB million) | | :--- | :--- | :--- | | Gross Profit | 153.1 | 150.8 | | Gross Margin | 3.1% | 3.9% | - Gross margin decreased primarily because the proportion of revenue increase was slightly lower than the proportion of cost of services increase[20](index=20&type=chunk) [Operating Expenses](index=8&type=section&id=Operating%20Expenses) Selling expenses, general and administrative expenses both decreased, mainly due to reduced domestic self-operated e-commerce live streaming expenses, employee benefit expenses, and professional consulting service fees, while research and development expenses increased due to higher software service fees - Selling expenses decreased by **25.4%**, from **RMB 16.1 million** to **RMB 12.0 million**, primarily due to reduced live streaming expenses for domestic self-operated e-commerce business[21](index=21&type=chunk) - General and administrative expenses decreased by **13.1%**, from **RMB 41.9 million** to **RMB 36.4 million**, mainly due to reduced employee benefit expenses and professional and consulting service fees[22](index=22&type=chunk) - Research and development expenses increased by **20.5%**, from **RMB 4.4 million** to **RMB 5.3 million**, primarily due to increased software service fees for R&D activities[23](index=23&type=chunk) [Other Income and Expenses](index=8&type=section&id=Other%20Income%20and%20Expenses) Net impairment loss on financial assets significantly decreased, reflecting effective credit risk control; other income substantially grew due to increased government grants; net other gains turned from loss to gain, primarily benefiting from increased exchange gains and reduced onerous contract provisions, partially offset by litigation loss provisions; net finance costs turned from income to cost, mainly due to increased interest expenses - Net impairment loss on financial assets decreased by **62.5%**, from **RMB 30.9 million** to **RMB 11.6 million**, primarily due to effective credit risk control[24](index=24&type=chunk) - Other income increased by **500%**, from **RMB 0.2 million** to **RMB 1.2 million**, primarily due to increased government grants[25](index=25&type=chunk) - Net other gains/(losses) turned from a loss of **RMB 7.7 million** to a gain of **RMB 1.3 million**, mainly due to increased net exchange gains and reduced onerous contract provisions, partially offset by further provisions for litigation losses[26](index=26&type=chunk) - Net finance (costs)/income turned from an income of **RMB 1.9 million** to a cost of **RMB 5.7 million**, primarily due to increased interest expenses or other finance costs and a slight decrease in interest income[27](index=27&type=chunk) [Income Tax and Net Profit](index=9&type=section&id=Income%20Tax%20and%20Net%20Profit) Income tax expense significantly increased due to higher profit before income tax and an increased effective income tax rate; profit for the period attributable to owners of the Company substantially grew, and net profit margin also improved - Income tax expense increased by **127.7%**, from **RMB 8.7 million** to **RMB 19.9 million**, primarily due to increased profit before income tax and a higher effective income tax rate[28](index=28&type=chunk) - The effective income tax rate increased from **16.8%** to **23.5%**, mainly due to a decreased profit contribution from Hainan Uju, which enjoys a **15.0%** preferential tax rate[28](index=28&type=chunk) - Profit for the period attributable to owners of the Company increased by **52.8%**, from **RMB 43.4 million** to **RMB 66.3 million**[29](index=29&type=chunk) - Net profit margin improved from **1.1%** to **1.3%**[29](index=29&type=chunk) [Liquidity and Capital Resources](index=10&type=section&id=Liquidity%20and%20Capital%20Resources) The Group's business operations and expansion plans require substantial funding, primarily financed by cash and cash equivalents on hand; bank and other borrowings increased, the gearing ratio slightly rose, and cash and cash equivalents decreased - Business operations and expansion plans require substantial capital for user traffic acquisition, content production enhancement, big data analytics and operational capability improvement, U-Engine platform upgrades, and other working capital needs[30](index=30&type=chunk) - Bank and other borrowings were approximately **RMB 289.0 million** (December 31, 2024: RMB 248.2 million), with effective annual interest rates ranging from **1.3% to 4.7%**[30](index=30&type=chunk) - Gearing ratio increased from **0.18 times** to **0.2 times**[30](index=30&type=chunk) Cash and Cash Equivalents | Currency | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | RMB | 522.7 | 622.8 | | USD | 194.1 | 152.0 | | HKD | 2.7 | 7.2 | | GBP | 0.1 | — | | **Total** | **719.6** | **782.0** | - Cash and cash equivalents decreased, primarily due to net cash outflow from ordinary operating activities[30](index=30&type=chunk) [Financial Ratios](index=11&type=section&id=Financial%20Ratios) The Group's profitability ratios (net profit margin, return on equity, return on assets) all improved, but gross margin slightly decreased; the current ratio remained stable, and the gearing ratio slightly increased Key Financial Ratios | Ratio Type | Metric | June 30, 2025 (%) | June 30, 2024 (%) | | :--- | :--- | :--- | :--- | | Profitability Ratios | Gross Margin | 3.1 | 3.9 | | | Net Profit Margin | 1.3 | 1.1 | | | Return on Equity | 8.7 | 6.2 | | | Return on Assets | 2.6 | 2.2 | | Liquidity Ratios | Current Ratio | 1.4 | 1.4 | | Capital Adequacy Ratios | Gearing Ratio | 0.20 | 0.18 | [Interim Condensed Consolidated Financial Statements](index=12&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=12&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The Group's statement of profit or loss for the six months ended June 30, 2025, shows significant growth in both revenue and profit for the period, but a decrease in gross margin; other comprehensive income was affected by exchange differences and fair value changes of equity investments Key Profit or Loss Data | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 5,018,294 | 3,867,138 | | Gross Profit | 153,069 | 150,820 | | Operating Profit | 90,346 | 50,023 | | Profit before income tax | 84,696 | 51,891 | | Profit for the period | 64,797 | 43,153 | | Profit for the period attributable to owners of the Company | 66,265 | 43,414 | | Basic Earnings Per Share (RMB) | 0.11 | 0.07 | - Exchange differences on translation of overseas operations resulted in a gain of **RMB 8,194 thousand** (2024: loss of RMB 4,052 thousand)[34](index=34&type=chunk) - Fair value changes of equity investments at fair value through other comprehensive income resulted in a loss of **RMB 3,565 thousand** (2024: nil)[34](index=34&type=chunk) [Interim Condensed Consolidated Statement of Financial Position](index=14&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets and current assets both increased, primarily driven by higher trade receivables; total liabilities and current liabilities also increased accordingly, while total equity maintained steady growth Key Statement of Financial Position Data | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total Non-current Assets | 67,927 | 69,559 | | Total Current Assets | 4,993,126 | 4,526,946 | | **Total Assets** | **5,061,053** | **4,596,505** | | Total Non-current Liabilities | 2,908 | 3,396 | | Total Current Liabilities | 3,565,667 | 3,136,547 | | **Total Liabilities** | **3,568,575** | **3,139,943** | | Total Equity | 1,492,478 | 1,456,562 | - Net trade receivables increased from **RMB 3,168,584 thousand** to **RMB 3,734,958 thousand**[35](index=35&type=chunk) - Trade payables increased from **RMB 2,095,504 thousand** to **RMB 2,485,989 thousand**[36](index=36&type=chunk) - Cash and cash equivalents decreased from **RMB 782,032 thousand** to **RMB 719,626 thousand**[35](index=35&type=chunk) [Notes to Interim Condensed Consolidated Financial Information](index=16&type=section&id=Notes%20to%20Interim%20Condensed%20Consolidated%20Financial%20Information) [General Information](index=16&type=section&id=General%20Information) Uju Holdings Limited was incorporated in the Cayman Islands on September 21, 2020, and listed on the Main Board of the Hong Kong Stock Exchange on November 8, 2021; the Group primarily provides one-stop cross-media online marketing solutions, including advertising distribution and live e-commerce services - The Company was incorporated in the Cayman Islands as an exempted company with limited liability on **September 21, 2020**[37](index=37&type=chunk) - The Company completed its listing on the Main Board of The Stock Exchange of Hong Kong Limited on **November 8, 2021**[38](index=38&type=chunk) - The Group primarily markets products and services for advertiser clients through media partners, providing advertising distribution services and live e-commerce services[38](index=38&type=chunk) [Basis of Preparation and Accounting Policies](index=16&type=section&id=Basis%20of%20Preparation%20and%20Accounting%20Policies) The interim financial information is prepared in accordance with IAS 34 and should be read in conjunction with the 2024 annual consolidated financial statements; the Group has adopted certain new or revised standards, which are not expected to have a significant impact on the current or future periods, and unadopted standards are listed - The interim condensed consolidated financial information has been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting"[39](index=39&type=chunk) - The accounting policies adopted are consistent with those applied in the previous financial year and the corresponding interim reporting period, except for the adoption of new or revised standards[39](index=39&type=chunk) - The Group first applied "Lack of Exchangeability — Amendments to IAS 21" for the financial year beginning on **January 1, 2025**, but it is irrelevant and has no significant impact on the Group[40](index=40&type=chunk) - Several new or revised standards not yet adopted are listed, including IFRS 18 "Presentation and Disclosure in Financial Statements," with other standards not expected to have a significant impact apart from this[41](index=41&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk) [Estimates and Judgements](index=18&type=section&id=Estimates%20and%20Judgements) The preparation of interim financial information involves management's judgments, estimates, and assumptions, which are consistent with those applied in the 2024 annual consolidated financial statements - The significant judgments made by management in applying the Group's material accounting policies and the key sources of estimation uncertainty are the same as those applied in the Company's 2024 annual consolidated financial statements[44](index=44&type=chunk) [Segment Information](index=18&type=section&id=Segment%20Information) The Group primarily provides one-stop online marketing solutions in China, with the chief operating decision-maker focusing on overall operating results, thus the Group's business is operated and managed as a single reporting segment - The Group primarily engages in providing one-stop online marketing solutions, advertising distribution services, and live e-commerce marketing services to clients in China[45](index=45&type=chunk) - The chief operating decision-maker focuses on the Group's overall operating results, and therefore the Group's business is operated and managed as a single reporting segment[45](index=45&type=chunk) [Revenue from Customer Contracts](index=18&type=section&id=Revenue%20from%20Customer%20Contracts) The Group's revenue primarily derives from one-stop online marketing solutions, with revenue recognized at a point in time accounting for the largest proportion; credit risk is concentrated with a major client A, contributing approximately 44% of total revenue Revenue from Customer Contracts by Category | Revenue Category | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | One-stop Online Marketing Solutions Services | 4,938,466 | 3,806,587 | | Advertising Distribution Services | 51,125 | 22,028 | | Live E-commerce Business | 27,938 | 36,965 | | Provision of Other Services | 765 | 1,558 | | **Total** | **5,018,294** | **3,867,138** | Revenue by Timing of Recognition | Timing of Recognition | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | At a point in time | 4,339,926 | 3,341,482 | | Over time | 678,368 | 525,656 | | **Total** | **5,018,294** | **3,867,138** | - Credit risk is concentrated with a major client A, which contributed approximately **44%** and **51%** of the Group's total revenue for the six months ended June 30, 2025, and 2024, respectively[48](index=48&type=chunk) [Expenses by Nature](index=19&type=section&id=Expenses%20by%20Nature) The Group's total expenses are primarily composed of traffic acquisition and monitoring costs, with employee benefit expenses, taxes and surcharges, and outsourcing costs also being significant components Expenses by Nature Breakdown | Expense Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Traffic Acquisition and Monitoring Costs | 4,777,776 | 3,645,838 | | Employee Benefit Expenses | 90,701 | 82,671 | | Taxes and Surcharges | 13,020 | 5,439 | | Outsourcing Short Video Production, Advertising and Live Streamer Costs | 8,593 | 13,231 | | Professional and Consulting Service Fees | 6,145 | 10,020 | | Cost of Inventories Sold and Consumed | 5,610 | 8,463 | | Depreciation and Amortization Expenses | 5,204 | 5,368 | | Transportation Costs | 3,825 | 1,610 | | Office Expenses | 3,676 | 2,042 | | Travel and Entertainment Expenses | 2,723 | 2,772 | | Others | 1,673 | 1,235 | | **Total** | **4,918,946** | **3,778,689** | [Net Impairment Loss on Financial Assets](index=20&type=section&id=Net%20Impairment%20Loss%20on%20Financial%20Assets) Net impairment loss on financial assets primarily arose from provisions for trade and other receivables, significantly decreasing in the current period Impairment Loss Provision Breakdown | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Receivables | 11,462 | 26,769 | | Other Receivables | 94 | 4,143 | | **Total** | **11,556** | **30,912** | [Other Income](index=20&type=section&id=Other%20Income) Other income for the period primarily consisted of government grants and achieved substantial growth Other Income Breakdown | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Government Grants | 1,068 | 63 | | Others | 141 | 96 | | **Total** | **1,209** | **159** | [Net Other Gains/(Losses)](index=20&type=section&id=Net%20Other%20Gains%2F%28Losses%29) Net other gains for the period turned from a loss to a gain, primarily influenced by positive foreign exchange gains and gains from disposal of equity investments, though litigation loss provisions increased Net Other Gains/(Losses) Breakdown | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Provision for litigation losses | (3,652) | — | | Net foreign exchange gains/(losses) | 2,632 | (216) | | Net gain on disposal of equity investments | 1,867 | — | | Reversal of/(provision for) impairment and loss on goods obtained in physical settlement arrangements | 484 | (2,729) | | Provision for an onerous contract | — | (5,705) | | Others | 14 | 977 | | **Total** | **1,345** | **(7,673)** | - A further provision of **RMB 3,652 thousand** has been recognized for legal claims from a financial supplier based on the latest litigation developments[51](index=51&type=chunk) - The prior period's onerous contract provision related to a one-year contract with a third party, with the associated loss caused by several unexpected one-off events[52](index=52&type=chunk) [Income Tax Expense](index=21&type=section&id=Income%20Tax%20Expense) Income tax expense primarily comprises current income tax expense and deferred income tax credit, with a significant increase in the current period, mainly influenced by China's corporate income tax rate and Hainan Uju's preferential tax rate Income Tax Expense Breakdown | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Current income tax expense | 21,444 | 14,756 | | Deferred income tax credit | (1,545) | (6,018) | | **Income Tax Expense** | **19,899** | **8,738** | - The Company is not subject to income tax in the Cayman Islands, and no Hong Kong profits tax provision was made due to no assessable profits in Hong Kong[54](index=54&type=chunk)[55](index=55&type=chunk) - China's corporate income tax rate is **25%**, Hainan Uju Technology Co., Ltd. enjoys a **15.0%** preferential corporate income tax rate, and certain small low-profit enterprises enjoy a **20%** tax rate[56](index=56&type=chunk) [Dividends](index=22&type=section&id=Dividends) The Company declared a final dividend for the year ended December 31, 2024, but no interim dividend was declared for the six months ended June 30, 2025 - The Company declared a final dividend of **HKD 4 cents** per ordinary share for the year ended December 31, 2024, totaling approximately **HKD 24,000,000** (approximately **RMB 22,225,000**)[58](index=58&type=chunk) - No interim dividends were declared for the six months ended June 30, 2025, and 2024[59](index=59&type=chunk) [Earnings Per Share](index=22&type=section&id=Earnings%20Per%20Share) Increased profit for the period attributable to owners of the Company led to higher basic earnings per share; diluted earnings per share are the same as basic earnings per share due to no dilutive potential ordinary shares outstanding Earnings Per Share Calculation | Metric | 2025 (RMB thousand/thousand shares/RMB) | 2024 (RMB thousand/thousand shares/RMB) | | :--- | :--- | :--- | | Profit for the period attributable to owners of the Company | 66,265 | 43,414 | | Weighted average number of ordinary shares in issue during the period | 590,919 | 590,919 | | **Basic Earnings Per Share** | **0.11** | **0.07** | - The diluted earnings per share presented are the same as the basic earnings per share because there were no dilutive potential ordinary shares outstanding as of June 30, 2025, and 2024[62](index=62&type=chunk) [Trade and Other Receivables](index=23&type=section&id=Trade%20and%20Other%20Receivables) Total trade receivables increased, including certain transferred trade receivables subject to factoring arrangements; the aging analysis of trade receivables shows that most are within 90 days Trade Receivables Breakdown | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Receivables | 3,862,012 | 3,284,262 | | Less: Provision for credit losses | (127,054) | (115,678) | | **Net Trade Receivables** | **3,734,958** | **3,168,584** | - The carrying amount of trade receivables includes certain transferred trade receivables subject to factoring arrangements, where the Group retains overdue payment and credit risk[63](index=63&type=chunk) Transferred Trade Receivables and Related Secured Borrowings | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Transferred Trade Receivables | 58,854 | — | | Related Secured Borrowings | 50,026 | — | Aging Analysis of Trade Receivables | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 90 days | 3,529,073 | 3,107,466 | | 91 to 180 days | 197,736 | 77,864 | | 181 to 270 days | 29,143 | 6,080 | | 271 days to 1 year | 18,469 | 3,934 | | Over 1 year | 87,591 | 88,918 | | **Total** | **3,862,012** | **3,284,262** | [Trade and Other Payables](index=25&type=section&id=Trade%20and%20Other%20Payables) Total trade payables increased, with most due within 6 months; the Group provided guarantees for certain payment obligations under cooperation agreements with media platforms Aging Analysis of Trade Payables | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Less than 6 months | 2,478,151 | 2,087,566 | | 6 months to 1 year | 2,579 | 1,251 | | Over 1 year | 5,259 | 6,687 | | **Total** | **2,485,989** | **2,095,504** | - Third-party guarantee companies provided guarantees for certain payment obligations under cooperation agreements signed by Hainan Uju and Uju Beijing with media platforms, with guaranteed amounts of approximately **RMB 330,000,000** (December 31, 2024: RMB 390,000,000) respectively[66](index=66&type=chunk) [Other Information](index=26&type=section&id=Other%20Information) [Treasury Policy and Foreign Exchange Risk](index=26&type=section&id=Treasury%20Policy%20and%20Foreign%20Exchange%20Risk) The Group adopts a prudent financial management approach, maintaining a robust liquidity position and mitigating credit risk through continuous credit assessments; foreign exchange risk primarily arises from overseas media traffic acquisition costs paid in USD and is hedged through foreign exchange options - The Group strives to mitigate credit risk by continuously assessing and evaluating the financial standing of its clients[68](index=68&type=chunk) - Foreign exchange risk primarily arises from overseas media traffic acquisition costs paid in USD and is hedged through foreign exchange options[69](index=69&type=chunk) [Capital Structure](index=26&type=section&id=Capital%20Structure) The capital structure has remained unchanged since the Company's shares were listed on the Main Board of the Hong Kong Stock Exchange on November 8, 2021 - The Company's shares were listed on the Main Board of The Stock Exchange of Hong Kong Limited on **November 8, 2021**[70](index=70&type=chunk) - The Company's capital structure has remained unchanged since the listing date[70](index=70&type=chunk) [Contingent Liabilities](index=26&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no material contingent liabilities - As of June 30, 2025, and December 31, 2024, the Group had no material contingent liabilities, save as otherwise disclosed[71](index=71&type=chunk) [Charges on the Group's Assets](index=26&type=section&id=Charges%20on%20the%20Group%27s%20Assets) As of June 30, 2025, restricted cash balances were pledged as security for the Group's bank borrowings, factoring borrowings from financial institutions, and bills payable - As of June 30, 2025, restricted cash balances of approximately **RMB 116.9 million** (December 31, 2024: RMB 99.4 million) were pledged as security for the Group's bank borrowings, factoring borrowings from financial institutions, and bills payable[72](index=72&type=chunk) [Use of Net Proceeds from Global Offering](index=27&type=section&id=Use%20of%20Net%20Proceeds%20from%20Global%20Offering) The Group has utilized approximately HKD 628.6 million of net proceeds from the global offering, primarily for upgrading the U-Engine platform, expanding e-commerce opportunities, enhancing content creation capabilities, strengthening sales and marketing teams, expanding the media base, and exploring new businesses; the remaining approximately HKD 119.9 million will be used for strategic investments and acquisitions Use of Net Proceeds from Global Offering | Purpose | Approximate % of Total Net Proceeds | Net Proceeds from Global Offering (HKD million) | Net Proceeds Utilized as of June 30, 2025 (HKD million) | Remaining Net Proceeds as of June 30, 2025 (HKD million) | | :--- | :--- | :--- | :--- | :--- | | Upgrading U-Engine platform | 2.3% | 17.0 | 17.0 | — | | Developing digital service platform for U-Engine | 2.0% | 14.8 | 14.8 | — | | Upgrading internal management system | 0.6% | 4.4 | 4.4 | — | | Expanding business opportunities for online short video platform e-commerce | 3.3% | 24.4 | 24.4 | — | | Enhancing content creation capabilities with AI technology | 6.6% | 49.6 | 49.6 | — | | Strengthening sales and marketing teams | 3.4% | 25.2 | 25.2 | — | | Expanding media base | 15.6% | 117.0 | 117.0 | — | | Exploring new businesses with new advertiser clients and online media platforms | 40.3% | 302.1 | 302.1 | — | | Seeking strategic investments and acquisitions | 16.0% | 119.9 | — | 119.9 | | Working capital and general corporate purposes | 9.9% | 74.1 | 74.1 | — | | **Total** | **100%** | **748.5** | **628.6** | **119.9** | - The remaining net proceeds of approximately **HKD 119.9 million** are deposited in licensed banks in Hong Kong or China, and are expected to be fully utilized by the end of the year ending **December 31, 2026**[73](index=73&type=chunk)[74](index=74&type=chunk) [Material Investments and Acquisitions/Disposals](index=28&type=section&id=Material%20Investments%20and%20Acquisitions%2FDisposals) As of June 30, 2025, the Group held no material equity investments in any other companies, had no future plans for material investments and capital assets, and no material acquisitions or disposals of subsidiaries, associates, and joint ventures occurred - As of **June 30, 2025**, the Group held no material equity investments in any other companies[75](index=75&type=chunk) - As of the date of this announcement, the Group had no plans for material investments and capital assets[76](index=76&type=chunk) - During the six months ended **June 30, 2025**, no material acquisitions or disposals of subsidiaries, associates, and joint ventures occurred within the Group[77](index=77&type=chunk) [Events After the Reporting Period](index=28&type=section&id=Events%20After%20the%20Reporting%20Period) As of the date of this announcement, the Group had no material events after June 30, 2025 - As of the date of this announcement, the Group had no material events after **June 30, 2025**[78](index=78&type=chunk) [Interim Dividends](index=28&type=section&id=Interim%20Dividends) The Board did not declare any interim dividend for the six months ended June 30, 2025 - The Board did not declare any interim dividend for the six months ended **June 30, 2025**[79](index=79&type=chunk) [Employees and Remuneration Policy](index=29&type=section&id=Employees%20and%20Remuneration%20Policy) The Group's employee headcount increased, with a corresponding rise in total employee costs; the Group highly values talent recruitment, training, and retention, offering competitive remuneration and implementing share option and share award schemes - As of **June 30, 2025**, the Group had **884 employees** (December 31, 2024: 645 employees)[80](index=80&type=chunk) - Total employee costs for the six months ended **June 30, 2025**, were approximately **RMB 90.7 million** (same period in 2024: approximately RMB 82.7 million)[80](index=80&type=chunk) - The Group implemented a share option scheme adopted on **October 8, 2021**, and a share award scheme on **May 22, 2023**, with no shares or share options granted under these schemes as of **June 30, 2025**[80](index=80&type=chunk) [Corporate Governance](index=29&type=section&id=Corporate%20Governance) The Group is committed to maintaining high corporate governance standards and has complied with the Corporate Governance Code set out in Appendix C1 of the HKEX Listing Rules; directors have confirmed compliance with the Model Code for Securities Transactions by Directors of Listed Issuers - For the six months ended **June 30, 2025**, the Company complied with the code provisions set out in Part 2 of the Corporate Governance Code in Appendix C1 to the Listing Rules of the Stock Exchange[81](index=81&type=chunk) - Each Director confirmed their full compliance with the required standards set out in the Model Code for Securities Transactions by Directors of Listed Issuers for the six months ended **June 30, 2025**[83](index=83&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=30&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) 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 - 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[84](index=84&type=chunk) - The trustee of the share award scheme also did not purchase any shares of the Company[84](index=84&type=chunk) [Audit Committee and Review of Financial Information](index=30&type=section&id=Audit%20Committee%20and%20Review%20of%20Financial%20Information) The Audit Committee reviewed the Group's adopted accounting principles and practices, unaudited interim financial information, and this interim results announcement, deeming them compliant with applicable accounting standards and Listing Rules; the interim condensed financial information was reviewed by the Company's auditor in accordance with ISRE 2410 - The Audit Committee, comprising three independent non-executive directors, reviewed the Group's accounting principles and practices, the unaudited interim financial information, and this interim results announcement[85](index=85&type=chunk) - The Audit Committee believes that the preparation of the financial information complies with applicable accounting standards, the requirements of the Listing Rules, and any other applicable legal requirements, and that appropriate disclosures have been made[85](index=85&type=chunk) - The interim condensed financial information for the six months ended **June 30, 2025**, is unaudited but has been reviewed by the Company's auditor in accordance with International Standard on Review Engagements 2410[86](index=86&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=31&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This interim results announcement has been published on the HKEX website and the Company's website, and the interim report will be published on the aforementioned websites in due course - This interim results announcement is published on the HKEX website (www.hkexnews.hk) and the Company's website (www.ujumedia.com)[87](index=87&type=chunk) - The Company's interim report for the six months ended **June 30, 2025**, containing all information required by the Listing Rules, will be published on the aforementioned websites in due course[87](index=87&type=chunk)