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10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: 多牛科技國際(開曼)集團有限公司 呈交日期: 2025年11月4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) | 01961 | 說明 | 不適用 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000, ...

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: 多牛科技國際(開曼)集團有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01961 | 說明 | 不適用 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,0 ...

Financial Performance - The company's revenue decreased from approximately RMB 133.9 million in the first half of 2024 to approximately RMB 19.0 million in the first half of 2025, representing a decline of 85.8%[8] - Gross profit fell from approximately RMB 21.1 million in the first half of 2024 to approximately RMB 3.0 million in the first half of 2025, a decrease of 85.9%[8] - The company's revenue for the first half of 2025 decreased by approximately RMB 114.9 million or 85.8% to about RMB 19.0 million compared to RMB 133.9 million in the first half of 2024[18] - Gross profit fell by approximately RMB 18.1 million or 85.9% to about RMB 3.0 million in the first half of 2025 from RMB 21.1 million in the first half of 2024[18] - The pre-tax loss increased by 79.8% to RMB 34.7 million in the first half of 2025 from RMB 19.3 million in the first half of 2024[22] - The net loss for the first half of 2025 was approximately RMB 33.8 million, compared to a net loss of approximately RMB 19.5 million in the first half of 2024[33] - The company reported a net loss of RMB 34 million for the six months ended June 30, 2025, with a net cash outflow from operating activities of RMB 15 million[78] - The total comprehensive loss for the period was RMB 34.608 million, which includes a loss of RMB 31.438 million from operations[78] Revenue Breakdown - The decline in revenue was primarily due to a reduction of approximately RMB 45.7 million from mobile gaming, RMB 62.4 million from digital media, and RMB 6.8 million from game product supply[8] - Mobile game revenue dropped by approximately RMB 45.7 million or 97.4% from about RMB 46.9 million in the first half of 2024 to about RMB 1.2 million in the first half of 2025[23] - Digital media content distribution revenue fell by approximately RMB 62.4 million or 79.5% from about RMB 78.5 million in the first half of 2024 to about RMB 16.1 million in the first half of 2025[23] - Revenue from game product supply to subsidiaries was RMB 1,687,000 for the six months ended June 30, 2025, down from RMB 8,498,000 in the same period of 2024, indicating a decline[107] Assets and Liabilities - The total assets decreased by 41.8% from RMB 550.6 million as of December 31, 2024, to RMB 320.5 million as of June 30, 2025[16] - The total equity decreased by 20.6% from RMB 179.3 million to RMB 142.3 million during the same period[16] - Total current assets decreased to RMB 199,743,000 from RMB 416,206,000, reflecting a decline of 52%[72] - The company's total assets less current liabilities decreased to RMB 167,114,000 from RMB 196,651,000, a decline of 15%[73] - The total equity attributable to the owners of the parent company decreased to RMB 123,336,000 from RMB 157,944,000, a decline of 22%[73] User Metrics - The number of paying players dropped to 0.08 thousand from 211.3 thousand, representing a 100% decrease[21] - Average monthly paying users also fell to 0.08 thousand from 35.2 thousand, marking a 100% decrease[21] - The company reported a significant increase in monthly paying users, reaching a total of 1 million, representing a growth of 25% year-over-year[118] Strategic Initiatives - The company aims to strengthen investments in mobile game development, digital media content production, AI technology research, and overseas market expansion[10] - The company plans to explore deeper integration of AI technology with its business to enhance product offerings and user experiences[11] - The company plans to strengthen investments in mobile game development, digital media content production, AI technology research, and overseas market expansion in the second half of 2025[19] - The company aims to explore deeper integration of AI with its business to uncover new product scenarios and enhance resource integration and innovation[19] - The company will continue to collaborate with technology service companies and well-known game companies to create high-quality games and enhance its digital media marketing capabilities[19] Governance and Compliance - The audit committee consists of three members, including two independent non-executive directors, and has reviewed the interim financial results for the first half of 2025[66] - The company has complied with all applicable corporate governance codes, except for the separation of the roles of chairman and CEO[63] - A female non-executive director was appointed on March 28, 2025, to enhance board diversity[65] - The company has established governance measures to avoid conflicts of interest among directors[53] Market Challenges - The company faces significant risks in the mobile gaming market in China, including reliance on distribution channels and potential delays in payment from settlement agents, which could adversely affect cash flow and financial performance[42] - The company is expanding into AI application development and AIGC mobile applications, facing compliance risks due to evolving regulations and uncertainty regarding user willingness to pay for AIGC applications[42] - The company relies on overseas suppliers for game product procurement, facing challenges related to product quality and transportation losses[43] - The company has established a significant presence in the digital media content sector but faces external disruptions such as system outages and hacking incidents[42] Shareholder Information - As of June 30, 2025, Mr. Wang Le holds 447,974,711 shares, representing 61.00% of the company's equity, through Infinities Global[45] - Ms. An Fenghua also holds 447,974,711 shares, representing 61.00% of the company's equity, through controlled entities[49] - The company did not recommend any interim dividend for the first half of 2025, consistent with the previous year[54] - The company has not disclosed any arrangements allowing directors to benefit from purchasing shares or debt securities of the company or other entities[47] Future Outlook - The company plans to expand its market presence in Southeast Asia, targeting a 30% market share by the end of 2025[118] - New product launches are expected to contribute an additional HKD 100 million in revenue over the next fiscal year[118] - The company is investing HKD 50 million in research and development for new technologies aimed at enhancing user experience[118] - The company has set a performance guidance of 20% revenue growth for the upcoming fiscal year[118]

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: 多牛科技國際(開曼)集團有限公司 呈交日期: 2025年9月4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) | 01961 | 說明 | 不適用 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,00 ...

Core Viewpoint - The company reported a significant decline in revenue and gross profit for the first half of 2025, primarily due to decreased earnings from its mobile gaming and digital media businesses [1] Financial Performance - The company's revenue for the first half of 2025 was approximately RMB 19 million, representing a year-on-year decrease of 85.8% [1] - Gross profit fell from approximately RMB 2,110 million in the first half of 2024 to about RMB 300 million in the first half of 2025, a decline of approximately 85.9% [1] - The loss for the first half of 2025 was around RMB 33.8 million, compared to a loss of RMB 19.5 million in the first half of 2024 [1] Business Segment Performance - Revenue from the mobile gaming business decreased by approximately RMB 45.7 million [1] - Revenue from the digital media business decreased by approximately RMB 62.4 million [1] - Revenue from the game product supply business decreased by approximately RMB 6.8 million [1] Development Stage - The company's artificial intelligence application development and related services are still in the development stage, consuming significant resources and resulting in low gross profit levels [1]

Core Insights - The company, Douyu Technology (01961), reported a revenue of 18.997 million RMB for the six months ending June 30, 2025, representing a year-on-year decrease of 85.8% [1] - The company incurred a loss of 33.765 million RMB during the same period, which is an increase of 73.5% compared to the previous year [1] - The basic loss per share was reported at 4.3 cents [1]

智通财经APP讯，多牛科技(01961)发布截至2025年6月30日止6个月业绩，该集团期内取得收益1899.7万 元人民币，同比减少85.8%;期内亏损3376.5万元，同比扩大73.5%;每股基本亏损4.3分。 ...

Financial Performance - Revenue for the first half of 2025 decreased by approximately RMB 114.9 million or 85.8% to about RMB 19.0 million compared to RMB 133.9 million in the same period of 2024[7] - Gross profit for the first half of 2025 decreased by approximately RMB 18.1 million or 85.9% to about RMB 3.0 million compared to RMB 21.1 million in the same period of 2024[7] - The company reported a loss of RMB 33.8 million for the first half of 2025, an increase of 73.5% compared to a loss of RMB 19.5 million in the same period of 2024[4] - Revenue decreased by approximately RMB 114.9 million or 85.8% from RMB 133.9 million in the first half of 2024 to approximately RMB 19.0 million in the first half of 2025[15] - The group reported a loss of approximately RMB 33.8 million in H1 2025, compared to a loss of about RMB 19.5 million in H1 2024[26] - The group reported a pre-tax loss of RMB 34,724,000 for the current period, compared to a loss of RMB 19,314,000 in the previous year, indicating worsening financial performance[36] - The net loss attributable to equity holders of the parent company was RMB 31,438,000 for the current period, compared to RMB 22,380,000 in the previous year, highlighting increased losses[36] - The group reported a total comprehensive loss of RMB 36,935,000 for the current period, compared to RMB 20,616,000 in the previous year, indicating a substantial increase in overall losses[38] Revenue Breakdown - The decline in revenue was primarily due to a decrease of approximately RMB 45.7 million from mobile gaming, RMB 62.4 million from digital media, and RMB 6.8 million from gaming product supply[7] - The gaming business generated revenue of approximately RMB 1.2 million in the first half of 2025, down 97.4% from RMB 46.9 million in the first half of 2024[15] - Digital media content sales revenue decreased by approximately RMB 62.4 million or 79.5% from RMB 78.5 million in the first half of 2024 to approximately RMB 16.1 million in the first half of 2025[15] - Revenue from mobile game development and operation was 1,213 thousand RMB for the six months ending June 30, 2025, compared to 46,760 thousand RMB in the same period of 2024, reflecting a substantial drop[54] - Revenue from AI-related applications and services reached 9,193 thousand RMB for the six months ending June 30, 2025, down from 22,649 thousand RMB in the same period of 2024[54] - Revenue from a single customer accounted for approximately RMB 1,687,000 for the six months ended June 30, 2025, compared to RMB 8,498,000 for the same period in 2024[52] Cost and Expenses - Sales cost decreased from approximately RMB 112.8 million in H1 2024 to about RMB 16.0 million in H1 2025, a reduction of approximately RMB 96.8 million or 85.8%[17] - Research and development expenses decreased by 34.5% from RMB 16.0 million in the first half of 2024 to RMB 10.5 million in the first half of 2025[14] - Administrative expenses decreased by 11.5% from RMB 21.8 million in the first half of 2024 to RMB 19.3 million in the first half of 2025[14] - Selling and distribution expenses increased from approximately RMB 3.8 million in H1 2024 to about RMB 4.0 million in H1 2025, an increase of approximately RMB 0.2 million or 7.0%[18] - Other income and gains decreased from approximately RMB 6.0 million in H1 2024 to about RMB 0.035 million in H1 2025[21] - The group incurred a total cost of sales of RMB 16,006,000 for the six months ended June 30, 2025, compared to RMB 112,752,000 for the same period in 2024, indicating a significant reduction[60] Assets and Liabilities - Cash and cash equivalents decreased from approximately RMB 3.9 million as of December 31, 2024, to about RMB 1.5 million as of June 30, 2025[28] - The group had a debt-to-asset ratio of 6.4% as of June 30, 2025, compared to 1.1% as of December 31, 2024[29] - Non-current assets decreased from RMB 134,417,000 to RMB 120,746,000, a decline of approximately 10.1%[40] - Current assets decreased from RMB 416,206,000 to RMB 199,743,000, a decline of approximately 52.0%[40] - Total liabilities decreased from RMB 353,972,000 to RMB 153,375,000, a decline of approximately 56.7%[40] - Total equity decreased from RMB 179,254,000 to RMB 142,319,000, a decline of approximately 20.6%[41] - The company reported a cash and cash equivalents balance of RMB 1,470,000, down from RMB 3,863,000, a decrease of approximately 61.9%[40] Strategic Focus and Future Outlook - The company will focus on strengthening investments in mobile game development, digital media content production, AI technology research, and overseas market expansion[10] - The government’s policy on AI development is expected to create significant growth and investment opportunities in the AI industry, particularly in software and technology services[8] - The company aims to enhance the integration of AI technology with its digital media services to provide more emotionally engaging and interactive products[11] - The digital entertainment and media industry is expected to see multiple development opportunities in the second half of 2025 due to AI technology upgrades and market recovery[9] - The company plans to explore new product landing scenarios and integrate resources to drive innovation and create a more diverse product portfolio[10] Governance and Compliance - The company has not declared any interim dividends for the six months ended June 30, 2025, consistent with the previous year[59] - The audit committee has confirmed that the interim financial results for the six months ending June 30, 2025, comply with relevant accounting standards[68] - The company is actively seeking suitable candidates to fill the vacancy of independent non-executive director following a resignation[69] - The company appointed a female non-executive director on March 28, 2025, to comply with diversity policies[70] - All directors confirmed adherence to the standards governing securities trading during the first half of 2025[71] - The interim results announcement and report will be published on the Hong Kong Stock Exchange and the company's website[73] - The board expressed gratitude to shareholders, management, employees, business partners, and customers for their ongoing support[74] - The board of directors includes two executive directors and three non-executive directors as of the announcement date[76]

Core Viewpoint - The company, Douyu Technology (01961), anticipates a significant loss for the six months ending June 30, 2025, estimated between RMB 33 million and RMB 38 million, compared to a loss of approximately RMB 19.5 million for the same period ending June 30, 2024 [1] Group 1: Financial Performance - The expected loss for the upcoming period is substantially higher than the previous year's loss, indicating a deteriorating financial situation [1] - The decline in performance is attributed to a significant reduction in revenue from existing games, as their operational cycle has ended, and new games have yet to be launched [1] Group 2: Revenue Sources - The mobile gaming segment has experienced a notable decrease in revenue due to the aforementioned reasons [1] - The company has allocated all resources to the development of new games, leading to a decline in revenue from the digital media segment [1] Group 3: Economic Environment - An increase in provisions for impairment of trade receivables has been noted, which is attributed to the unfavorable macroeconomic environment [1]

Core Viewpoint - The company, Multi-Channel Technology (01961.HK), anticipates a loss between RMB 33 million to RMB 38 million for the six months ending June 30, 2025, compared to a loss of approximately RMB 19.5 million in the same period last year [1] Group 1: Financial Performance - The expected loss for the upcoming period is significantly higher than the previous year's loss, indicating a deteriorating financial situation [1] - The decline in performance is attributed to a substantial decrease in revenue, primarily due to the end of the operating cycle for existing games and the lack of new game launches [1] Group 2: Revenue Sources - The mobile gaming segment has experienced a significant drop in revenue as all resources have been allocated to the development of new games [1] - The digital media segment has also seen a decline in revenue due to the focus on new game development [1] Group 3: Economic Environment - An increase in impairment provisions for trade receivables has been noted, which is attributed to the unfavorable macroeconomic environment [1]