香港联交所最新资料显示，9月11日，主席兼行政总裁孙海涛增持VALA(02051)93万股，每股作价 0.6362港元，总金额约为59.17万港元。增持后最新持股数目约为2.74亿股，最新持股比例为16.84%。 ...

智通财经APP获悉，香港联交所最新资料显示，9月11日，主席兼行政总裁孙海涛增持VALA(02051)93 万股，每股作价0.6362港元，总金额约为59.17万港元。增持后最新持股数目约为2.74亿股，最新持股比 例为16.84%。 ...

格隆汇9月15日丨根据联交所最新权益披露资料显示，2025年9月11日，VALA(02051.HK)获主席、行政总裁兼执行董事孙海涛在场内以每股均价0.6362港元 增持93万股，涉资约59.2万港元。 增持后，孙海涛最新持股数目为274,457,736股，持股比例由16.78%上升至16.84%。 | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 費出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 相 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 原因 | 股份數目 | | | ( 請參閱上述 * 註 | 有投票權股 (日 / 月 / 年) | | | | | | | | 요일 | 份百分比 | | | | | | | | | (%) | | DA20250912E00289 | 噢噢给 1101(L) | | | 930,000(L) | HKD 0.6362 | 274,457,736(L) | 16.84(L) 11/09/2025 | | 股份代號: | 0205 ...

| 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的日期相 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 原因 | 股份數目 | | | ( 請參閱上述 * 註 | 有投票權股 (日 / 月 / 年) 材 | | | | | | | | | 份百分比 | | DA20250909E00470 | 噢噢脸 | 1101(L) | | 940,000(L) | HKD 0.6316 | 272,527,736(L) | 16.72(L)09/09/2025 | 格隆汇9月11日丨根据联交所最新权益披露资料显示，2025年9月9日，VALA(02051.HK)获主席、行政总裁兼执行董事孙海涛在场内以每股均价0.6316港元增 持94万股，涉资约59.37万港元。 增持后，孙海涛最新持股数目为272,527,736股，持股比例由16.66%上升至16.72%。 | 股份代號: | 02051 | | --- | --- | | 上市法國名 ...

金秋九月，钱塘潮涌，思想激荡！9月17日，智通财经携手星耀资本，于中国新经济与电商的活力之都 ——杭州，启幕"大消费投资高峰论坛暨2025 智通星耀秋季联合策略会"。我们以"消费新物种·港股进化 论"为主题，邀您登临西子湖畔，共启2025年下半年澎湃激昂的投资新航程！ 2025 年的中国消费市场，正上演着传统与创新的交响：新能源汽车渗透率突破 47%，智能家居销售额 两位数增长，乡村消费增速反超城镇0.8个百分点，更多的中国品牌点亮纽约、伦敦等各个海外城市的 街头……每一根跃升的曲线背后，皆指向万亿级新大陆。 港股市场正成为消费力量的见证者：上半年消费类 IPO 获百倍认购，71%新股首日高收，机构资金与零 售资本共舞。而2025年全年5%的GDP增长预期，更凸显了消费作为经济"压舱石"的坚实地位与确定性 机遇。 本次策略会将设两大会场并行： 主会场以主题演讲与圆桌讨论纵论趋势，分会场由30家顶尖企业集中路演呈现机会。 期待您莅临现场，与决策层零距离对话，共绘下半年价值曲线。 【活动报名】 报名请添加官方微信：zhitongresearch，或致电本次活动会务秘书。 智通研究号：(86)13691842902 ...

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: Vala Inc. (於開曼群島註冊成立之有限公司) 呈交日期: 2025年9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) | 02051 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00001 USD | | | 50,000 | | 增加 / 減少 (-) | | | | | | USD | | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 USD | | | 5 ...

Core Viewpoint - VALA (02051) reported a total revenue of 136 million yuan for the first half of 2025, reflecting a year-on-year growth of 16.4%, while the loss attributable to shareholders expanded by 12.1% to 47.258 million yuan [1] Group 1: Financial Performance - Total revenue reached 136 million yuan, representing a year-on-year increase of 16.4% [1] - Loss attributable to shareholders was 47.258 million yuan, which is an increase of 12.1% compared to the previous year [1] Group 2: Business Highlights - Valalife's revenue surged approximately 482.9% to about 50.3 million yuan, primarily due to the commencement of mass deliveries of VALA vehicles in the first half of the year, leading to a significant rise in sales revenue [1]

Group 1 - The core viewpoint of the article highlights VALA's financial performance for the first half of 2025, showing a total revenue of 136 million RMB, which represents a year-on-year increase of 16.4% [1] - The loss attributable to the company's owners reached 47.258 million RMB, which is an increase of 12.1% compared to the previous year [1] - Valalife's revenue saw a significant year-on-year increase of approximately 482.9%, amounting to about 50.3 million RMB, primarily due to the commencement of mass deliveries of VALA vehicles in the first half of the year, leading to a substantial rise in sales revenue [1]

Core Insights - VALA (02051.HK) reported a revenue of approximately RMB 135.7 million for the six months ending June 30, 2025, representing a year-on-year increase of about 16.4% [1] - The company experienced an operating loss of approximately RMB 49.6 million, which is an increase of about 45.5% compared to the operating loss of approximately RMB 34.1 million for the six months ending June 30, 2024 [1] - The net loss increased from approximately RMB 48.1 million for the six months ending June 30, 2024, to approximately RMB 50.9 million, reflecting an increase of about 5.7% [1]

[Company Information and Financial Summary](index=1&type=section&id=Company%20Information%20and%20Financial%20Summary) [Company Overview](index=1&type=section&id=Company%20Overview) Vala Inc. (formerly 51 Credit Card Inc.) announced its unaudited condensed consolidated interim results for the six months ended June 30, 2025 - The company's name changed from “51 Credit Card Inc.” to “Vala Inc.” effective June 11, 2025, marking Vala, a new energy mobile lifestyle brand, as the core of its future development strategy[2](index=2&type=chunk)[20](index=20&type=chunk) [Financial Summary](index=1&type=section&id=Financial%20Summary) For the six months ended June 30, 2025, total revenue increased by 16.4% to RMB 135.7 million, while operating and net losses widened, though non-IFRS adjusted losses narrowed Financial Summary for the Six Months Ended June 30, 2025 | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change | | :----- | :------------------- | :------------------- | :----- | | Revenue | 135,651 | 116,568 | 16.4% | | Valalife Business | 50,272 | 8,624 | 482.9% | | Credit Facilitation and Service Fees | 25,999 | 29,433 | (11.7%) | | SaaS Service Fees | 21,068 | 46,029 | (54.2%) | | Children's Entertainment Revenue | 16,750 | 11,338 | 47.7% | | Operating Loss for the Period | (49,608) | (34,084) | 45.5% | | Net Loss for the Period | (50,870) | (48,129) | 5.7% | | Non-IFRS Adjusted Operating Loss for the Period | (29,567) | (31,549) | (6.3%) | | Non-IFRS Adjusted Net Loss for the Period | (29,967) | (34,102) | (12.1%) | - For the six months ended June 30, 2025, the company did not declare an interim dividend[5](index=5&type=chunk) [Management Discussion and Analysis](index=3&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=3&type=section&id=Business%20Review) The Group actively expanded its Valalife automotive business in H1 2025, achieving significant user growth and strategic industry positioning, while Xiaolanben advanced with AI-powered cross-border logistics, and credit facilitation scaled back due to regulatory impacts [Valalife Business](index=3&type=section&id=Valalife%20Business) Valalife leveraged Vala vehicles and WeChat mini-programs for user growth, established a co-creator system and mobile store network, and achieved bulk delivery of Pro models, redefining automotive lifestyles - Valalife mini-program's cumulative registered users grew from approximately **37,000** as of December 31, 2024, to approximately **67,000** as of June 30, 2025[7](index=7&type=chunk) - Vala vehicles are the first original factory-liftable new energy multi-purpose vehicles in China, integrating a tent-style sloped roof, Lego-style modular design, and high-quality entertainment system[8](index=8&type=chunk) - For the six months ended June 30, 2025, the Group successfully recruited **131 Vala co-creators** and established **13 Vala experience centers** nationwide[9](index=9&type=chunk) - Vala Pro models have achieved bulk delivery, with cooperation agreements signed with Chongqing Ruichi Automobile Industry Co, Ltd and Henan Automobile Industry Investment Group Co, Ltd to jointly develop new models[9](index=9&type=chunk) [51 Credit Card Manager and Xiaolanben Business](index=3&type=section&id=51%20Credit%20Card%20Manager%20and%20Xiaolanben%20Business) 51 Credit Card Manager maintained user and managed card numbers, while Xiaolanben advanced with an AI-powered cross-border logistics version, offering one-stop marketing solutions globally - As of June 30, 2025, 51 Credit Card Manager's registered users were approximately **88.8 million**, with cumulative managed credit cards at approximately **152.5 million**, largely consistent with December 31, 2024[7](index=7&type=chunk) - As of June 30, 2025, Xiaolanben's registered users were approximately **7.0 million**[7](index=7&type=chunk) - Xiaolanben iterated its cross-border logistics industry version on February 18, 2025, integrating DeepSeek and Doubao dual AI engines to provide one-stop marketing solutions covering over 200 countries and regions globally[10](index=10&type=chunk) [Credit Facilitation Business](index=5&type=section&id=Credit%20Facilitation%20Business) The credit facilitation business scaled back to mitigate risks due to anticipated regulatory policy changes, resulting in a decrease in overall volume - The credit facilitation business scaled back due to anticipated new regulations from the China National Financial Regulatory Administration, aiming to reduce business risks[11](index=11&type=chunk) [Business Outlook and Strategic Adjustments](index=8&type=section&id=Business%20Outlook%20and%20Strategic%20Adjustments) The company will continue to drive new businesses, expanding Valalife, focusing SaaS on AI SEO and channel expansion, and adjusting credit facilitation to an asset-light model to meet regulatory requirements [Valalife Business Outlook](index=8&type=section&id=Valalife%20Business%20Outlook) Valalife business, already covering 26 provinces and over 100 cities, will further expand its footprint with ongoing Vala Pro model deliveries and new ecosystem scenarios, aiming to create richer mobile lifestyles - Valalife business has covered **26 provinces** and over **100 cities** nationwide, with future expansion driven by Vala Pro model deliveries and the implementation of more scenario-based ecosystems[20](index=20&type=chunk) - The company has officially changed its name to “Vala Inc.”, clearly positioning the new energy mobile lifestyle brand Vala as the strategic core for future development[20](index=20&type=chunk) [SaaS Business Outlook](index=8&type=section&id=SaaS%20Business%20Outlook) Xiaolanben is developing AI search engine optimization technology to reduce enterprise promotion costs and improve conversion efficiency, while expanding channels to acquire more market leads - Xiaolanben is developing AI search engine optimization technology to reduce enterprise promotion costs and improve conversion efficiency[21](index=21&type=chunk) - Xiaolanben will gradually integrate with channels such as Alibaba Bailian, MCP service channels, ByteDance Koutou, and DingTalk third-party application service markets to expand customer reach opportunities[21](index=21&type=chunk) [Credit Facilitation Business Outlook](index=8&type=section&id=Credit%20Facilitation%20Business%20Outlook) The credit facilitation business will transition to an asset-light credit referral service model, incorporating risk control measures to comply with the latest industry regulations - The credit facilitation business will gradually transition to an asset-light credit referral service model, aligning with the latest industry regulatory requirements[21](index=21&type=chunk) [Financial Statements](index=8&type=section&id=Financial%20Statements) [Condensed Consolidated Interim Statement of Comprehensive Loss](index=9&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Comprehensive%20Loss) For the six months ended June 30, 2025, total revenue grew to RMB 135.7 million, but operating and net losses widened, with Valalife revenue significantly increasing while SaaS and credit facilitation fees declined, resulting in a loss attributable to owners of RMB 47.3 million Condensed Consolidated Interim Statement of Comprehensive Loss (Key Items) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :----- | :------------------- | :------------------- | | Total Revenue | 135,651 | 116,568 | | Valalife Service Fees | 50,272 | 8,624 | | Credit Facilitation and Service Fees | 25,999 | 29,433 | | SaaS Service Fees | 21,068 | 46,029 | | Operating Loss | (49,608) | (34,084) | | Loss for the Period | (50,870) | (48,129) | | Loss for the Period Attributable to Owners of the Company | (47,258) | (42,165) | [Condensed Consolidated Interim Statement of Financial Position](index=11&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets were RMB 967.0 million, a decrease from year-end 2024, with stable non-current assets but a significant reduction in cash and cash equivalents, and total liabilities also decreased due to reduced bank and other borrowings Condensed Consolidated Interim Statement of Financial Position (Key Items) | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :----- | :---------------------------- | :-------------------------------- | | Total Assets | 966,984 | 1,075,751 | | Cash and Cash Equivalents | 161,039 | 280,326 | | Total Equity | 749,317 | 779,522 | | Total Liabilities | 217,667 | 296,229 | | Bank and Other Borrowings | 500 | 59,820 | [Notes to the Financial Statements](index=13&type=section&id=Notes%20to%20the%20Financial%20Statements) [Significant Accounting Policies](index=13&type=section&id=Significant%20Accounting%20Policies) These interim financial statements are prepared in accordance with IAS 34 and incorporate all new and revised IFRS effective January 1, 2025, without significant changes to accounting policies or financial statement presentation - The condensed consolidated interim financial information is prepared in accordance with International Accounting Standard 34 “Interim Financial Reporting”[27](index=27&type=chunk) - All new and revised International Financial Reporting Standards effective from January 1, 2025, have been adopted for the current period, resulting in no significant changes to accounting policies or financial statement presentation[28](index=28&type=chunk) [Credit Facilitation and Service Fees](index=13&type=section&id=Credit%20Facilitation%20and%20Service%20Fees) For the six months ended June 30, 2025, total credit facilitation and service fees decreased to RMB 26.0 million, with management expecting all remaining performance obligations to be recognized as revenue within twelve months Credit Facilitation and Service Fees | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :------------------- | :------------------- | | Upfront Credit Facilitation Service Fees | 13,064 | 14,267 | | Post-loan Credit Facilitation Service Fees | 12,935 | 15,166 | | Total | 25,999 | 29,433 | - As of June 30, 2025, unsatisfied performance obligations amounted to approximately **RMB 17,008,000**, with **100%** expected to be recognized as revenue within the next twelve months[30](index=30&type=chunk) [Other Income](index=14&type=section&id=Other%20Income) For the six months ended June 30, 2025, total other income increased to RMB 21.4 million, primarily due to new revenue from automotive equipment sales, partially offset by decreases in referral service fees and overdue charges Composition of Other Income | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :------------------- | :------------------- | | Referral Service Fees | 8,158 | 10,811 | | Overdue Charges | 2,466 | 3,322 | | Sales of Automotive Equipment | 5,946 | — | | Total | 21,390 | 19,816 | [Expenses by Nature](index=14&type=section&id=Expenses%20by%20Nature) For the six months ended June 30, 2025, total operating expenses increased, mainly driven by significant growth in automotive business and marketing and advertising costs, while external technical service fees and R&D expenses decreased Expenses by Nature | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :------------------- | :------------------- | | Employee Benefit Expenses | 55,355 | 52,675 | | External Technical Service Fees | 31,505 | 57,322 | | Marketing and Advertising Expenses | 20,256 | 7,602 | | Automotive Business | 49,210 | 17,077 | | Total of Processing and Service Expenses, General and Administrative Expenses, R&D Expenses, and Sales and Marketing Expenses | 208,001 | 182,772 | [Net Expected Credit Losses](index=15&type=section&id=Net%20Expected%20Credit%20Losses) For the six months ended June 30, 2025, net expected credit losses significantly decreased to RMB 7.7 million, primarily due to a substantial reduction in expected credit losses related to quality guarantees and receivables Composition of Net Expected Credit Losses | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :------------------- | :------------------- | | Contract Assets | 1,511 | 3,514 | | Trade Receivables | 1,216 | 3,812 | | Quality Guarantees | 4,232 | 22,674 | | Total | 7,719 | 33,749 | [Net Other Income](index=15&type=section&id=Net%20Other%20Income) For the six months ended June 30, 2025, net other income significantly decreased to RMB 30.5 million, primarily due to losses from the disposal of a listed subsidiary and reduced recovery of overdue assets Composition of Net Other Income | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :------------------- | :------------------- | | Government Grants | 268 | — | | Fair Value (Loss) / Gain on Financial Assets at Fair Value Through Profit or Loss | (1,542) | 349 | | Loss on Disposal of Listed Subsidiary | (13,287) | — | | Others (primarily including recovery of overdue assets) | 45,383 | 68,357 | | Total | 30,461 | 65,869 | [Income Tax (Credit) / Expense](index=16&type=section&id=Income%20Tax%20(Credit)%20%2F%20Expense) For the six months ended June 30, 2025, income tax shifted from an expense to a credit, mainly due to an increase in deferred tax assets, with high-tech enterprises in China enjoying a preferential 15% tax rate Income Tax (Credit) / Expense | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :------------------- | :------------------- | | Current Income Tax | 2 | 31 | | Deferred Income Tax | (468) | 3,126 | | Total | (466) | 3,157 | - Domestic subsidiaries and variable interest entities in China are generally subject to a 25% corporate income tax rate, while high-tech enterprises enjoy a preferential **15%** tax rate[38](index=38&type=chunk) [Loss Per Share](index=17&type=section&id=Loss%20Per%20Share) For the six months ended June 30, 2025, basic loss per share attributable to owners was RMB 3.07 cents, a narrowing from the prior year, with diluted loss per share being the same due to the period's loss Loss Per Share | Metric | 2025 (Unaudited) | 2024 (Unaudited) | | :----- | :--------------- | :--------------- | | Loss Attributable to Owners of the Company (RMB thousands) | (47,258) | (42,165) | | Weighted Average Number of Ordinary Shares Issued (thousands) | 1,541,856 | 1,221,240 | | Basic Loss Per Share (RMB cents) | (3.07) | (3.45) | - Due to the Group's loss for the period, potential ordinary shares have an anti-dilutive effect, thus diluted loss per share is the same as basic loss per share[40](index=40&type=chunk) [Intangible Assets](index=18&type=section&id=Intangible%20Assets) As of June 30, 2025, the net book value of intangible assets significantly decreased to RMB 1.6 million, primarily due to a substantial reduction in goodwill and software costs from the disposal of a subsidiary Net Book Value of Intangible Assets | Item | June 30, 2025 (RMB thousands) | January 1, 2025 (RMB thousands) | | :--- | :---------------------------- | :------------------------------ | | Goodwill | — | 482,377 | | Software | 51 | 21,721 | | Total | 1,594 | 512,911 | - The disposal of a subsidiary resulted in a reduction of goodwill cost by **RMB 482,377 thousand**, with accumulated impairment losses reversed accordingly[42](index=42&type=chunk) [Prepayments and Other Receivables](index=19&type=section&id=Prepayments%20and%20Other%20Receivables) As of June 30, 2025, total prepayments and other receivables increased to RMB 137.8 million from year-end 2024, mainly driven by growth in deposits, prepaid expenses, and other receivables Prepayments and Other Receivables | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :---------------------------- | :-------------------------------- | | Included in Non-current Assets: Rental Deposits | 641 | 641 | | Included in Current Assets: Deposits and Prepaid Expenses | 51,860 | 46,587 | | Included in Current Assets: Third-party Loans | 35,436 | 32,479 | | Total | 137,841 | 122,692 | [Payable and Receivable Quality Guarantees](index=19&type=section&id=Payable%20and%20Receivable%20Quality%20Guarantees) As of June 30, 2025, the ending balance of quality guarantees payable was RMB 26.3 million, with net quality guarantees receivable at RMB 10.7 million, and total expected credit loss provisions slightly increased to RMB 39.3 million Changes in Quality Guarantees Payable | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :------------------- | :------------------- | | Beginning Balance | 23,359 | 37,043 | | Ending Balance | 26,342 | 25,426 | Changes in Quality Guarantees Receivable | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :------------------- | :------------------- | | Beginning Balance | 9,772 | 21,060 | | Ending Balance | 10,693 | 12,054 | Expected Credit Loss Provisions for Quality Guarantees Receivable | Stage | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :---- | :---------------------------- | :-------------------------------- | | Stage 1 | 2,733 | 2,620 | | Stage 2 | 657 | 646 | | Stage 3 | 35,945 | 35,635 | | Total | 39,335 | 38,901 | [Contract Assets / (Liabilities)](index=22&type=section&id=Contract%20Assets%20%2F%20(Liabilities)) As of June 30, 2025, net contract assets were RMB 22.7 million and contract liabilities were RMB 19.6 million, with total expected credit loss provisions for contract assets amounting to RMB 615.4 million Contract Assets / (Liabilities) | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :---------------------------- | :-------------------------------- | | Net Contract Assets | 22,734 | 24,465 | | Contract Liabilities | (19,622) | (25,609) | Expected Credit Loss Provisions for Contract Assets | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :------------------- | :------------------- | | Ending Balance | (615,354) | (612,390) | [Trade Receivables](index=23&type=section&id=Trade%20Receivables) As of June 30, 2025, net trade receivables decreased to RMB 39.1 million from year-end 2024, with expected credit loss provisions totaling RMB 215.1 million Trade Receivables | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :---------------------------- | :-------------------------------- | | Receivables from Referral and Credit Card Technology Services | 247,681 | 258,761 | | Expected Credit Loss Provisions | (215,086) | (217,780) | | Net Amount | 39,087 | 51,383 | Ageing Analysis of Trade Receivables | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :----- | :---------------------------- | :-------------------------------- | | Within 30 Days | 5,194 | 12,139 | | Over 30 Days | 248,979 | 257,024 | [Trade and Other Payables](index=24&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables decreased to RMB 31.3 million from year-end 2024, primarily due to a reduction in salaries and welfare payables and other payables Trade and Other Payables | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :---------------------------- | :-------------------------------- | | Trade Payables | 14,771 | 15,480 | | Salaries and Welfare Payables | 7,552 | 15,624 | | Total | 31,318 | 43,456 | Ageing Analysis of Trade Payables | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :----- | :---------------------------- | :-------------------------------- | | Within 30 Days | 7,204 | 10,974 | [Dividends](index=24&type=section&id=Dividends) For the six months ended June 30, 2025, the company did not pay or declare any dividends - For the six months ended June 30, 2025, the company did not pay or declare any interim dividend[51](index=51&type=chunk) [Disposal of Listed Subsidiary](index=25&type=section&id=Disposal%20of%20Listed%20Subsidiary) The Group disposed of a 10.16% equity interest in Zhongcaiwangtong Holdings Limited in H1 2025 for approximately RMB 6.5 million, resulting in a disposal loss of RMB 13.3 million, while retaining a 29.00% indirect interest as an associate - The Group disposed of a **10.16%** equity interest in Zhongcaiwangtong Holdings Limited for approximately **HKD 7,140,000** (approximately **RMB 6,538,000**)[52](index=52&type=chunk) - The disposal was completed on June 9, 2025, resulting in a disposal loss of **RMB 13,287 thousand**[34](index=34&type=chunk)[53](index=53&type=chunk) - Following the completion of the placing, the company indirectly held approximately **29.00%** of Zhongcaiwangtong's total issued share capital, which was accounted for as an associate[52](index=52&type=chunk)[81](index=81&type=chunk) [Financial Review](index=26&type=section&id=Financial%20Review) [Revenue Analysis](index=26&type=section&id=Revenue%20Analysis) For the six months ended June 30, 2025, total revenue increased by 16.4% to RMB 135.7 million, driven by a 482.9% surge in Valalife revenue and a 47.7% increase in children's entertainment, despite declines in credit facilitation, SaaS, and credit card technology service fees - Total revenue increased by **16.4%** to **RMB 135.7 million**[55](index=55&type=chunk) - Valalife revenue significantly increased by **482.9%** to **RMB 50.3 million**, primarily due to the bulk delivery of Vala vehicles[55](index=55&type=chunk) - Credit facilitation and service fees decreased by **11.7%** to **RMB 26.0 million**, due to reduced business volume from strategic adjustments[55](index=55&type=chunk) - SaaS service fees decreased by **54.2%** to **RMB 21.1 million**, mainly due to reduced revenue from the smart retail business[55](index=55&type=chunk) - Children's entertainment business revenue increased by **47.7%** to **RMB 16.8 million**, due to stable operations[56](index=56&type=chunk) - Credit card technology service fees decreased by **87.0%** to **RMB 0.2 million**, due to the gradual cessation of investment in co-branded card business[56](index=56&type=chunk) - Other income increased by **7.9%** to **RMB 21.4 million**, primarily due to increased revenue from Zhongcaiwangtong's automotive lifestyle business, partially offset by reduced referral service income[57](index=57&type=chunk) [Operating Expense Analysis](index=27&type=section&id=Operating%20Expense%20Analysis) For the six months ended June 30, 2025, total operating expenses increased by 23.0% to RMB 185.3 million, with significant increases in processing and service expenses and sales and marketing expenses due to Valalife automotive business growth, offset by reduced R&D and net expected credit losses - Total operating expenses increased by **23.0%** to **RMB 185.3 million**[58](index=58&type=chunk) - Processing and service expenses increased by **15.4%** to **RMB 125.5 million**, primarily due to an increase in Vala vehicle procurement costs of **RMB 39.2 million**[58](index=58&type=chunk) - Sales and marketing expenses increased by **74.3%** to **RMB 33.3 million**, mainly due to a **166.5%** increase in Vala vehicle marketing and promotion expenses to **RMB 20.3 million**[59](index=59&type=chunk) - R&D expenses decreased by **24.8%** to **RMB 21.1 million**, primarily due to a phased reduction resulting from the mass production and delivery of Valalife business's Vala Pro models[60](index=60&type=chunk) - Net expected credit losses decreased by **77.1%** to **RMB 7.7 million**, primarily due to reduced losses related to quality guarantees and receivables[60](index=60&type=chunk) - Net other income decreased by **53.8%** to **RMB 30.5 million**, primarily due to investment losses from the disposal of a subsidiary and reduced recovery of overdue assets[61](index=61&type=chunk) [Net Loss from Associates](index=28&type=section&id=Net%20Loss%20from%20Associates) The share of net loss from associates accounted for using the equity method significantly increased by 716.5% to RMB 0.9 million, primarily due to operating losses incurred by the associates - The share of net loss from associates accounted for using the equity method increased by **716.5%** to **RMB 0.9 million**, primarily due to operating losses incurred by the associates[62](index=62&type=chunk) [Fair Value Loss on Financial Liabilities](index=29&type=section&id=Fair%20Value%20Loss%20on%20Financial%20Liabilities) Fair value loss on financial liabilities at fair value through profit or loss significantly decreased by 92.5% to RMB 0.9 million, mainly due to improved operating performance of Xiaolanben, leading to an increase in the valuation of this liability - Fair value loss on financial liabilities at fair value through profit or loss decreased by **92.5%** to **RMB 0.9 million**, primarily due to improved operating performance of Xiaolanben[63](index=63&type=chunk) [Net Finance Income](index=29&type=section&id=Net%20Finance%20Income) Net finance income decreased by 89.8% to RMB 0.1 million, primarily due to a reduction in interest income resulting from a decrease in the Group's overall cash balance - Net finance income decreased by **89.8%** to **RMB 0.1 million**, primarily due to a reduction in interest income resulting from a decrease in the Group's overall cash balance[64](index=64&type=chunk) [Income Tax Credit / (Expense)](index=29&type=section&id=Income%20Tax%20Credit%20%2F%20(Expense)) Income tax shifted from an expense in the prior year to a credit in the current period, primarily due to an increase in deferred tax assets - Income tax shifted from an expense of approximately **RMB 3.2 million** for the six months ended June 30, 2024, to a credit of approximately **RMB 0.5 million** for the six months ended June 30, 2025, primarily due to an increase in deferred tax assets[65](index=65&type=chunk) [Loss for the Period](index=29&type=section&id=Loss%20for%20the%20Period) Loss for the period increased by 5.7% to RMB 50.9 million, primarily due to investment losses from the disposal of certain subsidiaries, partially offset by a reduction in fair value losses on financial liabilities - Loss for the period increased by **5.7%** to **RMB 50.9 million**, primarily due to investment losses of approximately **RMB 12.7 million** from the disposal of certain subsidiaries[66](index=66&type=chunk) - Part of the loss was offset by a **92.5%** reduction in fair value loss on financial liabilities at fair value through profit or loss to **RMB 0.9 million**[66](index=66&type=chunk) [Non-IFRS Measures](index=30&type=section&id=Non-IFRS%20Measures) [Definitions and Uses](index=30&type=section&id=Definitions%20and%20Uses) The company uses non-IFRS adjusted operating loss and net loss as supplementary financial metrics to provide clearer comparisons of operating performance, excluding non-operating or non-cash items deemed not reflective of core operations - Non-IFRS adjusted operating loss and adjusted net loss are used to supplement IFRS, providing a comparison of operating performance across different periods[67](index=67&type=chunk) - These non-IFRS measures exclude share-based compensation expenses, fair value losses/gains on financial assets/liabilities at fair value through profit or loss, losses on disposal of property, plant and equipment/subsidiaries, and other losses, due to their non-operating nature or non-cash outflow[68](index=68&type=chunk) [Adjustments and Reconciliations](index=31&type=section&id=Adjustments%20and%20Reconciliations) For the six months ended June 30, 2025, non-IFRS adjusted operating loss was RMB 29.6 million and non-IFRS adjusted net loss was RMB 30.0 million, both narrowing compared to the prior year Reconciliation of Non-IFRS Adjusted Operating Loss | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :------------------- | :------------------- | | Operating Loss | (49,608) | (34,084) | | Adjusted Operating Loss | (29,567) | (31,549) | Reconciliation of Non-IFRS Adjusted Net Loss | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :------------------- | :------------------- | | Net Loss | (50,870) | (48,129) | | Adjusted Net Loss | (29,967) | (34,102) | [Liquidity and Financial Resources](index=32&type=section&id=Liquidity%20and%20Financial%20Resources) [Overview of Liquidity and Financial Resources](index=32&type=section&id=Overview%20of%20Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group maintained a net cash position of RMB 160.5 million, a decrease from year-end 2024, with the debt-to-asset ratio significantly reduced to 0.1% and total borrowings substantially decreased Net Cash Position | Item | June 30, 2025 (RMB millions) | December 31, 2024 (RMB millions) | | :--- | :--------------------------- | :------------------------------- | | Cash and Cash Equivalents | 161 | 280 | | Borrowings | (0.5) | (60) | | Net Cash | 160.5 | 220 | - For the six months ended June 30, 2025, the Group recorded a net cash outflow of approximately **RMB 119.9 million**[70](index=70&type=chunk) - As of June 30, 2025, the debt-to-asset ratio was approximately **0.1%** (December 31, 2024: approximately **5.6%**)[71](index=71&type=chunk) Borrowing Maturity Profile | Term | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :---------------------------- | :-------------------------------- | | Within One Year | 500 | 59,820 | | Total Borrowings | 500 | 59,820 | - For the six months ended June 30, 2025, the annual interest rate on borrowings was approximately **3.2%**[73](index=73&type=chunk) [Fundraising Activities and Use of Proceeds](index=33&type=section&id=Fundraising%20Activities%20and%20Use%20of%20Proceeds) The company completed a placing in November 2024, raising net proceeds of approximately HKD 38.73 million, primarily allocated to strengthening existing credit facilitation and SaaS businesses, developing and expanding Valalife, and general working capital - The company completed a placing in November 2024, raising total proceeds of approximately **HKD 39.66 million** and net proceeds of approximately **HKD 38.73 million**[74](index=74&type=chunk) Use of Proceeds from 2024 Placing (as of June 30, 2025) | Use | Allocated Net Proceeds (HKD thousands) | Utilized Net Proceeds (HKD thousands) | Unutilized Net Proceeds (HKD thousands) | | :-- | :----------------------------------- | :----------------------------------- | :------------------------------------- | | Strengthening the Group's Existing Credit Facilitation and SaaS Businesses | 17,430 | 650 | 16,780 | | Development and Expansion of Vala | 17,430 | 0 | 17,430 | | General Working Capital | 3,870 | 543 | 3,327 | | Total | 38,730 | 1,193 | 37,537 | [Exchange Rate Fluctuation Risk](index=34&type=section&id=Exchange%20Rate%20Fluctuation%20Risk) The Group, operating primarily in China, faces exchange rate risks between USD and HKD against RMB, and did not enter into any foreign exchange forward contracts or other hedging instruments for the six months ended June 30, 2025 - The Group's subsidiaries operating primarily in China face exchange rate risks between USD and HKD against RMB[77](index=77&type=chunk) - For the six months ended June 30, 2025, the Group did not enter into any foreign exchange forward contracts or other hedging instruments[77](index=77&type=chunk) [Asset Pledges and Future Investment Plans](index=34&type=section&id=Asset%20Pledges%20and%20Future%20Investment%20Plans) As of June 30, 2025, the Group had no asset pledges and no specific plans for significant investments or capital asset acquisitions - As of June 30, 2025, the Group had no asset pledges[78](index=78&type=chunk) - As of June 30, 2025, the Group had no specific plans for significant investments or capital asset acquisitions[79](index=79&type=chunk) [Other Information](index=35&type=section&id=Other%20Information) [Significant Acquisitions and Disposals of Subsidiaries](index=35&type=section&id=Significant%20Acquisitions%20and%20Disposals%20of%20Subsidiaries) The Group disposed of a portion of its equity interest in Zhongcaiwangtong Holdings Limited in H1 2025, reclassifying it from a subsidiary to an associate, and subsequently completed the disposal of the remaining interest after the reporting period - The Group disposed of a **10.16%** equity interest in Zhongcaiwangtong Holdings Limited in H1 2025, reclassifying it from a subsidiary to an associate[81](index=81&type=chunk) - On July 15, 2025, the Group completed the disposal of its remaining **29%** equity interest in Zhongcaiwangtong, no longer directly or indirectly holding any interest in Zhongcaiwangtong[54](index=54&type=chunk)[90](index=90&type=chunk) [Contingent Liabilities](index=36&type=section&id=Contingent%20Liabilities) A subsidiary of the company is in dispute with Wenzhou Bank Co., Ltd. regarding fund settlement and allocation for co-branded credit card business, involving approximately RMB 42 million, currently in communication and mediation, with no provision made - A subsidiary of the company is in dispute with Wenzhou Bank Co., Ltd. regarding fund settlement and allocation for co-branded credit card business, involving approximately **RMB 42 million**[82](index=82&type=chunk) - As of June 30, 2025, this dispute remains in the communication and mediation stage, and no provision has been made due to the inability to reasonably predict the outcome[82](index=82&type=chunk) [Interim Dividends](index=36&type=section&id=Interim%20Dividends) The Board of Directors decided not to declare any interim dividend for the six months ended June 30, 2025 - The Board of Directors decided not to declare any interim dividend for the six months ended June 30, 2025[83](index=83&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=36&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%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) [Corporate Governance Practices](index=36&type=section&id=Corporate%20Governance%20Practices) The company complies with the Corporate Governance Code, with deviations including the Chairman also serving as CEO and a non-executive director's absence from the AGM, though the Board believes the dual role enhances decision-making efficiency - Mr. Sun Haitao serves concurrently as Chairman of the Board and Chief Executive Officer, which deviates from Corporate Governance Code Provision C.2.1 (separation of roles of chairman and chief executive)[85](index=85&type=chunk) - The Board believes that the concurrent roles of Chairman and Chief Executive Officer enhance the efficiency of the company's decision-making and execution, effectively seizing business opportunities[85](index=85&type=chunk) - Ms. Zou Yunli was unable to attend the company's Annual General Meeting held on June 5, 2025, which deviates from Code Provision C.1.6 (attendance of non-executive directors at general meetings)[86](index=86&type=chunk) [Employees and Remuneration Policy](index=37&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had approximately 430 employees, with total employee costs of RMB 55.4 million, adhering to a competitive remuneration principle to attract talent, establishing a compensation management system, and focusing on training - As of June 30, 2025, the Group had approximately **430 employees** (December 31, 2024: approximately **373 employees**)[87](index=87&type=chunk) - For the six months ended June 30, 2025, total employee costs were approximately **RMB 55.4 million** (prior period: approximately **RMB 52.7 million**)[87](index=87&type=chunk) - The company adheres to the principle of "competitive remuneration to attract high-quality talent," establishing a remuneration management system and talent incentive mechanism, and focusing on employee training system development[87](index=87&type=chunk) [Review of Interim Results](index=37&type=section&id=Review%20of%20Interim%20Results) The Audit Committee reviewed the Group's unaudited consolidated interim results and financial information for the six months ended June 30, 2025, confirming no objections to the accounting principles and practices adopted - The Audit Committee reviewed the Group's unaudited consolidated interim results and financial information for the six months ended June 30, 2025[89](index=89&type=chunk) - The Audit Committee confirmed no objections to the accounting principles and practices adopted by the company[89](index=89&type=chunk) [Events After Reporting Period](index=38&type=section&id=Events%20After%20Reporting%20Period) As of July 15, 2025, the company completed the disposal of its remaining equity interest in Zhongcaiwangtong, which is no longer an associate of the company - On July 15, 2025, the company completed the disposal of its remaining **1,358,954,030 shares** in Zhongcaiwangtong[90](index=90&type=chunk) - Following the completion of the disposal and acquisition, the company no longer directly or indirectly holds any interest in Zhongcaiwangtong, and Zhongcaiwangtong is no longer an associate of the company[90](index=90&type=chunk) [Publication of Interim Report](index=38&type=section&id=Publication%20of%20Interim%20Report) This interim results announcement has been published on the HKEX and company websites, and the interim report will be dispatched to shareholders and published at an appropriate time - This interim results announcement has been published on the HKEX website (www.hkexnews.hk) and the company's website (www.vala.life)[91](index=91&type=chunk) - The interim report will be dispatched to shareholders and published on the aforementioned two websites at an appropriate time[91](index=91&type=chunk)