Group 1 - The company delivered 126 units of Vala cars in Q2 2025, representing a quarter-on-quarter increase of approximately 27.3% [1] - The company is collaborating with partners to enhance production capacity and optimize delivery processes to accelerate vehicle delivery [1] - As of June 30, 2025, the company has successfully recruited 131 quality co-creators to promote and sell Vala cars through their personal experiences and influence on social media [1] Group 2 - The company has established 13 Vala experience centers nationwide, operated by co-creators, which offer low setup costs and flexible layouts to enhance market coverage and brand influence [1] - The company launched a WeChat mini-program "valalife," attracting approximately 67,000 registered users by June 30, 2025 [2] - Vala has gained significant attention on social media, with a total of about 2.12 million followers and over 580 million cumulative video views as of June 30, 2025 [2] Group 3 - Vala is an industry-first original factory upgraded new energy multifunctional vehicle, aiming to redefine automotive lifestyle by transforming cars from mere transportation tools into multifunctional mobile spaces [2] - The vehicle supports various scenarios such as outdoor camping, business meetings, family entertainment, dining, and more, offering a comfortable and personalized multifunctional space [2]

Core Viewpoint - The continuous share purchases by the chairman and CEO of 51 Credit Card, Sun Haitao, and executive director Wu Shan, signal strong confidence in the company's long-term value and strategic direction, particularly in the context of its diversification into the new energy and lifestyle sectors [1][3][4] Group 1: Shareholding and Management Actions - Since January 2025, Sun Haitao has conducted 20 share purchases, increasing his holdings to 308,082,736 shares, representing 18.9% of the company [1] - Wu Shan has also increased her holdings from 0.08% to 0.09%, now owning 1,539,770 shares [1] - These actions have sparked market interest regarding the strategic implications behind these increases [1] Group 2: Business Diversification and Strategic Initiatives - 51 Credit Card has been actively diversifying its business, particularly in the new energy smart travel and lifestyle sectors, with significant progress in these areas [1][3] - The launch of the "Vala" brand, focusing on a "mobile lifestyle" trend, has become a key component of the company's transformation, appealing to Gen Z and new middle-class consumers [1][3] - Vala has established strategic partnerships with national cultural tourism IPs and has initiated the "Thousand Cities Plan" to penetrate county-level markets, achieving coverage in 26 provinces and over 100 cities [3] Group 3: Product Differentiation and Market Position - Vala's products feature innovative designs such as a slanted roof, modular internal structure, and advanced entertainment systems, providing high-end experiences in the 200,000 yuan market segment [4] - The products support various commercial uses, enhancing the entrepreneurial potential based on vehicle units [4] - The recognition of TinyCase, another brand under the company, with the German iF Design Award, highlights the company's strength in design and user experience, further expanding its travel product matrix [3][4] Group 4: Long-term Growth Potential - The share purchases by Sun Haitao and Wu Shan reflect a strong belief in the long-term value of the company's strategic initiatives, particularly in the context of emerging consumer trends in new energy and lifestyle solutions [4] - The company's strategic transformation, especially through Vala, is seen as a pathway to establish a new growth trajectory amid the evolving landscape of consumer preferences and the tourism economy [4]

Summary of Key Points Core Viewpoint - As of May 28, a total of 65 stocks reached their 52-week highs, with notable performances from Kingway Medical Holdings (08559), China Silver Technology (00515), and Honghui Group (00183) leading the list with high rates of increase [1]. Group 1: Stocks Reaching 52-Week Highs - Kingway Medical Holdings (08559) achieved a closing price of 0.027 with a peak of 0.045, marking a high rate of 32.35% [1]. - China Silver Technology (00515) closed at 0.280, reaching a maximum of 0.305, resulting in a high rate of 28.15% [1]. - Honghui Group (00183) had a closing price of 0.255, with a peak price of 0.255, reflecting a high rate of 27.50% [1]. - Other notable stocks include Emperor Watch and Jewellery (00887) with a high rate of 27.14% and Sogo Department Store (00312) at 21.79% [1]. Group 2: Additional Stocks with Significant Increases - Lehua Entertainment (02306) reached a high rate of 13.73% with a closing price of 2.540 [1]. - Kingway Medical (08143) had a closing price of 0.124 and a peak of 0.230, resulting in a high rate of 10.05% [1]. - Other stocks with notable increases include Zhu Feng Gold (01815) at 6.98% and Yaoshi Bang (09885) at 6.68% [1]. Group 3: Stocks with Lower Performance - The report also includes stocks that did not perform as well, with some reaching their 52-week lows, such as China Parenting Network (01736) with a low rate of -14.40% [2]. - XI Nan Tes-U (09366) and XI Nan Tes (07366) also showed declines of -10.08% and -8.60% respectively [2]. - Other stocks like He Fu Hui Huang (00733) and Pai Ge Biomedical-B (02565) experienced decreases of -7.04% and -6.95% [2].

Business Growth and Strategy - The Group achieved breakthrough growth in its To B SaaS business, consolidating AI technology to create a one-stop intelligent sales solution covering customer mining, outreach, conversion, and management [16]. - The platform developed vertical solutions for six industries, including pan-finance and intellectual property rights, effectively lowering customer acquisition costs and enabling scalable growth [16]. - The To B SaaS business of Little Blue Book saw significant revenue growth compared to the previous year, focusing on an all-in-one intelligent sales solution [31][33]. - Vala's marketing strategy utilizes short video content and a co-creator model, allowing users to become brand promoters and enhancing sales efficiency [22]. - Vala's marketing strategy includes low-cost, lifestyle-related short video content to drive significant marketing traffic, enhancing brand promotion efficiency [35][37]. - The company has implemented a co-creation model, allowing users to become co-creators after purchasing a Vala vehicle, effectively reducing traditional distribution costs and enhancing sales efficiency [35][37]. - The integration of camping and vehicle businesses into the Valalife initiative aims to redefine vehicle lifestyles, transforming cars into multifunctional mobile spaces for various scenarios [34][36]. - The company aims to explore new collaboration opportunities in the credit facilitation business while ensuring compliance and utilizing mature risk control models [183]. - In the SaaS business, the company plans to enhance its intelligent customer acquisition system by investing in big data, artificial intelligence, and cloud computing [184]. - The Little Blue Book will analyze sales process data to align product development with industry demands and pain points [184]. - Valalife will expand its business model by focusing on Vala vehicles and enhancing lifestyle components applicable to various vehicle models [185]. - The company intends to drive the iterative upgrade of multi-functional mobile spaces through Valalife, empowering users to experience lifestyle changes [187]. Financial Performance - For the year ended December 31, 2024, the company's revenue was approximately RMB224.6 million, representing an increase of approximately 3.4% from approximately RMB217.2 million for the year ended December 31, 2023 [39]. - The company's operating loss for the year ended December 31, 2024, was approximately RMB61.1 million, compared to an operating profit of approximately RMB22.6 million for the year ended December 31, 2023 [39]. - The net loss increased from approximately RMB3.1 million for the year ended December 31, 2023, to approximately RMB69.0 million for the year ended December 31, 2024 [39]. - Revenue from the SaaS business increased by approximately 29.7% to approximately RMB75.0 million for the year ended December 31, 2024, from approximately RMB57.8 million for the year ended December 31, 2023 [51]. - Subscription income from Little Blue Book increased by 55.8% from approximately RMB23.3 million for the year ended December 31, 2023, to approximately RMB36.3 million for the year ended December 31, 2024 [61]. - Revenue from Valalife business decreased by approximately 51.8% from approximately RMB33.9 million for the year ended December 31, 2023, to approximately RMB16.4 million for the year ended December 31, 2024 [62]. - Revenue from children's entertainment business amounted to approximately RMB31.4 million for the year ended December 31, 2024 [65]. - Other revenue increased by approximately 25.4% from approximately RMB33.2 million for the year ended December 31, 2023, to approximately RMB41.6 million for the year ended December 31, 2024 [66]. - Total operating expenses increased by approximately 46.9% from approximately RMB194.6 million for the year ended December 31, 2023, to approximately RMB285.8 million for the year ended December 31, 2024 [67]. - Research and development expenses rose by approximately 124.9% from approximately RMB18.3 million for the year ended December 31, 2023, to approximately RMB41.2 million for the year ended December 31, 2024, primarily due to increased spending related to Vala [74]. - Sales and marketing expenses increased by approximately 88.1% from approximately RMB27.4 million for the year ended December 31, 2023, to approximately RMB51.5 million for the year ended December 31, 2024, driven by a 184.4% increase in marketing expenses related to Vala [75]. - The adjusted operating loss for the year was approximately RMB43.1 million, compared to an adjusted operating profit of approximately RMB23.1 million for the previous year [101]. - The net loss for the year was approximately RMB69.0 million, compared to a net loss of approximately RMB3.1 million for the previous year [103]. Credit Facilitation Business - The scale of the credit facilitation business decreased year-on-year due to regulatory adjustments, but the historical overdue asset recovery rate met expectations [17]. - The credit facilitation business experienced a decline due to stricter regulatory policies, leading to a controlled overall scale of the facilitation business [30][33]. - The total volume of credit facilitation business was approximately RMB1,109.3 million for the year ended December 31, 2024, a decrease of approximately 42.8% from approximately RMB1,938.7 million in the year ended December 31, 2023 [49]. - The Day-1 delinquency rate for credit facilitation assets in 2024 was lower than 4.5%, and the 30-day collection rate of overdue assets was approximately 78.0% [49]. - The net profit from the credit facilitation business declined by 39.7% from approximately RMB58.4 million for the year ended December 31, 2023, to approximately RMB35.2 million for the year ended December 31, 2024 [94]. - The Group's credit facilitation services business model allows for a service fee and guarantee fee charged as a percentage of the loan principal, enhancing the credit of Target Borrowers [105]. - The five largest borrowers in loans to customers accounted for less than 30% of the total loans, indicating a diversified borrower base [112]. - The expected credit loss of trade receivables is calculated based on the Group's historical settlement patterns and forward-looking information [117]. - The Group's financial guarantee for credit facilitation has interest rates ranging from 4.37% to 10.66% for tenors of 6 to 12 months [111]. - The average tenure of loans decreased to approximately 8.9 months in 2024 from approximately 9.1 months in 2023 [49]. - The average amount of loans remained approximately RMB7,500 in the year ended December 31, 2024, consistent with the previous year [49]. Regulatory and Compliance Issues - A qualified opinion was issued by the auditor on the Group's consolidated financial statements for the year ended December 31, 2024 [157]. - The Auditor expressed a Qualified Opinion on the Group's consolidated financial statements for the year ended 31 December 2024 due to uncertainties related to the Yang Arbitration Proceedings and insufficient supporting documents regarding the SK Group's operations [167]. - The Group has been unable to communicate with the SK Group since August 3, 2022, which has disrupted its business operations and led to the inability to access financial records [161]. - The Board decided to deconsolidate the SK Group from the Group's financial statements effective from August 3, 2022, based on the inability to control the operations and finances of the SK Group [162]. - The Audit Committee agreed with Management's position regarding the Deconsolidation and emphasized the need for continued efforts to resolve the Audit Issues [170]. - The Auditor was unable to obtain sufficient appropriate audit evidence to confirm the accuracy of income, expenses, assets, and liabilities for the years ended December 31, 2024, and 2023 [171]. - The Group's financial statements for the year ended December 31, 2024, may not accurately reflect the financial position due to the unresolved Audit Issues [168]. - The inability to obtain reports from the SK Group's management has hindered the Group's ability to direct future developments [165]. - The Auditor's Qualified Opinion highlights significant concerns regarding the financial reporting and operational control of the SK Group [171]. Shareholder and Employee Information - The Group expressed gratitude to shareholders for their support and acknowledged the dedication of its staff [25]. - As of December 31, 2024, the Group employed approximately 373 employees, with total staff costs of approximately RMB117.2 million, a decrease from RMB137.7 million in 2023 [151]. - The Board did not recommend a final dividend for the year ended December 31, 2024 [150]. Future Outlook and Plans - In 2025, the focus will be on enhancing operational efficiency and deepening synergies among business segments while controlling operational risks [24]. - The Group plans to launch more vehicle models to meet diverse user needs and drive revenue growth [24]. - The Group plans to sell approximately 1,358,954,030 shares of its subsidiary, China Netcom, representing about 29.00% of its total issued share capital, for a total consideration of HK$21,750,000 [156]. - The Company raised total gross proceeds of approximately HK$39.66 million during the year ended December 31, 2024, through a fund-raising exercise [129]. - The net proceeds from the 2024 Placing amounted to approximately HK$38.73 million, with approximately 45.0% allocated for strengthening the Group's existing credit facilitation and SaaS business [131].

Group 1 - The TinyCase electric folding motorcycle, developed by Vala, a subsidiary of 51 Credit Card Group, won the iF Gold Award at the 2025 iF Design Award Night in Berlin, marking it as the only product in the transportation category from China to receive this honor this year [1] - TinyCase is a lightweight electric folding motorcycle that emphasizes portability and convenience, designed for outdoor use and has gained popularity in overseas markets [1][3] - The product features a weight of 23.5 kg, with components including a frame (7.2 kg), motor control (2.4 kg), battery module (2.8 kg), and wheels (3.6 kg), and can be folded in 50 seconds to a size comparable to a 20-inch carry-on suitcase [3][5] Group 2 - The design team, led by CEO Sun Haitao, consists of eight professional mechanical engineers, balancing precision engineering with user-friendly design, which contributed to TinyCase's success among over 10,000 global entries [5] - Vala aims to redefine urban living through innovative products like TinyCase, focusing on solving user pain points rather than merely adding features, which has resonated well on social media [6] - The iF Design Award is one of the most influential industrial design awards globally, emphasizing the interaction between product and design, and promoting the application and development of design in production [6][8] Group 3 - The 2025 iF Design Award evaluated over 11,000 entries across nine dimensions, highlighting TinyCase as a representation of China's shift from manufacturing to intelligent manufacturing, merging engineering technology with lifestyle aesthetics [8]

Core Points - 51 Credit Card's subsidiary, Hangzhou Vala Network Technology Co., Ltd., won the prestigious "iF Gold Award" for its innovative product, the electric folding motorcycle "TinyCase," at the "iF Design Award Night 2025" in Berlin [1][2] - The "iF Design Award," established in 1953, is recognized as one of the most important and authoritative awards in the industrial design field, with the "iF Gold Award" representing the highest level of recognition for outstanding industrial design products [1] - The design of "TinyCase" allows it to be easily folded and stored in a car trunk, making it an ideal travel companion for users, reflecting the company's commitment to enhancing user experience in its automotive business [2] Company Strategy - The award highlights the company's cutting-edge design philosophy and its relentless pursuit of improving user experience within the Vala automotive business [2] - The company aims to continue innovating under the concept of "redefining automotive lifestyles," providing customers with technologically advanced smart products [2] - The recognition from the award is expected to positively impact the promotion and application of the Vala automotive business [2]

文 | 新浪科技 张俊 曾经因暴力催收被调查的51信用卡，近年来一直在推进业务转型，试图自救。 51信用卡创始人孙海涛将重心放在了造车业务上，推出了房车Vala。他曾豪言"想让Vala成为汽车行业的 iPhone"。但是由于定位小众，以及外观设计被吐槽，Vala的销量并不理想——数据显示，今年第一季 度，其仅交付Vala汽车99辆，约每天卖出一辆。 虽然采用轻资产模式，但造车还是让51信用卡的财务数据急剧恶化。2024年该公司净亏损为6901.8万 元，同比扩大2092.4%。51信用卡还计划把上市公司名称改为Vala，但目前来看，汽车业务难以承载它 的转型希望。 在2024年3月，51信用卡创始人孙海涛正式对外公布了新能源多功能车Vala，成为又一个造车新势力。 与其他造车新势力相似，51信用卡也为Vala找到了一个具备造车资质的主机厂。不同的是，Vala将产品 定位在了多功能车上，相当于MPV和房车的结合，对外喊出了"重新定义汽车生活方式"的口号。据孙 海涛介绍，Vala的大小相当于一辆轻型MPV，可以自由通行于城市和小区车库；另外其内部暗藏了升顶 结构，升顶之后的空间感相当于房车。 2024年4月，Va ...

Financial Performance - The company's revenue for the year ended December 31, 2024, was approximately RMB 224.6 million, an increase of about 3.4% compared to RMB 217.2 million for the year ended December 31, 2023[9]. - The company reported an operating loss of approximately RMB 61.1 million for the year ended December 31, 2024, compared to an operating profit of approximately RMB 22.6 million for the previous year[10]. - The net loss increased significantly from approximately RMB 3.1 million in 2023 to approximately RMB 69.0 million in 2024, representing a greater than 100% increase[10]. - The adjusted operating loss under non-IFRS measures was approximately RMB 43.1 million for the year ended December 31, 2024, compared to a profit of approximately RMB 23.1 million in 2023[10]. - The adjusted net loss under non-IFRS measures was approximately RMB 40.8 million for the year ended December 31, 2024, compared to a profit of approximately RMB 23.4 million in 2023[10]. - Total revenue for the year ended December 31, 2024, was approximately RMB 224.6 million, representing a year-on-year increase of 3.4% compared to RMB 217.2 million in 2023[11]. - The company reported a net loss of RMB 69,018,000 for 2024, compared to a net loss of RMB 3,148,000 in 2023, indicating a significant decline in profitability[21]. - The annual loss increased by approximately 2,092.4% from RMB 3.1 million for the year ended December 31, 2023, to approximately RMB 69.0 million for the year ending December 31, 2024, primarily due to increased depreciation and direct R&D expenses related to new business[71]. Revenue Streams - The SaaS service revenue increased by 29.7% year-on-year, reaching RMB 75.0 million in 2024, compared to RMB 57.8 million in 2023[4]. - The credit facilitation and service fees decreased by 16.5% to RMB 58.6 million from RMB 70.2 million in the previous year[11]. - Valalife business revenue decreased by 51.8% to RMB 16.4 million from RMB 33.9 million in the previous year[15]. - The newly established children's amusement business generated revenue of approximately RMB 31.4 million for the year ended December 31, 2024[16]. - The total amount of credit facilitation business for the year was approximately RMB 1,109.3 million, a decrease of 42.8% from RMB 1,938.7 million in 2023[13]. User Base and Initiatives - The registered user base of the 51 Credit Card Manager app remained stable at approximately 88.8 million as of December 31, 2024, with the number of managed credit cards increasing slightly from approximately 151.9 million to 152.4 million[5]. - The company launched the Valalife program, which attracted approximately 37,000 registered users by December 31, 2024, aimed at providing various purchasing and collaboration options for the Vala vehicle[5]. - The Vala vehicle initiative has gained significant attention, with approximately 1.14 million followers on social media and a total of about 2.1 billion views on related videos[8]. Expenses and Investments - Research and development expenses increased to RMB 41,196,000 in 2024, up from RMB 18,319,000 in 2023, reflecting a 125% increase[20]. - The total expenses for the year ended December 31, 2024, amounted to RMB 358,086 thousand, an increase from RMB 302,902 thousand in 2023, reflecting a rise of approximately 18.3%[29]. - Operating expenses increased by approximately 46.9% from RMB 194.6 million for the year ended December 31, 2023, to approximately RMB 285.8 million for the year ending December 31, 2024[62]. - Sales and marketing expenses rose by approximately 88.1% from RMB 27.4 million for the year ended December 31, 2023, to approximately RMB 51.5 million for the year ending December 31, 2024, driven by increased marketing costs related to Vala[64]. Assets and Liabilities - The company’s total assets decreased to RMB 1,075,751,000 in 2024 from RMB 1,164,966,000 in 2023, a decline of approximately 7.6%[22]. - Non-current liabilities decreased significantly to RMB 7,189,000 in 2024 from RMB 87,198,000 in 2023, a reduction of about 91.8%[24]. - Cash and cash equivalents decreased to RMB 280,326,000 in 2024 from RMB 349,490,000 in 2023, a decline of approximately 19.7%[22]. - The company’s total equity increased to RMB 779,522,000 in 2024 from RMB 709,570,000 in 2023, representing a growth of about 9.8%[22]. Future Plans and Projections - The company plans to explore new cooperation models in credit facilitation services while ensuring compliance and utilizing mature risk control models[17]. - In the SaaS business, the company aims to enhance data and product capabilities through increased investment in big data, artificial intelligence, and cloud computing technologies[18]. - The company expects to recognize 100% of the unfulfilled contract transaction value of RMB 16,894,013,000 within the next twelve months[27]. - The company expects to utilize the remaining proceeds for its credit facilitation and SaaS businesses and the development of Vala by December 31, 2027[81]. Corporate Governance and Compliance - The independent auditor's report indicates that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2024[96]. - The company has terminated the consolidation of its subsidiary, Shouhui Kaizhuo Technology Co., Ltd., due to loss of control as of August 3, 2022, resulting in the exclusion of its financial status and performance from the consolidated financial statements[98]. - Legal actions have been initiated against Shouhui Group for the recovery of approximately RMB 101,425,800 in loans, and measures have been taken to freeze the bank accounts of Shouhui Group's operating companies[98]. - The company lacks sufficient evidence to verify the existence and completeness of commitments and contingent liabilities related to Shouhui Group for the years ending December 31, 2023, and December 31, 2024[99].

User Metrics - As of June 30, 2024, the number of registered users of the 51 Credit Card Manager App was approximately 88.8 million, and the cumulative number of managed credit cards was approximately 151.7 million[2]. - Little Blue Book had approximately 6.9 million registered users as of June 30, 2024[2]. Financial Performance - For the six months ended June 30, 2024, the company's revenue was approximately RMB 116.6 million, representing a decrease of approximately 15.8% compared to approximately RMB 138.5 million for the same period in 2023[5]. - The operating loss for the same period was approximately RMB 34.1 million, compared to an operating profit of approximately RMB 7.7 million for the corresponding period in 2023[5]. - The net loss for the six months ended June 30, 2024, was approximately RMB 48.1 million, representing an increase of approximately 674.9% compared to approximately RMB 6.2 million for the same period in 2023[5]. - Non-IFRS adjusted operating loss for the period was approximately RMB 31.5 million, compared to a non-IFRS adjusted operating profit of approximately RMB 9.2 million for the same period in 2023[10]. - Non-IFRS adjusted net loss for the period was approximately RMB 34.1 million, compared to a non-IFRS adjusted net profit of approximately RMB 3.9 million for the same period in 2023[12]. Revenue Breakdown - Total revenue decreased by approximately 15.8% from approximately RMB 138.5 million for the six months ended June 30, 2023, to approximately RMB 116.6 million for the six months ended June 30, 2024[20]. - Credit facilitation business volume was approximately RMB 585.7 million in the first half of 2024, a decrease of approximately 35.2% from approximately RMB 904.1 million in the first half of 2023[14]. - SaaS business revenue decreased to approximately RMB 46.0 million in the first half of 2024 from approximately RMB 52.3 million for the corresponding period in 2023, a decline of approximately 12.0%[22]. - Camping service revenue decreased by approximately 53.5% from approximately RMB 18.5 million for the first half of 2023 to approximately RMB 8.6 million for the first half of 2024[23]. - Credit card technology service fee decreased by approximately 89.7% from approximately RMB 12.9 million for the six months ended June 30, 2023, to approximately RMB 1.3 million for the six months ended June 30, 2024[22]. Operating Expenses - Operating expenses increased by approximately 15.3% from approximately RMB 130.7 million to approximately RMB 150.7 million[25]. - Research and development expenses surged by approximately 194.7% from approximately RMB 9.5 million to approximately RMB 28.0 million, driven by increased investment in the campervan business[28]. - Sales and marketing expenses increased by approximately 56.6% from approximately RMB 12.2 million to approximately RMB 19.1 million, reflecting the launch of the campervan business[27]. - General and administrative expenses rose by approximately 5.5% from approximately RMB 25.5 million to approximately RMB 26.9 million, mainly due to higher external professional service fees[27]. Credit Facilitation and Risk Management - The Day-1 delinquency rate of credit facilitation assets was lower than 4.0%, consistent with the same period last year[14]. - The 30-day collection rate of overdue assets was approximately 79.64%, compared to approximately 81.0% for the corresponding period of 2023[14]. - The expected credit loss changed from a gain of approximately RMB 39.3 million to a loss of approximately RMB 33.7 million, mainly due to underperformance in asset recovery[30]. - The Group's credit facilitation services model enhances the credit of Target Borrowers and facilitates their matching with Funders, generating service and guarantee fees[44]. Cash Flow and Liquidity - For the six months ended June 30, 2024, the Group recorded a net cash outflow of approximately RMB 82.6 million, with RMB 19.0 million from operating activities, RMB 56.3 million from investing activities, and RMB 7.3 million from financing activities[55]. - The Group maintained a net cash position of RMB 192 million, compared to RMB 189 million as of December 31, 2023[53]. - Cash and cash equivalents decreased to RMB 271,142,000 from RMB 349,490,000, a decline of approximately 22.4%[80]. Shareholder Information - As of June 30, 2024, the total number of issued shares is 1,358,320,188[172]. - Mr. Huang Wei holds 327,352,666 shares, representing approximately 24.10% of the issued shares[173]. - The total long position in shares held by directors and executives amounts to 301,222,736 shares, or 22.18% of the issued shares[171]. Regulatory and Compliance - The Group's credit facilitation business complies with relevant regulatory requirements in the PRC, supporting its sustainable business model[49]. - The Group has adopted all new and revised International Financial Reporting Standards (IFRSs) effective for its accounting year beginning on 1 January 2024, with no significant changes to accounting policies[88]. Strategic Initiatives - The company plans to explore new cooperation models in the credit facilitation business and enhance its SaaS platform, Little Blue Book, to improve sales conversion rates and user experience[73][74]. - The company is consolidating its camping services by closing low-efficiency campsites and focusing on urban and boutique campsites to enhance its brand image among young consumers[75][76].

[Clarification Announcement on Interim Results](index=1&type=section&id=中期業績公告之澄清公告) [Non-IFRS Measures](index=1&type=section&id=非國際財務報告準則計量) The announcement clarifies Non-IFRS adjusted operating and net losses for the six months ended June 30, 2024, contrasting with prior period profits Non-IFRS Reconciliation Table | Metric (RMB thousands) | For the six months ended June 30, 2024 | For the six months ended June 30, 2023 | | :--- | :--- | :--- | | **Operating (Loss)/Profit** | **(34,084)** | **7,725** | | Non-IFRS Adjusted Operating (Loss)/Profit | (31,549) | 9,226 | | **Net Loss** | **(48,129)** | **(6,211)** | | Non-IFRS Adjusted Net (Loss)/Profit | (34,102) | 3,898 | [Liquidity, Financial Resources, and Gearing Ratio](index=3&type=section&id=流動資金及財務資源及資產負債比率) The announcement revises comparative disclosures for the Group's liquidity, financial resources, and gearing ratio, showing net cash of RMB 192 million and a significant decrease in gearing ratio to 7.2% as of June 30, 2024 Net Cash Position (RMB millions) | Metric | As of June 30, 2024 | As of December 31, 2023 | | :--- | :--- | :--- | | Cash and Cash Equivalents | 271 | 349 | | Borrowings | (79) | (160) | | **Net Cash** | **192** | **189** | - The Group's gearing ratio (total borrowings/total assets) decreased from **13.8%** as of December 31, 2023, to **7.2%** as of June 30, 2024[4](index=4&type=chunk) Borrowings Maturity Profile (RMB thousands) | Metric | As of June 30, 2024 | As of December 31, 2023 | | :--- | :--- | :--- | | Within one year | 77,328 | 100,804 | | One to two years | 1,328 | 59,684 | | **Total Borrowings** | **78,656** | **160,488** | - For the six months ended June 30, 2024, the annual interest rate for borrowings ranged from **3.1% to 6.5%**, a narrower range compared to **3.3% to 8.04%** in the prior period[4](index=4&type=chunk) [Significant Investments, Acquisitions, and Disposals](index=4&type=section&id=重大投資、收購及出售) The announcement clarifies that for the six months ended June 30, 2024, the Group had no significant investments, capital asset acquisition plans, or major acquisitions or disposals of subsidiaries - For the six months ended June 30, 2024, the Group had no significant investments or specific plans for major investments or capital asset purchases[5](index=5&type=chunk) - For the six months ended June 30, 2024, the Group had no significant acquisitions or disposals of subsidiaries[5](index=5&type=chunk) [Contingent Liabilities](index=4&type=section&id=或然負債) The announcement clarifies that as of June 30, 2024, the Group had no significant contingent liabilities, consistent with December 31, 2023 - As of June 30, 2024, the Group had no significant contingent liabilities[5](index=5&type=chunk) [Employees and Remuneration Policy](index=4&type=section&id=僱員及薪酬政策) The announcement revises comparative data for employees and remuneration policy, showing a slight increase in employee count to 367 but a 21.7% decrease in total staff costs for the six months ended June 30, 2024 Employee and Staff Cost Data | Metric | 2024 H1 / June 30 | 2023 H1 / December 31 | | :--- | :--- | :--- | | Number of Employees | 367 (as of 2024/6/30) | 360 (as of 2023/12/31) | | Total Staff Costs (RMB) | Approx. RMB 52.7 million (for the six months ended 2024/6/30) | Approx. RMB 67.3 million (for the six months ended 2023/6/30) |