Core Viewpoint - Yunxiang Technology (02131.HK) announced the resignation of Wang Chen as Executive Director and CEO due to increased work pressure affecting his personal health, effective July 30, 2025 [1] Group 1 - Wang Chen will also cease to be the company's authorized representative as per Listing Rule 3.05 after his resignation [1] - Xu Jiaqing, the Executive Director and Chairman of the Board, has been appointed as the new authorized representative, effective July 30, 2025 [1]

Core Viewpoint - Wang Chen has resigned as the Executive Director and CEO of Yunxiang Technology due to increased work pressure affecting his health, effective July 30, 2025 [1] Group 1 - Wang Chen will also cease to be the authorized representative of the company as per Listing Rule 3.05 after his resignation [1] - Xu Jiaqing, the Executive Director and Chairman of the Board, has been appointed as the authorized representative, effective July 30, 2025 [1]

Core Viewpoint - Wang Chen, the CEO of Cloud Dream Technology (02131), has resigned due to increased work pressure and personal health reasons, effective July 30, 2025 [1] Group 1 - Wang Chen will no longer serve as the executive director and CEO of the company after his resignation [1] - Xu Jiaqing, the current executive director and chairman of the board, has been appointed as the authorized representative of the company, effective July 30, 2025 [1]

NETJOY HOLDINGS LIMITED 云想科技控股有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：2131） 董事名單與其角色及職能 云想科技控股有限公司董事（「董 事」）會（「董事會」）成 員 載 列 如 下： 執行董事 戴立群先生 王建碩先生 獨立非執行董事 陳長華先生 茹立雲博士 崔雯女士 董 事 會 已 設 立 三 個 委 員 會。各 董 事 委 員 會 的 成 員 載 列 如 下： | | 委員會 | 審 核 | 薪 酬 | 提 名 | | --- | --- | --- | --- | --- | | 董 事 | | 委員會 | 委員會 | 委員會 | | 徐佳慶先生 | | – | – | 主 席 | | 查麗君女士 | | – | – | – | | 戴立群先生 | | 成員 | 成員 | – | | 王建碩先生 | | – | – | – | | 陳長華先生 | | 主席 | 成員 | 成員 | | 茹立雲博士 | | 成員 | 主席 | 成員 | | 崔雯女士 | | – | – | 成 員 | 中 國 • 上 海 二零二五年七月三十日 徐 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 NETJOY HOLDINGS LIMITED 云想科技控股有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：2131） 執行董事及首席執行官辭任 及 授權代表變更 執行董事及首席執行官辭任 云想科技控股有限公司（「本公司」，連 同 其 附 屬 公 司 及 合 併 聯 屬 實 體，統 稱「本 集 團」）董 事（「董 事」）會（「董事會」）謹此宣佈王晨先生（「王先生」）因本年以來工作 壓 力 驟 增 所 致 的 個 人 健 康 原 因，經 慎 重 考 量 辭 任 執 行 董 事 及 本 公 司 首 席 執 行 官（「首席執行官」），該 辭 任 自 二 零 二 五 年 七 月 三 十 日 起 生 效。王 先 生 已 確 認， 彼 與 董 事 會 並 無 意 見 分 歧，亦 無 任 何 與 其 辭 任 有 關 之 任 ...

Core Viewpoint - The micro-short drama industry is rapidly evolving, facing challenges such as content quality and growth management, prompting regulatory bodies to promote professional and high-quality development [2] Group 1: Industry Trends - Micro-short dramas are characterized by their small size, fast pace, and dense plots, making them a vibrant and promising new form of online art [2] - In Xi'an, 60 out of every 100 micro-short dramas in China are produced, with a growing trend towards focusing on realistic themes that resonate with audiences [3] - The micro-short drama industry in Xi'an generated revenue of 160 million yuan last year, supported by a complete industrial chain and continuous content innovation [4] Group 2: Regional Developments - In Zhengzhou, the local government has implemented policies to accelerate the high-quality development of the micro-short drama industry, resulting in an average daily output of 4.3 micro-short dramas [6][7] - The establishment of filming bases in Zhengzhou has led to increased local participation, with many villagers becoming actors and contributing to the local economy [8] - In Dongyang, the transformation of the Hengdian Film and Television City into a micro-short drama filming base has attracted numerous production teams, with over 780 teams visiting in the first quarter of this year [10] Group 3: Technological Innovations - Companies like Yunxiang Technology are utilizing AI to enhance scriptwriting and production efficiency, significantly reducing post-production time from three days to five hours [7] - The integration of technology in micro-short drama production is helping to improve content quality and production speed, making the industry more competitive [10] Group 4: Government Support - The Shaanxi Provincial Broadcasting and Television Bureau has established funding to support the micro-short drama industry, aiming to produce over 200 high-quality dramas in the next two years [5] - Zhengzhou's government has introduced financial subsidies and expedited approval processes to bolster local micro-short drama enterprises [6]

Financial Performance - For the first half of 2024, the total revenue reached RMB 1,558.95 million, a slight decrease of 3.81% compared to RMB 1,620.75 million in the same period of 2023[8]. - Gross profit increased by 6.68% to RMB 129.89 million, up from RMB 121.76 million in the previous year, with a gross margin of 8.33%, an increase of 0.82 percentage points year-on-year[8][11]. - Adjusted net profit for the period was RMB 42.94 million, reflecting a 5.56% increase from RMB 40.68 million in the same period last year[8]. - Total revenue decreased by 3.81% from RMB 1,620.75 million for the six months ended June 30, 2023, to RMB 1,558.95 million for the six months ended June 30, 2024[23]. - The company's net profit decreased by 24.2% from RMB 31.46 million for the six months ended June 30, 2023, to RMB 23.85 million for the six months ended June 30, 2024[48]. - Basic and diluted earnings per share for the period were RMB 3.1 cents, compared to RMB 4.3 cents in the same period last year[112]. - The company reported a total comprehensive income of RMB 31,464 thousand for the six months ended June 30, 2023, which decreased to RMB 23,850 thousand for the same period in 2024, representing a decline of approximately 24.5%[115]. Revenue Breakdown - Revenue from intelligent marketing solutions accounted for 93.7% of total revenue, generating RMB 1,461.54 million in the first half of 2024, down from RMB 1,548.68 million in the same period of 2023[25][26]. - E-commerce service solutions revenue increased to RMB 41.64 million, representing 2.7% of total revenue, compared to RMB 32.86 million or 2.0% in the previous year[25]. - Revenue from innovative businesses, including short drama, rose to RMB 55.77 million, making up 3.6% of total revenue, up from RMB 39.22 million or 2.4% in the prior year[25][26]. - The network gaming sector's revenue contribution increased from 22.1% to 26.9% of the intelligent marketing solutions revenue, reflecting a strategic focus on this vertical[29]. - The financial services sector generated RMB 374.95 million, accounting for 25.7% of the intelligent marketing solutions revenue, down from 26.1% in the previous year[28]. Cost and Expenses - User acquisition costs accounted for 93.3% of total sales costs in the first half of 2024, down from 95.1% in the same period of 2023, with costs of RMB 1,332.6 million compared to RMB 1,425.4 million[32][34]. - Research and development expenses decreased by 39.48% to RMB 3.31 million for the six months ended June 30, 2024, from RMB 5.47 million in 2023[42]. - Sales and distribution expenses increased to RMB 45.02 million in the first half of 2024, up from RMB 32.62 million in the same period of 2023, primarily due to increased promotional spending for short drama business[40]. - Administrative expenses rose by 8.0% to RMB 42.64 million for the six months ended June 30, 2024, compared to RMB 39.48 million in 2023, driven by business expansion and an increase in management personnel[41]. - Other income and gains fell significantly from RMB 18.48 million in the first half of 2023 to RMB 1.48 million in 2024, mainly due to the expiration of government subsidies related to VAT deductions[38]. Assets and Liabilities - As of June 30, 2024, the cash and bank balance was approximately RMB 465 million, ensuring a healthy financial position for future growth[11]. - Non-current assets were valued at RMB 219.55 million, a decrease of 7.62% from RMB 237.66 million as of December 31, 2023[9]. - Current assets increased by 9.12% to RMB 2,628.55 million, compared to RMB 2,408.79 million at the end of 2023[9]. - The current ratio remained stable at 1.87 for the six months ended June 30, 2024, compared to 1.89 in 2023[31]. - The debt-to-asset ratio was 0.50 for the six months ended June 30, 2024, slightly up from 0.49 in 2023[31]. Shareholder Information - As of June 30, 2024, the total number of issued shares of the company is 795,658,000 shares[2]. - Major shareholder CityLinkers Trust holds 315,997,070 shares, accounting for 39.72% of total shares[78]. - Mr. Wang is the beneficial owner of 121,814,831 shares, representing 15.31% of total shares[78]. - Mr. Xu is the beneficial owner of 104,282,288 shares, representing 13.11% of total shares[78]. - The company has a significant shareholder, Schroders Plc, with 79,441,000 shares, representing 9.98% of the total shares[80]. Corporate Governance - The company has maintained compliance with the corporate governance code as per the listing rules during the reporting period[60]. - The audit committee has reviewed the interim financial statements, which have not been audited by the company's auditors[64]. - The company has adopted the standard code for securities transactions by directors and confirmed compliance during the reporting period[61]. Strategic Initiatives - The company continues to focus on the development of intelligent marketing solutions and all-channel e-commerce service solutions, leveraging innovative technologies[11]. - The company aims to enhance its digital marketing capabilities through AIGC technology, focusing on intelligent marketing solutions and operational efficiency[21]. - The company is focusing on "platformization," "diversification," and "internationalization" as core directions for future business development[20]. - The company plans to enhance its international competitiveness and expand into overseas markets, leveraging its experience in the domestic short video marketing sector[22]. Employee and Management Compensation - Employee compensation expenses, including directors' remuneration, totaled RMB 49.26 million for the six months ended June 30, 2024[57]. - Total remuneration for directors and senior management for the six months ended June 30, 2024, was RMB 6,687 thousand, compared to RMB 2,068 thousand in the same period last year, reflecting a significant increase[142]. - The five highest-paid employees, including three directors, received total compensation of RMB 4,747 thousand for the six months ended June 30, 2024, compared to RMB 853 thousand in the same period last year[145]. Taxation - The income tax expense increased slightly from RMB 5.29 million for the six months ended June 30, 2023, to RMB 5.32 million for the six months ended June 30, 2024[48]. - The effective tax rate for the six months ended June 30, 2024, was 18% compared to 14% for the same period in 2023, showing an increase in the effective tax burden[152]. - The income tax expense in mainland China for the six months ended June 30, 2024, was RMB 5,034,000, a decrease from RMB 9,036,000 in the same period of 2023, reflecting a significant reduction of approximately 44.3%[151]. Cash Flow and Investments - Operating cash flow for the six months ended June 30, 2024, was RMB 54,635 thousand, significantly lower than RMB 313,398 thousand for the same period in 2023, indicating a decrease of about 82.6%[116]. - The company experienced a net cash inflow from investing activities of RMB 8,128 thousand for the six months ended June 30, 2024, compared to a net outflow of RMB 75,715 thousand in the same period of 2023[117]. - The company’s cash flow management strategy includes maintaining cash in reputable banks with no recent default records, ensuring liquidity for operational needs[170]. Subsidiaries and Investments - The company has 100% ownership in several subsidiaries, including 合光（宁波）科技有限公司 and 云想数科（西安）信息技术有限公司, each with a registered capital of $10 million[119]. - The company controls subsidiaries like 嗨皮（上海）网络科技有限公司 with a registered capital of 53,528,203 RMB, which operates an entertainment content platform[122]. - The total number of subsidiaries listed indicates a strong presence in marketing services, technology consulting, and e-commerce sectors[121]. Stock Options and Share Plans - The company has a stock option plan that allows for the grant of unexercised options up to 10% of the total issued shares at any time, with a maximum of 1% per participant within any twelve-month period[182]. - The company granted a total of 40 million restricted share units to four directors and three employees on December 28, 2023, with vesting scheduled over three years[184]. - The share option plan includes a total of 3,626,604 shares with an exercise price of HKD 0.816, set to expire on July 31, 2024[92].

Financial Performance - The total revenue for the first half of 2024 was approximately RMB 1.56 billion, a slight decrease of 3.81% compared to RMB 1.62 billion in the same period of 2023[1]. - Adjusted net profit for the first half of 2024 was RMB 429.4 million, a rise of 5.56% compared to RMB 406.8 million in the previous year[1]. - Total revenue for the six months ended June 30, 2024, was RMB 1,558.95 million, a decrease of 3.81% from RMB 1,620.75 million for the same period in 2023[14]. - The net profit for the six months ended June 30, 2024, was RMB 23.85 million, a decrease of 24.2% from RMB 31.46 million for the same period in 2023[36]. - The net profit margin decreased to 1.53% for the six months ended June 30, 2024, down from 1.94% in the previous year[21]. Profitability Metrics - Gross profit increased by 6.68% to RMB 129.89 million, up from RMB 121.76 million year-on-year, with a gross margin of 8.33%, an increase of 0.82 percentage points[2]. - The gross profit margin improved to 8.33% for the six months ended June 30, 2024, compared to 7.51% in the same period of 2023[21]. - The gross profit margin of the e-commerce service solution increased by 10.69% year-on-year to 27.50%[8]. - The company’s gross profit for the six months ended June 30, 2024, was RMB 129.9 million, an increase of 6.68% from RMB 121.8 million for the same period in 2023[26]. Revenue Breakdown - Revenue from intelligent marketing solutions accounted for 93.7% of total revenue, generating RMB 1,461.54 million in the first half of 2024[15]. - E-commerce service solutions generated RMB 41.64 million, representing 2.7% of total revenue for the first half of 2024, up from 2.0% in the same period of 2023[15]. - Innovative business, including short video services, generated RMB 55.77 million, accounting for 3.6% of total revenue in the first half of 2024[16]. - Revenue from integrated marketing solutions (multi-in-one service) was RMB 1,429,517 thousand, down from RMB 1,520,690 thousand, reflecting a decline of 6.0%[63]. Cost Management - Total sales costs for the six months ended June 30, 2024, were RMB 1,429,063 thousand, compared to RMB 1,498,990 thousand in the same period of 2023[22]. - The cost of traffic acquisition accounted for 93.3% of total sales costs in the first half of 2024, down from 95.1% in the same period of 2023[22]. - Employee benefits expenses decreased to RMB 17,603 thousand, representing 1.2% of total sales costs, compared to RMB 20,201 thousand or 1.3% in the previous year[23]. Cash and Financial Position - As of June 30, 2024, the company's cash and bank balance was approximately RMB 465 million, indicating a healthy financial position for future growth[2]. - Cash and bank balances increased from RMB 363.61 million as of December 31, 2023, to RMB 465.17 million as of June 30, 2024, reflecting a growth of 28.0%[38]. - Bank loans amounted to approximately RMB 451.45 million as of June 30, 2024, up from RMB 414.94 million as of December 31, 2023, indicating an increase of 8.8%[38]. - The current ratio for the company was 1.87 for the six months ended June 30, 2024, slightly down from 1.89 in the previous year[21]. Strategic Initiatives - The company aims to focus on "platformization," "diversification," and "internationalization" to build a resilient business ecosystem and enhance digital operational capabilities[10]. - The company plans to continue increasing R&D investment to drive the implementation of emerging technologies and maintain its leading position in the short video marketing sector[10]. - The company is focusing on international market expansion, leveraging its domestic short video marketing capabilities to support overseas clients[13]. - The company plans to enhance its e-commerce service solutions, aiming to create a comprehensive integrated intelligent e-commerce ecosystem[12]. Subsidiaries and Market Presence - The company has established multiple subsidiaries in China, focusing on various services including technology consulting and marketing services, with total registered capital ranging from 1 million to 10 million RMB[54][55][56]. - The company holds a 100% equity interest in several subsidiaries, indicating full control over their operations and financial outcomes[54][55][56]. - The company is exploring market expansion through its various subsidiaries, which are involved in e-commerce and consulting services[55][56]. - The company has established a significant presence in the digital culture sector through its subsidiary Shaanxi Ju You Yin Li, which focuses on digital cultural services[56]. Governance and Compliance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange regulations[83]. - The audit committee consists of two independent non-executive directors and one non-executive director, ensuring compliance with governance standards[84]. - The interim financial results for the six months ending June 30, 2024, have not been audited but have been reviewed by the audit committee[85].

Financial Performance - The company reported a net profit of RMB 7.49 million for the year ended December 31, 2023, a significant recovery from a net loss of RMB 178.57 million in 2022[10]. - The net profit margin improved to 0.25% in 2023 from a net loss margin of 5.39% in 2022[10]. - Total operating costs for the year ended December 31, 2023, were RMB 2,759,140 thousand, a decrease from RMB 3,279,603 thousand in 2022, representing a reduction of approximately 15.8%[1]. Cost Structure - The cost of user acquisition was RMB 2,606,899 thousand, accounting for 94.5% of total costs, down from 96.2% in the previous year[1]. - Employee benefits expenses increased to RMB 47,939 thousand, representing 1.7% of total costs, compared to 1.3% in 2022[1]. - Research and development expenses rose significantly from RMB 0.65 million in 2022 to RMB 6.04 million in 2023, mainly due to foreign exchange losses[9]. Cash Flow and Financial Position - Cash and bank balances increased from RMB 290.81 million in 2022 to RMB 363.61 million in 2023, primarily due to business expansion[14]. - Bank loans decreased to approximately RMB 414.94 million as of December 31, 2023, down from RMB 574.73 million in the previous year[15]. - The company recorded a cash reserve available for distribution of approximately RMB 1,432.99 million as of December 31, 2023, compared to RMB 1,411.32 million as of December 31, 2022[45]. Business Strategy and Risks - The company plans to enhance its content production capabilities and improve big data analysis and AI capabilities as part of its expansion strategy[14]. - The company will continue to monitor foreign exchange risks closely, as most transactions are denominated in RMB[16]. - The company has faced negative cash flow from operating activities, which may limit operational flexibility and adversely affect business, financial condition, and performance[40]. Shareholder and Management Information - The total number of shares issued by the company as of December 31, 2023, is 795,658,000 shares[134]. - Mr. Wang holds 121,814,831 shares, representing approximately 15.31% of the company's total shares[130]. - The company has established special purpose entities for its executives, which are considered as direct holdings under the Securities and Futures Ordinance[135]. Share Incentive Plans - The company issued stock options to 22 participants, allowing them to purchase a total of 63,514,812 shares at an exercise price of HKD 0.816 per share, representing approximately 7.98% of the total issued shares as of December 31, 2023[48]. - The company has granted stock options totaling 7,203,249 shares, representing approximately 8.82% of the issued shares as of the report date[192]. - The company’s share option plan allows for the issuance of shares based on performance metrics, enhancing alignment with shareholder interests[175]. Supplier and Customer Concentration - The top five suppliers accounted for 87.49% of the total purchase amount during the reporting period, down from 92.05% in 2022, with the largest supplier representing 35.83% of total purchases, up from 28.5% in 2022[72]. - The group's top five customers accounted for 24.2% of total revenue, down from 27.4% in 2022, with the largest single customer contributing 8.6% of total revenue compared to 11.2% in 2022[87]. Employment and Labor Relations - The company has not experienced any employee strikes or labor disputes that could significantly impact its business[64]. - The company plans to continue granting share-based incentive awards to employees to encourage contributions to growth and development[35].

Employee and Compensation - The company has 351 full-time employees as of December 31, 2023, with the majority located in Shanghai (308), followed by Xi'an (23), Beijing (12), and Xinjiang (8) [21] - Total employee compensation, including directors' remuneration, amounted to RMB 121.19 million for the year ending December 31, 2023 [21] - The company has a defined contribution retirement plan and is required to contribute a certain percentage of salary costs to the central pension plan in mainland China [23] - The company plans to continue offering equity-based incentive rewards to employees to encourage contributions to its growth and development [22] - The company has not experienced any employee strikes or labor disputes that could significantly impact its business [21] Financial Performance - Revenue for the year 2023 was RMB 3,009.89 million, a decrease of 9.07% compared to RMB 3,310.09 million in 2022 [46] - Gross profit increased significantly to RMB 250.75 million, representing a growth of 722.62% from RMB 30.48 million in the previous year [46] - The net profit for the year was RMB 7.49 million, a turnaround from a loss of RMB 178.57 million in 2022, marking an improvement of 104.19% [46] - Adjusted net profit reached RMB 24.96 million, compared to a loss of RMB 199.13 million in the prior year, reflecting a 112.53% increase [46] - Total comprehensive income attributable to the parent company was RMB 8.80 million, a substantial recovery from a loss of RMB 178.06 million in 2022 [47] - Basic earnings per share for the parent company owners was RMB 1.1 cents, a recovery from a loss of RMB 22.9 cents per share in the previous year [47] - The total equity attributable to the parent company increased to RMB 1,386.50 million from RMB 1,370.95 million [49] - The company reported a pre-tax profit of RMB 9,405 thousand for 2023, a significant recovery from a loss of RMB 202,225 thousand in 2022 [83] - The effective tax expense for 2023 was RMB 1,920 thousand, compared to a tax expense of RMB (23,651) thousand in 2022, indicating improved tax management [83] - The net profit attributable to ordinary shareholders for 2023 was RMB 8,796 thousand, recovering from a loss of RMB (178,057) thousand in 2022 [85] Assets and Liabilities - As of December 31, 2023, the total non-current assets amounted to RMB 237,663 million, an increase from RMB 141,874 million in the previous year, reflecting a growth of approximately 67.5% [26] - The total current assets reached RMB 2,408,787 million, compared to RMB 2,207,219 million in the prior year, indicating an increase of about 9.1% [26] - The total liabilities for current liabilities were RMB 1,252,130 million, up from RMB 973,611 million, representing a rise of approximately 28.6% [26] - The net assets stood at RMB 1,385,176 million, slightly increasing from RMB 1,370,929 million, which is a growth of about 1.0% [28] Corporate Governance and Strategy - The company is committed to maintaining high standards of corporate governance to protect shareholder interests [16] - The company is focused on expanding its market presence and developing new products and technologies as part of its strategic initiatives [22] - The company is actively seeking strategic partnerships or investment opportunities to enhance long-term business collaboration and market presence [190] - The company plans to enhance its technological capabilities and expand its international business as part of its strategic focus on "platformization," "diversification," and "internationalization" for 2024 [183] Market and Revenue Streams - The group primarily generates revenue from advertising optimization services, with a focus on maximizing advertisers' return on investment [69] - The company provided comprehensive marketing services to 29,643 advertisers across 277 vertical industries, covering sectors such as financial services, internet services, and e-commerce [149] - The company is focusing on expanding its financial services and online gaming sectors to drive future growth [199] - The company aims to enhance brand recognition for its clients by providing customized marketing content services in overseas markets, supported by AI translation and virtual image synthesis technologies [128] Research and Development - Research and development expenses rose to RMB 21.90 million from RMB 8.80 million, indicating a focus on innovation and product development [47] - The company is investing more resources into AIGC technology development and application, aiming to improve efficiency in content production [178] - The company is investing in 3D content and has established a high-standard virtual reality production base to enhance its marketing service capabilities [153] Taxation and Compliance - The company is eligible for a corporate income tax exemption from January 1, 2017, to December 31, 2021, and a 40% exemption on local taxes from January 1, 2022, to December 31, 2026 [81] - The group is currently in a tax loss position, with tax exemption periods not yet commenced as of December 31, 2023 [108] Operational Efficiency - The establishment of the new headquarters in Xi'an has optimized the company's business management model and cost structure, enhancing internal resource allocation and operational efficiency [156] - The company has integrated various platforms to enhance its marketing chain efficiency, including automated content generation technologies [152] Awards and Recognition - The company has received multiple industry awards, including the "Gold Award for Creative Communication" at the 14th Golden Mouse Digital Marketing Awards and the "Annual Sustainable Business Award" from the Giant Engine 2022-2023 [123]