智通财经APP获悉，摩比发展(00947)、石四药集团(02005)、万咖壹联(01762)、网龙(00777)、VITASOY INT'L(00345)、中国恒有源集团(08128)、信利国际(00732)、康臣药业(01681)、归创通桥-B(02190)、固 生堂(02273)、燕之屋(01497)、联易融科技-W(09959)、亲亲食品(01583)、骏杰集团控股(08188)、国际 家居零售(01373)、希玛眼科(03309)、浩德控股(08149)、金涌投资(01328)、首佳科技(00103)、蒙牛乳业 (02319)、乐华娱乐(02306)、威高股份(01066)、药师帮(09885)、美丽田园医疗健康(02373)、医渡科技 (02158)、连连数字(02598)、康宁医院(02120)、彩客新能源(01986)、科济药业-B(02171)、云工场 (N23027)、易点云(02416)、中国三江化工(02198)于2025年10月21日进行了回购。其中，回购金额最大 的为云工场(N23027)，回购数量210.00 万，回购金额822.03 万元。 | 股票名称 | 回购数 | 回购额 ...

Core Viewpoint - The company Easy Point Cloud (02416) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1 - The company will repurchase 135,000 shares at a total cost of HKD 284,600 [1] - The buyback price per share ranges from HKD 2.09 to HKD 2.12 [1] - The buyback is scheduled for October 21, 2025 [1]

Core Viewpoint - Easy Point Cloud (02416) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Summary by Categories Company Actions - The company plans to repurchase 135,000 shares at a total cost of HKD 284,600 [1] - The buyback price per share ranges from HKD 2.09 to HKD 2.12 [1] Financial Implications - The total expenditure for the buyback represents a strategic investment in the company's own equity, potentially enhancing shareholder value [1]

Core Viewpoint - Easy Point Cloud (02416.HK) announced a share buyback on October 21, spending HKD 285,000 to repurchase 135,000 shares [1] Summary by Category - **Company Actions** - The company executed a buyback of 135,000 shares at a cost of HKD 285,000 on October 21 [1]

FF305 第 1 頁 共 6 頁 v 1.3.0 FF305 確認 根據《主板上市規則》第13.25C條 / 《GEM上市規則》第17.27C條，我們在此確認，據我們所知所信，第一章節所述的每項股份發行或庫存股份出售或轉讓已獲發行人董事會正式授權批准，並遵 照所有適用上市規則、法律及其他監管規定進行，並在適用的情況下： (註7) 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 易點雲有限公司 呈交日期： 2025年10月21日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 | 是 | | ...

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 或任何部分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。 Edianyun Limited 易點雲有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2416） 補充公告 根 據2023年股份計劃授出購股權 茲提述本公司日期為2025年9月5日之根據2023年 股 份 計 劃 授 出 購 股 權 的 公 告（「該 公告」）。除文義另有所指外，本公告所使用詞彙與該公告所界定者具有相同涵義。 本公司謹此提供與授出此批購股權有關的進一步資料： 之數目 對應購股權之歸屬期 其 他 承 授 人（167名本集團僱員） 其中： 於2025年9月5日，根據2023年股份計劃及更新計劃授權限額，本公司向承授人授 出合共5,323,100份購股權以認購本公司股本中每股面值0.00005美 元 的 普 通 股， 其中有關授出之購股權的歸屬期的進一步資料如下： 承授人 授出購股權 之數目 對應購股權之歸屬期 董 事 | 賀亮先生 | 625,500 | 歸屬期為48個月，期間授出 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年9月30日 | | | | 狀態: 新提交 | | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | 公司名稱: | 易點雲有限公司 | | | | | | 呈交日期: | 2025年10月8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) | 02416 | 說明 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,400,000,000 | USD | | 0.00005 | USD | | 70,000 | | 增加 / 減少 (-) | | ...

[Company Information](index=3&type=section&id=Company%20Information) This section provides key details about the company's executive and independent non-executive directors, auditor, stock code, and listing date - Executive Directors include Dr. Ji Pengcheng (Chairman and CEO), Mr. Zhang Bin, Mr. He Liang, and Mr. Tong Jian[4](index=4&type=chunk) - Independent Non-Executive Directors include Mr. Hong Weili, Mr. Song Shiji, Mr. Wang Jingbo, and Ms. Li Dan[4](index=4&type=chunk) - The company's auditor is Deloitte Touche Tohmatsu[4](index=4&type=chunk) - The company's stock code is SEHK: 2416, and its listing date was May 25, 2023[5](index=5&type=chunk) [Financial Highlights](index=5&type=section&id=Financial%20Highlights) This section summarizes the key financial performance for the six months ended June 30, 2025, compared to the same period last year, showing growth in revenue, profit before tax, profit and total comprehensive income for the period, adjusted net profit, and adjusted EBITDA Key Financial Data for H1 2025 (Unaudited) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 699,640 | 646,888 | 8.2 | | Cost of Sales | (411,700) | (369,917) | 11.3 | | Gross Profit | 287,940 | 276,971 | 4.0 | | Profit Before Tax | 54,064 | 21,269 | 154.2 | | Profit and Total Comprehensive Income for the Period | 45,745 | 16,481 | 177.6 | | Adjusted Net Profit* | 51,179 | 30,714 | 66.6 | | Adjusted EBITDA* | 384,989 | 320,628 | 20.1 | - Adjusted net profit is defined as net profit for the period adjusted by adding back share-based payment expenses[6](index=6&type=chunk) - EBITDA is defined as profit and total comprehensive income for the period, adding back net finance costs, income tax expense, depreciation, and amortization[6](index=6&type=chunk) [Management Discussion and Analysis](index=5&type=section&id=Management%20Discussion%20and%20Analysis) This section details the company's business operations, financial performance, market strategies, and future outlook for H1 2025, highlighting revenue and profit growth driven by pay-as-you-go office IT solutions, increased customer and in-service device counts, and AI business exploration, alongside operational efficiency improvements, enhanced remanufacturing capabilities, and active capital management [Business Review](index=6&type=section&id=Business%20Review) In H1 2025, the company focused on providing one-stop office IT solutions via a subscription model for enterprise clients, particularly SMEs, achieving growth in customer and in-service device counts, launching proprietary IT equipment to address macroeconomic challenges, and making initial progress in AI business [Competitive Strengths](index=6&type=section&id=Competitive%20Strengths) The company leverages its position as the largest office IT solutions provider, offering flexible subscription models and comprehensive support to enhance customer experience and capital flow - As the largest office IT integrated solutions provider nationwide, the company offers 24/7 uninterrupted IT support and maintenance, enhancing customer experience[8](index=8&type=chunk) - The pay-as-you-go subscription model allows customers flexible equipment access based on demand, avoiding purchase costs and promoting capital flow and business development[8](index=8&type=chunk) - Providing one-stop office IT integrated solutions offers extensive technical support to customers, avoiding the hassle of dealing with multiple vendors[8](index=8&type=chunk) [Revenue Streams](index=6&type=section&id=Revenue%20Streams) The company's revenue primarily stems from pay-as-you-go office IT integrated solutions, equipment sales, and SaaS product subscriptions - Revenue is primarily generated through pay-as-you-go subscription models for office IT integrated solutions, including hardware, equipment configuration, deployment, O&M support, performance optimization, and equipment management services[10](index=10&type=chunk) - Equipment sales are offered through installment payments for new devices, buyouts of used devices by existing subscribers, or sales of used devices via online bidding platforms[10](index=10&type=chunk) - The company develops SaaS products like "Yipandian" to help enterprise customers manage assets and inventory, charging annual subscription fees[10](index=10&type=chunk) [Disclosure of Key Operating Data](index=8&type=section&id=Disclosure%20of%20Key%20Operating%20Data) Key operating metrics for H1 2025 show growth in active, subscription, and core customer numbers, an increase in devices in service, and an improved net cash retention rate Changes in Key Operating Indicators | Indicator | 2024 | 2025 | Change | | :--- | :--- | :--- | :--- | | Active Customer Count (as of June 30) | 49,737 | 52,357 | 5.3% increase | | Subscription Customer Count (as of June 30) | 48,705 | 51,769 | 6.3% increase | | Core Customer Count (as of June 30) | 26,436 | 27,709 | 4.8% increase | | Number of Devices in Service (as of June 30) | 1,329,721 | 1,480,599 | 11.3% increase | | Net Cash Retention Rate | 88.8% | 96.8% | 8.0 percentage points improvement | | Net Cash Retention Rate for Pay-as-you-go Office IT Integrated Solutions | 90.0% | 96.4% | 6.4 percentage points improvement | - In H1 2025, the equipment utilization rate remained high at **88.9%**[14](index=14&type=chunk) [Increase in Customer Count and Improvement in New Customer Quality](index=9&type=section&id=Increase%20in%20Customer%20Count%20and%20Improvement%20in%20New%20Customer%20Quality) The company achieved growth in active and core customer numbers, along with an increase in devices in service, driven by effective sales strategies and service optimization - Active customer count grew to **52,357**, a **5.3% year-on-year increase**, attributed to sales strategies, new product R&D, enhanced technological advantages, and optimized service capabilities[15](index=15&type=chunk) - Core customer count increased to **27,709**, a **4.8% year-on-year increase**, with core customers accounting for **86.5%** of devices in service[17](index=17&type=chunk) - The number of devices in service exceeded **1.48 million**, and increased customer density optimized engineer service efficiency and quality[17](index=17&type=chunk) [Impact of Macroeconomic Conditions and New Product R&D](index=10&type=section&id=Impact%20of%20Macroeconomic%20Conditions%20and%20New%20Product%20R%26D) The company responded to a "weak recovery" macroeconomic environment by launching proprietary IT equipment to reduce monthly subscription fees and increase per-customer device subscriptions for existing clients - The "weak recovery" macroeconomic environment led SMEs to seek cost reduction and efficiency improvements, putting pressure on average monthly subscription fees[18](index=18&type=chunk) - The company launched proprietary IT equipment, significantly lowering monthly subscription fees to meet SME office IT needs[18](index=18&type=chunk) - Driven by new product launches and sales strategies, the average number of subscribed devices per existing customer increased from **29 to 31**[18](index=18&type=chunk) [Implementation and Active Exploration of AI Business](index=10&type=section&id=AI%20Business%20Implementation%20and%20Active%20Exploration) The company is actively exploring AI business by launching self-developed AI PC workstations to meet market demand for local large model deployment, aiming to enhance office IT efficiency for SMEs - Responding to market demand for AI PC hardware, the company launched its self-developed Yidianyun AP series workstations, supporting local deployment of large models and generating significant subscription demand[19](index=19&type=chunk) - This product helps SMEs achieve local large model deployment at minimal cost, enhancing office IT efficiency[19](index=19&type=chunk) - The company will continue to deepen its presence in the AI field, helping SMEs build their own AI capabilities and serving the enterprise service market[19](index=19&type=chunk) [Outlook](index=11&type=section&id=Outlook) The company plans to enhance product offerings, strengthen its sales team, improve digital remanufacturing capabilities, and leverage its ESG attributes to address SME recovery challenges and capitalize on asset-light operating opportunities - The company will focus on product enhancement, planning to launch several key products in H2 2025 to optimize and refine its product matrix[20](index=20&type=chunk) - Sales team operations will be strengthened through recruitment and training of excellent sales talent, and AI-based business analytics will be applied to improve sales efficiency and effectiveness[20](index=20&type=chunk) - Investment and R&D in remanufacturing technology will be increased to enhance digital capabilities, reduce per-unit remanufacturing costs, with independently developed keyboard detection robots already in production[20](index=20&type=chunk) - The core business possesses ESG attributes, extending equipment lifespan through remanufacturing and reducing waste and carbon emissions[21](index=21&type=chunk) - Significant growth in active customer count and devices in service indicates the company has overcome adverse factors and returned to a growth trajectory, with market penetration of office IT integrated solutions expected to continue increasing[21](index=21&type=chunk) [Significant Events After the Reporting Period](index=11&type=section&id=Significant%20Events%20After%20the%20Reporting%20Period) Subsequent to the reporting period, the company subscribed to cash management wealth management products totaling USD 26,534,700 to enhance capital utilization and increase income from idle funds - Between June 6, 2025, and July 9, 2025, the company subscribed to wealth management products totaling **USD 26,534,700** from Shenwan Hongyuan Securities (Hong Kong)[22](index=22&type=chunk) - These cash management products have an expected annualized return rate of **2%-4.5%**, an investment period not exceeding one year, are redeemable at any time, and carry low risk[55](index=55&type=chunk) - The subscriptions were funded by the Group's surplus cash reserves[22](index=22&type=chunk) [Financial Analysis](index=12&type=section&id=Financial%20Analysis) In H1 2025, the company's revenue grew by **8.2%** primarily driven by pay-as-you-go office IT integrated solutions, while gross profit margin slightly decreased, profit before tax, profit for the period, adjusted net profit, and EBITDA all significantly increased, reflecting effective cost control and improved operational efficiency [Revenue](index=12&type=section&id=Revenue) Revenue for H1 2025 increased by **8.2%** year-on-year, primarily driven by growth in pay-as-you-go office IT integrated solutions and equipment sales Revenue Composition and Change (for the six months ended June 30) | Revenue Segment | 2025 (RMB thousands) | Share (%) | 2024 (RMB thousands) | Share (%) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Pay-as-you-go Office IT Integrated Solutions | 625,893 | 89.5 | 576,875 | 89.2 | 8.5 | | Equipment Sales | 67,915 | 9.7 | 64,077 | 9.9 | 6.0 | | SaaS and Other Services | 5,832 | 0.8 | 5,936 | 0.9 | (1.8) | | **Total** | **699,640** | **100.0** | **646,888** | **100.0** | **8.2** | - Revenue from pay-as-you-go office IT integrated solutions increased by **8.5%**, mainly due to significantly improved sales efficiency from effective sales strategies and a robust sales operation system, leading to rapid growth in customer count and per-customer subscribed devices[24](index=24&type=chunk) - Equipment sales revenue increased by **6.0%**, primarily due to an increase in the volume of equipment sold compared to the same period last year[25](index=25&type=chunk) - SaaS and other services revenue decreased by **1.8%**, mainly due to reduced system development revenue and external maintenance services[26](index=26&type=chunk) [Cost of Sales](index=13&type=section&id=Cost%20of%20Sales) Total cost of sales increased by **11.3%** to **RMB 411.7 million**, primarily due to higher depreciation costs from an increase in subscribed equipment - Total cost of sales was **RMB 411.7 million**, an **11.3% increase** from the same period last year, primarily due to increased equipment depreciation costs[27](index=27&type=chunk) Cost of Sales Composition and Change (for the six months ended June 30) | Cost of Sales Segment | 2025 (RMB thousands) | Share (%) | 2024 (RMB thousands) | Share (%) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Pay-as-you-go Office IT Integrated Solutions | 338,890 | 82.3 | 301,701 | 81.6 | 12.3 | | Equipment Sales | 70,613 | 17.2 | 66,963 | 18.1 | 5.5 | | SaaS and Other Services | 2,197 | 0.5 | 1,253 | 0.3 | 75.3 | | **Total** | **411,700** | **100.0** | **369,917** | **100.0** | **11.3** | - Cost of sales for pay-as-you-go office IT integrated solutions increased by **12.3%**, mainly due to higher depreciation costs resulting from an increase in the number of subscribed devices[29](index=29&type=chunk) - Equipment sales cost increased by **5.5%**, primarily due to an increase in the volume of equipment sold compared to the same period last year[30](index=30&type=chunk) [Gross Profit and Gross Profit Margin](index=14&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) Total gross profit increased by **4.0%** to **RMB 287.9 million**, while the overall gross profit margin decreased from **42.8% to 41.2%** - Total gross profit was **RMB 287.9 million**, a **4.0% year-on-year increase**; gross profit margin decreased from **42.8% to 41.2%**[31](index=31&type=chunk) Gross Profit and Gross Profit Margin Composition and Change (for the six months ended June 30) | Segment | 2025 Gross Profit (RMB thousands) | 2025 Gross Profit Margin (%) | 2024 Gross Profit (RMB thousands) | 2024 Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | :--- | | Pay-as-you-go Office IT Integrated Solutions | 287,003 | 45.9 | 275,174 | 47.7 | | Equipment Sales | (2,698) | (4.0) | (2,886) | (4.5) | | SaaS and Other Services | 3,635 | 62.3 | 4,683 | 78.9 | | **Total** | **287,940** | **41.2** | **276,971** | **42.8** | - Gross profit margin for pay-as-you-go office IT integrated solutions decreased by **1.8 percentage points**, primarily due to increased depreciation costs from a higher number of devices[33](index=33&type=chunk) - Equipment sales loss decreased by **6.5%**, and the loss rate decreased by **0.5 percentage points**, mainly due to the company adjusting its sales strategies and product categories based on market conditions[34](index=34&type=chunk) [Research and Development Expenses](index=15&type=section&id=Research%20and%20Development%20Expenses) Research and development expenses decreased by **9.1%** to **RMB 30.0 million**, primarily due to lower cloud server costs and improved bargaining power - Research and development expenses were **RMB 30.0 million**, a **9.1% year-on-year decrease**, mainly due to lower cloud server costs and improved bargaining power[35](index=35&type=chunk) [General and Administrative Expenses](index=15&type=section&id=General%20and%20Administrative%20Expenses) General and administrative expenses decreased by **39.8%** to **RMB 42.6 million**, primarily due to reduced share-based payment expenses and enhanced office efficiency through AI tools - General and administrative expenses were **RMB 42.6 million**, a **39.8% year-on-year decrease**, mainly due to reduced share-based payment expenses and improved overall office efficiency through the use of AI tools[36](index=36&type=chunk) [Other Income](index=15&type=section&id=Other%20Income) Other income increased by **6.6%** to **RMB 7.3 million**, primarily due to government grants received from Beijing and Chengdu to support foreign-invested enterprises - Other income was **RMB 7.3 million**, a **6.6% year-on-year increase**, mainly due to government subsidies received from Beijing and Chengdu to support foreign-invested enterprises during the period[37](index=37&type=chunk) [Other Gains and Losses](index=15&type=section&id=Other%20Gains%20and%20Losses) Net loss from other gains and losses increased by **36.1%** to **RMB 8.7 million**, primarily due to higher losses from the write-off of leased computer equipment - Net loss was **RMB 8.7 million**, a **36.1% year-on-year increase**, mainly due to increased losses from the write-off of leased computer equipment[38](index=38&type=chunk) [Impairment Losses Under Expected Credit Loss Model, Net of Reversals](index=15&type=section&id=Impairment%20Losses%20Under%20Expected%20Credit%20Loss%20Model%2C%20Net%20of%20Reversals) Impairment losses increased by **RMB 1.8 million** to **RMB 15.5 million**, primarily due to an increase in trade receivables driven by revenue growth - Impairment losses were **RMB 15.5 million**, an increase of **RMB 1.8 million** year-on-year, mainly due to increased trade receivables resulting from the company's revenue growth[39](index=39&type=chunk) [Finance Costs](index=16&type=section&id=Finance%20Costs) Finance costs increased by **RMB 5.2 million** to **RMB 63.1 million**, driven by increased borrowing volume to support market expansion and equipment procurement, despite a decrease in borrowing interest rates - Finance costs were **RMB 63.1 million**, an increase of **RMB 5.2 million** year-on-year, mainly due to increased borrowing volume to support market expansion and equipment procurement, while borrowing interest rates continued to decline[40](index=40&type=chunk) - Borrowing interest rates ranged from **2.15% to 12%** (compared to **3.15% to 12%** in the same period of 2024)[48](index=48&type=chunk) [Income Tax Expense](index=16&type=section&id=Income%20Tax%20Expense) Income tax expense increased to **RMB 8.3 million** from **RMB 4.8 million** in the prior year, primarily due to the recognition of deferred tax - Income tax expense was **RMB 8.3 million**, compared to **RMB 4.8 million** in the same period of 2024, mainly due to the recognition of deferred tax[41](index=41&type=chunk) [Profit and Total Comprehensive Income for the Period](index=16&type=section&id=Profit%20and%20Total%20Comprehensive%20Income%20for%20the%20Period) Profit for the period increased by **RMB 29.3 million** to **RMB 45.7 million**, representing a **177.6% year-on-year growth** - Profit for the period was **RMB 45.7 million**, an increase of **RMB 29.3 million** compared to **RMB 16.5 million** in the same period of 2024, representing a **177.6% year-on-year increase**[42](index=42&type=chunk) [Adjusted Profit (Non-IFRS Measure)](index=16&type=section&id=Adjusted%20Profit%20(Non-IFRS%20Measure)) Adjusted net profit for the period increased by **66.6%** year-on-year Adjusted Net Profit Reconciliation (for the six months ended June 30) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit and Total Comprehensive Income for the Period | 45,745 | 16,481 | | Add: Share-based Payment Expenses | 5,434 | 14,233 | | **Adjusted Net Profit for the Period** | **51,179** | **30,714** | - Adjusted net profit increased by **66.6%** year-on-year[6](index=6&type=chunk) [EBITDA and Adjusted EBITDA (Non-IFRS Measure)](index=17&type=section&id=EBITDA%20and%20Adjusted%20EBITDA%20(Non-IFRS%20Measure)) Adjusted EBITDA for the period increased by **20.1%** year-on-year EBITDA and Adjusted EBITDA Reconciliation (for the six months ended June 30) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit and Total Comprehensive Income for the Period | 45,745 | 16,481 | | Add: Net Finance Costs | 61,392 | 54,340 | | Add: Income Tax Expense | 8,319 | 4,788 | | Add: Depreciation | 263,860 | 230,581 | | Add: Amortization | 239 | 205 | | **EBITDA** | **379,555** | **306,395** | | Add: Share-based Payment Expenses | 5,434 | 14,233 | | **Adjusted EBITDA** | **384,989** | **320,628** | - Adjusted EBITDA increased by **20.1%** year-on-year[6](index=6&type=chunk) [Capital Management, Financing, and Financial Policies](index=18&type=section&id=Capital%20Management%2C%20Financing%2C%20and%20Financial%20Policies) The company is committed to maintaining its going concern ability, providing shareholder returns, and ensuring sufficient cash flow through prudent financing policies to support business expansion and operational needs - The primary objectives of capital management are to maintain going concern ability, provide returns to shareholders, and sustain an optimal capital structure to enhance long-term shareholder value[46](index=46&type=chunk) - Management regularly reviews the capital structure, considering the cost of capital and risks associated with various types of capital[46](index=46&type=chunk) - Prudent financing and financial policies are adopted to maintain sufficient cash flow for business expansion, capital expenditures, and general working capital requirements[46](index=46&type=chunk) [Cash Position](index=18&type=section&id=Cash%20Position) As of June 30, 2025, the company's cash and cash equivalents decreased, primarily denominated in RMB, HKD, and USD - As of June 30, 2025, cash and cash equivalents decreased from **RMB 556.7 million** as of December 31, 2024, to **RMB 400.6 million**[47](index=47&type=chunk) - The Group's cash and cash equivalents are primarily denominated in RMB, HKD, and USD[47](index=47&type=chunk) [Borrowings](index=18&type=section&id=Borrowings) As of June 30, 2025, the company's borrowings totaled **RMB 1,488.6 million**, with a significant portion due within one year, while average borrowings increased and interest rates decreased - As of June 30, 2025, borrowings totaled **RMB 1,488.6 million**, of which approximately **RMB 892.9 million** are due within one year[48](index=48&type=chunk) - For the six months ended June 30, 2025, the average balance of current and non-current borrowings was **RMB 1,552.7 million**, a **7.7% increase** from the same period last year[48](index=48&type=chunk) - Borrowing interest rates ranged from **2.15% to 12%** (compared to **3.15% to 12%** in the same period of 2024), all denominated in RMB[48](index=48&type=chunk) [Capital Gearing Ratio](index=18&type=section&id=Capital%20Gearing%20Ratio) As of June 30, 2025, the company's capital gearing ratio decreased, indicating an optimization of financial leverage - As of June 30, 2025, the capital gearing ratio was **160.9%**, lower than **168.5%** as of December 31, 2024[49](index=49&type=chunk) [Foreign Exchange and Exchange Rate Risk](index=19&type=section&id=Foreign%20Exchange%20and%20Exchange%20Rate%20Risk) The company primarily operates in China with RMB-denominated revenues and expenses, but foreign currency-denominated assets and liabilities expose it to exchange rate risk, with management monitoring and considering future hedging measures - The Group primarily conducts its business in China, with most revenues and expenses denominated in RMB[50](index=50&type=chunk) - Certain bank balances, other financial assets, other payables, and other financial liabilities are denominated in foreign currencies, exposing the Group to foreign exchange risk[50](index=50&type=chunk) - Currently, there is no foreign currency hedging policy, but management monitors foreign exchange risk and will consider appropriate hedging measures if necessary[50](index=50&type=chunk) [Contingent Liabilities](index=19&type=section&id=Contingent%20Liabilities) As of the end of the reporting period, the company had no significant contingent liabilities - As of June 30, 2025, the company had no significant contingent liabilities[51](index=51&type=chunk) [Pledge of Group Assets](index=19&type=section&id=Pledge%20of%20Group%20Assets) As of June 30, 2025, the company pledged leased computer equipment and right-of-use assets with a net book value of approximately **RMB 1,562.6 million** as collateral for bank and other financial institution borrowings - As of June 30, 2025, the Group pledged leased computer equipment and right-of-use assets with a net book value of approximately **RMB 1,562.6 million** as collateral for bank and other financial institution borrowings[52](index=52&type=chunk) [Capital Expenditures](index=19&type=section&id=Capital%20Expenditures) Capital expenditures for H1 2025 totaled **RMB 386.4 million**, primarily for acquiring leased computer equipment and right-of-use assets, funded mainly by customer subscription cash flows and borrowings - Capital expenditures for H1 2025 were **RMB 386.4 million** (H1 2024: **RMB 426.0 million**)[53](index=53&type=chunk) - Capital expenditures included the acquisition of leased computer equipment of **RMB 177.7 million** and right-of-use assets of **RMB 208.7 million**[53](index=53&type=chunk) - Capital expenditures were primarily funded by cash flows from customer subscriptions, bank, and other borrowings[53](index=53&type=chunk) [Significant Investments Held](index=19&type=section&id=Significant%20Investments%20Held) The company subscribed to low-to-medium risk cash management wealth management products to optimize capital utilization and increase income from idle funds, but held no significant investments representing **5%** or more of total assets as of the reporting period end - Between June 6, 2025, and July 9, 2025, the Group subscribed to cash management wealth management products totaling **USD 26,534,700**, with an expected annualized return rate of **2%-4.5%**, an investment period not exceeding one year, and redeemable at any time[55](index=55&type=chunk) - As of June 30, 2025, the fair value of these wealth management products was **RMB 143,287 thousand**, representing approximately **4.1%** of the Group's total assets[55](index=55&type=chunk) - As of June 30, 2025, the company held no significant investments in investee companies representing **5%** or more of its total assets[56](index=56&type=chunk) [Major Acquisitions and Disposals](index=20&type=section&id=Major%20Acquisitions%20and%20Disposals) During the reporting period, the company did not engage in any major acquisitions or disposals of subsidiaries, associates, or joint ventures - For the six months ended June 30, 2025, the company had no major acquisitions or disposals of subsidiaries, associates, or joint ventures[57](index=57&type=chunk) [Future Plans for Major Investments or Capital Assets](index=20&type=section&id=Future%20Plans%20for%20Major%20Investments%20or%20Capital%20Assets) As of the end of the reporting period, the company had no detailed future plans for major investments or capital assets - As of June 30, 2025, we had no detailed future plans for major investments or capital assets[58](index=58&type=chunk) [Employees and Remuneration](index=20&type=section&id=Employees%20and%20Remuneration) As of June 30, 2025, the company's full-time employee count decreased, but it continues to attract and retain talent through competitive remuneration, performance bonuses, and training programs, also utilizing the 2023 Share Scheme to incentivize directors and employees for long-term development - As of June 30, 2025, the Group had **1,238** full-time employees (December 31, 2024: **1,430** employees)[59](index=59&type=chunk) - In H1 2025, the Group's employee remuneration (excluding directors' remuneration) was approximately **RMB 136 million** (H1 2024: approximately **RMB 144 million**)[59](index=59&type=chunk) - The company offers competitive remuneration, performance bonuses, and other incentives to employees, along with regular internal and induction training programs[59](index=59&type=chunk)[60](index=60&type=chunk) - Under the 2023 Share Scheme, share options and share awards were conditionally granted to Dr. Ji Pengcheng and Mr. Zhang Bin, with exercise/vesting contingent upon achieving business and financial milestones in five equal tranches[64](index=64&type=chunk) - On June 13, 2025, the company granted a total of **5,760,000** share options and **2,821,400** share awards to **146** eligible participants[67](index=67&type=chunk) [Corporate Governance and Other Information](index=22&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section details the company's corporate governance practices, including compliance with the Corporate Governance Code, board composition, compliance with the Model Code for Securities Transactions, audit committee responsibilities, share repurchases, significant litigation, use of global offering proceeds, changes in directors' information, disclosure of directors' and substantial shareholders' interests, and updates on employee incentive schemes [Interim Dividend](index=23&type=section&id=Interim%20Dividend) The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025[68](index=68&type=chunk) [Compliance with Corporate Governance Code](index=23&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The company has complied with all applicable code provisions of the Corporate Governance Code, with the Chairman and CEO roles held by Dr. Ji, an arrangement the Board deems appropriate and beneficial to business development under existing checks and balances - For the six months ended June 30, 2025, the company complied with all applicable code provisions of the SEHK Corporate Governance Code[69](index=69&type=chunk) - The roles of Chairman and CEO are combined and held by Dr. Ji, an arrangement the Board believes provides strong and consistent leadership with sufficient checks and balances, without compromising the balance of power and accountability[69](index=69&type=chunk)[70](index=70&type=chunk) [Compliance with Model Code for Securities Transactions by Directors](index=23&type=section&id=Compliance%20with%20Model%20Code%20for%20Securities%20Transactions%20by%20Directors) All directors confirmed their compliance with the Model Code for Securities Transactions by Directors as set out in Appendix C3 of the Listing Rules throughout the reporting period - Following specific inquiries to all Directors, all Directors confirmed their compliance with the required standards set out in the Model Code for the six months ended June 30, 2025[72](index=72&type=chunk) [Audit Committee](index=24&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors, is responsible for reviewing and overseeing financial reporting processes and internal control systems, and has reviewed the Group's condensed consolidated financial statements - The Audit Committee comprises three independent non-executive directors: Mr. Wang Jingbo (Chairman), Mr. Hong Weili, and Ms. Li Dan[73](index=73&type=chunk) - Its primary responsibilities include reviewing and overseeing the Group's financial reporting processes and internal control systems, and reviewing and approving connected transactions[73](index=73&type=chunk) - The Audit Committee, together with the Board, has reviewed the Group's unaudited interim condensed consolidated financial statements and interim results announcement for the six months ended June 30, 2025[73](index=73&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=24&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) During the reporting period, the company repurchased and cancelled a portion of its ordinary shares on the SEHK for a total consideration of **HKD 26,371,999**, aiming to enhance net asset value per share and/or earnings per share - For the six months ended June 30, 2025, the company repurchased a total of **14,792,500** ordinary shares on the SEHK for a total consideration (before expenses) of **HKD 26,371,999**[74](index=74&type=chunk) - As of June 30, 2025, the company cancelled a total of **46,013,500** treasury shares[74](index=74&type=chunk) - The share repurchases aimed to enhance net asset value per share and/or earnings per share, aligning with the overall interests of the company and its shareholders[74](index=74&type=chunk) [Significant Litigation](index=25&type=section&id=Significant%20Litigation) As of the end of the reporting period and the latest practicable date, the company was not involved in any significant litigation or arbitration - For the six months ended June 30, 2025, and as of the latest practicable date, the company was not involved in any significant litigation or arbitration[76](index=76&type=chunk) [Use of Proceeds from Global Offering](index=25&type=section&id=Use%20of%20Proceeds%20from%20Global%20Offering) The net proceeds from the global offering, approximately **HKD 97.0 million**, have been utilized as planned for market promotion, R&D investment, enhancing remanufacturing capabilities, and working capital, with remanufacturing capabilities and working capital fully utilized - The net proceeds from the global offering, approximately **HKD 97.0 million**, had no changes in their intended use[77](index=77&type=chunk) Intended Use and Utilization of Net Proceeds from Global Offering (as of June 30, 2025) | Intended Use | Percentage (%) | Available (HKD millions) | Utilized (HKD millions) | Unutilized (HKD millions) | Expected Timeline | | :--- | :--- | :--- | :--- | :--- | :--- | | Investment in Market Promotion and Sales & Service Network Improvement | 40.0 | 38.8 | 29.8 | 9.0 | Before end of 2025 | | Investment in R&D and Diversification of Service Content | 30.0 | 29.1 | 25.0 | 4.1 | Before end of 2025 | | Enhancement of Remanufacturing Capabilities and Operational Efficiency | 20.0 | 19.4 | 19.4 | 0.0 | – | | Working Capital and General Corporate Purposes | 10.0 | 9.7 | 9.7 | 0.0 | – | | **Total** | **100.0** | **97.0** | **83.9** | **13.1** | | [Changes in Directors' Information](index=26&type=section&id=Changes%20in%20Directors'%20Information) Effective June 13, 2025, Mr. Hong Weili ceased to be a member of the Nomination Committee, and Ms. Li Dan was appointed as a member - Effective June 13, 2025, Mr. Hong Weili, an independent non-executive director, ceased to be a member of the Board's Nomination Committee, and Ms. Li Dan, an independent non-executive director, was appointed as a member of the Nomination Committee[79](index=79&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares, and Debentures of the Company and its Associated Corporations](index=26&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%2C%20and%20Debentures%20of%20the%20Company%20and%20its%20Associated%20Corporations) This section discloses the interests of directors and the chief executive in the company's shares, with Dr. Ji and Mr. Zhang holding significant proportions through controlled corporations and jointly held interests Directors' and Chief Executive's Interests in the Company's Shares (as of June 30, 2025) | Name | Nature of Interest | Number of Shares Held | Approximate Percentage of Interest (%) | | :--- | :--- | :--- | :--- | | Dr. Ji | Interest in controlled corporation | 77,372,780 shares | 14.49 | | | Jointly held interest with other parties | 66,611,730 shares | 12.47 | | | Beneficial owner | 15,243,000 shares | 2.85 | | Mr. Zhang | Interest in controlled corporation | 51,581,860 shares | 9.66 | | | Jointly held interest with other parties | 98,045,650 shares | 18.36 | | | Beneficial owner | 9,600,000 shares | 1.80 | | Mr. He Liang | Beneficial owner | 3,367,913 shares | 0.63 | | Mr. Tong Jian | Beneficial owner | 3,853,811 shares | 0.72 | - Dr. Ji and Mr. Zhang, together with Dr. Ji's entities, Mr. Zhang's entities, Huaqing Hongyi, Huaqing Yuyi, and Huaqing Kuaiyi, form a single largest shareholder group and are deemed to have an interest in the shares held by other members[83](index=83&type=chunk) [Substantial Shareholders' Interests and Short Positions in the Company's Shares and Underlying Shares](index=28&type=section&id=Substantial%20Shareholders'%20Interests%20and%20Short%20Positions%20in%20the%20Company's%20Shares%20and%20Underlying%20Shares) This section discloses the interests of substantial shareholders (excluding directors and the chief executive) in the company's shares, including Dr. Ji's entities, Mr. Zhang's entities, Huaqing Kuaiyi, Huaqing Hongyi, Huaqing Yuyi, Source Code, and Matrix Substantial Shareholders' Interests in the Company's Shares (as of June 30, 2025) | Name/Entity | Nature of Interest | Number of Shares Held | Approximate Percentage of Interest (%) | | :--- | :--- | :--- | :--- | | Dr. Ji's Entities | Beneficial owner | 77,372,780 shares | 14.49 | | | Jointly held interest with other parties | 81,854,730 shares | 15.33 | | Mr. Zhang's Entities | Beneficial owner | 51,581,860 shares | 9.66 | | | Jointly held interest with other parties | 107,645,650 shares | 20.16 | | Huaqing Kuaiyi | Interest in controlled corporation | 5,429,870 shares | 1.02 | | | Jointly held interest with other parties | 153,797,640 shares | 28.80 | | Huaqing Hongyi | Beneficial owner | 2,237,140 shares | 0.42 | | | Jointly held interest with other parties | 156,990,370 shares | 29.40 | | Huaqing Yuyi | Beneficial owner | 3,192,730 shares | 0.60 | | | Jointly held interest with other parties | 156,034,780 shares | 29.22 | | Source Code | Beneficial owner | 121,789,300 shares | 22.81 | | Matrix | Beneficial owner | 76,018,370 shares | 14.24 | | Koala Fund | Beneficial owner | 34,609,950 shares | 6.48 | [Employee Incentive Schemes](index=30&type=section&id=Employee%20Incentive%20Schemes) The company operates a Pre-IPO Share Option Scheme and a 2023 Share Scheme to attract, incentivize, and retain talent, with share options and awards granted to directors and employees under the 2023 scheme, some linked to business and financial milestones, and certain option exercise prices reset for better incentives [Pre-IPO Share Option Scheme](index=30&type=section&id=Pre-IPO%20Share%20Option%20Scheme) The Pre-IPO Share Option Scheme, approved on February 25, 2022, ceased granting options from January 1, 2024, with some options exercised or forfeited during the period - The Pre-IPO Share Option Scheme was approved by shareholders on February 25, 2022, and no further share options have been granted since January 1, 2024[88](index=88&type=chunk)[164](index=164&type=chunk) Changes in Pre-IPO Share Option Scheme (as of June 30, 2025) | Indicator | Number of Share Options | Weighted Average Exercise Price (USD) | Remaining Life (Years) | | :--- | :--- | :--- | :--- | | Outstanding as of January 1, 2025 | 18,143,724 | 0.65 | 5.73 | | Exercised | (940,627) | 0.00005 | | | Forfeited or Cancelled | (2,172,531) | 0.89 | | | **Outstanding as of June 30, 2025** | **15,030,566** | **0.66** | **5.09** | - The number of exercisable share options as of June 30, 2025, was **12,170,000**[165](index=165&type=chunk) [2023 Share Scheme](index=32&type=section&id=2023%20Share%20Scheme) The 2023 Share Scheme, adopted on January 26, 2024, aims to attract, incentivize, and retain eligible participants, encouraging their contribution to the company's long-term development and interests - The 2023 Share Scheme was adopted on January 26, 2024, aiming to attract, incentivize, and retain eligible participants, and encourage their contribution to the company's long-term development and interests[94](index=94&type=chunk) Changes in Share Options and Share Awards under 2023 Share Scheme (as of June 30, 2025) | Indicator | Number of Share Options | Number of Share Awards | | :--- | :--- | :--- | | Outstanding as of January 1, 2025 | 32,964,000 | 800,262 | | Granted during the period | 24,960,000 | 7,621,400 | | Exercised during the period | (124,350) | (124,350) | | Lapsed during the period | (32,869,750) | (326,150) | | Cancelled during the period | (89,350) | | | **Outstanding as of June 30, 2025** | **24,955,050** | **7,961,312** | - Some share options and share awards granted to Dr. Ji, Mr. Zhang, Mr. He Liang, Mr. Tong Jian, and **144** eligible participants are linked to business and financial milestones such as the number of subscribed devices, monthly subscription business revenue, and monthly subscription business gross profit[105](index=105&type=chunk)[106](index=106&type=chunk) - On June 13, 2025, the company reset the exercise price of the original share options and recognized an incremental fair value of **RMB 23,689,000**[167](index=167&type=chunk)[168](index=168&type=chunk) - During this interim period, the Group recognized total expenses of **RMB 5,434,000** for the grant of share options[170](index=170&type=chunk) [Directors' Rights to Purchase Shares or Debentures](index=38&type=section&id=Directors'%20Rights%20to%20Purchase%20Shares%20or%20Debentures) During the reporting period, no director, their spouse, or minor children were granted rights to benefit from purchasing company shares or debentures, nor did any director exercise such rights - For the six months ended June 30, 2025, no director or their respective spouse or minor children were granted rights to benefit from purchasing the company's shares or debentures, nor did any director exercise any such rights[113](index=113&type=chunk) [Continuing Disclosure Obligations Under Listing Rules](index=38&type=section&id=Continuing%20Disclosure%20Obligations%20Under%20Listing%20Rules) Except as disclosed in this interim report, the company has no other disclosure obligations under Listing Rules 13.20, 13.21, and 13.22 - Except as disclosed in this interim report, the company has no other disclosure obligations under Listing Rules 13.20, 13.21, and 13.22[114](index=114&type=chunk) [Approval of Interim Report](index=38&type=section&id=Approval%20of%20Interim%20Report) The Board approved and authorized the release of the Group's interim report and unaudited interim condensed consolidated results for the six months ended June 30, 2025, on August 25, 2025 - The Board approved and authorized the release of the Group's interim report and unaudited interim condensed consolidated results for the six months ended June 30, 2025, on August 25, 2025[115](index=115&type=chunk) [Review Report on Condensed Consolidated Financial Statements](index=38&type=section&id=Review%20Report%20on%20Condensed%20Consolidated%20Financial%20Statements) Deloitte Touche Tohmatsu has reviewed the company's condensed consolidated financial statements in accordance with International Standard on Review Engagements 2410, concluding that no material matters were found to suggest the statements were not prepared in accordance with International Accounting Standard 34 - Deloitte Touche Tohmatsu has reviewed the Group's condensed consolidated financial statements for the six months ended June 30, 2025, in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity"[73](index=73&type=chunk)[117](index=117&type=chunk) - Based on the review, nothing has come to our attention that causes us to believe that the condensed consolidated financial statements are not prepared, in all material respects, in accordance with International Accounting Standard 34[118](index=118&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=40&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This section presents the condensed consolidated statement of profit or loss and other comprehensive income for the six months ended June 30, 2025, showing growth in the company's revenue, gross profit, profit before tax, and profit for the period Summary of Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (for the six months ended June 30) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 699,640 | 646,888 | | Cost of Sales | (411,700) | (369,917) | | Gross Profit | 287,940 | 276,971 | | Profit Before Tax | 54,064 | 21,269 | | Income Tax Expense | (8,319) | (4,788) | | Profit and Total Comprehensive Income for the Period | 45,745 | 16,481 | | Basic Earnings Per Share (RMB) | 0.09 | 0.03 | | Diluted Earnings Per Share (RMB) | 0.09 | 0.03 | [Condensed Consolidated Statement of Financial Position](index=41&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This section presents the condensed consolidated statement of financial position as of June 30, 2025, indicating a slight increase in total assets, growth in total equity, and a minor decrease in total liabilities Summary of Condensed Consolidated Statement of Financial Position (as of June 30, 2025) | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | **Assets** | | | | Non-current Assets | 2,408,709 | 2,375,438 | | Current Assets | 1,106,858 | 1,138,377 | | **Total Assets** | **3,515,567** | **3,513,815** | | **Equity and Liabilities** | | | | Total Equity | 1,262,337 | 1,235,750 | | Non-current Liabilities | 900,983 | 897,603 | | Current Liabilities | 1,352,247 | 1,380,462 | | **Total Liabilities** | **2,253,230** | **2,278,065** | | **Total Equity and Liabilities** | **3,515,567** | **3,513,815** | - As of June 30, 2025, the Group's current assets were **RMB 245,389,000** less than its current liabilities, but the directors believe the Group will have sufficient financial resources to meet its working capital requirements for the next twelve months[130](index=130&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=43&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This section presents the condensed consolidated statement of changes in equity for the six months ended June 30, 2025, illustrating the impact of profit and total comprehensive income, share-based payment recognition, and share repurchases and cancellations on equity Summary of Condensed Consolidated Statement of Changes in Equity (for the six months ended June 30) | Indicator | January 1, 2025 (RMB thousands) | Profit and Total Comprehensive Income for the Period (RMB thousands) | Share-based Payments (RMB thousands) | Share Repurchases and Cancellations (RMB thousands) | June 30, 2025 (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | :--- | | Share Capital | 200 | – | – | (17) | 183 | | Share Premium | 4,044,076 | – | – | (76,771) | 3,969,109 | | Share-based Payment Reserve | 108,387 | – | 5,434 | (1,804) | 112,017 | | Accumulated Losses | (2,845,381) | 45,745 | – | – | (2,799,636) | | **Total** | **1,235,750** | **45,745** | **5,434** | **(24,551)** | **1,262,337** | - Profit and total comprehensive income for the period was **RMB 45,745 thousand**[126](index=126&type=chunk) - Share-based payments of **RMB 5,434 thousand** were recognized for equity settlement[126](index=126&type=chunk) - Repurchase of shares (to be cancelled) amounted to **RMB 24,551 thousand**[126](index=126&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=44&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This section presents the condensed consolidated statement of cash flows for the six months ended June 30, 2025, showing net cash generated from operating activities, but a net decrease in cash and cash equivalents due to investing and financing activities Summary of Condensed Consolidated Statement of Cash Flows (for the six months ended June 30) | Activity Type | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 241,810 | 244,199 | | Net Cash (Used in)/Generated from Investing Activities | (52,144) | 6,248 | | Net Cash Used in Financing Activities | (345,621) | (348,898) | | **Net Decrease in Cash and Cash Equivalents** | **(155,955)** | **(98,451)** | | Cash and Cash Equivalents at End of Period | 400,620 | 392,094 | - Net cash generated from operating activities was **RMB 241,810 thousand**[128](index=128&type=chunk) - Net cash used in investing activities was **RMB 52,144 thousand**, primarily due to the purchase of financial assets at fair value through profit or loss[128](index=128&type=chunk) - Net cash used in financing activities was **RMB 345,621 thousand**, primarily due to repayment of bank and other borrowings and repayment of lease liabilities[128](index=128&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=45&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes to the condensed consolidated financial statements, covering the basis of preparation, accounting policies, revenue and segment information, composition of various expenses and income, earnings per share calculation, dividend policy, balance sheet item details, share-based payment schemes, and related party transactions [1. General Information](index=46&type=section&id=1.%20General%20Information) The condensed consolidated financial statements are presented in RMB, which is the company's functional currency - The condensed consolidated financial statements are presented in RMB, which is also the company's functional currency[129](index=129&type=chunk) [2. Basis of Preparation of Condensed Consolidated Financial Statements](index=46&type=section&id=2.%20Basis%20of%20Preparation%20of%20Condensed%20Consolidated%20Financial%20Statements) The condensed consolidated financial statements are prepared in accordance with IAS 34 and the SEHK Listing Rules, and presented on a going concern basis, as management believes sufficient financial resources are available despite current assets being less than current liabilities - The condensed consolidated financial statements have been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and the applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[130](index=130&type=chunk) - As of June 30, 2025, the Group's current assets were **RMB 245,389,000** less than its current liabilities[130](index=130&type=chunk) - The directors of the company believe that the Group will have sufficient financial resources to meet its future working capital requirements for the next twelve months from the end of the reporting period, and thus the condensed consolidated financial statements are prepared on a going concern basis[130](index=130&type=chunk) [3. Accounting Policies](index=47&type=section&id=3.%20Accounting%20Policies) The condensed consolidated financial statements are prepared on a historical cost basis, and accounting policies remain consistent with the 2024 annual consolidated financial statements, except for new/changed policies due to IFRS amendments - The condensed consolidated financial statements have been prepared on a historical cost basis[131](index=131&type=chunk) - Except for new/changed accounting policies resulting from the application of amendments to IFRS accounting standards, the accounting policies are consistent with those presented in the Group's annual consolidated financial statements for the year ended December 31, 2024[131](index=131&type=chunk) - The application of amended IFRS accounting standards during this interim period had no significant impact on the Group's financial position and performance for the current and prior periods and/or on the disclosures contained in these condensed consolidated financial statements[132](index=132&type=chunk) [4. Revenue and Segment Information](index=48&type=section&id=4.%20Revenue%20and%20Segment%20Information) The company's primary business involves providing office IT integrated solutions and other services, with all revenue generated from China, mainly categorized into pay-as-you-go office IT integrated solutions, equipment sales, and SaaS and other services, with the pay-as-you-go model being core - The Group's chief operating decision maker is identified as the Chief Executive Officer, who reviews consolidated results in making decisions about allocating resources and assessing the Group's overall performance; therefore, the Group has only one reportable segment[133](index=133&type=chunk) - All of the Group's non-current assets are located in China, and all of the Group's revenue is derived from China[133](index=133&type=chunk) Revenue Details (for the six months ended June 30) | Revenue Type | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Pay-as-you-go Office IT Integrated Solutions | 625,893 | 576,875 | | Equipment Sales | 67,915 | 64,077 | | Software as a Service ("SaaS") and Other | 5,832 | 5,936 | | **Total** | **699,640** | **646,888** | - Revenue from pay-as-you-go office IT integrated solutions includes equipment subscription services and office IT technical subscription services recognized under IFRS 16[135](index=135&type=chunk) - Equipment sales revenue is recognized when the customer obtains control of the goods, which is at the point of delivery to the customer[138](index=138&type=chunk) - SaaS services are generated from the Group's self-developed "Yipandian" system, and other services primarily include providing maintenance support and assistance to the Group's customers[139](index=139&type=chunk)[140](index=140&type=chunk) [5. Other Income](index=51&type=section&id=5.%20Other%20Income) Other income primarily comprises interest income from banks and installment sales receivables, government grants, and compensation income, with an increase in government grants Other Income Details (for the six months ended June 30) | Income Type | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Interest Income from Banks | 1,685 | 3,554 | | Interest Income from Installment Sales Receivables | 362 | 598 | | Government Grants | 4,046 | 1,293 | | Compensation Income | 1,166 | 1,366 | | **Total** | **7,259** | **6,811** | - Government grants primarily refer to subsidies provided by local governments in Beijing and Chengdu to support foreign-invested enterprises, reward high-tech enterprises, and subsidize stable employment for certain subsidiaries of the Group[143](index=143&type=chunk) - Compensation income refers to compensation payments made by the Group's customers for damaged equipment[144](index=144&type=chunk) [6. Other Gains and Losses, Net](index=52&type=section&id=6.%20Other%20Gains%20and%20Losses%2C%20Net) Net other gains and losses resulted in a loss of **RMB 8.7 million**, primarily due to increased losses from the write-off of leased computer equipment, partially offset by fair value gains on financial assets at fair value through profit or loss Other Gains and Losses, Net Details (for the six months ended June 30) | Type | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Fair Value Gains on Financial Assets at Fair Value Through Profit or Loss | 1,806 | 3,527 | | Subscription Fees for Financial Assets at Fair Value Through Profit or Loss | (718) | – | | Losses from Write-off of Leased Computer Equipment | (8,580) | (11,218) | | Other | (1,178) | 1,319 | | **Total** | **(8,670)** | **(6,372)** | - Losses from write-off of leased computer equipment refer to situations where the Group no longer recognizes revenue for customers with overdue payments exceeding six months, and recognizes a loss when the leased computer equipment held by the customer is written off[146](index=146&type=chunk) [7. Impairment Losses Under Expected Credit Loss Model, Net of Reversals](index=52&type=section&id=7.%20Impairment%20Losses%20Under%20Expected%20Credit%20Loss%20Model%2C%20Net%20of%20Reversals) Net impairment losses under the expected credit loss model amounted to **RMB 15.5 million**, primarily due to increased impairment losses on trade receivables Impairment Losses Details (for the six months ended June 30) | Type | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade Receivables | 15,425 | 14,262 | | Other Receivables | 70 | (558) | | **Total** | **15,495** | **13,704** | [8. Finance Costs](index=53&type=section&id=8.%20Finance%20Costs) Finance costs, primarily comprising interest on borrowings and lease liabilities, totaled **RMB 63.1 million**, representing an increase year-on-year Finance Costs Details (for the six months ended June 30) | Type | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Interest on Borrowings | 46,539 | 43,531 | | Interest on Lease Liabilities | 16,538 | 14,363 | | **Total** | **63,077** | **57,894** | [9. Income Tax Expense](index=53&type=section&id=9.%20Income%20Tax%20Expense) Income tax expense amounted to **RMB 8.3 million**, primarily consisting of deferred tax Income Tax Expense Details (for the six months ended June 30) | Type | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Current Corporate Income Tax | 188 | 153 | | Deferred Tax | 8,131 | 4,635 | | **Total** | **8,319** | **4,788** | [10. Profit and Total Comprehensive Income for the Period](index=54&type=section&id=10.%20Profit%20and%20Total%20Comprehensive%20Income%20for%20the%20Period) This section provides the composition of profit and total comprehensive income for the period, including various costs and expenses, with total employee benefit expenses amounting to **RMB 142.7 million** Composition of Profit and Total Comprehensive Income for the Period (for the six months ended June 30) | Type | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Cost of Pay-as-you-go Office IT Integrated Solutions | 338,890 | 301,701 | | Cost of Equipment Sales | 70,613 | 66,963 | | Cost of SaaS and Other Services | 2,197 | 1,253 | | Promotion and Advertising Expenses | 1,690 | 2,245 | | Total Employee Benefit Expenses | 142,728 | 152,698 | | Expenses Related to Short-term Leases | 1,539 | 1,781 | | Depreciation of Other Right-of-Use Assets | 11,284 | 12,086 | | Amortization of Intangible Assets | 239 | 205 | [11. Earnings Per Share](index=55&type=section&id=11.%20Earnings%20Per%20Share) For the six months ended June 30, 2025, both basic and diluted earnings per share were **RMB 0.09**, representing an increase from the prior year Earnings Per Share Calculation (for the six months ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit for the Period Attributable to Owners of the Company Used for Basic and Diluted EPS Calculation (RMB thousands) | 45,745 | 16,481 | | Weighted Average Number of Ordinary Shares Used for Basic EPS Calculation | 529,106,424 | 577,795,367 | | Effect of Dilutive Potential Ordinary Shares: Share Options | 6,097,197 | 1,625,270 | | Weighted Average Number of Ordinary Shares Used for Diluted EPS Calculation | 535,203,621 | 579,420,637 | | **Basic Earnings Per Share (RMB)** | **0.09** | **0.03** | | **Diluted Earnings Per Share (RMB)** | **0.09** | **0.03** | - For the six months ended June 30, 2025, **12,939,000** ordinary shares repurchased by the company were not included in the basic earnings per share calculation since the repurchase date[150](index=150&type=chunk) - For the six months ended June 30, 2025, certain share options of the company were not included in the diluted earnings per share calculation as their exercise price was higher than the average market price of the shares[151](index=151&type=chunk) [12. Dividends](index=55&type=section&id=12.%20Dividends) During this interim period, the company did not pay, declare, or propose any dividends - During this interim period, no dividends were paid, declared, or proposed (for the six months ended June 30, 2024: nil)[152](index=152&type=chunk) [13. Leased Computer Equipment and Right-of-Use Assets](index=56&type=section&id=13.%20Leased%20Computer%20Equipment%20and%20Right-of-Use%20Assets) During the reporting period, the company sold or transferred some leased computer equipment to inventory and acquired new leased computer equipment and right-of-use assets to support business expansion - During this interim period, the Group sold or transferred to inventory certain leased computer equipment with a total carrying amount of **RMB 79,070,000**[153](index=153&type=chunk) - During this interim period, the Group purchased leased computer equipment amounting to **RMB 177,695,000**[153](index=153&type=chunk) - At the commencement date of the leases, the Group recognized right-of-use assets of **RMB 208,714,000** and lease liabilities of **RMB 206,995,000**[154](index=154&type=chunk) [14. Trade and Other Receivables and Prepayments](index=56&type=section&id=14.%20Trade%20and%20Other%20Receivables%20and%20Prepayments) As of June 30, 2025, trade and other receivables and prepayments totaled **RMB 574.7 million**, with the majority of trade receivables aged within **30 days** Trade and Other Receivables and Prepayments Details (as of June 30, 2025) | Type | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade Receivables (net of allowance for credit losses) | 137,162 | 134,520 | | Other Receivables and Prepayments | 437,579 | 380,284 | | **Total** | **574,741** | **514,804** | Ageing Analysis of Trade Receivables (as of June 30, 2025) | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 30 days | 113,797 | 110,005 | | 31 to 60 days | 10,763 | 13,468 | | 61 to 90 days | 3,485 | 3,606 | | 91 to 180 days | 6,129 | 5,139 | | 181 to 270 days | 2,399 | 1,692 | | 271 to 360 days | 457 | 323 | | Over 360 days | 132 | 287 | | **Total** | **137,162** | **134,520** | - The Group typically grants a credit period of up to **5 days** after invoicing customers[156](index=156&type=chunk) [15. Financial Assets at Fair Value Through Profit or Loss](index=58&type=section&id=15.%20Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2025, financial assets at fair value through profit or loss totaled **RMB 286.2 million**, primarily comprising structured deposits and cash management products Financial Assets at Fair Value Through Profit or Loss Details (as of June 30, 2025) | Type | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Structured Deposits | 20,014 | 20,029 | | Cash Management Products | 266,140 | 219,248 | | **Total** | **286,154** | **239,277** | - Structured deposits are issued by a Chinese bank, with expected returns linked to EUR/USD exchange rate fluctuations; cash management products are issued by financial institutions, denominated in USD, and linked to funds managed by fund managers[158](index=158&type=chunk) [16. Trade and Other Payables](index=59&type=section&id=16.%20Trade%20and%20Other%20Payables) As of June 30, 2025, trade and other payables totaled **RMB 126.0 million**, with the majority of trade payables aged within **12 months** Trade and Other Payables Details (as of June 30, 2025) | Type | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade Payables | 63,508 | 34,907 | | Accrued Salaries and Benefits | 31,194 | 40,733 | | Other | 31,314 | 29,801 | | **Total** | **126,016** | **105,441** | Ageing Analysis of Trade Payables (as of June 30, 2025) | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 12 months | 49,305 | 22,549 | | 1 to 2 years | 4,941 | 4,113 | | 2 to 3 years | 3,536 | 4,327 | | Over 3 years | 5,726 | 3,918 | | **Total** | **63,508** | **34,907** | [17. Borrowings](index=59&type=section&id=17.%20Borrowings) During this interim period, the company obtained new bank and other borrowings of **RMB 436.6 million**, with interest rates ranging from **2.15% to 12.00%**, used to fund operating activities - During this interim period, the Group obtained new bank and other borrowings of **RMB 436,620,000**[160](index=160&type=chunk) - Borrowings bear interest at rates ranging from **2.15% to 12.00%** (December 31, 2024: **2.30% to 12.00%**) and are repayable in installments within five years[160](index=160&type=chunk) - The proceeds are used to fund the Group's operating activities[160](index=160&type=chunk) [18. Share Capital](index=60&type=section&id=18.%20Share%20Capital) As of June 30, 2025, the company's issued share capital was **RMB 183 thousand**, with a decrease in issued shares due to share repurchases and cancellations during the reporting period Changes in Issued Share Capital (as of June 30,

Core Viewpoint - 易点云 announced a share buyback plan, indicating confidence in its stock value and potential for future growth [1] Group 1: Company Actions - The company plans to repurchase 327,000 shares at a total cost of HKD 729,800 [1] - The buyback price per share ranges from HKD 2.18 to HKD 2.25 [1]

Group 1 - The company, 易点云 (02416), announced a share buyback plan [1] - The total amount spent on the buyback is 729,800 HKD [1] - The company repurchased 327,000 shares at a price range of 2.18 to 2.25 HKD per share [1]