Core Viewpoint - The stock of Out of the Question (02438) has increased by over 5%, reaching 0.57 HKD, following the announcement of their new product, TicNote Lite, aimed at young consumers [1] Company Developments - On November 25, Out of the Question launched the TicNote Lite, a new generation of Agentic AI product that integrates software and hardware, designed to provide a more intelligent and personalized AI thinking partner for young people [1] - The TicNote Lite utilizes "Shadow AI" to create a proactive thinking path of "record-analyze-insight" [1] - Earlier in April, the company released the world's first Agentic AI product, TicNote, marking a significant step in their AI Agent technology deployment [1] - As of August 20 this year, the global sales of TicNote have surpassed 30,000 units [1]

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 | | | 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 致：香港交易及結算所有限公司 公司名稱: 出門問問有限公司 呈交日期: 2025年11月5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) | 02438 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 4,167,630,431 | USD | 0.0000479889 | USD | | 200,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 4,167,630,431 | USD | 0.0000479889 | USD | ...

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: | 出門問問有限公司 | | | | 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) | 02438 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 4,167,630,431 | USD | 0.0000479889 | USD | | 200,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 ...

Core Viewpoint - The stock of the company "出门问问" (02438.HK) has experienced a significant increase, rising over 22% in value as of the report date [2] Group 1 - The stock price increased by 22.54%, reaching 0.87 HKD [2] - The trading volume amounted to 38.1169 million HKD [2]

Core Viewpoint - The company Outermost (02438) has seen a significant stock increase of over 22% following the launch of its TicNote Color series and the upgrade of Shadow AI2.0, indicating strong market interest and potential growth in the AI hardware sector [1] Company Performance - Outermost reported AI smart hardware revenue of 98.3 million yuan for the first half of the year, representing a year-on-year growth of 64.8%, driven by strategic market investments and branding efforts for the new product "TicNote" [1] - The TicNote product is noted as the world's first AgenticAI integrated hardware and software product, achieving rapid sales with over 10,000 units sold shortly after its overseas launch [1] - As of August 20, global sales of TicNote have surpassed 30,000 units, positioning it among the top-selling products in its category on major e-commerce platforms like Tmall and JD.com [1] Industry Insights - According to Huaxi Securities (002926), the AIGC (Artificial Intelligence Generated Content) market is characterized by significant uncertainty, with over 300 large models currently in training or testing phases in China [1] - The company is recognized for its first-mover advantage in the AIGC application field, which is expected to support rapid growth in its performance as the industry expands [1] - The enhancement of AIGC capabilities is anticipated to create synergistic effects with the company's other two business lines, further driving growth [1]

Financial Performance - For the six months ended June 30, 2025, the group's revenue was RMB 178.9 million, representing a year-on-year increase of 10.0%[9]. - The adjusted net loss (non-GAAP) for the same period was RMB 1.4 million, a decrease of 97.5% year-on-year, indicating a near breakeven point[9]. - The overall gross profit for the group was RMB 106.3 million, a slight increase of 0.9% compared to the previous year[10]. - The company reported a total comprehensive loss attributable to equity shareholders of RMB 7,177 thousand for the six months ended June 30, 2025, compared to a loss of RMB 584,384 thousand in the same period of 2024[88]. - The company incurred a loss before tax of RMB 2,898 thousand for the six months ended June 30, 2025, compared to a loss of RMB 578,745 thousand in the same period of 2024, showing significant improvement[88]. Revenue Breakdown - AI software business revenue was RMB 80.6 million, down 21.7% year-on-year, attributed to intensified global competition and rising customer acquisition costs[12]. - AI hardware business revenue increased by 64.8% year-on-year to RMB 98.3 million, driven by strategic market investments and new product launches[12]. - Revenue from AI software solutions decreased to RMB 80,640,000 in the six months ended June 30, 2025, down from RMB 103,025,000 in 2024, representing a decline of approximately 21.7%[102]. - Revenue from smart devices and other accessories increased significantly to RMB 98,274,000 in the six months ended June 30, 2025, compared to RMB 59,645,000 in 2024, marking an increase of approximately 64.7%[102]. - Revenue from the Chinese mainland was RMB 76,373,000 in 2025, down from RMB 91,935,000 in 2024, representing a decline of approximately 17.0%[110]. - Revenue from Germany increased significantly to RMB 18,775,000 in 2025 from RMB 9,848,000 in 2024, marking an increase of about 90.5%[110]. Cost Management - R&D expenses decreased from RMB 55.8 million to RMB 38.0 million, with direct inputs rising from RMB 5.9 million to RMB 12.4 million, indicating improved R&D efficiency[29]. - Sales and marketing expenses decreased from RMB 91.3 million to RMB 68.9 million, primarily due to changes in revenue structure and reduced service fees for AIGC software solutions[30]. - Administrative expenses significantly dropped from RMB 55.9 million to RMB 13.1 million, attributed to the absence of listing expenses in 2025[31]. - Research and development expenses for the six months ended June 30, 2025, were RMB 38,045 thousand, a decrease from RMB 55,814 thousand in the same period of 2024, reflecting cost management efforts[88]. - Sales and marketing expenses also decreased significantly to RMB 68,879,000 in 2025 from RMB 91,291,000 in 2024, a reduction of about 24.6%[108]. Cash and Liquidity - As of June 30, 2025, the company's cash and cash equivalents amounted to approximately RMB 254.0 million, an increase from RMB 156.5 million as of December 31, 2024[34]. - The company's liquidity risk management includes regular monitoring of cash needs and compliance with lending covenants to ensure sufficient cash reserves[47]. - The company’s cash and cash equivalents increased by RMB 97,526,000 during the six months ended June 30, 2025, compared to an increase of RMB 240,145,000 in the same period of 2024[97]. - Cash used in operating activities for the six months ended June 30, 2025, was RMB 56,160,000, compared to RMB 49,174,000 for the same period in 2024, indicating an increase of approximately 14.4%[97]. - Cash and cash equivalents increased to RMB 253,956,000 as of June 30, 2025, from RMB 156,535,000 as of December 31, 2024[131]. Shareholder Information - As of June 30, 2025, the total issued shares amounted to 1,538,500,537, with key shareholders holding significant stakes, including 24.43% by Li Zhifei and 28.14% by Li Yuanyuan[59][61]. - The largest shareholder, W&H Management Limited, holds 42,505,195 shares, representing 2.76% of total shares[64]. - The combined shareholding of Li Zhifei and Li Yuanyuan, along with Lei Xin, is significant due to their joint action since December 1, 2019[68]. - The company has not declared or paid any dividends since its incorporation, indicating a focus on reinvestment rather than shareholder payouts[147]. - The total number of options and potential shares that may be issued under all company plans is calculated to be 10.5% of the weighted average number of issued shares (excluding treasury shares) during the reporting period[74]. Strategic Focus and Future Plans - The company is committed to enhancing operational efficiency through resource optimization and cost control measures, contributing to improved profitability[15]. - The strategic focus remains on exploring new paradigms of human-computer interaction and achieving milestones towards AGI evolution[15]. - The company plans to increase investment in core AI Agent technology to enhance personalized and real-time intelligent experiences by the second half of 2025[23]. - The company is focusing on expanding its Agentic AI ecosystem, with new product categories such as TicSports, TicNote Watch, and TicNote Pods being developed[19]. - The strategic partnership with global players like Google, Qualcomm, and NVIDIA is crucial for the company's future growth and financial goals[22]. Risk Management - The company faced low credit risk primarily from trade receivables and other receivables, as cash and cash equivalents are held with high-rated banks and financial institutions[46]. - Interest rate risk is primarily associated with fixed-rate borrowings, which expose the company to fair value interest rate risk[48]. - The group faces currency risk primarily from receivables, payables, and cash balances denominated in foreign currencies, including USD, EUR, TWD, GBP, HKD, SGD, and AUD[49]. - The company has been recognized as a high-tech enterprise, qualifying for a preferential tax rate of 15% from 2023 to 2025, which may positively impact future profitability[115]. Corporate Governance - The board consists of 2 executive directors and 3 independent non-executive directors as of the reporting period[55]. - The company has complied with all applicable code provisions of the corporate governance code during the reporting period[78]. - The group has no ongoing disclosure obligations under Listing Rules 13.20, 13.21, and 13.22 during the reporting period[53]. - There were no changes in the board members' relevant interests in shares or debentures as of June 30, 2025[60].

Core Viewpoint - The Chinese AI agent industry has established a "SaaS-MaaS-RaaS" tripartite business model, driven by technology, policy, and ecosystem factors, accelerating the commercialization of a trillion-level market through regional differentiated competition [1]. Business Model Summary - The AI agent industry in China can be categorized into three main models based on service form, deployment method, and application scenario: - **SaaS Model**: Dominates the market with a 30% share, driven by the demand for standardized intelligent tools. It operates on a subscription basis, focusing on efficiency improvement through basic subscription fees and value-added services [3][12]. - **MaaS Model**: Fastest growth at 15%, reflecting the acceleration of model-as-a-service commercialization. It relies on computational power and model innovation for customer acquisition, with significant cost advantages, such as SenseTime's model inference cost being 60% lower than the industry average [3][8]. - **RaaS Model**: Accounts for 12% of the market, focusing on human-machine collaborative automation in sectors like manufacturing and finance, with notable improvements in operational efficiency [3][8]. Market Dynamics - The AI agent industry is experiencing a competitive race among innovation parks, with Shanghai's Xuhui District housing over 1,000 companies and offering substantial computational subsidies. SenseTime's generative AI revenue reached 2.4 billion yuan in 2024, constituting 63.7% of its total revenue [4]. - The industry is supported by policy initiatives, such as the Ministry of Industry and Information Technology promoting "AI + manufacturing" actions and various cities providing computational vouchers and project subsidies to foster ecosystem development [7][8]. Financial Metrics - **SaaS Model**: Average gross margin of 60%-80%, customer retention rate of 75%-90%, and annual customer spending between 50,000 to 500,000 yuan [11][12]. - **MaaS Model**: Average gross margin of 40%-60%, customer retention rate of 60%-75%, and annual customer spending between 100,000 to 2 million yuan [11][12]. - **RaaS Model**: Average gross margin of 30%-50%, customer retention rate of 50%-65%, and annual customer spending between 200,000 to 1 million yuan [11][12].

Core Viewpoint - The company "出门问问" (02438) has seen a significant stock price increase of over 17%, with a current price of 0.73 HKD and a trading volume of 24.97 million HKD, driven by strong performance in its AI smart hardware business [1] Financial Performance - The AI smart hardware business reported revenue of 98.3 million CNY for the first half of the year, representing a year-on-year growth of 64.8% [1] - The growth is attributed to increased strategic market investments and brand promotion for the new product "TicNote" [1] Product Launch and Sales - "TicNote" is highlighted as the world's first AgenticAI integrated product, which gained significant attention upon its overseas launch [1] - Sales of "TicNote" quickly surpassed 10,000 units, ranking among the top in relevant categories on e-commerce platforms such as Tmall and JD [1] - As of August 20, global sales of "TicNote" have exceeded 30,000 units [1] Industry Developments - Reports indicate that the three major domestic telecom operators may fully restart the eSIM business, which had been paused for two years [1] - Apple has announced that these operators will provide eSIM support for the iPhone Air [1] - The first domestic eSIM-enabled smartwatch, "Ticwatch2," was launched in collaboration with 出门问问 and Shanghai Unicom back in 2017, enabling 3G communication [1]

Core Viewpoint - Outermost Question (02438) has seen a significant stock price increase of over 17%, currently trading at 0.73 HKD, with a transaction volume of 24.97 million HKD, driven by strong performance in its AI smart hardware business [1] Group 1: Financial Performance - Outermost Question's AI smart hardware revenue for the first half of the year reached 98.3 million HKD, representing a year-on-year growth of 64.8% [1] - The growth is attributed to increased strategic market investments and brand promotion for the new product "TicNote" [1] Group 2: Product Launch and Sales - "TicNote" is highlighted as the world's first AgenticAI integrated product, which gained significant attention upon its overseas launch [1] - Sales of TicNote quickly surpassed 10,000 units, ranking among the top in its category on e-commerce platforms such as Tmall and JD [1] - As of August 20, global sales of TicNote have exceeded 30,000 units [1] Group 3: Industry Developments - Reports indicate that China's three major telecom operators may fully restart the eSIM business, which had been paused for two years [1] - Apple has announced that these operators will provide eSIM support for the iPhone Air [1] - In 2017, Shanghai Unicom and Outermost Question launched the first domestic eSIM-supported smartwatch, Ticwatch 2, enabling 3G communication [1]

Core Viewpoint - The company, Out of the Question (02438), experienced a significant stock price increase of over 15% following the release of its interim financial results, indicating positive market sentiment despite ongoing challenges in certain business segments [1] Financial Performance - The company reported a revenue of 179 million RMB for the first half of the year, representing a year-on-year increase of 10% [1] - Adjusted net loss was 1.408 million RMB, a decrease of 97.5% year-on-year [1] - The total loss for the period was 2.898 million RMB, down 99.5% compared to the previous year [1] Business Segments - Revenue from AI software business was 80.6 million RMB, showing a decline of 21.7% year-on-year [1] - Revenue from AI smart hardware business reached 98.3 million RMB, marking a substantial growth of 64.8% year-on-year [1] Strategic Initiatives - The company increased strategic market investments and brand promotion for its new product "TicNote" during the first half of the year, which led to short-term fluctuations in gross margin [1] - It is anticipated that as the inventory structure is gradually optimized, gross margin performance will stabilize [1] Industry Context - Apple has officially launched the eSIM-only iPhone Air, which may influence market dynamics [1] - Major domestic telecom operators in China are reportedly set to fully restart their eSIM services, with China Unicom leading the way in several provinces [1] - The company previously collaborated with Shanghai Unicom to launch the first domestic eSIM-supported smartwatch, Ticwatch 2, in 2017 [1]