Core Viewpoint - The board of directors of Wangchen Technology Holdings (02458) has approved a share incentive plan for 2025 aimed at recognizing contributions from selected participants and aligning their interests with those of shareholders [1] Group 1 - The share incentive plan is designed to acknowledge the contributions of selected participants and provide them with opportunities to acquire ownership interests in the company [1] - The plan aims to encourage and retain these individuals to promote the ongoing operation and development of the group [1] - It provides additional incentives for participants to achieve performance targets [1] Group 2 - The plan is intended to attract suitable talent to drive further development of the group [1] - It incentivizes selected participants to maximize company value for both themselves and the company [1] - The goal is to enhance group value and directly link the interests of selected participants with those of shareholders through ownership [1]

Gala Technology Holding Limited 望塵科技控股有限公司 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，概不會就因本公告全部或任何部分內容而產生或因 依賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：2458） 採納二零二五年股份獎勵計劃 採納該計劃 本公司欣然宣佈，董事會已於二零二五年九月十九日議決採納該計劃，以(i)表 彰選定參與者的貢獻，並給予其取得本公司所有權權益的機會；(ii)鼓勵及留住 該等人士以促進本集團的持續經營及發展；(iii)為彼等達成績效目標提供額外激 勵；(iv)吸引合適人才以推動本集團的進一步發展；及(v)激勵選定參與者為選 定參與者本身及本公司的利益而將本公司價值最大化，以實現提升本集團價值 及通過股份擁有權使選定參與者的利益與股東的利益直接掛鈎的目標。 上市規則的涵義 該計劃構成上市規則第17章項下的股份計劃，須遵守上市規則第17.12條項下的 適用披露規定。該計劃乃根據上市規則第17.01(1)(b)條擬定及採納，僅以現有股 份撥付資金 ...

Here is the professionally structured report outline in Markdown format, with all requirements applied: [Company Information](index=3&type=section&id=Company%20Information) This section provides essential corporate details, including board composition, contact information, and registration specifics. [Board of Directors and Committee Composition](index=3&type=section&id=Board%20of%20Directors%20and%20Committee%20Composition) The company's board comprises executive and independent non-executive directors, with Ms. Jiang Xueying appointed as Audit Committee Chair on June 20, 2025. - Executive directors include Jia Xiaodong (Chairman and CEO), Huang Xiang, and Li Xin[3](index=3&type=chunk) - Independent non-executive director Ms. Jiang Xueying was appointed on **June 20, 2025**, as Audit Committee Chair, succeeding Mr. Liang Mingxu[3](index=3&type=chunk) [Company Contact and Registration Information](index=3&type=section&id=Company%20Contact%20and%20Registration%20Information) The company's registered office is in the Cayman Islands, with primary business locations in Hong Kong and Shenzhen, and stock code 02458. - The company's registered office is in the Cayman Islands, with its principal place of business in Hong Kong at 31/F, 148 Electric Road, North Point[4](index=4&type=chunk) - Its headquarters and principal place of business in China are in Shenzhen Qianhai, with the company website at www.galasports.com[5](index=5&type=chunk) - The company's stock code is **02458**[5](index=5&type=chunk) [Financial Performance Summary](index=5&type=section&id=Financial%20Performance%20Summary) This section outlines the group's key financial results for the reporting period, highlighting significant revenue, profit, and margin changes. [Group Performance Overview](index=5&type=section&id=Group%20Performance%20Overview) For the six months ended June 30, 2025, group revenue grew 48.9% to RMB 469.7 million, gross profit increased 38.6% to RMB 237.6 million, and profit for the period surged 110.3% to RMB 53.7 million. Summary of Financial Performance for the Six Months Ended June 30 | Metric | 2025 (RMB thousands) | 2025 (%) | 2024 (RMB thousands) | 2024 (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 469,681 | 100.0 | 315,379 | 100.0 | | Cost of Revenue | (232,122) | (49.4) | (143,976) | (45.7) | | Gross profit | 237,559 | 50.6 | 171,403 | 54.3 | | Other (losses)/gains, net | (6,072) | (1.3) | 535 | 0.2 | | Other income | 4,597 | 1.0 | 4,315 | 1.4 | | Selling and marketing expenses | (68,170) | (14.5) | (68,401) | (21.7) | | General and administrative expenses | (22,954) | (4.9) | (21,531) | (6.8) | | Research and development expenses | (84,317) | (18.0) | (58,899) | (18.7) | | Operating profit | 60,418 | 12.9 | 27,401 | 8.7 | | Profit before income tax | 58,303 | 12.4 | 25,589 | 8.1 | | Profit for the period | 53,710 | 11.4 | 25,539 | 8.1 | - Revenue increased year-on-year by **48.9%**, gross profit by **38.6%**, and net profit by **110.3%**[12](index=12&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth review of the group's operational performance, strategic initiatives, and financial position. [Business Overview](index=6&type=section&id=Business%20Overview) The group, a leading technology-driven mobile sports game company in China, achieved outstanding performance in a complex global competitive environment, driven by its "Technology + IP + Regionalized Operations" strategy. - The Group is a leading technology-driven mobile sports game company in China, adhering to the principle of "Technology makes sports more fun"[7](index=7&type=chunk) - In the first half, the core business achieved full-chain value breakthroughs, benefiting from the "Technology + IP + Regionalized Operations" strategy[7](index=7&type=chunk) - Self-developed AIGC technology Arena 4D built a technological barrier, driving the synergistic leap in user scale and commercial performance across multiple product categories including football, basketball, and baseball[8](index=8&type=chunk) - Basketball game cumulative revenue exceeded **RMB 200 million**, baseball game monthly revenue exceeded **HKD 9 million**, and the football category maintained revenue growth during a "minor year" cycle[8](index=8&type=chunk) [Football Game Product Line Performance](index=6&type=section&id=Football%20Game%20Product%20Line%20Performance) This subsection details the performance and strategic achievements of the group's football game products. - Football Master 2 continued to show strong vitality five years after its launch, achieving steady expansion of its user base through user growth strategy adjustments[9](index=9&type=chunk) - Football Club achieved a resonance of product power and commercial value in the first half, enhancing experience standards based on neural network AI algorithms and the Motion Matching motion engine, with IP investment return rate over **300%**[10](index=10&type=chunk) - Football Club successfully renewed its contract with the German national team, added multiple Ballon d'Or level legendary players, and historically obtained full authorization for the Russian Premier League[10](index=10&type=chunk) [Basketball Game Product Line Performance](index=7&type=section&id=Basketball%20Game%20Product%20Line%20Performance) This subsection highlights the market impact and user growth of the group's basketball game products. - NBA Clash quickly established market influence since its launch in August 2024, topping the Apple App Store free download chart within three days of its debut[11](index=11&type=chunk) - As of June 30, 2025, the cumulative revenue scale in the Chinese mainland market surpassed a significant threshold, and total registered users exceeded **6 million**[11](index=11&type=chunk) - Brand building achieved breakthroughs, signing international top basketball player Butler as endorser and deeply participating in the Huawei Game Festival[11](index=11&type=chunk) [Baseball Game Product Line Performance](index=7&type=section&id=Baseball%20Game%20Product%20Line%20Performance) This subsection details the significant growth and market positioning of the group's baseball game products. - Baseball Master achieved a historic turning point in the first half, realizing double growth in user scale and revenue, with **750 thousand** new users and monthly active users increased year-on-year by **46%**[12](index=12&type=chunk) - In June 2025, game revenue exceeded **HKD 9 million**, achieving monthly profitability for the first time[12](index=12&type=chunk) - North American market payment rate increased year-on-year by **15.6%**, and monthly new users maintained **8%** steady growth, consolidating Top 2 position in North American MLB licensed category[12](index=12&type=chunk) [2025 Second Half Outlook](index=8&type=section&id=2025%20Second%20Half%20Outlook) The company will continue its technology-driven and global deep cultivation strategy in the second half, focusing on product experience iteration, emerging market breakthroughs, and event resource integration. - The second half will continue the technology-driven and global deep cultivation strategy, focusing on product experience iteration, emerging market breakthroughs, and event resource integration[14](index=14&type=chunk) - The football product line will optimize its product structure, focus on layout in Southeast Asia, and accelerate commercialization preparations for the mini-game 'Fantasy Manager'[14](index=14&type=chunk) - The baseball and basketball sectors will focus on in-depth development of the event economy, such as Baseball Master integrating with MLB postseason data, and NBA Clash launching independent distribution in Hong Kong, Macau, and Taiwan[15](index=15&type=chunk) - The company will build a multi-layered growth engine with technology refinement, regionalized operations, and ecological distribution as its strategic triangle[15](index=15&type=chunk) [Financial Review](index=9&type=section&id=Financial%20Review) This section provides a detailed review of the group's financial indicators for the six months ended June 30, 2025, including changes in revenue, cost of revenue, gross profit, various expenses, and finance costs, along with their primary reasons. [Revenue](index=9&type=section&id=Revenue) This subsection details the group's revenue performance and its contributing factors. Revenue by Distribution Model | | 2025 (RMB thousands) | 2025 (%) | 2024 (RMB thousands) | 2024 (%) | | :--- | :--- | :--- | :--- | :--- | | Self-published games | 469,070 | 99.9 | 314,563 | 99.7 | | Third-party published games | 611 | 0.1 | 816 | 0.3 | | Total | 469,681 | 100 | 315,379 | 100 | - Revenue increased year-on-year by **48.9%** to **RMB 469.7 million**, primarily due to the comprehensive upgrade of Football Club and the strong performance of the new game NBA Clash[17](index=17&type=chunk) [Cost of Revenue](index=9&type=section&id=Cost%20of%20Revenue) This subsection analyzes the components and changes in the group's cost of revenue. Cost of Revenue Details | | 2

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 望塵科技控股有限公司 呈交日期: 2025年9月1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) | 02458 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | 本月 ...

Group 1 - The company reported a revenue of approximately RMB 470 million for the six months ending June 30, 2025, representing a year-on-year increase of about 48.9% [1] - Gross profit reached approximately RMB 238 million, up 38.6% compared to the same period last year [1] - Net profit recorded approximately RMB 53.7 million, a significant increase of 110.3% from approximately RMB 25.5 million in the previous year [1] Group 2 - The product "Best Football Club" achieved a breakthrough in product strength and commercial value, showcasing the company's technical capabilities [1] - The company has successfully renewed its contract with the German national team and added several legendary players, enhancing its IP ecosystem with a return on investment exceeding 300% [1] - The company obtained complete authorization for the Russian Premier League, expanding its IP matrix to maximize coverage of football culture [1] Group 3 - The global operation of "Best Football Club" saw qualitative and quantitative improvements, supported by a deepening core talent strategy [2] - The localized communication matrix efficiency significantly improved, leading to a year-on-year increase in user community asset accumulation [2] - Key markets such as South Korea, Europe, and Hong Kong have completed a refined transformation, achieving steady revenue growth with lower cost inputs, validating the long-term sustainability of the operational model [2]

Core Insights - Wangchen Technology Holdings (02458) reported a mid-year performance for 2025 with revenue of 470 million RMB, representing a year-on-year growth of 48.9% [1] - The profit attributable to the company's owners reached 53.712 million RMB, marking a significant increase of 110.3% compared to the previous year [1] - Basic earnings per share stood at 0.40 RMB [1] Revenue Growth Drivers - The increase in revenue is primarily attributed to the comprehensive upgrades in the core game "Best Club," which enhanced the game's core experience, IP content depth, and operational richness, significantly boosting its competitiveness in the niche market [1] - The strong performance of the newly launched game "NBA Peak Showdown," which went live in August 2024, also contributed to the revenue growth [1]

Core Insights - Wangchen Technology Holdings (02458) reported a mid-year performance for 2025 with revenue of 470 million RMB, representing a year-on-year growth of 48.9% [1] - The profit attributable to the company's owners reached 53.712 million RMB, marking a significant year-on-year increase of 110.3% [1] - Basic earnings per share stood at 0.40 RMB [1] Revenue Growth Drivers - The increase in revenue is primarily attributed to the comprehensive upgrades made to the core game "Best Club," which enhanced the game's core experience, IP content depth, and operational richness, significantly boosting its competitiveness in the niche market [1] - The strong performance of the newly launched game "NBA Peak Showdown," which went live in August 2024, also contributed to the revenue growth [1]

Financial Performance - The company's revenue for the six months ended June 30, 2025, was RMB 469,681,000, representing a 48.9% increase from RMB 315,379,000 in the same period of 2024[9]. - Gross profit margin decreased to 50.6% in 2025 from 54.3% in 2024, with gross profit amounting to RMB 237,559,000[9]. - Operating profit increased to RMB 60,418,000, a 120.5% rise compared to RMB 27,401,000 in the previous year, resulting in an operating margin of 12.9%[9]. - The company achieved a net profit of RMB 53,710,000, up 110.8% from RMB 25,539,000 in 2024, with a net profit margin of 11.4%[9]. - Basic earnings per share increased to RMB 0.40 from RMB 0.19, reflecting a significant growth in profitability[81]. - The total comprehensive income for the period was RMB 54,347,000, compared to RMB 25,470,000 in the same period last year, showing strong overall performance[81]. - The company's cost of revenue was RMB 232,122,000, which is a 61.5% increase from RMB 143,976,000 in the previous year[81]. - The company reported a profit of RMB 53,712,000 for the six months ended June 30, 2025, compared to a profit of RMB 25,546,000 for the same period in 2024, representing a growth of approximately 110%[84]. Market and Strategic Developments - The basketball game generated cumulative revenue exceeding RMB 200 million, while the baseball game achieved monthly revenue surpassing HKD 9 million[11]. - The company has established long-term partnerships with top sports leagues and clubs, enhancing its competitive advantage in the digital gaming market[10]. - The implementation of the "technology + IP + localized operation" strategy has led to significant value breakthroughs across the core business[10]. - The company has made progress in emerging markets, with steady user growth in Southeast Asian countries like Vietnam and Thailand, indicating substantial development potential[11]. - The operational model upgrade has shown key progress, with significant revenue growth in key markets like Korea, Europe, and Hong Kong[13]. - The company aims to enhance its technological barriers and deepen regional market penetration to improve global competitiveness in sports gaming[17]. Research and Development - Research and development expenses amounted to RMB 84,317,000, representing 18.0% of total revenue, reflecting the company's commitment to innovation[9]. - Research and development expenses rose to RMB 84,317,000, up 43% from RMB 58,899,000 in the prior year, highlighting continued investment in innovation[81]. Employee and Shareholder Information - The group had 517 full-time employees as of June 30, 2025, an increase from 491 employees as of December 31, 2024[42]. - Total employee costs amounted to approximately RMB 116.9 million for the six months ended June 30, 2025, compared to RMB 81.7 million for the same period in 2024[42]. - The company did not declare any interim dividend for the six months ended June 30, 2025, consistent with the previous year[45]. - Mr. Jia holds 31,307,986 shares, representing 21.93% of the company's equity[53]. - Mr. Huang holds 21,837,345 shares, representing 15.30% of the company's equity[53]. - The company has issued a total of 142,710,128 shares as of the report date, excluding treasury shares[61]. Financial Position and Cash Flow - Cash and cash equivalents amounted to approximately RMB 419.3 million as of June 30, 2025[30]. - The current ratio was approximately 2.4 times as of June 30, 2025, compared to 2.5 times as of December 31, 2024[30]. - Total assets increased to RMB 714,758,000 as of June 30, 2025, up from RMB 631,613,000 as of December 31, 2024, representing a growth of approximately 13%[82]. - Net cash generated from operating activities for the six months ended June 30, 2025, was RMB 112,220,000, significantly higher than RMB 47,605,000 for the same period in 2024, reflecting a growth of approximately 135%[85]. - The company's total equity increased to RMB 425,323,000 as of June 30, 2025, from RMB 377,133,000 at the end of 2024, indicating an increase of about 13%[83]. Share Incentive Plans - The group issued 4,742,928 new shares under the 2023 Share Incentive Plan during the six months ended June 30, 2025[47]. - The total number of shares that may be issued under the company's share incentive plans is approximately 3.36% of the weighted average number of issued shares as of June 30, 2025[67]. - The company has established performance assessment goals for the share reward recipients, which will be evaluated by the group[69]. - The company appointed Futu Trust Co., Ltd. and Casta Trust Co., Ltd. as trustees for the share incentive plans, ensuring independence from the company and its related parties[70]. Other Financial Metrics - The net financial cost increased by approximately RMB 0.3 million or 16.7% from RMB 1.8 million for the six months ended June 30, 2024, to RMB 2.1 million for the six months ended June 30, 2025[29]. - The company incurred RMB 660,000 in capital expenditures for property, plant, and equipment for the six months ended June 30, 2025, down from RMB 1,255,000 in the same period of 2024[105]. - The company purchased intangible assets amounting to RMB 36,240,000 for the six months ended June 30, 2025, compared to RMB 25,034,000 in the same period of 2024, indicating a 44.8% increase[105].

Core Viewpoint - Wangchen Technology Holdings (02458.HK) has seen a significant stock price increase, closing at 6.300 HKD, marking a 12.5% rise from the previous trading day and reaching a nearly one-year high [1]. Company Overview - Wangchen Technology Holdings Limited was established in Shenzhen in 2013 and is a technology-driven internet company focused on providing high-quality online sports entertainment gaming experiences [2]. - The company has a team of over 400 members with offices in Shenzhen and Chengdu, and has developed several popular sports mobile games, including "Football Master," "NBA Basketball Master," and "Baseball Master" [2]. - Wangchen Technology maintains long-term partnerships with major sports leagues and clubs, including FIFPro, NBA, Bayern Munich, and Paris Saint-Germain, among others [2]. - The company boasts over 100 million global downloads and is a leader in several technological fields such as 3D reconstruction of sports venues, human motion simulation, and AI in ball games [2]. - Wangchen Technology is committed to continuous development in the sports gaming market, with multiple new games currently in development [2]. - The company's philosophy emphasizes gameplay quality, commitment to excellence, passion for work, and the spirit of athletics [2].

Core Viewpoint - The company expects to achieve revenue of RMB 460 million to 470 million in the first half of 2025, representing a year-on-year growth of approximately 46% to 49%, and a net profit of RMB 50 million to 55 million, reflecting a year-on-year increase of about 96% to 115% [1] Financial Performance - The anticipated growth in net profit is primarily attributed to the comprehensive upgrades of the core game "Best Club," which significantly enhanced its competitiveness in the niche market, leading to substantial revenue growth [1] - The strong performance is also supported by the upcoming launch of the new game "NBA Peak Showdown" in August 2024 [1] Strategic Initiatives - The company benefits from a dual-track strategy focused on technology-driven growth and global market penetration, contributing to robust financial performance [1] - Adjustments in the strategic timing of certain marketing projects have been made, with execution planned for the second half of the fiscal year [1] - The company will continue to focus on product experience iteration, tackling emerging markets, and integrating event resources, leveraging self-developed AI technology to strengthen its technological moat [1]