近日国务院发布人工智能顶层纲领文件，海通国际发布研报称，持续的政策支持AI应用落地，国内AI 产业的发展有望进一步加速，看好从AI基础设施到AI大模型到AI应用的发展闭环。AI是新一轮科技革 命与产业变革的重要驱动力，受益于持续的技术进步与政策支持，AI产业链正迎来广阔的发展机遇。 公开资料显示，云工场科技是国内最早的数据服务提供商之一。在智算领域，云工场科技基于深厚的基 础云能力，在机、算、网、存、云方面打造极致算效体系，升级边缘算力平台，为AI应用落地提供从 基础设施服务到端到端解决方案的算力支持。 智通财经APP获悉，云工场(02512)涨近10%，截至发稿，涨9.81%，报4.03港元，成交额2754.53万港 元。 ...

公开资料显示，云工场科技是国内最早的数据服务提供商之一。在智算领域，云工场科技基于深厚的基 础云能力，在机、算、网、存、云方面打造极致算效体系，升级边缘算力平台，为AI应用落地提供从 基础设施服务到端到端解决方案的算力支持。 近日国务院发布人工智能顶层纲领文件，海通国际发布研报称，持续的政策支持AI应用落地，国内AI 产业的发展有望进一步加速，看好从AI基础设施到AI大模型到AI应用的发展闭环。AI是新一轮科技革 命与产业变革的重要驱动力，受益于持续的技术进步与政策支持，AI产业链正迎来广阔的发展机遇。 云工场(02512)涨近10%，截至发稿，涨9.81%，报4.03港元，成交额2754.53万港元。 ...

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: 重新提交 致：香港交易及結算所有限公司 公司名稱: 雲工場科技控股有限公司 呈交日期: 2025年9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) | 02512 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | 本月底法定/註冊股本 ...

致：香港交易及結算所有限公司 公司名稱: 雲工場科技控股有限公司 呈交日期: 2025年9月2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) | 02512 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | 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 本月底法定/註冊股本總 ...

Core Viewpoint - The company reported a revenue of RMB 407 million for the six months ending June 30, 2025, representing a year-on-year growth of 10.03%, and a net profit of RMB 14.92 million, up 18.97% year-on-year, with earnings per share of RMB 0.03 [1] Group 1: Business Strategy and Development - The company is shifting its focus from building edge computing infrastructure to developing scenario-based edge computing applications and deep integration with various industries [1] - The company has strengthened its core strategy of "Edge Cloud + AI Services" in response to the industry trend of integrating edge computing with AI [1] - The company has deployed nodes across the country to create a "10-kilometer low-latency computing service circle" that supports localized computing power and achieves network integration [1] Group 2: New Services and Solutions - In the first half of 2025, the company successfully launched multiple new services, including the EdgeAIStation service, which adapts mainstream AI models to the computing platform [2] - The company introduced a private deployment solution for large AI models, allowing enterprise clients to build exclusive knowledge bases and benefit from integrated, secure, and efficient AI solutions [2] - A one-stop power scheduling solution was launched, capable of managing diverse computing resources, including GPUs, NPUs, and FPGAs, simplifying customer operations [2] Group 3: Recognition and R&D Achievements - The company's efforts have been recognized by clients and leading institutions, collaborating with industry leaders and universities to provide edge computing and AI model development services [3] - The company has been ranked among the top 20 edge computing companies in China for three consecutive years and has been included in the "2025 Government Industry Trust Ecology Map" [3] - In R&D, the company developed real-time video stream intelligent analysis technology using computer vision models and advanced cloud-edge collaborative intelligent IoT systems [3]

Core Insights - The company reported a revenue of RMB 407 million for the six months ending June 30, 2025, representing a year-on-year growth of 10.03% [1] - Net profit reached RMB 14.92 million, an increase of 18.97% compared to the previous year [1] - The company is shifting its focus from building edge computing infrastructure to developing scenario-based edge computing applications and deep integration with various industries [1] Group 1: Business Strategy and Development - The company is enhancing its core strategy of "Edge Cloud + AI Services" in response to the industry trend of integrating edge computing with AI [1] - It has deployed nodes across the country to create a "10-kilometer low-latency computing service circle" that supports localized computing power and network integration [1] - The company is building a comprehensive technology stack that includes diverse model capabilities at the Model as a Service (MaaS) layer and deep integration with industry scenarios at the Software as a Service (SaaS) layer [1] Group 2: New Services and Solutions - In the first half of 2025, the company launched several new services, including the Edge AI Station service, which adapts multiple mainstream AI models to its computing platform [2] - The company introduced a private deployment solution for large AI models, allowing enterprise clients to build exclusive knowledge bases and benefit from secure and efficient AI solutions [2] - A one-stop power scheduling solution was launched, capable of managing diverse computing resources, including GPUs, NPUs, and FPGAs, simplifying customer operations [2] Group 3: Recognition and R&D Efforts - The company's efforts have been recognized by clients and leading institutions, including partnerships with the Robotics Industry Alliance and renowned universities [3] - The company has been ranked among the top 20 edge computing companies in China for three consecutive years and has been included in the "2025 Government Affairs Industry Innovation Ecosystem Map" [3] - In R&D, the company developed real-time video stream intelligent analysis technology using computer vision models and is advancing cloud-edge collaborative intelligent IoT systems [3]

Group 1 - The company, YunGongChang (02512.HK), reported a revenue of RMB 407 million for the six months ending June 30, 2025, representing a year-on-year increase of 10.03% [1] - The gross profit for the same period was RMB 47.69 million, showing a year-on-year increase of 1.23% [1] - The profit attributable to the owners of the parent company was RMB 14.687 million, which is a year-on-year increase of 19.2% [1] - The basic earnings per share were RMB 0.03 [1]

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) This section presents a concise overview of the company's key financial performance indicators for the period Financial Highlights for the Six Months Ended June 30, 2025 | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 406,759 | 369,696 | 10.03 | | Gross Profit | 47,690 | 47,110 | 1.23 | | Profit Before Tax | 16,507 | 14,850 | 11.16 | | Profit for the Period | 14,923 | 12,543 | 18.97 | | Earnings Per Share (RMB) | 0.03 | 0.03 | — | [Interim Condensed Consolidated Financial Statements](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) This section presents the company's interim consolidated financial statements, detailing its financial performance and position [Interim Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the company's revenue increased by **10.03%** to **RMB 406,759 thousand**, with profit for the period rising **18.97%** to **RMB 14,923 thousand**, driven by revenue growth and cost control Interim Condensed Consolidated Statement of Profit or Loss (For the Six Months Ended June 30) | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Revenue | 406,759 | 369,696 | | Cost of Sales | (359,069) | (322,586) | | Gross Profit | 47,690 | 47,110 | | Other Income and Gains | 3,754 | 4,321 | | Selling and Distribution Expenses | (3,147) | (3,639) | | Administrative Expenses | (17,289) | (20,963) | | Research and Development Expenses | (9,270) | (6,683) | | Impairment Loss on Financial Assets | (1,690) | (2,335) | | Other Expenses | (40) | (20) | | Finance Costs | (3,501) | (2,941) | | Profit Before Tax | 16,507 | 14,850 | | Income Tax Expense | (1,584) | (2,307) | | Profit for the Period | 14,923 | 12,543 | | Profit Attributable to Owners of the Parent | 14,687 | 12,320 | | Profit Attributable to Non-controlling Interests | 236 | 223 | [Interim Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the company's total comprehensive income was **RMB 13,069 thousand**, a decrease from **RMB 16,952 thousand** in the prior period, primarily due to changes in exchange differences Interim Condensed Consolidated Statement of Comprehensive Income (For the Six Months Ended June 30) | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Profit for the Period | 14,923 | 12,543 | | Exchange Differences on Translation of Foreign Operations (may be reclassified to profit or loss) | 3,083 | 4,409 | | Exchange Differences on Translation of Foreign Operations (will not be reclassified to profit or loss) | (4,937) | — | | Other Comprehensive (Loss)/Income for the Period (net of tax) | (1,854) | 4,409 | | Total Comprehensive Income for the Period | 13,069 | 16,952 | | Total Comprehensive Income Attributable to Owners of the Parent | 12,833 | 16,729 | | Total Comprehensive Income Attributable to Non-controlling Interests | 236 | 223 | [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets less current liabilities amounted to **RMB 418,989 thousand**, an increase from December 31, 2024, primarily driven by an increase in net current assets Interim Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Property, Plant and Equipment | 40,493 | 32,597 | | Right-of-use Assets | 421 | 641 | | Other Intangible Assets | 248 | 230 | | Deferred Tax Assets | 2,226 | 1,836 | | Other Non-current Assets | 42,205 | 53,915 | | **Total Non-current Assets** | **85,593** | **89,219** | | **Current Assets** | | | | Inventories | 771 | 129 | | Trade Receivables | 300,485 | 235,042 | | Prepayments, Other Receivables and Other Assets | 225,847 | 215,973 | | Restricted Cash | — | 27 | | Cash and Cash Equivalents | 348,055 | 371,016 | | **Total Current Assets** | **875,158** | **822,187** | | **Current Liabilities** | | | | Trade Payables | 216,309 | 199,598 | | Other Payables and Accruals | 26,166 | 38,023 | | Contract Liabilities | 179 | 231 | | Interest-bearing Bank Borrowings | 294,567 | 262,811 | | Lease Liabilities | 262 | 485 | | Tax Payable | 4,279 | 4,329 | | **Total Current Liabilities** | **541,762** | **505,477** | | **Net Current Assets** | **333,396** | **316,710** | | **Total Assets Less Current Liabilities** | **418,989** | **405,929** | | **Non-current Liabilities** | | | | Lease Liabilities | — | 9 | | **Total Non-current Liabilities** | **—** | **9** | | **Net Assets** | **418,989** | **405,920** | | **Equity** | | | | Equity Attributable to Owners of the Parent | 415,275 | 402,442 | | Non-controlling Interests | 3,714 | 3,478 | | **Total Equity** | **418,989** | **405,920** | [Notes to the Interim Condensed Consolidated Financial Information](index=6&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) This section details accounting policies, significant judgments, and explanatory notes to the interim consolidated financial information [1. Company Information](index=6&type=section&id=1.%20Company%20Information) The company was incorporated in the Cayman Islands and primarily engages in IDC solution services, edge computing services, and other services in China - The Company was incorporated in the Cayman Islands as a limited liability company on December **10**, **2021**[10](index=10&type=chunk) - The Group primarily engages in providing Internet Data Center (IDC) solution services, edge computing services, and other services in Mainland China[10](index=10&type=chunk) [2. Basis of Presentation](index=6&type=section&id=2.%20Basis%20of%20Presentation) The interim condensed consolidated financial information is prepared in accordance with IAS 34 and should be read in conjunction with the annual consolidated financial statements - The interim condensed consolidated financial information has been prepared in accordance with International Accounting Standard **34** — Interim Financial Reporting[11](index=11&type=chunk) [3. Changes in Accounting Policies and Disclosures](index=6&type=section&id=3.%20Changes%20in%20Accounting%20Policies%20and%20Disclosures) The amendment to IAS 21, "Lack of Exchangeability," was first adopted this period but had no impact on the financial information as the Group's transaction and functional currencies are convertible - The Group first adopted the amendment to IAS **21**, 'Lack of Exchangeability', during the period[12](index=12&type=chunk)[13](index=13&type=chunk) - As the currencies used for transactions by the Group and the functional currencies used by Group entities for translation into the Group's presentation currency are convertible, these amendments had no impact on the interim condensed consolidated financial information[13](index=13&type=chunk) [4. Operating Segment Information](index=6&type=section&id=4.%20Operating%20Segment%20Information) The Group primarily provides IDC solution services, edge computing services, and other services in Mainland China, which management considers a single reportable operating segment, with all revenue and non-current assets originating from Mainland China - The Group is primarily a provider of IDC solution services, edge computing services, and other services in Mainland China[14](index=14&type=chunk) - Management considers the Group's operating segments as a single reportable operating segment[14](index=14&type=chunk) - All of the Group's revenue and non-current assets are derived from Mainland China[15](index=15&type=chunk) [5. Revenue, Other Income and Gains](index=7&type=section&id=5.%20Revenue,%20Other%20Income%20and%20Gains) For the six months ended June 30, 2025, total revenue from contracts with customers was **RMB 406,759 thousand**, primarily from IDC solution services, while other income and gains totaled **RMB 3,754 thousand**, a decrease from the prior period Revenue from Contracts with Customers by Type of Goods or Services (For the Six Months Ended June 30) | Type of Goods or Services | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | IDC Solution Services | 376,077 | 348,699 | | Edge Computing Services | 29,228 | 20,997 | | Other Services | 1,454 | — | | **Total Revenue from Contracts with Customers** | **406,759** | **369,696** | Other Income and Gains Analysis (For the Six Months Ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Government Grants | 372 | 3,502 | | Bank Interest Income | 255 | 198 | | Interest Income from Long-term Receivables | 2,921 | 621 | | Other | 206 | — | | **Total** | **3,754** | **4,321** | [6. Profit Before Tax](index=8&type=section&id=6.%20Profit%20Before%20Tax) For the six months ended June 30, 2025, profit before tax was **RMB 16,507 thousand**, influenced by factors such as cost of services, depreciation, R&D expenses, and employee benefit expenses Profit Before Tax Deducted/(Credited) Items (For the Six Months Ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Cost of Services Provided | 359,069 | 322,586 | | Depreciation of Property, Plant and Equipment | 4,197 | 2,451 | | Depreciation of Right-of-use Assets | 220 | 294 | | Amortisation of Intangible Assets | 124 | 162 | | Research and Development Expenses | 9,270 | 6,683 | | Total Employee Benefit Expenses | 17,594 | 14,967 | | Impairment Loss on Financial Assets Recognised | 1,690 | 2,335 | | Bank Interest Income | (255) | (198) | | Interest Income from Long-term Receivables | (2,921) | (621) | | Listing Expenses | — | 7,507 | [7. Finance Costs](index=9&type=section&id=7.%20Finance%20Costs) For the six months ended June 30, 2025, total finance costs amounted to **RMB 3,501 thousand**, primarily comprising interest on bank borrowings, representing an increase from the prior period Finance Costs Analysis (For the Six Months Ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Interest on Bank Borrowings | 3,490 | 2,915 | | Interest on Lease Liabilities | 11 | 26 | | **Total** | **3,501** | **2,941** | [8. Income Tax](index=9&type=section&id=8.%20Income%20Tax) For the six months ended June 30, 2025, total income tax expense was **RMB 1,584 thousand**, a decrease from the prior period, primarily including current and deferred income tax in Mainland China Income Tax Expense Analysis (For the Six Months Ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Current | 1,974 | 2,331 | | Deferred | (390) | (24) | | **Total Tax Expense for the Period** | **1,584** | **2,307** | [9. Dividends](index=9&type=section&id=9.%20Dividends) For the six months ended June 30, 2025, the company neither declared nor proposed any interim dividends - For the six months ended June 30, 2025, no interim dividend was declared or proposed to the ordinary shareholders of the Company[22](index=22&type=chunk) [10. Earnings Per Share Attributable to Owners of the Parent](index=9&type=section&id=10.%20Earnings%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Parent) For the six months ended June 30, 2025, basic and diluted earnings per share attributable to owners of the parent remained stable at **RMB 0.03** Basic and Diluted Earnings Per Share Calculation (For the Six Months Ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit Attributable to Owners of the Parent (RMB '000) | 14,687 | 12,320 | | Weighted Average Number of Ordinary Shares in Issue for the Period | 460,000,000 | 382,083,333 | | Earnings Per Share (Basic and Diluted, RMB) | 0.03 | 0.03 | [11. Property, Plant and Equipment](index=10&type=section&id=11.%20Property,%20Plant%20and%20Equipment) For the six months ended June 30, 2025, the Group acquired property, plant and equipment at a cost of **RMB 12,099 thousand** and disposed of assets with a net book value of **RMB 6 thousand**, resulting in a net loss of **RMB 5 thousand** - For the six months ended June 30, 2025, the Group acquired property, plant and equipment at a cost of **RMB 12,099 thousand**, an increase from **RMB 10,179 thousand** in the prior period[25](index=25&type=chunk) - The Group disposed of assets with a net book value of **RMB 6 thousand**, resulting in a net loss on disposal of **RMB 5 thousand**[25](index=25&type=chunk) [12. Other Non-current Assets](index=10&type=section&id=12.%20Other%20Non-current%20Assets) As of June 30, 2025, total other non-current assets amounted to **RMB 42,205 thousand**, primarily consisting of long-term receivables net of impairment provisions Other Non-current Assets (As of June 30) | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Long-term Receivables | 67,360 | 78,691 | | Less: Long-term Receivables Due Within One Year | (23,859) | (23,025) | | Less: Impairment | (1,296) | (1,751) | | **As at Year/Period End** | **42,205** | **53,915** | [13. Trade Receivables](index=10&type=section&id=13.%20Trade%20Receivables) As of June 30, 2025, total trade receivables amounted to **RMB 300,485 thousand**, with the majority due within one year, representing an increase from December 31, 2024 Trade Receivables (As of June 30) | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Trade Receivables | 307,179 | 239,564 | | Less: Impairment | (6,694) | (4,522) | | **As at Year/Period End** | **300,485** | **235,042** | Trade Receivables Aging Analysis (As of June 30) | Aging | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Within One Year | 259,898 | 191,579 | | One to Two Years | 40,587 | 43,463 | | **Total** | **300,485** | **235,042** | [14. Prepayments, Other Receivables and Other Assets](index=11&type=section&id=14.%20Prepayments,%20Other%20Receivables%20and%20Other%20Assets) As of June 30, 2025, prepayments, other receivables, and other assets totaled **RMB 225,847 thousand**, an increase from December 31, 2024, primarily comprising prepayments and other receivables Prepayments, Other Receivables and Other Assets (As of June 30) | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Long-term Receivables Due Within One Year (net of impairment) | 23,148 | 22,301 | | Prepayments | 159,707 | 121,716 | | Other Receivables | 38,749 | 67,924 | | Deposits | 1,156 | 863 | | Other | 3,166 | 3,262 | | Less: Impairment | (79) | (93) | | **Total** | **225,847** | **215,973** | - Prepayments, other receivables, and other assets are unsecured, interest-free, and have no fixed repayment terms[27](index=27&type=chunk) [15. Trade Payables](index=12&type=section&id=15.%20Trade%20Payables) As of June 30, 2025, total trade payables amounted to **RMB 216,309 thousand**, with the majority due within one year, representing an increase from December 31, 2024 Trade Payables Aging Analysis (As of June 30) | Aging | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Within One Year | 212,626 | 199,048 | | One to Two Years | 3,683 | 550 | | **Total** | **216,309** | **199,598** | [16. Interest-bearing Bank Borrowings](index=12&type=section&id=16.%20Interest-bearing%20Bank%20Borrowings) As of June 30, 2025, total interest-bearing bank borrowings amounted to **RMB 294,567 thousand**, with interest rates ranging from **1.80%** to **3.00%**, all denominated in RMB with fixed interest rates Interest-bearing Bank Borrowings (As of June 30) | Item | Effective Interest Rate (%) | Year of Maturity | June 30, 2025 (RMB '000) | | :--- | :--- | :--- | :--- | | Bank Borrowings—Unsecured | 1.80 – 3.00 | 2025 – 2026 | 294,567 | | **Bank Borrowings Repayable: Within 1 Year** | | | **294,567** | - The Group's borrowings are denominated in RMB, and all borrowings bear fixed interest rates[29](index=29&type=chunk) [17. Share Capital](index=12&type=section&id=17.%20Share%20Capital) As of June 30, 2025, issued and fully paid ordinary shares totaled **460,000,000** shares, with a share capital of **RMB 32,722**, consistent with December 31, 2024 Share Capital (As of June 30) | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Issued and Fully Paid Ordinary Shares (**460,000,000** shares) | 32,722 | 32,722 | [18. Commitments](index=13&type=section&id=18.%20Commitments) As of June 30, 2025, the Group had no significant contractual commitments - As of June 30, 2025 and December 31, 2024, the Group has no significant contingent liabilities or capital commitments[30](index=30&type=chunk) [19. Related Party Transactions](index=13&type=section&id=19.%20Related%20Party%20Transactions) For the six months ended June 30, 2025, total remuneration paid to key management personnel amounted to **RMB 3,702 thousand**, a decrease from the prior period Remuneration Paid to Key Management Personnel (For the Six Months Ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Short-term Employee Benefits | 3,436 | 4,294 | | Pension Scheme Contributions | 266 | 287 | | **Total Remuneration Paid to Key Management Personnel** | **3,702** | **4,581** | [20. Fair Value and Fair Value Hierarchy of Financial Instruments](index=13&type=section&id=20.%20Fair%20Value%20and%20Fair%20Value%20Hierarchy%20of%20Financial%20Instruments) The carrying amounts of the Group's financial instruments approximate their fair values, primarily due to their short-term maturity - The carrying amounts of the Group's financial instruments approximate their fair values[32](index=32&type=chunk) - The main reason for the fair value approximating the carrying amount is that these instruments mature in the short term[32](index=32&type=chunk) [21. Events After the Reporting Period](index=13&type=section&id=21.%20Events%20After%20the%20Reporting%20Period) After the reporting period, the company completed a new share subscription on July 18, 2025, and established a joint venture with Shannon Semiconductor Technology Co., Ltd. on August 12, 2025, to expand into the intelligent computing services market [(a) Subscription of New Shares](index=13&type=section&id=21.%20%28a%29%20Subscription%20of%20New%20Shares) On July 18, 2025, the company signed subscription agreements with two investment entities to issue a total of **45,985,000** new shares at **HKD 4.98** per share, completed on August 18, 2025, with net proceeds of approximately **HKD 228 Million** to be used for core business enhancement, business expansion, establishing intelligent computing centers, and supplementing working capital - On July **18**, **2025**, the Company entered into subscription agreements with Xichuang Phase I Artificial Intelligence Investment (Wuxi) Partnership (Limited Partnership) and Wuxi Xintou Chuangrong Equity Investment Partnership (Limited Partnership)[33](index=33&type=chunk)[34](index=34&type=chunk) - A total of **45,985,0

Core Viewpoint - The company, YunGongChang (02512), has issued a total of 45.985 million new shares at a subscription price of HKD 4.98 per share, raising approximately HKD 228 million in net proceeds after expenses [1] Fund Utilization - Approximately 13.2% of the net proceeds (or HKD 30 million) will be used to enhance the company's core business, specifically in IDC solutions and edge computing services, including procurement of high-performance edge computing hardware and development of distributed heterogeneous computing management platforms [1] - About 36.8% of the net proceeds (or HKD 84 million) will be allocated for business expansion, focusing on launching new services in intelligent computing throughout its lifecycle, which includes hardware procurement and development of high-speed lossless networks [1] - Approximately 40.4% of the net proceeds (or HKD 92 million) will be invested in establishing the company's own intelligent computing center, which will provide intelligent computing services, including land and property acquisition, equipment procurement, and internal renovations [1] - About 9.6% of the net proceeds (or HKD 22 million) will be used to supplement working capital and general corporate purposes, such as employee expenses and office rent [1] Cash Flow Projections - By June 30, 2025, it is expected that approximately 64.0% of the company's cash and cash equivalents will be used to repay bank loans, while about 36.0% will be allocated for settling supplier procurement costs and other operational expenses [1]

Core Viewpoint - The company, Cloud Factory (02512), has issued a total of 45.985 million new shares at a subscription price of HKD 4.98 per share, raising approximately HKD 228 million in net proceeds after expenses [1] Fund Utilization - Approximately 13.2% of the net proceeds (or HKD 30 million) will be used to enhance the core business, specifically for IDC solutions and edge computing services, including procurement of high-performance edge computing hosts and hardware, development of distributed heterogeneous computing management platforms, and algorithm optimization research [1] - About 36.8% of the net proceeds (or HKD 84 million) will be allocated for business expansion, focusing on launching new services covering the entire lifecycle of intelligent computing, which includes hardware procurement, development of high-speed lossless networks, and establishment of large-scale distributed storage and computing management platforms [1] - Approximately 40.4% of the net proceeds (or HKD 92 million) will be used to establish the company's own intelligent computing center, which will provide intelligent computing services, including land and property acquisition, equipment procurement and installation, and internal renovations [1] - About 9.6% of the net proceeds (or HKD 22 million) will be allocated for working capital and general corporate purposes, such as employee expenses and office rent [1] Cash Flow Projections - By June 30, 2025, it is expected that approximately 64.0% of the company's cash and cash equivalents will be used to repay bank loans between July and October 2025, while about 36.0% will be used to settle outstanding supplier procurement costs and other expenses incurred in daily operations [1]