FF305 第 1 頁 共 6 頁 v 1.3.0 FF305 確認 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： 雲工場科技控股有限公司 呈交日期： 2025年9月29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 | | | 證券代號 (如上市) | 02512 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存 ...

Core Viewpoint - Cloud Factory (02512) experienced a significant stock price increase, rising over 10% in late trading, with a current price of 5.15 HKD and a trading volume of 61.79 million HKD [1] Company Summary - On August 18, 2023, Xichuang Phase I Artificial Intelligence Investment (Wuxi) Partnership increased its stake in Cloud Factory by acquiring 26.277 million shares at an average price of 4.98 HKD per share, totaling approximately 131 million HKD [1] - Following this acquisition, Xichuang's ownership in Cloud Factory rose from 0.00% to 5.19% [1] - Cloud Factory Technology is one of the earliest data service providers in China, focusing on intelligent computing and building a robust computing efficiency system across various domains including machine, calculation, network, storage, and cloud [1] - The company is enhancing its edge computing platform to support AI applications, providing comprehensive infrastructure services and end-to-end solutions [1] Industry Summary - First Shanghai's research report indicates that Cloud Factory's strategic positioning in intelligent computing and model applications aligns well with current policies [1] - The company is constructing a decentralized edge cloud network based on IDC, leveraging its technological and market advantages to potentially reshape its growth trajectory and continuously enhance performance [1]

Core Viewpoint - Cloud Factory (02512) experienced a significant stock price increase, rising over 10% in late trading, with a current price of HKD 5.15 and a trading volume of HKD 61.79 million [1] Group 1: Stock Performance - As of the latest update, Cloud Factory's stock rose by 8.88% to HKD 5.15, with a trading volume of HKD 61.79 million [1] - The stock price increase follows the announcement of a substantial share acquisition by a key investor [1] Group 2: Shareholding Changes - On August 18, Xichuang Phase I Artificial Intelligence Investment (Wuxi) Partnership increased its stake in Cloud Factory by acquiring 26.277 million shares at an average price of HKD 4.98 per share, totaling approximately HKD 131 million [1] - Post-acquisition, Xichuang's shareholding in Cloud Factory rose from 0.00% to 5.19% [1] Group 3: Company Overview - Cloud Factory Technology is one of the earliest data service providers in China, focusing on intelligent computing [1] - The company has developed a robust computing efficiency system based on its foundational cloud capabilities, enhancing its edge computing platform to support AI applications [1] Group 4: Market Position and Future Outlook - According to a report by First Shanghai, Cloud Factory's strategic positioning in intelligent computing and model applications aligns with current policies [1] - The company is expected to leverage its technological and market advantages to reshape its growth trajectory and continuously enhance performance, thereby creating value for investors [1]

Core Viewpoint - First Shanghai has issued a "Buy" rating for Cloud Factory (02512), setting a target price of HKD 6.9, indicating a potential upside of 36% from the current price, driven by the company's market positioning and new business initiatives [1] Financial Performance - In H1 2025, the group's total revenue reached HKD 406.8 million, reflecting a year-on-year increase of 10.0%, primarily due to regular business expansion and significant growth in edge computing services [2] - Gross profit was HKD 47.7 million, with an overall gross margin of 11.7%. Net profit for the period was HKD 14.9 million, marking a year-on-year growth of 19.0% [2] - The earnings per share for ordinary equity holders remained at HKD 0.03, with cash and cash equivalents amounting to HKD 348.1 million, indicating strong liquidity [2] IDC Solutions Growth - The IDC solutions service, as the core business, generated revenue of HKD 376.1 million in H1 2025, a year-on-year increase of 7.9%, accounting for 92.5% of total revenue [3] - Revenue growth was attributed to the company's strong reputation, stable customer base, and extensive business network, although the gross margin for this segment was impacted by competitive pricing strategies, standing at 10.2% [3] Edge Computing Services - Revenue from edge computing services surged to HKD 29.2 million, a year-on-year increase of 39.0%, representing 7.2% of total revenue, driven by growing market demand for EdgeCDN services and new customer acquisition [4] - The segment's gross margin was 27.1%, with notable product highlights including the adaptation of mainstream AI models for computing platforms and the launch of private deployment solutions for enterprise clients [4] Strategic Initiatives - The company is focusing on four strategic areas: expanding smart computing services, enhancing technology research and development, strengthening ecosystem partnerships, and establishing a dual-driven model for government and enterprise solutions [5] - Recent capital raises will support various business developments, including the establishment of a joint venture to explore the smart computing service market [5]

Core Viewpoint - The report from First Shanghai gives a "buy" rating for Cloud Factory (02512), with a target price of HKD 6.9, indicating a 36% upside potential from the current price, driven by the company's strategic positioning in new business areas and alignment with government policies on "Artificial Intelligence+" [1] Financial Performance - In H1 2025, the group's total revenue reached HKD 406.8 million, a year-on-year increase of 10.0%, primarily due to regular business expansion and significant growth in edge computing services [1] - Gross profit was HKD 47.7 million, with an overall gross margin of 11.7%, while net profit stood at HKD 14.9 million, reflecting a year-on-year growth of 19.0% [1] - The earnings per share for ordinary equity holders remained at HKD 0.03, and as of June 30, the group had cash and cash equivalents of HKD 348.1 million, indicating strong liquidity reserves [1] IDC Solutions Growth - The revenue from IDC solutions services in H1 2025 reached HKD 376.1 million, a year-on-year increase of 7.9%, accounting for 92.5% of total revenue [2] - The growth in revenue was attributed to the company's strong reputation, stable customer base, and extensive business network, despite a decrease in gross margin to 10.2% due to competitive pricing strategies [2] Edge Computing Services - Revenue from edge computing services grew to HKD 29.2 million, a year-on-year increase of 39.0%, representing 7.2% of total revenue, driven by increased market demand for EdgeCDN services and new customer acquisition [3] - The gross margin for this segment was 27.1%, and the company has been recognized as one of the top 20 edge computing companies in China for three consecutive years [3] Strategic Development - The company focuses on four strategic areas: expanding smart computing services, enhancing technology research and development, strengthening ecosystem partnerships, and building a dual-driven model for government and enterprise solutions [4] - Recent capital raised from new share subscriptions will be used for various business developments, including the establishment of a joint venture to explore the smart computing services market [4]

雲 工 場 科 技 控 股 有 限 公 司 Cloud Factory Technology Holdings Limited （ 於開曼群島註冊成立的有限公司） （股份代號：2512） 提名委員會 職權範圍 組成 1. 雲工場科技控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）董 事（ 統稱「董事」，各為一名「董事」）會（「董事會」）已設立具有下文所述權 限、責任及特定職責的提名委員會（「提名委員會」）。 成員 秘書 5. 本公司的公司秘書應擔任提名委員會秘書。 6. 提名委員會可不時委任任何具備適當資格及經驗的其他人士擔任提名委 員會秘書。 職責及職能 – 3 – – 1 – 2. 提名委員會應由董事會設立，且應由不少於三(3)名成員組成。大多數成 員須為獨立非執行董事（「獨立非執行董事」），並符合香港聯合交易所有 限公司（「聯交所」）證券上市規則（「上市規則」）所規定的獨立性要求。 3. 提名委員會主席應由董事會主席或提名委員會的一名獨立非執行董事出 任，並由董事會委任。 4. 提名委員會成員的任期應由董事會於委任日期決定，且不得超過該成員 的董事任期。 會議次數及程序 會議通告 – 2 – 7 ...

Group 1 - The core viewpoint of the article highlights the positive market response to Cloud Factory's (云工场) stock, which rose over 5% and is currently trading at 5.17 HKD with a transaction volume of 22.62 million HKD [1] - The Ministry of Industry and Information Technology (工信部) announced that as of June 30, 2025, there are 10.85 million standard racks in use for computing power centers in China, with an intelligent computing power scale of 788 EFLOPS [1] - The Ministry plans to improve the policy framework for computing power layout and optimize infrastructure, which is expected to accelerate the construction of local intelligent computing centers [1] Group 2 - Cloud Factory has entered into a joint venture agreement with Shannon Chip Innovation (香农芯创), with a registered capital of 120 million RMB to explore the intelligent computing service market [1] - The company believes that the intelligent computing business complements its existing operations and will create synergies for overall business development [1] - There is a stable growth trend in demand for computing resources and processing capabilities from existing customers, supported by the company's technical expertise and established supply chain [1]

Core Viewpoint - Cloud Factory (02512) has seen a stock increase of over 5%, currently trading at 5.17 HKD with a transaction volume of 22.62 million HKD, indicating positive market sentiment towards the company and its strategic initiatives [1] Industry Summary - The Ministry of Industry and Information Technology (MIIT) reported that as of June 30, 2025, China has 10.85 million operational standard racks in computing power centers, with an intelligent computing power scale of 788 EFLOPS. Future policies will focus on optimizing the layout of computing infrastructure and guiding local governments in establishing intelligent computing facilities [1] - The MIIT's initiatives are expected to address local challenges regarding the establishment and construction of intelligent computing centers, potentially accelerating their development [1] Company Summary - Cloud Factory has announced a joint venture agreement with Shannon Chip, with a registered capital of 120 million RMB aimed at expanding the intelligent computing service market. The company believes that this new business aligns well with its existing operations and will create synergistic effects for overall business development [1] - The company has observed a stable growth in demand for computing resources and processing capabilities from its existing clients, indicating a robust market for its services [1] - Cloud Factory leverages its long-term technical expertise, continuous investment in parallel computing, a mature supply chain system, and a self-developed resource scheduling platform to provide intelligent computing services [1]

Company Information [Board of Directors and Committees](index=3&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E5%8F%8A%E5%A7%94%E5%93%A1%E6%9C%83) This section details the composition of the Board of Directors and its committees, outlining the company's governance structure - Mr. Sun Tao serves as the company's Chairman and Chief Executive Officer[3](index=3&type=chunk) - The company has established Audit, Remuneration, and Nomination Committees to ensure effective corporate governance[3](index=3&type=chunk) [Company Basic Information](index=3&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E4%BF%A1%E6%81%AF) This section provides essential company details, including registration, operations, stock information, and key professional contacts - The company's stock code is **2512**, and its official website is **www.cloudcsp.com**[3](index=3&type=chunk) - The registered office is in the Cayman Islands, with headquarters and principal place of business in Wuxi, Jiangsu Province, China[3](index=3&type=chunk)[4](index=4&type=chunk) - The auditor is **Ernst & Young**[4](index=4&type=chunk) Financial Highlights [Key Financial Indicators](index=5&type=section&id=%E6%A0%B8%E5%BF%83%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) For the six months ended June 30, 2025, the company reported a 10.03% revenue increase and an 18.97% profit growth, maintaining stable earnings per share | Metric | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | 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 | — | Management Discussion and Analysis [Business Review](index=6&type=section&id=%E4%B8%9A%E5%8A%A1%E5%9B%9E%E9%A1%BE) In H1 2025, the company shifted its focus to scenario-based edge computing and AI services, launching new offerings, achieving market recognition, and driving R&D innovation - Business focus expanded from building edge computing infrastructure to developing scenario-based edge computing applications and deep integration with various industries, strengthening the core strategy of 'Edge Cloud + AI Services'[7](index=7&type=chunk) - Established a '10-kilometer low-latency computing service circle' covering over **2,000** districts and counties nationwide, building a comprehensive technology stack spanning MaaS and SaaS layers[7](index=7&type=chunk) - Successfully launched EdgeAIStation service, Lingjing Cloud large model private deployment solution, and computing power scheduling solution[8](index=8&type=chunk) - Received multiple accolades, including being recognized as a Top 20 Chinese Edge Computing Enterprise for three consecutive years and inclusion in the '2025 Government Industry Xinchuang Ecosystem Map'[9](index=9&type=chunk) - R&D efforts focused on real-time video stream intelligent analysis technology and advancing cloud-edge collaborative intelligent IoT systems, with a H2 focus on service quality and AI large model research[9](index=9&type=chunk) [Outlook](index=7&type=section&id=%E5%89%8D%E6%99%AF) The company plans to focus on intelligent computing service expansion, R&D, ecosystem partnerships, and a 'government-enterprise dual-driven' model, leveraging national strategic initiatives - New business expansion will focus on intelligent computing services, providing comprehensive computing resources and processing capabilities, including hardware consulting, deployment, network enhancement, platform construction, equipment procurement, technical support, and leasing services[10](index=10&type=chunk) - Technology R&D will optimize multimodal AI large models for edge computing scenarios, develop products related to computing power, AI models, and data services, building a full-stack technology system from IaaS to SaaS[11](index=11&type=chunk) - Strengthen ecosystem partnerships, co-establish edge AI laboratories with universities, and collaborate with renowned hardware manufacturers and vertical industry participants to build a comprehensive ecosystem[12](index=12&type=chunk) - Build a 'government-enterprise dual-driven' business model, with government support for AI industry development and enterprise-side provision of secure, customized intelligent assistants and AI models[13](index=13&type=chunk) [Financial Overview](index=8&type=section&id=%E8%B4%A2%E5%8A%A1%E6%A6%82%E8%A7%88) H1 revenue grew by **10.0%** driven by IDC and edge computing services, while gross margin slightly declined; profit for the period increased by **18.97%** due to lower listing expenses and improved cost management Segment Revenue (RMB thousand) | Service Type | H1 2025 | Share (%) | H1 2024 | Share (%) | | :--- | :--- | :--- | :--- | :--- | | IDC Solution Services | 376,077 | 92.5 | 348,699 | 94.3 | | Edge Computing Services | 29,228 | 7.2 | 20,997 | 5.7 | | Other Services | 1,454 | 0.3 | — | — | | **Total Revenue** | **406,759** | **100.0** | **369,696** | **100.0** | - Revenue from IDC solution services increased by **7.9%** to **RMB376.1 million**, primarily due to regular business expansion[16](index=16&type=chunk) - Revenue from edge computing services significantly increased by **39.0%** to **RMB29.2 million**, mainly driven by growing market demand for EdgeCDN services and new customer acquisition[17](index=17&type=chunk) - Cost of sales increased by **11.3%** to **RMB359.1 million**, with edge computing services' cost of sales growing by **47.9%**, primarily due to rising unit prices for bandwidth resources and significant revenue growth[19](index=19&type=chunk)[21](index=21&type=chunk) - Overall gross profit margin decreased from approximately **12.7%** to approximately **11.7%**, mainly due to strategic price adjustments for IDC solution services and increased bandwidth procurement costs for edge computing services[22](index=22&type=chunk)[23](index=23&type=chunk)[24](index=24&type=chunk) - Other income and gains decreased by **11.6%** to **RMB3.8 million**, primarily due to a reduction in government grants received[26](index=26&type=chunk) - Selling and distribution expenses decreased by **13.9%** to **RMB3.1 million**, and administrative expenses decreased by **17.6%** to **RMB17.3 million**, mainly attributable to strengthened internal management controls and no listing expenses incurred during the reporting period[27](index=27&type=chunk)[28](index=28&type=chunk) - R&D expenses increased by **38.8%** to **RMB9.3 million**, primarily due to higher staff costs from an expanded R&D team and increased depreciation expenses for R&D equipment purchases[29](index=29&type=chunk) - Profit for the period increased by **18.97%** to **RMB14.9 million**, mainly benefiting from reduced listing expenses and the Group's strengthened internal controls over cost management[34](index=34&type=chunk) [Liquidity and Financial Resources](index=10&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) Trade receivables and payables increased due to business expansion, while cash and cash equivalents slightly decreased; the gearing ratio remained reasonable under prudent treasury management - Trade receivables increased to **RMB300.5 million** (end of 2024: RMB235.0 million), primarily due to revenue growth[35](index=35&type=chunk) - Prepayments, other receivables, and other assets increased to **RMB225.8 million** (end of 2024: RMB216.0 million), mainly due to purchase discounts provided by suppliers[36](index=36&type=chunk) - Trade payables increased to **RMB216.3 million** (end of 2024: RMB199.6 million), primarily attributable to business expansion[37](index=37&type=chunk) - Cash and cash equivalents amounted to **RMB348.1 million** (end of 2024: RMB371.0 million)[39](index=39&type=chunk) Debt Situation (RMB thousand) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Interest-bearing Bank Borrowings | 294,567 | 262,811 | | Lease Liabilities | 262 | 494 | | **Total Debt** | **294,829** | **263,305** | - The gearing ratio increased from **0.6 times** as of December 31, 2024, to approximately **0.7 times** as of June 30, 2025[43](index=43&type=chunk) [Exchange Rate Fluctuation Risk and Future Plans](index=12&type=section&id=%E5%8C%AF%E7%8E%87%E6%B3%A2%E5%8B%95%E9%A2%A8%E9%9A%AA%E5%8F%8A%E6%9C%AA%E4%BE%86%E8%A8%88%E5%8A%83) The company faces RMB/HKD exchange rate risk, with management monitoring and considering hedging; no major investments or disposals occurred, but future opportunities will be explored - The Group's business is primarily conducted in RMB, while non-RMB assets and liabilities are denominated in HKD; exchange rate fluctuations may impact operating results, and management will continue to monitor and consider hedging measures[44](index=44&type=chunk) - During the reporting period, the Group did not undertake any significant investments, acquisitions, or disposals, nor did it pledge any assets[45](index=45&type=chunk)[46](index=46&type=chunk)[47](index=47&type=chunk) - Other than as disclosed, the Group has no future plans for significant investments and capital assets but will continue to explore investment opportunities beneficial to shareholders as a whole[48](index=48&type=chunk) Other Information [Directors' and Major Shareholders' Interests](index=13&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E6%9C%80%E9%AB%98%E8%A1%8C%E6%94%BF%E4%BA%BA%E5%93%A1%E6%96%BC%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%88%96%E5%85%B6%E7%9B%B8%E8%81%AF%E6%B3%95%E5%9C%98%E7%9A%84%E8%82%A1%E4%BB%BD%E3%80%81%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E5%8F%8A%E5%82%B5%E6%AC%8A%E8%AD%89%E4%B8%AD%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) This section details directors' and major shareholders' interests in the company's shares, with Mr. Sun Tao holding **75%** through Ru Yi IT as the controlling shareholder Shareholdings of Directors and Chief Executive | Director Name | Capacity/Nature of Interest | Number of Shares Held | Approximate Percentage of Total Issued Shares | | :--- | :--- | :--- | :--- | | Mr. Sun Tao ('Mr. Sun') | Interest in Controlled Corporation | 345,000,000 | 75.0% | Major Shareholders' Shareholdings | Shareholder Name | Capacity/Nature of Interest | Number of Shares Held | Approximate Percentage of Total Issued Shares | | :--- | :--- | :--- | :--- | | Ru Yi IT | Beneficial Owner | 345,000,000 | 75% | - Mr. Sun Tao beneficially and wholly owns Ru Yi IT and is deemed to be interested in the **345,000,000** shares held by Ru Yi IT, representing approximately **75%** of the company's issued share capital[49](index=49&type=chunk)[50](index=50&type=chunk)[51](index=51&type=chunk)[52](index=52&type=chunk) [Use of Proceeds from Global Offering](index=14&type=section&id=%E5%85%A8%E7%90%83%E7%99%BC%E5%94%AE%E6%89%80%E5%BE%97%E6%AC%BE%E9%A0%85%E7%9A%84%E7%94%A8%E9%80%94) Net proceeds from the global offering totaled approximately **HKD336.8 million**, with **HKD49.1 million** utilized by June 30, 2025, for business improvements, edge computing upgrades, talent, R&D, and working capital - The net proceeds from the global offering amounted to approximately **HKD336.8 million**[53](index=53&type=chunk) Use and Application of Net Proceeds from Global Offering (HKD'000) | Purpose | Approximate Allocation | Approximate Percentage | Amount Utilized During Reporting Period | Unutilized Amount as of June 30 | | :--- | :--- | :--- | :--- | :--- | | Existing Business Improvement and Operational Development | 160,654 | 47.7 | 14,096 | 114,327 | | Full Implementation and Upgrade of Our Edge Computing Services | 62,308 | 18.5 | 17,437 | 3,344 | | Recruitment of Talent for IDC Solution Services and Edge Computing Services Operations | 43,110 | 12.8 | 6,478 | 29,161 | | R&D Collaboration with Universities and Research Institutions | 37,048 | 11.0 | 171 | 26,246 | | Working Capital and General Corporate Purposes | 33,680 | 10.0 | 10,932 | 11,912 | | **Total** | **336,800** | **100.0** | **49,114** | **184,990** | - As of June 30, 2025, approximately **HKD49.1 million** of net proceeds has been utilized, with **HKD184.99 million** remaining unutilized[54](index=54&type=chunk) [Employee Remuneration and Relations](index=15&type=section&id=%E5%83%B1%E5%93%A1%E8%96%AA%E9%85%AC%E5%8F%8A%E9%97%9C%E4%BF%82) As of June 30, 2025, the Group employed **121** staff, with total employee expenses increasing by **17.3%**, supported by comprehensive training and a share award scheme - As of June 30, 2025, the Group had a total of **121** employees[55](index=55&type=chunk) - For the six months ended June 30, 2025, total staff costs (including directors' emoluments) were approximately **RMB17.6 million**, an increase of **17.3%** from RMB15.0 million in the same period last year[55](index=55&type=chunk) - The Group has established comprehensive training programs covering corporate culture, employee rights and responsibilities, team building, professional conduct, and work performance[55](index=55&type=chunk) [Share Award Scheme](index=15&type=section&id=%E8%82%A1%E4%BB%BD%E7%8D%8E%E5%8B%B5%E8%A8%88%E5%8A%83) A post-IPO restricted share unit scheme was adopted to incentivize and retain talent by aligning employee and shareholder interests, valid for ten years, with no awards granted to date - The Board adopted and approved a share award scheme on May 14, 2024, aiming to provide selected participants with opportunities to acquire ownership interests in the company and to incentivize and retain them to serve the Group[56](index=56&type=chunk)[57](index=57&type=chunk) - The total number of relevant awarded shares granted under the scheme shall not exceed **10%** of the company's issued shares immediately following listing (i.e., **46,000,000** shares)[57](index=57&type=chunk) - The post-IPO restricted share unit scheme is valid for **ten (10) years** from the listing date, and as of the date of this report, no awarded shares have been granted, exercised, cancelled, lapsed, or remain outstanding under the scheme[58](index=58&type=chunk)[59](index=59&type=chunk) [Corporate Governance](index=16&type=section&id=%E9%81%B5%E5%AE%88%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87) The company adheres to the Model Code and Corporate Governance Code principles, with the combined Chairman and CEO role deemed beneficial for efficiency, subject to safeguards and regular review - The company has made specific inquiries to all directors regarding any non-compliance with the Model Code, and all directors have confirmed compliance with the required standards therein[61](index=61&type=chunk) - The company has applied the principles of the Corporate Governance Code and complied with all applicable code provisions, except for the roles of Chairman and Chief Executive Officer being held by Mr. Sun Tao, which deviates from code provision C.2.1[62](index=62&type=chunk) - The Board believes that Mr. Sun Tao's dual role benefits the Group's business prospects and operational efficiency, and the presence of three independent non-executive directors provides independent perspectives, ensuring a sufficient balance of power within the Board[62](index=62&type=chunk) - The Board will regularly review whether it is necessary to appoint different individuals to serve as Chairman and Chief Executive Officer[62](index=62&type=chunk) [Other Important Matters](index=17&type=section&id=%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A0%85) No listed securities were purchased, sold, or redeemed, nor was an interim dividend declared; the Audit Committee reviewed interim results and confirmed compliance with contractual arrangements - During the reporting period, neither the company nor any of its subsidiaries purchased, redeemed, or sold any of the company's listed securities[63](index=63&type=chunk) - The Board has resolved not to declare any interim dividend for the six months ended June 30, 2025[64](index=64&type=chunk) - The Audit Committee has reviewed the Group's unaudited condensed consolidated interim results for the reporting period, deeming them prepared in accordance with applicable accounting standards and the Listing Rules, without any objections[65](index=65&type=chunk) - The Board has reviewed the overall performance of the contractual arrangements and believes that the Group has complied with the contractual arrangements in all material respects during the reporting period and up to the date of this interim report[66](index=66&type=chunk) [Events After Reporting Period](index=18&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E5%BE%8C%E7%BA%8C%E4%BA%8B%E4%BB%B6) Post-reporting period, the company raised approximately **HKD228 million** from a new share subscription for business enhancement and expansion, and formed a joint venture with Shannon Semiconductor for intelligent computing services - On July 18, 2025, the company entered into subscription agreements with two subscribers to issue and subscribe for a total of **45,985,000** new shares at a subscription price of **HKD4.98** per share[67](index=67&type=chunk) - The subscription was completed on August 18, 2025, with the company receiving total net proceeds of approximately **HKD228,000,000**, intended for enhancing core business, business expansion, establishing proprietary intelligent computing centers, and supplementing working capital[68](index=68&type=chunk) - On August 12, 2025, Wuxi Lingjing Cloud Information Technology Co., Ltd., a subsidiary of the company, entered into a joint venture agreement with Shannon Semiconductor Technology Co., Ltd. to establish a joint venture to explore the intelligent computing services market, with Wuxi Lingjing Cloud holding a **75%** interest[69](index=69&type=chunk) Financial Statements [Condensed Consolidated Interim Statement of Profit or Loss](index=19&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, revenue was **RMB406.8 million**, profit for the period was **RMB14.9 million**, and basic and diluted EPS was **RMB0.03** Condensed Consolidated Interim Statement of Profit or Loss Summary (RMB thousand) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | 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) | | R&D 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 | | Basic and Diluted Earnings Per Share (RMB) | 0.03 | 0.03 | [Condensed Consolidated Interim Statement of Comprehensive Income](index=20&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, total comprehensive income was **RMB13.1 million**, a decrease primarily due to exchange differences on foreign operations translation Condensed Consolidated Interim Statement of Comprehensive Income Summary (RMB thousand) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit for the Period | 14,923 | 12,543 | | Other Comprehensive Income (net of tax) | (1,854) | 4,409 | | **Total Comprehensive Income for the Period** | **13,069** | **16,952** | | Attributable to Owners of the Parent | 12,833 | 16,729 | | Attributable to Non-controlling Interests | 236 | 223 | - In H1 2025, exchange differences on translation of foreign operations resulted in a net other comprehensive loss of **RMB4,937 thousand**, compared to a gain of RMB4,409 thousand in H1 2024[74](index=74&type=chunk) [Condensed Consolidated Interim Statement of Financial Position](index=21&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, total assets reached **RMB960.8 million**, with current assets forming a large portion; equity attributable to owners of the parent increased to **RMB415.3 million**, and total current liabilities were **RMB541.8 million** Condensed Consolidated Interim Statement of Financial Position Summary (RMB thousand) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **ASSETS** | | | | Non-current Assets | 85,593 | 89,219 | | Current Assets | 875,158 | 822,187 | | **Total Assets** | **960,751** | **911,406** | | **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** | | **LIABILITIES** | | | | Non-current Liabilities | — | 9 | | Current Liabilities | 541,762 | 505,477 | | **Total Liabilities** | **541,762** | **505,486** | | **Total Equity and Liabilities** | **960,751** | **911,406** | - Net current assets increased from **RMB316.7 million** as of December 31, 2024, to **RMB333.4 million** as of June 30, 2025[75](index=75&type=chunk) [Condensed Consolidated Interim Statement of Changes in Equity](index=22&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) Equity attributable to owners of the parent increased from **RMB402.4 million** (end of 2024) to **RMB415.3 million** (June 30, 2025), primarily due to profit for the period Changes in Equity Attributable to Owners of the Parent (RMB thousand) | Metric | December 31, 2024 (Audited) | Profit for the Period | Exchange Fluctuation Reserve | June 30, 2025 (Unaudited) | | :--- | :--- | :--- | :--- | :--- | | Share Capital | 33 | — | — | 33 | | Share Premium | 332,265 | — | — | 332,265 | | Merger Reserve | 31,104 | — | — | 31,104 | | Statutory Surplus Reserve | 11,133 | — | — | 11,133 | | Exchange Fluctuation Reserve | 6,349 | — | (1,854) | 4,495 | | Retained Profits | 21,558 | 14,687 | — | 36,245 | | **Total** | **402,442** | **14,687** | **(1,854)** | **415,275** | - Profit for the period was **RMB14,687 thousand**, significantly contributing to equity attributable to owners of the parent[76](index=76&type=chunk) [Condensed Consolidated Interim Statement of Cash Flows](index=24&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the six months ended June 30, 2025, net cash flow from operating activities was **negative RMB54.4 million**, investing activities **positive RMB5.3 million**, and financing activities **positive RMB28.0 million**, leading to a decrease in period-end cash Condensed Consolidated Interim Statement of Cash Flows Summary (RMB thousand) | Activity Type | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash Flows Used in Operating Activities | (54,411) | (397,793) | | Net Cash Flows From/(Used in) Investing Activities | 5,281 | (24,915) | | Net Cash Flows From Financing Activities | 28,023 | 420,597 | | **Net Decrease in Cash and Cash Equivalents** | **(21,107)** | **(2,111)** | | Cash and Cash Equivalents at End of Period | 348,055 | 164,639 | - Net cash flows used in operating activities amounted to **RMB(54,411) thousand**, primarily impacted by an increase in trade receivables[77](index=77&type=chunk) - Net cash flows from investing activities amounted to **RMB5,281 thousand**, mainly benefiting from the repayment of long-term receivables[77](index=77&type=chunk) - Net cash flows from financing activities amounted to **RMB28,023 thousand**, primarily from new bank loans less repayment of bank loans and interest paid[78](index=78&type=chunk) Notes to the Condensed Consolidated Interim Financial Information [Company Information and Basis of Presentation](index=25&type=section&id=1.%20%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) Incorporated in the Cayman Islands, the company primarily provides IDC and edge computing services in mainland China; interim financials are prepared under IAS 34 and should be read with annual statements - The company was incorporated as a limited liability company in the Cayman Islands on **December 10, 2021**[79](index=79&type=chunk) - The Group is principally engaged in providing Internet Data Centre (IDC) solution services, edge computing services, and other services in mainland China[79](index=79&type=chunk) - The condensed consolidated interim financial information for the six months ended June 30, 2025, has been prepared in accordance with **International Accounting Standard 34**[80](index=80&type=chunk) [Changes in Accounting Policies and Disclosures](index=25&type=section&id=3.%20%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96%E7%9A%84%E8%AE%8A%E5%8B%95%E5%8F%8A%E6%8A%AB%E9%9C%B2) Accounting policies for interim financials are consistent with annual statements, except for the first-time adoption of revised IAS 21 'Lack of Exchangeability,' which had no material impact - The accounting policies adopted in the preparation of the condensed consolidated interim financial information are consistent with those applied in the preparation of the Group's annual consolidated financial statements for the year ended December 31, 2024, except for the first-time adoption of the following revised International Financial Reporting Standards for the financial information of the current period[81](index=81&type=chunk) - Revised **IAS 21 'Lack of Exchangeability'** had no impact on the condensed consolidated interim financial information, as the currencies used for transactions by the Group and the functional currencies used by Group entities for translation to the Group's presentation currency are exchangeable[82](index=82&type=chunk) [Operating Segments and Geographical Information](index=25&type=section&id=4.%20%E7%B6%93%E7%87%9F%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group operates as a single reportable segment providing IDC and edge computing services in mainland China, with all revenue and non-current assets originating domestically, thus no further segment or geographical analysis is presented - The Group is principally a provider of IDC solution services, edge computing services, and other services in mainland China[83](index=83&type=chunk) - As the Group has only one reportable operating segment, no further operating segment analysis is presented[83](index=83&type=chunk) - During the reporting period, all of the Group's revenue was derived from customers located in mainland China, and all of the Group's non-current assets were located in mainland China; therefore, no further geographical information is presented in accordance with **IFRS 8**[84](index=84&type=chunk) [Details of Revenue, Other Income and Gains](index=26&type=section&id=5.%20%E6%94%B6%E7%9B%8A%E3%80%81%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E5%8F%8A%E6%94%B6%E7%9B%8A) Total revenue from customer contracts was **RMB406.8 million**, mainly from IDC and edge computing services; other income, including government grants and interest, saw a significant year-on-year decrease in grants Breakdown of Revenue from Contracts with Customers (RMB thousand) | Type of Goods or Services | H1 2025 | H1 2024 | | :--- | :--- | :--- | | IDC Solution Services | 376,077 | 348,699 | | Edge Computing Services | 29,228 | 20,997 | | Other Services | 1,454 | — | | **Total** | **406,759** | **369,696** | Analysis of Other Income and Gains (RMB thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Government Grants | 372 | 3,502 | | Bank Interest Income | 255 | 198 | | Interest Income from Long-term Receivables | 2,921 | 621 | | Others | 206 | — | | **Total** | **3,754** | **4,321** | - Government grants significantly decreased from **RMB3,502 thousand** in H1 2024 to **RMB372 thousand** in H1 2025[86](index=86&type=chunk) [Components of Profit Before Tax](index=27&type=section&id=6.%20%E9%99%A4%E7%A8%85%E5%89%8D%E6%BA%A2%E5%88%A9) Profit before tax is impacted by cost of sales, depreciation, R&D, employee benefits, and financial asset impairment; listing expenses were **zero** this period, down from **RMB7,507 thousand** last year - Cost of services provided was **RMB359,069 thousand**, and depreciation of property, plant and equipment was **RMB4,197 thousand**[87](index=87&type=chunk) - R&D expenses amounted to **RMB9,270 thousand**, and total employee benefit expenses were **RMB17,594 thousand**[87](index=87&type=chunk) - Impairment loss on financial assets was **RMB1,690 thousand**, bank interest income was **RMB(255) thousand**, and interest income from long-term receivables was **RMB(2,921) thousand**[87](index=87&type=chunk) - No listing expenses were incurred during the reporting period, compared to **RMB7,507 thousand** in the corresponding period of 2024[87](index=87&type=chunk) [Finance Costs and Income Tax](index=28&type=section&id=7.%20%E8%9E%8D%E8%B3%87%E6%88%90%E6%9C%AC) Finance costs, mainly bank borrowing interest, increased by **20.7%**; income tax expense decreased by **30.4%**, primarily due to lower listing expenses Analysis of Finance Costs (RMB thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Interest on Bank Borrowings | 3,490 | 2,915 | | Interest on Lease Liabilities | 11 | 26 | | **Total** | **3,501** | **2,941** | Analysis of Income Tax Expense (RMB thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Current | 1,974 | 2,331 | | Deferred | (390) | (24) | | **Total** | **1,584** | **2,307** | - The decrease in income tax expense was mainly due to the reduction in listing expenses, which was one of the bases for determining income tax expense[33](index=33&type=chunk) [Dividends and Earnings Per Share](index=28&type=section&id=9.%20%E8%82%A1%E6%81%AF) No interim dividend was distributed or proposed; basic and diluted EPS was **RMB0.03**, calculated based on profit attributable to ordinary equity holders and weighted average shares - No interim dividend was distributed or proposed to ordinary shareholders of the company for the six months ended June 30, 2025[91](index=91&type=chunk) Earnings Per Share Calculation (RMB thousand/share) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit Attributable to Ordinary Equity Holders of the Parent | 14,687 | 12,320 | | Weighted Average Number of Ordinary Shares Outstanding During the Period | 460,000,000 | 382,083,333 | | **Basic and Diluted Earnings Per Share (RMB)** | **0.03** | **0.03** | [Notes to Statement of Financial Position Items](index=29&type=section&id=11.%20%E7%89%A9%E6%A5%AD%E3%80%81%E6%A9%9F%E5%99%A8%E5%8F%8A%E8%A8%AD%E5%82%99) This section details changes and composition of property, plant and equipment, other non-current assets, trade receivables, prepayments, other receivables, other assets, trade payables, and interest-bearing bank borrowings - For the six months ended June 30, 2025, the Group acquired property, plant and equipment at a cost of **RMB12,099 thousand**, and disposed of assets with a net book value of RMB6 thousand, resulting in a net loss on disposal of **RMB5 thousand**[94](index=94&type=chunk) - As of June 30, 2025, net long-term receivables within other non-current assets amounted to **RMB42,205 thousand**, of which **RMB23,859 thousand** were long-term receivables due within one year[95](index=95&type=chunk) Ageing Analysis of Trade Receivables (RMB thousand) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 1 year | 259,898 | 191,579 | | 1 to 2 years | 40,587 | 43,463 | | **Total** | **300,485** | **235,042** | - Prepayments, other receivables, and other assets totaled **RMB225,847 thousand**, with prepayments amounting to **RMB159,707 thousand**[97](index=97&type=chunk) Ageing Analysis of Trade Payables (RMB thousand) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 1 year | 212,626 | 199,048 | | 1 to 2 years | 3,683 | 550 | | **Total** | **216,309** | **199,598** | - Total interest-bearing bank borrowings amounted to **RMB294,567 thousand**, all unsecured and due within one year, with effective interest rates ranging from **1.80% to 3.00%**[99](index=99&type=chunk) - Issued and fully paid share capital comprised **460,000,000** ordinary shares with a par value of **RMB32,722 thousand**[101](index=101&type=chunk) [Commitments and Related Party Transactions](index=31&type=section&id=18.%20%E6%89%BF%E6%93%94) The Group had no significant contractual commitments at period-end; total key management personnel remuneration was **RMB3,702 thousand** - As of June 30, 2025, and December 31, 2024, the Group had no significant contractual commitments[102](index=102&type=chunk) Key Management Personnel Remuneration (RMB thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Short-term Employee Benefits | 3,436 | 4,294 | | Pension Scheme Contributions | 266 | 287 | | **Total** | **3,702** | **4,581** | [Fair Value of Financial Instruments](index=32&type=section&id=20.%20%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9A%84%E5%85%AC%E5%B9%B3%E5%80%BC%E5%8F%8A%E5%85%AC%E5%B9%B3%E5%80%BC%E5%B1%A4%E7%B4%9A) The carrying amounts of the Group's financial instruments approximate fair values due to short-term maturities; the finance department manages fair value measurement policies, reviewed regularly with the Audit Committee - The carrying amounts of the Group's financial instruments approximate their fair values, primarily due to their short-term maturities[104](index=104&type=chunk) - The Group's finance department, led by the finance manager, is responsible for determining policies and procedures for fair value measurement of financial instruments, with valuation procedures and results discussed twice annually with the Audit Committee[104](index=104&type=chunk) [Events After the Reporting Period](index=33&type=section&id=21.%20%E6%9C%89%E9%97%9C%E6%9C%9F%E9%96%93%E5%BE%8C%E4%BA%8B%E9%A0%85) Post-reporting period, the company raised approximately **HKD228 million** from a new share subscription for business enhancement and expansion, and formed a joint venture with Shannon Semiconductor for intelligent computing services - On July 18, 2025, the company entered into subscription agreements with two subscribers to subscribe for a total of **45,985,000** subscription shares at a subscription price of **HKD4.98** per share[106](index=106&type=chunk) - The subscription was completed on August 18, 2025, with the subscription shares issued to subscribers at the subscription price, yielding total net proceeds of approximately **HKD228,000,000**[107](index=107&type=chunk) - On August 12, 2025, Wuxi Lingjing Cloud Information Technology Co., Ltd., a subsidiary of the company, entered into a joint venture agreement with Shannon Semiconductor Technology Co., Ltd. to establish a joint venture with a registered capital of **RMB120 million** to explore the intelligent computing services market[108](index=108&type=chunk) Definitions [Definitions of Terms](index=33&type=section&id=%E6%9C%AF%E8%AF%AD%E5%AE%9A%E4%B9%89) This section defines key terms used throughout the report, including AI, Board, CDN, edge computing, global offering, and IDC services, for clear comprehension - The report defines key business and technical terms such as **AI**, **CDN**, **edge computing services**, and **IDC solution services**[110](index=110&type=chunk) - Definitions for entities and roles such as the **Company**, the **Group**, **controlling shareholder**, and **Directors** are clarified[110](index=110&type=chunk)[111](index=111&type=chunk)

Group 1 - Cloud Factory (02512) shares increased nearly 10%, reaching 4.03 HKD with a trading volume of 27.55 million HKD [1] - Cloud Factory Technology is one of the earliest data service providers in China, focusing on AI infrastructure and solutions [1] - The recent release of a top-level AI policy document by the State Council is expected to accelerate the development of the domestic AI industry [1] Group 2 - Haitong International's report indicates that ongoing policy support for AI applications will enhance the development cycle from AI infrastructure to large models and applications [1] - AI is identified as a key driver of the new technological and industrial revolution, benefiting from continuous technological advancements and policy support [1] - The AI industry chain is poised for significant growth opportunities [1]