Core Viewpoint - The removal of certain stocks from the Hong Kong Stock Connect list has led to significant declines in their share prices, indicating a negative market reaction to the index adjustments [1] Group 1: Stock Performance - Yisou Technology (02550) experienced a drop of 31.53%, trading at HKD 3.17 [1] - Meizhong Jiahe (02453) fell by 25.32%, with a price of HKD 3.54 [1] - Guancheng Watch and Jewelry (00256) decreased by 22.71%, now at HKD 0.228 [1] - Sipai Health (00314) saw a decline of 13.6%, trading at HKD 4.7 [1] Group 2: Market Announcement - The Shanghai Stock Exchange and Shenzhen Stock Exchange announced adjustments to the constituent stocks of the Hang Seng Composite Large, Mid, and Small Cap Indices, effective from September 8 [1] - A total of 20 stocks, including Yisou Technology, Meizhong Jiahe, Guancheng Watch and Jewelry, and Sipai Health, were removed from the Hong Kong Stock Connect eligible securities list [1]

Core Viewpoint - The removal of certain stocks from the Hong Kong Stock Connect list has led to significant declines in their share prices, indicating a negative market reaction to the index composition changes [1] Group 1: Stock Performance - Yisou Technology (02550) experienced a drop of 31.53%, trading at HKD 3.17 [1] - Meizhong Jiahe (02453) fell by 25.32%, with a price of HKD 3.54 [1] - Guancheng Watch and Jewelry (00256) decreased by 22.71%, now at HKD 0.228 [1] - Sipai Health (00314) saw a decline of 13.6%, trading at HKD 4.7 [1] Group 2: Market Announcement - The Shanghai Stock Exchange and Shenzhen Stock Exchange announced adjustments to the Hong Kong Stock Connect eligible securities list, effective from September 8 [1] - A total of 20 stocks, including Yisou Technology, Meizhong Jiahe, Guancheng Watch and Jewelry, and Sipai Health, were removed from the list due to changes in the Hang Seng Composite Large, Mid, and Small Cap Indexes [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 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: 宜搜科技控股有限公司 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) | 02550 | 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 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | FF301 II ...

Core Insights - Yisou Technology (02550) reported a mid-year revenue of approximately 382 million yuan for 2025, representing a year-on-year increase of 37.6% [1] - The profit attributable to the parent company reached 10.4 million yuan, a significant year-on-year growth of 207.36%, with earnings per share at 3.16 cents [1] Digital Marketing Services - The core business of the company, digital marketing services, generated revenue of 230 million yuan in the first half of 2025, marking a year-on-year increase of 47.0% [1] - The company has intensified its investment in AIGC technology research and development, enhancing the application of AI in digital marketing, which has significantly improved the intelligence level of its advertising creative generation system [1] - Key performance metrics for the platform in the first half of 2025 included 339.8 million clicks, 35,884 million impressions, and a click-through rate of 0.9% [1] - The company has expanded its market outreach by targeting e-commerce clients and assisting domestic clients in going global, further increasing revenue scale [1] Digital Reading Platform Services - In the first half of 2025, Yisou Technology's digital reading platform continued to optimize user experience and expand its user base [2] - As of June 30, 2025, the cumulative registered users of Yisou's series of products reached 47 million, with an average of 25 million monthly active users [2]

Group 1 - The core viewpoint of the article is that Yisou Technology (02550.HK) reported a significant increase in revenue and profit for the six months ending June 30, 2025, driven by growth in digital marketing services and digital reading platform services [1] - The company's revenue increased by 37.6% to RMB 382.3 million for the six months ending June 30, 2025 [1] - The profit for the same period was RMB 10.3 million, compared to RMB 3.4 million for the six months ending June 30, 2024 [1] Group 2 - The net profit margins for the six months ending June 30, 2024, and June 30, 2025, were 1.2% and 2.7%, respectively [1]

[Financial Summary](index=1&type=section&id=Financial%20Summary) An unaudited financial overview for the six months ended June 30, 2025, presents key performance indicators Unaudited Financial Summary for the Six Months Ended June 30, 2025 | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Revenue | 382,260 | 277,839 | | Gross Profit | 149,535 | 114,770 | | Profit before tax | 11,593 | 5,216 | | Profit for the period | 10,255 | 3,399 | | Earnings per share attributable to ordinary equity holders of the Company (RMB cents) | 3.16 | 1.07 | [Management Discussion and Analysis](index=2&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's operational performance, strategic initiatives, and financial management for the period [Business Review](index=2&type=section&id=Business%20Review) The company deepened AI recommendation and AIGC R&D, with core businesses in digital marketing, reading, and gaming, while actively exploring RWA and expanding overseas markets [Artificial Intelligence (AI) Application Segment](index=3&type=section&id=Artificial%20Intelligence%20%28AI%29%20Application%20Segment) The company achieved significant growth in AI application segments like digital marketing, digital reading, and online game publishing, leveraging AIGC to enhance ad creativity, content matching, and game publishing efficiency, while actively expanding into overseas short-drama and other markets - The company continuously invested in AI-generated content (AIGC) and intelligent recommendation technology R&D, with R&D expenses reaching **RMB 22.3 million** in the first half of the year[6](index=6&type=chunk) - Digital marketing services revenue reached **RMB 230.3 million**, a year-on-year increase of **47.0%**, primarily due to AIGC technology enhancing the intelligence of advertising creative generation systems and market expansion[8](index=8&type=chunk) - The digital reading platform accumulated **47 million** registered users and an average of **25 million** monthly active users, improving content matching efficiency through its AI recommendation engine[9](index=9&type=chunk) - The company actively deployed short-drama content recommendation services, entering European, American, Southeast Asian, Japanese, and Korean markets via the overseas short-drama application Eashort, and exploring synergistic monetization models for short-dramas with games and interactive content[10](index=10&type=chunk) - Online game publishing services revenue was **RMB 6.7 million**, a year-on-year increase of **26.3%**, focusing on overseas casual game publishing and utilizing AI technology to analyze user behavior and shorten testing cycles[11](index=11&type=chunk) [RWA (Real World Assets) and Other Digital Assets Segment](index=5&type=section&id=RWA%20%28Real%20World%20Assets%29%20and%20Other%20Digital%20Assets%20Segment) The company signed a 10-year framework agreement with a Hong Kong tech company to develop RWA products and digital assets, planning data center investments to integrate AI and blockchain, driving a strategic shift from a 'content platform' to a 'digital asset operator' - In June 2025, a 10-year framework cooperation agreement was signed with a Hong Kong technology company to jointly develop RWA products and other digital asset projects, covering cultural and creative intellectual property-related assets[12](index=12&type=chunk) - Both parties signed a letter of intent to invest in data centers in Hong Kong, Japan, or other Southeast Asian countries and regions, with a total consideration not exceeding **HKD 3 billion**, aiming to provide digital asset infrastructure support for RWA products[12](index=12&type=chunk) - This cooperation helps integrate AI recommendation technology with blockchain technology, enhancing digital asset operation capabilities and potentially driving a strategic transformation from a "content platform" to a "digital asset operator"[12](index=12&type=chunk) [Future Outlook](index=5&type=section&id=Future%20Outlook) The company plans to strengthen AI recommendation technology, deepen AI commercialization, accelerate global market expansion with short-drama content, and seize RWA and Web3.0 opportunities to advance platform strategic upgrades [Strengthening AI Recommendation Technology Barriers and Enhancing AIGC Innovation Capabilities](index=6&type=section&id=Strengthening%20AI%20Recommendation%20Technology%20BArriers%20and%20Enhancing%20AIGC%20Innovation%20Capabilities) The company will leverage large model technology to build a multi-dimensional content understanding system, enhancing AI engine precision through deep semantic analysis and time-aware attention mechanisms, while achieving cross-modal AIGC generation from text to image/video and optimizing emotional expression in literary and voice generation - Relying on the latest large model technology, the company will build a multi-dimensional content understanding system, introducing deep semantic analysis algorithms and time-aware attention mechanisms to enhance AI engine precision and efficiency[14](index=14&type=chunk) - In AIGC technology innovation, a multi-modal generation framework based on diffusion models will be constructed to achieve cross-modal content generation from text to images and videos[14](index=14&type=chunk) - Optimization of long-text generation for literary creation will enhance commercial value, and voice generation will add an emotional intensity modeling module to achieve precise expression of complex emotions in film and television dubbing[14](index=14&type=chunk) [Deepening AI Technology Commercialization and Continuously Expanding Application Areas](index=7&type=section&id=Deepening%20AI%20Technology%20Commercialization%20and%20Continuously%20Expanding%20Application%20Areas) The company will optimize its digital marketing platform architecture, using big data and deep learning to boost marketing conversion efficiency, applying AI to literary creation, advertising, voice generation, and film/television, and exploring new applications in digital music, video, and e-commerce - The company will continuously optimize the technical architecture and service processes of its digital marketing platform, enhancing marketing conversion efficiency through real-time big data analysis, deep learning algorithms, and AIGC technology[15](index=15&type=chunk) - AI technology applications in literary creation, advertising, voice generation, and film/television creation will be continuously upgraded, and new digital content recommendation scenarios such as digital music, video, and e-commerce will be actively explored[15](index=15&type=chunk) [Accelerating Global Market Expansion with Short-Drama Content as a Breakthrough](index=7&type=section&id=Accelerating%20Global%20Market%20Expansion%20with%20Short-Drama%20Content%20as%20a%20Breakthrough) The company will use short-drama content as a core entry point, building an AI-powered translation and international original content creation system, initially focusing on European and American markets before global expansion, while actively promoting overseas game publishing and collaborating with leading developers - Short-drama content will serve as a core entry point to build an AI-powered high-quality translation system and an international original content creation system, with customized development for different regional markets[16](index=16&type=chunk) - The initial focus will be on mature markets in Europe and America, gradually expanding to other high-potential global markets[16](index=16&type=chunk) - Overseas game publishing will be actively promoted, establishing strategic partnerships with leading game developers, with several high-quality games expected to launch in key target markets soon[16](index=16&type=chunk) [Seizing RWA and Web3.0 Opportunities to Comprehensively Advance Platform Strategic Upgrades](index=8&type=section&id=Seizing%20RWA%20and%20Web3.0%20Opportunities%20to%20Comprehensively%20Advance%20Platform%20Strategic%20Upgrades) The company is committed to RWA digital issuance and Web3.0 ecosystem development, having formed Novus Infusion Partners Limited with Greenland Financial Technology Group and planning a strategic investment in Lightnet Pte. Ltd. to build an 'AI+Web3.0+RWA' ecosystem and drive comprehensive platform transformation - Novus Infusion Partners Limited has been established as a joint venture with Supercomputing Technology Co., Ltd., a subsidiary of Greenland Financial Technology Group Co., Ltd[17](index=17&type=chunk) - A strategic investment in Lightnet Pte. Ltd. is planned, a company offering global payment solutions with real-time settlement capabilities powered by AI and blockchain technology[17](index=17&type=chunk) - Leveraging strategic collaborations, the company aims to build an "AI+Web3.0+RWA" ecosystem closed-loop, advancing the on-chain rights confirmation and value transformation system for digital assets, and achieving efficient value integration of digital content, blockchain technology, and real-world assets[18](index=18&type=chunk) [Share Option Scheme](index=17&type=section&id=Share%20Option%20Scheme) The company adopted a share option scheme on May 17, 2024, to attract and retain talent, incentivize employees, and align shareholder interests, granting options to three executive directors and 126 employees on April 3, 2025, at an exercise price of HKD 3.924 per share, subject to vesting conditions - The company adopted a share option scheme on May 17, 2024, for a 10-year period, aiming to attract, retain, and incentivize employees[54](index=54&type=chunk) - On April 3, 2025, share options totaling **3,930,400** shares were granted to three executive directors and 126 employees[55](index=55&type=chunk) - The exercise price for the share options is **HKD 3.924** per share, with **50%** vesting from April 3, 2026, and the remaining **50%** from April 3, 2027, both subject to relevant performance targets[55](index=55&type=chunk) [Foreign Exchange Risk Management](index=18&type=section&id=Foreign%20Exchange%20Risk%20Management) The Group primarily operates in China, with most income and expenses denominated in RMB, holding USD-denominated foreign investments but no foreign currency borrowings as of June 30, 2025, and will continue to monitor exchange rate fluctuations for enhanced risk management - The Group's operations are primarily conducted in China, with the majority of its income and expenses denominated in RMB[56](index=56&type=chunk) - As of June 30, 2025, the Group held foreign investments denominated in USD but had no borrowings denominated in foreign currencies[56](index=56&type=chunk) - The Group will continue to monitor exchange rates to respond to changes in the foreign exchange market and strengthen exchange rate risk management through various means[56](index=56&type=chunk) [Significant Investments Held, Material Acquisitions and Disposals of Subsidiaries and Affiliated Companies](index=18&type=section&id=Significant%20Investments%20Held%2C%20Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%20and%20Affiliated%20Companies) For the six months ended June 30, 2025, the Group held no significant investments and made no material acquisitions or disposals of subsidiaries, associates, joint ventures, or other affiliated companies - For the six months ended June 30, 2025, the Group held no significant investments and made no material acquisitions or disposals of subsidiaries, associates, joint ventures, or other affiliated companies[57](index=57&type=chunk) [Use of Proceeds from Global Offering](index=18&type=section&id=Use%20of%20Proceeds%20from%20Global%20Offering) The company listed on June 7, 2024, with net proceeds of approximately HKD 40.7 million from its global offering, of which HKD 31.1 million was utilized by June 30, 2025, primarily for R&D, digital reading platform enhancement, digital marketing expansion, and relaunching overseas online game publishing - The net proceeds from the global offering amounted to approximately **HKD 40.7 million**[58](index=58&type=chunk) - As of June 30, 2025, **HKD 31.1 million** of the proceeds had been utilized, with **HKD 9.6 million** remaining unutilized[58](index=58&type=chunk)[60](index=60&type=chunk) Overview of Use of Proceeds from Global Offering (As of June 30, 2025) | Purpose | Percentage of Total Net Proceeds | Amount Available (HKD million) | Amount Utilized (HKD million) | Amount Unutilized (HKD million) | Expected Timeline | | :--- | :--- | :--- | :--- | :--- | :--- | | Enhancing R&D capabilities | 45.0% | 18.3 | 11.1 | 7.2 | Q2 2026 | | Enhancing third-party digital reading platform capabilities | 25.0% | 10.2 | 9.0 | 1.2 | Q3 2026 | | Expanding digital marketing services | 15.0% | 6.1 | 4.9 | 1.2 | Q2 2026 | | Relaunching online game publishing services in overseas markets | 15.0% | 6.1 | 6.1 | 0 | – | | **Total** | **100.0%** | **40.7** | **31.1** | **9.6** | | [Use of Proceeds from Placing of Existing Shares and Subscription of New Shares under General Mandate](index=21&type=section&id=Use%20of%20Proceeds%20from%20Placing%20of%20Existing%20Shares%20and%20Subscription%20of%20New%20Shares%20under%20General%20Mandate) The company completed a placing and subscription in June 2025, generating net proceeds of approximately HKD 180.7 million, which will be used for AI recommendation engine R&D, expanding overseas online game and short-drama markets, and upgrading smart advertising platforms - A placing and subscription agreement was entered into on June 20, 2025, completing the June placing and June subscription, with a net subscription price of approximately **HKD 3.15** per share[61](index=61&type=chunk)[62](index=62&type=chunk) - The net proceeds from the June subscription amounted to approximately **HKD 180.7 million**, aimed at expanding the shareholder base, strengthening the capital base, and optimizing the financial position[62](index=62&type=chunk) Overview of Use of Proceeds from June Subscription (As of June 30, 2025) | Purpose | Percentage of Total Net Proceeds | Amount Available (HKD million) | Amount Utilized (HKD million) | Amount Unutilized (HKD million) | Expected Timeline | | :--- | :--- | :--- | :--- | :--- | :--- | | Research and development of AI recommendation engine and AIGC technology investment | 40.0% | 72.3 | 0 | 72.3 | Q2 2027 | | Expanding overseas online game and short-drama markets | 40.0% | 72.3 | 0 | 72.3 | Q4 2026 | | Upgrading and development of smart advertising platform | 20.0% | 36.1 | 0 | 36.1 | Q2 2027 | | **Total** | **100.0%** | **180.7** | **0** | **180.7** | | [Financial Review](index=9&type=section&id=Financial%20Review) This section provides a detailed review of the company's operating results, financial position, liquidity, and capital expenditures for the reporting period [Operating Results](index=9&type=section&id=Operating%20Results) For the six months ended June 30, 2025, revenue grew by **37.6%** to **RMB 382.3 million**, driven by digital marketing and reading platforms, gross profit increased by **30.3%**, but gross margin slightly declined due to higher digital marketing contribution, while profit for the period significantly rose to **RMB 10.3 million**, with net profit margin improving to **2.7%** [Revenue Analysis](index=9&type=section&id=Revenue%20Analysis) Total revenue increased by **37.6%** to **RMB 382.3 million**, primarily driven by **47.0%** growth in digital marketing services and **31.3%** in digital reading platform services, with online game publishing also growing, while other digital content services declined - Total revenue increased by **37.6%** from **RMB 277.8 million** in H1 2024 to **RMB 382.3 million** in H1 2025[19](index=19&type=chunk) Revenue Changes by Business Line (RMB million) | Business Line | H1 2025 | H1 2024 | Year-on-Year Growth Rate | | :--- | :--- | :--- | :--- | | Digital Reading Platform Services | 139.0 | 105.8 | 31.3% | | Digital Marketing Services | 230.3 | 156.6 | 47.0% | | Online Game Publishing Services | 6.7 | 5.3 | 26.3% | | Other Digital Content Services | 6.3 | 10.1 | -37.8% | [Cost of Sales Analysis](index=9&type=section&id=Cost%20of%20Sales%20Analysis) Total cost of sales increased by **42.7%** to **RMB 232.7 million**, mainly due to higher costs in digital marketing services, aligning with its revenue growth, with cost changes across business lines generally mirroring revenue changes - Total cost of sales increased by **42.7%** from **RMB 163.1 million** in H1 2024 to **RMB 232.7 million** in H1 2025[21](index=21&type=chunk) - Cost of sales for digital marketing services increased by **47.9%** to **RMB 213.8 million**, consistent with the increase in revenue for this business line[22](index=22&type=chunk) - Cost of sales for digital reading platform services increased by **15.0%** to **RMB 13.2 million**, and for online game publishing services increased by **9.3%** to **RMB 2.8 million**, both consistent with revenue growth[21](index=21&type=chunk)[22](index=22&type=chunk) [Gross Profit and Gross Margin Analysis](index=10&type=section&id=Gross%20Profit%20and%20Gross%20Margin%20Analysis) Total gross profit increased by **30.3%** to **RMB 149.5 million**, but the overall gross margin decreased from **41.3%** to **39.1%**, primarily due to the increased revenue contribution from lower-margin digital marketing services, while digital reading platform services maintained high gross margins and online game publishing services saw an increase - Total gross profit increased by **30.3%** from **RMB 114.8 million** in H1 2024 to **RMB 149.5 million** in H1 2025[23](index=23&type=chunk) - The overall gross margin decreased from **41.3%** in H1 2024 to **39.1%** in H1 2025, mainly due to the increased revenue contribution from lower-margin digital marketing services[23](index=23&type=chunk) Gross Margin Changes by Business Line | Business Line | H1 2025 Gross Margin | H1 2024 Gross Margin | | :--- | :--- | :--- | | Digital Reading Platform Services | 90.5% | 89.2% | | Digital Marketing Services | 7.2% | 7.7% | | Online Game Publishing Services | 58.7% | 52.3% | | Other Digital Content Services | 52.4% | 54.8% | [Other Income and Expenses Analysis](index=11&type=section&id=Other%20Income%20and%20Expenses%20Analysis) Other income and gains slightly increased, sales and distribution expenses surged by **53.9%** due to overseas promotion, administrative expenses significantly decreased by **63.8%** due to the absence of listing expenses, R&D expenses grew by **26.9%** from increased server bandwidth and staff costs, and finance costs rose by **84.9%** due to higher average interest-bearing borrowings - Other income and gains increased by **4.4%** to **RMB 1.8 million**, primarily from government subsidies and interest income[26](index=26&type=chunk) - Sales and distribution expenses increased by **53.9%** to **RMB 105.9 million**, mainly due to increased promotion of overseas reading and short-drama products[27](index=27&type=chunk) - Administrative expenses decreased by **63.8%** to **RMB 8.4 million**, primarily due to the absence of listing expenses in the current period[28](index=28&type=chunk) - R&D expenses increased by **26.9%** to **RMB 22.3 million**, mainly due to increased server bandwidth expenses and staff costs[29](index=29&type=chunk) - Finance costs increased by **84.9%** to **RMB 3.5 million**, primarily attributable to an increase in the average interest-bearing borrowing balance during the period[31](index=31&type=chunk) [Profit Before Tax and Profit for the Period](index=12&type=section&id=Profit%20Before%20Tax%20and%20Profit%20for%20the%20Period) Profit before tax increased from **RMB 5.2 million** in H1 2024 to **RMB 11.6 million** in H1 2025, with profit for the period rising from **RMB 3.4 million** to **RMB 10.3 million**, and net profit margin improving from **1.2%** to **2.7%** - Profit before tax increased from **RMB 5.2 million** in H1 2024 to **RMB 11.6 million** in H1 2025[32](index=32&type=chunk) - Profit for the period increased from **RMB 3.4 million** in H1 2024 to **RMB 10.3 million** in H1 2025[34](index=34&type=chunk) - Net profit margin improved from **1.2%** in H1 2024 to **2.7%** in H1 2025[34](index=34&type=chunk) [Financial Position](index=13&type=section&id=Financial%20Position) As of June 30, 2025, total assets grew by **17.2%** to **RMB 798.2 million**, total liabilities decreased by **27.2%** to **RMB 171.1 million**, and total equity increased by **40.7%** to **RMB 627.1 million**, with net current assets significantly improving due to increased current assets and reduced current liabilities [Overview of Assets and Liabilities](index=13&type=section&id=Overview%20of%20Assets%20and%20Liabilities) As of June 30, 2025, total assets increased by **17.2%** to **RMB 798.2 million**, driven by higher cash and cash equivalents and prepayments, while total liabilities decreased by **27.2%** to **RMB 171.1 million** due to reduced bank borrowings, and total equity grew by **40.7%** to **RMB 627.1 million** - Total assets increased by **17.2%** from **RMB 680.8 million** as of December 31, 2024, to **RMB 798.2 million** as of June 30, 2025[35](index=35&type=chunk) - Total liabilities decreased by **27.2%** from **RMB 235.1 million** as of December 31, 2024, to **RMB 171.1 million** as of June 30, 2025, primarily due to a reduction in bank borrowings[35](index=35&type=chunk) - Total equity increased by **40.7%** from **RMB 445.7 million** as of December 31, 2024, to **RMB 627.1 million** as of June 30, 2025[35](index=35&type=chunk) [Liquidity Analysis](index=13&type=section&id=Liquidity%20Analysis) Net current assets increased by **55.6%** from **RMB 343.5 million** as of December 31, 2024, to **RMB 534.5 million** as of June 30, 2025, primarily due to a **22.2%** increase in current assets and a **27.5%** decrease in current liabilities - Net current assets increased by **55.6%** from **RMB 343.5 million** as of December 31, 2024, to **RMB 534.5 million** as of June 30, 2025[36](index=36&type=chunk) - Current assets increased by **22.2%** to **RMB 702.1 million**, while current liabilities decreased by **27.5%** to **RMB 167.7 million**[36](index=36&type=chunk) [Key Balance Sheet Items](index=14&type=section&id=Key%20Balance%20Sheet%20Items) Trade receivables and financial assets at fair value through profit or loss remained stable, trade payables decreased by **19.9%**, other payables and accrued expenses increased by **5.9%**, and current contract liabilities decreased by **9.4%**, while property, plant, and equipment in non-current assets decreased by **15.9%** due to depreciation, and other intangible assets increased by **16.5%** due to short-drama copyright acquisitions - Trade receivables remained relatively stable at **RMB 225.1 million**[37](index=37&type=chunk) - Financial assets at fair value through profit or loss remained stable at **RMB 72.7 million**[38](index=38&type=chunk) - Trade payables decreased by **19.9%** to **RMB 6.7 million**, primarily due to the settlement of supplier payments[39](index=39&type=chunk) - Other payables and accrued expenses increased by **5.9%** to **RMB 14.0 million**, mainly due to increased accruals for marketing expenses and server bandwidth expenses[40](index=40&type=chunk) - Property, plant, and equipment decreased by **15.9%** to **RMB 15.8 million**, primarily due to depreciation of existing fixed assets[43](index=43&type=chunk) - Other intangible assets increased by **16.5%** to **RMB 41.8 million**, mainly due to the acquisition of short-drama copyrights[45](index=45&type=chunk) [Liquidity and Financial Resources](index=15&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, cash and cash equivalents increased by **60.6%** to **RMB 258.4 million**, mainly from share placing proceeds, while interest-bearing bank and other borrowings decreased by **31.5%** to **RMB 132.2 million**, and the gearing ratio dropped from **43.3%** to **21.1%**, with no hedging activities undertaken by the Group - Cash and cash equivalents increased by **60.6%** to **RMB 258.4 million**, primarily due to proceeds from share placing[49](index=49&type=chunk) - Interest-bearing bank and other borrowings decreased by **31.5%** to **RMB 132.2 million**, mainly due to the repayment of a portion of bank borrowings[49](index=49&type=chunk) - The gearing ratio (total debt divided by total equity) decreased from **43.3%** as of December 31, 2024, to **21.1%** as of June 30, 2025[49](index=49&type=chunk) - For the six months ended June 30, 2025, the Group did not use any financial instruments for hedging purposes[50](index=50&type=chunk) [Capital Expenditure](index=16&type=section&id=Capital%20Expenditure) For the six months ended June 30, 2025, capital expenditure was **RMB 15.7 million**, a **123.7%** increase year-on-year, primarily for property, plant, and equipment and intangible assets, expected to be funded mainly by cash generated from operations and net proceeds from share placing - Capital expenditure amounted to **RMB 15.7 million**, an increase of **123.7%** compared to **RMB 7.0 million** in H1 2024[51](index=51&type=chunk) - Capital expenditure was primarily for property, plant, and equipment and intangible assets[51](index=51&type=chunk) [Contingent Liabilities and Pledge of Assets](index=16&type=section&id=Contingent%20Liabilities%20and%20Pledge%20of%20Assets) As of June 30, 2025, the Group had no significant unrecorded contingent liabilities or material pledges of assets - As of June 30, 2025, the Group had no significant unrecorded contingent liabilities[52](index=52&type=chunk) - As of June 30, 2025, the Group had no material pledges of assets[53](index=53&type=chunk) [Unaudited Condensed Interim Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=23&type=section&id=Unaudited%20Condensed%20Interim%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement presents the unaudited consolidated financial performance, including revenue, profit, and comprehensive income, for the six months ended June 30, 2025 Unaudited Condensed Interim Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the Six Months Ended June 30, 2025) | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Revenue | 382,260 | 277,839 | | Cost of sales | (232,725) | (163,069) | | **Gross Profit** | **149,535** | **114,770** | | Other income and gains | 1,752 | 1,678 | | Selling and distribution expenses | (105,903) | (68,801) | | Administrative expenses | (8,364) | (23,080) | | Research and development expenses | (22,312) | (17,580) | | Fair value gain on financial assets at fair value through profit or loss | 403 | 97 | | Share of loss of an associate | (65) | – | | Finance costs | (3,453) | (1,868) | | **Profit before tax** | **11,593** | **5,216** | | Income tax expense | (1,338) | (1,817) | | **Profit for the period** | **10,255** | **3,399** | | Total comprehensive income for the period | 12,706 | 2,055 | | Earnings per share attributable to ordinary equity holders of the parent (RMB cents) | 3.16 | 1.07 | [Unaudited Condensed Interim Consolidated Statement of Financial Position](index=25&type=section&id=Unaudited%20Condensed%20Interim%20Consolidated%20Statement%20of%20Financial%20Position) This statement provides an unaudited consolidated overview of the company's assets, liabilities, and equity as of June 30, 2025 Unaudited Condensed Interim Consolidated Statement of Financial Position (As of June 30, 2025) | Indicator | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | **Non-current assets** | | | | Property, plant and equipment | 15,814 | 18,800 | | Goodwill | 32,273 | 32,273 | | Other intangible assets | 41,787 | 35,854 | | Total non-current assets | 96,054 | 106,176 | | **Current assets** | | | | Trade receivables | 225,102 | 224,561 | | Cash and cash equivalents | 258,359 | 160,846 | | Total current assets | 702,148 | 574,673 | | **Current liabilities** | | | | Trade payables | 6,656 | 8,309 | | Interest-bearing bank and other borrowings | 132,171 | 193,050 | | Total current liabilities | 167,688 | 231,194 | | **Net current assets** | **534,460** | **343,479** | | **Net assets** | **627,077** | **445,744** | | **Total equity** | **627,077** | **445,744** | [Notes to the Unaudited Condensed Interim Consolidated Financial Information](index=27&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Interim%20Consolidated%20Financial%20Information) This section provides detailed notes on the company's accounting policies, operational segments, revenue, expenses, taxation, earnings per share, and financial instruments [Company and Accounting Information](index=27&type=section&id=Company%20and%20Accounting%20Information) The company, incorporated in the Cayman Islands on February 9, 2022, and listed on the HKEX Main Board on June 7, 2024, primarily engages in digital reading, marketing, online game publishing, and other digital content services in China, with interim financial information prepared under HKAS 34 using historical cost convention and presented in RMB, with no significant impact from HKAS 21 amendments on lack of exchangeability - The company was incorporated in the Cayman Islands on February 9, 2022, and listed on the Main Board of the Hong Kong Stock Exchange on June 7, 2024[69](index=69&type=chunk) - Its principal activities include digital reading recommendation services, digital marketing services, online game publishing services, and other digital content services in China, with no significant changes during the reporting period[69](index=69&type=chunk) - The interim financial information is prepared in accordance with Hong Kong Accounting Standard 34, issued by the Hong Kong Institute of Certified Public Accountants, using the historical cost convention and presented in RMB[70](index=70&type=chunk) - The amendments to Hong Kong Accounting Standard 21 regarding lack of exchangeability had no impact on this condensed interim consolidated financial information[72](index=72&type=chunk) [Operating Segments and Customer Information](index=28&type=section&id=Operating%20Segments%20and%20Customer%20Information) The Group, primarily engaged in various digital content services in mainland China, does not present operating segment information due to integrated resources and lack of separate financial data, with all significant external customers and non-current assets located in mainland China, and no single external customer contributing 10% or more of total revenue during the reporting period - The Group does not present operating segment information because resources are integrated, and separate financial information for operating segments is not provided[73](index=73&type=chunk) - All significant external customers and non-current assets of the Group are located in mainland China[74](index=74&type=chunk) - For the six months ended June 30, 2025, and 2024, no revenue from a single external customer accounted for **10%** or more of the Group's total revenue[75](index=75&type=chunk) [Details of Revenue and Other Income](index=29&type=section&id=Details%20of%20Revenue%20and%20Other%20Income) Total revenue from contracts with customers was **RMB 382.26 million**, primarily from digital marketing services and digital reading with advertising, with revenue recognized mainly at a point in time, and total other income and gains of **RMB 1.752 million**, mainly comprising government grants and interest income Revenue from Contracts with Customers by Type of Goods or Services (RMB '000) | Type of Goods or Services | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Paid digital reading services | 9,940 | 7,446 | | Digital reading with advertising | 129,061 | 98,397 | | Digital marketing services | 230,312 | 156,623 | | Online game publishing services | 6,672 | 5,284 | | Other digital content services | 6,275 | 10,089 | | **Total** | **382,260** | **277,839** | - Revenue recognition is primarily completed at a point in time, accounting for the vast majority of total revenue[76](index=76&type=chunk) Other Income and Gains Analysis (RMB '000) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Government grants | 600 | 533 | | Interest income | 1,019 | 921 | | Others | 133 | 224 | | **Total** | **1,752** | **1,678** | [Details of Costs and Expenses](index=30&type=section&id=Details%20of%20Costs%20and%20Expenses) Profit before tax is derived after deducting items such as cost of sales, depreciation, amortization, employee benefit expenses, and lease payments not included in lease liabilities, with listing expenses being zero in H1 2025 compared to **RMB 14.323 million** in H1 2024 Deductions from Profit Before Tax (RMB '000) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Cost of sales | 232,725 | 163,069 | | Depreciation of property, plant and equipment | 3,082 | 3,342 | | Depreciation of right-of-use assets | 153 | 78 | | Amortization of other intangible assets | 9,690 | 7,992 | | Lease payments not included in the measurement of lease liabilities | 1,168 | 100 | | Listing expenses | – | 14,323 | | Employee benefit expenses (including directors' emoluments) | 20,957 | 18,007 | | Fair value gain on financial assets at fair value through profit or loss | (403) | (97) | | Impairment (reversal) / provision for trade receivables | (98) | 581 | [Taxation and Dividends](index=31&type=section&id=Taxation%20and%20Dividends) Income tax expense was **RMB 1.338 million**, a decrease from the prior period, mainly due to increased deferred income tax expense, with some subsidiaries enjoying a **15%** high-tech enterprise tax rate or a **5%** small-profit enterprise tax rate, and the Board not recommending any interim dividend for the six months ended June 30, 2025 - Income tax expense was **RMB 1.338 million**, a decrease from the prior period, primarily due to an increase in deferred income tax expense[33](index=33&type=chunk)[81](index=81&type=chunk) - Some subsidiaries qualify as high-tech enterprises in China, enjoying a reduced corporate income tax rate of **15%**, while others apply small-profit enterprise income tax preferential policies, paying tax at a **5%** rate[83](index=83&type=chunk) - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025[82](index=82&type=chunk) [Earnings Per Share](index=32&type=section&id=Earnings%20Per%20Share) For the period ended June 30, 2025, basic earnings per share were **RMB 3.16 cents**, calculated based on profit attributable to owners of the parent of **RMB 10.404 million** and a weighted average of **329,253,984** ordinary shares outstanding, with no dilutive effect from share options on basic EPS for the period - For the period ended June 30, 2025, basic earnings per share were **RMB 3.16 cents** (2024: **RMB 1.07 cents**)[66](index=66&type=chunk) - The profit attributable to ordinary equity holders of the parent used in calculating basic earnings per share was **RMB 10,404 thousand** (2024: **RMB 3,385 thousand**)[87](index=87&type=chunk) - The weighted average number of ordinary shares outstanding during the period used in calculating basic earnings per share was **329,253,984** shares (2024: **317,833,058** shares)[88](index=88&type=chunk) - The share options issued by the company had no dilutive effect on the basic earnings per share for the six months ended June 30, 2025[84](index=84&type=chunk) [Trade Receivables and Payables](index=33&type=section&id=Trade%20Receivables%20and%20Payables) As of June 30, 2025, the net book value of trade receivables was **RMB 225.1 million**, with credit terms typically 30 to 180 days and no significant concentration of credit risk, while trade payables were **RMB 6.656 million**, usually settled within three months and non-interest bearing - The net book value of trade receivables was **RMB 225.1 million**, with credit terms generally ranging from 30 to 180 days, and no significant concentration of credit risk[89](index=89&type=chunk) Trade Receivables Aging Analysis (RMB '000) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 3 months | 148,164 | 92,553 | | 3 to 6 months | 76,874 | 71,601 | | 6 to 12 months | 63 | 60,406 | | Over one year | 1 | 1 | | **Total** | **225,102** | **224,561** | - Trade payables amounted to **RMB 6.656 million**, a **19.9%** decrease from December 31, 2024, typically settled within three months and non-interest bearing[39](index=39&type=chunk)[93](index=93&type=chunk) Trade Payables Aging Analysis (RMB '000) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 3 months | 4,517 | 7,429 | | 3 to 6 months | 1,758 | 510 | | 6 to 12 months | 82 | 83 | | Over one year | 299 | 287 | | **Total** | **6,656** | **8,309** | [Financial Assets](index=34&type=section&id=Financial%20Assets) Financial assets at fair value through profit or loss, primarily unlisted fund investments, amounted to **RMB 72.727 million** as of June 30, 2025, denominated in USD, and mandatorily classified due to contractual cash flows not solely representing principal and interest payments - Financial assets at fair value through profit or loss amounted to **RMB 72.727 million**, primarily consisting of unlisted fund investments[92](index=92&type=chunk) - These investments are denominated in USD and are mandatorily classified as financial assets at fair value through profit or loss because their contractual cash flows do not solely represent payments of principal and interest[92](index=92&type=chunk) [Events After Reporting Period](index=35&type=section&id=Events%20After%20Reporting%20Period) This section details significant events occurring after the reporting period, including share placing and strategic investments, and their intended use of proceeds - On July 24, 2025, the company completed the July placing and subscription, with net proceeds to be used for investments in internet digital center assets, AI technology and applications, Web3.0 business, and working capital[94](index=94&type=chunk)[95](index=95&type=chunk) - On August 6, 2025, the company entered into a share subscription agreement with Lightnet and its founders, agreeing to subscribe for approximately **1.23%** of Lightnet's shares for **USD 5,000,000**, with the transaction not yet completed[95](index=95&type=chunk) [Other Information](index=36&type=section&id=Other%20Information) This section covers interim dividend policy, securities transactions, corporate governance compliance, director's securities trading code, audit committee details, and publication of interim results [Interim Dividend](index=36&type=section&id=Interim%20Dividend) The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025[96](index=96&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=36&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities, and the company held no treasury shares - For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[97](index=97&type=chunk) - As of June 30, 2025, the company held no treasury shares[97](index=97&type=chunk) [Compliance with Corporate Governance Code](index=36&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The company complied with all applicable provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules during the reporting period, except for the combined roles of Chairman and Chief Executive Officer held by Mr. Wang Xi, an arrangement the Board believes benefits business strategy formulation and execution efficiency - The company complied with all applicable code provisions of the Corporate Governance Code as set out in Appendix C1 to the Listing Rules for the six months ended June 30, 2025[98](index=98&type=chunk) - The roles of Chairman and Chief Executive Officer are both held by Mr. Wang Xi, an executive director, an arrangement the Board believes is beneficial for business strategy formulation and execution efficiency[98](index=98&type=chunk) [Standard Code for Securities Transactions by Directors](index=37&type=section&id=Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The company adopted the Standard Code in Appendix C3 of the Listing Rules as the code of conduct for directors' securities transactions, and all directors confirmed full compliance with its required standards during the six months ended June 30, 2025 - The company has adopted the Standard Code as the code of conduct for directors' dealings in the company's securities, as set out in Appendix C3 to the Listing Rules[100](index=100&type=chunk) - Following specific inquiries with all directors, all directors confirmed that they fully complied with the required standards set out in the Standard Code for the six months ended June 30, 2025[100](index=100&type=chunk) [Audit Committee](index=37&type=section&id=Audit%20Committee) The Audit Committee, comprising Mr. An Yingchuan (Chairman), Ms. Meng Xue, and Mr. Zhu Jianfeng, is responsible for reviewing financial reporting, internal controls, nominating and overseeing external auditors, and has reviewed the Group's 2025 interim results and financial information, confirming compliance with accounting standards and disclosure requirements - The Audit Committee comprises Mr. An Yingchuan (Chairman), Ms. Meng Xue, and Mr. Zhu Jianfeng[101](index=101&type=chunk) - Its primary responsibilities include reviewing and overseeing the financial reporting process and internal control system, nominating and monitoring external auditors, and providing recommendations on corporate governance-related matters[101](index=101&type=chunk) - The Audit Committee has reviewed the Group's 2025 interim results and financial information, confirming compliance with applicable accounting standards and requirements, and that adequate disclosures have been made[101](index=101&type=chunk) [Publication of Interim Results and Interim Report](index=37&type=section&id=Publication%20of%20Interim%20Results%20and%20Interim%20Report) This interim results announcement has been published on the HKEX and company websites, and the 2025 interim report, containing all information required by the Listing Rules, will be published on both websites in due course - This interim results announcement has been published on the HKEX website (www.hkexnews.hk) and the company's website (www.easou.cn)[102](index=102&type=chunk) - The 2025 interim report, containing all information required by the Listing Rules, will be published on the HKEX and the company's respective websites in due course[102](index=102&type=chunk) [By Order of the Board](index=37&type=section&id=By%20Order%20of%20the%20Board) This announcement is issued by Mr. Wang Xi, Chairman and Executive Director, with the Board comprising three executive directors (Mr. Wang Xi, Mr. Chen Jun, Mr. Zhao Lei) and three independent non-executive directors (Mr. Zhu Jianfeng, Mr. An Yingchuan, Ms. Meng Xue) as of the announcement date - This announcement is issued by Mr. Wang Xi, Chairman and Executive Director of the Board[103](index=103&type=chunk) - As of the announcement date, the Board comprises executive directors Mr. Wang Xi, Mr. Chen Jun, and Mr. Zhao Lei, and independent non-executive directors Mr. Zhu Jianfeng, Mr. An Yingchuan, and Ms. Meng Xue[103](index=103&type=chunk)

宜搜科技控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2550） 提名委員會的 職權範圍 Easou Technology Holdings Limited 成 員 提名委員會之秘書 – 1 – 1. 提名委員會須由宜搜科技控股有限公司（「本公司」）之董事會（「董事會」）設立。 2. 提名委員會的大多數成員應為本公司獨立非執行董事，而至少一名成員為不 同性別。 3. 提名委員會之主席應由董事會主席或一名獨立非執行董事擔任，並須由董事 會委任。 4. 提名委員會成員的委任年期應由董事局於委任日決定。 5. 提名委員會之秘書應由本公司之公司秘書擔任。 6. 提名委員會可不時委任任何其他具備合適資格及經驗之人士作為提名委員 會之秘書。 會議次數及議事程序 – 2 – 7. 提名委員會每年最少須舉行一次會議。 8. 除非提名委員會全體成員一致通過豁免會議之通知，任何會議之通知最少須 於該會議舉行前14天作出。不論所作出之通知期，提名委員會成員出席會議 將被視為豁免所需之通知要求。倘會議之續會於14天內舉行，則該續會毋須 作出通知。 9. 提名委員會處理事務之會議所需之法定人數為兩名成員，其中一名成員須為 ...

Core Insights - The article highlights the changes in the Hong Kong Stock Connect holdings, indicating significant increases and decreases in ownership percentages for various companies [1][2][3][4]. Summary by Category Increase in Holdings - The companies with the largest increases in Hong Kong Stock Connect holdings include: - Hang Seng China Enterprises (02828) with an increase of 5.48%, bringing the total holding to 6.10% - Tracker Fund of Hong Kong (02800) with an increase of 4.07%, totaling 4.76% - Anjoy Foods (02648) with an increase of 1.74%, now at 15.81% [2] - Other notable increases include: - Angelalign Technology (06699) +1.66% to 23.03% - Ganfeng Lithium (01772) +1.44% to 34.51% - East China Environmental Protection (00895) +1.44% to 43.67% [2] Decrease in Holdings - The companies with the largest decreases in Hong Kong Stock Connect holdings include: - Kinglong Motor Group (06680) with a decrease of 3.39%, now at 24.56% - Interstellar Technology (01725) with a decrease of 2.02%, totaling 10.16% - Goldwind (02208) with a decrease of 1.48%, now at 41.84% [3] - Other notable decreases include: - ZTE Corporation (00763) -1.35% to 56.09% - Longpan Technology (02465) -1.08% to 49.62% [3] Five-Day Changes - Over the last five trading days, the companies with the largest increases in holdings are: - Lens Technology (06613) +6.93% to 13.85% - ZTE Corporation (00763) +5.92% to 56.09% - Tongyu Pharmaceutical-B (02410) +5.40% to 14.72% [4] - The companies with the largest decreases in holdings over the same period include: - Hang Seng China Enterprises (02828) -14.01% to 6.10% - Tracker Fund of Hong Kong (02800) -4.36% to 4.76% [4] Twenty-Day Changes - In the last twenty days, the companies with the largest increases in holdings are: - Meizhong Jiahe (02453) +12.09% to 37.34% - Changfei Optical Fiber (06869) +10.66% to 54.73% - Tongyu Pharmaceutical-B (02410) +8.30% to 14.72% [5] - The companies with the largest decreases in holdings over the same period include: - Yisou Technology (02550) -10.13% to 47.88% - Chongqing Steel (01053) -5.27% to 31.55% [6]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Easou Technology Holdings Limited 宜搜科技控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2550） 董事會會議通告 宜搜科技控股有限公司（「本公司」，連同其附屬公司，統稱為「本集團」）董事（「董事」） 會（「董事會」）謹此宣佈，董事會會議將於2025年8月29日（星期五）舉行，藉以（其中包括） 考慮及批准本集團截至2025年6月30日止六個月的中期業績及其發佈，並考慮建議派發中 期股息（如有）。 承董事會命 宜搜科技控股有限公司 主席兼執行董事 汪溪 香港，2025年8月19日 於本公告日期，董事會包括執行董事汪溪先生、陳鈞先生及趙磊先生；及獨立非執行董 事朱劍峰先生、安潁川先生及孟雪女士。 ...

Group 1 - The core business of Yisou Technology includes the development and application of recommendation engines for various scenarios, covering digital reading platform services, digital marketing services, online game distribution services, and other digital content services [1] - Yisou Technology is one of the earliest companies in China dedicated to the research and application of artificial intelligence recommendation technology, with plans to further expand the application scenarios of its recommendation engine and actively explore cutting-edge technologies [1] Group 2 - As of the 2024 annual report, Yisou Technology reported total operating revenue of 604 million yuan and a net profit of -2.085 million yuan [2] - On August 13, it was projected that the mid-year performance for 2025 would increase, with profits expected to be between 9.8 million yuan and 10.5 million yuan, representing a year-on-year growth of 188% to 208% [3] Group 3 - On August 14, Yisou Technology's stock price increased by 4.97%, reaching 5.28 yuan per share, with a trading volume of 301 million yuan [1]