截至月份: 2025年8月31日 狀態: 新提交 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 致：香港交易及結算所有限公司 公司名稱: MetaLight Inc.（於開曼群島註冊成立的有限公司） 呈交日期: 2025年9月3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) | 02605 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000 | USD | | 0.0001 USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 500,000,000 | USD | | 0.0001 USD | | 50,000 | 本月底法定/註冊股本總額 ...

Core Viewpoint - The Hong Kong IPO market is active, with 57 new listings and a total fundraising amount of 131.9 billion HKD as of August 25. However, many companies face challenges in meeting both domestic and Hong Kong regulatory requirements for listing [1]. Group 1: Hong Kong IPO Overview - As of August 25, 2023, there have been 57 new IPOs on the Hong Kong Stock Exchange, raising a total of 131.9 billion HKD [1]. - There are currently 211 companies that have submitted applications for listing in Hong Kong [1]. Group 2: Listing Challenges - Companies looking to list in Hong Kong must comply with both domestic laws and Hong Kong's regulatory framework, making the IPO preparation process complex and demanding [1]. Group 3: Resources for Companies - A compilation of Hong Kong listing rules and disclosure documents for domestic companies planning to list in Hong Kong has been organized to assist businesses in understanding the latest regulatory dynamics [1].

（原标题：METALIGHT(02605)认购由上海科创银行发售的若干理财产品合计4200万元） 智通财经APP讯，METALIGHT(02605)发布公告，公司于2025年6月10日上市后至2025年7月18日期间 (相关期间)，集团已认购由上海科创银行发售的若干理财产品(结构性存款)合计4200万元人民币。 ...

METALIGHT(02605)发布公告，公司于2025年6月10日上市后至2025年7月18日期间(相关期间)，集团已 认购由上海科创银行发售的若干理财产品(结构性存款)合计4200万元人民币。 ...

（股份代號：2605） 須予披露的交易 認購理財產品 董事會宣佈，本公司於2025年6月10日上市後至2025年7月18日 期 間（「相關期間」）， 本 集 團 已 認 購 由 上 海 科 創 銀 行 發 售 的 若 干 理 財 產 品。 認購理財產品 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。 MetaLight Inc. （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） 認購事項的資金來源 認 購 事 項 乃 以 本 集 團 內 部 資 源 撥 付，並 無 動 用 全 球 發 售 所 得 款 項。 進行認購事項的理由及裨益 認 購 事 項 均 由 本 集 團 為 財 務 管 理 目 的 而 進 行，旨 在 充 分 善 用 業 務 營 運 所 收 取 的 現 金 盈 餘，務 求 在 維 持 高 流 動 性 及 相 對 低 風 險 水 平 的 前 提 下 取 得 均 衡 回 報 ...

Core Viewpoint - METALIGHT reported a revenue of 96.973 million RMB for the six months ending June 30, 2025, representing a year-on-year increase of 7.61%. However, the company incurred a loss of 126 million RMB, a significant shift from a profit of 226,000 RMB in the same period last year, resulting in a basic loss per share of 1.69 RMB [1] Revenue Analysis - The increase in revenue was primarily driven by the growth in mobile advertising services, which saw an increase of 5.7 million RMB [1] - The company continued to provide high-quality public transport information services, leading to growth in both the cities served and the number of users [1] - Additionally, the expansion of the public transport analytics platform business and collaborations with more transportation agencies contributed to a revenue increase of 1.2 million RMB from data technology services [1]

Core Viewpoint - METALIGHT (02605) reported a mid-term performance for the six months ending June 30, 2025, showing a revenue of 96.973 million RMB, a year-on-year increase of 7.61%, but a loss of 126 million RMB compared to a profit of 226,000 RMB in the same period last year, indicating a significant shift from profit to loss [1] Revenue Analysis - The increase in revenue is primarily attributed to the growth in mobile advertising services, which rose by 5.7 million RMB due to the company's continued provision of quality public transport information services, resulting in an increase in both the coverage of cities and users [1] - Additionally, the company expanded its public transport analytics platform business, collaborating with more transportation agencies (such as local transport authorities and bus companies), which contributed to a growth of 1.2 million RMB in data technology service revenue [1]

[Financial Highlights](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) The group's revenue increased by 7.6% to RMB 97.0 million, with gross profit up 6.2% to RMB 75.7 million, but net profit turned into a loss of RMB 125.5 million due to non-operating items Key Financial Data for the Six Months Ended June 30, 2025 | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 96,973 | 90,113 | 7.6% | | Gross Profit | 75,684 | 71,283 | 6.2% | | Profit/(Loss) for the Period | (125,505) | 226 | -55,633.2% | | Adjusted Net Profit (Non-IFRS Measure) | 28,183 | 26,646 | 5.8% | - The Group's revenue increased by **7.6%** year-on-year to **RMB 97.0 million**, gross profit increased by **6.2%** to **RMB 75.7 million**, but gross margin decreased by **1 percentage point** to **78.1%**[5](index=5&type=chunk) - A net loss of **RMB 125.5 million** was recorded for the period, compared to a net profit of **RMB 0.2 million** in the same period last year, primarily due to non-operating items. Adjusted net profit (non-IFRS measure) increased by **5.8%** year-on-year to **RMB 28.2 million**[5](index=5&type=chunk) [Business Review and Outlook](index=2&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7%E8%88%87%E5%B1%95%E6%9C%9B) The group maintained steady business growth in the first half of 2025, with increased revenue and adjusted net profit, while net profit turned to a loss due to non-operating factors [Business Review](index=2&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) In the first half of 2025, the Group maintained steady business growth, with increases in revenue and adjusted net profit, but net profit turned to a loss due to non-operating factors - The Group's revenue for the first half was **RMB 97.0 million**, a year-on-year increase of **7.6%**[6](index=6&type=chunk) - Gross profit was **RMB 75.7 million**, a year-on-year increase of **6.2%**[6](index=6&type=chunk) - Net loss was **RMB 125.5 million**, compared to a net profit of **RMB 0.2 million** in the same period last year[6](index=6&type=chunk) - Adjusted net profit (non-IFRS measure) was **RMB 28.2 million**, a year-on-year increase of **5.8%**[6](index=6&type=chunk) [Business Growth](index=2&type=section&id=%E6%A5%AD%E5%8B%99%E5%A2%9E%E9%95%B7) The Group's core public transportation information service business expanded significantly in coverage and user numbers, successfully initiating overseas market expansion and advancing its public transportation analytics platform with large language model technology [Public Transportation Information Services Business](index=2&type=section&id=%E5%85%AC%E4%BA%A4%E4%BF%A1%E6%81%AF%E6%9C%8D%E5%8B%99%E6%A5%AD%E5%8B%99) The core product "Che Lai Le" expanded its service coverage to 476 towns and increased cumulative users to 315.0 million, with average monthly active users growing to 30.2 million - The core product 'Che Lai Le' service coverage increased from **466** towns at the end of 2024 to **476** towns[7](index=7&type=chunk) - Cumulative users increased from **298.4 million** at the end of 2024 to **315.0 million**, a **5.6%** increase[7](index=7&type=chunk) - Average monthly active users grew to **30.2 million** from January to June 2025, a **5%** increase compared to the same period in 2024, and a **4%** increase compared to the 2024 full-year average[7](index=7&type=chunk) [Internationalization of Public Transportation Information Services](index=2&type=section&id=%E5%85%AC%E4%BA%A4%E4%BF%A1%E6%81%AF%E6%9C%8D%E5%8B%99%E7%9A%84%E5%9C%8B%E9%9A%9B%E5%8C%96) In the first half of 2025, the Group launched public transportation travel products in Hong Kong and Kuala Lumpur, establishing an initial presence in 5 overseas regions by August 2025 - Public transportation travel products were developed and launched in Hong Kong and Kuala Lumpur regions in the first half of 2025[8](index=8&type=chunk) - As of August 2025, international business has covered **5** overseas regions, forming an initial strategic layout[8](index=8&type=chunk) [Public Transportation Analytics Platform Business](index=3&type=section&id=%E5%85%AC%E4%BA%A4%E4%BF%A1%E6%81%AF%E5%88%86%E6%9E%90%E5%B9%B3%E5%8F%B0%E6%A5%AD%E5%8B%99) The public transportation analytics platform now covers 140 towns, providing data insights and smart decision-making support to transportation agencies, with its latest version integrating large language model technology for passenger flow analysis - The platform covers **140** towns nationwide, providing data insights and smart decision-making support for transportation agencies[9](index=9&type=chunk) - The latest version applies large language model technology to scenarios such as public transportation passenger flow analysis and has been deployed in pilot cities[9](index=9&type=chunk) [Revenue Breakdown](index=3&type=section&id=%E6%94%B6%E5%85%A5%E5%88%86%E4%BD%88) The Group's revenue is primarily from mobile advertising services, driven by user base expansion and increased penetration, while data technology services revenue grew strongly due to the public transportation analytics platform and customized solutions [Mobile Advertising Services](index=3&type=section&id=%E7%A7%BB%E5%8B%95%E5%BB%A3%E5%91%8A%E6%9C%8D%E5%8B%99) Mobile advertising services revenue reached RMB 94.2 million, a 6.4% year-on-year increase, primarily driven by expanded bus route coverage and increased user penetration leading to higher ad impressions - As of June 30, 2025, mobile advertising services revenue was **RMB 94.2 million**, a year-on-year increase of **6.4%**[10](index=10&type=chunk) - Growth primarily stemmed from increased ad impressions due to expanded bus route coverage and enhanced user penetration[10](index=10&type=chunk) [Data Technology Services](index=3&type=section&id=%E6%95%B8%E6%93%9A%E6%8A%80%E8%A1%93%E6%9C%8D%E5%8B%99) Data technology services revenue reached RMB 2.8 million from January to June 2025, a 74.1% increase compared to the same period in 2024, driven by the public transportation analytics platform and customized data intelligence solutions - From January to June 2025, data technology services revenue was **RMB 2.8 million**, a **74.1%** increase compared to the same period in 2024[11](index=11&type=chunk) - Revenue sources include public transportation analytics platform usage by transportation agencies and other customized data intelligence technology solutions[11](index=11&type=chunk) [AI Technology Reserves](index=3&type=section&id=AI%E6%8A%80%E8%A1%93%E5%84%B2%E5%82%99) The Group continuously invests in AI R&D, collaborating with universities on deep neural network foundation models and multi-model fusion, applying latest research to online products to significantly enhance prediction accuracy - Collaborated with universities such as Peking University to establish joint research projects focusing on deep neural network foundation models for specific industries and dynamic fusion of multiple deep neural network large models[12](index=12&type=chunk) - Some innovative achievements have been published in top international conferences such as ICML2025 and IJCNN[12](index=12&type=chunk) - The new generation of deep neural network-based time series prediction service has been launched in the 'Che Lai Le' product, with a considerable improvement in prediction accuracy[13](index=13&type=chunk) [Future Outlook](index=4&type=section&id=%E6%9C%AA%E4%BE%86%E5%B1%95%E6%9C%9B) The Group anticipates steady growth in the domestic urban public transportation sector, integrating AI technology for product iteration, while targeting overseas markets through a "technology export + localized operation" model and continuously incubating new AI products [Domestic Market Size Expected to Continue Steady Growth](index=4&type=section&id=%E5%9C%8B%E5%85%A7%E5%B8%82%E5%A0%B4%E8%A6%8F%E6%A8%A1%E5%B0%87%E7%B9%BC%E7%BA%8C%E7%A9%A9%E6%AD%A5%E5%A2%9E%E9%95%B7) China's urban public transportation industry revenue is projected to exceed RMB 500 billion by 2025, with passenger volume reaching 120 billion, and the Group will leverage AI technology for product iteration to enhance competitiveness - China's urban public transportation industry revenue is projected to exceed **RMB 500 billion** by 2025, with an average annual compound growth rate of **4%–5%**[14](index=14&type=chunk) - Urban public bus and tram passenger volume is expected to reach **120 billion** person-times in 2025, a **2.5%** increase from 2024[14](index=14&type=chunk) - The Group will closely follow the latest advancements in AI technology, applying them to product feature iterations to enhance core competitiveness[14](index=14&type=chunk) [Overseas Markets as a Future Growth Driver](index=4&type=section&id=%E6%B5%B7%E5%A4%96%E5%B8%82%E5%A0%B4%E6%98%AF%E6%A5%AD%E5%8B%99%E5%BE%8C%E7%BA%8C%E7%99%BC%E5%8A%9B%E6%96%B9%E5%90%91) Preliminary research indicates clear demand and high potential willingness to pay for real-time public transportation information in overseas markets, where the Group plans to expand through a "technology export + localized operation" model - Preliminary research indicates clear demand for real-time public transportation information in overseas markets and a relatively high potential willingness to pay[15](index=15&type=chunk) - Plans to gradually expand overseas coverage and optimize product experience through a 'technology export + localized operation' model[15](index=15&type=chunk) [Continuous Investment in Incubating New AI Products](index=4&type=section&id=%E6%8C%81%E7%BA%8C%E6%8A%95%E5%85%A5%E5%AD%B5%E5%8C%96%E6%96%B0%E7%9A%84AI%E7%94%A2%E5%93%81) Rapid AI technology development presents new market opportunities in data intelligence, and the Group will continuously invest in new product incubation as a strategic goal to create more value - Rapid development of AI technology brings new market opportunities in the data intelligence field[16](index=16&type=chunk) - The Group will continuously invest in new product incubation as a strategic goal to create more value[16](index=16&type=chunk) [Interim Condensed Consolidated Statement of Profit or Loss](index=5&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E6%90%8D%E7%9B%8A%E8%A1%A8) The interim condensed consolidated statement of profit or loss shows a significant shift from profit to a substantial loss for the period, primarily driven by a large fair value loss on financial liabilities Interim Condensed Consolidated Statement of Profit or Loss for the Six Months Ended June 30, 2025 | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Revenue | 96,973 | 90,113 | | Cost of Sales | (21,289) | (18,830) | | Gross Profit | 75,684 | 71,283 | | Other Income and Gains | 2,223 | 2,518 | | Selling and Distribution Expenses | (18,649) | (16,687) | | Administrative Expenses | (37,976) | (27,025) | | Research and Development Expenses | (21,633) | (18,580) | | Net Impairment Loss/(Reversal of Impairment Loss) on Financial Assets | 712 | (83) | | Fair Value Loss on Financial Liabilities at Fair Value Through Profit or Loss | (119,202) | (8,006) | | Other Expenses and Losses | (4,246) | (185) | | Finance Costs | (478) | (692) | | Profit/(Loss) Before Tax | (123,565) | 2,543 | | Income Tax Expense | (1,940) | (2,317) | | Profit/(Loss) for the Period | (125,505) | 226 | | Basic Earnings/(Loss) Per Share (RMB) | (1.69) | 0.00 | | Diluted Earnings/(Loss) Per Share (RMB) | (1.69) | 0.00 | [Interim Condensed Consolidated Statement of Comprehensive Income](index=6&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E7%B6%9C%E5%90%88%E6%94%B6%E7%9B%8A%E8%A1%A8) The interim condensed consolidated statement of comprehensive income reveals a substantial increase in total comprehensive loss for the period, primarily due to the shift from profit to loss and higher net other comprehensive loss Interim Condensed Consolidated Statement of Comprehensive Income for the Six Months Ended June 30, 2025 | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Profit/(Loss) for the Period | (125,505) | 226 | | Net Other Comprehensive Loss | (6,246) | (1,957) | | Total Comprehensive Loss for the Period | (132,303) | (2,532) | - In the first half of 2025, the Group recorded a total comprehensive loss for the period of **RMB 132.3 million**, a significant increase from the **RMB 2.5 million** loss in the same period last year, mainly due to the profit turning into a loss for the period and an increase in net other comprehensive loss[18](index=18&type=chunk) [Interim Condensed Consolidated Statement of Financial Position](index=7&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) The interim condensed consolidated statement of financial position shows a significant improvement in the Group's financial health, with net assets turning positive and a substantial reduction in current liabilities, primarily driven by the conversion of financial liabilities Interim Condensed Consolidated Statement of Financial Position (Summary) as at June 30, 2025 | Indicator | 2025-06-30 (RMB '000) | 2024-12-31 (RMB '000) | | :--- | :--- | :--- | | Total Non-current Assets | 63,128 | 67,703 | | Total Current Assets | 360,297 | 156,463 | | Total Current Liabilities | 76,424 | 536,150 | | Total Non-current Liabilities | 65 | 108 | | Net Assets/(Capital Deficiency) | 346,936 | (312,092) | | Total Equity/(Deficiency) | 346,936 | (312,092) | - As of June 30, 2025, the Group's net assets turned positive to **RMB 346.9 million**, compared to a capital deficiency of **RMB 312.1 million** as of December 31, 2024, primarily due to a significant reduction in current liabilities[19](index=19&type=chunk)[20](index=20&type=chunk) - Total current assets significantly increased to **RMB 360.3 million** (December 31, 2024: **RMB 156.5 million**), primarily driven by an increase in cash and cash equivalents[19](index=19&type=chunk) - Total current liabilities substantially decreased to **RMB 76.4 million** (December 31, 2024: **RMB 536.2 million**), mainly due to the conversion of financial liabilities at fair value through profit or loss (preference shares) into ordinary shares[19](index=19&type=chunk) [Interim Condensed Consolidated Statement of Changes in Equity](index=9&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) The interim condensed consolidated statement of changes in equity shows a significant shift from a capital deficiency to positive equity, primarily driven by share issuance and the conversion of preference shares into ordinary shares, partially offset by the period's loss - As of June 30, 2025, the Group's total equity shifted from a deficiency of **RMB 312.1 million** at the beginning of the period to an equity of **RMB 346.9 million**[22](index=22&type=chunk) - The significant increase in equity was primarily due to proceeds from share issuance of **RMB 221.8 million** and the conversion of financial liabilities at fair value through profit or loss (preference shares) into ordinary shares, resulting in an increase in capital reserve of **RMB 584.1 million**[22](index=22&type=chunk) - The loss of **RMB 125.5 million** for the period and total comprehensive loss of **RMB 132.3 million** partially offset the impact of the increase in share capital[22](index=22&type=chunk) [Interim Condensed Consolidated Statement of Cash Flows](index=11&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) The interim condensed consolidated statement of cash flows indicates a substantial increase in cash and cash equivalents, primarily driven by significant net cash generated from financing activities due to the IPO, despite a decrease in operating cash flow Interim Condensed Consolidated Statement of Cash Flows (Summary) for the Six Months Ended June 30, 2025 | Cash Flow Category | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Net Cash Generated From Operating Activities | 817 | 15,752 | | Net Cash Used In Investing Activities | (16,910) | (25,785) | | Net Cash Generated From/(Used In) Financing Activities | 207,663 | (14,389) | | Net Increase/(Decrease) In Cash and Cash Equivalents | 191,570 | (24,422) | | Cash and Cash Equivalents at End of Period | 246,466 | 31,092 | - Net cash generated from operating activities significantly decreased to **RMB 0.8 million** (2024: **RMB 15.8 million**), primarily due to an increase in loss before income tax, although most of it was non-cash items[26](index=26&type=chunk) - Net cash generated from financing activities turned significantly positive to **RMB 207.7 million** (2024: used **RMB 14.4 million**), mainly attributable to proceeds from global offering of **RMB 221.8 million**[27](index=27&type=chunk) - Cash and cash equivalents at the end of the period significantly increased to **RMB 246.5 million** (2024: **RMB 31.1 million**), primarily influenced by IPO fundraising[28](index=28&type=chunk) [Notes to the Interim Condensed Consolidated Financial Information](index=14&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E9%99%84%E8%A8%BB) These notes provide detailed explanations of the Group's company information, basis of presentation, accounting policy changes, operating segments, revenue, profit/loss before tax, income tax, dividends, earnings per share, property and equipment, receivables, payables, share capital, related party transactions, fair value of financial instruments, and post-reporting period events [1. Company Information](index=14&type=section&id=1.%20%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) MetaLight Inc., incorporated in the Cayman Islands on May 21, 2015, listed on the HKEX Main Board on June 10, 2025, primarily provides mobile advertising and data technology services through "Che Lai Le" APP and WeChat mini-program - The Company was listed on the Main Board of the Hong Kong Stock Exchange on **June 10, 2025**[29](index=29&type=chunk) - The principal business involves providing mobile advertising services, real-time vehicle information, and data technology services through the 'Che Lai Le' APP and WeChat mini-program[29](index=29&type=chunk) [2. Basis of Presentation](index=14&type=section&id=2.%20%E5%91%88%E5%88%97%E5%9F%BA%E6%BA%96) The interim condensed consolidated financial information is prepared in RMB according to IAS 34, with Wuhan YuanGuang Technology Co., Ltd. effectively controlled through contractual arrangements and consolidated as a subsidiary - The interim condensed consolidated financial information is prepared in **RMB '000** in accordance with International Accounting Standard 34[30](index=30&type=chunk) - The Group exercises effective control over Wuhan YuanGuang Technology Co., Ltd. through contractual arrangements, including exclusive business cooperation service agreements, exclusive call option agreements, and equity pledge agreements, and classifies it as a subsidiary[31](index=31&type=chunk)[32](index=32&type=chunk) [3. Changes in Accounting Policies and Disclosures](index=15&type=section&id=3.%20%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96%E8%AE%8A%E5%8B%95%E5%8F%8A%E6%8A%AB%E9%9C%B2) The financial information for this period adopts revised IFRS accounting standards for the first time, with IAS 21 (Revised) on lack of exchangeability having no material impact on the Group's financial information - The accounting policies adopted in the preparation of the interim condensed consolidated financial information are consistent with those in the 2024 annual report, except for the first-time adoption of revised IFRS accounting standards[33](index=33&type=chunk) - The amendments to IAS 21 (Revised) regarding lack of exchangeability had no impact on the interim condensed consolidated financial information, as the Group's transaction and functional currencies are all exchangeable[34](index=34&type=chunk) [4. Operating Segment Information](index=15&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 has only one reportable operating segment, providing mobile advertising, vehicle real-time information, and data technology services through "Che Lai Le" APP and WeChat mini-program, with all external revenue and non-current assets originating from mainland China - The Group has only one reportable operating segment, which is mobile advertising services, real-time vehicle information, and data technology services[35](index=35&type=chunk) - All external revenue during the period was derived from customers in mainland China[36](index=36&type=chunk) - All non-current assets at the end of the period were located in mainland China[37](index=37&type=chunk) Revenue Contribution from Major Customers (For the Six Months Ended June 30) | Customer | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Customer A | 21,874 | 26,847 | | Customer B | 15,073 | 19,236 | | Customer C | 16,042 | * (Less than 10%) | [5. Revenue](index=16&type=section&id=5.%20%E6%94%B6%E5%85%A5) The Group's total revenue increased by 7.6% to RMB 97.0 million, primarily contributed by mobile advertising services and data technology services, with mobile advertising being the largest component and data technology services showing the fastest growth Analysis of Revenue from Contracts with Customers (For the Six Months Ended June 30) | Service Category | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Mobile Advertising Services | 94,158 | 88,496 | | Data Technology Services | 2,815 | 1,617 | | **Total** | **96,973** | **90,113** | Revenue from Contracts with Customers by Timing of Revenue Recognition (For the Six Months Ended June 30) | Recognition Timing | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Transferred at a point in time | 95,664 | 89,134 | | Transferred over time | 1,309 | 979 | | **Total Revenue** | **96,973** | **90,113** | [6. Profit/(Loss) Before Tax](index=17&type=section&id=6.%20%E9%99%A4%E7%A8%85%E5%89%8D%E5%88%A9%E6%BD%A4%EF%BC%8F%EF%BC%88%E8%99%A7%E6%90%8D%EF%BC%89) The Group recorded a loss before tax of RMB 123.6 million, primarily due to a significant increase in fair value loss on financial liabilities at fair value through profit or loss Components of Profit/(Loss) Before Tax (For the Six Months Ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Cost of Services Provided | 21,289 | 18,830 | | Net Impairment Loss/(Reversal of Impairment Loss) on Financial Assets | (712) | 83 | | Write-off of Other Receivables | – | 3 | | Net Exchange Differences | 655 | – | - Net impairment loss on financial assets shifted from a reversal of **RMB 83 thousand** in 2024 to an impairment loss of **RMB 712 thousand** in 2025[40](index=40&type=chunk) [7. Income Tax](index=18&type=section&id=7.%20%E6%89%80%E5%BE%97%E7%A8%85) The Group's income tax expense primarily originates from mainland China, with no assessable profits in Hong Kong, and mainland China subsidiaries benefit from preferential tax rates for high-tech or small-profit enterprises - No income tax in the Cayman Islands, and no provision for Hong Kong due to no assessable profits[42](index=42&type=chunk)[43](index=43&type=chunk) - Mainland China subsidiaries enjoy preferential tax rates of **15%** for high-tech enterprises or **5%** for small-profit enterprises[44](index=44&type=chunk) Income Tax Expense (For the Six Months Ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Current Tax Expense for the Period | – | 2 | | Deferred Tax Expense for the Period | 1,940 | 2,315 | | **Total Tax Expense for the Period** | **1,940** | **2,317** | [8. Dividends](index=18&type=section&id=8.%20%E8%82%A1%E6%81%AF) The Company did not declare or pay any dividends during the reporting period - The Company did not declare or pay any dividends during the period[46](index=46&type=chunk) [9. Basic and Diluted Earnings/(Loss) Per Share](index=19&type=section&id=9.%20%E6%AF%8F%E8%82%A1%E5%9F%BA%E6%9C%AC%E5%8F%8A%E6%94%A4%E8%96%84%E7%9B%88%E5%88%A9%EF%BC%8F%EF%BC%88%E8%99%A7%E6%90%8D%EF%BC%89) Both basic and diluted loss per share for the period were RMB 1.69, primarily due to the net loss, with anti-dilutive effects of options and preference shares not considered in the calculation Calculation of Basic and Diluted Earnings/(Loss) Per Share (For the Six Months Ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Profit/(Loss) Attributable to Ordinary Shareholders of the Company | (125,505) | 226 | | Adjustment for Fair Value Loss on Preference Shares | 119,202 | 8,006 | | Profit/(Loss) Used for Calculating Basic Earnings/(Loss) Per Share | (6,303) | 8,232 | | Number of Shares | 2025 | 2024 | | :--- | :--- | :--- | | Weighted Average Number of Ordinary Shares Outstanding for Basic Earnings/(Loss) Per Share | 74,450,469 | 51,706,266 | | Dilutive Effect – Weighted Average Number of Ordinary Shares | – | 5,796,800 | | Total | 74,450,469 | 57,503,066 | - Basic and diluted loss per share for 2025 were both **RMB 1.69**, compared to **RMB 0.00** in 2024[17](index=17&type=chunk) - Options and preference shares were not included in the calculation of diluted earnings/(loss) per share for 2025 and 2024 as they had an anti-dilutive effect[49](index=49&type=chunk) [10. Property and Equipment](index=20&type=section&id=10.%20%E7%89%A9%E6%A5%AD%E5%8F%8A%E8%A8%AD%E5%82%99) The Group did not acquire or dispose of any property and equipment during the six months ended June 30, 2025 - The Group did not acquire or dispose of any assets during the six months ended June 30, 2025[51](index=51&type=chunk) [11. Trade Receivables](index=20&type=section&id=11.%20%E6%87%89%E6%94%B6%E8%B3%87%E6%AC%BE) As of June 30, 2025, net trade receivables increased to RMB 38.1 million compared to the end of 2024, primarily concentrated within 6 months Analysis of Trade Receivables | Item | 2025-06-30 (RMB '000) | 2024-12-31 (RMB '000) | | :--- | :--- | :--- | | Trade Receivables | 39,320 | 35,487 | | Impairment | (1,261) | (1,828) | | **Net Carrying Amount** | **38,059** | **33,659** | Aging Analysis of Trade Receivables (Net of Loss Allowance) | Aging | 2025-06-30 (RMB '000) | 2024-12-31 (RMB '000) | | :--- | :--- | :--- | | Within 6 months | 37,482 | 33,357 | | 7 to 12 months | 577 | 302 | | **Total** | **38,059** | **33,659** | [12. Trade Payables](index=20&type=section&id=12.%20%E6%87%89%E4%BB%98%E8%B3%87%E6%AC%BE) As of June 30, 2025, total trade payables decreased to RMB 5.0 million compared to the end of 2024, primarily concentrated within 3 months Aging Analysis of Trade Payables (Based on Date of Service Acceptance) | Aging | 2025-06-30 (RMB '000) | 2024-12-31 (RMB '000) | | :--- | :--- | :--- | | Within 3 months | 1,974 | 6,118 | | 4 to 12 months | 2,324 | 870 | | 13 to 24 months | 462 | 528 | | Over 24 months | 270 | 348 | | **Total** | **5,030** | **7,864** | [13. Share Capital](index=21&type=section&id=13.%20%E8%82%A1%E6%9C%AC) The number of issued and fully paid ordinary shares significantly increased during the period due to new share issuance from the IPO and the conversion of preference shares into ordinary shares, leading to substantial growth in share capital and share premium Overview of Changes in Issued and Fully Paid Ordinary Shares | Item | As of 2025-06-30 (Number of Shares) | As of 2025-06-30 (Share Capital RMB '000) | | :--- | :--- | :--- | | At beginning of period | 63,973,298 | 44 | | Shares issued | 24,856,000 | 18 | | Conversion of financial liabilities at fair value through profit or loss | 65,447,239 | 47 | | Shares repurchased | – | – | | **At end of period** | **154,276,537** | **109** | - On June 10, 2025, the Company issued **24,856,000** ordinary shares in its initial public offering, with total cash proceeds of approximately **RMB 221.8 million**[55](index=55&type=chunk) - All **65,447,239** preference shares were converted into ordinary shares, with a total carrying value of **RMB 584.1 million**[55](index=55&type=chunk) [14. Related Party Transactions](index=22&type=section&id=14.%20%E9%97%9C%E8%81%AF%E6%96%B9%E4%BA%A4%E6%98%93) Related party transactions decreased during the period, while total key management personnel compensation increased, notably due to a significant rise in share-based payment expenses Related Party Transactions (For the Six Months Ended June 30) | Transaction Type | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Mobile advertising services provided by entities controlled by the controlling company | – | 2,230 | | Cloud storage service fees collected by entities controlled by the controlling company | – | 29 | | IT solutions and other services provided by an associate | – | 95 | Key Management Personnel Compensation (For the Six Months Ended June 30) | Compensation Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Short-term employee benefits | 1,080 | 2,365 | | Equity-settled share-based payment expenses | 8,433 | 4,195 | | Post-employment benefits | 104 | 102 | | **Total** | **9,617** | **6,662** | [15. Fair Value and Fair Value Hierarchy of Financial Instruments](index=23&type=section&id=15.%20%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9A%84%E5%85%AC%E5%85%81%E5%83%B9%E5%80%BC%E5%8F%8A%E5%85%AC%E5%85%81%E5%83%B9%E5%80%BC%E5%B1%A4%E7%B4%9A) The fair value of the Group's financial instruments is primarily measured using discounted cash flow models, market-based valuation techniques, and option pricing methods, with financial liabilities at fair value through profit or loss (preference shares) converted to ordinary shares, resulting in zero balance at period-end Carrying Amounts and Fair Values of Financial Instruments (Summary) | Item | 2025-06-30 Carrying Amount (RMB '000) | 2024-12-31 Carrying Amount (RMB '000) | 2025-06-30 Fair Value (RMB '000) | 2024-12-31 Fair Value (RMB '000) | | :--- | :--- | :--- | :--- | :--- | | Financial Investments | 66,636 | 58,321 | 66,636 | 58,321 | | Financial Liabilities at Fair Value Through Profit or Loss | – | 465,189 | – | 465,189 | - Financial liabilities at fair value through profit or loss (preference shares) were converted into ordinary shares as of June 30, 2025, resulting in a zero fair value[59](index=59&type=chunk)[65](index=65&type=chunk) Fair Value Measurement Hierarchy (Summary) | Item | Level 1 (RMB '000) | Level 2 (RMB '000) | Level 3 (RMB '000) | Total (RMB '000) | | :--- | :--- | :--- | :--- | :--- | | **Assets Measured at Fair Value** | | | | | | Financial Investments (2025-06-30) | 9,734 | 50,159 | 6,743 | 66,636 | | Financial Investments (2024-12-31) | 8,960 | 43,079 | 6,282 | 58,321 | | **Liabilities Measured at Fair Value** | | | | | | Financial Liabilities at Fair Value Through Profit or Loss (2025-06-30) | – | – | – | – | | Financial Liabilities at Fair Value Through Profit or Loss (2024-12-31) | – | – | 465,189 | 465,189 | - Changes in Level 3 fair value measurements during the period show a fair value gain of **RMB 461 thousand** for financial investments, while financial liabilities at fair value through profit or loss recorded a fair value loss of **RMB 119.2 million**, subsequently reduced by **RMB 584.1 million** due to conversion into ordinary shares[66](index=66&type=chunk) [16. Events After the Reporting Period](index=26&type=section&id=16.%20%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) After the reporting period, the Group converted an unlisted convertible debt investment of RMB 1.0 million into a 5.0% equity stake in the investee entity and made an additional investment, increasing its total shareholding to 10.0% - On July 31, 2025, the Group converted an unlisted convertible debt investment of **RMB 1.0 million** into a **5.0%** equity stake in the investee entity[68](index=68&type=chunk) - Concurrently, an additional investment of **RMB 1.0 million** was made, bringing the total shareholding to **10.0%**[68](index=68&type=chunk) [Management Discussion and Analysis](index=27&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) This section provides an in-depth analysis of the Group's financial performance, including revenue, cost of sales, gross profit, operating expenses, other income/losses, fair value changes, non-IFRS measures, liquidity, capital resources, human resources, significant investments, and financial risks [Revenue](index=27&type=section&id=%E6%94%B6%E5%85%A5) The Group's total revenue increased by 7.6% to RMB 97.0 million, driven by growth in mobile advertising services and data technology services, benefiting from user growth and business expansion Revenue by Business Segment (For the Six Months Ended June 30) | Business Segment | 2025 (RMB '000) | 2024 (RMB '000) | Change Percentage | | :--- | :--- | :--- | :--- | | Mobile Advertising Services | 94,158 | 88,496 | 6.4% | | Data Technology Services | 2,815 | 1,617 | 74.1% | | **Total** | **96,973** | **90,113** | **7.6%** | - Mobile advertising services revenue increased by **RMB 5.7 million**, primarily due to the Company's continuous provision of high-quality public transportation information services, leading to growth in service coverage cities and users[69](index=69&type=chunk) - Data technology services revenue increased by **RMB 1.2 million**, mainly due to the Company's continuous expansion of its public transportation analytics platform business and collaboration with more transportation agencies[69](index=69&type=chunk) [Cost of Sales](index=27&type=section&id=%E9%8A%B7%E5%94%AE%E6%88%90%E6%9C%AC) Cost of sales increased by 13.06% year-on-year to RMB 21.3 million, with its proportion to revenue rising to 22.0%, primarily due to increased cross-network advertising fees - Cost of sales was **RMB 21.3 million**, an increase of **RMB 2.5 million** or **13.06%** compared to the same period last year[70](index=70&type=chunk) - The proportion of cost of sales to revenue increased from **20.9%** to **22.0%**[70](index=70&type=chunk) - The increase in cost of sales was primarily due to increased cross-network advertising fees[70](index=70&type=chunk) [Gross Profit and Gross Margin](index=28&type=section&id=%E6%AF%9B%E5%88%A9%E5%8F%8A%E6%AF%9B%E5%88%A9%E7%8E%87) Gross profit increased by 6.2% year-on-year to RMB 75.7 million, but the gross margin slightly decreased from 79.1% to 78.1% - Gross profit increased by **6.2%** from **RMB 71.3 million** to **RMB 75.7 million**[71](index=71&type=chunk) - Gross margin decreased from **79.1%** to **78.1%**[71](index=71&type=chunk) [Selling Expenses](index=28&type=section&id=%E9%8A%B7%E5%94%AE%E9%96%8B%E6%94%AF) Selling expenses increased to RMB 18.7 million year-on-year, primarily due to increased advertising and promotion expenses aimed at attracting new users and enhancing user engagement - Selling expenses increased from **RMB 16.7 million** to **RMB 18.7 million**[72](index=72&type=chunk) - The increase was primarily attributable to higher advertising and promotion expenses to attract new users and enhance user engagement for 'Che Lai Le'[72](index=72&type=chunk) [Administrative Expenses](index=28&type=section&id=%E8%A1%8C%E6%94%BF%E9%96%8B%E6%94%AF) Administrative expenses significantly increased year-on-year to RMB 38.0 million, mainly due to higher listing expenses and share-based payment expenses - Administrative expenses increased from **RMB 27.0 million** to **RMB 38.0 million**[73](index=73&type=chunk) - The increase was primarily due to higher listing expenses and share-based payment expenses[73](index=73&type=chunk) [Research and Development Expenses](index=28&type=section&id=%E7%A0%94%E7%99%BC%E9%96%8B%E6%94%AF) Research and development expenses increased year-on-year to RMB 21.6 million, primarily due to higher staff costs for additional R&D personnel engaged in new business initiatives and increased share-based payment expenses - Research and development expenses increased from **RMB 18.6 million** to **RMB 21.6 million**[74](index=74&type=chunk) - The increase was primarily due to higher staff costs for additional R&D personnel hired for new business initiatives and increased share-based payment expenses[74](index=74&type=chunk) [Other Income](index=28&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) Other income decreased by 11.7% year-on-year to RMB 2.2 million, mainly due to lower investment income and fair value gains on financial investments, partially offset by increased government grants - Other income was **RMB 2.2 million**, a decrease of **RMB 0.3 million** or **11.7%** compared to the same period last year[75](index=75&type=chunk) - Primarily due to a decrease in investment income of **RMB 0.8 million** and a decrease in fair value gains on financial investments at fair value through profit or loss of **RMB 0.4 million**[75](index=75&type=chunk) - Partially offset by an increase in government grants of **RMB 0.9 million**[75](index=75&type=chunk) [Other Losses](index=29&type=section&id=%E5%85%B6%E4%BB%96%E8%99%A7%E6%90%8D) Other losses significantly increased to RMB 4.2 million, primarily due to fair value losses on equity investments at fair value through profit or loss and exchange differences - Other losses for the six months ended June 30, 2025, were **RMB 4.2 million**, compared to **RMB 0.2 million** in the same period last year[76](index=76&type=chunk) - Primarily due to fair value losses on equity investments at fair value through profit or loss held by the Company and exchange differences[76](index=76&type=chunk) [Fair Value Loss on Financial Liabilities at Fair Value Through Profit or Loss](index=29&type=section&id=%E4%BB%A5%E5%85%AC%E5%85%81%E5%83%B9%E5%80%BC%E8%A8%88%E9%87%8F%E4%B8%94%E5%85%B6%E8%AE%8A%E5%8B%95%E8%A8%88%E5%85%A5%E7%95%B6%E6%9C%9F%E6%90%8D%E7%9B%8A%E7%9A%84%E9%87%91%E8%9E%8D%E8%B2%A0%E5%82%B5%E7%9A%84%E5%85%AC%E5%85%81%E5%83%B9%E5%80%BC%E6%90%8D%E5%A4%B1) A fair value loss of RMB 119.2 million was recorded, a significant increase from the prior year, mainly due to adjustments in the carrying value of contingently redeemable preference shares, with future fluctuations expected to cease following their conversion to ordinary shares post-IPO - A fair value loss of **RMB 119.2 million** was recorded, a significant increase from **RMB 8.0 million** in the same period of 2024[77](index=77&type=chunk) - This change primarily stemmed from adjustments to the carrying value of contingently redeemable preference shares, driven by changes in their redemption price[77](index=77&type=chunk) - Following the Group's successful listing, these preference shares have been automatically converted into ordinary shares, and such fair value fluctuations are not expected to recur in the future[77](index=77&type=chunk) [Non-IFRS Measures](index=29&type=section&id=%E9%9D%9E%E5%9C%8B%E9%9A%9B%E8%B2%A1%E5%8B%99%E5%A0%B1%E5%91%8A%E6%BA%96%E5%89%87%E8%A8%88%E9%87%8F) The Group uses adjusted net profit (non-IFRS measure) as a supplementary indicator, excluding fair value losses on financial liabilities, listing expenses, share-based payment expenses, and fair value changes of equity investments, to better reflect core operating performance - Adjusted net profit (non-IFRS measure) is defined as (loss)/profit for the year/period, adjusted to exclude (i) fair value loss on financial liabilities at fair value through profit or loss, (ii) listing expenses, (iii) share-based payment expenses, and (iv) fair value changes of equity investments at fair value[79](index=79&type=chunk) - The new adjustment item (iv) was added because the fair value fluctuations of these equity investments significantly increased in the first half of 2025, being non-operating and non-cash in nature, and having a material impact on reflecting the Group's core operating performance[79](index=79&type=chunk) Adjusted Net Profit (Non-IFRS Measure) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Profit/(Loss) for the Period | (125,505) | 226 | | Adjustments for: | | | | Fair Value Loss on Financial Liabilities at Fair Value Through Profit or Loss | 119,202 | 8,006 | | Listing Expenses | 17,499 | 12,371 | | Share-based Payment Expenses | 13,275 | 6,467 | | Fair Value Changes of Equity Investments at Fair Value | 3,712 | (424) | | **Adjusted Net Profit (Non-IFRS Measure)** | **28,183** | **26,646** | [Liquidity and Capital Resources](index=31&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B3%87%E6%9C%AC%E8%B3%87%E6%BA%90) The Group's liquidity significantly improved, with a substantial increase in cash and cash equivalents, a shift to positive net current assets, and a sharp decrease in the gearing ratio, primarily due to IPO fundraising and the conversion of preference shares to ordinary shares [Overview of Liquidity and Capital Resources](index=31&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B3%87%E6%9C%AC%E8%B3%87%E6%BA%90%E6%A6%82%E8%A7%80) Net cash generated from operating activities was RMB 0.8 million, net cash used in investing activities was RMB 16.9 million, and net cash generated from financing activities was RMB 207.7 million, primarily from IPO proceeds and new bank borrowings - Net cash generated from operating activities was **RMB 0.8 million**, primarily affected by loss before income tax (mostly non-cash items)[80](index=80&type=chunk) - Net cash used in investing activities was **RMB 16.9 million**, mainly for the purchase of financial investments, partially offset by the redemption of matured structured deposits[81](index=81&type=chunk) - Net cash generated from financing activities was **RMB 207.7 million**, primarily from proceeds of the global offering and new bank borrowings[81](index=81&type=chunk) [Cash and Cash Equivalents](index=32&type=section&id=%E7%8F%BE%E9%87%91%E5%8F%8A%E7%8F%BE%E9%87%91%E7%AD%89%E5%83%B9%E7%89%A9) As of June 30, 2025, cash and cash equivalents significantly increased to RMB 246.5 million, a 337.8% growth from December 31, 2024, primarily due to IPO proceeds - As of June 30, 2025, cash and cash equivalents were **RMB 246.5 million**, a **337.8%** increase from December 31, 2024[83](index=83&type=chunk) - The increase was primarily due to the completion of the listing on **June 10, 2025**, and proceeds from the initial public offering of shares[83](index=83&type=chunk) [Trade Receivables](index=32&type=section&id=%E6%87%89%E6%94%B6%E8%B3%87%E6%AC%BE) As of June 30, 2025, trade receivables increased to RMB 38.1 million, a RMB 4.4 million increase from December 31, 2024, mainly due to higher single-month advertising revenue in June from events like 618 - As of June 30, 2025, trade receivables were **RMB 38.1 million**, an increase of **RMB 4.4 million** compared to December 31, 2024[84](index=84&type=chunk) - The increase was mainly due to higher single-month advertising revenue in June driven by festivals such as 618[84](index=84&type=chunk) [Trade Payables](index=32&type=section&id=%E6%87%89%E4%BB%98%E8%B3%87%E6%AC%BE) As of June 30, 2025, trade payables decreased to RMB 5.0 million, a RMB 2.8 million decrease from December 31, 2024, primarily due to the payment of previously accrued commercial promotion expenses - As of June 30, 2025, trade payables were **RMB 5.0 million**, a decrease of **RMB 2.8 million** compared to December 31, 2024[85](index=85&type=chunk) - The decrease was mainly due to the Company's payment of previously accrued commercial promotion expenses during the period[85](index=85&type=chunk) [Bank Loans as at June 30, 2025](index=32&type=section&id=%E6%96%BC2025%E5%B9%B46%E6%9C%8830%E6%97%A5%E7%9A%84%E9%8A%80%E8%A1%8C%E8%B2%B8%E6%AC%BE) As of June 30, 2025, the Group had several bank loans totaling RMB 40 million, secured by patent pledges and guarantees, with two loans maturing in July and August 2025 already fully repaid Bank Loan Details (As of June 30, 2025) | Borrower | Loan Amount (RMB '000) | Annual Interest Rate | Maturity Date | Collateral, Guarantee Status | | :--- | :--- | :--- | :--- | :--- | | Beijing YuanGuang ZhiXing Information Technology Co., Ltd. | 10,000 | 2.8% | 2025-07-19 | Patent pledge | | Beijing YuanGuang ZhiXing Information Technology Co., Ltd. | 10,000 | 2.2% | 2026-06-27 | Wuhan YuanGuang Technology Co., Ltd. guarantee | | Wuhan YuanGuang Technology Co., Ltd. | 10,000 | 2.9% | 2025-12-10 | Patent pledge and Beijing YuanGuang ZhiXing Information Technology Co., Ltd. guarantee | | Wuhan YuanGuang Technology Co., Ltd. | 10,000 | 3.0% | 2025-08-20 | Patent pledge and Wuhan YuanGuang Technology Co., Ltd. and Beijing YuanGuang ZhiXing Information Technology Co., Ltd. guarantee | - As of the date of the interim results announcement, two loans maturing in July and August 2025, respectively, have been fully repaid[87](index=87&type=chunk) [Gearing Ratio](index=33&type=section&id=%E8%B3%87%E7%94%A2%E5%82%B5%E5%8B%99%E6%AF%94%E7%8E%87) As of June 30, 2025, the gearing ratio significantly decreased to 18.1% from 239.2% as of December 31, 2024 - As of June 30, 2025, the gearing ratio was **18.1%**, a significant decrease from **239.2%** as of December 31, 2024[88](index=88&type=chunk) [Net Current Assets/(Liabilities)](index=33&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E7%94%A2%EF%BC%8F%EF%BC%88%E8%B2%A0%E5%82%B5%EF%BC%89%E6%B7%A8%E5%80%BC) As of June 30, 2025, the Group recorded net current assets of RMB 283.9 million, a significant improvement from net current liabilities of RMB 379.7 million as of December 31, 2024, primarily due to the conversion of redeemable preference shares from liabilities to equity - As of June 30, 2025, net current assets of **RMB 283.9 million** were recorded, compared to net current liabilities of **RMB 379.7 million** as of December 31, 2024[89](index=89&type=chunk) - The current ratio increased from **0.3** as of December 31, 2024, to **4.7** as of June 30, 2025[89](index=89&type=chunk) - The change was primarily due to the conversion of redeemable preference shares from liabilities to equity[89](index=89&type=chunk) [Capital Structure](index=33&type=section&id=%E8%B3%87%E6%9C%AC%E6%9E%B6%E6%A7%8B) The Company's capital comprises ordinary shares and reserves, funded by operating cash flow, shareholder contributions, bank financing, and net proceeds from the initial public offering - The Company's capital comprises ordinary shares and reserves, with funding sources including cash flow from operating activities, shareholder contributions, bank financing, and net proceeds from the initial public offering[90](index=90&type=chunk) [Contingent Liabilities](index=33&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) As of June 30, 2025, the Group had no material contingent liabilities - As of June 30, 2025, the Group had no material contingent liabilities[91](index=91&type=chunk) [Human Resources](index=34&type=section&id=%E4%BA%BA%E5%8A%9B%E8%B3%87%E6%BA%90) The Group values its employees, with 138 staff members all located in China as of June 30, 2025, offering competitive compensation, equity incentives, and comprehensive training programs to attract and retain talent - As of June 30, 2025, the Group had a total of **138** employees, all located in China[92](index=92&type=chunk) - Total staff costs (including directors' remuneration) for the six months ended June 30, 2025, amounted to **RMB 39.6 million**[92](index=92&type=chunk) - Compensation policy is based on employee performance and experience, offering competitive salaries, performance bonuses, and share options, with participation in various government-organized employee social security schemes[93](index=93&type=chunk)[95](index=95&type=chunk) - The Group provides comprehensive training programs, including new employee onboarding, core competency development, internal training team capability enhancement, and key talent development plans[96](index=96&type=chunk) [Material Acquisitions and Disposals and Significant Investments](index=35&type=section&id=%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE%E4%BA%8B%E9%A0%85%E4%BB%A5%E5%8F%8A%E9%87%8D%E8%A6%81%E6%8A%95%E8%B3%87) The Group has not undertaken any material acquisitions or disposals since its listing date, and during the period, it subscribed to structured deposit products to enhance capital returns, with these investments not sourced from IPO proceeds [Material Acquisitions and Disposals](index=35&type=section&id=%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE%E4%BA%8B%E9%A0%85) From the listing date to June 30, 2025, the Group did not hold any material acquisitions or disposals of subsidiaries, associates, or joint ventures - From the listing date to June 30, 2025, the Group did not hold any material acquisitions or disposals of subsidiaries, associates, or joint ventures, nor any other material acquisitions[97](index=97&type=chunk) [Future Plans for Material Investments and Capital Assets](index=35&type=section&id=%E6%9C%89%E9%97%9C%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E5%8F%8A%E8%B3%87%E6%9C%AC%E8%B3%87%E7%94%A2%E7%9A%84%E6%9C%AA%E4%BE%86%E8%A8%88%E5%8A%83) The Group invested in structured deposit products with Shanghai Sci-Tech Bank, totaling RMB 45.1 million in fair value as of June 30, 2025, representing 10.7% of total assets, with these funds not sourced from IPO proceeds Structured Deposit Product Details (As of June 30, 2025) | Trustee | Wealth Management Type | Wealth Management Amount (RMB) | Start Date | End Date | Annualized Yield | Actual Gain or (Loss) (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Sci-Tech Bank | Structured Deposit | 5,000,000.00 | 2025-03-31 | 2025-07-01 | 2.25% | 28,750.00 | | Shanghai Sci-Tech Bank | Structured Deposit | 20,000,000.00 | 2025-04-21 | 2025-07-21 | 2.25% | 88,750.00 | | Shanghai Sci-Tech Bank | Structured Deposit | 5,000,000.00 | 2025-06-13 | 2025–09-15 | 2.05% | 5,125.00 | | Shanghai Sci-Tech Bank | Structured Deposit | 15,000,000.00 | 2025-06-20 | 2025-09-22 | 2.05% | 9,395.83 | - As of June 30, 2025, the fair value of Shanghai Sci-Tech Bank structured deposits was **RMB 45.1 million**, accounting for **10.7%** of total assets[98](index=98&type=chunk) - These investment funds were not sourced from the Company's initial public offering proceeds[98](index=98&type=chunk) [Capital Commitments](index=36&type=section&id=%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94) As of June 30, 2025, the Group had no capital commitments contracted but not recognized as liabilities - As of June 30, 2025, the Group had no capital commitments contracted but not recognized as liabilities[100](index=100&type=chunk) [Capital Expenditure](index=36&type=section&id=%E8%B3%87%E6%9C%AC%E9%96%8B%E6%94%AF) The Group incurred no capital expenditure during the reporting period - The Group incurred no capital expenditure during the reporting period[101](index=101&type=chunk) [Pledged Assets](index=36&type=section&id=%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) As of June 30, 2025, the Group pledged certain patent rights for RMB 30 million in bank borrowings, with these patents retaining economic value and legal enforceability despite a zero carrying value - As of June 30, 2025, the Group pledged certain patent rights in exchange for **RMB 30 million** in bank borrowings[102](index=102&type=chunk) - Despite a net carrying value of zero for these patents, they retain economic value and legal enforceability[102](index=102&type=chunk) [Financial Risks](index=36&type=section&id=%E9%87%91%E8%9E%8D%E9%A2%A8%E9%9A%AA) The Group faces credit, liquidity, and exchange rate risks, which are managed through credit verification, maintaining adequate cash levels, and continuous monitoring of exchange rate fluctuations [Credit Risk](index=36&type=section&id=%E4%BF%A1%E8%B2%B8%E9%A2%A8%E9%9A%AA) Credit risk primarily arises from trade receivables and is managed through individual credit verification procedures for customers and continuous monitoring of outstanding balances - Credit risk primarily arises from trade receivables and is managed through individual credit verification procedures for customers and continuous monitoring of outstanding balances[104](index=104&type=chunk) [Liquidity Risk](index=36&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E9%A2%A8%E9%9A%AA) The Group manages liquidity risk by monitoring and maintaining sufficient levels of cash and cash equivalents to fund operations and mitigate the impact of cash flow fluctuations - The Group manages liquidity risk by monitoring and maintaining sufficient levels of cash and cash equivalents to fund operations and mitigate the impact of cash flow fluctuations[105](index=105&type=chunk) [Exchange Rate Fluctuation Risk](index=37&type=section&id=%E5%8C%AF%E7%8E%87%E6%B3%A2%E5%8B%95%E9%A2%A8%E9%9A%AA) The Group's functional currency is RMB, but some cash and financial assets are denominated in USD and HKD, exposing it to foreign exchange risk, which management continuously monitors without a current hedging policy - The Group's functional currency is RMB, but some cash and financial assets are denominated in USD and HKD, exposing it to foreign exchange risk[106](index=106&type=chunk) - Currently, there is no foreign currency hedging policy, and management will continue to monitor and take prudent measures when appropriate[106](index=106&type=chunk) [Other Information](index=37&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) This section covers the interim dividend, corporate governance, transactions involving the Company's listed securities, compliance with the Model Code, post-reporting period events, review of interim results, and publication of the interim results announcement and report [Interim Dividend](index=37&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board of Directors does not recommend the payment of any interim dividend for the six months ended June 30, 2025 - The Board of Directors does not recommend the payment of any interim dividend for the six months ended June 30, 2025[107](index=107&type=chunk) [Corporate Governance](index=37&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) Since its listing on June 10, 2025, the Company has adopted and complied with the Corporate Governance Code set out in Appendix C1 of the Listing Rules, committed to achieving high standards of corporate governance - The Company has adopted the Corporate Governance Code as its corporate governance code since the listing date[108](index=108&type=chunk) - From the listing date to the date of this announcement, the Company has complied with all applicable code provisions under the Corporate Governance Code[108](index=108&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=37&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E7%9A%84%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities from the listing date to June 30, 2025, and no treasury shares were held at period-end - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities from the listing date to June 30, 2025[109](index=109&type=chunk) - As of June 30, 2025, the Company did not hold any treasury shares[109](index=109&type=chunk) [Compliance with the Model Code for Securities Transactions by Directors of Listed Issuers](index=37&type=section&id=%E9%81%B5%E5%AE%88%E4%B8%8A%E5%B8%82%E8%A6%8F%E5%89%87%E4%B9%8B%E3%80%8A%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87%E3%80%8B) The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers, as set out in Appendix C3 of the Listing Rules, as its code of conduct for directors' securities transactions and has complied with it since the listing date - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers, as set out in Appendix C3 of the Listing Rules, as its code of conduct for directors' securities transactions[110](index=110&type=chunk) - Following specific inquiries made to all Directors, each Director has confirmed compliance with the Model Code from the listing date to the date of this announcement[110](index=110&type=chunk) [Post-Reporting Period Events](index=38&type=section&id=%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) On July 31, 2025, the Group converted an RMB 1.0 million unlisted convertible debt investment into a 5.0% equity stake in the investee entity and made an additional RMB 1.0 million investment, increasing its total shareholding to 10.0% - On July 31, 2025, the Group agreed to convert the entire principal amount of its unlisted convertible debt investment of **RMB 1.0 million**, along with related accrued interest, into a **5.0%** equity stake in the investee entity[111](index=111&type=chunk) - It also agreed to invest an additional **RMB 1.0 million** in the investee entity, resulting in the Group collectively owning a **10.0%** equity stake in the investee entity[111](index=111&type=chunk) [Review of Interim Results](index=38&type=section&id=%E5%AF%A9%E9%96%B1%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE) The Company's Audit Committee reviewed the Group's unaudited consolidated financial statements and results for the six months ended June 30, 2025, confirming their preparation in accordance with applicable accounting standards, and the interim results were reviewed by Ernst & Young in accordance with HKSRE 2410 - The Audit Committee has reviewed the Group's unaudited consolidated financial statements and results for the six months ended June 30, 2025, and considers them to be prepared in accordance with applicable accounting standards[112](index=112&type=chunk) - The interim results are unaudited but have been reviewed by the Company's independent auditor, Ernst & Young, in accordance with Hong Kong Standard on Review Engagements 2410[112](index=112&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=38&type=section&id=%E5%88%8A%E7%99%BC%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%85%AC%E5%91%8A%E5%8F%8A%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) This interim results announcement has been published on the HKEX and Company websites, and the Company's 2025 interim report will be published in due course - This interim results announcement is published on the HKEX website (www.hkexnews.hk) and the Company's website (www.metalight.com.cn)[113](index=113&type=chunk) - The Company's 2025 interim report will be published on the HKEX and Company websites in due course[113](index=113&type=chunk) [Definitions](index=38&type=section&id=%E9%87%8B%E7%BE%A9) This section provides a glossary of key terms and abbreviations used throughout the report for clarity and consistency

"智能时序数据第一股"元光科技(2605.HK)今起上市，是否迎来上车机遇？ "时序数据第一股"元光科技 (2605.HK)公开发售获超额认购300倍以上 相关事件 格隆汇8月13日丨METALIGHT(02605.HK)公布，公司将于2025年8月25日召开董事会会议，以(其中包 括)审议及通过集团截至2025年6月30日止六个月的中期业绩及其发布，以及审议派发中期股息的建议 (如有)。 ...

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 全部或任何部分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。 MetaLight Inc. MetaLight Inc.（「本公司」，連 同 其 附 屬 公 司，統 稱「本集團」）董 事 會（「董事會」）茲 通告謹定於2025年8月25日（星 期 一）舉 行 董 事 會 會 議，以（其 中 包 括）考 慮 及 通 過 本集團截至2025年6月30日 止 六 個 月 的 中 期 業 績 及 派 發 中 期 股 息（如 有）。 承董事會命 董事長、執行董事兼首席執行官 孫熙博士 香 港，2025年8月13日 （股份代號：2605） 董事會會議召開日期 MetaLight Inc. 截 至 本 公 告 日 期，董 事 為：(i)執 行 董 事 孫 熙 博 士、錢 金 蕾 女 士、許 誠 先 生 及 呂 露女士以及(ii)獨 立 非 執 行 董 事 謝 濤 博 士、蘇 瑜 女 士 及 黃 曉 凌 先 生。 （ 於 開 ...