Group 1 - The company, Minglue Technology-W (02718.HK), plans to globally offer 7.219 million Class A shares at a price of HKD 141.00 per share, with the offering period from October 23 to October 28, 2025 [1] - The company is recognized as the largest data intelligence application software provider in China, according to Frost & Sullivan, based on total revenue for 2024 [1] - The company aims to leverage large models, industry-specific knowledge, and multimodal data to transform marketing and operational strategies for enterprises [1] Group 2 - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to subscribe for shares totaling up to approximately USD 59 million (or about HKD 459 million) [2] - The cornerstone investors include Tencent Holdings (00700.HK), Ms. Guo Minfang, Hundreds Capital, Ms. Bao Lina, Treasure-stone Investment Group Limited, GFH Financial Group B.S.C., and QuantumPharm Limited [2] Group 3 - The company estimates to receive a net amount of HKD 902 million from the global offering, assuming the over-allotment option is not exercised [3] - The intended use of the net proceeds includes approximately 35% for enhancing technology research and development capabilities, 40% for product development to enrich the product portfolio, 15% for marketing and sales team expansion, and 10% for working capital and general corporate purposes [3]

Core Viewpoint - Minglue Technology-W (02718.HK) plans to globally offer 7.219 million Class A shares, with a proposed offering price of HKD 141.00 per share [1] Group 1: Offering Details - The company intends to issue 721.9 thousand Class A shares, subject to reallocation and the exercise of the over-allotment option [1] - The offering includes 72.192 thousand shares for Hong Kong and 649.708 thousand shares for international distribution [1] - The subscription period is set from October 23 to October 28, 2025, with shares expected to commence trading on November 3, 2025 [1] Group 2: Underwriting and Trading - China International Capital Corporation (CICC) is the sole sponsor for the offering [1] - The minimum trading unit is set at 40 shares [1]

Core Viewpoint - Minglue Technology-W (02718) is set to launch an IPO from October 23 to October 28, 2025, aiming to globally offer 7.219 million Class A shares at a price of HKD 141.00 per share, with 10% allocated for public sale in Hong Kong and 90% for international sale [1] Group 1: Company Overview - Minglue Technology is a leading data intelligence application software company in China, focusing on integrating large models, industry-specific knowledge, and multimodal data to transform enterprise marketing and operational decision-making [1] - According to Frost & Sullivan, the company is the largest data intelligence application software provider in China by total revenue in 2024 [1] - As of June 30, 2025, the company has served 135 Fortune Global 500 companies across various industries, including retail, consumer goods, food and beverage, automotive, 3C, cosmetics, and maternal and infant products [1] Group 2: IPO and Fund Utilization - The cornerstone investors have agreed to subscribe for shares totaling up to approximately USD 59 million, contingent upon certain conditions [2] - The estimated net proceeds from the global offering are approximately HKD 902 million, assuming the over-allotment option is not exercised [2] - The company plans to allocate the net proceeds as follows: - Approximately 35% for enhancing R&D capabilities, including recruiting high-end talent and acquiring R&D infrastructure [2] - Approximately 40% for product development to enrich the product portfolio [2] - Approximately 15% for marketing, brand promotion, and sales team expansion [2] - Approximately 10% for working capital and general corporate purposes [2] Group 3: Financial Performance - The company reported revenues of RMB 1.269 billion, RMB 1.462 billion, and RMB 1.381 billion for the years ending December 31, 2022, 2023, and 2024, respectively, with a year-on-year growth of 15.2% from 2022 to 2023 and a decrease of 5.5% from 2023 to 2024 [3] - For the six months ending June 30, 2025, revenue increased from RMB 565 million to RMB 644 million, representing a year-on-year growth of 13.9% [3] - Marketing intelligence and operational intelligence significantly contributed to the company's revenue, with marketing intelligence revenues of RMB 803 million, RMB 753 million, RMB 731 million, RMB 323 million, and RMB 354 million for the respective periods [3] - Operational intelligence revenues were RMB 363 million, RMB 595 million, RMB 523 million, RMB 230 million, and RMB 269 million for the same periods [3]

Core Viewpoint - Minglue Technology (02718) is set to launch an initial public offering (IPO) from October 23 to October 28, 2025, aiming to globally offer 7.219 million Class A shares at a price of HKD 141.00 per share, with 10% allocated for public offering in Hong Kong and 90% for international offering [1] Group 1: Company Overview - Minglue Technology is a leading data intelligence application software company in China, focusing on integrating large models, industry-specific knowledge, and multimodal data to transform enterprise marketing and operational decision-making processes [1] - According to Frost & Sullivan, the company is the largest data intelligence application software provider in China based on total revenue for 2024 [1] - As of June 30, 2025, the company has served 135 Fortune Global 500 companies across various industries, including retail, consumer goods, food and beverage, automotive, 3C, cosmetics, and baby products [1] Group 2: Fundraising and Use of Proceeds - The company has entered cornerstone investment agreements with several investors, agreeing to subscribe for shares totaling up to approximately USD 59 million, based on the offering price [2] - The estimated net proceeds from the global offering are approximately HKD 902 million, which will be allocated as follows: - About 35% for enhancing technology research and development capabilities, including recruitment of high-end talent and procurement of R&D infrastructure [2] - Approximately 40% for product development to enrich the product portfolio, including hiring product managers and technical experts [2] - Around 15% for marketing, brand promotion, and sales team expansion [2] - About 10% for working capital and general corporate purposes [2] Group 3: Financial Performance - The company reported revenues of RMB 1.269 billion, RMB 1.462 billion, and RMB 1.381 billion for the years ending December 31, 2022, 2023, and 2024, respectively, with a year-on-year growth of 15.2% from 2022 to 2023, followed by a decline of 5.5% from 2023 to 2024 [3] - For the six months ending June 30, 2025, revenue increased from RMB 565 million to RMB 644 million, representing a year-on-year growth of 13.9% [3] - Marketing intelligence and operational intelligence significantly contributed to the company's revenue, with marketing intelligence revenues of RMB 803 million, RMB 753 million, RMB 731 million, RMB 323 million, and RMB 354 million for the respective periods, accounting for 63.3%, 51.5%, 52.9%, 57.1%, and 55.0% of total revenue [3] - Operational intelligence revenues were RMB 363 million, RMB 595 million, RMB 523 million, RMB 230 million, and RMB 269 million for the respective periods, representing 28.6%, 40.7%, 37.9%, 40.7%, and 41.7% of total revenue [3]

明略科技 Mininglamp Technology （以存續方式於開曼群島註冊並以不同投票權控制的有限公司） 股份代號 : 2718 全球發售 獨家保薦人、整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 重要提示 重要提示：如閣下對本文件的任何內容有任何疑問，閣下應尋求獨立專業意見。 Mininglamp Technology 明略科技 （以存續方式於開曼群島註冊並以不同投票權控制的有限公司） 全球發售 | 全球發售的發售股份數目 | ： | 7,219,000股A類股份（可予重新分配並 | | --- | --- | --- | | | | 視乎超額配股權行使與否而定） | | 香港發售股份數目 | ： | 721,920股A類股份（可予重新分配） | | 國際發售股份數目 | ： | 6,497,080股A類股份（可予重新分配並 | | | | 視乎超額配股權行使與否而定） | | 發售價 | ： | 每股發售股份141.00港元，另加1% | | | | 經紀佣金、0.0027%證監會 | | | | 交易徵費、0.00015%會 ...

香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司 （「香港結算」）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 示概不就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 除本公告另有界定者外，本公告所用詞彙與明略科技（「本公司」）日期為2025年10月23日的香 港招股章程（「招股章程」）所界定者具有相同涵義。 本公告僅供參考，並不構成收購、購買或認購任何證券的邀請或要約。本公告並非招股章程。 有意投資者於決定是否投資於發售股份前，務請細閱招股章程中有關下文所述全球發售的詳細 資料。任何有關發售股份的投資決定應僅依據招股章程所提供的資料作出。 本公告不得直接或間接於或向美國境內（包括其領土及屬地、美國任何州及哥倫比亞特區）發 佈、刊發、分發。本公告並不構成或組成於美國或任何其他司法管轄區購買或認購證券的任 何要約或招攬的一部分。本公告所述證券並無亦不會根據《1933年美國證券法》（經不時修訂） （「美國證券法」）或美國任何州或其他司法管轄區的證券法登記。除非進行獲豁免遵守美國證券 法的登記規定或不受該等法律登記規定限制 ...

Financial Performance - In 2023, the company issued approximately 68,987 retail auto loans, with a total loan amount of RMB 4.697 billion, representing a significant increase of 4,550% compared to the previous year[8]. - The company's net interest income for 2023 reached RMB 216 million, an increase of 43% from 2022[8]. - Total operating revenue for 2023 was approximately RMB 304 million, reflecting an increase of about 87% year-on-year[8]. - The number of active loan customers increased to approximately 74,300 by the end of 2023, up from 14,600 at the end of 2022, marking a growth of 408%[10]. - Retail loan balance as of December 31, 2023, was approximately RMB 4.52 billion, a 622% increase from RMB 630 million in 2022[10]. - The company recorded a net profit of approximately RMB 56 million for the year ended December 31, 2023, indicating a return to profitability after a slight loss in the previous year[9]. - The company provided financial consulting services related to auto financing, generating approximately RMB 81 million in revenue for 2023[10]. - Interest income rose by 48% to approximately RMB 223 million in 2023, driven by an increase in auto loan disbursements[15]. - Net commission income surged by 416% to approximately RMB 88 million in 2023, primarily due to financial consulting services related to vehicle financing[18]. - Operating expenses totaled approximately RMB 202 million in 2023, a 74% increase from RMB 116 million in 2022, attributed to higher personnel costs and business expenses[19]. - The company recorded a net profit of approximately RMB 56 million in 2023, down from RMB 135 million in 2022, mainly due to significant impairment loss reversals in the previous year[22]. - The company’s total loans and advances net amount was approximately RMB 4.42 billion as of December 31, 2023, compared to RMB 554.94 million in 2022[26]. - The company’s total equity as of December 31, 2023, amounted to RMB 2,139,651,400, divided into 2,139,651,400 shares with a par value of RMB 1 each[50]. - The company reported a pre-tax profit of RMB 58,389 thousand for 2023, down from RMB 578,071 thousand in 2022, a decline of 89.9%[126]. - The total profit and comprehensive income for the year was RMB 56,188 thousand, compared to RMB 135,097 thousand in the previous year, a decrease of 58.3%[126]. - Basic and diluted earnings per share for 2023 were RMB 0.0263, down from RMB 0.0631 in 2022, reflecting a decline of 58.3%[126]. Loan and Credit Management - The company has established a comprehensive credit risk management system to mitigate potential risks in the loan issuance process[11]. - Impairment losses recognized under the expected credit loss model amounted to approximately RMB 42.76 million in 2023, compared to a reversal of RMB 531.71 million in 2022[20]. - The expected credit loss provision for loans and advances was RMB 1,271,184 thousand as of December 31, 2023, with a net loan balance of RMB 4,418,011 thousand[172]. - The company has implemented a new expected credit loss model in accordance with Hong Kong Financial Reporting Standards, categorizing loans into three stages based on credit risk[120]. - The company assesses expected credit losses for financial assets based on historical experience and forward-looking information, updating the expected credit loss amount at each reporting date[163]. - The expected credit loss model includes both lifetime expected credit losses and 12-month expected credit losses, depending on the credit risk changes since initial recognition[164]. - The company evaluates whether credit risk has significantly increased since initial recognition by comparing the default risk at the reporting date to that at initial recognition[164]. - The company regularly reviews the grouping of loans to ensure similar credit risk characteristics are maintained[167]. Corporate Governance and Management - The company has a strong governance structure with independent directors like Mr. Huang Wenzong and Ms. Liang Yanjun, who bring over 30 years and extensive legal experience respectively[43][44]. - The company is focused on risk management, with a dedicated committee and experienced members overseeing financial and operational risks[40][45]. - The management team has a diverse educational background, including degrees from prestigious institutions such as Shanghai Jiao Tong University and the University of Munich[39][42]. - The company aims to enhance its market position through strategic appointments and experienced leadership in finance and legal sectors[40][42]. - The company is committed to maintaining high standards of corporate governance and risk management practices[43][45]. - The board consists of seven members, including one executive director and three independent non-executive directors, ensuring a diverse range of experience and expertise[84]. - The company has adopted a board diversity policy, with the current board comprising three female directors and four male directors, reflecting a commitment to gender balance[89]. - The company has established mechanisms for independent professional advice for board members, ensuring compliance with applicable laws and regulations[87]. - The company provides ongoing training and updates to directors regarding legal and regulatory developments to assist them in fulfilling their duties[90]. - The company held a total of 5 board meetings during the year ending December 31, 2023, to review and approve annual and interim performance[93]. - The remuneration committee conducted 2 meetings to review the company's remuneration policies and assess the performance of executive directors and senior management[96]. - The audit committee, comprising 4 members, is responsible for overseeing the company's financial reporting and compliance[99]. - The company has established four committees: remuneration, nomination, audit, and risk management, to monitor specific aspects of its affairs[94]. Regulatory Compliance and Risk Management - The company has complied with all provisions of the corporate governance code during the year ended December 31, 2023[76]. - The supervisory board confirmed that the company's operations and decisions were in compliance with relevant laws and regulations during the reporting period[81]. - The board is responsible for maintaining a robust risk management and internal control system to protect shareholder investments and company assets[107]. - The company aims to become a leading automotive finance company in China, focusing on long-term goals without compromising on appropriate risk management[103]. - The board confirmed the effectiveness and adequacy of the company's risk management and internal control systems for the year ending December 31, 2023[107]. - The company has established an internal audit function to assist the board in monitoring risk management and internal control systems[107]. - The company emphasizes the importance of maintaining effective communication with shareholders and investors, utilizing various reports and a dedicated website for transparency[108]. Future Outlook and Strategic Plans - The company plans to expand its retail loan assets in the new energy vehicle and used car segments in 2024, focusing on enhancing dealer coverage and optimizing service models[37]. - The company aims to maintain a leading asset bad debt ratio while improving the competitiveness of its used car products, targeting it as a core profit growth point over the next three years[37]. Related Party Transactions and Shareholder Information - The company has not recorded any significant related party transactions with SAIC Group or its affiliates during the reporting period[67]. - The company has entered into a framework agreement with SAIC Group for automotive loan services, effective from January 1, 2023, to December 31, 2024, with an annual cap of RMB 100 million and actual service fees of RMB 0 for the year[68]. - The financial consulting services agreement with SAIC Group, also effective from January 1, 2023, to December 31, 2024, has an annual cap of RMB 200 million, with actual fees amounting to RMB 81 million for the year[70]. - The company confirms the independence of all independent non-executive directors as per the listing rules[62]. - The company has not disclosed any significant matters requiring disclosure after December 31, 2023, up to the date of this report[76].

Financial Performance - The net interest income for the year ended December 31, 2023, was RMB 215,950 thousand, an increase of 43.4% from RMB 150,558 thousand in 2022[2] - The total operating income for 2023 was RMB 303,583 thousand, compared to RMB 162,681 thousand in 2022, reflecting an increase of 86.5%[2] - The net fee and commission income rose significantly to RMB 87,906 thousand in 2023, up from RMB 17,025 thousand in 2022, marking an increase of 416.5%[2] - The company reported a total profit for the year of RMB 56,188 thousand, down 58.3% from RMB 135,097 thousand in 2022[2] - The basic and diluted earnings per share for 2023 were RMB 0.0263, a decrease from RMB 0.0631 in 2022[2] - The company reported a weighted average incremental borrowing rate for lease liabilities ranging from 2.84% to 2.91% in 2023, down from 4.00% to 6.80% in 2022[20] - The company recorded net profit of approximately RMB 56 million for the year ended December 31, 2023, indicating a return to normalized operations[32] - The company's operating expenses for the year ended December 31, 2023, totaled approximately RMB 202 million, a 74% increase from RMB 116 million in 2022, primarily due to increased personnel costs and business expenses related to higher business volume[39] Assets and Liabilities - The total assets as of December 31, 2023, amounted to RMB 4,936,206 thousand, a 42.3% increase from RMB 3,472,326 thousand in 2022[3] - The total liabilities increased to RMB 1,520,454 thousand in 2023, compared to RMB 112,762 thousand in 2022, indicating a substantial rise[3] - The company’s net asset value as of December 31, 2023, was RMB 3,415,752 thousand, slightly up from RMB 3,359,564 thousand in 2022[3] - As of December 31, 2023, the company's loans and advances to customers amounted to approximately RMB 4.42 billion, a significant increase of 622% from RMB 550 million in 2022[45] - The total liabilities of the company were reported at RMB 1,520,454,000 as of December 31, 2023[26] Loan and Credit Management - Total loans and advances issued amounted to RMB 5,665,946 thousand in 2023, significantly up from RMB 1,767,538 thousand in 2022, marking an increase of approximately 220.5%[15] - The net amount of loans and advances after impairment losses was RMB 4,418,011 thousand in 2023, compared to RMB 554,939 thousand in 2022, indicating a substantial increase of around 694.5%[15] - The total overdue loans amounted to RMB 1,269,959 thousand as of December 31, 2023, compared to RMB 1,209,915 thousand in 2022, reflecting an increase of about 4.9%[16] - The provision coverage ratio for expected credit losses reached 99.92% in the third stage as of December 31, 2023, indicating a high level of provisioning for potential loan defaults[17] - The expected credit loss model recorded a reversal of impairment losses of RMB (42,760) thousand in 2023, compared to a significant loss of RMB 531,714 thousand in 2022[2] - The expected credit loss model indicated a 100% provision rate for all outstanding dealer loans as of December 31, 2023, reflecting a complete impairment[28] - The company has established a comprehensive credit risk management system to mitigate potential risks in the loan issuance process[34] Retail Business Performance - The company provided retail loans to automotive end customers totaling RMB 4,524,696 thousand in 2023, a significant increase from RMB 626,288 thousand in 2022[15] - The net interest income from retail business reached RMB 180,401,000, while the total net income from fees and commissions was RMB 87,906,000, resulting in a total profit of RMB 226,720,000 for the retail segment[25] - The total assets of the company as of December 31, 2023, amounted to RMB 4,936,206,000, with retail business assets contributing RMB 4,422,695,000[26] - In 2023, the company issued approximately 69,000 retail auto loans with a total disbursement amount of RMB 4.7 billion, representing a year-on-year increase of 4,550%[31] - Retail loan balance reached RMB 4.52 billion by December 31, 2023, a 622% increase from RMB 630 million in 2022[32] - Retail loans totaled approximately RMB 4.52 billion as of December 31, 2023, compared to RMB 626 million in 2022, while dealer loans remained stable at approximately RMB 1.14 billion[46] Corporate Governance and Operations - The company has implemented new accounting standards that did not have a significant impact on the financial statements for the current and prior years[4] - The company has adopted a corporate governance code to ensure shareholder rights and enhance corporate value and accountability[56] - The audit committee has reviewed the financial statements for the year ending December 31, 2023, confirming compliance with applicable accounting standards[57] - There were no significant acquisitions or disposals of major assets during the year ended December 31, 2023[52] - The company did not purchase, sell, or redeem any of its listed securities during the year ending December 31, 2023[57] - The company’s H shares have been suspended from trading since October 7, 2022, and will remain suspended until further notice[61] Future Plans and Strategy - The company plans to expand its automotive retail loan assets in the new energy and used car sectors in 2024, focusing on enhancing dealer coverage and optimizing service models[54] - The company aims to maintain a leading asset bad debt ratio while improving the competitiveness of its used car products, which will be a core profit growth point over the next three years[55] - The company will further explore cooperation with more original equipment manufacturers (OEMs) in the commercial vehicle sector to enhance sales through quality financial services[55] - The board of directors does not recommend the distribution of a final dividend for the year ending December 31, 2023, consistent with the previous year[55] Employee and Operational Metrics - As of December 31, 2023, the company had a total of 248 employees, with approximately 99.6% holding a bachelor's degree or higher, and about 22.1% possessing a master's degree or above[53] - The total number of active loan customers increased to approximately 74,300 by the end of 2023, up from 14,600 at the end of 2022[32] - The company expanded its dealer network to over 500 partners across more than 300 cities in China by the end of 2023[31]

Financial Performance - In the first half of 2023, the company recorded a net profit of approximately RMB 18 million, a significant turnaround from a net loss of RMB 260 million in the same period of 2022[9]. - The company's total operating revenue for the first half of 2023 was approximately RMB 134 million, reflecting a growth of about 57% year-on-year[9]. - The company achieved a net income from fees and commissions of approximately RMB 49 million during the first half of 2023, driven by its auto finance business[9]. - Interest income increased by 7% to approximately RMB 86 million for the six months ended June 30, 2023, compared to RMB 80 million for the same period in 2022[14]. - Net commission and fee income rose significantly by 360% to approximately RMB 49 million for the six months ended June 30, 2023, driven by financial consulting services related to vehicle financing[17]. - The company recorded a net profit of approximately RMB 18 million for the six months ended June 30, 2023, a decrease from RMB 305 million in the same period of 2022, mainly due to significant impairment loss reversals in the prior year[21]. - The company’s net profit attributable to ordinary equity shareholders for the six months ended June 30, 2023, was RMB 17,584,000, a decrease of 94.2% from RMB 305,302,000 in the same period of 2022[71]. - The total profit before tax for the company was RMB 29,527 thousand for the six months ended June 30, 2023[100]. Loan and Customer Growth - The retail auto loan business saw a substantial increase, with the number of loans issued reaching approximately 24,586, representing a year-on-year increase of 9,580%, and the loan amount totaling RMB 1.73 billion, up 2,652% compared to 2022[10]. - As of June 30, 2023, the number of active loan customers increased to approximately 34,700, compared to 14,600 at the end of 2022[10]. - Retail loan total increased by 228% to approximately RMB 2.05 billion as of June 30, 2023, compared to RMB 630 million at the end of 2022[24]. - The net amount of loans and advances to customers reached approximately RMB 1.95 billion as of June 30, 2023, up from RMB 554 million at the end of 2022[25]. - The total amount of loans and advances issued as of June 30, 2023, reached RMB 3,195,772,000, representing a 80.6% increase from RMB 1,767,538,000 at the end of 2022[73]. - The company’s retail loans amounted to RMB 2,054,522,000 as of June 30, 2023, a significant increase from RMB 626,288,000 at the end of 2022[73]. Risk Management and Credit Losses - The company has established a comprehensive credit risk management system to identify, assess, and mitigate potential risks in the loan issuance process[11]. - The company’s expected credit loss model recorded impairment losses of approximately RMB 30 million for the six months ended June 30, 2023, compared to a reversal of RMB 450 million in the same period of 2022[19]. - The impairment loss recognized under the expected credit loss model for loans and advances was RMB 29,608,000, a recovery from an impairment loss of RMB 452,074,000 in the previous year[67]. - The expected credit loss provision rate for Stage 1 loans was 4.51%, while for Stage 2 loans it was 24.47% as of June 30, 2023[82]. Operational and Expense Management - Operating expenses totaled approximately RMB 74 million for the six months ended June 30, 2023, a 43% increase from RMB 52 million for the same period in 2022, primarily due to increased personnel costs and business expenses[18]. - The total employee cost for the six months ended June 30, 2023, was approximately RMB 51 million, compared to RMB 25 million for the same period in 2022[33]. - Total salary and other allowances for the six months ended June 30, 2023, amounted to RMB 45,796,000, a significant increase of 102.3% compared to RMB 22,595,000 for the same period in 2022[66]. Shareholder and Capital Structure - As of June 30, 2023, major shareholder SAIC Motor Corporation holds 1,520,000,000 non-listed foreign shares, representing 100% of that category and 71.04% of total issued ordinary shares[40]. - The company’s capital adequacy ratio decreased from 191.50% on December 31, 2022, to 131.55% on June 30, 2023[28]. - The core tier 1 capital adequacy ratio was 130.63% as of June 30, 2023, down from 191.03% at the end of 2022[29]. - The liquidity ratio dropped significantly from 5,293.40% to 1,247.28% during the same period[29]. - The company has no significant acquisitions or disposals of assets during the six months ended June 30, 2023[30]. Future Outlook and Strategic Initiatives - The company plans to continue expanding its loan offerings and enhancing its service capabilities in the automotive finance sector[9]. - The company plans to enhance retail loan asset scale and strengthen cooperation with channel service providers and direct dealers in the second half of 2023[35]. - The company aims to optimize financing structure and reduce funding costs while ensuring current business volume and loan asset scale[35]. - The company has provided a positive outlook for the second half of 2023, projecting a revenue growth of 20%[104]. - New product launches are expected to contribute an additional 10% to overall revenue in the upcoming quarters[105]. - The company is considering strategic acquisitions to enhance its service offerings, with a target of completing at least one acquisition by Q4 2023[104]. Miscellaneous - The board does not recommend the distribution of an interim dividend for the six months ended June 30, 2023[36]. - The company has not disclosed any significant events that occurred after June 30, 2023, up to the report date[44]. - The company’s financial statements were reviewed in accordance with Hong Kong accounting standards, with no significant issues noted[48].

Financial Performance - Interest income for the six months ended June 30, 2023, was RMB 85,948 thousand, an increase of 7.5% from RMB 80,302 thousand in the same period of 2022[2] - Net commission income rose significantly to RMB 48,618 thousand, compared to RMB 10,562 thousand in the prior year, reflecting a growth of 359.5%[2] - Total operating income for the period was RMB 133,648 thousand, up from RMB 85,360 thousand in the previous year, representing a year-on-year increase of 56.5%[2] - The company reported a profit for the period of RMB 17,584 thousand, a decrease of 94.2% from RMB 305,302 thousand in the same period last year[2] - Basic and diluted earnings per share decreased to RMB 0.0082 from RMB 0.1427, indicating a decline of 94.2%[2] - The company achieved a total operating revenue of approximately RMB 134 million in the first half of 2023, an increase of about 57% compared to the same period in 2022[32] - The net profit for the first half of 2023 was approximately RMB 18 million, a significant turnaround from a net loss of RMB 260 million in the same period of 2022[31] - The company recorded a pre-tax profit of approximately RMB 30 million for the first half of 2023[32] - The company recorded an impairment loss of approximately RMB 0.3 million for the first half of 2023, compared to a reversal of impairment loss of approximately RMB 450 million in the same period of 2022[40] Assets and Liabilities - Total assets as of June 30, 2023, amounted to RMB 3,529,652 thousand, an increase from RMB 3,472,326 thousand at the end of 2022, reflecting a growth of 1.65%[3] - Total liabilities increased to RMB 152,504 thousand from RMB 112,762 thousand, marking a rise of 35.3%[3] - The company’s net asset value as of June 30, 2023, was RMB 3,377,148 thousand, slightly up from RMB 3,359,564 thousand at the end of 2022[3] - The company's total assets as of June 30, 2023, amounted to approximately RMB 3.53 billion[29] - The company’s total liabilities were approximately RMB 152.5 million as of June 30, 2023[29] Loans and Advances - The total amount of loans and advances issued as of June 30, 2023, was RMB 3,195,772 thousand, an increase from RMB 1,767,538 thousand as of December 31, 2022[16] - The net amount of loans and advances as of June 30, 2023, was RMB 1,953,752 thousand, compared to RMB 554,939 thousand as of December 31, 2022, indicating a substantial growth[16] - The company provided retail loans totaling RMB 2,054,522 thousand and dealer loans of RMB 1,141,250 thousand as of June 30, 2023[16] - The overdue loans as of June 30, 2023, totaled RMB 1,174,379 thousand, with RMB 33,129 thousand overdue for less than three months[19] - The provision rate for loans classified under the expected credit loss model was 1.29% for Stage 1, 32.91% for Stage 2, and 99.98% for Stage 3 as of June 30, 2023[23] - As of June 30, 2023, customer loans and advances net amount was approximately RMB 19.5 billion, a significant increase of 255% from RMB 5.5 billion as of December 31, 2022[45] - Retail loan total amount reached approximately RMB 20.5 billion, up 228% from RMB 6.3 billion at the end of 2022[45] - The company has suspended its dealer loan business since 2021, with no new loans issued in the first half of 2023, maintaining a loan balance of RMB 1.14 billion[32] Capital and Equity - The company's total issued share capital remained at 2,139,651 thousand shares as of June 30, 2023, consistent with the previous period[25] - No dividends were declared or paid to the company's equity shareholders for the six months ended June 30, 2023[25] - The company's capital adequacy ratio decreased from 191.50% on December 31, 2022, to 131.55% on June 30, 2023[52] - The core tier 1 capital adequacy ratio was 130.63% as of June 30, 2023, down from 191.03% at the end of 2022[53] Operational Highlights - The company plans to continue expanding its financial services and exploring new market opportunities in the automotive finance sector[1] - The company plans to enhance the scale of automotive retail loan assets in the second half of 2023, focusing on strengthening cooperation with channel service providers and direct dealers[55] - The company aims to optimize retail financial products to improve market competitiveness and comply with regulatory requirements[55] - The company has established a comprehensive credit risk management system to identify, assess, measure, monitor, mitigate, and control risks during the loan issuance process[34] - For the first half of 2023, the company recorded retail auto loan disbursements of approximately 24,586 transactions, representing a year-on-year increase of 9,580%[32] - The total amount of retail auto loans disbursed reached approximately RMB 1.73 billion, reflecting a year-on-year growth of 2,652%[32] - The net income from fees and commissions was approximately RMB 49 million in the first half of 2023[32] Governance and Compliance - The company has applied new accounting standards effective from January 1, 2023, which did not have a significant impact on the financial statements[6] - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited interim financial statements for the six months ending June 30, 2023[59] - The interim financial report for the six months ending June 30, 2023, will be published on the company's website and the Hong Kong Stock Exchange website[60] - The company expresses gratitude to its management, employees, shareholders, and business partners for their support and contributions[61] - The company is committed to adhering to applicable accounting standards in preparing its financial statements[59] - The board of directors includes a mix of executive and non-executive members, ensuring diverse governance[64] - The company operates under the corporate governance code as outlined in the listing rules[63] - The financial report is expected to fairly present the company's financial position and performance during the review period[59] - The company has not disclosed specific financial metrics or performance indicators in the provided documents[64] - The company will send the interim report to shareholders in due course[60] Employee Costs - The total employee cost for the six months ending June 30, 2023, was approximately RMB 51 million, compared to RMB 25 million for the same period in 2022[54] Trading Suspension - The company has suspended trading of its H shares since October 7, 2022, and will continue to do so until further notice[62]