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，並明確表示概不就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。 360 LUDASHI HOLDINGS LIMITED 360 3601 須予披露交易 認購結構性存款產品 認購結構性存款產品 茲提述向招商銀行認購原結構性存款產品的公告。於本公告日，結構性存款產品協議 XLVI項下之結構性存款產品已到期，本集團已贖回結構性存款產品協議XLVI項下之全 部本金。 為充分地利用本集團閒置資金以獲得更好的資金回報，於2025年9月11日，本公司附屬 公司成都米加遊與招商銀行訂立結構性存款產品協議XLVII，據此，成都米加遊同意向 招商銀行認購人民幣5,000萬元的結構性存款產品。認購資金為結構性存款產品協議 XLVI項下之已贖回本金。 上市規則的涵義 由於結構性存款產品乃向相同銀行認購且與原結構性存款產品性質相若，結構性存款 產品協議XLVII項下之認購將按照上市規則第14.22條與原結構性存款產品進行合併計算。 就結構性存款產品合計而言，一項或以上的適用百分比率超過5%， ...

致：香港交易及結算所有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 I. 法定/註冊股本變動 公司名稱: 360 魯大師控股有限公司 呈交日期: 2025年9月2日 FF301 III.已發行股份及/或庫存股份變動詳情 | 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) | 03601 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100, ...

Core Viewpoint - The company reported a significant decline in revenue and profit for the first half of 2025, primarily due to the maturity of its exclusive licensed online games and a lack of new impactful game releases [1] Financial Performance - Revenue for the six months ending June 30, 2025, decreased by approximately 29.6% to RMB 520 million [1] - Profit attributable to equity holders for the same period was RMB 13.612 million, a decrease of 32.7% year-on-year [1] - Earnings per share stood at RMB 5.06 [1] Market Dynamics - The decline in revenue is attributed to the aging of the company's key online games, which have reached a mature stage, leading to decreased user activity and willingness to pay [1] - The company has not yet identified new online games that can significantly impact the market and receive positive user feedback, resulting in a revenue gap due to the lifecycle decline of existing products [1]

鲁大师(03601)发布截至2025年6月30日止六个月的中期业绩，收入5.23亿元(人民币，下同)，同比减少 29.6%;股东应占溢利1361.2万元，同比减少32.7%;每股基本盈利5.06分。 公告称，收入减少主要由于集团重点运营的独家许可在线游戏上线时间较久已达到成熟阶段，用户活跃 度及付费意愿呈现下降趋势。另外，在2025年上半年，集团尚未找到具备对市场有显著影响力及用户回 馈良好的新在线游戏以弥补前述在线游戏产品生命周期下滑带来的收入缺口，导致收入减少。 ...

[Performance Highlights](index=1&type=section&id=%E6%A5%AD%E7%B8%BE%E6%91%98%E8%A6%81) The Group experienced significant declines in revenue and profit for the first half of 2025, reflecting a challenging market 2025 Half-Year Key Financial Data (RMB thousand) | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 522,592 | 742,125 | (29.6) | | Gross Profit | 56,691 | 86,481 | (34.4) | | Profit Before Tax | 16,503 | 26,141 | (36.9) | | Profit for the Period | 11,932 | 21,884 | (45.5) | | Profit for the Period Attributable to Owners of the Company | 13,612 | 20,228 | (32.7) | | Earnings Per Share (RMB cents) | 5.06 | 7.52 | (32.7) | [Condensed Consolidated Financial Statements](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) This section presents the Group's financial position and performance via condensed statements and explanatory notes [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) Revenue decreased by 29.6% to RMB 522.6 million, with profit for the period down 45.5% to RMB 11.9 million Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (RMB thousand) | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 522,592 | 742,125 | | Cost of Sales and Services | (465,901) | (655,644) | | Gross Profit | 56,691 | 86,481 | | Other Income | 8,288 | 3,337 | | Other Gains and Losses | (446) | (3,489) | | Selling and Distribution Expenses | (10,217) | (13,567) | | Administrative Expenses | (19,130) | (19,787) | | Research and Development Expenses | (17,468) | (26,382) | | Profit Before Tax | 16,503 | 26,141 | | Taxation | (4,571) | (4,257) | | Profit and Total Comprehensive Income for the Period | 11,932 | 21,884 | | Profit for the Period Attributable to Owners of the Company | 13,612 | 20,228 | | Non-controlling Interests | (1,680) | 1,656 | | Basic and Diluted Earnings Per Share (RMB cents) | 5.06 | 7.52 | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) Total assets less current liabilities were RMB 664.9 million, with stable cash and cash equivalents at RMB 441.1 million Condensed Consolidated Statement of Financial Position (RMB thousand) | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Non-current Assets | 59,486 | 60,102 | | Current Assets | 724,397 | 694,552 | | Current Liabilities | 105,390 | 89,114 | | Net Current Assets | 605,438 | 619,007 | | Total Assets Less Current Liabilities | 664,924 | 679,109 | | Equity Attributable to Owners of the Company | 665,078 | 676,111 | | Total Equity | 676,757 | 664,044 | | Non-current Liabilities | 880 | 2,352 | - Trade receivables increased from **RMB 157.2 million** as of December 31, 2024, to **RMB 186.2 million** as of June 30, 2025, primarily due to an increase in third-party receivables[8](index=8&type=chunk) - Cash and cash equivalents remained stable, slightly decreasing from **RMB 442.3 million** as of December 31, 2024, to **RMB 441.1 million** as of June 30, 2025[8](index=8&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=4&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) This section details the basis of preparation, accounting policies, revenue, segment information, and specific accounts [1. Basis of Preparation](index=4&type=section&id=1.%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) The condensed consolidated financial statements are prepared in accordance with HKAS 34 and applicable Listing Rules - The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" and the applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[9](index=9&type=chunk) - These statements should be read in conjunction with the Group's annual consolidated financial statements for the year ended December 31, 2024[9](index=9&type=chunk) [2. Significant Accounting Policies](index=4&type=section&id=2.%20%E9%87%8D%E5%A4%A7%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) Financial statements are prepared on a historical cost basis, with consistent accounting policies applied from the 2024 annual report - The condensed consolidated financial statements are prepared on a historical cost basis, except for certain financial instruments measured at fair value[10](index=10&type=chunk) - The accounting policies adopted in the current period are consistent with those in the 2024 annual report, and the adoption of new and revised Hong Kong Financial Reporting Standards has not resulted in significant changes[10](index=10&type=chunk)[11](index=11&type=chunk) [3. Revenue and Segment Information](index=4&type=section&id=3.%20%E6%94%B6%E7%9B%8A%E5%8F%8A%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group's primary operations include online advertising, gaming platforms, smart accessories, and mobile e-commerce - The Group is principally engaged in providing online advertising services, online game platforms, operating exclusively licensed online game businesses, and selling smart accessories in China[12](index=12&type=chunk) - Since 2024, the Group has developed a mobile e-commerce business, providing online traffic acquisition services and acting as a principal[13](index=13&type=chunk) Revenue by Business Line (RMB thousand) | Business Line | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Online Advertising Services | 334,301 | 279,782 | | Online Game Platform | 15,787 | 16,988 | | Operating Exclusively Licensed Online Game Business | 171,272 | 445,343 | | Sales of Smart Accessories | 1,232 | 12 | | Total | 522,592 | 742,125 | Revenue by Geographical Region (RMB thousand) | Region | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | China | 409,574 | 713,439 | | Overseas | 113,018 | 28,686 | | Total | 522,592 | 742,125 | [4. Other Income](index=6&type=section&id=4.%20%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) Other income significantly increased to RMB 8.3 million, primarily driven by a substantial rise in government grants Other Income Details (RMB thousand) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Government Grants | 5,304 | 94 | | Interest Income from Bank Deposits | 2,248 | 2,885 | | Interest Income from Financial Assets at FVTPL | 502 | 358 | | Others | 234 | – | | Total | 8,288 | 3,337 | - Government grants significantly increased, mainly from high-tech and new development subsidies provided by local government authorities[20](index=20&type=chunk) [5. Other Gains and Losses](index=7&type=section&id=5.%20%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%E5%8F%8A%E虧%E6%90%8D) Other gains and losses reduced to a RMB 0.4 million loss, mainly due to the absence of prior year's non-listed equity investment losses Other Gains and Losses Details (RMB thousand) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Fair Value Gains/(Losses) on Financial Assets at FVTPL | 23 | (3,000) | | Impairment Losses under ECL Model (net of reversal) | (245) | (195) | | Net Exchange Losses | (120) | (215) | | Provision for Compensation | – | (200) | | Others | (104) | 121 | | Total | (446) | (3,489) | - Other gains and losses decreased from a loss of **RMB 3.5 million** in the same period of 2024 to a loss of **RMB 0.4 million** in the same period of 2025, primarily due to the absence of non-listed equity investment losses recognized in the first half of 2024[22](index=22&type=chunk) [6. Taxation](index=7&type=section&id=6.%20%E7%A8%85%E9%A0%85) Total taxation increased to RMB 4.6 million, primarily due to withholding tax provisions on dividends from Chinese subsidiaries Taxation Details (RMB thousand) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | China Corporate Income Tax | 1,119 | 3,309 | | Hong Kong Tax | 69 | – | | Singapore Tax | 204 | – | | Dividend Withholding Tax | 2,900 | – | | Deferred Tax | 279 | 948 | | Total | 4,571 | 4,257 | - Total taxation increased from **RMB 4.3 million** in the same period of 2024 to **RMB 4.6 million** in the same period of 2025, mainly due to the Group making a withholding tax provision at a 5% rate on dividends from its Chinese subsidiaries[24](index=24&type=chunk) [7. Earnings Per Share](index=8&type=section&id=7.%20%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) Basic and diluted earnings per share decreased to RMB 5.06 cents, reflecting the decline in profit attributable to owners Earnings Per Share Calculation (RMB thousand) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Profit for the Period Attributable to Owners of the Company | 13,612 | 20,228 | | Weighted Average Number of Ordinary Shares | 269,000 | 269,000 | | Basic and Diluted Earnings Per Share (RMB cents) | 5.06 | 7.52 | - No diluted earnings per share are presented as there were no potential ordinary shares outstanding for both periods[25](index=25&type=chunk) [8. Trade Receivables](index=8&type=section&id=8.%20%E8%B2%BF%E6%98%93%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) Total trade receivables increased to RMB 186.2 million, primarily driven by an increase in third-party receivables Trade Receivables Details (RMB thousand) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Related Parties | 9,068 | 8,572 | | Third Parties | 184,786 | 156,159 | | Less: Provision for Credit Losses | (7,691) | (7,500) | | Total | 186,163 | 157,231 | Ageing Analysis of Trade Receivables (RMB thousand) | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | 0 to 90 days | 153,809 | 135,587 | | 91 to 180 days | 29,690 | 20,098 | | Over 180 days | 2,664 | 1,546 | | Total | 186,163 | 157,231 | - Total trade receivables increased from **RMB 157.2 million** as of December 31, 2024, to **RMB 186.2 million** as of June 30, 2025, with the main growth coming from third-party receivables[26](index=26&type=chunk) [9. Other Receivables, Deposits and Prepayments](index=9&type=section&id=9.%20%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%E3%80%81%E6%8C%89%E9%87%91%E5%8F%8A%E9%A0%90%E4%BB%98%E6%AC%BE%E9%A0%85) Total other receivables, deposits, and prepayments decreased to RMB 81.6 million, mainly due to reduced prepayments for online traffic services Other Receivables, Deposits and Prepayments Details (RMB thousand) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Prepayments for Game Development and Licensing (Non-current) | 14,873 | 14,873 | | Other Receivables (Current) | 15,283 | 14,567 | | Prepayments and Deferred Expenses (Current) | 32,712 | 42,280 | | Amounts Due from Associates (Current) | 14,300 | 14,300 | | Online Payment Platforms (Current) | 3,739 | 7,821 | | Total | 81,599 | 95,702 | - Prepayments and deferred expenses (primarily prepayments for online traffic acquisition services) decreased from **RMB 42.3 million** as of December 31, 2024, to **RMB 32.7 million** as of June 30, 2025, with **RMB 23.5 million** fully utilized by July 2025[29](index=29&type=chunk)[31](index=31&type=chunk) [10. Trade and Other Payables](index=10&type=section&id=10.%20%E8%B2%BF%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) Total trade and other payables decreased to RMB 69.6 million, primarily due to reductions in trade payables, staff costs, and other tax payables Trade and Other Payables Details (RMB thousand) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Payables (Third Parties) | 49,333 | 53,534 | | Other Payables | 5,231 | 8,025 | | Accrued Staff Costs | 7,780 | 13,945 | | Other Tax Payables | 4,137 | 8,930 | | Total | 69,556 | 86,223 | - Total trade and other payables decreased from **RMB 86.2 million** as of December 31, 2024, to **RMB 69.6 million** as of June 30, 2025, mainly due to a reduction in trade payables, accrued staff costs, and other tax payables[30](index=30&type=chunk) [Business Review](index=11&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group focused on online traffic monetization, product iteration, and exploring overseas mobile e-commerce amidst a challenging internet industry - In the first half of 2025, the Chinese internet industry experienced shrinking profitability, intense competition in online advertising, and conservative advertising spending due to changing user consumption patterns[32](index=32&type=chunk) - The Group continued to prioritize online traffic monetization, including iterating online advertising products, developing new products, and exploring overseas mobile e-commerce businesses[33](index=33&type=chunk) - The PC version of **"Lu Da Master Software"** actively adapted to market changes by collaborating with promotion platforms to expand its user base and utilizing AI to optimize evaluation methods, introducing paid subscription features[35](index=35&type=chunk) - For online game business, the Group acquired new players through marketing, optimized player services, and actively advanced new online game development, with **"Kung Fu Panda: Dragon Warrior"** expected to launch in Q4 2025[33](index=33&type=chunk)[37](index=37&type=chunk)[38](index=38&type=chunk) - The Group continued to invest in overseas mobile product R&D, particularly seeing growth in health management tools, and plans to increase investment in mobile AI application fields[38](index=38&type=chunk) - The jointly launched **"Lu Da Master AiNAS"** product adopted a "live streaming hardware sales + value-added paid services" model, with plans for market launch in the second half of 2025 and future expansion into online, offline, and overseas markets[39](index=39&type=chunk) [Outlook](index=14&type=section&id=%E5%B1%95%E6%9C%9B) The Group is confident in existing businesses and committed to new developments, including expanding product matrices and seeking new online games - The Group is confident in its existing businesses and committed to developing new ventures, including enriching its domestic PC and overseas mobile product matrix, expanding mobile e-commerce, and seeking suitable exclusively licensed online games[41](index=41&type=chunk) - Future strategies include continuous updates to **"Lu Da Master Software"** PC version, developing PC-side utility products, publishing and operating exclusively licensed online games in China and overseas, enhancing precise targeting capabilities for mobile e-commerce, and expanding overseas markets[41](index=41&type=chunk)[43](index=43&type=chunk) - The Group will increase investment in mobile AI application scenarios, acquire users through R&D and promotion of richer utility products, and solidify its brand image as a reliable hardware expert[43](index=43&type=chunk) [Management Discussion and Analysis](index=15&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) This section provides an in-depth analysis of the Group's financial performance, liquidity, and operational highlights [Revenue](index=15&type=section&id=%E6%94%B6%E5%85%A5) Group revenue decreased by 29.6% to RMB 522.6 million, primarily due to the maturity of key licensed online games [Online Traffic Monetization](index=16&type=section&id=%E5%9C%A8%E7%B7%9A%E6%B5%81%E9%87%8F%E8%AE%8A%E7%8F%BE) Online advertising services revenue grew by 19.5%, while revenue from operating exclusively licensed online games significantly declined Revenue by Business Line (RMB thousand) | Business Line | 2025 (RMB thousand) | 2024 (RMB thousand) | Proportion (2025) | Proportion (2024) | | :--- | :--- | :--- | :--- | :--- | | Online Advertising Services | 334,301 | 279,782 | 64.0% | 37.6% | | Online Game Platform | 15,787 | 16,988 | 3.0% | 2.3% | | Operating Exclusively Licensed Online Game Business | 171,272 | 445,343 | 32.8% | 60.0% | | Sales of Smart Accessories | 1,232 | 12 | 0.2% | 0.1% | | Total | 522,592 | 742,125 | 100.0% | 100.0% | - Online advertising services revenue increased by **19.5%** to **RMB 334.3 million**, mainly driven by the recovering momentum of the mobile e-commerce business launched in early 2024[45](index=45&type=chunk) - Revenue from operating exclusively licensed online game business significantly decreased by **61.5%** to **RMB 171.3 million**, primarily because the games have been online for a longer period, leading to reduced user activity and willingness to pay[47](index=47&type=chunk) [Sales of Electronic Devices](index=17&type=section&id=%E9%9B%BB%E5%AD%90%E8%A8%AD%E5%82%99%E9%8A%B7%E5%94%AE) Revenue from sales of electronic devices increased significantly to RMB 1.2 million, driven by increased sales or lending of hardware products - Revenue from sales of electronic devices increased by over **100.0%** to **RMB 1.2 million**, mainly due to increased revenue from the sale or lending of electronic hardware products[48](index=48&type=chunk) [Trade Receivables](index=17&type=section&id=%E6%87%89%E6%94%B6%E8%B3%AC%E6%AC%BE) Approximately 75.5% of trade receivables as of June 30, 2025, were related to mobile e-commerce business, with a high probability of timely collection - As of June 30, 2025, approximately **75.5%** of trade receivables were related to the mobile e-commerce business, which the Group believes has a very high probability of timely collection[49](index=49&type=chunk) [Cost of Sales and Services](index=18&type=section&id=%E9%8A%B7%E5%94%AE%E5%8F%8A%E6%9C%8D%E5%8B%99%E6%88%90%E6%9C%AC) Cost of sales and services decreased by 29.2% to RMB 465.9 million, primarily due to reduced costs in operating exclusively licensed online games [Online Traffic Monetization Costs](index=18&type=section&id=%E5%9C%A8%E7%B7%9A%E6%B5%81%E9%87%8F%E8%AE%8A%E7%8F%BE%E6%88%90%E6%9C%AC) Online traffic monetization costs decreased by 29.2% to RMB 463.8 million, mainly due to lower costs for operating licensed online games Cost of Sales and Services Details (RMB thousand) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | Proportion (2025) | Proportion (2024) | | :--- | :--- | :--- | :--- | :--- | | Advertising and Promotion | 458,918 | 650,884 | 98.5% | 99.3% | | Server Rental | 4,919 | 4,653 | 1.1% | 0.6% | | Sales of Smart Accessories | 2,064 | 107 | 0.4% | 0.1% | | Total | 465,901 | 655,644 | 100.0% | 100.0% | - Online traffic monetization business costs decreased by **29.2%** to **RMB 463.8 million**, primarily attributable to a reduction in costs for operating exclusively licensed online game businesses[51](index=51&type=chunk) [Cost of Sales of Electronic Devices](index=18&type=section&id=%E9%9B%BB%E5%AD%90%E8%A8%AD%E5%82%99%E9%8A%B7%E5%94%AE%E6%88%90%E6%9C%AC) Cost of sales of electronic devices increased significantly to RMB 2.1 million, driven by higher costs associated with selling or leasing hardware - Cost of sales of electronic devices increased by over **100.0%** to **RMB 2.1 million**, mainly due to increased costs associated with the sale or rental of electronic hardware products[52](index=52&type=chunk) [Gross Profit](index=19&type=section&id=%E6%AF%9B%E5%88%A9) Gross profit decreased by 34.4% to RMB 56.7 million, with the margin declining to 10.8% due to increased lower-margin business Gross Profit and Gross Profit Margin (RMB thousand) | Business Line | 2025 Gross Profit (RMB thousand) | 2025 Gross Profit Margin (%) | 2024 Gross Profit (RMB thousand) | 2024 Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | :--- | | Online Traffic Monetization | 57,523 | 11.0 | 86,576 | 11.7 | | Sales of Electronic Devices | (832) | (67.5) | (95) | (791.7) | | Total Gross Profit and Gross Profit Margin | 56,691 | 10.8 | 86,481 | 11.7 | [Other Income](index=19&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) Other income more than doubled to RMB 8.3 million, primarily attributable to an increase in government grants - Other income increased from approximately **RMB 3.3 million** in the same period of 2024 to approximately **RMB 8.3 million** in the same period of 2025[54](index=54&type=chunk) [Other Gains and Losses](index=19&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%E5%8F%8A%E虧%E6%90%8D) Other gains and losses significantly reduced from a loss of RMB 3.5 million in 2024 to a loss of RMB 0.4 million in 2025 - Other gains and losses decreased from a loss of approximately **RMB 3.5 million** in the same period of 2024 to a loss of approximately **RMB 0.4 million** in the same period of 2025[55](index=55&type=chunk) [Administrative Expenses](index=20&type=section&id=%E8%A1%8C%E6%94%BF%E9%96%8B%E6%94%AF) Administrative expenses slightly decreased by 3.3% to RMB 19.1 million, remaining largely consistent with the prior period - Administrative expenses decreased from approximately **RMB 19.8 million** in the same period of 2024 to approximately **RMB 19.1 million** in the same period of 2025[56](index=56&type=chunk) [Research and Development Expenses](index=20&type=section&id=%E7%A0%94%E7%99%BC%E9%96%8B%E6%94%AF) Research and development expenses decreased by 33.8% to RMB 17.5 million, primarily due to a reduction in R&D employees - Research and development expenses decreased from approximately **RMB 26.4 million** in the same period of 2024 to approximately **RMB 17.5 million** in the same period of 2025[57](index=57&type=chunk) [Selling and Distribution Expenses](index=20&type=section&id=%E9%8A%B7%E5%94%AE%E5%8F%8A%E5%88%86%E9%8A%B7%E9%96%8B%E6%94%AF) Selling and distribution expenses decreased by 24.7% to RMB 10.2 million, mainly due to lower marketing costs and reduced staff remuneration - Selling and distribution expenses decreased from approximately **RMB 13.6 million** in the same period of 2024 to approximately **RMB 10.2 million** in the same period of 2025[58](index=58&type=chunk) [Taxation](index=20&type=section&id=%E7%A8%85%E9%A0%85) Taxation increased by 7.4% to RMB 4.6 million, primarily due to significant withholding tax provisions on dividends from mainland Chinese subsidiaries - Taxation increased from approximately **RMB 4.3 million** in the same period of 2024 to approximately **RMB 4.6 million** in the same period of 2025[59](index=59&type=chunk) [Profit and Total Comprehensive Income for the Period](index=20&type=section&id=%E6%9C%9F%E5%85%A7%E6%BA%A2%E5%88%A9%E5%8F%8A%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E7%B8%BD%E9%A1%8D) Profit and total comprehensive income for the period significantly decreased by 45.5% to RMB 11.9 million, impacted by declining revenue - Profit and total comprehensive income for the period decreased from approximately **RMB 21.9 million** in the same period of 2024 to approximately **RMB 11.9 million** in the same period of 2025[60](index=60&type=chunk) [Liquidity, Financial Resources and Gearing Ratio](index=20&type=section&id=%E6%B5%81%E5%8B%95%E6%80%A7%E3%80%81%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90%E5%8F%8A%E8%B3%87%E6%9C%AC%E8%88%87%E8%B2%A0%E5%82%B5%E6%AF%94%E7%8E%87) The Group maintains sufficient liquidity with RMB 441.1 million in cash and no bank borrowings, thus no gearing ratio is presented - As of June 30, 2025, bank balances and cash were approximately **RMB 441.1 million**, a slight decrease from approximately **RMB 442.3 million** as of December 31, 2024[61](index=61&type=chunk) - The Group faces limited and controllable foreign currency risk and will continue to monitor exchange rate fluctuations[62](index=62&type=chunk) - As of June 30, 2025, the Group had no bank borrowings[63](index=63&type=chunk) [Capital Expenditure](index=21&type=section&id=%E8%B3%87%E6%9C%AC%E9%96%8B%E6%94%AF) Capital expenditure for the six months ended June 30, 2025, was RMB 123 thousand, primarily for property and equipment purchases Capital Expenditure (RMB thousand) | Item | Six Months Ended June 30, 2025 (RMB thousand) | Year Ended December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Purchase of Property and Equipment | 123 | 531 | [Material Investments Held](index=21&type=section&id=%E6%89%80%E6%8C%81%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87) The Group invested RMB 95 million in principal-protected structured deposit products with China Merchants Bank, all of which matured and yielded interest within the reporting period - The Group subscribed to two principal-protected structured deposit products offered by China Merchants Bank, totaling **RMB 95 million**, with expected annualized interest rates ranging from **1.85% to 2.31%**[67](index=67&type=chunk)[68](index=68&type=chunk) - These products involved minimal risk, offered returns higher than general deposit rates, and had short maturities, thus not impacting operational liquidity[66](index=66&type=chunk) - As of June 30, 2025, all structured deposit products had matured, with actual interest received totaling **RMB 170,876.71** and **RMB 199,356.16** respectively, and no unredeemed products remained[69](index=69&type=chunk) [Material Acquisitions and Disposals](index=24&type=section&id=%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE) The Group did not undertake any material acquisitions or disposals during the reporting period - During the reporting period, the Group did not make any material acquisitions or disposals[70](index=70&type=chunk) [Future Plans for Material Investments or Capital Assets](index=24&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E6%88%96%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) As of June 30, 2025, the Group had no future plans for material investments or capital assets - As of June 30, 2025, the Group had no future plans for material investments or capital assets[71](index=71&type=chunk) [Employees and Remuneration Policy](index=24&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) The Group employed 208 full-time staff as of June 30, 2025, primarily in China, offering competitive remuneration, performance bonuses, and continuous training - As of June 30, 2025, the Group had **208** full-time employees, with **89** responsible for sales and marketing and **91** for research and development[72](index=72&type=chunk) - The company offers competitive remuneration, performance bonuses, and incentives, emphasizing employee training and development, including internal and external professional training programs[72](index=72&type=chunk) [Pledged Assets](index=25&type=section&id=%E6%8A%B5%E6%8A%BC%E8%B3%87%E7%94%A2) As of June 30, 2025, the Group had no pledged assets - As of June 30, 2025, the Group had no pledged assets[73](index=73&type=chunk) [Contingent Liabilities and Guarantees](index=25&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5%E5%8F%8A%E6%93%94%E4%BF%9D) As of June 30, 2025, the Group had no material contingent liabilities, guarantees, or litigation - As of June 30, 2025, the Group had no material contingent liabilities, guarantees, or any litigation[74](index=74&type=chunk) [Events After Reporting Period](index=25&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) The Group had no significant disclosable events after June 30, 2025, up to the date of this announcement - The Group had no significant disclosable events after June 30, 2025, and up to the date of this announcement[75](index=75&type=chunk) [Interim Dividend](index=25&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board of Directors resolved not to declare an interim dividend for the six months ended June 30, 2025 - The Board of Directors has resolved not to declare an interim dividend for the six months ended June 30, 2025[76](index=76&type=chunk) [Other Information](index=25&type=section&id=%E5%85%B6%E4%BB%96%E4%BF%A1%E6%81%AF) This section covers the company's compliance with corporate governance codes, securities trading standards, and reporting procedures [Compliance with Corporate Governance Code](index=25&type=section&id=%E9%81%B5%E5%AE%88%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87) The Company complied with all applicable code provisions of the Corporate Governance Code, except for the combined roles of Chairman and CEO - The Company has complied with all applicable code provisions of the Corporate Governance Code set out in Appendix C1 to the Listing Rules, except for code provision C.2.1[77](index=77&type=chunk) - The roles of Chairman and Chief Executive Officer are combined and held by Mr. Tian Ye, which the Board believes ensures unified leadership and enhances strategic planning efficiency within the Group[77](index=77&type=chunk) [Standard Code for Securities Transactions](index=26&type=section&id=%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E4%B9%8B%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The Company adopted the Standard Code for securities transactions by directors, with all directors confirming strict compliance during the reporting period - The Company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules as its own code of conduct regarding securities transactions by the Directors[78](index=78&type=chunk) - All Directors have confirmed that they have strictly complied with the required standards set out in the Standard Code throughout the reporting period[78](index=78&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=26&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%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) Neither the Company nor its subsidiaries purchased, sold, or redeemed any of its listed securities during the reporting period, holding no treasury shares - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities on the Stock Exchange[79](index=79&type=chunk) - As of June 30, 2025, the Company did not hold any treasury shares[79](index=79&type=chunk) [Audit Committee and Review of Interim Results](index=26&type=section&id=%E5%AF%A9%E8%A8%88%E5%A7%94%E5%93%A1%E6%9C%83%E5%8F%8A%E5%AF%A9%E9%96%B1%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE) The Audit Committee reviewed the unaudited interim results, and the Company's auditor reviewed the condensed consolidated financial statements - The Audit Committee has reviewed the unaudited interim results of the Group for the six months ended June 30, 2025[81](index=81&type=chunk) - The Company's auditor has reviewed the condensed consolidated financial statements in accordance with Hong Kong Standard on Review Engagements 2410[81](index=81&type=chunk) [Publication of Interim Results and Interim Report](index=26&type=section&id=%E5%88%8A%E7%99%BC%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%8F%8A%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) This interim results announcement is published on the HKEX and Company websites, with the full interim report to be dispatched to shareholders and published later - This interim results announcement is published on the website of the Stock Exchange (www.hkexnews.hk) and the Company's website (www.ludashi.com)[82](index=82&type=chunk) - The 2025 interim report, containing all information required by the Listing Rules, will be dispatched to shareholders who request a printed copy and published on the Stock Exchange's website and the Company's website in due course[82](index=82&type=chunk) [Definitions](index=27&type=section&id=%E9%87%8B%E7%BE%A9) This section provides definitions for key terms used throughout the announcement, ensuring clarity and consistency - This section provides definitions for key terms used in the announcement, including "AI", "Audit Committee", "PRC Operating Entities", "Lu Da Master Software", and "Monthly Active Users"[83](index=83&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk)[86](index=86&type=chunk)[88](index=88&type=chunk)

Group 1 - The board meeting of the company is scheduled for August 27, 2025, to consider and approve the interim results for the six months ending June 30, 2025 [1] - The meeting will also discuss the potential distribution of an interim dividend, if applicable [1]

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。 承董事會命 360魯大師控股有限公司 董事長及執行董事 田野先生 360 LUDASHI HOLDINGS LIMITED 360 3601 董事會會議日期 360魯大師控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此公佈，董事會會議將 於2025年8月27日（星期三）舉行，藉以（其中包括）考慮及批准本公司及其附屬公司截至 2025年6月30日止六個月之中期業績及其發佈，並考慮派發中期股息（如有）。 香港，2025年8月15日 於本公告日期，董事會成員包括：執行董事田野先生及簡璐女士；非執行董事李鑫先生、 劉威先生及趙丹先生；及獨立非執行董事李洋先生、王新宇先生及胡琴女士 。 ...

Core Viewpoint - The company, Lu Master (03601.HK), has issued a profit warning, expecting a significant decline in net profit for the six months ending June 30, 2025, compared to the same period in 2024, with an anticipated decrease of approximately 40% to 50% from a net profit of RMB 21.9 million [1] Group 1: Financial Performance - The expected net profit decline is primarily attributed to a significant drop in profits from the company's exclusive licensed online gaming business [1] - The online gaming business relies on three online game products based on well-known intellectual properties, which have reached maturity, leading to a natural decline in user activity and willingness to pay [1] Group 2: Business Strategy - The company is actively seeking new online games with significant market impact and positive user feedback to effectively compensate for the revenue gap caused by the decline in mature online game products [1]

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之內容概不負責，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之任何損失承擔任何責任。 360 LUDASHI HOLDINGS LIMITED 360 3601 本公告所依據資料僅基於董事會對本集團未經審核綜合管理賬目及其他目前可得資料之 初步評估所作出，並非根據任何經由本公司獨立核數師或董事會審計委員會審核或審閱 之財務數據或資料而作出，故可能進一步作出調整或修訂。詳細財務資料應以本公司二 零二五年中期業績公告中所披露為准。 股東及潛在投資者於買賣本公司股份時務請審慎行事。 承董事會命 盈利警告 本公告乃由360魯大師控股有限公司（「本公司」，連同其附屬公司統稱為「本集團」）根據香 港聯合交易所有限公司證券上市規則（「上市規則」）第13.09(2)(a)條以及香港法例第571章 證券及期貨條例（「證券及期貨條例」）第XIVA部之內幕消息條文（定義見上市規則）而作出。 本公司董事（「董事」）會（「董事會」）謹此通告本公司股東（「股東」）及潛在投資者，根據對 本集團截至二零二五年六月三十日 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 360 魯大師控股有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03601 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 HKD | | 100,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 HKD | | 100,000,000 | 本月底法定/註冊股本總額： HKD ...