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依賴該等內容而引致的任何損失承擔任何責任。 董 事 會 認 為，比 特 幣 挖 礦 作 為 獨 立 業 務 板 塊，可 為 本 集 團 提 供 不 同 於 傳 統 運 營 及 投 資 模 式 的 數 字 資 產 及 新 興 技 術 領 域 的 機 會。在 當 前 宏 觀 經 濟 不 確 定 性 增 加 的背景下，此類業務更具戰略價值。此外，該業務不僅具有高回報潛力，還能推 動 本 集 團 佈 局 區 塊 鏈 及 數 字 資 產 創 新 領 域，確 立 公 司 的 前 瞻 性 定 位，與 香 港 特 別行政區政府相關政策導向相契合。 – 1 – Ruihe Data Technology Holdings Limited 瑞和數智科技控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：3680） 自願性公告– 通過開展加密貨幣業務 拓展收入來源 本 自 願 性 公 告 由 瑞 和 數 智 科 技 控 股 有 限 公 司（「本公司」，連 同 ...

Core Viewpoint - 瑞和数智 reported a revenue of 120 million yuan for the six months ending June 30, 2025, representing a year-on-year decrease of 33.49% [1] - The company achieved a profit attributable to owners of 43.186 million yuan, compared to a loss of 36.04 million yuan in the same period last year, with earnings per share of 6.28 cents [1] Financial Performance - The main reason for the profit during the reporting period was the recognition of a fair value gain of approximately 63.015 million yuan from holding 15 million shares of Tokyo Central Auction Holdings [1] - The company implemented cost reduction and efficiency enhancement measures, resulting in a decrease in R&D expenses, administrative expenses, financing costs, and sales expenditures compared to the same period last year [1] Strategic Focus - The company continues to strengthen its core competitiveness in the fields of data intelligence and marketing technology [1] - It is deepening its engagement with existing clients in banking, securities, and manufacturing sectors while actively exploring new strategic areas [1] - The company is committed to transforming into a comprehensive digital intelligence service provider by innovating business models and exploring new fields such as data assets, financial AI models, domestic innovation, and software and hardware information technology [1]

瑞和数智(03680.HK)公布中期业绩，2025年上半年，受集团战略性调整业务构成影响，公司实现营业收 入约人民币1.20亿元，毛利率约为7.6%。公司拥有人应占期内溢利约为人民币4318.6万元，去年同期亏 损约人民币3604万元，同比实现扭亏为盈，每股基本盈利及摊薄盈利约为人民币6.28分。 2025年上半年，净收益约为人民币4109.8万元，2024年上半年净亏损约人民币3863.5万元。报告期间溢 利的主要原因：(1)报告期间公司持有1500万股东京中央拍卖(01939.HK)的股份，确认公平值收益约人 民币6301.5万元。(2)报告期间集团大力推动降本增效措施，从而令研发费用、行政费用、融资成本及销 售开支等较去年同期有所减少。 公告显示，集团将持续强化在金融行业的核心业务根基，巩固在数据智能与营销科技领域的领先地位， 坚持「数据筑基、智能驱动、创新赋能」的发展理念。在深耕金融科技业务的同时，积极开辟Web3.0 及数字资产、数据要素市场化、信创国产化、软硬件一体化、价值投资等新兴领域。通过多元化发展战 略，推动企业实现结构优化与可持续增长。 ...

Core Viewpoint - 瑞和数智 reported a revenue of 120 million yuan for the six months ending June 30, 2025, representing a year-on-year decrease of 33.49% [1] - The company achieved a profit attributable to shareholders of 43.186 million yuan, compared to a loss of 36.04 million yuan in the same period last year, with earnings per share of 6.28 cents [1] Financial Performance - The decrease in revenue is attributed to various factors, while the profit increase is primarily due to a fair value gain of approximately 63.015 million yuan from holding 15 million shares of Tokyo Central Auction Holdings [1] - The company implemented cost reduction and efficiency enhancement measures, leading to a decrease in R&D expenses, administrative costs, financing costs, and sales expenses compared to the same period last year [1] Strategic Focus - The company continues to strengthen its core competitiveness in data intelligence and marketing technology, focusing on existing customer bases in banking, securities, and manufacturing sectors [1] - It is actively exploring new strategic areas, innovating business models, and venturing into fields such as data assets, financial AI models, domestic innovation, and software and hardware information technology [1] - The company aims to transform into a comprehensive digital intelligence service provider [1]

[Performance Overview](index=1&type=section&id=Performance%20Overview) [Financial Performance Overview](index=1&type=section&id=1.1%20Financial%20Performance%20Overview) The company's revenue significantly decreased by 33.5% year-on-year due to business restructuring, but achieved a net profit turnaround through cost-efficiency measures and fair value gains on financial assets Financial Performance Summary | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Y-o-Y Change | Change Rate | Primary Reasons | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 120,392 | 181,011 | (60,619) | -33.5% | Strategic business structure adjustment, reduced revenue from data solutions, integrated services, IT maintenance and support | | Gross Profit | 9,111 | 14,577 | (5,466) | -37.5% | Revenue structure adjustment, increased proportion of commodity trading | | Net Profit | 41,098 | (38,635) | 79,733 | N/A (Turnaround to Profit) | Fair value gain on Tokyo Chuo Auction shares, cost-reduction and efficiency-improvement measures | | Basic EPS | 6.28 cents | (5.48 cents) | N/A (Turnaround to Profit) | N/A (Turnaround to Profit) | Increase in Net Profit | - The company strategically adjusted its business composition, leading to a reduction in data solutions business revenue by approximately **54.4%** (RMB 37,251,000), integrated services revenue (selling software, hardware, and related services) by approximately **39.1%** (RMB 18,376,000), and IT maintenance and support services revenue by approximately **88.9%** (RMB 3,406,000)[2](index=2&type=chunk) - During the reporting period, the company recognized a fair value gain of approximately **RMB 63,015,000** from holding 15,000,000 shares of Tokyo Chuo Auction Holdings Limited, a key factor in achieving profitability[4](index=4&type=chunk) - The Group vigorously implemented cost-reduction and efficiency-improvement measures, resulting in decreased R&D expenses, administrative expenses, finance costs, and selling expenses compared to the same period last year[4](index=4&type=chunk) [Interim Condensed Consolidated Financial Statements](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) [Interim Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=2.1%20Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For H1 2025, the company reported a net profit of RMB 41,098 thousand, reversing a prior-year loss, driven by fair value gains and reduced expenses Consolidated Statement of Comprehensive Income Summary | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 120,392 | 181,011 | (60,619) | | Cost of Sales | (111,281) | (166,434) | 55,153 | | Gross Profit | 9,111 | 14,577 | (5,466) | | Selling Expenses | (2,586) | (5,528) | 2,942 | | Administrative Expenses | (20,983) | (24,053) | 3,070 | | R&D Expenses | (7,385) | (19,449) | 12,064 | | Operating Loss | (18,170) | (32,320) | 14,150 | | Fair value gain on financial assets at FVTPL | 63,015 | - | 63,015 | | Profit/(Loss) for the period | 41,098 | (38,635) | 79,733 | | Profit/(Loss) for the period attributable to owners of the Company | 43,186 | (36,040) | 79,226 | | Basic EPS/(Loss) (RMB cents) | 6.28 | (5.48) | N/A | - Selling expenses, administrative expenses, and R&D expenses all significantly decreased by **53.2%**, **12.8%**, and **62%** respectively, reflecting the company's efforts in cost reduction and efficiency improvement[5](index=5&type=chunk) - Fair value gain on financial assets was a key factor in the period's turnaround to profit, contributing **RMB 63,015 thousand** in income[5](index=5&type=chunk) [Interim Condensed Consolidated Statement of Financial Position](index=5&type=section&id=2.2%20Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets reached RMB 343,872 thousand and total equity grew to RMB 117,634 thousand, driven by reduced accumulated losses and increased share capital Consolidated Statement of Financial Position Summary | Metric | June 30, 2025 (RMB thousands) | Dec 31, 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 343,872 | 298,852 | 45,020 | | Non-current Assets | 163,982 | 105,900 | 58,082 | | Current Assets | 179,890 | 192,952 | (13,062) | | Total Equity | 117,634 | 42,881 | 74,753 | | Total Liabilities | 226,238 | 255,971 | (29,733) | | Net Current Liabilities | (45,765) | (50,851) | 5,086 | - Financial assets at fair value through profit or loss increased from zero to **RMB 67,700 thousand**, representing a significant component of total asset growth[7](index=7&type=chunk) - Accumulated losses decreased from **RMB (400,508) thousand** as of December 31, 2024, to **RMB (357,322) thousand**, reflecting the positive impact of current period's profit on equity[8](index=8&type=chunk) - Share capital increased to **RMB 7,149 thousand**, and other reserves also significantly grew, collectively driving the increase in total equity[8](index=8&type=chunk) [Notes to the Interim Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Statements) [General Information and Basis of Preparation](index=7&type=section&id=3.1%20General%20Information%20and%20Basis%20of%20Preparation) The company, an investment holding entity registered in the Cayman Islands, operates in data solutions, integrated IT services, and commodity trading, with interim financials prepared under IAS 34 in RMB - The Group is primarily engaged in providing data solutions, integrated services for selling software, hardware, and related services, IT maintenance and support services, and commodity trading[9](index=9&type=chunk) - The interim condensed financial information is prepared in accordance with International Accounting Standard 34 'Interim Financial Reporting' and presented in RMB[10](index=10&type=chunk) [Revenue and Segment Information](index=8&type=section&id=3.2%20Revenue%20and%20Segment%20Information) Total revenue for the period was RMB 120,392 thousand, down 33.5% year-on-year, primarily due to a significant decline in integrated data technology services, with all revenue from mainland China Revenue by Source | Revenue Source | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Y-o-Y Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Data Solutions | 31,240 | 68,491 | (37,251) | -54.4% | | Integrated Services for Software, Hardware & Related Services | 28,592 | 46,968 | (18,376) | -39.1% | | IT Maintenance & Support Services | 426 | 3,832 | (3,406) | -88.9% | | **Subtotal: Integrated Data Technology Services** | **60,258** | **119,291** | **(59,033)** | **-49.5%** | | Commodity Trading | 60,134 | 61,720 | (1,586) | -2.6% | | **Total Revenue** | **120,392** | **181,011** | **(60,619)** | **-33.5%** | - The chief operating decision maker segments the Group's business into two reportable segments: integrated data technology services and commodity trading[12](index=12&type=chunk) - All of the Group's revenue and non-current assets are primarily located in mainland China[16](index=16&type=chunk) [Components of Profit/(Loss) Before Income Tax](index=10&type=section&id=3.3%20Components%20of%20Profit%2F%28Loss%29%20Before%20Income%20Tax) The company achieved a profit before income tax of RMB 40,931 thousand, reversing a prior-year loss, mainly due to a RMB 63,015 thousand fair value gain on financial assets and reduced operating expenses Profit/(Loss) Before Income Tax Components | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Employee Benefit Expenses | 31,237 | 56,944 | (25,707) | | Amortization of Intangible Assets | 7,152 | 8,142 | (990) | | Depreciation of Right-of-Use Assets | 502 | 2,631 | (2,129) | | Depreciation of Property and Equipment | 2,346 | 3,370 | (1,024) | | Depreciation of Investment Property | 363 | - | 363 | | (Reversal of expected credit losses)/Expected credit losses on trade receivables | (2,221) | 1,898 | (4,119) | | Reversal of expected credit losses on contract assets | (713) | (498) | (215) | | Fair value gain on financial assets at FVTPL | (63,015) | - | (63,015) | - Employee benefit expenses significantly decreased from **RMB 56,944 thousand** to **RMB 31,237 thousand**, representing a key achievement in cost control[17](index=17&type=chunk) - Provisions for expected credit losses on trade receivables and contract assets both shifted from an increase to a reversal, indicating an improvement in asset quality[17](index=17&type=chunk) [Finance Costs and Income Tax](index=11&type=section&id=3.4%20Finance%20Costs%20and%20Income%20Tax) Net finance costs decreased to RMB (3,914) thousand, and income tax credit was RMB 167 thousand, with Chinese subsidiaries benefiting from preferential high-tech enterprise tax rates Finance Costs and Income Tax Summary | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Interest income from bank deposits | 29 | 128 | (99) | | Interest expense on bank and other borrowings | (3,423) | (6,236) | 2,813 | | Net finance costs | (3,914) | (6,801) | 2,887 | | Income tax credit | 167 | 473 | (306) | - The reduction in net finance costs was primarily due to a decrease in interest expenses on bank and other borrowings[19](index=19&type=chunk) - Subsidiaries including Shenzhen Suoxinda, Ruihe Zhizhi (Beijing) Technology, and Shenzhen Yinxing are subject to a preferential enterprise income tax rate of **15%** due to their recognition as National High-Tech Enterprises[21](index=21&type=chunk) [Earnings/(Loss) Per Share](index=12&type=section&id=3.5%20Earnings%2F%28Loss%29%20Per%20Share) Basic and diluted earnings per share both reached **RMB 6.28 cents**, reversing a prior-year loss of **RMB 5.48 cents**, reflecting significant net profit improvement Earnings/(Loss) Per Share Summary | Metric | H1 2025 (RMB cents) | H1 2024 (RMB cents) | Change | | :--- | :--- | :--- | :--- | | Basic EPS/(Loss) | 6.28 | (5.48) | Turnaround to Profit | | Diluted EPS/(Loss) | 6.28 | (5.48) | Turnaround to Profit | - The weighted average number of ordinary shares used to calculate basic and diluted earnings per share increased from **657,948 thousand** shares to **687,544 thousand** shares[22](index=22&type=chunk) [Notes to Key Balance Sheet Items](index=13&type=section&id=3.6%20Notes%20to%20Key%20Balance%20Sheet%20Items) This section details key balance sheet item changes, noting reduced expected credit loss provisions for trade receivables and contract assets, declining bank borrowings and trade payables, and some bank deposits frozen due to litigation Key Balance Sheet Items | Item | June 30, 2025 (RMB thousands) | Dec 31, 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Property and Equipment | 1,335 | 3,047 | (1,712) | | Intangible Assets | 52,002 | 59,158 | (7,156) | | Trade Receivables (Net) | 80,662 | 90,660 | (9,998) | | Provision for ECL on Trade Receivables | (61,437) | (63,658) | 2,221 (Decrease) | | Contract Assets (Net) | 58,295 | 66,653 | (8,358) | | Provision for ECL on Contract Assets | (30,947) | (32,600) | 1,653 (Decrease) | | Trade Payables | 55,251 | 91,612 | (36,361) | | Bank and Other Borrowings (Total) | 127,449 | 108,660 | 18,789 | | Lease Liabilities (Total) | 3,356 | 5,340 | (1,984) | - The weighted average expected loss rate for trade receivables was adjusted across different aging buckets, with an expected loss rate of up to **89%** for receivables over one year old[28](index=28&type=chunk) - Approximately **RMB 3,034 thousand** of bank deposits were frozen by Chinese courts due to employee labor contract compensation lawsuits[41](index=41&type=chunk) - The weighted average annual interest rate for bank borrowings increased from **4.2%** as of December 31, 2024, to **4.5%** as of June 30, 2025[32](index=32&type=chunk) - The company did not declare any interim dividends and was not involved in any material litigation or arbitration[40](index=40&type=chunk)[42](index=42&type=chunk) [Management Discussion and Analysis](index=21&type=section&id=Management%20Discussion%20and%20Analysis) [Industry Background Analysis](index=21&type=section&id=4.1%20Industry%20Background%20Analysis) China's economy saw steady growth in H1 2025, with the digital economy and IT services sector expanding significantly, driven by financial sector AI and big data investments and a growing banking IT solutions market - In H1 2025, China's GDP grew by **5.3%** year-on-year, with the information transmission, software, and IT services sector growing by **11.1%**, and the financial sector by **7.3%**[43](index=43&type=chunk) - Financial regulators require commercial banks to increase technology investment to over **3%** of operating revenue, focusing on core technologies like AI, big data, and blockchain[43](index=43&type=chunk) - IDC forecasts China's banking IT solutions market to reach **RMB 103.939 billion** by 2029, with a **2.9%** year-on-year growth in 2024, and anticipates **65%** of financial institutions leveraging AI large model platforms to enhance digital intelligence by the end of 2025[45](index=45&type=chunk) - China's big data industry is reshaping the digital economy landscape with an average annual growth rate of **20%**, projected to exceed **RMB 2.8 trillion** by 2025 and **RMB 6.5 trillion** by 2030[46](index=46&type=chunk) [Business Review](index=22&type=section&id=4.2%20Business%20Review) The Group strengthened its market position in data intelligence and marketing technology through collaborations with major banks, expanded into new ventures like the 'Quanxinrong Platform,' and recognized fair value gains from strategic investments, while a share placement enhanced financing for debt repayment and working capital - The Group continuously signed cooperation projects with a major state-owned bank's head office and its Shenzhen and Macau branches, covering data warehouse application migration, credit corporate cards, basic platform upgrades, precision marketing, Xinchuang transformation, payroll systems, and operation and maintenance[47](index=47&type=chunk) - The Group secured a 'Model Development' project with a state-owned commercial bank in Southeast China, enhancing its AI analytical modeling capabilities for data-driven decision-making, and also secured 'Database' and 'Business System Xinchuang Transformation' projects[48](index=48&type=chunk) - A partnership was established with Quanzhou Data Group to jointly operate the 'Quanxinrong Platform,' exploring innovative cooperation models to provide convenient and efficient financial services to SMEs in Quanzhou[50](index=50&type=chunk) - The acquisition of **15,000,000** ordinary shares of Tokyo Chuo Auction Holdings Limited for **HKD 6.6 million** resulted in a recognized fair value gain of approximately **HKD 67.65 million**, marking the Group's diversification efforts[51](index=51&type=chunk) - A placement of **130,000,000** shares was completed, yielding net proceeds of approximately **HKD 38.6 million**, with **80%** allocated to debt repayment and **20%** to general working capital[53](index=53&type=chunk) [Future Outlook](index=26&type=section&id=4.3%20Future%20Outlook) The Group plans to strengthen core financial services, deepen data intelligence and marketing technology, and expand into digital assets, data element marketization, and IT integration. It will also explore Web3.0 and cryptocurrency assets, and partner with domestic GPU vendors to build integrated 'hardware+software+solution' capabilities for new growth - The Group will continue to deepen its presence in the FinTech sector, optimize client portfolio, expand its national market footprint, strengthen strategic relationships with key major clients, and actively broaden its client base across wider industries[55](index=55&type=chunk) - The Group will firmly focus on data intelligence and marketing technology, leveraging its end-to-end full-link data capabilities to strengthen its in-depth professional layout[56](index=56&type=chunk) - The Group plans to actively enter the Web3.0 and cryptocurrency asset sectors, investing in digital assets and fostering on-chain financial resources to accelerate the transformation of traditional financial services to on-chain, focusing on digital asset services in Greater China[57](index=57&type=chunk) - Plans include collaborating with domestic GPU hardware manufacturers to build integrated 'hardware + software + industry solution' capabilities centered on domestic GPUs, establishing an innovation business unit to cultivate cutting-edge technology applications such as AI, blockchain, software-hardware integration, and digital asset trading[58](index=58&type=chunk) - The Group will deepen its 'investment empowerment' model, continuously exploring value investment opportunities, integrating investment into a new growth paradigm, and achieving synergistic innovation and value enhancement through post-investment deep empowerment of enterprise development[58](index=58&type=chunk) [Financial Performance Analysis](index=28&type=section&id=4.4%20Financial%20Performance%20Analysis) Revenue declined 33.5% and gross profit 37.5% due to business restructuring, but significant reductions in selling, R&D, and administrative expenses, coupled with fair value gains, led to a profit of RMB 41,098 thousand for the period Financial Performance Metrics | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Y-o-Y Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | 120,392 | 181,011 | (60,619) | -33.5% | | Gross Profit | 9,111 | 14,577 | (5,466) | -37.5% | | Gross Profit Margin | 7.6% | 8.1% | -0.5% | - | | Selling Expenses | 2,586 | 5,528 | (2,942) | -53.2% | | R&D Expenses | 7,385 | 19,449 | (12,064) | -62.0% | | Administrative Expenses | 20,983 | 24,053 | (3,070) | -12.8% | | Income Tax Credit | 167 | 473 | (306) | -64.7% | | Profit for the Period | 41,098 | (38,635) | 79,733 | Turnaround to Profit | | Profit for the Period Attributable to Owners of the Company | 43,186 | (36,040) | 79,226 | Turnaround to Profit | | Basic EPS (RMB cents) | 6.28 | (5.48) | Turnaround to Profit | - | - The decrease in selling expenses was primarily due to organizational restructuring and optimized remuneration incentive mechanisms[61](index=61&type=chunk) - The reduction in R&D expenses was mainly due to the increasing maturity of previously developed products, shifting focus to product promotion and application[62](index=62&type=chunk) - The decrease in administrative expenses was primarily due to the optimization of the administrative management team and reduced office expenses[63](index=63&type=chunk) [Liquidity and Financial Resources](index=30&type=section&id=4.5%20Liquidity%20and%20Financial%20Resources) Net cash outflow from operating activities decreased, while investing outflow increased due to an acquisition. Financing inflow significantly rose from share issuance, leading to a reduced gearing ratio of 110.9% and improved financial position Cash Flow Summary | Cash Flow Type | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Net cash from/(used in) operating activities | (30,650) | (32,104) | 1,454 (Decreased outflow) | | Net cash from/(used in) investing activities | (6,796) | (5,308) | (1,488) (Increased outflow) | | Net cash from/(used in) financing activities | 47,079 | (7,228) | 54,307 (Turned from outflow to inflow) | - The decrease in net cash used in operating activities was primarily due to reduced project procurement, payroll expenses, and other miscellaneous expenditures[69](index=69&type=chunk) - The increase in net cash used in investing activities was mainly due to the acquisition of shares in Tokyo Chuo Auction Holdings Limited, resulting in a cash outflow of approximately **RMB 6,197 thousand**[70](index=70&type=chunk) - Net cash generated from financing activities significantly increased, primarily due to proceeds from share issuance of approximately **RMB 36,086 thousand** during the reporting period[71](index=71&type=chunk) - The gearing ratio decreased from **277.9%** as of December 31, 2024, to **110.9%** as of June 30, 2025, primarily due to an increase in total equity of approximately **RMB 74,753 thousand**[76](index=76&type=chunk) [Material Investments and Risk Management](index=33&type=section&id=4.6%20Material%20Investments%20and%20Risk%20Management) The company holds **15,000,000** ordinary shares of Tokyo Chuo Auction Holdings Limited, valued at approximately **RMB 67.7 million**, with no other material investments or capital commitments. Foreign exchange risks are managed, and no other significant investment plans exist - As of June 30, 2025, the company held **15,000,000** ordinary shares of Tokyo Chuo Auction Holdings Limited, with a carrying amount of approximately **RMB 67.7 million**[78](index=78&type=chunk) - The Group is exposed to certain foreign currency risks and implements management policies to closely monitor exchange rate fluctuations, regularly review foreign exchange risks, and consider hedging when necessary[81](index=81&type=chunk) - The Group currently has no other material investment or capital asset plans[82](index=82&type=chunk) [Other Information](index=34&type=section&id=Other%20Information) [Remuneration Policy and Employee Benefits](index=34&type=section&id=5.1%20Remuneration%20Policy%20and%20Employee%20Benefits) As of June 30, 2025, the Group employed **183** staff, providing competitive remuneration and benefits, with no labor disputes or recruitment difficulties for experienced personnel - As of June 30, 2025, the Group had a total of **183** employees in mainland China and Hong Kong[83](index=83&type=chunk) - The Group provides employees with comprehensive and competitive remuneration, retirement plans, and benefits, along with discretionary bonuses based on employee performance[83](index=83&type=chunk) - During the reporting period, the Group did not encounter any serious issues with employees due to labor disputes or experience operational disruptions[83](index=83&type=chunk) [Use of Proceeds from Share Placement](index=35&type=section&id=5.2%20Use%20of%20Proceeds%20from%20Share%20Placement) A share placement on May 21, 2025, yielded net proceeds of approximately **HKD 38.6 million**, primarily used for debt repayment (**HKD 29.6 million**) and general working capital (**HKD 7.7 million**), with **HKD 1.3 million** unutilized - On May 21, 2025, the company completed a placement of **130,000,000** shares, with net proceeds of approximately **HKD 38.6 million**[86](index=86&type=chunk) Use of Share Placement Proceeds | Purpose | Allocation Ratio | Allocated Amount (HKD millions) | Utilized Amount (HKD millions) | Unutilized Amount (HKD millions) | | :--- | :--- | :--- | :--- | :--- | | Repayment of Group Borrowings | 80% | 30.9 | 29.6 | 1.3 | | Replenishment of General Working Capital | 20% | 7.7 | 7.7 | - | | **Total** | **100%** | **38.6** | **37.3** | **1.3** | [Corporate Governance and Compliance](index=35&type=section&id=5.3%20Corporate%20Governance%20and%20Compliance) The company adheres to HKEX Corporate Governance Code, maintains consistent leadership with a combined Chairman/CEO role, and achieved full compliance with independent non-executive director requirements. It maintained sufficient public float and had no material litigation - The company has adopted the HKEX Corporate Governance Code and Model Code as the foundation for its corporate governance practices[88](index=88&type=chunk)[91](index=91&type=chunk) - Mr. Xue Shouguang serves as both Chairman of the Board and Chief Executive Officer, a structure the Board believes ensures consistent leadership[88](index=88&type=chunk) - The company previously had non-compliance issues regarding the number of independent non-executive directors and audit committee members but achieved full compliance after the appointment of Ms. Chu Ji Jun on March 14, 2025[89](index=89&type=chunk)[90](index=90&type=chunk) - The company has maintained a sufficient public float, with at least **25%** of its issued shares held by the public as required by the Listing Rules[93](index=93&type=chunk) - During the reporting period, the company was not involved in any material litigation or arbitration[94](index=94&type=chunk) [Review and Publication of Financial Information](index=37&type=section&id=5.4%20Review%20and%20Publication%20of%20Financial%20Information) The Audit Committee reviewed the unaudited interim condensed consolidated financial information, confirming fair presentation under applicable accounting standards, with the interim results announcement and report to be published on HKEX and the company website - The Audit Committee has reviewed the Group's unaudited interim condensed consolidated financial information and is satisfied that it is prepared in accordance with applicable accounting standards and presents fairly[95](index=95&type=chunk) - The Group's interim condensed consolidated financial information for the reporting period has not been audited by the company's auditors[96](index=96&type=chunk) - This interim results announcement will be published on the HKEX website and the company's website, and the interim report will be dispatched to shareholders in due course[98](index=98&type=chunk)

Group 1 - The stock price of Ruihe Smart (03680.HK) closed at 2.570 HKD on August 19, down 1.91% from the previous trading day, with an intraday high of 2.690 HKD, marking a nearly one-year high [1] - The company experienced a net outflow of 394.76 thousand HKD in capital flow on the same day, with unspecified amounts of inflow and outflow [1] - Ruihe Smart Technology Holdings Limited, established in 2004 in Shenzhen, is a leading enterprise in China's data intelligence and marketing technology, providing big data decision-making, artificial intelligence, digital marketing, and domestic innovation solutions and consulting services [1] Group 2 - The company was listed on the Hong Kong Stock Exchange in 2019 and is recognized as the first stock in big data AI on the exchange [1] - Ruihe Smart has long-term partnerships with 80% of top banks, maintaining a significant market influence in the financial sector while also serving clients across various industries with big data, AI, and domestic innovation services [1] - The company aims to assist enterprises in high-quality digital transformation and development [1]

Group 1 - The core viewpoint of the article highlights that 瑞和数智 (Rehui Shuzhi) has seen its stock price double in the past month, with a current increase of 6.91% to HKD 2.63, and a trading volume of HKD 14.4166 million [1] - The company plans to hold a board meeting on August 22 to consider and approve its interim performance, with a positive earnings forecast indicating a turnaround in revenue for the first half of 2025, estimated at approximately RMB 43 million to 44 million [1] - The anticipated revenue growth is attributed to substantial returns from forward-looking investments, significant improvements in management efficiency, and ongoing cost reduction and efficiency enhancement initiatives [1] Group 2 - In July, the company announced plans to invest HKD 80 million in the cryptocurrency and Web 3.0 sectors, aligning with the Hong Kong government's push for virtual asset industry development [1] - The investment strategy includes focusing on digital assets and cultivating on-chain financial resources to accelerate the transformation of traditional financial services to on-chain models, particularly in the Greater China region [1] - Additionally, the company is collaborating with Shanghai Yuanlu Jiajia Information Technology Co., Ltd. to develop an integrated solution centered around domestic GPUs, combining hardware, software, and industry capabilities [1]

Core Viewpoint - 瑞和数智's stock price has doubled in the past month, with a current increase of 6.91% to HKD 2.63, driven by positive mid-term earnings expectations and strategic investments in digital assets and Web3.0 [1] Group 1: Stock Performance - 瑞和数智's stock has risen over 8% recently, achieving a doubling in price over the last month [1] - As of the latest report, the stock is trading at HKD 2.63 with a trading volume of HKD 14.4166 million [1] Group 2: Earnings Forecast - The company plans to hold a board meeting on August 22 to consider and approve its mid-term performance [1] - 瑞和数智 has issued a positive earnings forecast, expecting to turn a profit in the first half of 2025, with estimated earnings of approximately RMB 43 million to 44 million [1] - The anticipated profitability is attributed to substantial returns from forward-looking investments, significant improvements in management efficiency, and ongoing cost reduction initiatives [1] Group 3: Strategic Investments - In July, 瑞和数智 announced plans to invest HKD 80 million in the cryptocurrency and Web3.0 sectors, aligning with the Hong Kong government's push for virtual asset industry development [1] - The company aims to accelerate the on-chain transformation of traditional financial services by investing in digital assets and nurturing on-chain financial resources, focusing on the Greater China region [1] - 瑞和数智 is collaborating with Shanghai Yuanlu Jiajia Information Technology Co., Ltd. to develop an integrated solution centered around domestic GPUs, combining hardware, software, and industry capabilities [1]

Core Viewpoint - 瑞和数智's stock price has doubled in the past month, reflecting strong market confidence ahead of its upcoming mid-term performance announcement [1] Group 1: Stock Performance - 瑞和数智's stock rose over 8%, currently trading at 2.63 HKD with a trading volume of 14.42 million HKD [1] - The stock has achieved a 100% increase in the last month [1] Group 2: Financial Performance - 瑞和数智 anticipates a turnaround in its mid-term performance, projecting a profit of approximately 43 to 44 million RMB for the first half of 2025 [1] - The expected profit is attributed to substantial returns from forward-looking investments, significant improvements in management efficiency, and ongoing cost reduction initiatives [1] Group 3: Strategic Investments - In July, 瑞和数智 announced plans to invest 80 million HKD in cryptocurrency assets and the Web 3.0 sector, aligning with the Hong Kong government's push for virtual asset industry development [1] - The company aims to accelerate the on-chain transformation of traditional financial services by investing in digital assets and nurturing on-chain financial resources, focusing on the Greater China region [1] - 瑞和数智 is collaborating with Shanghai Yuanlu Jiajia Information Technology Co., Ltd. to develop an integrated solution centered around domestic GPUs, combining hardware, software, and industry capabilities [1]

Core Viewpoint - 瑞和数智 is expected to report a significant turnaround in its financial performance, moving from a loss to a profit for the first half of the fiscal year ending June 30, 2025, driven by strategic cost management and equity gains from its investment in Beijing Central Auction [1] Financial Performance - The company anticipates a net profit of between 43 million to 44 million HKD for the six months ending June 30, 2025, compared to a loss of 36.04 million HKD in the same period last year [1] - The stock price increased by 10.95%, reaching 2.33 HKD, with a trading volume of 10.912 million HKD at the time of reporting [1] Business Operations - 瑞和数智's main business segments, including data solutions, hardware and software sales, IT maintenance and support services, and commodity trading, have maintained stable operations during the reporting period [1] - Key factors contributing to the profit growth include fair value gains from holding 15 million shares of Beijing Central Auction and significant cost reductions in R&D, administrative expenses, financing costs, and sales expenses [1]