Group 1 - The core point of the article highlights that the Hong Kong stock market indices fell collectively, while Silverstone Digital (3773.HK) rose against the trend, increasing by 10.07% to HKD 1.64, with a market capitalization of HKD 680 million [1] - Silverstone Digital recently launched its first AI Agent product, "Shuhui Assistant," which is the first AI intelligent agent in the domestic digital rights consumption scenario [1] - The "Shuhui Assistant" focuses on local lifestyle services, promoting the concept of "find discounts, ask Shuhui!" and aims to transform from a tool to a comprehensive service platform in its future strategic blueprint [1] Group 2 - The company’s early move in the AI Agent layout is expected to help capture market share and accumulate valuable user data and operational experience [1] - This strategic positioning is anticipated to provide a competitive advantage during future industry consolidation [1]

Core Insights - The AI agent market is rapidly evolving, with significant growth expected in China, projected to reach 6.9 billion yuan by 2025, up from 2.873 billion yuan in 2024, representing a growth rate of over 140% [1] - The launch of AI agents like Meituan's "Xiao Mei" and YS Digital's "Shuhui Assistant" marks a pivotal moment in the AI-driven local service sector, indicating a competitive landscape [2][3] - "Xiao Mei" focuses on a seamless user experience within the Meituan ecosystem, while "Shuhui Assistant" leverages the WeChat ecosystem for broader reach and cross-platform capabilities [4][10] Company Insights - YS Digital's "Shuhui Assistant" differentiates itself through its cross-platform integration, allowing users to access services across various platforms, unlike "Xiao Mei," which is limited to the Meituan ecosystem [10][13] - The "Shuhui Assistant" emphasizes a strong value proposition in cost-saving through digital rights accumulation, enabling users to find the best deals across multiple platforms [14][15] - The integration of banking activities into "Shuhui Assistant" creates a unique competitive advantage, providing users with access to financial service promotions alongside local service offerings [17][18] Market Dynamics - The AI agent market is expected to grow at a compound annual growth rate of 45.8%, with the digital rights market projected to reach 70.8 trillion yuan, presenting significant opportunities for companies like YS Digital [21] - The competitive landscape is intensifying, with major internet companies vying for market share in the local service AI sector, highlighting the importance of differentiation and strategic positioning [20][22] - YS Digital's early entry into the AI agent space, combined with its established partnerships and user base, positions it favorably for future growth and market leadership [22]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 銀盛數惠數字有限公司 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) | 03773 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | USD | | 0.01 USD | | 20,000,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 2,000,000,000 | USD | | 0.01 USD | | 20,000,000 | 本月底法定/註冊股本總額： USD 20,000,000 FF301 第 1 頁 ...

Core Insights - The company reported a revenue of RMB 69.917 million for the six months ending June 30, 2025, representing a year-on-year increase of 14.03% [1] - Profit attributable to shareholders decreased by 41.53% to RMB 12.463 million, with earnings per share at 3 cents [1] Business Strategy - The company continues to implement a business structure optimization strategy, focusing on both scale and quality in high-margin sectors [1] - Leveraging expertise in digital marketing, the company is actively enhancing customer service strategies and upgrading service systems to extract incremental value from existing clients [1] Market Position - The company has strengthened its new customer acquisition capabilities and established solid partnerships with numerous leading brand clients, leading to positive developments in its digital marketing segment [1]

Core Insights - The company reported a revenue of RMB 69.917 million for the six months ending June 30, 2025, representing a year-on-year increase of 14.03% [1] - The profit attributable to the company's owners was RMB 12.463 million, a decrease of 41.53% year-on-year, with earnings per share at 3 cents [1] Business Strategy - The company continued to implement a business structure optimization strategy in the first half of 2025, focusing on both scale and quality in high-margin sectors [1] - Leveraging its expertise in digital marketing, the company actively enhanced customer service strategies and upgraded its service system to extract incremental value from existing clients, resulting in improved customer loyalty and market reputation [1] Market Position - The company's new business development capabilities have been continuously strengthened, establishing solid partnerships with numerous leading brand clients, leading to positive progress in its digital marketing segment [1]

[Company Information and Report Overview](index=1&type=section&id=Company%20Information%20and%20Report%20Overview) This section provides an overview of the company's basic information and the basis for preparing its financial statements [Company Basic Information](index=1&type=section&id=1.1%20Company%20Basic%20Information) Yinsheng Digifavor Company Limited is an investment holding company registered in the Cayman Islands, listed on the Main Board of the Hong Kong Stock Exchange, primarily offering mobile top-up and digital marketing services in China - The company is registered in the Cayman Islands, with shares listed on the Main Board of the Hong Kong Stock Exchange[7](index=7&type=chunk) - The Group's principal businesses are mobile top-up services and digital marketing services[7](index=7&type=chunk) [Basis of Report Preparation](index=5&type=section&id=1.2%20Basis%20of%20Report%20Preparation) The condensed consolidated financial statements are prepared in accordance with HKAS 34 and the Listing Rules, using the historical cost convention, and consolidate Shenzhen Niannianka's financials via a VIE arrangement due to the Group's control - The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 and the Listing Rules of the Stock Exchange[8](index=8&type=chunk) - The Group exercises control over Shenzhen Niannianka Network Technology Co., Ltd. through structured contracts (VIE arrangements) and consolidates its financial position and performance into the condensed consolidated financial statements[8](index=8&type=chunk)[9](index=9&type=chunk) - The condensed consolidated financial statements are prepared on a historical cost basis and presented in RMB[11](index=11&type=chunk) [Condensed Consolidated Financial Statements](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the Group's condensed consolidated statements of profit or loss and other comprehensive income, and financial position [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=2.1%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's revenue increased by **14.0%** to **RMB 69,917 thousand**, while gross profit decreased by **8.3%** to **RMB 44,088 thousand**, with total profit and comprehensive income for the period significantly down **41.3%** to **RMB 12,305 thousand**, and basic earnings per share at **RMB 3.00 cents** Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 69,917 | 61,312 | +14.0% | | Cost of revenue | (25,526) | (11,873) | +114.9% | | Gross profit | 44,088 | 48,130 | -8.3% | | Net other income | 2,796 | 7,645 | -63.4% | | Distribution and selling expenses | (12,666) | (6,586) | +92.3% | | Administrative expenses | (11,536) | (13,735) | -16.0% | | Research and development expenses | (6,115) | (5,333) | +14.7% | | Finance costs | (2,443) | (1,224) | +99.6% | | Profit before income tax | 14,124 | 28,897 | -51.1% | | Income tax expense | (1,819) | (8,076) | -77.5% | | Profit and total comprehensive income for the period | 12,305 | 20,821 | -41.0% | | Profit attributable to owners of the Company | 12,463 | 21,315 | -41.5% | | Basic and diluted earnings per share (RMB cents) | 3.00 | 5.14 | -41.6% | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=2.2%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets less current liabilities increased to **RMB 331,116 thousand**, with net current assets rising to **RMB 326,316 thousand** and a significant increase in cash and cash equivalents, while trade receivables and borrowings also rose Condensed Consolidated Statement of Financial Position (As at June 30, 2025) | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | **NON-CURRENT ASSETS** | | | | | Property, plant and equipment | 2,989 | 3,483 | -14.2% | | Right-of-use assets | 1,174 | 1,012 | +16.0% | | Total non-current assets | 4,800 | 5,060 | -5.2% | | **CURRENT ASSETS** | | | | | Inventories | 7,537 | 15,731 | -52.0% | | Trade receivables | 312,089 | 284,437 | +9.7% | | Prepayments, deposits and other receivables | 156,417 | 195,360 | -19.9% | | Cash and cash equivalents | 141,050 | 50,841 | +177.4% | | Total current assets | 622,025 | 555,764 | +11.9% | | **CURRENT LIABILITIES** | | | | | Trade payables | 50,662 | 42,407 | +19.5% | | Other payables and accrued charges | 64,594 | 77,180 | -16.4% | | Borrowings | 179,900 | 122,000 | +47.5% | | Total current liabilities | 295,709 | 242,153 | +22.1% | | Net current assets | 326,316 | 313,611 | +4.0% | | Total assets less current liabilities | 331,116 | 318,671 | +3.9% | | **NET ASSETS** | 320,948 | 308,643 | +4.0% | | Total equity attributable to owners of the Company | 323,708 | 311,245 | +4.0% | [Notes to the Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes and breakdowns for various accounts presented in the condensed consolidated financial statements [Revenue and Segment Information](index=7&type=section&id=3.1%20Revenue%20and%20Segment%20Information) The Group restructured its reporting into "Top-up Services" and "Digital Marketing Services" segments, with digital marketing revenue significantly growing to **49.1%** of total revenue, indicating optimized revenue structure, while top-up service revenue declined Revenue from Contracts with Customers (For the six months ended June 30) | Service Category | 2025 (RMB thousands) | 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Mobile top-up services | 35,610 | 52,245 | -31.9% | | Digital marketing services - commission income from marketing activities | 33,487 | 7,684 | +335.8% | | Digital marketing services - live streaming service income | 820 | 739 | +10.9% | | **Total Revenue** | **69,917** | **61,312** | **+14.0%** | Segment Results (Gross Profit) (For the six months ended June 30) | Segment | 2025 (RMB thousands) | 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Top-up service revenue | 35,610 | 52,414 | -32.0% | | Top-up service gross profit | 29,068 | 41,279 | -29.6% | | Digital marketing service revenue | 34,307 | 8,898 | +285.6% | | Digital marketing service gross profit | 15,020 | 6,851 | +119.2% | | **Total Gross Profit** | **44,088** | **48,130** | **-8.3%** | - Digital marketing business revenue accounted for approximately **49.1%** of the Group's total revenue, indicating a more balanced revenue structure[43](index=43&type=chunk) [Finance Costs](index=9&type=section&id=3.2%20Finance%20Costs) Finance costs for the period increased by **99.6%** year-on-year to **RMB 2,443 thousand**, primarily driven by significant increases in interest on bank borrowings and bank overdrafts Details of Finance Costs (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Interest on bank overdrafts | 702 | 395 | +77.7% | | Interest on bank borrowings | 1,471 | 784 | +87.6% | | Interest on other borrowings | 238 | – | N/A | | Interest on lease liabilities | 32 | 45 | -28.9% | | **Total** | **2,443** | **1,224** | **+99.6%** | [Profit Before Income Tax](index=9&type=section&id=3.3%20Profit%20Before%20Income%20Tax) For the six months ended June 30, 2025, profit before income tax was **RMB 14,124 thousand**, a **51.1%** decrease from **RMB 28,897 thousand** in the prior period, mainly due to increased staff costs, depreciation, auditor's remuneration, and reduced interest income Items Deducted From/Credited to Profit Before Income Tax (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total staff costs | 23,994 | 19,312 | +24.2% | | Depreciation of property, plant and equipment | 759 | 747 | +1.6% | | Depreciation of right-of-use assets | 369 | 342 | +7.9% | | Impairment loss recognised on trade receivables | – | 815 | -100.0% | | Interest income | (44) | (181) | -75.7% | | Auditor's remuneration - non-audit services | 180 | 180 | 0.0% | [Income Tax Expense](index=10&type=section&id=3.4%20Income%20Tax%20Expense) Income tax expense for the period was **RMB 1,819 thousand**, a **77.5%** decrease from **RMB 8,076 thousand** in the prior period, primarily due to a significant decline in taxable profit, with Chinese subsidiaries subject to a **25%** corporate income tax rate and some small low-profit enterprises enjoying a **5%** preferential rate Details of Income Tax Expense (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Current income tax - PRC corporate income tax | 1,589 | 6,996 | -77.3% | | Current income tax - PRC withholding tax | 110 | 1,000 | -89.0% | | Underprovision in prior periods - PRC corporate income tax | 120 | 284 | -57.7% | | Net deferred tax - PRC corporate income tax | – | (204) | N/A | | **Total Income Tax Expense** | **1,819** | **8,076** | **-77.5%** | - Chinese subsidiaries are subject to a **25%** corporate income tax rate, with some small low-profit enterprises enjoying a **5%** preferential tax rate[26](index=26&type=chunk)[27](index=27&type=chunk) [Dividends](index=10&type=section&id=3.5%20Dividends) For the six months ended June 30, 2025, the Company neither paid, declared, nor proposed any dividends - For the six months ended June 30, 2025, no dividends were paid, declared, or proposed to the ordinary shareholders of the Company[28](index=28&type=chunk) [Earnings Per Share](index=11&type=section&id=3.6%20Earnings%20Per%20Share) For the six months ended June 30, 2025, basic earnings per share decreased to **RMB 3.00 cents** from **RMB 5.14 cents** in the prior period, with no diluted earnings per share presented due to the absence of potential ordinary shares Earnings Per Share (For the six months ended June 30) | Item | 2025 | 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Profit attributable to owners of the Company (RMB thousands) | 12,463 | 21,315 | -41.5% | | Weighted average number of ordinary shares in issue (shares) | 415,000,000 | 415,000,000 | 0.0% | | Basic and diluted earnings per share (RMB cents) | 3.00 | 5.14 | -41.6% | - No diluted earnings per share were presented for the six months ended June 30, 2025, as there were no potential ordinary shares in issue[29](index=29&type=chunk) [Property, Plant and Equipment and Right-of-Use Assets](index=11&type=section&id=3.7%20Property%2C%20Plant%20and%20Equipment%20and%20Right-of-Use%20Assets) Capital expenditure for property, plant and equipment significantly decreased to **RMB 265 thousand** for the period, and the Group recognized right-of-use assets and lease liabilities of **RMB 531 thousand** for a new 2-year office property lease agreement - For the six months ended June 30, 2025, the Group's capital expenditure on property, plant and equipment was approximately **RMB 265 thousand**, a significant decrease from **RMB 926 thousand** in the prior period[30](index=30&type=chunk) - The Group entered into a new 2-year office property lease agreement, recognizing right-of-use assets and lease liabilities of approximately **RMB 531 thousand** each[31](index=31&type=chunk) [Trade Receivables](index=12&type=section&id=3.8%20Trade%20Receivables) As of June 30, 2025, total trade receivables increased by **9.7%** to **RMB 312,089 thousand**, with a notable rise in digital marketing service receivables and a decrease in mobile top-up service receivables, and no impairment provision was made for the period Classification of Trade Receivables (As at June 30, 2025) | Service Category | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Mobile top-up services | 103,714 | 113,760 | -8.8% | | Telecommunication equipment business | 8,386 | 9,895 | -15.2% | | Digital marketing services | 201,629 | 162,422 | +24.1% | | Less: provision for credit losses | (1,640) | (1,640) | 0.0% | | **Total** | **312,089** | **284,437** | **+9.7%** | Ageing Analysis of Trade Receivables (As at June 30, 2025) | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | 0 to 30 days | 110,353 | 184,007 | -40.0% | | 31 to 90 days | 131,452 | 78,943 | +66.5% | | 91 to 180 days | 58,937 | 15,698 | +275.5% | | 181 to 365 days | 9,098 | 5,060 | +79.8% | | Over 365 days | 2,249 | 729 | +208.5% | | **Total** | **312,089** | **284,437** | **+9.7%** | - For the six months ended June 30, 2025, the Group made no impairment provision (prior period: approximately **RMB 815 thousand**)[35](index=35&type=chunk) - Trade receivables of approximately **RMB 182,516 thousand** were pledged to banks for borrowings and bank overdrafts[35](index=35&type=chunk) [Trade Payables](index=13&type=section&id=3.9%20Trade%20Payables) As of June 30, 2025, total trade payables increased by **19.5%** to **RMB 50,662 thousand** from December 31, 2024, with the Group typically enjoying a credit period of approximately **90 days** Ageing Analysis of Trade Payables (As at June 30, 2025) | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | 0 to 90 days | 45,185 | 34,016 | +32.8% | | 91 to 180 days | 4 | 3,003 | -99.9% | | 181 to 365 days | 522 | 745 | -29.9% | | Over 365 days | 4,951 | 4,643 | +6.6% | | **Total** | **50,662** | **42,407** | **+19.5%** | - The Group is normally granted a credit period of approximately **90 days**[36](index=36&type=chunk) [Borrowings](index=14&type=section&id=3.10%20Borrowings) As of June 30, 2025, the Group's total borrowings increased by **47.5%** to **RMB 179,900 thousand**, with secured borrowings being the largest component at interest rates between **3.2%** and **4.9%**, and increased utilization of bank overdrafts leading to reduced unutilized facilities Details of Borrowings (As at June 30, 2025) | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Short-term bank borrowings | 86,400 | 72,000 | +20.0% | | Other borrowings | 10,000 | 10,000 | 0.0% | | Bank overdrafts | 83,500 | 40,000 | +108.8% | | **Total** | **179,900** | **122,000** | **+47.5%** | | Unsecured, fixed annual interest rate between 3.28% and 3.70% | 44,400 | 10,000 | +344.0% | | Secured, fixed annual interest rate between 3.2% and 4.9% | 135,500 | 112,000 | +21.0% | - Bank borrowings of approximately **RMB 135,500 thousand** were secured by certain of the Group's trade receivables, bank deposits, and guarantees from related parties[39](index=39&type=chunk) - The Group's unutilized bank overdraft facilities were approximately **RMB 26,500 thousand**, a significant decrease from **RMB 70,000 thousand** as at December 31, 2024[39](index=39&type=chunk) [Share Capital](index=15&type=section&id=3.11%20Share%20Capital) As of June 30, 2025, the Company's authorized and issued share capital remained unchanged, with ordinary shares having a par value of **USD 0.01** each and a total of **415,000,000** shares in issue Share Capital Details (As at June 30, 2025) | Item | Number of Shares | Issued and Fully Paid Share Capital (USD) | RMB | | :--- | :--- | :--- | :--- | | Authorized ordinary shares of USD 0.01 each | 2,000,000,000 | N/A | N/A | | Issued ordinary shares of USD 0.01 each | 415,000,000 | 4,150,000 | 27,221,000 | [Business Review and Financial Performance Analysis](index=16&type=section&id=Business%20Review%20and%20Financial%20Performance%20Analysis) This section provides an overview of the Group's business operations and a detailed analysis of its financial performance during the reporting period [Business Review](index=16&type=section&id=4.1%20Business%20Review) In H1 2025, China's consumer sector saw a mild recovery, digital rights penetration increased, and AI reshaped digital marketing, leading the Group to optimize its structure, focus on high-margin digital marketing for strong growth, and strategically invest in AI agents, smart user operations, and omni-channel data platforms despite short-term profit impacts from increased R&D and sales expenses - China's consumer sector experienced a mild recovery, with increased penetration of digital rights products and AI technology reshaping the digital marketing industry ecosystem[41](index=41&type=chunk) - The Group continued to optimize its business structure, focusing on the high-margin digital marketing segment, achieving strong growth through innovative customer services and expanding its portfolio of leading brand clients[42](index=42&type=chunk)[43](index=43&type=chunk) - The short-term profit decline (profit attributable to owners of the Company decreased by **41.3%**) was primarily due to increased R&D investment, staff costs, and business sales expenses driven by business expansion needs[44](index=44&type=chunk) - The Group increased its investment in AI technology R&D and application, focusing on AI agents, intelligent user operations, and omni-channel data platform construction, with R&D expenses growing by **15.1%** year-on-year[41](index=41&type=chunk)[45](index=45&type=chunk) - The self-developed digital rights trading platform "Shuhui Jucai Mall" was officially launched, and the "Shuhui Master" intelligent middle-office system was upgraded to build an intelligent marketing system and data management platform[46](index=46&type=chunk) - Future plans include developing AI agent tools for digital rights product consumption, accelerating overseas business expansion, and focusing on attracting and cultivating top talent[47](index=47&type=chunk) [Financial Performance Analysis](index=18&type=section&id=4.2%20Financial%20Performance%20Analysis) This section details the changes in the Group's financial indicators and their primary causes, including revenue growth, gross profit decline, increased expenses, and reduced income tax, reflecting the Group's financial status during a period of business transformation and increased investment [Revenue](index=18&type=section&id=4.2.1%20Revenue) Revenue for the period increased by **14.0%** year-on-year to **RMB 69.9 million**, primarily driven by significant growth in digital marketing service revenue and transaction volume, offsetting the decline in mobile top-up service revenue - Total revenue increased by **14.0%** year-on-year to **RMB 69.9 million**[48](index=48&type=chunk) - Digital marketing business revenue was approximately **RMB 34.3 million**, compared to **RMB 8.9 million** in the prior period, mainly due to expanded cooperation with well-known Chinese lifestyle service brands and financial channel clients[48](index=48&type=chunk) [Cost of Revenue](index=19&type=section&id=4.2.2%20Cost%20of%20Revenue) Cost of revenue significantly increased by **114.3%** year-on-year to **RMB 25.5 million**, primarily due to higher costs associated with digital marketing services - Cost of revenue increased by **114.3%** year-on-year to **RMB 25.5 million**, primarily due to increased costs related to digital marketing services[49](index=49&type=chunk) [Gross Profit](index=20&type=section&id=4.2.3%20Gross%20Profit) Gross profit decreased by **8.3%** year-on-year to **RMB 44.1 million**, with the overall gross profit margin declining from **78.5%** to **63.1%**, mainly due to increased platform fees and promotion costs from higher digital marketing business transaction volumes - Gross profit decreased by **8.3%** year-on-year to **RMB 44.1 million**[50](index=50&type=chunk) - The overall gross profit margin decreased from **78.5%** to **63.1%**, primarily due to increased platform fees and promotion costs resulting from higher digital marketing business transaction volumes[50](index=50&type=chunk) [Net Other Income](index=20&type=section&id=4.2.4%20Net%20Other%20Income) Net other income decreased by **63.2%** year-on-year to **RMB 2.8 million**, primarily due to a reduction in government subsidies - Net other income decreased by **63.2%** year-on-year to **RMB 2.8 million**, primarily due to a reduction in government subsidies[51](index=51&type=chunk) [Distribution and Selling Expenses](index=20&type=section&id=4.2.5%20Distribution%20and%20Selling%20Expenses) Distribution and selling expenses increased by **92.4%** year-on-year to **RMB 12.7 million**, primarily due to higher staff costs and business sales expenses driven by business expansion needs - Distribution and selling expenses increased by **92.4%** year-on-year to **RMB 12.7 million**, primarily due to increased staff costs and business sales expenses[52](index=52&type=chunk) [Administrative Expenses](index=20&type=section&id=4.2.6%20Administrative%20Expenses) Administrative expenses decreased by **16.1%** year-on-year to **RMB 11.5 million**, primarily attributable to the Group's streamlining of back-office functional department personnel - Administrative expenses decreased by **16.1%** year-on-year to **RMB 11.5 million**, primarily due to the streamlining of back-office functional department personnel[53](index=53&type=chunk) [Research and Development Expenses](index=20&type=section&id=4.2.7%20Research%20and%20Development%20Expenses) Research and development expenses increased by **15.1%** year-on-year to **RMB 6.1 million**, primarily due to higher staff costs - Research and development expenses increased by **15.1%** year-on-year to **RMB 6.1 million**, primarily due to increased staff costs[54](index=54&type=chunk) [Finance Costs](index=20&type=section&id=4.2.8%20Finance%20Costs) Finance costs increased by **100%** year-on-year to **RMB 2.4 million**, primarily due to higher average bank borrowings driven by funding requirements for new projects - Finance costs increased by **100%** year-on-year to **RMB 2.4 million**, primarily due to increased average bank borrowings driven by funding requirements for new projects[55](index=55&type=chunk) [Income Tax Expense](index=21&type=section&id=4.2.9%20Income%20Tax%20Expense) Income tax expense decreased by **77.5%** year-on-year to **RMB 1.8 million**, primarily due to a significant decline in taxable profit during the reporting period compared to the prior period - Income tax expense decreased by **77.5%** year-on-year to **RMB 1.8 million**, primarily due to a significant decline in taxable profit[56](index=56&type=chunk) [Profit for the Period Attributable to Owners of the Company](index=21&type=section&id=4.2.10%20Profit%20for%20the%20Period%20Attributable%20to%20Owners%20of%20the%20Company) Profit for the period attributable to owners of the Company was **RMB 12.5 million**, a decrease from **RMB 21.3 million** in the prior period, representing the cumulative effect of the aforementioned financial impacts - Profit for the period attributable to owners of the Company was **RMB 12.5 million**, compared to **RMB 21.3 million** in the prior period[57](index=57&type=chunk) [Liquidity, Financial Resources, and Capital Structure](index=21&type=section&id=Liquidity%2C%20Financial%20Resources%2C%20and%20Capital%20Structure) This section examines the Group's liquidity position, financial resources, and overall capital structure, including borrowings and pledged assets [Liquidity and Financial Resources](index=21&type=section&id=5.1%20Liquidity%20and%20Financial%20Resources) The Group's working capital is primarily funded by operating cash flows, borrowings, and global offering proceeds, with cash and cash equivalents significantly increasing to **RMB 141.1 million** as of June 30, 2025, maintaining sound net current assets and current ratio - The Group's working capital is financed by cash generated from operations, borrowings, and proceeds from the global offering[58](index=58&type=chunk) Liquidity Indicators (As at June 30, 2025) | Item | June 30, 2025 (RMB millions) | December 31, 2024 (RMB millions) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and cash equivalents | 141.1 | 50.8 | +177.8% | | Net current assets | 326.3 | 313.6 | +4.0% | | Current ratio | 2.1 | 2.3 | -8.7% | | Bank borrowings | 179.9 | 122.0 | +47.5% | - The Group has not adopted any financial instruments for hedging, but management closely monitors foreign exchange risk and maintains a sound liquidity position[59](index=59&type=chunk) [Trade Receivables Management](index=22&type=section&id=5.2%20Trade%20Receivables%20Management) Total trade receivables amounted to **RMB 312.1 million**, with digital marketing services accounting for the largest portion; trade receivables turnover days increased to **7.84 days**, and the company will enhance settlement monitoring for longer credit period transactions and regularly assess customer credit limits - Trade receivables primarily include mobile top-up services (**RMB 103.7 million**), digital marketing services (**RMB 201.6 million**), and telecommunication equipment business (**RMB 8.4 million**)[60](index=60&type=chunk) - Trade receivables turnover days increased from **5.96 days** as at December 31, 2024, to **7.84 days** as at June 30, 2025[61](index=61&type=chunk) - The Company will continue to monitor credit risk, regularly review customer settlement status based on counterparty track records and financial conditions, and annually assess credit limits[61](index=61&type=chunk) [Gearing Ratio](index=22&type=section&id=5.3%20Gearing%20Ratio) As of June 30, 2025, the Group's gearing ratio (bank borrowings divided by total equity at period-end) increased to **56.1%** from **39.5%** as of December 31, 2024 Gearing Ratio | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Gearing ratio | 56.1% | 39.5% | [Capital Expenditure and Material Investments](index=22&type=section&id=5.4%20Capital%20Expenditure%20and%20Material%20Investments) Capital expenditure for the period significantly decreased to **RMB 0.1 million**, primarily for replacing computers and office equipment in daily operations, and the Group holds no material investments nor has any contracted but unprovided capital commitments - For the six months ended June 30, 2025, capital expenditure was approximately **RMB 0.1 million**, a significant decrease from **RMB 0.9 million** in the prior period[63](index=63&type=chunk) - The Group did not hold any material investments, nor did it have any contracted but unprovided capital commitments[64](index=64&type=chunk)[65](index=65&type=chunk) [Foreign Exchange Risk and Pledged Assets](index=23&type=section&id=5.5%20Foreign%20Exchange%20Risk%20and%20Pledged%20Assets) The Group's primary transactions are denominated in RMB, but global offering proceeds are in HKD, exposing it to foreign exchange risk; as of June 30, 2025, **RMB 135.5 million** in bank borrowings were secured by trade receivables and bank deposits - The Group's reporting currency is RMB, but the net proceeds from the global offering are denominated in HKD, exposing it to foreign exchange risk[66](index=66&type=chunk) - As of June 30, 2025, bank borrowings of **RMB 135.5 million** were secured by certain of the Group's trade receivables and bank deposits[67](index=67&type=chunk) [Contingent Liabilities and Guarantees](index=23&type=section&id=5.6%20Contingent%20Liabilities%20and%20Guarantees) 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[68](index=68&type=chunk) [Other Significant Matters](index=23&type=section&id=Other%20Significant%20Matters) This section covers additional important information including employee policies, post-reporting period events, securities transactions, corporate governance, use of IPO proceeds, and share schemes [Employees and Remuneration Policy](index=24&type=section&id=6.1%20Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had **170** full-time employees with total staff costs of **RMB 24.0 million**, committed to offering competitive remuneration based on performance, qualifications, experience, and market levels, alongside training opportunities Employee Information and Costs | Item | June 30, 2025 | December 31, 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Number of full-time employees | 170 | 156 | +8.97% | | Total staff costs (RMB millions) | 24.0 | 19.3 | +24.35% | - The Group is committed to providing competitive remuneration to its employees, determined based on individual performance, qualifications, experience, and market salary levels[72](index=72&type=chunk) [Events After Reporting Period](index=24&type=section&id=6.2%20Events%20After%20Reporting%20Period) As of the date of this announcement, no material events affecting the Group have occurred after the reporting period - As of the date of this announcement, there have been no material events after the reporting period that could affect the Group[73](index=73&type=chunk) [Securities Transactions](index=24&type=section&id=6.3%20Securities%20Transactions) For the six months ended June 30, 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities, and the Company held no treasury shares - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[74](index=74&type=chunk) - As at June 30, 2025, the Company did not hold any treasury shares[75](index=75&type=chunk) [Corporate Governance](index=24&type=section&id=6.4%20Corporate%20Governance) The Company adopted the Model Code for Securities Transactions by Directors of Listed Issuers in Appendix C3 of the Listing Rules and complied with all applicable provisions of the Corporate Governance Code in Appendix C1, with the Audit Committee having reviewed the unaudited consolidated interim results for the period - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules, and the Directors have confirmed compliance[76](index=76&type=chunk) - The Company has complied with all applicable provisions of the Corporate Governance Code as set out in Appendix C1 to the Listing Rules[77](index=77&type=chunk) - The Audit Committee has reviewed the Company's unaudited consolidated interim results for the six months ended June 30, 2025[78](index=78&type=chunk) [Use of Proceeds from Global Offering](index=25&type=section&id=6.5%20Use%20of%20Proceeds%20from%20Global%20Offering) The Company's net proceeds from the global offering were approximately **HKD 52.0 million**, with an unutilized amount of approximately **HKD 2.4 million** as of June 30, 2025, primarily allocated for potential business and asset acquisitions or strategic alliances, expected to be fully utilized in 2025 - Net proceeds from the global offering (after exercise of the over-allotment option) were approximately **HKD 52.0 million**[79](index=79&type=chunk) Use of IPO Proceeds (As at June 30, 2025) | Intended Use | Net Proceeds per Prospectus (approx. HKD millions) | Net Proceeds after Over-allotment Option (approx. HKD millions) | Unutilized Balance as at January 1, 2025 (approx. HKD millions) | Amount Utilized in H1 2025 (approx. HKD millions) | Unutilized Balance as at June 30, 2025 (approx. HKD millions) | | :--- | :--- | :--- | :--- | :--- | :--- | | Strengthening internet marketing activities and online advertising | 15.7 | 10.4 | – | – | – | | Upgrading hardware and network infrastructure | 15.7 | 10.4 | – | – | – | | Software and R&D work | 11.8 | 7.8 | – | – | – | | Purchasing mobile top-up amounts | 15.7 | 10.4 | – | – | – | | Potential business and asset acquisitions or strategic alliances | 11.8 | 7.8 | 2.4 | – | 2.4 | | General working capital and other general corporate purposes | 8.0 | 5.2 | – | – | – | | **Total** | **78.7** | **52.0** | **2.4** | **–** | **2.4** | - As of June 30, 2025, the unutilized net proceeds amounted to approximately **HKD 2.4 million**, expected to be fully utilized in 2025[80](index=80&type=chunk) [Share Option and Share Award Schemes](index=26&type=section&id=6.6%20Share%20Option%20and%20Share%20Award%20Schemes) The Company adopted new share option and share award schemes on October 30, 2024, terminating the 2015 scheme, with no share options or awards granted under the new schemes as of June 30, 2025 - The Company adopted a new share option scheme ("2024 Share Option Scheme") and a share award scheme ("2024 Share Award Scheme") on October 30, 2024[81](index=81&type=chunk)[82](index=82&type=chunk) - As of June 30, 2025, no share options or share awards were granted, exercised, lapsed, or cancelled under the 2024 Share Option Scheme and the 2024 Share Award Scheme[81](index=81&type=chunk)[82](index=82&type=chunk) [Publication of Report](index=27&type=section&id=6.7%20Publication%20of%20Report) This interim results announcement has been published on the Stock Exchange and the Company's websites, and the interim report will be published in due course - This interim results announcement has been published on the Stock Exchange website (www.hkexnews.hk) and the Company's website (www.ysdf.com.cn)[83](index=83&type=chunk) - The Company's 2025 interim report will also be published on the Stock Exchange and the Company's website in due course[83](index=83&type=chunk)

Core Viewpoint - YS Digital Holdings (3773.HK) experienced a significant stock price increase of 13.94%, reaching HKD 1.88, marking a five-month high since March 13 of this year [1] Financial Performance - The company anticipates a net profit attributable to shareholders of approximately RMB 11.7 million to RMB 12.8 million for the six months ending June 30, 2025 [1] Strategic Initiatives - YS Digital Holdings is continuing to invest resources in digital rights products and services to establish a comprehensive product and service matrix covering the entire digital rights sector [1] - The company is accelerating the construction of its digital system platform ecosystem, actively developing the Smart Central System (数惠Master) [1] - A comprehensive procurement mall for digital rights products (数惠聚采商城) has been launched to enhance the efficiency and continuous upgrading of the digital rights trading ecosystem [1]

Core Viewpoint - YS Data (03773.HK) announced that its board meeting will be held on August 27, 2025, to consider and approve the company's interim results for the six months ending June 30, 2025, and to discuss the potential distribution of an interim dividend, if any [1] Group 1 - The board meeting is scheduled for August 27, 2025 [1] - The meeting will focus on the approval of interim results for the six months ending June 30, 2025 [1] - The board will also consider the distribution of an interim dividend [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。 Yinsheng Digifavor Company Limited 銀盛數惠數字有限公司 （於開曼群島註冊成立的有限公司） 主席兼執行董事 周金黃博士 香港，二零二五年八月一日 於本公告日期，執行董事為周金黃博士、關恒先生及黃俊謀先生；非執行董事為 范衛國先生及喻子達先生；及獨立非執行董事為張鳴群先生、李耀博士及項婷女 士。 （股份代號：3773） 董事會會議日期 銀盛數惠數字有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此公佈，董事 會會議將於二零二五年八月二十七日（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二零二五年六月三十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）。 承董事會命 銀盛數惠數字有限公司 ...

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。 Yinsheng Digifavor Company Limited 銀盛數惠數字有限公司 （於開曼群島註冊成立的有限公司） (a) 本集團於二零二五年上半年持續投入資源於數字權益產品和服務，以構建起 覆蓋數字權益領域全鏈路的產品和服務矩陣；同時，本集團也加速數字化系 統平台生態建設，積極打造數惠Master智慧中台系統，並已推出了數字化權 益商品綜合採購商城（數惠聚採商城），推動數字權益交易生態實現高效運轉 與持續升級。該等業務轉型佈局和運營模式革新措施令到本集團於二零二五 年上半年在研發費用和人力成本方面的投入較二零二四年上半年有所增加； 及 (b) 截至二零二五年六月三十日止六個月的手機話費及手機流量代充業務交易量 較去年同期有所下降及成本率上升，令到本集團整體毛利率有所下降。 本公司股東及有意投資者於買賣本公司股份時務請審慎行事。 承董事會命 銀盛數惠數字有限公司 主席兼執行董事 （股份代號：3 ...