Group 1 - The company reported revenue of 134 million RMB for the six months ending June 30, 2025, representing an increase of 8.82% year-on-year [1] - The company experienced a loss of 64.63 million RMB during the same period, which is an increase of 16.63% compared to the previous year [1] - The basic loss per share was 6.86 cents [1]

[Financial Summary](index=1&type=section&id=Financial%20Summary) [Condensed Consolidated Financial Summary](index=1&type=section&id=Condensed%20Consolidated%20Financial%20Summary) The Group's revenue increased by 8.8% to RMB 133,740 thousand, but gross profit decreased by 2.7%, and loss for the period widened by 16.6%, while total assets and equity declined and liabilities slightly rose Condensed Consolidated Financial Summary for the Six Months Ended June 30, 2025 | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | Year-on-year change (%) | | :--- | :--- | :--- | :--- | | Revenue | 133,740 | 122,905 | 8.8% | | Gross Profit | 24,066 | 24,725 | -2.7% | | Loss Before Tax | (64,609) | (55,403) | 16.6% (Loss widened) | | Loss for the Period | (64,633) | (55,418) | 16.6% (Loss widened) | Balance Sheet (Period-end) | Indicator | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 815,909 | 882,822 | -7.6% | | Total Liabilities | 145,628 | 143,384 | 1.6% | | Total Equity | 670,281 | 739,438 | -9.4% | [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) [Details of Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Details%20of%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) Revenue increased, but higher cost of sales, increased fair value losses on equity investments, and rising operating expenses led to a decline in gross profit and a widened loss for the period Key Data from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | Year-on-year change (%) | | :--- | :--- | :--- | :--- | | Revenue | 133,740 | 122,905 | 8.8% | | Cost of sales and services | (109,674) | (98,180) | 11.7% | | Gross Profit | 24,066 | 24,725 | -2.7% | | Other income and gains | 3,645 | 5,868 | -37.9% | | Fair value changes of equity investments at fair value through profit or loss | (18,218) | (4,262) | 327.5% (Loss widened) | | Selling and distribution expenses | (9,672) | (8,002) | 20.9% | | Administrative expenses | (23,728) | (22,476) | 5.6% | | Research and development expenses | (27,627) | (37,648) | -26.6% | | Loss Before Tax | (64,609) | (55,403) | 16.6% (Loss widened) | | Loss for the Period | (64,633) | (55,418) | 16.6% (Loss widened) | | Basic and diluted loss per share (RMB cents) | (6.86) | (6.67) | 2.8% (Loss widened) | [Condensed Consolidated Statement of Financial Position](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) [Details of Condensed Consolidated Statement of Financial Position](index=5&type=section&id=Details%20of%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) Both non-current and current assets decreased, particularly intangible assets and cash, while current liabilities increased due to trade payables and consideration payable, despite reduced bank borrowings, resulting in an overall decline in net assets and total equity Key Data from Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | | **Non-current Assets** | | | | | Intangible assets | 89,297 | 100,169 | -10.9% | | Investment in an associate | 4,741 | 6,369 | -25.6% | | Equity investments at fair value through profit or loss | 17,600 | 23,438 | -24.9% | | Total Non-current Assets | 195,228 | 214,434 | -9.0% | | **Current Assets** | | | | | Trade receivables | 172,333 | 159,087 | 8.3% | | Contract assets | 130,503 | 108,479 | 20.3% | | Bank balances and cash | 279,505 | 346,805 | -19.5% | | Total Current Assets | 620,681 | 668,388 | -7.1% | | **Current Liabilities** | | | | | Trade payables | 81,406 | 60,856 | 33.8% | | Interest-bearing bank borrowings | 10,000 | 20,000 | -50.0% | | Consideration payable | 19,424 | – | Newly added | | Contingent consideration | – | 21,000 | Removed | | Total Current Liabilities | 137,017 | 133,861 | 2.4% | | Net Assets | 670,281 | 739,438 | -9.4% | | Total Equity | 670,281 | 739,438 | -9.4% | [Notes to the Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) [1. General Information](index=7&type=section&id=1.%20General%20Information) Newlink Technology, incorporated in the Cayman Islands in 2019 and listed in Hong Kong in 2021, primarily engages in software development and maintenance in China, with its ultimate beneficial owner being Executive Director Mr. Zhai Shuchun - The company was incorporated in the Cayman Islands as an exempted company on November 8, 2019, and listed on the Main Board of the Hong Kong Stock Exchange on January 6, 2021[12](index=12&type=chunk) - The Group is principally engaged in software development and maintenance business in China[13](index=13&type=chunk) - The ultimate beneficial owner of the Company is Mr. Zhai Shuchun, who is an executive Director of the Company[13](index=13&type=chunk) [2. Basis of Preparation](index=7&type=section&id=2.%20Basis%20of%20Preparation) Interim financial information is prepared under HKAS 34 and Listing Rules, with consistent accounting policies and no material impact from new/revised HKFRSs effective January 1, 2025 - The interim condensed consolidated financial information has been prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements of Appendix D2 to the Rules Governing the Listing of Securities on the Stock Exchange[14](index=14&type=chunk) - The adoption of new/revised HKFRSs (such as HKAS 21 (Amendment) Lack of Exchangeability) has not resulted in any material changes to the Group's accounting policies and reported amounts for the current and prior periods[15](index=15&type=chunk) - The Directors anticipate that the adoption of new/revised HKFRSs in the future will not have any material impact on the interim condensed consolidated financial statements[16](index=16&type=chunk) [3. Revenue and Segment Information](index=8&type=section&id=3.%20Revenue%20and%20Segment%20Information) The Group operates as a single IT solution services segment in China, with a single customer contributing over 10% of revenue, and software development services as the primary revenue source, growing by 13.3% - The Group's operating activities are attributable to a single operating and reportable segment of providing IT solution services primarily in China[17](index=17&type=chunk) - Total revenue of approximately **RMB 65,310,000** (2024: approximately RMB 60,993,000) was derived from a single customer which accounted for over **10%** of the Group's total revenue[18](index=18&type=chunk) Disaggregated Revenue Information (by type of goods or services) | Type of goods or services | 2025 (RMB '000) | 2024 (RMB '000) | Year-on-year change (%) | | :--- | :--- | :--- | :--- | | Software development services | 118,661 | 104,769 | 13.3% | | Technology and maintenance services | 12,839 | 13,839 | -7.2% | | Standard software sales | 2,240 | 4,297 | -47.9% | | Total revenue from contracts with customers | 133,740 | 122,905 | 8.8% | [4. Other Income and Gains](index=9&type=section&id=4.%20Other%20Income%20and%20Gains) Total other income and gains decreased by 37.9% to RMB 3,645 thousand, primarily due to a significant reduction in bank interest income Details of Other Income and Gains | Item | 2025 (RMB '000) | 2024 (RMB '000) | Year-on-year change (%) | | :--- | :--- | :--- | :--- | | Bank interest income | 1,822 | 4,674 | -61.0% | | VAT refunds and other tax subsidies | 1,018 | 787 | 29.3% | | Others | 805 | 407 | 97.8% | | Total | 3,645 | 5,868 | -37.9% | [5. Finance Costs](index=10&type=section&id=5.%20Finance%20Costs) Finance costs decreased by 49.5% to RMB 539 thousand, mainly due to reduced interest expenses on bank borrowings and lease liabilities Details of Finance Costs | Item | 2025 (RMB '000) | 2024 (RMB '000) | Year-on-year change (%) | | :--- | :--- | :--- | :--- | | Interest expense on interest-bearing bank borrowings | 194 | 352 | -44.9% | | Interest on lease liabilities | 345 | 715 | -51.7% | | Total | 539 | 1,067 | -49.5% | [6. Loss Before Tax](index=10&type=section&id=6.%20Loss%20Before%20Tax) Loss before tax widened by 16.6% to RMB 64,609 thousand, influenced by increased cost of sales, reduced R&D expenses, higher employee benefits, and intangible asset amortization Key Components of Loss Before Tax | Item | 2025 (RMB '000) | 2024 (RMB '000) | Year-on-year change (%) | | :--- | :--- | :--- | :--- | | Cost of sales and services | 109,674 | 98,180 | 11.7% | | Research and development expenses | 27,627 | 37,648 | -26.6% | | Employee benefit expenses | 80,083 | 77,222 | 3.7% | | Amortization of intangible assets | 23,698 | 25,871 | -8.4% | | Expected credit loss provision for trade receivables | 10,314 | 11,128 | -7.3% | | Loss Before Tax | (64,609) | (55,403) | 16.6% (Loss widened) | - Amortization of deferred development costs has been classified as research and development expenses and included in amortization of intangible assets[23](index=23&type=chunk) [7. Income Tax Expense](index=11&type=section&id=7.%20Income%20Tax%20Expense) Income tax expense increased to RMB 24 thousand, with PRC operations subject to statutory or preferential rates, while Cayman Islands and Hong Kong entities are exempt or have no taxable profits Income Tax Expense | Item | 2025 (RMB '000) | 2024 (RMB '000) | Year-on-year change (%) | | :--- | :--- | :--- | :--- | | Current income tax: PRC Enterprise Income Tax | 24 | 15 | 60.0% | | Income tax expense | 24 | 15 | 60.0% | - The Company was incorporated in the Cayman Islands as an exempted company and is not subject to income tax[25](index=25&type=chunk) - The Group's PRC operations' income tax provision is subject to a statutory tax rate of **25%**, except for certain subsidiaries that have obtained "High and New Technology Enterprise" qualifications and are subject to a preferential tax rate of **15%**[27](index=27&type=chunk) [8. Dividends](index=12&type=section&id=8.%20Dividends) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025, consistent with the prior period - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (June 30, 2024: nil)[30](index=30&type=chunk) [9. Loss Per Share](index=12&type=section&id=9.%20Loss%20Per%20Share) Basic and diluted loss per share widened to RMB 6.86 cents, primarily due to an increased loss attributable to owners of the Company Details of Loss Per Share Calculation | Item | 2025 (RMB '000/Number of shares) | 2024 (RMB '000/Number of shares) | | :--- | :--- | :--- | | Loss for the period attributable to owners of the Company used in the calculation of basic and diluted loss per share | (64,378) | (55,226) | | Weighted average number of ordinary shares used in the calculation of basic and diluted loss per share | 937,864,480 | 827,361,004 | | Basic and diluted loss per share | RMB cents (6.86) | RMB cents (6.67) | - The Company had no potential dilutive ordinary shares outstanding for the six months ended June 30, 2025 and 2024[32](index=32&type=chunk) [10. Property and Equipment](index=13&type=section&id=10.%20Property%20and%20Equipment) Cost of additions to property and equipment significantly increased to RMB 298 thousand, primarily for electronic equipment, furniture, and leasehold improvements - For the six months ended June 30, 2025, the Group's cost of additions to property and equipment was approximately **RMB 298,000** (June 30, 2024: approximately RMB 15,000)[35](index=35&type=chunk) [11. Intangible Assets](index=13&type=section&id=11.%20Intangible%20Assets) Intangible asset additions were RMB 12,826 thousand, with amortization of RMB 23,698 thousand, and deferred development costs not yet available for use increased, but no material adverse changes were identified Changes in Intangible Assets | Item | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | | :--- | :--- | :--- | | Additions | 12,826 | 14,078 | | Amortization | 23,698 | 25,871 | Period-end Data | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Deferred development costs not yet available for use | 25,284 | 22,008 | - The Directors of the Company have not identified any material adverse changes in the intangible asset related items corresponding to deferred development costs not yet available for use for the six months ended June 30, 2025, compared to the year ended December 31, 2024[36](index=36&type=chunk) [12. Trade Receivables](index=13&type=section&id=12.%20Trade%20Receivables) Net trade receivables increased by 8.3% to RMB 172,333 thousand, with higher expected credit loss provisions and an increase in balances over 3 years Trade Receivables and Provisions | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | | Gross trade receivables | 227,525 | 203,965 | 11.5% | | Less: Expected credit loss provision | (55,192) | (44,878) | 23.0% | | Net trade receivables | 172,333 | 159,087 | 8.3% | Ageing Analysis of Trade Receivables (net of provisions) | Ageing | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Within 90 days | 50,746 | 28,412 | | 91 to 180 days | 9,361 | 9,475 | | 181 to 365 days | 29,936 | 38,490 | | 1 to 2 years | 46,994 | 39,232 | | 2 to 3 years | 20,576 | 31,737 | | Over 3 years | 14,720 | 11,741 | | Total | 172,333 | 159,087 | [13. Contract Assets](index=14&type=section&id=13.%20Contract%20Assets) Net contract assets increased by 20.2% to RMB 131,179 thousand, with current assets forming the largest portion and corresponding increases in expected credit loss provisions Contract Assets and Provisions | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | | Gross contract assets | 132,196 | 110,009 | 20.2% | | Less: Expected credit loss provision | (1,017) | (854) | 19.1% | | Net contract assets | 131,179 | 109,155 | 20.2% | | Classified as current assets | 130,503 | 108,479 | 20.3% | | Classified as non-current assets | 676 | 676 | 0.0% | [14. Prepayments, Deposits and Other Receivables](index=15&type=section&id=14.%20Prepayments,%20Deposits%20and%20Other%20Receivables) Total prepayments, deposits, and other receivables slightly increased to RMB 21,459 thousand, with growth in the current asset portion Details of Prepayments, Deposits and Other Receivables | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | | Prepayments | 9,477 | 9,622 | -1.5% | | Rental deposits | 1,305 | 1,580 | -17.4% | | Deposits and other receivables | 10,722 | 9,132 | 17.4% | | Less: Expected credit loss provision | (45) | (50) | -10.0% | | Total | 21,459 | 20,284 | 5.8% | | Classified as current assets | 13,672 | 12,435 | 9.9% | | Classified as non-current assets | 7,787 | 7,849 | -0.8% | [15. Trade Payables](index=15&type=section&id=15.%20Trade%20Payables) Total trade payables significantly increased by 33.8% to RMB 81,406 thousand, driven by a notable rise in short-term payables Ageing Analysis of Trade Payables | Ageing | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Within 90 days | 51,035 | 18,959 | | 91 to 180 days | 384 | 286 | | 181 to 365 days | 4,412 | 16,396 | | 1 to 2 years | 7,125 | 7,995 | | Over 2 years | 18,450 | 17,220 | | Total | 81,406 | 60,856 | - Trade payables are non-interest bearing and are generally settled within 180 days[40](index=40&type=chunk) [16. Other Payables and Accrued Expenses](index=16&type=section&id=16.%20Other%20Payables%20and%20Accrued%20Expenses) Total other payables and accrued expenses significantly decreased by 46.9% to RMB 6,821 thousand from RMB 12,835 thousand at year-end 2024, primarily due to reductions in other payables and accrued staff costs Details of Other Payables and Accrued Expenses | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | | Other payables | 42 | 1,795 | -97.7% | | Accrued staff costs | 286 | 924 | -69.0% | | Other tax payables | 6,493 | 10,116 | -35.8% | | Total | 6,821 | 12,835 | -46.9% | [17. Interest-bearing Bank Borrowings](index=16&type=section&id=17.%20Interest-bearing%20Bank%20Borrowings) Interest-bearing bank borrowings decreased by 50% to RMB 10,000 thousand from RMB 20,000 thousand at year-end 2024, with all unsecured loans maturing in 2026 at floating annual interest rates between 3.5% and 3.6% Details of Interest-bearing Bank Borrowings | Item | June 30, 2025 (RMB '000) | Effective interest rate (%) | Maturity date | | :--- | :--- | :--- | :--- | | Bank loans－unsecured | 10,000 | 3.5-3.6 | 2026 | Comparative Data | Item | December 31, 2024 (RMB '000) | Effective interest rate (%) | Maturity date | | :--- | :--- | :--- | :--- | | Bank loans－unsecured | 20,000 | 3.85 | 2025 | [18. Share Capital](index=16&type=section&id=18.%20Share%20Capital) Authorized share capital comprised 50 billion ordinary shares of US$0.000001 each, with 943,817,280 issued and fully paid shares totaling RMB 7 thousand, consistent with year-end 2024 Details of Share Capital | Item | June 30, 2025 (Number of shares) | June 30, 2025 (RMB '000) | | :--- | :--- | :--- | | Authorized: Ordinary shares of US$0.000001 each | 50,000,000,000 | – | | Issued and fully paid: At period-end | 943,817,280 | 7 | Comparative Data | Item | December 31, 2024 (Number of shares) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Issued and fully paid: At period-end | 943,817,280 | 7 | | New shares issued (2024) | 157,302,880 | 2 | [Business Overview and Review](index=17&type=section&id=Business%20Overview%20and%20Review) The Group navigated complex economic challenges in H1 2025, achieving resilient growth through strategic focus on core capabilities, risk prevention, market expansion, and operational efficiency, with revenue increasing by 8.8% [Overview](index=17&type=section&id=Overview) Newlink Technology is a leading technology-driven IT solution service provider in China, specializing in AI and big data analytics applications across finance, healthcare, and transportation, offering comprehensive solutions like RPA, smart campus, and medical big data management - Newlink Technology is a leading technology-driven IT solution service provider in China, based on self-developed software products[42](index=42&type=chunk) - The company has long focused on IT solutions centered on advanced innovative technologies such as artificial intelligence and big data analytics, serving customers in specific industries like finance, healthcare, transportation, logistics, education, and energy, as well as general industries[42](index=42&type=chunk) - The Group provides scenario-based comprehensive solutions such as RPA robotic process automation, smart campus, intelligent management of healthcare big data, and deep semantic analysis and risk prevention based on large models[42](index=42&type=chunk) [Business Review](index=17&type=section&id=Business%20Review) Facing complex economic challenges in H1 2025, Newlink Technology focused on core capabilities, risk prevention, and strategic initiatives in market, revenue, cost, innovation, and governance, achieving resilient business growth - For the first half of 2025, global economic operations faced complex and severe challenges, with the company's operating environment affected by multiple pressures[43](index=43&type=chunk) - The Group's management actively responded by focusing on core capability building and risk prevention, achieving total revenue of **RMB 133.7 million**, a **year-on-year increase of 8.8%**, breaking through seasonal business constraints[43](index=43&type=chunk) - The company continued to deeply cultivate the domestic market, increased investment in new product R&D and marketing innovation, and steadily expanded into the Asia-Pacific regional market centered in Hong Kong[43](index=43&type=chunk) [Operating Environment and Response Strategies](index=17&type=section&id=Operating%20Environment%20and%20Response%20Strategies) Amidst rising global costs, debt risks, and geopolitical tensions, coupled with unstable domestic demand, Newlink Technology focused on core capabilities and risk prevention, expanding into Asia-Pacific and achieving resilient growth - Global costs are rigidly rising, debt risks and financial environments are tightening, protectionism and geopolitical risks are escalating, and the foundation for domestic effective demand recovery remains unstable[43](index=43&type=chunk) - The Group's management actively responded by focusing on core capability building and risk prevention, continuously deepening its presence in the domestic market, and steadily expanding into the Asia-Pacific regional market centered in Hong Kong[43](index=43&type=chunk) - Despite sales pressure, the Group achieved total revenue of **RMB 133.7 million** during the reporting period, a **year-on-year increase of 8.8%**[43](index=43&type=chunk) [Revenue Structure and Performance](index=18&type=section&id=Revenue%20Structure%20and%20Performance) IT solution services contributed all revenue in H1 2025, with software development services growing by 13.3% to RMB 118.7 million as the core, while technology and maintenance services and standard software sales both declined - In the first half of 2025, all of the Group's revenue was derived from IT solution services business[44](index=44&type=chunk) 2025 H1 Revenue Structure | Service Type | 2025 H1 Revenue (RMB million) | 2024 H1 Revenue (RMB million) | Year-on-year change (%) | | :--- | :--- | :--- | :--- | | Software development services | 118.7 | 104.8 | 13.3% | | Technology and maintenance services | 12.8 | 13.8 | -7.2% | | Standard software sales | 2.2 | 4.3 | -48.8% | [Cost Control and Operational Resilience](index=18&type=section&id=Cost%20Control%20and%20Operational%20Resilience) Despite strict cost control and procurement optimization, gross profit decreased by 2.4% to RMB 24.1 million, with gross margin falling to 18.0%, and loss widened due to increased fair value losses on equity investments and higher operating expenses - The Group strictly controlled various expenses, strengthened rigid budget constraints, and offset rising cost pressures by optimizing procurement strategies, strengthening diversified supply chain layouts, and refining inventory management[44](index=44&type=chunk) - Gross profit recorded during the reporting period was **RMB 24.1 million**, a slight **year-on-year decrease of 2.4%**, with gross margin decreasing from **20.1% to 18.0%**[44](index=44&type=chunk)[54](index=54&type=chunk) - Loss for the period attributable to owners of the Company was **RMB 64.4 million**, an increase of **RMB 9.2 million** compared to the same period last year, mainly due to the combined impact of increased fair value losses on equity investments at fair value through profit or loss, higher selling and distribution expenses, and reduced R&D expenses[44](index=44&type=chunk) [Innovation and Digital Transformation](index=18&type=section&id=Innovation%20and%20Digital%20Transformation) The Group prioritizes key technological breakthroughs and core product upgrades, leveraging advanced technologies to enhance R&D, procurement, marketing, and management, thereby improving decision efficiency and customer responsiveness to strengthen its technological barriers - The Group focuses on key technological breakthroughs and core product iteration and upgrades to consolidate its technological barriers[45](index=45&type=chunk) - Applying advanced technologies to empower R&D, procurement, marketing, and management, enhancing decision-making efficiency and customer response speed[45](index=45&type=chunk) [Financial Management and Risk Prevention](index=18&type=section&id=Financial%20Management%20and%20Risk%20Prevention) The Group emphasizes cash flow management, capital structure optimization, and diversified financing to ensure liquidity, while enhancing ESG and comprehensive risk management to address supply chain, market, and geopolitical risks - The Group focuses on cash flow forecasting and management, optimizing capital structure to ensure liquidity safety, and actively expanding diversified financing channels[45](index=45&type=chunk) - Continuously improving the ESG (Environmental, Social, and Governance) management system, actively responding to green compliance requirements, and integrating sustainable development into its strategy[45](index=45&type=chunk) - Strengthening comprehensive risk management to enhance the ability to identify, assess, and respond to supply chain risks, market risks, compliance risks, and geopolitical risks[45](index=45&type=chunk) [Regional Market Expansion and Industry-Academia-Research Collaboration](index=19&type=section&id=Regional%20Market%20Expansion%20and%20Industry-Academia-Research%20Collaboration) The Group deepens its mainland China presence and expands into Asia-Pacific from Hong Kong, partnering with local firms and establishing a joint laboratory with Hong Kong Polytechnic University to accelerate FinTech industrialization and talent development - The Group initiated a strategic plan in 2023 to establish itself in the Hong Kong SAR and radiate across the Asia-Pacific region and Greater Bay Area market, and has successfully partnered with several well-known local financial, energy, retail, trade, and cultural tourism enterprises in Hong Kong[46](index=46&type=chunk) - In the first half of 2025, the Company established a strategic industry-academia-research collaboration with Hong Kong Polytechnic University, forming a joint laboratory and setting up common joint projects, aiming to accelerate the practical implementation and application of FinTech empowering broader business scenarios[46](index=46&type=chunk) [Industry Honors and Awards](index=19&type=section&id=Industry%20Honors%20and%20Awards) In H1 2025, Newlink Technology and Beijing Newlink Technology Co., Ltd. received multiple industry accolades, including the "Golden Tripod Product Award" and several "Haino Awards" for service innovation, brand leadership, and industry leadership - Beijing Newlink won the "Golden Tripod Product Award" in the financial track of the 3rd "Dingxin Cup" competition with its IT solution "IFR Financial Intelligent Process Robot based on Newlink RPA V4.0"[47](index=47&type=chunk) - Newlink Technology and Mr. Zhai Shuchun, Executive Director, Chairman of the Board, and CEO, successfully received three honors: "Haino Award – 2025 Service Innovation Model Enterprise," "Haino Award – 2025 (Industry) Leading Brand," and "Haino Award – 2025 (Industry) Leading Figure"[47](index=47&type=chunk) [Outlook](index=20&type=section&id=Outlook) Newlink Technology remains cautiously optimistic amidst global economic complexities, focusing on technological R&D and business model innovation in H2, building long-term growth engines through strategic collaborations, market expansion, and operational excellence to enhance resilience and shareholder value - Looking ahead, the complexity, severity, and uncertainty of the global economy persist, with cost pressures, geopolitical risks, and market demand fluctuations remaining key challenges for the Group's operations[48](index=48&type=chunk) - The Group remains cautiously optimistic about its development prospects and will adhere to the dual innovation development goals of "technological R&D innovation" and "business model innovation"[48](index=48&type=chunk) - In the second half, the Group will build long-term growth engines through important implementation paths such as deepening subsidiary collaboration mechanisms, integrating internal and external technology supply chains, and establishing a customer experience monitoring matrix, and implement a dual-path expansion strategy of "core region penetration + emerging market cultivation" to comprehensively enhance core competitiveness[48](index=48&type=chunk) [Financial Performance Analysis](index=21&type=section&id=Financial%20Performance%20Analysis) The Group's financial performance analysis reveals an 8.8% revenue increase, a 2.4% gross profit decrease, and a 16.6% widened loss for the period, driven by increased costs and fair value losses [Revenue](index=21&type=section&id=Revenue) During the reporting period, the Group's revenue, entirely from IT solution services, totaled RMB 133.7 million, an 8.8% year-on-year increase, primarily driven by increased software development services revenue, with innovative solutions contributing significantly - During the reporting period, the Group's revenue was entirely derived from IT solution services business, totaling **RMB 133.7 million**, an **increase of 8.8%** compared to **RMB 122.9 million** in the prior period[49](index=49&type=chunk) - The increase in revenue was primarily due to the increase in software development services revenue, which accounted for **88.8%** of the Group's total revenue[49](index=49&type=chunk) [Software Development Services](index=21&type=section&id=Software%20Development%20Services) Software development services revenue increased by 13.3% to RMB 118.7 million, with innovative solutions contributing 58.5%, making it a significant component of the Group's business revenue Software Development Services Revenue | Item | 2025 (RMB million) | 2024 (RMB million) | Year-on-year change (%) | | :--- | :--- | :--- | :--- | | Software development services revenue | 118.7 | 104.8 | 13.3% | | Innovative solution revenue (as % of software development services) | 69.4 | N/A | N/A | - Innovative solutions primarily include Robotic Process Automation (RPA) solutions, intelligent management solutions for healthcare big data, and other advanced technologies utilizing data mining and analysis, cloud computing, distributed database management, knowledge graphs, and deep learning[50](index=50&type=chunk) [Technology and Maintenance Services](index=22&type=section&id=Technology%20and%20Maintenance%20Services) Technology and maintenance services revenue amounted to RMB 12.8 million, a 7.2% decrease from RMB 13.8 million in the prior period, accounting for 9.6% of the Group's total revenue Technology and Maintenance Services Revenue | Item | 2025 (RMB million) | 2024 (RMB million) | Year-on-year change (%) | | :--- | :--- | :--- | :--- | | Technology and maintenance services revenue | 12.8 | 13.8 | -7.2% | | Proportion of total revenue | 9.6% | N/A | N/A | [Standard Software Sales](index=22&type=section&id=Standard%20Software%20Sales) Standard software sales revenue was RMB 2.2 million, accounting for only 1.6% of total revenue, with innovative solutions comprising 95.5%, primarily including medical quality control and smart healthcare platform products Standard Software Sales Revenue | Item | 2025 (RMB million) | 2024 (RMB million) | Year-on-year change (%) | | :--- | :--- | :--- | :--- | | Standard software sales revenue | 2.2 | 4.3 | -48.8% | | Innovative solution revenue (as % of standard software sales) | 2.1 | N/A | N/A | - Innovative solutions primarily include medical quality control and smart healthcare platform products[52](index=52&type=chunk) [Cost of Sales and Services](index=22&type=section&id=Cost%20of%20Sales%20and%20Services) During the reporting period, the cost of sales and services increased by 11.7% to RMB 109.7 million from RMB 98.2 million in the prior period, primarily due to higher implementation costs associated with increased software development services revenue Cost of Sales and Services | Item | 2025 (RMB million) | 2024 (RMB million) | Year-on-year change (%) | | :--- | :--- | :--- | :--- | | Cost of sales and services | 109.7 | 98.2 | 11.7% | - The increase in cost was mainly due to higher implementation costs associated with the growth in software development services revenue[53](index=53&type=chunk) [Gross Profit and Gross Margin](index=22&type=section&id=Gross%20Profit%20and%20Gross%20Margin) Gross profit decreased by 2.4% to RMB 24.1 million from RMB 24.7 million in the prior period, with gross margin falling from 20.1% to 18.0%, primarily because sales cost growth outpaced revenue growth in software development services Gross Profit and Gross Margin | Item | 2025 (RMB million) | 2024 (RMB million) | Year-on-year change (%) | | :--- | :--- | :--- | :--- | | Gross Profit | 24.1 | 24.7 | -2.4% | | Gross Margin | 18.0% | 20.1% | -2.1 percentage points | - The decrease in gross profit and gross margin was mainly due to the increase in sales costs for software development services exceeding the increase in revenue from that business[54](index=54&type=chunk) [Other Income and Gains](index=22&type=section&id=Other%20Income%20and%20Gains) During the reporting period, other income and gains amounted to RMB 3.6 million, a 39.0% decrease from RMB 5.9 million in the prior period, primarily due to reduced bank interest income Other Income and Gains | Item | 2025 (RMB million) | 2024 (RMB million) | Year-on-year change (%) | | :--- | :--- | :--- | :--- | | Other income and gains | 3.6 | 5.9 | -39.0% | - The decrease was mainly due to reduced bank interest income[55](index=55&type=chunk) [Fair Value Changes of Equity Investments at Fair Value Through Profit or Loss](index=22&type=section&id=Fair%20Value%20Changes%20of%20Equity%20Investments%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) During the reporting period, the Group incurred additional fair value losses of RMB 18.2 million on equity investments at fair value through profit or loss, a significant increase from RMB 4.3 million in the prior period, primarily due to fair value fluctuations of secondary market stocks Fair Value Changes of Equity Investments | Item | 2025 (RMB million) | 2024 (RMB million) | Year-on-year change (%) | | :--- | :--- | :--- | :--- | | Fair value change loss | (18.2) | (4.3) | 323.3% (Loss widened) | - The loss was due to fair value fluctuations of stocks purchased in the secondary market[56](index=56&type=chunk) [Fair Value Changes of Contingent Consideration](index=23&type=section&id=Fair%20Value%20Changes%20of%20Contingent%20Consideration) The Group recognized a gain of RMB 1.6 million from fair value changes of contingent consideration arising from the acquisition of subsidiary Neusoft Yutong Fair Value Changes of Contingent Consideration | Item | 2025 (RMB million) | 2024 (RMB million) | | :--- | :--- | :--- | | Fair value changes of contingent consideration | 1.6 | – | - The change arose from the acquisition of subsidiary Neusoft Yutong[57](index=57&type=chunk) [Selling and Distribution Expenses](index=23&type=section&id=Selling%20and%20Distribution%20Expenses) Selling and distribution expenses increased by 21.3% to RMB 9.7 million from RMB 8.0 million in the prior period, primarily due to higher sales expenses related to revenue-generating contracts Selling and Distribution Expenses | Item | 2025 (RMB million) | 2024 (RMB million) | Year-on-year change (%) | | :--- | :--- | :--- | :--- | | Selling and distribution expenses | 9.7 | 8.0 | 21.3% | - The increase was mainly due to higher sales expenses related to revenue-generating contracts[58](index=58&type=chunk) [Administrative Expenses](index=23&type=section&id=Administrative%20Expenses) Administrative expenses increased by 5.3% to RMB 23.7 million from RMB 22.5 million in the prior period, primarily due to higher staff remuneration and amortization expenses Administrative Expenses | Item | 2025 (RMB million) | 2024 (RMB million) | Year-on-year change (%) | | :--- | :--- | :--- | :--- | | Administrative expenses | 23.7 | 22.5 | 5.3% | - The increase was mainly due to higher staff remuneration and amortization expenses[59](index=59&type=chunk) [Research and Development Expenses](index=23&type=section&id=Research%20and%20Development%20Expenses) R&D expenses decreased by 26.6% to RMB 27.6 million from RMB 37.6 million in the prior period, mainly due to fewer R&D personnel and lower amortization of deferred development costs, while the Group added 7 new software copyrights Research and Development Expenses | Item | 2025 (RMB million) | 2024 (RMB million) | Year-on-year change (%) | | :--- | :--- | :--- | :--- | | Research and development expenses | 27.6 | 37.6 | -26.6% | - The decrease was mainly due to a reduction in the number of R&D personnel and lower amortization of the Group's deferred development costs[60](index=60&type=chunk) - As of June 30, 2025, the Group held a total of **245 software copyrights**, with **7 new software copyrights** related to innovative solutions developed or upgraded during the six months ended June 30, 2025[60](index=60&type=chunk) [Expected Credit Loss Provision for Trade Receivables, Contract Assets and Other Receivables, Net](index=23&type=section&id=Expected%20Credit%20Loss%20Provision%20for%20Trade%20Receivables,%20Contract%20Assets%20and%20Other%20Receivables,%20Net) The Group recorded a net expected credit loss provision of RMB 10.5 million, primarily due to increased expected credit losses on trade receivables balances over three years old Expected Credit Loss Provision, Net | Item | 2025 (RMB million) | | :--- | :--- | | Expected credit loss provision, net | 10.5 | - Primarily due to increased expected credit losses on trade receivables balances over three years old[61](index=61&type=chunk) [Other Expenses](index=24&type=section&id=Other%20Expenses) Other expenses amounted to RMB 2.0 million, primarily including donation expenses and impairment losses on inventories Other Expenses | Item | 2025 (RMB million) | | :--- | :--- | | Other expenses | 2.0 | - Primarily including donation expenses and impairment losses on inventories[62](index=62&type=chunk) [Finance Costs](index=24&type=section&id=Finance%20Costs) Finance costs decreased by 54.5% to RMB 0.5 million, primarily due to reduced interest expenses on interest-bearing bank borrowings and lease interest Finance Costs | Item | 2025 (RMB million) | 2024 (RMB million) | Year-on-year change (%) | | :--- | :--- | :--- | :--- | | Finance costs | 0.5 | 1.1 | -54.5% | - The decrease was mainly due to reduced interest expenses on interest-bearing bank borrowings and lease interest[63](index=63&type=chunk) [Share of Results of an Associate](index=24&type=section&id=Share%20of%20Results%20of%20an%20Associate) The Company's share of loss from an investment in an associate was RMB 1.6 million, stemming from the loss of Beijing Heshun Huikang Technology Co., Ltd. Share of Results of an Associate | Item | 2025 (RMB million) | | :--- | :--- | | Share of loss from an investment in an associate | (1.6) | - The loss stemmed from the loss of Beijing Heshun Huikang Technology Co., Ltd., an associate invested by subsidiary Neusoft Yutong, during the reporting period[64](index=64&type=chunk) [Loss Before Tax](index=24&type=section&id=Loss%20Before%20Tax) Loss before tax widened by 16.6% to RMB 64.6 million, an increase of RMB 9.2 million from the prior period Loss Before Tax | Item | 2025 (RMB million) | 2024 (RMB million) | Year-on-year change (RMB million) | | :--- | :--- | :--- | :--- | | Loss Before Tax | (64.6) | (55.4) | (9.2) (Loss widened) | [Income Tax Expense](index=24&type=section&id=Income%20Tax%20Expense) Income tax expense increased by RMB 0.009 million to RMB 0.024 million from RMB 0.015 million in the prior period Income Tax Expense | Item | 2025 (RMB million) | 2024 (RMB million) | Year-on-year change (RMB million) | | :--- | :--- | :--- | :--- | | Income tax expense | 0.024 | 0.015 | 0.009 | [Loss for the Period](index=24&type=section&id=Loss%20for%20the%20Period) Loss for the period widened by 16.6% to RMB 64.6 million, an increase of RMB 9.2 million from the prior period Loss for the Period | Item | 2025 (RMB million) | 2024 (RMB million) | Year-on-year change (RMB million) | | :--- | :--- | :--- | :--- | | Loss for the Period | (64.6) | (55.4) | (9.2) (Loss widened) | [Liquidity, Financial and Capital Resources](index=24&type=section&id=Liquidity,%20Financial%20and%20Capital%20Resources) The Group primarily funded capital expenditure and working capital through operations, bank borrowings, and global offering/placing proceeds, with RMB 279.5 million in cash and cash equivalents at period-end [Sources and Uses of Funds](index=24&type=section&id=Sources%20and%20Uses%20of%20Funds) The Group primarily met capital expenditure and working capital needs through cash generated from operations, bank borrowings, and global offering/placing proceeds, with RMB 279.5 million in cash and cash equivalents at period-end - The Group primarily met its capital expenditure and working capital needs through cash generated from operations, bank borrowings, and net proceeds from the global offering and 2024 placing[68](index=68&type=chunk) Cash and Cash Equivalents | Item | June 30, 2025 (RMB million) | | :--- | :--- | | Total available cash and cash equivalents | 279.5 | [Bank Borrowings](index=25&type=section&id=Bank%20Borrowings) Bank borrowings decreased by 50% to RMB 10.0 million from RMB 20.0 million at year-end 2024, with these borrowings maturing between March and April 2026 at floating annual interest rates ranging from 3.5% to 3.6% Details of Bank Borrowings | Item | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Bank borrowings | 10.0 | 20.0 | -50.0% | | Annual floating interest rate | 3.5% to 3.6% | 3.85% | N/A | | Maturity date | March to April 2026 | 2025 | N/A | [Net Current Assets](index=25&type=section&id=Net%20Current%20Assets) Net current assets decreased by 9.5% to RMB 483.7 million from RMB 534.5 million at December 31, 2024, reflecting the company's prudent strategy to balance liquidity needs with short-term debt Net Current Assets | Item | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Net current assets | 483.7 | 534.5 | -9.5% | - This indicates that the Group adopted a prudent strategy to balance liquidity needs with short-term debt, while retaining sufficient resources for strategic growth initiatives[69](index=69&type=chunk) [Exchange Rate Fluctuation Risk](index=25&type=section&id=Exchange%20Rate%20Fluctuation%20Risk) The Group, operating primarily in China with RMB transactions, faces no significant foreign exchange risk, and undertook no hedging transactions during the reporting period - Most of the Group's monetary assets are denominated in US dollars and RMB, with risks minimized by regularly reviewing net foreign exchange exposure and utilizing natural hedges where possible[70](index=70&type=chunk) - Management believes there are no significant financial assets or liabilities denominated in currencies other than the functional currency of each entity, thus the business does not face any significant foreign exchange risk[70](index=70&type=chunk) - During the reporting period, the Group did not undertake any foreign exchange hedging transactions[70](index=70&type=chunk) [Commitments](index=25&type=section&id=Commitments) As of June 30, 2025, the Group had contracted but unprovided short-term lease commitments of RMB 0.7 million due within one year Short-term Lease Commitments | Item | June 30, 2025 (RMB million) | 2024 (RMB million) | | :--- | :--- | :--- | | Unprovided short-term lease commitments | 0.7 | 0.5 | [Contingent Liabilities](index=25&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities, guarantees, or any pending or threatened material litigation or claims - As of June 30, 2025, the Group had no significant contingent liabilities, guarantees, or any pending or threatened material litigation or claims against any member of the Group[72](index=72&type=chunk) [Future Plans for Material Investments and Capital Assets](index=25&type=section&id=Future%20Plans%20for%20Material%20Investments%20and%20Capital%20Assets) Except as disclosed, the Group had no future plans for material investments and capital assets as of June 30, 2025 - Except as disclosed in this announcement, as of June 30, 2025, the Group had no future plans for material investments and capital assets[73](index=73&type=chunk) [Material Acquisitions and Disposals of Subsidiaries and Affiliated Companies](index=25&type=section&id=Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%20and%20Affiliated%20Companies) For the six months ended June 30, 2025, the Group had no material acquisitions or disposals of subsidiaries and affiliated companies - For the six months ended June 30, 2025, the Group had no material acquisitions or disposals of subsidiaries and affiliated companies[74](index=74&type=chunk) [Material Investments](index=26&type=section&id=Material%20Investments) As of June 30, 2025, the Group held no material investments representing 5% or more of its total assets - As of June 30, 2025, we did not hold any material investments representing **5%** or more of the Group's total assets as of June 30, 2025[75](index=75&type=chunk) [Pledge of Assets](index=26&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group had no pledge of assets - As of June 30, 2025, the Group had no pledge of assets[76](index=76&type=chunk) [Customer Credit Risk](index=26&type=section&id=Customer%20Credit%20Risk) The Group faces customer payment risks, with RMB 227.5 million in trade receivables and RMB 55.2 million in impairment losses, but manages credit risk through various measures, as receivables are mainly from reputable major clients - As of June 30, 2025, our trade receivables amounted to **RMB 227.5 million**, with recorded impairment losses on trade receivables of **RMB 55.2 million**[77](index=77&type=chunk) - The outstanding trade receivables primarily originate from reputable major customers with high credit ratings, mostly state-owned enterprises and listed public companies, accounting for **67.8%**[79](index=79&type=chunk) - The Group has established credit management policies, implementing measures such as increasing sales to customers with shorter payment cycles, strictly controlling outstanding trade receivables, regular collection efforts, and performance appraisals, to minimize credit risk[82](index=82&type=chunk) [Details of Subsequent Settlement of Trade Receivables](index=26&type=section&id=Details%20of%20Subsequent%20Settlement%20of%20Trade%20Receivables) Total trade receivables were RMB 227.5 million, with RMB 11.8 million subsequently settled, showing lower settlement for balances over 3 years old Details of Subsequent Settlement of Trade Receivables as of June 30, 2025 | Ageing | Gross Amount (RMB '000) | Subsequently Settled (RMB '000) | | :--- | :--- | :--- | | Within 180 days | 60,492 | 7,394 | | 181 days to 1 year | 30,161 | 1,349 | | 1 to 2 years | 47,774 | 1,577 | | 2 to 3 years | 21,110 | 1,463 | | Over 3 years | 67,988 | 62 | | Total | 227,525 | 11,845 | [Analysis of Recoverability of Long-term Trade Receivables and Sufficiency of Credit Loss Provisions](index=27&type=section&id=Analysis%20of%20Recoverability%20of%20Long-term%20Trade%20Receivables%20and%20Sufficiency%20of%20Credit%20Loss%20Provisions) Long-term trade receivables are mainly from reputable state-owned and listed companies (67.8%), whose strict payment processes cause delays, but the company considers provisions sufficient, citing normal business arrangements and no prior unrecoverable cases - The outstanding trade receivables primarily originate from reputable major customers with high credit ratings, mostly state-owned enterprises and listed public companies, accounting for **67.8%**[79](index=79&type=chunk) - The outstanding trade receivables over 180 days as of June 30, 2025, mainly originate from long-term cooperating state-owned enterprises and listed public company customers in China, with no unrecoverable trade receivables in previous years[79](index=79&type=chunk) - The Group believes that normal business arrangements have been entered into with these customers, and as of now, no issues of unrecoverability or insufficient impairment provisions have been identified[80](index=80&type=chunk) [Actions Taken or to be Taken to Recover Long-term Receivables](index=28&type=section&id=Actions%20Taken%20or%20to%20be%20Taken%20to%20Recover%20Long-term%20Receivables) The Group actively manages long-term receivables by prioritizing sales to short-cycle customers, strictly controlling outstanding amounts, implementing credit control policies, regular collection, and integrating collection progress into employee performance appraisals - The Group improves the trade receivables collection cycle by increasing sales to customers with shorter payment cycles while gradually reducing sales to customers with longer payment cycles[82](index=82&type=chunk) - A credit control department has been established to formulate and strictly adhere to credit management policies, including follow-ups by sales personnel, telephone collection, reporting by business departments, and customer visits[82](index=82&type=chunk) - Strengthening cooperation between the technical team and the sales and marketing team to improve collection efficiency and incorporate collection progress into employee performance appraisals[82](index=82&type=chunk) [Key Financial and Business Performance Indicators](index=28&type=section&id=Key%20Financial%20and%20Business%20Performance%20Indicators) This section presents key financial and business performance indicators, including return on equity, gearing ratio, and employee information, providing insights into the Group's operational efficiency and financial health [Return on Equity](index=28&type=section&id=Return%20on%20Equity) Return on equity decreased from -7.2% to -9.6%, primarily due to the increased loss recorded during the reporting period Return on Equity | Item | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | | Return on Equity | -9.6% | -7.2% | - The decrease was primarily due to the increased loss recorded during the reporting period[83](index=83&type=chunk) [Gearing Ratio](index=28&type=section&id=Gearing%20Ratio) Gearing ratio decreased from 2.7% to 1.5%, primarily due to a reduction in bank borrowings Gearing Ratio | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Gearing Ratio | 1.5% | 2.7% | - The decrease was primarily due to a reduction in bank borrowings[83](index=83&type=chunk) [Employee Information](index=29&type=section&id=Employee%20Information) The Group had 664 employees, an increase of 49, with employee costs of RMB 80.1 million, and determines remuneration based on performance, seniority, position, and qualifications, while providing continuous training Employee Data | Item | June 30, 2025 | | :--- | :--- | | Number of employees | 664 | | Year-on-year increase | 49 employees | | Employee costs (RMB million) | 80.1 | - The company determines employee remuneration based on each employee's performance, seniority, position, and qualifications, and provides pre-job and regular ongoing training[84](index=84&type=chunk) - The company adopted a post-IPO share option scheme on December 5, 2020, to provide incentives and rewards to eligible persons[84](index=84&type=chunk) [Other Information](index=29&type=section&id=Other%20Information) This section covers other important information, including the use of proceeds from the global offering and 2024 placing, compliance with corporate governance codes, and details regarding the audit committee and interim dividend [Use of Proceeds from Global Offering](index=29&type=section&id=Use%20of%20Proceeds%20from%20Global%20Offering) Net proceeds of HK$790.4 million were reallocated for equity transfer, capital injection, and increased R&D in innovative products, with unutilized funds expected to be fully used by December 2025, and working capital by December 2027 - The net proceeds from the Company's global offering were approximately **HK$790.4 million**[85](index=85&type=chunk) - The Board has reviewed and reallocated the proceeds, including up to **HK$71.0 million** for equity transfer consideration, capital injection, and capital contribution obligations for the acquisition of Neusoft Yutong[86](index=86&type=chunk) - Further reallocation of approximately **HK$49.2 million** for working capital and general corporate purposes, and an increase of approximately **HK$38.9 million** for the development of innovative general products and approximately **HK$20.0 million** for the development of innovative financial products[86](index=86&type=chunk) Details of Utilization of Global Offering Proceeds (as of period-end) | Use | Initial Allocation (HK$ million) | After Further Reallocation (HK$ million) | Unutilized at start of period (HK$ million) | Utilized during period (HK$ million) | Unutilized at period-end (HK$ million) | | :--- | :--- | :--- | :--- | :--- | :--- | | Development of new solutions and upgrade of existing solutions | 632.3 | 144.8 | 117.6 | 64.6 | 53.0 | | －Development and upgrade of medical quality control and safety early warning platform | 158.1 | 24.4 | 16.5 | 2.9 | 13.6 | | －Development of clinical pathway management system | 158.1 | 24.2 | 24.0 | 5.9 | 18.1 | | －Development of telemedicine system | 79.0 | 7.3 | 4.3 | 0.1 | 4.2 | | －Development of new smart healthcare platform solutions | 79.0 | 12.7 | 10.7 | 3.5 | 7.2 | | －Upgrade of RPA solutions | 158.1 | 17.3 | 12.6 | 12.6 | 0.0 | | －Development of innovative general products | – | 38.9 | 34.8 | 34.8 | 0.0 | | －Development of innovative financial products | – | 20.0 | 14.7 | 4.8 | 9.9 | | Increased sales and marketing efforts | 79.1 | 14.7 | 9.5 | 9.2 | 0.3 | | Working capital and other general corporate purposes | 79.0 | 49.2 | 0.6 | 0.6 | – | | Funds planned for Neusoft Yutong acquisition | – | – | – | – | – | | Total | 790.4 | 208.7 | 127.7 | 74.4 | 53.3 | - The unutilized proceeds from the initial public offering are expected to be fully utilized by **December 2025** (except for the unutilized proceeds reallocated for working capital and other general corporate purposes, which are expected to be fully utilized by **December 2027**)[90](index=90&type=chunk) [Use of Proceeds from 2024 Placing](index=32&type=section&id=Use%20of%20Proceeds%20from%202024%20Placing) Net proceeds of HK$43.60 million from the 2024 placing were fully utilized to supplement the Group's general working capital by the end of the reporting period - The net proceeds from the 2024 placing were approximately **HK$43.60 million**, all of which were used to supplement the Group's general working capital[89](index=89&type=chunk) Utilization of Net Proceeds from 2024 Placing (as of period-end) | Use | Net Proceeds from Placing (HK$ million) | Unutilized at start of period (HK$ million) | Utilized during period (HK$ million) | Unutilized at period-end (HK$ million) | | :--- | :--- | :--- | :--- | :--- | | Supplement the Group's general working capital | 43.6 | 33.06 | 33.06 | – | - The unutilized funds are expected to be fully utilized by **December 2027**[91](index=91&type=chunk) [Compliance with Corporate Governance Code](index=33&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Group maintains high corporate governance standards, complying with the Code, though the Chairman and CEO roles are combined, which the Board believes benefits management and strategic planning - The Group is committed to maintaining a high level of corporate governance and has adopted all applicable principles and code provisions of the Corporate Governance Code[92](index=92&type=chunk)[93](index=93&type=chunk) - Mr. Zhai Shuchun serves as both Chairman and Chief Executive Officer, and the Board believes this arrangement is beneficial to the Group's management, ensuring consistent internal leadership and enabling the company to make and implement decisions more efficiently[92](index=92&type=chunk) - Save for the deviation where the roles of Chairman and Chief Executive Officer are performed by the same individual, the Group has complied with the Corporate Governance Code throughout the six months ended June 30, 2025[93](index=93&type=chunk) [Compliance with Model Code for Securities Transactions](index=34&type=section&id=Compliance%20with%20Model%20Code%20for%20Securities%20Transactions) The Company adopted the Model Code for Directors' securities transactions, and all Directors confirmed compliance during the reporting 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 as its code of conduct for Directors' securities transactions[94](index=94&type=chunk) - Following specific enquiry with the Directors, all Directors confirmed that they have complied with the requirements of the Model Code throughout the six months ended June 30, 2025[94](index=94&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=34&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) Neither the Company nor its subsidiaries purchased, sold, or redeemed any listed securities, with 5,952,800 treasury shares held for employee incentives or liquidity purposes - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[95](index=95&type=chunk) - As of June 30, 2025, the Company held **5,952,800 treasury shares**, intended for employee incentives, sale, or transfer to obtain liquidity, among other uses[95](index=95&type=chunk) [Audit Committee and Review of Financial Statements](index=34&type=section&id=Audit%20Committee%20and%20Review%20of%20Financial%20Statements) The Audit Committee, comprising three independent non-executive Directors, reviewed the unaudited financial information for H1 2025, confirming compliance with accounting standards and proper disclosure - The Audit Committee comprises three independent non-executive Directors, namely Mr. You Linfeng (Chairman of the Audit Committee), Mr. Tang Baoqi, and Ms. Yang Juan[96](index=96&type=chunk) - The financial information for the six months ended June 30, 2025, contained in the interim report is unaudited but has been reviewed by the Company's external auditor, RSM Hong Kong, in accordance with Hong Kong Standard on Review Engagements 2410[96](index=96&type=chunk) - The Audit Committee has reviewed the interim results and is satisfied that the unaudited financial information of the Company contained in this announcement has been prepared in accordance with applicable accounting standards and is duly and properly disclosed[96](index=96&type=chunk)[97](index=97&type=chunk) [Interim Dividend](index=35&type=section&id=Interim%20Dividend) The Board does not recommend the declaration of an interim dividend to shareholders for the six months ended June 30, 2025 - The Board does not recommend the declaration of an interim dividend to shareholders for the six months ended June 30, 2025[98](index=98&type=chunk) [Events After the Reporting Period](index=35&type=section&id=Events%20After%20the%20Reporting%20Period) No material events occurred after June 30, 2025, and up to the date of this announcement - No material events occurred after June 30, 2025, and up to the date of this announcement[99](index=99&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=35&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This announcement is published on the HKEX and Company websites, with the interim report for H1 2025 to follow at an appropriate time - This announcement is published on the HKEX website (www.hkexnews.hk) and the Company's website (www.newlinktech.com.cn)[100](index=100&type=chunk) - The Company's interim report for the six months ended June 30, 2025, will be published on the aforementioned websites at an appropriate time[100](index=100&type=chunk) [Acknowledgement](index=35&type=section&id=Acknowledgement) Chairman and CEO Mr. Zhai Shuchun, on behalf of the Board, thanks all colleagues for their dedication and expresses gratitude to shareholders, customers, banks, and business partners for their trust and support - Mr. Zhai Shuchun, Chairman and Chief Executive Officer, on behalf of the Board, expresses gratitude for the efforts, dedication, loyalty, and integrity of all colleagues[101](index=101&type=chunk)[102](index=102&type=chunk) - Sincere thanks for the trust and support from shareholders, customers, banks, and other business partners[101](index=101&type=chunk) [Board of Directors](index=35&type=section&id=Board%20of%20Directors) As of this announcement date, the Board comprises Mr. Zhai Shuchun, Ms. Qin Yi, and Mr. Li Xiaodong as executive Directors, and Mr. Tang Baoqi, Ms. Yang Juan, and Mr. You Linfeng as independent non-executive Directors - The executive Directors are Mr. Zhai Shuchun, Ms. Qin Yi, and Mr. Li Xiaodong[102](index=102&type=chunk) - The independent non-executive Directors are Mr. Tang Baoqi, Ms. Yang Juan, and Mr. You Linfeng[102](index=102&type=chunk)

格隆汇8月13日丨新纽科技(09600.HK)公告，将于2025年8月25日(星期一)举行董事会会议，以(其中包 括)考虑及批准公司及其子公司于截至2025年6月30日止6个月的中期业绩及其刊发，并考虑派发中期股 息(如有)。 ...

新 紐 科 技 有 限 公 司 * （ 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ） （股份代號：9600） 董事會會議日期 新紐科技有限公司*（「本公司」）董事會（「董事會」）謹此宣佈，將於2025年8月25日（星期一） 舉行董事會會議，以（其中包括）考慮及批准本公司及其子公司於截至2025年6月30日止六 個月的中期業績及其刊發，並考慮派發中期股息（如有）。 承董事會命 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份內容 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。 新紐科技有限公司* NEWLINK TECHNOLOGY INC. 中國，北京，2025年8月13日 於本公告日期，執行董事為翟曙春先生、秦禕女士及李小東先生；及獨立非執行董事為 唐保祺先生、楊鵑女士及游林峰先生。 * 僅供識別 董事會主席兼首席執行官 翟曙春 ...

Group 1 - The "Youth Dream Launch" 2025 Hong Kong Youth Beijing Summer Internship Experience event successfully concluded, aiming to bridge communication and enhance employment capabilities for Hong Kong youth while promoting collaboration between Beijing and Hong Kong in technology innovation [1] - New New Technology Co., Ltd. (9600.HK) participated in the event through its subsidiary Beijing New New Technology Co., Ltd., representing a leading technology-driven enterprise focused on self-developed software products [1] - During the event, Beijing New New provided Hong Kong students with comprehensive internship experiences in areas such as artificial intelligence and big data analysis, showcasing their dedication and positive work attitude [1] Group 2 - New New Technology plans to strengthen collaboration with Hong Kong universities in technology-driven industry development, promoting integration and exchange between youth in both regions [2] - The company aims to accelerate the cultivation of technology talent in the Greater Bay Area, enhancing its "industry-university-research-application" integrated talent system [2] - The initiative contributes to building a competitive international innovation technology talent hub in China [2]

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: 新紐科技有限公司（*僅供識別）（於開曼群島註冊成立有限公司） 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 呈交日期: 2025年8月4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) | 09600 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | USD | | 0.000001 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 50,000,000,000 | USD | | 0.000001 | USD | ...

Group 1 - The National Health Commission, the State Administration of Traditional Chinese Medicine, and the National Disease Control Bureau jointly issued a notice to strengthen the management of electronic medical record (EMR) information in medical institutions, focusing on internal management, standardizing EMR usage, and enhancing regulatory oversight [1] - New New Technology Co., Ltd. is a technology-driven IT solution provider that leverages AI and big data to support the digital transformation of the healthcare industry, offering innovative IT solutions to optimize medical safety and internal management for healthcare institutions [1][2] - The company's medical and medical record quality management products comply with national standards and effectively assist healthcare clients in achieving accurate verification of medical record completeness, timeliness, logical consistency, and compliance with medical norms [2] Group 2 - The products support flexible hierarchical management and configuration, allowing clients to set specific quality control standards and management permissions based on various dimensions such as department, management level, and record type [3] - The company aims to enhance its competitive advantage by continuously improving the integration of AI and big data technologies in the healthcare information sector, contributing to the overall improvement of healthcare service quality management in China [3]

Group 1 - Yuxin Technology has submitted an application for overseas listing on the Hong Kong Stock Exchange to support its overseas business development and enhance its international brand image and competitiveness [1] - Changliang Technology has provided trading system solutions to multiple institutions that have obtained virtual banking licenses in Hong Kong, indicating a positive outlook for its overseas business starting from 2025 [1] - The trend of Chinese fintech companies expanding internationally is driven by the acceleration of global digitalization and increasing domestic market competition [2] Group 2 - Hong Kong has become a strategic hub for many mainland fintech companies looking to enter global markets, with over 1,100 fintech firms currently operating in the region [3] - The integration of the Guangdong-Hong Kong-Macao Greater Bay Area is expected to enhance Hong Kong's role as a facilitator for mainland tech companies to connect internationally [3] - Hong Kong is anticipated to evolve from a "super connector" to a "super value creator," aiding in the high-quality development of national and industrial sectors [3]

Group 1 - New New Technology Co., Ltd. (stock code: 9600.HK) has gained industry attention for its deep expertise and innovative exploration in the field of medical information technology [1] - At the 6th Public Hospital High-Quality Innovation Development Exchange Conference, New New's subsidiary, Beijing New New Technology Co., Ltd., showcased its AI-based medical record quality control system, which has improved medical record writing standardization and diagnostic accuracy [1] - The system has been implemented in several top-tier hospitals in China, enhancing medical record review efficiency by over 40% and achieving a diagnostic suggestion accuracy rate exceeding 92% [1] Group 2 - The National Health Commission has drafted the "Smart Medical Grading Evaluation Method and Standards (2025 Edition)," which includes new evaluation requirements for artificial intelligence and domestic substitution [2] - New New Technology has been a pioneer in leveraging AI and big data analytics to support the digital transformation of the healthcare industry, providing various innovative IT solutions and products [2] - The company is actively developing new products and technologies in response to ongoing healthcare policy reforms, enhancing its medical record quality monitoring and warning platform with advanced capabilities [2] Group 3 - Beijing New New Technology Co., Ltd. has reached a project consulting cooperation with a well-known large state-owned enterprise to upgrade health management services through intelligent technology [3] - The collaboration will focus on the localized deployment of the DeepSeek large language model and private model training methods in core medical scenarios such as health education and consultation [3] - This partnership represents a successful practice in assisting medium and large state-owned enterprises in their digital transformation and aims to promote the accessibility of quality medical resources [3]

Group 1 - The core initiative of the company is the "Green Climbing Responsibility Together" event, which is part of its 2025 ESG series actions aimed at promoting a healthy lifestyle and sustainable development principles [1][3] - The event took place at Xiangshan Park in Beijing, with enthusiastic participation from employees of the company and its local branches, highlighting the company's commitment to environmental, social, and governance (ESG) practices [1][3] - Participants were encouraged to use public transport, cycling, or carpooling to reduce carbon emissions, and they brought reusable water bottles, demonstrating a commitment to sustainability during the event [1][3] Group 2 - The successful completion of the climbing challenge at Xianglu Peak symbolized the company's dedication to measuring environmental responsibility through action, encapsulated in the phrase "measuring green mountains with footsteps, interpreting responsibility through action" [3] - Following this event, the company plans to launch additional ESG activities themed around "Warmth of Clothing Continues Love," promoting green low-carbon living and encouraging employees to care for their well-being and give back to society [3] - The company aims to integrate sustainable development principles into its daily operations and deepen its responsibility practices in the ESG domain, thereby creating more value for society [3]