目 錄 | 公司資料 | 2 | | --- | --- | | 釋義 | 4 | | 財務概要 | 7 | | 業務概覽 | 9 | | 管理層討論與分析 | 28 | | 企業管治及其他事項 | 34 | | 股本變動及股東資料 | 42 | | 中期財務資料的審閱報告 | 46 | | 中期簡明綜合全面收益表 | 47 | | 中期簡明綜合財務狀況表 | 49 | | 中期簡明綜合權益變動表 | 51 | | 中期簡明綜合現金流量表 | 53 | | 中期簡明綜合財務資料附註 | 55 | 創新奇智科技集團股份有限公司 公司資料 下文載列本公司基本資料： 公司法定名稱 創新奇智科技集團股份有限公司 公司英文名稱 AInnovation Technology Group Co., Ltd* 董事會 執行董事 徐輝先生 （首席執行官） 非執行董事 李開復博士 （董事長） 汪華先生 王金橋先生 獨立非執行董事 謝德仁先生 高穎欣女士 金刻羽女士 審計委員會 謝德仁先生 （委員會主席） 汪華先生 高穎欣女士 薪酬委員會 高穎欣女士 （委員會主席） 王金橋先生 謝德仁先生 香港主要經營地點 提名委員會 李開復博士 ...

目 錄 | 財務摘要 | 2 | | --- | --- | | 主席報告書 | 3 | | 管理層討論及分析 | 13 | | 簡明綜合收益表 | 23 | | 簡明綜合全面收益表 | 24 | | 簡明綜合資產負債表 | 25 | | 簡明綜合權益變動表 | 27 | | 簡明綜合現金流量表 | 29 | | 簡明綜合財務資料附註 | 31 | | 集團之相關資料 | 68 | | 公司資料 | 83 | 1 信義光能控股有限公司 I 二零二五年中期報告 財務摘要 | | | | 截至 | | --- | --- | --- | --- | | | | | 十二月三十一日 | | | 截至六月三十日止六個月 | | 止年度 | | | 二零二五年 | 二零二四年 | 二零二四年 | | | （未經審核） | （未經審核） | （經審核） | | | | （經重列） | | | （人民幣千元） | | | | | 收入 | 10,931,769 | 11,693,929 | 21,921,447 | | 除所得稅前溢利 | 1,142,902 | 2,454,933 | 1,935,298 | | 本公司權 ...

目錄 培力農本方有限公司 2025 中期報告 | C02 | 公司資料 | | --- | --- | | C04 | 主席報告書 | | C06 | 管理層討論及分析 | | C15 | 權益披露 | | C18 | 企業管治及其他資料 | | C26 | 中期簡明綜合損益及全面收益表 | | C27 | 中期簡明綜合財務狀況表 | | C29 | 中期簡明綜合權益變動表 | | C31 | 中期簡明綜合現金流量表 | | C33 | 中期簡明綜合財務報表附註 | C01 公司資料 執行董事 陳宇齡先生 （主席） 文綺慧女士 蔡鑑彪博士（於二零二五年六月三十日獲委任） 非執行董事 梁國強先生 獨立非執行董事 梁念堅博士 徐立之教授 何國華先生（於二零二五年七月四日辭任） 洪廷安博士（於二零二五年八月二十九日獲委任） 審核委員會 梁念堅博士 徐立之教授 何國華先生 （主席） （於二零二五年七月四日辭任） 洪廷安博士 （主席） （於二零二五年八月二十九日獲委任） 提名委員會 陳宇齡先生 （主席） 文綺慧女士（於二零二五年六月三十日獲委任） 徐立之教授 梁念堅博士（於二零二五年六月三十日獲委任） 何國華先生（於二 ...

Financial Performance - Revenue for the six months ended June 30, 2025, reached RMB 206,486,000, a significant increase of 359% compared to RMB 44,919,000 in the same period of 2024[16] - Gross profit for the same period was RMB 177,618,000, up from RMB 37,756,000, reflecting a gross margin improvement[16] - The company reported a loss for the period of RMB 30,933,000, a substantial improvement from a loss of RMB 183,139,000 in the previous year[16] - Cash and cash equivalents as of June 30, 2025, totaled RMB 558,897,000, compared to RMB 556,127,000 at the end of 2024, indicating stable liquidity[17] - The cost of sales for the same period was RMB 28.87 million, primarily consisting of costs incurred from CDMO services and R&D services[104] - Other net loss for the six months ended June 30, 2025, was RMB 3.29 million, mainly due to foreign exchange losses of RMB 3.17 million[105] - Administrative expenses decreased by 31.36% from RMB 70.33 million for the six months ended June 30, 2024, to RMB 48.27 million for the same period in 2025[106] - Finance costs decreased by 11.17% from RMB 13.94 million for the six months ended June 30, 2024, to RMB 12.39 million for the six months ended June 30, 2025[114][118] Research and Development - Research and development expenses amounted to RMB 151,394,000, slightly higher than RMB 145,226,000 in 2024, indicating continued investment in product development[16] - The product pipeline includes long-acting bispecific antibody products, enhancing the company's R&D and commercialization capabilities[21] - The company is focused on advancing its research and commercialization capabilities in the self-immune disease sector[24] - The company has achieved significant R&D milestones, including one monoclonal antibody drug approved for marketing and three innovative monoclonal antibody drugs in Phase III trials[76] - The integrated antibody drug R&D platform supports early discovery for over 10 monoclonal antibody projects annually, identifying candidate molecules with potential differentiation advantages[76] - The company has developed a series of long-acting bispecific antibodies for autoimmune diseases, aiming to enhance clinical efficacy and extend dosing intervals[72] Clinical Trials and Product Development - QX005N and QX002N are in advanced stages of clinical trials, with QX005N completing patient enrollment for Phase III trials in March and August 2025, respectively[20] - The company aims to submit a Biologics License Application (BLA) for QX002N within this year, following successful Phase III trial results[20] - QX005N is expected to complete patient enrollment for prurigo nodularis (PN) and atopic dermatitis (AD) in March and August 2025, respectively, with primary endpoint data anticipated by the end of this year and early next year[23] - QX004N has entered Phase III clinical trials for ankylosing spondylitis (AS) and is expected to submit a Biologics License Application (BLA) within this year[23] - The Phase III clinical trial for QX002N in ankylosing spondylitis (AS) reported an ASAS40 response rate of 40.4% at week 16, significantly higher than the 18.9% in the placebo group (P < 0.0001) [55] - QX002N also achieved an ASAS20 response rate of 65.2%, which was significantly higher than the placebo group's 41.3% (P < 0.0001) [55] Collaborations and Licensing Agreements - The company has entered into a licensing agreement with Hansoh (Shanghai) for QX004N, receiving an upfront payment of RMB 75 million and potential milestone payments up to RMB 1,032 million[26] - The company has also established a collaboration with Zhongmei Huadong for the co-development of QX005N, sharing costs for Phase III clinical trials[27] - In April 2025, the company entered into an out-license agreement with Caldera Therapeutics for QX030N, receiving an upfront payment of US$10 million and approximately 24.88% equity interest in Caldera[32] - The company entered into a license-out agreement with Caldera Therapeutics on April 23, 2025, granting exclusive rights to develop and commercialize the product QX030N globally, receiving a non-refundable upfront payment of USD 10 million[160] Market and Product Commercialization - The company has successfully commercialized its first product, a biosimilar drug, and has two core products, QX005N and QX002N, entering Phase III clinical trials in 2025[23] - SAILEXIN (QX001S) was approved by the NMPA in October 2024 as China's first approved ustekinumab biosimilar, marking the company's first commercialized product[41] - As of June 30, 2025, the company has shipped over 60,000 units of SAILEXIN to its commercialization partner, Zhongmei Huadong[42] - The supplemental application for SAILEXIN to add the indication for pediatric plaque psoriasis was approved on March 3, 2025[42] - The company expects SAILEXIN to be an affordable treatment option for a broad section of psoriasis patients[42] Financial Position and Assets - Total non-current assets increased to RMB 453,091,000 from RMB 367,152,000, reflecting growth in long-term investments[17] - As of June 30, 2025, the Group held 50 patents in China and 16 patents overseas, with 47 patent applications pending[90] - The Group had 337 employees as of June 30, 2025, all based in China[91] - The gearing ratio increased to approximately 80.9% as of June 30, 2025, from 77.5% as of December 31, 2024, due to increased working capital loans[139] - As of June 30, 2025, the unutilized credit facility for working capital amounted to RMB180.73 million[135] Risk Management and Compliance - The company is exposed to credit risk primarily from trade receivables, with approximately 99.95% of total trade receivables due from its five largest debtors as of June 30, 2025[148] - The company has not entered into any hedging transactions to manage potential fluctuations in foreign currency, primarily U.S. dollars and Hong Kong dollars[154] - The company regularly monitors its liquidity requirements and compliance with lending covenants to maintain sufficient cash reserves and committed lines of funding[149] Shareholder Information and Corporate Governance - The Company completed the conversion of 17,322,400 Unlisted Shares into H Shares, with the listing commencing on March 28, 2025[180] - As of June 30, 2025, Hangzhou Quanyi holds 40,000,000 H Shares, representing 18.01% of the total issued share capital[190] - The Company proposed amendments to its Articles of Association on April 30, 2025, which were approved by shareholders on June 20, 2025[183][184] - There are no changes in the information of the Directors and Supervisors of the company during the reporting period[175] - The total shareholding percentages for major shareholders indicate a concentrated ownership structure within the company[192][193]

(Incorporated in the Cayman Islands with limited liability) WEIMOB INC. 微盟集團* （於開曼群島註冊成立之有限公司） Stock Code 股份代號 : 2013 Interim Report 中期報告 2025 * For identification purpose only 僅供識別 2 公司資料 4 財務摘要 5 主席報告 11 管理層討論及分析 27 其他資料 35 中期簡明綜合全面虧損表 37 中期簡明綜合財務狀況表 39 中期簡明綜合權益變動表 41 中期簡明綜合現金流量表 43 中期簡明財務資料附註 91 釋義 目錄 公司資料 董事 執行董事 孫濤勇先生 （主席） 方桐舒先生 游鳳椿先生 費雷鳴先生 獨立非執行董事 李緒富博士 唐偉先生 徐曉鷗女士 聯席公司秘書 曹海東先生 （於2025年3月21日獲委任） 伍秀薇女士 (FCG, HKFCG) 曹懿先生 （於2025年3月21日辭任） 審計委員會 唐偉先生 （主席） 李緒富博士 徐曉鷗女士 薪酬委員會 李緒富博士 （主席） 孫濤勇先生 徐曉鷗女士 提名委員會 孫濤勇先生 ...

Company Performance - In the first half of 2025, the company achieved resilient growth amidst global supply chain transformation, ranking 160th in the Fortune China 500 list[7]. - The company achieved a revenue of RMB 24.5 billion during the reporting period, focusing on customer-centric strategies and digital innovation[25]. - The company’s platform, HSH International Inc., reported a revenue of approximately RMB 10.1 billion, with a cumulative customer base of 56,088 as of June 30, 2025[29]. - The company’s subsidiary, Zhuogang Chain, achieved a revenue of approximately RMB 7.5 billion, serving over 5,000 clients with a comprehensive supply chain service ecosystem[31]. - The company’s revenue increased by approximately 33.2% from RMB 68,276.4 million for the six months ended June 30, 2024, to RMB 90,921.5 million for the six months ended June 30, 2025[37]. - Revenue from supply chain management and trading business contributed about 99.7% of total revenue, showing a year-on-year increase of approximately 33.3% due to the expansion of business scale[38]. - The company reported a financial income of RMB (125,523,000) for the six months ended June 30, 2025, slightly higher than RMB (122,803,000) in the previous year[171]. - The company recorded a profit of RMB 97,051 thousand for the six months ended June 30, 2025, compared to a profit of RMB 49,817 thousand for the same period in 2024, representing an increase of approximately 94.5%[145]. Supply Chain and Digital Transformation - The company expanded its product matrix to over 2,500 types of raw materials, significantly increasing sales volume and revenue in various categories such as ABS, PP, and PET[8]. - The company has successfully implemented a "cloud factory" model in multiple regions, enhancing logistics efficiency and achieving same-day delivery capabilities[9]. - The company is focusing on digital trade and supply chain services, integrating AI and big data technologies to improve operational efficiency and risk management[9]. - The company has established modern supply chain systems in various sectors, including flowers, seafood, and textiles, enhancing market penetration and service capabilities[10]. - The company has launched a digital sugarcane planting management platform, utilizing AI technology for comprehensive monitoring throughout the growth cycle[9]. - The company has integrated various supply chain systems covering the entire steel industry chain, enhancing service capabilities through a multi-dimensional smart service system[9]. - The company aims to enhance operational efficiency and value along the supply chain, leveraging digital technologies such as big data and artificial intelligence[34]. Market Expansion and Customer Engagement - Hankou North has established over 30 large-scale integrated professional market clusters, including brand clothing and hotel supplies, aiming to become the largest supply chain management center in China and a leading global trade logistics platform[16]. - In the first half of 2025, Hankou North focused on upgrading its commodity market and developing a new model integrating industrial integration, experiential consumption, trade digitization, and supply chain services[16]. - The live streaming ecosystem at Hankou North has seen significant growth, with over 2,800 signed merchants and more than 200 live streaming teams, achieving over 1,000 live streaming sessions daily[11]. - Hankou North has established a "Foreign Trade Quality Live Streaming Room" and an online "Foreign Trade Special Zone," providing 24-hour electronic customs clearance and intelligent review services to help foreign trade enterprises expand into the domestic market[12]. - The live streaming e-commerce base has seen a surge in online order volume, with daily GMV reaching new highs, supported by free training programs for aspiring live streamers[21]. - Hankou North is committed to creating high-quality shopping parks, attracting over one million participants during themed events like the May Day Carnival[22]. Financial Overview - The cost of sales increased by approximately 33.5% from RMB 67,912.6 million to RMB 90,644.1 million, in line with the revenue increase[43]. - Gross profit decreased by approximately 23.8% from RMB 363.8 million to RMB 277.3 million, with the gross profit margin dropping from about 0.5% to 0.3%[44]. - Other net income decreased by approximately 65.3% from RMB 55.1 million to RMB 19.1 million, mainly due to a reduction in government subsidies and changes in fair value of forward contracts[45]. - Selling and distribution expenses increased by approximately 20.1% from RMB 122.8 million to RMB 147.6 million, primarily due to an increase in promotional expenses[46]. - The net profit for the six months ending June 30, 2025, was approximately RMB 70.0 million, an increase of approximately 71.7% compared to RMB 40.8 million for the same period last year[56]. - The company reported a net cash outflow from operating activities of RMB 1,251,654 thousand for the six months ended June 30, 2025, compared to RMB 3,411,736 thousand for the same period in 2024, showing a significant reduction of approximately 63.3%[146]. - The total equity attributable to equity shareholders of the company as of June 30, 2025, was RMB 14,016,047 thousand, up from RMB 13,951,217 thousand as of December 31, 2024, marking an increase of approximately 0.5%[145]. Employee and Governance - Employee benefit expenses for the six months ended June 30, 2025, were approximately RMB 146.4 million, compared to RMB 129.6 million for the same period in 2024, reflecting an increase of about 12.9%[71]. - The group employed a total of 1,558 full-time employees as of June 30, 2025, a decrease from 1,628 employees as of June 30, 2024[71]. - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange's listing rules and has complied with all provisions during the reporting period[127]. - The company confirms that all directors have adhered to the standard code for securities trading during the six months ending June 30, 2025[128]. Future Outlook and Strategic Plans - The company plans to further develop through internal growth or acquisitions to enhance its intelligent ecosystem and operational efficiency[32]. - The group plans to generate positive operating cash flow over the next twelve months through improved supply chain management and trade business revenue[152]. - The group plans to sell non-core businesses and assets to raise additional operating funds[152]. - The company plans to continue investing in the market through self-funding, bank loans, and other channels to enhance the Han Kou Bei International Trading Center and promote the integration of online and offline businesses[65].

蘇州貝克微電子股份有限公司 BaTeLab Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） 股份代號：2149 2025 中期報告 目 錄 | 公司資料 | 2 | | --- | --- | | 財務摘要 | 4 | | 管理層討論及分析 | 5 | | 企業管治及其他資料 | 16 | | 獨立核數師審閱報告 | 29 | | 損益及其他全面收益表 | 31 | | 財務狀況表 | 32 | | 權益變動表 | 34 | | 簡明現金流量表 | 35 | | 中期財務報表附註 | 36 | 董事會 執行董事 張廣平先生 （董事長）（於2025年6月27日獲選舉） 李真先生 李一先生 非執行董事 孔建華先生 獨立非執行董事 趙鶴鳴先生 溫承革先生 馬明先生 康元書女士 聯席公司秘書 李一先生 張啟昌先生 （於2025年7月3日辭任） 鍾明輝先生 （於2025年7月3日獲委任） 授權代表 董事專門委員會 審計委員會 馬明先生 （主席） 趙鶴鳴先生 溫承革先生 薪酬與考核委員會 趙鶴鳴先生 （主席） 李一先生 馬明先生 提名委員會 溫承革先生 （主席） 張廣平先生 康元書女士 戰略委員會 李真先 ...

[Table of Contents](index=2&type=section&id=Table%20of%20Contents) [Company Information](index=3&type=section&id=Company%20Information) [Financial Highlights](index=4&type=section&id=Financial%20Highlights) [Key Financial Data](index=4&type=section&id=Key%20Financial%20Data) For the six months ended June 30, 2025, the company's revenue increased by 47.0% to 938.1 million USD, net revenue grew by 52.5%, and gross profit increased by 53.3%, with operating profit surging by 254.3% and profit for the period by 340.0%, while Adjusted EBITDA (Non-IFRS) rose by 41.0% Key Financial Data for the Six Months Ended June 30, 2025 | 指标 | 2025 (thousand USD) | 2024 (thousand USD) | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 938,111 | 638,287 | **47.0%** | | Net Revenue(1) | 253,903 | 166,536 | **52.5%** | | Gross Profit | 201,125 | 131,201 | **53.3%** | | Operating Profit | 46,916 | 13,243 | **254.3%** | | Profit for the Period | 32,284 | 7,337 | **340.0%** | | Adjusted EBITDA(2) | 88,681 | 62,881 | **41.0%** | - Net Revenue is defined as adjusted revenue after deducting costs allocated to traffic publishers, not measured under IFRS[6](index=6&type=chunk) - Adjusted EBITDA is defined as profit before interest, tax, depreciation, and amortization, adjusted for share-based payments, one-off losses from discontinued non-programmatic businesses, Heat Cloud Data arbitration fees, foreign exchange losses/(gains), and fair value gains/(losses) on financial assets at fair value through profit or loss[6](index=6&type=chunk) [Business Review](index=5&type=section&id=Business%20Review) [I. Company Profile](index=5&type=section&id=I.%20Company%20Profile) The company is a technology firm dedicated to providing Ad-tech and Mar-tech services for the global mobile internet ecosystem, enhancing ROI and helping apps overcome growth bottlenecks through a comprehensive suite of advertising and analytics tools - The company offers Ad-tech and Mar-tech services, including user acquisition, monetization, analytics, creative automation, and intelligent media buying[7](index=7&type=chunk) - The goal is to significantly improve the return on investment (ROI) of advertising and marketing, helping mobile applications (App(s)) break through growth plateaus[7](index=7&type=chunk) [II. Industry Overview](index=5&type=section&id=II.%20Industry%20Overview) In the first half of 2025, despite a slowdown in global economic growth, the advertising industry maintained resilience, with the explosion of AI applications driving deep integration of AI into ad and marketing technology, expanding industry service capabilities and market size, while stricter privacy protection and anti-monopoly regulations prompted programmatic ad platforms to enhance targeting and analytics using AI without collecting user privacy - In the first half of 2025, global economic growth slowed, but the global advertising industry demonstrated strong resilience, maintaining a growth trend[8](index=8&type=chunk) - 2025 is considered the first year of AI application explosion, with deep integration of AI into the advertising and marketing technology sectors driving industry expansion[8](index=8&type=chunk) [2.1. Global Advertising Market Steady Growth, Stricter Privacy Protection and International Anti-Monopoly Regulations](index=5&type=section&id=2.1.%20Global%20Advertising%20Market%20Steady%20Growth%2C%20Stricter%20Privacy%20Protection%20and%20International%20Anti-Monopoly%20Regulations) In 2024, global digital ad spending significantly increased, with programmatic advertising accounting for over 80%, while privacy regulations and anti-monopoly measures prompted major tech companies to alter data processing and ad placement practices, creating more opportunities for ad tech firms, with Mintegral leveraging AI and machine learning to build robust user targeting and analytics capabilities without acquiring user privacy - In 2024, global digital advertising expenditure significantly increased, with programmatic advertising expenditure accounting for over **80%**[9](index=9&type=chunk) - Privacy protection policies and anti-monopoly measures restrict monopolistic behavior by large technology companies, promoting the evolution of the advertising ecosystem towards a more open and transparent direction[9](index=9&type=chunk) - Mintegral leverages advanced AI and machine learning technologies to build powerful user targeting and analytical modeling capabilities without acquiring user privacy[9](index=9&type=chunk) [2.2. Mobile App Market Thrives, Open Web Becomes Key Battleground for Traffic Growth](index=6&type=section&id=2.2.%20Mobile%20App%20Market%20Thrives%2C%20Open%20Web%20Becomes%20Key%20Battleground%20for%20Traffic%20Growth) In 2024, global mobile app user time spent increased by 5.8% year-over-year, and in-app purchase revenue achieved double-digit growth, with advertisers shifting user acquisition strategies towards "user lifetime value (LTV)," making the open web a crucial platform for acquiring high-LTV users due to its diverse traffic pools and efficient delivery capabilities - In 2024, total global app user time spent on iOS and Google Play was **4.2 trillion** hours, a year-over-year increase of **5.8%**[10](index=10&type=chunk) - In-app purchase revenue achieved double-digit year-over-year growth, and advertisers' UA strategies shifted from "focusing on downloads" to "focusing on user lifetime value (LTV)"[10](index=10&type=chunk) - The open web, with its diverse traffic pools, varied user groups, rich ad creatives, and flexible and efficient delivery capabilities, has become an indispensable key platform for advertisers and developers to achieve user acquisition and revenue growth[10](index=10&type=chunk) [2.3. Hybrid Monetization Becomes Mainstream, ROI-Controlled Bidding Favored by Advertisers](index=6&type=section&id=2.3.%20Hybrid%20Monetization%20Becomes%20Mainstream%2C%20ROI-Controlled%20Bidding%20Favored%20by%20Advertisers) Mobile app developers widely adopt hybrid monetization strategies combining advertising, subscriptions, and in-app purchases, with ROI-controlled bidding methods favored by advertisers for their precise measurement of input-output ratios, and Mintegral has heavily invested in smart bidding systems since 2023, launching Target ROAS and Target CPE features to help advertisers optimize ROI and specific event campaigns - Hybrid monetization strategies have become the mainstream choice for mobile app developers, with ROI-controlled bidding methods favored by advertisers[11](index=11&type=chunk) - Mintegral launched Target ROAS and Target CPE smart bidding features since 2023, supporting advertisers with various monetization models including IAA, hybrid monetization, and IAP[12](index=12&type=chunk) [III. Ad-tech Industry Value Chain Structure and Company Strategic Layout](index=7&type=section&id=III.%20Ad-tech%20Industry%20Value%20Chain%20Structure%20and%20Company%20Strategic%20Layout) Ad-tech is primarily divided into programmatic and non-programmatic advertising, with programmatic advertising being a key future development area; the company leverages its Mintegral platform for programmatic ad exchange, becoming one of the leading global third-party programmatic ad exchange platforms and a primary source of Mobvista's revenue and profit - Programmatic advertising platforms rely on machine learning and algorithm iteration to improve transaction efficiency, making them a key development focus for the future ad tech industry[13](index=13&type=chunk) - Mintegral has become one of the leading global third-party programmatic ad exchange platforms and is a major source of revenue and profit for Mobvista[13](index=13&type=chunk) [3.1. Programmatic Advertising Platform Value Chain Structure](index=7&type=section&id=3.1.%20Programmatic%20Advertising%20Platform%20Value%20Chain%20Structure) The programmatic advertising industry chain consists of upstream advertisers, midstream technology service providers (DSPs, ADXs, SSPs, data management/monitoring/attribution service providers), and downstream media traffic owners, with each service provider strategically deploying in one or more segments - Industry chain participants include upstream advertisers (agencies), various midstream technology service providers (DSPs, ADXs, SSPs, data management/monitoring/attribution tools), and downstream media traffic owners[14](index=14&type=chunk) [3.2. Company's Programmatic Advertising Platform](index=7&type=section&id=3.2.%20Company%27s%20Programmatic%20Advertising%20Platform) Through its Mintegral platform, the company comprehensively deploys DSP, ADX, and SSP, directly reaching advertisers and traffic publishers to form a data closed loop, enhancing algorithm capabilities and client retention, while GameAnalytics and Heat Engine Platform provide user behavior analysis and performance attribution monitoring, accumulating data assets and optimizing algorithms - The Mintegral platform fully covers DSP, ADX, and SSP in the midstream of the industry chain, directly reaching advertisers and traffic publishers[15](index=15&type=chunk) - The data closed loop helps enhance algorithm capabilities and client retention, increasing bargaining power within the industry chain[15](index=15&type=chunk) - The GameAnalytics platform enables user behavior statistical analysis, and the Heat Engine Platform performs mobile performance ad attribution and monitoring analysis, providing rich tools for advertisers and accumulating data assets[15](index=15&type=chunk) [IV. Company Development History](index=8&type=section&id=IV.%20Company%20Development%20History) Since its establishment in 2013, the company has undergone three main development phases: ad alliance, programmatic ad exchange platform, and SaaS tool ecosystem, achieving continuous business evolution and deepening to adapt to the global mobile internet's development and iteration - The company's development history is divided into three major phases: ad alliance business, programmatic advertising platform construction, and SaaS tool ecosystem investment[16](index=16&type=chunk) [4.1. Phase I: Ad Alliance Platform — Focused on Serving Chinese Mobile Apps Going Global](index=9&type=section&id=4.1.%20Phase%20I%3A%20Ad%20Alliance%20Platform%20%E2%8

Financial Performance - For the first half of 2025, the company's net profit decreased by approximately RMB 16.9 million or 18.8% to about RMB 72.9 million, compared to approximately RMB 89.8 million for the six months ended June 30, 2024[9]. - Total revenue for the first half of 2025 was approximately RMB 1,180.8 million, a decrease of about RMB 156.4 million or 11.7% from approximately RMB 1,337.2 million for the same period in 2024[9]. - Gross profit decreased by approximately RMB 41.6 million or 29.0% to about RMB 101.8 million, with the gross margin declining from approximately 10.7% to 8.6% due to a decrease in the average selling price of urea[19]. - Profit before tax was RMB 94,715 thousand, a decline of 24.5% compared to RMB 125,439 thousand in 2024[59]. - Profit for the period decreased by approximately RMB 16.9 million or 18.8% to about RMB 72.9 million, primarily due to a decrease in gross profit and other income, along with an increase in administrative expenses[26]. - Basic and diluted earnings per share for the period were both RMB 11.7, down from RMB 14.5 in 2024[59]. - The company reported a profit of RMB 72,318,000 for the six months ended June 30, 2025, compared to a profit of RMB 90,126,000 for the same period in 2024, representing a decrease of approximately 19.7%[66]. - The company reported a net investment gain of RMB 8,545,000 for the period, compared to a loss of RMB 1,435,000 in the previous year[80]. Revenue and Sales - The average selling price of urea decreased by approximately RMB 387 per ton or 19.2%, from about RMB 2,019 per ton to approximately RMB 1,632 per ton during the reporting period[9]. - Urea sales volume increased by approximately 7.5% during the reporting period[13]. - Revenue from automotive urea solution increased by approximately RMB 23.8 million or 43.8% to about RMB 78.3 million, driven by improved demand[14]. - The sales volume of automotive urea solution rose by approximately 116.0% from about 55,636 tons to approximately 120,192 tons[14]. - Revenue from other products decreased by approximately RMB 29.0 million or 50.8% to about RMB 28.1 million, primarily due to declines in sales volume and average prices[16]. - Urea sales accounted for RMB 1,007,671,000, down from RMB 1,159,211,000, representing a decline of 13.1% year-over-year[77]. - Other income decreased to RMB 10,409,000 from RMB 14,492,000, reflecting a decline of 28.2% year-over-year[77]. Costs and Expenses - The group's sales cost decreased by approximately RMB 114.8 million or 9.6% to about RMB 1,079.0 million for the six months ended June 30, 2024, mainly due to a reduction in raw material costs and manufacturing expenses[17]. - Administrative expenses increased by approximately RMB 7.4 million or 34.4% to about RMB 28.9 million, mainly due to increased legal and professional fees[22]. - The company’s depreciation expenses for property, plant, and equipment amounted to RMB 67,779,000 for the six months ended June 30, 2025, compared to RMB 65,312,000 in the same period of 2024, representing an increase of about 3.8%[66]. - Total employee costs, including director remuneration, were approximately RMB 632 million for the reporting period, compared to RMB 640 million for the six months ending June 30, 2024[36]. - The company’s total employee benefits expenses were RMB 63,219,000, a slight decrease from RMB 63,958,000 in the previous year[83]. Assets and Liabilities - The group had net assets of approximately RMB 1,861.0 million as of June 30, 2025, an increase from RMB 1,811.0 million as of December 31, 2024[28]. - Total assets as of June 30, 2025, amounted to RMB 1,861,028 thousand, an increase from RMB 1,811,031 thousand at the end of 2024[61]. - Current liabilities increased to RMB 256,633 thousand from RMB 174,646 thousand at the end of 2024, indicating a rise in short-term obligations[61]. - The company’s total liabilities decreased to RMB 7,171,000 as of June 30, 2025, from RMB 8,670,000 as of January 1, 2024, reflecting a reduction of approximately 17.2%[64]. - Cash and bank balances were RMB 752,792 thousand, up from RMB 702,097 thousand at the end of 2024, reflecting improved liquidity[60]. - Trade receivables decreased to RMB 2,357,000 as of June 30, 2025, from RMB 5,636,000 as of December 31, 2024, showing a decline of about 58.3%[91]. - Other receivables and prepayments decreased to RMB 178,116,000 as of June 30, 2025, from RMB 214,979,000 as of December 31, 2024, reflecting a decrease of approximately 16.9%[94]. Investments and Projects - The company is implementing two new projects aimed at energy conservation and carbon reduction, which are currently in the civil engineering and equipment delivery stages[10]. - The group plans to focus on capacity expansion, technology upgrades, and product diversification to drive growth, despite uncertainties in the urea market[30]. - The acquisition of property, plant, and equipment for the six months ended June 30, 2025, amounted to approximately RMB 143,840,000, significantly higher than RMB 44,320,000 for the same period in 2024, indicating an increase of about 224.5%[89]. - The company reported a net cash outflow from investing activities of RMB 156,475,000 for the six months ended June 30, 2025, compared to RMB 78,638,000 in the same period of 2024, indicating a significant increase in investment expenditures[68]. Shareholder Information - As of June 30, 2025, Mr. Wang Zhihe holds 460 million shares, representing 74.08% of the company’s issued shares[37]. - Major shareholders include Sino-Coal Holding with 279.68 million shares (45.04%) and Bloom Ocean with 180.32 million shares (29.04%) as of June 30, 2025[39]. - The company has adopted a share option plan to incentivize eligible participants, including employees, with a total of 62 million options available for grant, representing about 9.98% of the issued share capital as of January 1 and June 30, 2025[42]. Compliance and Governance - The audit committee, composed of independent non-executive directors, reviewed the interim results and found no discrepancies[49]. - The company emphasizes compliance with environmental regulations and aims to enhance production efficiency and product quality[10]. - There were no significant acquisitions or disposals by the company's subsidiaries, associates, or joint ventures during the reporting period[44]. - No significant events occurred after the reporting period ending June 30, 2025[112]. - The unaudited interim condensed consolidated financial statements were approved and authorized for publication by the Board of Directors on August 27, 2025[113].

目錄 | 財務摘要 | 2 | | --- | --- | | 公司資料 | 3 | | 管理層討論與分析 | 5 | | 其他披露 | 12 | | 簡明綜合損益表 | 22 | | 簡明綜合損益及其他全面收益表 | 23 | | 簡明綜合財務狀況表 | 24 | | 簡明綜合權益變動表 | 26 | | 簡明綜合現金流量表 | 28 | | 簡明綜合中期財務資料附註 | 29 | 偉志控股有限公司 2 財務摘要 | | 截至6月30日止六個月 | | | --- | --- | --- | | | 2025年 | 2024年 | | | 未經審核 | 未經審核 | | | 千港元 | 千港元 | | 收益 | 1,127,460 | 1,166,073 | | 毛利 | 166,545 | 132,255 | | 毛利率 | 14.8% | 11.3% | | 本公司擁有人應佔期內利潤 | 28,505 | 23,967 | | 每股基本及攤薄盈利 | 12.97港仙 | 10.90港仙 | 3 2025年中期報告 公司資料 執行董事 陳鐘譜先生 （主席及行政總裁） 陸方女士 姚君瑜女士 陳緯武先生（於2 ...