[Company Information](index=3&type=section&id=Company%20Information) This section provides an overview of the company's foundational details, including its governance structure, legal and auditing advisors, registration, and share information [Board of Directors and Committees](index=3&type=section&id=Board%20of%20Directors%20and%20Committees) During the reporting period, the company's board members changed, with Mr. Zhao Guoshuai appointed Executive Director, Co-Chairman, and Global Executive President, and Ms. Li Yingjie appointed Independent Non-Executive Director, Remuneration Committee Chair, and member of the Nomination and Audit Committees; Ms. Zhao Fangqi and Mr. Qin Ci resigned - Board member changes: Mr. Zhao Guoshuai appointed Executive Director, Co-Chairman, and Global Executive President; Ms. Li Yingjie appointed Independent Non-Executive Director, Remuneration Committee Chair, and member of the Nomination and Audit Committees; Ms. Zhao Fangqi and Mr. Qin Ci resigned[76](index=76&type=chunk) [Legal Advisors and Auditor](index=3&type=section&id=Hong%20Kong%20Legal%20Advisors) The company appointed Chow Chun Hin Solicitors & Beijing Tongshang Law Firm (in association) as Hong Kong legal advisors, Tung Yan Finance Limited as compliance advisor, and Ernst & Young as auditor - Hong Kong Legal Advisors: Chow Chun Hin Solicitors & Beijing Tongshang Law Firm (in association)[7](index=7&type=chunk) - Compliance Advisor: Tung Yan Finance Limited[7](index=7&type=chunk) - Auditor: Ernst & Young[6](index=6&type=chunk) [Registered and Business Locations](index=3&type=section&id=Registered%20Office) The company is registered in the Cayman Islands, with its headquarters and principal place of business in China located in Shanghai, and its principal place of business in Hong Kong in Causeway Bay - Registered Office: PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands[7](index=7&type=chunk) - Headquarters and Principal Place of Business in China: Zhenjiao Center, Building 8, Shanghai Big Data Industrial Park, No. 1, Lane 1401, Jiangchang Road, Jing'an District, Shanghai, China[8](index=8&type=chunk) - Principal Place of Business in Hong Kong: Room 1918, 19/F, Lee Garden One, 33 Hysan Avenue, Causeway Bay, Hong Kong[9](index=9&type=chunk) [Share Information](index=4&type=section&id=Stock%20Code) The company's stock code is 2556, with a Hong Kong share registrar and a principal share registrar - Stock Code: **2556**[9](index=9&type=chunk) - Hong Kong Share Registrar: Hong Kong Central Share Registrar Limited[9](index=9&type=chunk) [Financial Highlights](index=5&type=section&id=Financial%20Highlights) The company's H1 2025 revenue grew by **25.5%** to **RMB 928 million**, gross profit increased by **14.7%** to **RMB 451 million**, turning a period loss into profit, with adjusted net profit surging **77.7%** to **RMB 84.721 million** Financial Highlights for the Six Months Ended June 30, 2025 | Indicator | 2025 (RMB Thousand) | 2024 (RMB Thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 928,293 | 739,443 | 25.5% | | Gross Profit | 450,751 | 392,868 | 14.7% | | Profit/(Loss) for the Period | 35,820 | (820,178) | 104.4% | | Adjusted Net Profit | 84,721 | 47,681 | 77.7% | [Chairman's Statement](index=6&type=section&id=Chairman's%20Statement) This section outlines the company's business performance and strategic direction, highlighting key achievements and future outlook [Business Review and Outlook](index=6&type=section&id=Business%20Review%20and%20Outlook) In H1 2025, the company achieved high-quality growth driven by AI Agent technology and China's enterprise digital transformation, with total revenue reaching RMB 930 million, AI+SaaS revenue at RMB 500 million, and precise marketing revenue at RMB 420 million, turning net profit attributable to owners from negative to positive - Global economic restructuring, China's economic recovery, and digital transformation entering a new phase of AI Agent applications are driving explosive demand for enterprise intelligent digital development[13](index=13&type=chunk) - Leveraging its AI Agent technology advantages, the company achieved high-quality growth, with total revenue of **RMB 930 million**, a **25.5%** year-on-year increase[14](index=14&type=chunk) - AI+SaaS business revenue reached **RMB 500 million**, up **26.0%** year-on-year, with a gross profit margin of **80.4%**; precise marketing business revenue was **RMB 420 million**, up **25.0%** year-on-year[14](index=14&type=chunk) - Net profit attributable to owners was **RMB 37.4 million**, turning from loss to profit; adjusted net profit was **RMB 84.7 million**, a **77.7%** year-on-year increase[14](index=14&type=chunk) [Review of Core Achievements in H1 2025](index=7&type=section&id=Review%20of%20Core%20Achievements%20in%20H1%202025) The company made significant progress in AI Agent technology, product innovation, market expansion, and operational efficiency, with AI Agentforce intelligent agent platform fully implemented, serving 5,518 enterprises, and AI and AI Agent revenue reaching RMB 110 million; KA client revenue share increased to 50.3%, and channel partner numbers and revenue both grew - AI Agentforce intelligent agent platform 1.0 and 2.0 were fully implemented, covering the entire marketing and sales value chain and scenarios, with deep cultivation in core sectors such as consumer retail, automotive, healthcare, finance, culture and tourism, and manufacturing[15](index=15&type=chunk) - AI and AI Agent revenue reached **RMB 110 million**, serving **5,518 enterprises**[15](index=15&type=chunk) - KA client revenue share increased to **50.3%**, with new iconic enterprise clients including Walmart, L'Oréal, and Pepsi[15](index=15&type=chunk) - The number of channel partners increased from 208 to **232**, generating revenue of **RMB 64.9 million**, a **32.0%** year-on-year increase[19](index=19&type=chunk) - Under the internationalization strategy, AI foreign trade digital employees and T-Cloud foreign trade version cover over **95%** of global language regions, serving **982 foreign trade clients**, with revenue of **RMB 28.4 million**, an **89.0%** year-on-year increase[19](index=19&type=chunk) - Recurring revenue from AI+SaaS business maintained a high proportion of **84.5%**, continuously strengthening customer stickiness[21](index=21&type=chunk) - Total AI+SaaS customers reached **21,655**, with KA key accounts increasing to **814**; average order value for existing SMB and KA customers increased by **21.7%** and **20.7%** year-on-year, respectively[21](index=21&type=chunk) - Sales expense ratio, administrative expense ratio, and R&D expense ratio all decreased year-on-year, while overall per capita efficiency increased by **25.6%** year-on-year, indicating continuous optimization of operational efficiency[21](index=21&type=chunk) [Outlook for H2 and Full Year 2025](index=8&type=section&id=Outlook%20for%20H2%20and%20Full%20Year%202025) The company will continue to focus on four key strategies: deepening AI Agent technology integration with vertical industry scenarios, upgrading international expansion, building an AI product ecosystem through technological innovation and M&A, and achieving sustainable growth through extreme operational efficiency - Deepen the integration of AI Agent technology with vertical industry scenarios, accelerate full-scenario commercialization, and plan to launch Agent-Data business analysis intelligent agents and Agent-Decision business decision-making intelligent agents[17](index=17&type=chunk)[22](index=22&type=chunk) - Promote the upgrade of international layout from "serving Chinese enterprises going global" to "expanding into new overseas markets," building a "product + service" dual-driven system[17](index=17&type=chunk)[23](index=23&type=chunk) - Build an AI product ecosystem through technological innovation, investment, and M&A, optimize the product matrix, and accelerate the integration of vertical solutions[17](index=17&type=chunk)[24](index=24&type=chunk) - Optimize cost and expense structures and improve net profit margin through extreme operational efficiency, a flat management structure, and refined control mechanisms[17](index=17&type=chunk)[25](index=25&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a detailed analysis of the company's financial performance, business segment results, costs, operating expenses, and financial position [Financial Review](index=10&type=section&id=Financial%20Review) In H1 2025, the company's total revenue increased by **25.5%** year-on-year to **RMB 928 million**, with significant growth in both AI+SaaS business and precise marketing services revenue Key Operating Data for the Six Months Ended June 30, 2025 | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | **AI+SaaS Business** | | | | Total Users | 21,655 | 22,247 | | Of which, KA Customers | 814 | 595 | | Average Monthly Revenue Per User (RMB) | 4,512 | 3,621 | | **Precise Marketing Services** | | | | Number of Advertising Clients | 541 | 704 | | Average Revenue Per Advertising Client (RMB Thousand

[Company Information](index=3&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) [Board of Directors and Corporate Governance Structure](index=3&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E5%8F%8A%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E6%9E%B6%E6%A7%8B) The company's board of directors underwent changes, with Mr. Cheng Yu appointed Executive Director and Chairman, Mr. Peng Liang reassigned as Vice Chairman and resigning as Co-CEO, and Ms. Ma Xiaoxia and Mr. Li Nian appointed Executive Directors - Mr. Cheng Yu was appointed Executive Director and Chairman of the Board on **June 27, 2025**[5](index=5&type=chunk) - Mr. Peng Liang was re-designated from Chairman of the Board to Vice Chairman and resigned as Co-Chief Executive Officer on **June 27, 2025**[5](index=5&type=chunk) - Ms. Ma Xiaoxia and Mr. Li Nian were appointed Executive Directors on **June 27, 2025**[5](index=5&type=chunk) - Ms. Luo Xiaomei resigned as Executive Director and Chairman of the Nomination Committee effective **June 27, 2025**[5](index=5&type=chunk) [Key Contact and Registration Information](index=3&type=section&id=%E4%B8%BB%E8%A6%81%E8%81%AF%E7%B5%A1%E5%8F%8A%E8%A8%BB%E5%86%8A%E4%BF%A1%E6%81%AF) The company is registered in the Cayman Islands with its principal place of business in Beijing, China, and a primary place of business in Hong Kong, with PwC as auditor and DeHeng Law Offices (Hong Kong) as legal counsel - The company's registered office is in the Cayman Islands, with its principal place of business and headquarters in Chaoyang District, Beijing, China[6](index=6&type=chunk) - The auditor is **PricewaterhouseCoopers**, and the legal counsel is **DeHeng Law Offices (Hong Kong) LLP**[5](index=5&type=chunk)[6](index=6&type=chunk) - The company's stock code is **01948**, and its website is **https://www.ujumedia.com**[7](index=7&type=chunk) [Financial Highlights](index=5&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) [Operating Results](index=5&type=section&id=%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9) For the six months ended June 30, 2025, the company's revenue increased by 29.8% to RMB 5,018.3 million, profit before income tax grew by 63.2% to RMB 84.7 million, and profit attributable to owners increased by 52.8% to RMB 66.3 million Operating Results for the Six Months Ended June 30 (RMB million) | Indicator | 2025 (Unaudited) | 2024 (Unaudited) | Change | | :--- | :--- | :--- | :--- | | Revenue | 5,018.3 | 3,867.1 | 29.8% | | Gross Profit | 153.1 | 150.8 | 1.5% | | Profit Before Income Tax | 84.7 | 51.9 | 63.2% | | Profit for the Period Attributable to Owners of the Company | 66.3 | 43.4 | 52.8% | [Financial Position](index=5&type=section&id=%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5) As of June 30, 2025, the company's total assets increased by 10.1% to RMB 5,061.1 million, total liabilities grew by 13.7% to RMB 3,568.6 million, total equity rose by 2.5% to RMB 1,492.5 million, and retained earnings increased by 8.6% to RMB 748.3 million Financial Position as of June 30, 2025 (RMB million) | Indicator | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 5,061.1 | 4,596.5 | 10.1% | | Total Liabilities | 3,568.6 | 3,139.9 | 13.7% | | Total Equity | 1,492.5 | 1,456.6 | 2.5% | | Retained Earnings | 748.3 | 688.8 | 8.6% | [Chairman's Report](index=6&type=section&id=%E4%B8%BB%E5%B8%AD%E5%A0%B1%E5%91%8A) [Performance Review and Outlook](index=6&type=section&id=%E4%B8%9A%E7%BB%A9%E5%9B%9E%E9%A1%BE%E4%B8%8E%E5%B1%95%E6%9C%9B) In the first half of 2025, the company leveraged AI technology to enhance service delivery in the marketing industry, achieving approximately RMB 7.9 billion in total billings, a 29.8% increase in total revenue to RMB 5 billion, and a 50.2% rise in net profit to RMB 64.8 million - In the first half of **2025**, AI technology brought disruptive changes to the marketing industry, creating significant opportunities for digital marketing[12](index=12&type=chunk) - The Group's advertising business recorded total billings of approximately **RMB 7.9 billion**, with direct advertiser business accounting for **62.8%**[12](index=12&type=chunk) Key Financial Data for H1 2025 (RMB) | Indicator | H1 2025 | H1 2024 | Growth Rate | | :--- | :--- | :--- | :--- | | Total Revenue | Approx. RMB 5 billion | Approx. RMB 3.9 billion | 29.8% | | Net Profit | RMB 64.8 million | RMB 43.2 million | Approx. 50.2% | | Live E-commerce GMV | RMB 512.8 million | RMB 539.2 million | -4.9% | [Accelerated Implementation of Intelligent Marketing Solutions](index=6&type=section&id=%E8%90%A5%E9%94%80%E4%B8%9A%E5%8A%A1%E6%99%BA%E8%83%BD%E5%8C%96%E8%A7%A3%E5%86%B3%E6%96%B9%E6%A1%88%E5%8A%A0%E9%80%9F%E8%90%BD%E5%9C%B0) The company advanced intelligent marketing solutions, upgrading its "U-Engine" smart advertising platform to integrate mainstream media algorithms, boosting client budget utilization by 12 percentage points and managing over RMB 50 billion in ad budgets, while its "U-Crane" smart content creation platform, integrating 12 AI core technologies, improved material production efficiency by 8 times and reduced video production costs by 75% - The smart advertising platform "U-Engine" completed its upgrade, increasing clients' budget utilization rate within the stipulated time by **12 percentage points**[13](index=13&type=chunk) - The U-Engine platform has integrated with **7 mainstream media ecosystems**, including ByteDance and Tencent Ads, serving clients across **8 major vertical industries** such as e-commerce, finance, and internet services, cumulatively managing over **RMB 50 billion** in advertising budgets[13](index=13&type=chunk) - The smart content creation platform "U-Crane" integrates **12 AI core technologies**, supporting text-to-image/text-to-video, increasing material production efficiency by **8 times** compared to traditional methods, and reducing the average production cost per video by **75%**[15](index=15&type=chunk) [Intelligent Organizational Transformation and Future Strategy](index=7&type=section&id=%E6%99%BA%E8%83%BD%E7%BB%84%E7%BB%87%E5%8F%98%E9%9D%A9%E4%B8%8E%E6%9C%AA%E6%9D%A5%E6%88%98%E7%95%A5) The company actively adjusted its organizational collaboration model, implementing a "business-technology integration" approach to enhance responsiveness to client needs, with a future strategic goal of achieving "RMB 10 billion self-operation" by focusing on core value clients, industries, and regional markets - The company implements a "business-technology integration" collaboration model within its organization to enhance agile response to client needs[17](index=17&type=chunk) - The future strategic goal is to achieve "**RMB 10 billion self-operation**," focusing on deep self-operation around core value clients, industries, and regional markets[16](index=16&type=chunk) - The company promotes the principle of "**talent density a step ahead**" and the "**three empowerments, three demands**" incentive system to ensure organizational capabilities lead business development[16](index=16&type=chunk) [Management Discussion and Analysis](index=8&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) [Revenue Analysis](index=8&type=section&id=%E6%94%B6%E7%9B%8A%E5%88%86%E6%9E%90) For the six months ended June 30, 2025, total revenue increased by 29.8% to RMB 5,018.3 million, driven by a 30.3% growth in online marketing solutions revenue to RMB 4,989.6 million, while live e-commerce revenue decreased by 24.4% to RMB 27.9 million due to strategic resource reallocation Revenue by Source (RMB thousand) | Revenue Source | 2025 | Percentage of Total | 2024 | Percentage of Total | | :--- | :--- | :--- | :--- | :--- | | Online Marketing Solutions Business | 4,989,591 | 99.4% | 3,828,615 | 99.0% | | Live E-commerce Business | 27,938 | 0.5% | 36,965 | 0.9% | | Others | 765 | 0.1% | 1,558 | 0.1% | | **Total** | **5,018,294** | **100.0%** | **3,867,138** | **100.0%** | - Revenue from online marketing solutions business increased by **30.3%**, primarily due to enhanced operational and creative teams, continuous expansion of the internet advertising market, and successful acquisition of new clients[19](index=19&type=chunk) - Revenue from live e-commerce business decreased by **24.4%**, mainly due to the company's proactive restructuring in response to market changes, reallocating resources to core businesses[19](index=19&type=chunk) Online Marketing Solutions Business Revenue by Advertiser Client Type (RMB thousand) | Client Type | 2025 | Percentage of Total | 2024 | Percentage of Total | | :--- | :--- | :--- | :--- | :--- | | Advertisers | 4,938,466 | 99.0% | 3,806,587 | 99.4% | | Advertising Agencies | 51,125 | 1.0% | 22,028 | 0.6% | | **Total** | **4,989,591** | **100.0%** | **3,828,615** | **100.0%** | Online Marketing Solutions Business Revenue by Industry (RMB thousand) | Industry | 2025 | Percentage of Total | 2024 | Percentage of Total | | :--- | :--- | :--- | :--- | :--- | | E-commerce | 2,228,689 | 45.2% | 2,082,802 | 54.8% | | Internet Services | 968,475 | 19.6% | 548,834 | 14.4% | | Financial Services | 747,946 | 15.1% | 443,042 | 11.6% | | Gaming | 668,494 | 13.5% | 485,288 | 12.7% | | Leisure Travel | 145,565 | 2.9% | 114,166 | 3.0% | | Education | 57,740 | 1.2% | 75,961 | 2.0% | | Real Estate and Home Decoration | 24,704 | 0.5% | 6,398 | 0.2% | | Others | 96,853 | 2.0% | 50,096 | 1.3% | | **Total** | **4,938,466** | **100.0%** | **3,806,587** | **100.0%** | - The e-commerce industry remains the largest client group, though its proportion decreased, while the internet services industry client group's proportion increased[24](index=24&type=chunk) [Cost and Profit Analysis](index=9&type=section&id=%E6%88%90%E6%9C%AC%E4%B8%8E%E5%88%A9%E6%B6%A6%E5%88%86%E6%9E%90) Service costs, primarily traffic acquisition and monitoring, increased to RMB 4,865.2 million, leading to a 1.5% gross profit increase to RMB 153.1 million but a gross margin decline from 3.9% to 3.1%, while sales and general & administrative expenses decreased, and R&D expenses rose by 20.5% to RMB 5.3 million Service Cost Components (RMB thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Traffic Acquisition and Monitoring Costs | 4,777,776 | 3,645,838 | | Employee Benefit Expenses | 51,286 | 41,209 | | Outsourced Short Video Production, Advertising, and Live Streamer Costs | 7,891 | 8,779 | | Cost of Inventories Sold | 5,610 | 8,463 | | Depreciation and Amortisation Expenses | 2,992 | 3,173 | | Taxes and Surcharges | 13,020 | 5,439 | | Others | 6,650 | 3,417 | | **Total** | **4,865,225** | **3,716,318** | - Gross profit increased by **1.5%** to **RMB 153.1 million**, but the gross profit margin decreased from **3.9% to 3.1%**[27](index=27&type=chunk) - Selling expenses decreased to **RMB 12.0 million**, primarily due to reduced live streaming expenses for domestic self-operated e-commerce business[28](index=28&type=chunk) - General and administrative expenses decreased by **13.1%** to **RMB 36.4 million**, mainly due to reduced employee benefit expenses and professional and consulting service fees[29](index=29&type=chunk) - Research and development expenses increased by **20.5%** to **RMB 5.3 million**, primarily due to increased software service fees for R&D activities[30](index=30&type=chunk) [Other Financial Performance](index=11&type=section&id=%E5%85%B6%E4%BB%96%E8%B4%A2%E5%8A%A1%E8%A1%A8%E7%8E%B0) Net impairment losses on financial assets decreased to RMB 11.6 million due to credit risk control, other income surged by 500% to RMB 1.2 million from government grants, and net other gains turned positive at RMB 1.3 million, while net finance costs became an expense of RMB 5.7 million, and profit attributable to owners increased by 52.8% to RMB 66.3 million, with net profit margin rising to 1.3% - Net impairment losses on financial assets decreased to **RMB 11.6 million**, primarily due to effective credit risk control[31](index=31&type=chunk) - Other income increased by approximately **500%** to **RMB 1.2 million**, mainly due to increased government grants[32](index=32&type=chunk) - Net other gains turned from a loss of **RMB 7.7 million** in the same period of 2024 to a gain of **RMB 1.3 million** in the same period of 2025[33](index=33&type=chunk) - Net finance costs turned from income of **RMB 1.9 million** in the same period of 2024 to costs of **RMB 5.7 million** in the same period of 2025, primarily due to increased interest expenses[34](index=34&type=chunk) - Income tax expense increased to **RMB 19.9 million**, with the effective income tax rate rising from **16.8% to 23.5%**, mainly due to a decreased profit contribution ratio from Hainan Youju[35](index=35&type=chunk) - Profit for the period attributable to owners of the Company increased by **52.8%** to **RMB 66.3 million**, with a net profit margin of **1.3%**[36](index=36&type=chunk)[37](index=37&type=chunk) [Liquidity and Financial Resources](index=12&type=section&id=%E6%B5%81%E5%8A%A8%E6%80%A7%E5%8F%8A%E8%B4%A2%E5%8A%A1%E8%B5%84%E6%BA%90) As of June 30, 2025, the company's bank and other borrowings were approximately RMB 289.0 million, with a gearing ratio of 0.2 times, while cash and cash equivalents decreased to RMB 719.6 million due to net cash outflow from operating activities, maintaining a sound liquidity position and managing foreign exchange risk through options - As of **June 30, 2025**, bank and other borrowings were approximately **RMB 289.0 million** (December 31, 2024: approximately RMB 248.2 million)[39](index=39&type=chunk) - As of **June 30, 2025**, the gearing ratio was **0.2 times** (December 31, 2024: 0.18 times)[39](index=39&type=chunk) - Cash and cash equivalents decreased to **RMB 719.6 million**, primarily due to net cash outflow from daily operating activities[39](index=39&type=chunk) Key Financial Ratios | Indicator | June 30, 2025 (%) | June 30, 2024 (%) | | :--- | :--- | :--- | | Gross Profit Margin | 3.1 | 3.9 | | Net Profit Margin | 1.3 | 1.1 | | Return on Equity | 8.7 | 6.2 | | Return on Assets | 2.6 | 2.2 | | Current Ratio | 1.4 | 1.4 | | Gearing Ratio | 0.20 | 0.18 | - The Group adopts a prudent financial management approach to treasury policies, mitigating credit risk through continuous credit assessments[49](index=49&type=chunk) - Foreign exchange risk primarily arises from overseas media traffic acquisition costs paid in **USD**, which are hedged through foreign exchange options[50](index=50&type=chunk) [Assets and Investments](index=14&type=section&id=%E8%B5%84%E4%BA%A7%E4%B8%8E%E6%8A%95%E8%B5%84) As of June 30, 2025, restricted cash balances were approximately RMB 116.9 million, serving as collateral for borrowings, with no significant equity investments held, no major future investment plans beyond the prospectus, and no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the period - As of **June 30, 2025**, restricted cash balances were approximately **RMB 116.9 million**, serving as collateral for bank borrowings, factoring borrowings, and bills payable[54](index=54&type=chunk) - The Group holds no significant equity investments in any other companies and has no major future plans for investments and capital assets[55](index=55&type=chunk)[56](index=56&type=chunk) - For the six months ended **June 30, 2025**, the Group had no significant acquisitions or disposals of subsidiaries, associates, or joint ventures[57](index=57&type=chunk) [Employee Information](index=14&type=section&id=%E9%9B%87%E5%91%98%E8%B3%87%E6%96%99) As of June 30, 2025, the Group had 884 employees, an increase from 645 at the end of 2024, with total employee costs of approximately RMB 90.7 million, and implements competitive remuneration, share option, and share award schemes to attract and retain talent - As of **June 30, 2025**, the Group had **884 employees** (December 31, 2024: 645 employees)[58](index=58&type=chunk) - Total employee costs for the six months ended **June 30, 2025**, were approximately **RMB 90.7 million** (same period in 2024: approximately RMB 82.7 million)[58](index=58&type=chunk) - The Group implements share option schemes and share award schemes, but as of **June 30, 2025**, no shares or share options have been granted under these schemes[58](index=58&type=chunk) [Use of Net Proceeds from Global Offering](index=15&type=section&id=%E5%85%A8%E7%90%83%E5%8F%91%E5%94%AE%E6%89%80%E5%BE%97%E6%AC%BE%E9%A1%B9%E5%87%80%E9%A2%9D%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5) The net proceeds from the global offering were approximately HKD 748.5 million, with HKD 628.6 million utilized by June 30, 2025, for platform upgrades, digital service development, internal management, e-commerce expansion, AI content creation, sales and marketing, media expansion, and new business exploration, while the remaining HKD 119.9 million is earmarked for strategic investments and acquisitions by the end of 2026 Use of Net Proceeds from Global Offering (As of June 30, 2025) | Purpose | Approximate Percentage of Total Net Proceeds | Net Proceeds from Global Offering (HKD million) | Net Proceeds Utilized (HKD million) | Remaining Net Proceeds (HKD million) | Expected Timeframe for Full Utilization of Remaining Net Proceeds | | :--- | :--- | :--- | :--- | :--- | :--- | | Upgrading U-Engine platform, focusing on R&D and leveraging AI capabilities and SaaS technology | 2.3% | 17.0 | 17.0 | — | — | | Developing a digital service platform for U-Engine | 2.0% | 14.8 | 14.8 | — | — | | Upgrading internal management system | 0.6% | 4.4 | 4.4 | — | — | | Expanding business opportunities for online short video platform e-commerce | 3.3% | 24.4 | 24.4 | — | — | | Enhancing content creation capabilities with AI technology | 6.6% | 49.6 | 49.6 | — | — | | Strengthening sales and marketing teams | 3.4% | 25.2 | 25.2 | — | — | | Expanding media base | 15.6% | 117.0 | 117.0 | — | — | | Exploring new businesses with new advertiser clients and online media platforms | 40.3% | 302.1 | 302.1 | — | — | | Seeking strategic investments and acquisitions | 16.0% | 119.9 | — | 119.9 | Before the end of the year ending December 31, 2026 | | Working capital and general corporate purposes | 9.9% | 74.1 | 74.1 | — | — | | **Total** | **100%** | **748.5** | **628.6** | **119.9** | | - As of **June 30, 2025**, approximately **HKD 628.6 million** of the net proceeds from the global offering has been utilized, with the remaining approximately **HKD 119.9 million** allocated for strategic investments and acquisitions[59](index=59&type=chunk) [Other Information](index=16&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) [Corporate Governance and Compliance](index=16&type=section&id=%E4%BC%81%E4%B8%9A%E7%AE%A1%E6%B2%BB%E4%B8%8E%E5%90%88%E8%A7%84) The Group is committed to high corporate governance standards, complying with the Corporate Governance Code in Appendix C1 of the Listing Rules for the six months ended June 30, 2025, with a temporary deviation regarding the separation of Chairman and CEO duties, and has adopted and confirmed compliance with the Model Code for directors' securities transactions, while the audit committee reviewed the interim financial information for compliance - The Company has complied with the Corporate Governance Code set out in Appendix C1 to the Listing Rules, with a deviation from **January 1, 2025, to June 27, 2025**, due to the non-segregation of duties between the Chairman and Chief Executive Officer, but has fully complied thereafter[61](index=61&type=chunk) - The Company has adopted the Model Code set out in Appendix C3 to the Listing Rules as the code of conduct for directors' securities transactions and confirmed that the directors have complied with it[63](index=63&type=chunk) - The Audit Committee has reviewed the Group's interim financial information and considers that it has been prepared in accordance with applicable accounting standards, the Listing Rules, and other applicable legal requirements[64](index=64&type=chunk) [Securities Transactions and Incentive Schemes](index=16&type=section&id=%E8%AF%81%E5%88%B8%E4%BA%A4%E6%98%93%E4%B8%8E%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92) For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities, and while share option and share award schemes are in place to incentivize talent, no options or awards were granted during the reporting period - For the six months ended **June 30, 2025**, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[65](index=65&type=chunk) - The Share Option Scheme aims to incentivize participants, with a limit of **10%** of the issued shares on the listing date and a **1%** limit per participant within any 12-month period, valid until **October 7, 2031**[67](index=67&type=chunk)[68](index=68&type=chunk) - The Share Award Scheme aims to recognize contributions, retain, and attract talent, with a limit of **10%** of the issued share capital on the adoption date of the Share Award Scheme and a **1%** limit per participant within any 12-month period, valid until **May 21, 2033**[71](index=71&type=chunk)[72](index=72&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk) - For the six months ended **June 30, 2025**, no share options were granted under the Share Option Scheme, nor were any awards granted under the Share Award Scheme[69](index=69&type=chunk)[82](index=82&type=chunk) [Directors' and Major Shareholders' Interests](index=20&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E4%B8%BB%E8%A6%81%E8%82%A1%E4%B8%9C%E6%9D%83%E7%9B%8A) As of June 30, 2025, Mr. Cheng Yu and his spouse Ms. Ma Xiaoxia held interests in the company's shares, with Mr. Cheng Yu directly and indirectly holding 50.62% and Ms. Ma Xiaoxia deemed to hold 50.65% due to spousal interest, while major shareholders Autumn Harvest Ltd, Vast Business, and Vigorous Development held 50.62% and 22.06% respectively, with no changes in directors' information requiring disclosure during the period Interests of Directors and Chief Executive in the Company's Shares (As of June 30, 2025) | Director Name | Capacity/Nature of Interest | Number and Class of Securities Held | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Mr. Cheng Yu | Interest in controlled corporation | 303,715,400 shares (L) | 50.62% | | | Beneficial owner | 210,000 shares (L) | 0.04% | | Ms. Ma Xiaoxia | Spouse's interest | 303,925,400 shares (L) | 50.65% | Interests of Major Shareholders in the Company's Shares (As of June 30, 2025) | Shareholder Name | Capacity/Nature of Interest | Number and Class of Securities Held | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Autumn Harvest Ltd | Beneficial owner | 303,715,400 shares (L) | 50.62% | | Vast Business | Interest in controlled corporation | 132,350,000 shares (L) | 22.06% | | Mr. Ma Xiaohui | Interest in controlled corporation | 132,350,000 shares (L) | 22.06% | | Ms. Yu Juan | Spouse's interest | 132,350,000 shares (L) | 22.06% | | Vigorous Development | Beneficial owner | 132,350,000 shares (L) | 22.06% | - From the date of the 2024 annual report up to the date of this report, no changes in directors' information required disclosure under Rule 13.51B(1) of the Listing Rules[83](index=83&type=chunk) [Interim Dividend and Public Float](index=21&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF%E4%B8%8E%E5%85%AC%E4%BC%97%E6%8C%81%E8%82%A1%E9%87%8F) The Board did not declare any interim dividend for the six months ended June 30, 2025, and the company maintained the public float required by the Listing Rules throughout the period and up to the report date - The Board did not declare any interim dividend for the six months ended **June 30, 2025**[89](index=89&type=chunk) - The Company maintained the public float required by the Listing Rules for the six months ended **June 30, 2025**, and up to the date of this report[90](index=90&type=chunk) [Review Report on Interim Financial Information](index=22&type=section&id=%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E7%9A%84%E5%AF%A9%E9%96%B1%E5%A0%B1%E5%91%8A) [Introduction and Scope of Review](index=22&type=section&id=%E5%BC%95%E8%A8%80%E4%B8%8E%E5%AE%A1%E9%98%85%E8%8C%83%E5%9B%B4) PricewaterhouseCoopers reviewed the interim financial information of Uju Holdings Limited and its subsidiaries for the six months ended June 30, 2025, in accordance with International Standard on Review Engagements 2410, which is less extensive than an audit and thus no audit opinion is expressed - The auditor has reviewed the interim financial information of Uju Holdings Limited and its subsidiaries for the six months ended **June 30, 2025**[92](index=92&type=chunk) - The review was conducted in accordance with International Standard on Review Engagements 2410, which is less in scope than an audit, and therefore no audit opinion is expressed[93](index=93&type=chunk) [Conclusion](index=22&type=section&id=%E7%BB%93%E8%AE%BA) Based on the review, the auditor found no matters suggesting that the Group's interim financial information was not prepared in all material respects in accordance with International Accounting Standard 34 "Interim Financial Reporting" - The auditor found no matters that cause them to believe that the Group's interim financial information has not been prepared in all material respects in accordance with International Accounting Standard 34 "Interim Financial Reporting"[94](index=94&type=chunk) [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=23&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E7%B6%9C%E5%90%88%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the company's revenue was RMB 5,018,294 thousand, a 29.8% increase year-on-year, with profit for the period at RMB 64,797 thousand and profit attributable to owners at RMB 66,265 thousand, resulting in basic and diluted earnings per share of RMB 0.11, while other comprehensive loss primarily stemmed from exchange differences on financial statement translation and fair value changes of equity investments Summary of Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (RMB thousand) | Item | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Revenue | 5,018,294 | 3,867,138 | | Gross Profit | 153,069 | 150,820 | | Operating Profit | 90,346 | 50,023 | | Profit Before Income Tax | 84,696 | 51,891 | | Income Tax Expense | (19,899) | (8,738) | | Profit for the Period | 64,797 | 43,153 | | Profit for the Period Attributable to Owners of the Company | 66,265 | 43,414 | | Total Comprehensive Income for the Period | 58,141 | 44,870 | | Basic Earnings Per Share (RMB) | 0.11 | 0.07 | | Diluted Earnings Per Share (RMB) | 0.11 | 0.07 | - Other comprehensive loss primarily resulted from exchange differences on translation of the Company's financial statements (**RMB -11,285 thousand**) and fair value changes of equity investments at fair value through other comprehensive income (**RMB -3,565 thousand**)[96](index=96&type=chunk) [Interim Condensed Consolidated Statement of Financial Position](index=24&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E8%A1%A8) As of June 30, 2025, the company's total assets were RMB 5,061,053 thousand, a 10.1% increase from year-end 2024, with total current assets at RMB 4,993,126 thousand, predominantly trade receivables, while total liabilities were RMB 3,568,575 thousand, mostly current liabilities, and total equity was RMB 1,492,478 thousand Summary of Interim Condensed Consolidated Statement of Financial Position (RMB thousand) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | **Assets** | | | | Total Non-current Assets | 67,927 | 69,559 | | Total Current Assets | 4,993,126 | 4,526,946 | | **Total Assets** | **5,061,053** | **4,596,505** | | **Liabilities** | | | | Total Non-current Liabilities | 2,908 | 3,396 | | Total Current Liabilities | 3,565,667 | 3,136,547 | | **Total Liabilities** | **3,568,575** | **3,139,943** | | **Equity** | | | | Equity Attributable to Owners of the Company | 1,491,951 | 1,454,567 | | Non-controlling Interests | 527 | 1,995 | | **Total Equity** | **1,492,478** | **1,456,562** | - Trade receivables are the largest current asset, amounting to **RMB 3,734,958 thousand** as of **June 30, 2025**[98](index=98&type=chunk) - Trade payables are the largest current liability, amounting to **RMB 2,485,989 thousand** as of **June 30, 2025**[98](index=98&type=chunk) [Interim Condensed Consolidated Statement of Changes in Equity](index=26&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) For the six months ended June 30, 2025, total equity attributable to owners of the company increased from RMB 1,454,567 thousand at the beginning of the period to RMB 1,491,951 thousand at the end, driven by a profit of RMB 66,265 thousand despite other comprehensive losses of RMB 6,656 thousand, and dividends of RMB 22,225 thousand were declared and paid Summary of Interim Condensed Consolidated Statement of Changes in Equity (RMB thousand) | Item | June 30, 2025 (Unaudited) | June 30, 2024 (Unaudited) | | :--- | :--- | :--- | | Equity Attributable to Owners of the Company at Beginning of Period | 1,454,567 | 1,382,832 | | Profit/(Loss) for the Period | 66,265 | 43,414 | | Other Comprehensive Loss/(Income) | (6,656) | 1,717 | | Total Comprehensive Income/(Loss) for the Period | 59,609 | 45,131 | | Dividends Declared and Paid | (22,225) | (27,187) | | Profit Appropriation to Statutory Reserve | — | — | | Equity Attributable to Owners of the Company at End of Period | 1,491,951 | 1,400,776 | - As of **June 30, 2025**, total equity attributable to owners of the Company was **RMB 1,491,951 thousand**[102](index=102&type=chunk) [Interim Condensed Consolidated Statement of Cash Flows](index=27&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the six months ended June 30, 2025, net cash used in operating activities was RMB 61,853 thousand, net cash from investing activities was RMB 15,034 thousand, and net cash used in financing activities was RMB 14,643 thousand, resulting in cash and cash equivalents of RMB 719,626 thousand at period-end, a decrease from the beginning of the period Summary of Interim Condensed Consolidated Statement of Cash Flows (RMB thousand) | Item | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (61,853) | (240,633) | | Net Cash From/(Used in) Investing Activities | 15,034 | (21,648) | | Net Cash Used in Financing Activities | (14,643) | (49,435) | | Net Decrease in Cash and Cash Equivalents | (61,462) | (311,716) | | Cash and Cash Equivalents at End of Period | 719,626 | 409,272 | - Net cash used in operating activities significantly decreased, indicating improved operating efficiency[104](index=104&type=chunk) - Investing activities shifted from cash outflow to cash inflow, primarily due to the maturity and recovery of time deposits[104](index=104&type=chunk) [Notes to the Interim Condensed Consolidated Financial Information](index=28&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E9%99%84%E8%A8%BB) [General Information and Basis of Preparation](index=28&type=section&id=%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99%E8%88%87%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) The company, incorporated in the Cayman Islands and listed on the HKEX Main Board on November 8, 2021, primarily provides one-stop cross-media online marketing solutions, with its interim financial information prepared in accordance with IAS 34 and no significant impact from the initial application of "Lack of Exchangeability — Amendments to IAS 21" on January 1, 2025, while new or revised IFRS standards will be adopted in the future - The Company completed its listing on the Main Board of The Stock Exchange of Hong Kong Limited on **November 8, 2021**[107](index=107&type=chunk) - The Group primarily markets advertiser clients' products and services through media partners, provides advertising distribution services, and live e-commerce services[107](index=107&type=chunk) - The interim financial information has been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting"[108](index=108&type=chunk) - The Group first applied "Lack of Exchangeability — Amendments to IAS 21" on **January 1, 2025**, with no significant impact[110](index=110&type=chunk) - New or revised standards, including IFRS 9, 7, 18, and 19, will be adopted in the future, with no significant impact expected except for IFRS 18[113](index=113&type=chunk)[114](index=114&type=chunk) [Financial Risk Management and Segment Information](index=29&type=section&id=%E8%B2%A1%E5%8B%99%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86%E8%88%87%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group faces market risks (foreign exchange, interest rate), credit risk, and liquidity risk, with risk management overseen by senior management and no significant changes to policies since December 31, 2024, while financial instrument fair value estimates are tiered, and the fair value of financial assets at fair value through other comprehensive income was reduced to zero, and the business is managed as a single reporting segment - The Group is exposed to market risks (foreign exchange risk, cash flow and fair value interest rate risk), credit risk, and liquidity risk[116](index=116&type=chunk) - There have been no significant changes to risk management policies since **December 31, 2024**[119](index=119&type=chunk) - Management has assessed and reduced the fair value of the Group's financial assets at fair value through other comprehensive income to **zero** as of **June 30, 2025**[121](index=121&type=chunk) - The Group's business is operated and managed as a single reporting segment, and therefore no segment information is presented[123](index=123&type=chunk) [Revenue and Cost Details](index=31&type=section&id=%E6%94%B6%E7%9B%8A%E4%B8%8E%E6%88%90%E6%9C%AC%E6%98%8E%E7%BB%86) For the six months ended June 30, 2025, revenue from one-stop online marketing solutions was RMB 4,938,466 thousand, advertising distribution services RMB 51,125 thousand, and live e-commerce RMB 27,938 thousand, with revenue recognized primarily at a point in time and over time, while credit risk is concentrated with a major client contributing approximately 44% of total revenue, and total expenses, mainly traffic acquisition and monitoring costs, amounted to RMB 4,918,946 thousand Revenue Analysis from Contracts with Customers (RMB thousand) | Revenue Category | 2025 | 2024 | | :--- | :--- | :--- | | One-stop Online Marketing Solutions Services | 4,938,466 | 3,806,587 | | Advertising Distribution Services | 51,125 | 22,028 | | Live E-commerce Business | 27,938 | 36,965 | | Provision of Other Services | 765 | 1,558 | | **Total** | **5,018,294** | **3,867,138** | Revenue Analysis by Timing of Revenue Recognition (RMB thousand) | Timing of Recognition | 2025 | 2024 | | :--- | :--- | :--- | | At a point in time | 4,339,926 | 3,341,482 | | Over time | 678,368 | 525,656 | | **Total** | **5,018,294** | **3,867,138** | - Credit risk is concentrated from a major client A, which contributed approximately **44%** of the Group's total revenue for the six months ended **June 30, 2025**[126](index=126&type=chunk) Expenses by Nature (RMB thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Traffic Acquisition and Monitoring Costs | 4,777,776 | 3,645,838 | | Employee Benefit Expenses | 90,701 | 82,671 | | Taxes and Surcharges | 13,020 | 5,439 | | Outsourced Short Video Production, Advertising, and Live Streamer Costs | 8,593 | 13,231 | | Professional and Consulting Service Fees | 6,145 | 10,020 | | Cost of Inventories Sold and Consumed | 5,610 | 8,463 | | Depreciation and Amortisation Expenses | 5,204 | 5,368 | | Transportation Costs | 3,825 | 1,610 | | Office Expenses | 3,676 | 2,042 | | Travel and Entertainment Expenses | 2,723 | 2,772 | | Others | 1,673 | 1,235 | | **Total** | **4,918,946** | **3,778,689** | [Net Impairment Losses on Financial Assets and Other Income/Losses](index=32&type=section&id=%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2%E6%B8%9B%E5%80%BC%E8%99%A7%E6%90%8D%E5%87%88%E9%A1%8D%E8%88%87%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%2F%E8%99%A7%E6%90%8D) For the six months ended June 30, 2025, net impairment losses on financial assets were RMB 11,556 thousand, primarily from trade receivables, other income was RMB 1,209 thousand, mainly from government grants, and net other gains were RMB 1,345 thousand, influenced by litigation loss provisions, foreign exchange gains, investment income, and impairment reversals for in-kind settlement arrangements Net Impairment Losses on Financial Assets (RMB thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Impairment loss provision — Trade receivables | 11,462 | 26,769 | | Impairment loss provision — Other receivables | 94 | 4,143 | | **Total** | **11,556** | **30,912** | Other Income (RMB thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Government grants | 1,068 | 63 | | Others | 141 | 96 | | **Total** | **1,209** | **159** | Net Other Gains/(Losses) (RMB thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Provision for litigation losses | (3,652) | — | | Net foreign exchange gains/(losses) | 2,632 | (216) | | Investment income | 1,867 | — | | Impairment reversal/(provision) and losses on goods obtained in in-kind settlement arrangements | 484 | (2,729) | | Provision for an onerous contract | — | (5,705) | | Others | 14 | 977 | | **Total** | **1,345** | **(7,673)** | - Provision for litigation losses increased by **RMB 3,652 thousand**, and net foreign exchange gains turned from a loss to a gain[131](index=131&type=chunk) [Net Finance (Costs)/Income and Income Tax Expense](index=34&type=section&id=%E8%B2%A1%E5%8B%99%EF%BC%88%E6%88%90%E6%9C%AC%EF%BC%89%2F%E6%94%B6%E5%85%A5%E5%87%88%E9%A1%8D%E8%88%87%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) For the six months ended June 30, 2025, net finance costs were RMB 5,650 thousand, primarily due to increased interest expenses on bank borrowings, guarantee fees, and factoring borrowings, while income tax expense rose to RMB 19,899 thousand, with the effective tax rate increasing to 23.5% due to a lower profit contribution from Hainan Youju, and no Pillar Two model rules related tax provision was deemed necessary Net Finance (Costs)/Income (RMB thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Finance income | 9,029 | 10,142 | | Finance costs | (14,679) | (8,274) | | **Net Finance (Costs)/Income** | **(5,650)** | **1,868** | Income Tax Expense (RMB thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Current income tax expense | 21,444 | 14,756 | | Deferred income tax credit | (1,545) | (6,018) | | **Income Tax Expense** | **19,899** | **8,738** | - The corporate income tax rate in China is generally **25%**, with Hainan Youju Technology Co., Ltd. enjoying a preferential tax rate of **15%**, and certain small low-profit enterprises enjoying a **20%** tax rate[136](index=136&type=chunk) - The Group has assessed that as of **June 30, 2025**, no tax provision related to the Organisation for Economic Co-operation and Development ("OECD") Pillar Two model rules is required[137](index=137&type=chunk) [Dividends and Earnings Per Share](index=36&type=section&id=%E8%82%A1%E6%81%AF%E4%B8%8E%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) On March 21, 2025, the company declared a final dividend of HKD 4 cents per ordinary share for the year ended December 31, 2024, totaling approximately RMB 22,225 thousand, which was approved by shareholders and fully paid on May 30, 2025, with no interim dividends declared for the six months ended June 30, 2025, and basic and diluted earnings per share increasing to RMB 0.11 from RMB 0.07 in the prior year Dividends Declared (RMB thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Dividends declared by the Company | 22,225 | 27,187 | - No interim dividends were declared for the six months ended **June 30, 2025, and 2024**[139](index=139&type=chunk) Earnings Per Share (RMB) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Profit for the period attributable to owners of the Company (RMB thousand) | 66,265 | 43,414 | | Weighted average number of ordinary shares in issue during the period (thousand shares) | 590,919 | 590,919 | | **Basic Earnings Per Share** | **0.11** | **0.07** | | **Diluted Earnings Per Share** | **0.11** | **0.07** | [Property, Plant and Equipment and Leases](index=37&type=section&id=%E7%89%A9%E4%B8%9A%E3%80%81%E5%8E%82%E6%88%BF%E5%8F%8A%E8%AE%BE%E5%A4%87%E4%B8%8E%E7%A7%9F%E8%B5%81) As of June 30, 2025, the net book value of property, plant, and equipment was RMB 14,312 thousand, with additions of RMB 1,999 thousand during the period, while right-of-use assets were RMB 6,623 thousand, and total lease liabilities were RMB 7,092 thousand, with depreciation expenses primarily recognized in cost of services Net Book Value of Property, Plant and Equipment (RMB thousand) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Buildings | 10,715 | 11,005 | | Motor vehicles | 46 | 78 | | Electronic equipment | 817 | 964 | | Furniture and fixtures | 24 | 52 | | Leasehold improvements | 2,710 | 1,352 | | **Total** | **14,312** | **13,451** | - Additions to property, plant, and equipment amounted to **RMB 1,999 thousand** during the period[143](index=143&type=chunk) Lease Liabilities (RMB thousand) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Current | 4,184 | 5,807 | | Non-current | 2,908 | 3,396 | | **Total** | **7,092** | **9,203** | - Depreciation expense for right-of-use assets was **RMB 3,552 thousand**, and interest expense was **RMB 257 thousand**[146](index=146&type=chunk) [Trade Receivables and Prepayments](index=39&type=section&id=%E5%BA%94%E6%94%B6%E8%B4%A6%E6%AC%BE%E4%B8%8E%E9%A2%84%E4%BB%98%E6%AC%BE%E9%A1%B9) As of June 30, 2025, net trade receivables were RMB 3,734,958 thousand, with approximately 48% from a major client A, while transferred trade receivables amounted to RMB 58,854 thousand with related secured borrowings of RMB 50,026 thousand, and total prepayments, deposits, and other assets were RMB 415,507 thousand, primarily comprising prepayments to media platforms and recoverable VAT, with time deposits matured and recovered during the period Trade Receivables (RMB thousand) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Trade receivables | 3,862,012 | 3,284,262 | | Less: Provision for credit losses | (127,054) | (115,678) | | **Trade receivables — Net** | **3,734,958** | **3,168,584** | - As of **June 30, 2025**, the balance of trade receivables from major client A was approximately **RMB 1,836,185 thousand**, accounting for approximately **48%** of total trade receivables[126](index=126&type=chunk) Ageing Analysis of Trade Receivables (RMB thousand) | Ageing | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Within 90 days | 3,529,073 | 3,107,466 | | 91 to 180 days | 197,736 | 77,864 | | 181 to 270 days | 29,143 | 6,080 | | 271 days to 1 year | 18,469 | 3,934 | | Over 1 year | 87,591 | 88,918 | | **Total** | **3,862,012** | **3,284,262** | Prepayments, Deposits and Other Assets (RMB thousand) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Deposits paid to media platforms | 87,850 | 98,612 | | Prepayments to media platforms and suppliers | 171,897 | 126,393 | | Recoverable VAT | 137,698 | 207,004 | | **Total Current Prepayments, Deposits and Other Assets** | **415,507** | **453,338** | - Time deposits matured and were recovered as of **June 30, 2025**, with a zero balance at period-end[153](index=153&type=chunk) [Cash and Borrowings](index=41&type=section&id=%E7%8E%B0%E9%87%91%E4%B8%8E%E5%80%9F%E6%AC%BE) As of June 30, 2025, restricted cash was RMB 116,936 thousand, primarily collateral for borrowings, while cash and cash equivalents were RMB 719,626 thousand, mainly in RMB and USD, and total trade payables were RMB 2,485,989 thousand, including RMB 330,000 thousand guaranteed by third parties, with bills payable of RMB 219,000 thousand secured by bank deposits or subsidiary guarantees, and total borrowings of RMB 289,048 thousand at effective annual interest rates ranging from 1.3% to 4.7% Restricted Cash (RMB thousand) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Restricted bank balances and deposits | 116,936 | 99,382 | Cash and Cash Equivalents (RMB thousand) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Cash on hand | 22 | 22 | | Cash at bank | 718,832 | 781,368 | | Cash equivalents | 772 | 642 | | **Total** | **719,626** | **782,032** | Ageing Analysis of Trade Payables (RMB thousand) | Ageing | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Less than 6 months | 2,478,151 | 2,087,566 | | 6 months to 1 year | 2,579 | 1,251 | | Over 1 year | 5,259 | 6,687 | | **Total** | **2,485,989** | **2,095,504** | - As of **June 30, 2025**, guaranteed amounts payable to media platforms were approximately **RMB 330,000 thousand**[160](index=160&type=chunk) Borrowings (RMB thousand) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Short-term bank and other borrowings, unsecured | 142,022 | 151,102 | | Short-term bank and other borrowings, secured | 147,026 | 97,118 | | **Total** | **289,048** | **248,220** | - The effective annual interest rates for borrowings ranged from **1.3% to 4.7%**[165](index=165&type=chunk) [Share Award Scheme and Related Party Transactions](index=46&type=section&id=%E8%82%A1%E4%BB%BD%E5%A5%96%E5%8A%B1%E8%AE%A1%E5%88%92%E4%B8%8E%E5%85%B3%E8%81%94%E6%96%B9%E4%BA%A4%E6%98%93) The company adopted a share award scheme on May 22, 2023, establishing a trust to purchase its shares for awards, which held shares with a book value of RMB 25,762 thousand as of June 30, 2025, though no shares have been granted to participants, and key management personnel compensation of RMB 4,013 thousand was the only significant related party transaction during the period - The Company adopted a Share Award Scheme on **May 22, 2023**, and established a trust to purchase the Company's shares for awards[168](index=168&type=chunk) - As of **June 30, 2025**, the trust held the Company's shares with a book value of **RMB 25,762 thousand**, but no shares have been granted to any selected participants yet[169](index=169&type=chunk)[170](index=170&type=chunk) Key Management Personnel Compensation (RMB thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Salaries and wages | 3,789 | 5,405 | | Other social security costs, housing benefits and other employee benefits | 131 | 176 | | Pension costs — Defined contribution plans | 93 | 130 | | **Total** | **4,013** | **5,711** | [Definitions](index=47&type=section&id=%E9%87%8B%E7%BE%A9) This section provides definitions for key terms and abbreviations used throughout the report, covering company entities, business activities, technical terms, financial indicators, and legal regulations to ensure clarity and consistency

上海君實生物醫藥科技股份有限公司 Shanghai Junshi Biosciences 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 : 1877 2025 中期報告 * 僅供識別 目錄 2 公司資料 4 摘要 8 管理層討論及分析 42 其他資料 58 簡明綜合財務報表審閱報告 59 簡明綜合損益及其他全面收益表 61 簡明綜合財務狀況表 63 簡明綜合權益變動表 64 簡明綜合現金流量表 66 簡明綜合財務報表附註 90 釋義 2 上海君實生物醫藥科技股份有限公司 公司資料 執行董事 熊俊先生 （主席兼法定代表） 李寧博士 （副主席） 鄒建軍博士 （首席執行官兼總經理） 李聰先生 （聯席首席執行官） 張卓兵先生 姚盛博士 王剛博士 李鑫博士 非執行董事 湯毅先生 獨立非執行董事 張淳先生 馮曉源博士 楊悅博士1 酈仲賢先生 魯琨女士 監事4 匡洪燕女士 （監事會主席） 王萍萍女士 霍依蓮女士 審計委員會 張淳先生 （主席） 湯毅先生 酈仲賢先生 薪酬與考核委員會 張淳先生 （主席） 熊俊先生 鄒建軍博士 馮曉源博士 楊悅博士1 戰略委員會 熊俊先生 （主席） 鄒建軍博士 ...

Lvji Technology Holdings Inc. 驢跡科技控股有限公司 （於開曼群島註冊成立的有限公司） 股份代號 : 1745 2025 中期報告 Interim Report 2025 中期報告 2025 INTERIM REPORT Lvji Technology Holdings Inc. 驢跡科技控股有限公司 (Incorporated in the Cayman Islands with limited liability) Stock Code : 1745 目 錄 公司資料 重點摘要 業務回顧及展望 管理層討論與分析 企業管治及其他資料 中期簡明綜合損益表 中期簡明綜合全面收益表 中期簡明綜合財務狀況表 中期簡明綜合權益變動表 中期簡明綜合現金流量表 中期簡明綜合財務資料附註 釋義 4 5 12 20 35 36 37 38 39 40 60 2 2 二零二五年中報 ‧ 驢跡科技控股有限公司 公司資料 董事會 執行董事 臧偉仲先生 （主席） 王磊先生 （副主席） 劉暉先生 獨立非執行董事 顧劍璐女士 高媛媛女士 （於二零二五年九月八日辭任） 顧瑞珍女士 審核委員會 授權代表 臧偉仲先 ...

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，並明確表示概不會就本公告全部或任何部分內容而產生或因依賴該等內容而 引致的任何損失承擔任何責任。 HANG SANG (SIU PO) INTERNATIONAL HOLDING COMPANY LIMITED （於開曼群島註冊成立的有限公司） （股份代號：3626） 截至二零二五年六月三十日止年度之全年業績公告 Hang Sang (Siu Po) International Holding Company Limited（「本公司」）董事（「董事」）會（「董事會」）謹 此公佈本公司及其附屬公司（統稱「本集團」）截至二零二五年六月三十日止年度之綜合財務業績，連 同上年度之比較數字如下： 綜合損益及其他全面收益表 | | | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | | | 附註 | 千港元 | 千港元 | | 資產及負債 | | | | | 非流動資產 | | | | | 物業、廠房及設備 | 10 | 10,180 | 12,824 | | 商譽 | 11 ...

2025 中期報告 INTERIM REPORT GREENTOWN CHINA HOLDINGS LIMITED 綠城中國控股有限公司 (incorporated in the Cayman Islands with limited liability) (Stock Code: 03900) （於開曼群島註冊成立的有限公司） （股票代碼：03900） GREENTOWN CHINA HOLDINGS LIMITED 綠城中國控股有限公司 2025 INTERIM REPORT 中期報告 核心價值觀 CORE VALUES 真誠 善意 精緻 完美 Sincerity Kindness Exquisiteness Perfection 杭州桃李桂香園 Hangzhou Taoli Guixiangyuan CONTENTS 目 錄 | 公司簡介 | 2 | 獨立審閱報告 | | --- | --- | --- | | Corporate Profile | | Independent Review Report | | 公司資料 | 4 | 中期簡明綜合損益及其他全面收益表 | | Corporate Inf ...

iMotion Automotive Technology (Suzhou) Co., Ltd. 知行汽車科技(蘇州)股 份有限公司 （於中華人民共和國註冊成立的股份有限公司） 股份代號：1274 2025 中期報告 目 錄 2 公司資料 4 釋義 6 財務摘要 7 管理層討論與分析 21 企業管治及其他資料 31 簡明綜合損益及其他全面收益表 32 簡明綜合財務狀況表 34 簡明綜合權益變動表 35 簡明綜合現金流量表 36 未經審核中期財務報告附註 公司資料 本公司中文名稱 知行汽車科技（蘇州）股份有限公司 本公司英文名稱 iMotion Automotive Technology (Suzhou) Co., Ltd. 董事會 執行董事 宋陽先生 （董事長） 盧玉坤先生 李雙江先生 蔣京芳女士 （自2025年6月20日起獲委任） 劉芳女士 （自2025年6月20日起獲委任） 非執行董事 李程晟先生 （自2025年4月11日起辭任） 陶志新先生 （自2025年5月2日起辭任） 楊元奎先生 （自2025年4月25日起辭任） 獨立非執行董事 張為公博士 劉勇先生 薛睿女士 審計委員會 劉勇先生 （主席） 張為公 ...

股份代號：����.HK Stock Code：����.HK (於中華人民共和國註冊成立的股份有限公司) 2025 中期報告 Providing intelligent vision products and system solutions 融合「LED+」技術的智能視覺產品及系統解決方案提供商 integrating"LED+" technologies. 2025 (A joint stock company incorporated in the People's Republic of China with limited liability) INTERIM REPORT 2025 目錄 | 公司資料 | 2 | | --- | --- | | 管理層討論及分析 | 4 | | 企業管治及其他資料 | 12 | | 獨立審閱報告 | 21 | | 中期簡明合併損益及其他全面收益表 | 22 | | 中期簡明合併財務狀況表 | 24 | | 中期簡明合併權益變動表 | 26 | | 中期簡明合併現金流量表 | 28 | | 中期簡明合併財務報表附註 | 30 | | 釋義 | 49 | | 技術詞 ...

2025 中期報告 在中華人民共和國註冊成立的股份有限公司 股份代號 : A股 : 600115 H股 : 00670 目錄 2 釋義 6 公司業務概要 7 公司資料 9 中期財務資料 15 中期簡明合併財務報表附註 42 運營數據摘要 45 機隊結構 46 管理層討論與分析 釋義 在本報告中，除非文義另有所指，下列詞語具有如下含義： 運輸能力 | 可用噸公里 | 每一航段可提供業載與該航段距離的乘積之和 | | --- | --- | | 可用座公里 | 每一航段可提供的最大座位數與該航段距離的乘積之和 | | 可用貨郵噸公里 | 每一航段可提供的最大貨郵載運量與該航段距離的乘積之和 | | 運載規模 | | | 收入噸公里 | 運輸總周轉量，實際每一航段載運噸數與該航段距離的乘積之和 | | --- | --- | | 客運人公里 | 旅客周轉量，實際每一航段旅客運輸量與該航段距離的乘積之和 | | 貨郵載運噸公里 | 貨郵周轉量，實際每一航段貨郵載運噸數與該航段距離的乘積之和 | | 貨郵載運量 | 實際裝載的貨郵重量 | | 運輸效率 | | | 綜合載運率 | 運輸總周轉量與可用噸公里之比 | | ...

[Corporate Information](index=3&type=section&id=Corporate%20Information) This section provides an overview of the company's governance structure, including board composition, committees, and fundamental corporate details [Directors and Committees](index=3&type=section&id=Directors%20and%20Committees) The Board of Directors comprises executive, non-executive, and independent non-executive directors, with established audit, remuneration, and nomination committees - Executive Director Mr. Tu Zhiliang serves as Chairman[6](index=6&type=chunk)[8](index=8&type=chunk) - Mr. Gao Jian ceased to be a non-executive director effective June 20, 2025[6](index=6&type=chunk)[8](index=8&type=chunk) - Ms. Wang Lan was appointed as an independent non-executive director and Chairman of the Remuneration Committee effective March 31, 2025[6](index=6&type=chunk)[7](index=7&type=chunk)[8](index=8&type=chunk) - Ms. Jin Xu resigned as an independent non-executive director and member of the Remuneration/Nomination Committee effective March 31, 2025[6](index=6&type=chunk)[7](index=7&type=chunk)[8](index=8&type=chunk) [Company Details](index=4&type=section&id=Company%20Details) The company is registered in the Cayman Islands, with its China headquarters in Guangzhou and principal place of business in Hong Kong - Registered office in the Cayman Islands, China headquarters in Nansha District, Guangzhou City, and principal place of business in Wan Chai, Queen's Road East, Hong Kong[10](index=10&type=chunk)[11](index=11&type=chunk) - Principal bankers are Industrial and Commercial Bank of China and Shanghai Pudong Development Bank[13](index=13&type=chunk)[14](index=14&type=chunk) - Auditor is Ernst & Young, and Hong Kong legal counsel is Tian Yuan Law Firm[13](index=13&type=chunk)[14](index=14&type=chunk) - Stock code is 2273, and the company website is www.gstzy.cn[14](index=14&type=chunk) [Financial Highlights](index=6&type=section&id=Financial%20Highlights) For the six months ended June 30, 2025, the Group's revenue increased by 9.5% year-on-year to **RMB 1,494.9 million**, with net profit growing by 41.6% to **RMB 152.0 million** Financial Highlights for the Six Months Ended June 30, 2025 | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 1,494,891 | 1,364,979 | 129,912 | 9.5% | | Gross Profit | 457,856 | 401,212 | 56,644 | 14.1% | | EBITDA | 265,003 | 193,047 | 71,956 | 37.3% | | Profit Before Tax | 179,992 | 125,085 | 54,907 | 43.9% | | Net Profit | 151,954 | 107,275 | 44,679 | 41.6% | | Adjusted Net Profit | 170,389 | 147,888 | 22,501 | 15.2% | | Basic Earnings Per Share (RMB) | 0.63 | 0.44 | 0.19 | 43.2% | | Diluted Earnings Per Share (RMB) | 0.62 | 0.43 | 0.19 | 44.2% | | Gross Profit Margin | 30.6% | 29.4% | N/A | 1.2% | | Net Profit Margin | 10.2% | 7.9% | N/A | 2.3% | | Adjusted Net Profit Margin | 11.4% | 10.8% | N/A | 0.6% | [Management Discussion and Analysis](index=7&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the Group's operational performance, financial position, and future strategic outlook [BUSINESS REVIEW](index=7&type=section&id=BUSINESS%20REVIEW) The Group, a Chinese Traditional Chinese Medicine (TCM) healthcare service provider, offers comprehensive services and products through its online and offline network - The Group is committed to providing comprehensive TCM healthcare services and products through its offline medical institutions and online healthcare platform network, emphasizing basic medical care[17](index=17&type=chunk)[20](index=20&type=chunk) - The Group combines TCM and Western medicine diagnostics to offer comprehensive healthcare solutions, focusing on chronic disease management and long-term follow-up and health management for customers[23](index=23&type=chunk)[25](index=25&type=chunk) [Digitalization & AI Empowerment](index=8&type=section&id=Digitalization%20%26%20AI%20Empowerment) The Group continuously strengthens operational standardization and digitalization, implementing various systems and launching AI-powered services to enhance efficiency and customer experience - Established a digital clerk system, presenting operational data in digital reports to enhance interaction between offline medical institutions and customers, increasing patient visits and return rates[27](index=27&type=chunk) - Developed a medical CRM system, integrating the development and management of medical professional teams, utilizing digital statistics for daily operations and management analysis to improve operational efficiency[27](index=27&type=chunk) - Built an intelligent prescription review and compliance platform, embedding national medical insurance reimbursement schemes and local medical insurance bureau regulations, utilizing information technology for compliance control[31](index=31&type=chunk) - Constructed a closed-loop ERP system for the entire business process, enhancing management efficiency through comprehensive system management of supply chain, sales, inventory, and accounting[31](index=31&type=chunk) - Launched the first "National TCM AI Avatar" in June 2025, followed by 10 major AI avatars by August, covering 8 core TCM specialties such as oncology and dermatology, and introduced an AI health assistant to empower TCM services with AI technology[31](index=31&type=chunk) [Policy Support & Industry Trends](index=9&type=section&id=Policy%20Support%20%26%20Industry%20Trends) The Chinese government continues to introduce favorable policies supporting the inheritance and innovative development of Traditional Chinese Medicine (TCM) - In February 2021, the Chinese government issued "Several Policy Measures on Accelerating the Characteristic Development of Traditional Chinese Medicine," encouraging social forces to establish chain-operated renowned TCM clinics to provide first-class TCM services[29](index=29&type=chunk)[30](index=30&type=chunk) - In December 2021, the National Healthcare Security Administration and the National Administration of Traditional Chinese Medicine jointly issued "Guiding Opinions on Medical Insurance Support for the Inheritance and Innovative Development of Traditional Chinese Medicine," supporting the development of "Internet+" TCM and its inclusion in medical insurance, adjusting TCM medical service prices, and allowing TCM medical institutions to independently price their in-house preparations[33](index=33&type=chunk)[35](index=35&type=chunk) - In March 2022, the "Physicians Law of the People's Republic of China" came into effect, encouraging physicians to regularly provide services at medical and health institutions below the county level; in the same year, the "14th Five-Year Plan for the Improvement of Grassroots Traditional Chinese Medicine Service Capacity" was released, encouraging social forces to establish TCM medical institutions at the grassroots level[34](index=34&type=chunk)[36](index=36&type=chunk) - In February 2023, the General Office of the State Council issued the "Implementation Plan for Major Projects to Revitalize and Develop Traditional Chinese Medicine," focusing on enhancing TCM capabilities at grassroots medical institutions and cultivating high-quality TCM talents[37](index=37&type=chunk)[38](index=38&type=chunk) - In June 2024, the General Office of the State Council issued "Key Tasks for Deepening the Reform of the Medical and Health System in 2024," supporting pilot programs for advantageous TCM therapies, integrated medical group reforms, inheritance and innovative development of TCM, talent cultivation, and productization of in-house preparations[40](index=40&type=chunk)[42](index=42&type=chunk) - In July 2024, the National Administration of Traditional Chinese Medicine and the National Data Administration jointly issued "Several Opinions on Promoting the Development of Digital Traditional Chinese Medicine," planning to integrate big data, artificial intelligence, and other emerging digital technologies into the inheritance and innovation of TCM within the next three to five years, accelerating intelligent transformation[41](index=41&type=chunk)[43](index=43&type=chunk) - In March 2025, the General Office of the State Council issued "Opinions on Improving the Quality of Traditional Chinese Medicine and Promoting the High-Quality Development of the Traditional Chinese Medicine Industry," aiming to comprehensively enhance the quality of TCM and promote its high-quality industrial development, bringing new opportunities for the Group[44](index=44&type=chunk)[46](index=46&type=chunk) [Revenue Sources & Network Expansion](index=13&type=section&id=Revenue%20Sources%20%26%20Network%20Expansion) During the reporting period, the Group's revenue primarily stemmed from providing healthcare solutions and selling healthcare products - During the reporting period, the Group's revenue primarily came from providing healthcare solutions and selling healthcare products[45](index=45&type=chunk)[47](index=47&type=chunk) - As of June 30, 2025, the Group owned and operated 83 medical institutions in 20 cities in China and 1 medical institution in Singapore, all operating under the "Gushengtang" brand[49](index=49&type=chunk)[51](index=51&type=chunk) - During the reporting period, the Group expanded its business footprint through strategic acquisitions and organic growth, including acquiring 90% equity in Wuhan Future TCM Hospital, 100% in Wuxi Tongkang TCM Hospital, 100% in Beijing Bohua Jingkang TCM Hospital, 100% in Changshu Guangren Hospital, and controlling stakes in Tianjin Pingan Comprehensive Clinic and Shenzhen Tianyuan TCM Anorectal Hospital[50](index=50&type=chunk)[52](index