多点数智(02586) - 2025 - 中期业绩

Performance Summary The company achieved a significant H1 2025 turnaround, with total revenue up 14.8% to RMB 1.078 billion and a net profit of RMB 62.17 million, reversing a prior-year loss Financial Highlights The company achieved a significant turnaround in H1 2025, with total revenue growing 14.8% to RMB 1.078 billion and a net profit of RMB 62.17 million, reversing a prior-year loss of RMB 249 million Financial Highlights for the Six Months Ended June 30 | Metric | H1 2025 (RMB Thousand) | H1 2024 (RMB Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,078,425 | 939,162 | 14.8% | | Gross Profit | 413,929 | 359,254 | 15.2% | | Profit/(Loss) for the Period | 62,174 | (249,072) | N/A | | Adjusted Profit from Continuing Operations for the Period | 77,012 | 30,497 | 152.5% | Key Financial Statements Financial statements for the period reflect significant improvements, with profit or loss shifting from substantial loss to profitability and the financial position showing stable asset and liability structures Consolidated Statement of Profit or Loss For the six months ended June 30, 2025, the company achieved a significant turnaround from a RMB 249 million loss to a RMB 62.17 million profit, driven by revenue growth and the absence of large fair value changes in convertible preferred shares Key Items from Consolidated Statement of Profit or Loss (RMB Thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | 1,078,425 | 939,162 | | Gross Profit | 413,929 | 359,254 | | Operating Profit/(Loss) | 60,145 | (81,156) | | Fair Value Change of Convertible Redeemable Preferred Shares | – | (397,118) | | Profit/(Loss) from Continuing Operations for the Period | 62,174 | (482,206) | | Profit/(Loss) for the Period | 62,174 | (249,072) | | Basic Earnings/(Loss) Per Share (RMB) | 0.08 | (0.45) | Consolidated Statement of Financial Position As of June 30, 2025, total assets were RMB 1.399 billion, total liabilities RMB 766 million, and net assets RMB 633 million, with net current assets of RMB 326 million indicating strong short-term solvency Consolidated Statement of Financial Position Summary (RMB Thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 1,399,189 | 1,659,186 | | Total Liabilities | 766,191 | 1,018,157 | | Net Assets | 632,998 | 641,029 | | Cash and Cash Equivalents | 565,864 | 801,046 | | Bank Loans and Other Borrowings | 369,308 | 529,646 | Management Discussion and Analysis This section details the company's strategic business advancements, including AI-driven product innovation and Web3 expansion, alongside a comprehensive analysis of its strong financial performance Business Review In H1 2025, the company achieved high-quality business growth driven by AI technology, product innovation, and a dual-dimensional strategy, while actively expanding into Web3 through strategic partnerships - The company leverages AI technology as a core driver, comprehensively advancing product upgrades and innovation, and integrating AI coding into internal R&D processes to enhance efficiency[34] - As of June 30, 2025, the customer net revenue retention rate for the twelve months was 107%, consistently exceeding 100% over multiple periods[36] - The company signed a strategic cooperation agreement with HashKey Group to expand into digital asset trading, Web3 technology, and blockchain ecosystems, initiating Bitcoin investments and preparing for stablecoin license applications[38][40] AI Retail Core Solutions Review The AI Retail Core Solutions business achieved continuous upgrades and market expansion, launching its first overseas AI-powered TMS system, integrating with local life service platforms, and securing new domestic and international clients - Successfully launched the first overseas AI-powered Transportation Management System (TMS) at DFI Retail Group's Wellcome Supermarket in Hong Kong, utilizing AI for intelligent route planning to enhance dispatch efficiency and punctuality[42] - As one of the first technical service providers, the company integrated with Douyin's group-buying feature, developing a mini-program for coupon redemption and product add-ons, and using AI to optimize coupon strategies and inventory forecasting[45] - New benchmark clients signed in the domestic market include Shanghai Sugar & Wine Group, Xinjiang Huijia Times, and Ningxia Xiaoren Fruit Industry; international collaborations deepened with DFI Retail Group and SM Group[35][50][51] AI Retail Value-added Services Review AI Retail Value-added Services saw continuous innovation, with smart loss prevention recovering over RMB 3 million in losses and remote guarding serving over 400 stores, while expanding partnerships with leading enterprises and new clients - The smart loss prevention solution continued to iterate, helping a major retailer recover over RMB 3 million in merchandise losses within one year of deployment, saving 30% in labor costs and improving loss recovery efficiency by 60 times[54] - The remote guarding system served over 400 stores, generating 1.86 million unmanned night service orders, RMB 28.13 million in new night sales, and acquiring 510,000 new customers[54] - Business expansion achieved significant results, with a comprehensive partnership established with Xinjiang Aijia, one of the top three supermarket chains in Xinjiang, providing smart store services including loss prevention, inspection, and cashiering[57] Business Outlook for 2025 Looking ahead, the company will continue to embrace AI and technological innovation to develop smarter solutions, while actively exploring new opportunities in stablecoins and blockchain payments within the Web3 sector - The company will steadfastly embrace AI, with technological innovation as its core engine[58] - The company is optimistic about the future of the Web3 industry and will continue to actively explore potential new businesses in stablecoins and blockchain payments to serve its retail customers[58] Financial Review H1 2025 saw strong financial performance with total revenue up 14.8% to RMB 1.078 billion, gross profit up 15.2% to RMB 414 million, and a net profit of RMB 62.17 million, driven by revenue growth and cost control Revenue Analysis Total revenue increased 14.8% to RMB 1.078 billion, with AI Retail Core Solutions growing 16.2% to RMB 488 million and AI Retail Value-added Services growing 13.7% to RMB 591 million Revenue by Business Segment (RMB Thousand) | Business Segment | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | AI Retail Core Solutions | 487,868 | 419,838 | 16.2% | | AI Retail Value-added Services | 590,557 | 519,324 | 13.7% | | Total | 1,078,425 | 939,162 | 14.8% | Revenue by Geographical Location (RMB Thousand) | Region | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Mainland China | 1,002,180 | 864,121 | 16.0% | | Overseas | 76,245 | 75,041 | 1.6% | | Total | 1,078,425 | 939,162 | 14.8% | Cost and Gross Profit Analysis Operating costs increased 14.6% to RMB 664 million, maintaining a stable gross margin of 38.4%, with AI Retail Core Solutions' margin decreasing due to project ramp-up and AI Retail Value-added Services' margin significantly improving Gross Profit and Gross Margin Analysis | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Gross Profit (RMB Thousand) | 413,929 | 359,254 | | Gross Margin (%) | 38.4% | 38.3% | | Segment Gross Margin | | | | AI Retail Core Solutions | 68.3% | 76.8% | | AI Retail Value-added Services | 13.7% | 7.1% | Operating Expenses Analysis Sales and marketing expenses increased 47.7% to RMB 63.4 million due to overseas expansion, while R&D expenses decreased 6.5% to RMB 190 million, reflecting cost control and efficiency gains from AI tools - Sales and marketing expenses increased 47.7% year-on-year to RMB 63.4 million, primarily due to overseas business development and increased marketing activities[76] - R&D expenses decreased 6.5% year-on-year to RMB 190 million, attributed to cost control, enhanced efficiency through AI tools, and accumulated technological capabilities[78] Profitability Analysis The company's profitability fundamentally improved, with profit from continuing operations reaching RMB 62.17 million, reversing a RMB 482 million loss, and adjusted profit from continuing operations surging 152.5% to RMB 77.01 million - The company recorded a profit of RMB 62.17 million from continuing operations for the period, compared to a loss of RMB 482 million in the prior year, successfully turning losses into profit[81] Adjusted Profit Reconciliation Statement (RMB Thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit/(Loss) from Continuing Operations for the Period | 62,174 | (482,206) | | Add: Equity-settled Share-based Payment Expenses | 15,720 | 8,330 | | Add: Fair Value Change of Convertible Redeemable Preferred Shares | – | 397,118 | | Add: Fair Value Change of Equity Investments | 2,433 | 86,883 | | Add: Listing Expenses | – | 20,372 | | Adjusted Profit from Continuing Operations for the Period | 77,012 | 30,497 | Liquidity and Capital Resources As of June 30, 2025, the company maintained a strong financial position with RMB 566 million in cash and cash equivalents, a reduced debt-to-asset ratio of 54.8%, and decreased bank loans, indicating a robust capital structure - As of June 30, 2025, cash and cash equivalents were RMB 566 million, a decrease from RMB 801 million at the end of 2024, primarily due to repayment of bank loans, acquisition of non-controlling interests, and ordinary share repurchases[94] - The adjusted debt-to-asset ratio decreased from 61.4% at the end of 2024 to 54.8% as of June 30, 2025[93] - Total outstanding bank loans and other borrowings decreased from RMB 530 million at the end of 2024 to RMB 369 million[96] Notes to Financial Statements This section provides detailed disclosures for key financial statement items, including revenue segmentation, earnings per share, trade receivables and payables, and dividend policies Revenue and Segment Reporting The company restructured revenue into AI Retail Core Solutions and AI Retail Value-added Services, contributing RMB 488 million and RMB 591 million respectively to the total RMB 1.078 billion revenue, with mainland China accounting for 92.9% - The company restructured its revenue into two core segments: AI Retail Core Solutions (formerly Operating Systems) and AI Retail Value-added Services (formerly AIoT Solutions and Other Businesses)[15] Segment Revenue and Gross Profit (H1 2025, RMB Thousand) | Segment | Revenue | Gross Profit | | :--- | :--- | :--- | | AI Retail Core Solutions | 487,868 | 333,316 | | AI Retail Value-added Services | 590,557 | 80,613 | | Total | 1,078,425 | 413,929 | - During the reporting period, revenue from the single largest customer group (Customer A) was RMB 743 million, accounting for approximately 68.9% of total revenue[17] Earnings Per Share The company achieved profitability with a net profit of RMB 67.53 million attributable to equity holders, resulting in basic and diluted earnings per share of RMB 0.08, a significant improvement from a loss of RMB 0.45 per share in the prior year Earnings Per Share Calculation | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit/(Loss) Attributable to Equity Holders (RMB Thousand) | 67,526 | (234,875) | | Weighted Average Number of Ordinary Shares | 892,749,239 | 525,150,000 | | Basic Earnings/(Loss) Per Share (RMB) | 0.08 | (0.45) | | Diluted Earnings/(Loss) Per Share (RMB) | 0.08 | (0.45) | Trade Receivables and Payables As of June 30, 2025, net trade receivables increased to RMB 308 million and trade payables to RMB 115 million, with the majority of both balances aged within three months, indicating healthy working capital management - Trade receivables increased from RMB 248 million to RMB 308 million, and trade payables increased from RMB 98.53 million to RMB 115 million[28][29] - As of June 30, 2025, approximately 68.7% of trade receivables (RMB 212 million) and 94.2% of trade payables (RMB 108 million) were aged within three months[29] Dividends The company neither paid nor declared any dividends for the six months ended June 30, 2025, nor did it propose any interim dividends after the reporting period - The company neither paid nor declared any dividends for the six-month periods ended June 30, 2025, and June 30, 2024[30] Other Important Information This section covers additional significant disclosures, including the utilization of global offering proceeds, post-reporting period events, human resources, and corporate governance practices Use of Proceeds from Global Offering The company utilized HKD 220 million of the HKD 630 million net proceeds from its December 2024 global offering by June 30, 2025, primarily for new application development, talent acquisition, and sales network expansion Use of Net Proceeds (HKD Million) | Planned Use | Total Amount | Utilized During Reporting Period | Unutilized Amount | | :--- | :--- | :--- | :--- | | Development of New Applications and Service Modules | 265.5 | 82.0 | 177.2 | | Talent Acquisition | 189.1 | 76.8 | 112.2 | | Strategic Cooperation, Investments, and Acquisitions | 63.0 | 0 | 63.0 | | Expansion of Sales Network and Brand Reputation | 49.8 | 21.4 | 28.4 | | Working Capital and General Corporate Purposes | 63.0 | 39.3 | 5.7 | | Total | 630.4 | 219.5 | 386.5 | Events After the Reporting Period Subsequent to the reporting period, the company completed a placement and subscription in July 2025, raising approximately HKD 388 million in net proceeds for R&D investments in stablecoins and blockchain, technology enhancement, and general corporate purposes - In July 2025, the company completed a placement and subscription, issuing 35,400,000 shares at HKD 11.1 per share[110] - The net proceeds from this subscription, approximately HKD 388 million, are intended for R&D investments in stablecoins and blockchain, technology enhancement, and general corporate purposes[110] Human Resources As of June 30, 2025, the group had 1,340 employees, with R&D personnel comprising 56.0%, and employee costs decreased from RMB 349 million to RMB 322 million, reflecting cost optimization efforts Number of Employees by Function (As of June 30, 2025) | Function | Number of Employees | Percentage | | :--- | :--- | :--- | | Sales and Marketing | 84 | 6.3% | | Research and Development | 752 | 56.0% | | Operations | 321 | 24.0% | | General and Administrative | 183 | 13.7% | | Total | 1,340 | 100% | - Employee costs decreased from RMB 349 million for the six months ended June 30, 2024, to RMB 322 million during the reporting period[106] Corporate Governance The company maintains high corporate governance standards, adhering to all applicable provisions of the HKEX Corporate Governance Code during the reporting period, with the audit committee reviewing the unaudited consolidated financial statements - During the reporting period, the company consistently complied with all applicable provisions of the Corporate Governance Code[113] - The Audit Committee reviewed the Group's unaudited consolidated financial statements for the reporting period[115]