天下秀(600556) - 2025 Q2 - 季度财报

Chapter I Definitions Definitions of Common Terms This section defines key terms used in the report, covering company names, related entities, and industry-specific concepts like new media, social media, Web3.0, KOL, KOC, MCN, big data, cloud computing, and fan economy, providing a foundation for understanding the company's business and industry background - Company/This Company/IMS (Inmyshow) refers to Inmyshow Digital Technology (Group) Co, Ltd[13] - Web3.0 refers to the next-generation internet ecosystem driven by 5G, cloud computing, blockchain, AI, and VR technologies, emphasizing user autonomy, improving existing internet ecosystems, and effectively addressing issues such as monopolies, lack of privacy protection, and algorithmic misconduct in the Web2.0 era, making the internet more open, inclusive, and secure[13] - KOL (Key Opinion Leader) refers to individuals who possess more accurate product information, are accepted or trusted by relevant groups, and significantly influence the purchasing behavior of those groups[14] - KOC (Key Opinion Consumer) refers to consumers who can influence their friends and followers to make purchases; compared to KOLs, KOCs have fewer followers and less influence, but offer advantages of being more niche and cost-effective[14] - MCN (Multi-Channel Network) refers to a multi-channel network product form that integrates PGC (Professional Generated Content), ensures continuous content output with strong capital support, and ultimately achieves stable commercial monetization[14] Chapter II Company Profile and Key Financial Indicators Company Information This section provides the company's basic identification information, including its full Chinese and foreign names, abbreviations, and legal representative - Company's Chinese Name: Inmyshow Digital Technology (Group) Co, Ltd[16] - Company's Chinese Abbreviation: Inmyshow[16] - Company's Legal Representative: Li Meng[16] Contact Person and Contact Information This section lists the names, contact addresses, telephone numbers, fax numbers, and email addresses of the company's board secretary and securities affairs representative - Board Secretary: Yu Yue[17] - Contact Number: 010-6466 6131[17] - Email: ir@inmyshow.com[17] Overview of Changes in Basic Information This section introduces the company's registered address, office address, postal code, and website, also mentioning historical changes to the registered address - Company's Registered Address: Building 3, Beihai Software Park, 356 Sichuan Road, Beihai City, Guangxi[18] - Company's Office Address: Building D, Courtyard 5, West 5th Street, Sanlitun, Chaoyang District, Beijing[18] - Company's Website: www.inmyshow.com[18](index=18&type=chunk) Overview of Changes in Information Disclosure and Document Custody Locations This section specifies the company's designated newspapers for information disclosure, the website address for publishing semi-annual reports, and the location where reports are kept - Company's Selected Information Disclosure Newspapers: "China Securities Journal", "Shanghai Securities News", "Securities Times", "Securities Daily"[19] - Website Address for Publishing Semi-Annual Reports: http://www.sse.com.cn[19](index=19&type=chunk) Brief Introduction to Company Shares This section provides basic information about the company's shares, including share type, listing exchange, stock abbreviation, stock code, and previous stock abbreviation - Share Type: A-shares[20] - Stock Exchange: Shanghai Stock Exchange[20] - Stock Abbreviation: Inmyshow, Stock Code: 600556[20] - Previous Stock Abbreviation: ST Huiqu[20] Company's Key Accounting Data and Financial Indicators This section presents the company's key accounting data and financial indicators for the reporting period, showing year-on-year decreases in operating revenue and net profit, negative net cash flow from operating activities, but relatively stable net assets attributable to shareholders and total assets Key Accounting Data (January-June) | Key Accounting Data | Current Period (Jan-Jun) (yuan) | Prior Year Period (yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,843,923,653.37 | 2,004,436,625.51 | -8.01 | | Total Profit | 42,335,526.23 | 49,398,266.71 | -14.30 | | Net Profit Attributable to Shareholders of Listed Company | 36,379,228.44 | 45,066,273.47 | -19.28 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 32,237,947.94 | 40,255,694.69 | -19.92 | | Net Cash Flow from Operating Activities | -185,112,990.70 | -173,489,792.67 | -6.70 | | Net Assets Attributable to Shareholders of Listed Company | 3,852,165,105.55 | 3,830,224,006.07 | 0.57 | | Total Assets | 5,233,422,167.19 | 5,421,739,476.49 | -3.47 | Key Financial Indicators (January-June) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.0201 | 0.0249 | -19.28 | | Diluted Earnings Per Share (yuan/share) | 0.0201 | 0.0249 | -19.28 | | Basic Earnings Per Share (Excluding Non-Recurring Gains/Losses) (yuan/share) | 0.0178 | 0.0223 | -20.18 | | Weighted Average Return on Net Assets (%) | 0.95 | 1.17 | Decrease of 0.22 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains/Losses) (%) | 0.84 | 1.05 | Decrease of 0.21 percentage points | Non-Recurring Gains and Losses and Amounts This section lists the non-recurring gains and losses and their amounts for the reporting period, totaling 4.14 million yuan, primarily including gains/losses from disposal of non-current assets, government grants, and fair value changes of financial assets Non-Recurring Gains and Losses and Amounts | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains/losses from disposal of non-current assets, including the reversal of impairment provisions for assets | 2,057,568.42 | | Government grants recognized in current profit or loss, excluding those closely related to the company's normal operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss | 6,693,268.86 | | Gains/losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains/losses from disposal of financial assets and liabilities, excluding effective hedging activities related to normal business operations | 783,561.64 | | Capital occupation fees charged to non-financial enterprises recognized in current profit or loss | 1,172,822.31 | | Other non-operating income and expenses apart from the above | -4,487,086.46 | | Other profit or loss items that meet the definition of non-recurring gains and losses | 793,284.37 | | Less: Income tax impact | 2,608,486.84 | | Impact on minority interests (after tax) | 263,651.80 | | Total | 4,141,280.50 | Chapter III Management Discussion and Analysis Explanation of the Company's Industry and Main Business during the Reporting Period This section elaborates on the policy support and development trends (Web3.0, AIGC) of the digital economy and influencer new economy industries, as well as the company's leading position, core WEIQ influencer marketing platform, SMART full-service marketing, and innovative businesses like IMSOCIAL accelerator, TOPKLOUT, influencer vocational education, Xiwujie, Hongyuzhou, and AIGC product "Linggandao", along with global expansion - National policies support the development of the digital economy and new business models, such as the "Overall Layout Plan for Building a Digital China" emphasizing network culture and cultural digitalization, the Ministry of Human Resources and Social Security adding online streamer as a new national profession, and the "Measures for the Identification of AI-Generated Synthetic Content" regulating AIGC content copyright management[29][31][32] - The influencer new economy, integrating individual economy and fan economy elements, is entering a golden development period and evolving towards Web3.0 and AIGC; the company, as an industry founder and leader, promotes the standardization and commercialization of influencer traffic monetization through technological innovation and data products[33][34][37] - The company's core services cater to influencers (content creators), MCNs (influencer agencies), brand merchants, and small and medium-sized businesses, aiming to help every influencer achieve commercial monetization and assist enterprises in improving operational efficiency through technology-driven and comprehensive commercial services[38] - The WEIQ influencer marketing platform is a matching and transaction platform based on big data technology, providing online influencer marketing services for influencers and enterprises, enabling precise matching and one-stop intelligent marketing services, and establishing the SMART full-service marketing brand[39][40] - The company actively explores innovative businesses in the influencer economy ecosystem, including IMSOCIAL accelerator, TOPKLOUT, influencer vocational education, Xiwujie, Hongyuzhou, and AIGC product "Linggandao", and is actively exploring global markets by establishing subsidiaries in Hong Kong, Singapore, and Japan[43][45][46][47][48] Discussion and Analysis of Operating Conditions During the reporting period, the company faced challenges from a slowing advertising market, with year-on-year decreases in operating revenue and net profit; despite this, the company actively responded to market changes by strengthening data platform construction, optimizing customer structure, expanding MCN resources, deepening AI technology application (WEIQ AI version, API technology co-construction), and accelerating global expansion (establishing international offices in Hong Kong, Tokyo, Singapore, Kuala Lumpur), achieving continuous growth in registered merchants and influencers, and a significant proportion of revenue from mid-to-long tail influencers Key Financial Data for H1 2025 | Indicator | Amount (RMB) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 1.84 billion yuan | -8.01 | | Net Profit Attributable to Shareholders of Listed Company | 36 million yuan | -19.28 | - The WEIQ platform has been upgraded to an AI version, utilizing large AI models to accumulate massive influencer tags for intelligent matching and recommendations, enabling one-click cross-platform resource allocation, providing low-cost influencer marketing capabilities for SMEs, and offering a transparent advertising management ecosystem for large clients[51][54] - The company pioneered API technology co-construction, integrating its self-developed influencer advertising platform WEIQ with Douyin's Juxingtu, Xiaohongshu's Pugongying, and Bilibili's Huohuo, shortening the order placement process and improving operational efficiency[51] - As of H1 2025, the cumulative number of registered merchant clients reached 219,330, an increase of 11,118 from the end of 2024; the cumulative number of registered influencer accounts reached 3.545 million, including 2.156 million professional influencer accounts; the number of MCN agencies on the WEIQ platform reached 19,902, an increase of 741 from the end of 2024[53][55] - During the reporting period, mid-to-long tail influencers accounted for 85.4% of revenue, forming a solid foundation for the influencer ecosystem and demonstrating a trend towards decentralization in the platform model[56] - The company continues to strengthen its overseas business exploration, establishing international offices in Hong Kong, Tokyo, Singapore, and Kuala Lumpur, building a "one-stop" integrated marketing team for overseas expansion, and has successfully implemented overseas marketing for leading clients in 3C, internet, e-commerce, and fast-moving consumer goods sectors[52][58] Analysis of Core Competencies during the Reporting Period This section analyzes the company's five core competencies: first-mover and innovation advantage, technology and data advantage, industry resource advantage, brand recognition advantage, and integrated industry chain advantage, which collectively support the company's leading position in the influencer new economy and contribute to healthy industry development through continuous innovation and resource integration - The company is one of the first enterprises to enter the influencer economy industry in China, pioneered the concept of "decentralization", and has accumulated rich industry experience, talent, technology, and customer resources through continuous innovation and R&D[60] - The company's independently developed WEIQ platform is the foundation of its main business, utilizing big data analysis technology to evaluate and quantify influencer accounts across multiple dimensions, establishing an industry data monitoring and value assessment system to enhance marketing efficiency and influencer value monetization[61] - The company possesses a wide range of merchant clients (including Fortune 500 companies and SMEs) and a vast pool of influencer resources (covering various content forms and development stages), achieving economies of scale and precise matching, with excellent customer retention and satisfaction[62][63] - The company has established a reputable and well-known brand image within the industry, winning multiple industry awards such as the "Golden Mouse" Annual Best Digital Marketing Platform Award and Huawei's "Global Gold Supplier Award"[64] - As an industry founder and leading enterprise, the company standardizes and commercializes influencer traffic value monetization through innovative R&D and business models, improving industry chain efficiency and achieving deep integration and synergy between its main business and innovative ventures[65] Main Operating Conditions during the Reporting Period This section details the changes in the company's main financial statement items during the reporting period; operating revenue and cost decreased due to market conditions, selling expenses increased due to e-commerce promotion, and R&D expenses decreased due to reduced personnel investment; net cash flow from operating activities was negative, net cash flow from investing activities significantly increased, and net cash flow from financing activities significantly improved Analysis of Changes in Financial Statement Items | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,843,923,653.37 | 2,004,436,625.51 | -8.01 | | Operating Cost | 1,491,086,273.62 | 1,652,138,211.80 | -9.75 | | Selling Expenses | 145,355,025.80 | 114,799,950.04 | 26.62 | | Administrative Expenses | 110,269,474.98 | 108,227,696.34 | 1.89 | | Financial Expenses | 3,639,331.67 | 2,806,016.38 | 29.70 | | R&D Expenses | 35,269,858.26 | 48,263,879.06 | -26.92 | | Net Cash Flow from Operating Activities | -185,112,990.70 | -173,489,792.67 | -6.70 | | Net Cash Flow from Investing Activities | 97,250,753.60 | -184,995,305.60 | 152.57 | | Net Cash Flow from Financing Activities | -105,959,973.89 | -391,893,501.09 | 72.96 | - Reasons for changes in operating revenue and operating cost: Primarily due to market environment impact and reduced business scale[66] - Reasons for changes in selling expenses: Primarily due to increased promotional expenses for e-commerce business[66] - Reasons for changes in R&D expenses: Primarily due to reduced R&D personnel investment, leading to a year-on-year decrease in labor costs[66] - Reasons for changes in net cash flow from investing activities: Primarily due to reduced investment in wealth management products in the current period[66] - Reasons for changes in net cash flow from financing activities: Primarily due to the repayment of a large bank loan in the prior period[66] Analysis of Assets and Liabilities This section analyzes the company's assets and liabilities at the end of the period; total assets decreased by 3.47% year-on-year, monetary funds decreased by 10.23%, and accounts receivable slightly increased by 1.37%; overseas assets accounted for 3.61% of total assets; it also discloses the restricted status of major assets such as monetary funds, accounts receivable, and fixed assets Assets and Liabilities Status (End of Period vs. End of Prior Year) | Item Name | Current Period End Amount (yuan) | Current Period End % of Total Assets | Prior Year End Amount (yuan) | Prior Year End % of Total Assets | Change from Prior Year End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,393,293,182.82 | 26.62 | 1,552,079,180.81 | 28.63 | -10.23 | | Accounts Receivable | 2,398,204,241.58 | 45.82 | 2,365,710,166.85 | 43.63 | 1.37 | | Total Assets | 5,233,422,167.19 | 100.00 | 5,421,739,476.49 | 100.00 | -3.47 | | Accounts Payable | 588,324,865.88 | 11.24 | 674,075,649.62 | 12.43 | -12.72 | - Overseas assets amounted to 189.15 million yuan, accounting for 3.61% of total assets[70] - Major restricted assets: Monetary funds include 788,020.00 yuan frozen (litigation) and 30 million yuan pledged (certificate of deposit pledge); accounts receivable include 72.81 million yuan pledged (subsidiary loan guarantee); fixed assets include 13.44 million yuan mortgaged (subsidiary loan mortgage)[71] Analysis of Investment Status This section outlines the company's external equity investment status, including the end-of-period balances of long-term equity investments, other equity instrument investments, and other non-current financial assets, as well as their respective proportions of total assets - Long-term equity investments had an end-of-period balance of 12.01 million yuan, accounting for 0.23% of total assets[72] - Other equity instrument investments had an end-of-period balance of 22.00 million yuan, accounting for 0.42% of total assets[72] - Other non-current financial assets had an end-of-period balance of 183.46 million yuan, accounting for 3.51% of total assets[72] Analysis of Major Controlled and Investee Companies This section lists the financial data of the company's main controlled and investee subsidiaries, including total assets, net assets, operating revenue, and net profit, and describes the establishment and deregistration of subsidiaries during the reporting period Financial Data of Major Subsidiaries (Consolidated) | Company Name | Company Type | Main Business | Registered Capital (ten thousand yuan) | Total Assets (ten thousand yuan) | Net Assets (ten thousand yuan) | Operating Revenue (ten thousand yuan) | Operating Profit (ten thousand yuan) | Net Profit (ten thousand yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Inmyshow Advertising Co, Ltd (Consolidated) | Subsidiary | Business Services | 20,000.00 | 419,431.10 | 234,573.70 | 202,416.65 | 2,935.41 | 2,528.02 | | Beijing Xinsanyou Technology Co, Ltd (Consolidated) | Subsidiary | Technology Promotion and Application Services | 2,500.00 | 4,044.67 | 3,464.34 | 1,313.68 | -1,028.60 | -1,051.26 | | Beijing Wujie Technology Co, Ltd (Consolidated) | Subsidiary | Technology Promotion and Application Services | 2,700.00 | 11,485.57 | 7,694.88 | 3,154.68 | -972.48 | -731.26 | | Beijing Xiufeng Technology Co, Ltd (Consolidated) | Subsidiary | Scientific Research and Technology Services | 2,200.00 | 1,352.64 | 1,107.25 | 229.18 | -558.39 | -558.39 | | Beijing Tianxialianying Technology Co, Ltd (Consolidated) | Subsidiary | Information Technology Services | 9,000.00 | 21,607.67 | 7,411.26 | 4,111.81 | -2,355.07 | -2,436.71 | - During the reporting period, the company established Inmyshow Regenerative Medical Health Technology (Qinhuangdao Beidaihe New Area) Co, Ltd and Beihai Xingxiu Era Culture and Art Development Co, Ltd, and deregistered Beihai Shiliu Tianxia Technology Co, Ltd, Shanghai Wuxiu Wujie Technology Co, Ltd, and Guangzhou Fangtianxiuqi Technology Co, Ltd, none of which had a significant impact[75] Other Disclosure Matters This section details seven major risks the company may face, including business expansion risks (uncertainty in innovative and overseas businesses), data resource security risks, accounts receivable bad debt loss risks, core personnel turnover risks, risks of improper use of internet user information, macroeconomic change risks, and risks of regulatory changes under new business models and formats, advising investors to pay attention - Innovative and overseas businesses are currently in the layout and exploration stage, with significant uncertainty regarding profitability and business models; if future growth falls short of expectations or results in losses, it may adversely affect the company's operating performance[76][77] - The company faces risks of information system disruption, data leakage, or loss due to internet malware, viruses, or hacker attacks, which could damage market reputation or allow competitors to exploit data assets[78] - The company has a large balance of accounts receivable; if some customers default or delay payments in the future, it may affect the company's operating cash flow or even lead to bad debt losses[79] - The internet industry demands highly skilled management teams and core personnel; if the company cannot effectively maintain incentive mechanisms or attract talent, it may lead to the loss of core personnel, adversely affecting its long-term stable development[81] - Despite strict adherence to user privacy information protection regulations, the company cannot rule out the possibility of user privacy information leakage or improper use due to system damage caused by human factors[82] - The company's revenue is directly influenced by merchant budget expenditures; if significant adverse changes occur due to macroeconomic factors or unforeseen public events, it will impact the company's revenue growth[83] - China's influencer economy industry's legal framework and supporting regulatory measures are continuously evolving and improving; if the state introduces new requirements for internet industry regulatory policies and supporting measures, it may adversely affect the company's business compliance and operations[84] Chapter IV Corporate Governance, Environment, and Society Changes in Directors, Supervisors, and Senior Management This section states that there were no changes in the company's directors, supervisors, or senior management during the reporting period - There were no changes in the company's directors, supervisors, or senior management during the reporting period[87] Profit Distribution or Capital Reserve Conversion Plan This section clarifies that this semi-annual report has no profit distribution plan or capital reserve to share capital increase plan - This semi-annual report has no profit distribution plan or capital reserve to share capital increase plan[87] Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures and Their Impact This section states that there were no disclosed or subsequent developments in the company's equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period - There were no developments or changes in equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period[88] Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law This section states that the company is not subject to environmental information disclosure regulations - The company is not subject to environmental information disclosure by law[88] Specifics of Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, and Other Work The company actively responds to national policies, playing a positive role in social contribution and rural revitalization through industrial empowerment, technical support, and educational assistance, including collaborating with universities to cultivate new media talent, co-building productive training bases, and empowering new professional groups like delivery riders through the "Meijing Knight Night School" project - Inmyshow Education, in collaboration with Shanghai Normal University Tianhua College, successfully graduated the first cohort of 60 students from the "Visual Communication Design (IMS Joint Training)" program, achieving a 95% employment rate and providing a valuable reference for new media talent cultivation[88] - Inmyshow Education continues to deepen its cooperation with vocational colleges on productive training projects under the industry-education integration policy, signing strategic agreements with institutions like Wuhan Vocational University to co-build Inmyshow productive training bases, cultivating over 200 campus streamers and operations management personnel[89] - Inmyshow Education empowers employment groups such as delivery riders and couriers through projects like the Chaoyang District "Meijing Knight Night School", helping them upgrade from "urban capillaries" to "new professional forces" with practical courses[89] Chapter V Significant Matters Fulfillment of Commitments This section details the fulfillment of commitments by the company's actual controller, shareholders, related parties, and the company itself regarding major asset restructuring and refinancing matters; all commitments are reported as strictly fulfilled, primarily involving personnel, asset, financial, business, and institutional independence, avoiding horizontal competition, reducing related-party transactions, and assuming liability for losses from illegal guarantees - Sina Group committed to ensuring the listed company's personnel, asset, financial, business, and institutional independence, avoiding horizontal competition, reducing related-party transactions, and strictly fulfilling these commitments[91][92][96][97][98][99] - Li Meng committed to ensuring the listed company's personnel, asset, financial, business, and institutional independence, avoiding horizontal competition, reducing related-party transactions, and strictly fulfilling these commitments[92][93][94][97][98] - ShowWorld HK and Weibo Cayman committed to avoiding horizontal competition, reducing related-party transactions, and strictly fulfilling these commitments[95][96][98]99 - Ruilai Jiayu committed to bearing full responsibility for losses caused by illegal guarantees and locking a portion of the share transfer consideration as collateral[101][102] - The company committed to actively addressing litigation cases or other disputes arising from information disclosure violations and internal control chaos during the period when Gu Guoping and Xian Yan were in control, effectively safeguarding the interests of investors[100] Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties during the Reporting Period This section states that there were no non-operating funds occupied by controlling shareholders or other related parties during the reporting period - There were no non-operating funds occupied by controlling shareholders or other related parties during the reporting period[105] Illegal Guarantees This section states that the company did not provide external guarantees in violation of prescribed decision-making procedures during the reporting period - There were no external guarantees provided in violation of prescribed decision-making procedures during the reporting period[105] Semi-Annual Report Audit Status This section clarifies that this semi-annual report has not been audited - This semi-annual report has not been audited[106] Changes and Handling of Matters Involving Non-Standard Audit Opinions in the Previous Annual Report This section states that the company is not subject to changes and handling of matters involving non-standard audit opinions from the previous annual report - Not applicable to changes and handling of matters involving non-standard audit opinions from the previous annual report[106] Bankruptcy Reorganization Matters This section states that there were no bankruptcy reorganization matters during the reporting period - There were no bankruptcy reorganization matters during the reporting period[106] Significant Litigation and Arbitration Matters This section discloses the company's significant litigation and arbitration matters during the reporting period, including investor securities misrepresentation liability disputes (first instance dismissed plaintiff's claims, plaintiff appealing), contract disputes with former controlling shareholder Ruilai Jiayu (first and final instances dismissed company's claims, company applied for retrial), and a subrogation lawsuit filed by Guangdong Huashang Law Firm against the company (first instance ongoing) - Investor Litigation: Due to information disclosure violations during the period when the company's former actual controller was in charge, investors filed securities misrepresentation liability disputes; the first instance court dismissed all plaintiff's claims, and the plaintiff has appealed[107] - Company vs. Ruilai Jiayu, Zhang Fei Contract Dispute: The company filed a lawsuit against former controlling shareholder Ruilai Jiayu for failing to fulfill commitments, seeking payment of 171.15 million yuan; the Beihai Intermediate People's Court dismissed the company's claims in the first instance, the Guangxi High People's Court upheld the original judgment in the final instance, and the company has submitted a retrial application to the Supreme People's Court, with the case currently under review for acceptance[107][108] - Guangdong Huashang Law Firm Subrogation Lawsuit: Guangdong Huashang Law Firm filed a subrogation lawsuit against the company for 9.73 million yuan in unpaid legal fees owed by Ruilai Jiayu; the case is currently in the first instance trial stage[108] Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller during the Reporting Period This section states that as of the end of the reporting period, the company, its controlling shareholder, and actual controller maintained good credit standing, with no unfulfilled effective court judgments or large overdue debts - As of the end of the reporting period, the company, its controlling shareholder, and actual controller maintained good credit standing, with no unfulfilled effective court judgments or large overdue debts[109] Significant Related-Party Transactions This section discloses the company's routine operating related-party transactions during the reporting period; the company's board of directors and shareholders' meeting have approved the 2025 annual routine related-party transaction forecast proposal; during the reporting period, the company procured goods and accepted services from related parties totaling 57.50 million yuan, and sold goods and provided services to related parties totaling 86.19 million yuan, both within the approved limits - The company convened the 13th meeting of the 11th Board of Directors and the 13th meeting of the 11th Board of Supervisors on April 22, 2025, and the 2024 Annual Shareholders' Meeting on May 20, 2025, which approved the "Proposal on the Company's Forecast of Routine Related-Party Transactions for 2025"[110] - During the reporting period, the company's transactions involving procurement of goods and acceptance of services from related parties amounted to 57.50 million yuan, and sales of goods and provision of services to related parties amounted to 86.19 million yuan[110] Significant Contracts and Their Fulfillment This section states that the company has no trusteeship, contracting, or leasing matters; the company's external guarantees primarily involve guarantees for wholly-owned subsidiaries within the consolidated scope, with a total guarantee balance of 1.82 billion yuan at the end of the reporting period, accounting for 47.17% of the company's net assets, and no overdue guarantee matters Company's Total Guarantee Status (Including Guarantees for Subsidiaries) | Indicator | Amount (ten thousand yuan) | | :--- | :--- | | Total Guarantees (A+B) | 181,723.97 | | % of Total Guarantees to Company's Net Assets | 47.17% | | Debt Guarantees Provided Directly or Indirectly for Guaranteed Parties with Debt-to-Asset Ratio Exceeding 70% (D) | 181,723.97 | - The company provides guarantees only for its wholly-owned subsidiaries within the consolidated financial statements, with no other external guarantees[114] - As of the date of this report, the company has no overdue guarantee matters[114] Progress Report on the Use of Raised Funds This section details the overall utilization of the company's raised funds; the total raised funds amounted to 2.12 billion yuan, with a net amount of 2.07 billion yuan; as of the end of the reporting period, a cumulative total of 892.25 million yuan had been invested, representing an investment progress of 43.06%; the company has changed some of its raised fund investment projects and used idle raised funds to temporarily supplement working capital (700 million yuan) and for cash management (authorized 350 million yuan, no usage in the current period) Overall Use of Raised Funds | Indicator | Amount (ten thousand yuan) | | :--- | :--- | | Total Raised Funds | 212,000.00 | | Net Raised Funds | 207,187.99 | | Cumulative Raised Funds Invested as of Reporting Period End | 89,224.61 | | Investment Progress | 43.06% | - The company's board of directors and supervisors' meeting on November 19, 2024, and the shareholders' meeting on December 5, 2024, approved the "Proposal on Changing the Company's Raised Fund Investment Projects", agreeing to change "New Media Business Big Data Platform Construction Project" and "WEIQ New Media Marketing Cloud Platform Upgrade Project" to "Content Marketing Ecosystem Platform Upgrade Project" and "Innovative Technology Module Upgrade Project"117 - The company used idle raised funds totaling no more than 700 million yuan to temporarily supplement working capital; as of June 30, 2025, 700 million yuan had been used122 - The company's board of directors and supervisors' meeting on April 22, 2024, approved the use of idle raised funds not exceeding 350 million yuan for cash management; as of June 30, 2025, the company had not used idle raised funds for cash management124 Explanation of Other Significant Matters This section states that there are no other significant matters requiring disclosure by the company during the reporting period - No other significant matters require explanation[125] Chapter VI Changes in Shares and Shareholder Information Changes in Share Capital This section states that there were no changes in the company's total share capital or equity structure during the reporting period - There were no changes in the company's total share capital or equity structure during the reporting period[127] Shareholder Information This section discloses the total number of common shareholders and the shareholding status of the top ten shareholders as of the end of the reporting period, including shareholding quantity, proportion, restricted share conditions, and pledge, marking, or freezing status; it also explains the related-party relationships and concerted action arrangements among major shareholders - Total number of common shareholders as of the end of the reporting period: 103,920 households[128] Top Ten Shareholders' Shareholding Status (Excluding Shares Lent via Securities Lending) | Shareholder Name | Change during Reporting Period | End of Period Shareholding Quantity | Proportion (%) | Number of Restricted Shares Held | Pledge, Marking, or Freezing Status (Share Status) | Pledge, Marking, or Freezing Status (Quantity) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | ShowWorld HongKong Limited | | 332,615,750 | 18.40 | 0 | None | 0 | Overseas Legal Person | | WB Online Investment Limited | | 147,726,614 | 8.17 | 0 | None | 0 | Overseas Legal Person | | Beihai Lizili Investment Partnership (Limited Partnership) | | 127,186,438 | 7.04 | 0 | None | 0 | Other | | Beihai Yongmeng Investment Partnership (Limited Partnership) | | 95,510,860 | 5.28 | 0 | None | 0 | Other | | Lv Qiang | -15,367,640 | 21,613,800 | 1.20 | 0 | None | 0 | Domestic Natural Person | | Beijing Hongyuan Bole Investment Center (Limited Partnership) | | 17,787,970 | 0.98 | 0 | None | 0 | Other | | Hong Kong Securities Clearing Company Limited | -11,341,427 | 14,007,506 | 0.77 | 0 | None | 0 | Other | | China Merchants Bank Co, Ltd - Southern CSI 1000 ETF | 1,259,700 | 11,679,100 | 0.65 | 0 | None | 0 | Other | | Wang Rui | -2,700,000 | 11,660,000 | 0.65 | 0 | None | 0 | Domestic Natural Person | | Jiaxing Tengyuan Investment Partnership (Limited Partnership) | -12,263,199 | 10,053,348 | 0.56 | 0 | None | 0 | Other | - Sina Group and Li Meng are parties acting in concert; WB Online, ShowWorld HK, Yongmeng, and Lizili constitute parties acting in concert[131] Information on Directors, Supervisors, and Senior Management This section states that there were no changes in the shareholdings of current and former directors, supervisors, and senior management during the reporting period, and no equity incentives were granted - There were no changes in the shareholdings of current and former directors, supervisors, and senior management during the reporting period[132] - During the reporting period, no equity incentives were granted to directors, supervisors, or senior management[132] Changes in Controlling Shareholder or Actual Controller This section states that there were no changes in the company's controlling shareholder or actual controller during the reporting period - There were no changes in the controlling shareholder or actual controller during the reporting period[132] Preferred Share-Related Information This section states that the company has no preferred share-related information - Not applicable to preferred share-related information[132] Chapter VII Bond-Related Information Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments This section states that the company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[134] Convertible Corporate Bonds This section states that the company has no convertible corporate bonds - The company has no convertible corporate bonds[134] Chapter VIII Financial Report Audit Report This section states that this semi-annual financial report has not been audited - This semi-annual report has not been audited[136] Financial Statements This section provides the company's consolidated and parent company financial statements for the first half of 2025, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, comprehensively reflecting the financial position and operating results at the end of the reporting period - As of June 30, 2025, consolidated total assets were 5.23 billion yuan, total liabilities were 1.41 billion yuan, and total owners' equity was 3.82 billion yuan[137][139] - For the first half of 2025, consolidated total operating revenue was 1.84 billion yuan, net profit was 34.94 million yuan, and net profit attributable to parent company shareholders was 36.38 million yuan[144][145] - For the first half of 2025, consolidated net cash flow from operating activities was -185.11 million yuan, net cash flow from investing activities was 97.25 million yuan, and net cash flow from financing activities was -105.96 million yuan[150][151][152] Company Profile This section outlines the company's historical evolution, including name changes, the major asset restructuring involving the absorption and merger of Beijing Inmyshow Technology Co, Ltd in 2019, and the non-public issuance of shares in 2020; it also introduces the company's organizational structure and core business in the influencer new economy sector - The company, originally named Guangxi Huijin Technology Co, Ltd, was established in 1993 and listed on the Shanghai Stock Exchange in 2001[166] - On April 28, 2019, the company approved the absorption and merger of Beijing Inmyshow Technology Co, Ltd and related-party transaction plan, acquiring 100% equity of the original Inmyshow company through share issuance, with a transaction price of 3.995 billion yuan[167][168]169170 - On September 3, 2020, the company completed a non-public issuance of 127,327,327 A-shares, raising a total of 2.12 billion yuan with a net amount of 2.071 billion yuan, and the cumulative paid-in capital after the change was 1.81 billion yuan[174]175 - The company is rooted in the influencer new economy sector, primarily serving influencers (content creators), MCNs, brand merchants, and small and medium-sized businesses, committed to helping influencers achieve commercial monetization and assisting enterprises in improving operational efficiency through big data, AI, and other applied cutting-edge technologies and comprehensive commercial services[176] Basis of Financial Statement Preparation This section states that the company's financial statements are prepared on a going concern basis, and there are no matters or circumstances that raise significant doubts about the going concern assumption for the 12 months from the end of the reporting period - The company's financial statements are prepared on a going concern basis[177] - There are no matters or circumstances that raise significant doubts about the company's ability to continue as a going concern for the 12 months from the end of the reporting period[178] Significant Accounting Policies and Accounting Estimates This section elaborates on the enterprise accounting standards, accounting period, functional currency, classification and measurement of financial instruments, revenue recognition, inventory, fixed assets, intangible assets, impairment of long-term assets, deferred income tax assets/liabilities, and other significant accounting policies and estimates followed by the company in preparing its financial statements, emphasizing the importance of management's judgments, estimates, and assumptions - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, accurately and completely reflecting the company's financial position, operating results, changes in shareholders' equity, and cash flows[181] - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar, with 12 months constituting an operating cycle[182]183 - The company and its domestic subsidiaries use RMB as their functional currency, while overseas subsidiaries use USD, JPY, and HKD, which are converted to RMB for financial statement preparation[184] - Financial assets are classified based on the business model for managing them and their contractual cash flow characteristics as measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss200 - The company uses the transfer of control as the criterion for revenue recognition, distinguishing between performance obligations satisfied over time and at a point in time, and allocating transaction prices according to contract terms272273 - Inventory is measured at the lower of cost and net realizable value, with impairment provisions for inventory recognized on an item-by-item basis at period-end232233 - Depreciation of fixed assets begins when they are available for intended use, using the straight-line method, with depreciation periods ranging from 3-20 years and a residual value rate of 5% for various fixed asset categories248 - Intangible assets with finite useful lives are amortized using the straight-line method over their estimated useful lives, while intangible assets with indefinite useful lives are not amortized but are reviewed annually for impairment254 - Long-term equity investments, fixed assets, intangible assets, goodwill, and other long-term assets are tested for impairment when there are indications of impairment, and impairment provisions are recognized when the recoverable amount is less than the carrying amount260 - The company recognizes deferred income tax assets and liabilities based on temporary differences between the carrying amounts of assets and liabilities at the balance sheet date and their tax bases, using the balance sheet liability method285286 Taxes This section details the main tax categories and applicable tax rates for the company and its subsidiaries, including VAT, property tax, urban land use tax, urban maintenance and construction tax, education surcharge, local education surcharge, cultural construction fee, and corporate income tax; it also discloses corporate income tax and cultural construction fee tax incentives enjoyed by some subsidiaries Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | VAT, Consumption Tax | Value added generated during sales of goods or provision of taxable services | The company and its domestic subsidiaries apply 6%, 9%, 13% rates respectively; Japanese domestic subsidiaries apply a 10% rate | | Property Tax | For value-based assessment, 1.2% of the remaining value after a one-time deduction of 30.00% from the original property value | 1.2% | | Urban Land Use Tax | Actual occupied land area | 18 yuan/m² | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 7%, 5% | | Education Surcharge | Actual amount of turnover tax paid | 3% | | Local Education Surcharge | Actual amount of turnover tax paid | 1%, 2% | | Cultural Construction Fee | Taxable turnover of advertising industry | 3% | | Corporate Income Tax | Taxable income | 15%, 16.5%, 17%, 20%, 34.59%, 25% | - Beijing Xinsanyou Technology Co, Ltd enjoys a 15% corporate income tax preferential rate (high-tech enterprise)[301] - Inmyshow Advertising Co, Ltd, Beihai Tianxia Weixing Technology Co, Ltd, and Inmyshow Technology Co, Ltd enjoy a 15% corporate income tax rate under the Western Development policy, with Inmyshow Technology Co, Ltd also enjoying a local share of corporate income tax reduction for 2025[301] - Jilin Xingrui Tiancheng Digital Technology Co, Ltd enjoys corporate income tax preferential policies for small and micro enterprises, taxed at a 20% rate[302] - Hong Kong subsidiary IMS HONGKONG LIMITED enjoys a "two-tiered tax system", with the first 2 million HKD of profit taxed at 8.25% and the excess at 16.5%302 - Beijing Inmyshow Advertising Co, Ltd, Beijing Wujie Technology Co, Ltd, and other subsidiaries enjoy a 50% reduction in cultural construction fees303 Notes to Consolidated Financial Statement Items This section provides detailed notes for each item in the consolidated financial statements, including monetary funds, trading financial assets, notes receivable, accounts receivable, other receivables, inventory, long-term equity investments, other equity instrument investments, other non-current financial assets, fixed assets, right-of-use assets, intangible assets, goodwill, long-term deferred expenses, deferred income tax assets/liabilities, restricted assets, short-term borrowings, accounts payable, contract liabilities, employee benefits payable, taxes payable, other payables, non-current liabilities due within one year, other current liabilities, long-term borrowings, lease liabilities, provisions, share capital, capital reserves, other comprehensive income, surplus reserves, undistributed profits, operating revenue and cost, taxes and surcharges, selling expenses, administrative expenses, R&D expenses, financial expenses, other income, investment income, credit impairment losses, asset disposal gains, non-operating income, non-operating expenses, income tax expenses, cash flow statement items, notes to owners' equity changes, foreign currency monetary items, and leases - Monetary funds at period-end amounted to 1.39 billion yuan, of which 143.91 million yuan was deposited overseas305 - Trading financial assets at period-end amounted to 10.50 million yuan, with a beginning-of-period balance of 110.50 million yuan, primarily financial assets measured at fair value through profit or loss308 Accounts Receivable Classified by Impairment Provision Method | Category | End of Period Carrying Amount (yuan) | End of Period Impairment Provision (yuan) | End of Period Book Value (yuan) | | :--- | :--- | :--- | :--- | | Impairment provision recognized individually | 55,677,844.33 | 55,677,844.33 | 0.00 | | Impairment provision recognized by portfolio | 2,585,306,097.46 | 187,101,855.88 | 2,398,204,241.58 | | Total | 2,640,983,941.79 | 242,779,700.21 | 2,398,204,241.58 | - Inventory at period-end had a book value of 27.86 million yuan, primarily consisting of raw materials and merchandise inventory351 - Fixed assets at period-end had a book value of 197.10 million yuan, of which buildings and structures had a book value of 174.84 million yuan370 - Intangible assets at period-end had a book value of 53.90 million yuan, primarily including software usage rights and trademark rights379 - Goodwill original cost at period-end was 50.75 million yuan, and goodwill impairment provision at period-end was 49.69 million yuan381383 - Short-term borrowings at period-end amounted to 320.89 million yuan, primarily guarantee borrowings400 - Accounts payable at period-end amounted to 588.32 million yuan, of which accounts payable with an aging within 1 year was 419.82 million yuan, accounting for 71.36%401 - Employee benefits payable at period-end amounted to 19.70 million yuan, primarily short-term employee benefits406 - Operating revenue and operating cost for the current period were 1.84 billion yuan and 1.49 billion yuan, respectively434 - R&D expenses for the current period amounted to 35.27 million yuan, primarily consisting of employee compensation438 Research and Development Expenditures This section lists the company's R&D expenditures during the reporting period, totaling 35.27 million yuan, primarily composed of employee compensation, and all of which were expensed R&D expenditures R&D Expenditures by Expense Nature | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Employee Compensation | 32,770,044.73 | 46,857,180.49 | | Entrusted Development Fees | 413,200.38 | 413,200.38 | | Depreciation and Amortization | 622,267.19 | 315,921.60 | | Rent, Utilities, and Other | 1,464,345.96 | 3,958,182.13 | | Total | 35,269,858.26 | 51,544,484.60 | | Of which: Expensed R&D Expenditures | 35,269,858.26 | 48,263,879.06 | | Capitalized R&D Expenditures | 0.00 | 3,280,605.54 | Changes in Consolidation Scope This section explains the changes in the company's consolidation scope during the reporting period, including the deregistration of three subsidiaries (Guangzhou Fangtianxiuqi Technology Co, Ltd, Shanghai Wuxiu Wujie Technology Co, Ltd, and Beihai Shiliu Tianxia Technology Co, Ltd) and the establishment of two new subsidiaries (Inmyshow Regenerative Medical Health Technology (Qinhuangdao Beidaihe New Area) Co, Ltd and Beihai Xingxiu Era Culture and Art Development Co, Ltd) - Guangzhou Fangtianxiuqi Technology Co, Ltd, Shanghai Wuxiu Wujie Technology Co, Ltd, and Beihai Shiliu Tianxia Technology Co, Ltd have completed industrial and commercial deregistration and are no longer included in the consolidated financial statements from January and February 2025, respectively476478 - In April 2025, grand-subsidiary Inmyshow (Beijing) Regenerative Medical Technology Co, Ltd invested in and established Inmyshow Regenerative Medical Health Technology (Qinhuangdao Beidaihe New Area) Co, Ltd, which has been included in the consolidated financial statements since its establishment479 - In June 2025, subsidiary Beijing Tianxialianying Technology Co, Ltd and Shanghai Muxing Business Information Consulting Co, Ltd jointly invested in and established Beihai Xingxiu Era Culture and Art Development Co, Ltd, which has been included in the consolidated financial statements since its establishment480 Interests in Other Entities This section details the composition of the company's enterprise group, including the main operating locations, registered capital, business nature, and shareholding ratios of each subsidiary; it also summarizes the financial information of immaterial joint ventures and associates and explains the excess losses in some associates - The company has multiple subsidiaries with business natures covering advertising, software and information technology services, cultural communication, etc, with most shareholding ratios at 100%, and some being controlling subsidiaries482483484 Summary Financial Information of Immaterial Joint Ventures and Associates | Item | End of Period Balance/Current Period Amount (ten thousand yuan) | Beginning of Period Balance/Prior Period Amount (ten thousand yuan) | | :--- | :--- | :--- | | Total Carrying Amount of Investments | 1,200.57 | 1,229.19 | | --Net Profit | -28.62 | -44.94 | | --Total Comprehensive Income | -28.62 | -44.94 | - Beijing Ying Tianxia Network Technology Co, Ltd and Wo Ai Wo Xiu (Beijing) Information Technology Co, Ltd have cumulative unrecognized losses of -1.05 million yuan and -1.65 million yuan, respectively, at period-end489 Government Grants This section discloses government grants recognized in profit or loss during the reporting period, totaling 6.65 million yuan, all of which are related to the company's ordinary operating activities Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Income-related | 6,654,575.89 | 2,035,036.61 | | Total | 6,654,575.89 | 2,035,036.61 | Risks Related to Financial Instruments This section analyzes the financial instrument risks faced by the company, including credit risk, market risk (exchange rate risk, interest rate risk, other price risks), and liquidity risk, and describes the policies and measures taken by the company to manage these risks; the company primarily faces foreign exchange risk, with a 5% appreciation or depreciation of RMB against foreign currencies impacting net profit by approximately ±8.03 million yuan; credit risk is managed through customer credit assessment and monitoring; liquidity risk is managed through cash balances and cash flow forecasts; the company monitors its capital structure based on the asset-liability ratio (27.00%) - The company faces market risks including foreign exchange risk, interest rate risk, and other price risks; its main operations are located in mainland China, with primary business settled in RMB, but confirmed foreign currency assets and liabilities and future foreign currency transactions (mainly USD, HKD, JPY) still expose it to foreign exchange risk491492 Impact of Exchange Rate Changes on Net Profit (ten thousand yuan) | Exchange Rate Change | Impact on Net Profit (ten thousand yuan) | | :--- | :--- | | Increase of 5% | -802.92 | | Decrease of 5% | 802.92 | - Credit risk primarily arises from bank deposits and receivables, managed by assessing debtor creditworthiness, setting credit limits and terms, and regularly monitoring credit records495 - Liquidity risk is managed by monitoring cash balances, readily marketable securities, and rolling forecasts of cash flows for the next 12 months, ensuring the company has sufficient funds to repay debts under all reasonable foreseeable circumstances498 - The company monitors its capital structure based on the asset-liability ratio (which was 27.00% as of June 30, 2025), aiming to ensure continuous operation, provide returns to shareholders, and maintain an optimal capital structure to reduce capital costs499 Disclosure of Fair Value This section discloses the company's assets and liabilities measured at fair value at period-end, primarily concentrated in Level 3 fair value measurement items, including trading financial assets, notes receivable financing, other equity instrument investments, and other non-current financial assets, totaling 244.35 million yuan; for financial instruments lacking active market quotations, the company generally uses book cost as the best estimate of fair value Fair Value of Assets and Liabilities Measured at Fair Value at Period-End | Item | Level 3 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | | I. Recurring Fair Value Measurements | | | | (I) Trading Financial Assets | 10,502,082.05 | 10,502,082.05 | | (II) Notes Receivable Financing | 28,385,616.59 | 28,385,616.59 | | (IV) Other Equity Instrument Investments | 22,000,000.00 | 22,000,000.00 | | (V) Other Non-Current Financial Assets | 183,460,000.00 | 183,460,000.00 | | Total Assets Measured at Fair Value on a Recurring Basis | 244,347,698.64 | 244,347,698.64 | - The company's notes receivable financing and some other equit