云工场(02512) - 2025 - 中期业绩

Financial Highlights This section presents a concise overview of the company's key financial performance indicators for the period Financial Highlights for the Six Months Ended June 30, 2025 | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 406,759 | 369,696 | 10.03 | | Gross Profit | 47,690 | 47,110 | 1.23 | | Profit Before Tax | 16,507 | 14,850 | 11.16 | | Profit for the Period | 14,923 | 12,543 | 18.97 | | Earnings Per Share (RMB) | 0.03 | 0.03 | — | Interim Condensed Consolidated Financial Statements This section presents the company's interim consolidated financial statements, detailing its financial performance and position Interim Condensed Consolidated Statement of Profit or Loss For the six months ended June 30, 2025, the company's revenue increased by 10.03% to RMB 406,759 thousand, with profit for the period rising 18.97% to RMB 14,923 thousand, driven by revenue growth and cost control Interim Condensed Consolidated Statement of Profit or Loss (For the Six Months Ended June 30) | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Revenue | 406,759 | 369,696 | | Cost of Sales | (359,069) | (322,586) | | Gross Profit | 47,690 | 47,110 | | Other Income and Gains | 3,754 | 4,321 | | Selling and Distribution Expenses | (3,147) | (3,639) | | Administrative Expenses | (17,289) | (20,963) | | Research and Development Expenses | (9,270) | (6,683) | | Impairment Loss on Financial Assets | (1,690) | (2,335) | | Other Expenses | (40) | (20) | | Finance Costs | (3,501) | (2,941) | | Profit Before Tax | 16,507 | 14,850 | | Income Tax Expense | (1,584) | (2,307) | | Profit for the Period | 14,923 | 12,543 | | Profit Attributable to Owners of the Parent | 14,687 | 12,320 | | Profit Attributable to Non-controlling Interests | 236 | 223 | Interim Condensed Consolidated Statement of Comprehensive Income For the six months ended June 30, 2025, the company's total comprehensive income was RMB 13,069 thousand, a decrease from RMB 16,952 thousand in the prior period, primarily due to changes in exchange differences Interim Condensed Consolidated Statement of Comprehensive Income (For the Six Months Ended June 30) | Indicator | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Profit for the Period | 14,923 | 12,543 | | Exchange Differences on Translation of Foreign Operations (may be reclassified to profit or loss) | 3,083 | 4,409 | | Exchange Differences on Translation of Foreign Operations (will not be reclassified to profit or loss) | (4,937) | — | | Other Comprehensive (Loss)/Income for the Period (net of tax) | (1,854) | 4,409 | | Total Comprehensive Income for the Period | 13,069 | 16,952 | | Total Comprehensive Income Attributable to Owners of the Parent | 12,833 | 16,729 | | Total Comprehensive Income Attributable to Non-controlling Interests | 236 | 223 | Interim Condensed Consolidated Statement of Financial Position As of June 30, 2025, the company's total assets less current liabilities amounted to RMB 418,989 thousand, an increase from December 31, 2024, primarily driven by an increase in net current assets Interim Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Non-current Assets | | | | Property, Plant and Equipment | 40,493 | 32,597 | | Right-of-use Assets | 421 | 641 | | Other Intangible Assets | 248 | 230 | | Deferred Tax Assets | 2,226 | 1,836 | | Other Non-current Assets | 42,205 | 53,915 | | Total Non-current Assets | 85,593 | 89,219 | | Current Assets | | | | Inventories | 771 | 129 | | Trade Receivables | 300,485 | 235,042 | | Prepayments, Other Receivables and Other Assets | 225,847 | 215,973 | | Restricted Cash | — | 27 | | Cash and Cash Equivalents | 348,055 | 371,016 | | Total Current Assets | 875,158 | 822,187 | | Current Liabilities | | | | Trade Payables | 216,309 | 199,598 | | Other Payables and Accruals | 26,166 | 38,023 | | Contract Liabilities | 179 | 231 | | Interest-bearing Bank Borrowings | 294,567 | 262,811 | | Lease Liabilities | 262 | 485 | | Tax Payable | 4,279 | 4,329 | | Total Current Liabilities | 541,762 | 505,477 | | Net Current Assets | 333,396 | 316,710 | | Total Assets Less Current Liabilities | 418,989 | 405,929 | | Non-current Liabilities | | | | Lease Liabilities | — | 9 | | Total Non-current Liabilities | — | 9 | | Net Assets | 418,989 | 405,920 | | Equity | | | | Equity Attributable to Owners of the Parent | 415,275 | 402,442 | | Non-controlling Interests | 3,714 | 3,478 | | Total Equity | 418,989 | 405,920 | Notes to the Interim Condensed Consolidated Financial Information This section details accounting policies, significant judgments, and explanatory notes to the interim consolidated financial information 1. Company Information The company was incorporated in the Cayman Islands and primarily engages in IDC solution services, edge computing services, and other services in China - The Company was incorporated in the Cayman Islands as a limited liability company on December 10, 2021[10] - The Group primarily engages in providing Internet Data Center (IDC) solution services, edge computing services, and other services in Mainland China[10] 2. Basis of Presentation The interim condensed consolidated financial information is prepared in accordance with IAS 34 and should be read in conjunction with the annual consolidated financial statements - The interim condensed consolidated financial information has been prepared in accordance with International Accounting Standard 34 — Interim Financial Reporting[11] 3. Changes in Accounting Policies and Disclosures The amendment to IAS 21, "Lack of Exchangeability," was first adopted this period but had no impact on the financial information as the Group's transaction and functional currencies are convertible - The Group first adopted the amendment to IAS 21, 'Lack of Exchangeability', during the period[12][13] - As the currencies used for transactions by the Group and the functional currencies used by Group entities for translation into the Group's presentation currency are convertible, these amendments had no impact on the interim condensed consolidated financial information[13] 4. Operating Segment Information The Group primarily provides IDC solution services, edge computing services, and other services in Mainland China, which management considers a single reportable operating segment, with all revenue and non-current assets originating from Mainland China - The Group is primarily a provider of IDC solution services, edge computing services, and other services in Mainland China[14] - Management considers the Group's operating segments as a single reportable operating segment[14] - All of the Group's revenue and non-current assets are derived from Mainland China[15] 5. Revenue, Other Income and Gains For the six months ended June 30, 2025, total revenue from contracts with customers was RMB 406,759 thousand, primarily from IDC solution services, while other income and gains totaled RMB 3,754 thousand, a decrease from the prior period Revenue from Contracts with Customers by Type of Goods or Services (For the Six Months Ended June 30) | Type of Goods or Services | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | IDC Solution Services | 376,077 | 348,699 | | Edge Computing Services | 29,228 | 20,997 | | Other Services | 1,454 | — | | Total Revenue from Contracts with Customers | 406,759 | 369,696 | Other Income and Gains Analysis (For the Six Months Ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Government Grants | 372 | 3,502 | | Bank Interest Income | 255 | 198 | | Interest Income from Long-term Receivables | 2,921 | 621 | | Other | 206 | — | | Total | 3,754 | 4,321 | 6. Profit Before Tax For the six months ended June 30, 2025, profit before tax was RMB 16,507 thousand, influenced by factors such as cost of services, depreciation, R&D expenses, and employee benefit expenses Profit Before Tax Deducted/(Credited) Items (For the Six Months Ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Cost of Services Provided | 359,069 | 322,586 | | Depreciation of Property, Plant and Equipment | 4,197 | 2,451 | | Depreciation of Right-of-use Assets | 220 | 294 | | Amortisation of Intangible Assets | 124 | 162 | | Research and Development Expenses | 9,270 | 6,683 | | Total Employee Benefit Expenses | 17,594 | 14,967 | | Impairment Loss on Financial Assets Recognised | 1,690 | 2,335 | | Bank Interest Income | (255) | (198) | | Interest Income from Long-term Receivables | (2,921) | (621) | | Listing Expenses | — | 7,507 | 7. Finance Costs For the six months ended June 30, 2025, total finance costs amounted to RMB 3,501 thousand, primarily comprising interest on bank borrowings, representing an increase from the prior period Finance Costs Analysis (For the Six Months Ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Interest on Bank Borrowings | 3,490 | 2,915 | | Interest on Lease Liabilities | 11 | 26 | | Total | 3,501 | 2,941 | 8. Income Tax For the six months ended June 30, 2025, total income tax expense was RMB 1,584 thousand, a decrease from the prior period, primarily including current and deferred income tax in Mainland China Income Tax Expense Analysis (For the Six Months Ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Current | 1,974 | 2,331 | | Deferred | (390) | (24) | | Total Tax Expense for the Period | 1,584 | 2,307 | 9. Dividends For the six months ended June 30, 2025, the company neither declared nor proposed any interim dividends - For the six months ended June 30, 2025, no interim dividend was declared or proposed to the ordinary shareholders of the Company[22] 10. Earnings Per Share Attributable to Owners of the Parent For the six months ended June 30, 2025, basic and diluted earnings per share attributable to owners of the parent remained stable at RMB 0.03 Basic and Diluted Earnings Per Share Calculation (For the Six Months Ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit Attributable to Owners of the Parent (RMB '000) | 14,687 | 12,320 | | Weighted Average Number of Ordinary Shares in Issue for the Period | 460,000,000 | 382,083,333 | | Earnings Per Share (Basic and Diluted, RMB) | 0.03 | 0.03 | 11. Property, Plant and Equipment For the six months ended June 30, 2025, the Group acquired property, plant and equipment at a cost of RMB 12,099 thousand and disposed of assets with a net book value of RMB 6 thousand, resulting in a net loss of RMB 5 thousand - For the six months ended June 30, 2025, the Group acquired property, plant and equipment at a cost of RMB 12,099 thousand, an increase from RMB 10,179 thousand in the prior period[25] - The Group disposed of assets with a net book value of RMB 6 thousand, resulting in a net loss on disposal of RMB 5 thousand[25] 12. Other Non-current Assets As of June 30, 2025, total other non-current assets amounted to RMB 42,205 thousand, primarily consisting of long-term receivables net of impairment provisions Other Non-current Assets (As of June 30) | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Long-term Receivables | 67,360 | 78,691 | | Less: Long-term Receivables Due Within One Year | (23,859) | (23,025) | | Less: Impairment | (1,296) | (1,751) | | As at Year/Period End | 42,205 | 53,915 | 13. Trade Receivables As of June 30, 2025, total trade receivables amounted to RMB 300,485 thousand, with the majority due within one year, representing an increase from December 31, 2024 Trade Receivables (As of June 30) | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Trade Receivables | 307,179 | 239,564 | | Less: Impairment | (6,694) | (4,522) | | As at Year/Period End | 300,485 | 235,042 | Trade Receivables Aging Analysis (As of June 30) | Aging | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Within One Year | 259,898 | 191,579 | | One to Two Years | 40,587 | 43,463 | | Total | 300,485 | 235,042 | 14. Prepayments, Other Receivables and Other Assets As of June 30, 2025, prepayments, other receivables, and other assets totaled RMB 225,847 thousand, an increase from December 31, 2024, primarily comprising prepayments and other receivables Prepayments, Other Receivables and Other Assets (As of June 30) | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Long-term Receivables Due Within One Year (net of impairment) | 23,148 | 22,301 | | Prepayments | 159,707 | 121,716 | | Other Receivables | 38,749 | 67,924 | | Deposits | 1,156 | 863 | | Other | 3,166 | 3,262 | | Less: Impairment | (79) | (93) | | Total | 225,847 | 215,973 | - Prepayments, other receivables, and other assets are unsecured, interest-free, and have no fixed repayment terms[27] 15. Trade Payables As of June 30, 2025, total trade payables amounted to RMB 216,309 thousand, with the majority due within one year, representing an increase from December 31, 2024 Trade Payables Aging Analysis (As of June 30) | Aging | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Within One Year | 212,626 | 199,048 | | One to Two Years | 3,683 | 550 | | Total | 216,309 | 199,598 | 16. Interest-bearing Bank Borrowings As of June 30, 2025, total interest-bearing bank borrowings amounted to RMB 294,567 thousand, with interest rates ranging from 1.80% to 3.00%, all denominated in RMB with fixed interest rates Interest-bearing Bank Borrowings (As of June 30) | Item | Effective Interest Rate (%) | Year of Maturity | June 30, 2025 (RMB '000) | | :--- | :--- | :--- | :--- | | Bank Borrowings—Unsecured | 1.80 – 3.00 | 2025 – 2026 | 294,567 | | Bank Borrowings Repayable: Within 1 Year | | | 294,567 | - The Group's borrowings are denominated in RMB, and all borrowings bear fixed interest rates[29] 17. Share Capital As of June 30, 2025, issued and fully paid ordinary shares totaled 460,000,000 shares, with a share capital of RMB 32,722, consistent with December 31, 2024 Share Capital (As of June 30) | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Issued and Fully Paid Ordinary Shares (460,000,000 shares) | 32,722 | 32,722 | 18. Commitments As of June 30, 2025, the Group had no significant contractual commitments - As of June 30, 2025 and December 31, 2024, the Group has no significant contingent liabilities or capital commitments[30] 19. Related Party Transactions For the six months ended June 30, 2025, total remuneration paid to key management personnel amounted to RMB 3,702 thousand, a decrease from the prior period Remuneration Paid to Key Management Personnel (For the Six Months Ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Short-term Employee Benefits | 3,436 | 4,294 | | Pension Scheme Contributions | 266 | 287 | | Total Remuneration Paid to Key Management Personnel | 3,702 | 4,581 | 20. Fair Value and Fair Value Hierarchy of Financial Instruments The carrying amounts of the Group's financial instruments approximate their fair values, primarily due to their short-term maturity - The carrying amounts of the Group's financial instruments approximate their fair values[32] - The main reason for the fair value approximating the carrying amount is that these instruments mature in the short term[32] 21. Events After the Reporting Period After the reporting period, the company completed a new share subscription on July 18, 2025, and established a joint venture with Shannon Semiconductor Technology Co., Ltd. on August 12, 2025, to expand into the intelligent computing services market (a) Subscription of New Shares On July 18, 2025, the company signed subscription agreements with two investment entities to issue a total of 45,985,000 new shares at HKD 4.98 per share, completed on August 18, 2025, with net proceeds of approximately HKD 228 Million to be used for core business enhancement, business expansion, establishing intelligent computing centers, and supplementing working capital - On July 18, 2025, the Company entered into subscription agreements with Xichuang Phase I Artificial Intelligence Investment (Wuxi) Partnership (Limited Partnership) and Wuxi Xintou Chuangrong Equity Investment Partnership (Limited Partnership)[33][34] - A total of **45,985,0