交个朋友控股(01450) - 2025 - 中期业绩

Announcement Overview Disclaimer and Company Information This announcement presents the unaudited condensed consolidated interim results of Jia Ge Peng You Holdings Limited for the six months ended June 30, 2025, reviewed by the audit committee - This announcement is issued by Hong Kong Exchanges and Clearing Limited, presenting the unaudited condensed consolidated interim results of Jia Ge Peng You Holdings Limited (Stock Code: 1450) for the six months ended June 30, 2025[1][2] Key Financial Highlights For the six months ended June 30, 2025, continuing operations generated RMB 618,861 thousand revenue and RMB 55,367 thousand profit, with adjusted net profit decreasing to RMB 72,262 thousand Key Financial Highlights (thousand RMB) | Indicator | Six Months Ended June 30, 2025 (Unaudited) | Six Months Ended June 30, 2024 (Unaudited) | | :--- | :--- | :--- | | Continuing Operations | | | | Revenue | 618,861 | 563,645 | | Gross Profit | 270,687 | 303,186 | | Profit for the Period | 55,367 | 88,418 | | Discontinued Operations | | | | Revenue | 57,459 | 58,418 | | Gross Profit | 25,257 | 17,412 | | Profit (Loss) for the Period | 983 | (4,605) | | Consolidated Total | | | | Revenue | 676,320 | 622,063 | | Gross Profit | 295,944 | 320,598 | | Profit for the Period | 56,350 | 83,813 | | Non-HKFRS Measures | | | | Adjusted Net Profit (Loss) | 72,262 | 110,707 | Management Discussion and Analysis Business Review In H1 2025, the Group's new media services revenue grew by 9.8%, but net profit declined 37.4% due to rising traffic costs and R&D, while traditional broadcasting business was divested for asset optimization Macroeconomic and Industry Environment In H1 2025, China's economy recovered steadily, but the live e-commerce industry faced rising traffic acquisition costs and slowing user growth, pressuring average profit margins - In H1 2025, China's economy saw steady recovery, but the live e-commerce industry faced challenges of rising traffic acquisition costs and slowing user growth, leading to pressure on average industry profit margins[4] New Media Services Business Performance New media services revenue grew 9.8% to approximately RMB 620 million, driven by matrix live streaming, but net profit declined 37.4% to RMB 55.4 million due to rising traffic costs and R&D investment - New media services business revenue reached approximately RMB 620 million, a year-on-year increase of approximately 9.8%, primarily benefiting from matrix live streaming room development and multi-platform layout[5] - New media services business net profit was approximately RMB 55.4 million, a year-on-year decrease of approximately 37.4%, primarily due to increased platform traffic acquisition costs and R&D and operation investment in the 'Friend Cloud' intelligent system[5] - The company optimizes live e-commerce business using the 'Friend Cloud' intelligent system, enhancing traffic efficiency and replicability through differentiated operational strategies and a matrix model (main and vertical accounts synergy)[6][7] Strategy and Operational Optimization The Group strengthened its leading position by integrating supply chains and collaborating with local governments on 'export-to-domestic' initiatives, while also enhancing compliance, risk control, and employee welfare - The Group consolidated its leading industry position, strengthening the supply chain closed-loop via the 'industrial belt + brand + live streaming room' model, and collaborated with local governments on the 'export-quality goods to domestic sales' program, serving over a thousand foreign trade enterprises[7] - The company signed the 'Shanghai Live E-commerce Industry Self-Regulation Convention', built a multi-dimensional risk control system, and launched an 'employee care fund', strengthening corporate social responsibility and talent competitiveness[8] Corporate Social Responsibility and Honors The company received prestigious awards like 'Hangzhou Credit Management Demonstration Enterprise' and 'Ecological Value Creation MCN', affirming its compliant governance and social value creation - The Group received awards such as 'Hangzhou Credit Management Demonstration Enterprise' and 'Ecological Value Creation MCN', demonstrating its compliant governance and social value creation capabilities[8] Divestment of Traditional Broadcasting Business The Group divested its traditional broadcasting business subsidiary on July 31, 2025, to optimize asset structure, release cash flow, and reallocate resources to high-potential new media areas - The Group signed an agreement on March 28, 2025, to sell 100% equity of its traditional broadcasting business subsidiary, with the transaction completed on July 31, 2025, to optimize asset structure, release cash flow, and concentrate resources on high-potential areas[9][10] Future Outlook The Group will focus on intelligent transformation, refined operations, professionalizing vertical live streaming, deepening 'Friend Cloud' system application, and strengthening data-driven decisions and regional industrial collaboration - Future focus will be on intelligent and technological transformation and refined operations, accelerating the professionalization of vertical live streaming rooms, and precisely matching users through algorithm recommendations[11] - Deepen the application of the 'Friend Cloud' intelligent system, optimizing efficiency and costs in core links such as supply chain management and tiered traffic operations[11] - Accelerate strategic collaboration with regional industrial belts, integrate and optimize supply chain resources, and continuously improve the systematic governance structure, establishing a full-cycle risk control system[11] Financial Performance Analysis Key Items of Consolidated Income Statement Continuing operations revenue grew 9.8%, but gross profit and margin declined due to rising traffic costs; sales and administrative expenses optimized, while net finance costs shifted to expense, leading to a decrease in profit for the period, though discontinued operations turned profitable Revenue New media services revenue grew 9.8% year-on-year to approximately RMB 618.9 million, driven by matrix live streaming and multi-platform expansion New Media Services Business Revenue (thousand RMB) | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Year-on-Year Growth | | :--- | :--- | :--- | :--- | | Revenue | 618,861 | 563,645 | 9.8% | Cost of Sales and Gross Profit New media services cost of sales increased 33.7% to RMB 348.2 million, leading to a gross profit decrease to RMB 270.7 million and a 10.1 percentage point drop in gross margin to 43.7% New Media Services Business Cost of Sales and Gross Profit (thousand RMB) | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Cost of Sales | 348,174 | 260,459 | Increased 33.7% | | Gross Profit | 270,687 | 303,186 | Decreased 10.7% | | Gross Margin | 43.7% | 53.8% | Decreased 10.1 percentage points | Selling and Administrative Expenses Selling expenses slightly increased to RMB 153.6 million but optimized to 24.8% of revenue, while administrative expenses decreased by RMB 2.8 million to RMB 61.9 million, optimizing to 10.0% of revenue Selling and Administrative Expenses (thousand RMB) | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Selling Expenses | 153,641 | 151,072 | Increased 2.5 million RMB | | Selling Expenses as % of Revenue | 24.8% | 26.8% | Decreased 2.0 percentage points | | Administrative Expenses | 61,920 | 64,700 | Decreased 2.8 million RMB | | Administrative Expenses as % of Revenue | 10.0% | 11.5% | Decreased 1.5 percentage points | Other Income and Finance Costs Net other income increased to RMB 16.0 million due to government grants, while net finance costs shifted from income to an expense of approximately RMB 0.8 million, driven by higher borrowing interest and lower deposit interest Other Income and Finance Costs (thousand RMB) | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Net Other Income | 15,969 | 15,139 | Increased 0.8 million RMB | | Net Finance (Costs) Income | (800) | 866 | Decreased 1.7 million RMB (shifted from income to expense) | Income Tax Expense New media services income tax expense was approximately RMB 14.9 million, consistent with the prior period, with China's corporate tax rates varying for high-tech and small low-profit enterprises New Media Services Business Income Tax Expense (thousand RMB) | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Income Tax Expense | 14,928 | 15,001 | - China's standard corporate income tax rate is 25%, with high-tech enterprises enjoying a 15% preferential rate, and small low-profit enterprises receiving tax benefits[66][67] Profit for the Period from Continuing Operations Profit for the period from continuing operations decreased to approximately RMB 55.4 million, primarily due to lower gross profit driven by rising platform traffic acquisition costs Profit for the Period from Continuing Operations (thousand RMB) | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Profit for the Period | 55,367 | 88,418 | Decreased 37.4% | Profit from Discontinued Operations Discontinued operations (broadcasting business) achieved a turnaround, recording a profit of RMB 983 thousand for the interim period, compared to a RMB 4,605 thousand loss in the prior period Profit from Discontinued Operations (thousand RMB) | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Profit (Loss) from Discontinued Operations | 983 | (4,605) | Non-HKFRS Measures Adjusted net profit, a non-HKFRS measure, helps compare operating results by excluding non-indicative items; for continuing operations, it decreased to RMB 71,279 thousand for the six months ended June 30, 2025 - The company uses adjusted net profit as a supplementary financial measure to eliminate the impact of non-cash, one-off, or non-operating items, aiding in the comparison of operating results[21][22] Non-HKFRS Measures Reconciliation (thousand RMB) | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Profit for the Period from Continuing Operations | 55,367 | 88,418 | | Adjustment for: Share-based Payment Expenses | 15,912 | 26,894 | | Adjusted Net Profit from Continuing Operations | 71,279 | 115,312 | Earnings Per Share For the six months ended June 30, 2025, basic and diluted EPS from continuing and discontinued operations were RMB 4.24 cents and RMB 4.20 cents, respectively, while continuing operations EPS were RMB 4.26 cents and RMB 4.23 cents Earnings Per Share (RMB cents) | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Continuing and Discontinued Operations | | | | Basic Earnings Per Share | 4.24 | 6.35 | | Diluted Earnings Per Share | 4.20 | 6.17 | | Continuing Operations | | | | Basic Earnings Per Share | 4.26 | 6.62 | | Diluted Earnings Per Share | 4.23 | 6.43 | Financial Position and Liquidity Cash Flow Net cash inflow from operating activities significantly increased to RMB 138.5 million, while investing activities shifted to a RMB 24.3 million net inflow, and financing activities resulted in a RMB 38.2 million net outflow due to loan repayments Cash Flow (thousand RMB) | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Net Cash Inflow from Operating Activities | 138,509 | 20,263 | Increased 583.5% | | Net Cash Inflow (Outflow) from Investing Activities | 24,280 | (10,925) | Shifted from outflow to inflow | | Net Cash Outflow (Inflow) from Financing Activities | (38,170) | 49,683 | Shifted from inflow to outflow | | Cash and Cash Equivalents at End of Period | 238,963 | 208,244 | Increased 14.7% | Key Items of Statement of Financial Position As of June 30, 2025, total bank and other borrowings significantly decreased to RMB 20.0 million, with current assets at RMB 573.4 million and liabilities at RMB 233.5 million, improving the current ratio to 2.46 and reducing the gearing ratio to -39.8% Bank and Other Borrowings Total bank and other borrowings significantly decreased from RMB 212.1 million to RMB 20.0 million by June 30, 2025, mainly due to reclassification of liabilities related to assets held for sale Bank and Other Borrowings (thousand RMB) | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Total Bank and Other Borrowings | 20,000 | 212,057 | Decreased 90.6% | Current Assets and Liabilities As of June 30, 2025, current assets were approximately RMB 573.4 million and liabilities RMB 233.5 million, with the current ratio improving from 1.50 to 2.46, indicating significant liquidity enhancement Current Assets and Liabilities (thousand RMB) | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Current Assets | 573,395 | 704,241 | Decreased 18.5% | | Current Liabilities | 233,492 | 470,902 | Decreased 50.4% | | Current Ratio | 2.46 | 1.50 | Increased 0.96 | Gearing Ratio The gearing ratio significantly decreased from 17.0% to -39.8% by June 30, 2025, primarily due to increased bank balances and cash, and reclassification of liabilities related to assets held for sale Gearing Ratio | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Gearing Ratio | -39.8% | 17.0% | Decreased 56.8 percentage points | Risk Management The Group faces minimal foreign exchange risk in HKD, USD, and JPY, with no hedging used, and interest rate risk from floating-rate borrowings is largely offset by cash, with no significant impact expected Foreign Exchange Risk The Group's foreign exchange risk exposure to HKD, USD, and JPY is considered minimal by management, with no material adverse impact on operations and no hedging instruments used - The Group is primarily exposed to foreign exchange risk in HKD, USD, and JPY, but management considers the impact minimal, with no material adverse effect on normal operations[29] - During the interim period, the Group did not use any financial instruments to hedge foreign exchange risk[29] Interest Rate Risk Interest rate risk from floating-rate borrowings is largely offset by cash, with no significant impact expected; new media services had no secured borrowings, while broadcasting business had some loans secured by buildings - Interest rate risk primarily arises from floating-rate borrowings, partially offset by floating-rate cash, and management expects interest rate changes to have no significant impact on interest-bearing assets[30] - As of June 30, 2025, the new media services segment had no secured borrowings; the broadcasting business had RMB 12,000,000 bank borrowings secured by buildings[31] Significant Events and Corporate Governance Significant Investments, Acquisitions and Disposals The Group made no significant investments during the interim period but divested its traditional broadcasting business subsidiary on July 31, 2025, to optimize asset structure and reallocate resources - The Group had no significant investments during the interim period[33] - The company signed an agreement on March 28, 2025, to sell 100% equity of its traditional broadcasting business subsidiary, with the transaction completed on July 31, 2025, to optimize asset structure, release cash flow, and concentrate resources on high-potential areas[33] Post Balance Sheet Events On August 5, 2025, the Group agreed to acquire 100% equity of Hangzhou Jia Ge Peng You Education Technology Co., Ltd. to enhance new media services, integrate customer resources, and expand revenue streams - On August 5, 2025, the Group signed an agreement to conditionally acquire 100% equity of Hangzhou Jia Ge Peng You Education Technology Co., Ltd., aiming to enhance new media services and live e-commerce capabilities, integrate customer resources, and expand revenue streams[38] Dividends The Board does not recommend the payment of any interim dividend for the current interim period - The Board does not recommend the payment of any interim dividend for the interim period[35][70] Employees and Remuneration Policy As of June 30, 2025, the Group's employee count decreased to 1,279, with a remuneration policy covering salary, benefits, share awards, and social security contributions Employee Headcount | Date | Employee Headcount | | :--- | :--- | | June 30, 2025 | 1,279 | | December 31, 2024 | 1,475 | - The company has formulated a remuneration policy, including basic salary, allowances, benefits, and share awards, and contributes to social insurance, medical insurance, housing provident fund, and mandatory provident fund for employees[37] Share Award Scheme The company adopted a share award scheme in 2022 to recognize employee contributions, granting 10,473,300 award shares to selected participants on April 10, 2025 - The company adopted a share award scheme in 2022, aiming to recognize and reward employee contributions[39][77] - On April 10, 2025, the Board resolved to grant a total of 10,473,300 award shares to certain selected participants[39][77][79] Contingent Liabilities As of June 30, 2025, the Directors were unaware of any significant matters that might result in material contingent liabilities - As of June 30, 2025, the Directors were unaware of any significant matters that might give rise to material contingent liabilities[34][87] Corporate Governance and Directors' Information The Group complied with the Corporate Governance Code, with Board changes including new appointments and resignations, and all Directors confirmed compliance with the Securities Trading Code, while the Audit Committee reviewed key financial and governance matters Purchase, Sale or Redemption of the Company's Listed Securities During the interim period, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - During the interim period, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[93] Compliance with Corporate Governance Code The Company complied with the applicable code provisions of the Corporate Governance Code during the interim period - The Company complied with the applicable code provisions of the Corporate Governance Code during the interim period[94] Changes in Directors' Information Board changes included Mr. Li Jun's resignation and Ms. Zhao Huili's appointment to the Nomination Committee, Mr. Kong Huawei's appointment as Chief Independent Non-executive Director, and Mr. Lu Zhisen's resignation as Executive Director - Mr. Li Jun resigned as a member of the Nomination Committee, Ms. Zhao Huili was appointed as a member of the Nomination Committee, Mr. Kong Huawei was appointed as Chief Independent Non-executive Director, and Mr. Lu Zhisen resigned as Executive Director[95] Standard Code for Securities Transactions by Directors The Company adopted a securities trading code, no less exacting than the Listing Rules' Standard Code, and all Directors confirmed compliance during the interim period - The Company adopted a securities trading code, and all Directors confirmed compliance with this code during the interim period[96] Audit Committee The Audit Committee, composed of three independent non-executive Directors, reviewed the Group's accounting principles, risk management, internal controls, and financial reporting matters without disagreement - The Audit Committee, comprising three independent non-executive Directors, reviewed the Group's accounting principles, risk management, internal controls, and financial reporting matters, with no disagreements[97] Publication This interim results announcement is available on the HKEX and Company websites, with the 2025 interim report to be provided to shareholders in due course - This interim results announcement has been published on the HKEX website and the Company's website, and the 2025 interim report will be made available to shareholders at the appropriate time[98]