快狗打车(02246) - 2025 - 中期业绩

Financial Summary Financial Performance Overview For the six months ended June 30, 2025, revenue slightly increased by 1.3%, while gross profit, loss before income tax, loss for the period, and adjusted net loss significantly deteriorated, with adjusted net loss increasing by 120% year-on-year | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Period Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 328,287 | 324,188 | 1.3 | | Gross Profit | 93,251 | 112,737 | (17.3) | | Loss before Income Tax | (114,586) | (84,001) | 36.4 | | Loss for the Period | (113,574) | (82,904) | 37.0 | | Adjusted Net Loss for the Period | (74,460) | (33,848) | 120.0 | | Adjusted EBITDA for the Period | (63,820) | (21,194) | 201.1 | Unaudited Condensed Consolidated Interim Statement of Comprehensive Income Income Statement Overview For the six months ended June 30, 2025, revenue slightly increased to RMB 328,287 thousand, but increased cost of revenue led to a gross profit decline, with R&D expenses and goodwill impairment losses expanding the loss for the period to RMB 113,574 thousand | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 328,287 | 324,188 | | Cost of Revenue | (235,036) | (211,451) | | Gross Profit | 93,251 | 112,737 | | Selling and Marketing Expenses | (42,006) | (69,289) | | General and Administrative Expenses | (74,503) | (77,375) | | Research and Development Expenses | (56,348) | (11,552) | | Goodwill Impairment | (39,000) | (51,000) | | Operating Loss | (115,051) | (84,468) | | Loss for the Period | (113,574) | (82,904) | - Research and development expenses significantly increased from RMB 11,552 thousand in the same period of 2024 to RMB 56,348 thousand in 2025, a 388% increase[5] - Loss for the period expanded from RMB 82,904 thousand in the same period of 2024 to RMB 113,574 thousand in 2025, a 37% increase[5] Other Comprehensive Income and Loss Per Share Total other comprehensive income increased during the period, yet total comprehensive loss for the period expanded, leading to an increase in basic and diluted loss per share due to the widened loss | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Total Other Comprehensive Income | 2,487 | 1,069 | | Total Comprehensive Loss for the Period | (111,087) | (81,835) | | Loss for the Period Attributable to Owners of the Company | (112,999) | (82,354) | | Basic and Diluted Loss Per Share (RMB) | (1.80) | (1.31) | Unaudited Condensed Consolidated Interim Statement of Financial Position Changes in Asset Structure As of June 30, 2025, total assets decreased from year-end 2024, mainly due to reductions in goodwill, prepayments, financial assets at fair value, and cash and cash equivalents | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total Non-current Assets | 127,054 | 163,741 | | Goodwill | 69,452 | 108,452 | | Total Current Assets | 359,436 | 457,377 | | Trade Receivables | 93,014 | 81,983 | | Prepayments, Deposits and Other Receivables | 30,616 | 76,523 | | Financial Assets Measured at Fair Value Through Profit or Loss | 20,796 | 71,040 | | Cash and Cash Equivalents | 129,196 | 197,880 | | Total Assets | 486,490 | 621,118 | - Goodwill decreased from RMB 108,452 thousand at the end of 2024 to RMB 69,452 thousand as of June 30, 2025, reflecting impairment impact[8] - Cash and cash equivalents decreased from RMB 197,880 thousand at the end of 2024 to RMB 129,196 thousand as of June 30, 2025[8] Equity and Liability Structure As of June 30, 2025, total equity significantly decreased due to increased accumulated losses, while total liabilities decreased, primarily driven by a reduction in current liabilities | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Accumulated Losses | (7,688,537) | (7,575,538) | | Equity Attributable to Owners of the Company | 189,058 | 299,426 | | Total Equity | 185,894 | 296,814 | | Total Non-current Liabilities | 16,250 | 10,282 | | Total Current Liabilities | 284,346 | 314,022 | | Total Liabilities | 300,596 | 324,304 | - Equity attributable to owners of the company decreased from RMB 299,426 thousand at the end of 2024 to RMB 189,058 thousand as of June 30, 2025, a decrease of approximately 36.8%[9] Unaudited Condensed Consolidated Interim Statement of Cash Flows Cash Flow Overview For the six months ended June 30, 2025, net cash used in operating activities significantly increased, while net cash from investing activities substantially decreased, leading to a net reduction in cash and cash equivalents at period-end, contrasting with the prior year's net increase | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (115,811) | (43,206) | | Net Cash From Investing Activities | 51,052 | 206,236 | | Net Cash Used in Financing Activities | (5,517) | (8,523) | | Net (Decrease) / Increase in Cash and Cash Equivalents | (70,276) | 154,507 | | Cash and Cash Equivalents at End of Period | 126,389 | 359,735 | - Net cash used in operating activities increased from RMB 43,206 thousand in the same period of 2024 to RMB 115,811 thousand in 2025, an increase of approximately 168%[11] - Net cash from investing activities significantly decreased from RMB 206,236 thousand in the same period of 2024 to RMB 51,052 thousand in 2025, a decrease of approximately 75%[11] Notes to the Financial Statements General Information GoGoX Holdings Limited, incorporated in the Cayman Islands, primarily offers logistics and delivery solution platform services across Mainland China, Hong Kong, Singapore, South Korea, and other Southeast Asian nations - The company was incorporated as an exempted company in the Cayman Islands on June 8, 2017[14] - The Group primarily provides logistics and delivery solution services and platform services connecting transacting users with logistics and delivery service providers using technology in Mainland China, Hong Kong, Singapore, South Korea, and other Southeast Asian countries[14] Basis of Preparation Interim financial information is prepared under IAS 34, to be read with the 2024 annual consolidated financial statements, with management's judgments, estimates, and assumptions consistent with the annual report - The interim financial information is prepared in accordance with International Accounting Standard 34 'Interim Financial Reporting' issued by the International Accounting Standards Board[15] - The interim financial information should be read in conjunction with the company's consolidated financial statements for the year ended December 31, 2024[15] Changes in Accounting Policies and Disclosures The Group's accounting policies align with year-end 2024, with the adoption of IAS 21 (amended) 'Lack of Exchangeability' having no material impact, while new, un-effective standards are currently being assessed for potential effects - The Group has adopted IAS 21 (amended) 'Lack of Exchangeability', which is not expected to have a material impact on current or future periods[17] - Several new and amended standards have been issued but are not yet effective, including IFRS 18 'Presentation and Disclosure in Financial Statements' and IFRS 19 'Subsidiaries without Public Accountability: Disclosures', and the Group is assessing their impact[18][19] Segment Reporting The Group reports two segments: Mainland China and Hong Kong & Overseas, with performance assessed by revenue; as of June 30, 2025, Hong Kong & Overseas revenue significantly increased its share, offsetting the decline in Mainland China - The Group's reportable segments are Mainland China business and Hong Kong and Overseas business[22] | Revenue Source | 2025 Mainland China (RMB thousands) | 2025 Hong Kong & Overseas (RMB thousands) | 2025 Total (RMB thousands) | 2024 Mainland China (RMB thousands) | 2024 Hong Kong & Overseas (RMB thousands) | 2024 Total (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Logistics Services for Enterprise Customers | 39,641 | 194,249 | 233,890 | 37,230 | 174,351 | 211,581 | | Service Revenue from Logistics Service Platform | 26,777 | 36,213 | 62,990 | 47,952 | 33,114 | 81,066 | | Value-Added Services | 1,973 | 29,434 | 31,407 | 4,519 | 27,022 | 31,541 | | Total | 68,391 | 259,896 | 328,287 | 89,701 | 234,487 | 324,188 | - As of June 30, 2025, Hong Kong and Overseas business revenue accounted for 79.2% of total revenue, while Mainland China business revenue decreased by 23.8%[23] Expense Details During the reporting period, total cost of revenue, selling and marketing, R&D, and general and administrative expenses increased, with significant growth in R&D and logistics service provider subcontracting fees | Expense Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Research and Development Expenses (a logistics business service project) | 47,635 | — | | Employee Benefit Expenses | 78,989 | 93,263 | | Incentives to Platform Service Transacting Users | 1,605 | 10,498 | | Subcontracting Fees for Logistics Service Providers | 211,675 | 189,028 | | Total Cost of Revenue, Selling and Marketing Expenses, Research and Development Expenses, and General and Administrative Expenses | 407,893 | 369,667 | - Research and development expenses for a logistics business service project amounted to RMB 47,635 thousand, compared to zero in the prior year period[25] - Incentives to platform service transacting users significantly decreased from RMB 10,498 thousand in 2024 to RMB 1,605 thousand in 2025[25] Net Finance Income For the six months ended June 30, 2025, net finance income remained stable, primarily consisting of interest income from bank deposits and interest expense on lease liabilities | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Interest Income from Bank Deposits | 833 | 1,080 | | Interest Expense on Lease Liabilities | (368) | (613) | | Net Finance Income | 465 | 467 | Income Tax Credit The Group's income tax credit remained stable, with a 25% corporate income tax rate in Mainland China, no assessable profits tax in Hong Kong, tax exemptions in Cayman Islands and BVI, and no material impact from OECD Pillar Two Model Rules | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Current Income Tax | (89) | — | | Deferred Income Tax | 1,101 | 1,097 | | Total Income Tax Credit | 1,012 | 1,097 | - The corporate income tax rate for subsidiaries in Mainland China is 25%[28] - No provision for profits tax has been made for Hong Kong operations due to no assessable profits[29] - The preliminary assessment of the impact of the OECD Pillar Two Model Rules on the Group is not material[31] Loss Per Share Basic loss per share attributable to owners of the company increased from RMB 1.31 in 2024 to RMB 1.80 in 2025 due to expanded losses, with diluted loss per share remaining identical to basic loss per share after share consolidation adjustments | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Loss for the Period Attributable to Owners of the Company Used in Calculating Basic Loss Per Share | (112,999) | (82,354) | | Weighted Average Number of Ordinary Shares in Issue (in thousands of shares) | 62,883 | 62,847 | | Basic Loss Per Share (expressed in RMB per share) | (1.80) | (1.31) | - The company implemented a share consolidation on April 25, 2025, where every ten shares were consolidated into one, and the weighted average number of shares for calculating loss per share has been adjusted[34] - As the Group incurred losses, diluted loss per share is the same as basic loss per share[35] Dividends Neither the company nor its subsidiaries paid or declared any dividends for the six months ended June 30, 2025 and 2024 - For the six months ended June 30, 2025 and 2024, neither the company nor its subsidiaries paid or declared any dividends[36] Goodwill As of June 30, 2025, goodwill's net carrying amount decreased due to impairment of the Mainland China business, with management recognizing an impairment loss of RMB 39,000 thousand based on revised five-year forecasts | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Net Carrying Amount at Beginning of Period | 108,452 | 206,894 | | Impairment | (39,000) | (98,518) | | Net Carrying Amount at End of Period | 69,452 | 108,452 | - Goodwill primarily arose from the acquisition of subsidiaries and structured entities of GoGo Tech Holdings Limited (GoGoVan) in 2017[38] - Due to reduced revenue, increased competition, and strategic shifts in the Mainland China market, management revised its five-year forecast, leading to the recognition of an impairment loss of RMB 39,000 thousand for the Mainland China business cash-generating unit[39][40] Trade Receivables As of June 30, 2025, net trade receivables increased, with typical 30-60 day credit terms, and a rise in receivables aged over 90 days | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade Receivables | 111,520 | 100,762 | | Less: Loss Allowance | (18,506) | (18,779) | | Net Trade Receivables | 93,014 | 81,983 | | Aging | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | 0 to 30 days | 64,134 | 56,523 | | Over 90 days | 9,572 | 7,748 | Financial Assets Measured at Fair Value Through Profit or Loss As of June 30, 2025, wealth management product balances significantly decreased, with the company redeeming one product and recognizing a gain on disposal | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Wealth Management Products | 20,796 | 71,040 | - The Group redeemed one of its wealth management products during the period and recognized a gain on disposal of RMB 1,425 thousand[42] Trade Payables As of June 30, 2025, total trade payables slightly increased, predominantly within the 0-30 day aging category | Aging | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | 0 to 30 days | 39,822 | 36,732 | | 31 to 60 days | 2,584 | 3,662 | | 61 to 90 days | 731 | 1,030 | | Over 90 days | 3,808 | 3,060 | | Total | 46,945 | 44,484 | Management Discussion and Analysis Business Review The Group provides logistics technology services via its digital platform; for the six months ended June 30, 2025, total revenue grew 1.3% year-on-year, driven by strong Hong Kong and overseas performance offsetting Mainland China's decline, while the company optimizes platform functions, expands enterprise services, and develops value-added services Overview GoGoX, a leading logistics technology company operating in six Asian countries, achieved RMB 328.3 million in total revenue, a 1.3% year-on-year increase, with Hong Kong and overseas businesses contributing 79.2% and offsetting Mainland China's challenges - The Group operates two brands, 'Kuaigou Dache' and 'GoGoX', in over 370 cities across six Asian countries and regions, including Mainland China, Hong Kong, Singapore, South Korea, India, and Vietnam[45] - For the six months ended June 30, 2025, total revenue was RMB 328.3 million, representing a 1.3% year-on-year increase[45] - Hong Kong and overseas business revenue increased by 10.8% to RMB 259.9 million, accounting for 79.2% of total revenue, offsetting a 23.8% decline in Mainland China revenue to RMB 68.4 million[45] - As of June 30, 2025, the platform had accumulated 34.9 million registered users and 7.1 million registered drivers, completed 5.5 million transportation orders, and achieved a Gross Transaction Value (GTV) of RMB 709.2 million[46] Platform Services Platform services revenue reached RMB 63.0 million, representing 19.2% of total revenue, primarily driven by Hong Kong and overseas markets, as the company optimizes platform functions, launches new services, and leverages AI and machine learning for efficiency - Platform services revenue was RMB 63.0 million, accounting for 19.2% of the Group's total revenue[48] - Platform services revenue in Hong Kong and overseas markets increased by 9.4% to RMB 36.2 million[48] - GTV generated from platform services reached RMB 474.5 million, with 4.8 million transportation orders completed[48] - The 'GoGoX Reserve Membership Program' was piloted in Hong Kong, 'Premium Van' and 'Pet-Friendly' delivery services were launched, and AI and machine learning technologies were applied to enhance order dispatch efficiency[47][48] Enterprise Services Enterprise services revenue grew steadily by 10.5% to RMB 233.9 million, comprising 71.2% of total revenue, driven by Hong Kong and overseas operations, as the company transformed into a one-stop logistics partner, expanding services and advancing cold chain logistics in South Korea - Enterprise services revenue reached RMB 233.9 million, a steady year-on-year increase of 10.5%, accounting for 71.2% of the Group's total revenue[49] - Enterprise services revenue in Hong Kong and overseas businesses increased by 11.4% to RMB 194.2 million[49] - Over 72,200 enterprise customers have been served cumulatively, with GTV reaching RMB 234.7 million during the reporting period[49] - Strategic transformation into a one-stop logistics partner, expanding service scope to include integrated services like sorting and warehousing, and advancing specialized cold chain logistics in South Korea[49][50] Value-Added Services Value-added services revenue was RMB 31.4 million, a slight 0.3% year-on-year decrease, mainly due to Mainland China business contraction, partially offset by 8.9% growth in Hong Kong and overseas markets, as the company relaunched fuel card services and expanded insurance offerings - Value-added services revenue was RMB 31.4 million, a slight year-on-year decrease of 0.3%, accounting for 9.6% of the Group's total revenue[51] - Value-added services revenue in Hong Kong and overseas markets grew strongly by 8.9% to RMB 29.4 million, benefiting from the relaunch of fuel card business client collaborations and expanded insurance product offerings[51] Business Outlook The Group plans to deepen platform services, expand enterprise clientele, innovate value-added services, and optimize operations with AI and machine learning, focusing on Asia-Pacific expansion and premium service launches while monitoring technology and cybersecurity risks - The Group will continue to focus on deepening platform services, expanding its enterprise customer base, and driving innovation in value-added services[52] - Leveraging AI and machine learning technologies to continuously optimize operational efficiency and enhance service quality[52] - Further expansion in the Asia-Pacific region and the launch of new premium services will be key future growth drivers[52] Financial Review The Group experienced slight revenue growth but declining gross profit and margin, with operating and period losses significantly expanding due to increased R&D expenses and continued goodwill impairment, leading to substantial deterioration in both non-IFRS adjusted net loss and adjusted EBITDA Overview For the six months ended June 30, 2025, total revenue was RMB 328.3 million (up 1.3%), gross profit was RMB 93.3 million (down 17.2%), and both adjusted net loss (RMB 74.5 million) and adjusted EBITDA (RMB 63.8 million) significantly deteriorated - Total revenue was RMB 328.3 million, an increase of 1.3% compared to the same period last year[53] - Gross profit was RMB 93.3 million, a year-on-year decrease of 17.2%[53] - Adjusted net loss was RMB 74.5 million, and adjusted EBITDA was RMB 63.8 million[53] - Basic and diluted loss per share were RMB 1.80 and RMB 1.31, respectively[53] Revenue First-half 2025 revenue was RMB 328.3 million, up 1.3% year-on-year, with enterprise services growing 10.5%, platform services declining 22.3%, and value-added services slightly decreasing by 0.3% - Revenue for the first half of 2025 was RMB 328.3 million, an increase of 1.3% compared to the same period in 2024[54] | Revenue Source | 2025 Total (RMB thousands) | 2024 Total (RMB thousands) | Period Change (RMB thousands) | | :--- | :--- | :--- | :--- | | Logistics Services for Enterprise Customers | 233,890 | 211,581 | 22,309 | | Service Revenue from Logistics Service Platform | 62,990 | 81,066 | (18,076) | | Value-Added Services | 31,407 | 31,541 | (134) | | Total | 328,287 | 324,188 | 4,099 | - Enterprise services revenue increased by 10.5% to RMB 233.9 million, primarily due to increased shipment volumes from enterprise customers in Mainland China, Hong Kong, and overseas markets[58] - Platform services revenue decreased by 22.3% to RMB 63.0 million, primarily due to intensified competition and strategic shifts in the Mainland China market[59] Cost of Revenue Cost of revenue increased by 11.1% from RMB 211.5 million in 2024 to RMB 235.0 million in 2025, mainly due to higher subcontracting fees driven by increased shipment orders - Cost of revenue increased by 11.1% from RMB 211.5 million to RMB 235.0 million[62] - Primarily due to an increase of RMB 22.6 million in subcontracting fees, driven by a higher volume of shipment orders in Mainland China, Hong Kong, and overseas markets[62] Gross Profit and Gross Margin Gross profit decreased from RMB 112.7 million in 2024 to RMB 93.3 million in 2025, with gross margin declining from 34.8% to 28.4% | Metric | 2025 (RMB millions) | 2024 (RMB millions) | | :--- | :--- | :--- | | Gross Profit | 93.3 | 112.7 | | Gross Margin | 28.4% | 34.8% | Selling and Marketing Expenses Selling and marketing expenses decreased by 39.4% from RMB 69.3 million in 2024 to RMB 42.0 million in 2025, mainly due to reduced incentives for platform service users and lower employee benefit expenses - Selling and marketing expenses decreased by 39.4% to RMB 42.0 million[64] - Primarily due to a RMB 9.0 million reduction in incentives for platform service transacting users and a RMB 9.7 million reduction in employee benefit expenses[64] General and Administrative Expenses General and administrative expenses decreased by 3.7% from RMB 77.4 million in 2024 to RMB 74.5 million in 2025, mainly due to reduced employee benefit expenses - General and administrative expenses decreased by 3.7% to RMB 74.5 million[65] - Primarily due to a reduction in employee benefit expenses, including share-based compensation[65] Research and Development Expenses Research and development expenses significantly increased by 385.3% from RMB 11.6 million in 2024 to RMB 56.3 million in 2025, primarily due to a logistics business service project expense - Research and development expenses increased by 385.3% to RMB 56.3 million[66] - Primarily due to expenses of RMB 47.6 million for a logistics business service project[66] Reversal of Impairment Loss on Financial Assets Reversal of impairment loss on financial assets decreased from RMB 4.4 million in 2024 to RMB 1.4 million in 2025, primarily due to improved trade receivables management | Metric | 2025 (RMB millions) | 2024 (RMB millions) | | :--- | :--- | :--- | | Reversal of Impairment Loss on Financial Assets | 1.4 | 4.4 | - Primarily due to improved management of trade receivables[67] Goodwill Impairment For the six months ended June 30, 2025, the Mainland China business cash-generating unit recorded a goodwill impairment loss of RMB 39.0 million, primarily due to intensified market competition and strategic shifts impacting revenue and profit growth - The Mainland China business cash-generating unit recorded a goodwill impairment loss of RMB 39.0 million[68] - The impairment was due to intensified competition in the Mainland China business and strategic shifts aimed at optimizing service offerings and improving profitability, which led to lower-than-expected revenue and profit growth[68] Other Income Other income significantly decreased by 88.6% from RMB 4.4 million in 2024 to RMB 0.5 million in 2025, primarily due to reduced government grants | Metric | 2025 (RMB millions) | 2024 (RMB millions) | | :--- | :--- | :--- | | Other Income | 0.5 | 4.4 | - Primarily due to reduced government grants received in Mainland China, Hong Kong, and overseas during the first half of 2025[69] Net Other Gains Net other gains for the first half of 2025 were RMB 1.7 million, mainly from disposal of financial assets at fair value, contrasting with RMB 3.3 million in 2024, primarily from exchange gains | Metric | 2025 (RMB millions) | 2024 (RMB millions) | | :--- | :--- | :--- | | Net Other Gains | 1.7 | 3.3 | - In 2025, primarily comprised of gains on disposal of financial assets measured at fair value through profit or loss[70] Operating Loss Operating loss increased by 36.2% from RMB 84.5 million in 2024 to RMB 115.1 million in 2025 | Metric | 2025 (RMB millions) | 2024 (RMB millions) | | :--- | :--- | :--- | | Operating Loss | (115.1) | (84.5) | Net Finance Income Net finance income remained stable at RMB 0.5 million for both the six months ended June 30, 2025 and 2024 | Metric | 2025 (RMB millions) | 2024 (RMB millions) | | :--- | :--- | :--- | | Net Finance Income | 0.5 | 0.5 | Income Tax Credit Income tax credit remained stable at RMB 1.0 million in 2025 and RMB 1.1 million in 2024 | Metric | 2025 (RMB millions) | 2024 (RMB millions) | | :--- | :--- | :--- | | Income Tax Credit | 1.0 | 1.1 | Loss for the Period Loss for the period increased by 37.0% from RMB 82.9 million in 2024 to RMB 113.6 million in 2025 | Metric | 2025 (RMB millions) | 2024 (RMB millions) | | :--- | :--- | :--- | | Loss for the Period | (113.6) | (82.9) | Non-IFRS Measures Adjusted net loss and adjusted EBITDA significantly deteriorated, increasing by 120.0% and 201.1% respectively, primarily due to the exclusion of non-cash items like share-based compensation and goodwill impairment - Adjusted net loss was RMB 74.5 million, an increase of 120.0% compared to the same period in 2024[76] - Adjusted EBITDA was negative RMB 63.8 million, an increase of 201.1% compared to the same period in 2024[76] | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Loss for the Period | (113,574) | (82,904) | | Adjusted for: Share-based Compensation Expenses | 114 | (1,944) | | Adjusted for: Goodwill Impairment | 39,000 | 51,000 | | Adjusted Net Loss for the Period | (74,460) | (33,848) | | Adjusted for: Income Tax Credit | (1,012) | (1,097) | | Adjusted for: Depreciation and Amortization | 12,117 | 14,218 | | Adjusted for: Net Finance Income | (465) | (467) | | Adjusted EBITDA for the Period | (63,820) | (21,194) | Capital Structure, Liquidity and Capital Resources Capital Structure and Cash Flows As of June 30, 2025, the company's issued share capital was approximately USD 1,572.4, with total equity around RMB 185.9 million; net cash used in operating activities significantly increased, while net cash from investing activities substantially decreased, leading to a net reduction in cash and cash equivalents at period-end - The company approved a share consolidation on April 23, 2025, where every 10 shares were consolidated into 1 share[80] - As of June 30, 2025, the company's issued share capital was approximately USD 1,572.4, and total equity was approximately RMB 185.9 million[80] - As of June 30, 2025, cash and cash equivalents amounted to RMB 129.2 million[80] | Cash Flow Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (115,811) | (43,206) | | Net Cash From Investing Activities | 51,052 | 206,236 | | Net Cash Used in Financing Activities | (5,517) | (8,523) | | Net (Decrease) / Increase in Cash and Cash Equivalents | (70,276) | 154,507 | | Cash and Cash Equivalents at End of Period | 126,389 | 359,735 | Material Investments Held Changes in Material Investments As of June 30, 2025, the Group held no material investments, having redeemed all participating shares in an independent portfolio fund in March 2025 for approximately HKD 66.2 million - As of June 30, 2025, the Group held zero material investments (December 31, 2024: RMB 60.2 million)[83] - On March 19, 2025, the company submitted an application to redeem all its participating shares in an independent portfolio fund, receiving proceeds of approximately HKD 66,179,785.77[84] Future Plans for Material Investments and Capital Assets Future Investment Plans As of June 30, 2025, the Group had no other future plans for material investments and capital assets - As of June 30, 2025, the Group had no other plans for material investments and capital assets[85] Material Acquisitions and/or Disposals of Subsidiaries and Affiliated Companies Acquisitions and Disposals During the Reporting Period Except as disclosed, for the six months ended June 30, 2025, the Group had no other material acquisitions or disposals of subsidiaries and affiliated companies - Except as disclosed in this announcement, for the six months ended June 30, 2025, the Group had no other material acquisitions and/or disposals of subsidiaries and affiliated companies[86] Employees and Remuneration Policy Employee Headcount and Structure As of June 30, 2025, the Group had 579 full-time employees, a decrease from 2024, with user service and operations personnel forming the largest segment - As of June 30, 2025, the Group had 579 full-time employees (June 30, 2024: 728 employees)[87] | Function | Number of Employees | % of Total | | :--- | :--- | :--- | | Sales and Marketing | 162 | 28.0 | | User Service and Operations | 260 | 44.9 | | Research and Development | 69 | 11.9 | | Management and Administration | 88 | 15.2 | | Total | 579 | 100.0 | Remuneration and Benefits The company provides competitive salaries, performance bonuses, and other incentives, participates in social security schemes, and saw employee benefit expenses, including share-based compensation, decrease by 15.3% year-on-year - The Group participates in employee social security schemes that comply with the requirements of various local and provincial governments[89] - Providing employees with competitive salaries, performance cash bonuses, and other incentives, and adopted a share incentive scheme on August 18, 2021[90] - Employee benefit expenses (including share-based compensation expenses) for the six months ended June 30, 2025, were RMB 79.0 million, a year-on-year decrease of 15.3%[90] Capital Gearing Ratio Capital Gearing Ratio Status As of June 30, 2025, the capital gearing ratio is not applicable due to the company having zero borrowings - As of June 30, 2025, the capital gearing ratio is not applicable as the company had zero borrowings[91] Foreign Exchange Risk Foreign Exchange Risk Management The Group faces foreign exchange risk from currencies including USD, HKD, SGD, KRW, and VND, but currently does not engage in hedging transactions - The Group is exposed to foreign exchange risk arising from currencies such as USD, HKD, SGD, KRW, and VND[92] - The Group currently does not engage in hedging transactions for foreign currencies[92] Pledge of Assets Pledge of Restricted Cash As of June 30, 2025, RMB 21.0 million in restricted cash was pledged, a decrease from year-end 2024 | Metric | June 30, 2025 (RMB millions) | December 31, 2024 (RMB millions) | | :--- | :--- | :--- | | Restricted Cash | 21.0 | 23.6 | Contingent Liabilities Contingent Liabilities Status As of June 30, 2025, the Group had no material contingent liabilities or guarantees - As of June 30, 2025, the Group had no material contingent liabilities or guarantees[94] Events After the Reporting Period Acquisition of Bestar Information Technology Co., Ltd. On June 12, 2025, the company agreed to acquire 100% equity of Bestar Information Technology Co., Ltd. for HKD 11,922,600, paid on July 4, 2025, via issuance of 3,100,000 new shares - On June 12, 2025, the company agreed to acquire 100% equity of Bestar Information Technology Co., Ltd. for a consideration of HKD 11,922,600[95] - The consideration was paid on July 4, 2025, through the issuance and allotment of 3,100,000 new shares of the company to the vendor[95] Borrowings Borrowings Status As of June 30, 2025, the company had zero outstanding borrowings - As of June 30, 2025, the company had zero outstanding borrowings[96] Use of Proceeds from Global Offering Utilization of Proceeds Net proceeds from the global offering were approximately HKD 554.5 million; as of June 30, 2025, most funds were utilized as planned, with amounts for user base expansion, brand awareness, new service development, working capital, and general corporate purposes fully expended - The net proceeds raised from the global offering were approximately HKD 554.5 million[97] | Purpose | Percentage of Total Amount | Net Proceeds from Global Offering (HKD millions) | Unutilized Amount as of June 30, 2025 (HKD millions) | | :--- | :--- | :--- | :--- | | Expanding our user base and enhancing our brand awareness | 40% | 221.8 | 0.0 | | Developing new services and products to enhance our monetization capabilities | 20% | 110.9 | 0.0 | | Seeking strategic alliances, investments, and acquisitions in overseas markets | 20% | 110.9 | 106.7 | | Enhancing our technological capabilities and strengthening our R&D capabilities | 10% | 55.5 | 0.0 | | Working capital and general corporate purposes | 10% | 55.4 | 0.0 | | Total | 100% | 554.5 | 106.7 | - As of June 30, 2025, HKD 106.7 million remained unutilized for seeking strategic alliances, investments, and acquisitions in overseas markets[99] Dividends Dividend Declaration The Board of Directors resolved not to pay any interim dividend for the six months ended June 30, 2025 - The Board of Directors resolved not to pay any interim dividend for the six months ended June 30, 2025[100] Corporate Governance Practices Compliance with Corporate Governance Code The Group maintains high corporate governance standards, complying with all applicable code provisions of the HKEX Listing Rules' Corporate Governance Code, except for the combined roles of Chairman and Chief Executive Officer - The company has adopted the Corporate Governance Code set out in Appendix C1 of the HKEX Listing Rules as its own corporate governance code[101] - Except for the combined roles of Chairman and Chief Executive Officer held by Mr. Lam Kai Yin, the company has complied with all applicable code provisions set out in Part 2 of the Corporate Governance Code[101] - The Board believes that Mr. Lam's dual role is in the best interests of the company, and the composition of the management team helps balance power[101] Standard Code for Securities Transactions by Directors Directors' Compliance with Securities Transactions The company adopted the Standard Code from Listing Rules Appendix C3, and all directors confirmed compliance throughout the reporting period - The company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers set out in Appendix C3 of the Listing Rules[103] - Following specific inquiries to all directors, each director has confirmed continuous compliance with the required standards set out in the Standard Code throughout the reporting period[103] Purchase, Sale or Redemption of the Company's Listed Securities Listed Securities Transaction Status During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities, and the company held no treasury shares - During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[104] - As of June 30, 2025, the company held no treasury shares[104] Audit Committee Audit Committee Responsibilities and Review Results The Audit Committee reviewed the Group's unaudited interim results for the six months ended June 30, 2025, confirming compliance with applicable accounting standards, laws, and regulations - The Audit Committee comprises two independent non-executive directors and one non-executive director, with Mr. Zhao Hongqiang serving as Chairman[105] - The Audit Committee has reviewed the Group's unaudited interim results for the six months ended June 30, 2025, and has no disagreement with them[105] - The Audit Committee believes that the interim results comply with applicable accounting standards, laws, and regulations, and appropriate disclosures have been made[105] Publication of Interim Results Announcement and Interim Report Report Publication Channels The company's interim results announcement for the six months ended June 30, 2025, is published on the HKEX and company websites, with the interim report to be dispatched to shareholders and posted on relevant sites in due course - The company's interim results announcement for the six months ended June 30, 2025, has been published on the HKEX website (www.hkexnews.hk) and the company's website (gogoxholdings.com)[106] - The company's interim report for the six months ended June 30, 2025, containing all information required by the Listing Rules, will be dispatched to shareholders (upon request) and posted on the HKEX and company websites, respectively[106]