乐思集团(02540) - 2025 - 中期业绩

Company Overview and Financial Summary This section provides an overview of Lecoo Group Limited and its financial performance for H1 2025 Company Information and Announcement Statement Lecoo Group Limited (2540) announced H1 2025 unaudited interim results; HKEX disclaims responsibility - Lecoo Group Limited (Stock Code: 2540) released its unaudited interim results announcement for the six months ended June 30, 2025[2][3] - Hong Kong Exchanges and Clearing Limited is not responsible for the content of this announcement, makes no representation as to its accuracy or completeness, and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement[1] Financial Performance Summary H1 2025 revenue surged 127.3% to RMB 682,939 thousand, but gross profit and net profit declined, signaling profitability pressure Financial Performance Summary for the Six Months Ended June 30 | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 682,939 | 300,519 | 127.3% | | Gross Profit | 33,249 | 42,998 | -22.7% | | Profit Before Tax | 11,139 | 29,710 | -62.5% | | Profit for the Period Attributable to Owners of the Company | 10,651 | 28,274 | -62.3% | Management Discussion and Analysis This section reviews macroeconomic conditions, business segment performance, and the Group's competitive strategies Macroeconomic and Business Review H1 2025 saw macroeconomic recovery and consumer market improvements, but an uncertain business climate led to a 62.6% net profit decline - In the first half of 2025, the macroeconomic environment gradually recovered with structural improvements in the consumer market, but the business environment remained uncertain, leading enterprises to adopt a cautious approach[6] - The Group focused on core resources, enhancing its ability to provide comprehensive marketing services to quality clients and committed to building high-quality content (text, images, short videos) production capabilities[7] Key Business Indicators for H1 2025 | Metric | H1 2025 (RMB millions) | H1 2024 (RMB millions) | Growth Rate | | :--- | :--- | :--- | :--- | | Total Billing | 963.1 | 435.2 | 121.3% | | Total Revenue | 682.9 | 300.5 | 127.3% | | Net Profit | 10.7 | 28.6 | -62.6% | Business Segment Performance Mobile advertising solutions revenue surged 137.8% to 99.6% of total revenue, while advertising distribution services revenue sharply declined 81.4% Mobile Advertising Solutions Services The Group provides comprehensive mobile advertising services, collaborating with 17 media platforms of four major Chinese tech companies, driving a 137.8% revenue increase - The Group provides comprehensive mobile advertising services, covering marketing planning, traffic acquisition, advertisement production, placement optimization, and campaign management[8] - Business relationships have been established with 17 media platforms of four well-known technology companies in China, covering short video, search engines, news and information, mobile browsers, app stores, and social media platforms[9] - For the six months ended June 30, 2025, 188 clients were served, primarily from China's technology, internet services, financial services, and e-commerce industries[10] Revenue from Mobile Advertising Solutions Services | Metric | H1 2025 (RMB millions) | H1 2024 (RMB millions) | Growth Rate | | :--- | :--- | :--- | :--- | | Revenue | 680.2 | 286.0 | 137.8% | | Proportion of Total Revenue | 99.6% | - | - | Advertising Distribution Services Advertising distribution services revenue dropped 81.4% to RMB 2.7 million in H1 2025 due to business adjustments and declining transaction rates - Advertising distribution services, as an independent service, primarily generate arbitrage by purchasing and reselling advertising space[11] Revenue from Advertising Distribution Services | Metric | H1 2025 (RMB millions) | H1 2024 (RMB millions) | Change Rate | | :--- | :--- | :--- | :--- | | Revenue | 2.7 | 14.5 | -81.4% | Competitive Advantages and Strategies The Group enhances market position and growth through strong media partnerships, expanded short video production, optimized platforms, and M&A pursuits Top-tier Media Partner Relationships The Group maintains strong relationships with leading Chinese media platforms, distributing mobile ads across 17 platforms for four major tech companies - As of June 30, 2025, the Group is a distributor for four well-known Chinese technology companies, enabling direct distribution of mobile advertisements across their 17 media platforms[13] - The strategy is to develop and maintain a balanced portfolio of media platforms, leveraging stable traffic and user data to customize mobile advertising solutions for clients[13][14] Expansion of Short Video Production Capabilities The Group possesses in-house video production capabilities and actively explores AI-generative technologies to enhance service and profitability - The Group possesses in-house video production capabilities, offering end-to-end services from project planning, concept development, scriptwriting, filming, editing, to post-production[15] - Actively exploring the practical application of various new technologies in short video production, including AI-generative technologies[15] Optimization of Proprietary Platform Functions The Group optimizes cost structure and efficiency via its ERP system, planning platform upgrades to enhance data collection and analytical capabilities - The Group utilizes its proprietary integrated application as an Enterprise Resource Planning (ERP) system to manage accounting, finance, operations, orders, data, and customer information[16] - Plans to upgrade platform functions to automatically collect media platform traffic usage data and mobile user behavior data, and add computing capabilities to enhance market analysis accuracy[16] Business Cooperation and M&A Opportunities The Group plans to explore cross-border e-commerce collaborations and seek M&A opportunities to strengthen technology and expand service offerings - Plans to explore cooperation with media platforms, specializing in the cross-border e-commerce market, to strengthen technological capabilities and existing business synergies[17] - Seeking business cooperation and M&A opportunities with established companies to expand advertising content creation and post-production service capabilities in specific regional and overseas markets[17] Financial Performance Analysis This section analyzes the Group's revenue, cost of services, gross profit, other income/expenses, and net profit for the reporting period Revenue Analysis H1 2025 revenue increased 127.3% to RMB 682.9 million, driven by mobile advertising solutions, while advertising distribution services revenue declined - Group revenue increased by 127.3% year-on-year to RMB 682.9 million, primarily driven by increased demand for mobile advertising solutions services[18] Revenue Breakdown (For the Six Months Ended June 30) | Service Type | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Mobile advertising solutions services (gross basis) | 680,218 | 285,989 | | Advertising distribution services (net basis) | 2,721 | 14,530 | | Total Revenue | 682,939 | 300,519 | - Revenue from mobile advertising solutions services grew by 137.8% to RMB 680.2 million, while advertising distribution services revenue decreased by 81.4% to RMB 2.7 million[20][21] Cost of Services and Gross Profit Cost of services increased 152.3% to RMB 649.7 million, leading to a 22.8% gross profit decrease and a gross margin decline to 4.9% - Cost of services increased by 152.3% year-on-year to RMB 649.7 million, primarily due to increased traffic acquisition costs and reduced rebates from media partners[22] - Gross profit decreased by 22.8% to RMB 33.2 million, with gross margin significantly declining from 14.3% to 4.9%, mainly impacted by rebate policy adjustments and an increased proportion of mobile advertising solutions services revenue[23] Other Income and Expenses Other net income turned to a loss, selling/marketing and G&A expenses increased, finance costs rose, and income tax expenses fell due to preferential rates Other Net (Loss)/Income H1 2025 other net loss was RMB 177 thousand, a significant decrease from prior year's net income, mainly due to reduced interest income and government subsidies Other Net (Loss)/Income (For the Six Months Ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Other net (loss)/income | (177) | 3,741 | -105.4% | - The decrease was primarily due to reduced interest income and government subsidies[24] Selling and Marketing Expenses Selling and marketing expenses increased 30.8% to RMB 1.7 million, mainly due to higher staff welfare, entertainment, and travel expenses from business expansion - Selling and marketing expenses increased by 30.8% year-on-year to RMB 1.7 million, mainly due to increased staff welfare, entertainment, and travel expenses associated with business expansion[25] General and Administrative Expenses General and administrative expenses increased 38.0% to RMB 14.9 million, driven by R&D expansion, increased staff, higher depreciation, and new office expenses - General and administrative expenses increased by 38.0% year-on-year to RMB 14.9 million, primarily due to the expansion of the R&D department, increased operational staff, higher depreciation, and property management expenses for new offices[26] Impairment Loss on Trade and Other Receivables Impairment loss on trade and other receivables decreased 8.6% to RMB 3.2 million, mainly due to reduced older outstanding receivables - Impairment loss on trade and other receivables decreased by 8.6% year-on-year to RMB 3.2 million, mainly due to a reduction in older outstanding receivables[27] Finance Costs Finance costs increased 57.1% to RMB 2.2 million, driven by higher factoring fees and lease interest, partially offset by lower bank loan interest - Finance costs increased by 57.1% year-on-year to RMB 2.2 million, primarily due to higher factoring fees and interest on lease liabilities, partially offset by a decrease in bank loan interest[28] Income Tax Income tax expense decreased 58.3% to RMB 0.5 million, with low effective tax rates due to tax holidays and preferential rates for high-tech subsidiaries - Income tax expense decreased by 58.3% year-on-year to RMB 0.5 million[29] - The effective tax rate was low (4.4% in 2025, 3.9% in 2024), mainly because some Chinese subsidiaries enjoyed tax holidays and a 15% preferential tax rate for high-tech enterprises[29] Profit for the Period Profit for the period decreased 62.6% to RMB 10.7 million, with net profit margin falling from 9.5% to 1.6% due to reduced gross profit and increased expenses - Profit for the period significantly decreased by 62.6% year-on-year to RMB 10.7 million[30] - Net profit margin declined from 9.5% to 1.6%, primarily due to reduced gross profit and increased selling, general, and administrative expenses[30] Liquidity and Capital Resources This section details the Group's liquidity, capital expenditure, contingent liabilities, and key financial ratios Liquidity Overview The Group's operations require substantial funding, with bank borrowings increasing, gearing ratio rising, and cash decreasing as of June 30, 2025 - The Group's business operations and expansion plans require substantial funding, primarily for purchasing advertising space, content production, labor costs, and other recurring expenses[31] - Funding sources primarily include cash generated from operating activities, proceeds from the initial public offering, and bank loans[32] Key Liquidity Indicators | Metric | June 30, 2025 (RMB millions) | December 31, 2024 (RMB millions) | Change | | :--- | :--- | :--- | :--- | | Bank Borrowings | 94.7 | 36.7 | Increase | | Gearing Ratio | 20.4% | 6.5% | Increase | | Cash and Cash Equivalents | 106.3 | 149.4 | Decrease | - The effective weighted average annual interest rate for bank and other loans was approximately 5.2% (4.8% for H1 2024)[32] Capital Expenditure and Contingent Liabilities Capital expenditure primarily involves property, equipment, and subsidiary acquisitions, with no significant capital commitments or contingent liabilities as of June 30, 2025 - Capital expenditure primarily includes expenses for property and equipment and acquisitions of subsidiaries[34] - As of June 30, 2025, the Group had no material capital commitments or contingent liabilities[34][35] Key Financial Ratios Profitability ratios declined significantly, with gross margin at 4.9% and net profit margin at 1.6%; current ratio dropped, and gearing ratio increased Key Financial Ratios | Metric | June 30, 2025 (%) | June 30, 2024 (%) | Change | | :--- | :--- | :--- | :--- | | Gross Margin | 4.9 | 14.3 | Decrease | | Net Profit Margin | 1.6 | 9.5 | Decrease | | Return on Equity | 1.7 | 10.1 | Decrease | | Return on Total Assets | 1.1 | 7.0 | Decrease | | Current Ratio | 2.9x | 4.0x | Decrease | | Gearing Ratio | 20.4 | 6.5 | Increase | Consolidated Financial Statements This section presents the Group's consolidated statement of comprehensive income and financial position Consolidated Statement of Comprehensive Income H1 2025 revenue increased to RMB 682,939 thousand, but surging service costs led to substantial declines in gross profit and profit Consolidated Statement of Comprehensive Income Summary (For the Six Months Ended June 30) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 682,939 | 300,519 | | Cost of services | (649,690) | (257,521) | | Gross Profit | 33,249 | 42,998 | | Profit Before Tax | 11,139 | 29,710 | | Profit for the period | 10,651 | 28,560 | | Total comprehensive income for the period | 10,367 | 31,397 | - Basic and diluted earnings per share were RMB 0.02 (RMB 0.06 in 2024)[38] Consolidated Statement of Financial Position As of June 30, 2025, non-current assets increased due to right-of-use assets, trade receivables rose, cash decreased, and liabilities increased Consolidated Statement of Financial Position Summary (As of June 30) | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Non-current assets | | | | Property and equipment | 2,480 | 601 | | Right-of-use assets | 31,513 | 3,751 | | Current assets | | | | Trade and other receivables | 835,892 | 661,484 | | Cash and cash equivalents | 106,346 | 149,421 | | Current liabilities | | | | Trade and other payables | 200,895 | 148,949 | | Bank and other loans | 91,919 | 36,657 | | Total equity | 622,383 | 612,016 | - Total non-current assets increased from RMB 4,749 thousand to RMB 34,745 thousand, primarily due to a significant increase in right-of-use assets[39] - Net current assets increased from RMB 608,435 thousand to RMB 616,782 thousand[39] Notes to the Financial Statements This section provides detailed notes on the Group's general information, accounting policies, and specific financial statement items General Information Lecoo Group Limited, incorporated in Cayman Islands on June 22, 2020, provides mobile advertising services and listed on HKEX on March 8, 2024 - The company was incorporated in the Cayman Islands on June 22, 2020, primarily engaged in providing mobile advertising services[41] - The company's shares were listed on the Main Board of the Hong Kong Stock Exchange on March 8, 2024[41] Summary of Significant Accounting Policies and Changes This interim financial report, prepared under HKEX Listing Rules and IAS 34, applies 2024 accounting policies; IAS 21 (Amendment) has no material impact - The interim financial report is prepared in accordance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and International Accounting Standard 34[42] - International Accounting Standard 21 (Amendment) 'The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability' has been applied, but it has no material impact on this interim announcement[43] Revenue Notes The Group's primary businesses are mobile advertising solutions and advertising distribution services, with H1 2025 revenue of RMB 680,218 thousand and RMB 2,721 thousand respectively - The Group's principal businesses are providing mobile advertising solutions services and advertising distribution services[45] Revenue Classification (For the Six Months Ended June 30) | Service Type | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Mobile advertising solutions services (gross basis) | 680,218 | 285,989 | | Advertising distribution services (net basis) | 2,721 | 14,530 | - All of the Group's revenue is generated from external customers in China, and non-current assets are primarily located in China[45] Other Net (Loss)/Income Notes H1 2025 other net loss was RMB 177 thousand, a significant decrease from prior year's net income, mainly due to reduced interest income and government subsidies Other Net (Loss)/Income (For the Six Months Ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Interest income | 99 | 1,580 | | Government grants | 150 | 2,144 | | Others | (426) | 17 | | Total | (177) | 3,741 | Profit Before Tax Notes Profit before tax was RMB 11,139 thousand, after deducting finance costs, depreciation, and impairment loss on trade and other receivables Finance Costs (For the Six Months Ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Interest expense | 1,711 | 1,341 | | Interest on lease liabilities | 493 | 51 | | Total | 2,204 | 1,392 | Other Items (For the Six Months Ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Depreciation expense | 3,229 | 1,342 | | Impairment loss on trade and other receivables | 3,165 | 3,520 | Income Tax Notes Income tax expense was RMB 488 thousand, mainly from China corporate income tax, with a low effective tax rate due to tax holidays and preferential rates for high-tech subsidiaries Income Tax (For the Six Months Ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Current tax | 628 | 1,526 | | Deferred tax | (140) | (376) | | Total | 488 | 1,150 | - Some Chinese subsidiaries enjoy tax holidays or a 15% preferential tax rate (high-tech enterprises), resulting in a lower effective tax rate[49][50] Earnings Per Share Notes H1 2025 basic earnings per share were RMB 0.02, identical to diluted EPS due to no dilutive potential ordinary shares - Basic earnings per share were RMB 0.02 (RMB 0.06 for H1 2024)[52] - Diluted earnings per share were the same as basic earnings per share, as there were no dilutive potential ordinary shares during the reporting period[53] Right-of-Use Assets Notes Right-of-use assets relate to leased office premises and staff dormitories, with RMB 33.4 million additions recognized for new lease agreements in H1 2025 - Right-of-use assets refer to leased office premises and staff dormitories[54] - For the six months ended June 30, 2025, additions to right-of-use assets of RMB 33.4 million were recognized due to new lease agreements[54] Trade and Other Receivables Notes As of June 30, 2025, total trade and other receivables were RMB 835,892 thousand, with trade receivables at RMB 721,492 thousand, mostly due within 6 months Aging Analysis of Trade and Other Receivables (As of June 30) | Aging | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 6 months | 636,451 | 325,495 | | 6 to 12 months | 44,885 | 126,296 | | 12 to 24 months | 40,156 | 16 | | Trade receivables, net of loss allowance | 721,492 | 451,807 | - Trade receivables are due within 90 days from the invoice date[55] Trade and Other Payables Notes As of June 30, 2025, total trade and other payables were RMB 200,895 thousand, with trade payables at RMB 114,706 thousand, primarily due within 3 months Aging Analysis of Trade and Other Payables (As of June 30) | Aging | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 3 months | 113,968 | 58,808 | | 3 to 6 months | 441 | 25,459 | | 6 months to 1 year | 245 | 36 | | Trade payables | 114,706 | 84,332 | Capital, Reserves and Dividends Notes H1 2025 directors did not recommend dividends; issued share capital was 500,000 thousand shares, valued at RMB 3,537 thousand - For the six months ended June 30, 2025, the directors did not recommend the payment of any dividend[57] Share Capital Movement (As of June 30) | Item | June 30, 2025 (thousand shares) | June 30, 2025 (RMB thousands) | December 31, 2024 (thousand shares) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | As at January 1 | 500,000 | 3,537 | 20,000 | 130 | | As at June 30/December 31 | 500,000 | 3,537 | 500,000 | 3,537 | Other Information This section covers major customers/suppliers, employees, IPO proceeds, future investments, and corporate governance Major Customers and Suppliers H1 2025 top five customers and largest customer accounted for 72.5% and 22.0% of total revenue; top five suppliers and largest supplier accounted for 99.1% and 89.7% of cost of services - The top five customers and the largest customer accounted for 72.5% and 22.0% of total revenue respectively[59] - The top five suppliers and the largest supplier accounted for 99.1% and 89.7% of cost of services respectively[59] - No director or their close associates or shareholders holding more than 5% of the shares had any material interest in the top five customers or suppliers[59] Employees Information As of June 30, 2025, the Group had 226 full-time employees in China, with total staff costs of RMB 14.7 million for H1, providing social security plans - As of June 30, 2025, the Group had 226 full-time employees (December 31, 2024: 150 employees), all based in China[60] - For the six months ended June 30, 2025, total staff costs were approximately RMB 14.7 million[60] - The Group provides social security plans for its employees, including housing, pension, medical, work injury, and unemployment benefits[60] Use of Net Proceeds from Initial Public Offering IPO net proceeds were HKD 85.5 million (RMB 78.7 million); HKD 45.8 million utilized by June 30, 2025, for mobile advertising, short video, and platform upgrades - The net proceeds from the initial public offering were approximately HKD 85.5 million (approximately RMB 78.7 million)[61] Use of Net Proceeds from Initial Public Offering (As of June 30, 2025) | Future Plans | Expected Proportion of Net Proceeds (%) | Total Net Proceeds Utilized (HKD millions) | Utilized as of December 31, 2024 (HKD millions) | Utilized for the Six Months Ended June 30, 2025 (HKD millions) | Utilized as of June 30, 2025 (HKD millions) | | :--- | :--- | :--- | :--- | :--- | :--- | | Expand mobile advertising business in China | 40.0 | 34.1 | 31.6 | – | 2.5 | | Expand short video production capabilities | 20.0 | 17.1 | – | 3.4 | 13.7 | | Optimize and upgrade proprietary platform functions | 20.0 | 17.1 | – | 2.2 | 14.9 | | Seek business cooperation and M&A opportunities with established companies | 10.0 | 8.6 | – | – | 8.6 | | General working capital | 10.0 | 8.6 | 8.6 | – | – | | Total | 100.0 | 85.5 | 45.8 | 28.6 | 11.1 | - There were no material changes or delays in the use of net proceeds, except for funds allocated to exploring business cooperation and M&A opportunities with large-scale companies, which were delayed due to the inability to acquire suitable target companies[62] Plans for Material Investments or Capital Asset Purchases As of this announcement, the Group has no plans for material investments or capital asset purchases beyond disclosed IPO proceeds usage - As of the date of this announcement, the Group has no plans for material investments or capital asset purchases, other than those disclosed for the use of IPO proceeds[64] Material Investments, Acquisitions and Disposals H1 2025 saw no material investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures - For the six months ended June 30, 2025, the Group held no material investments and undertook no material acquisitions or disposals of its subsidiaries, associates, or joint ventures[65] Events After the Reporting Period In July 2025, a Group subsidiary entered guarantee contracts with media platform suppliers for advertising space payments, with Mr. Zhao Libing also providing guarantees - In July 2025, a Group subsidiary entered into guarantee contracts with certain media platform suppliers to secure payment obligations for advertising space purchases by Group subsidiaries[66] - Additionally, Mr. Zhao Libing also provided guarantees to media platform suppliers for the acquisition of advertising space[66] Interim Dividend The directors do not recommend any dividend payment for the six months ended June 30, 2025 - The directors do not recommend the payment of any dividend for the six months ended June 30, 2025[68] Corporate Governance and Securities Transactions The Group maintains high corporate governance standards, complying with the Corporate Governance Code, and all directors adhere to the Standard Code for Securities Transactions Corporate Governance Code The Group maintains high corporate governance standards, complying with Appendix C1 Part 2 of the Listing Rules' Corporate Governance Code for H1 2025 - The Group is committed to maintaining high standards of corporate governance and has complied with the Corporate Governance Code set out in Appendix C1 Part 2 of the Listing Rules[69] Standard Code for Securities Transactions The company adopted the Standard Code for Securities Transactions in Appendix C3 of the Listing Rules, with all directors confirming compliance throughout the reporting period - The company has adopted the Standard Code for Securities Transactions in Appendix C3 of the Listing Rules, and all directors confirmed compliance with the code throughout the reporting period[71] Purchase, Sale or Redemption of Listed Securities Neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities during H1 2025 and up to the announcement date - Neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the six months ended June 30, 2025, and up to the date of this announcement[72] Audit Committee and Review of Financial Information The Audit Committee, established on February 21, 2024, oversees financial reporting and internal controls; this unaudited interim result was reviewed by KPMG and approved - The Audit Committee was established on February 21, 2024, comprising three independent non-executive directors, with Mr. Hu Hui as chairman[73] - The Audit Committee's primary responsibilities include reviewing and overseeing the Group's financial reporting process and internal control systems[73] - These interim results are unaudited but have been reviewed by KPMG in accordance with Hong Kong Standard on Review Engagements 2410 and approved by the Audit Committee[74] Publication of Report This results announcement is published on HKEX and company websites; the full interim report will be published on these sites in due course - This results announcement has been published on the HKEX website (www.hkexnews.hk) and the company's website (www.lscx.com.cn)[75](index=75&type=chunk) - The interim report, containing all information required by the Listing Rules, will be published on the aforementioned websites in due course[75]