中国育儿网络(01736) - 2025 - 中期业绩

Company Information The company's board members include executive, non-executive, and independent non-executive directors, with stock code 1736 and website www.ci123.com - Board members include executive directors Zhang Lake Mozi (Chairman) and Cheng Li; non-executive directors Zhang Haihua and Song Yuanyuan; and independent non-executive directors Zhao Zhen, Huang Mengting, and Pan Wenni[6] - The company's stock code is 1736, and its website is www.ci123.com[8](index=8&type=chunk) Summary The company experienced a significant revenue decline but improved gross profit, while net loss increased substantially for the six months ended June 30, 2025 Key Financial Indicators for the Six Months Ended June 30, 2025 (RMB'000) | Indicator | June 30, 2025 (Unaudited) | June 30, 2024 (Unaudited) | Change | | :--- | :--- | :--- | :--- | | Revenue | 9,475 | 16,539 | -42.7% | | Gross Profit | 2,686 | 1,599 | +68.0% | | Loss for the Period | (21,925) | (10,262) | +113.6% | | Total Loss Attributable to Owners of the Company | (21,925) | (10,262) | +113.6% | Management Discussion and Analysis This section provides an overview of the company's business, financial performance, and future strategies, including risk factors and investment policies Business Review Yu'erwang focuses on serving young Chinese families by providing personalized smart home solutions through content, private domain, e-commerce, and O2O services - Yu'erwang focuses on serving young Chinese families, providing personalized smart home solutions through four matrices: content, private domain, e-commerce, and O2O services, to cover the entire family consumption chain[11] - Deeply engaging with new-generation maternal and infant families, enhancing high-quality content productivity, and collaborating with professional institutions like the China National Committee for the Wellbeing of the Youth and the National Health Commission to develop 0-6 year-old parent school curriculum systems and content co-creation projects[12] - The community matrix's total coverage exceeded 5.26 million person-times, with a total of 27,300+ communities, building a professional, full-chain health operation map to activate private domain GMV[12] - Through content empowerment, platform operations, public relations marketing, local life services, channel management, and smart services across the entire family consumption chain, the company creates an open, multi-scenario ecosystem to achieve external circulation of communication effects and generate more brand value increments[13] - Yu'erwang has 25,000+ maternal and infant stores using the Mamishop SaaS system, 40,000+ educational institutions using the Yu'erwang Education System Jiaowubao, and the Parent-Child Weekend platform serves tens of thousands of offline merchants, with accumulated 30 million family trips[14] Future Outlook Yu'erwang will continue to innovate and improve its ecosystem to provide personalized smart home solutions for young Chinese families and drive brand growth - The company will continue to innovate and progress, constantly improving its ecosystem layout, committed to providing personalized smart home solutions for young Chinese families[15] - To help brands achieve sustained business growth[15] Financial Review Revenue significantly declined due to reduced e-commerce wholesale and advertising, but lower sales costs boosted gross profit, while loss for the period increased due to subsidiary disposals and other factors - Revenue was approximately RMB9.5 million, a decrease of approximately 43% from the same period last year, primarily due to reduced e-commerce wholesale and a decline in advertising and promotion business in the first half of the year[16] - Cost of sales was approximately RMB6.8 million, a decrease of approximately 55% from the same period last year, mainly due to fewer orders during the current period[17] - Gross profit was approximately RMB2.7 million, an increase of approximately 68% from the same period last year; gross profit margin increased from approximately 9.7% to approximately 28.3%, as APP product maintenance expenses were concentrated in 2024 and returned to normal in 2025[18] - Other income, gains and losses resulted in a loss of approximately RMB8.0 million, a decrease of approximately 226% from the same period last year, primarily due to the disposal of two subsidiaries[19] - Selling and distribution expenses were approximately RMB2.7 million, a decrease of approximately 59% from the same period last year, mainly due to sluggish market conditions[20] - Administrative expenses were approximately RMB7.7 million, an increase of approximately 8% from the same period last year, mainly due to increased intermediary fees[21] - Research and development costs were approximately RMB2.8 million, an increase of approximately 35% from the same period last year, mainly due to increased investment in technology development[22] - Income tax expense was approximately RMB0.4 million, with no income tax expense in the same period last year[23] - Loss for the period was approximately RMB21.9 million, an increase of approximately 114% from the same period last year[24] Gearing Ratio As of June 30, 2025, the Group's gearing ratio (total liabilities divided by total assets) was 137%, an increase from 112% on December 31, 2024 - Gearing ratio: 137% (June 30, 2025) vs 112% (December 31, 2024)[25] Liquidity and Financial Resources As of June 30, 2025, the Group had net current liabilities of approximately RMB27.0 million, cash and cash equivalents of RMB4.2 million, and borrowings of RMB23.5 million - Net current liabilities approximately RMB27.0 million (June 30, 2025) vs approximately RMB20.4 million (December 31, 2024)[26] - Cash and cash equivalents approximately RMB4.2 million (June 30, 2025) vs approximately RMB2.8 million (December 31, 2024)[26] - Borrowings approximately RMB23.5 million (June 30, 2025) vs approximately RMB21.5 million (December 31, 2024)[26] Foreign Exchange Risk The Group's transactions are primarily settled in RMB, with some cash and bank deposits in HKD; no significant operational impact or liquidity issues from exchange rate fluctuations occurred - The Group's transactions are primarily settled in RMB, with some cash and bank deposits settled in HKD[27] - During the period, no significant operational impact or liquidity difficulties resulted from exchange rate fluctuations, nor were there any hedging transactions or forward contract arrangements[27] Employees, Training and Remuneration Policies As of June 30, 2025, the Group had 33 employees with total staff costs of approximately RMB1.9 million, and provides training based on performance and tenure - As of June 30, 2025, the Group had a total of 33 employees (including executive directors), a decrease from 41 as of June 30,