多想云(06696) - 2025 - 中期业绩

Interim Results Announcement This section presents Manyidea Cloud Holdings Limited's unaudited consolidated interim results for the six months ended June 30, 2025, highlighting a shift from profit to loss despite revenue growth Financial Performance Summary Manyidea Cloud Holdings Limited announced its unaudited consolidated interim results for the six months ended June 30, 2025, showing a shift from profit to loss, with revenue increasing by 21.6% year-on-year, but significant declines in gross profit and net profit Financial Performance Summary for the Six Months Ended June 30, 2025 | Indicator | 2025 (RMB Thousand) | 2024 (RMB Thousand) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,020,381 | 839,263 | 21.6% | | Gross Profit | 21,772 | 55,643 | -60.9% | | (Loss)/Profit Before Income Tax | (68,352) | 8,226 | -930.9% | | (Loss)/Profit for the Period | (60,627) | 7,167 | -945.9% | Consolidated Financial Statements This section provides the Group's consolidated financial statements, including statements of profit or loss, other comprehensive income, and financial position, for the six months ended June 30, 2025 Consolidated Statement of Profit or Loss and Other Comprehensive Income For the six months ended June 30, 2025, the company's revenue grew significantly, but a sharp rise in cost of revenue, reduced other income, and increased impairment losses on trade receivables led to a drastic decline in gross profit and net profit, resulting in a substantial loss Key Data from Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | 2025 (RMB Thousand) | 2024 (RMB Thousand) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,020,381 | 839,263 | 21.6% | | Cost of Revenue | (998,609) | (783,620) | 27.4% | | Gross Profit | 21,772 | 55,643 | -60.9% | | Other Income | 209 | 6,647 | -96.9% | | Selling and Marketing Expenses | (3,152) | (3,084) | 2.2% | | Administrative Expenses | (32,876) | (12,581) | 161.3% | | Net Impairment Loss on Trade and Other Financial Assets | (51,988) | (36,915) | 40.8% | | (Loss)/Profit Before Income Tax | (68,352) | 8,226 | -930.9% | | (Loss)/Profit for the Period | (60,627) | 7,167 | -945.9% | | Basic (Loss)/Earnings Per Share (RMB) | (0.814) | 0.007 | -11728.6% | Consolidated Statement of Financial Position As of June 30, 2025, the company's total assets and net assets both decreased, with a significant reduction in cash and cash equivalents within current assets, while trade receivables remained high and current liabilities slightly increased, indicating liquidity pressure Key Data from Consolidated Statement of Financial Position | Indicator | 2025 June 30 (RMB Thousand) | 2024 December 31 (RMB Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Total Non-current Assets | 105,927 | 93,487 | 13.3% | | Total Current Assets | 705,943 | 744,963 | -5.2% | | Total Assets | 811,870 | 838,450 | -3.2% | | Total Current Liabilities | 358,311 | 348,731 | 2.7% | | Net Current Assets | 347,632 | 396,232 | -12.3% | | Net Assets | 446,868 | 482,405 | -7.3% | | Cash and Cash Equivalents | 4,154 | 21,281 | -80.5% | | Equity Attributable to Owners of the Company | 442,039 | 480,973 | -8.1% | Notes to the Consolidated Financial Statements This section details the Group's fundamental information, accounting policies, significant judgments, and specific financial item breakdowns, crucial for understanding the consolidated financial statements Basic Information Manyidea Cloud Holdings Limited was incorporated in the Cayman Islands in 2021, listed on the Hong Kong Stock Exchange in 2022, and primarily provides integrated marketing services in China as an investment holding company - The company was incorporated in the Cayman Islands on June 10, 2021, and listed on the Main Board of the Hong Kong Stock Exchange on November 9, 2022[9] - The Group primarily provides integrated marketing services in China[9] Application of HKFRS The Group has adopted new or revised HKFRS effective from January 1, 2025, but these changes are not expected to have a significant impact on the current or prior period's results and financial position. The company is also assessing the impact of not-yet-effective amendments such as HKFRS 9, HKFRS 7, and HKFRS 18 on future financial statements - Amendments to HKFRS effective from January 1, 2025 (such as HKAS 21 and HKFRS 1) are not expected to have a significant impact on the Group's current or prior period's results and financial position[10] - The Group is analyzing not-yet-effective amendments such as HKFRS 9, HKFRS 7, and HKFRS 18 to assess their impact on future financial statements, with HKFRS 18 expected to significantly affect financial statement presentation[11][12][14] Basis of Preparation The consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and the disclosure requirements of the Hong Kong Companies Ordinance, using the historical cost convention (except for certain financial assets) and presented in RMB. Despite recording a loss and increased trade receivables, the Board believes the Group has the ability to continue as a going concern based on liquidity mitigation measures taken - The consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants and the disclosure requirements of the Hong Kong Companies Ordinance[15] - As of June 30, 2025, the Group incurred a loss of RMB 60,627 thousand, and the gross carrying amount of trade receivables increased from RMB 802,516 thousand as of December 31, 2024, to RMB 856,584 thousand[18] - To mitigate liquidity pressure, the Group has taken measures including actively communicating with banks for financing, strengthening credit control to accelerate collections, maintaining operations, and controlling administrative and finance costs[18][19] Significant Accounting Policies This section details the Group's accounting policies for consolidation, recognition and measurement of assets (including property, plant and equipment, intangible assets, financial instruments, interests in associates, and leased assets), revenue recognition, government grants, income tax, and asset impairment, providing a foundation for understanding the financial statements - The Group classifies investees as subsidiaries and includes them in the consolidated financial statements when it has control over them[20] - Impairment losses on financial assets are recognized using the Expected Credit Loss (ECL) model, with a simplified approach applied to trade receivables based on lifetime expected credit losses[28] - Revenue primarily derives from integrated marketing services, including content marketing, digital marketing, public relations event planning, media advertising, and SaaS interactive marketing services, with revenue generally recognized over time using the output method[45][48][49][51][52] Significant Accounting Judgments and Key Sources of Estimation Uncertainty This section discloses management's key accounting judgments and estimates made in preparing the financial statements, primarily concerning the determination of functional currency, useful lives and residual values of property, plant and equipment and intangible assets, impairment of trade and other financial assets, and recognition of income tax and deferred income tax, all of which significantly impact the financial statement results - Key judgments include determining the functional currency of each entity, based on an assessment of the currency and economic environment that primarily influences the selling prices of goods and services[63] - Key sources of estimation uncertainty primarily arise from the useful lives and residual values of property, plant and equipment and intangible assets, and the impairment assessment of trade and other financial assets, which are influenced by economic conditions and forecasts of future cash flows[64][65][67] - The determination of income tax and deferred income tax requires significant judgment and assessment of future tax treatments and taxable profits[66] Segment Information The Group primarily provides integrated marketing services in China, including content marketing, digital marketing, public relations event planning, media advertising, and SaaS interactive marketing services. As the Chief Operating Decision Maker (CODM) reviews the financial performance of the Group as a whole, no discrete operating segment financial information is provided. All revenue and non-current assets are primarily attributable to mainland China - The Group's business primarily involves providing content marketing, digital marketing, public relations event planning, media advertising, and SaaS interactive marketing services in China[69] - No further information on operating segments is provided as the CODM reviews the Group as a whole[69] - For the six months ended June 30, 2025, and June 30, 2024, all revenue from external customers and all non-current assets (excluding deferred tax assets and financial assets) of the Group were primarily attributable to mainland China[70] - For the six months ended June 30, 2025, the Group's largest customer contributed 20.6% of total revenue, compared to 10.6% in the corresponding period of 2024[71] Revenue For the six months ended June 30, 2025, the Group's revenue, totaling RMB 1,020,381 thousand, was entirely derived from integrated marketing services, representing a 21.6% year-on-year increase. All revenue is recognized over time, reflecting the continuous delivery of services Revenue Analysis | Revenue Type | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Integrated Marketing Services | 1,020,381 | 839,263 | | Timing of revenue recognition: | | | | Over time | 1,020,381 | 837,021 | | At a point in time | – | 2,242 | - The Group has applied the practical expedient to its performance obligations under integrated marketing service sales contracts, excluding information on remaining performance obligations for contracts with an original expected duration of one year or less[72] Other Income For the six months ended June 30, 2025, the Group's other income significantly decreased by 96.9% to RMB 209 thousand, primarily due to a substantial reduction in government grants and VAT input tax deductions Other Income Details | Item | 2025 (RMB Thousand) | 2024 (RMB Thousand) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Government grants | 198 | 5,277 | -96.2% | | Bank interest income | 11 | 31 | -64.5% | | Interest income from debt instruments measured at fair value through other comprehensive income | – | 369 | -100.0% | | Value-added tax ("VAT") input tax deduction | – | 969 | -100.0% | | Others | – | 1 | -100.0% | | Total | 209 | 6,647 | -96.9% | - Government grants primarily originate from local government authorities in China, supporting interest subsidies for first-time loans to small and medium-sized enterprises and industrial park policy support[74] Other Gains and Losses For the six months ended June 30, 2025, the Group recorded other gains of RMB 696 thousand, compared to gains of RMB 277 thousand in the prior period, with the primary change stemming from net exchange gains and losses Other Gains and Losses Details | Item | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Net exchange gains and losses | 696 | 191 | | Loss on disposal of property, plant and equipment | – | 86 | | Total | 696 | 277 | Finance Costs For the six months ended June 30, 2025, the Group's finance costs were RMB 1,621 thousand, a year-on-year decrease of 8.0%, primarily due to lower borrowing interest rates Finance Costs Details | Item | 2025 (RMB Thousand) | 2024 (RMB Thousand) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Interest expense on bank borrowings | 1,438 | 1,163 | 23.6% | | Interest expense on third-party loans | – | 570 | -100.0% | | Imputed interest expense on lease liabilities | 183 | 28 | 553.6% | | Total | 1,621 | 1,761 | -8.0% | Loss Before Income Tax For the six months ended June 30, 2025, the Group recorded a loss before income tax of RMB 68,352 thousand, a significant decline of 930.9% from a profit of RMB 8,226 thousand in the prior period, primarily impacted by increased cost of revenue, administrative expenses, and impairment losses Details of Expenses Related to (Loss)/Profit Before Income Tax | Item | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Amortisation of intangible assets | 918 | 7,796 | | Cost of revenue | 998,609 | 783,620 | | Depreciation expenses | 1,556 | 1,641 | | Employee costs | 13,093 | 12,855 | | Impairment loss allowance recognized on trade receivables | 51,988 | 37,271 | | Research expenses included in administrative expenses | 24,222 | 2,327 | - The significant increase in loss before income tax is primarily due to substantial growth in cost of revenue, administrative expenses, and impairment loss allowance for trade receivables[77] Income Tax (Credit)/Expense For the six months ended June 30, 2025, the Group recorded an income tax credit of RMB 7,725 thousand, compared to an expense of RMB 1,059 thousand in the prior period, a year-on-year decrease of 829.5%, primarily due to a decline in profit before income tax. The Group benefits from various corporate income tax preferential policies in different regions Income Tax (Credit)/Expense Details | Item | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Current tax – PRC corporate income tax | 2,419 | 8,386 | | Deferred tax | (10,144) | (7,327) | | Income tax (credit)/expense | (7,725) | 1,059 | - Entities registered in the Cayman Islands and British Virgin Islands are exempt from corporate income tax, while Hong Kong subsidiaries are subject to a profits tax rate of 16.5%[78] - Subsidiaries in mainland China enjoy preferential tax rates under various policies, including a 5-year corporate income tax exemption for a Xinjiang subsidiary (until December 31, 2027), a 15% tax rate for another Xinjiang subsidiary, preferential tax rates for small and micro enterprises, and a 15% preferential tax rate for a Hainan subsidiary[79][80] - The weighted average applicable tax rate decreased from 12.9% in the corresponding period of 2024 to 11.3% in 2025[81] Dividends For the six months ended June 30, 2025, and June 30, 2024, the company neither paid nor declared any dividends - The company neither paid nor declared any dividends during the reporting period[82] Earnings/(Loss) Per Share For the six months ended June 30, 2025, basic loss per share attributable to owners of the company was RMB 0.814, compared to earnings per share of RMB 0.007 in the prior period, primarily due to the net loss incurred. Diluted loss per share is the same as basic loss per share due to the absence of potentially dilutive ordinary shares Calculation of (Loss)/Earnings Per Share | Indicator | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Annual (Loss)/Profit attributable to owners of the Company | (60,625) | 7,189 | | Weighted average number of ordinary shares for basic (loss)/earnings per share | 74,443,836 | 960,000,000 | | Basic (Loss)/Earnings Per Share (RMB) | (0.814) | 0.007 | - Diluted earnings per share is the same as basic earnings per share because there were no potentially dilutive ordinary shares outstanding for the six months ended June 30, 2025, and June 30, 2024[84] Intangible Assets As of June 30, 2025, the Group's net book value of intangible assets was RMB 2,437 thousand, a decrease from RMB 3,355 thousand as of December 31, 2024. The company changed the estimated useful lives of computer software and licenses from 3-10 years to 1-10 years and recognized an impairment loss of approximately RMB 107,841 thousand on SaaS intangible assets, reflecting the impact of AI technology development on SaaS business revenue Net Book Value of Intangible Assets | Item | 2025 June 30 (RMB Thousand) | 2024 December 31 (RMB Thousand) | | :--- | :--- | :--- | | Computer software | 2,424 | 3,262 | | Licenses | 13 | 93 | | Architectural design | – | – | | Total | 2,437 | 3,355 | - The Group changed the estimated useful lives of computer software and licenses from 3-10 years to 1-10 years, and this change in accounting estimate is expected to result in a reduction in amortization of approximately RMB 16,900 thousand for the year ending December 31, 2025[86][87] - Due to an unexpected decline in SaaS business revenue caused by the rapid development of artificial intelligence, the Group conducted an impairment assessment of SaaS intangible assets, recognizing an impairment loss of approximately RMB 107,841 thousand[88][89] Trade and Other Receivables As of June 30, 2025, the Group's total trade receivables were RMB 856,584 thousand, with an impairment allowance of RMB 292,664 thousand, resulting in a net book value of RMB 563,920 thousand. The total trade receivables increased from the end of 2024, and the proportion of receivables over 6 months old rose, reflecting risks from extended customer settlement periods Trade Receivables and Impairment Allowance | Item | 2025 June 30 (RMB Thousand) | 2024 December 31 (RMB Thousand) | | :--- | :--- | :--- | | Trade receivables | 856,584 | 802,516 | | Less: Impairment loss allowance recognized | (292,664) | (240,675) | | Net amount | 563,920 | 561,841 | Aging Analysis of Trade Receivables (Before Impairment) | Aging | 2025 June 30 (RMB Thousand) | 2024 December 31 (RMB Thousand) | | :--- | :--- | :--- | | 1 to 6 months | 331,815 | 436,627 | | Over 6 months to 12 months | 261,182 | 139,784 | | Over 1 year to 2 years | 153,756 | 135,840 | | Over 2 years | 109,831 | 90,265 | | Total | 856,584 | 802,516 | - The impairment loss allowance for trade receivables increased from RMB 111,482 thousand at the beginning of 2024 to RMB 292,664 thousand as of June 30, 2025, reflecting increased credit risk[91] Trade and Other Payables As of June 30, 2025, the Group's total trade payables were RMB 49,102 thousand, a slight decrease from RMB 51,108 thousand at the end of 2024. Trade payables are non-interest bearing, with payment terms generally ranging from 30 to 90 days Aging Analysis of Trade Payables | Aging | 2025 June 30 (RMB Thousand) | 2024 December 31 (RMB Thousand) | | :--- | :--- | :--- | | Within 6 months | 37,629 | 43,609 | | Over 6 months to 12 months | 3,280 | 1,193 | | Over 1 year to 2 years | 7,294 | 4,897 | | Over 2 years | 899 | 1,409 | | Total | 49,102 | 51,108 | Share Capital As of June 30, 2025, the company's issued and fully paid share capital was RMB 132 thousand, comprising 73,290,324 shares. During the reporting period, the company undertook a share consolidation and completed two share issues, including a public offering in April 2024 and subscriptions in June 2024 and March 2025, to raise capital Changes in Issued and Fully Paid Share Capital | Time Point | Number of Shares | Amount (RMB Thousand) | | :--- | :--- | :--- | | As at January 1, 2024 | 800,000,000 | 72 | | Public offering on April 17, 2024 | 400,000,000 | 36 | | Share issue on June 15, 2024 | 160,000,000 | 15 | | As at December 31, 2024 and January 1, 2025 | 1,360,000,000 | 123 | | Share consolidation on February 12, 2025 | (1,292,000,000) | – | | Share issue on March 14, 2025 | 5,290,324 | 9 | | As at June 30, 2025 | 73,290,324 | 132 | - On February 12, 2025, the company undertook a share consolidation, where every twenty ordinary shares of HK$0.0001 each were consolidated into one ordinary share of HK$0.002 each[94] - In 2024 and March 2025, the company raised capital through a public offering to existing shareholders and subscriptions by independent private investors, primarily for purchasing media resources (especially Douyin distribution channels) and general working capital[94] Management Discussion and Analysis This section offers management's review of the Group's business performance, financial results, liquidity, and future outlook for the reporting period Business Review and Outlook In the first half of 2025, the company achieved stable overall revenue performance, with an increased proportion of revenue from major clients and its Douyin business entering a sustainable development trajectory. Looking ahead, the company will continue to focus on social media (e.g., Xiaohongshu, Tencent), enhance its performance-based solutions, and increase investment in AI-powered marketing - In the first half of 2025, the company achieved stable overall revenue performance, with an increasing proportion of revenue from major clients and its Douyin business entering a sustainable development trajectory[95] - In the second half of the year, the focus will be on social media platforms (Xiaohongshu, Tencent, etc.), enhancing performance-based solutions, concentrating on industry expertise, and improving media operations and traffic optimization capabilities[96] - The company will increase its efforts to expand AI technology-powered marketing capabilities[96] Financial Review This section provides a detailed review of financial performance during the reporting period. Total revenue increased by 21.6% year-on-year, primarily driven by Douyin market expansion. However, a significant rise in media advertising resource costs led to a substantial decline in gross profit margin. Increased administrative expenses and impairment allowance for trade receivables further eroded profits, ultimately resulting in a shift from profit to loss - The company primarily provides integrated marketing solutions to clients in the fast-moving consumer goods, footwear and apparel, and household chemical industries in China[97] Key Financial Review Data | Indicator | 2025 (RMB Thousand) | 2024 (RMB Thousand) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 1,020,381 | 839,263 | 21.6% | | Cost of Revenue | 998,609 | 783,620 | 27.4% | | Gross Profit | 21,772 | 55,643 | -60.9% | | Selling and Marketing Expenses | 3,152 | 3,084 | 2.2% | | General and Administrative Expenses | 32,876 | 12,581 | 161.3% | | Impairment Loss Allowance on Trade and Other Financial Assets | 51,988 | 36,915 | 40.8% | | Other Income | 209 | 6,647 | -96.9% | | Finance Costs | 1,621 | 1,761 | -8.0% | | (Loss)/Profit Before Income Tax | (68,352) | 8,226 | -930.9% | | Income Tax (Credit)/Expense | (7,725) | 1,059 | -829.5% | | Net (Loss)/Profit | (60,627) | 7,167 | -945.9% | - The increase in cost of revenue was primarily due to rising digital marketing Douyin business revenue, leading to a 30.8% year-on-year increase in media advertising resource costs[102] - The decline in gross profit was mainly due to the increased proportion of Douyin revenue, which generally has lower gross profit margins[105] - Administrative expenses significantly increased by 161.3%, primarily due to increased investment in new research and development projects[108] - The impairment loss allowance for trade receivables increased by 40.8%, mainly due to a substantial rise in revenue leading to a corresponding increase in trade receivables and higher bad debt provisions[109] Capital Reserves and Capital Structure As of June 30, 2025, the Group's total equity was RMB 446,868 thousand, a decrease from December 31, 2024, primarily due to share subscriptions and net loss during the reporting period Composition of Total Equity | Item | 2025 June 30 (RMB Thousand) | 2024 December 31 (RMB Thousand) | | :--- | :--- | :--- | | Total Equity | 446,868 | 482,405 | | Share Capital | 132 | 123 | | Reserves | 441,907 | 480,850 | - The decrease in total equity was primarily due to share subscriptions and net loss during the reporting period[116] Liquidity and Capital Resources The Group's working capital primarily originates from operating activities, but as of June 30, 2025, cash and bank balances significantly decreased, the current ratio slightly declined, and the gearing ratio increased, indicating certain liquidity pressure - The Group's working capital is primarily generated from operating activities, with cash inflows mainly from customer payments for integrated marketing services, and cash outflows primarily for media advertising resource costs and operating expenses[117] Liquidity Ratios | Indicator | 2025 June 30 (RMB Thousand) | 2024 December 31 (RMB Thousand) | | :--- | :--- | :--- | | Total Current Assets | 705,943 | 744,963 | | Total Current Liabilities | 358,311 | 348,731 | | Current Ratio | 2.0 times | 2.1 times | | Cash and bank balances | 4,154 | 21,281 | | Borrowings | 78,534 | 73,123 | | Gearing Ratio | 16.6% | 15.0% | Capital Expenditure and Commitments For the six months ended June 30, 2025, the Group's total capital expenditure was RMB 979 thousand, primarily for property, plant and equipment and right-of-use assets. There were no significant contracted but unprovided capital commitments during the period - Capital expenditure primarily includes expenses for property, plant and equipment, right-of-use assets, and intangible assets[118] Capital Expenditure Details | Item | 2025 June (RMB Thousand) | | :--- | :--- | | Property, plant and equipment | 420 | | Intangible assets | – | | Right-of-use assets | 559 | | Total | 979 | - As of June 30, 2025, the Group's total capital commitments contracted but not provided for in the consolidated financial statements for property, plant and equipment were approximately zero (June 30, 2024: RMB 11,090 thousand)[121] Contingent Liabilities For the six months ended June 30, 2025, the Group had no unrecorded significant contingent liabilities, guarantees, or any lawsuits filed against it - For the six months ended June 30, 2025, the Group had no unrecorded significant contingent liabilities, guarantees, or any lawsuits filed against it[122] Foreign Exchange Risk Management The Group primarily operates in China, with most transactions settled in RMB, exposing it to foreign exchange risks related to USD and HKD. During the reporting period, the company did not hedge foreign exchange risks through long-term contracts, currency borrowings, or other means, and adopted prudent financial policies to manage cash flows - The Group primarily operates in China, with most transactions settled in RMB, exposing it to foreign exchange risks related to USD and HKD[123] - During the reporting period, the Group did not hedge foreign exchange risks through any long-term contracts, currency borrowings, or other means[123] Credit Risk The Group's credit risk primarily arises from trade receivables and contract assets. The company has established policies to ensure services are provided to customers with appropriate credit histories and regularly reviews the recoverability of receivables to ensure adequate impairment loss provisions - Credit risk primarily arises from trade receivables and contract assets[124] - The company has established policies to ensure services are provided to customers with appropriate credit histories and regularly reviews the recoverability of individual receivables to ensure adequate impairment loss provisions for unrecoverable amounts[124] Pledged Assets As of June 30, 2025, the Group had not pledged any assets - As of June 30, 2025, the Group had not pledged any assets[125] Significant Investments, Acquisitions and Disposals As of June 30, 2025, the Group had no significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures - As of June 30, 2025, the Group had no significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures[126] Future Plans for Significant Investments and Capital Assets As of June 30, 2025, the Group had no significant investment plans or capital asset plans other than those disclosed in the prospectus - As of June 30, 2025, the Group had no significant investment plans or capital asset plans other than those disclosed in the company's prospectus published on October 28, 2022[127] Employees As of June 30, 2025, the Group had 116 employees. The company attracts, retains, and motivates qualified talent by offering competitive remuneration, benefits, and training programs, and participates in various social security schemes. Total employee costs slightly increased during the reporting period - As of June 30, 2025, the Group had 116 employees[128] - The company provides competitive salaries, bonuses, and share-based compensation to employees and participates in social security schemes as required by PRC regulations[128][129] - During the reporting period, total employee costs for the Group's directors and other employees amounted to RMB 13,093 thousand (corresponding period in 2023: RMB 12,855 thousand), with the increase primarily due to higher revenue and staff turnover[129] Equity Fundraising Activities in the Past Twelve Months Within the twelve months preceding the reporting period, the company conducted two major equity fundraising activities: a June 2024 subscription raising approximately HK$39.9 million, primarily for Douyin media resources; and a March 2025 subscription raising approximately HK$37.1 million, also mainly for Douyin media resources and general working capital. Additionally, a July 2025 subscription was completed post-reporting period, raising approximately HK$9.5 million - On June 15, 2024, the company entered into agreements with two subscribers to subscribe for 160,000,000 shares at HK$0.25 per share, raising net proceeds of approximately HK$39.9 million[130] - Approximately 75.19% (approximately HK$30 million) of the net proceeds from the 2024 subscription were used for purchasing media resources (specifically Douyin distribution channels) and promotion, with the remaining 24.81% (approximately HK$9.9 million) for general working capital, all of which had been utilized as of June 30, 2025[130][131] - On March 14, 2025, the company entered into agreements with six subscribers to subscribe for 12,000,000 shares at HK$3.10 per share, raising net proceeds of approximately HK$37.1 million[133] - Approximately 90.00% (approximately HK$33.39 million) of the net proceeds from the March 2025 subscription were used for purchasing media resources (specifically Douyin distribution channels) and promotion, with the remaining 10.00% (approximately HK$3.71 million) for general working capital. As of July 11, 2025, all these funds had been utilized[133][134] - On July 11, 2025, the company entered into agreements with six subscribers to subscribe for 16,000,000 shares at HK$0.6 per share, raising net proceeds of approximately HK$9.5 million, primarily for purchasing Douyin media resources and general working capital, and completed on July 21, 2025[135][137] Significant Events After the Reporting Period Subsequent to the reporting period and up to the date of this announcement, no other significant events occurred apart from the disclosed July 2025 subscription - No significant events occurred subsequent to the reporting period and up to the date of this announcement[138] Purchase, Sale or Redemption of Securities For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of its listed securities, and the company held no treasury shares - For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of its listed securities[139] - As of June 30, 2025, the company held no treasury shares[139] Corporate Governance The Board is committed to practicing good corporate governance standards and has adopted and applied the Corporate Governance Code set out in Appendix C1 of the Listing Rules. Except for the Chairman and Chief Executive Officer being the same person, the company complies with all applicable code provisions, an arrangement the Board believes is in the best interests of the company and its shareholders - The company has adopted and applied the code provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules[141] - The roles of Chairman and Chief Executive Officer are held by the same person (Mr. Liu Jianhui), an arrangement the Board believes is in the best interests of the company and its shareholders as a whole[141] Model Code for Securities Transactions The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers, as set out in Appendix C3 of the Listing Rules, as its code of conduct for directors' securities transactions and has complied with it since its listing date. No instances of non-compliance by directors or relevant employees were identified during the reporting period - The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers, as set out in Appendix C3 of the Listing Rules, as its code of conduct for directors' securities transactions[142] - No instances of non-compliance with the Model Code by directors or relevant employees were identified during the reporting period[142] Interim Dividend The Board decided not to declare an interim dividend for the six months ended June 30, 2025 - The Board decided not to declare an interim dividend for the six months ended June 30, 2025[143] Review by Audit Committee The Audit Committee has reviewed the accounting principles and policies adopted by the company and discussed the Group's internal controls and financial reporting matters, including the unaudited interim financial information for the six months ended June 30, 2025, deeming them compliant with applicable accounting standards, laws, and regulations - The Audit Committee comprises three members, with Ms. Zhou Yan serving as Chairman[144] - The Audit Committee has reviewed the unaudited interim financial information for the six months ended June 30, 2025, and considers it to be in compliance with applicable accounting standards, laws, and regulations[144] Publication of Interim Results Announcement and Interim Report This interim results announcement has been published on the company's website and the Stock Exchange's website. The interim report for the six months ended June 30, 2025, will be published on the Stock Exchange and the company's website in due course and sent to shareholders upon request - This interim results announcement has been published on the company's website (www.manyidea.cloud) and the Stock Exchange's website (www.hkexnews.hk)[145](index=145&type=chunk) - The interim report for the six months ended June 30, 2025, will be published on the Stock Exchange and the company's website in due course and sent to the company's shareholders (if requested)[145]