普乐师集团控股(02486) - 2025 - 中期业绩

Company Information Company Overview Plus Group Holdings Inc. (Stock Code: 2486) released its unaudited interim results for the six months ended June 30, 2025, on August 29, 2025 - Company Name: Plus Group Holdings Inc.[2] - Stock Code: 2486[2] - Reporting Period: Six months ended June 30, 2025[3] Financial Highlights Key Financial Performance During the reporting period, the company's revenue significantly increased by 376.1% to RMB 1.631 billion, gross profit grew by 68.0% to RMB 82.085 million, achieving a turnaround with a profit of RMB 7.984 million for the period | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Period-over-Period Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,631,270 | 342,597 | 376.1% | | Gross Profit | 82,085 | 48,856 | 68.0% | | Profit (Loss) for the Period | 7,984 | (3,767) | 311.9% | | Profit (Loss) and Total Comprehensive Income (Expense) Attributable to Owners of the Company | 6,317 | (3,493) | 280.8% | Selected Financial Ratios As of June 30, 2025, the company's revenue growth rate reached 376.1%, with a current ratio maintained at 2.5 times, indicating strong growth momentum and stable short-term solvency | Indicator | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Revenue Growth | 376.1% | 44.1% | | Current Ratio (times) | 2.5 | 2.5 | | Total Equity (RMB thousands) | 490,716 | 479,665 | | Cash and Cash Equivalents (RMB thousands) | 149,180 | 159,647 | | Bank Borrowings (RMB thousands) | 77,948 | 64,148 | Operating Metrics During the reporting period, the number of paying customers significantly increased by 358.6% to 1,064, and average monthly active touchpoints doubled by 106.5% to 64,000, reflecting rapid business expansion and improved market penetration | Operating Metric | Six months ended June 30, 2025 | Six months ended June 30, 2024 | Period-over-Period Change (%) | | :--- | :--- | :--- | :--- | | Number of Paying Customers | 1,064 | 232 | 358.6% | | Total Cumulative Points of Sale | 4,452,000 | 4,430,000 | 0.5% | | Total Cumulative Touchpoints | 734,000 | 553,000 | 32.7% | | Average Monthly Active Touchpoints | 64,000 | 31,000 | 106.5% | Management Discussion and Analysis Business Review Amid global economic downturn and high inflation, the Group achieved counter-cyclical growth, with total revenue increasing by 376.1% to RMB 1.631 billion, driven by AI technology R&D and market share expansion strategies, with significant growth across all core business segments, particularly a more than 20-fold increase in task and marketer matching services - Global economic recovery slowed, and the consumer market continued to downgrade, but AI technology and new energy industries injected new growth momentum[7] - The Group strengthened its core competitiveness through continuous R&D and deep application in AI, and firmly executed its strategy to capture market share[7] - Total revenue for the reporting period was approximately RMB 1.631 billion, representing a year-on-year increase of approximately 376.1%[7] Customized Marketing Solutions By closely collaborating with retail channel partners and deepening O2O instant retail, combined with AI empowerment, the company consolidated market share and opened new channels - Consolidated market share and opened new channels through close cooperation with retail channel partners, deep cultivation in O2O instant retail, and AI intelligent empowerment[8] Customized Marketing Solutions Revenue | Business Segment | 2025 Revenue (RMB thousands) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Customized Marketing Solutions | 371,700 | 40.4% | Task and Marketer Matching Services Leveraging AI R&D and application penetration, the company built business barriers, with rapid expansion of application businesses based on AI intelligent matching mechanisms - Rapid expansion of application businesses based on AI intelligent matching mechanisms, building business barriers through AI R&D and application penetration[9] Task and Marketer Matching Services Revenue | Business Segment | 2025 Revenue (RMB thousands) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Task and Marketer Matching Services | 1,220,400 | 2,067.7% | SaaS+ Subscription and Other Services With increasingly sophisticated digital, systematic, and intelligent platforms and services, the company provides more flexible and diversified comprehensive services, injecting new growth momentum - Provided more flexible and diversified comprehensive services, injecting new growth momentum as digital, systematic, and intelligent platforms and services matured[10] SaaS+ Subscription and Other Services Revenue | Business Segment | 2025 Revenue (RMB thousands) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | SaaS+ Subscription and Other Services | 27,600 | 187.5% | Marketer Secondment Services Affected by the overall offline retail market environment, brand client investment decreased, leading to a continuous decline in revenue for this business segment - Revenue for this business segment continuously declined due to reduced brand client investment, influenced by the overall offline retail market environment[11] Marketer Secondment Services Revenue | Business Segment | 2025 Revenue (RMB thousands) | Year-on-Year Decrease (%) | | :--- | :--- | :--- | | Marketer Secondment Services | 11,500 | 4.2% | Business Outlook The company will continue to focus on its core AI intelligent matching advantages, expand into new channels and markets, deepen cooperation with channel partners, leverage capital advantages to explore overseas markets, enhance O2O instant retail development, and continuously increase investment in AI technology R&D to achieve long-term sustainable growth - Fully maintained the core advantage of AI intelligent matching, expanding into new channels, areas, and markets to capture more market share in matching services[12] - Maintained close cooperation with major channel partners, improved digital joint operation mechanisms, achieved data sharing and collaborative growth, and understood market dynamics through intelligent data models and AI analysis[12] - Leveraged capital advantages to focus on overseas market expansion, laid out cross-border trade, and built an integrated service system encompassing import/export, supply chain, marketing promotion, channel distribution, and omni-channel retail[12] - Deepened O2O instant retail development, explored innovative integration with terminal retail scenarios, and realized data asset monetization through precise marketing and intelligent distribution[12] - Continuously increased investment in AI technology R&D, deepened intelligent innovation and application iteration, and empowered full-chain business upgrades through AI-driven data insights[12] Revenue Analysis The Group's total revenue achieved strong growth during the reporting period, reaching RMB 1.631 billion, a year-on-year increase of 376.1%, with task and marketer matching services contributing the most with over 20-fold growth, and SaaS+ subscription and other services also seeing nearly double growth - The Group's total revenue for the six months ended June 30, 2025, reached approximately RMB 1.631 billion, an increase of approximately 376.1% compared to the same period in 2024[13] Revenue by Business Segment | Business Segment | 2025 Revenue (RMB thousands) | 2024 Revenue (RMB thousands) | Year-on-Year Growth (%) | | :--- | :--- | :--- | :--- | | Customized Marketing Solutions | 371,744 | 264,776 | 40.4% | | Task and Marketer Matching Services | 1,220,423 | 56,296 | 2,067.7% | | Marketer Secondment Services | 11,492 | 11,960 | -4.2% | | SaaS+ Subscription and Other Services | 27,611 | 9,565 | 187.5% | | Total | 1,631,270 | 342,597 | 376.1% | Customized Marketing Solutions Revenue - Revenue was approximately RMB 371.7 million, a year-on-year increase of 40.4%, primarily due to cultivation in O2O instant retail and deep cooperation with retail channel partners[14] Task and Marketer Matching Services Revenue - Revenue was approximately RMB 1.220 billion, a year-on-year increase of 2,067.7%, primarily due to the launch of a new matching business platform, with approximately 940 contracted service customers and an average customer transaction value of approximately RMB 1.3 million[15] Marketer Secondment Services Revenue - Revenue was approximately RMB 11.5 million, a year-on-year decrease of 4.2%, primarily due to the Group continuously reducing the number of seconded personnel, affected by market conditions[15] SaaS+ Subscription and Other Services Revenue - Revenue was approximately RMB 27.6 million, a year-on-year increase of 187.5%, primarily due to the increasing maturity of systematic and intelligent platforms, enhanced application service capabilities, and expanded service flexibility and applicability[16] Cost, Gross Profit and Gross Margin Analysis During the reporting period, total costs significantly increased by 427.5% to RMB 1.549 billion, and gross profit grew by 67.9% to RMB 82.1 million; however, the gross margin decreased from 14.3% to 5.0% due to the company's strategy of capturing market share through low pricing - Total costs were approximately RMB 1.549 billion, an increase of approximately RMB 1.255 billion or 427.5% compared to the same period in 2024[17] - The increase in costs outpaced revenue growth, primarily due to prioritizing market share capture and ensuring service quality during rapid expansion, with a corresponding reduction in profit expectations[18] Gross Profit and Gross Margin | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Gross Profit | 82,100 | 48,900 | 67.9% | | Gross Margin | 5.0% | 14.3% | -9.3% | - The decline in gross margin was primarily due to the task and marketer matching services business rapidly capturing market share through a low-price model, leading to a significant decrease in gross profit levels[19] Expense Analysis Administrative expenses remained largely flat, while sales and marketing expenses significantly increased by 160.0% due to the growth in task and marketer matching services; R&D expenses decreased by 58.0% as AI applications enhanced in-house operational capabilities Expense Breakdown | Expense Type | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-on-Year Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Administrative Expenses | 44,800 | 43,200 | 3.7% | Growth in task and marketer matching services, overall change not significant | | Sales and Marketing Expenses | 27,300 | 10,500 | 160.0% | Growth in task and marketer matching services | | Research and Development Expenses | 5,500 | 13,100 | -58.0% | Enhanced in-house operational capabilities by integrating AI applications | Other Income and Expense Items Other income doubled due to increased government subsidies, while other (losses) net income turned from profit to loss, primarily affected by reduced social security refunds and decreased exchange gains; impairment losses on financial assets decreased, net finance income turned into cost, and income tax expense significantly rose due to increased core business profits Other Income and Other (Losses) Net Income | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-on-Year Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Other Income | 11,000 | 5,500 | 100.0% | Increased government policy subsidies received | | Other (Losses) Net Income | (500) | 10,300 | -104.9% | Significant reduction in government social security payments to alleviate COVID-19 impact, and decrease in HKD exchange gains | | Net Impairment Losses on Trade Receivables, Contract Assets and Other Receivables | (2,400) | (2,900) | -17.2% | Strengthened credit management, improved quality of trade receivables and contract assets | | Net Finance (Costs) Income | (900) | 500 | -280.0% | Central bank interest rate cuts led to lower asset yields | | Income Tax (Expense) Credit | (3,700) | 900 | 311.1% | Increased profits in core business segments, leading to higher taxable income | - Profit attributable to equity holders of the Company turned from a loss of approximately RMB 3.5 million in the same period of 2024 to a profit of approximately RMB 6.3 million, an increase of 280.0%[28] Financial Position and Liquidity Cash and cash equivalents slightly decreased, primarily due to increased sales revenue not yet collected; the company has no significant asset pledges or contingent liabilities, possesses ample liquidity, and primarily meets funding needs through operating cash flow, bank borrowings, and IPO proceeds - Cash and cash equivalents decreased by 6.5% from approximately RMB 159.6 million as of December 31, 2024, to approximately RMB 149.2 million as of June 30, 2025, primarily due to increased sales revenue not yet collected in a timely manner[29] - Capital expenditure remained largely flat at approximately RMB 0.1 million in both reporting periods[30] - As of June 30, 2025, the Company had no significant acquisitions or disposals of subsidiaries, associates, and joint ventures, nor any significant asset pledges or material contingent liabilities[31][33][36] - The Group primarily funds its operations with cash generated from operations, borrowings, and net proceeds from its listing, possessing ample liquidity to meet daily management and capital expenditure requirements[34] - As of June 30, 2025, outstanding borrowings were approximately RMB 77.9 million, all due within one year, with unutilized bank credit totaling RMB 37.0 million[34] - The Group's principal operations are in mainland China, with major revenues and costs settled in RMB; some monetary assets are denominated in HKD, exposing the Group to exchange rate fluctuation risks, but currently there are no foreign exchange hedging plans[35] Employees and Remuneration Policy As of June 30, 2025, the Group employed 6,801 staff, a decrease from the end of 2024; the company's remuneration policy references market levels and employee performance, and includes restricted share unit and share award schemes to attract and incentivize talent, while also adopting an employee diversity policy - As of June 30, 2025, the Group employed 6,801 staff (December 31, 2024: 7,342 staff)[37] - Remuneration policy references market compensation, employee performance, qualifications, and experience, and provides discretionary year-end bonuses[37] - Restricted Share Unit Scheme (January 13, 2022) and Share Award Scheme (June 26, 2023) have been adopted to improve incentive mechanisms, attract, and retain talent[37] - An employee diversity policy was adopted in July 2025, aiming to fulfill social responsibility and promote equality and inclusion[37] Interim Condensed Consolidated Financial Statements Interim Condensed Consolidated Statement of Comprehensive Income For the six months ended June 30, 2025, the Group achieved revenue of RMB 1.631 billion, gross profit of RMB 82.085 million, and a profit for the period of RMB 7.984 million, successfully turning losses into profit, with basic earnings per share of RMB 0.06 Interim Condensed Consolidated Statement of Comprehensive Income | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 1,631,270 | 342,597 | | Cost of Services | (1,549,185) | (293,741) | | Gross Profit | 82,085 | 48,856 | | Operating Profit (Loss) | 12,649 | (5,043) | | Profit (Loss) for the Period | 7,984 | (3,767) | | Profit (Loss) and Total Comprehensive Income (Expense) Attributable to Owners of the Company | 6,317 | (3,493) | | Basic Earnings (Loss) Per Share (RMB) | 0.06 | (0.03) | Interim Condensed Consolidated Statement of Financial Position As of June 30, 2025, the Group's total assets were RMB 810.9 million, and total equity was RMB 490.7 million; trade receivables and contract assets accounted for a larger proportion of current assets, while current liabilities primarily included trade and other payables and borrowings Interim Condensed Consolidated Statement of Financial Position | Item | As of June 30, 2025 (RMB thousands) | As of December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Assets | | | | Total Non-current Assets | 14,125 | 10,523 | | Total Current Assets | 796,784 | 790,185 | | Total Assets | 810,909 | 800,708 | | Equity | | | | Equity Attributable to Owners of the Company | 483,872 | 477,555 | | Non-controlling Interests | 6,844 | 2,110 | | Total Equity | 490,716 | 479,665 | | Liabilities | | | | Total Non-current Liabilities | 2,476 | 1,224 | | Total Current Liabilities | 317,717 | 319,819 | | Total Liabilities | 320,193 | 321,043 | | Total Equity and Liabilities | 810,909 | 800,708 | Notes to the Interim Financial Information General Information Plus Group Holdings Inc. was incorporated in the Cayman Islands on September 30, 2021, and listed on the Main Board of the Hong Kong Stock Exchange in May 2023; the company primarily engages in customized marketing solutions, task and marketer matching services, and other businesses in China, with Mr. Sun Guangjun as the ultimate controlling party - The Company was incorporated in the Cayman Islands on September 30, 2021, and listed on the Main Board of the Hong Kong Stock Exchange in May 2023[42] - Principal businesses include customized marketing solutions, task and marketer matching services, marketer secondment services, and SaaS+ subscription and other services[42] - The ultimate controlling party is Mr. Sun Guangjun[42] Basis of Preparation and Accounting Policies The condensed consolidated financial statements are prepared in accordance with HKAS 34 and the Listing Rules, with accounting policies consistent with the 2024 annual consolidated financial statements, and new amendments applied had no significant impact on the financial position - The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[44] - The accounting policies adopted are consistent with those applied in the preparation of the annual consolidated financial statements for the year ended December 31, 2024[45] - The application of amendments to Hong Kong Financial Reporting Standards during this interim period had no significant impact on the Group's financial position and performance[46] Revenue and Segment Information The Group's Chairman is identified as the chief operating decision maker, viewing the Group's business as a single operating segment; all revenue is recognized over time during the period, and all revenue and non-current assets are located in China - The Chairman of the Company views the Group's business as a single operating segment[47] Revenue by Business Segment | Business Segment | 2025 Revenue (RMB thousands) | 2024 Revenue (RMB thousands) | | :--- | :--- | :--- | | Customized Marketing Solutions | 371,744 | 264,776 | | Task and Marketer Matching Services | 1,220,423 | 56,296 | | Marketer Secondment Services | 11,492 | 11,960 | | SaaS+ Subscription and Other Services | 27,611 | 9,565 | | Total | 1,631,270 | 342,597 | - All of the Group's revenue was recognized over time during the period, and all revenue and non-current assets are located in China[48][49] Other Income and Other (Losses) Net Income Other income, primarily from government grants, increased by 100% year-on-year; other (losses) net income turned from profit to loss, mainly due to a significant reduction in government social security payment refunds to alleviate COVID-19 impacts and a decrease in exchange gains from HKD Other Income and Other (Losses) Net Income Details | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Other Income | | | | Government Grants | 10,686 | 5,355 | | Others | 352 | 100 | | Total | 11,038 | 5,455 | | Other (Losses) Net Income | | | | Net Foreign Exchange (Losses) Gains | (459) | 562 | | Refund of social insurance contributions to customers | — | 9,466 | | Gains on redemption of other financial assets measured at amortized cost | — | 302 | | Others | (15) | (29) | | Total | (474) | 10,301 | - Government grants primarily included employment subsidy programs and company registration subsidies, with no unfulfilled conditions or other contingencies attached[52] - The social security refund in 2024 was RMB 48,015,000, as management believed the statute of limitations and legal liability for refund had expired[52] Expenses by Nature The Group's total expenses significantly increased, primarily driven by substantial growth in labor costs and online platform promotion expenses; employee benefit expenses decreased, while travel and transportation expenses, other taxes, and levies all increased Expenses by Nature | Expense Type | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Employee Benefit Expenses (including directors' emoluments) | 124,670 | 197,795 | | Labor Costs | 1,309,147 | 120,312 | | Research and Development and Technical Service Expenses | 5,542 | 9,753 | | Office Expenses | 8,519 | 8,099 | | Activity Consumables | 3,197 | 5,091 | | Online Platform Promotion Expenses | 137,879 | — | | Travel and Transportation Expenses | 27,464 | 14,091 | | Other Taxes and Levies | 7,224 | 2,332 | | Amortization and Depreciation | 1,729 | 1,026 | | Auditor's Remuneration | 525 | 525 | | Other Expenses | 906 | 1,466 | | Total | 1,626,802 | 360,490 | Net Finance Income (Costs) Net finance income turned from income in the same period of 2024 to costs in 2025, primarily due to decreased bank interest income and increased interest expenses on bank borrowings, trade receivables factoring, lease liabilities, and interest payable to a non-controlling shareholder Net Finance Income (Costs) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Finance Income | | | | Bank interest income | 1,351 | 1,799 | | Finance Costs | | | | Interest expense on bank borrowings | (1,131) | (1,024) | | Interest on factoring of trade receivables | (306) | (209) | | Interest expense on lease liabilities | (270) | (42) | | Interest expense on amount due to a non-controlling shareholder | (534) | (73) | | Net Finance (Costs) Income | (890) | 451 | Income Tax (Expense) Credit The Group's income tax turned from a credit in the same period of 2024 to an expense in 2025, primarily due to increased profits in core business segments in China; some Chinese subsidiaries enjoy preferential tax rates as high-tech enterprises or small-profit enterprises - Companies registered in the Cayman Islands and British Virgin Islands are exempt from income tax, and no Hong Kong profits tax provision was made due to no assessable profits in Hong Kong[54][55] - China corporate income tax is provided at a rate of 25%, but Shanghai Ruosheng Mika Information Technology Co., Ltd. enjoys a preferential tax rate of 15% as a high-tech enterprise[57] - Some Chinese subsidiaries qualify as 'small-profit enterprises' and enjoy preferential income tax rates[57] Income Tax (Expense) Credit | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Current income tax — China current tax | 6,643 | 1,898 | | Deferred tax | (2,965) | (2,753) | | Total | 3,678 | (855) | Earnings (Loss) Per Share Profit attributable to owners of the Company turned from a loss of RMB 3.493 million in the same period of 2024 to a profit of RMB 6.317 million in 2025, with basic earnings per share of RMB 0.06; diluted earnings per share were the same as basic earnings per share due to no outstanding potential ordinary shares Earnings (Loss) Per Share | Item | 2025 | 2024 | | :--- | :--- | :--- | | Profit (Loss) attributable to owners of the Company (RMB thousands) | 6,317 | (3,493) | | Weighted average number of ordinary shares in issue | 109,602,200 | 123,421,612 | | Basic earnings (loss) per share (RMB) | 0.06 | (0.03) | - Diluted earnings (loss) per share were the same as basic earnings per share for both periods, as there were no outstanding potential ordinary shares[62] Dividends For the six months ended June 30, 2025, the Company neither paid nor declared any dividends - No dividends were paid or declared for the six months ended June 30, 2025[63] Trade Receivables, Deposits, Other Receivables and Prepayments Net trade receivables increased to RMB 369.2 million, with most aged within 180 days; total deposits, other receivables, and prepayments increased to RMB 113.5 million, primarily comprising deposits paid to external labor service providers and prepayments for online platform O2O instant retail marketing services Trade Receivables, Deposits, Other Receivables and Prepayments | Item | As of June 30, 2025 (RMB thousands) | As of December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Net trade receivables | 369,208 | 329,443 | | Impairment allowance for trade receivables | (4,333) | (1,786) | | Aging analysis of gross trade receivables | | | | 1 to 60 days | 238,015 | 218,551 | | 61 to 120 days | 120,862 | 100,222 | | 121 to 180 days | 14,381 | 11,955 | | Over 180 days | 283 | 501 | | Deposits, other receivables and prepayments | | | | Deposits paid to external labor service providers | 46,085 | 42,457 | | Prepayments for online platform O2O instant retail marketing services | 19,756 | 16,221 | | Other prepayments to suppliers | 37,241 | 32,133 | | Total current portion | 113,472 | 103,920 | - Standard payment terms generally range from 30 to 180 days, with trade receivables primarily aged within 180 days after invoice issuance[65] - The maximum exposure to credit risk is the carrying amount of each class of receivables mentioned above[67] Contract Assets Net contract assets decreased to RMB 163.0 million, with contract assets for customized marketing solutions and marketer secondment services declining, and contract assets for task and marketer matching services also slightly decreasing Contract Assets by Business Segment | Business Segment | As of June 30, 2025 (RMB thousands) | As of December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Customized Marketing Solutions | 107,700 | 125,762 | | Task and Marketer Matching Services | 3,578 | 6,235 | | Marketer Secondment Services | 52,463 | 63,147 | | SaaS+ Subscription and Other Services | 1,404 | 4,346 | | Contract Assets — Net | 163,036 | 197,153 | | Impairment allowance for contract assets | (2,109) | (2,337) | - The Group's contract assets are denominated in RMB and initially recognized at the total transaction price[68] Trade and Other Payables Total trade and other payables increased to RMB 180.4 million; trade payables increased, while other payables (including accrued staff costs, accrued expenses, etc.) slightly decreased Trade and Other Payables | Item | As of June 30, 2025 (RMB thousands) | As of December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade payables | 70,778 | 51,513 | | Other payables: | | | | — Accrued staff costs | 72,931 | 84,223 | | — Accrued expenses | 13,432 | 9,278 | | — Reimbursements and refunds payable | 267 | 3,335 | | — Other taxes payable | 22,964 | 27,780 | | Total | 180,372 | 176,129 | | Aging analysis of trade payables | | | | Up to 90 days | 70,778 | 51,513 | - Trade and other payables are denominated in RMB, and their carrying amounts approximate their fair values[70] Borrowings The Group's bank borrowings increased to RMB 77.948 million, all due within one year; the weighted average annual interest rate was 2.96%, a decrease from the end of 2024; all borrowings are corporate guaranteed by a subsidiary of the Company, with some also government guaranteed Borrowings | Item | As of June 30, 2025 (RMB thousands) | As of December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Bank borrowings | 77,948 | 64,148 | | Weighted average annual interest rate | 2.96% | 3.37% | - All bank borrowings are due within one year and are corporate guaranteed by a subsidiary of the Company[71] - Part of the borrowings (RMB 10,000,000) are guaranteed by a government guarantor[71] - The Group has complied with the financial covenants of its borrowings[71] Other Information Purchase, Sale or Redemption of the Company's Securities During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any listed securities; the company holds 4,891,600 treasury shares and has shareholder authorization to repurchase up to 10% of the total issued shares - Directors have been granted a general mandate by shareholders to repurchase up to 10% of the total issued shares as of the date of the relevant resolution, amounting to 11,581,020 shares[72] - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[72] - As of the date of this announcement, the Company holds 4,891,600 treasury shares[72] Dividend Policy The Board does not recommend the payment of any dividends for the six months ended June 30, 2025 - The Board does not recommend the payment of any dividends for the six months ended June 30, 2025[73] Corporate Governance Code The Company complies with all code provisions of Appendix C1 of the Listing Rules' Corporate Governance Code, except for Mr. Sun Guangjun serving as both Chairman and Chief Executive Officer, deviating from code provision C.2.1; the Board believes this arrangement ensures consistent leadership and timely decision-making, with the Board structure balancing power and authority - The Company complies with all code provisions of Appendix C1 of the Listing Rules' Corporate Governance Code, except for Mr. Sun Guangjun serving as both Chairman and Chief Executive Officer, deviating from code provision C.2.1[74] - The Board believes that Mr. Sun Guangjun's dual role as Chairman and Chief Executive Officer ensures consistent leadership and timely, effective decision-making for the Group[75] - The Board comprises two executive directors and three independent non-executive directors, possessing strong independent elements to ensure a balance of power and authority[75] Standard Code for Securities Transactions The Company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers in Appendix C3 of the Listing Rules, and all Directors confirmed compliance with the code during the reporting period - The Company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers in Appendix C3 of the Listing Rules[76] - All Directors confirmed their compliance with the requirements regarding Directors' securities transactions as set out in the Standard Code during the reporting period[76] Audit Committee The Audit Committee, composed of three independent non-executive directors, has reviewed the interim results; auditors issued qualified opinions on transactions related to two private offshore fund investments in the 2023 and 2024 consolidated financial statements due to scope limitations; the Group has taken steps to improve investment policies and communication mechanisms and initiated legal action against the fund - The Audit Committee comprises three independent non-executive directors, with Mr. Liu Wende serving as Chairman[77] - The interim results for the six months ended June 30, 2025, are unaudited but have been reviewed by the Audit Committee and by Rongcheng (Hong Kong) CPA Limited, the independent auditor[78] - The auditors issued qualified opinions on transactions related to two private offshore fund investments in the 2023 and 2024 consolidated financial statements due to insufficient appropriate audit evidence[79][80] - The Group has revised its investment policy, established an investment committee, and initiated legal action to demand the return of outstanding guaranteed amounts from these funds[81] Use of Proceeds from Listing The Company listed in May 2023, with net proceeds of approximately HKD 206.7 million; as of June 30, 2025, HKD 148.2 million has been utilized, primarily for enhancing sales and marketing capabilities, repaying bank borrowings, and working capital; funds for strengthening core technological capabilities and basic R&D will be gradually used until December 31, 2027 - Total net proceeds from the listing were approximately HKD 206.7 million[82] Use of Proceeds from Listing | Use of Proceeds | Revised Net Proceeds (HKD millions) | Actual Net Amount Used as of June 30, 2025 (HKD millions) | Unused Net Amount as of June 30, 2025 (HKD millions) | Expected Timeline | | :--- | :--- | :--- | :--- | :--- | | Strengthening the Company's core technological capabilities and basic R&D | 66.1 | 13.5 | 52.6 | Gradually utilized until December 31, 2027 | | Enhancing the Company's sales and marketing capabilities | 66.1 | 60.2 | 5.9 | Gradually utilized until December 31, 2027 | | Repaying the Company's bank borrowings | 15.5 | 15.5 | — | Fully utilized as of June 30, 2023 | | Working capital | 59.0 | 59.0 | — | Fully utilized as of June 30, 2025 | | Total | 206.7 | 148.2 | 58.5 | | Significant Events After Reporting Period The Group had no significant subsequent events after June 30, 2025, and up to the date of this announcement - The Group had no significant subsequent events after June 30, 2025, and up to the date of this announcement[83] Publication of Interim Results and 2025 Interim Report The interim results announcement has been published on the HKEX website and the Company's website, and the 2025 interim report containing all information required by the Listing Rules will be dispatched to shareholders and published on the websites in due course - The interim results announcement has been published on the HKEX website (www.hkexnews.hk) and the Company's website (www.plscn.com)[84](index=84&type=chunk) - 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 and published on the aforementioned websites in due course[84] Definitions Definition of Terms This section provides definitions for key terms and abbreviations used in the report, including company names, regulatory bodies, financial reporting standards, business models, and geographical areas, to ensure clear understanding of the report content - “The Company” refers to Plus Group Holdings Inc., an exempted company incorporated in the Cayman Islands on September 30, 2021, whose shares are listed on the Main Board of the Stock Exchange (Stock Code: 2486)[85] - “The Group” refers to the Company and its subsidiaries[85] - “Reporting Period” refers to the six months ended June 30, 2025[86] - “SaaS” refers to Software as a Service, a cloud-based software licensing and delivery model[86]