中彩网通控股(08071) - 2025 - 中期财报

Report Overview Characteristics of the GEM Market and Disclaimer This report is published on the GEM of The Stock Exchange of Hong Kong Limited, a market for small and mid-sized companies that carries higher investment risks - The GEM market serves as a listing platform for small and mid-sized companies, but investments carry higher risks, with securities potentially facing significant market volatility and liquidity uncertainties[4] - The Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this report, for which the directors of the Company collectively and individually accept full responsibility, confirming its accuracy and completeness[4] Summary The Group's financial performance for the six months ended June 30, 2025, shows a 28% decline in revenue from continuing operations and a consolidated loss attributable to owners of approximately HK$3.872 million Key Financial Summary for the Six Months Ended June 30, 2025 | Indicator | June 30, 2025 (HK$'000) | June 30, 2024 (HK$'000) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue from continuing operations | 13,023 | 17,971 | -28% | | Consolidated loss attributable to owners of the Company (continuing and discontinued) | 3,872 | 3,402 | +13.8% | | Basic and diluted loss per share (continuing and discontinued) | 0.08 HK cents | 0.07 HK cents | +0.01 HK cents | - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025[6] Financial Statements Consolidated Statement of Profit or Loss and Other Comprehensive Income For the six months ended June 30, 2025, the Group's revenue from continuing operations was HK$13,023 thousand, a 28% decrease year-on-year, while the loss for the period narrowed to HK$3,970 thousand Key Data from Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (HK$'000) | 2024 (HK$'000) | Change | | :--- | :--- | :--- | :--- | | Revenue | 13,023 | 17,971 | -28% | | Gross Profit | 1,357 | 1,544 | -12.1% | | Loss before tax | (4,109) | (3,080) | +33.4% (Loss widened) | | Loss for the period | (3,970) | (4,090) | -2.9% (Loss narrowed) | | Loss from continuing operations attributable to owners of the Company | (3,940) | (2,879) | +36.8% (Loss widened) | | Profit/(loss) from discontinued operations attributable to owners of the Company | 68 | (523) | Turnaround to profit | Consolidated Statement of Financial Position As of June 30, 2025, the Group's total assets increased to HK$16,823 thousand, but net current assets decreased to HK$6,127 thousand, and total liabilities increased significantly by 94% Key Data from Consolidated Statement of Financial Position (As of June 30) | Indicator | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | Change | | :--- | :--- | :--- | :--- | | Non-current assets | 118 | 251 | -53% | | Current assets | 16,705 | 15,433 | +8.2% | | Current liabilities | 10,578 | 5,453 | +94% | | Net current assets | 6,127 | 9,980 | -38.6% | | Net assets | 6,245 | 10,226 | -38.9% | | Equity attributable to owners of the Company | 6,894 | 10,775 | -36% | - Trade and other receivables surged from HK$2,107 thousand to HK$9,729 thousand, while cash and bank balances decreased from HK$13,281 thousand to HK$6,537 thousand[10] Consolidated Statement of Changes in Equity For the six months ended June 30, 2025, total equity attributable to owners of the Company decreased from HK$10,775 thousand to HK$6,894 thousand, mainly due to the loss for the period Key Data from Consolidated Statement of Changes in Equity (For the six months ended June 30) | Indicator | January 1, 2025 (HK$'000) | June 30, 2025 (HK$'000) | Change | | :--- | :--- | :--- | :--- | | Equity attributable to owners of the Company | 10,775 | 6,894 | -3,881 | | Loss for the period | - | (3,872) | - | | Other comprehensive expense for the period | - | (9) | - | Consolidated Statement of Cash Flows For the six months ended June 30, 2025, the Group experienced a net cash outflow from operating activities of HK$6,762 thousand, a significant reversal from the net inflow in the prior period Key Data from Consolidated Statement of Cash Flows (For the six months ended June 30) | Indicator | 2025 (HK$'000) | 2024 (HK$'000) | Change | | :--- | :--- | :--- | :--- | | Net cash (used in)/from operating activities | (6,762) | 170 | Shift from inflow to outflow | | Net cash used in investing activities | (8) | (704) | Outflow significantly reduced | | Net cash used in financing activities | — | (219) | Outflow significantly reduced | | Net decrease in cash and cash equivalents | (6,770) | (753) | Decrease significantly widened | | Cash and cash equivalents at end of period | 6,537 | 17,225 | Substantial decrease | Notes to the Interim Financial Information Basis of Preparation and Impact of New Hong Kong Financial Reporting Standards The unaudited consolidated financial statements for the six months ended June 30, 2025, were prepared in accordance with HKAS 34 and the GEM Listing Rules, with no material impact from new HKFRSs - The interim financial statements are prepared in accordance with Hong Kong Accounting Standard 34 and the GEM Listing Rules, using the historical cost basis[17] - The adoption of new and revised Hong Kong Financial Reporting Standards during the period did not have a material impact on the Group's accounting policies and reported amounts[17] Revenue For the six months ended June 30, 2025, the Group's revenue from continuing operations was HK$13,023 thousand, driven by the automotive products and smart retail services businesses Revenue from Continuing Operations (For the six months ended June 30) | Business Type | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Provision of automotive products and culture business | 8,001 | — | | Provision of smart retail services | 5,022 | 17,971 | | Total | 13,023 | 17,971 | Segment Information The Group's operating segments include continuing operations (smart retail, automotive products) and discontinued operations (AWS cloud services), with the automotive business contributing HK$8,001 thousand in revenue - The Group's operating segments include continuing operations (smart retail business, automotive products and culture business) and discontinued operations (AWS cloud services business)[21] Revenue and Profit/(Loss) by Business Segment (For the six months ended June 30) | Business Segment | 2025 Revenue (HK$'000) | 2025 Profit/(Loss) (HK$'000) | 2024 Revenue (HK$'000) | 2024 Profit/(Loss) (HK$'000) | | :--- | :--- | :--- | :--- | :--- | | Smart retail business (Continuing) | 5,022 | (239) | 17,971 | (385) | | Automotive products and culture business (Continuing) | 8,001 | (768) | — | — | | AWS cloud services business (Discontinued) | 134 | 134 | 4,570 | (1,026) | Assets and Liabilities by Business Segment (As of June 30) | Indicator | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | | :--- | :--- | :--- | | Smart retail business segment assets | 6,028 | 1,854 | | Automotive products and culture business segment assets | 3,346 | 304 | | Consolidated assets | 16,823 | 15,684 | | Smart retail business segment liabilities | 5,343 | 1,230 | | Automotive products and culture business segment liabilities | 4,706 | 302 | | Consolidated liabilities | 10,578 | 5,458 | Finance Costs The Group incurred no finance costs for the six months ended June 30, 2025, compared to HK$15 thousand in the prior period Finance Costs (For the six months ended June 30) | Finance Costs | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Interest on lease liabilities | — | 15 | Income Tax Credit For the six months ended June 30, 2025, the Group recorded an income tax credit of HK$5 thousand, primarily from deferred tax Income Tax Credit (For the six months ended June 30) | Tax Type | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Current tax | (1) | — | | Deferred tax | 6 | 16 | | Total income tax credit | 5 | 16 | - The corporate income tax rate for subsidiaries in China is 25%[26] Loss for the Period from Continuing Operations The loss from continuing operations was influenced by increased net exchange losses, a significant reduction in loss allowance for receivables, and lower directors' remuneration Key Items Affecting Loss from Continuing Operations (For the six months ended June 30) | Item | 2025 (HK$'000) | 2024 (HK$'000) | Change | | :--- | :--- | :--- | :--- | | Bank interest income | (120) | (173) | Decreased | | Net exchange loss | 524 | 219 | Loss widened | | Loss allowance on trade and other receivables | 612 | 4,846 | Substantially decreased | | Directors' remuneration | 416 | 739 | Decreased | | Employee benefit expenses (excluding directors' remuneration) | 1,509 | 1,753 | Decreased | Discontinued Operations The Group's discontinued AWS cloud services business, sold in the previous year, recorded a profit before tax of HK$134 thousand, a turnaround from a loss in the prior period - The Group disposed of its AWS cloud services business during the year ended December 31, 2024[29] Performance of Discontinued Operations (For the six months ended June 30) | Indicator | 2025 (HK$'000) | 2024 (HK$'000) | Change | | :--- | :--- | :--- | :--- | | Revenue | 134 | 4,570 | Substantially decreased | | Profit/(loss) before tax | 134 | (1,026) | Turnaround to profit | | Total comprehensive income/(expense) for the period from discontinued operations | 134 | (1,026) | Turnaround to profit | Loss Per Share For the six months ended June 30, 2025, the basic and diluted loss per share attributable to owners of the Company was 0.08 HK cents, with the loss from continuing operations widening year-on-year Loss Per Share (For the six months ended June 30) | Indicator | 2025 (HK cents per share) | 2024 (HK cents per share) | Change | | :--- | :--- | :--- | :--- | | Loss per share from continuing operations | (0.08) | (0.06) | Loss widened | | Loss per share from continuing and discontinued operations | (0.08) | (0.07) | Loss widened | - The weighted average number of ordinary shares was 4,686,048 thousand, and with no dilutive potential shares outstanding, basic and diluted loss per share are identical[31] Property, Plant and Equipment As of June 30, 2025, the net book value of the Group's property, plant and equipment was reduced to zero due to disposals Net Book Value of Property, Plant and Equipment (As of June 30) | Indicator | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | Change | | :--- | :--- | :--- | :--- | | Net book value at end of period/year | — | 3 | Reduced to zero | - The net book value of property, plant and equipment decreased to zero, primarily due to disposals[32] Intangible Assets As of June 30, 2025, the Group's intangible assets had a net book value of HK$118 thousand, mainly comprising network platform development costs Net Book Value of Intangible Assets (As of June 30) | Indicator | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | | :--- | :--- | :--- | | Net book value at end of period/year | 118 | — | - Intangible assets primarily represent development costs for a network platform, with additions of HK$128 thousand and amortization of HK$10 thousand during the period[32] Trade and Other Receivables As of June 30, 2025, the Group's total trade and other receivables increased substantially to HK$9,729 thousand from HK$2,107 thousand at year-end 2024 Trade and Other Receivables (As of June 30) | Indicator | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | Change | | :--- | :--- | :--- | :--- | | Trade receivables, net of loss allowance | 5,145 | 17 | Substantial increase | | Deposits, other receivables and prepayments | 4,584 | 2,090 | Substantial increase | | Total trade and other receivables | 9,729 | 2,107 | +361.7% | - Trade receivables are due within 60 days from the date of invoice[33] Trade and Other Payables As of June 30, 2025, the Group's total trade and other payables increased significantly to HK$10,549 thousand, driven by rises in both trade payables and other payables Trade and Other Payables (As of June 30) | Indicator | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | Change | | :--- | :--- | :--- | :--- | | Total trade payables | 4,175 | 204 | Substantial increase | | Accrued salaries and other tangible benefits | 336 | 1,590 | Significant decrease | | Other payables and accruals | 6,038 | 2,292 | Substantial increase | | Total trade and other payables | 10,549 | 4,086 | +158.2% | Related Party Transactions For the six months ended June 30, 2025, key management personnel compensation was HK$416 thousand, and the Group earned revenue of HK$409 thousand from an intermediate holding company Related Party Transactions (For the six months ended June 30) | Transaction Type | 2025 (HK$'000) | 2024 (HK$'000) | Change | | :--- | :--- | :--- | :--- | | Key management personnel compensation | 416 | 739 | Decreased | | Revenue from provision of smart retail services to an intermediate holding company | 409 | — | New | Interim Dividend The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025, consistent with the prior period - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025[37] Management Discussion and Analysis Business Review The Group's business comprises smart retail and the newly developed automotive products and culture segments, with the latter showing promising market potential in its first reporting period - The Group's business development will continue to be driven by the smart retail business, with core activities including system development, operation, and sales of software and hardware[51] Smart Retail Business The smart retail business provides digital transformation solutions and cloud services, but its total revenue declined significantly year-on-year due to lower cloud service income and business adjustments - The smart retail business provides new retail digital transformation solutions, an integrated software service platform, and cloud services for chain retail enterprises and merchants[38] Smart Retail Business Revenue (For the six months ended June 30) | Business Type | 2025 (HK$'000) | 2024 (HK$'000) | Change | | :--- | :--- | :--- | :--- | | Continuing operations | 5,022 | 17,971 | -72.1% | | Discontinued operations (AWS cloud services) | 134 | 4,570 | -97.1% | | Total Revenue | 5,156 | 22,541 | -77.1% | Automotive Products and Culture Business The automotive products and culture business, engaged in the sale of auto-related accessories, recorded its first revenue of HK$8,001 thousand for the six months ended June 30, 2025 - The automotive products and culture business engages in the trading of various auto-related accessories and peripheral products, offering customized designs through collaboration with car manufacturers[39] Automotive Products and Culture Business Revenue (For the six months ended June 30) | Indicator | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | Revenue | 8,001 | Zero | Financial Review and Policies For the six months ended June 30, 2025, the Group's revenue from continuing operations decreased by 28%, and the consolidated loss attributable to owners increased by 14% Financial Performance Overview (For the six months ended June 30) | Indicator | 2025 (HK$'000) | 2024 (HK$'000) | Change | | :--- | :--- | :--- | :--- | | Revenue from continuing operations | 13,023 | 17,971 | -28% | | Loss from continuing operations attributable to owners of the Company | (3,940) | (2,879) | Loss widened | | Profit/(loss) from discontinued operations attributable to owners of the Company | 68 | (523) | Turnaround to profit | | Consolidated loss attributable to owners of the Company (continuing and discontinued) | (3,872) | (3,402) | Loss increased by 14% | - The increase in overall loss was primarily attributable to the decline in revenue from the cloud services business and the Company's business adjustments[40] - The Group adopts a centralized financial policy aimed at reducing overall interest expenses[41] Liquidity and Gearing Ratio As of June 30, 2025, the Group's total assets and liabilities increased, while cash balances decreased significantly, resulting in a lower current ratio of approximately 1.5 and a gearing ratio of zero Liquidity and Gearing Ratio (As of June 30) | Indicator | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | Change | | :--- | :--- | :--- | :--- | | Total assets | 16,823 | 15,684 | +7.3% | | Total liabilities | 10,578 | 5,453 | +94% | | Cash and bank balances | 6,537 | 13,281 | -50.8% | | Current ratio | 1.5 | 2 | Decreased | | Gearing ratio | Zero | Zero | Unchanged | - The Group had no bank borrowings or loans, resulting in a gearing ratio of zero[42] Capital Structure As of June 30, 2025, the Group's capital structure primarily consisted of equity attributable to owners of the Company amounting to HK$6,894 thousand, with no change in the total number of issued shares Capital Structure (As of June 30) | Indicator | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | Change | | :--- | :--- | :--- | :--- | | Equity attributable to owners of the Company | 6,894 | 10,775 | -36% | | Total number of issued shares | 4,686,048,381 shares | 4,686,048,381 shares | No change | Pledge of Group's Assets As of June 30, 2025, the Group had no pledged assets, consistent with the position at the end of the previous year - As of June 30, 2025, the Group had no pledged assets[44] Significant Investments, Acquisitions or Disposals of Subsidiaries, Associates or Joint Ventures During the six months ended June 30, 2025, the Group held no other significant investments and made no material acquisitions or disposals of subsidiaries, associates, or joint ventures - During the six months ended June 30, 2025, the Group did not hold other significant investments, nor did it conduct any material acquisitions or disposals of subsidiaries, associates, and joint ventures[45] Capital Investments and Future Plans for Material Investments or Capital Assets The Group made no payments for the purchase of property, plant and equipment during the period and has no specific plans for material investments or capital asset acquisitions - During the six months ended June 30, 2025, the Group did not incur any expenses for the purchase of property, plant and equipment[46] - As of June 30, 2025, the Group had no specific plans for material investments or the purchase of capital assets[46] Foreign Exchange Fluctuation Risk The Group's sales and purchases are mainly denominated in HKD and RMB, exposing it to RMB exchange rate fluctuations, which are monitored but not hedged during the period - The Group's sales and purchases are primarily denominated in Hong Kong dollars and Renminbi[47] - The RMB exchange rate is subject to Chinese government controls and economic and political factors, and its fluctuations may affect the Group's performance[47] - The Group monitors foreign exchange risk but did not enter into any hedging transactions during the six months ended June 30, 2025[48] Contingent Liabilities As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities[49] Employees and Remuneration Policy As of June 30, 2025, the Group had 8 employees, and total staff costs decreased to approximately HK$2.2 million, with a competitive remuneration policy based on performance Employee and Remuneration Information (As of June 30) | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Number of employees | 8 | 12 | Decreased by 4 | | Total staff costs (including directors' remuneration) | Approx. HK$2.2 million | Approx. HK$2.7 million (June 30, 2024) | Decreased | - The Group offers competitive salaries and benefits to its employees, with remuneration reviewed periodically based on job performance[50] Outlook The Group's future development will be driven by the smart retail business, capitalizing on generative AI, consumption stimulus policies, and supply-side structural reforms - The Group's future business development will continue to be driven by the smart retail business, with core activities including system development, operation, and sales of software and hardware[51] - The popularization of generative AI technology, consumption stimulus policies, and the Chinese government's promotion of supply-side structural reforms are expected to boost future demand for smart retail services[51] - The Group will closely monitor its operational performance in mainland China, adjust business strategies, and explore opportunities in new quality productive forces and internet-based new retail[51] Shareholder and Corporate Governance Information Interests and Short Positions of Directors and Chief Executive in Shares, Underlying Shares and Debentures of the Company or its Associated Corporations As of June 30, 2025, Mr. Sun Haitao and Ms. Wu Shan held long positions in the shares of the associated corporation Vala Inc., with no other disclosable interests held by directors Directors' Long Positions in Shares of Associated Corporation VALA (As of June 30, 2025) | Director's Name | Capacity and Nature of Interest | Number of Shares | Approximate Percentage of VALA's Issued Shares | | :--- | :--- | :--- | :--- | | Mr. Sun Haitao | Discretionary trust, founder, other, beneficial owner | 308,082,736 | 18.90% | | Ms. Wu Shan | Beneficial owner | 1,689,770 | 0.10% | - Save as disclosed above, no other director or chief executive had any disclosable interests or short positions in the shares, underlying shares, or debentures of the Company or its associated corporations[53] Interests and Short Positions of Substantial Shareholders and Other Persons in the Shares, Underlying Shares and Debentures of the Company As of June 30, 2025, VALA and Qichen High-tech, along with their respective controlled corporations, were deemed to have a 29.00% long position in the Company's shares Long Positions of Substantial Shareholders and Other Persons in the Company's Shares (As of June 30, 2025) | Name | Capacity and Nature of Interest | Number of Shares Held Directly or Indirectly | Approximate Percentage of Issued Shares | | :--- | :--- | :--- | :--- | | VALA | Interest in a controlled corporation | 1,358,954,030 (L) | 29.00% | | 51 Credit Card (China) Inc. | Interest in a controlled corporation | 1,358,954,030 (L) | 29.00% | | Hangzhou Zhenniu Information Technology Co., Ltd. | Interest in a controlled corporation | 1,358,954,030 (L) | 29.00% | | Hangzhou Jiahao Technology Co., Ltd. | Interest in a controlled corporation | 1,358,954,030 (L) | 29.00% | | Shanghai Wuniu Network Technology Co., Ltd. | Interest in a controlled corporation | 1,358,954,030 (L) | 29.00% | | 51RENPIN.COM INC. | Beneficial owner | 1,358,954,030 (L) | 29.00% | | Mr. Zuo Lei | Beneficial owner | 511,025,000 (L) | 10.91% | | Zheng Minggao | Interest in a controlled corporation | 1,358,954,030 (L) | 29.00% | | Ningbo Qichen Investment Holding Co., Ltd. | Interest in a controlled corporation | 1,358,954,030 (L) | 29.00% | | Beijing Tongsen Capital Holding Co., Ltd. | Interest in a controlled corporation | 1,358,954,030 (L) | 29.00% | | Shandong Qichen Zhongke Investment Holding Co., Ltd. | Interest in a controlled corporation | 1,358,954,030 (L) | 29.00% | | Qichen High-tech Management Consulting Ltd. | Beneficial owner | 1,358,954,030 (L) | 29.00% | - As the Share Sale and Purchase Agreement had not been completed by June 30, 2025, both 51RENPIN.COM INC., Qichen High-tech, and their respective holding companies were deemed to have an interest in the shares under the agreement[57] Compliance with the Corporate Governance Code The Company complied with the Corporate Governance Code during the period, except for the deviation where the roles of Chairman and Chief Executive Officer were both held by Mr. Sun - The Company has complied with all code provisions of the Corporate Governance Code as set out in Appendix C1, Part 2 of the GEM Listing Rules[59] - Chairman Mr. Sun Haitao also serves as the Chief Executive Officer, which deviates from code provision C.2.1 (roles of chairman and chief executive should be separate)[59] - The Board believes this arrangement enhances decision-making and execution efficiency and is searching for a suitable candidate to comply with the code[59] Directors' Securities Transactions The Company has adopted a code for directors' securities transactions, and no violations were noted during the six months ended June 30, 2025 - The Company has adopted a code of conduct for securities transactions by directors on terms no less exacting than the required standard of dealings[60] - No incidents of non-compliance by any director with the required standard of dealings and the code were noted during the six months ended June 30, 2025[60] Audit Committee The Audit Committee has reviewed the Group's unaudited interim results and report for the period and found them to be compliant with applicable standards and rules, with no disagreements - The Audit Committee has reviewed the Group's unaudited consolidated results and interim report for the six months ended June 30, 2025[61] - The Audit Committee concluded that the financial statements comply with applicable accounting standards, GEM Listing Rules, and other statutory requirements, with full disclosure and no disagreements on accounting treatments[61] Changes in Information of Directors and Chief Executive As of the report date, the annual director's fee for Executive Director Ms. Wu Shan was changed to HK$512,000, effective January 1, 2025 - The annual director's fee of Executive Director Ms. Wu Shan has been changed to HK$512,000, effective from January 1, 2025[62] - Save for the above, there were no other changes in the information of the Directors and chief executive required to be disclosed pursuant to Rule 17.50A(1) of the GEM Listing Rules as of the date of this report[62] Purchase, Sale or Redemption of Listed Securities Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the period, and no treasury shares were held - During the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[63] - As of June 30, 2025, the Company did not hold any treasury shares[63] Change of Single Largest Shareholder Following the completion of share sale agreements, Qichen High-tech has become the Company's single largest shareholder, holding approximately 29.00% of the total issued shares - 51RENPIN.COM INC. entered into a placing agreement and a share sale and purchase agreement with Qichen High-tech and Shandong Qichen to sell a total of approximately 39.16% of the shares[64] - The placing agreement and the share sale and purchase agreement were completed on June 9, 2025, and July 15, 2025, respectively[65] - Qichen High-tech has become the single largest shareholder of the Company, holding approximately 29.00% of the total issued share capital[65] Events After the Reporting Period No significant events occurred after the end of the reporting period and up to the date of this report - No significant events occurred after the end of the reporting period and up to the date of this report[66] By Order of the Board This report was signed on August 26, 2025, by Mr. Sun Haitao, Chairman and Executive Director of the Board - This report was signed on August 26, 2025, by Mr. Sun Haitao, Chairman and Executive Director[67][68] - As of the report date, the Executive Directors are Mr. Sun Haitao and Ms. Wu Shan; the Independent Non-executive Directors are Mr. Fan Lei, Ms. Liu Jia, and Mr. Yu Tat Chi[68]