赛迪顾问(02176) - 2025 - 中期财报

Overview The Group's H1 2025 financial performance showed growth in revenue and profit, with a strong gross margin, while no interim dividend was recommended Key Financial Data Overview for H1 2025 | Metric | Amount (RMB '000) | Y-o-Y Growth | Gross Margin | | :--- | :--- | :--- | :--- | | Revenue | 129,323 | approx. 7% | - | | Gross Profit | 76,787 | approx. 12% | 59% (57% in prior period) | | Profit | 42,985 | approx. 12% | - | | Profit Attributable to Equity Holders of the Parent Company | 44,726 | approx. 8% | - | | Basic Earnings Per Share | 6.39 cents | - | - | - The Board does not recommend an interim dividend for the six months ended June 30, 2025[2] Interim Results Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income For the six months ended June 30, 2025, the Group's revenue increased by 7% to RMB 129,323 thousand, gross profit by 12% to RMB 76,787 thousand, and profit for the period by 12% to RMB 42,985 thousand, with basic EPS of RMB 6.39 cents Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Metric | 2025 (RMB '000) | 2024 (RMB '000) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 129,323 | 121,183 | ⬆️ 7% | | Gross Profit | 76,787 | 68,837 | ⬆️ 11.55% | | Profit Before Tax | 54,985 | 47,338 | ⬆️ 16.16% | | Profit for the Period | 42,985 | 38,317 | ⬆️ 12.18% | | Attributable to Equity Holders of the Company | 44,726 | 41,483 | ⬆️ 7.82% | | Basic Earnings Per Share (RMB cents) | 6.39 | 5.93 | ⬆️ 7.76% | Condensed Consolidated Statement of Financial Position As of June 30, 2025, the Group's total assets were RMB 374,889 thousand, a decrease of approximately 8.5% from year-end 2024; net current assets decreased to RMB 149,709 thousand, and net assets to RMB 178,276 thousand Condensed Consolidated Statement of Financial Position (As of June 30) | Metric | 2025 (RMB '000) | 2024 (RMB '000) | Change | | :--- | :--- | :--- | :--- | | Total Non-Current Assets | 30,862 | 31,950 | ⬇️ 3.40% | | Total Current Assets | 344,027 | 405,671 | ⬇️ 15.19% | | Trade Receivables | 52,557 | 40,239 | ⬆️ 30.63% | | Cash and Cash Equivalents | 288,638 | 358,735 | ⬇️ 19.54% | | Total Current Liabilities | 194,318 | 221,724 | ⬇️ 12.36% | | Contract Liabilities | 161,649 | 138,669 | ⬆️ 16.58% | | Net Current Assets | 149,709 | 183,947 | ⬇️ 18.61% | | Net Assets | 178,276 | 212,791 | ⬇️ 16.22% | | Total Equity | 178,276 | 212,791 | ⬇️ 16.22% | Condensed Consolidated Statement of Changes in Equity As of June 30, 2025, total equity attributable to equity holders of the Company was RMB 149,933 thousand, a decrease of approximately 18.3% from year-end 2024, primarily due to a decrease in retained earnings and capital reserve Changes in Equity (As of June 30) | Metric | 2025 (RMB '000) | 2024 (RMB '000) | Change | | :--- | :--- | :--- | :--- | | As at January 1 (Audited) | 212,791 | 185,896 | ⬆️ 14.47% | | Changes during the period | (34,515) | 38,317 | ⬇️ 190.07% | | As at June 30 (Unaudited) | 178,276 | 224,213 | ⬇️ 20.49% | - Total equity attributable to equity holders of the Company was RMB 149,933 thousand as of June 30, 2025, compared to RMB 183,460 thousand as of December 31, 2024[5][6] Condensed Consolidated Statement of Cash Flows For the six months ended June 30, 2025, net cash flow from operating activities significantly decreased to RMB 7,504 thousand from RMB 36,204 thousand in the prior period; net cash used in financing activities was RMB 77,889 thousand, leading to a decrease in cash and cash equivalents to RMB 288,638 thousand at period-end Condensed Consolidated Statement of Cash Flows (For the six months ended June 30) | Metric | 2025 (RMB '000) | 2024 (RMB '000) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Net cash generated from operating activities | 7,504 | 36,204 | ⬇️ 79.29% | | Net cash generated from (used in) investing activities | 288 | (4) | ⬆️ 7300% | | Net cash used in financing activities | (77,889) | — | N/A | | Change in cash and cash equivalents | (70,097) | 36,200 | ⬇️ 293.58% | | Cash and cash equivalents at end of period | 288,638 | 335,886 | ⬇️ 14.07% | Notes to the Condensed Consolidated Interim Financial Statements 1. Basis of Presentation and Principal Accounting Policies The Group's unaudited results are prepared in accordance with HKFRS, HKAS, and relevant disclosure requirements, using the historical cost convention, except for financial assets measured at fair value; the Group has not early adopted newly issued accounting standards - The Group's unaudited results are prepared in accordance with all requirements of applicable standards and interpretations of Hong Kong Financial Reporting Standards, Hong Kong Accounting Standards, and their interpretations effective at the beginning of the reporting period, as well as applicable disclosure requirements of the Hong Kong Companies Ordinance and Listing Rules[8] - The Group is currently assessing the impact of new standards and amendments but has not yet determined whether these will have any significant impact on its consolidated financial statements in the period of initial application[9] 2. Revenue As a consulting service provider, the Group's revenue primarily derives from providing decision consulting, data platform, and innovation platform services to clients, with contract pricing net of VAT - The Group is a consulting service provider dedicated to offering (i) decision consulting services; (ii) data platform services; and (iii) innovation platform services to government agencies, industrial parks, and enterprises at various levels[10] - Revenue refers to the contract revenue sales amount for services provided to customers (net of VAT), excluding sales surcharges[10] 3. Segment Information The Group's operations are divided into three segments: decision consulting, data platform, and innovation platform services; in H1 2025, decision consulting revenue grew significantly by 20%, while data platform and innovation platform revenues decreased by 18% and 15% respectively - The Group's operating segments are independently arranged and managed according to their business nature and services provided, categorized into decision consulting services, data platform services, and innovation platform services[11] Segment Revenue and Results (For the six months ended June 30) | Segment | 2025 Revenue (RMB '000) | 2024 Revenue (RMB '000) | Y-o-Y Change | 2025 Segment Results (RMB '000) | | :--- | :--- | :--- | :--- | :--- | | Decision Consulting Services | 93,422 | 78,148 | ⬆️ 19.55% | 55,470 | | Data Platform Services | 14,586 | 17,893 | ⬇️ 18.48% | 8,661 | | Innovation Platform Services | 21,315 | 25,142 | ⬇️ 15.22% | 12,656 | | Total | 129,323 | 121,183 | ⬆️ 6.72% | 76,787 | 4. Profit Before Tax The Group's H1 2025 profit before tax was RMB 54,985 thousand, a 16.16% increase from RMB 47,338 thousand in the prior period; staff costs decreased by approximately 15.27% year-on-year Components of Profit Before Tax (For the six months ended June 30) | Metric | 2025 (RMB '000) | 2024 (RMB '000) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Staff costs (excluding directors' emoluments) | 49,640 | 58,471 | ⬇️ 15.27% | | Depreciation of property, plant and equipment | 340 | 520 | ⬇️ 34.62% | | Other income | (1,056) | (1,332) | ⬇️ 20.72% | 5. Taxation The Group's H1 2025 PRC corporate income tax expense was RMB 12,000 thousand, a 33.02% increase year-on-year; the Company and Industry Brain enjoy a preferential 15% CIT rate as high-tech enterprises, while other members are subject to 25% - PRC corporate income tax expense: RMB 12,000 thousand for H1 2025, compared to RMB 9,021 thousand for the corresponding period in 2024[15] - The Company and Beijing CCID Industry Brain Technology Co Ltd are high-tech enterprises located in Beijing High-tech Industrial Development Experimental Zone, enjoying a 15% corporate income tax rate under PRC income tax law[15] - Other members of the Group are subject to a PRC corporate income tax rate of 25%[15] 6. Earnings Per Share For the six months ended June 30, 2025, the Company's basic earnings per share increased to RMB 6.39 cents from 5.93 cents in the prior period; no diluted EPS was calculated as there were no dilutive items - Basic earnings per share: RMB 6.39 cents for H1 2025, compared to RMB 5.93 cents for the corresponding period in 2024[16] - Earnings per share is calculated based on profit attributable to equity holders of the Company of approximately RMB 44,726 thousand for the six months ended June 30, 2025, and the weighted average number of 700,000,000 shares in issue during the period[16] - No diluted earnings per share was calculated for the period as there were no dilutive items for the six months ended June 30, 2025[16] 7. Dividends The Board does not recommend an interim dividend for the six months ended June 30, 2025, consistent with the prior period - The Board does not recommend an interim dividend for the six months ended June 30, 2025 (corresponding period in 2024: no interim dividend paid)[17] 8. Capital Expenditure As of June 30, 2025, the Group's net book value of property, plant and equipment was RMB 9,758 thousand, with additions of RMB 83 thousand, disposals of RMB 335 thousand, and depreciation of RMB 340 thousand during the period; intangible assets' net book value remained unchanged Changes in Capital Expenditure (As of June 30) | Metric | Property, Plant and Equipment (RMB '000) | Intangible Assets (RMB '000) | | :--- | :--- | :--- | | Net book value as at January 1, 2025 | 10,350 | 14,681 | | Additions | 83 | — | | Disposals | (335) | — | | Depreciation/Amortisation expense | (340) | — | | Net book value as at June 30, 2025 | 9,758 | 14,681 | 9. Financial Assets at Fair Value Through Other Comprehensive Income The fair value of CCID Tiandi Equity Fund, held by the Group as a long-term investment, remained unchanged at RMB 1,429 thousand between December 31, 2024, and June 30, 2025 - This long-term investment refers to the CCID Tiandi Equity Fund held by the Company, with a fair value of RMB 1,429 thousand[18] - The Board assessed that there was no significant change in fair value from December 31, 2024, to June 30, 2025[18] 10. Trade Receivables As of June 30, 2025, the Group's total trade receivables were RMB 52,557 thousand, a 30.63% increase from year-end 2024, with receivables within 365 days accounting for the largest portion at RMB 48,718 thousand Ageing Analysis of Trade Receivables (As of June 30) | Ageing | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Within 365 days | 48,718 | 35,441 | | Over 365 days | 3,839 | 4,798 | | Total Trade Receivables | 52,557 | 40,239 | - The Group's credit period generally ranges from 60 to 365 days and may be extended on an individual basis[19] Amounts Due from Related Parties (As of June 30) | Related Party | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Beijing CCID Sci-Tech Innovation Technology Co Ltd | 1,830 | 1,825 | | Beijing CCID Publishing & Media Co Ltd | 350 | 1,271 | | Beijing CCID Technology Engineering Co Ltd | 38 | — | | Beijing CCIDNet Information Technology Co Ltd | 133 | 15 | | Total | 2,351 | 3,111 | 11. Contract Liabilities As of June 30, 2025, the Group's contract liabilities were RMB 161,649 thousand, a 16.58% increase from year-end 2024, primarily representing advances received from customers for unfulfilled or partially fulfilled service contracts - Total contract liabilities: RMB 161,649 thousand as of June 30, 2025, compared to RMB 138,669 thousand as of December 31, 2024[21] - Contract liabilities represent advances received from customers for unfulfilled or partially fulfilled service contracts[21] Revenue Types and Significant Payment Terms | Revenue Type | Significant Payment Terms | | :--- | :--- | | Decision Consulting Services, Data Platform Services | Milestone payments according to agreed terms upon contract signing (deposit ranging from 20% to 40%), submission of initial draft, revised draft, and final acceptance | | Innovation Platform Services (Innovation Center Operations) | Milestone payments according to agreed terms upon contract signing (deposit ranging from 20% to 30%), at the beginning of each subsequent year after the first year of operation (deposit approx. 10%), and upon service delivery | | Innovation Platform Services (Brand Conferences and Exhibitions) | Milestone payments according to agreed terms upon contract signing (deposit ranging from 70% to 100%), and upon service delivery | 12. Trade Payables As of June 30, 2025, the Group's total trade payables were RMB 8,028 thousand, a significant decrease of 44.18% from year-end 2024, with all payables due within 60 days Ageing Analysis of Trade Payables (As of June 30) | Ageing | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Within 60 days | 8,028 | 14,382 | | Total Current Trade Payables | 8,028 | 14,382 | 13. Related Party Disclosures The Group engages in various transactions with related parties controlled by the Research Institute, including providing consulting services and paying property management fees, technical service fees, etc.; in H1 2025, revenue from consulting services to related parties was RMB 529 thousand, with related expenses of RMB 3,008 thousand Revenue from Consulting Services Provided to Related Parties (For the six months ended June 30) | Related Party | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Beijing CCID Publishing & Media Co Ltd | 9 | 163 | | Beijing CCID Technology Engineering Co Ltd | 71 | — | | Beijing CCIDNet Information Technology Co Ltd | 449 | 3 | | Total | 529 | 166 | Related Party Expenses (For the six months ended June 30) | Expense Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Property management and parking fees paid to Beijing CCID Property Management Co Ltd | 576 | 55 | | Utilities, network, and public service fees paid to China Software Testing Center | 14 | 18 | | Technical service fees paid to Beijing CCID Times Information Industry Co Ltd | 69 | 12 | | Conference fees paid to Beijing CCID Publishing & Media Co Ltd | 1,415 | — | | Service fees paid to the Research Institute | 934 | — | | Total | 3,008 | 85 | - All related party transactions disclosed in these unaudited consolidated financial statements constitute 'connected transactions' or 'continuing connected transactions' as defined in Chapter 14A of the Listing Rules and have complied with relevant disclosure requirements[26] Management Discussion and Analysis Revenue Analysis In H1 2025, the Group's total revenue was RMB 129,323 thousand, a 7% year-on-year increase; decision consulting services revenue grew by 20%, while data platform and innovation platform services revenues decreased by 18% and 15% respectively Revenue Analysis by Business Activity (For the six months ended June 30) | Business Activity | 2025 Revenue (RMB '000) | 2024 Revenue (RMB '000) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Decision Consulting Services | 93,422 | 78,148 | ⬆️ 19.55% | | Data Platform Services | 14,586 | 17,893 | ⬇️ 18.48% | | Innovation Platform Services | 21,315 | 25,142 | ⬇️ 15.22% | | Total | 129,323 | 121,183 | ⬆️ 6.72% | Business Review The Group's H1 2025 revenue and gross profit increased by 7% and 12% respectively; decision consulting services revenue grew by 20% due to business transformation and active project settlement, while data platform and innovation platform services revenues decreased by 18% and 15% respectively - For the six months ended June 30, 2025, the Group's revenue and gross profit were approximately RMB 129,323 thousand and RMB 76,787 thousand respectively, representing a year-on-year increase of approximately 7% in revenue and approximately 12% in gross profit[28] - Decision consulting services revenue increased by approximately 20%, primarily due to the company's consulting business transformation and upgrade, and active promotion of project acceptance and settlement[28] - Data platform services revenue decreased by approximately 18%, and innovation platform services revenue decreased by approximately 15%[29] Business Outlook In 2025, the Group will continue to deepen its Business 3.0 strategy, focusing on government and enterprise clients, leveraging CCID Industry Brain and CCID Digital Tech to enhance technological attributes, including enriching research products, strengthening consulting, building project frameworks, serving local governments and enterprises, and promoting industrial data digitalization and tech service system development - The Group will continue to advance its Business 3.0 strategy, deeply cultivate two major client segments, explore new growth from both government and enterprise ends, and continuously enhance its technological attributes relying on CCID Industry Brain and CCID Digital Tech[30] - Continuously enrich and innovate Business 3.0, build a business ecosystem connecting government and enterprises, consolidate and enhance research strongholds, strengthen existing consulting businesses, and further promote digital empowerment[30] - Deeply cultivate local government clients, focusing on urban, county, and park economies; stimulate enterprise client vitality, exploring new products and services centered on IT and advanced manufacturing; strengthen research departments' data accumulation capabilities, promote industrial data digitalization, and accelerate the application of CCID WenDao large models[31] Liquidity and Financial Resources As of June 30, 2025, the Group's cash and bank balances were RMB 288,638 thousand, a year-on-year decrease of approximately 14%; cash flow from operating activities is the primary financial source, and management believes working capital is sufficient - As of June 30, 2025, the Group held cash and bank balances of approximately RMB 288,638 thousand, a decrease of approximately 14% compared to the prior period (June 30, 2024: RMB 335,886 thousand)[32] - Cash flow generated from operating activities is the Group's primary financial source[32] - Management believes that the Group has sufficient working capital to meet its current needs[32] Material Investments As of June 30, 2025, the Group had no material investments - As of June 30, 2025, the Group had no material investments[33] Material Acquisitions and Disposals On June 9, 2025, the Company entered into an agreement with CCID Group to acquire a 40.625% equity interest in Beijing CCID Digital Tech Co Ltd for RMB 75,070,000, making CCID Digital Tech a wholly-owned subsidiary upon completion; no other material acquisitions or disposals occurred during the period - The Company agreed to acquire, and CCID Group Company agreed to sell, a 40.625% equity interest in Beijing CCID Digital Tech Co Ltd ('CCID Digital Tech') for a consideration of RMB 75,070,000[34] - Upon completion of the acquisition, the Company's equity interest in CCID Digital Tech will increase from 59.375% to 100%, and CCID Digital Tech will become a wholly-owned subsidiary of the Company[34] - Save as disclosed above, as of June 30, 2025, the Group had no other material acquisitions or disposals[35] Employees and Remuneration Policy As of June 30, 2025, the Group employed 321 staff, an increase of 36 from the prior period; total staff remuneration for H1 was RMB 49,640 thousand, a year-on-year decrease of approximately 15.1%; the Group implements a performance-oriented remuneration policy, offering comprehensive employee benefits and career development opportunities - As of June 30, 2025, the Group employed a total of 321 staff (June 30, 2024: 285 staff)[36] - For the six months ended June 30, 2025, total staff remuneration was approximately RMB 49,640 thousand (for the six months ended June 30, 2024: approximately RMB 58,471 thousand)[36] - The Group implements a performance-oriented appraisal system, determining remuneration based on employee performance, qualifications, and experience, and provides comprehensive benefits, training, and career planning[36] Capital Structure As of June 30, 2025, the Group's total equity was RMB 178,276 thousand, with 84% attributable to equity holders of the Company Capital Structure Summary (As of June 30, 2025) | Item | Amount (RMB '000) | Percentage | | :--- | :--- | :--- | | Total equity attributable to equity holders of the Company | 149,933 | 84% | | Equity attributable to non-controlling interests | 28,343 | 16% | | Total | 178,276 | 100% | Contingent Liabilities As of June 30, 2025, the Group had no contingent liabilities - As of June 30, 2025, the Group had no contingent liabilities (December 31, 2024: nil)[38] Pledge of 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 (December 31, 2024: nil)[39] Capital and Gearing Ratio As of June 30, 2025, the Group's capital and gearing ratio was approximately 111%, a significant decrease from 222% at year-end 2024 - As of June 30, 2025, the Group's capital and gearing ratio was approximately 111% (December 31, 2024: approximately 222%)[40] - The capital and gearing ratio is calculated as total liabilities plus 2024 final dividend less amounts due to related parties, divided by total equity less 2024 final dividend[40] Exchange Rate Risk The Group adopts a conservative policy in foreign exchange risk management, with most deposits in RMB; USD and HKD deposits may expose the Group to foreign currency exchange rate risk, but the Group considers this risk normal and promptly converts foreign currency deposits to RMB - The Group maintains a conservative policy regarding foreign exchange and interest rate management, with most deposits denominated in RMB[41] - USD and HKD deposits may expose the Group to foreign currency exchange rate risk when converted to RMB; the Group considers this foreign currency exchange rate risk normal and promptly converts foreign currency deposits to RMB[41] Interim Dividend The Board does not recommend an interim dividend for the six months ended June 30, 2025, consistent with the prior period - The Board does not recommend an interim dividend for the six months ended June 30, 2025 (for the six months ended June 30, 2024: nil)[42] Corporate Governance and Shareholder Information Directors', Supervisors' and Chief Executive's Interests and Short Positions in Shares and Underlying Shares As of June 30, 2025, no director, supervisor, chief executive, or their close associates held any interests or short positions in the shares or underlying shares of the Company or its associated corporations required to be notified to the Company and the Stock Exchange under the SFO - As of June 30, 2025, no director, supervisor, chief executive, or their close associates held any interests or short positions in the shares or underlying shares of the Company or any of its associated corporations required to be notified to the Company and the Stock Exchange under Divisions 7 and 8 of Part XV of the Securities and Futures Ordinance[43] Directors' and Supervisors' Rights to Acquire Shares For the six months ended June 30, 2025, the Company neither granted nor exercised any rights to acquire shares or debentures of the Company to directors, supervisors, their spouses, or minor children - For the six months ended June 30, 2025, the Company neither granted any rights to acquire benefits by way of acquisition of shares or debentures of the Company to directors and supervisors, their respective spouses or children under 18, nor were any such rights exercised[44] Share Option Scheme The Company conditionally adopted a share option scheme on November 20, 2002, but as of June 30, 2025, due to unfulfilled conditions regarding H-share subscription and trading restrictions under relevant PRC laws and regulations, the scheme has not yet become effective, and no share options have been granted - The Company conditionally adopted a share option scheme on November 20, 2002[45] - As of June 30, 2025, the conditions had not been fulfilled, thus the share option scheme had not become effective, and no share options had been granted or agreed to be granted under the scheme[45] Substantial Shareholders' Interests and Short Positions in Shares and Underlying Shares of the Company As of June 30, 2025, the Research Institute and its controlled entities, CCID Group Company and CCID Riyue, collectively held 491,000,000 domestic shares, representing 70.14% of the issued share capital; Lenovo Group Limited, through its subsidiaries, held 20,000,000 H shares, representing 2.89% Substantial Shareholders' Long Positions in Shares (As of June 30, 2025) | Name | Capacity | Number and Class of Shares | Approximate Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | | Research Institute | Interest in controlled corporation | 491,000,000 (L) Domestic Shares | 70.14% | | CCID Group Company | Beneficial owner | 392,610,000 (L) Domestic Shares | 56.09% | | Beijing CCID Riyue Investment Co Ltd | Beneficial owner | 98,390,000 (L) Domestic Shares | 14.06% | | Lenovo Manufacturing Limited | Beneficial owner | 20,000,000 (L) H Shares | 2.89% | | Legend Holdings (BVI) Limited | Interest in controlled corporation | 20,000,000 (L) H Shares | 2.89% | | Lenovo Group Limited | Interest in controlled corporation | 20,000,000 (L) H Shares | 2.89% | - The Research Institute, through CCID Group Company and CCID Riyue, beneficially owns 491,000,000 domestic shares in the Company[47] Purchase, Redemption or Sale of the Company's Listed Securities For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities - Neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities (including treasury shares) during the six months ended June 30, 2025[49] Competing Interests No director or controlling shareholder of the Company, or their respective close associates, has any business interests that compete or may compete with the Group - No director or controlling shareholder of the Company (as defined in the Listing Rules), or their respective close associates, has any business interests that compete or may compete with the business of the Group[50] Securities Transactions by Directors and Supervisors The Company has adopted the Model Code for Securities Transactions by Directors and Supervisors in Appendix C3 of the Listing Rules and confirms that all directors and supervisors have complied with the code for the six months ended June 30, 2025 - The Company has adopted the Model Code for Securities Transactions by Directors and Supervisors in Appendix C3 of the Listing Rules and confirms that all directors and supervisors have complied with the code for the six months ended June 30, 2025[51] Changes in Directors' and Supervisors' Information under Rule 13.51B(1) of the Listing Rules There have been no changes in directors' and supervisors' information since the Company's latest published annual report that require disclosure under Rule 13.51B(1) of the Listing Rules - There have been no changes in directors' and supervisors' information since the Company's latest published annual report that require disclosure under Rule 13.51B(1) of the Listing Rules[52] Audit Committee The Audit Committee, comprising three independent non-executive directors, has reviewed the Group's unaudited condensed consolidated interim results for the six months ended June 30, 2025, and considers their preparation to be in compliance with applicable accounting standards and regulatory requirements - The Audit Committee comprises three independent non-executive directors of the Company, Mr Hu Bin, Mr Zhang Tao, and Mr Fang Hongbin, with Mr Zhang Tao serving as Chairman of the Audit Committee[53] - The Audit Committee has reviewed the Group's unaudited condensed consolidated interim results for the six months ended June 30, 2025, and considers their preparation to be in compliance with applicable accounting standards and relevant regulatory and legal requirements[53] Events After Reporting Period Save for the acquisition of CCID Digital Tech equity disclosed under material acquisitions and disposals, there were no other material events affecting the Group after the reporting period - Save as disclosed under material acquisitions and disposals, there were no other material events affecting the Group after the reporting period[54] Corporate Governance For the six months ended June 30, 2025, the Company has complied with the provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules - For the six months ended June 30, 2025, the Company has complied with the provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules[55] Future Plans for Material Acquisitions and Disposals The Group currently has no future plans for material acquisitions and disposals - The Group currently has no future plans for material acquisitions and disposals[56] Risk Management and Internal Control The Board regularly reviews the Group's risk management and internal control systems to ensure their effectiveness and appropriateness, and discusses financial strategies, operations, and risk management - The Board has regularly reviewed the Group's risk management and internal control systems to ensure their effectiveness and appropriateness[57] - The Board has regularly held meetings to discuss financial strategies, operations, and risk management monitoring[57] Sufficiency of Public Float As of the latest practicable date prior to the publication of this report, the Company has maintained the sufficient public float as stipulated by the Listing Rules - Based on publicly available information and to the best knowledge of the directors, as of the latest practicable date prior to the publication of this report, the Company has maintained the sufficient public float as stipulated by the Listing Rules[58] Acknowledgement Ms Shen Wen, Chairman of the Board, on behalf of the Board, extends sincere gratitude to the directors, supervisors, management, employees, suppliers, customers, banks, and shareholders - I would like to take this opportunity to express my sincere gratitude to all directors, supervisors, the Group's management and employees for their dedicated work and wholehearted service, as well as to all suppliers, customers, banks, and shareholders for their continuous support[59] By Order of the Board This report was signed by Ms Shen Wen, Chairman of the Board, on August 22, 2025; the Board comprises two executive directors and three independent non-executive directors - This report was signed by Ms Shen Wen, Chairman of the Board, in Beijing, People's Republic of China, on August 22, 2025[60] - As of the date of this report, the Board members include two executive directors, Ms Shen Wen and Mr Fu Changwen; and three independent non-executive directors, Mr Hu Bin, Mr Zhang Tao, and Mr Fang Hongbin[60]