银盛数惠(03773) - 2025 - 中期财报

Corporate Information Board of Directors and Committees This section lists the composition of the company's Board of Directors, including executive, non-executive, and independent non-executive directors, as well as changes in the chairpersons of the Audit, Remuneration, and Nomination Committees - The Board of Directors includes executive directors such as Dr. Zhou Jinhuang (Chairman), Mr. Guan Heng (CEO), and Mr. Huang Junmou (Honorary Chairman); non-executive directors such as Mr. Fan Weiguo and Mr. Yu Zida; and independent non-executive directors such as Mr. Zhang Mingqun, Dr. Li Yao, and Ms. Xiang Ting[6][7] - Changes occurred in the chairpersons of the Audit, Remuneration, and Nomination Committees, with Ms. Xiang Ting appointed as Audit Committee Chairwoman on May 12, 2025, and Ms. Zou Guoying resigning on the same day[6][7] Company Contacts and Registrars This section provides detailed addresses for the company's registered office in the Cayman Islands, China headquarters, and principal place of business in Hong Kong, along with information on the principal share registrar and Hong Kong share registrar - The Company is registered in the Cayman Islands, headquartered in Nanshan District, Shenzhen, China, with its principal place of business in Hong Kong located on Queen's Road East, Wan Chai[9][10] - The principal share registrar and transfer office is Maples Fund Services (Cayman) Limited, and the Hong Kong share registrar is Hong Kong Central Share Registrar Limited[9][10] Legal and Audit Information This section lists the company's legal counsel in Hong Kong and the Cayman Islands, as well as detailed information on its external auditor - Hong Kong legal counsel is Chow Chun Hin Solicitors in association with Commerce & Finance Law Offices, and Cayman Islands legal counsel is Maples and Calder (Hong Kong) LLP[11][12] - The Company's auditor is UHY CPA Limited, a registered public interest entity auditor[12] Principal Bankers and Stock Details This section provides the names and addresses of the company's principal bankers, along with its stock code and official website - Principal bankers include branches of China Construction Bank, Bank of China, and China Everbright Bank in Shenzhen[12] - The Company's stock code is 3773, and its official website is **www.ysdf.com.cn**[12](index=12&type=chunk)[13] Management Discussion and Analysis Business Review In H1 2025, China's consumer sector saw a moderate recovery, digital rights product penetration increased, and explosive AI growth reshaped the digital marketing industry chain. The Group optimized its business structure, focused on high-margin segments, increased AI R&D investment, and achieved strong growth in digital marketing revenue, but profit attributable to owners decreased due to increased strategic transformation investments - China's consumer sector experienced a moderate recovery supported by policies and restored consumer confidence, leading to increased penetration of digital rights products[16][19] - Artificial intelligence (AI) technology saw explosive growth in vertical application fields, profoundly reshaping the digital marketing industry chain ecosystem[16][19] H1 2025 Key Financial Indicators | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 69.9 | 61.3 | +14.0% | | Gross Profit | 44.1 | 48.1 | -8.3% | | Digital Marketing Business Revenue | 34.3 | 8.9 | Significant growth | | Profit Attributable to Owners of the Company | 12.5 | 21.3 | -41.3% | | R&D Expenses | 6.1 | 5.3 | +15.1% | - The Group's Shenzhen Niannianka Network Technology Co., Ltd. secured bids for projects from several large banks and established partnerships with renowned consumer brands such as Mixue Bingcheng, Cha Bai Dao, Ba Wang Cha Ji, and KFC, solidifying its competitive position in the industry[23][25] - The Group, driven by digitalization, focuses on AI agents, intelligent user operations, and omni-channel data platform development, officially launching its self-developed digital rights trading platform 'Shuhui Jucai Mall' and upgrading the 'Shuhui Master' intelligent platform system[28][31] Outlook Management anticipates significant growth for AI agents in vertical applications within digital rights trading. The Group will continue to integrate technological innovation deeply with core business processes, increase AI R&D investment, develop AI agent tools, accelerate overseas business expansion, and optimize internal resources and talent development for sustainable growth and long-term value creation - General AI large models, represented by GROK-4, have achieved breakthroughs in multi-step reasoning, tool invocation, and task closure capabilities, making AI agents viable for vertical applications in digital rights trading, with demand expected to grow significantly[32][33] - The Group will continue to integrate technological innovation deeply with core business processes, increase R&D investment in AI, and develop AI agent tools for digital rights consumption to create diverse value experiences for consumers[32][33] - The Group will accelerate its overseas expansion, explore more diverse markets, and focus on internal resource aggregation and synergy, talent acquisition and development, continuously optimizing organizational structure and innovation efficiency[32][33] Financial Review This section provides a detailed review of the Group's financial performance in H1 2025, including revenue growth, gross profit decline, changes in various expenses, and key financial indicators such as liquidity, capital structure, and receivables. Revenue growth was primarily driven by strong digital marketing business performance, but gross profit margin decreased due to rising costs, while increased R&D and sales investments led to a significant decline in net profit Revenue The Group's total revenue increased by 14.0% year-on-year to RMB69.9 million, primarily driven by significant growth in digital marketing service revenue and transaction volume, offsetting the decline in mobile phone top-up service revenue Revenue Comparison (H1 2025 vs H1 2024) | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Total Revenue | 69.9 | 61.3 | +14.0% | | Digital Marketing Business Revenue | 34.3 | 8.9 | Significant growth | - Digital marketing business revenue significantly increased, primarily due to expanded collaborations with well-known lifestyle service brands like WeChat Pay, Alipay (for instant discounts, coupons, and loyalty points marketing), financial channel clients, and large state-owned banks[36][40] Cost of Revenue Cost of revenue significantly increased by 114.3% year-on-year to RMB25.5 million, primarily due to higher costs associated with digital marketing services Cost of Revenue Comparison (H1 2025 vs H1 2024) | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Cost of Revenue | 25.5 | 11.9 | +114.3% | - The significant increase in cost of revenue was primarily attributable to higher costs associated with digital marketing services during the reporting period[37][41] Gross Profit and Gross Profit Margin Gross profit decreased by 8.3% year-on-year to RMB44.1 million, with the overall gross profit margin falling from 78.5% to 63.1%, mainly due to increased transaction volume in digital marketing services leading to higher platform fees and promotion costs Gross Profit and Gross Profit Margin Comparison (H1 2025 vs H1 2024) | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Gross Profit | 44.1 | 48.1 | -8.3% | | Gross Profit Margin | 63.1% | 78.5% | -15.4 percentage points | - The decrease in gross profit margin was mainly due to increased transaction volume in digital marketing services, leading to higher platform fees and promotion costs[39][42] Other Income, net Other income, net, significantly decreased by 63.2% year-on-year to RMB2.8 million, primarily due to reduced government subsidies Other Income, net Comparison (H1 2025 vs H1 2024) | Indicator