Financial Performance - Total revenue for the six months ended June 30, 2025, was RMB 829.4 million, an increase of 16.8% compared to RMB 710.4 million for the same period in 2024[12]. - The company recorded a loss of RMB 33.4 million for the six months ended June 30, 2025, a significant reduction of 81.4% from a loss of RMB 179.6 million in the same period of 2024[13]. - Adjusted net loss (non-IFRS) was RMB 28.6 million, down 28.1% from RMB 39.8 million in the prior year[14]. - Adjusted EBITDA (non-IFRS) loss was RMB 3.5 million, a 64.6% improvement from a loss of RMB 9.9 million in the previous year[14]. - Total comprehensive loss for the six months ended June 30, 2025, was RMB 198.6 million, compared to RMB 34.7 million for the same period in 2024, primarily due to changes in the fair value of convertible redeemable preferred shares[51]. Revenue Breakdown - AI-related revenue reached RMB 184.0 million, accounting for 22.2% of total revenue for the period[13]. - Total revenue from MPaaS products increased by 16.4% to RMB 591,412,000 for the six months ended June 30, 2025, driven by growth in QCDN, Kodo, and Dora[30]. - QCDN revenue reached RMB 375,772,000, accounting for 64% of total MPaaS revenue, compared to 68% in the previous year[29]. - APaaS revenue increased by 24.4% to RMB 221,895,000, primarily due to a significant rise in video marketing revenue[33]. - Total revenue from other services for the six months ended June 30, 2025, was RMB 16.1 million, accounting for approximately 1.9% of total revenue[37]. User and Market Insights - As of June 30, 2025, the registered developer user base exceeded 1.6 million[15]. - The number of users for AI large model services exceeded 10,000 by early August 2025, indicating strong market demand[26]. - AI inference computing in China is projected to grow at a compound annual growth rate of 190% from 2024 to 2028, with its scale expected to surpass training computing by 2028[26]. - The global AI audio and video application market is shifting towards commercial implementation, requiring low latency and high concurrency capabilities[25]. Cost and Expenses - Sales cost increased by 20.4% from RMB 558.0 million for the six months ended June 30, 2024, to RMB 671.9 million for the six months ended June 30, 2025, consistent with revenue growth[38]. - R&D expenses rose by 6.9% from RMB 70.7 million for the six months ended June 30, 2024, to RMB 75.6 million for the same period in 2025, driven by increased investment in APaaS and AI-related projects[42]. - Selling and marketing expenses decreased from RMB 56.0 million for the six months ended June 30, 2024, to RMB 49.9 million for the same period in 2025, due to ongoing cost control efforts[43]. - Administrative expenses decreased from RMB 57.0 million for the six months ended June 30, 2024, to RMB 45.0 million for the same period in 2025, reflecting continued cost management[45]. Assets and Liabilities - Non-current assets decreased by 6.4% to RMB 190.6 million from RMB 203.6 million as of December 31, 2024[12]. - Current assets decreased by 11.0% to RMB 888.4 million from RMB 998.7 million as of December 31, 2024[12]. - Current liabilities decreased by 11.9% to RMB 662.5 million from RMB 752.2 million as of December 31, 2024[12]. - Total equity attributable to owners of the parent decreased by 6.8% to RMB 405.7 million from RMB 435.5 million as of December 31, 2024[12]. - The company's debt-to-asset ratio as of June 30, 2025, was 62.4%[52]. Cash Flow and Investments - The net cash flow used in operating activities for the six months ended June 30, 2025, was RMB 89.5 million, primarily due to a pre-tax loss of RMB 33.3 million[54]. - The net cash flow used in investing activities for the same period was RMB 149.7 million, mainly from cash outflows related to fixed deposits[56]. - The net cash flow used in financing activities was RMB 5.6 million, reflecting cash inflows from new borrowings offset by repayments of lease liabilities and other borrowings[58]. - Total capital expenditures for the six months ended June 30, 2025, amounted to RMB 17.3 million[60]. Corporate Governance and Compliance - The company has complied with all applicable Chinese laws and regulations without facing any penalties or enforcement actions during the reporting period[81]. - The audit committee consists of three independent non-executive directors, ensuring compliance with listing rules regarding audit committee composition[94]. - The company has maintained high standards of corporate governance to protect shareholder interests[89]. Shareholder Information - As of June 30, 2025, the total number of issued shares of the company is 1,996,644,474 shares[2]. - The company did not declare any interim dividend for the six months ending June 30, 2025[93]. - The company has adopted a share incentive plan in August 2025 that does not involve issuing new shares[99]. - The company has adopted a pre-IPO share scheme to attract and retain top talent since January 14, 2013[110]. Stock Options and Incentives - The total number of stock options granted under the pre-IPO share option plan is 131,225,193, with 129,798,693 options remaining unexercised as of June 30, 2025[129]. - The maximum number of shares that may be granted or issued under the pre-IPO share option plan is capped at 18,107,143 shares, excluding the impact of capitalized issues[123]. - The exercise price for stock options granted to executives ranges from $0.015 to $0.3000, with the highest number of options (50,400,000) granted to the executive director Chen Yiling at an exercise price of $0.0459[129]. - The company has adopted a post-IPO share option plan approved by shareholders on September 25, 2024, effective from the listing date[131]. - The purpose of the post-IPO share option plan is to incentivize qualified participants for their contributions to the company and to retain outstanding employees[132].
七牛智能(02567) - 2025 - 中期财报