
Definitions This chapter defines key terms across company operations, governance, finance, and legal aspects for clear report understanding - This section provides definitions of key terms used in the report, covering specialized terminology related to company operations, governance, finance, and legal aspects, such as AI, Share Award Scheme, and Stock Exchange, to ensure clear understanding of the report content456 Company Information Board and Committee Members The Board of Directors includes executive and independent non-executive members, with specific individuals appointed to the Audit, Remuneration, and Nomination Committees - Executive Directors include Mr. Jiang Xiaohuang (Chairman of the Board and Chief Executive Officer), Mr. Xu Lin, and Mr. Sun Bo7 - Independent Non-Executive Directors include Mr. Zhu Wei, Mr. Zhang Jinsong, and Ms. Tang Haiyan7 - The Audit Committee Chairman is Mr. Zhu Wei, the Remuneration Committee Chairman is Mr. Zhang Jinsong, and the Nomination Committee Chairman is Mr. Jiang Xiaohuang7 Company Contact and Professional Advisors The company's registered office is in the Cayman Islands, with principal operations in Suzhou and Hong Kong, and detailed contact information is provided - The Company's website is www.friendtimes.net, and its stock code is 68207 - The auditor is KPMG, and principal bankers include China Construction Bank Suzhou Branch and The Hongkong and Shanghai Banking Corporation Limited9 Financial Highlights Performance Overview For the six months ended June 30, 2025, revenue grew by 18.5% to RMB 623,463 thousand, achieving a profit of RMB 40,713 thousand Performance Summary for the Six Months Ended June 30 | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 623,463 | 526,072 | | Gross Profit | 459,113 | 360,287 | | Profit/(Loss) for the Period | 40,713 | (72,328) | Assets, Liabilities, and Equity Overview As of June 30, 2025, total assets increased to RMB 1,415,713 thousand, liabilities decreased, and equity rose to RMB 1,190,760 thousand Assets, Liabilities, and Equity Summary | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total Assets | 1,415,713 | 1,402,476 | | Total Liabilities | 224,953 | 252,400 | | Total Equity | 1,190,760 | 1,150,076 | Management Discussion and Analysis Overview The Group, a leading integrated R&D and operations mobile game developer, focuses on high-quality cultural products and global market expansion - The Group adheres to a content-first, quality-first approach, aiming to become a globally outstanding cultural and creative enterprise13 - Since its establishment in 2010, the Group has successfully launched several core products, including Legend of Concubine, A Story of Floating Life, and Fleeting Life: Linglong13 - The Group actively explores general user, mini-game, and overseas markets, committed to disseminating traditional Chinese culture globally13 Performance Review For the six months ended June 30, 2025, total revenue reached RMB 623.5 million (up 18.5%), with profit of RMB 40.7 million (up 156.3%), driven by new games and improved margins - Total revenue was approximately RMB 623.5 million, an increase of approximately 18.5% compared to the same period in 202414 - Profit for the period was approximately RMB 40.7 million, turning a loss into profit, an increase of approximately 156.3% compared to the same period in 202414 - Profit growth was primarily attributable to increased revenue from new games (especially mini-games Du Lala's Promotion and Ling Yun Nuo), a higher proportion of high-margin channel income leading to a gross margin increase of approximately 5 percentage points, and a decrease in both R&D expense ratio and selling expense ratio14 Business Review The Group pursues 'premiumization, diversification, globalization' and 'AI+Gaming' strategies, enhancing player experience and achieving strong market performance through long-term operations Product Strategy and Cultural Dissemination The Group's product strategy emphasizes premiumization, diversification, and globalization, integrating oriental aesthetics to disseminate traditional Chinese culture globally - The Group adheres to a 'premiumization, diversification, globalization' strategy, expanding into multiple product categories such as ancient-style female protagonists, Xianxia, classic Wuxia, new national style, modern workplace, casual competitive, and mini-games15 - Upholding the philosophy of 'digital empowerment of culture, innovation-driven heritage', the Group deeply embeds the essence of oriental aesthetics in games and disseminates excellent traditional Chinese culture through cross-industry integration and global deployment15 AI+Gaming Strategy The 'AI+Gaming' strategy drives industrial upgrades and player experience innovation through a full-chain AI application system and platform collaborations - Adopting 'AI+Gaming' as a strategic direction, driving game industrialization upgrades and player experience innovation through technological advancements16 - Building a full-chain AI application system covering R&D, publishing, operations, and enterprise management, focusing on four key areas: platform tool development, data asset accumulation, intelligent agent innovation, and AI-native gameplay experimentation16 - Several of its games have completed native application development for Huawei HarmonyOS, exploring more technical application scenarios for cooperation16 Long-term Operation Strategy The long-term operation strategy focuses on extending product lifecycles through frequent updates, activities, and localized approaches for global market success - Adhering to a long-term operation strategy, extending product lifecycles through frequent version iterations, content updates, operational activities, and IP collaborations16 - Implementing differentiated and localized game content and promotional materials tailored to the characteristics of overseas users in different regions16 - Products launched years ago, such as Legend of Concubine, A Story of Floating Life, and Ling Yun Nuo, maintain strong revenue performance16 Baochao Mengchu Baochao Mengchu, a multiplayer kitchen party mobile game, launched on May 28, 2025, quickly topped charts and expanded content through collaborations - Baochao Mengchu, a multiplayer cooperative real-time competitive kitchen party mobile game, officially launched on May 28, 202518 - After its launch, the game quickly topped charts on various platforms including Apple App Store, Huawei, Xiaomi, VIVO, and Tap Tap18 - Cross-industry collaborations with over 30 food, snack, and beverage brands, along with multiple seasonal updates, enriched game content and gameplay1819 Du Lala's Promotion Du Lala's Promotion mini-game achieved strong performance in China and Korea, reaching top charts and engaging in cross-game collaborations - The female-oriented workplace mobile game Du Lala's Promotion, integrating gameplay such as promotion, dress-up, and casual elements, saw its mini-game version perform exceptionally well, reaching the top 50 on WeChat Mini-Game best-selling list and top 30 on Douyin Mini-Game popularity list21 - In overseas markets, it successfully attracted a large number of Korean players, reaching the top 30 on the Korean iOS game best-selling list21 - On June 11, 2025, a collaboration event with Legend of Concubine was launched, unlocking exclusive gameplay, skins, and items21 Fleeting Life: Linglong Fleeting Life: Linglong, launched January 2, 2024, is a key cultural export project maintaining stable revenue through frequent updates and global presence - The ancient-style sweet romance detective mobile game Fleeting Life: Linglong, launched on January 2, 2024, is the Group's flagship female-oriented ancient-style product22 - It has been launched in multiple regions including Hong Kong, Macau, Taiwan, South Korea, Japan, North America, and Southeast Asia, and was selected as a key national cultural export project22 - Through high-frequency version updates at least twice a month and long-term user acquisition campaigns, the product's revenue remains stable22 Other Mini-Games Mini-games, offering convenient and lightweight experiences, help the Group attract new users, with Ling Yun Nuo and Legend of Concubine showing strong performance - The mini-game segment, with its convenient access, fragmented gameplay, and lightweight experience, helps the Group tap into new user demographics23 - Multiple mini-game products were launched during the reporting period, with Ling Yun Nuo and Legend of Concubine performing exceptionally well23 Shareholder Returns The Group has distributed over RMB 750 million in cash dividends, increased shareholdings via a share award scheme, and the CEO pledged no share reduction for 12 months - The cumulative total cash dividends distributed to shareholders exceeded RMB 750 million, significantly surpassing the net proceeds from listing of RMB 434 million24 - Through the trustee's increased shareholding under the Share Award Scheme, the cumulative total accounts for approximately 3.7% of the Company's total issued share capital24 - Mr. Jiang Xiaohuang, Executive Director, Chairman of the Board, Chief Executive Officer, and controlling shareholder, pledged not to sell any Company shares directly or indirectly held by him through the open market of the Stock Exchange for the next 12 months from July 17, 202525 Outlook The Group plans to deepen integrated R&D and operations, accelerate AI adoption, expand globally with a 'regional deep cultivation + category breakthrough' strategy, and build a premium game matrix - Reserved games, including Code: Lover, Code: Flower, Code: Relic, and Code: MX, are currently under R&D and testing26 - In the future, the Group will continuously deepen its integrated R&D and operations, strengthening core technological R&D capabilities and refined operational systems26 - Accelerating the implementation of AI technology applications and innovative experiments, driving full-scenario process innovation, and firmly pursuing a global development path to create a matrix of premium games with both cultural characteristics and global aesthetic appeal26 Social Responsibility The Group actively integrates ESG into its management, engages in philanthropy, and strictly adheres to national policies for minor protection, including anti-addiction systems Environmental, Social, and Governance The Group integrates ESG into management, participates in various charitable activities, and establishes robust network and data security systems - The Group actively fulfills its corporate social responsibility, integrating Environmental, Social, and Governance issues into its entire corporate management framework and conducting charitable activities27 - Long-term commitment to social responsibility in various areas such as educational assistance, animal rescue, red education, environmental protection, and epidemic prevention and control, and supported the 'Pomegranate Seed Project' charity donation event for Sanhe Primary School in Ergun City, Inner Mongolia27 - Establishing systems for network content security, data security, and account management, strictly complying with relevant laws and regulations in all operating locations worldwide to ensure data security27 Minor Protection The Group strictly adheres to national policies for minor protection, implementing real-name authentication, anti-addiction systems, and parental supervision, with strict game time limits - Strictly adhering to relevant national policies, all games are fully integrated with real-name authentication, anti-addiction systems, and age-appropriate game reminders28 - Implementing regulations restricting low-age consumption, promoting parental supervision projects, and dedicated complaint channels for minors28 - Strictly enforcing the National Press and Publication Administration's new anti-addiction restrictions for minors, providing only 1 hour of online game service to minors between 8 PM and 9 PM on Fridays, Saturdays, Sundays, and statutory holidays28 Financial Review The Group achieved significant revenue growth and improved gross margin, turning a loss into profit, driven by mini-game performance and cost control Revenue For the six months ended June 30, 2025, revenue grew by 18.5% to RMB 623.5 million, primarily driven by mini-game performance - For the six months ended June 30, 2025, the Group's revenue was approximately RMB 623.5 million, an increase of approximately RMB 97.4 million or 18.5% compared to the same period in 202429 - Revenue growth was primarily driven by the outstanding performance of mini-games such as Du Lala's Promotion and Ling Yun Nuo29 Game Revenue by Activity Game revenue, primarily from self-developed game publishing, constitutes 99.98% of total revenue, indicating high core business concentration Revenue Breakdown by Activity | | 2025 (RMB thousands) | Percentage | 2024 (RMB thousands) | Percentage | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue from the Group's publishing of self-developed games | 623,309 | 99.98% | 525,607 | 99.91% | 18.6% | | Revenue from publishing self-developed games through intellectual property licensing arrangements and other | 154 | 0.02% | 465 | 0.09% | –66.8% | | Total Revenue | 623,463 | 100.00% | 526,072 | 100.00% | 18.5% | Game Revenue by Geographical Market Domestic market game revenue increased to 80.1% (up 26.0%), while overseas revenue slightly declined, making the domestic market the primary growth driver Game Revenue Breakdown by Geographical Market | | 2025 (RMB thousands) | Percentage | 2024 (RMB thousands) | Percentage | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic Market | 499,181 | 80.1% | 396,209 | 75.4% | 26.0% | | Overseas Market | 124,128 | 19.9% | 129,398 | 24.6% | -4.1% | | Total Game Revenue | 623,309 | 100.0% | 525,607 | 100.0% | 18.6% | Cost of Sales Cost of sales decreased by 0.9% to RMB 164.4 million, primarily due to lower revenue sharing cost rates from mini-games - Cost of sales decreased by approximately 0.9% from approximately RMB 165.8 million in the same period of 2024 to approximately RMB 164.4 million in the same period of 202534 - Primarily due to a decrease in revenue sharing cost rates after mini-game launches34 Gross Profit and Gross Margin Gross profit increased by 27.4% to RMB 459.1 million, with gross margin rising to 73.6%, driven by higher-margin channel income - Gross profit increased by approximately 27.4% from approximately RMB 360.3 million in the same period of 2024 to approximately RMB 459.1 million in the same period of 202535 - Gross margin increased from approximately 68.5% in the same period of 2024 to approximately 73.6% in the same period of 2025, primarily benefiting from an increased proportion of high-margin channel income35 Selling and Marketing Expenses Selling and marketing expenses increased by 1.7% to RMB 292.1 million, indicating sustained investment in market promotion - Selling and marketing expenses were approximately RMB 292.1 million, an increase of approximately 1.7% compared to the same period in 202436 Research and Development Expenses R&D expenses decreased by 13.7% to RMB 131.8 million, mainly due to reduced personnel and audio-visual animation costs - Research and development expenses were approximately RMB 131.8 million, a decrease of approximately 13.7% compared to the same period in 202437 - Primarily due to reduced expenses related to R&D personnel and audio-visual animation37 General and Administrative Expenses Administrative expenses decreased by 1.5% to RMB 17.8 million, reflecting effective control over management costs - Administrative expenses were approximately RMB 17.8 million, a decrease of approximately 1.5% compared to the same period in 202438 Finance Costs Finance costs decreased by RMB 0.3 million to RMB 1.4 million, mainly due to lower financing cost rates - Finance costs were approximately RMB 1.4 million, a decrease of approximately RMB 0.3 million compared to the same period in 2024, primarily due to a reduction in financing cost rates39 Income Tax Expense Income tax expense significantly increased to RMB 9.9 million from RMB 3.071 million, due to prior year under-provision and current period's positive profit - Income tax expense was approximately RMB 9.9 million, an increase of approximately RMB 6.8 million compared to the same period in 202440 - Primarily due to the positive profit for the reporting period, increasing current income tax expense40 Profit for the Period Profit for the period was RMB 40.7 million, a 156.3% increase from a RMB 72.3 million loss in 2024, successfully turning profitable - Profit for the period was approximately RMB 40.7 million, an increase of approximately RMB 113.0 million or 156.3% compared to a loss of approximately RMB 72.3 million in the same period of 2024, successfully turning a loss into profit41 Liquidity and Capital Resources As of June 30, 2025, the Group's net current liabilities/assets ratio was 0.18, with RMB 137.8 million in cash, positive operating cash flow, and increased investing outflows Cash Flow Summary for the Six Months Ended June 30 Operating cash flow turned positive, investing outflows increased, and financing outflows were for loan repayments, leading to a net decrease in cash and equivalents Cash Flow Summary for the Six Months Ended June 30 | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Net Cash Generated From/(Used In) Operating Activities | 32,855 | (116,276) | | Net Cash (Used In)/Generated From Investing Activities | (188,195) | 163,936 | | Net Cash (Used In)/Generated From Financing Activities | (40,621) | 8,660 | | Net Change in Cash and Cash Equivalents | (195,961) | 56,320 | | Cash and Cash Equivalents at End of Period | 137,846 | 452,704 | Operating Activities Net cash generated from operating activities was RMB 32.9 million, a significant improvement from a RMB 116.3 million net outflow in 2024 - For the six months ended June 30, 2025, net cash generated from operating activities was RMB 32.9 million, a significant improvement from a net outflow of RMB 116.3 million in the same period of 202445 Investing Activities Net cash used in investing activities was RMB 188.2 million, mainly for investments measured at fair value through profit or loss and fixed deposits - For the six months ended June 30, 2025, net cash used in investing activities was RMB 188.2 million46 - Primarily included payments of RMB 760.3 million for the purchase of investments measured at fair value through profit or loss, and payments of RMB 209.3 million for the purchase of fixed deposit investments46 Financing Activities Net cash used in financing activities was RMB 40.6 million, primarily for repaying unsecured bank borrowings, partially offset by new borrowings - For the six months ended June 30, 2025, net cash used in financing activities was RMB 40.6 million47 - Primarily included repayments of unsecured bank borrowings of RMB 79.3 million, and proceeds from unsecured bank borrowings of RMB 38.9 million47 Capital Expenditure Capital expenditure for the six months ended June 30, 2025, increased, primarily for equipment, intangible assets, and new right-of-use assets Capital Expenditure for the Six Months Ended June 30 | | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Equipment | 320 | 178 | | Intangible Assets | 1,253 | 1,526 | | Right-of-use Assets | 1,370 | – | Gearing Ratio and Capital Structure As of June 30, 2025, the gearing ratio improved to 9.3%, bank loans decreased to RMB 110.4 million, and share capital remained stable - As of June 30, 2025, the gearing ratio was 9.3%, a decrease from 13.0% as of December 31, 202449 - The bank loan balance was RMB 110.4 million (December 31, 2024: RMB 149.4 million)49 - The Company's share capital remained unchanged at 2,180,850,000 shares49 Contingent Liabilities As of June 30, 2025, the Group had no unrecorded material contingent liabilities or guarantees - As of June 30, 2025, the Group had no unrecorded material contingent liabilities or any guarantees50 Employees and Remuneration Policy As of June 30, 2025, the Group had 895 employees in China, with remuneration based on performance and market rates, and no major labor disputes - As of June 30, 2025, the Group had 895 employees (December 31, 2024: 887 employees), all based in China51 - Remuneration policy is determined based on employee performance, work experience, and current market salary levels51 - For the six months ended June 30, 2025, no significant labor disputes occurred51 Reorganization and Material Investments For the six months ended June 30, 2025, and up to the report date, the Group had no reorganization or material investments - For the six months ended June 30, 2025, the Group had no reorganization or material investments52 Financial Assets As of June 30, 2025, the Group held structured deposits and limited partnership investments, with some exceeding 5% of total assets, managed by robust policies Financial Assets Exceeding 5% of Total Assets as of June 30, 2025 | Product Type | Bank Name | Subscribed Principal (RMB millions) | Expected Return Rate | Fair Value (RMB millions) | Proportion of Total Assets | | :--- | :--- | :--- | :--- | :--- | :--- | | Structured deposits | Shanghai Pudong Development Bank | 30 | 0.85%~2.2% | 30.13 | - | | Structured deposits | Shanghai Pudong Development Bank | 20 | 0.85%~2.2% | 20.06 | 6.37% | | Structured deposits | Shanghai Pudong Development Bank | 40 | 0.7%~2.05% | 40.05 | - | | Limited partnership investments | Suzhou Yongxin Ronghui Venture Capital Partnership | 30 | - | 34.5 | - | | Limited partnership investments | Suzhou Yongxin Kaituo Venture Capital Partnership | 30 | - | 32.6 | - | | Limited partnership investments | Suzhou Yongxin Rongchang Venture Capital Partnership | 5 | - | 20.5 | - | | Limited partnership investments | Suzhou Yongxin Rongyao Venture Capital Partnership | 5 | - | 4.9 | 7.24% | | Limited partnership investments | Suzhou Yongxin Rongke Venture Capital Partnership | 5 | - | 5.0 | - | | Limited partnership investments | Suzhou Yongxin Ronglun Equity Investment Partnership | 5 | - | 5.0 | - | - The Company has established standardized capital and investment management policies, regularly reviewing investment portfolios and policies to monitor and control potential risks related to investment activities63 Material Acquisitions and Disposals of Assets For the six months ended June 30, 2025, and up to the report date, the Group had no material acquisitions or disposals of assets - For the six months ended June 30, 2025, and up to the date of this report, there were no material acquisitions or disposals of assets58 Off-Balance Sheet Arrangements The Group has no off-balance sheet arrangements, financial guarantees, or commitments to guarantee third-party payment obligations - The Group has no and does not intend to enter into any off-balance sheet arrangements59 - The Group has not entered into any financial guarantees or other commitments to guarantee third-party payment obligations59 Pledge of the Group's Assets As of June 30, 2025, RMB 60.0 million of subsidiary borrowings were pledged by other subsidiaries' fixed deposits - As of June 30, 2025, some borrowings of the Group's subsidiaries were pledged by fixed deposits of other subsidiaries, with a pledged amount of RMB 60.0 million60 Foreign Exchange Risk Most non-RMB transactions are in USD and HKD; management closely monitors foreign exchange risk, incurring no significant losses - Most of the Group's transactions other than RMB for the six months ended June 30, 2025, were denominated in USD and HKD61 - The management team closely monitors foreign exchange risk, ensuring appropriate measures are implemented in a timely and effective manner, and has not incurred any significant foreign currency exchange losses in the past61 Events After Reporting Period No significant events occurred for the Group from June 30, 2025, up to the report date - From June 30, 2025, up to the date of this report, no significant events have occurred for the Group62 Other Information Compliance with Corporate Governance Code The Company complies with the Corporate Governance Code, with the Chairman and CEO roles combined, which the Board believes ensures policy continuity and operational efficiency - The Company has complied with the code provisions set out in the Corporate Governance Code, except for code provision C.2.1 (roles of Chairman and Chief Executive Officer should be separate)64 - Mr. Jiang Xiaohuang currently serves as both Chairman of the Board and Chief Executive Officer of the Company, an arrangement the Board believes helps maintain the Company's policy continuity, operational efficiency, and stability65 - The Board believes that adequate checks and balances and appropriate safeguards are in place, and will continue to regularly monitor and review the current structure65 Compliance with Model Code for Securities Transactions by Directors All Directors confirmed compliance with the Model Code for securities transactions, and the Company's employee trading rules for price-sensitive information also showed no breaches - Following specific enquiries made to all Directors, each Director confirmed compliance with the required standards set out in the Model Code for the six months ended June 30, 202566 - The Company also established employee share dealing rules equivalent to the Model Code for employees who may possess unpublished price-sensitive information, with no breaches identified66 Interim Dividend The Board does not recommend any interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 202567 Audit Committee The Audit Committee, chaired by Mr. Zhu Wei, reviewed the interim financial statements, discussing accounting principles, risk management, internal controls, and financial reporting - Audit Committee members include Mr. Zhu Wei (Chairman), Mr. Zhang Jinsong, and Ms. Tang Haiyan, all of whom are independent non-executive directors68 - The Committee reviewed and discussed the Group's unaudited consolidated interim financial statements and this interim report for the six months ended June 30, 2025, and met with the auditor68 - The Audit Committee also reviewed the accounting principles and practices adopted by the Group, and discussed audit, risk management, internal control, and financial reporting matters68 Changes in Directors' Information Ms. Tang Haiyan ceased an independent directorship and joined the Nomination Committee from August 28, 2025, while Mr. Zhu Wei resigned from the Nomination Committee - Ms. Tang Haiyan ceased to be an independent director of Suzhou Weichuang Electric Technology Co., Ltd. and was appointed as a member of the Company's Nomination Committee, effective from August 28, 202572 - Mr. Zhu Wei ceased to be a member of the Nomination Committee, effective from August 28, 202572 Purchase, Sale or Redemption of the Company's Listed Securities For the six months ended June 30, 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any listed securities, holding no treasury shares - For 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 securities70 - As of June 30, 2025, the Company held no treasury shares70 Sufficiency of Public Float At all times since listing, at least 25% of the Company's issued shares have been publicly held, meeting public float requirements - As of the date of this report, at all times since the listing date, at least 25% of the Company's total issued shares have been held by the public71 Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures As of June 30, 2025, Mr. Jiang Xiaohuang held 57.10% equity, Mr. Xu Lin 0.41%, and Mr. Sun Bo 0.24% equity and 0.02% short position Directors' and Chief Executive's Interests in the Company's Shares or Underlying Shares as of June 30, 2025 | Name | Capacity/Nature of Interest | Number of Shares Held/Interested | Approximate Percentage of Interest | | :--- | :--- | :--- | :--- | | Mr. Jiang Xiaohuang | Interest in controlled corporation/Founder of discretionary trust | 1,245,176,157 (L) | 57.10% | | Mr. Xu Lin | Interest in controlled corporation | 7,141,974 (L) | 0.33% | | | Beneficial owner | 1,776,000 (L) | 0.08% | | Mr. Sun Bo | Interest in controlled corporation | 3,570,987 (L) | 0.16% | | | Beneficial owner | 1,650,000 (L) | 0.08% | | | Person entitled to call for underlying shares | 502,000 (S) | 0.02% | Arrangements to Acquire Shares or Debentures by Directors For the six months ended June 30, 2025, no arrangements existed for Directors to acquire benefits through the acquisition of Company shares or debentures - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries had any arrangements enabling Directors to acquire benefits through the acquisition of shares or debentures of the Company or any other body corporate75 Substantial Shareholders' and Other Persons' Interests and Short Positions in Shares and Underlying Shares As of June 30, 2025, Mr. Jiang Xiaohuang and Ms. Mao Yuyan each held 57.10% equity, while TMF (Cayman) Ltd. and Gorgeous Sunshine Holding Limited each held 47.33% Substantial Shareholders' and Other Persons' Interests in the Company's Shares or Underlying Shares as of June 30, 2025 | Name | Capacity/Nature of Interest | Number of Shares Held/Interested | Approximate Percentage of Interest | | :--- | :--- | :--- | :--- | | Mr. Jiang Xiaohuang | Interest in controlled corporation/Founder of discretionary trust | 1,245,176,157 (L) | 57.10% | | Ms. Mao Yuyan | Interest of spouse | 1,245,176,157 (L) | 57.10% | | TMF (Cayman) Ltd. | Trustee of trust | 1,032,274,116 (L) | 47.33% | | Gorgeous Sunshine Holding Limited | Interest in controlled corporation | 1,032,274,116 (L) | 47.33% | | Eternal Heart Holdings Limited | Beneficial owner | 941,774,116 (L) | 43.18% | | Ling Long Holdings Limited | Beneficial owner | 90,500,000 (L) | 4.15% | | Future Wisdom