[Announcement Regarding Exemption from 2025 Interim Report](index=1&type=section&id=Announcement_2025_Interim_Report_Exemption) The company announces its exemption from publishing a separate 2025 interim report, citing listing rule compliance and prospectus disclosures [Background and Basis for Exemption](index=1&type=section&id=Exemption_Background_Basis) The Group is exempt from publishing a separate H1 2025 interim report, citing HKEX Listing Rules compliance and prospectus disclosures - Listing Rule 13.48(1) requires issuers to send interim reports within three months after the first six months of the financial year[4](index=4&type=chunk) - Reasons for the company's exemption include: (i) the prospectus already contains comparative financial information for the six months ended June 30, 2025, and June 30, 2024; (ii) the prospectus already contains a corporate governance code compliance statement; (iii) the company will not violate constitutional documents or applicable laws and regulations of the Cayman Islands[4](index=4&type=chunk) - The Company will not separately prepare and publish an interim report or interim summary report for the six months ended June 30, 2025[4](index=4&type=chunk) [Financial Information Disclosure Arrangements](index=2&type=section&id=Financial_Information_Disclosure) Financial results for H1 2025 are fully disclosed in the prospectus, accessible via HKEX and company websites - Financial results for the six months ended June 30, 2025, are included in the prospectus[5](index=5&type=chunk) - The prospectus is available on the HKEX website www.hkexnews.hk and the Company's website www.butong.com[5](index=5&type=chunk) [Board of Directors Information](index=2&type=section&id=Board_of_Directors_Information) The Board of Directors consists of three executive and three independent non-executive directors, chaired by Mr. Wang Wei - Board members include executive directors Mr. Wang Wei, Ms. Shen Ling, and Mr. Yan Dong[5](index=5&type=chunk) - Board members include independent non-executive directors Mr. Yan Jianjun, Mr. Yu Zhenqiu, and Ms. Chen Yingqi[5](index=5&type=chunk) - The Chairman of the Board is Mr. Wang Wei[5](index=5&type=chunk)

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 HUAZHANG TECHNOLOGY HOLDING LIMITED 華章科技控股有限公司 （在開曼群島註冊成立的有限公司） （股份代號：1673） 截 至2025年6月30日 止 年 度 年 度 業 績 公 告 | 財 | 務 | 摘 | 要 | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 截 | 至6月30日 | 止 | 年 | 度 | 變 | 幅 | 2025 | 2024 | | ...

2025 報告 INTERIM REPORT 2025 中期報告 融創服務控股有限公司（「本公司」，連同其附屬公司統稱為「本集 團」）是一家於香港聯合交易所有限公司（「聯交所」）主板上市的公 司。 本集團自成立以來，聚焦核心城市中高端物業，踐行高質量發展 戰略，佈局物業管理及商業運營綜合服務兩大業務板塊，逐步確 立了行業領先地位。本集團始終以「至善•致美」為服務理念，為 客戶提供全面的高品質物業服務，致力於成為「中國品質服務首 選品牌」。 Sunac Services Holdings Limited (the "Company", together with its subsidiaries, the "Group") is a company listed on the Main Board of The Stock Exchange of Hong Kong Limited (the "Stock Exchange"). Since its establishment, the Group has focused on mid-to-high- end properties in core cities ...

[Consolidated Financial Results](index=1&type=section&id=I.%20Consolidated%20Financial%20Results) [Consolidated Statement of Profit or Loss](index=1&type=section&id=1.1%20Consolidated%20Statement%20of%20Profit%20or%20Loss) The Group recorded a net loss of **88.65 million HKD** for the year ended June 30, 2025, a reversal from a net profit of **17.15 million HKD** in the prior year, primarily due to a **26.3% revenue decline** and significant impairment losses on property, plant, and equipment and right-of-use assets Key Financial Data from Consolidated Statement of Profit or Loss | Metric | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 218,338 | 296,242 | -26.3% | | Cost of sales | (156,746) | (212,512) | -26.3% | | Gross profit | 61,592 | 83,730 | -26.4% | | Other income | 13,656 | 16,861 | -19.0% | | Government grants | 664 | 477 | +39.2% | | Selling and distribution expenses | (5,276) | (5,438) | -3.0% | | Administrative expenses | (65,207) | (72,111) | -9.5% | | Net other operating income | 554 | 3,655 | -84.8% | | Finance costs | (7,049) | (7,903) | -10.8% | | Impairment of property, plant and equipment | (57,730) | (756) | +7589.1% | | Impairment of right-of-use assets | (29,990) | (444) | +6656.8% | | Profit/(Loss) before tax | (88,786) | 18,071 | -590.2% | | Income tax credit/(expense) | 138 | (926) | -114.9% | | Profit/(Loss) for the year | (88,648) | 17,145 | -617.0% | | Basic and diluted earnings/(loss) per share | (18.47) HK cents | 3.57 HK cents | -617.0% | [Consolidated Statement of Comprehensive Income](index=2&type=section&id=1.2%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the year ended June 30, 2025, the Group reported a total comprehensive loss of **91.52 million HKD**, a significant deterioration from a total comprehensive income of **16.09 million HKD** in the prior year, mainly due to the annual loss and exchange differences from overseas operations Key Data from Consolidated Statement of Comprehensive Income | Metric | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (thousand HKD) | | :--- | :--- | :--- | :--- | | Profit/(Loss) for the year | (88,648) | 17,145 | (105,793) | | Exchange differences on translation of overseas operations | (2,869) | (1,059) | (1,810) | | Other comprehensive loss for the year, net of tax | (2,869) | (1,059) | (1,810) | | Total comprehensive income/(loss) for the year | (91,517) | 16,086 | (107,603) | [Consolidated Statement of Financial Position](index=3&type=section&id=1.3%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets and net assets both decreased, with total non-current assets falling by **33.9%** and net assets by **22.6%**, primarily due to impairment of property, plant, and equipment and right-of-use assets Key Data from Consolidated Statement of Financial Position | Metric | 2025 (thousand HKD) | 2024 (thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | **Non-current Assets** | | | | | Property, plant and equipment | 89,585 | 158,956 | -43.6% | | Right-of-use assets | 71,453 | 93,302 | -23.5% | | Total non-current assets | 171,174 | 258,780 | -33.9% | | **Current Assets** | | | | | Inventories | 17,930 | 16,969 | +5.7% | | Trade receivables | 40,824 | 26,000 | +57.0% | | Cash and cash equivalents | 276,650 | 316,885 | -12.7% | | Total current assets | 344,165 | 373,656 | -7.9% | | **Current Liabilities** | | | | | Trade payables | 12,807 | 9,641 | +32.8% | | Total current liabilities | 55,887 | 52,984 | +5.5% | | **Non-current Liabilities** | | | | | Lease liabilities | 86,239 | 97,389 | -11.4% | | Total non-current liabilities | 88,026 | 99,709 | -11.7% | | **Equity** | | | | | Net assets | 371,426 | 479,743 | -22.6% | [Notes to the Financial Statements](index=4&type=section&id=II.%20Notes%20to%20the%20Financial%20Statements) [Company and Group Information](index=4&type=section&id=2.1%20Company%20and%20Group%20Information) The Company is an investment holding company incorporated in the Cayman Islands, with its principal place of business in Hong Kong, and the Group's business involves manufacturing and selling printed products - The company is registered in the Cayman Islands, with its principal place of business in Hong Kong, and the Group's main business is the **manufacturing and sale of printed products**[6](index=6&type=chunk)[7](index=7&type=chunk) [Basis of Preparation and Changes in Accounting Policies](index=4&type=section&id=2.2%20Basis%20of%20Preparation%20and%20Changes%20in%20Accounting%20Policies) Financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and the Hong Kong Companies Ordinance, using the historical cost convention, with newly adopted revised standards having no material impact on the Group's financial position or performance - Financial statements are prepared in accordance with **Hong Kong Financial Reporting Standards** and the **Hong Kong Companies Ordinance**, adopting the historical cost convention[8](index=8&type=chunk) - Newly adopted revised standards for the current year include **HKFRS 16** (lease liabilities in a sale and leaseback transaction), **HKAS 1** (classification of liabilities as current or non-current, non-current liabilities with covenants), and **HKAS 7/HKFRS 7** (supplier finance arrangements)[9](index=9&type=chunk) - The revised standards have **no impact** on the Group's financial position or performance, as the Group is not involved in sale and leaseback transactions with variable lease payments, liability classifications remain unchanged, and there are no supplier finance arrangements[10](index=10&type=chunk)[11](index=11&type=chunk) [Operating Segment Information](index=6&type=section&id=2.3%20Operating%20Segment%20Information) The Group operates a single reportable segment, manufacturing and selling printed products, with revenue primarily from Europe, Hong Kong, and Mainland China, where revenue significantly grew, and non-current assets mainly located in Mainland China and Indonesia, posing credit concentration risk with two major customers - The Group has only one reportable operating segment: **manufacturing and selling printed products**[12](index=12&type=chunk) [Geographical Information](index=6&type=section&id=2.3.1%20Geographical%20Information) In 2025, the Group's revenue primarily originated from Europe (**71.41 million HKD**), Hong Kong (**65.43 million HKD**), and Mainland China (**50.33 million HKD**), with Mainland China revenue significantly increasing by **263.0%** year-on-year, and non-current assets concentrated in Mainland China (**132.92 million HKD**) and Indonesia (**24.95 million HKD**) Revenue from External Customers (by location of delivery) | Revenue Source | 2025 (thousand HKD) | 2024 (thousand HKD) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Europe | 71,413 | 88,241 | -19.1% | | Hong Kong | 65,425 | 84,408 | -22.5% | | Mainland China | 50,327 | 13,870 | +263.0% | | Asia (excluding Mainland China and Hong Kong) | 12,344 | 25,358 | -51.3% | | United States | 7,643 | 56,748 | -86.5% | | Oceania | 2,566 | 13,959 | -81.6% | | Others | 8,620 | 13,658 | -36.9% | | **Total Revenue** | **218,338** | **296,242** | **-26.3%** | Non-current Assets (by location of assets) | Location of Non-current Assets | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Mainland China | 132,921 | 247,933 | | Republic of Indonesia | 24,949 | – | | Hong Kong | 8,985 | 7,124 | | **Total** | **166,855** | **255,057** | [Major Customer Information](index=6&type=section&id=2.3.2%20Major%20Customer%20Information) The Group exhibits high revenue concentration with two major customers, with Customer A's revenue contribution significantly decreasing from **180.48 million HKD** in 2024 to **91.72 million HKD** in 2025 Revenue from Major Customers | Customer | 2025 (thousand HKD) | 2024 (thousand HKD) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Customer A | 91,720 | 180,482 | -49.2% | | Customer B | 27,292 | 34,971 | -22.0% | [Revenue, Other Income and Government Grants](index=7&type=section&id=2.4%20Revenue,%20Other%20Income%20and%20Government%20Grants) In 2025, the Group's total revenue was **218.34 million HKD**, entirely from goods transferred at a point in time under customer contracts, while total other income and government grants decreased by **17.4%** to **14.32 million HKD**, mainly due to reduced interest income Analysis of Revenue, Other Income and Government Grants | Metric | 2025 (thousand HKD) | 2024 (thousand HKD) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue from customer contracts | 218,338 | 296,242 | -26.3% | | Interest income | 13,530 | 16,349 | -17.3% | | Total other income | 13,656 | 16,861 | -19.0% | | Government grants | 664 | 477 | +39.2% | | **Total other income and government grants** | **14,320** | **17,338** | **-17.4%** | - Government grants primarily originate from **innovation and technology transformation programs** in Mainland China and Hong Kong, as well as **employment stabilization subsidies**[16](index=16&type=chunk) [Details of Profit/(Loss) Before Tax](index=8&type=section&id=2.5%20Details%20of%20Profit/(Loss)%20Before%20Tax) The Group's 2025 loss before tax was **88.79 million HKD**, primarily impacted by **87.72 million HKD** in impairment losses on property, plant, and equipment and right-of-use assets, with staff welfare expenses and depreciation decreasing, but trade receivables impairment losses significantly increasing Items Deducted From/(Credited To) Profit/(Loss) Before Tax | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Cost of inventories sold | 156,746 | 212,512 | -26.3% | | Depreciation of property, plant and equipment | 21,321 | 21,747 | -1.9% | | Depreciation of right-of-use assets | 13,447 | 14,104 | -4.6% | | Total staff welfare expenses | 60,649 | 65,805 | -7.8% | | Write-down/(Reversal of impairment loss) on trade receivables | 1,984 | (151) | +1413.2% | | Impairment of property, plant and equipment | 57,730 | 756 | +7589.1% | | Impairment of right-of-use assets | 29,990 | 444 | +6656.8% | | Interest on lease liabilities | 7,049 | 7,903 | -10.8% | [Income Tax](index=9&type=section&id=2.6%20Income%20Tax) In 2025, the Group recorded an income tax credit of **0.14 million HKD**, compared to an income tax expense of **0.93 million HKD** in 2024, mainly due to reduced tax provisions resulting from lower assessable profits in Hong Kong - Hong Kong profits tax rate is **16.5%**, with qualifying subsidiaries taxed at **8.25%** for the first **2 million HKD** of assessable profits[19](index=19&type=chunk) Total Income Tax Expense/(Credit) | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Total tax expense/(credit) for the year | (138) | 926 | [Dividends](index=9&type=section&id=2.7%20Dividends) The Group proposed total dividends of **21.60 million HKD** for 2025, comprising interim, special, and final dividends, exceeding the **16.80 million HKD** distributed in 2024 Dividend Distribution | Dividend Type | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Interim dividend (1.0 HK cent per share) | 4,800 | 4,800 | | Proposed special dividend (1.0 HK cent per share) | 4,800 | – | | Proposed final dividend (2.5 HK cents per share) | 12,000 | 12,000 | | **Total** | **21,600** | **16,800** | [Earnings/(Loss) Per Share](index=10&type=section&id=2.8%20Earnings/(Loss)%20Per%20Share) Basic loss per share was **18.47 HK cents** in 2025, a reversal from basic earnings per share of **3.57 HK cents** in 2024, primarily due to the annual loss, with basic and diluted figures being identical due to no potential dilutive ordinary shares Earnings/(Loss) Per Share Calculation | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Profit/(Loss) attributable to equity holders of the Company (thousand HKD) | (88,648) | 17,145 | | Weighted average number of ordinary shares in issue during the year | 480,000,000 | 480,000,000 | | Basic and diluted earnings/(loss) per share (HK cents) | (18.47) | 3.57 | [Trade Receivables](index=11&type=section&id=2.9%20Trade%20Receivables) Net trade receivables increased to **40.82 million HKD** in 2025, a **57.0%** year-on-year rise, mainly due to a significant increase in impairment losses to **2.17 million HKD**, with the Group facing **47%** credit concentration risk from two major customers Trade Receivables and Impairment Losses | Metric | 2025 (thousand HKD) | 2024 (thousand HKD) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Trade receivables | 42,995 | 26,187 | +64.2% | | Less: Impairment losses | (2,171) | (187) | +1061.0% | | Carrying amount, net | 40,824 | 26,000 | +57.0% | - Trade terms typically involve a **one-month credit period**, extendable up to **four months**, and **47%** of the Group's trade receivables are from two major customers, indicating **credit concentration risk**[23](index=23&type=chunk) Ageing Analysis of Trade Receivables | Ageing | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Within 1 month | 23,944 | 14,092 | | 1 to 2 months | 10,614 | 7,374 | | 2 to 3 months | 2,706 | 4,121 | | Over 3 months | 3,560 | 413 | | **Total** | **40,824** | **26,000** | [Trade Payables](index=12&type=section&id=2.10%20Trade%20Payables) Total trade payables increased to **12.81 million HKD** in 2025, a **32.8%** year-on-year rise, with these non-interest-bearing payables typically settled within three months Ageing Analysis of Trade Payables | Ageing | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Within 1 month | 7,204 | 5,071 | | 1 to 2 months | 4,594 | 4,157 | | 2 to 3 months | 737 | 219 | | Over 3 months | 272 | 194 | | **Total** | **12,807** | **9,641** | - Trade payables are **non-interest-bearing** and typically settled within **three months**[25](index=25&type=chunk) [Management Discussion and Analysis](index=13&type=section&id=III.%20Management%20Discussion%20and%20Analysis) [Business Review](index=13&type=section&id=3.1%20Business%20Review) As a one-stop printing service provider, the Group faced macroeconomic challenges and subdued demand in the Hong Kong printing industry in FY2025, responding with risk mitigation, business diversification, cost control, strategic investment in ESG Print Limited, and planning for an Indonesian manufacturing center, resulting in a shift from profit to loss due to revenue decline and asset impairment - The Group faced a challenging macroeconomic backdrop in FY2024-2025, including **geopolitical tensions**, **Sino-US trade friction**, **high inflation**, and concerns over **slowing global economic growth**[27](index=27&type=chunk) - The Group implemented measures to **mitigate risks**, **diversify business exposure**, and **safeguard profitability**, including strategic investment in **ESG Print Limited** to address sustainability demands, advancing plans for an **Indonesian manufacturing center** to enhance cost competitiveness, and strengthening **cost control and operational management**[27](index=27&type=chunk) [Service Overview](index=13&type=section&id=3.1.1%20Service%20Overview) The Group offers diverse printing services, encompassing packaging printing (corrugated boxes, gift boxes), paper gift set printing, color card printing, smart packaging printing (RFID tags, QR codes), and other printing services - The Group provides five main categories of printing services: **packaging printing**, **paper gift set printing**, **color card printing**, **smart packaging printing** (including RFID tags and QR codes), and **other printing services**[26](index=26&type=chunk) [Operating Environment and Strategic Responses](index=13&type=section&id=3.1.2%20Operating%20Environment%20and%20Strategic%20Responses) Facing challenges like geopolitical tensions, Sino-US trade friction, high inflation, and global economic slowdown, the Group mitigates risks, diversifies business, and safeguards profitability through strategic investment in ESG Print Limited, planning an Indonesian manufacturing center, strengthening cost control, and optimizing operational management - The macroeconomic backdrop is challenging, including **geopolitical tensions**, **Sino-US trade friction**, **high inflation**, and **slowing global economic growth**, leading to reduced customer confidence and orders[27](index=27&type=chunk) - The Group strategically invested in **ESG Print Limited** to meet ESG-related printing demands and is advancing plans for an **Indonesian manufacturing center** to enhance cost competitiveness and supply chain resilience[27](index=27&type=chunk) - The Group is strengthening operational management discipline by **enhancing cost control**, **optimizing procurement and production scheduling**, and **focusing on service quality**[27](index=27&type=chunk) [Overall Financial Performance](index=13&type=section&id=3.1.3%20Overall%20Financial%20Performance) In FY2025, the Group's revenue decreased by **26.3%** to **218.3 million HKD**, and gross profit fell by **26.4%**, shifting from a **17.1 million HKD** profit last year to an **88.6 million HKD** loss, primarily due to **87.7 million HKD** in asset impairment losses, with basic earnings per share turning into a basic loss per share of **18.47 HK cents** - For the year ended June 30, 2025, the Group's revenue decreased by **26.3%** to approximately **218.3 million HKD**, primarily due to reduced revenue from **color card and paper gift set printing**, reflecting conservative customer spending patterns amid global economic slowdown and high inflation[28](index=28&type=chunk)[40](index=40&type=chunk) - Gross profit decreased by **26.4%** year-on-year to approximately **61.6 million HKD**, with the gross profit margin remaining stable at approximately **28.2%** (2024: **28.3%**)[28](index=28&type=chunk)[29](index=29&type=chunk)[41](index=41&type=chunk) - The Group shifted from a profit of approximately **17.1 million HKD** last year to a loss of approximately **88.6 million HKD** for the year, primarily due to impairment losses totaling approximately **87.7 million HKD** on property, plant, and equipment and right-of-use assets[29](index=29&type=chunk)[45](index=45&type=chunk) - Basic loss per share was **18.47 HK cents**, compared to basic earnings per share of **3.57 HK cents** in the prior year[29](index=29&type=chunk) [Business Unit Overview](index=14&type=section&id=3.2%20Business%20Unit%20Overview) The Group comprises five main business units, with packaging printing and other printing revenues growing in FY2025, while paper gift set, color card, and smart packaging printing revenues declined, reflecting shifts in market demand and conservative customer spending - The Group consists of five main business units: **packaging printing**, **paper gift set printing**, **color card printing**, **smart packaging printing**, and **other printing**[30](index=30&type=chunk) [Revenue Contribution](index=14&type=section&id=3.2.1%20Revenue%20Contribution) In FY2025, packaging printing and paper gift set printing were the primary revenue sources, contributing **42.2%** and **46.7%** respectively, with packaging printing's share significantly increasing and paper gift set printing's share substantially decreasing compared to 2024 Business Unit Revenue Contribution | Business Unit | 2025 Revenue Contribution (%) | 2024 Revenue Contribution (%) | | :--- | :--- | :--- | | Packaging Printing | 42.2% | 24.8% | | Paper Gift Set Printing | 46.7% | 63.6% | | Color Card Printing | 5.3% | 6.4% | | Smart Packaging Printing | 2.4% | 3.2% | | Other Printing | 3.4% | 2.0% | [Packaging Printing](index=15&type=section&id=3.2.2%20Packaging%20Printing) Revenue from packaging printing services increased by **25.8%** year-on-year to **92.2 million HKD**, primarily driven by the Group's introduction of advanced packaging technologies, leading to increased customer orders - Packaging printing revenue grew by **25.8%** to approximately **92.2 million HKD**, mainly due to the introduction of **advanced packaging technologies** prompting more customer orders[34](index=34&type=chunk) [Paper Gift Set Printing](index=15&type=section&id=3.2.3%20Paper%20Gift%20Set%20Printing) Revenue from paper gift set printing decreased by **45.9%** year-on-year to **102.0 million HKD**, primarily because customers, concerned about global economic slowdown and high inflation, reduced spending on promotional and marketing products - Paper gift set printing revenue decreased by **45.9%** to approximately **102.0 million HKD**, as customers, influenced by global economic slowdown and high inflation concerns, **tightened spending on promotional and marketing products**[35](index=35&type=chunk) [Color Card Printing](index=15&type=section&id=3.2.4%20Color%20Card%20Printing) Revenue from color card printing decreased by **39.5%** year-on-year to **11.5 million HKD**, mainly due to a decline in orders as customers did not hold promotional activities during the year - Color card printing revenue declined by **39.5%** to approximately **11.5 million HKD**, primarily because customers did not conduct **promotional activities** during the year[36](index=36&type=chunk) [Smart Packaging Printing](index=16&type=section&id=3.2.5%20Smart%20Packaging%20Printing) Revenue from smart packaging printing services decreased by **45.3%** year-on-year to **5.2 million HKD**, mainly because customers reduced spending on marketing and promotional products amidst economic slowdown and high inflation - Smart packaging printing revenue decreased by **45.3%** to approximately **5.2 million HKD**, as customers adopted **conservative spending patterns** and reduced marketing and promotional expenditures amidst economic slowdown and high inflation[37](index=37&type=chunk) [Other Printing](index=16&type=section&id=3.2.6%20Other%20Printing) Revenue from other printing businesses increased by **23.3%** year-on-year to **7.4 million HKD**, primarily due to some customers launching new puzzle and label projects - Other printing business revenue increased by **23.3%** to approximately **7.4 million HKD**, primarily benefiting from customers launching **new puzzle and label projects**[38](index=38&type=chunk) [Outlook](index=16&type=section&id=3.3%20Outlook) The Group anticipates continued operational uncertainty for FY2025-2026 but will focus on strengthening core competencies through investing in advanced technology, expanding smart packaging and sustainable product lines, advancing the Indonesian manufacturing center, deepening customer collaboration, and strict cost control to achieve selective growth and sustainable development - The operating outlook for FY2025-2026 remains **uncertain**, influenced by **geopolitical risks**, **trade friction**, and **inflationary pressures**[39](index=39&type=chunk) - The Group will focus on investing in **advanced printing technologies and automation equipment**, expanding **smart packaging and sustainable product lines**, advancing the evaluation of a **second manufacturing center in Indonesia**, deepening **strategic collaboration with core customers**, and maintaining **strict cost control**[39](index=39&type=chunk) [Financial Performance Analysis](index=17&type=section&id=3.4%20Financial%20Performance%20Analysis) This section details the changes and reasons behind the Group's financial metrics, noting that revenue and gross profit declined due to weak market demand, administrative expenses decreased due to cost control, but a significant increase in asset impairment losses led to the Group's shift from profit to loss [Revenue](index=17&type=section&id=3.4.1%20Revenue) Group revenue decreased by **26.3%** year-on-year to **218.3 million HKD**, primarily due to reduced revenue from color card and paper gift set printing, reflecting conservative customer spending patterns amidst global economic slowdown and high inflation - Revenue decreased by **26.3%** year-on-year to approximately **218.3 million HKD**, primarily due to reduced revenue from **color card and paper gift set printing**, reflecting customers' reduced spending on printing and promotional items due to global economic slowdown and high inflation[40](index=40&type=chunk) [Gross Profit and Gross Margin](index=17&type=section&id=3.4.2%20Gross%20Profit%20and%20Gross%20Margin) Gross profit decreased by **26.4%** year-on-year to **61.6 million HKD**, in line with the decline in sales, while the gross profit margin remained stable at **28.2%** in 2025, compared to **28.3%** in 2024 - Gross profit decreased by **26.4%** year-on-year to approximately **61.6 million HKD**, consistent with the decline in sales[41](index=41&type=chunk) - The gross profit margin remained stable, at approximately **28.2%** in 2025 and approximately **28.3%** in 2024[41](index=41&type=chunk) [Selling and Distribution Expenses](index=17&type=section&id=3.4.3%20Selling%20and%20Distribution%20Expenses) Selling and distribution expenses remained stable at **5.3 million HKD** in 2025 and **5.4 million HKD** in 2024, primarily comprising salaries and transportation costs - Selling and distribution expenses remained stable, at approximately **5.3 million HKD** (2025) and approximately **5.4 million HKD** (2024), primarily consisting of **salaries and transportation costs**[42](index=42&type=chunk) [Administrative Expenses](index=17&type=section&id=3.4.4%20Administrative%20Expenses) Administrative expenses decreased by **9.5%** year-on-year to **65.2 million HKD**, primarily due to the Group's declining performance and the implementation of stricter cost control policies - Administrative expenses decreased by **9.5%** to approximately **65.2 million HKD**, primarily due to the Group's declining performance and the implementation of **stricter cost control policies**[43](index=43&type=chunk) [Net Other Operating Income](index=18&type=section&id=3.4.5%20Net%20Other%20Operating%20Income) Net other operating income significantly decreased by **84.8%** to **0.6 million HKD**, primarily due to an impairment loss on trade receivables of **2.0 million HKD** recorded in 2025, compared to a reversal of impairment loss of **0.2 million HKD** in the prior year - Net other operating income decreased to approximately **0.6 million HKD** (2024: approximately **3.7 million HKD**), primarily due to an **impairment loss on trade receivables** of approximately **2.0 million HKD** recorded in 2025, compared to a reversal of impairment loss of approximately **0.2 million HKD** in the prior year[44](index=44&type=chunk) [Impairment of Property, Plant and Equipment and Right-of-Use Assets](index=18&type=section&id=3.4.6%20Impairment%20of%20Property,%20Plant%20and%20Equipment%20and%20Right-of-Use%20Assets) Impairment losses on property, plant, and equipment and right-of-use assets collectively increased significantly to **87.7 million HKD**, compared to **1.2 million HKD** last year, primarily because the Group incurred an operating loss this year, prompting management to conduct an impairment assessment - Impairment losses on property, plant and equipment and right-of-use assets totaled approximately **87.7 million HKD** (2024: approximately **1.2 million HKD**), a significant increase, primarily due to the **operating loss** incurred this year, which led management to conduct an impairment assessment[45](index=45&type=chunk) [Other Income and Government Grants](index=18&type=section&id=3.4.7%20Other%20Income%20and%20Government%20Grants) Other income and government grants decreased by **17.4%** year-on-year to **14.3 million HKD**, primarily due to reduced interest income from maintaining lower fixed deposits during the year - Other income and government grants decreased to approximately **14.3 million HKD** (2024: approximately **17.3 million HKD**), primarily due to **maintaining lower fixed deposits** during the year[46](index=46&type=chunk) [Finance Costs](index=18&type=section&id=3.4.8%20Finance%20Costs) Finance costs decreased by **10.8%** year-on-year to **7.0 million HKD**, primarily due to the repayment of lease liabilities during the year - Finance costs decreased to approximately **7.0 million HKD** (2024: approximately **7.9 million HKD**), primarily due to the **repayment of lease liabilities** during the year[47](index=47&type=chunk) [Income Tax Credit/(Expense)](index=18&type=section&id=3.4.9%20Income%20Tax%20Credit/(Expense)) Income tax shifted from an expense of **0.9 million HKD** in 2024 to a credit of **0.1 million HKD** in 2025, mainly due to reduced tax provisions resulting from lower assessable profits in Hong Kong - Income tax shifted from an expense of approximately **0.9 million HKD** last year to a credit of approximately **0.1 million HKD** this year, primarily due to a **decrease in Hong Kong profits tax provision** resulting from lower assessable profits in Hong Kong[48](index=48&type=chunk) [Liquidity and Capital Resources](index=19&type=section&id=3.5%20Liquidity%20and%20Capital%20Resources) The Group's net assets decreased by **22.6%** to **371.4 million HKD**, primarily due to asset impairment, with cash and cash equivalents at **276.7 million HKD**, net current assets at **288.3 million HKD**, and the current ratio declining from **7.1** to **6.2**, while the Group has no interest-bearing bank borrowings and capital expenditures focused on automation, equipment upgrades, and Indonesian land acquisition - Net assets decreased by **22.6%** to approximately **371.4 million HKD** (2024: approximately **479.7 million HKD**), primarily due to impairment losses totaling approximately **87.7 million HKD** on property, plant and equipment and right-of-use assets during the year[49](index=49&type=chunk) - Cash and bank balances were approximately **276.7 million HKD** (2024: approximately **317.0 million HKD**), with net current assets of approximately **288.3 million HKD** (2024: approximately **320.7 million HKD**)[49](index=49&type=chunk) - The current ratio decreased from approximately **7.1** in 2024 to approximately **6.2** in 2025[49](index=49&type=chunk) - The Group has **no interest-bearing bank borrowings**, and thus the debt-to-equity ratio is not applicable[50](index=50&type=chunk) - Capital expenditure for the year exceeded **35.1 million HKD**, primarily allocated to **automation**, **equipment upgrades**, **leasehold improvement works**, and the **acquisition of land in Indonesia**[50](index=50&type=chunk) [Contingent Liabilities and Pledged Assets](index=20&type=section&id=3.6%20Contingent%20Liabilities%20and%20Pledged%20Assets) As of June 30, 2025, the Group had no significant contingent liabilities and no assets were pledged - As of June 30, 2025, the Group had **no significant contingent liabilities** and **no assets were pledged**[51](index=51&type=chunk) [Employees and Remuneration Policy](index=20&type=section&id=3.7%20Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group employed **587 staff** in Hong Kong and Mainland China, with direct labor costs decreasing by **16.2%** to **22.8 million HKD**, and remuneration packages determined by market terms, individual qualifications, and annual performance reviews - As of June 30, 2025, the Group had **587 employees** in Hong Kong and Mainland China[52](index=52&type=chunk) - Direct labor costs (including salaries, bonuses, and other employee benefits) decreased from approximately **27.2 million HKD** in 2024 to approximately **22.8 million HKD** in 2025, a year-on-year reduction of **16.2%**[52](index=52&type=chunk) - Remuneration packages are determined by **market terms and individual qualifications**, and are reviewed annually based on **performance appraisals and relevant factors**[52](index=52&type=chunk) [Dividend Policy](index=20&type=section&id=3.8%20Dividend%20Policy) To celebrate its 50th anniversary, the Board recommended a special dividend of **1.0 HK cent** and a final dividend of **2.5 HK cents** per share, bringing the total dividend for the year to **4.5 HK cents** per share, higher than last year's **3.5 HK cents** per share - The Board recommended a **special dividend of 1.0 HK cent** and a **final dividend of 2.5 HK cents per share**, subject to shareholders' approval[53](index=53&type=chunk) - Including the interim dividend of **1.0 HK cent per share**, the total dividend for the year is **4.5 HK cents per share** (2024: **3.5 HK cents per share**)[53](index=53&type=chunk) [Other Information](index=20&type=section&id=IV.%20Other%20Information) [Annual General Meeting and Share Registrar](index=20&type=section&id=4.1%20Annual%20General%20Meeting%20and%20Share%20Registrar) The 2025 Annual General Meeting will be held on November 27, 2025, with share transfer registration suspended from November 24 to November 27 to determine eligibility for attendance and voting, and again from December 3 to December 4 to determine eligibility for the proposed special and final dividends - The **2025 Annual General Meeting** will be convened on **November 27, 2025**[54](index=54&type=chunk) - Share transfer registration will be suspended from **November 24 to November 27, 2025**, to determine eligibility for attending and voting at the Annual General Meeting[55](index=55&type=chunk) - Share transfer registration will be suspended from **December 3 to December 4, 2025**, to determine eligibility for the proposed special and final dividends[56](index=56&type=chunk) [Use of Proceeds](index=21&type=section&id=4.2%20Use%20of%20Proceeds) The net proceeds from the initial public offering were **124.0 million HKD**, with **122.0 million HKD** utilized as of this announcement date, primarily for equipment upgrades, relocation of the Shenzhen factory, and general working capital, and the remaining **2.0 million HKD** is expected to be fully utilized by June 30, 2026 - The net proceeds from the initial public offering amounted to **124.0 million HKD**[57](index=57&type=chunk) Details of Use of Net Proceeds | Intended Use | Planned Use (million HKD) | Actual Use as of this Announcement Date (million HKD) | Unutilized Net Proceeds as of this Announcement Date (million HKD) | | :--- | :--- | :--- | :--- | | Phased acquisition of four printing machines | 80.6 | 80.6 | – | | Relocation of Shenzhen factory | 31.0 | 31.0 | – | | Upgrade of ERP system | 4.1 | 2.1 | 2.0 | | General working capital | 8.3 | 8.3 | – | | **Total** | **124.0** | **122.0** | **2.0** | - The remaining **2.0 million HKD** of net proceeds is expected to be fully utilized by **June 30, 2026**[58](index=58&type=chunk) [Dealings in Listed Securities](index=22&type=section&id=4.3%20Dealings%20in%20Listed%20Securities) For the year ended June 30, 2025, and up to the date of this announcement, neither the Company nor any of its subsidiaries acquired, redeemed, or sold any of the Company's securities - Neither the Company nor any of its subsidiaries acquired, redeemed, or sold any of the **Company's listed securities**[59](index=59&type=chunk) [Corporate Governance](index=22&type=section&id=4.4%20Corporate%20Governance) During the reporting period, the Group complied with Appendix C1 of the Listing Rules' Corporate Governance Code and Appendix C3's Standard Securities Dealing Code for Directors, with no share options granted since the adoption of the share option scheme, and the Audit Committee having reviewed annual results and accounting standards [Corporate Governance Code](index=22&type=section&id=4.4.1%20Corporate%20Governance%20Code) The Company has consistently complied with the applicable code provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules throughout the year ended June 30, 2025, and up to the date of this announcement - The Company has consistently complied with the **Corporate Governance Code** set out in **Appendix C1 of the Listing Rules** during the reporting period[60](index=60&type=chunk) [Standard Securities Dealing Code for Directors](index=23&type=section&id=4.4.2%20Standard%20Securities%20Dealing%20Code%20for%20Directors) Following inquiry, the Directors confirmed compliance with the Standard Securities Dealing Code for Directors, as set out in Appendix C3 of the Listing Rules, throughout the year ended June 30, 2025 - The Directors confirmed compliance with the **Standard Securities Dealing Code for Directors** set out in **Appendix C3 of the Listing Rules** during the reporting period[61](index=61&type=chunk) [Share Option Scheme](index=23&type=section&id=4.4.3%20Share%20Option%20Scheme) The Company adopted a share option scheme on October 9, 2017, but no share options have been granted since its adoption, and there were no outstanding share options as of June 30, 2025 - The **Share Option Scheme** was adopted on **October 9, 2017**, but no share options have been granted since its adoption, and there are no outstanding share options[62](index=62&type=chunk) [Audit Committee](index=23&type=section&id=4.4.4%20Audit%20Committee) The Audit Committee, comprising three independent non-executive directors, has reviewed the annual final results, accounting standards, and discussed audit, internal control, and financial reporting matters - The Audit Committee, composed of **three independent non-executive directors**, has reviewed the **annual final results**, **accounting standards**, and discussed **audit, internal control, and financial reporting matters**[63](index=63&type=chunk) [Review of Preliminary Announcement](index=23&type=section&id=4.4.5%20Review%20of%20Preliminary%20Announcement) The Group's auditor, Ernst & Young, has reconciled the figures in the preliminary results announcement with the draft consolidated financial statements, though this work does not constitute an assurance engagement - The Group's auditor, **Ernst & Young**, has reconciled the figures in the preliminary results announcement with the draft consolidated financial statements, but this work does not constitute an **assurance engagement**[64](index=64&type=chunk) [Publication of Results and Annual Report](index=24&type=section&id=4.5%20Publication%20of%20Results%20and%20Annual%20Report) The Company's full-year results announcement has been published on the HKEX and company websites, and the annual report will be dispatched to shareholders and posted on the aforementioned websites in due course - The **full-year results announcement** has been published on the **HKEX and company websites**[65](index=65&type=chunk) - The **annual report** will be dispatched to shareholders and posted on the aforementioned websites in due course[65](index=65&type=chunk) [Acknowledgements and Board of Directors](index=24&type=section&id=4.6%20Acknowledgements%20and%20Board%20of%20Directors) The Board of Directors extends its gratitude to shareholders, business partners, and employees, with the Board members on the announcement date including executive, non-executive, and independent non-executive directors - The Board of Directors extends its **sincere gratitude to shareholders, business partners, and employees**[66](index=66&type=chunk) - The Board of Directors comprises Executive Directors Mr. Chan Tit Sang, Mr. Chan Chi Kin, Mr. Chan Chi Ming, and Mr. Chan Chun Sang; Non-executive Director Ms. Cheung Mei Yee; and Independent Non-executive Directors Dr. Chu Pu Kwan, Mr. Wong Kam Fai, and Mr. Woo Chun Sing[68](index=68&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 XINHUA NEWS MEDIA HOLDINGS LIMITED 新華通訊頻媒控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：309） 截至二零二五年六月三十日止三個月之 業績公告 業 績 新 華 通 訊 頻 媒 控 股 有 限 公 司（「本 公 司」）董 事（「董 事」）會（「董 事 會」）宣 佈 本 公 司 及 其 附 屬 公 司（統 稱「本 集 團」）截 至 二 零 二 五 年 六 月 三 十 日 止 三 個 月 之 綜 合 業 績 如 下： 綜合損益及其他全面收益表 截至二零二五年六月三十日止三個月 | | | | 截 至 | | --- | --- | --- | --- | | | | 二零二五年 | | | | | 六月三十日 | | | | | 止三個月 千港元 | | | | 附 註 | | | | 收 益 | 5 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 TOP EDUCATION GROUP LTD • 本集團的收益增加約18.0%至約34.3百萬澳元。 • 毛利約為15.5百萬澳元，增加約21.7%。 • 年度溢利約為3.3百萬澳元，增長約74.3%。 • 建議末期股息為每股普通股0.6港仙（2024年：0.2港仙），須經股東於應屆 股東週年大會上批准。 董事會欣然公佈本集團截至2025年6月30日止年度之經審核綜合年度業績，連同 2024年同期之比較數字載列如下： 綜合損益及其他全面收益表 截至2025年6月30日止年度 | | 附註 | 2025年 | 2024年 | | --- | --- | --- | --- | | | | 千澳元 | 千澳元 | | 收益 | 4 | 34,258 | 29,041 | | 銷售成本 | | (18,727) | (16,284) | | 毛利 | | 15,531 | 12,757 | | 利息收入 | ...

中期報告 INTERIM REPOR T 202 5 獅騰控股有限公司 SYNAGISTICS LIMITED （於開曼群島註冊成立的有限公司） 股份代號：2562 | 權證代號：2461 202 5 獅騰控股有限公司 SYNAGISTICS LIMITED Stock Code: 2562 | Warrant Code: 2461 (Incorporated in the Cayman Islands with limited liability) 目錄 | 主席報告 | 2 | | --- | --- | | 公司資料 | 3 | | 概覽 | 5 | | 財務摘要 | 6 | | 截至2025年6月30日止六個月的運營亮點 | 7 | | 管理層討論與分析 | 8 | | 其他資料 | 16 | | 中期簡明綜合損益及其他全面收益表 | 24 | | 中期簡明綜合財務狀況表 | 25 | | 中期簡明綜合權益變動表 | 26 | | 中期簡明綜合現金流量表 | 27 | | 中期簡明綜合財務報表附註 | 29 | | 釋義 | 49 | 展望未來，獅騰控股將繼續構建由人工智能及數字金融創新驅動的先進技術 ...

Financial Performance - For the six months ended June 30, 2025, the company recorded revenue of RMB 59.0 million and a gross profit of RMB 22.0 million[14]. - The net loss for the same period was RMB 11.1 million, a significant decrease from the net loss of RMB 56.0 million in the previous year[14]. - The company's revenue for the six months ended June 30, 2025, was RMB 59.0 million, a decrease of 16.9% from RMB 71.1 million for the same period in 2024[16]. - Revenue from variety show IP production, operation, and licensing decreased by 46.7% to RMB 13.6 million from RMB 25.5 million year-on-year[17]. - Revenue from music IP operation and licensing decreased by 15.8% to RMB 6.4 million from RMB 7.6 million year-on-year[18]. - Revenue from film and TV series IP operation and licensing increased by 54.9% to approximately RMB 25.4 million from approximately RMB 16.4 million year-on-year[19]. - Revenue from other IP-related businesses decreased by 37.0% to approximately RMB 13.6 million from approximately RMB 21.6 million year-on-year[20]. - Gross profit increased by 233.3% to RMB 22.0 million for the six months ended June 30, 2025, compared to RMB 6.6 million for the same period in 2024[26]. - The company incurred a net loss of RMB 11,149,000 for the six months ending June 30, 2025, compared to a net loss of RMB 55,975,000 in 2024, reflecting a 80.1% reduction in losses[105]. - The company reported a total comprehensive loss for the period was RMB 12,530,000, compared to a loss of RMB 54,220,000 in the previous period, reflecting a significant improvement[111]. Cost Management - The total cost of sales for the six months ended June 30, 2025, was RMB 37.0 million, down 42.7% from RMB 64.5 million for the same period in 2024[21]. - The gross margin for variety show IP production, operation, and licensing improved to 23.5% from a gross loss margin of 40.8% year-on-year[27]. - The gross margin for music IP operation and licensing decreased to 46.9% from 51.3% year-on-year[28]. - Administrative expenses decreased by 48.9% from RMB 42.5 million for the six months ended June 30, 2024, to RMB 21.7 million for the same period in 2025[33]. - Sales and distribution expenses were stable at RMB 7.8 million and RMB 8.3 million for the six months ended June 30, 2024, and June 30, 2025, respectively[32]. Asset Management - The fair value of financial assets measured at fair value through profit or loss increased to RMB 65.3 million as of June 30, 2025, up 24.4% from RMB 52.5 million as of December 31, 2024[51]. - Trade receivables decreased by 30.3% to RMB 69.0 million as of June 30, 2025, compared to RMB 99.0 million as of December 31, 2024[54]. - Trade payables decreased by 13.0% to RMB 101.9 million as of June 30, 2025, down from RMB 117.1 million as of December 31, 2024[56]. - Other payables and accrued expenses decreased by 23.9% to RMB 35.4 million as of June 30, 2025, compared to RMB 46.5 million as of December 31, 2024[57]. - The equity in joint ventures decreased slightly by 1.9% from RMB 865.5 million as of December 31, 2024, to RMB 849.4 million as of June 30, 2025[44]. - Other intangible assets decreased by 4.1% to RMB 125.9 million as of June 30, 2025, down from RMB 131.3 million as of December 31, 2024[50]. Shareholder Information - The company's major shareholders, including Tian Ming, Jin Lei, and Xu Xiangdong, collectively held 70.24% of the shares as of June 30, 2025, with each holding 279,924,977 shares[70]. - As of June 30, 2025, Unionstars holds a beneficial interest of 220,415,296 shares, representing 55.31% of the company's equity[74]. - Harvest Sky also holds a beneficial interest of 59,509,681 shares, accounting for 14.93% of the company's equity[74]. - Mr. Tian Ming controls a total of 279,924,977 shares, which is 70.24% of the equity through various entities[76]. - The shareholding structure indicates significant control by Mr. Tian Ming and associated entities, consolidating over 70% of the voting rights[80]. Corporate Governance - The board of directors believes that high standards of corporate governance are essential for protecting shareholder interests and enhancing corporate value[90]. - The company has adopted a standard code of conduct for directors regarding securities trading, ensuring compliance throughout the reporting period[95]. - The company has complied with all applicable corporate governance code provisions during the reporting period[90]. - The audit committee has reviewed the financial statements and confirmed that they are prepared in accordance with applicable accounting standards[102]. Future Plans and Investments - The company is actively expanding its audience reach and brand influence by increasing partnerships with media platforms and enhancing its content production capabilities[11]. - The company plans to continue evaluating high-quality acquisition targets to expand its business and integrate valuable industry resources[15]. - The company plans to utilize the funds raised from its global offering primarily for expanding its audience reach and enhancing its entertainment IP value chain[98]. - The company expects to complete the planned uses of the funds by December 2027, subject to market conditions[98]. Employee Information - The total employee compensation expenses for the first half of 2025, including directors' remuneration, amounted to RMB 198 million, with a total of 116 employees as of June 30, 2025[68]. Legal and Compliance - The company had no major litigation or arbitration cases during the six months ending June 30, 2025[69]. - The company had no significant contingent liabilities other than those related to litigation as of June 30, 2025[65].

[Company Information and Performance Overview](index=1&type=section&id=%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF%E4%B8%8E%E4%B8%9A%E7%BB%A9%E6%A6%82%E8%A7%88) This section provides an overview of Chuanglian Holdings Limited's basic information and a summary of its financial performance for the year ended June 30, 2025 [Company Basic Information](index=1&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E4%BF%A1%E6%81%AF) Chuanglian Holdings Limited, registered in the Cayman Islands and listed on the HKEX, primarily engages in investment holding, with subsidiaries in education consulting, online training, and financial services - Company Name: Chuanglian Holdings Limited (Stock Code: **2371**)[2](index=2&type=chunk) - Registered in the Cayman Islands, listed on the Main Board of The Stock Exchange of Hong Kong Limited[2](index=2&type=chunk) - Principal business: Investment holding, with key subsidiaries engaged in education consulting, online training and education, and financial services[8](index=8&type=chunk) [Performance Highlights](index=1&type=section&id=%E4%B8%9A%E7%BB%A9%E6%91%98%E8%A6%81) For the year ended June 30, 2025, revenue was RMB 655,074 thousand, a decrease from RMB 831,793 thousand for the 18 months ended June 30, 2024, with a loss attributable to owners of RMB 71,152 thousand and basic loss per share of RMB 1.05 cents Performance Highlights (RMB in thousands) | Indicator | For the year ended June 30, 2025 | For the eighteen months ended June 30, 2024 | | :--- | :--- | :--- | | Revenue | 655,074 | 831,793 | | Gross profit | 75,922 | 102,403 | | Loss before tax | (73,674) | (164,014) | | Loss for the year/period | (69,013) | (161,185) | | Loss for the year/period attributable to owners of the Company | (71,152) | (158,347) | | Basic loss per share (RMB cents) | (1.05) | (2.35) | | **Adjusted Financial Information** | | | | Loss before tax | (67,952) | (90,061) | | Loss for the year/period | (63,291) | (87,232) | | Loss for the year/period attributable to owners of the Company | (65,430) | (84,394) | | Basic loss per share (RMB cents) | (0.97) | (1.25) | - Adjusted financial information excludes share-based payment expenses and impairment losses[3](index=3&type=chunk) [Consolidated Financial Statements](index=2&type=section&id=%E7%BB%BC%E5%90%88%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the consolidated statement of profit or loss and other comprehensive income and the consolidated statement of financial position [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=%E7%BB%BC%E5%90%88%E6%8D%9F%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the year ended June 30, 2025, the company reported revenue of RMB 655,074 thousand and gross profit of RMB 75,922 thousand, resulting in a loss before tax of RMB 73,674 thousand and a loss attributable to owners of RMB 71,152 thousand, with basic and diluted loss per share of RMB 1.05 cents Consolidated Statement of Profit or Loss and Other Comprehensive Income (RMB in thousands) | Indicator | For the year ended June 30, 2025 | For the eighteen months ended June 30, 2024 | | :--- | :--- | :--- | | Revenue | 655,074 | 831,793 | | Cost of services | (579,152) | (729,390) | | Gross profit | 75,922 | 102,403 | | Other income, gains and losses, net | (18,734) | 6,631 | | Selling and marketing expenses | (47,251) | (67,731) | | Administrative expenses | (71,600) | (121,078) | | Impairment loss on non-current assets | (585) | (56,037) | | Impairment loss on financial assets, net | (5,137) | (17,167) | | Finance costs | (6,232) | (10,853) | | Loss before tax | (73,674) | (164,014) | | Income tax credit | 4,661 | 2,829 | | Loss for the year/period | (69,013) | (161,185) | | Loss for the year/period attributable to owners of the Company | (71,152) | (158,347) | | Basic and diluted loss per share (RMB cents) | (1.05) | (2.35) | [Consolidated Statement of Financial Position](index=4&type=section&id=%E7%BB%BC%E5%90%88%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5%E8%A1%A8) As of June 30, 2025, total assets were RMB 311,436 thousand, a decrease from RMB 467,145 thousand in 2024, with significant reductions in property, plant and equipment, right-of-use assets, and trade and other receivables, leading to corresponding decreases in total liabilities and equity Consolidated Statement of Financial Position (RMB in thousands) | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | **Non-current assets** | | | | Property, plant and equipment | 51,992 | 93,894 | | Right-of-use assets | 24,525 | 77,544 | | Intangible assets | 19,339 | 24,918 | | Financial assets at fair value through other comprehensive income | 30,376 | 37,400 | | **Current assets** | | | | Trade and other receivables | 68,206 | 104,638 | | Bank balances and cash | 102,230 | 109,509 | | **Current liabilities** | | | | Contract liabilities | 51,161 | 58,456 | | Trade and other payables | 73,813 | 70,197 | | Borrowings | 4,215 | 6,069 | | Lease liabilities | 7,896 | 16,519 | | **Non-current liabilities** | | | | Borrowings | 9,133 | 11,608 | | Lease liabilities | 20,061 | 83,196 | | **Total equity** | | | | Equity attributable to owners of the Company | 138,148 | 215,643 | | Total equity | 138,326 | 213,682 | - Total non-current assets decreased from **RMB 244,445 thousand** in 2024 to **RMB 135,871 thousand** in 2025[6](index=6&type=chunk) - Total current assets decreased from **RMB 222,700 thousand** in 2024 to **RMB 175,565 thousand** in 2025[6](index=6&type=chunk) - Total current liabilities decreased from **RMB 152,753 thousand** in 2024 to **RMB 141,955 thousand** in 2025[6](index=6&type=chunk) [Notes to the Financial Statements](index=6&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%99%84%E6%B3%A8) This section provides detailed notes on the preparation basis, application of new accounting standards, revenue breakdown, segment information, and other financial details [General Information and Basis of Preparation of Consolidated Financial Statements](index=6&type=section&id=%E4%B8%80%E8%88%AC%E8%B5%84%E6%96%99%E5%8F%8A%E7%BB%BC%E5%90%88%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%BC%96%E8%A3%BD%E5%9F%BA%E5%87%86) The Group primarily operates in China, thus consolidated financial statements are presented in RMB; the change in fiscal year-end from December 31 to June 30 means the 12-month current period is not directly comparable to the 18-month comparative period - The Company's functional currency is HKD, but the presentation currency is RMB due to its primary operations in China[8](index=8&type=chunk) - The fiscal year-end changed from December 31 to June 30, effective from the financial period January 1, 2023, to June 30, 2024, making the 18-month comparative figures not directly comparable to the current 12-month period[9](index=9&type=chunk) [Application of New and Revised Hong Kong Financial Reporting Standards](index=7&type=section&id=%E5%BA%94%E7%94%A8%E6%96%B0%E8%AE%A2%E5%8F%8A%E7%BB%8F%E4%BF%AE%E8%AE%A2%E9%A6%99%E6%B8%AF%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A%E6%BA%96%E5%88%99%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99) Several revised HKFRS accounting standards were first applied this year, but they had no significant impact on the Group's financial performance, position, or disclosures, and management anticipates no material impact from future standards - Revisions to HKFRS 16, HKAS 1, HKAS 7, and HKFRS 7 were first applied this year[10](index=10&type=chunk) - The application of these revisions had no significant impact on the Group's financial performance or position in current and prior periods[10](index=10&type=chunk) - Management expects new and revised HKFRS accounting standards not yet effective (e.g., HKFRS 18, 19) will also not materially impact the Group's results and financial position[11](index=11&type=chunk) [Revenue](index=8&type=section&id=%E6%94%B6%E5%85%A5) For the year ended June 30, 2025, total Group revenue was RMB 655,074 thousand, primarily from financial services (RMB 494,771 thousand) and online training and education services (RMB 141,262 thousand), with most revenue recognized at a point in time Revenue by Major Service Line (RMB in thousands) | Major Service Line | For the year ended June 30, 2025 | For the eighteen months ended June 30, 2024 | | :--- | :--- | :--- | | Online training and education services | 141,262 | 197,078 | | On-site training services | 18,555 | 27,789 | | Education consulting services | 486 | 47,758 | | Financial services | 494,771 | 559,168 | | **Total** | **655,074** | **831,793** | Revenue from Contracts with Customers by Timing of Recognition (RMB in thousands) | Timing of Revenue Recognition | For the year ended June 30, 2025 | For the eighteen months ended June 30, 2024 | | :--- | :--- | :--- | | At a point in time | 513,326 | 586,957 | | Over time | 141,748 | 244,836 | | **Total revenue from contracts with customers** | **655,074** | **831,793** | [Segment Information](index=9&type=section&id=%E5%88%86%E9%83%A8%E8%B5%84%E6%96%99) The Group's reportable segments include securities trading, education consulting and online training and education, and financial services; for the year ended June 30, 2025, financial services contributed the majority of revenue (RMB 494,771 thousand), while education consulting and online training and education recorded the largest loss - The Group's reportable segments are: securities trading; education consulting and online training and education; and financial services[18](index=18&type=chunk) Segment Revenue and Loss (For the year ended June 30, 2025, RMB in thousands) | Segment | Revenue | Segment Loss | | :--- | :--- | :--- | | Securities trading | – | – | | Education consulting and online training and education | 160,303 | (54,784) | | Financial services | 494,771 | (3,733) | | **Total** | **655,074** | **(58,517)** | Segment Revenue and Loss (For the eighteen months ended June 30, 2024, RMB in thousands) | Segment | Revenue | Segment Loss | | :--- | :--- | :--- | | Securities trading | – | – | | Education consulting and online training and education | 272,625 | (115,129) | | Financial services | 559,168 | (28,502) | | **Total** | **831,793** | **(143,631)** | [Other Income, Gains and Losses, Net](index=11&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E3%80%81%E6%94%B6%E7%9B%8A%E5%8F%8A%E4%BA%8F%E6%8D%9F%E5%87%80%E9%A2%9D) For the year ended June 30, 2025, the Group recorded a net other income, gains and losses of negative RMB 18,734 thousand, primarily impacted by fair value losses on digital assets (RMB 10,729 thousand) and losses from write-off/disposal of property, plant and equipment (RMB 29,650 thousand), partially offset by gains from early lease termination (RMB 15,505 thousand) Other Income, Gains and Losses, Net (RMB in thousands) | Item | For the year ended June 30, 2025 | For the eighteen months ended June 30, 2024 | | :--- | :--- | :--- | | Government grants | 131 | 45 | | Bank interest income | 1,123 | 2,190 | | Fair value changes of digital assets | (10,729) | (3,293) | | Gain on early termination of leases | 15,505 | – | | Gain on disposal of a subsidiary | 926 | – | | Loss on write-off/disposal of property, plant and equipment | (29,650) | – | | Management income less related expenses | 3,710 | 4,441 | | **Total** | **(18,734)** | **6,631** | [Finance Costs](index=11&type=section&id=%E8%B4%A2%E5%8A%A1%E6%88%90%E6%9C%AC) For the year ended June 30, 2025, the Group's finance costs totaled RMB 6,232 thousand, mainly comprising interest expenses on lease liabilities (RMB 5,555 thousand) and borrowings (RMB 677 thousand) Finance Costs (RMB in thousands) | Item | For the year ended June 30, 2025 | For the eighteen months ended June 30, 2024 | | :--- | :--- | :--- | | Interest expense on lease liabilities | 5,555 | 9,458 | | Interest expense on borrowings | 677 | 1,395 | | **Total** | **6,232** | **10,853** | [Income Tax Credit](index=12&type=section&id=%E6%89%80%E5%BE%97%E7%A8%8E%E6%8A%B5%E5%85%8D) For the year ended June 30, 2025, the Group recorded an income tax credit of RMB 4,661 thousand, primarily from deferred tax and adjustments for over-provision in prior periods, with three Chinese subsidiaries enjoying a preferential tax rate of 15% as high-tech enterprises Income Tax Credit (RMB in thousands) | Item | For the year ended June 30, 2025 | For the eighteen months ended June 30, 2024 | | :--- | :--- | :--- | | China corporate income tax – current year | (517) | (668) | | China corporate income tax – over-provision in prior periods | 1,233 | – | | Deferred tax | 3,945 | 3,497 | | **Total** | **4,661** | **2,829** | - Three of the Group's Chinese subsidiaries are recognized as high-tech enterprises, enjoying a preferential tax rate of **15%**[24](index=24&type=chunk) - The Group is not subject to income tax in the Cayman Islands and British Virgin Islands[25](index=25&type=chunk) [Loss for the Year/Period](index=13&type=section&id=%E6%9C%AC%E5%B9%B4%E5%BA%A6%E2%88%95%E6%9C%9F%E5%86%85%E4%BA%8F%E6%8D%9F) For the year ended June 30, 2025, the Group's loss was primarily influenced by staff costs, depreciation and amortization, and impairment losses on intangible assets, with total staff costs of RMB 68,605 thousand and total depreciation and amortization of RMB 32,420 thousand Loss for the Year/Period after deducting items (RMB in thousands) | Item | For the year ended June 30, 2025 | For the eighteen months ended June 30, 2024 | | :--- | :--- | :--- | | Total staff costs | 68,605 | 102,149 | | Auditor's remuneration | 1,391 | 1,460 | | Depreciation of property, plant and equipment | 13,737 | 18,116 | | Depreciation of right-of-use assets | 13,431 | 20,634 | | Amortization of intangible assets (included in cost of services) | 5,252 | 16,031 | | Impairment loss on intangible assets | 585 | 14,628 | | Impairment loss on goodwill | – | 38,290 | [Dividends](index=13&type=section&id=%E8%82%A1%E6%81%AF) No dividends were paid or proposed for the year ended June 30, 2025 - No dividends were paid or proposed for the year ended June 30, 2025[27](index=27&type=chunk) [Loss Per Share](index=14&type=section&id=%E6%AF%8F%E8%82%A1%E4%BA%8F%E6%8D%9F) For the year ended June 30, 2025, basic and diluted loss per share attributable to owners of the Company was RMB 1.05 cents, identical because the exercise price of share options was higher than the average market price, thus having no dilutive effect Loss Per Share Calculation Data | Indicator | For the year ended June 30, 2025 | For the eighteen months ended June 30, 2024 | | :--- | :--- | :--- | | Loss for the year/period attributable to owners of the Company for the purpose of calculating basic and diluted loss per share (RMB in thousands) | (71,152) | (158,347) | | Weighted average number of ordinary shares for the purpose of calculating basic and diluted loss per share (in thousands) | 6,752,211 | 6,752,211 | - Diluted loss per share is the same as basic loss per share because the exercise price of share options was higher than the average market price of the shares, resulting in no dilutive effect[31](index=31&type=chunk) [Trade and Other Receivables](index=15&type=section&id=%E8%B4%B8%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E5%BA%94%E6%94%B6%E8%B4%A6%E6%AC%BE) As of June 30, 2025, the Group's total trade and other receivables significantly decreased to RMB 69,654 thousand from RMB 106,981 thousand in 2024, with trade receivables (net of impairment losses) at RMB 40,017 thousand, mostly due within 30 days Trade and Other Receivables (RMB in thousands) | Item | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Trade receivables (net of recognized impairment losses) | 40,017 | 46,996 | | Other receivables | 22,521 | 20,413 | | Prepayments | 4,853 | 27,085 | | Recoverable VAT | 6,624 | 6,699 | | Less: Recognized impairment losses | (7,225) | (21,427) | | **Total** | **69,654** | **106,981** | | Analyzed as current | 68,206 | 104,638 | | Analyzed as non-current | 1,448 | 2,343 | Ageing Analysis of Trade Receivables (RMB in thousands) | Ageing | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Within 30 days | 38,211 | 45,859 | | 31 to 60 days | 337 | 388 | | 61 to 180 days | 705 | 387 | | 181 to 365 days | 764 | 362 | | Over 365 days | – | – | | **Total** | **40,017** | **46,996** | [Trade and Other Payables](index=16&type=section&id=%E8%B4%B8%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E5%BA%94%E4%BB%98%E8%B4%A6%E6%AC%BE) As of June 30, 2025, the Group's total trade and other payables slightly increased to RMB 73,813 thousand from RMB 70,197 thousand in 2024, with trade payables at RMB 39,177 thousand, mostly due within 30 days Trade and Other Payables (RMB in thousands) | Item | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Trade payables | 39,177 | 31,372 | | Other payables | 21,066 | 24,460 | | Other tax payables | 4,269 | 4,013 | | Accrued expenses | 9,301 | 10,352 | | **Total** | **73,813** | **70,197** | Ageing Analysis of Trade Payables (RMB in thousands) | Ageing | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Within 30 days | 36,059 | 29,208 | | 31 to 60 days | 868 | – | | 61 to 90 days | 63 | – | | 91 to 150 days | 63 | 2,100 | | 151 to 365 days | 913 | 63 | | Over 365 days | 1,211 | 1 | | **Total** | **39,177** | **31,372** | [Borrowings](index=17&type=section&id=%E5%80%9F%E6%AC%BE) As of June 30, 2025, the Group's total borrowings decreased to RMB 13,348 thousand from RMB 17,677 thousand in 2024, including bank borrowings of RMB 10,486 thousand secured by property, plant and equipment and bearing a fixed annual interest rate of 4.5% Composition and Repayment Terms of Borrowings (RMB in thousands) | Item | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Fixed-rate borrowings | 13,348 | 17,677 | | Bank borrowings | 10,486 | 11,839 | | Other borrowings | 2,862 | 5,838 | | **Total** | **13,348** | **17,677** | | Carrying amount repayable: Within one year | 4,215 | 6,069 | | Carrying amount repayable: Over one year | 9,133 | 11,608 | | Amount classified as current liabilities | 4,215 | 6,069 | | Amount classified as non-current liabilities | 9,133 | 11,608 | - Bank borrowings of **RMB 10,486 thousand** are secured by property, plant and equipment with a carrying amount of **RMB 40,019 thousand**, bear a fixed annual interest rate of **4.5%**, and are due in March 2033[36](index=36&type=chunk) [Management Discussion and Analysis](index=18&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E5%8F%8A%E5%88%86%E6%9E%90) This section discusses the change in fiscal year-end, business review of education and financial services, future outlook, financial review, significant investments, and other operational and financial matters [Change of Financial Year End Date](index=18&type=section&id=%E6%9B%B4%E6%94%B9%E8%B4%A2%E6%94%BF%E5%B9%B4%E5%BA%A6%E7%BB%93%E7%AE%97%E6%97%A5) The Company changed its fiscal year-end from December 31 to June 30, effective from the financial period January 1, 2023, to June 30, 2024, making the current 12-month reporting period not fully comparable with the 18-month comparative period - The fiscal year-end was changed from December 31 to June 30, effective from the financial period January 1, 2023, to June 30, 2024[37](index=37&type=chunk) - The reporting period covers the twelve months from July 1, 2024, to June 30, 2025, while comparative figures cover the eighteen months from January 1, 2023, to June 30, 2024, thus the comparative figures may not be fully comparable[37](index=37&type=chunk) [Business Review](index=18&type=section&id=%E4%B8%9A%E5%8A%A1%E5%9B%9E%E9%A1%BE) The Group primarily operates in education and financial services, aiming for a "education + financial services" dual-track development model to achieve resource sharing and integration, with education services focusing on online and offline training for professionals in China and financial services expanding through acquisitions and strategic restructuring into insurance brokerage and asset management - The Group primarily provides education consulting and online training and education (education services) and financial services[38](index=38&type=chunk) - Management expects education and financial services to share resources and integrate, establishing a **'education + financial services' dual-track development model**[38](index=38&type=chunk) [Education Services](index=18&type=section&id=%E6%95%99%E8%82%B2%E6%9C%8D%E5%8A%A1) The Group provides online and offline training services for millions of professionals in China, operating over 200 B-end platforms and one C-end platform (Rongxueyun), serving over 8 million paying users across 20 provinces and 150 cities in China - The Group provides online and offline training services for professional and technical personnel in China to meet work needs and enhance their skills[39](index=39&type=chunk) - Operates over **200** large-scale online training and education service platforms for institutional B-end users and **1** online education platform (Rongxueyun) for mobile internet C-end users[39](index=39&type=chunk) - Currently has over **8 million** paying users, with online training platforms having served over **80 million** training participants[39](index=39&type=chunk) - Business covers **20** provinces, autonomous regions, and municipalities directly under the Central Government in China, and over **150** cities, offering multi-level training services combining online and offline formats[40](index=40&type=chunk) [Financial Services](index=19&type=section&id=%E9%87%91%E8%9E%8D%E6%9C%8D%E5%8A%A1) The Group significantly accelerated its penetration into the financial market through strategic acquisitions of licensed financial entities, with Beijing Zhongjin Insurance Brokerage Co., Ltd. generating approximately RMB 491 million in revenue and Ruilian Financial Group Limited managing approximately HKD 2 billion in assets, having launched asset management services including cryptocurrency investment products, and undergoing strategic restructuring during the year to streamline its focus - Since 2017, the Group has undertaken a series of strategic acquisitions of licensed financial entities in mainland China and Hong Kong markets, accelerating its penetration into the financial market[41](index=41&type=chunk) - Its subsidiary, Beijing Zhongjin Insurance Brokerage Co., Ltd., has established a branch network in nearly **ten** provinces and cities in China, recording revenue of approximately **RMB 491 million** during the reporting period[41](index=41&type=chunk) - Ruilian Financial Group Limited is an SFC-licensed corporation, authorized to conduct Type 1 (dealing in securities), Type 4 (advising on securities), and Type 9 (asset management) regulated activities, managing total assets of approximately **HKD 2 billion**[42](index=42&type=chunk) - Ruilian has launched asset management services that include cryptocurrency investment products[42](index=42&type=chunk) - During the year, the Group strategically restructured its financial services division, divesting certain businesses such as Huitong Wealth Management Group Limited and Ligao Credit Finance Limited[43](index=43&type=chunk) [Prospects](index=20&type=section&id=%E5%89%8D%E6%99%AF) The Group plans to deepen online-offline integration and expand vocational training in education services, while in financial services, it will continue to grow insurance brokerage, enhance Ruilian's licensing capabilities for virtual asset management, and explore digital financial asset platforms and innovative financial derivatives, aiming to increase Ruilian's assets under management to HKD 5 billion [Education Services Prospects](index=20&type=section&id=%E6%95%99%E8%82%B2%E6%9C%8D%E5%8A%A1%E5%89%8D%E6%99%AF) The Group plans to continue deepening integrated online and offline services in professional and technical continuing education, expand its market share and vocational training scope, allocate more resources to develop a B2C model to enhance user stickiness, and establish more training centers to improve after-sales service and increase average revenue per user - Plans to continue deepening integrated online and offline services in professional and technical continuing education and increase market share[44](index=44&type=chunk) - Will broaden the scope of vocational technical training for professional and technical personnel and continuously expand business coverage[44](index=44&type=chunk) - Will allocate more resources to develop the business-to-consumer (B2C) model to enhance consumer stickiness and loyalty to training and education platforms[44](index=44&type=chunk) - Will continue to identify more suitable regions to establish training centers to improve after-sales service and increase average revenue per user[44](index=44&type=chunk) [Financial Services Prospects](index=20&type=section&id=%E9%87%91%E8%9E%8D%E6%9C%8D%E5%8A%A1%E5%89%8D%E6%99%AF) Beijing Zhongjin Insurance Brokerage Co., Ltd. will actively expand its business network and enhance resources in major Chinese cities, while Ruilian Financial Group Limited has upgraded its licenses to offer broader financial services, including virtual asset portfolio management, aiming to increase assets under management to HKD 5 billion, and exploring the introduction of digital financial asset platforms and innovative financial derivatives - Beijing Zhongjin Insurance Brokerage Co., Ltd. is actively expanding its business footprint, establishing offices in major Chinese cities, and significantly enhancing resource allocation to promote insurance products[45](index=45&type=chunk)[46](index=46&type=chunk) - Ruilian Financial Group Limited has upgraded its licenses to include Type 4 (advising on securities) and Type 9 (asset management) regulated activities, solidifying its role as a virtual asset portfolio manager[47](index=47&type=chunk) - Ruilian is actively expanding its Type 9 business, aiming to exceed **HKD 5 billion** in assets under management[47](index=47&type=chunk) - Management is actively exploring the introduction of innovative financial derivatives based on digital financial assets and establishing a digital financial asset platform linked to real-world assets (RWA)[47](index=47&type=chunk) [Financial Review](index=21&type=section&id=%E8%B4%A2%E5%8A%A1%E5%9B%9E%E9%A1%BE) During the reporting period, Group revenue decreased by approximately 21% year-on-year to RMB 655,074 thousand, mainly due to lower revenue from financial and education services; financial services' share increased to 76%, but its lower gross profit margin led to a slight decrease in overall gross profit margin to 11.6%; the loss decreased from RMB 161,185 thousand to RMB 69,013 thousand, primarily due to significant reductions in sales and marketing and administrative expenses, despite an increase in fair value losses on digital assets - Revenue for the reporting period was approximately **RMB 655,074 thousand**, a decrease of approximately **21%** compared to the corresponding period (18 months)[48](index=48&type=chunk) Revenue Composition and Proportion | Business Segment | For the year ended June 30, 2025 (RMB in thousands) | Proportion | For the eighteen months ended June 30, 2024 (RMB in thousands) | Proportion | | :--- | :--- | :--- | :--- | :--- | | Financial services | 494,771 | 76% | 559,168 | 67% | | Education services | 160,303 | 24% | 272,625 | 33% | - Cost of services was approximately **RMB 579,152 thousand**, a decrease of approximately **21%** compared to the corresponding period, consistent with the revenue decrease[49](index=49&type=chunk) - Gross profit margin slightly decreased to approximately **11.6%** (corresponding period: 12.3%), mainly due to the increased proportion of financial services revenue, which has a significantly lower gross profit margin than education services[50](index=50&type=chunk) - Sales and marketing expenses decreased by approximately **30%** to **RMB 47,251 thousand**, and administrative expenses decreased by approximately **41%** to **RMB 71,600 thousand**, primarily due to reductions in staff costs, advertising fees, depreciation, and amortization[50](index=50&type=chunk) - Fair value losses on digital assets (e.g., Bitcoin, Ethereum) were approximately **RMB 10,729 thousand** (corresponding period: RMB 3,293 thousand)[50](index=50&type=chunk) - The Group's loss decreased from **RMB 161,185 thousand** in the corresponding period to **RMB 69,013 thousand** in the reporting period, with loss attributable to owners of the Company approximately **RMB 71,152 thousand**[51](index=51&type=chunk) [Significant Investments](index=22&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B5%84) As of June 30, 2025, the Group held three financial assets at fair value through other comprehensive income and one financial asset at fair value through profit or loss, with a total fair value of RMB 33,329 thousand, including investments in technology platform operations, life insurance agencies, and cultural innovation industries, some of which are currently in a loss-making position Details of Significant Investments (RMB in thousands) | Investment | Percentage of Interest Held | Investment Cost | Fair Value as of July 1, 2024 | Fair Value Change | Fair Value as of June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | Investment A (Guoyatongbao) | 19.8% | 38,000 | 1,400 | (24) | 1,376 | | Investment B (Xinmei Mutual) | 1.67% | 25,000 | 36,000 | (7,000) | 29,000 | | Investment C (Yagesi) | 4% | 2,000 | – | – | – | | Investment D (Flying Global Limited) | 12.35% | 3,243 | 3,051 | (97) | 2,953 | | **Total** | | **68,243** | **40,451** | **(7,121)** | **33,329** | - Investment A (Guoyatongbao) and Investment C (Yagesi) primarily engage in technology platform operations and online payment solutions, and were in a loss-making position during the reporting period[57](index=57&type=chunk) - Investment B (Xinmei Mutual) is a mutual insurance agency primarily offering life insurance products, was in a loss-making position during the reporting period, and management decided to hold it for medium to long-term strategic purposes[57](index=57&type=chunk) - Investment D (Flying Global Limited) primarily invests in cultural innovation industries in Greater China, and management expects it to generate higher returns in the near future[57](index=57&type=chunk) [Significant Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=23&type=section&id=%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8%E3%80%81%E8%81%AF%E7%87%9F%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%90%88%E8%B3%87%E4%BC%81%E6%A5%AD%E7%9A%84%E9%87%8D%E5%A4%A7%E4%BA%8B%E5%AE%9C) During the reporting period, the Group had no significant acquisitions or disposals of subsidiaries, associates, and joint ventures, other than the disposal of Huitong Wealth Management Group Limited and Ligao Credit Finance Limited - During the reporting period, the Group had no other significant acquisitions or disposals of subsidiaries, associates, and joint ventures, apart from the disposal of Huitong Wealth Management Group Limited and Ligao Credit Finance Limited[54](index=54&type=chunk) [Liquidity and Financial Resources](index=23&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) As of June 30, 2025, the Group's bank balances and cash were RMB 102,230 thousand, with borrowings of RMB 13,348 thousand, resulting in net current assets of RMB 33,610 thousand, a current ratio of 1.24 times, and a gearing ratio of 55.6%; the Group will consider other means to repay borrowings to improve its liquidity position Key Indicators of Liquidity and Financial Resources (RMB in thousands) | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Bank balances and cash | 102,230 | 109,509 | | Borrowings | 13,348 | 17,677 | | Net current assets | 33,610 | 69,947 | | Current ratio | 1.24 times | 1.46 times | | Gearing ratio | 55.6% | 54.3% | - The Group will consider other means (including but not limited to capitalization) to repay certain borrowings to preserve cash on hand and improve its liquidity position[55](index=55&type=chunk) [Capital Structure](index=23&type=section&id=%E8%B3%87%E6%9C%AC%E6%9E%B6%E6%A7%8B) As of June 30, 2025, the Company had 6,752,210,578 issued shares, with no changes to its capital structure during the reporting period - As of June 30, 2025, the Company had **6,752,210,578** issued shares[56](index=56&type=chunk) - There were no changes to the Company's capital structure during the reporting period[56](index=56&type=chunk) [Share Placement and Convertible Bond Placement](index=24&type=section&id=%E8%82%A1%E4%BB%BD%E9%85%8D%E5%94%AE%E5%8F%8A%E5%8F%AF%E6%8F%9B%E8%82%A1%E5%82%B5%E5%88%B8%E9%85%8D%E5%94%AE) The Company completed a share placement and convertible bond placement in 2021, raising approximately HKD 87,550 thousand in net proceeds; as of June 30, 2025, HKD 69,500 thousand has been utilized for potential investments in education and financial markets and general working capital, with HKD 18,050 thousand unutilized and expected to be used in 2025 - On April 28, 2021, the Company entered into a share placement agreement and a convertible bond placement agreement to place a maximum of **470,000,000** new shares and convertible bonds with a principal amount of up to **HKD 90,000,000**, respectively[58](index=58&type=chunk) - The net proceeds from the share placement and convertible bond placement were approximately **HKD 47,790,000** and **HKD 39,760,000**, respectively, totaling approximately **HKD 87,550,000**[59](index=59&type=chunk) Use of Net Proceeds (HKD in thousands) | Intended Use | Original Allocation | Utilized as of June 30, 2025 | Unutilized as of June 30, 2025 | Expected Timeline for Unutilized Net Proceeds | | :--- | :--- | :--- | :--- | :--- | | Potential investments in education and financial markets | 60,050 | 42,000 | 18,050 | 2025 | | General working capital | 27,500 | 27,500 | – | – | | **Total** | **87,550** | **69,500** | **18,050** | | [Foreign Exchange Risk](index=25&type=section&id=%E5%A4%96%E6%B1%87%E9%A3%8E%E9%99%A9) The Group's vast majority of business transactions are denominated in RMB and HKD, and as of June 30, 2025, it held no bank liabilities, interest or currency swaps, or other financial derivatives for hedging purposes, thus incurring no significant interest rate or foreign exchange risk - The vast majority of the Group's business transactions are denominated in RMB and HKD[60](index=60&type=chunk) - As of June 30, 2025, the Group held no bank liabilities, interest or currency swaps, or other financial derivatives for hedging purposes[60](index=60&type=chunk) - The Group has no significant interest rate or foreign exchange risk[60](index=60&type=chunk) [Contingent Liabilities](index=25&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities[61](index=61&type=chunk) [Pledge of the Group's Assets](index=25&type=section&id=%E6%9C%AC%E9%9B%86%E5%9C%98%E7%9A%84%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) As of June 30, 2025, the Group had pledged land and buildings of approximately RMB 40,019 thousand to secure certain borrowings - As of June 30, 2025, the Group had pledged land and buildings of approximately **RMB 40,019 thousand** to secure certain borrowings[62](index=62&type=chunk) [Capital Commitments](index=25&type=section&id=%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94) As of June 30, 2025, the Group had outstanding capital commitments of approximately RMB 13,840 thousand for equity contributions to an associate - As of June 30, 2025, the Group had outstanding capital commitments of approximately **RMB 13,840 thousand** for equity contributions to an associate[63](index=63&type=chunk) [Events After the Reporting Period](index=25&type=section&id=%E5%8F%AF%E5%91%8A%E6%9C%9F%E5%90%8E%E4%BA%8B%E9%A1%B9) There have been no significant events from the end of the reporting period up to the date of this announcement - There have been no significant events from the end of the reporting period up to the date of this announcement[64](index=64&type=chunk) [Employee Information and Remuneration Policy](index=25&type=section&id=%E9%9B%87%E5%91%98%E8%B5%84%E6%96%99%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As of June 30, 2025, the Group had 519 employees, with total staff costs of RMB 68,605 thousand; remuneration policy is based on individual performance and Group financial results, offering benefits such as medical insurance and mandatory provident fund contributions - As of June 30, 2025, the Group had **519** employees in Hong Kong and China (2024: 391 employees)[65](index=65&type=chunk) - Total staff costs (including emoluments and fees for all Directors) for the reporting period were approximately **RMB 68,605 thousand** (corresponding period: RMB 102,149 thousand)[65](index=65&type=chunk) - Employee remuneration policy is determined with reference to individual performance and the Group's financial results, and includes medical insurance plans and mandatory provident fund contributions[65](index=65&type=chunk) - The Group implements a Mandatory Provident Fund Scheme for Hong Kong employees and participates in a central retirement scheme for Chinese employees, with contributions fully and immediately vested in employees[66](index=66&type=chunk) [Other Information](index=26&type=section&id=%E5%85%B6%E4%BB%96%E4%BF%A1%E6%81%AF) This section covers corporate governance practices, standards for securities transactions by directors and employees, final dividend declaration, share dealings, audit committee review, auditor's scope of work, and publication of annual results [Corporate Governance Practices](index=26&type=section&id=%E4%BC%81%E4%B8%9A%E7%AE%A1%E6%B2%BB%E5%B8%B8%E8%A7%84) The Company has adopted the Corporate Governance Code and complied with its provisions for the year ended June 30, 2025, with a deviation from code provision D.1.2, where management ensures the Board is fully informed through regular updates and timely provision of material event information - The Company has adopted the Corporate Governance Code as its corporate governance code[67](index=67&type=chunk) - For the year ended June 30, 2025, the Company complied with the relevant code provisions of the Corporate Governance Code, with a deviation from code provision D.1.2[67](index=67&type=chunk) - Management ensures the Board is fully informed by providing regular updates, a balanced assessment of the Group's performance, and timely information on material events affecting the Group's performance[68](index=68&type=chunk) [Standard Code for Securities Transactions by Directors and Relevant Employees](index=27&type=section&id=%E7%94%B1%E8%91%A3%E4%BA%8B%E5%8F%8A%E5%85%B6%E4%BB%96%E7%9B%B8%E9%97%9C%E9%9B%87%E5%91%98%E8%BF%9B%E8%A1%8C%E8%AF%81%E5%88%B8%E4%BA%A4%E6%98%93%E4%B9%8B%E6%A0%87%E5%87%86%E5%AE%88%E5%88%99) The Company has adopted the Standard Code as set out in Appendix C3 of the Listing Rules for securities transactions by directors and employees who may possess inside information, with no instances of non-compliance found - The Company has adopted the Standard Code as set out in Appendix C3 of the Listing Rules as its code of conduct for securities transactions by its Directors[69](index=69&type=chunk) - The Company has made specific enquiries with all Directors and is not aware of any non-compliance with the standards set out in the Standard Code[69](index=69&type=chunk) - The Company has adopted the same Standard Code for securities transactions by employees who may possess unpublished inside information of the Group and employees of Directors or their subsidiaries, with no non-compliance found[69](index=69&type=chunk) [Final Dividend](index=27&type=section&id=%E6%9C%AB%E6%9C%9F%E8%82%A1%E6%81%AF) The Board of Directors resolved not to recommend the payment of a final dividend for the year ended June 30, 2025 - The Board of Directors resolved not to recommend the payment of a final dividend for the year ended June 30, 2025[70](index=70&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=27&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AF%81%E5%88%B8) Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the year ended June 30, 2025 - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the year ended June 30, 2025[71](index=71&type=chunk) [Audit Committee](index=27&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%91%98%E4%BC%9A) The Company's Audit Committee, composed of three independent non-executive directors, has reviewed the Group's annual results and accounting principles and policies for the year ended June 30, 2025 - The Company's Audit Committee is composed of **three** independent non-executive directors[72](index=72&type=chunk) - The Audit Committee has reviewed the Group's annual results and the accounting principles and policies adopted by the Group for the year ended June 30, 2025, with management and external auditors[72](index=72&type=chunk) [Scope of Work by the Company's Auditor on the Preliminary Announcement](index=27&type=section&id=%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%A0%B8%E6%95%B8%E5%B8%AB%E6%9C%89%E9%97%9C%E5%88%9D%E6%AD%A5%E5%85%AC%E5%91%8A%E7%9A%84%E5%B7%A5%E4%BD%9C%E7%AF%84%E5%9B%B2) The financial figures in this announcement, including the consolidated statement of financial position, consolidated statement of profit or loss and other comprehensive income, and related notes for the year ended June 30, 2025, have been agreed by the Group's auditor, Shinewing (HK) CPA Limited, but their work does not constitute an assurance engagement, and thus no assurance is issued for this announcement - The figures in this announcement, including the consolidated statement of financial position, consolidated statement of profit or loss and other comprehensive income, and related notes for the Group for the year ended June 30, 2025, have been agreed by the Group's auditor, Shinewing (HK) CPA Limited[73](index=73&type=chunk) - The auditor's work in this regard does not constitute an assurance engagement, and therefore no assurance is issued for this announcement[73](index=73&type=chunk) [Publication of Annual Results Announcement and Annual Report](index=28&type=section&id=%E5%88%8A%E8%BC%89%E5%B9%B4%E5%BA%A6%E6%A5%AD%E7%B8%BE%E5%85%AC%E5%91%8A%E5%8F%8A%E5%B9%B4%E5%A0%B1) This annual results announcement has been published on the HKEX and Company websites, and the annual report will be dispatched to shareholders and published on the aforementioned websites in due course - This annual results announcement is published on the HKEX website www.hkexnews.hk and the Company's website www.chinahrt.com[74](index=74&type=chunk) - The Company will dispatch the annual report for the year ended June 30, 2025, to its shareholders and publish it on the aforementioned websites in due course[74](index=74&type=chunk)

[Company Information](index=3&type=section&id=Company%20Information) This section provides an overview of the company's foundational details, including its governance structure, legal and auditing advisors, registration, and share information [Board of Directors and Committees](index=3&type=section&id=Board%20of%20Directors%20and%20Committees) During the reporting period, the company's board members changed, with Mr. Zhao Guoshuai appointed Executive Director, Co-Chairman, and Global Executive President, and Ms. Li Yingjie appointed Independent Non-Executive Director, Remuneration Committee Chair, and member of the Nomination and Audit Committees; Ms. Zhao Fangqi and Mr. Qin Ci resigned - Board member changes: Mr. Zhao Guoshuai appointed Executive Director, Co-Chairman, and Global Executive President; Ms. Li Yingjie appointed Independent Non-Executive Director, Remuneration Committee Chair, and member of the Nomination and Audit Committees; Ms. Zhao Fangqi and Mr. Qin Ci resigned[76](index=76&type=chunk) [Legal Advisors and Auditor](index=3&type=section&id=Hong%20Kong%20Legal%20Advisors) The company appointed Chow Chun Hin Solicitors & Beijing Tongshang Law Firm (in association) as Hong Kong legal advisors, Tung Yan Finance Limited as compliance advisor, and Ernst & Young as auditor - Hong Kong Legal Advisors: Chow Chun Hin Solicitors & Beijing Tongshang Law Firm (in association)[7](index=7&type=chunk) - Compliance Advisor: Tung Yan Finance Limited[7](index=7&type=chunk) - Auditor: Ernst & Young[6](index=6&type=chunk) [Registered and Business Locations](index=3&type=section&id=Registered%20Office) The company is registered in the Cayman Islands, with its headquarters and principal place of business in China located in Shanghai, and its principal place of business in Hong Kong in Causeway Bay - Registered Office: PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands[7](index=7&type=chunk) - Headquarters and Principal Place of Business in China: Zhenjiao Center, Building 8, Shanghai Big Data Industrial Park, No. 1, Lane 1401, Jiangchang Road, Jing'an District, Shanghai, China[8](index=8&type=chunk) - Principal Place of Business in Hong Kong: Room 1918, 19/F, Lee Garden One, 33 Hysan Avenue, Causeway Bay, Hong Kong[9](index=9&type=chunk) [Share Information](index=4&type=section&id=Stock%20Code) The company's stock code is 2556, with a Hong Kong share registrar and a principal share registrar - Stock Code: **2556**[9](index=9&type=chunk) - Hong Kong Share Registrar: Hong Kong Central Share Registrar Limited[9](index=9&type=chunk) [Financial Highlights](index=5&type=section&id=Financial%20Highlights) The company's H1 2025 revenue grew by **25.5%** to **RMB 928 million**, gross profit increased by **14.7%** to **RMB 451 million**, turning a period loss into profit, with adjusted net profit surging **77.7%** to **RMB 84.721 million** Financial Highlights for the Six Months Ended June 30, 2025 | Indicator | 2025 (RMB Thousand) | 2024 (RMB Thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 928,293 | 739,443 | 25.5% | | Gross Profit | 450,751 | 392,868 | 14.7% | | Profit/(Loss) for the Period | 35,820 | (820,178) | 104.4% | | Adjusted Net Profit | 84,721 | 47,681 | 77.7% | [Chairman's Statement](index=6&type=section&id=Chairman's%20Statement) This section outlines the company's business performance and strategic direction, highlighting key achievements and future outlook [Business Review and Outlook](index=6&type=section&id=Business%20Review%20and%20Outlook) In H1 2025, the company achieved high-quality growth driven by AI Agent technology and China's enterprise digital transformation, with total revenue reaching RMB 930 million, AI+SaaS revenue at RMB 500 million, and precise marketing revenue at RMB 420 million, turning net profit attributable to owners from negative to positive - Global economic restructuring, China's economic recovery, and digital transformation entering a new phase of AI Agent applications are driving explosive demand for enterprise intelligent digital development[13](index=13&type=chunk) - Leveraging its AI Agent technology advantages, the company achieved high-quality growth, with total revenue of **RMB 930 million**, a **25.5%** year-on-year increase[14](index=14&type=chunk) - AI+SaaS business revenue reached **RMB 500 million**, up **26.0%** year-on-year, with a gross profit margin of **80.4%**; precise marketing business revenue was **RMB 420 million**, up **25.0%** year-on-year[14](index=14&type=chunk) - Net profit attributable to owners was **RMB 37.4 million**, turning from loss to profit; adjusted net profit was **RMB 84.7 million**, a **77.7%** year-on-year increase[14](index=14&type=chunk) [Review of Core Achievements in H1 2025](index=7&type=section&id=Review%20of%20Core%20Achievements%20in%20H1%202025) The company made significant progress in AI Agent technology, product innovation, market expansion, and operational efficiency, with AI Agentforce intelligent agent platform fully implemented, serving 5,518 enterprises, and AI and AI Agent revenue reaching RMB 110 million; KA client revenue share increased to 50.3%, and channel partner numbers and revenue both grew - AI Agentforce intelligent agent platform 1.0 and 2.0 were fully implemented, covering the entire marketing and sales value chain and scenarios, with deep cultivation in core sectors such as consumer retail, automotive, healthcare, finance, culture and tourism, and manufacturing[15](index=15&type=chunk) - AI and AI Agent revenue reached **RMB 110 million**, serving **5,518 enterprises**[15](index=15&type=chunk) - KA client revenue share increased to **50.3%**, with new iconic enterprise clients including Walmart, L'Oréal, and Pepsi[15](index=15&type=chunk) - The number of channel partners increased from 208 to **232**, generating revenue of **RMB 64.9 million**, a **32.0%** year-on-year increase[19](index=19&type=chunk) - Under the internationalization strategy, AI foreign trade digital employees and T-Cloud foreign trade version cover over **95%** of global language regions, serving **982 foreign trade clients**, with revenue of **RMB 28.4 million**, an **89.0%** year-on-year increase[19](index=19&type=chunk) - Recurring revenue from AI+SaaS business maintained a high proportion of **84.5%**, continuously strengthening customer stickiness[21](index=21&type=chunk) - Total AI+SaaS customers reached **21,655**, with KA key accounts increasing to **814**; average order value for existing SMB and KA customers increased by **21.7%** and **20.7%** year-on-year, respectively[21](index=21&type=chunk) - Sales expense ratio, administrative expense ratio, and R&D expense ratio all decreased year-on-year, while overall per capita efficiency increased by **25.6%** year-on-year, indicating continuous optimization of operational efficiency[21](index=21&type=chunk) [Outlook for H2 and Full Year 2025](index=8&type=section&id=Outlook%20for%20H2%20and%20Full%20Year%202025) The company will continue to focus on four key strategies: deepening AI Agent technology integration with vertical industry scenarios, upgrading international expansion, building an AI product ecosystem through technological innovation and M&A, and achieving sustainable growth through extreme operational efficiency - Deepen the integration of AI Agent technology with vertical industry scenarios, accelerate full-scenario commercialization, and plan to launch Agent-Data business analysis intelligent agents and Agent-Decision business decision-making intelligent agents[17](index=17&type=chunk)[22](index=22&type=chunk) - Promote the upgrade of international layout from "serving Chinese enterprises going global" to "expanding into new overseas markets," building a "product + service" dual-driven system[17](index=17&type=chunk)[23](index=23&type=chunk) - Build an AI product ecosystem through technological innovation, investment, and M&A, optimize the product matrix, and accelerate the integration of vertical solutions[17](index=17&type=chunk)[24](index=24&type=chunk) - Optimize cost and expense structures and improve net profit margin through extreme operational efficiency, a flat management structure, and refined control mechanisms[17](index=17&type=chunk)[25](index=25&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a detailed analysis of the company's financial performance, business segment results, costs, operating expenses, and financial position [Financial Review](index=10&type=section&id=Financial%20Review) In H1 2025, the company's total revenue increased by **25.5%** year-on-year to **RMB 928 million**, with significant growth in both AI+SaaS business and precise marketing services revenue Key Operating Data for the Six Months Ended June 30, 2025 | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | **AI+SaaS Business** | | | | Total Users | 21,655 | 22,247 | | Of which, KA Customers | 814 | 595 | | Average Monthly Revenue Per User (RMB) | 4,512 | 3,621 | | **Precise Marketing Services** | | | | Number of Advertising Clients | 541 | 704 | | Average Revenue Per Advertising Client (RMB Thousand