[Company Information](index=3&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) [Board of Directors and Corporate Governance Structure](index=3&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E5%8F%8A%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E6%9E%B6%E6%A7%8B) The company's board of directors underwent changes, with Mr. Cheng Yu appointed Executive Director and Chairman, Mr. Peng Liang reassigned as Vice Chairman and resigning as Co-CEO, and Ms. Ma Xiaoxia and Mr. Li Nian appointed Executive Directors - Mr. Cheng Yu was appointed Executive Director and Chairman of the Board on **June 27, 2025**[5](index=5&type=chunk) - Mr. Peng Liang was re-designated from Chairman of the Board to Vice Chairman and resigned as Co-Chief Executive Officer on **June 27, 2025**[5](index=5&type=chunk) - Ms. Ma Xiaoxia and Mr. Li Nian were appointed Executive Directors on **June 27, 2025**[5](index=5&type=chunk) - Ms. Luo Xiaomei resigned as Executive Director and Chairman of the Nomination Committee effective **June 27, 2025**[5](index=5&type=chunk) [Key Contact and Registration Information](index=3&type=section&id=%E4%B8%BB%E8%A6%81%E8%81%AF%E7%B5%A1%E5%8F%8A%E8%A8%BB%E5%86%8A%E4%BF%A1%E6%81%AF) The company is registered in the Cayman Islands with its principal place of business in Beijing, China, and a primary place of business in Hong Kong, with PwC as auditor and DeHeng Law Offices (Hong Kong) as legal counsel - The company's registered office is in the Cayman Islands, with its principal place of business and headquarters in Chaoyang District, Beijing, China[6](index=6&type=chunk) - The auditor is **PricewaterhouseCoopers**, and the legal counsel is **DeHeng Law Offices (Hong Kong) LLP**[5](index=5&type=chunk)[6](index=6&type=chunk) - The company's stock code is **01948**, and its website is **https://www.ujumedia.com**[7](index=7&type=chunk) [Financial Highlights](index=5&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) [Operating Results](index=5&type=section&id=%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9) For the six months ended June 30, 2025, the company's revenue increased by 29.8% to RMB 5,018.3 million, profit before income tax grew by 63.2% to RMB 84.7 million, and profit attributable to owners increased by 52.8% to RMB 66.3 million Operating Results for the Six Months Ended June 30 (RMB million) | Indicator | 2025 (Unaudited) | 2024 (Unaudited) | Change | | :--- | :--- | :--- | :--- | | Revenue | 5,018.3 | 3,867.1 | 29.8% | | Gross Profit | 153.1 | 150.8 | 1.5% | | Profit Before Income Tax | 84.7 | 51.9 | 63.2% | | Profit for the Period Attributable to Owners of the Company | 66.3 | 43.4 | 52.8% | [Financial Position](index=5&type=section&id=%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5) As of June 30, 2025, the company's total assets increased by 10.1% to RMB 5,061.1 million, total liabilities grew by 13.7% to RMB 3,568.6 million, total equity rose by 2.5% to RMB 1,492.5 million, and retained earnings increased by 8.6% to RMB 748.3 million Financial Position as of June 30, 2025 (RMB million) | Indicator | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 5,061.1 | 4,596.5 | 10.1% | | Total Liabilities | 3,568.6 | 3,139.9 | 13.7% | | Total Equity | 1,492.5 | 1,456.6 | 2.5% | | Retained Earnings | 748.3 | 688.8 | 8.6% | [Chairman's Report](index=6&type=section&id=%E4%B8%BB%E5%B8%AD%E5%A0%B1%E5%91%8A) [Performance Review and Outlook](index=6&type=section&id=%E4%B8%9A%E7%BB%A9%E5%9B%9E%E9%A1%BE%E4%B8%8E%E5%B1%95%E6%9C%9B) In the first half of 2025, the company leveraged AI technology to enhance service delivery in the marketing industry, achieving approximately RMB 7.9 billion in total billings, a 29.8% increase in total revenue to RMB 5 billion, and a 50.2% rise in net profit to RMB 64.8 million - In the first half of **2025**, AI technology brought disruptive changes to the marketing industry, creating significant opportunities for digital marketing[12](index=12&type=chunk) - The Group's advertising business recorded total billings of approximately **RMB 7.9 billion**, with direct advertiser business accounting for **62.8%**[12](index=12&type=chunk) Key Financial Data for H1 2025 (RMB) | Indicator | H1 2025 | H1 2024 | Growth Rate | | :--- | :--- | :--- | :--- | | Total Revenue | Approx. RMB 5 billion | Approx. RMB 3.9 billion | 29.8% | | Net Profit | RMB 64.8 million | RMB 43.2 million | Approx. 50.2% | | Live E-commerce GMV | RMB 512.8 million | RMB 539.2 million | -4.9% | [Accelerated Implementation of Intelligent Marketing Solutions](index=6&type=section&id=%E8%90%A5%E9%94%80%E4%B8%9A%E5%8A%A1%E6%99%BA%E8%83%BD%E5%8C%96%E8%A7%A3%E5%86%B3%E6%96%B9%E6%A1%88%E5%8A%A0%E9%80%9F%E8%90%BD%E5%9C%B0) The company advanced intelligent marketing solutions, upgrading its "U-Engine" smart advertising platform to integrate mainstream media algorithms, boosting client budget utilization by 12 percentage points and managing over RMB 50 billion in ad budgets, while its "U-Crane" smart content creation platform, integrating 12 AI core technologies, improved material production efficiency by 8 times and reduced video production costs by 75% - The smart advertising platform "U-Engine" completed its upgrade, increasing clients' budget utilization rate within the stipulated time by **12 percentage points**[13](index=13&type=chunk) - The U-Engine platform has integrated with **7 mainstream media ecosystems**, including ByteDance and Tencent Ads, serving clients across **8 major vertical industries** such as e-commerce, finance, and internet services, cumulatively managing over **RMB 50 billion** in advertising budgets[13](index=13&type=chunk) - The smart content creation platform "U-Crane" integrates **12 AI core technologies**, supporting text-to-image/text-to-video, increasing material production efficiency by **8 times** compared to traditional methods, and reducing the average production cost per video by **75%**[15](index=15&type=chunk) [Intelligent Organizational Transformation and Future Strategy](index=7&type=section&id=%E6%99%BA%E8%83%BD%E7%BB%84%E7%BB%87%E5%8F%98%E9%9D%A9%E4%B8%8E%E6%9C%AA%E6%9D%A5%E6%88%98%E7%95%A5) The company actively adjusted its organizational collaboration model, implementing a "business-technology integration" approach to enhance responsiveness to client needs, with a future strategic goal of achieving "RMB 10 billion self-operation" by focusing on core value clients, industries, and regional markets - The company implements a "business-technology integration" collaboration model within its organization to enhance agile response to client needs[17](index=17&type=chunk) - The future strategic goal is to achieve "**RMB 10 billion self-operation**," focusing on deep self-operation around core value clients, industries, and regional markets[16](index=16&type=chunk) - The company promotes the principle of "**talent density a step ahead**" and the "**three empowerments, three demands**" incentive system to ensure organizational capabilities lead business development[16](index=16&type=chunk) [Management Discussion and Analysis](index=8&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) [Revenue Analysis](index=8&type=section&id=%E6%94%B6%E7%9B%8A%E5%88%86%E6%9E%90) For the six months ended June 30, 2025, total revenue increased by 29.8% to RMB 5,018.3 million, driven by a 30.3% growth in online marketing solutions revenue to RMB 4,989.6 million, while live e-commerce revenue decreased by 24.4% to RMB 27.9 million due to strategic resource reallocation Revenue by Source (RMB thousand) | Revenue Source | 2025 | Percentage of Total | 2024 | Percentage of Total | | :--- | :--- | :--- | :--- | :--- | | Online Marketing Solutions Business | 4,989,591 | 99.4% | 3,828,615 | 99.0% | | Live E-commerce Business | 27,938 | 0.5% | 36,965 | 0.9% | | Others | 765 | 0.1% | 1,558 | 0.1% | | **Total** | **5,018,294** | **100.0%** | **3,867,138** | **100.0%** | - Revenue from online marketing solutions business increased by **30.3%**, primarily due to enhanced operational and creative teams, continuous expansion of the internet advertising market, and successful acquisition of new clients[19](index=19&type=chunk) - Revenue from live e-commerce business decreased by **24.4%**, mainly due to the company's proactive restructuring in response to market changes, reallocating resources to core businesses[19](index=19&type=chunk) Online Marketing Solutions Business Revenue by Advertiser Client Type (RMB thousand) | Client Type | 2025 | Percentage of Total | 2024 | Percentage of Total | | :--- | :--- | :--- | :--- | :--- | | Advertisers | 4,938,466 | 99.0% | 3,806,587 | 99.4% | | Advertising Agencies | 51,125 | 1.0% | 22,028 | 0.6% | | **Total** | **4,989,591** | **100.0%** | **3,828,615** | **100.0%** | Online Marketing Solutions Business Revenue by Industry (RMB thousand) | Industry | 2025 | Percentage of Total | 2024 | Percentage of Total | | :--- | :--- | :--- | :--- | :--- | | E-commerce | 2,228,689 | 45.2% | 2,082,802 | 54.8% | | Internet Services | 968,475 | 19.6% | 548,834 | 14.4% | | Financial Services | 747,946 | 15.1% | 443,042 | 11.6% | | Gaming | 668,494 | 13.5% | 485,288 | 12.7% | | Leisure Travel | 145,565 | 2.9% | 114,166 | 3.0% | | Education | 57,740 | 1.2% | 75,961 | 2.0% | | Real Estate and Home Decoration | 24,704 | 0.5% | 6,398 | 0.2% | | Others | 96,853 | 2.0% | 50,096 | 1.3% | | **Total** | **4,938,466** | **100.0%** | **3,806,587** | **100.0%** | - The e-commerce industry remains the largest client group, though its proportion decreased, while the internet services industry client group's proportion increased[24](index=24&type=chunk) [Cost and Profit Analysis](index=9&type=section&id=%E6%88%90%E6%9C%AC%E4%B8%8E%E5%88%A9%E6%B6%A6%E5%88%86%E6%9E%90) Service costs, primarily traffic acquisition and monitoring, increased to RMB 4,865.2 million, leading to a 1.5% gross profit increase to RMB 153.1 million but a gross margin decline from 3.9% to 3.1%, while sales and general & administrative expenses decreased, and R&D expenses rose by 20.5% to RMB 5.3 million Service Cost Components (RMB thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Traffic Acquisition and Monitoring Costs | 4,777,776 | 3,645,838 | | Employee Benefit Expenses | 51,286 | 41,209 | | Outsourced Short Video Production, Advertising, and Live Streamer Costs | 7,891 | 8,779 | | Cost of Inventories Sold | 5,610 | 8,463 | | Depreciation and Amortisation Expenses | 2,992 | 3,173 | | Taxes and Surcharges | 13,020 | 5,439 | | Others | 6,650 | 3,417 | | **Total** | **4,865,225** | **3,716,318** | - Gross profit increased by **1.5%** to **RMB 153.1 million**, but the gross profit margin decreased from **3.9% to 3.1%**[27](index=27&type=chunk) - Selling expenses decreased to **RMB 12.0 million**, primarily due to reduced live streaming expenses for domestic self-operated e-commerce business[28](index=28&type=chunk) - General and administrative expenses decreased by **13.1%** to **RMB 36.4 million**, mainly due to reduced employee benefit expenses and professional and consulting service fees[29](index=29&type=chunk) - Research and development expenses increased by **20.5%** to **RMB 5.3 million**, primarily due to increased software service fees for R&D activities[30](index=30&type=chunk) [Other Financial Performance](index=11&type=section&id=%E5%85%B6%E4%BB%96%E8%B4%A2%E5%8A%A1%E8%A1%A8%E7%8E%B0) Net impairment losses on financial assets decreased to RMB 11.6 million due to credit risk control, other income surged by 500% to RMB 1.2 million from government grants, and net other gains turned positive at RMB 1.3 million, while net finance costs became an expense of RMB 5.7 million, and profit attributable to owners increased by 52.8% to RMB 66.3 million, with net profit margin rising to 1.3% - Net impairment losses on financial assets decreased to **RMB 11.6 million**, primarily due to effective credit risk control[31](index=31&type=chunk) - Other income increased by approximately **500%** to **RMB 1.2 million**, mainly due to increased government grants[32](index=32&type=chunk) - Net other gains turned from a loss of **RMB 7.7 million** in the same period of 2024 to a gain of **RMB 1.3 million** in the same period of 2025[33](index=33&type=chunk) - Net finance costs turned from income of **RMB 1.9 million** in the same period of 2024 to costs of **RMB 5.7 million** in the same period of 2025, primarily due to increased interest expenses[34](index=34&type=chunk) - Income tax expense increased to **RMB 19.9 million**, with the effective income tax rate rising from **16.8% to 23.5%**, mainly due to a decreased profit contribution ratio from Hainan Youju[35](index=35&type=chunk) - Profit for the period attributable to owners of the Company increased by **52.8%** to **RMB 66.3 million**, with a net profit margin of **1.3%**[36](index=36&type=chunk)[37](index=37&type=chunk) [Liquidity and Financial Resources](index=12&type=section&id=%E6%B5%81%E5%8A%A8%E6%80%A7%E5%8F%8A%E8%B4%A2%E5%8A%A1%E8%B5%84%E6%BA%90) As of June 30, 2025, the company's bank and other borrowings were approximately RMB 289.0 million, with a gearing ratio of 0.2 times, while cash and cash equivalents decreased to RMB 719.6 million due to net cash outflow from operating activities, maintaining a sound liquidity position and managing foreign exchange risk through options - As of **June 30, 2025**, bank and other borrowings were approximately **RMB 289.0 million** (December 31, 2024: approximately RMB 248.2 million)[39](index=39&type=chunk) - As of **June 30, 2025**, the gearing ratio was **0.2 times** (December 31, 2024: 0.18 times)[39](index=39&type=chunk) - Cash and cash equivalents decreased to **RMB 719.6 million**, primarily due to net cash outflow from daily operating activities[39](index=39&type=chunk) Key Financial Ratios | Indicator | June 30, 2025 (%) | June 30, 2024 (%) | | :--- | :--- | :--- | | Gross Profit Margin | 3.1 | 3.9 | | Net Profit Margin | 1.3 | 1.1 | | Return on Equity | 8.7 | 6.2 | | Return on Assets | 2.6 | 2.2 | | Current Ratio | 1.4 | 1.4 | | Gearing Ratio | 0.20 | 0.18 | - The Group adopts a prudent financial management approach to treasury policies, mitigating credit risk through continuous credit assessments[49](index=49&type=chunk) - Foreign exchange risk primarily arises from overseas media traffic acquisition costs paid in **USD**, which are hedged through foreign exchange options[50](index=50&type=chunk) [Assets and Investments](index=14&type=section&id=%E8%B5%84%E4%BA%A7%E4%B8%8E%E6%8A%95%E8%B5%84) As of June 30, 2025, restricted cash balances were approximately RMB 116.9 million, serving as collateral for borrowings, with no significant equity investments held, no major future investment plans beyond the prospectus, and no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the period - As of **June 30, 2025**, restricted cash balances were approximately **RMB 116.9 million**, serving as collateral for bank borrowings, factoring borrowings, and bills payable[54](index=54&type=chunk) - The Group holds no significant equity investments in any other companies and has no major future plans for investments and capital assets[55](index=55&type=chunk)[56](index=56&type=chunk) - For the six months ended **June 30, 2025**, the Group had no significant acquisitions or disposals of subsidiaries, associates, or joint ventures[57](index=57&type=chunk) [Employee Information](index=14&type=section&id=%E9%9B%87%E5%91%98%E8%B3%87%E6%96%99) As of June 30, 2025, the Group had 884 employees, an increase from 645 at the end of 2024, with total employee costs of approximately RMB 90.7 million, and implements competitive remuneration, share option, and share award schemes to attract and retain talent - As of **June 30, 2025**, the Group had **884 employees** (December 31, 2024: 645 employees)[58](index=58&type=chunk) - Total employee costs for the six months ended **June 30, 2025**, were approximately **RMB 90.7 million** (same period in 2024: approximately RMB 82.7 million)[58](index=58&type=chunk) - The Group implements share option schemes and share award schemes, but as of **June 30, 2025**, no shares or share options have been granted under these schemes[58](index=58&type=chunk) [Use of Net Proceeds from Global Offering](index=15&type=section&id=%E5%85%A8%E7%90%83%E5%8F%91%E5%94%AE%E6%89%80%E5%BE%97%E6%AC%BE%E9%A1%B9%E5%87%80%E9%A2%9D%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5) The net proceeds from the global offering were approximately HKD 748.5 million, with HKD 628.6 million utilized by June 30, 2025, for platform upgrades, digital service development, internal management, e-commerce expansion, AI content creation, sales and marketing, media expansion, and new business exploration, while the remaining HKD 119.9 million is earmarked for strategic investments and acquisitions by the end of 2026 Use of Net Proceeds from Global Offering (As of June 30, 2025) | Purpose | Approximate Percentage of Total Net Proceeds | Net Proceeds from Global Offering (HKD million) | Net Proceeds Utilized (HKD million) | Remaining Net Proceeds (HKD million) | Expected Timeframe for Full Utilization of Remaining Net Proceeds | | :--- | :--- | :--- | :--- | :--- | :--- | | Upgrading U-Engine platform, focusing on R&D and leveraging AI capabilities and SaaS technology | 2.3% | 17.0 | 17.0 | — | — | | Developing a digital service platform for U-Engine | 2.0% | 14.8 | 14.8 | — | — | | Upgrading internal management system | 0.6% | 4.4 | 4.4 | — | — | | Expanding business opportunities for online short video platform e-commerce | 3.3% | 24.4 | 24.4 | — | — | | Enhancing content creation capabilities with AI technology | 6.6% | 49.6 | 49.6 | — | — | | Strengthening sales and marketing teams | 3.4% | 25.2 | 25.2 | — | — | | Expanding media base | 15.6% | 117.0 | 117.0 | — | — | | Exploring new businesses with new advertiser clients and online media platforms | 40.3% | 302.1 | 302.1 | — | — | | Seeking strategic investments and acquisitions | 16.0% | 119.9 | — | 119.9 | Before the end of the year ending December 31, 2026 | | Working capital and general corporate purposes | 9.9% | 74.1 | 74.1 | — | — | | **Total** | **100%** | **748.5** | **628.6** | **119.9** | | - As of **June 30, 2025**, approximately **HKD 628.6 million** of the net proceeds from the global offering has been utilized, with the remaining approximately **HKD 119.9 million** allocated for strategic investments and acquisitions[59](index=59&type=chunk) [Other Information](index=16&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) [Corporate Governance and Compliance](index=16&type=section&id=%E4%BC%81%E4%B8%9A%E7%AE%A1%E6%B2%BB%E4%B8%8E%E5%90%88%E8%A7%84) The Group is committed to high corporate governance standards, complying with the Corporate Governance Code in Appendix C1 of the Listing Rules for the six months ended June 30, 2025, with a temporary deviation regarding the separation of Chairman and CEO duties, and has adopted and confirmed compliance with the Model Code for directors' securities transactions, while the audit committee reviewed the interim financial information for compliance - The Company has complied with the Corporate Governance Code set out in Appendix C1 to the Listing Rules, with a deviation from **January 1, 2025, to June 27, 2025**, due to the non-segregation of duties between the Chairman and Chief Executive Officer, but has fully complied thereafter[61](index=61&type=chunk) - The Company has adopted the Model Code set out in Appendix C3 to the Listing Rules as the code of conduct for directors' securities transactions and confirmed that the directors have complied with it[63](index=63&type=chunk) - The Audit Committee has reviewed the Group's interim financial information and considers that it has been prepared in accordance with applicable accounting standards, the Listing Rules, and other applicable legal requirements[64](index=64&type=chunk) [Securities Transactions and Incentive Schemes](index=16&type=section&id=%E8%AF%81%E5%88%B8%E4%BA%A4%E6%98%93%E4%B8%8E%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92) For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities, and while share option and share award schemes are in place to incentivize talent, no options or awards were granted during the reporting period - For the six months ended **June 30, 2025**, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[65](index=65&type=chunk) - The Share Option Scheme aims to incentivize participants, with a limit of **10%** of the issued shares on the listing date and a **1%** limit per participant within any 12-month period, valid until **October 7, 2031**[67](index=67&type=chunk)[68](index=68&type=chunk) - The Share Award Scheme aims to recognize contributions, retain, and attract talent, with a limit of **10%** of the issued share capital on the adoption date of the Share Award Scheme and a **1%** limit per participant within any 12-month period, valid until **May 21, 2033**[71](index=71&type=chunk)[72](index=72&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk) - For the six months ended **June 30, 2025**, no share options were granted under the Share Option Scheme, nor were any awards granted under the Share Award Scheme[69](index=69&type=chunk)[82](index=82&type=chunk) [Directors' and Major Shareholders' Interests](index=20&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E4%B8%BB%E8%A6%81%E8%82%A1%E4%B8%9C%E6%9D%83%E7%9B%8A) As of June 30, 2025, Mr. Cheng Yu and his spouse Ms. Ma Xiaoxia held interests in the company's shares, with Mr. Cheng Yu directly and indirectly holding 50.62% and Ms. Ma Xiaoxia deemed to hold 50.65% due to spousal interest, while major shareholders Autumn Harvest Ltd, Vast Business, and Vigorous Development held 50.62% and 22.06% respectively, with no changes in directors' information requiring disclosure during the period Interests of Directors and Chief Executive in the Company's Shares (As of June 30, 2025) | Director Name | Capacity/Nature of Interest | Number and Class of Securities Held | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Mr. Cheng Yu | Interest in controlled corporation | 303,715,400 shares (L) | 50.62% | | | Beneficial owner | 210,000 shares (L) | 0.04% | | Ms. Ma Xiaoxia | Spouse's interest | 303,925,400 shares (L) | 50.65% | Interests of Major Shareholders in the Company's Shares (As of June 30, 2025) | Shareholder Name | Capacity/Nature of Interest | Number and Class of Securities Held | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Autumn Harvest Ltd | Beneficial owner | 303,715,400 shares (L) | 50.62% | | Vast Business | Interest in controlled corporation | 132,350,000 shares (L) | 22.06% | | Mr. Ma Xiaohui | Interest in controlled corporation | 132,350,000 shares (L) | 22.06% | | Ms. Yu Juan | Spouse's interest | 132,350,000 shares (L) | 22.06% | | Vigorous Development | Beneficial owner | 132,350,000 shares (L) | 22.06% | - From the date of the 2024 annual report up to the date of this report, no changes in directors' information required disclosure under Rule 13.51B(1) of the Listing Rules[83](index=83&type=chunk) [Interim Dividend and Public Float](index=21&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF%E4%B8%8E%E5%85%AC%E4%BC%97%E6%8C%81%E8%82%A1%E9%87%8F) The Board did not declare any interim dividend for the six months ended June 30, 2025, and the company maintained the public float required by the Listing Rules throughout the period and up to the report date - The Board did not declare any interim dividend for the six months ended **June 30, 2025**[89](index=89&type=chunk) - The Company maintained the public float required by the Listing Rules for the six months ended **June 30, 2025**, and up to the date of this report[90](index=90&type=chunk) [Review Report on Interim Financial Information](index=22&type=section&id=%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E7%9A%84%E5%AF%A9%E9%96%B1%E5%A0%B1%E5%91%8A) [Introduction and Scope of Review](index=22&type=section&id=%E5%BC%95%E8%A8%80%E4%B8%8E%E5%AE%A1%E9%98%85%E8%8C%83%E5%9B%B4) PricewaterhouseCoopers reviewed the interim financial information of Uju Holdings Limited and its subsidiaries for the six months ended June 30, 2025, in accordance with International Standard on Review Engagements 2410, which is less extensive than an audit and thus no audit opinion is expressed - The auditor has reviewed the interim financial information of Uju Holdings Limited and its subsidiaries for the six months ended **June 30, 2025**[92](index=92&type=chunk) - The review was conducted in accordance with International Standard on Review Engagements 2410, which is less in scope than an audit, and therefore no audit opinion is expressed[93](index=93&type=chunk) [Conclusion](index=22&type=section&id=%E7%BB%93%E8%AE%BA) Based on the review, the auditor found no matters suggesting that the Group's interim financial information was not prepared in all material respects in accordance with International Accounting Standard 34 "Interim Financial Reporting" - The auditor found no matters that cause them to believe that the Group's interim financial information has not been prepared in all material respects in accordance with International Accounting Standard 34 "Interim Financial Reporting"[94](index=94&type=chunk) [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=23&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E7%B6%9C%E5%90%88%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the company's revenue was RMB 5,018,294 thousand, a 29.8% increase year-on-year, with profit for the period at RMB 64,797 thousand and profit attributable to owners at RMB 66,265 thousand, resulting in basic and diluted earnings per share of RMB 0.11, while other comprehensive loss primarily stemmed from exchange differences on financial statement translation and fair value changes of equity investments Summary of Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (RMB thousand) | Item | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Revenue | 5,018,294 | 3,867,138 | | Gross Profit | 153,069 | 150,820 | | Operating Profit | 90,346 | 50,023 | | Profit Before Income Tax | 84,696 | 51,891 | | Income Tax Expense | (19,899) | (8,738) | | Profit for the Period | 64,797 | 43,153 | | Profit for the Period Attributable to Owners of the Company | 66,265 | 43,414 | | Total Comprehensive Income for the Period | 58,141 | 44,870 | | Basic Earnings Per Share (RMB) | 0.11 | 0.07 | | Diluted Earnings Per Share (RMB) | 0.11 | 0.07 | - Other comprehensive loss primarily resulted from exchange differences on translation of the Company's financial statements (**RMB -11,285 thousand**) and fair value changes of equity investments at fair value through other comprehensive income (**RMB -3,565 thousand**)[96](index=96&type=chunk) [Interim Condensed Consolidated Statement of Financial Position](index=24&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E8%A1%A8) As of June 30, 2025, the company's total assets were RMB 5,061,053 thousand, a 10.1% increase from year-end 2024, with total current assets at RMB 4,993,126 thousand, predominantly trade receivables, while total liabilities were RMB 3,568,575 thousand, mostly current liabilities, and total equity was RMB 1,492,478 thousand Summary of Interim Condensed Consolidated Statement of Financial Position (RMB thousand) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | **Assets** | | | | Total Non-current Assets | 67,927 | 69,559 | | Total Current Assets | 4,993,126 | 4,526,946 | | **Total Assets** | **5,061,053** | **4,596,505** | | **Liabilities** | | | | Total Non-current Liabilities | 2,908 | 3,396 | | Total Current Liabilities | 3,565,667 | 3,136,547 | | **Total Liabilities** | **3,568,575** | **3,139,943** | | **Equity** | | | | Equity Attributable to Owners of the Company | 1,491,951 | 1,454,567 | | Non-controlling Interests | 527 | 1,995 | | **Total Equity** | **1,492,478** | **1,456,562** | - Trade receivables are the largest current asset, amounting to **RMB 3,734,958 thousand** as of **June 30, 2025**[98](index=98&type=chunk) - Trade payables are the largest current liability, amounting to **RMB 2,485,989 thousand** as of **June 30, 2025**[98](index=98&type=chunk) [Interim Condensed Consolidated Statement of Changes in Equity](index=26&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) For the six months ended June 30, 2025, total equity attributable to owners of the company increased from RMB 1,454,567 thousand at the beginning of the period to RMB 1,491,951 thousand at the end, driven by a profit of RMB 66,265 thousand despite other comprehensive losses of RMB 6,656 thousand, and dividends of RMB 22,225 thousand were declared and paid Summary of Interim Condensed Consolidated Statement of Changes in Equity (RMB thousand) | Item | June 30, 2025 (Unaudited) | June 30, 2024 (Unaudited) | | :--- | :--- | :--- | | Equity Attributable to Owners of the Company at Beginning of Period | 1,454,567 | 1,382,832 | | Profit/(Loss) for the Period | 66,265 | 43,414 | | Other Comprehensive Loss/(Income) | (6,656) | 1,717 | | Total Comprehensive Income/(Loss) for the Period | 59,609 | 45,131 | | Dividends Declared and Paid | (22,225) | (27,187) | | Profit Appropriation to Statutory Reserve | — | — | | Equity Attributable to Owners of the Company at End of Period | 1,491,951 | 1,400,776 | - As of **June 30, 2025**, total equity attributable to owners of the Company was **RMB 1,491,951 thousand**[102](index=102&type=chunk) [Interim Condensed Consolidated Statement of Cash Flows](index=27&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the six months ended June 30, 2025, net cash used in operating activities was RMB 61,853 thousand, net cash from investing activities was RMB 15,034 thousand, and net cash used in financing activities was RMB 14,643 thousand, resulting in cash and cash equivalents of RMB 719,626 thousand at period-end, a decrease from the beginning of the period Summary of Interim Condensed Consolidated Statement of Cash Flows (RMB thousand) | Item | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (61,853) | (240,633) | | Net Cash From/(Used in) Investing Activities | 15,034 | (21,648) | | Net Cash Used in Financing Activities | (14,643) | (49,435) | | Net Decrease in Cash and Cash Equivalents | (61,462) | (311,716) | | Cash and Cash Equivalents at End of Period | 719,626 | 409,272 | - Net cash used in operating activities significantly decreased, indicating improved operating efficiency[104](index=104&type=chunk) - Investing activities shifted from cash outflow to cash inflow, primarily due to the maturity and recovery of time deposits[104](index=104&type=chunk) [Notes to the Interim Condensed Consolidated Financial Information](index=28&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E9%99%84%E8%A8%BB) [General Information and Basis of Preparation](index=28&type=section&id=%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99%E8%88%87%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) The company, incorporated in the Cayman Islands and listed on the HKEX Main Board on November 8, 2021, primarily provides one-stop cross-media online marketing solutions, with its interim financial information prepared in accordance with IAS 34 and no significant impact from the initial application of "Lack of Exchangeability — Amendments to IAS 21" on January 1, 2025, while new or revised IFRS standards will be adopted in the future - The Company completed its listing on the Main Board of The Stock Exchange of Hong Kong Limited on **November 8, 2021**[107](index=107&type=chunk) - The Group primarily markets advertiser clients' products and services through media partners, provides advertising distribution services, and live e-commerce services[107](index=107&type=chunk) - The interim financial information has been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting"[108](index=108&type=chunk) - The Group first applied "Lack of Exchangeability — Amendments to IAS 21" on **January 1, 2025**, with no significant impact[110](index=110&type=chunk) - New or revised standards, including IFRS 9, 7, 18, and 19, will be adopted in the future, with no significant impact expected except for IFRS 18[113](index=113&type=chunk)[114](index=114&type=chunk) [Financial Risk Management and Segment Information](index=29&type=section&id=%E8%B2%A1%E5%8B%99%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86%E8%88%87%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group faces market risks (foreign exchange, interest rate), credit risk, and liquidity risk, with risk management overseen by senior management and no significant changes to policies since December 31, 2024, while financial instrument fair value estimates are tiered, and the fair value of financial assets at fair value through other comprehensive income was reduced to zero, and the business is managed as a single reporting segment - The Group is exposed to market risks (foreign exchange risk, cash flow and fair value interest rate risk), credit risk, and liquidity risk[116](index=116&type=chunk) - There have been no significant changes to risk management policies since **December 31, 2024**[119](index=119&type=chunk) - Management has assessed and reduced the fair value of the Group's financial assets at fair value through other comprehensive income to **zero** as of **June 30, 2025**[121](index=121&type=chunk) - The Group's business is operated and managed as a single reporting segment, and therefore no segment information is presented[123](index=123&type=chunk) [Revenue and Cost Details](index=31&type=section&id=%E6%94%B6%E7%9B%8A%E4%B8%8E%E6%88%90%E6%9C%AC%E6%98%8E%E7%BB%86) For the six months ended June 30, 2025, revenue from one-stop online marketing solutions was RMB 4,938,466 thousand, advertising distribution services RMB 51,125 thousand, and live e-commerce RMB 27,938 thousand, with revenue recognized primarily at a point in time and over time, while credit risk is concentrated with a major client contributing approximately 44% of total revenue, and total expenses, mainly traffic acquisition and monitoring costs, amounted to RMB 4,918,946 thousand Revenue Analysis from Contracts with Customers (RMB thousand) | Revenue Category | 2025 | 2024 | | :--- | :--- | :--- | | One-stop Online Marketing Solutions Services | 4,938,466 | 3,806,587 | | Advertising Distribution Services | 51,125 | 22,028 | | Live E-commerce Business | 27,938 | 36,965 | | Provision of Other Services | 765 | 1,558 | | **Total** | **5,018,294** | **3,867,138** | Revenue Analysis by Timing of Revenue Recognition (RMB thousand) | Timing of Recognition | 2025 | 2024 | | :--- | :--- | :--- | | At a point in time | 4,339,926 | 3,341,482 | | Over time | 678,368 | 525,656 | | **Total** | **5,018,294** | **3,867,138** | - Credit risk is concentrated from a major client A, which contributed approximately **44%** of the Group's total revenue for the six months ended **June 30, 2025**[126](index=126&type=chunk) Expenses by Nature (RMB thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Traffic Acquisition and Monitoring Costs | 4,777,776 | 3,645,838 | | Employee Benefit Expenses | 90,701 | 82,671 | | Taxes and Surcharges | 13,020 | 5,439 | | Outsourced Short Video Production, Advertising, and Live Streamer Costs | 8,593 | 13,231 | | Professional and Consulting Service Fees | 6,145 | 10,020 | | Cost of Inventories Sold and Consumed | 5,610 | 8,463 | | Depreciation and Amortisation Expenses | 5,204 | 5,368 | | Transportation Costs | 3,825 | 1,610 | | Office Expenses | 3,676 | 2,042 | | Travel and Entertainment Expenses | 2,723 | 2,772 | | Others | 1,673 | 1,235 | | **Total** | **4,918,946** | **3,778,689** | [Net Impairment Losses on Financial Assets and Other Income/Losses](index=32&type=section&id=%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2%E6%B8%9B%E5%80%BC%E8%99%A7%E6%90%8D%E5%87%88%E9%A1%8D%E8%88%87%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%2F%E8%99%A7%E6%90%8D) For the six months ended June 30, 2025, net impairment losses on financial assets were RMB 11,556 thousand, primarily from trade receivables, other income was RMB 1,209 thousand, mainly from government grants, and net other gains were RMB 1,345 thousand, influenced by litigation loss provisions, foreign exchange gains, investment income, and impairment reversals for in-kind settlement arrangements Net Impairment Losses on Financial Assets (RMB thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Impairment loss provision — Trade receivables | 11,462 | 26,769 | | Impairment loss provision — Other receivables | 94 | 4,143 | | **Total** | **11,556** | **30,912** | Other Income (RMB thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Government grants | 1,068 | 63 | | Others | 141 | 96 | | **Total** | **1,209** | **159** | Net Other Gains/(Losses) (RMB thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Provision for litigation losses | (3,652) | — | | Net foreign exchange gains/(losses) | 2,632 | (216) | | Investment income | 1,867 | — | | Impairment reversal/(provision) and losses on goods obtained in in-kind settlement arrangements | 484 | (2,729) | | Provision for an onerous contract | — | (5,705) | | Others | 14 | 977 | | **Total** | **1,345** | **(7,673)** | - Provision for litigation losses increased by **RMB 3,652 thousand**, and net foreign exchange gains turned from a loss to a gain[131](index=131&type=chunk) [Net Finance (Costs)/Income and Income Tax Expense](index=34&type=section&id=%E8%B2%A1%E5%8B%99%EF%BC%88%E6%88%90%E6%9C%AC%EF%BC%89%2F%E6%94%B6%E5%85%A5%E5%87%88%E9%A1%8D%E8%88%87%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) For the six months ended June 30, 2025, net finance costs were RMB 5,650 thousand, primarily due to increased interest expenses on bank borrowings, guarantee fees, and factoring borrowings, while income tax expense rose to RMB 19,899 thousand, with the effective tax rate increasing to 23.5% due to a lower profit contribution from Hainan Youju, and no Pillar Two model rules related tax provision was deemed necessary Net Finance (Costs)/Income (RMB thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Finance income | 9,029 | 10,142 | | Finance costs | (14,679) | (8,274) | | **Net Finance (Costs)/Income** | **(5,650)** | **1,868** | Income Tax Expense (RMB thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Current income tax expense | 21,444 | 14,756 | | Deferred income tax credit | (1,545) | (6,018) | | **Income Tax Expense** | **19,899** | **8,738** | - The corporate income tax rate in China is generally **25%**, with Hainan Youju Technology Co., Ltd. enjoying a preferential tax rate of **15%**, and certain small low-profit enterprises enjoying a **20%** tax rate[136](index=136&type=chunk) - The Group has assessed that as of **June 30, 2025**, no tax provision related to the Organisation for Economic Co-operation and Development ("OECD") Pillar Two model rules is required[137](index=137&type=chunk) [Dividends and Earnings Per Share](index=36&type=section&id=%E8%82%A1%E6%81%AF%E4%B8%8E%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) On March 21, 2025, the company declared a final dividend of HKD 4 cents per ordinary share for the year ended December 31, 2024, totaling approximately RMB 22,225 thousand, which was approved by shareholders and fully paid on May 30, 2025, with no interim dividends declared for the six months ended June 30, 2025, and basic and diluted earnings per share increasing to RMB 0.11 from RMB 0.07 in the prior year Dividends Declared (RMB thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Dividends declared by the Company | 22,225 | 27,187 | - No interim dividends were declared for the six months ended **June 30, 2025, and 2024**[139](index=139&type=chunk) Earnings Per Share (RMB) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Profit for the period attributable to owners of the Company (RMB thousand) | 66,265 | 43,414 | | Weighted average number of ordinary shares in issue during the period (thousand shares) | 590,919 | 590,919 | | **Basic Earnings Per Share** | **0.11** | **0.07** | | **Diluted Earnings Per Share** | **0.11** | **0.07** | [Property, Plant and Equipment and Leases](index=37&type=section&id=%E7%89%A9%E4%B8%9A%E3%80%81%E5%8E%82%E6%88%BF%E5%8F%8A%E8%AE%BE%E5%A4%87%E4%B8%8E%E7%A7%9F%E8%B5%81) As of June 30, 2025, the net book value of property, plant, and equipment was RMB 14,312 thousand, with additions of RMB 1,999 thousand during the period, while right-of-use assets were RMB 6,623 thousand, and total lease liabilities were RMB 7,092 thousand, with depreciation expenses primarily recognized in cost of services Net Book Value of Property, Plant and Equipment (RMB thousand) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Buildings | 10,715 | 11,005 | | Motor vehicles | 46 | 78 | | Electronic equipment | 817 | 964 | | Furniture and fixtures | 24 | 52 | | Leasehold improvements | 2,710 | 1,352 | | **Total** | **14,312** | **13,451** | - Additions to property, plant, and equipment amounted to **RMB 1,999 thousand** during the period[143](index=143&type=chunk) Lease Liabilities (RMB thousand) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Current | 4,184 | 5,807 | | Non-current | 2,908 | 3,396 | | **Total** | **7,092** | **9,203** | - Depreciation expense for right-of-use assets was **RMB 3,552 thousand**, and interest expense was **RMB 257 thousand**[146](index=146&type=chunk) [Trade Receivables and Prepayments](index=39&type=section&id=%E5%BA%94%E6%94%B6%E8%B4%A6%E6%AC%BE%E4%B8%8E%E9%A2%84%E4%BB%98%E6%AC%BE%E9%A1%B9) As of June 30, 2025, net trade receivables were RMB 3,734,958 thousand, with approximately 48% from a major client A, while transferred trade receivables amounted to RMB 58,854 thousand with related secured borrowings of RMB 50,026 thousand, and total prepayments, deposits, and other assets were RMB 415,507 thousand, primarily comprising prepayments to media platforms and recoverable VAT, with time deposits matured and recovered during the period Trade Receivables (RMB thousand) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Trade receivables | 3,862,012 | 3,284,262 | | Less: Provision for credit losses | (127,054) | (115,678) | | **Trade receivables — Net** | **3,734,958** | **3,168,584** | - As of **June 30, 2025**, the balance of trade receivables from major client A was approximately **RMB 1,836,185 thousand**, accounting for approximately **48%** of total trade receivables[126](index=126&type=chunk) Ageing Analysis of Trade Receivables (RMB thousand) | Ageing | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Within 90 days | 3,529,073 | 3,107,466 | | 91 to 180 days | 197,736 | 77,864 | | 181 to 270 days | 29,143 | 6,080 | | 271 days to 1 year | 18,469 | 3,934 | | Over 1 year | 87,591 | 88,918 | | **Total** | **3,862,012** | **3,284,262** | Prepayments, Deposits and Other Assets (RMB thousand) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Deposits paid to media platforms | 87,850 | 98,612 | | Prepayments to media platforms and suppliers | 171,897 | 126,393 | | Recoverable VAT | 137,698 | 207,004 | | **Total Current Prepayments, Deposits and Other Assets** | **415,507** | **453,338** | - Time deposits matured and were recovered as of **June 30, 2025**, with a zero balance at period-end[153](index=153&type=chunk) [Cash and Borrowings](index=41&type=section&id=%E7%8E%B0%E9%87%91%E4%B8%8E%E5%80%9F%E6%AC%BE) As of June 30, 2025, restricted cash was RMB 116,936 thousand, primarily collateral for borrowings, while cash and cash equivalents were RMB 719,626 thousand, mainly in RMB and USD, and total trade payables were RMB 2,485,989 thousand, including RMB 330,000 thousand guaranteed by third parties, with bills payable of RMB 219,000 thousand secured by bank deposits or subsidiary guarantees, and total borrowings of RMB 289,048 thousand at effective annual interest rates ranging from 1.3% to 4.7% Restricted Cash (RMB thousand) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Restricted bank balances and deposits | 116,936 | 99,382 | Cash and Cash Equivalents (RMB thousand) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Cash on hand | 22 | 22 | | Cash at bank | 718,832 | 781,368 | | Cash equivalents | 772 | 642 | | **Total** | **719,626** | **782,032** | Ageing Analysis of Trade Payables (RMB thousand) | Ageing | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Less than 6 months | 2,478,151 | 2,087,566 | | 6 months to 1 year | 2,579 | 1,251 | | Over 1 year | 5,259 | 6,687 | | **Total** | **2,485,989** | **2,095,504** | - As of **June 30, 2025**, guaranteed amounts payable to media platforms were approximately **RMB 330,000 thousand**[160](index=160&type=chunk) Borrowings (RMB thousand) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Short-term bank and other borrowings, unsecured | 142,022 | 151,102 | | Short-term bank and other borrowings, secured | 147,026 | 97,118 | | **Total** | **289,048** | **248,220** | - The effective annual interest rates for borrowings ranged from **1.3% to 4.7%**[165](index=165&type=chunk) [Share Award Scheme and Related Party Transactions](index=46&type=section&id=%E8%82%A1%E4%BB%BD%E5%A5%96%E5%8A%B1%E8%AE%A1%E5%88%92%E4%B8%8E%E5%85%B3%E8%81%94%E6%96%B9%E4%BA%A4%E6%98%93) The company adopted a share award scheme on May 22, 2023, establishing a trust to purchase its shares for awards, which held shares with a book value of RMB 25,762 thousand as of June 30, 2025, though no shares have been granted to participants, and key management personnel compensation of RMB 4,013 thousand was the only significant related party transaction during the period - The Company adopted a Share Award Scheme on **May 22, 2023**, and established a trust to purchase the Company's shares for awards[168](index=168&type=chunk) - As of **June 30, 2025**, the trust held the Company's shares with a book value of **RMB 25,762 thousand**, but no shares have been granted to any selected participants yet[169](index=169&type=chunk)[170](index=170&type=chunk) Key Management Personnel Compensation (RMB thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Salaries and wages | 3,789 | 5,405 | | Other social security costs, housing benefits and other employee benefits | 131 | 176 | | Pension costs — Defined contribution plans | 93 | 130 | | **Total** | **4,013** | **5,711** | [Definitions](index=47&type=section&id=%E9%87%8B%E7%BE%A9) This section provides definitions for key terms and abbreviations used throughout the report, covering company entities, business activities, technical terms, financial indicators, and legal regulations to ensure clarity and consistency

上海君實生物醫藥科技股份有限公司 Shanghai Junshi Biosciences Co., Ltd.* ( 於中華人民共和國註冊成立的股份有限公司 ) 股份代號 : 1877 2025 中期報告 * 僅供識別 目錄 2 公司資料 4 摘要 8 管理層討論及分析 42 其他資料 58 簡明綜合財務報表審閱報告 59 簡明綜合損益及其他全面收益表 61 簡明綜合財務狀況表 63 簡明綜合權益變動表 64 簡明綜合現金流量表 66 簡明綜合財務報表附註 90 釋義 2 上海君實生物醫藥科技股份有限公司 公司資料 執行董事 熊俊先生 （主席兼法定代表） 李寧博士 （副主席） 鄒建軍博士 （首席執行官兼總經理） 李聰先生 （聯席首席執行官） 張卓兵先生 姚盛博士 王剛博士 李鑫博士 非執行董事 湯毅先生 獨立非執行董事 張淳先生 馮曉源博士 楊悅博士1 酈仲賢先生 魯琨女士 監事4 匡洪燕女士 （監事會主席） 王萍萍女士 霍依蓮女士 審計委員會 張淳先生 （主席） 湯毅先生 酈仲賢先生 薪酬與考核委員會 張淳先生 （主席） 熊俊先生 鄒建軍博士 馮曉源博士 楊悅博士1 戰略委員會 熊俊先生 （主席） 鄒建軍博士 ...

Lvji Technology Holdings Inc. 驢跡科技控股有限公司 （於開曼群島註冊成立的有限公司） 股份代號 : 1745 2025 中期報告 Interim Report 2025 中期報告 2025 INTERIM REPORT Lvji Technology Holdings Inc. 驢跡科技控股有限公司 (Incorporated in the Cayman Islands with limited liability) Stock Code : 1745 目 錄 公司資料 重點摘要 業務回顧及展望 管理層討論與分析 企業管治及其他資料 中期簡明綜合損益表 中期簡明綜合全面收益表 中期簡明綜合財務狀況表 中期簡明綜合權益變動表 中期簡明綜合現金流量表 中期簡明綜合財務資料附註 釋義 4 5 12 20 35 36 37 38 39 40 60 2 2 二零二五年中報 ‧ 驢跡科技控股有限公司 公司資料 董事會 執行董事 臧偉仲先生 （主席） 王磊先生 （副主席） 劉暉先生 獨立非執行董事 顧劍璐女士 高媛媛女士 （於二零二五年九月八日辭任） 顧瑞珍女士 審核委員會 授權代表 臧偉仲先 ...

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，並明確表示概不會就本公告全部或任何部分內容而產生或因依賴該等內容而 引致的任何損失承擔任何責任。 HANG SANG (SIU PO) INTERNATIONAL HOLDING COMPANY LIMITED （於開曼群島註冊成立的有限公司） （股份代號：3626） 截至二零二五年六月三十日止年度之全年業績公告 Hang Sang (Siu Po) International Holding Company Limited（「本公司」）董事（「董事」）會（「董事會」）謹 此公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年度之綜合財務業績，連 同上年度之比較數字如下： 綜合損益及其他全面收益表 | | | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | | | 附註 | 千港元 | 千港元 | | 資產及負債 | | | | | 非流動資產 | | | | | 物業、廠房及設備 | 10 | 10,180 | 12,824 | | 商譽 | 11 ...

2025 中期報告 INTERIM REPORT GREENTOWN CHINA HOLDINGS LIMITED 綠城中國控股有限公司 (incorporated in the Cayman Islands with limited liability) (Stock Code: 03900) （於開曼群島註冊成立的有限公司） （股票代碼：03900） GREENTOWN CHINA HOLDINGS LIMITED 綠城中國控股有限公司 2025 INTERIM REPORT 中期報告 核心價值觀 CORE VALUES 真誠 善意 精緻 完美 Sincerity Kindness Exquisiteness Perfection 杭州桃李桂香園 Hangzhou Taoli Guixiangyuan CONTENTS 目 錄 | 公司簡介 | 2 | 獨立審閱報告 | | --- | --- | --- | | Corporate Profile | | Independent Review Report | | 公司資料 | 4 | 中期簡明綜合損益及其他全面收益表 | | Corporate Inf ...

Financial Performance - Revenue for the reporting period was RMB 365.99 million, a decrease of 42.47% compared to the same period in 2024 [11]. - Gross profit was RMB 17.07 million, down 61.93% year-on-year, with a gross margin of 4.67% (2024: 7.05%) [11]. - Loss before tax increased by 80.39% to RMB 177.86 million, compared to RMB 98.60 million in 2024 [11]. - The loss attributable to equity holders of the company rose by 80.38% to RMB 177.88 million, compared to RMB 98.61 million in 2024 [11]. - Revenue for the reporting period was approximately RMB 365.99 million, a year-on-year decline of 42.47%, with gross profit recorded at RMB 17.07 million, down 61.93% [16]. - Revenue for the six months ended June 30, 2025, was RMB 365,993 thousand, a decrease of 42.5% compared to RMB 636,157 thousand for the same period in 2024 [91]. - Gross profit for the same period was RMB 17,074 thousand, down 62.0% from RMB 44,852 thousand in 2024 [91]. - The company reported a net loss of RMB 177,946 thousand for the six months ended June 30, 2025, compared to a net loss of RMB 98,629 thousand in 2024, indicating an increase of 80.5% in losses [91]. - Basic and diluted loss per share for the period was RMB 0.75, compared to RMB 0.44 in the same period of 2024, reflecting a deterioration in earnings per share [91]. Vehicle Production and Sales - The number of vehicles produced and sold in China reached 15.62 million and 15.65 million respectively, with year-on-year growth of 12.5% and 11.4% [12]. - Sales of new energy vehicles in China reached 6.97 million units, with a year-on-year increase of 41.4% [12]. - The market share of Chinese brand passenger cars increased by 6.5% to 68.4% of total passenger car sales [12]. Research and Development - Research and development expenses increased to RMB 156.53 million, up 57.18% from RMB 99.59 million in 2024, representing 42.77% of total revenue [37]. - The self-developed iDC series integrated driving assistance domain controller generated revenue of approximately RMB 74.38 million, reflecting a growth of 115.66% year-on-year [18]. - Revenue from intelligent driving-related R&D services increased to approximately RMB 25.79 million, up from RMB 19.61 million in the same period last year, representing a growth driven by new project acquisitions [21]. - R&D expenses surged from RMB 99,587,000 in 2024 to RMB 156,526,000 in 2025, reflecting increased investment in innovation [118]. Cash Flow and Liquidity - The net cash outflow from operating activities was RMB 97.51 million, a significant decrease from RMB 406.91 million in the same period of 2024 [42]. - The company generated a net cash inflow from investing activities of RMB 65,709 thousand, contrasting with a cash outflow of RMB (168,734) thousand in the same period of 2024 [97]. - Financing activities resulted in a net cash inflow of RMB 230,084 thousand, up from RMB 65,374 thousand in the previous year, indicating a 251% increase [97]. - Cash and cash equivalents increased to RMB 378,622 thousand from RMB 181,114 thousand at the end of 2024, showing a significant improvement in liquidity [93]. Strategic Initiatives - The company is focusing on the development of autonomous driving technologies in response to new regulatory frameworks introduced in 2025 [13]. - The company established a wholly-owned subsidiary, Aimo Star Robot, to focus on the commercialization of embodied intelligence technology, leveraging its existing technological foundation [26]. - The company is actively collaborating with leading embodied intelligence companies to develop a main controller for embodied intelligence, with product launches expected in the second half of 2025 [26]. - The company plans to deepen cooperation with existing customers and expand its OEM customer base, aiming to increase the scale of its sales and marketing teams [59]. - By 2025, the company aims to expand its products and solutions to North America, Korea, and Japan, establishing a global sales and service network [61]. Corporate Governance - The company is committed to maintaining high standards of corporate governance to protect shareholder interests [64]. - The company has confirmed compliance with the standard code of conduct for securities trading during the reporting period [65]. - The company’s governance structure includes significant oversight from the board and audit committee to ensure compliance and transparency [82]. Shareholder Information - As of June 30, 2025, the total number of issued shares is 241,947,540, with significant holdings by key individuals: Mr. Song Yang holds 30.29% (73,282,020 shares), Mr. Lu Yukun holds 6.02% (14,555,520 shares), and Mr. Li Shuang holds 5.88% (14,238,460 shares) [81]. - Major shareholders include Mixed Reform Fund and China Chengtong, each holding 7.61% (18,412,760 shares), and Small and Medium Fund holding 6.38% (15,440,480 shares) [84]. - The company has not purchased or redeemed any of its listed securities during the reporting period, except for a purchase of HKD 29.52 million for H shares [77]. Market Trends - The penetration rate of smart driving vehicles is expected to increase significantly in the coming years, with a notable rise in demand for smart driving features, especially in new energy vehicles [55]. - The penetration rate of integrated driving assistance systems continues to rise, with significant adoption among major Chinese automakers like BYD and Changan, particularly in models priced below RMB 200,000 [14]. Capital Expenditure - The capital expenditure for the reporting period was RMB 124.43 million, a significant increase of 51.29% from RMB 82.28 million in the same period of 2024, mainly due to payments for new factory construction and equipment purchases [49].

Company Transformation and Technology Integration - The company has successfully transitioned from a traditional LED manufacturer to a provider of intelligent vision products and system solutions, leveraging its core "LED+" technology[11] - The company is committed to continuous technological innovation, integrating LED technology with integrated circuits, electronic control, software, sensors, and optics[11] - The company is focusing on integrating advanced technologies such as Mini LED and MicroLED to enhance display performance and meet consumer demands for high color saturation and contrast[14] - The company plans to leverage AI technology to enhance manufacturing capabilities and optimize production processes, aiming for improved product quality and consistency[23] - The company is committed to expanding its product offerings in automotive smart vision, high-end lighting, and new display technologies, targeting high-growth areas[24] Market Trends and Performance - In the first half of 2025, the Chinese automotive industry faced a complex situation with high growth but low profitability, leading to a price war that affected component manufacturers, including those producing automotive lighting[12] - The penetration rate of LED intelligent vehicle lights is rapidly increasing due to their energy efficiency and safety features, despite industry profitability pressures from price competition[12] - The high-end lighting market is driven by the demand for LED replacements and improvements in LED quality, with significant growth expected in LED plant lighting due to vertical farming[14] - The new display market is experiencing rapid development, with retail sales in the online market growing by 15% and offline market sales by 16% in the first half of 2025[14] - Mini LED television sales penetration increased from 16% to over 40% during the "618" sales event, indicating strong demand for larger and high-end televisions[14] Financial Performance - The company achieved revenue of RMB 1.113 billion, a year-on-year increase of 3.9%, while net profit decreased to RMB 11.232 million, down 77.4% due to reduced profits in the smart automotive lighting segment[16] - The automotive smart vision business generated revenue of RMB 419 million, a year-on-year decline of 9.3%, primarily due to intensified competition and a decrease in sales prices[19] - Revenue from the new display segment reached RMB 354 million, reflecting a significant year-on-year growth of 30.3%[20] - The high-end lighting segment maintained stable sales revenue of RMB 340 million, with a slight year-on-year increase of 0.6%[21] - The company's total revenue for the first half of 2025 reached RMB 1,112.6 million, representing a year-on-year growth of 3.9%[26] Research and Development - Future R&D will focus on smart vision products and systems, with an emphasis on innovation in product technology[22] - The company is investing in the construction of a new R&D base in Guangzhou, which has led to increased costs but is expected to enhance technical capabilities and order acquisition[16] - The company has developed a range of advanced automotive LED components and modules, focusing on high brightness and reliability for autonomous driving applications[19] - The company has obtained a total of 446 authorized patents across various regions, including 125 invention patents, enhancing its competitive edge[21] - Research and development expenses increased to RMB 55,696,000, up 24.8% from RMB 44,638,000 in the previous year[86] Financial Position and Liabilities - Total assets as of June 30, 2025, were RMB 2,940.4 million, a decrease of 5.2% from December 31, 2024[30] - Total liabilities decreased by 7.7% to RMB 1,667.7 million, with non-current liabilities increasing significantly due to the recognition of deferred income from government grants[31] - The company's net debt ratio was 14.9%, and the debt-to-asset ratio was 56.7%, indicating a stable financial structure[36] - As of June 30, 2025, the group has restricted assets with a book value of RMB 431.8 million used for bank financing, including RMB 99.4 million in restricted bank deposits and RMB 235.8 million in property, plant, and equipment[41] - The company reported a significant decrease in trade receivables, which fell to RMB 960,134,000 from RMB 1,092,491,000, a decline of 12.1%[90] Shareholder Information and Corporate Governance - The company has a total of 537,146,709 shares issued as of June 30, 2025, including 283,000,066 domestic unlisted shares and 254,146,643 H shares[63] - Major shareholders include Mr. Xiao, Mr. Chen, and Mr. Yuan, each holding approximately 31.89% of domestic unlisted shares and 11.83% of H shares[63] - The audit committee consists of three independent non-executive directors, ensuring compliance with corporate governance standards[59] - The company has not recommended the payment of an interim dividend for the six months ending June 30, 2025[61] - The board of directors approved the interim consolidated financial information on August 28, 2025[153] Employee and Management Compensation - The total number of employees as of June 30, 2025, is 2,345, a decrease from 2,459 as of December 31, 2024[45] - Employee costs for the reporting period amount to approximately RMB 194.3 million, compared to RMB 168.5 million for the same period in 2024[45] - The total compensation for directors, supervisors, and senior management during the reporting period is approximately RMB 7.42 million, slightly up from RMB 7.29 million in the previous year[45] - The total remuneration for key management personnel for the six months ended June 30, 2025, was RMB 7,420 thousand, a slight increase of 1.7% from RMB 7,294 thousand in the same period of 2024[141] - The total compensation for executive directors, non-executive directors, and key management personnel amounted to RMB 8,923,000 for the year ending December 31, 2024, compared to RMB 7,318,000 for the year ending December 31, 2023, reflecting an increase of approximately 21.9%[146][147]

2025 中期報告 在中華人民共和國註冊成立的股份有限公司 股份代號 : A股 : 600115 H股 : 00670 目錄 2 釋義 6 公司業務概要 7 公司資料 9 中期財務資料 15 中期簡明合併財務報表附註 42 運營數據摘要 45 機隊結構 46 管理層討論與分析 釋義 在本報告中，除非文義另有所指，下列詞語具有如下含義： 運輸能力 | 可用噸公里 | 每一航段可提供業載與該航段距離的乘積之和 | | --- | --- | | 可用座公里 | 每一航段可提供的最大座位數與該航段距離的乘積之和 | | 可用貨郵噸公里 | 每一航段可提供的最大貨郵載運量與該航段距離的乘積之和 | | 運載規模 | | | 收入噸公里 | 運輸總周轉量，實際每一航段載運噸數與該航段距離的乘積之和 | | --- | --- | | 客運人公里 | 旅客周轉量，實際每一航段旅客運輸量與該航段距離的乘積之和 | | 貨郵載運噸公里 | 貨郵周轉量，實際每一航段貨郵載運噸數與該航段距離的乘積之和 | | 貨郵載運量 | 實際裝載的貨郵重量 | | 運輸效率 | | | 綜合載運率 | 運輸總周轉量與可用噸公里之比 | | ...

[Corporate Information](index=3&type=section&id=Corporate%20Information) This section provides an overview of the company's governance structure, including board composition, committees, and fundamental corporate details [Directors and Committees](index=3&type=section&id=Directors%20and%20Committees) The Board of Directors comprises executive, non-executive, and independent non-executive directors, with established audit, remuneration, and nomination committees - Executive Director Mr. Tu Zhiliang serves as Chairman[6](index=6&type=chunk)[8](index=8&type=chunk) - Mr. Gao Jian ceased to be a non-executive director effective June 20, 2025[6](index=6&type=chunk)[8](index=8&type=chunk) - Ms. Wang Lan was appointed as an independent non-executive director and Chairman of the Remuneration Committee effective March 31, 2025[6](index=6&type=chunk)[7](index=7&type=chunk)[8](index=8&type=chunk) - Ms. Jin Xu resigned as an independent non-executive director and member of the Remuneration/Nomination Committee effective March 31, 2025[6](index=6&type=chunk)[7](index=7&type=chunk)[8](index=8&type=chunk) [Company Details](index=4&type=section&id=Company%20Details) The company is registered in the Cayman Islands, with its China headquarters in Guangzhou and principal place of business in Hong Kong - Registered office in the Cayman Islands, China headquarters in Nansha District, Guangzhou City, and principal place of business in Wan Chai, Queen's Road East, Hong Kong[10](index=10&type=chunk)[11](index=11&type=chunk) - Principal bankers are Industrial and Commercial Bank of China and Shanghai Pudong Development Bank[13](index=13&type=chunk)[14](index=14&type=chunk) - Auditor is Ernst & Young, and Hong Kong legal counsel is Tian Yuan Law Firm[13](index=13&type=chunk)[14](index=14&type=chunk) - Stock code is 2273, and the company website is www.gstzy.cn[14](index=14&type=chunk) [Financial Highlights](index=6&type=section&id=Financial%20Highlights) For the six months ended June 30, 2025, the Group's revenue increased by 9.5% year-on-year to **RMB 1,494.9 million**, with net profit growing by 41.6% to **RMB 152.0 million** Financial Highlights for the Six Months Ended June 30, 2025 | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 1,494,891 | 1,364,979 | 129,912 | 9.5% | | Gross Profit | 457,856 | 401,212 | 56,644 | 14.1% | | EBITDA | 265,003 | 193,047 | 71,956 | 37.3% | | Profit Before Tax | 179,992 | 125,085 | 54,907 | 43.9% | | Net Profit | 151,954 | 107,275 | 44,679 | 41.6% | | Adjusted Net Profit | 170,389 | 147,888 | 22,501 | 15.2% | | Basic Earnings Per Share (RMB) | 0.63 | 0.44 | 0.19 | 43.2% | | Diluted Earnings Per Share (RMB) | 0.62 | 0.43 | 0.19 | 44.2% | | Gross Profit Margin | 30.6% | 29.4% | N/A | 1.2% | | Net Profit Margin | 10.2% | 7.9% | N/A | 2.3% | | Adjusted Net Profit Margin | 11.4% | 10.8% | N/A | 0.6% | [Management Discussion and Analysis](index=7&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the Group's operational performance, financial position, and future strategic outlook [BUSINESS REVIEW](index=7&type=section&id=BUSINESS%20REVIEW) The Group, a Chinese Traditional Chinese Medicine (TCM) healthcare service provider, offers comprehensive services and products through its online and offline network - The Group is committed to providing comprehensive TCM healthcare services and products through its offline medical institutions and online healthcare platform network, emphasizing basic medical care[17](index=17&type=chunk)[20](index=20&type=chunk) - The Group combines TCM and Western medicine diagnostics to offer comprehensive healthcare solutions, focusing on chronic disease management and long-term follow-up and health management for customers[23](index=23&type=chunk)[25](index=25&type=chunk) [Digitalization & AI Empowerment](index=8&type=section&id=Digitalization%20%26%20AI%20Empowerment) The Group continuously strengthens operational standardization and digitalization, implementing various systems and launching AI-powered services to enhance efficiency and customer experience - Established a digital clerk system, presenting operational data in digital reports to enhance interaction between offline medical institutions and customers, increasing patient visits and return rates[27](index=27&type=chunk) - Developed a medical CRM system, integrating the development and management of medical professional teams, utilizing digital statistics for daily operations and management analysis to improve operational efficiency[27](index=27&type=chunk) - Built an intelligent prescription review and compliance platform, embedding national medical insurance reimbursement schemes and local medical insurance bureau regulations, utilizing information technology for compliance control[31](index=31&type=chunk) - Constructed a closed-loop ERP system for the entire business process, enhancing management efficiency through comprehensive system management of supply chain, sales, inventory, and accounting[31](index=31&type=chunk) - Launched the first "National TCM AI Avatar" in June 2025, followed by 10 major AI avatars by August, covering 8 core TCM specialties such as oncology and dermatology, and introduced an AI health assistant to empower TCM services with AI technology[31](index=31&type=chunk) [Policy Support & Industry Trends](index=9&type=section&id=Policy%20Support%20%26%20Industry%20Trends) The Chinese government continues to introduce favorable policies supporting the inheritance and innovative development of Traditional Chinese Medicine (TCM) - In February 2021, the Chinese government issued "Several Policy Measures on Accelerating the Characteristic Development of Traditional Chinese Medicine," encouraging social forces to establish chain-operated renowned TCM clinics to provide first-class TCM services[29](index=29&type=chunk)[30](index=30&type=chunk) - In December 2021, the National Healthcare Security Administration and the National Administration of Traditional Chinese Medicine jointly issued "Guiding Opinions on Medical Insurance Support for the Inheritance and Innovative Development of Traditional Chinese Medicine," supporting the development of "Internet+" TCM and its inclusion in medical insurance, adjusting TCM medical service prices, and allowing TCM medical institutions to independently price their in-house preparations[33](index=33&type=chunk)[35](index=35&type=chunk) - In March 2022, the "Physicians Law of the People's Republic of China" came into effect, encouraging physicians to regularly provide services at medical and health institutions below the county level; in the same year, the "14th Five-Year Plan for the Improvement of Grassroots Traditional Chinese Medicine Service Capacity" was released, encouraging social forces to establish TCM medical institutions at the grassroots level[34](index=34&type=chunk)[36](index=36&type=chunk) - In February 2023, the General Office of the State Council issued the "Implementation Plan for Major Projects to Revitalize and Develop Traditional Chinese Medicine," focusing on enhancing TCM capabilities at grassroots medical institutions and cultivating high-quality TCM talents[37](index=37&type=chunk)[38](index=38&type=chunk) - In June 2024, the General Office of the State Council issued "Key Tasks for Deepening the Reform of the Medical and Health System in 2024," supporting pilot programs for advantageous TCM therapies, integrated medical group reforms, inheritance and innovative development of TCM, talent cultivation, and productization of in-house preparations[40](index=40&type=chunk)[42](index=42&type=chunk) - In July 2024, the National Administration of Traditional Chinese Medicine and the National Data Administration jointly issued "Several Opinions on Promoting the Development of Digital Traditional Chinese Medicine," planning to integrate big data, artificial intelligence, and other emerging digital technologies into the inheritance and innovation of TCM within the next three to five years, accelerating intelligent transformation[41](index=41&type=chunk)[43](index=43&type=chunk) - In March 2025, the General Office of the State Council issued "Opinions on Improving the Quality of Traditional Chinese Medicine and Promoting the High-Quality Development of the Traditional Chinese Medicine Industry," aiming to comprehensively enhance the quality of TCM and promote its high-quality industrial development, bringing new opportunities for the Group[44](index=44&type=chunk)[46](index=46&type=chunk) [Revenue Sources & Network Expansion](index=13&type=section&id=Revenue%20Sources%20%26%20Network%20Expansion) During the reporting period, the Group's revenue primarily stemmed from providing healthcare solutions and selling healthcare products - During the reporting period, the Group's revenue primarily came from providing healthcare solutions and selling healthcare products[45](index=45&type=chunk)[47](index=47&type=chunk) - As of June 30, 2025, the Group owned and operated 83 medical institutions in 20 cities in China and 1 medical institution in Singapore, all operating under the "Gushengtang" brand[49](index=49&type=chunk)[51](index=51&type=chunk) - During the reporting period, the Group expanded its business footprint through strategic acquisitions and organic growth, including acquiring 90% equity in Wuhan Future TCM Hospital, 100% in Wuxi Tongkang TCM Hospital, 100% in Beijing Bohua Jingkang TCM Hospital, 100% in Changshu Guangren Hospital, and controlling stakes in Tianjin Pingan Comprehensive Clinic and Shenzhen Tianyuan TCM Anorectal Hospital[50](index=50&type=chunk)[52](index

Financial Performance - Revenue for the six months ended June 30, 2025, was RMB 797,395,000, representing a 12.2% increase compared to RMB 710,892,000 in 2024[8]. - Gross profit decreased by 10.6% to RMB 181,532,000 from RMB 203,112,000 year-over-year[8]. - The company reported a pre-tax loss of RMB (498,534,000), a significant increase of 558.3% compared to RMB (75,730,000) in the previous year[8]. - Adjusted net loss (non-IFRS measure) for the first half of 2025 was RMB (106,865,000), compared to RMB (63,782,000) in 2024[12]. - Adjusted EBITDA (non-IFRS measure) for the same period was RMB (87,355,000), worsening from RMB (27,309,000) in the previous year[12]. - The company reported a significant increase in trade receivables related to transaction services, rising to RMB 109.6 million as of June 30, 2025, from RMB 77.0 million as of December 31, 2024[87]. - The company reported a net loss of RMB 498,807 thousand for the six months ended June 30, 2025, compared to a loss of RMB 75,772 thousand in the prior year, indicating a significant increase in losses[187]. Assets and Liabilities - Total current assets increased by 8.4% to RMB 10,380,113,000 as of June 30, 2025, compared to RMB 9,577,651,000 at the end of 2024[9]. - Total liabilities decreased by 38.7% to RMB 10,140,869,000 from RMB 16,554,957,000 year-over-year[9]. - The company's cash position improved from RMB 746.9 million as of December 31, 2024, to RMB 947.9 million as of June 30, 2025, including cash and cash equivalents as well as restricted cash[97]. - The total liabilities decreased from RMB 16,485,147 thousand as of December 31, 2024, to RMB 10,072,836 thousand as of June 30, 2025, indicating a significant reduction in liabilities[190]. - The company's inventory decreased from RMB 20,077 thousand as of December 31, 2024, to RMB 15,302 thousand as of June 30, 2025, a decline of approximately 23.7%[189]. Operational Highlights - The steel trading platform has over 16,000 registered suppliers and 189,000 registered customers, covering over 650,000 SKUs as of June 30, 2025[20]. - The steel trading business achieved a GMV of RMB 63.8 billion and a total transaction volume exceeding 19.1 million tons in the first half of 2025[20]. - The company aims to transform from a single-category steel digital platform to a diversified AI industrial internet platform, achieving significant progress in its growth strategy[18]. - International business transactions exceeded 70,000 tons in the first half of 2025, representing a year-on-year increase of 58.0%, with revenue of RMB 338.5 million, up 38.9%[24]. - The company has established a supply chain company in partnership with a state-owned enterprise to enhance procurement experiences for users[22]. Shareholder and Governance Structure - The company has confirmed compliance with the corporate governance code as stipulated in the listing rules from the listing date until June 30, 2025[119]. - The corporate governance committee, composed of independent non-executive directors, is responsible for ensuring the company's operations align with the interests of all shareholders and compliance with listing rules[120]. - The company has established internal control mechanisms to identify related party transactions and will comply with applicable listing rules when entering into such transactions[124]. - The board of directors has determined that the roles of chairman and CEO can be held by the same individual, which constitutes a deviation from the corporate governance code, but believes it does not impair the balance of power and authority within the board[125]. Cash Flow and Capital Expenditures - For the six months ended June 30, 2025, the net cash outflow from operating activities was RMB 134.2 million, primarily due to an increase in trade receivables of RMB 77.0 million and a decrease in contract liabilities of RMB 35.6 million[100]. - The net cash outflow from investing activities for the same period was RMB 530.6 million, mainly attributed to bank deposits pledged for notes payable related to transaction services amounting to RMB 516.8 million[101]. - The net cash inflow from financing activities was RMB 835.1 million, driven by net proceeds from fundraising of RMB 506.0 million and capital restructuring proceeds of RMB 115.8 million[102]. - Capital expenditures for the six months ended June 30, 2025, totaled RMB 78.4 million, significantly up from RMB 5.8 million in the same period of 2024, with property and equipment purchases accounting for RMB 75.9 million[104]. Market and Product Development - A new trading platform for specialized steel products was launched in August 2025, focusing on higher-margin products and integrating resources from over 400 leading steel mills and traders[23]. - The strategic partnership with Trafigura aims to create a comprehensive e-commerce platform for non-ferrous metals, with trial transactions exceeding RMB 25 million[28]. - The company has allocated 20% of the net proceeds, approximately RMB 107.5 million, to strengthen technological capabilities, also expected to be utilized by February 2030[176]. Employee and Talent Management - The company employed 1,291 full-time employees as of June 30, 2025, focusing on attracting and retaining qualified talent through competitive compensation and training programs[112].