Core Viewpoint - The company, Zhongxu Future (9890.HK), has announced a name change to "Tanwan Inc." and is expected to achieve a net profit of approximately RMB 600 million to RMB 700 million for the first half of 2025, marking a turnaround from a loss in the previous year [1][4]. Financial Performance - For the first half of 2025, the company anticipates a net profit between RMB 600 million and RMB 700 million, compared to a net loss of approximately RMB 385 million for the same period in 2024 [1][4]. - The company's revenue has been declining over the past few years, with revenues of RMB 88.17 billion, RMB 65.15 billion, and RMB 55.8 billion from 2022 to 2024, respectively [7]. Factors Contributing to Profitability - The significant increase in net profit is attributed to several factors: 1. Increased fair value gains from financial assets related to shares in other listed companies [4]. 2. The maturation of certain game products in the portfolio, which has reduced customer acquisition costs due to brand effects and optimized marketing expenses through AI technology [4]. 3. Increased revenue from overseas game publishing operations with higher operating profit margins [4]. Share Buyback Activity - In May 2025, the company announced a share buyback plan of up to HKD 300 million within 12 months [10]. - As of August 17, 2025, the company has repurchased 2.1864 million shares, spending over HKD 25 million [11]. Market Performance - The company's stock price has experienced significant volatility since its listing in September 2023, with an increase of over 400% shortly after listing, followed by a single-day drop of 76% in February 2024 [11]. - As of August 15, 2025, the stock price has risen by 123.72% year-to-date, with a market capitalization of approximately HKD 8.7 billion [11].
中旭未来：上半年业绩扭亏，年内耗资逾2500万港元回购