Event Overview - Coin98 Super Wallet hosted a Web3 event called "Dancing Sky - Rising Pengu" [1] - The event aimed to connect the Web3 community [1] Partnerships and Sponsorships - Pengu Asia, Pudgy Penguins, and Saros served as hosts/co-hosts [1] - AscendEX and Gcdotcapital were sponsors [1] - Dagoraxyz, TCVNcommunity, and HoldstationW were exclusive partners [1]

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Core Insights - The company reported strong interim results for the first half of 2024, with revenue reaching 1.078 billion yuan, a year-on-year increase of 14.8%, and a profit of 62.174 million yuan, with adjusted profit from continuing operations soaring by 152.5% to 77.012 million yuan [1] - Significant investments in R&D amounted to 190 million yuan, with core AI retail solutions generating approximately 488 million yuan in revenue, up 16.19% year-on-year, and AI retail value-added services contributing about 591 million yuan, a 13.87% increase [1] - The company has established partnerships with 438 clients, achieving a net revenue retention rate of 107%, consistently maintaining a healthy level above 100% [1] AI Technology Upgrades - The company has made significant breakthroughs in AI technology, prioritizing GenAI and restructuring its business into two main segments: AI retail core solutions and AI retail value-added services [2] - The AI-enabled Transportation Management System (TMS) has been successfully implemented in Hong Kong, significantly improving efficiency and reducing operational costs [2] - The Warehouse Management System (WMS) has achieved high automation and integrates with TMS for real-time collaboration across warehouses, distribution, and stores [2] - The Dmall fresh procurement system has been launched to address fresh retail challenges, helping partners reduce procurement costs by an average of 15% and improve operational efficiency by 40% [2] Domestic and International Client Expansion - The company is expanding its domestic market presence by signing major clients in the retail sector, including Shanghai Sugar and Wine Group and Xinjiang Huijia Times [3] - Collaborations with existing clients like Fat East and Lawson are deepening, enhancing customer stickiness and expanding digital upgrade services [3] - Internationally, the company is accelerating its global footprint, with successful implementations of WMS in Singapore and TMS in Hong Kong, improving supply chain efficiency [3] Web3 and Digital Transformation Strategy - The company is optimistic about the potential of Web3 and digital assets, having signed a strategic cooperation agreement with HashKey Group and initiated stablecoin payment solutions [4] - Plans to further iterate GenAI applications and enhance core system algorithms are in place to support retailers in achieving cost reduction, efficiency improvement, and revenue growth [4] - The company aims to leverage approximately 388 million HKD raised from its IPO for stablecoin and blockchain development, solidifying its industry-leading position [5] Market Growth Potential - The Asian retail digitalization market is projected to reach 94.7 billion yuan by 2029, with a compound annual growth rate of 22.5% from 2024 to 2029, providing significant growth opportunities for the company [5]

Financial Data and Key Metrics Changes - Revenue for Q2 2025 was RMB 43.2 million or $6 million, a decline compared to Q2 2024 due to lower sales from mining machines [5] - Cost of revenue decreased to RMB 32.9 million or $4.6 million for Q2 2025, a 20% decrease from Q2 2024 [6] - Loss from operations was RMB 16.2 million or $2.3 million for Q2 2025, compared to income from operations of $8 million in Q2 2024 [7] - Net income for Q2 2025 was RMB 38.3 million or $5.3 million, affected by lower revenues but offset by gains in fair value of cryptocurrency [8] - For the first half of 2025, revenues were RMB 24.5 million or $3.5 million, with net income of RMB 4.3 million or $600,000 [9] Business Line Data and Key Metrics Changes - The core business, Altcoin mining machines, remains the primary revenue contributor, with a strategic self-funded dollar cost averaging ease accumulation strategy implemented since Q1 2024 [4] - The Web3 application development business includes the launch of Go Show Pay and Go Show Wallet, contributing to the overall strategy [5] Market Data and Key Metrics Changes - The decline in allele price during Q2 2025, combined with new tariffs, negatively impacted mining machine sales [5] - The price of Ethereum increased by approximately 34% during the period, contributing to gains in fair value of cryptocurrencies [7][8] - The company holds a total of 8,816 Ethereum units as of June 30, 2025, representing a 25.5% increase from Q1 2025 [11] Company Strategy and Development Direction - The company focuses on launching new products and enhancing mining machine efficiency, with significant R&D investments of $5.8 million in 2025 [10] - Future growth strategies include optimizing Ethereum accumulation and yield generation strategies, aiming for an annualized yield of up to 10% [13] - The company plans to explore new Altcoin projects and upgrades to existing mining products to expand market share [12] Management's Comments on Operating Environment and Future Outlook - Management expects revenue for the second half of the year to be impacted by softer sales due to Altcoin price volatility, but remains committed to long-term R&D investments [14] - The company believes that its ability to pivot quickly and innovate is critical for long-term success in a rapidly changing market [14][15] Other Important Information - The balance sheet remains strong, with cash and cash equivalents totaling $71.6 million as of June 30, 2025 [9] - The company has been identified as one of the top Ethereum treasury holders among public companies globally [11] Q&A Session Summary Question: Focus on Ethereum accumulation strategy - The company primarily uses its own funds for a dollar cost averaging strategy for Ethereum purchases, with potential for moderate financing in the future depending on market conditions [17][18] Question: Yield on Ethereum treasury - The company plans to allocate over 80% of its Ethereum holdings towards yield-generating activities, but not all in one place [19][20] Question: Pipeline of Altcoin projects - The company has a strong revenue growth from the Allele miner series and plans to launch new Altcoin mining products, including a new Dogecoin miner expected to enter mass production in 2026 [24][25] Question: R&D spending outlook - R&D expenses are expected to be lower in the second half of 2025 compared to the first half, with new products being launched [33]

Core Viewpoint - Wellfield Technologies Inc. is currently under a management cease trade order (MCTO) issued by the British Columbia Securities Commission, and is working to file its audited financial statements for the fiscal year ended March 31, 2025, by the end of September 2025 [1][2]. Group 1: Management Cease Trade Order (MCTO) - The MCTO was previously announced on July 17, 2025, and further details were provided on July 31, 2025 [1]. - The company is committed to providing bi-weekly updates regarding its status until it resolves the default related to the Annual Filings [3]. Group 2: Financial Filings - Wellfield Technologies is actively working with its auditors to complete the Annual Filings, which include audited financial statements and management's discussion and analysis (MD&A) [2]. - The expected completion date for these filings is August 29, 2025, with a final deadline of September 29, 2025 [2]. Group 3: Company Status - As of the latest update, there have been no material changes to the information disclosed in the previous announcements regarding the MCTO [4]. - The company has not failed to meet its intentions regarding the alternative information guidelines set out in NP 12-203 [4]. Group 4: Company Overview - Wellfield Technologies, Inc. is a fintech company that specializes in blockchain technology solutions, with its platform Coinmama serving over 3.5 million registered users across 180 countries [5]. - The company also operates Tradewind Markets, which focuses on digitizing and trading real-world assets, including VaultChain™ Gold and VaultChain™ Silver products [5].

Core Viewpoint - Cai Wensheng has made significant investments in Hong Kong real estate, acquiring properties worth approximately HKD 18.7 billion, signaling a strategic shift towards establishing a startup hub in the city amidst its transformation into a tech innovation center [4][18]. Investment Activities - Cai Wensheng purchased a site on Causeway Bay for HKD 7.5 billion, which is nearly half the price of its previous auction value of HKD 14.5 billion four years ago [5][7]. - The site, previously known as the New An Building, has a total area of approximately 53,888 square feet and is designated for commercial use, allowing for a maximum floor area of about 80,800 square feet [7]. - The acquisition is part of a broader strategy where Cai has spent nearly HKD 20 billion on various properties, including luxury residences and commercial buildings, indicating a diversified investment approach [10][12]. Strategic Vision - The newly acquired property will be renamed "CAI Building" and transformed into an AI-Web3 startup center, featuring AI-themed cafes, shared office spaces, and studios for AI and Web3 projects [11]. - Cai's investments in financial companies, such as acquiring a 35% stake in China Financial Leasing and over 50% in China New Economy Investment, suggest a focus on building a financial platform to support his digital economy ambitions [12][14]. Market Outlook - Cai's actions reflect a strong belief in the long-term potential of the Hong Kong market, driven by favorable policies and a growing talent pool, positioning him to capitalize on emerging opportunities in the digital finance and Web3 sectors [18].

Social Media & Community Channels - The document promotes a Twitter account (X) for engagement [1] - It includes a Binance referral link, potentially for trading or investment activities [1] - A Telegram group and username are provided for community interaction [1] Cryptocurrency & Memecoin Focus - The content highlights various cryptocurrencies including ETH and BTC [1] - It specifically mentions "$TRUMP" and "川普币" (Trump Coin), indicating a focus on memecoins [1] - The content also references "马斯克" (Musk) and "gork", suggesting engagement with relevant figures and trends in the crypto space [1]

Financial Performance - Q2 2025 revenue was RMB 43.2 million ($6.0 million), impacted by lower mining machine sales compared to Q2 2024 [15] - Q2 2025 net income was RMB 38.3 million ($5.3 million), offset by gains on fair value of cryptocurrency due to increased ETH holdings and a ~34.0% increase in ETH price [15] - H1 2025 revenue increased to RMB 175.6 million ($24.5 million) due to higher sales of Aleo series mining machines [15] - H1 2025 net income was RMB 4.3 million ($0.6 million), affected by lower revenues and a ~28.0% lower ETH price [16] Investments and Assets - R&D investments totaled RMB 41.6 million ($5.8 million), mainly for developing new mining machines and upgrading existing ones [17] - As of June 30, 2025, the cash position was RMB 512.6 million ($71.6 million), including cash, equivalents, deposits, and government securities [17] - Total current assets as of June 30, 2025, were RMB 677.1 million ($94.5 million) [21] - Total assets as of June 30, 2025, were RMB 1,059.6 million ($148 million) [21] Ethereum Strategy - The company held 8,816 ETH-based cryptocurrencies as of June 30, 2025 [27] - The company is enhancing ETH yield through lending and derivatives-based strategies, cooperating with FalconX [23, 27]

Web3 & Encryption Technology - dWallet Labs introduces REFHE: Fully Homomorphic ALU, a new FHE scheme [1] - The scheme natively supports both arithmetic and logical operations on 64-bit machine words [1] - This is a step toward treating FHE not as a circuit model - but as a real compute model [1] Company Focus - dWallet Labs (the team behind Ika) released a paper on encryption [1] Industry Impact - Web3's brightest gigabrains are building on Sui [1]