万咖壹联二零二五年中期报告

Contents目錄 Corporate Information公司資料2Chairman’s Statement主席報告書5Management Discussion and Analysis管理層討論及分析10Other Information其他資料24 CORPORATE INFORMATION公司資料 董事會 BOARD OF DIRECTORS 執行董事 Executive Directors Mr. GAO Dinan(Chairman)Ms. JIANG Yu(Chief Executive Officer)Mr. MENG Jincong(appointed on 7 May 2025)Mr. YU DingyiMr. NIE Xin(resigned on 7 May 2025) 高弟男先生（主席）蔣宇女士（首席執行官）孟謹聰先生（於二零二五年五月七日獲委任）于丁一先生聶鑫先生（於二零二五年五月七日辭任） 獨立非執行董事 Independent non-executive Directors 陳寶國先生金永生先生余利民先生 Mr. CHEN BaoguoMr. JIN YongshengMr. YU Limin 審核委員會 AUDIT COMMITTEE Mr. CHEN Baoguo(Chairman)Mr. JIN YongshengMr. YU Limin 陳寶國先生（主席）金永生先生余利民先生 REMUNERATION COMMITTEE 薪酬委員會 Mr. JIN Yongsheng(Chairman)Mr. CHEN BaoguoMr.MENG Jincong 金永生先生（主席）陳寶國先生孟謹聰先生 NOMINATION COMMITTEE 提名委員會 Mr. GAO Dinan(Chairman)Mr. JIN YongshengMr. YU LiminMr. CHEN Baoguo(appointed on 26 June 2025)Ms. JIANG Yu(appointed on 26 June 2025) 高弟男先生（主席）金永生先生余利民先生陳寶國先生（於二零二五年六月二十六日獲委任）蔣宇女士（於二零二五年六月二十六日獲委任） 公司秘書 COMPANY SECRETARYMs. LUI Mei Ka 雷美嘉女士 AUTHORISED REPRESENTATIVES 授權代表高弟男先生雷美嘉女士 Mr. GAO DinanMs. LUI Mei Ka CORPORATE INFORMATION公司資料 核數師 AUDITOR 中匯安達會計師事務所有限公司香港九龍灣宏照道38號企業廣場第五期2座23樓 ZHONGHUI ANDA CPA Limited23/F, Tower 2, Enterprise Square Five38 Wang Chiu RoadKowloon BayKowloon, Hong Kong 法律顧問 LEGAL ADVISERS 有關香港法律：蕭鎮邦律師行香港中環都爹利街11號律敦治中心律敦治大廈1302-3室及1802室 As to Hong Kong law:Raymond Siu & LawyersUnits 1302-03 & 1802, Ruttonjee HouseRuttonjee Centre11 Duddell StreetCentral, Hong Kong 註冊辦事處 REGISTERED OFFICE Cricket Square, Hutchins DriveP.O. Box 2681, Grand Cayman KY1-1111Cayman Islands Cricket Square, Hutchins DriveP.O. Box 2681, Grand Cayman KY1-1111Cayman Islands 香港主要營業地點 PRINCIPAL PLACE OF BUSINESS IN HONGKONG 香港夏愨道18號海富中心1座1001室 1001 Admiralty Centre Tower 118 Harcourt RoadHong Kong 總部及中國主要營業地點 HEAD OFFICE AND PRINCIPAL PLACE OFBUSINESS IN CHINA 中國北京朝陽區酒仙橋路10號恒通商務園B22座4層 4/F, Building No.B22Universal Business ParkNo. 10 Jiuxianqiao RoadChaoyang District, BeijingPRC 開曼群島主要股份過戶登記處 CAYMAN ISLANDS PRINCIPAL SHAREREGISTRAR AND TRANSFER OFFICE Conyers Trust Company (Cayman) LimitedCricket Square, Hutchins DriveP.O. Box 2681, Grand Cayman KY1-1111Cayman Islands Conyers Trust Company (Cayman) LimitedCricket Square, Hutchins DriveP.O. Box 2681, Grand Cayman KY1-1111Cayman Islands CORPORATE INFORMATION公司資料 香港股份過戶登記處 HONG KONG SHARE REGISTRAR 卓佳證券登記有限公司香港夏慤道16號遠東金融中心17樓 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong 主要往來銀行 PRINCIPAL BANKS 滙豐銀行（中國）有限公司北京分行中國北京市朝陽區東三環中路5號財富金融中心1層 HSBC Bank (China) Company Limited Beijing Branch1/F, Fortune Financial CenterNo. 5 Dongsanhuan Zhong RoadChaoyang DistrictBeijing, PRC 招商銀行慧忠北里支行中國北京市朝陽區305號樓1層 China Merchants Bank, Huizhong Beili Branch1/F, Building 305Chaoyang DistrictBeijing, PRC 公司網站www.wankaonline.com COMPANY WEBSITE www.wankaonline.com 股份代號1762 STOCK CODE1762 CHAIRMAN’S STATEMENT主席報告書 致各位股東： Dear Shareholders, In the first half of 2025, Wanka Online Inc. (hereinafter referred to as“the Group”) achieved explosive growth in its advertising agencybusiness for the three major mobile operating systems, iOS, Androidand HarmonyOS, thanks to the professional expertise of its team andthe strong cooperation of its global ecosystem partners. During thisperiod, the Group not only further consolidated its industry position,but also recorded a year-on-year doubling of its overseas revenue.The Board is pleased to presentthe unaudited interim results of theGroup for the six months ended 30 June 2025. 二零二五年上半年，萬咖壹聯有限公司（下稱「本集團」）依託團隊專業精進與全球生態夥伴的鼎力協同，成功實現iOS、Android及HarmonyOS三大主流移動操作系統廣告代理業務的爆發式增長。期內，本集團不但進一步鞏固了行業地位，海外收入更錄得同比倍增。董事會欣然呈報本集團截至二零二五年六月三十日止六個月之未經審核中期業績。 財務表現 FINANCIAL PERFORMANCE Inthe first half of 2025,the Group achieved strong financialperformance, with all key financial indicators demonstrating high-quality growth. 二零二五年上半年，期內本集團財務表現強勁，主要財務指標均實現高質量增長。 •收益：人民幣1,712.7百萬元，同比增長39.0%；•毛利：人民幣176.7百萬元，同比增長29.2%；•經調整EBITDA：人民幣73.9百萬元，同比增長7.6%；•經調整淨利潤：人民幣51.8百萬元，同比增長10.3%；•總資產：人民幣2,678.3百萬元，同比增長15.0%；•權益總額：人民幣1,551.0百萬元，同比增長9.9%。 •Revenue:RMB1,712.7 million,representing a year-on-yearincrease of 39.0%;•Grossprofit:RMB176.7 million,representing a year-on-yearincrease of 29.2%;•Adjusted EBITDA: RMB73.9 million, representing a year-on-yearincrease of 7.6%;•Adjusted net profit: RMB51.8 million, representing a year-on-yearincrease of 10.3%;•Total assets: RMB2,678.3 million, representing a year-on-yearincrease of 15.0%;•Total equity: RMB1,551.0 million, representing a year-on-yearincrease of 9.9%. CHAIRMAN’S STATEMENT主席報告書 BUSINESS REVIEW 業務回顧 二零二五年上半年，本集團完成了從「蓄力」到「破局」的蛻變，業務發展也隨之告別平穩增長階段，邁入爆發式增長的全新週期。 In the first half of 2025, the Group completed its transformation from"buildingmomentum"to"breaking into new frontiers”,with itsbusiness development transitioning from a phase of steady growth toa new cycle of explosive expansion. 1.行業環境不斷向好 1.The industry environment continued to improve. The gaming market continued to