云游控股2025中期报告

(Incorporated in the Cayman Islands with Limited Liability)Stock Code : 00484 Contents 2Corporate Information5Financial Highlights7Management Discussion and Analysis19Corporate Governance and Other Information28Independent Review Report30Unaudited Condensed Consolidated Statement ofProfit or Loss and Other Comprehensive Income32Unaudited Condensed Consolidated Statement ofFinancial Position34Unaudited Condensed Consolidated Statement ofChanges in Equity35Unaudited Condensed Consolidated Statement ofCash Flows37Notes to the Unaudited Condensed ConsolidatedFinancial Statements61Definitions Corporate Information BOARD OF DIRECTORS Executive Directors Mr. CUI Yuzhi(Chairman, Chief Executive Officer)Mr. ZHU Liang(Chief Financial Officer)Mr. ZHOU Xiaoyu Independent Non-executive Directors Mr. WONG Chi KinMr. LU XiaomaMs. ZHU Min AUDIT AND COMPLIANCE COMMITTEE Mr. WONG Chi Kin(Chairman)Ms. ZHU MinMr. LU Xiaoma REMUNERATION COMMITTEE Ms. ZHU Min(Chairman)Mr. ZHOU XiaoyuMr. WONG Chi Kin NOMINATION COMMITTEE Mr. CUI Yuzhi(Chairman)Ms. ZHU MinMr. LU Xiaoma CORPORATE GOVERNANCE COMMITTEE Mr. WONG Chi Kin(Chairman)Ms. ZHU MinMr. CUI Yuzhi AUTHORISED REPRESENTATIVES Mr. CUI YuzhiSir KWOK Siu Man KR FORGAME HOLDINGS LIMITED.2025 Interim Report Corporate Information COMPANY SECRETARY Sir KWOK Siu Man KR LEGAL ADVISORS Ince&CoAllBright Law Offices REGISTERED OFFICE Osiris International Cayman LimitedSuite #4-210, Governors Square23 Lime Tree Bay AvenueP.O. Box 32311Grand Cayman KY1-1209, Cayman Islands The offices of Osiris International Cayman Limited Suite #4-210, Governors Square23 Lime Tree Bay AvenueP.O. Box 32311Grand Cayman KY1-1209, Cayman Islands CORPORATE HEADQUARTERS Room 1106, Block A, Phase IInnovation Technology PlazaTianan Digital CityChegongmiao, Futian DistrictShenzhenChina A1106 PRINCIPAL PLACE OF BUSINESS IN HONG KONG 912123 Unit 3, 12/F, Trust Centre912 Cheung Sha Wan RoadLai Chi KokKowloonHong Kong INDEPENDENT AUDITOR ZHONGHUI ANDA CPA LimitedPublic Interest Entity Auditor Corporate Information HONG KONG BRANCH SHARE REGISTRAR 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong www.forgame.com.cn www.forgame.com.cn STOCK CODE ON THE MAIN BOARD OF THE STOCK EXCHANGEOF HONG KONG LIMITED 484 UNAUDITED CONDENSED CONSOLIDATED STATEMENT OFPROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME Notes: Financial Highlights UNAUDITED CONDENSED CONSOLIDATED STATEMENT OFFINANCIAL POSITION Management Discussion and Analysis BUSINESS REVIEW In the first half of 2025, despite structural adjustments in the global economy,the recovery process was significantly hindered. The uncertainty in tariffpolicies of the United States, the ongoing Russo-Ukrainian war, the intensifiedcompetition in China’s domestic market, and high inflation coupled withgeopolitical tensions collectively posed severe challenges. Although inflationarypressures eased to some extent compared to 2024, they remained athistorically high levels, continuing to squeeze corporate profit margins.Enterprises generally faced the dual pressures of shrinking demand and risingcosts. In an exceptionally challenging external environment, the Group wasfaced with multiple challenges of insufficient market demand, difficulties incost control and intensified competition. Nonetheless, under the guidance of the Board, the Group continued tostrengthen risk management and market adaptability to actively respondto changes in the market competition, and stabilized and sustained thedevelopment of its online game business. The Group actively explored thestructure of electronic trade products to seek breakthroughs, accelerated thelayout and development of innovative transformation business and integratedresources to strengthen operation management, pursue investment returns,promote innovative development, and maintain market competitiveness. 78.0108.6% In the first half of 2025, the Group recorded a total revenue of approximatelyRMB78.0 million, representing an increase of 108.6% compared to the sameperiod of last year. Management Discussion and Analysis FIRST HALF OF 2025 COMPARED TO FIRST HALF OF 2024 The following table sets forth the Group’s income statement for the sixmonths ended 30 June 2025 as compared to the six months ended 30 June2024. Management Discussion and Analysis 37.4108.6%78.0 Revenue.Revenue increased by approximately 108.6% to RMB78.0 million forthe six months ended 30 June 2025 from RMB37.4 million for the six monthsended 30 June 2024. The following table sets forth the Group’s revenue bysegment for the six months ended 30 June 2025 and 2024: Total Revenue 7.223.5%5.5 –Revenue generated from the Group’s game business decreased byapproximately 23.5% to RMB5.5 million for the six months ended 30June 2025 from RMB7.2 million for the six months ended 30 June2024. Revenue generated from the games business decreased reflectedthe Group’s strategic portfolio realignment, w