千循科技二零二五年中期报告

（於開曼群島註冊成立的有限公司）股份代號：1640） Financial Summary Corporate Information Management Discussion and Analysis5 Corporate Governance and Other Information13 Interim Condensed Consolidated Statement of Profit or Loss and OtherComprehensive Income16 Interim Condensed Consolidated Statement of Financial Position17 Interim Condensed Consolidated Statement of Cash Flows19 Notes to The Unaudited Interim Condensed Consolidated FinancialStatements20 Financial Summary財務摘要 Advertising servicesPre-owned E-commerce business Corporate Information公司資料 DIRECTORS Executive Directors 2025312025625 Mr. Sun Changpeng(Chairman of the Board)Mr. Leng Xuejun(Vice Chairman of the Board)Ms. Wang Xin(removed on 1 March 2025)Mr. Li Tianzi(appointed on 25 June 2025) Independent Non-executive DirectorsMr. Niu ZhongjieMs. Lam Hoi Yan KarenMr. Wong Sincere AUDIT COMMITTEEMs. Lam Hoi Yan Karen(Chairlady)Mr. Niu ZhongjieMr. Wong Sincere REMUNERATION COMMITTEEMr. Wong Sincere(Chairman)Mr. Sun ChangpengMr. Niu Zhongjie NOMINATION COMMITTEEMr. Sun Changpeng(Chairman)Mr. Wong SincereMs. Lam Hoi Yan Karen AUTHORISED REPRESENTATIVESMr. Leng XuejunMr. Yu Kin Man Duncan COMPANY SECRETARYMr. Yu Kin Man Duncan 190 Elgin AvenueGeorge TownGrand Cayman KY1-9008Cayman Islands REGISTERED OFFICE 190 Elgin AvenueGeorge TownGrand Cayman KY1-9008Cayman Islands 162525B02 PRINCIPAL PLACE OF BUSINESS IN HONG KONG Unit 25B02, 25th Floor,Far East Finance Center, 16 Harcourt Road, HongKong Corporate Information公司資料 CAYMAN ISLANDS PRINCIPAL SHARE REGISTRAR ANDTRANSFER AGENT Walkers Corporate LimitedCayman Corporate Centre190 Elgin AvenueGeorge TownGrand Cayman KY1-9008Cayman Islands Walkers Corporate LimitedCayman Corporate Centre190 Elgin AvenueGeorge TownGrand Cayman KY1-9008Cayman Islands 3382333301-04 HONG KONG BRANCH SHARE REGISTRARUnion Registrars Limited Suites 3301-04, 33/F, Two Chinachem Exchange Square,338 King’s Road, North Point,Hong Kong AUDITORSPrism Hong Kong LimitedUnits 1903A - 1905, 19/F,8 Observatory Road,Tsim Sha Tsui, Hong Kong 8191903A1905 PRINCIPAL BANKSIndustrial and Commercial Bank of China (Asia)Bank of Communication (Hong Kong)Hang Seng Bank COMPANY’S WEBSITEwww.fprice.cn www.fprice.cn LISTING PLACEThe Stock Exchange of Hong Kong Limited STOCK CODE1640 1640 852 29619999comsec1640@gmail.com INVESTOR CONTACTTelephone: 852 29619999Email: comsec1640@gmail.com Management Discussion and Analysis管理層討論與分析 MARKET OVERVIEW 20253C In the first half of 2025, the Group’s business transformation has showninitial success. Faced with the external economic environment, thetraditional advertising business has recorded a significant decline inperformance, while the pre-owned e-commerce business has experiencedrapid growth. With the increasing environmental awareness amongconsumers and shifts in consumption attitudes, more and more peoplehave begun to accept and opt for purchasing second-hand electronicproducts. On one hand, consumers’ pursuit of cost-effective productshas become increasingly prominent, and second-hand 3C products, withtheir relatively lower prices, can meet consumers’ functional needs. On theother hand, the rapid pace of electronic product upgrades has resulted ina large number of idle second-hand devices, providing ample supply forthe pre-owned e-commerce market. 3C3C3AISaaS Qian Xun Technology has actively innovated in the pre-owned 3Ce-commerce sector. Through diversified recycling channels such asonline platform recycling, self-service kiosk recycling, and urban operationcenter-owned store recycling, the Company has achieved efficientrecovery of second-hand 3C products. The Qian Xun Youxuan UrbanOperation Center () has been officially operationalfor three months and has already completed its model testing, achievingpositive monthly cash flow and net profit. Meanwhile, with the advancedAI technology and SaaS platform “Fenhao Cloud”, Qian Xun Technologyprovides one-stop services for second-hand digital transactions,including accurate pricing, intelligent simultaneous sales, and inventorymanagement, significantly enhancing transaction efficiency and turnoverrates. SaaS625.7 As part of the Group’s strategic efforts to diversify its revenue base andexpand into new markets, the Group made further progress in expandingits pre-owned e-commerce business of used electronic products andprovision of SaaS services in Mainland China and other countries. Duringthe Reporting Period, the pre-owned e-commerce business contributedrevenue of approximately RMB625.7 million. The pre-owned e-commercebusiness has been the largest source of revenue and profit for theCompany. 20253AIDeepSeek3CAI The Group has collaborated closely to integrate AI capabilities into ourcontact center systems and services. In March 2025, the Group officiallylaunched the industry’s first second hand 3C intelligent decision-makingengine, “Fenhao Cloud AI Assistant”, which is based on DeepSeek, aworld-leading AI large language model. SAASDe