硬蛋创新中期报告2025

(Incorporated in the Cayman Islands with limited liability)Stock Code00400 INTERIM REPORT2025 2公司資料Corporate Information5摘要Highlights6管理層討論與分析Management Discussion and Analysis23其他資料Other Information36簡明綜合中期財務資料審閱報告Report on Review of Condensed ConsolidatedInterim Financial Information38簡明綜合損益及其他全面收益表Condensed Consolidated Statement of Profit or Lossand Other Comprehensive Income40簡明綜合財務狀況表Condensed Consolidated Statement of Financial Position42簡明綜合權益變動表Condensed Consolidated Statement of Changes in Equity44簡明綜合現金流量表Condensed Consolidated Statement of Cash Flows46簡明綜合中期財務資料附註Notes to the Condensed ConsolidatedInterim Financial Information84釋義Definitions 公司資料Corporate Information 董事會 BOARD OF DIRECTORS 執行董事 Executive Directors KANG Jingwei, Jeffrey(Chief Executive Officer and Chairman of the Board)WU Lun Cheung Allen(Chief Financial Officer)GUO Lihua 獨立非執行董事 Independent Non-Executive Directors YE XinMA QiyuanHAO Chunyi, Charlie 審核委員會 AUDIT COMMITTEE HAO Chunyi, Charlie(Chairman)YE XinMA Qiyuan 薪酬委員會 REMUNERATION COMMITTEE MA Qiyuan(Chairman)YE XinHAO Chunyi, Charlie 提名委員會 NOMINATION COMMITTEE 2025630 YE Xin(Chairman)MA QiyuanHAO Chunyi, CharlieGUO Lihua(appointed on June 30, 2025) 註冊辦事處 REGISTERED OFFICE Offices of Conyers Trust Company (Cayman) LimitedCricket Square, Hutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands Offices of Conyers Trust Company (Cayman) LimitedCricket Square, Hutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands INGDAN, INC.Interim Report 20252 公司資料（續）Corporate Information (Continued) 主要營業地點 PRINCIPAL PLACE OF BUSINESS 5511 11/F, Microsoft Comtech TowerNo. 55 Gaoxin South 9th RoadNanshan DistrictShenzhen, China 香港主要營業地點 PRINCIPAL PLACE OF BUSINESS IN HONGKONG 326D Unit D, 6th FloorTin’s Centre Block II3 Hung Cheung RoadTuen Mun, New TerritoriesHong Kong 股份過戶登記總處 PRINCIPAL SHARE REGISTRAR ANDTRANSFER OFFICE Conyers Trust Company (Cayman) LimitedCricket Square, Hutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands Conyers Trust Company (Cayman) LimitedCricket Square, Hutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands COMPANY SECRETARY 公司秘書 WU Lun Cheung Allen 授權代表 AUTHORIZED REPRESENTATIVES KANG Jingwei, JeffreyWU Lun Cheung Allen 核數師 AUDITOR SHINEWING (HK) CPA LimitedCertified Public Accountants 公司資料（續）Corporate Information (Continued) 法律顧問 LEGAL ADVISORS As to Hong Kong and U.S. laws:Skadden, Arps, Slate, Meagher & Flom As to PRC lawAnJie Broad Law Firm Conyers Dill & Pearman (Cayman) Limited As to Cayman Islands lawConyers Dill & Pearman (Cayman) Limited PRINCIPAL BANKERS 主要往來銀行 Bank of China (Hong Kong) LimitedStandard Chartered Bank (Hong Kong) Limited 香港證券登記處 HONG KONG SHARE REGISTRAR Computershare Hong Kong Investor Services Limited 上市信息 LISTING INFORMATION 00400 Stock Exchange, Stock Code:00400 公司網站 COMPANY WEBSITE www.ingdangroup.com www.ingdangroup.com INGDAN, INC.Interim Report 20254 管理層討論與分析Management Discussion and Analysis 業務回顧及展望 BUSINESS REVIEW AND OUTLOOK 本集團整體業務及財務表現 Overall business and financial performance ofthe Group AIAIAIAIAIoT The Group is an application solution platform based on AI chips.Wehave captured the surging demand across diverse industriesfrom AI computing centers to AI smart terminals, and transformedAI “chip” resources into diversified application solutions that arerapidly deployable, providing the core driving force for intelligentupgrades for our clients. The Group’s core businesses are Comtech,a technology services platform for the chip industry, and Ingdan, aplatform providing AIoT technology and services. AIAI6,676.520244,321.454.5%585.928.0%275.620.8%190.012.4% Duringthe Reporting Period,benefiting from continued strongdemand for AI computing power and growing demand for chipsfrom industries related to AI technology, the Group recorded revenueof approximately RMB6,676.5 million, representing an increase ofapproximately 54.5% as compared to approximately RMB4,321.4million for the corresponding period in 2024. Gross profit of theGroup was approximately RMB585.9 million, representing a year-on-yearincrease of approximately 28.0%.Profit from operationswasapproximately RMB275.6 million,representing a year-on-yearincrease of approximately 20.8%.Net profit after tax wasapproximately RMB190.0 million, representing a year-on-year increaseof approximately 12.4%. 管理層討論與分析（續）Management Discussion and Analysis (Continued) During the reporting period, the rapid penetration of AI applicationsbecame a core propeller of global chip market growth. Accordingto the World Semiconductor Trade Statistics (WSTS) organization,the global chip market reached US$346 billion in the first half of thisyear, representing an 18.9% year-on-year increase, with AI-relateddemandmaking remarkable contributions1.With the acceleratingcommercialization of generative AI, LLMs and multimodal applications,datacentres’demand for high-performance GPUs,demand fordedica