出门问问2025中期报告

股份代號：2438(於開曼群島註冊成立的有限公司) 中期報告2025 2 4 5 9 22 23 25 27 28 48 Floor 4Willow HouseCricket Square, Grand CaymanKY1-9010, Cayman Islands 42171-728 D1110 24840 62101 27 108 83 HSBC Bank USA, N.A.1800 Tysons BlvdTysons, VA 22102 21 Campbells15303002–04 8111101–1104 Campbells Corporate Services LimitedFloor 4Willow HouseCricket Square, Grand CaymanKY1-9010, Cayman Islands 183171712 1716 02438 www.chumenwenwen.com 20256 30178.910.0%2.999.5%1.497.5% 2025 20256 30178.910.0% AI80.621.7%AIGCAIGCAIGC AI98.364.8%TicNote AIAIAI 2.999.5%2025 1.497.5%AIAI(AIAgent)AI AGI AI AgentTicNote Agentic AITicNoteAI Agent TicNoteAI AgentShadow AIAI+++AI (WAIC) TicNoteShadow AIAgentic AIAI AgentTicSportsTicNote WatchTicNote Pods AIGCAgenticAICoPilotAI Agent AIAI Agent AIAIAI(AI Agent)AI 97.8202454.280%AI AIAI AI2015TicWatchAI2023AIAIGC Agentic AITo SMBTo PC+ AGI 2012AI—TicWatchTicMirrorTicHome2019AIGC 2025AI(AI Agent)Agentic AIAI AIAIAI AIAIAI 20246 30162.720256 30178.9AIAI20246 30103.020256 3080.6AIGCAI20246 3059.620256 3098.3 20246 30105.30.9%20256 30106.320246 3020256 3064.7%59.4% 20251,3232025 20246 3055.820256 3038.020246 3046.420256 3021.420246 305.920256 3012.4AIAI(AI Agent)AI 20246 3091.320256 3068.9AIGC 20246 3020256 3055.913.120242025 202420256 30 202520246 30 20256 30254.0202412 31156.5 202412 3165.320256302024 20256 30202412 3141.020.0 20256 3036.3%2024123142.1% 20256 30268.520241231309.613.3%20256302.62024 12 312.5 20256 30 20256 30183202412 31222202563041.9 (a) (b) (c) (d) 20256 30 20256 30 20256 30 13.2013.21 13.22 13.2013.21 13.22 23 20251 21300523.SZ 20254 30OTCAIJTY 202412 3113.51B(1) 20256 30XVXV78352 (1)(2)20256 301,538,500,537 (3)AGI LimitedAGI Management LimitedMobvoi LimitedMobvoi AGI Limited99%1%AGI Management LimitedSuntera Corporate Trustees (Hong Kong) LimitedMobvoi LimitedMobvoiAGI Limited375,862,577201912 1Mobvoi LimitedAGI Management LimitedAGI Limited Mobvoi AGI Limited42,505,19542,276,005 (4)14,867,279201912 129,734,558 (5)Wen&Hui LimitedW&H Management LimitedCMWW LimitedCMWW AGI Limited99%1%W&H Management LimitedSuntera Corporate Trustees (Hong Kong) LimitedCMWW LimitedCMWW AGI Limited42,505,195201912 1CMWW LimitedW&H Management LimitedWen&Hui Limited CMWW AGI Limited375,862,57742,276,005 20256 30XV352 20256 30XV23336 (4)14,867,279201912 1Mobvoi LimitedAGI Management LimitedAGI Limited Mobvoi AGI Limited CMWW Limited W&H Management Limited Wen&Hui LimitedCMWW AGI LimitedAmberlei Limited29,734,558 (5)Wen&Hui LimitedW&H Management LimitedCMWW LimitedCMWW AGI Limited99%1%W&H Management LimitedSuntera Corporate Trustees (Hong Kong) LimitedCMWW LimitedCMWW AGI Limited42,505,195201912 1CMWW LimitedW&H Management LimitedWen&Hui Limited CMWW AGI Limited375,862,57742,276,005 (6)Amberlei Limited100%Amberlei Limited201912 1Amberlei Limited375,862,57742,505,195 (7)SIG ISIG IIISIG I2018 1 10SIG III2012 1 102025630SIG Pacific Holdings, LLLPSIG ISIG III80%SIG Global Investments GP, LLCSIGISIG I 20%SIG China Investments GP, LLCSIG IIISIG III 20%SIGAsia Investment, LLLPSIG ISIG IIIHeights Capital Management, Inc.SIG Asia Investment, LLLPSIG ISIG III SIG Pacific Holdings, LLLP SIG China Investments GP, LLCJeffrey YassSIG ISIG IIISIG ISIG III (8)HSG CV IV Holdco, Ltd.HSG CV IV Senior Holdco, Ltd.HSG CV IV Senior Holdco, Ltd.HongShan CapitalVentureFund IV, L.P.HongShan Capital Venture Fund IV, L.P.HSG Venture IV Management, L.P.HSGVentureIV Management, L.P.HSG Holding LimitedZhen Partners Fund I, L.P.HSG Holding LimitedHSGHoldingLimitedSNP China Enterprises LimitedSNP China Enterprises LimitedHSG CV IV Holdco, Ltd.Zhen Partners Fund I, L.P. (9)100%100% 20256 30XV23336 201510 19—— D.— 1.20246 14 195,974,805151,825,003 20256 3057,043,6403.71% 110 225% 20243 30(i)(ii)(iii)(iv)(v)—— D.— 2. 20251 172,836,3167,457,4674.79%0.49%202563072,836,3167,457,4674.73%0.48% 10.5% (1)(a)3,492,048(b)5,703,777202412 27(2)10(3) — D.— 2. 20256 3020246 30 C.2.1 20256 30 C3 20256 30 20244 2420244 23290.220256 30 20244 23 20256 3020256 30 3. 20256 30 20256 30— 630 1 20128 3120244 24AI 342025821 202520242 34 2024 202412 31 2 21— 3 (a) AIAIAIAI3(b) (i) 15 AIAIAI (b) AIAIAI 3 (b) 202520246 30 3 (i) (ii) (b) (c) —— — 5 (a) (i)15%2023202515%2024202615%100%202210 1100%25%(ii)(iii)16.5%28.25%16.5%(iv)Mobvoi US, LLC24.53%(v)20% (b) 6 (a) 2,898,00020246 30578,756,0001,536,327,00020246 301,057,551,000 20246 30 11 630 202520246 30202520246 30 6 (b) 20246 30 7 202563027,451,00020246301,628,00020256 308,000202463078,00091020246 30125,000 8 20256 3020246 3010,672,000 9 10 10 9090360 90 —— (i)20256 30202412 31 18 AI 19 20256 30 202563040,971,0001.95%20,971,0001.80%20,000,000 20 202412 31 11 1231 21 11 6301231 22 (a) (i) 20256 304,167,630,4310.0000479889 (ii) 20244 243.884,568,000274,495,00029,000274,466,000 20245 193.810,427,00034,525,0004,00034,521,000 22 (a) (ii) 202412 3