润歌互动2025 中期报告

CONTENTS Corporate Information公司資料2Management Discussion and Analysis管理層討論及分析6Corporate Governance and Other Information企業管治及其他資料49Interim Condensed Consolidated Statement ofProfit or Loss and Other Comprehensive Income中期簡明綜合損益及其他全面收入表57Interim Condensed Consolidated Statement ofFinancial Position中期簡明綜合財務狀況表58Interim Condensed Consolidated Statement ofChanges in Equity中期簡明綜合權益變動表60Interim Condensed Consolidated Statement ofCash Flows中期簡明綜合現金流量表62Notes to the Interim Condensed ConsolidatedFinancial Statements中期簡明綜合財務報表附註64Definitions釋義106 Corporate Information BOARD OF DIRECTORS Executive Directors Mr. Chen Ping(Chairman)Mr. Tian Huan(Chief Executive Officer)Mr. Zhang Yongli(President and CEO of the market andnew business group)Mr. Fan LianshunMr. Xia Yuanbo(President and CEO of the corporatedigitalisation business group)Mr. Chen Wei CEO CEO Independent Non-executive Directors Ms. Mo LanMr. Shen YunjiaMr. Zeng Liang AUDIT COMMITTEE Mr. Shen Yunjia(Chairman)Ms. Mo LanMr. Zeng Liang REMUNERATION COMMITTEE Mr. Zeng Liang(Chairman)Mr. Chen PingMr. Shen Yunjia NOMINATION COMMITTEE Mr. Chen Ping(Chairman)Mr. Zeng LiangMs. Mo Lan JOINT COMPANY SECRETARIES AUTHORISED REPRESENTATIVES Mr. Chen PingMs. Chan Sau Ling REGISTERED OFFICE 4th Floor, Harbour Place103 South Church StreetP.O. Box 10240Grand Cayman KY1-1002Cayman Islands 4th Floor, Harbour Place103 South Church StreetP.O. Box 10240Grand Cayman KY1-1002Cayman Islands HEAD OFFICE AND PRINCIPAL PLACE OFBUSINESS IN CHINA 7719 19/F, Rego BuildingNo. 77 Yinxi RoadYinhu StreetFuyang DistrictHangzhouPRC PRINCIPAL PLACE OF BUSINESS IN HONGKONG Room 1917, 19/F, Lee Garden One33 Hysan Avenue, Causeway BayHong Kong(with effect from 10 January 2025) 331919172025110 PRINCIPAL SHARE REGISTRAR ANDTRANSFER OFFICE Harneys Fiduciary (Cayman) Limited4th Floor, Harbour Place103 South Church StreetP.O. Box 10240Grand Cayman KY1-1002Cayman Islands Harneys Fiduciary (Cayman) Limited4th Floor, Harbour Place103 South Church StreetP.O. Box 10240Grand Cayman KY1-1002Cayman Islands Corporate Information HONG KONG BRANCH SHARE REGISTRAR Computershare Hong Kong Investor Services LimitedShops 1712–1716, 17th FloorHopewell Centre183 Queen’s Road EastWanchaiHong Kong 183171712–1716 LEGAL ADVISER IN HONG KONG Ashurst Hong Kong43/F, Jardine House1 Connaught PlaceCentralHong Kong 143 AUDITORS BDO LimitedCertified Public AccountantsRegistered Public Interest Entity Auditors25/F, Wing On Centre111 Connaught Road CentralHong Kong 11125 PRINCIPAL BANKS 40 Industrial Bank Co., LimitedHangzhou High-Tech BranchNo. 40, Tangmiao Road, West Lake DistrictHangzhou, Zhejiang ProvincePRC 42 China Construction Bank CorporationXi'an High-Tech Industries Development Zone BranchNo. 42, Gaoxin Road, Yanta DistrictXi'an, Shaanxi ProvincePRC China Construction Bank CorporationShanghai Qingpu Chengzhong Road BranchNo. 718, Gongyuan Road, Qingpu DistrictShanghaiPRC 718 116 Bank of ChinaShanghai Jiutingzhen BranchNo. 116, Qiujing Road, Songjiang DistrictShanghaiPRC STOCK CODE 02422 02422 http://www.regopimc.com COMPANY WEBSITE http://www.regopimc.com Management Discussion and Analysis BUSINESS REVIEW Due to the consumer market sentiment in China in 2024 wasdownturned, many enterprises had reduction in marketingbudgets, at the same time the digital transformation keptrising the technological trend in 2024 and first half of 2025,enterpriseswere experiencing variation rapidly on themarketing strategies. 202420242025 Advertising Market in China China’s advertising market is cooling as many businesses –facing weak consumer demand and intense competition –cut back on ad spending or shift budgets toward marketingcampaigns more likely to quickly generate sales. According to the “China Digital Advertising Market Report –Q1 2025” from ReportLinker published on 9 May 2025, in Q12025, the digital advertising market in China is experiencingrapid transformation and growth, driven by technologicaladvancementsand evolving consumer behaviors.Theintegration of artificial intelligence (AI) and automationcontinues to redefine digital advertising strategies in China.The enterprises need to focus on leveraging AI to enhancepersonalised marketing and ad targeting. This technologicalshift is enabling advertisers to improve audience segmentationand optimise ad placement, offering more precise and efficientadvertising solutions. ReportLinker202559—2025(China Digital Advertising Market Report– Q1 2025)(AI) 20246620242024202490% According to the “2024 media publisher trend research report”from CTR Market Research published on 6 June 2024, theadvertising market in China has shown strong adaptabilityand resilience based on changes in the macro environment.While the overall recovery is improving in 2024, advertisersare looking forward to higher certainty and a clearer directionfor future development, seeking long-term and high-qualitydevelopment. Also, the advertisers think that “the int