宜搜科技2025中期报告

CONTENTS目錄 2Company Profile公司概況3Corporate Information公司資料7Financial Highlights財務摘要8Management Discussion and Analysis管理層討論及分析29Other Information其他資料Unaudited Interim Condensed Consolidated Financial Statements未經審核中期簡明綜合財務報表45–Unaudited Interim Condensed Consolidated Statement ofProfit or Loss and Other Comprehensive Income未經審核中期簡明綜合損益及其他全面收益表47–Unaudited Interim Condensed Consolidated Statement ofFinancial Position未經審核中期簡明綜合財務狀況表49–Unaudited Interim Condensed Consolidated Statement ofChanges in Equity未經審核中期簡明綜合權益變動表51–Unaudited Interim Condensed Consolidated Statement ofCash Flows未經審核中期簡明綜合現金流量表53–Notes to Unaudited Interim Condensed ConsolidatedFinancial Information未經審核中期簡明綜合財務資料附註77Definitions釋義 COMPANY PROFILE公司概況 Easou Technology Holdings Limited is an exempted companyincorporated in the Cayman Islands with limited liability on February9, 2022, and was listed on the Main Board of the Stock Exchange onJune 7, 2024. 宜搜科技控股有限公司為一家於2022年2月9日在開曼群島註冊成立的獲豁免有限公司，並於2024年6月7日在聯交所主板上市。 本 集 團 自2005年 成 立 以 來 ， 深 耕 推 薦 技 術 的 研發，持續優化自有的智能推薦引擎－宜搜推薦引擎。本集團主要從事人工智能(AI)應用板塊，包括數字閱讀平台服務、數字營銷服務、網絡遊戲發行服務及其他數字內容服務。此外，本集團正在探索RWA及其他數字資產板塊。 Since its establishment in 2005, the Group has been deeply involvedin the R&D of recommendation technology and continuouslyoptimized its proprietary intelligent recommendation engine, EasouRecommendation Engine. The Group is primarily engaged in theartificial intelligence (AI) application sector, which includes onlinereading platform services, digital marketing services, online gamespublishing services and other digital content services. In addition, theGroup is exploring the RWA and other digital assets sector. 本集團以自主研發的人工智能推薦技術為核心競爭力，持續升級包含六層架構的宜搜推薦引擎。目前該技術已成功應用於數字閱讀、數字營銷、網絡遊戲等業務場景，並正積極拓展至更多領域。尤其在RWA領域，本集團正積極探索人工智能推薦技術與區塊鏈技術的融合應用，打造數字資產的價值發現平台。 Leveraging its independently-developed AI-based recommendationtechnology as its core competitive advantage, the Group continuesto upgrade its six-layered Easou Recommendation Engine. Thistechnology has currently been successfully applied to online reading,digital marketing, online games and other business scenarios, and isbeing actively expanded to more fields. In particular, within the RWAsector, the Group is actively exploring the integrated application ofAI-based recommendation technology and blockchain technology tocreate a value discovery platform for digital assets. Leveraging its Easou Recommendation Engine, vast userbase and diversified digital content, the Group has built acomprehensive online platform. The platform is driven by our EasouRecommendation Engine and provides users and customers witha wealth of digital content covering online literature, advertisingcontent, online games and music, among others. The platformnot only connects various participants such as digital contentproviders, media channels, users, advertising customers andtelecommunications operators, but will also further promote theintegration of physical assets and the digital economy through RWAbusiness in the future. This cross-business and cross-scenariosynergy enables the Group to continuously optimize its businessmodel and achieve diversified sources of revenue. 基於宜搜推薦引擎、龐大用戶基礎及多元化數字內容，本集團構建了一個綜合性的網絡平台。該平台由宜搜推薦引擎驅動，為用戶及客戶提供數字閱讀、廣告內容、網絡遊戲及音樂等豐富的數字內容。該平台不僅連接了數字內容提供商、媒體渠道、用戶、廣告客戶及電信運營商等多方參與者，未來更能通過RWA業務進一步推動實體資產與數字經濟的融合。這種跨業務、跨場景的協同效應，使本集團能夠持續優化商業模式並實現多元化收益。 CORPORATE INFORMATION公司資料 DIRECTORS 董事 執行董事 Executive Directors 汪溪先生（主席兼首席執行官）陳鈞先生（首席財務官）趙磊先生（首席運營官） Mr. Wang Xi(Chairman and Chief Executive Officer)Mr. Chen Jun(Chief Financial Officer)Mr. Zhao Lei(Chief Operating Officer) 獨立非執行董事 Independent Non-executive Directors 朱劍峰先生安潁川先生孟雪女士 Mr. Zhu JianfengMr. An YingchuanMs. Meng Xue 聯席公司秘書 JOINT COMPANY SECRETARIES Mr. Chen JunMs. Au Wing Sze(ACG, HKACG) 陳鈞先生區詠詩女士(ACG, HKACG) AUTHORIZED REPRESENTATIVES 授權代表 陳鈞先生區詠詩女士(ACG, HKACG) Mr. Chen JunMs. Au Wing Sze(ACG, HKACG) 審核委員會 AUDIT COMMITTEE 安潁川先生（主席）孟雪女士朱劍峰先生 Mr. An Yingchuan(Chairman)Ms. Meng XueMr. Zhu Jianfeng 薪酬委員會 REMUNERATION COMMITTEE 朱劍峰先生（主席）孟雪女士陳鈞先生 Mr. Zhu Jianfeng(Chairman)Ms. Meng XueMr. Chen Jun CORPORATE INFORMATION公司資料 NOMINATION COMMITTEE 提名委員會 Mr. Wang Xi(Chairman)Mr. An YingchuanMs. Meng Xue 汪溪先生（主席）安潁川先生孟雪女士 核數師 AUDITOR 安永會計師事務所執業會計師及註冊公眾利益實體核數師香港鰂魚涌英皇道979號太古坊一座27樓 Ernst & YoungCertified Public Accountants andRegistered Public Interest Entity Auditor27/F, One Taikoo Place979 King’s RoadQuarry BayHong Kong 有關香港法律的法律顧問 LEGAL ADVISOR AS TO HONG KONG LAWS Morgan, Lewis & Bockius19th Floor, Edinburgh TowerThe Landmark15 Queen’s Road CentralHong Kong 摩根路易斯律師事務所香港皇后大道中15號置地廣場公爵大廈19樓 COMPLIANCE ADVISOR 合規顧問 華升資本有限公司香港灣仔告士打道38號萬通保險中心1512室 China Sunrise Capital LimitedRoom 1512, YF Life Centre38 Gloucester RoadWan Chai, Hong Kong CORPORATE INFORMATION公司資料 註冊辦事處 REGISTERED OFFICE Suite 102, Cannon PlaceP.O. Box 712North Sound RdGeorge Town Grand CaymanKY1-9006Cayman Islands Suite 102, Cannon PlaceP.O. Box 712North Sound RdGeorge Town Grand CaymanKY1-9006Cayma