2025 Mid-term Performance of VCREDIT (02003): Continuously Strengthening the Digital Financial Ecosystem, Strategic Upgrade Driving High-Quality Development

On August 25, 2025, VCREDIT (02003) released the performance announcement for the first half of 2025. The announcement showed that VCREDIT recorded total revenue of 2.5 billion yuan during the period, a year-on-year increase of 43.8%; net profit was 216 million yuan, a year-on-year increase of 79.5%. By deepening its core business and improving operations, the company achieved resilient growth. The board of directors also recommended distributing an interim dividend of 5 Hong Kong cents per share to shareholders as a token of appreciation for their long-term trust and support. Focusing on "high-quality" core businesses, VCREDIT strategically invested in emerging technologies to build a collaborative ecosystem. In the first half of 2025, VCREDIT actively adjusted its business strategy, strengthened risk control, and enhanced operational efficiency through a series of strategic measures to enhance business resilience, solidify business structure, and establish a secure and compliant digital financial ecosystem. The company systematically upgraded its risk control framework, adjusted its customer portfolio structure to higher-quality borrowers, expanded new customer base while improving services for existing customers. By integrating intention and risk models, the company launched customized financial solutions tailored to users' credit conditions and funding needs. As of June 30, 2025, the total registered users in mainland China reached 167 million, a year-on-year increase of 11.7%. While promoting financial technology innovation and strengthening risk management, VCREDIT adhered to the concept of open collaboration, continuously expanding diverse cooperation models. By the first half of the year, the company had established stable partnerships with 112 external organizations, including national joint-stock banks, consumer finance companies, and trust companies. In the first half of 2025, VCREDIT facilitated loans totaling 38 billion yuan in mainland China, assisting 12.4 million people in obtaining credit services, with an outstanding loan balance of 33.55 billion yuan as of June 30. While focusing on credit services in mainland China, VCREDIT continued to expand its strategic footprint in new markets and optimize operational models to align with long-term development goals. The company's Hong Kong business, "CreFIT," deepened cross-industry platform collaborations to widen user sources and enhance product operations to boost user engagement. VCREDIT remains committed to acquiring Banco Portugus de Gesto, S.A., a credit institution registered in a Portuguese bank, and actively expanding into the Southeast Asian market. VCREDIT also actively expanded business in emerging technology areas, strategically investing in the EXIO Group, one of the eleven virtual asset trading platforms approved by the Securities and Futures Commission (SFC) in Hong Kong. EXIO Group is dedicated to bridging traditional finance and Web3.0 ecosystems, contributing to exploring synergies between traditional finance and emerging digital assets to drive innovation in complex scenarios, establish higher standards in asset security and user experience. AI-driven scenarios, technological advancements shaping intelligent ecosystems Technology serves as the core driving force for our development. In the first half of 2025, research and development expenses increased by 2.6% year-on-year to 58.5 million yuan. VCREDIT continued to advance the application and innovation of artificial intelligence technology in various business scenarios. Through the upgrade of the "Hummingbird" 2.0 platform, development of the "ChatBI" tool, and the implementation of a multi-intelligent agent collaboration system based on the "Golden Crow Big Model," the company established an intelligent ecosystem covering risk control, research and development, and business operations. The upgrade of the "Hummingbird" 2.0 platform introduced a dual-engine approach that combines visual strategy configuration and intelligent scenario verification, significantly improving the accuracy of risk identification and response efficiency, providing crucial technological support for the intelligent transformation of risk control systems. The "ChatBI" tool allows users to query data directly through natural language, automating the data extraction process to enhance data efficiency and decision quality. Moreover, by adopting AI programming in various work scenarios, VCREDIT established a new paradigm for technology research and development, with AI-generated code accounting for 25% of the total, significantly boosting the efficiency and quality of work for the system development and data analysis teams, effectively supporting the rapid growth of the business. In terms of business operations, the multi-intelligent agent collaboration system enhanced operational efficiency and business performance by accurately identifying user intent, exploring data characteristics, and optimizing business processes in scenarios such as intelligent marketing and customer service. To stimulate internal innovation and harness employee intelligence, VCREDIT launched the "Future Is Here: AI Empowerment" innovation challenge in February of this year, focusing on the practical application of "intelligent agents" technology in various scenarios. A total of 57 entries were received, covering solutions to optimize business processes, enhance interdepartmental collaboration efficiency, and cost reduction measures, as well as innovative explorations in applying large models to fields like psychological counseling. These frontline innovation practices effectively promoted the value realization of AI technology from research and development to application, reinforcing a bottom-up innovation mechanism within the company. Financial technology is essentially technology, and the core of technology lies in talents. In the first half of the year, VCREDIT launched the "AI: Navigators of the Future" program, recruiting top technology talents globally, focusing on innovation in large model verticals and the construction of intelligent agent platforms, accelerating the deep empowerment of AI in financial technology scenarios. Through social recruitment, campus recruitment, and internal transfers, the program aimed to recruit a large number of high-caliber talents, fostering an intelligent ecosystem driven by "open-source technology + corporate knowledge." Integrating technological innovation with customer protection to build a sustainable new paradigm VCREDIT has always ingrained corporate social responsibility in its development DNA, actively giving back to society through actions. The company not only strives to promote sustainable business development through innovative technologies but also integrates social responsibility into its corporate strategy and daily operations, actively fostering a future where customers, the environment, and society prosper together. In April of this year, VCREDIT officially published the 2024 Environment, Social, and Governance (ESG) report, marking the seventh consecutive year of transparent disclosure on the company's solid commitment and comprehensive practices in sustainable development. In terms of protecting customer rights, the company adheres to a "customer-centric" philosophy by continuously improving product transparency, simplifying borrowing processes, and enhancing intelligent risk control to enhance customer experience. Adhering to the motto of "serving with heart, consumer protection for the people," VCREDIT established a Consumer Rights Protection Committee, listing "enhanced consumer protection capabilities" as one of the core strategies in the first half of 2025. Leveraging technological innovation and technical empowerment, the company established a more reliable consumer protection ecosystem. Through a comprehensive process covering dimensions like proactive prevention, mid-crisis guidance, post-incident disposal, public opinion control, combating illicit activities, and data management, VCREDIT developed a systematic consumer rights protection mechanism. Focusing on managing customer complaints proactively, enhancing information disclosure, privacy protection, and intelligent services, further improving consumer satisfaction. Additionally, by establishing traceability analysis and risk warning models, VCREDIT built a more precise customer service system and closed-loop management. In terms of technological empowerment, VCREDIT focused on the fusion application of large models and biometric identification technology on top of its existing deep defense system and anti-illegal activity monitoring system. Based on large models analyzing user behavioral data across multiple dimensions to proactively identify risks such as account takeover and abnormal fund transfers, while upgrading biometric identification technology to prevent identity misuse risks like photo and video forgery, thus safeguarding consumer financial security and ensuring a balance between "security protection" and "convenient service". VCREDIT actively engaged in social welfare, partnering with the Shanghai Changning District Match Youth Public Welfare Development Center (referred to as Match Public Welfare) to launch the "100 Book Corners Plan." In the first half of the year, the company successfully completed the construction of Book Corners in the second phase, donating over 20,000 books to 100 township primary schools across 23 provinces in China. These Book Corners serve as spiritual food for children in grasslands of Inner Mongolia, mountainous regions of Yunnan, and fields of Guangxi, sowing hope in remote areas. VCREDIT will continue to write a joint enterprise development and social value advancement answer by using responsibility as a pen. Looking ahead to the second half of 2025, with new opportunities and challenges on the horizon, VCREDIT CEO Liao Shihong stated: The company will adhere to sound risk management and excellent operational principles, further deepen the strategic integration of advanced technologies such as artificial intelligence with core businesses, creating greater value for customers, shareholders, employees, and the broader society.