小黄鸭德盈2025 中期报告

目 錄 2 5 7 11 43 55 57 59 61 65 公 司 資 料 202581202581 20257112025812025711 202581202581202512202512 202598202598 202512202512202581 202581202581202512202512 PO Box 309Ugland HouseGrand Cayman, KY1-1104Cayman Islands 3TML25A6 202581202581 MaplesFund Services(Cayman)LimitedP.O. Box 1093, Boundary HallCricket SquareGrand Cayman, KY1-1102Cayman Islands 202581202581 148212103B 1333304-3309 9911 1826 151 22 http://www.semk.net 2250 (1) (2) (1)(2)(3)(4)(5)(6)(7)(8) 2025IPB.DuckIPIP20256308,231.437%38%IP B . D u c kAIB.DuckPlayfulStore1 , 0 0 04 , 3 8 7 . 431%IP BePlayfulIPIPB.DuckIPB.Duck83.9722,000B . D u c k IPO A T L YIPS 3 9I P3 , 8 4 4 . 046%LicenseGlobal 2025B.DuckIP A IA IIPAIAIIP+AIIPIPIP B . D u c kL o F t6B.DuckGrabGQ ApparelFuku MatchaB.DuckIPB.Duck B.DuckIPI PB . D u c kMakeA Playful WorldIP 2025829 (i)B . D u c kB.Duck( i i )B.Duck B.DuckIP202578IP ( i )( i i )( i i i )( i v )(v) 2025B.DuckCity FunsB.DuckB.Duck City FunsB.Duck B . D u c k2 0 1 52022LazadaTikTok 202463020242 6 . 31 2 . 14 6 . 0 %2025630202538.42 0 2 520253.9IP 20252 0 2 41 23 12 0 2 563 0 202433.610.330.6%202543.9 B . D u c k1534 B.DuckB.Duck202590.6%202422.554.9%202534.8 20242025 202592.8%202495.4%20244.3%20256.4% 20242025 2 0 2 52 0 2 418.315.21 8 . 9 %18.3%202555.5%202454.8% 2025202439.231.740.6%38.1%20252024 2025 202480.4%202565.8% 202411.9%202514.6%2025 202447.1%202539.5% 20242 0 2 42 4 . 9 %2 0 2 564.8% 20251.120242 . 0 20243.627.8%20254.620251.2 2025202412.17.720252024 20246.6%20257.4%2025 2 0 2 416.0%202517.2%2 0 2 52015 20222 0 2 42 3 . 1 %2 0 2 529.5% 2 0 2 418.0%202532.0%2024 202520243.52.918.4% 202530.6%202518.4% 202421.047.3%202511.1 202417.7202516.0 ( i )( i i )(i)(ii) 20241.120250 . 2 20241.120250.81.920252024 i20252024444,000 202510.7202417.037.1% 20221172025630 21202563024,524.825980,993,0000.000025 2024123185.8202563090.2 2 0 2 563 06 4 . 32 0 2 41 23 15 7 . 61 6 . 92 0 2 41 23 12 0 . 92 0 . 22 0 2 41 23 11 9 . 721.2%2024123120.1% 2 0 2 563 02 0 2 41 23 158.861.1 2 0 2 41 23 11 3 . 9202563016.8 2 0 2 41 23 163.0202563054.7 2 0 2 41 23 11 6 . 3202563013.0 2 0 2 41 23 13.320256303.0 20256302.5%13.1%20256303.28%20 5 2 0 2 563 02 . 62 0 2 41 231 2 0 2 563 02 0 2 463 028.8%18.5% 2021555,000,00060,310,000 202212306 , 0 0 0 , 0 0 01 , 0 0 0 , 0 0 06 , 5 7 9 , 0 0 01,097,000 202311920232024620256301,000,0001,097,000 2 0 2 11 22 0 2025630 ( i )( i i )2025630 2 0 2 563 02 0 37 56167202563039.2 2 0 2 563 02 0 32 0 2 5630 20211230 2025630 202572 (i) (ii)2,25060%1,50040% (iii) 202572 202582927.74%38.610.05 IPIP 2025829 2025630 2 0 2 211 72 . 0 5206.8 2025630 2025630 2 0 2 31 23 10 . 54,904,9652024630 2025630 BePlayfulMakeA PlayfulWorldIP 2025202420246 6 41 . 5 %I P2 , 7 5 81 1 . 1 %1 , 5 5 0 . 910.7%202459.99.4% IP GlobalLicensing GroupLicense Global2025(2025 Top Global Licensors Report)3,0003,07926710%B . D u c k746IP ( B . D u c k )I P 1.IP IPIP+IPI P +B . D u c kI P +I P + I P+ 2. I P2 0 2 5GrabbyGooseMiloloAotuWorldI PA II PB . D u c kI PB . D u c kI PIP IPHiddenWoooIPIP 3.IP IP57050,0003 C 3 CAIIP B . D u c k7B . D u c kIPIP 4.AIIP AI 1.A II P2023A IA IAIGCB.Duck 2.AlphaTechAII PI PI PA IA IUGC IPIP C 12 0 2 563 0C . 2 . 1D .1.2 C . 2 . 1C.2.1 D . 1 . 2 C320256302025630 13.51B(1) 13.51B(1)20241231 1 3 . 5 1 B ( 1 ) 2025630571X VX V78352 1.663,200,000 2.2025630 2025630X VX V78352 2 0 25630X V23XV336 1.XVXV 2.202212683,601,000Pacific Climax Limited70.94%PacificClimax Limited47.01%0.96% 2025630X V23XV336 2 0 2 11 22 02025630100,000,000 202295202298202563040,944,00032,384,0002025630 2025630 20256302025630 2025630 2 0 2 11 21 5 (i)(ii)(iii)(iv)(v)( v i ) 2025630 2025630 2025829 571122 0 2 563 0343 4 2410 34 2025829 中 期 簡 明 綜 合 全 面 收 益 表 中 期 簡 明 綜 合 現 金 流 量 表 1 202012101 9 6 12 2PO Box 309, Ugland House, Grand Cayman, KY1-1104,Cayman Islands 2 202563034 20241 23 1 3 (a)202511 3 (b)202511 3 (b)2 0 2 511 3 (b)2 0 2 511 4 20241231 5 5.1 20241231 20241231 5 5.1 5.1.1 20256302024123166,694,000202467,814,0003,898,00020248,086,00031,566,0002 0 2 43 1 , 0 5 7 , 0 0 03 5 %2 0 2 436% 5 5.1 5.1.1 9 3 6 5 5.1 5.1.1 5 5.1 5.1.1 5 5.1 5.1.1 1 2 202563068,835,00020256302,140,00016 5 5.1 5.1.2 1 2 5 5.1 5.1.2 5 5.1 5.1.2 2 0 2 563 054,743,000 5 5.2 2 0 2 563 02 0 2 41 23 1 5.3 6 (a) 6 (a) 2 0 2 52 0 2 463 010% (b) 6 6 (b) 2 0 2 563 02 0 2 41 23 13 7 , 9 2 8 , 0 0 036,479,00020256302024123151,556,00069,716,000 6 2025630386,00020241231 6 (c) 6 (c) 11 2025202463016.5% 2 0 1 8112 , 0 0 0 , 0 0 08 . 2 5 %16.5% 25% 7%10% 202563020241231 12 2 0 2 452 72 0 2 30 . 54,904,9652024621 2 0 2 563 0 13 (a) 2 0 2 52 0 2 463 0 13 (b) 2 0 2 52 0 2 463 0 14 202563018,274,000202463015,198,000 20256302,046,00020246301,674,000 15 030 15 16 i 202563020241231 202341920%7,000,0007,676,0002025630 202311910%1,000,0001,0