Summary by Futu AI
Ming Yuan Cloud Holdings Limited announced its unaudited interim results for the six months ended June 30, 2024. During the period, the Group's revenue was RMB 720.1 million, a decrease of 5.5% year-on-year; gross profit was RMB 577.7 million, a decrease of 5.1% year-on-year. Operating and net losses decreased by 47.8% and 64.5%, respectively, indicating an improvement in the loss situation. The adjusted net loss also decreased substantially by 82.5%, to RMB 17.0 million. In addition, the company announced that it will change the use of part of the proceeds originally intended for strategic investments and acquisitions to short-term financial products to improve capital utilization efficiency and enhance profitability. The company also repurchased and cancelled 7,251,000 shares during the reporting period and did not declare an interim dividend.