Summary by Moomoo 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 YoY decrease of 5.5%; gross profit was RMB 577.7 million, a YoY decrease of 5.1%. The operating loss and net loss for the period decreased by 47.8% and 64.5% respectively, indicating some improvement in the loss situation. The adjusted net loss also significantly decreased by 82.5%, to RMB 17 million. In addition, the company announced that the net proceeds originally intended for strategic investment and acquisition will be redirected to short-term financial products to improve capital efficiency and enhance profitability. The company also repurchased and cancelled 7,251,000 shares during the reporting period and did not declare interim dividends.