ACTIVATION GP (09919) reported first-half 2026 revenue of RMB286.50 million, down 8.1 % year on year. Net profit declined 28.3 % to RMB25.18 million, trimming net margin to 8.8 % from 11.3 % a year earlier.

The Board declared an interim dividend of HK1.8 cents per share, versus HK2.3 cents in the prior-year period. The payout, totalling roughly HKD13.41 million, will be distributed on or about 29 September 2026 to shareholders on record as of 21 September.

Segment Performance • Experiential marketing remained the core business, contributing RMB220.18 million, down 10.6 % and representing 76.9 % of total revenue. Segment gross margin slipped 0.8 percentage points to 31.4 %. • Digital and communication revenue was broadly flat at RMB65.31 million, accounting for 22.8 % of the total, while gross margin dropped 5.2 points to 33.9 % on project-mix changes. • IP development generated RMB1.02 million, compared with RMB0.23 million a year earlier.

Geographic Mix Mainland China supplied 89.8 % of revenue (RMB257.15 million), while Hong Kong and Singapore rose to 10.2 % (RMB29.36 million) from 3.0 % in first-half 2025, reflecting the group’s expanding international footprint.

Cost and Margin Trends Cost of sales eased 5.8 % to RMB194.72 million, resulting in a group gross margin of 32.0 %, down 1.7 points. Selling and distribution expenses grew 3.7 % to RMB36.80 million, and general and administrative expenses increased 5.0 % to RMB20.57 million. Other income and gains dropped to RMB2.80 million from RMB5.36 million due to lower government subsidies.

Cash, Liquidity and Capital Structure • Cash and cash equivalents stood at RMB298.20 million as of 30 June 2026, virtually unchanged from year-end 2025. • The company remained debt-free, leaving gearing at nil. • Capital commitments totalled RMB5.10 million, while unutilised IPO proceeds earmarked for strategic investments amounted to HKD161.50 million. The expected deployment timeline has been deferred to 2027.

Dividend Timetable The register of members will close from 16 to 21 September 2026 (both days inclusive). Share transfers must be lodged by 4:30 p.m. on 15 September 2026 to qualify for the interim dividend.

Outlook Management anticipates a gradual recovery in China’s premium consumption but cautions that marketing-budget normalisation may lag end-demand. Strategic priorities for the second half include margin discipline, expansion in beauty, skincare and sportswear sectors, broader application of AI tools, and stepped-up internationalisation via Hong Kong and Singapore hubs.