Mr. Gu Sanjun, Executive Director and CEO of VSTECS China, Mr. Luis Ro, Group CTO, Mr. Chen Haizhou, Executive Director, Mr. Liyue, Executive Director. Now we would like to present to you a corporate video. VSTECS is a leading technology platform specializing in ICT industry solutions in the Asia-Pacific. It's the first go-to choice for technology products to enter China and Southeast Asia. Our presence is in China, Thailand, Singapore, Indonesia, the Philippines, Malaysia, Cambodia, Myanmar, and Laos. Since listed, our revenue grew by 24%. Our EPS is more than 20. We have realized a positive growth and we have realized a 34.7% for our revenue and our EPS is RM 0.44.
By June 30, 2025, our AUM is HKD 40 billion, revenue reaching HKD 45.5 billion, and our inventory days are 48 days, account receivable days 7 days, account payable days is 65 days, working capital days are 53 days, and our Southeast Asian business increased by 22.5%. Thailand increased by 15%. The Philippines increased by 45.4%. Malaysia increased by 31%. Indonesia increased by 29.9%. We have constructed a platform that performs localized service for international brands and a platform for Chinese companies to go abroad. We are an important partner of Apple. Our business with Apple for Southeast Asia increased by 104% within the reporting period and we utilize our resources and channels in overseas countries to help Chinese companies to grow global. The domestic brands in Southeast Asia grew by 35% in the first half of 2025.
We have experienced explosive growth and increased by 67.9% and we have deep partnerships with the leading cloud vendors in China. Ali Cloud increased by 156%. Huawei Cloud increased by 29%. AWS increased by 293% and VMware increased by 295% within the reporting period. We continue to leverage our core competitiveness and our revenue increased by 63%. We embrace new changes and explore new fronts and we continue to explore different innovative technologies such as stablecoins to enhance our cross-border payment efficiency and lower the foreign exchange loss. In the future, we will continue to create values in the waves of digital economy and bring returns to our shareholders and partners. Thank you. Now let's welcome Executive Director and Gu Sebo, Mr. Ong Waihim, to present the 2025 interim results.
Good afternoon. For VSTECS interim results in 2025, we have several highlights.
Our revenue grew by 13.6%, reaching HKD 45.5 billion. The profit attributable to equity shareholders increased by 34.7%, reaching HKD 610 million . EPS RM 44.06, ROE 13.7%, much higher than the Hang Seng Index average ROE, which is 10.94%. This page showcases our steady growth in revenue since listed. Our CAGRTH is 24% since listed. We have also seen very stable growth in net profit. Our average annual growth rate is 28% for net profits. In 2020 and 2021, we have seen explosive growth for net profit. It happened during the COVID times, and there were some panic buying and stocking situation at that time. The inventory and the profitability were all performing exceptionally well compared to now. The interest rate was also lower back then, and another factor is the exchange rates. Exchange rate was in our favor at that time.
If we exclude these factors, our net profit actually continued to grow in recent years. If we can exclude these exceptional factors, our net profit actually has made a new record for 2024. Next, let's see the revenue breakdown for business segments. Enterprise systems increased by 14.1% from RM 22.5 billion- RM 25.7 billion this year. Consumer electronics grew by 7.5% from RM 15.9 billion last year to RM 17.2 billion this year. Cloud computing group is financially by 67.9% from RM 1.56 billion last year to RM 2.61 billion this year. In total, we have seen the revenue growth by 13.6%, reaching RM 14.5 billion. In terms of geographical segments, North Asia increased by 8.9% from RM 26.4 billion last year to RM 28.7 billion this year. Southeast Asia grew by 22.5% increase from RM 13.6 billion last year to RM 16.7 billion this year. In total, we have seen RM 13.6 billion.
Here you can see the interest bearing debt to total asset ratio, which is 0.14. The suppliers give us very good terms. Most of our business are conducted with the interest free credit terms provided by the suppliers. Here you can see the details of the interest bearing liabilities. In terms of the working capital days, inventory days decreased from 49 days to 48 days this year. Account receivable days 70 days. The same account payable days decrease from 66 days to 65 days. Working capital days are maintained at 53 days, which is around one month and a half. It means that within one month and a half, we can place the orders to receiving the money, which is an operation cycle itself, 53 days. Next, I would like to give you some review for the highlights.
For the first half of the year, Southeast Asia revenue grew by 22.5%. In the video, as you can see, we have seen the rapid growth for many countries, which includes 50% for Thailand, 45% for the Philippines, 31% for Malaysia, and 30% for Indonesia, and all these growth are driven by the digitalization of government business, [Foreign Language] and we believe that such growth will continue. Singapore is the only country that has a revenue decrease, which is down by 19%. It's mainly because of the 100% revenue growth in the year 2024. It was mainly driven by the explosive growth of AI related project, and this year we have seen some recovery or decrease in this part of the business.
If we exclude this outlier from factor, Singapore also has a nearly 35% growth, so for all countries of Southeast Asia region, on average, 30% of growth rate is within expectation. The strong demand for AI computing has driven the explosive growth for our core business. As we have mentioned earlier, we have seen just 67.9% of growth for our AI business. Elite Cloud increased by 156%, Public Cloud increased by 29%, AWS increased by 293%, VMware increased by 295%. Cloudstar also have attained a robust growth of 33.63%. Among the nine National Intelligent Computing Centers, ECS Cloudstar provides services to seven of them. [Foreign Language] In the first half of this year, we have won the Dingsvo projects, including Pengcheng Cloud Branch Computing Power Scheduling and Operation Management, Nanto Artificial Intelligence Computing Center, and Shenyang Artificial Intelligence Computing Center.
We have been actively prepared to launch the Multi Cloud Management Platform Community version, an AI Computing Power Scheduling Platform Community version with limited to providing customers with simplified services and cost effective products. Our development strategies are several fold. First, we're committed to becoming one of the largest ICT industry in solutions technology platform in the Asia Pacific region. We focus on the information industry with huge potential and rapid growth, and our mission is to enable digital construction in Asia Pacific and maintain a leading position in the industry. We aim to build core competitiveness by improving operational efficiency and digitalization and steadily increase the scale of operation and create sustainable social values. Thank you.
Thank you Mr. Wang for the introduction. Now we will start the Q and A session. We welcome any questions from the investors and analysts.
Please say your name and capacity before you raise your questions. Let's welcome the first question.
[Foreign Language] I'm Wang Zhihao from CICC. Very ideal interim results and you have made progress in the different aspects. I have two questions. The first one is related to AI. In the past six months we have seen very good trend for AI and we have seen very good results for Southeast Asia, and judging from the Sino-U.S. trade conflict there must be some operations risks. For the second half of the year, for our strategy regarding AI, do we have any opportunities for some domestic products especially for Southeast Asia? How do you balance the international business, international brands and the Lumenster brands? The second question is related to ECS Cloudstar. After the launch of DeepSea in the year beginning, you have seen lots of development for Cloudstar.
Can you please share with us more details and planning for the business related to Cloudstar?
For Cloudstar, Luis can respond. Let me respond to your first question. AI computing demand is beneficial to us in two aspects. The first one is the AI infrastructure building, which has driven up the revenue for Southeast Asia. Most of them are infrastructure computing demands. The second driver would be the usage of AI. As you can see, our cloud business has seen good growth. For our cloud business, actually AI computing increased by 76%, so we have seen good growth in these two aspects and we believe that such growth will be sustainable and domestic computing power. First, we have a partnership with domestic ecosystem itself. For Shinzhou Digital, we are the biggest partner. For Kunlun ecosystem, we are not the vendor, therefore we do not do any assembly.
Assembly is a process with capacity surplus and that's why we are the exclusive distributor for Kunpeng and for Hygon chipsets. Before this year, apart from Hygon itself, we are the exclusive distributor for Hygon chipsets. Maybe my colleagues can make some additions to the information. We should be one of the companies with the most comprehensive cooperation with ecosystem related to computing power. For CPU, we added as exclusive distributor for Hikarm, and the demand is very strong. For Kunpeng ecosystem, we have covered all the partners for Kunpeng ecosystem. This has driven our interim result in the first half of the year. We have also a presence in the domestic GPU because of Nvidia, it's very hard for us to partner with them, but for the top eight GPU manufacturers, we have already reached a partnership with six of them. We will disclose such information in due time.
For ECS Cloudstar, the advantage of Cloudstar is the multi-cloud management and the scheduling of computing power. Starting from this year, we have stepped up the investment, especially in R&D and also the AI capabilities and solutions. After the launch of DeepSea, we have been exploring the machine with DeepSea embedded. For second half of the year, we will continue to expand our capabilities. Firstly, we have the MAAS, which is an incubation platform for AI model in Dongguan, Guangzhou, and Huadu. We continue to develop different models so that our enterprise clients can use the major LLMs in a format of token. This is one of our current capabilities. We will continue to step up the investment in the and use it as a token-based service. Secondly, for a DeepSea machine, it would be very hard for the clients to use.
That's why in the past six months, we partner with some industrial partners, for example, medical or education partners, to develop the hardware and software. We have developed some industrial-based solutions, and we're expanding the business in some vertical industries. We have also adopted Huawei's open source ecosystem, especially in the data engineering and intelligent body development. We have already signed an agreement with Huawei. We will help Huawei to do tailor-made data engineering projects and also commercialized software. Apart from that, we can also see that a lot of domestic companies are facing great pressure because of the macro environment, and they look forward to see more cost-effective products. That's why we have the community versions of products, which is more lightweight and high performance. Next week, we will launch that on the Huawei A to 8 Enterprise meeting.
In terms of the induction, in the past, you need to have two to five computers to form a pool. For this small-scale computing pool, we will also launch some community versions for clients that would like to use AI induction. Second question please.
I'm Harry. Congratulations to your strong performance. I have two small questions. I'm very happy to see that your second growth curve, which is AI, is very responsive and you have launched the machine. Can you please share with us some prospects regarding AI business? What is the scale expected in three to five years? With the AI growth, is it possible for us to create another record for our revenue? Another thing is about different regions. You have a very extensive presence in Southeast Asia and you have seen very good growth for major countries.
Have you considered expanding into other markets in Asia, especially India, who has improved their diplomatic relationship with China? Do you have any plans for regional expansions?
We are now considering Vietnam, but for India we have not given any consideration. We have considered South Korea, Japan, Taiwan, Australia, but India we haven't thought about it, but we can start thinking about it now. For AI, we have been involved in AI business for many years, but it is a very challenging starting point and it's very hard to have a very accurate forecast. We have invested in hardware and software. We have also hired lots of new talents and we have expanded into new business segments.
For the AI software, there are lots of peers doing it and for AI business and power business for us, they're still growing and of course we will spare no efforts in embracing AI. For accurate forecasts, we did not expect a 76% growth for AI business. This is not within our forecast, but we will do everything we can and we will invest more in AI than before. Do we have any other questions?
[Foreign Language] We have accumulated some questions from our online platform. The next question is about the dividend strategy in the future. Can you please share with us the arrangements?
The strategy for dividend payout is to have a stable policy. We continue to maintain the dividend payout ratio at around 35% and there will be one dividend payout, which is the year-end dividend payout.
We need to balance the development of our business and the dividend payout. We did not raise any funds in the past years and we are now growing at a very good momentum. At present, we do not have plans to increase the dividend payout ratio, but we will maintain the same level instead of adjusting it down. Do you have any plans for M&A in the future? We always have plans for M&A extensions and we have the strong intention for M&A and will speed up the process.
Next question. Can you please share with us the results guidance in the coming two to three years?
It's hard for us to forecast the business in China, but there are many opportunities and overseas business. There are lots of uncertainties for account receivables and for Chinese business.
We are very selective in our business and we have realized growth for China, but if we relax some of the controls, we can have even higher growth for Southeast Asian Dutch business. Apart from Singapore, we have seen more than 30% growth. Actually, we have seen 30% of growth from Singapore. There was a high base for Singapore last year, which is the AI server business by more than 100% last year. If we exclude that outlier factor, Singapore also had more than 35% of revenue growth. The governments from Southeast Asian countries are actively committed in digitalization, [Foreign Language] which pose high demands for the investments in computing power infrastructure. For our consumer electronics business, as we have mentioned, by 7.5%, and the enterprise system, which is the design for infrastructure, actually grew much higher than that for all enterprises. We pursued profits.
We hope that our company can realize around 20% of profit growth. Revenue growth would be similar to that, but it is not our major target. Our target is to maintain high operation quality, but the guidance would be about 20% for revenue. Do we have any other questions on site?
Hello Mr. Li, [Foreign Language] I have been following your company for a long time. Can you please share with us some technologies regarding cloud computing? Oh, sorry. Can you please share with us the seasonality of AI business? Is there any seasonality for cloud computing? For example, for first half of year and the second half of the year,
[Foreign Language] around 40%- 60%. 40%- 60% for the first half of year and the second half of year, or maybe 4.5- 5.5. I don't see very obvious seasonality for our business. Do we have any more questions?
If no, thank you very much for your questions and thanks to the manager for the response. This concludes today's results and announcements. Thank you again for your long term support and we look forward to seeing you again.