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TheStreet Open House

EFuture Announces Unaudited Second Quarter 2013 Financial Results

"Looking into the next quarter and the remainder of the year, we see enormous opportunities for growth amongst our key clients as they continue to penetrate into tier three and four cities, and also with multi-nationals clients as they expanded their footprints in China."

Mr. Yan concluded, "The continued sequential increase that brings the backlog to RMB152.0 million demonstrates the success of our sales strategy in expanding our client base and service offerings in store IT operation management through smart technology such as cloud, data and business analytics. We have received great feedback for our new offline-to-online offering, Omni-Channel Solution, which helps enable clients to meet the emerging requirement of businesses to connect and operate over the internet. We expect these offerings to drive expansion in the second half of the year. We remain focused in the execution of our strategy and the enhancement of our cost structure to ensure we are well positioned to capitalize opportunities in China's consumer market."

SECOND QUARTER 201 3 FINANCIAL RESULTS

Revenue

Total revenue for the second quarter 2013 increased 15% to RMB45.1 million (US$7.3 million) from RMB39.3 million in the second quarter 2012.

Revenue Breakdown

  2Q12 2Q13
  RMB '000 RMB '000 USD '000 Y-o-Y Change
Software license sales 15,548 12,879 2,099 -17%
Hardware sales 3,198 12,312 2,006 285%
Service fee income 20,575 19,862 3,236 -3%
Total 39,321 45,053 7,341 15%

Software license revenue for the second quarter 2013 decreased 17% year-over-year to RMB12.9 million (US$2.1 million) from RMB15.5 million in the second quarter 2012. The decrease was primarily attributable to project delays, which amounted to RMB10.8 million.

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