Did management provide any updated guidance or outlook for the full year 2025, and how might that affect the stock's valuation multiples?

Management guidance:

The press release only communicates “unaudited financial results for the six months ended June 30 2025.” There is no statement that Sound Group’s management issued a full‑year 2025 outlook—neither revenue, adjusted EBITDA nor EPS guidance is mentioned, nor any forward‑looking commentary on market positioning or capital‑expenditure plans.

Valuation implications:

Absent a concrete FY‑2025 outlook, investors lack a quantitative anchor to benchmark the company’s current price against expected earnings. The market will therefore price SOGP on a “no‑guidance” premium/discount, relying heavily on historical multiples and short‑term momentum. In practice:

• P/E and EV/EBITDA will stay tighter to the range set by the prior year’s results (mid‑single‑digit multiples for many “audio‑social” peers) until a guidance runway appears.
  
• The uncertainty translates into a higher earnings‑risk premium, pushing the forward‑looking P/E toward the higher end of the sector’s valuation band.
  
• For a technical‐oriented trader, the stock is likely to trade in a relatively narrow range until guidance is released (e.g., near the 20‑day moving average with limited breakout potential). Volume will be modest, and any surprise in the half‑year numbers will be quickly “priced‑in,” but the bigger catalyst remains the missing full‑year outlook.

Actionable take‑away:

Given the guidance gap, it is prudent to adopt a hold‑or‑low‑risk position until the next earnings cycle (likely Q4 2025) when management is expected to disclose a full‑year forecast. In the meantime, watch for:

1. Any forward‑looking commentary in the MD&A – even a qualitative “we remain optimistic about 2025” can start to compress multiples.
   
2. Technical support around the 20‑day SMA; a break below could signal the market is penalizing the lack of guidance, offering a buying opportunity at a more attractive valuation.
   

Until the FY 2025 outlook is disclosed, the stock’s valuation multiples will remain inflated by uncertainty, and price action will be driven more by short‑term sentiment than fundamentals.