格隆汇11月24日丨移卡(09923.HK)发布公告，2025年第三季度("本季度")，公司业务持续展现强劲增长 动能，积极推动业务多元化，并为国内外品牌客户提供一站式支付及增值服务。本季度海外支付业务交 易额环比增长五成，延续过去年化倍数式的增长态势。同期，国内支付业务交易额持续环比上升，合作 伙伴联系的深化及更为巩固的生态系统为公司长远增长奠定坚实基础。同时，增值服务于商业模式战略 升级和过往亏损的业务实现盈利后持续实现高品质增长，其中AI自动生成的数字人视频于本季度交易 量持续上升，进一步提升公司整体盈利持续性。展望未来，公司将持续夯实业务根基，积极拓展新市 场，为全球更多地区和商户提供行业领先、技术前沿的数字解决方案。 国内商户及合作伙伴体系更加全面，推动持续性盈利增长。本季度国内GPV达人民币6,163亿元；与美 团等SaaS行业生态伙伴合作，共同拓展渠道并提升商户及消费者服务品质；本季度SaaS及联合收单合作 银行等合作伙伴数量持续增加，进一步为长远增长提供稳健支持。 增值服务业务持续展现高质量增长与稳健盈利能力。公司于拓展垂直行业客户方面持续取得显著进展， 于电子商务领域，新获客户包括淘宝、携程 ...

在数字化浪潮席卷全球的当下，数字交互技术正以惊人的速度重塑各行业的展示与沟通模式。作为数字交互领域的创新引领者，广州市 中熠科技有限公司凭借其核心业务——数字人、全息互动软件、三维全息成像，为教育、文旅、商业展示等领域提供了高效、沉浸式的 解决方案。公司深耕行业多年，已形成从技术研发到场景落地的完整生态链，累计服务客户超500家，覆盖全国20余个省市，成为数字交 互领域备受信赖的技术服务商。 公司主营业务：数字人、全息互动软件、三维全息成像——三大核心驱动数字交互升级 在场景落地方面，公司以"技术+服务"双轮驱动，为客户提供定制化解决方案。例如，在教育领域，公司为某中学打造了"全息历史课 堂"，通过三维全息成像还原历史场景，结合数字人讲解，学生课堂参与度提升60%，知识留存率提高45%；在文旅领域，公司为某景区 设计了"全息导览系统"，游客可通过手机扫描景点获取全息介绍，项目上线后游客满意度达92%，复游率提升30%。 客户案例：从单一项目到长期合作的信任积累 广州市中熠科技有限公司的客户覆盖教育、文旅、商业、医疗等多个领域，其中不乏行业头部企业。例如，公司与某知名教育集团合 作，为其全国50余所校区部署数字 ...

Core Insights - The "Pioneers" list for digital RMB innovation applications was officially announced at the Suzhou Digital Finance High-Quality Development Conference on November 20, 2023, showcasing significant advancements in the digital currency sector [1] Group 1: Event Overview - The event was co-hosted by the Jiangsu Provincial Digital Finance Key Laboratory, the Yangtze River Delta Financial Research Institute, Shanghai Advanced Institute of Finance, and Zero One Think Tank Information Technology (Beijing) Co., Ltd [1][11] - The selection process attracted numerous financial institutions and ecosystem enterprises from across the country, culminating in a comprehensive evaluation by experts [1] Group 2: Categories and Applications - The "Pioneers" list is divided into two main categories and six subfields, highlighting various innovative applications of digital RMB [1] - Notable applications include: - B-end scenarios such as cross-border payment applications using multi-central bank digital currency bridges and smart contracts for salary regulation in construction [5][6] - C-end scenarios featuring offline payment technologies for public transport and wealth management services [6][7] - G-end scenarios involving smart contracts for government procurement financing [9]

战略赋能，勾勒"金融+"生态新图景。该项目的成功落地，是各方聚焦外籍游客核心需求、以数字人民 币支付为核心突破点的创新实践，充分彰显了金融服务与文旅发展的双向赋能。 记者注意到，这一创新并非孤立之举。近年来，在人民银行深圳市分行的指导下，农行深圳分行全力推 动数字人民币各项创新与试点工作。从在预付式经营领域推广数字人民币以解决"退款难、举证难、追 偿难"的民生痛点，到探索央行数字货币桥在跨境支付中的应用，与香港地区银行、供应链企业合作开 展货物贸易项下的数字人民币跨境交易，再到联合太平财产保险落地数字人民币车险实名支付业务，实 现了"保单录入-实名验证-数币支付"的全链条贯通……该行多措并举助推数字人民币试点工作向纵深发 展。AI城市旅行卡数字人民币硬钱包的发布，是农行深圳分行数字人民币创新之路上的又一里程碑， 标志着其应用场景从民生、跨境进一步拓展至智慧城市与国际文旅服务领域。 "科技+普惠"双翼齐飞 诠释金融服务实体经济本色 在中国人民银行深圳市分行和深圳市文化广电旅游体育局的统一指导下，金博会开幕当天，农行深圳分 行联合加推科技，发布了"深圳AI城市旅行卡数字人民币硬钱包"项目。这项集"AI+文旅+金融 ...

Core Viewpoint - Silicon-based Intelligence, the largest digital human AI provider in China, is making significant strides in the Hong Kong stock market, holding a 32.2% market share in China and ranking second globally in the digital human AI market [1][5]. Group 1: Company Overview - Founded in 2017, Silicon-based Intelligence launched its voice platform and has since expanded its offerings to include various digital human solutions across multiple industries such as telecommunications, finance, healthcare, and education [4]. - The company has undergone eight rounds of investment, achieving a valuation of approximately 3.15 billion RMB after its D-round investment in May 2023, representing a more than 20-fold increase since its Pre-A round [2]. Group 2: Financial Performance - Revenue has surged from 222.81 million RMB in 2022 to an estimated 655.44 million RMB in 2024, reflecting a compound annual growth rate (CAGR) of 71.3% [7][8]. - Despite revenue growth, the company has faced losses, with net losses of 111 million RMB in 2022, 95.91 million RMB in 2023, and an estimated 112 million RMB in 2024 [8]. - In the first half of 2025, the company reported a revenue of 326 million RMB, showing an 11.15% year-on-year growth [7]. Group 3: Market Dynamics - The digital human AI market in China is projected to grow from 500 million RMB in 2021 to 2 billion RMB in 2024, with a CAGR of 55.8% [5][6]. - The market is expected to reach 15.5 billion RMB by 2030, with a CAGR of 40.3% from 2024 to 2030 [6]. Group 4: Competitive Landscape - The rapid evolution of large model technology has lowered the technical barriers in the digital human sector, intensifying competition from major domestic internet companies [10]. - The company's gross margin has decreased from 45.8% in 2023 to an estimated 31.6% in the first half of 2025 due to competitive pricing pressures [11]. Group 5: Client Dependency and Risks - Silicon-based Intelligence has a high dependency on major clients, with the largest client contributing 64.4% of revenue in the first half of 2025, up from 16.6% in 2022 [15]. - Accounts receivable have increased significantly from 57 million RMB in 2022 to an estimated 233 million RMB in 2024, indicating potential cash flow challenges [15]. Group 6: Future Outlook - The company is transitioning its business model from providing basic product services to delivering quantifiable commercial results, aiming to combine AI solutions with intellectual property value [13]. - Despite the promising market, user feedback on digital human experiences has been mixed, with limitations in emotional engagement compared to human hosts [16].

Core Insights - The 19th Shenzhen International Financial Expo showcased the theme of "Global Industrial Financial Center," with an exhibition area of 15,000 square meters and participation from 288 institutions worldwide [2] - Agricultural Bank of China Shenzhen Branch highlighted its dual focus on "Technology Finance + Inclusive Finance," launching the "Shenzhen AI City Travel Card Digital RMB Hard Wallet" as a key product [2][3] Group 1: Product Launch and Features - The "Shenzhen AI City Travel Card" integrates AI, cultural tourism, and finance, addressing key needs of foreign tourists in Shenzhen [3] - The card offers comprehensive services including information on natural attractions, dining, shopping, and tax refund guidance, along with real-time translation for 145 languages [3][4] - The digital RMB hard wallet feature allows foreign visitors to easily obtain and recharge the card using foreign currency or overseas bank cards, enhancing payment convenience [4] Group 2: Strategic Initiatives and Financial Services - The project represents a significant advancement in the application of digital RMB, aligning with national goals to improve payment convenience for foreign visitors [4] - Agricultural Bank of China Shenzhen Branch has been actively promoting digital RMB innovations, including applications in cross-border payments and insurance [5] - The bank's initiatives in technology finance have led to over 13,000 technology enterprises served, with a loan growth rate exceeding 40% [7] Group 3: Inclusive Finance and Community Engagement - The bank showcased products like "Industry Chain Loan" and "Park e-Loan" to support small and micro enterprises, with a small business loan balance exceeding 1.4 trillion yuan [8][9] - The bank has engaged in community outreach through events like "惠企万里行" to connect with businesses and provide tailored financial services [9] - The bank's commitment to agricultural finance was highlighted through innovative applications of digital RMB in agricultural scenarios [9] Group 4: Future Outlook - The expo served as a platform for the bank to communicate its strategic direction focused on technological innovation and service to the real economy [10] - The bank aims to enhance financial supply and service experience, contributing to Shenzhen's development as a global industrial financial center [10]

Core Viewpoint - The digital renminbi sector experienced a decline of 0.78% on November 20, with Langke Technology leading the drop. The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1]. Summary by Category Stock Performance - The digital renminbi sector saw mixed performance among individual stocks, with notable gainers including: - Dongfang Guoxin (300166) at 11.56, up 3.68% with a trading volume of 1.196 million shares and a turnover of 1.39 billion yuan - Guao Technology (300551) at 13.84, up 3.05% with a trading volume of 186,400 shares and a turnover of 258 million yuan - New Morning Technology (300542) at 18.36, up 2.97% with a trading volume of 105,100 shares and a turnover of 193 million yuan - Conversely, Langke Technology (300042) led the decline at 29.68, down 6.90% with a trading volume of 261,600 shares and a turnover of 789 million yuan [1][2]. Capital Flow - The digital renminbi sector experienced a net outflow of 1.482 billion yuan from major funds, while retail investors saw a net inflow of 1.586 billion yuan. The overall capital flow indicates a shift in investor sentiment, with retail investors increasing their positions despite the overall sector decline [2][3]. Individual Stock Capital Flow - Key stocks in the digital renminbi sector showed varied capital flows: - Dongfang Guoxin (300166) had a net inflow of 1.4 billion yuan from major funds, but a net outflow of 1.46 billion yuan from retail investors - Ziguang Guowei (002049) saw a net inflow of 71.74 million yuan from major funds, with a net outflow of 46.87 million yuan from retail investors - Shen Zhou Information (000555) had a net inflow of 46.90 million yuan from major funds, but a net outflow of 55.93 million yuan from retail investors [3].

下一步，交通银行青岛分行将紧抓数字经济发展机遇，深度聚焦数字人民币的创新应用与推广普及，积 极拓展其在智慧交通、便捷零售、公共服务等多元化场景的落地生根。通过打造更安全、高效、普惠的 数字化支付新生态，促进数字金融、科技金融与绿色金融三大领域的深度融合与相互赋能，构建起协同 共进的高质量发展新格局，为青岛区域经济转型升级贡献坚实的金融力量。 为贯彻落实青岛市数字人民币建设工作部署，在人民银行青岛市分行、青岛市交通运输局的指导下，交 通银行青岛分行联合青岛城运控股集团，共同推进青岛市区公交车数字人民币支付项目。目前，城运控 股集团旗下（主城区）4400余辆市内公交车、314条无人售票公交线路已全面支持数字人民币支付，涵 盖数字人民币APP展码支付、城运e生活APP快捷支付以及准账户硬钱包"贴一贴"支付三种方式。 该项目深度融合"绿色金融"与"数字金融"理念，体现了数字人民币应用对低碳出行的有力支撑。乘客只 需轻点手机屏幕或挥动数字人民币硬钱包，即可在覆盖全市数百条线路、数千辆公交车的庞大网络内， 无缝完成扫码、贴一贴等多种形态的便捷支付。目前，交通银行青岛分行正联合青岛城运控股集团开展 数字人民币专项优惠活动， ...

Core Viewpoint - The company, Silicon-based Intelligence, is set to become the first digital human operator to go public in Hong Kong by submitting its prospectus to the Hong Kong Stock Exchange, aiming for profitability through AI-driven digital human solutions [1]. Group 1: Company Overview - Silicon-based Intelligence was founded in August 2017 by entrepreneur Si Ma Huapeng, capitalizing on the AI boom initiated by AlphaGo, with a focus on voice technology for customer service in finance and telecommunications [2]. - The company has evolved through three technological leaps, introducing its first AIGC digital human in 2019, which integrated voice and image technologies [3]. - By 2024, the company launched a multimodal large model, DUIXONE, transitioning its business model from selling tools to providing comprehensive API platforms for various applications [3]. Group 2: Financial Performance - The company reported revenues of RMB 2.23 billion, RMB 5.31 billion, RMB 6.55 billion, and RMB 3.26 billion for the years 2022, 2023, 2024, and the first half of 2025, respectively, with growth rates of 138.12%, 23.40%, and 11.26% [6]. - In 2025, Silicon-based Intelligence achieved an adjusted net profit of approximately RMB 529 million, marking a turnaround from previous losses [1][11]. - The average customer value increased significantly from RMB 380,000 in 2022 to RMB 1,130,000 in the first half of 2025, reflecting a strategic focus on large clients [11]. Group 3: Market Position and Competition - Silicon-based Intelligence holds a leading position in China's digital human market with a 32.2% market share as of 2024, amidst increasing competition from major players like Baidu, Tencent, and Huawei [5][15]. - The company has completed eight rounds of financing since its inception, raising over RMB 1 billion, with significant investments from Tencent and other notable funds [5]. - The digital human market is projected to grow to RMB 155 billion by 2030, but current demand remains below the "100 billion level," posing challenges for the company [11][17]. Group 4: Strategic Focus and Challenges - The company employs a "small but beautiful" strategy, focusing on B-end markets and offering standardized products to meet the needs of small and medium-sized enterprises [8]. - Despite achieving profitability, the company faces challenges such as reliance on a few large clients, with the top five clients contributing over 64.4% of revenue in 2023 [10]. - The competitive landscape is intensifying, leading to price reductions that have pressured profit margins, with gross margins declining from 45.8% in 2023 to 31.6% in the first half of 2025 [14][15].

Core Points - The digital RMB sector experienced a decline of 1.75% on November 19, with Shenzhou Information leading the drop [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, down 0.0% [1] Digital RMB Sector Performance - Notable gainers in the digital RMB sector included: - Langke Technology (300042) with a closing price of 31.88, up 5.39% on a trading volume of 319,100 shares and a transaction value of 99.56 million [1] - Aerospace Information (600271) closed at 8.97, up 3.22% with a trading volume of 700,900 shares and a transaction value of 626 million [1] - Digital Certification (300579) closed at 32.72, up 2.41% with a trading volume of 82,200 shares and a transaction value of 269 million [1] - Major decliners included: - Shenzhou Information (000555) closed at 18.16, down 9.06% with a trading volume of 1,298,400 shares [2] - ST Zhengtong (002197) closed at 10.45, down 5.00% with a trading volume of 185,000 shares [2] - ST Zhongzhuang (002822) closed at 4.24, down 4.93% with a trading volume of 670,600 shares [2] Capital Flow Analysis - The digital RMB sector saw a net outflow of 2.688 billion yuan from major funds, while retail investors contributed a net inflow of 2.009 billion yuan [2] - Notable capital flows included: - Langke Technology (300042) had a net inflow of 85.74 million yuan from major funds, while retail investors had a net outflow of 78.23 million yuan [3] - Aerospace Information (600271) experienced a net inflow of 64.17 million yuan from major funds, with retail investors seeing a net outflow of 33.77 million yuan [3] - Gold One Culture (002721) had a net inflow of 37.17 million yuan from major funds, while retail investors had a net outflow of 41.47 million yuan [3]