VCREDIT Holdings Limited 維信金科控股有限公司 （以存續方式於開曼群島註冊成立的有限公司） （股份代號：2003） 2025年10月9日（星 期 四）上 午 十 一 時 正 舉 行 的 股 東 特 別 大 會（及 其 任 何 續 會）適 用 的 代 表 委 任 表 格 （閣下亦可透過指定網站(https://evoting.vistra.com)委任代表） 本人╱吾等 （附註1） 地址為 為維信金科控股有限公司（「本公司」）股本中面值0.10港元股份（「股份」） （附註2） 1. 請 用 正 楷 填上姓名和地址。 電郵地址為 （附註11） 或 如 其 未 克 出 席， 則 委 任 大 會 主 席 為 本 人 ╱ 吾 等 的 代 表， 代 表 本 人 ╱ 吾 等 出 席 本 公 司 在2025年10月9日 （星 期 四）上 午 十 一 時 正 透 過 電 子 方 式 舉 行 的 股 東 特 別 大 會（及 其 任 何 續 會）（「股東特別大會」），並 依 照 以 下 指 示 在 會上投票，如無作出指示，則由本人╱吾等的代表酌情投票。 普通決議案 贊 成 （附註4） 反 對 （附註4） 批 ...

重要文件 閣下對本通函任何方面或應採取的行動如有任何疑問，應諮詢持牌證券商、銀行經理、律師、 會計師或其他專業顧問。 閣下如已售出或轉讓 名下所有的 維信金科控股有限公司 股份，應立即將本通函連同隨附的 代表委任表格一併送交買主或承讓人或經手買賣或轉讓的銀行、持牌證券商或其他代理商， 以便轉交買主或承讓人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示概不就因本通函全部或任何部份內容而產生 或因倚賴該等內容而引致的任何損失承擔任何責任。 （以存續方式於開曼群島註冊成立的有限公司） （股份代號：2003） 建議自股份溢價賬 宣派及派付 中期股息 及 股東特別大會通告 維信金科控股有限公司謹訂於2025年10月9日（星 期 四）上 午 十 一 時 正 透 過 電 子 方 式 舉 行 股東特別大會，召開大會的通告載於本通函第8及9頁。 閣下不論能否出席股東特別大會， 務請盡早按照隨附的代表委任表格列出的指示填妥並交回表格，或使用本公司寄發的通知 函上所提供的用戶名稱及密碼，通過指定網站(https://evoting.vistra.com) ...

[Company Information](index=3&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) This section provides essential details about the company's governance structure, key personnel, and operational locations [Board of Directors and Committees](index=3&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E8%88%87%E5%A7%94%E5%93%A1%E6%9C%83) The company's Board of Directors comprises executive, non-executive, and independent non-executive directors, supported by Audit, Remuneration, and Nomination Committees to ensure sound corporate governance - Board members include Ma Tingxiong (Chairman), Liao Shihong (Chief Executive Officer), Liao Shiqiang (Chief Operating Officer), Xue Lan (Executive Director), Ye Jiaqi (Non-executive Director), and three Independent Non-executive Directors[6](index=6&type=chunk) - The Audit Committee Chairman is Mr. Fang Yuan, the Remuneration Committee Chairman is Mr. Chen Penghui, and the Nomination Committee Chairman is Mr. Ma Tingxiong[6](index=6&type=chunk) [Offices and Key Contact Information](index=3&type=section&id=%E辦%E4%BA%8B%E8%99%95%E8%88%87%E4%B8%BB%E8%A6%81%E8%81%AF%E7%B5%A1%E4%BF%A1%E6%81%AF) The company's registered office is in the Cayman Islands, with its head office and principal place of business in Hong Kong, and a major operating location in Shanghai, Mainland China, facilitating global and local business operations - The registered office is in the Cayman Islands, and the head office and principal place of business are located at Suite 1918, 19/F, Two Pacific Place, 88 Queensway, Hong Kong[6](index=6&type=chunk)[7](index=7&type=chunk) - The principal place of business in the People's Republic of China is located at 28/F, Tower 1, Starry Sky Center, No. 88 North Sichuan Road, Shanghai[7](index=7&type=chunk) - The company's Stock Code is **2003**, and the official website is https://www.vcredit.com[7](index=7&type=chunk) [CEO's Letter](index=4&type=section&id=%E9%A6%96%E5%B8%AD%E5%9F%B7%E8%A1%8C%E5%AE%98%E5%87%BD%E4%BB%B6) The CEO's letter outlines the Group's strategic direction, operational achievements, and financial highlights for the period [Overview of Operating Performance During the Period](index=4&type=section&id=%E6%9C%9F%E5%85%A7%E7%B6%93%E7%87%9F%E8%A1%A8%E7%8F%BE%E6%A6%82%E8%A6%BD) Despite macroeconomic uncertainties and regulatory changes, the Group maintained a prudent strategy in H1 2025, achieving significant growth in loan origination volume and outstanding loan balance through product innovation, technology upgrades, and a robust compliance framework, and recommended an interim dividend - The Group recommended an interim dividend of **5 HK cents per share** for the period to reward shareholders[8](index=8&type=chunk) H1 2025 Mainland China Loan Business Performance | Metric | H1 2025 | H1 2024 | Year-over-year growth of | Reference Date | | :--- | :--- | :--- | :--- | :--- | | Loan origination volume | RMB 38.0 billion | RMB 27.02 billion | 40.6% | for the six months ended June 30 | | Outstanding loan balance | RMB 33.55 billion | RMB 26.22 billion | 28.0% | as of June 30, 2025 vs December 31, 2024 | - Through systematic upgrades to the risk control framework and optimization of the customer portfolio structure, the Group improved customer quality and credit asset quality, reducing the customer complaint rate to a historical low[10](index=10&type=chunk) - Cumulative registered users reached **167 million**, an **11.7%** increase compared to the same period[11](index=11&type=chunk) - Established cooperation with **112** external licensed funding partners, with the loan facilitation model contributing to a total loan volume of **RMB 29.05 billion**, accounting for **76.4%** of the total[13](index=13&type=chunk) - Through AI 2.0 strategy upgrades, the Group deepened the integration of AI with business scenarios, leveraging the "Jinwu Large Model" to reshape intelligent marketing and customer service processes, enhancing risk identification accuracy[13](index=13&type=chunk) - Strategically invested in EXIO Group Limited to explore the synergy between traditional finance and the Web3.0 ecosystem, promoting the implementation of advanced solutions[14](index=14&type=chunk) - Continuously advanced new market strategic expansion, including deepening cooperation for Hong Kong business "CreFIT," acquiring Portuguese credit institution Banco Português de Gestão, S.A., and expanding into Southeast Asian markets[15](index=15&type=chunk) [Financial Performance Highlights](index=6&type=section&id=%E8%B2%A1%E5%8B%99%E8%A1%A8%E7%8F%BE%E4%BA%AE%E9%BB%9E) In H1 2025, the Group achieved substantial growth in both total revenue and net profit, primarily driven by increased loan volume under the loan facilitation model, despite rising fair value losses on customer loans and credit impairment losses H1 2025 Key Financial Metrics | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Year-over-year growth of | | :--- | :--- | :--- | :--- | | Total revenue | 2,499.9 | 1,738.4 | 43.8% | | Net profit | 216.0 | 120.3 | 79.5% | | Adjusted net profit | 217.9 | 120.7 | 80.5% | | Fair value loss on customer loans | 624.1 | 592.3 | 5.4% | | Credit impairment loss | 214.7 | 144.1 | 49.0% | | Operating expenses (excluding share-based compensation) | 1,379.9 | 868.8 | 58.8% | [Outlook and Strategy](index=6&type=section&id=%E5%B1%95%E6%9C%9B%E5%8F%8A%E7%AD%96%E7%95%A5) Facing a tightening regulatory environment, the Group will continue its commitment to robust risk management and operational excellence, deepening the integration of AI and other advanced technologies with core businesses to achieve long-term sustainable development and create greater value for all stakeholders - The National Financial Regulatory Administration issued the "Notice on Strengthening the Management of Commercial Banks' Internet Loan Facilitation Business and Improving the Quality and Efficiency of Financial Services," which the Group believes is conducive to the long-term development of the industry[17](index=17&type=chunk) - In the second half of the year, the strategic integration of AI and other advanced technologies with core business operations will continue to deepen, committed to creating greater value for customers, shareholders, employees, and society[17](index=17&type=chunk) [Management Discussion and Analysis](index=7&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) This section provides an in-depth analysis of the Group's financial performance, business operations, and future strategies [Financial Summary](index=7&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) In H1 2025, the company achieved substantial growth in both total revenue and net profit, with Non-IFRS adjusted profit also increasing, demonstrating strong profitability H1 2025 Financial Summary | Metric | 2025 (RMB million) | 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Total revenue | 2,499.9 | 1,738.4 | 43.8% | | Net interest and similar income | 936.5 | 875.0 | 7.0% | | Loan facilitation service fees | 1,269.8 | 939.6 | 35.1% | | Other income / (expenses) | 293.6 | (76.2) | N/A | | Operating profit | 279.4 | 154.4 | 81.0% | | Net profit | 216.0 | 120.3 | 79.5% | | Non-IFRS adjusted operating profit | 281.4 | 154.8 | 81.8% | | Non-IFRS adjusted net profit | 217.9 | 120.7 | 80.5% | [Business Review and Outlook](index=7&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7%E5%8F%8A%E5%B1%95%E6%9C%9B) Facing a complex and severe external environment and tightening regulation, the company actively adjusted business strategies, strengthened risk management and control, improved operational efficiency, and continuously advanced technological innovation and new market expansion, demonstrating business resilience - H1 2025 saw a complex and severe external environment, with insufficient domestic demand, deflationary pressure, and a sluggish real estate market, coupled with tightening regulation in the loan facilitation industry, putting pressure on the credit market[20](index=20&type=chunk) - The company actively adjusted business strategies, strengthened risk management and control, improved operational efficiency, and continuously strengthened the business framework to maintain a secure and compliant

维信金科(02003)发布公告，于2025年9月16日，根据并依照第1号股份奖励计划的条款公司向集团2位雇 员授予22.5万股奖励股份的奖励(惟须待彼等接纳)，占于本公告日期已发行股份总数约0.05%。 ...

格隆汇9月16日丨维信金科(02003.HK)发布公告，2025年9月16日，根据并依照第1号股份奖励计划的条 款公司向集团2位雇员授予22.5万股奖励股份的奖励（惟须待彼等接纳），占于本公告日期已发行股份 总数约0.05%。 ...

智通财经APP讯，维信金科(02003)发布公告，于2025年9月16日，根据并依照第1号股份奖励计划的条款 公司向集团2位雇员授予22.5万股奖励股份的奖励(惟须待彼等接纳)，占于本公告日期已发行股份总数约 0.05%。 ...

香港交易及結算所有限公司和香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何 聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 獎勵的詳情如下： 授予日期： 2025 年 9 月 16 日 董事會宣佈於 2025 年 9 月 16 日，根據並依照第 1 號股份獎勵計劃的條款本公司向本集團 2 位僱員授予 225,000 股獎勵股份的獎勵（惟須待彼等接納），佔於本公告日期已發行股份 總數約 0.05%。 獎勵的詳情 獲授人的數目及性質： 本集團 2 位僱員，彼等並非董事、本公司最高行政人員或主 要股東及任何上述人員的關聯人士 獎勵股份的數目： 225,000 股獎勵股份。獎勵股份已或將由受託人按現行市價 透過在市場上收購的方式購買，資金由本公司提供 獎勵的代價： 無 於授予日期的股份收市價： 每股股份 3.30 港元 根據股份獎勵計劃 授予獎勵 獎勵股份的歸屬期： 獎勵股份將分三次歸屬如下： (a) 三分之一在2026年9月16日； (b) 三分之一在2027年9月16日； 及 (c) 三分之一在2028年9月16日， 視乎第 1 ...

致：香港交易及結算所有限公司 公司名稱: 維信金科控股有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 III.已發行股份及/或庫存股份變動詳情 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02003 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 850,000,000 | HKD | | | 0.1 HKD | | 85,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 850,000,000 | HKD | | | 0.1 HKD | | 85,000,0 ...

Core Viewpoint - The current strength in the Hong Kong and A-share markets, particularly in technology stocks, is mirrored in the financial technology sector, which is benefiting from both market liquidity and the long-term trend of digital finance transformation [1] Group 1: Company Performance - In the first half of the year, the company achieved a revenue of 2.5 billion RMB, representing a year-on-year growth of 43.8%, and a net profit of 216 million RMB, up 79.5% [2] - The adjusted net profit reached 218 million RMB, with a growth rate exceeding 80% [2] - As of August 25, the company's stock price has increased by over 90% year-to-date [2] Group 2: Market Valuation and Expectations - The company's value potential remains underappreciated, with the market overlooking the "threefold expectation gap" that could catalyze valuation recovery and growth [3] - The first expectation gap relates to the underestimated business resilience and asset quality, with a loan realization volume of approximately 38 billion RMB, a 40% increase year-on-year [4] - The company has a solid user base, with cumulative registered users in mainland China reaching 167 million, an 11.7% increase [4] Group 3: Asset Quality and Risk Management - The company has maintained stable asset quality, with the overdue rate for loans over three months decreasing to 2.43% by the end of Q2 2025 [8] - Strategic initiatives have been implemented to enhance business resilience, including upgrades to the risk control system and a focus on high-quality customer segments [8] Group 4: Technological Advancements - The company has made significant progress in smart upgrades, enhancing operational efficiency and creating a secure digital ecosystem [9] - The upgraded "Hummingbird" 2.0 platform has improved risk identification accuracy and response efficiency [9] - AI-generated code now accounts for 25% of the company's programming efforts, boosting productivity and code quality [9] Group 5: Strategic Investments and Future Growth - The company has strategically invested in EXIO Group, a licensed virtual asset trading platform, which will help integrate traditional finance with Web 3.0 [10] - The current valuation is at a historical low, with a dynamic P/E ratio around 3, and a dividend yield of 5.8%, indicating significant growth potential [11][12] - The company is expanding into new markets, including potential acquisitions in Portugal and Southeast Asia, which could enhance its growth trajectory [15] Group 6: Conclusion - The combination of the FinTech sector's beta effect and the company's alpha momentum positions it as a valuable investment opportunity, with the recent interim financial report likely to trigger the convergence of the three expectation gaps [17]

Core Viewpoint - Vcredit Holdings Limited reported significant growth in its interim results for the six months ending June 30, 2025, with total revenue reaching RMB 2.4999 billion, a year-on-year increase of 43.8%, and net profit of RMB 216 million, up 79.5% [3][4][7] Financial Performance - Total revenue increased from RMB 1.7384 billion in the same period last year to RMB 2.4999 billion, driven by higher loan volumes and contributions from other income sources [4][5] - Interest and similar income from loans rose to RMB 1.0895 billion, a 2.0% increase from RMB 1.0683 billion, supported by an increase in average outstanding loan balances [5] - Loan facilitation service fees surged by 35.1% to RMB 1.2698 billion, compared to RMB 939.6 million in the previous year, attributed to increased loan volumes under credit enhancement and pure loan facilitation models [5] - Other income recorded was RMB 293.6 million, a significant improvement from an expense of RMB 76.2 million in the prior year, driven by increased guarantee income and growth in technology and platform service fees [6] Expense Analysis - Operating and service expenses rose by 71.9% to RMB 1.0759 billion, primarily due to increased customer acquisition costs and loan collection fees [6] - Sales and marketing expenses increased by 30.7% to RMB 31.5 million, reflecting higher brand spending due to business expansion [6] - General and administrative expenses grew by 33.2% to RMB 216 million, driven by strategic investments in employee benefits and professional services [6] Profitability Metrics - Operating profit reached RMB 279.4 million, an 81.0% increase from RMB 154.4 million, with total revenue growth offsetting some increases in operating expenses and credit impairment losses [6][7] - Net profit of RMB 216 million represented a 79.5% increase from RMB 120.3 million, aligning with the growth in operating profit [7] - Non-IFRS adjusted operating profit and net profit also saw substantial increases of 81.8% and 80.5%, respectively [7] Asset and Liability Overview - Customer loans, contract assets, guarantee receivables, and guarantee liabilities all experienced growth, with customer loans increasing by 33.8% compared to December 31, 2024 [7] - Contract assets rose by 28.6%, guarantee receivables by 24.7%, and guarantee liabilities by 47.4%, primarily due to increased volumes in credit enhancement loans [7] Cash Flow Analysis - The net cash outflow from operating activities was RMB 2.0013 billion, contrasting sharply with a net cash inflow of RMB 469.6 million in the same period last year [7] - Cash outflow from investing activities was RMB 22.8 million, while financing activities generated a cash inflow of RMB 1.955 billion, mainly driven by borrowings and trust plan inflows [7]