FF305 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02121 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | 於下列日期開始時的結存(註1) | 2025年9月3日 | ...

Group 1 - The core point of the article is that Innovation Qizhi has conducted multiple share buybacks in 2025, with a total of 18 buybacks amounting to 6.6077 million shares and a total expenditure of 36.4677 million HKD [2] - On September 3, 2025, the company repurchased 405,000 shares at a price range of 8.200 to 8.300 HKD, totaling 3.3509 million HKD [2] - The stock closed at 8.300 HKD on the same day, reflecting a decrease of 1.43%, with a total trading volume of 32.0455 million HKD [2] Group 2 - The detailed buyback information shows varying amounts and prices, with the highest buyback price recorded at 8.300 HKD and the lowest at 3.280 HKD throughout the year [2] - The buyback activities indicate a strategic move by the company to manage its share price and return value to shareholders [2] - The cumulative buyback amount reflects the company's commitment to enhancing shareholder value amidst market fluctuations [2]

Core Viewpoint - The company Innovent Biologics (02121) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1 - The company will repurchase 405,000 shares at a total cost of HKD 3.3509 million [1] - The buyback price per share is set between HKD 8.2 and HKD 8.3 [1]

Group 1 - The company, Innovation Works (02121.HK), announced a share buyback on September 3, spending HKD 3.351 million to repurchase 405,000 shares [1]

| 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 H | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02121 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | 於下列日期開始時的結存(註1) | 2025年8月31日 | 557,341,738 | | 6,202,700 | | 563,544,438 | | 1). 購回股份 (股份被持作庫存股份) | | -405,000 | 0.07 % | 405,000 HKD | 8.2737 | | | 變動日期 2025年9月3日 | | | | | | | | 於下列日期結束時的 ...

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 致：香港交易及結算所有限公司 公司名稱: 創新奇智科技集團股份有限公司（於中華人民共和國註冊成立的股份有限公司） 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02121 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 563,544,438 | RMB | | 1 RMB | | 563,544,438 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 563,544,438 | RMB | | 1 RMB | | 563,544,438 | 本月底法定/註冊股 ...

Core Viewpoint - Innovation Works (02121) has shown significant improvement in its financial performance, with a notable increase in revenue and a substantial reduction in net losses, indicating a positive shift in its core business profitability [1] Financial Performance - The company reported a revenue of 699 million RMB for the first half of the year, representing a year-on-year growth of 22.3% [1] - Gross profit amounted to 245 million RMB, with a year-on-year increase of 26.7% [1] - Gross margin improved by 1.2 percentage points to 35.0%, marking five consecutive reporting periods of margin enhancement since 2023 [1] - Net cash used in operating activities was 8.4 million RMB, showing a significant improvement of 67.6% year-on-year [1] - Adjusted net loss narrowed significantly to 6.68 million RMB, a reduction of 82.1% year-on-year, with the adjusted loss rate at 0.96% [1] - This is the first time the adjusted net loss has fallen to the million RMB level [1] Strategic Initiatives - The company is firmly executing its "AI + Manufacturing" strategy, with manufacturing business revenue projected to reach 556 million RMB in the first half of 2025, reflecting a year-on-year growth of 27.0% [1] - The proportion of manufacturing revenue in total income increased from 76.5% to 79.5%, highlighting it as the core driver of the company's growth [1] - The "One Model, One Body, Two Wings" strategy is accelerating implementation, utilizing the AInnoGC industrial model as a foundation and AI agents as engines to drive the development of industrial robots and industrial software applications [1]

Core Viewpoint - Innovation Works (02121) has shown significant improvement in its financial performance, with a notable increase in revenue and a substantial reduction in net losses, driven by its "AI + Manufacturing" strategy [1] Financial Performance - The company reported a revenue of 699 million RMB for the first half of the year, representing a year-on-year growth of 22.3% [1] - Gross profit amounted to 245 million RMB, with a year-on-year increase of 26.7% [1] - Gross margin improved by 1.2 percentage points to 35.0%, marking five consecutive reporting periods of margin enhancement since 2023 [1] - The net cash used in operating activities was 8.4 million RMB, showing a significant improvement of 67.6% year-on-year [1] - Adjusted net loss narrowed significantly to 6.68 million RMB, a year-on-year reduction of 82.1%, with the adjusted loss rate at 0.96% [1] Strategic Initiatives - The company is firmly executing its "AI + Manufacturing" strategy, with manufacturing business revenue projected to reach 556 million RMB in the first half of 2025, reflecting a year-on-year growth of 27.0% [1] - The proportion of manufacturing revenue in total income increased from 76.5% to 79.5%, highlighting it as a core driver of growth [1] - The "One Model, One Body, Two Wings" strategy is accelerating, utilizing the AInnoGC industrial model as a foundation and AI intelligence as the engine to drive the development of industrial robots and industrial software applications [1]

Core Insights - The AI concept stocks are transitioning from a "story-driven" phase to a "performance-driven" phase, with a focus on verifying actual business performance during the current earnings season [1] - Investors are shifting from a broad investment approach to a more selective strategy, emphasizing companies that can deliver profitable and scalable applications in vertical industries such as healthcare, finance, and manufacturing [1] Financial and Operational Data - Innovation Qizhi reported a revenue of 699 million yuan for the first half of the year, a year-on-year increase of 22.3%, with gross profit reaching 245 million yuan, up 26.7%, and a gross margin of 35.0%, the highest in six years [3] - The operating loss significantly narrowed from -191 million yuan to -62.19 million yuan, and the adjusted net loss decreased from -37.41 million yuan to -6.68 million yuan, a reduction of 82% [3] - The company is nearing cash flow balance with a net cash flow from operating activities of -8.4 million yuan and has nearly 1 billion yuan in cash on hand, indicating a strong financial structure and risk resilience [3] Structural Optimization - The revenue from "AI + manufacturing" increased to 79.5%, indicating a more concentrated main business line that supports scalability and reputation expansion [4] - Software and service revenue surpassed 50% for the first time, suggesting stronger customer retention and higher revenue sustainability [4] - The company has 337 paying enterprise users, with 83.4% from the manufacturing sector, reflecting a solid customer base [4] Commercialization Evidence - Innovation Qizhi's strategy includes a core industrial model, an AI Agent platform, and focuses on industrial software and robotics for application [5] - The AInnoGC industrial model has been registered with the National Cyberspace Administration, marking a significant step in its commercialization [5] - The company is transitioning from "usable" to "highly usable" products, aligning with the commercialization verification phase [6] Technology and Ecosystem Development - Innovation Qizhi has built a differentiated barrier in industrial AI, holding 1,394 patents, including 1,145 invention patents, positioning it among the top AI companies [7] - The company ranks seventh in the Chinese large model application market, focusing on industrial applications, surpassing several competitors [7] - Strategic partnerships with Bentley and KUKA Robotics aim to integrate AI models with engineering design and robotics, enhancing its market presence [8] Market Expansion and Confidence - The company is expanding into financial services and international markets through partnerships with Alibaba DingTalk and Henry Group [9] - A share buyback plan of up to 100 million yuan was authorized by the board, reflecting management's confidence in the company's long-term value [9] - Overall, Innovation Qizhi is transitioning from a narrative-driven company to one that is beginning to realize its commercial value and establish a competitive moat [9]

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Insights - The company has significantly reduced its losses and is entering a new phase of growth, with a revenue of 700 million yuan in 2025H1, representing a year-on-year increase of 22.3% [1]. - The company is focused on the "AI + Manufacturing" sector, launching a comprehensive range of AI products and solutions that span the entire manufacturing chain [1][2]. - The company is expected to achieve a revenue of 1.5 billion, 1.9 billion, and 2.2 billion yuan for the years 2025, 2026, and 2027, respectively, with growth rates of 19.6%, 27.6%, and 20.6% [3][12]. Financial Performance - The company recorded a non-GAAP net loss of 7 million yuan in 2025H1, a reduction of 82.1% year-on-year, with a non-GAAP net loss margin of approximately 1.0% [1]. - The projected non-GAAP net profit for 2025, 2026, and 2027 is 5 million, 61 million, and 144 million yuan, respectively, indicating substantial growth [3][12]. - The company’s revenue is expected to recover from a decline in 2024, with a forecasted revenue of 1.462 billion yuan, up from 1.222 billion yuan in 2024 [5][12]. Market Position - The company ranks third in the Chinese computer vision and machine learning platform markets, and seventh in the large model application market according to IDC data [1]. - Strategic partnerships have been established with industry leaders such as Bentley, KUKA, and Alibaba DingTalk to expand the AI + manufacturing ecosystem [2].