Core Viewpoint - The company, Multi-Point Intelligence (02586), has submitted a non-binding letter of intent for the potential acquisition of 100% equity in two licensed corporations under the Securities and Futures Ordinance of Hong Kong, aiming to enter the regulated financial services sector [1] Group 1: Acquisition Details - The first target company is licensed to conduct regulated activities under categories 4 (advising on securities), 5 (advising on futures contracts), and 9 (asset management) [1] - The second target company holds a license under category 1 (dealing in securities) [1] - As of the announcement date, no binding agreements have been signed, and negotiations on the terms of the potential acquisition are ongoing [1] Group 2: Strategic Implications - The potential acquisition is expected to enable the company to quickly enter the regulated financial services sector [1] - It will lay the groundwork for upgrading licenses in categories 1, 4, and 9 to provide virtual asset trading services [1] - The acquisition aligns with the company's strategy to build an innovative model that integrates "retail scenarios + real-world assets (RWA)" [1]

Core Viewpoint - The company, Multi-Point Intelligence (02586), has submitted a non-binding letter of intent for the potential acquisition of 100% equity in two licensed corporations under the Securities and Futures Ordinance (Cap. 571) in Hong Kong, aiming to enter the regulated financial services sector [1] Group 1 - The first target company is licensed to conduct regulated activities under Type 4 (advising on securities), Type 5 (advising on futures contracts), and Type 9 (asset management) [1] - The second target company holds a Type 1 (dealing in securities) license under the Securities and Futures Ordinance [1] - As of the announcement date, no binding agreements have been signed, and negotiations regarding the terms of the potential acquisition are ongoing [1] Group 2 - The potential acquisition is expected to enable the company to quickly enter the regulated financial services sector [1] - It will lay the groundwork for upgrading to Type 1 (dealing in securities), Type 4 (advising on securities), and Type 9 (asset management) licenses to provide virtual asset trading services [1] - The acquisition is also seen as beneficial for the company to build an innovative model that integrates "retail scenarios + real-world assets (RWA)" [1]

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分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。 Dmall Inc. 多点數智有限公司 （於 英 屬 維 爾 京 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：2586） 自 願 性 公 告 有關收購證券及期貨條例項下持牌法團 的潛在收購事項 本公告乃由 多點數智有限公司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」） 自 願 作 出，旨 在 知 會 其 股 東 和 潛 在 投 資 者 有 關 本 集 團 的 最 新 發 展。 潛在收購事項及關連交易 本 公 司 董 事（「董 事」）會（「董事會」）欣 然 宣 佈，本 公 司 已 就 潛 在 收 購 兩 家 香港法例第571章 證 券 及 期 貨 條 例（「證券及期貨條例」）項 下 持 牌 法 團（「目 標公司」）的100%股 權，交 付 一 份 不 具 法 律 約 束 力 的 意 向 書（「潛在收購事 ...

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9月30日 | | --- | | 狀態: 新提交 | FF301 II. 已發行股份及/或庫存股份變動 致：香港交易及結算所有限公司 公司名稱: 多点数智有限公司 呈交日期: 2025年10月8日 I. 法定/註冊股本變動 | 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) | 02586 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,500,000,000 | USD | | 0.0001 | USD | | 250,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 2,500,000,000 | USD ...

Core Viewpoint - The stablecoin concept is experiencing a rise in various companies, driven by the Hong Kong government's push for tokenized deposits and asset transactions [1] Group 1: Market Performance - Multiple companies in the stablecoin sector have seen significant stock price increases, including: - Multi-Point Intelligence (02586) up 6.09% to HKD 10.46 - Yao Cai Securities Financial (01428) up 5.85% to HKD 9.95 - OSL Group (00863) up 5% to HKD 14.17 - Lianyi Rong Technology-W (09959) up 3.07% to HKD 3.36 - Yunfeng Financial (00376) up 2.25% to HKD 5.9 [1] Group 2: Government Initiatives - On September 17, Hong Kong Chief Executive John Lee presented his fourth policy address, indicating that the Hong Kong Monetary Authority will promote commercial banks to launch tokenized deposits and facilitate real tokenized asset transactions [1] - The initiatives include using tokenized deposits for settling tokenized money market funds, assisting the government in normalizing tokenized bond issuance, and encouraging banks to enhance risk management through regulatory sandboxes [1] Group 3: Industry Outlook - According to Everbright Securities, third-party payment institutions have become deeply embedded in the payment service ecosystem, playing a crucial role in cross-border RMB settlement and multi-currency transactions [1] - The expectation is that stablecoins will drive the global expansion of RMB cross-border payment infrastructure and diversify application scenarios, leading to potential revenue growth for third-party payment companies [1]

Financial Performance - For the six months ended June 30, 2025, Dmall Inc. reported total revenue of approximately RMB 1,078 million, representing a year-on-year increase of 15% compared to RMB 939 million in the same period of 2024[18]. - The gross profit for the period was RMB 414 million, up from RMB 359 million in 2024, indicating a strong improvement in profitability[18]. - Profit for the period amounted to approximately RMB 62 million, a significant recovery from a loss of RMB 249 million in the previous year[18]. - Adjusted profit from continuing operations reached approximately RMB 77 million, compared to RMB 30 million in the same period of 2024, reflecting enhanced operational efficiency[18]. - Total revenue for the first half of 2025 reached approximately RMB 1,078 million, representing a year-on-year growth of 15%[22]. - Adjusted profit from continuing operations for the period was approximately RMB 77 million, with a net profit of about RMB 62 million[22]. - Overall profit for the period was RMB 62.2 million in the Reporting Period, compared to a loss of RMB 249.1 million in the six months ended June 30, 2024[137]. - The Group recorded a profit of RMB 62.2 million for the reporting period, compared to a loss of RMB 249.1 million for the six months ended June 30, 2024[139]. Assets and Liabilities - As of June 30, 2025, total assets were reported at RMB 1,399 million, while total liabilities decreased to RMB 766 million, improving the company's financial position[18]. - The adjusted liability-to-asset ratio as of June 30, 2025, was approximately 54.8%, down from approximately 61.4% as of December 31, 2024[154]. - Cash and cash equivalents decreased by approximately 29.4% to RMB565.9 million as of June 30, 2025, down from RMB801.0 million as of December 31, 2024, primarily due to repayment of bank loans and acquisition of non-controlling interests[155]. - Total outstanding bank loans and other borrowings decreased from RMB529.6 million as of December 31, 2024, to RMB369.3 million as of June 30, 2025[161]. Customer and Market Engagement - The group served a total of 438 customers during the reporting period, with a net revenue retention rate of 107%[25][26]. - The AI retail core solution business signed several new clients, including Shanghai Tangjiu Group and Xinjiang Wuika Times, while expanding cooperation with existing clients like Lawson and Pangdonglai[25][26]. - The number of customers for the AI retail core solution increased to 319 from 283 year-on-year, while the AI retail value-added service customers decreased to 160 from 200[28]. - The Group's AI retail value-added service has established efficient client cooperation links, deepening partnerships with over 400 stores[70][72]. Technological Innovation - Dmall Inc. advanced product upgrades and innovation driven by AI technology, launching its first overseas AI-powered Transportation Management System (TMS) during the reporting period[21]. - The company integrated AI coding tools into its R&D processes, enhancing efficiency and product iteration cycles across the entire team[21]. - The Group's focus on technology-driven innovation has laid a solid foundation for long-term future development and improved client competitiveness[20]. - Continuous product upgrades and technological advancements are being made to maintain an industry-leading standard of intelligent service[33]. - The AI retail core solution enhances operational efficiency and customer experience through a comprehensive digital transformation from supply chain management to store operations[36]. Strategic Partnerships and Expansion - A strategic cooperation agreement was signed with HashKey Group to collaborate on digital asset trading and blockchain ecosystem construction, including plans to apply for a stablecoin license[29][35]. - The Group successfully launched a WMS system for 7-Eleven Singapore, enhancing warehouse management efficiency in the Southeast Asian market[60]. - The Group's partnership with Xinjiang Wuika Times aims to support its digital transformation and enhance retail quality across over 10 cities in Xinjiang[58]. - New strategic cooperation established with Shanghai Tangjiu Group, focusing on comprehensive digital transformation in the food industry[54]. Revenue Breakdown - Revenue from AI retail core solution rose by 16.2% from RMB 419.8 million for the six months ended June 30, 2024, to RMB 487.9 million for the Reporting Period[87]. - Revenue from AI retail value added service increased by 13.7% from RMB 519.3 million for the six months ended June 30, 2024, to RMB 590.6 million for the Reporting Period[93]. - AI retail core solution accounted for 45.2% of total revenue, while AI retail value added service represented 54.8%[84]. Operational Efficiency - The Group is focused on enhancing operational efficiency and customer experience through AI technology integration in its retail solutions[33]. - The intelligent loss prevention solution helped recover over RMB 3 million in merchandise losses within one year, saving 30% in labor costs and increasing loss recovery efficiency by 60 times[66][67]. - The Dmall Fresh Produce Procurement System helps partners reduce procurement costs by an average of 15% and improve operational efficiency by 40% through five core functional modules[42][44]. Cost Management - Selling and marketing expenses increased by 47.7% from RMB 43.0 million to RMB 63.4 million, mainly due to higher professional service fees and increased marketing expenses[120]. - General and administration expenses rose by 4.4% from RMB 133.3 million to RMB 139.1 million, driven by increased outsourcing and labor costs[121]. - Research and development expenses decreased by 6.5% from RMB203.5 million for the six months ended June 30, 2024, to RMB190.3 million for the Reporting Period[124]. Future Outlook - The Group aims to maintain sustainable revenue growth while significantly enhancing its financial fundamentals[20]. - The Group aims to embrace AI and Web3 technologies, exploring potential new business opportunities in stablecoins and blockchain payments[78]. - The Group intends to fund future capital expenditures with existing cash balances and cash generated from operating activities[160].

致：香港交易及結算所有限公司 公司名稱: 多点数智有限公司 呈交日期: 2025年9月4日 I. 法定/註冊股本變動 | 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) | 02586 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,500,000,000 | USD | | 0.0001 | USD | | 250,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 2,500,000,000 | USD | | 0.0001 | USD | | 250,000 | 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 | | | 本月底法定/註冊股本總額： USD 250,000 第 1 ...

Group 1 - The core viewpoint of the article highlights the collective rise of stablecoin concept stocks in the Hong Kong market, with notable increases in share prices for several companies [1] Group 2 - Lianlian Digital (02598) saw a price increase of 7.08%, reaching a latest price of 11.350 with a total market capitalization of 12.674 billion [2] - ZhongAn Online (06060) increased by 6.55%, with a latest price of 20.000 and a market cap of 33.696 billion [2] - Guotai Junan International (01788) rose by 6.46%, priced at 5.440 and a market value of 51.827 billion [2] - OSL Group (00863) experienced a 5.04% increase, with a latest price of 17.700 and a market cap of 13.059 billion [2] - Yao Cai Securities Financial (01428) increased by 4.78%, reaching a price of 11.840 and a total market value of 20.096 billion [2] - China Everbright Holdings (00165) rose by 3.31%, with a latest price of 10.000 and a market cap of 16.853 billion [2] - Yika (09923) saw a 3.27% increase, priced at 13.580 with a market capitalization of 6.269 billion [2] - Victory Securities (08540) increased by 2.63%, with a latest price of 6.840 and a market cap of 1.449 billion [2] - Duodian Smart (02586) rose by 2.60%, priced at 10.650 with a market value of 9.979 billion [2] - Delin Holdings (01709) increased by 2.60%, with a latest price of 3.160 and a market cap of 5.324 billion [2] - Dafen Financial (00376) saw a 2.04% increase, priced at 3.000 with a market capitalization of 11.604 billion [2]

Investment Rating - The report maintains an "Outperform" rating for the company, expecting a relative increase of over 10% compared to the benchmark index in the next 12-18 months [4][17]. Core Insights - The company achieved high-quality and steady growth in the first half of 2025, with significant profit performance and continuous innovation in AI retail products, positioning it to benefit from technological changes in the industry [1][4]. - Revenue for the first half of 2025 reached 1.078 billion RMB, a year-on-year increase of 14.8%, while gross profit was 414 million RMB, up 15.2% [4]. - The company has a strong customer retention rate, with a net revenue retention rate of 107%, and has successfully expanded its customer base by signing contracts with notable clients [4][5]. Financial Summary - The company is projected to achieve total revenue of 2.222 billion RMB in 2025, with a compound annual growth rate (CAGR) of 19.5% from 2023 to 2025 [3][4]. - The forecasted net profit attributable to the parent company is expected to turn positive in 2025, reaching 151 million RMB, with further increases to 270 million RMB in 2026 and 411 million RMB in 2027 [3][4]. - The report provides a dynamic price-to-sales (PS) ratio of 5.5 for 2025, with a target price of 14.18 HKD, based on a conversion rate of 1 HKD = 0.92 RMB [4][5]. Customer and Product Development - The company has implemented a dual-driven strategy focusing on both existing and new customers, leading to a significant increase in revenue from independent clients, which grew by 44.21% year-on-year [4]. - New AI-driven retail solutions have been launched, including systems for supply chain management and store operations, enhancing operational efficiency and product offerings [4][5].

Group 1: Financial Performance - In H1 2025, the company achieved operating revenue of 1.078 billion yuan, a year-on-year increase of 14.83% [1] - Gross profit reached 414 million yuan with a gross margin of 38.38%, showing a slight increase of 0.13 percentage points year-on-year [1] - The company turned a profit with a net profit of 68 million yuan in H1 2025, resulting in a net profit margin of 6.26%, attributed to reduced general and administrative expenses and increased other income [1] Group 2: AI Retail Solutions - The AI retail core solution generated revenue of 488 million yuan in H1 2025, up 16.2%, with 319 clients, an increase of 36 clients [2] - AI retail value-added services achieved revenue of 591 million yuan, a year-on-year growth of 13.7%, although the number of clients decreased by 40 to 160 [2] - The company launched Dmall OS 3.0, introducing various AI products that improved operational efficiency and reduced fresh produce procurement costs by 15% [2] Group 3: Web3 and Stablecoin Initiatives - The company has formed a strategic partnership with Hailstone Labs to explore opportunities in stablecoins and blockchain technology [3] - The application for a stablecoin license is underway, which could enhance overseas business operations and payment willingness among international users [3] - The potential implementation of stablecoin payments is expected to significantly improve cross-border fund management efficiency [3] Group 4: Investment Outlook - The company is positioned as a leading digital service provider in China, leveraging AI and stablecoin initiatives to enhance customer attraction and performance [3] - Revenue projections for 2025-2027 are estimated at 2.207 billion, 2.616 billion, and 3.088 billion yuan, with corresponding net profits of 110 million, 223 million, and 356 million yuan [3]