Summary of Conference Call Notes Industry Overview - The industry is transitioning from information technology to a trillion-level AI application era, shifting evaluation standards from hardware deployment to actual application effectiveness [2][3] - The procurement model is evolving from low-cost, single-point purchases to full lifecycle strategic partnerships [2][3] - AI technology is activating diverse funding sources within universities, expanding market size 4-5 times compared to traditional information technology [2][4] Company Insights - The company has developed a proprietary large model, "Damingbai," with a recall rate exceeding 98% and retrieval time under 2 seconds, outperforming general models [2][5] - The product matrix covers courses, majors, and university levels, with 500 projects delivered by the end of 2025 and nearly 1,000 contracts signed [2][5] - The business model features high lifetime value (LTV) and high repurchase rates, with top clients generating over 10 million annually [2][5] - Gross margin for AI intelligent body business reached 80% in Q1 2026, with a steady net profit margin expected around 20% [2][5] Market Dynamics - Universities prioritize application effectiveness, high professional barriers, and rational "quality-price ratio" procurement logic when selecting technology partners [3][4] - The competitive landscape is fragmented, favoring partners that provide sustainable services rather than experimental technology purchases [3][4] Technological and Competitive Advantages - The company has established core competencies in technology R&D, customer trust, and data assets, including a vast repository of teaching data and algorithms [5][6] - The proprietary model "Damingbai" is specifically designed for higher education, demonstrating superior accuracy and reliability compared to general models [6][7] - The company plays a national role in AI application, directly interfacing with regulatory bodies and participating in the formulation of data security and quality standards [7][8] Product Matrix and Commercialization - The product matrix includes infrastructure tools, business layers, management layers, and strategic layers, with a focus on course-level and professional-level products [9][10] - A key growth point for 2026 is the course-level intelligent body, which has already delivered significant results in late 2025 [9][10] - The intelligent body product is a lightweight tool that allows for direct sales, facilitating rapid project signings [15][16] Financial Performance - The company has achieved continuous high-speed growth, with a 70% year-on-year increase in its core knowledge graph business, which has reached a cumulative revenue of 10 billion [20][21] - The gross margin for the AI intelligent body business is at a historical high, reflecting successful product optimization [20][21] - The company’s customer base includes top-tier universities, with a reach of over 1,500 schools annually, relying on brand influence for revenue growth [21][22] Future Growth and Strategy - R&D investment in 2025 was 20% of revenue, expected to decrease to 15-20% in 2026 as revenue growth outpaces R&D spending [22][24] - The company plans to enhance customer value and average revenue per user (ARPU) through horizontal and vertical expansion of application scenarios [25][26] - The knowledge graph business is expected to see strong growth driven by diverse funding sources and increasing demand for AI integration in educational settings [22][23]

Financial Performance - The company's revenue for the year ending December 31, 2025, is reported at RMB 969,406,000, representing a 14.3% increase from RMB 848,198,000 in 2024[3] - Gross profit for the same period is RMB 634,598,000, up 20.8% from RMB 525,158,000 in 2024, with a gross margin of 65.5%, an increase of 5.8%[3] - Net profit reached RMB 130,224,000, reflecting a 23.9% growth compared to RMB 105,071,000 in 2024[3] - Total revenue reached RMB 969 million, representing a year-on-year growth of 14.3%[6] - The company's operating revenue increased from RMB 848.2 million in 2024 to RMB 969.4 million in 2025, representing a year-on-year growth of 14.3%[28] - Gross profit rose from RMB 525.2 million in 2024 to RMB 634.6 million in 2025, with a year-on-year increase of 20.8%[28] - Net profit grew from RMB 105.1 million in 2024 to RMB 130.2 million in 2025, reflecting a year-on-year increase of 23.9%[28] - The company reported a net profit of RMB 130,224 thousand for the year ended December 31, 2025, compared to RMB 105,071 thousand in 2024, reflecting a year-over-year increase of 24.0%[74] Customer and Market Growth - Total customer count increased to 1,797, a year-on-year growth of 3.4%[6] - Average revenue per customer increased to RMB 539,000, a year-on-year growth of 10.5%[6] - Revenue contribution from top-tier customers reached RMB 301 million, a year-on-year growth of 21.3%[7] - The number of high-value customers increased to 281, a year-on-year growth of 16.6%[7] - The number of high-value customers is anticipated to rise from 241 in 2024 to 281 in 2025, marking a 16.6% increase[32] Product and Service Development - The company has delivered over 500 projects under its "Course Intelligent Body" initiative, which integrates AI with educational content, creating a new revenue growth engine[4] - Revenue from digital teaching content services accounted for 85.8% of total revenue in 2025[9] - Revenue from digital teaching environment services accounted for 14.2% of total revenue in 2025[11] - The company plans to continue expanding its digital teaching services and products, focusing on enhancing user engagement and market penetration[75] - The company is committed to ongoing research and development of new technologies to improve its digital teaching environment services and products[75] Technological Advancements - The company successfully completed the filing for its self-developed "Damingbai" large model, enhancing its brand credibility and operational compliance in the education AI sector[4] - A total of 9 algorithm filings have been completed, strengthening the company's technical competitiveness and laying a solid foundation for business expansion[4] - The collaboration with Harbin Engineering University on the "Xinghai" large model fills a gap in the education AI application for marine engineering, opening new business growth points[5] - The company has established a comprehensive AI application system that integrates multi-dimensional and multi-modal capabilities, ensuring safety and accuracy in sensitive scenarios[15] - A full-chain AI solution has been developed, covering all teaching scenarios, which enhances the integration of AI technology with higher education[16] Financial Stability and Risks - The company faces risks from market competition and technological iteration, requiring continuous investment to maintain product relevance and adapt to evolving educational demands[18] - There are significant network security and data compliance risks due to reliance on IT systems, which could impact service continuity and user trust if breaches occur[19] - Regulatory risks related to AI technology development and compliance are present, which could affect business operations if standards are not met[20] - The company aims to optimize its capital structure in response to business development strategies and market conditions, focusing on cash flow management and external financing[48] Employee and Governance - The total number of employees as of December 31, 2025, is 2,728, with a focus on employee welfare and talent development[56] - The board has proposed not to declare a final dividend for the year ending December 31, 2025[61] - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange listing rules and has complied with all relevant provisions during the reporting period[62] - The board of directors includes a mix of executive and non-executive members, ensuring diverse governance[108] Financial Position and Assets - As of December 31, 2025, the company's current assets amount to RMB 414.7 million, an increase of RMB 179.8 million from RMB 234.9 million as of December 31, 2024[44] - Trade receivables increased by 54.8% to RMB 534.7 million as of December 31, 2025, compared to RMB 345.5 million as of December 31, 2024, driven by business growth[45] - The company's bank borrowings increased to RMB 92.9 million as of December 31, 2025, up from RMB 56.2 million as of December 31, 2024, primarily for operational funding[44] - The company's total assets as of December 31, 2025, amounted to RMB 1,353,126,000, significantly up from RMB 792,508,000 in 2024[71] - The company's total equity reached RMB 1,024,641,000, an increase from RMB 498,869,000 in the previous year[71] Future Outlook - The company aims to lead the AI technology application in higher education, focusing on self-developed large model technology as a foundational support[21] - The company plans to balance commercial and social value growth while empowering high-quality development in higher education[21] - The company aims to enhance its core business's gross profit margin through operational efficiency and effective management of accounts receivable[26] - The company will continue to invest in the iterative development of its self-researched large model "Damingbai" to optimize its capabilities in multi-modal interaction and industry adaptation[22] - The company aims to become a leading provider of digital solutions in higher education, leveraging AI technology for innovative applications in educational scenarios[27]

董事會會議通告 上 海 卓 越 睿 新 數 碼 科 技 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 宣佈將於2026年3月27日（星 期 五）召 開 董 事 會 會 議，以 考 慮 及 批 准（其 中 包 括）本 公 司 及 其 附 屬 公 司 截 至2025年12月31日止年度之全年業績及其刊 發，及 考 慮 派 發 末 期 股 息 之 建 議（如 有）。 承董事會命 上海卓越睿新數碼科技股份有限公司 董事長兼執行董事 王暉先生 上 海，2026年3月16日 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。 SHANGHAI ABLE DIGITAL SCIENCE&TECH CO., LTD. 上海卓越睿新數碼科技股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：2687） 截 至 本 公 告 日 ...

| 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) | 02687 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 61,952,800 | RMB | | 1 | RMB | | 61,952,800 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 61,952,800 | RMB | | 1 | RMB | | 61,952,800 | | 2. 股份分類 | 普通股 | 股份類別 | | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A ...

Company and Industry Summary Company Overview - The company specializes in AI-driven educational solutions, focusing on higher education and has delivered hundreds of intelligent agents based on large model foundations to clients, significantly enhancing the effectiveness of teaching resources [2][4]. Core Industry Insights - The company operates in the education technology sector, specifically targeting higher education institutions, and does not currently engage in K12 education [4]. - The intelligent agents are designed to provide systematic capabilities around key teaching processes, covering multiple teaching nodes beyond simple Q&A, aimed at improving the entire teaching workflow [2][4]. Key Points and Arguments Intelligent Agent Capabilities - For teachers, the intelligent agents offer capabilities in course design, lesson preparation, and iterative teaching content, including automatic course design generation and customized course creation support [2][5]. - The system automates the assignment process from distribution to collection, allowing teachers to issue assignments using natural language commands, with the system providing statistics on submission and grading [2][6]. - For students, the AI companion facilitates guided learning, reducing the need for students to formulate questions, and supports 24/7 interaction to reinforce knowledge acquisition [2][6]. Commercialization Strategy - The company offers two commercial product forms: tool delivery for clients capable of using tools independently and result delivery, which provides usable outcomes directly [3][7]. - The result delivery model is expected to be a key growth driver in 2025, alongside tool delivery, forming a "dual-driven" growth framework [3][7]. Unique Selling Proposition - The company is the only player in its niche with self-developed large models that have achieved commercial viability, generating profit from day one of launch [3][12]. - It has established a high level of trust with clients, enabling access to extensive teaching resources and first-hand educational materials, which significantly mitigates issues related to data quality [12][13]. Market Position and Growth Potential - The average customer transaction value is in the hundreds of thousands, but the top client has reached 10 million, indicating a potential for at least a tenfold increase in scale [3][18]. - The company anticipates that the average investment from schools could reach 5 million RMB, which is manageable for any university, suggesting significant growth potential [18]. Financial Projections - The company aims to maintain a net profit margin of 20%-25% and expects gross margins to improve due to technological advancements and cost efficiencies [18][19]. - R&D investment is projected to remain around 15%-20% of revenue, supporting ongoing innovation and competitive positioning [19]. Additional Important Insights - The company has developed a medical model ahead of the market, utilizing administrative law pathways for training and leveraging extensive real medical data [10][11]. - The procurement process in higher education is characterized by a tendering system, with varying decision-making structures across institutions, impacting the sales cycle and project implementation [11][14]. - The company’s competitive advantage lies in its ability to provide tailored solutions that meet the specific needs of educational institutions, supported by a large team distributed across numerous cities for effective service delivery [12][13]. This comprehensive overview highlights the company's strategic positioning within the education technology sector, its innovative product offerings, and the potential for significant growth in the coming years.

SHANGHAI ABLE DIGITAL SCIENCE&TECH CO., LTD. 上海卓越睿新數碼科技股份有限公司 (A joint stock company incorporated in the People's Republic of China with limited liability) (於中華人民共和國註冊成立的股份有限公司) Pursuant to Rule 2.07A of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules"), Shanghai Able Digital Science&Tech Co., Ltd. (the "Company") has adopted the arrangement to disseminate corporate communications ("Corporate Communications") electronically. Please note that all f ...

登記股東之名稱及地址 SHANGHAI ABLE DIGITAL SCIENCE&TECH CO., LTD. 上海卓越睿新數碼科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2687） 2026 年 2 月 27 日 尊敬的股東 發佈公司通訊之安排 簡介 根據香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）第 2.07A 條 1 以及上海卓越睿新數 碼科技股份有限公司（「本公司」）的公司章程，本公司將以電子通訊方式向其股東 3 發佈本公司日後的公司通 訊（「公司通訊」2），並僅應股東要求向其寄發印刷本形式的公司通訊。 安排 2. 公司通訊 本公司將在本公司網站（www.able-elec.com）及聯交所網站（www.hkexnews.hk）上發佈公司通訊。 本公司不會向股東發出公司通訊網站版本 6 的登載通知。本公司鼓勵股東主動留意網站上所有日後的公司通 訊的登載情況，並自行瀏覽公司通訊的網站版本。 - 1 - 3. 向本公司提供股東電子郵箱地址 為了支持通過電子郵件進行電子通訊，本公司建議股東通過掃描上述二維碼填寫線上表格，該表格的有效期 為至 2026 年 3 ...

截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 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 公司名稱: 上海卓越睿新數碼科技股份有限公司 (於中華人民共和國註冊成立的股份有限公司) 呈交日期: 2026年2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) | 02687 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 61,952,800 | RMB | | 1 RMB | | 61,952,800 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 61,952,800 | RMB | | 1 RMB | | 61,952,800 | | 2. 股份分類 ...

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12月31日 狀態: 新提交 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) | 02687 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 61,952,800 | RMB | | 1 | RMB | | 61,952,800 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 61,952,800 | RMB | | 1 | RMB | | 61,952,800 | | 2. 股份分類 | 普通股 | 股份類別 | | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | ...

Group 1 - The core viewpoint of the articles highlights the significant stock performance of 卓越睿新 (Zhuoyue Ruixin), which has seen its share price rise nearly 5% to reach a new high of 164.5 HKD, with a total market capitalization approaching 11 billion HKD [1] -卓越睿新 is a provider of digital solutions for higher education institutions, established in 2008, and launched its brand "Smart Tree" in 2013 [1] - According to Frost & Sullivan,卓越睿新 ranks second in the Chinese higher education digital teaching market by revenue, holding a market share of 4.0%, and ranks first in the digital teaching content production market with a market share of 7.3% [1] Group 2 - The trading data from the first two days of卓越睿新’s listing indicates a classic "fund-driven" scenario, with a price fluctuation of 83.73% and a cumulative increase of 75.36% [2] - The stock's performance is characterized by high volatility and a consistent upward trend, contrasting with typical new stock listings that often experience intense market fluctuations [2] - Market interpretations suggest that the stock price movement is a strategic push to meet the inclusion criteria for the Hong Kong Stock Connect, supported by clear rules and strategic logic [2]