MININGLAMP TECHNOLOGY 明略科技 1. 總則 2. 架構；管理 2.1. 組成。 1 1.1. 審計委員會（「委員會」）乃明略科技（「本公司」，連同其附屬公司統稱「本集 團」）董事（「董事」）會（「董事會」）轄下的一個小組委員會。 1.2. 委員會的設立目的為協助董事會：(a)就財務匯報、風險管理及內部監控原則 設立正式及透明的安排；(b)與本公司的內部及外部審計團隊維持適當關係； 及(c)檢討本公司的環境、社會責任及企業管治（「ESG」）政策及常規，以（其 中包括）確保符合法律及監管規定、監察及應對新興的ESG事宜，以及提升本 集團的ESG表現。委員會的職權範圍涵蓋財務匯報、內部監控及風險管理， 以及審計。 （以存續方式於開曼群島註冊並以不同投票權控制的有限公司） （股份代號：2718） 審計委員會 職權範圍 (a) 協助董事會在本公司的半年度及年度報告以及上市規則所規定的其他財 務披露中，就本集團的財務表現提供平衡、清晰及易於理解的評估。 風險管理及內部控制 3 (b) 協助董事會至少每年檢討一次本集團風險管理及內部監控系統的有效 性，尤其須考慮企業管治守則第二部分D.2.1部所載事宜 ...

（以存續方式於開曼群島註冊並以不同投票權控制的有限公司） （股份代號：2718） MININGLAMP TECHNOLOGY 明略科技 2 2.4. 決定匯報。委員會須向董事會匯報其認為應與董事會討論的決議、建議、關 注事項或其他事宜，惟在法律或監管規定限制披露的範圍內除外。 2.5. 會議記錄。關於委員會的會議記錄及書面決議：(a)會議記錄須記錄與會者的 個人出席情況；(b)草稿須發送給委員會全體成員徵求意見；(c)最終版本須發 送給委員會全體成員存檔，並由指定的會議秘書（通常為公司秘書）保管；及 (d)委員會的最終會議記錄及書面決議須供董事在合理事先通知下於工作時間 內查閱。 2.6. 出席股東週年大會。主席（或主席無法出席時，委員會的另一名成員）應盡力 出席本公司的股東週年大會，並代表委員會回答股東提出的問題。 3.1. 委員會的職責範圍須涵蓋本公司採納的《企業管治守則》第二部份E條所載的 範疇，包括以下方面： (a) 就董事及高級管理層薪酬的政策、結構及程序向董事會提出建議，並考 慮因素，例如角色與職責、投入於本公司的時間、過往表現、與未來績 效目標的關聯、企業目標、市場及經營狀況，以及內部及同業間的 ...

開曼群島公司法（經修訂） 股份有限公司 MININGLAMP TECHNOLOGY 明略科技 之 第八次經修訂及重列 組織章程大綱及細則 （經於2025年10月15日通過的特別決議案有條件採納並於2025年11月3日生效） 1 開曼群島公司法（經修訂） 股份有限公司 第八次經修訂及重列 組織章程大綱 （經於2025年10月15日通過的特別決議案有條件採納並於2025年11月3日生效） 2 1 本公司的名稱為Mininglamp Technology明略科技。 2 本公司註冊辦事處位於Maples Corporate Services Limited的辦事處（地址為 PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands）或 董事決定的開曼群島境內的其他地點。 3 本公司的成立宗旨不受限制，且本公司擁有充分權力及權限履行開曼群島 法律並無禁止的任何宗旨。 4 各股東承擔的責任以其所持股份的未繳款項為限。 5 本公司的股本為500,000美元，分為400,000,000股每股面值0.001美元的A 類普通股及100,000,000股每股面值 ...

MININGLAMP TECHNOLOGY 明略科技 （以存續方式於開曼群島註冊並以不同投票權控制的有限公司） （股份代號：2718） 1.1. 企業管治委員會（「委員會」）乃明略科技（「本公司」，連同其附屬公司統稱「本 集團」）董事（「董事」）會（「董事會」）轄下的一個小組委員會。 1.2. 委員會的設立目的為協助董事會：(a)制定、評估及監察本公司的企業管治常 規，以達至高水平的企業管治；及(b)評估本公司就其不同投票權架構（「不同 投票權架構」）對香港聯合交易所有限公司證券上市規則（「上市規則」）第8A 章（「第8A章」）的合規情況。 2.1. 組成。委員會須由以下人士組成：(a)至少兩名成員；及(b)全體成員均須為獨 立非執行董事。委員會主席（「主席」）須為獨立非執行董事。 2.2. 法定人數及投票。委員會的兩名成員即構成法定人數。決議須以簡單多數票 決定，每名成員享有一票表決權，如贊成與反對票數相同，主席有權投第二 票或決定票。 2.3. 會議。委員會每年須召開至少兩次會議。主席或董事會可要求召開額外會 議。會議通知應於會議日期至少7個曆日前發送給委員會全體成員（除非成員 在會議上或會議前以簡單多數 ...

Core Insights - Minglue Technology (stock code: 02718.HK) and Huanrui Century (stock code: 000892.SZ) have officially established a strategic partnership to integrate AI technology with the film industry, aiming to explore new paths for intelligent development in the sector [1][2] Group 1: AI Technology Integration - The partnership will leverage Minglue's DeepMiner, a commercial data analysis AI, to enhance film creation, artist management, and operational efficiency [1][2] - DeepMiner features a multi-agent architecture for task automation, reducing "AI hallucination" rates and providing reliable support for vertical industries [2][3] Group 2: Short Drama Business - AI will drive efficiency in the entire short drama production process, from script development to marketing [2][3] - The collaboration aims to utilize AI for trend analysis and script generation, enhancing creative efficiency and market alignment [2][3] - AI algorithms will optimize marketing strategies, significantly reducing costs and improving operational efficiency [3] Group 3: Artist Management - The partnership will digitize artist management, utilizing AI for precise talent matching and improving casting efficiency [4] - A structured artist database will be created using Minglue's intelligent tagging technology, enhancing the decision-making process in talent management [4] Group 4: Operational Management - An intelligent knowledge system powered by DeepMiner will be established to improve data retrieval and inter-departmental collaboration [5] - The collaboration will focus on data-driven strategic decision-making to enhance overall operational efficiency [5] - The partnership will adopt a Results as a Service (RaaS) model, emphasizing actual business outcomes rather than traditional service delivery [5] Group 5: Company Profiles - Huanrui Century is a leading film group in China, focusing on content and technology integration, with a diverse portfolio including popular series and innovative short drama formats [6] - Minglue Technology, established in 2006, is a leader in enterprise-level AI and data intelligence, serving 135 Fortune Global 500 companies and holding numerous patents [7]

Core Viewpoint - The new IPO pricing regulations in Hong Kong have led to a significant profit-making effect, making new stock subscriptions a market focus, with a notable interest in Minglue Technology's IPO due to its strong backing and oversubscription rates [1][2]. IPO Details - Minglue Technology's IPO ended on October 28, with a public offering oversubscription rate of 3399 times, and shares are expected to start trading on November 3, 2025 [1]. - The company plans to issue 7.219 million Class A shares, with 10% allocated for public sale and 90% for international sale, at a price of HKD 141 per share [1]. - The IPO valuation is approximately HKD 20.357 billion, reflecting a 56% premium over its last financing round [1]. Share Structure and Stability Measures - Post-IPO, only about 2.745% of shares will be available for trading, indicating a small float to stabilize the stock price [3][5]. - Minglue Technology employed a "low-version issuance" strategy, limiting the public offering to 10% to reduce the float and stabilize the stock price [3]. - The company has secured seven cornerstone investors, who will collectively purchase approximately USD 59 million worth of shares, accounting for about 45.1% of the total offering [4][5]. Financial Performance and Market Position - Minglue Technology has raised over USD 627 million through 27 financing rounds, with major shareholders including Tencent, Sequoia China, Temasek, and Kuaishou [6]. - The company's market valuation has fluctuated significantly, with a peak valuation of approximately USD 3.05 billion in November 2020, dropping to around USD 542 million in 2023, and recovering to USD 1.666 billion by January 2024 [6][7]. - The company holds a 3.8% market share in the data intelligence application software sector, making it the largest player in China by revenue [17]. Revenue and Growth Prospects - Minglue Technology's revenue has shown volatility, with figures of RMB 1.269 billion in 2022, RMB 1.462 billion in 2023, and RMB 1.381 billion in 2024, indicating a lack of consistent growth [10][11]. - The company has been focusing on enhancing its AI capabilities to drive revenue growth, particularly in marketing and operational intelligence services [13][16]. - The adjusted net losses have been decreasing, with figures of RMB 1.099 billion in 2022, RMB 174 million in 2023, and RMB 45 million in 2024, with a profit of RMB 24.87 million in the first half of 2025 [14][15]. Market Valuation Concerns - The IPO valuation corresponds to a price-to-sales (P/S) ratio of 14.74 based on the projected revenue for 2024, which is significantly higher than competitors, raising concerns about sustainability if revenue growth does not accelerate [17]. - The company's high valuation may be difficult to maintain without rapid revenue growth, especially given the competitive landscape in the data intelligence sector [17].

Core Insights - The new IPO pricing regulations in Hong Kong have led to a significant increase in interest in new stock offerings, with only 2 out of 24 companies experiencing a decline in share price post-IPO, and 10 companies seeing first-day gains exceeding 100% [1] - Minglue Technology's IPO has garnered substantial attention, with a public offering oversubscribed by 3,399 times, and shares expected to begin trading on November 3, 2025 [1][2] - The IPO valuation of Minglue Technology is approximately HKD 20.357 billion, reflecting a 56% premium over its last funding round [1] IPO Details - Minglue Technology plans to issue 7.219 million Class A shares, with 10% allocated for public sale and 90% for international investors, alongside a 15% over-allotment option [1] - The offering price is set at HKD 141 per share, with an entry fee of approximately HKD 5,696.88 [1] - Post-IPO, the shares available for trading will represent only about 2.745% of the total share capital, indicating a limited float [3][4] Shareholder Structure - Major shareholders include Tencent, Kuaishou, Sequoia China, and Temasek, with Tencent being the largest external shareholder, holding 25.96% of the company [4][6] - The introduction of cornerstone investors has locked in approximately 45.1% of the offering shares, which will not be sold for 270 days post-listing [4][6] Financial Performance - Minglue Technology has experienced fluctuating revenue, with reported revenues of RMB 1.269 billion, RMB 1.462 billion, and RMB 1.381 billion from 2022 to 2024, indicating a lack of consistent growth [10][11] - The company has reduced its net losses significantly, achieving a net profit of RMB 24.87 million in the first half of 2025, following losses in previous years [13][14] Market Position - As the largest data intelligence application software provider in China, Minglue Technology holds a market share of approximately 3.8% [17] - The company's high IPO valuation corresponds to a price-to-sales (P/S) ratio of 14.74 based on its 2024 revenue, which may be difficult to sustain without rapid revenue growth [17]

Group 1 - The company Minglue Technology-W (02718) has completed its IPO subscription with a total subscription amount of HKD 346.8 billion, resulting in an oversubscription of 3,399 times based on the public offering amount of HKD 1.02 billion [1] - The company plans to issue 7.219 million Class A shares at a price of HKD 141 per share, aiming to raise HKD 1.02 billion, with a minimum entry fee of HKD 5,696.9 for 40 shares [1] - The company employs a "dual-class share" structure, allowing the founder to retain over 50% of the voting rights, with Class B shareholders having 10 votes per share compared to 1 vote per share for Class A [1] Group 2 - The company has entered cornerstone investment agreements with several investors, including Tencent, agreeing to subscribe for shares totaling up to approximately USD 59 million, which could represent 45.1% of the IPO shares if the overallotment option is not exercised [2] - The intended use of the raised funds includes approximately 35% for enhancing R&D capabilities, 40% for product development, 15% for marketing and sales team expansion, and 10% for working capital and general corporate purposes [2] - Minglue Technology provides data intelligence products and solutions, focusing on marketing and operational intelligence across online and offline scenarios, and is recognized as the largest data intelligence application software provider in China by total revenue for 2024 [2] Group 3 - The company's main clients include businesses in consumer goods, food and beverage, automotive, and 3C industries, aiming to enhance customer engagement and brand image through marketing intelligence products [3] - Revenue figures for the company show RMB 1.269 billion for 2022, RMB 1.462 billion for 2023, and a projected RMB 1.381 billion for 2024, with a year-on-year growth of 15.2% from 2022 to 2023, followed by a decrease of 5.5% from 2023 to 2024 [3] - For the six months ending June 30, 2024, revenue increased from RMB 565 million to RMB 644 million, reflecting a year-on-year growth of 13.9% [3]

Core Viewpoint - Minglue Technology-W (02718) has successfully completed its IPO subscription with a total margin subscription amount of HKD 346.8 billion, resulting in an oversubscription rate of 3,399 times based on the public offering amount of HKD 1.02 billion [1] Group 1: IPO Details - The company plans to issue 7.219 million Class A shares in its Hong Kong IPO, with 10% allocated for public offering and no mandatory reallocation [1] - The offering price is set at HKD 141 per share, aiming to raise HKD 1.02 billion, with a minimum entry fee of HKD 5,696.9 for 40 shares [1] - The company employs a "dual-class share" structure, allowing the founder to maintain over 50% of voting rights [1] Group 2: Cornerstone Investment - Minglue Technology has entered cornerstone investment agreements with several investors, including Tencent and other capital groups, agreeing to subscribe for shares totaling up to approximately USD 59 million [2] - If the over-allotment option is not exercised, cornerstone investors will account for 45.1% of the IPO shares; if fully exercised, they will still hold 39% [2] Group 3: Fund Utilization - Approximately 35% of the raised funds will be used to enhance technology research and development capabilities, 40% for product development, 15% for marketing and sales team expansion, and 10% for working capital and general corporate purposes [2] Group 4: Business Overview - Minglue Technology provides data intelligence products and solutions, focusing on marketing and operational intelligence across online and offline scenarios [2] - According to Frost & Sullivan, it is the largest data intelligence application software provider in China by total revenue in 2024 [2] Group 5: Client Base and Revenue - The company's main clients include businesses in consumer goods, food and beverage, automotive, and 3C industries, as well as offline retail and restaurant chains [3] - Revenue figures for the company are as follows: RMB 1.269 billion in 2022, RMB 1.462 billion in 2023 (15.2% YoY growth), and RMB 1.381 billion in 2024 (5.5% YoY decrease) [3] - For the six months ending June 30, 2024, revenue increased from RMB 565 million to RMB 644 million, representing a 13.9% YoY growth [3]

Core Viewpoint - Minglue Technology is launching a global IPO on October 23, with an expected listing on November 3, aiming to raise between 1.02 billion to 1.17 billion HKD, but faces significant financial instability and declining investor confidence [1][5]. Financial Performance - The company has shown unstable profitability, with net profits fluctuating dramatically from 1.64 billion RMB in 2022 to a projected loss of 20.3 billion RMB in the first half of 2025 [3][4]. - Research and development (R&D) expenditures have decreased significantly, from 59.2% of revenue in 2022 to only 23.4% in 2025, indicating a weakening of core technological capabilities [4][5]. IPO Details - The IPO is priced at 141 HKD per share, with a base issuance of approximately 7.22 million shares, potentially increasing to about 8.3 million shares with the green shoe option, leading to a market capitalization of around 20.4 billion HKD [1]. - The use of proceeds from the IPO includes 35% for enhancing R&D capabilities, 40% for product development, 15% for marketing and sales team expansion, and 10% for working capital [1]. Market Sentiment - Investor confidence has waned, as evidenced by a significant drop in valuation from 30.5 billion USD in 2020 to 5.4 billion USD in 2023, reflecting a decline of over 80% [5][6]. - The cornerstone investor lineup for the IPO includes seven investors, with a total investment of 59 million USD, but the quality of these investors is questioned, as many lack significant market influence [7][8]. Challenges Ahead - The company faces high entry barriers due to its dual-class share structure, which complicates its inclusion in the Hong Kong Stock Connect program, requiring a market cap of at least 20 billion HKD and a trading volume threshold [8]. - The extended lock-up period of 270 days for cornerstone investors indicates a lack of confidence in the company's immediate prospects, as it aims to prevent stock price volatility [8][9]. Institutional Demand - The IPO's structure, with nine underwriters, suggests potential insufficient demand from institutional investors, leading to the opening of international placement channels to attract retail investors [9][10]. - The high subscription rate of 1388 times as of October 27 indicates strong retail interest, but historical performance of similar IPOs raises concerns about post-listing stock performance [10].