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。 Bairong Inc. 董事會召開日期 百融雲創（「本公司」，連同其附屬公司及綜合聯屬實體統稱「本集團」）董事（「董 事」）會（「董事會」）謹此宣佈，將於2025年8月28日（星期四）舉行董事會會議，以 考慮（其中包括）批准本集團截至2025年6月30日止六個月之未經審核中期業績及 其刊發，以及考慮派付中期股息（如有）。 承董事會命 百融雲創 主席 張韶峰 香港，2025年8月15日 於本公告日期，董事會成員包括執行董事張韶峰先生、王青女士及覃璇女士；非 執行董事廖建文教授；及獨立非執行董事陳志武教授、周浩先生及李耀博士。 百融雲創 （於開曼群島註冊成立以不同投票權控制的有限公司） （股份代號：6608） ...

FF301 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7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: 百融雲創 (於開曼群島註冊成立以不同投票權控制的有限公司） 呈交日期: 2025年8月4日 | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | B | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06608 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 393,306,579 | | 0 | | 393,306,579 | | 增加 / 減少 (-) | | | 167,969 | | 0 | | | | 本月底結存 | | | 393,474,548 | | 0 | | 393,474,548 | | 2. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | ...

Group 1 - Bairong Cloud-W (06608) saw an afternoon increase of over 11%, currently up 10.16% at HKD 9.65, with a trading volume of HKD 48.08 million [1] - Bairong Cloud won the "AI Model Innovation Application Award" at the 2025 Innovation Development Forum, marking its second consecutive year receiving this award [1] - According to Guotai Junan Securities, AI is gradually being implemented in various sectors such as securities research, bank credit, marketing channels, insurance agent empowerment, small business marketing, and consumer finance risk control, indicating a broad future potential [1] Group 2 - The report highlights a positive outlook for the consumer finance industry, particularly in intelligent customer service, smart marketing, and intelligent risk control scenarios [1] - Bairong Cloud is recommended as a key player in the rapidly developing consumer finance sector [1]

智通财经APP获悉，百融云-W(06608)午后涨超11%，截至发稿，涨10.16%，报9.65港元，成交额 4808.03万港元。 国泰海通证券发布研报称，AI在证券投研及投顾、银行信贷和营销渠道、保险代理人赋能、小微商户 点餐及营销、消费金融风控及客服等场景逐步落地，未来空间广阔。该行指出，看好消费金融行业中智 能客服、智能营销、智能风控场景的快速落地，推荐百融云等。 消息面上，由德本咨询、中国科学院《互联网周刊》、eNet研究院联合发布2025（第七届）创新发展论 坛金i奖。作为人工智能代表企业，百融云创凭借情感互动机器人斩获"人工智能领域 2025AI大模型创 新应用奖"。值得一提的是，这已经是百融云创连续两年蝉联该奖。 ...

"未来十年，AI将重塑所有行业，而智能体将成为这场变革的核心载体。"百融云创AI智能体业务总经理 冯波指出，2025年标志着智能体应用元年的开启，大模型与智能体的深度融合将引领金融行业生产力范 式革命。 近日，中国汽车流通协会汽车金融分会与百融云创联合举办"智驭新机 洞见未来——2025汽车金融数智 提升研讨会"。在数字化浪潮席卷全球的背景下，汽车金融行业正面临前所未有的转型机遇。本次峰会 汇聚行业顶尖专家，共同探讨数智化转型的前沿趋势、创新实践与发展路径。 冯波在会上发表《汽车金融AI应用趋势与全链路解决方案》主题演讲，系统阐释了AI技术在汽车金融 领域的发展前景，并重点分享了百融云创基于智能体技术的全栈式解决方案。 AI金融应用：从技术探索到核心业务落地 当前，生成式AI技术已度过炒作期，进入理性发展阶段，预计需2～3年实现产业成熟，而智能体的成 熟周期将稍晚于生成式AI。 NVIDIA《金融服务业现状报告》显示，2024年全球金融机构生成式AI应用率较2023年显著提升，主要 应用于客户服务、投资研究报告生成、文档解析及数据生成等领域。国内头部金融机构已开展多场景大 模型探索，其中辅助员工提高工作效率达 ...

Financial Performance - The company's revenue for 2024 reached RMB 2,929.27 million, a 9% increase from RMB 2,680.92 million in 2023[11] - The gross profit for 2024 was RMB 2,141.71 million, with a consistent gross margin of 73%[11] - Operating profit decreased by 18% to RMB 285.23 million, resulting in an operating profit margin of 10%[11] - Net profit for the year was RMB 266.03 million, down 21% from the previous year, with a net profit margin of 9%[11] - Non-IFRS profit for 2024 was RMB 376.05 million, with a non-IFRS profit margin of 13%[12] - The core customer revenue decreased by 4% year-on-year to RMB 711.33 million[29] - Net profit declined by 21% from RMB 335.26 million in 2023 to RMB 266.03 million in 2024[58] - Non-IFRS EBITDA for the year was RMB 486,176 thousand, an increase of 4.9% from RMB 463,782 thousand in 2023, with a non-IFRS EBITDA margin of 17%[62] - The total cash and cash equivalents as of December 31, 2024, were RMB 3,176.39 million, a decrease from RMB 3,301.84 million as of December 31, 2023[65] Business Segments - The BaaS segment, particularly in the financial industry cloud, saw a revenue increase of 19% to RMB 1,410.70 million[11] - The company's MaaS (Model as a Service) business recorded a revenue increase of 5% year-on-year to RMB 932.47 million for the year ended December 31, 2024[28] - BaaS financial cloud revenue for 2024 reached RMB 1,410.70 million, a 19% increase compared to RMB 1,184.73 million for the year ended December 31, 2023[37] - MaaS revenue rose by 5% from RMB 891.25 million in 2023 to RMB 932.47 million in 2024, attributed to expanded application areas and improved product competitiveness through AI optimization[50] - The BaaS model demonstrated strong market adaptability, facilitating precise marketing of financial products to C-end customers through partnerships with well-known companies in various industries[38] Product Development and Innovation - The company launched the CybotStar enterprise-level intelligent platform, enhancing operational efficiency and customer interaction capabilities[14] - VoiceGPT, the company's intelligent voice product, has made significant advancements in technology and application, supporting multiple dialects and emotional interaction[14] - The company plans to expand VoiceGPT's application scenarios into the broader financial sector, focusing on specific training directions for rapid deployment[14] - The AI VoiceGPT technology can simulate human voice for smooth multi-turn conversations, with a response time of less than 500 milliseconds and a semantic understanding accuracy of over 99%[34] - The company plans to increase R&D investment in AI technologies, focusing on generative AI and decision-making AI to enhance operational efficiency and customer experience[46] Client Base and Market Reach - The company serves over 7,000 institutional clients, including major state-owned banks and numerous internet technology companies[16] - The company has served over 7,000 clients, leveraging over ten years of user profiling assets to enhance decision-making capabilities[24] - The company has expanded its services to non-financial sectors, including e-commerce and human resources, enhancing its market reach[25] - The company is actively exploring applications of the BaaS model in non-financial sectors such as travel, social networking, and e-commerce[38] - As of December 31, 2024, the company has served over 7,000 well-known banks, insurance companies, wealth management firms, and various internet technology companies in China[116] Research and Development - R&D expenses surged by 34% from RMB 378.79 million in 2023 to RMB 509.29 million in 2024, representing 17% of total revenue, an increase of 3 percentage points[53] - The company has obtained 319 patents and software copyrights covering key areas such as artificial intelligence and machine learning as of December 31, 2024[19] Governance and Compliance - The company has complied with relevant laws and regulations that significantly impact its operations during the reporting period[87] - The board has a strong emphasis on governance and compliance, with independent directors bringing extensive industry experience to oversee company operations[172][177] - The company has established a remuneration committee to determine the compensation policies for directors and senior management[143] - The company has not disclosed any additional continuous disclosure obligations under the listing rules[149] Shareholder and Management Information - The company repurchased a total of 25,490,000 Class B shares at a total cost of approximately HKD 237.51 million during the reporting period[151] - As of December 31, 2024, Mr. Zhang holds approximately 65.08% of the voting rights through 77,208,112 Class A shares[113] - The company has a diverse board with members holding advanced degrees in economics and engineering from prestigious universities, enhancing its strategic decision-making capabilities[170][173] - The senior management team includes Mr. Zhang, Mr. Zheng, and Ms. Han, who are all executive directors with relevant experience[182] Risks and Challenges - The company faces risks related to rapid market development and regulatory changes affecting data privacy and protection[82] - The company is exposed to risks related to its contractual arrangements, including potential penalties from the Chinese government if deemed non-compliant with foreign investment regulations[94] Miscellaneous - The company made charitable donations of RMB 0.52 million for the year ended December 31, 2024[130] - The company has no significant contingent liabilities or capital commitments as of December 31, 2024[72][74] - There are no arrangements for shareholders to waive or agree to waive any dividends[133]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 13.10 [7][8]. Core Insights - The company reported a revenue of RMB 2.93 billion and a net profit attributable to shareholders of RMB 266 million for 2024, reflecting a year-on-year change of +9% and -21.82% respectively. The net profit fell short of expectations primarily due to higher-than-expected expenses, driven by increased R&D and marketing investments [1][4]. - The company plans to significantly increase R&D and marketing expenditures, which may impact short-term profitability but is expected to strengthen its long-term competitive position [1][4]. Summary by Sections MaaS Business - The MaaS business generated revenue of RMB 930 million in 2024, up 5% year-on-year, with a second half revenue of RMB 510 million, showing an 11% increase. However, the average revenue per core customer decreased by 4% to RMB 3.37 million, and the number of core customers slightly declined from 213 to 211 [2]. - The business faces challenges such as fluctuating credit demand and increased competition, but is expected to improve in the second half of 2024 due to solid customer foundations and enhanced product capabilities [2]. BaaS Business - The BaaS financial cloud and insurance cloud recorded revenues of RMB 1.41 billion and RMB 590 million respectively, with year-on-year changes of +19% and -3%. The service fee rates for new and renewal insurance policies decreased significantly, attributed to the "reporting and operation integration" policy [3]. - The financial cloud's revenue growth has slowed compared to the previous year, likely due to weak credit demand, but ongoing investments and technological upgrades are anticipated to enhance market share [3]. Profit Forecast and Valuation - The company is expected to increase its marketing and R&D investments, leading to a downward revision of net profit forecasts for 2025, 2026, and 2027 to RMB 2.44 billion, RMB 3.96 billion, and RMB 6.06 billion respectively, with reductions of 52.5% and 47.0% for 2025 and 2026 [4][16]. - The target price has been adjusted to HKD 13.10 based on a DCF valuation method, reflecting the company's transition from a risk control data service provider to an AI service provider in the financial sector [4][13].

百融云-W(06608)2024年加速实现商业化落地 收入 达29.29亿元 同比增长9% 研发开支同比增加34%至5.09亿元，主要归因于研发人员的员工成本增加，以支持产品供应及各项技术 的开发，包括AI应用技术、算法驱动机器学习平台及底层数据库性能提升，研发开支占收入比重提升3 个百分点至17%。 2024年，公司的智能语音产品VoiceGPT在技术与应用方面均取得了显著的进展。公司建立了一流的基 础设施，所有技术均为自主研发，有效降低成本。VoiceGPT 在应用方面表现出色，支持多种方言，并 实现了AI语音互动的情绪化表达，同时能够识别用户情绪，改善在不同场景下的互动。此外，公司计 划将VoiceGPT的应用场景拓展到泛金融领域，聚焦特定方向训练并快速部署。年内，公司成功推出了 CybotStar企业级智能体平台，该平台致力于解决大模型在客户业务场景中的落地应用问题。CybotStar 支持对内场景(EX)和对客场景(CX)。在对内场景中，平台通过客服培训、客户尽调、法务合规、消费 者保护、人事管理和合同管理等智能工具提升内部运营效率。在对客场景中，CybotStar通过自动客 服、自动营销、还款提醒 ...

Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue reached RMB 2,929.27 million, a 9% increase from RMB 2,680.92 million in 2023[4] - The company's non-IFRS profit for the year was RMB 376.05 million, maintaining a non-IFRS profit margin of 13%[5] - The company's operating profit decreased by 18% to RMB 285.23 million, with an operating profit margin of 10%, down from 13%[4] - The overall revenue for the company reached RMB 2,929.27 million in 2024, compared to RMB 2,680.92 million in 2023, showing a solid growth trajectory[31] - Total revenue increased by 9% from RMB 2,680.92 million for the year ended December 31, 2023, to RMB 2,929.27 million for the year ending December 31, 2024[32] - Gross profit increased by 10% from RMB 1,954.53 million to RMB 2,141.71 million, maintaining a gross margin of approximately 73% for both years[34] - Net profit decreased by 21% from RMB 335.26 million to RMB 266.03 million for the respective years[39] - Basic earnings per share for 2024 were RMB 0.58, compared to RMB 0.72 in 2023, reflecting a decline of approximately 19.4%[68] - The company's net profit attributable to equity shareholders for 2024 was RMB 266,182 thousand, down 21.8% from RMB 340,459 thousand in 2023[87] Revenue Breakdown - The Business-as-a-Service (BaaS) segment generated RMB 1,996.79 million in revenue, reflecting a 12% growth compared to RMB 1,789.67 million in the previous year[4] - MaaS business recorded revenue of RMB 932.47 million for the year ended December 31, 2024, representing a year-on-year growth of 5%[16] - BaaS financial cloud revenue for 2024 reached RMB 1,410.70 million, a year-on-year increase of 19% from RMB 1,184.73 million in 2023[23] - MaaS revenue rose by 5% from RMB 891.25 million to RMB 932.47 million, driven by expanded application areas and enhanced product competitiveness through AI optimization[32] - BaaS revenue from the financial industry cloud increased to RMB 1,410,695 thousand in 2024, compared to RMB 1,184,728 thousand in 2023, marking a growth of 19.1%[79] Customer Metrics - The number of core customers reached 211, with an average revenue per core customer of RMB 3.37 million, down 4% from the previous year[17] - Core customer retention rate was 97%, a decrease of 2 percentage points compared to the previous year[17] - Core customer revenue decreased to RMB 711.33 million, down 4% from the previous year[17] Research and Development - The company has obtained 319 patents and software copyrights covering key areas such as artificial intelligence and machine learning[10] - Research and development expenses rose to RMB 509.29 million in 2024, up from RMB 378.79 million in 2023, reflecting a commitment to innovation[31] - R&D expenses surged by 34% from RMB 378.79 million to RMB 509.29 million, with R&D expenses accounting for 17% of revenue, up 3 percentage points[35] Operational Efficiency - The company has successfully launched the CybotStar enterprise-level intelligent platform, enhancing operational efficiency and customer experience through various intelligent tools[6] - The MaaS cloud platform achieved a stability rate of 99.999%, handling over 300 million queries daily[13] - BaaS business leverages generative AI technology, significantly improving operational efficiency in credit, wealth management, and insurance sectors[21] - The performance-driven pricing structure for BaaS charges fees based on transaction scale, ensuring no upfront costs for clients[21] Market Outlook - The Chinese digital economy and AI industry are expected to grow rapidly, with a projected annual growth rate of over 20% in the data industry by 2026[9] - The global generative AI market is anticipated to expand to USD 1.3 trillion by 2032, with a compound annual growth rate of 42% over the next decade[9] - The company anticipates continued long-term stable growth driven by data empowerment across various industries, including securities, e-commerce, healthcare, and education[14] Corporate Governance and Compliance - The company has complied with the corporate governance code, with the exception of the separation of the roles of Chairman and CEO[54] - The audit committee reviewed the audited consolidated financial statements for the year ended December 31, 2024, confirming alignment with the preliminary announcement[57] - There were no significant lawsuits or arbitration cases involving the company as of December 31, 2024[64] Shareholder Actions - The company repurchased a total of 25,490,000 Class B shares at a total cost of approximately HKD 237.51 million during the reporting period[60] - The repurchased shares included 25,313,000 Class B shares that were subsequently cancelled on February 28, 2025[63] - The company did not recommend the payment of a final dividend for the year ended December 31, 2024[65] - The company did not declare any dividends for the years ended 2024 and 2023[89] Financial Position - Cash and cash equivalents, along with time deposits, amounted to RMB 3,176.39 million as of December 31, 2024, down from RMB 3,301.84 million a year earlier[43] - The debt-to-asset ratio was 0.21 as of December 31, 2024, compared to 0.19 as of December 31, 2023[48] - The total assets as of December 31, 2024, were RMB 4,855,674 thousand, an increase from RMB 3,083,818 thousand in 2023[72]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 12.00, representing a potential upside of 47.04% from the current price of HKD 8.16 [1][5][11]. Core Insights - The company has increased its investment in AI technology, responding to national calls for inclusive finance and focusing on wealth management for financial institutions. It has made significant breakthroughs in intelligent voice and digital human technologies, particularly in semantic understanding and human-computer interaction [2][3][8]. - The company has successfully won multiple cooperation projects with financial institutions, leveraging its business ecosystem to drive growth. Recent projects include strategic partnerships with UnionPay and a credit risk model upgrade for Shengjing Bank [4][9][10]. Financial Performance - In the first half of 2024, the company achieved revenue of RMB 1.321 billion, a year-on-year increase of 6%. The overall gross margin was 73.2%, reflecting a 1.1 percentage point improvement [3][7]. - The net profit attributable to shareholders for the same period was RMB 140 million, a decline of 32% year-on-year. Adjusted net profit, excluding option fees, was RMB 197 million, down 13% [3][7]. - The company expects EPS for 2024, 2025, and 2026 to be RMB 0.58, RMB 0.75, and RMB 0.92, respectively, with corresponding PE ratios of 13.2, 10.2, and 8.3 [5][11]. Market Position and Strategy - The company is actively expanding its AI technology capabilities, which are considered industry-leading. It aims to meet the financing needs of small and micro enterprises and enhance asset preservation and appreciation for C-end customers [5][11]. - The company has a strong client retention rate of 96% among its core customers, which numbered 165, and it continues to expand its business boundaries through AI technology [7][11].