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。 BAIWANG CO., LTD. 百望股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：6657） 有 關2024年年報 之 補充公告 緒 言 茲 提 述 百 望 股 份 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）於 2025年4月28日 於 香 港 聯 合 交 易 所 有 限 公 司（「聯交所」）及 本 公 司 網 站 刊 載 之截至2024年12月31日止年度之2024年 年 報（「2024年年報」）。除 文 義 另 有 所 指 外，本 公 告 所 用 詞 彙 與2024年 年 報 所 界 定 者 具 有 相 同 涵 義。 除2024年 年 報 內 提 供 的 資 料 外，本 公 司 謹 此 根 據 上 市 規 則 附 錄D2第32(4) ...

Core Viewpoint - The establishment of an industrial merger and acquisition fund by Baidou Co., Ltd. in collaboration with Jiangsu Xincai marks a significant step in enhancing its industrial layout and accelerating strategic development [1][2] Group 1: Fund Establishment - Baidou Co., Ltd. plans to set up an industrial merger and acquisition fund with a scale expected to reach 600 to 800 million yuan [1] - The fund is seen as a recognition of Baidou's industry position and development prospects by the local government, aiming to promote digital economy upgrades and enhance regional competitiveness [1] Group 2: Strategic Implications - The fund will serve as a "strategic engine" for external growth, facilitating the construction of a data intelligence ecosystem that spans the entire enterprise transaction process [2] - It will enable Baidou to make forward-looking layouts and strategic positions in data, artificial intelligence, and related vertical fields, thereby expanding the boundaries of data intelligence solutions [2] - The fund will also act as a "safe testing ground" for global expansion, allowing for controlled risk investments and rapid business model validation [2] - This strategic leap is expected to empower Baidou's "data intelligence + globalization" strategy, initiating a new era of accelerated development through both internal growth and external expansion [2]

面对全球对人工智能制高点的激烈争夺，百望股份以资本为引擎，开启了一场从技术到生态的战略跃 迁。 近日，百望股份表示拟联合江苏鑫财国有资产运营有限公司及相关资本方，共同设立产业并购基金，预 计规模6-8亿元。 联系到前不久才成立的"百望数字经济产业基金"，短时间内密集的资本端动作，标志着百望股份在深化 产业布局、提速战略发展的道路上迈出了关键一步，也彰显了其从技术场景落地迈向生态协同共建的战 略升级。 战略卡位：构建资本引擎驱动外延增长 百望股份以发票数字化为基石，正在打造贯通企业交易全流程的数据智能生态。而与地方政府的密切合 作，也彰显了其技术的领先程度与解决方案的可信度。 此次产业并购基金的联合发起方——江苏鑫财，是由盐城经济技术开发区管理委员会全资控股的国有资 本运营平台。早在2024年，盐城市政府代表团就曾专程调研百望股份，双方围绕数据资产化、绿色算力 基础设施建设等前沿领域达成了战略共识。此次由江苏鑫财与百望股份联合设立基金，充分体现了盐城 市对百望股份行业地位与发展前景的认可，及对通过基金推动数字经济产业升级、提升区域核心竞争力 的厚望。 此前百望成立的"数字经济产业基金"的战略规划清晰体现了两大驱 ...

Core Insights - The approval of "full circulation" for Baiwang Co., Ltd. (6657.HK) by the China Securities Regulatory Commission has attracted significant attention in the capital market, coinciding with the global AI stock boom and a strong rebound in the Hong Kong tech sector [1][4] Group 1: Company Developments - Baiwang Co., Ltd. has launched "invoice processing + tax risk intelligence," which supports cross-border invoice recognition, compliance verification, and risk report generation, showcasing its unique advantages in tax compliance and cross-border business support [1] - The company has successfully turned a profit in the first half of the year, with AI business revenue reaching 60.86 million, accounting for 17.5% of total revenue, marking it as a new growth engine [2] - Baiwang Co., Ltd. has signed strategic agreements with major banks and technology firms to enhance its AI capabilities and data intelligence applications in the financial sector [3] Group 2: Market Position and Strategy - Baiwang Co., Ltd. is positioned as a leader in the digital economy and AI integration, with a clear strategic path and solid ecosystem layout, indicating significant investment value [1][2] - The company's data assets, characterized by authenticity, real-time nature, and structured features, create a differentiated competitive barrier for AI training [2] - The approval of H-share full circulation enhances the liquidity of its shares in international markets, attracting global investors and optimizing the shareholder structure [4][6] Group 3: Future Outlook - Baiwang Co., Ltd. is expected to leverage its deep data accumulation and forward-looking AI strategy to drive growth, with the potential for increased trading activity and capital operations [6] - The company aims to transform from a comprehensive financial and tax digital solution provider to a leading AI-driven data intelligence enterprise, capitalizing on policy benefits, technological innovation, and capital empowerment [6]

Core Insights - Data is considered the new oil in the modern era, with Baidou Co., Ltd. possessing over one trillion in transaction data, attracting significant industry attention [1] - The company has completed a strategic layout involving "data assets, intelligent agent matrix, and ecological alliance," which is seen as a pivotal moment for capital market engagement and value reassessment [1] Data Moat - In the competitive landscape of AI 2.0, high-quality, scenario-based data has become a scarce strategic resource, with Baidou Co. establishing a formidable "data moat" over ten years [2] - The company has created the largest enterprise transaction network in China, covering 28.5 million enterprise nodes and maintaining a dynamic data pool of 231 billion invoices and 10.55 trillion in transaction amounts [2] - The data features a full-link, real-time, and multi-modal approach, supporting rapid structured analysis of over 200 types of global invoices, providing a complete commercial loop from transactions to financing [2] Integration of Data and Intelligent Agents - The integration of data and intelligent agents is driving a leap in digital productivity for enterprises [3] Intelligent Agent Factory - Baidou Co.'s AI strategy focuses on embedding technology within industry scenarios, avoiding the arms race of generic large models [4] - The company has developed a matrix of intelligent agents in the financial and tax verticals, including products for invoice processing and tax risk management, offering comprehensive smart financial solutions [4] - The Enterprise Operation Platform (EOP) underpins a dynamic trading intelligence system that enhances supply chain and market decision-making through AI-driven insights [4] - These intelligent agents are designed as executable business units, capable of triggering alerts and generating solutions in response to abnormal transactions or tax risks [4] Expanding Opportunities - Baidou Co. serves over 28 million users, including 2,800 group enterprises, and has established "joint innovation laboratories" in AI, creating a comprehensive solution covering "data + scenarios + models + computing power + ecology" [5] - The company is set to go public on the Hong Kong Stock Exchange as the "first electronic invoice stock" in July 2024, with a significant market value discovery phase approaching [5] - The effectiveness of the company's DI strategy is evident, with a notable increase in the proportion of data intelligence business, and collaborations with major players like Volcano Engine and Alibaba Cloud facilitating the commercialization of large models [5] - The company is accelerating its global expansion, establishing subsidiaries in Southeast Asia, the Middle East, and South America, while also focusing on advanced technology development [5] - Industry experts believe that the full circulation of shares is just the beginning of value discovery, with the potential for the company's valuation ceiling to be significantly raised as the market recognizes the uniqueness of its integrated approach [6]

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 | 公司名稱: 百望股份有限公司 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 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06657 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 90,842,048 | RMB | | 1 RMB | | 90,842,048 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 90,842,048 | RMB | | 1 RMB | | 90,842,048 | FF301 致：香港交易及結算所有限公司 第 2 頁 共 11 ...

Core Viewpoint - The company has received a notice from the China Securities Regulatory Commission regarding the implementation of full circulation of H-shares, indicating a significant step towards enhancing liquidity and market access for its shares [1] Group 1: Regulatory Approval - The company has completed the filing for approximately 135 million domestic shares to implement H-share full circulation [1] - The notice from the China Securities Regulatory Commission is dated September 29, 2025, and is valid for 12 months [1] - The company plans to apply for approval from the Hong Kong Stock Exchange Listing Committee for the related H-share listing and trading [1]

Core Viewpoint - The company has received a filing notice from the China Securities Regulatory Commission regarding the implementation of full circulation of H-shares, indicating progress in its capital market strategy [1] Group 1 - The company has completed the filing for a total of 135 million domestic shares for H-share full circulation with the China Securities Regulatory Commission [1] - The filing notice is valid for 12 months starting from September 29, 2025 [1] - The company plans to apply to the Stock Exchange of Hong Kong for approval of the related H-share listing and trading [1]

Core Viewpoint - The company has received a filing notice from the China Securities Regulatory Commission regarding the implementation of full circulation of H-shares, indicating progress in its capital market activities [1] Group 1 - The company has completed the filing for a total of 135 million domestic shares for H-share full circulation with the China Securities Regulatory Commission [1] - The filing notice is valid for 12 months starting from September 29, 2025 [1] - The company plans to apply for approval from the Stock Exchange of Hong Kong for the listing and trading of the relevant H-shares [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 會就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。 BAIWANG CO., LTD. 百望股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：6657） 內幕消息公告 中國證監會就本公司H股全流通出具備案通知書 本 公 告 由 百 望 股 份 有 限 公 司（「本公司」，連 同 其 附 屬 公 司，統 稱「本集團」） 根據香港法例第571章證券及期貨條例第XIVA部 項 下 內 幕 消 息 條 文（「內 幕消息條文」）及 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13.09(2)(a)條 而 作 出。 茲提述本公司日期為2025年3月10日 之 公 告（「該公告」），內 容 有 關 擬 實 施 H股 全 流 通。除 非 另 有 界 定，本 公 告 所 用 詞 彙 與 ...