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） 截 至2025年12月31日止年度之年度業績公告 百望股份有限公司董事會欣然公佈本集團截至2025年12月31日止年度的 綜 合 年 度 業 績，連 同 截 至2024年12月31日 止 年 度 的 比 較 數 字，如 下。 於 本 公 告 內，凡 提 及「我 們」及「百 望」均 指 本 公 司，倘 文 義 另 有 所 指，則 為 本 集 團。 業績摘要 附 註： (1) 經調整 淨 利 潤╱（虧 損）（非 國 際 財 務 報 告 準 則 計 量）指 通 過 加 入 以 股 份 為 基 礎 的 付 款 開 支、 上 市 開 支、與 本 公 司 發 行 的 附 有 優 先 權 ...

(D 国泰海通 395-2 2 Fring ● 09:00-09:40 国际秩序重构,中国硬核资产战略性重估 张忆东-海通国际执行委员会委员、首席经济学家、股票研究 部主管 ● 09:40-10:20 当前国际地缘政治冲突走势、风险与中美关系 国泰海通2026春季策略会 宏观经济与政策 地缘博彩。 货币重构与中国政策 3月25日 深圳市福田区替路里拉大酒店 会议亮点 2026年伊始,特朗普对等关税在最高法院被否,美以联合袭击伊朗, 霍尔木兹海峡面临封锁危机。国际秩序深度重构,全球资产全面重 估。如何看待国际局势演进?如何应对地缘风险变幻?如何做好全 球资产配置?我们与您共襄思想盛宴。 ( 议程安排 法律声明 本公众订阅号(微信号 GTHT RESEARCH )为国泰海通证券股份有限公司(以下简称"国泰海通证券") 研 更多国泰海通研究和服务 亦可联系对口销售获取 重要提醒 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号 ...

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） 董事會會議召開日期 百 望 股 份 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）謹 此 宣 佈 將 於2026 年3月24日（星 期 二）舉 行 董 事 會 會 議，藉 以（其 中 包 括）審 議 及 批 准 本 公 司 及其附屬公司截至2025年12月31日止年度之年度業績和其發佈及考慮建 議 派 發 末 期 股 息（如 有）。 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依賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 BAIWANG CO., LTD. （股 份 代 號：6657） 承董事會命 百望股份有限公司 陳杰女士 董事會主席兼執行董事 香 港，2026年3月12日 於 本 公 告 日 期，執 行 董 事 為 陳 杰 女 士、鄒 岩 先 生 及 金 鑫 女 士；非 執 行 董 事 為 黃 淼 先 生 ...

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: | 2026年2月28日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 百望股份有限公司 | | | 呈交日期: | 2026年3月2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 | | | 225,906,754 | RMB | | 1 | RMB | | 225,906,754 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 225 ...

Core Insights - The market's attitude towards artificial intelligence (AI) has experienced significant fluctuations, moving from initial enthusiasm to a more cautious approach as businesses recognize the limitations of AI in making critical commercial decisions [3][4]. Group 1: AI Limitations and Business Needs - Current AI models primarily rely on publicly available internet data, which often contains unreliable information, leading to "hallucinations" where AI generates inaccurate responses [5]. - Businesses require concrete data for decision-making, such as repayment ability for loans and fulfillment records for procurement, rather than probabilistic predictions [5][6]. Group 2: Company Strategy and Business Model Shift - The company has shifted its business model from selling software (SaaS) to selling results (RaaS) to meet the evolving needs of enterprises that prefer definitive outcomes over analytical insights [9][10]. - A recent collaboration with Ant Group focuses on intelligent risk control, allowing banks to assess the authenticity of transactions and risk levels without extensive manual verification [11][12]. Group 3: Operational Efficiency and Cost Reduction - The company's systems have significantly reduced manual review costs by approximately 30% in financial reimbursement processes for manufacturing enterprises by automating the identification of fraudulent invoices [13]. Group 4: Future Plans and Data Infrastructure - The company aims to strengthen its data infrastructure in collaboration with the government, facilitating the flow of data across various sectors and ensuring data ownership clarity [15]. - The company is also addressing the challenges faced by Chinese enterprises in international markets, particularly in navigating complex tax and compliance requirements through its TaxSwift platform [16][18]. Group 5: Competitive Advantage - Future competition will hinge on the ability to manage high-value, accurate data rather than merely on the size of AI model parameters, positioning the company as a "calibrator" of large models using real data to provide truthful insights [19].

Core Insights - The market's attitude towards artificial intelligence (AI) has shifted dramatically by 2025, moving from initial enthusiasm to a more cautious approach due to AI's limitations in making serious business decisions [1] - AI models are primarily trained on publicly available internet data, which often contains unreliable information, leading to "hallucinations" where AI generates inaccurate or fabricated responses [1] - The company emphasizes the importance of providing "Ground Truth" in the AI era, focusing on verified data such as invoices and contracts that are legally recognized and immutable [2] Company Strategy - In 2025, the company shifted its business model from selling software (SaaS) to selling results (RaaS), responding to the complex environment businesses face and their desire for concrete outcomes rather than mere analysis [4] - A partnership with Ant Group was established to enhance intelligent risk control, allowing banks to assess the authenticity of transactions and risk levels without extensive manual verification [5] - The company's system has demonstrated tangible results, reducing manual review costs by approximately 30% in financial reimbursement processes for manufacturing enterprises [6] Future Plans - The company has clear plans for 2026, focusing on two main strategies: deepening its roots in data infrastructure and expanding outward to assist Chinese enterprises in navigating international markets [7] - As a technical support unit for the national public data resource registration platform, the company aims to connect disparate data sources across industries, ensuring data ownership and usability [8] - The company is developing the TaxSwift platform to help Chinese businesses comply with complex tax and regulatory requirements abroad, enhancing their global operational safety [9] - The future competition will hinge on the ability to manage high-value, accurate data rather than merely on the size of AI model parameters, positioning the company as a "calibrator" of large models using real data [9]

Core Viewpoint - The strategic partnership between Baiwang Co., Ltd. and FPT marks a significant step in establishing a local tax compliance service system in Vietnam, enhancing Baiwang's presence in the Southeast Asian market and aligning with the "Belt and Road" initiative [1][5]. Group 1: Partnership Details - Baiwang focuses on core technology output and customer resource integration, leveraging its platform advantages while optimizing resource allocation [2]. - FPT provides local tax system access and expertise, ensuring efficient implementation of localized tax compliance services [2]. - The collaboration aims to create the first B2G compliance portal in Southeast Asia, integrating Baiwang's core systems with various government departments for streamlined compliance processes [2][3]. Group 2: Market Impact - Baiwang has developed a global compliance product system covering over 100 languages, 200 types of invoices, and 30,000 international tax rules, positioning itself as a preferred partner for Chinese enterprises going abroad [3]. - The partnership is expected to enhance the synergy between Baiwang's global platform capabilities and FPT's local service advantages, facilitating market penetration for Chinese companies in Vietnam [3][4]. - Baiwang's chairman emphasized the importance of providing comprehensive services for Chinese enterprises, leveraging FPT's extensive local network and expertise [4]. Group 3: Strategic Goals - The collaboration is part of Baiwang's long-term strategy to create a replicable and scalable model for overseas expansion, with plans to extend services to other Southeast Asian countries [4]. - The partnership aims to address the challenges of tax compliance for Chinese companies abroad, contributing to the digital transformation of tax systems in Vietnam and Southeast Asia [5].

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依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） 有關可換股貸款協議之關連交易的補充公告 緒 言 茲 提 述 百 望 股 份 有 限 公 司（「本公司」）日 期 分 別 為2024年11月17日、2025年 12月3日 及2025年12月31日 的 公 告（「該等公告」），內 容 有 關 本 公 司 與 環 球 智 鏈 及 百 望 雲 海 外 訂 立 可 換 股 貸 款 協 議、延 長 本 公 司 行 使 轉 股 選 擇 權 的 期 限 及 本 公 司 使 用 可 換 股 貸 款 的 未 償 還 本 金 向 百 望 雲 海 外 增 資（「增 資」）。 除 非 另 有 定 義，本 公 告 所 用 詞 彙 與 該 等 公 告 所 ...

| 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 | | | | 公司名稱: | 百望股份有限公司 | | | 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) | 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 | | | 225,906,754 | RMB | | 1 | RMB | | 225,906,754 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 225,906,754 | RMB | | 1 | RMB | | 225,906,7 ...

Core Insights - Baidang Co., Ltd. has launched an innovative Group Tax Compliance Insight Platform aimed at transforming tax compliance management from a passive response to a proactive, systematic approach [1] - The platform focuses on "data unification, risk preemption, and closed-loop governance," enabling enterprises to establish a compliance hub suitable for the era of "data-driven tax management" [1] Group-Level Insights - The platform provides a comprehensive "compliance panorama" for management, allowing them to visualize overall tax risk distribution, credit rating changes, risk concentration, and declaration progress [1] - This visualization helps management quickly identify key risk areas and allocate resources proactively rather than reactively [1] Member Unit-Level Insights - At the member unit level, the platform functions as a dynamic "tax health report," enabling self-checks based on tax numbers and monitoring abnormal indicators, pending declarations, and historical rectifications [2] - Compliance becomes a sustainable action integrated into daily operations rather than a one-time task [2] Risk Management Features - The platform includes a risk model and indicator system covering multiple dimensions such as invoices, declarations, finance, and business operations, continuously scanning and scoring tax-related data [2] - It automatically triggers alerts based on risk levels and generates corresponding action tasks, providing a detailed risk anomaly display panel for both groups and member units [2] Intelligent Assistance - The platform incorporates Baidang's intelligent assistant product matrix, which aids tax personnel by providing targeted verification suggestions and response directions based on historical data and regulatory changes [2] - Feedback indicates that the platform has significantly reduced risk identification time from 7 days to real-time and decreased query response time from 36 hours to under 4 hours, while also reducing average workload by 60% and annual tax loss by over 800,000 yuan [2] Comprehensive Solution - The Group Tax Compliance Insight Platform serves as an intelligent BI display for compliance management and integrates tax data services, risk governance capabilities, and AI decision-making into a comprehensive solution [3] - It enables enterprises to see earlier, think deeper, and act more steadily in tax compliance management, transforming it into a long-term operational capability [3]