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） 戰略合作協議 根 據 戰 略 合 作 協 議，百 望 股 份 與 第 四 範 式 經 過 友 好 協 商，決 定 達 成 戰 略 合 作 關 係，基 於 雙 方 的 業 務 優 勢 及 技 術 能 力，聯 合 推 進「世 界 模 型」+「數 據 智 能」的 深 度 融 合 解 決 方 案，探 索 交 易 管 理、金 融 風 控、決 策 優 化 等 領 域 的 行 業 大 模 型 優 化 及 創 新 應 用 場 景，例 如 結 合 供 應 鏈 圖 譜 與 動 態 風 險 建 模 優 化 風 控，或 嵌 入 智 能 算 法 提 升 交 易 決 策 效 率，共 同 推 動 人 工 ...

Core Insights - Fourth Paradigm and Baiwang Co. have signed a strategic cooperation agreement to leverage their strengths in world models and data intelligence for innovation in transaction management, financial risk control, and decision optimization [1][3] - The collaboration aims to create integrated solutions in the financial sector, enhancing data security while providing businesses with AI capabilities for digital transformation [3][4] Group 1 - The partnership will focus on deep integration solutions combining "world models" and "data intelligence" [3] - Baiwang Co. offers comprehensive digital solutions covering procurement optimization, reconciliation, electronic invoicing, smart taxation, and financing, facilitating digital transformation in the industrial internet [3] - Fourth Paradigm has been dedicated to AI for over a decade, utilizing "AI Agent + world model" technology to empower various industries and continuously improve its capabilities [4] Group 2 - The collaboration will deepen AI cooperation and strengthen integrated solutions across the financial sector and other areas, promoting intelligent operational innovation for Chinese enterprises [6] - The goal is to support the digital transformation and high-quality development of enterprises and institutions [6]

Group 1 - The core viewpoint of the news is the strategic partnership between Baiwang Co., Ltd. and the Hong Kong University of Science and Technology (HKUST) to enhance collaboration in financial intelligence and macroeconomic research through AI technology [1][2] - Baiwang Co., Ltd. focuses on areas such as bills, finance and taxation, and supply chain, accumulating a vast amount of high-value structured data assets [1][2] - The partnership aims to bridge the gap between research and industry, developing financial intelligence solutions that combine theoretical depth with practical value [2] Group 2 - Baiwang Co., Ltd. has been active recently, signing an ecological platform cooperation agreement with Tongcheng Travel Group's core technology enterprise, Tongcheng Yilong Intelligent Technology Co., Ltd. [2] - The collaboration with Alibaba Cloud aims to deepen the integration of cloud computing and data intelligence, establishing a "Data Intelligence Joint Laboratory" [2] - Baiwang Co., Ltd. has introduced various AI-driven products, including "transaction intelligence," "operational decision-making intelligence," and "financial business intelligence," which have been implemented across multiple industry users [1]

Core Viewpoint - The strategic collaboration between Baiwang Co., Ltd. and the Hong Kong University of Science and Technology (HKUST) aims to leverage real transaction data and academic expertise to enhance economic forecasting and financial decision-making through advanced AI technologies [1][3][5]. Group 1: Strategic Collaboration - Baiwang Co., Ltd. and HKUST have formed a strategic partnership focusing on data intelligence globalization, particularly in financial intelligence, macroeconomic research, and asset securitization [1][4]. - The collaboration will utilize the HKUST-led Hong Kong Generative AI Research Center and its V1 results to create a new paradigm for financial decision-making driven by real data rather than experience [1][3]. Group 2: Technological Advancements - Baiwang has made significant progress in data intelligence, developing a matrix of intelligent agents for trading management, operational decision-making, and financial services, which are widely applied in finance and supply chain scenarios [4][6]. - The partnership aims to reconstruct economic forecasting models using real-time, granular transaction data from Baiwang's platform, enhancing the timeliness and accuracy of economic indicators like GDP and CPI [6][8]. Group 3: Impact on Financial Decision-Making - The collaboration is expected to shift financial institutions' decision-making from a reliance on historical data and expert experience to a model where intelligent agents autonomously analyze real-time data to generate decision recommendations [6][8]. - This transition is anticipated to significantly improve decision-making efficiency and reduce subjective bias in financial assessments [6][8]. Group 4: Broader Implications - The partnership is not limited to finance and macroeconomic research; it is set to expand into other industries, promoting the widespread application of intelligent agent technology globally [8]. - The collaboration is expected to enhance Baiwang's market competitiveness in data intelligence and increase the practical value of HKUST's academic research [8].

Investment Rating - The report initiates coverage with a "Neutral" rating for the company, projecting a target price of 36.48 HKD based on cautious valuation methods [4][11]. Core Insights - The company is undergoing an AI strategic transformation, shifting focus from digital tax solutions to "Data Intelligence" applications, leveraging its data assets and AI capabilities [4][26]. - Revenue projections for 2025-2027 are estimated at 0.85 billion, 1.02 billion, and 1.18 billion RMB, with year-on-year growth rates of 29.18%, 19.16%, and 16.65% respectively [7][37]. - The net profit attributable to shareholders is expected to improve significantly, moving from a loss of 7.87 million RMB in 2025 to a profit of 107 million RMB by 2027, reflecting growth rates of 98.43%, 759.27%, and 105.56% [7][37]. Financial Summary - The company reported a total revenue of 6.59 billion RMB in 2024, a decrease of 8% year-on-year, with specific segments showing varied performance [23]. - The gross margin for 2024 was 40%, with cloud tax solutions achieving a gross margin of 52.2% and local deployment solutions at 23.6% [24]. - Significant cost control measures have been implemented, resulting in a reduction of sales and administrative expense ratios [25]. Business Overview - Founded in 2015, the company specializes in data-driven AI solutions, focusing on digital tax and data analytics services [15][34]. - The Baiwang Cloud Platform integrates various technologies, including digital certificates, AI, and blockchain, to provide comprehensive digital business solutions [16][34]. - The company serves a diverse client base, with 2,664 clients for local tax solutions and 28.4 million non-paying users for cloud solutions [22][37]. AI Strategic Transformation - The appointment of a new CEO, a former leader in AI, signals a commitment to enhancing AI capabilities within the company's operations [26]. - The strategic focus includes developing AI-driven solutions for digital tax and financial risk management, aiming to unlock the value of extensive transaction data [26][27]. Market Expansion - The company is actively entering the data element market, collaborating with national entities to establish a data resource registration system [27]. - This initiative aims to facilitate the circulation of data assets and enhance the overall data resource ecosystem in China [27].

Core Viewpoint - The company is initiating an AI strategic transformation, shifting from fiscal digitalization and data analysis services to "data intelligence" AI transformation [1][2] Group 1: Financial Projections - The company is projected to achieve revenues of 852 million, 1.015 billion, and 1.184 billion RMB for the years 2025, 2026, and 2027, representing year-on-year growth rates of 29.18%, 19.16%, and 16.65% respectively [1] - The net profit attributable to the parent company is expected to be -7.87 million, 51.90 million, and 107 million RMB for the same years, with year-on-year growth rates of 98.43%, 759.27%, and 105.56% respectively [1] Group 2: Company Overview - Founded in 2015, the company is a data-driven AI firm that focuses on building a reliable data intelligence system [1] - The company provides digital fiscal and data-driven intelligent solutions and products, handling various transaction documents such as invoices and receipts, creating a complete digital business loop from procurement optimization to payment financing [1] Group 3: Core Business Areas - The company's two main core businesses are cloud and local fiscal digitalization and data-driven analysis services [2] - The Baibao Cloud platform integrates digital certificates, digital signatures, big data analysis, AI, and blockchain into a comprehensive digital business platform [2] - The company has 2,664 clients for localized fiscal digitalization solutions and 28.4 million non-paying users for cloud-based fiscal digitalization solutions as of 2024 [2] Group 4: Strategic Changes - The company has appointed a new CEO, previously the president of Kuan Vision, indicating a strategic shift towards AI [2] - The strategic focus has officially expanded to Data Intelligence, promoting the application of AI in the fields of data intelligence and fiscal digitalization [2]

Investment Rating - The report assigns a "Neutral" rating to the company [1][14]. Core Insights - The company is undergoing an AI strategic transformation, shifting from tax digitalization and data analysis services to "Data Intelligence" AI [3][28]. - The company is a leader in the invoice platform sector, with significant potential in AI and data elements [7]. - Revenue projections for 2025-2027 are estimated at 8.52 billion, 10.15 billion, and 11.84 billion RMB, with year-on-year growth rates of 29.18%, 19.16%, and 16.65% respectively [10][14]. - The net profit for the same period is projected to be -7.87 million, 51.90 million, and 106.69 million RMB, reflecting growth rates of 98.43%, 759.27%, and 105.56% respectively [10][14]. - The target price is set at 36.48 HKD based on cautious valuation methods [14]. Financial Summary - The company reported revenues of 526 million RMB in 2022, increasing to 713 million in 2023, followed by a projected decrease to 659 million in 2024, and then growth to 852 million in 2025 [6][10]. - Gross profit margins are expected to improve from 39.96% in 2024 to 48.88% by 2027 [26][34]. - The company has a current market capitalization of 8,133 million HKD and a share price of 36.05 HKD [2][7]. Business Model and Strategy - The company operates a digital business platform that integrates digital certificates, signatures, big data analysis, AI, and blockchain [18]. - Key business lines include cloud and local deployment of tax digitalization solutions, as well as data-driven analysis services [18][24]. - The company aims to leverage its data assets, which include various transaction vouchers, to enhance its competitive edge [22][24]. AI Strategic Transformation - The new CEO, a former president of a leading AI company, indicates a strong commitment to advancing the company's AI strategy [28]. - The focus will be on building a reliable super data intelligence system to enhance operational efficiency and drive innovation in financial marketing and risk control [28]. Market Expansion - The company is entering the data element market, having signed a cooperation agreement to support the establishment of a data resource registration system [29]. - This strategic move aims to facilitate the development and circulation of data elements, transforming data resources into productive assets [29].

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 – 1 – 修 訂 代 表 委 任 表 格 將 取 代 原 代 表 委 任 表 格，而 原 代 表 委 任 表 格 將 被 視 為 無 效。已 經 簽 署 並 交 回 原 代 表 委 任 表 格 的 股 東 務 請 再 度 根 據 經 修 訂 代 表 委 任 表 格 所 提 供 的 指 示 填 妥 並 交 回 經 修 訂 代 表 委 任 表 格。 本 公 司 確 認，除 上 述 澄 清 者 外，該 公 告、該 通 函 及 該 通 告 之 所 有 其 他 內 容 均 保 持 不 變。本 澄 清 公 告 為 該 公 告、該 通 函 及 該 通 告 之 補 充，並 應 與 該 公 告、該 通 函 及 該 通 告 一 併 閱 讀。 承董事會命 （於 中 華 人 民 共 和 國 註 冊 成 立 ...

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通函的內容概不負責，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通函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。 此乃要件 請即處理 閣下如對本通函任何內容或應採取的行動有任何疑問，應諮詢 閣下股票經紀或其他註冊證券商、銀行 經理、律師、專業會計師或其他專業顧問。 閣下如已出售或轉讓名下的百望股份有限公司全部股份，應立即將本通函連同隨附之代表委任表格送 交買主或承讓人，或送交經手買賣或轉讓的銀行、股票經紀或其他代理商，以便轉交買主或承讓人。 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） (1) 2024年董事會報告 (2) 2024年監事會報告 (3) 2024年年度報告 (4) 2024年經審計綜合財務報表 (5) 2025年財務預算方案 (6) 概不宣派末期股息 (7) 委任2025年核數師 (8) 發行額外股份及出售或轉讓庫存股的一般授權 (9) 購回H股的一般授權 (10) 採納2025年股份激勵計劃 (11) 授權董事會及╱ 或授 ...

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通告的內 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 會就因本通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） – 2 – （股 份 代 號：6657） 股東週年大會通告 茲 通 告 百 望 股 份 有 限 公 司（「本公司」）謹 訂 於2025年6月27日（星 期 五）上 午 十 時 三 十 分 假 座 中 華 人 民 共 和 國（「中 國」）北 京 市 海 淀 區 北 清 路81號一區 1號 樓18樓5號會議室舉行2024年 股 東 週 年 大 會（「股東週年大會」）以 供 股 東 審 議 並 酌 情 批 准 以 下 本 公 司 決 議 案。除 文 義 另 有 所 指 外，本 通 告 所 用 詞彙與本公司日期為2025年6月3日 的 通 函（「通 函」）所 界 定 者 具 有 相 同 涵 義。 普通決議案 ...