格隆汇8月20日丨百望股份(06657.HK)公告，截至2025年6月30日止六个月，公司收益增加23.5%至人民 币347.6百万元。公司的毛利率由截至2024年6月30日止六个月的39.2%增长至截至2025年6月30日止六个 月的46.6%。 截至2025年6月30日止六个月录得净利润人民币3.6百万元，而截至2024年6月30日止六个月则为净亏损 人民币445.8百万元。公司截至2025年6月30日止六个月录得经调整净利润（非国际财务报告准则计量） 人民币4.6百万元，而截至2024年6月30日止六个月则为经调整净亏损人民币81.2百万元。 ...

[Performance Highlights](index=1&type=section&id=%E6%A5%AD%E7%B8%BE%E6%91%98%E8%A6%81) Key Financial Performance Highlights for H1 2025 | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 347.6 | 281.6 | +23.5% | | Gross Profit | 162.0 | 110.3 | +46.8% | | Gross Margin | 46.6% | 39.2% | +7.4 percentage points | | Net Profit | 3.6 | (445.8) | Turned Profitable | | Adjusted Net Profit (Non-IFRS) | 4.6 | (81.2) | Turned Profitable | [Condensed Consolidated Financial Statements](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E5%85%A5%E8%A1%A8) During the reporting period, the company achieved significant revenue growth, substantial gross profit improvement, and successfully turned profitable, reversing the loss from the prior year, primarily driven by rapid AI business development and robust core business growth Key Data from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income for H1 2025 | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 347,588 | 281,551 | +23.5% | | Cost of Sales | (185,601) | (171,237) | +8.4% | | Gross Profit | 161,987 | 110,314 | +46.8% | | Operating Loss | (2,259) | (138,636) | -98.4% | | Profit/(Loss) Before Tax | 3,670 | (445,602) | N/A (Turned Profitable) | | Profit/(Loss) for the Period | 3,647 | (445,802) | N/A (Turned Profitable) | | Profit/(Loss) Attributable to Owners of the Company | 3,717 | (445,505) | N/A (Turned Profitable) | | Basic and Diluted Earnings/(Loss) Per Share | 0.02 | (3.18) | N/A (Turned Profitable) | - Fair value changes of financial assets and liabilities measured at fair value: **RMB 302,992 thousand loss** in the prior year period turned into a **RMB 5,396 thousand gain** in the current period[6](index=6&type=chunk) [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the company saw an increase in non-current assets and current liabilities, a slight decrease in current assets, but maintained robust net current assets and total equity, indicating a healthy financial structure Key Data from Condensed Consolidated Statement of Financial Position as of June 30, 2025 | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current Assets | 317,553 | 270,426 | +17.4% | | Current Assets | 901,617 | 945,505 | -4.6% | | Current Liabilities | 273,532 | 279,697 | -2.2% | | Net Current Assets | 628,085 | 665,808 | -5.6% | | Total Equity | 939,520 | 934,970 | +0.5% | - Trade and other receivables, deposits and prepayments significantly increased from **RMB 87,183 thousand** as of December 31, 2024, to **RMB 193,061 thousand**[8](index=8&type=chunk) - Cash and cash equivalents decreased from **RMB 443,899 thousand** as of December 31, 2024, to **RMB 340,124 thousand**[8](index=8&type=chunk) [Notes](index=6&type=section&id=%E9%99%84%E8%A8%BB) [1. General Information and Basis of Preparation](index=6&type=section&id=1.%20%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99%E5%8F%8A%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) Baiwang Co., Ltd. was incorporated in Beijing, China in 2015, primarily engaging in AI business, cloud-based and on-premise tax digitalization solutions, and data-driven analytical services, with condensed consolidated financial statements presented in RMB and prepared under IAS 34 and HKEX Listing Rules - The company was established on **May 4, 2015**, and registered in Beijing, China[10](index=10&type=chunk) - Its principal businesses include AI business, cloud-based and on-premise tax digitalization solutions, and data-driven analytical services[10](index=10&type=chunk) - Financial statements are presented in **RMB** and comply with **IAS 34** and the **HKEX Listing Rules**[11](index=11&type=chunk) [2. Significant Accounting Policies](index=6&type=section&id=2.%20%E4%B8%BB%E8%A6%81%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) The condensed consolidated financial statements are primarily prepared on a historical cost basis, with accounting policies consistent with the prior year, except for the application of revised IFRS accounting standards, which had no material impact on financial position or performance - Financial statements are prepared on a historical cost basis, with some financial instruments measured at fair value[12](index=12&type=chunk) - Accounting policies are consistent with the annual consolidated financial statements for the year ended December 31, 2024[12](index=12&type=chunk) - The newly revised IFRS accounting standards applied in the current period had no material impact on the Group's financial position or performance[13](index=13&type=chunk) [3. Revenue](index=7&type=section&id=3.%20%E6%94%B6%E7%9B%8A) In H1 2025, the company's revenue primarily originated from China, with total revenue increasing by **23.5%** to **RMB 347.6 million**; AI business contributed **RMB 60.9 million**, both cloud-based and on-premise tax digitalization solutions in core business achieved growth, while data-driven analytical services revenue declined Revenue by Business Line (RMB thousand) | Business Line | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | AI Business | 60,860 | – | N/A | | - Golden Shield Transaction Management Intelligent Agent | 59,964 | – | N/A | | - Wise Realm Financial Business Intelligent Agent | 896 | – | N/A | | Core Business | 285,214 | 281,267 | +1.4% | | - Cloud-based Tax Digitalization Solutions | 111,169 | 95,575 | +16.3% | | - On-premise Tax Digitalization Solutions | 81,663 | 42,286 | +93.1% | | - Data-driven Analytical Services | 92,382 | 143,406 | -35.6% | | Others | 1,514 | 284 | +433.1% | | **Total Revenue** | **347,588** | **281,551** | **+23.5%** | Revenue Recognition Timing (RMB thousand) | Revenue Recognition Timing | 2025 | 2024 | | :--- | :--- | :--- | | Over time | 184,007 | 188,512 | | At a point in time | 163,581 | 93,039 | | **Total** | **347,588** | **281,551** | [4. Cost of Sales and Expenses](index=8&type=section&id=4.%20%E9%8A%B7%E5%94%AE%E6%88%90%E6%9C%AC%E5%8F%8A%E9%96%8B%E6%94%AF) In H1 2025, cost of sales increased by **8.4%** to **RMB 185.6 million**, mainly due to new AI business cost of sales; R&D, distribution, and selling expenses significantly decreased due to reduced share-based payments and improved operational efficiency, while administrative expenses increased due to talent structure upgrades Cost of Sales and Expenses Details (RMB thousand) | Item | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Employee Benefit Expenses | 194,058 | 212,069 | -8.5% | | Share-based Payment Expenses | 950 | 35,743 | -97.3% | | Commission and Channel Expenses | 2,516 | 3,177 | -20.8% | | Professional Service Fees | 37,583 | 34,317 | +9.5% | | Referral Fees | 22,073 | 61,748 | -64.3% | | Outsourcing Expenses | 16,705 | 10,244 | +63.1% | | Travel and Marketing Expenses | 7,081 | 12,671 | -44.1% | | Exhibition and Promotion Fees | 365 | 4,628 | -92.1% | | Cost of Inventories Sold | 50,142 | 355 | +14024.5% | | Rental and Utilities Expenses | 2,302 | 3,419 | -32.6% | | Depreciation of Property, Plant and Equipment | 1,549 | 2,083 | -25.7% | | Depreciation of Right-of-use Assets | 5,721 | 6,783 | -15.7% | | Amortization of Intangible Assets | 754 | 910 | -17.1% | | Listing Expenses | – | 23,214 | -100% | | Others | 6,074 | 3,894 | +56.0% | | **Total** | **347,873** | **415,255** | **-16.3%** | [5. Income Tax Expense](index=8&type=section&id=5.%20%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) Income tax expense for H1 2025 was **RMB 23 thousand**, a decrease from **RMB 200 thousand** in H1 2024, but remained relatively stable overall Income Tax Expense (RMB thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | China Corporate Income Tax - Current Tax | 23 | 200 | [6. Dividends](index=8&type=section&id=6.%20%E8%82%A1%E6%81%AF) No dividends were declared or paid by the company for the six months ended June 30, 2025, or for the year ended December 31, 2024 - The company did not declare or pay dividends[17](index=17&type=chunk) [7. Earnings/(Loss) Per Share](index=9&type=section&id=7.%20%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9%E2%95%B1%EF%BC%88%E虧%E6%90%8D%EF%BC%89) In H1 2025, the company's basic and diluted earnings per share were **RMB 0.02**, a significant improvement from a loss of **RMB 3.18** per share in H1 2024, primarily due to the net profit turning positive during the period Earnings/(Loss) Per Share (RMB) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Profit/(Loss) Attributable to Owners of the Company (RMB thousand) | 3,717 | (445,505) | | Weighted Average Number of Ordinary Shares Outstanding (thousand shares) | 225,907 | 140,000 | | **Basic and Diluted Earnings/(Loss) Per Share** | **0.02** | **(3.18)** | [8. Trade and Other Receivables, Deposits and Prepayments](index=9&type=section&id=8.%20%E8%B3%87%20%E6%98%93%20%E5%8F%8A%20%E5%85%B6%20%E4%BB%96%20%E6%87%89%20%E6%94%B6%20%E6%AC%BE%20%E9%A0%85%E3%80%81%E6%8C%89%20%E9%87%91%20%E5%8F%8A%20%E9%A0%90%20%E4%BB%98%20%E6%AC%BE%20%E9%A0%85) As of June 30, 2025, total trade and other receivables, deposits, and prepayments amounted to **RMB 193.1 million**, a substantial increase from the end of 2024, primarily driven by a significant rise in trade receivables Trade and Other Receivables, Deposits and Prepayments (RMB thousand) | Item | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Trade Receivables - Customer Contracts | 171,956 | 74,921 | +129.5% | | Less: Provision for Credit Losses | (14,050) | (11,960) | +17.5% | | **Net Trade Receivables** | **157,906** | **62,961** | **+150.8%** | | Prepayments | 10,989 | 7,421 | +48.1% | | Recoverable VAT | 5,661 | 1,837 | +208.2% | | Other Receivables | 14,563 | 9,797 | +48.6% | | **Total** | **193,061** | **87,183** | **+121.4%** | Ageing Analysis of Trade Receivables (RMB thousand) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 30 days | 79,174 | 21,415 | | 31 to 180 days | 43,967 | 22,730 | | 181 to 365 days | 25,385 | 12,742 | | Over 1 year | 23,430 | 18,034 | | **Total** | **171,956** | **74,921** | [9. Trade and Other Payables](index=9&type=section&id=9.%20%E8%B3%87%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) As of June 30, 2025, total trade and other payables amounted to **RMB 130.1 million**, a slight decrease from the end of 2024, with a significant increase in trade payables offset by reductions in accrued staff costs and other payables Trade and Other Payables (RMB thousand) | Item | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Trade Payables | 73,310 | 41,593 | +76.2% | | Accrued Staff Costs | 28,071 | 62,564 | -55.1% | | Other Tax Payables | 15,380 | 9,986 | +54.0% | | Other Payables | 13,351 | 19,814 | -32.6% | | **Total** | **130,112** | **133,957** | **-2.9%** | Ageing Analysis of Trade Payables (RMB thousand) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 3 months | 62,477 | 28,959 | | 3 to 6 months | 3,662 | 1,778 | | 6 to 12 months | 1,400 | 1,587 | | 1 to 2 years | 1,280 | 4,155 | | Over 2 years | 4,491 | 5,114 | | **Total** | **73,310** | **41,593** | [10. Events After the Reporting Period](index=11&type=section&id=10.%20%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) On July 29, 2025, the Board approved the grant of **4,750,000 restricted shares** to five grantees under the 2025 Share Incentive Scheme, representing approximately **2.10%** of the company's issued share capital, sourced from shares indirectly held by the controlling shareholder - On **July 29, 2025**, the Board approved the grant of **4,750,000 restricted shares** to five grantees[21](index=21&type=chunk) - These granted shares represent approximately **2.10%** of the company's issued share capital[21](index=21&type=chunk) - The shares were sourced from those indirectly held by Ms. Chen Jie, the controlling shareholder, through Ningbo Xiuan and Tianjin Duoying[21](index=21&type=chunk) [Management Discussion and Analysis](index=12&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) [Business Overview and Outlook](index=12&type=section&id=%E6%A5%AD%E5%8B%99%E6%A6%82%E8%A6%BD%E8%88%87%E5%B1%95%E6%9C%9B) In the first half, the company continued to deepen its "Data Intelligent Base + Vertical Industry Intelligent Agent" dual-engine strategy, focusing on "Compliance as a Service (CaaS)" and "Data Intelligence Service (DI)", achieving significant progress in customer scale, product iteration, and market penetration, while actively expanding into global markets [I. Operating Overview](index=12&type=section&id=%E4%B8%80.%20%E7%B6%93%E7%87%9F%E6%A6%82%E8%A6%BD) In H1 2025, the company continued to implement its "Data Intelligent Base + Vertical Industry Intelligent Agent" dual-engine strategy, focusing on CaaS and DI to accelerate product iteration and industry penetration, while building a global transaction compliance system to advance the digital upgrade of commercial credit systems - Strategy: Deepening the "Data Intelligent Base + Vertical Industry Intelligent Agent" dual-engine strategy, focusing on "Compliance as a Service (CaaS)" and "Data Intelligence Service (DI)"[22](index=22&type=chunk) - Technological Foundation: Leveraging **30,000+ dynamic tax rule engines**, **200+ multi-modal invoice parsing technologies**, and self-developed Tax Swift Agent to build a global transaction compliance system[22](index=22&type=chunk) - Customer Scale: Processed approximately **23.1 billion invoices**, corresponding to a total transaction value of **RMB 105.51 trillion**, serving over **90.7 million taxpayer identification number customers**[23](index=23&type=chunk) [II. Core Business Performance](index=12&type=section&id=%E4%BA%8C.%20%E6%A0%B8%E5%BF%83%E6%A5%AD%E5%8B%99%E8%A1%A8%E7%8F%BE) In the first half, the company's "Cloud-based Tax Digitalization Solutions" and "On-premise Tax Digitalization Solutions" developed in parallel, achieving steady growth, with cloud solutions maintaining double-digit growth in key operating metrics, and on-premise solutions expanding their customer base, while AI empowerment enhanced compliance processing, full invoice lifecycle management, and risk monitoring capabilities - Development Strategy: Pursuing parallel development of "Cloud-based Tax Digitalization Solutions" and "On-premise Tax Digitalization Solutions" for steady growth[24](index=24&type=chunk) - Product Upgrades: Completed comprehensive compatibility upgrades for tax digitalization solutions with electronic invoices, and strengthened core competitiveness based on low-code platforms and self-developed software products[24](index=24&type=chunk) - AI Empowerment: Deep AI capabilities effectively enhance customer operational efficiency and tax compliance, boosting repurchase rates and new customer acquisition potential[24](index=24&type=chunk) [III. DI Transformation Progress and Product Matrix](index=13&type=section&id=%E4%B8%89.%20%E5%85%AC%20%E5%8F%B8DI%E8%BD%89%E5%9E%8B%E6%A5%AD%E5%8B%99%E9%80%B2%E5%B1%95%E8%88%87%E7%94%A2%E5%93%81%E7%9F%A9%E9%99%A3) Leveraging its digital document technology and data resources, the company launched three intelligent agent matrices: "Golden Shield" Transaction Management Intelligent Agent, "Wise Realm" Financial Business Intelligent Agent, and "Ask Data" Business Decision Intelligent Agent, achieving a DI strategic upgrade from traditional digitalization to comprehensive data governance and intelligent analysis [Golden Shield Transaction Management Intelligent Agent](index=13&type=section&id=%E3%80%8C%E9%87%91%E7%9B%BE%E3%80%8D%E4%BA%A4%E6%98%93%E7%AE%A1%E7%90%86%E6%99%BA%E8%83%BD%E9%AB%94) The "Golden Shield" intelligent agent integrates AI large models with invoice compliance processing capabilities, offering an integrated solution for intelligent tax risk supervision and automated invoice processing, achieving intelligent upgrades in document recognition, parsing, comparison, and qualification review through multi-modal recognition and large model technologies, and building a multi-language, multi-country global transaction compliance solution for enterprises expanding overseas under the "Belt and Road" initiative - Functionality: Integrates AI large models with invoice compliance processing capabilities to form an integrated solution for intelligent tax risk supervision and automated invoice processing[25](index=25&type=chunk) - Technology: Relies on multi-modal recognition and large model technologies to achieve intelligent upgrades in document recognition, parsing, comparison, and qualification review[25](index=25&type=chunk) - Globalization: Builds a multi-language, multi-country, multi-type invoice global transaction compliance solution for enterprises expanding overseas under the "Belt and Road" initiative[25](index=25&type=chunk) [Wise Realm Financial Business Intelligent Agent](index=13&type=section&id=%E3%80%8C%E7%9D%BF%E7%95%8C%E3%80%8D%E9%87%91%E8%9E%8D%E6%A5%AD%E5%8B%99%E6%99%BA%E8%83%BD%E9%AB%94) The "Wise Realm" intelligent agent leverages a **3000+ dimension** commercial credit evaluation system to provide precise risk assessment and intelligent risk control services for banks and internet financial institutions, forming a three-in-one intelligent application matrix of financial risk control, financial marketing, and financial policy, comprehensively enhancing financial business service capabilities - Core Capability: Leverages a **3000+ dimension** commercial credit evaluation system to provide precise risk assessment and intelligent risk control services[25](index=25&type=chunk) - Application Matrix: Forms a three-in-one intelligent application matrix of financial risk control intelligent agent, financial marketing intelligent agent, and financial policy intelligent agent[25](index=25&type=chunk) - Financial Risk Control Intelligent Agent: Utilizes MCP services and **2000+ dimension** credit evaluation indicators to quickly customize enterprise-level risk profiles[25](index=25&type=chunk) [Ask Data Business Decision Intelligent Agent](index=14&type=section&id=%E3%80%8C%E5%95%8F%E6%95%B8%E3%80%8D%E7%B6%93%E7%87%9F%E6%B1%BA%E7%AD%96%E6%99%BA%E8%83%BD%E9%AB%94) The "Ask Data" intelligent agent integrates natural language interaction, knowledge graphs, and predictive modeling to help enterprises consolidate internal and external data resources, support industry panoramic and dynamic analysis, automatically generate reports and charts, provide a dual perspective of "seeing oneself and seeing the market," and facilitate scientific and intelligent strategic decision-making - Functionality: Integrates natural language interaction, knowledge graphs, and predictive modeling to help enterprises consolidate internal and external data resources[26](index=26&type=chunk) - Value: Supports industry panoramic and dynamic analysis, automatically generates reports and charts, forming a dual perspective of "seeing oneself and seeing the market" to facilitate scientific and intelligent strategic decision-making[26](index=26&type=chunk) - Strategic Upgrade: Achieves a DI strategic upgrade from traditional document digitalization to comprehensive data governance and intelligent analysis[26](index=26&type=chunk) [IV. Industry Collaboration and Strategic Partnerships](index=14&type=section&id=%E5%9B%9B.%20%E8%A1%8C%E6%A5%AD%E5%8D%94%E5%90%8C%E8%88%87%E6%88%B0%E7%95%A5%E5%90%88%E4%BD%9C) During the reporting period, the company collaborated with leading enterprises and institutions in international shipping, international brand sales, electric vehicle sales, commercial real estate, and financial services, accelerating the deployment of intelligent agents in vertical industries, creating hundreds of intelligent application scenarios, and continuously strengthening industry barriers and customer stickiness - International Shipping: Partnered with a leading domestic shipping enterprise to build a cross-border document compliance intelligent agent, enhancing customs clearance efficiency and risk prevention[27](index=27&type=chunk) - International Brand Sales: Empowered an international brand consumer goods manufacturer to build an overseas invoice recognition compliance intelligent agent, improving financial processing efficiency[27](index=27&type=chunk) - Financial Services: Collaborated with a top internet financial institution and a global Big Four accounting firm to launch "Tax Compliance" and inclusive finance AI advisor intelligent agents[27](index=27&type=chunk) [V. National Strategy and Data Element Value](index=15&type=section&id=%E4%BA%94.%20%E5%9C%8B%E5%AE%B6%E6%88%B0%E7%95%A5%E8%88%87%E6%95%B8%E6%93%9A%E8%A6%81%E7%B4%A0%E5%83%B9%E5%80%BC) The company actively responds to the National Data Bureau's "market-oriented allocation of data elements" strategy, participates in the construction of the national public data resource registration platform, achieves multi-dimensional data interconnection, promotes provincial data registration platform construction, explores the full-process value release of data, and aims to build a core ecological hub for data element value through future collaborations - Response to National Strategy: Actively responds to the National Data Bureau's "market-oriented allocation of data elements" strategy and continuously participates in the construction of the national public data resource registration platform[29](index=29&type=chunk) - Data Interconnection: The platform achieves multi-dimensional data interconnection across industry and commerce, judiciary, taxation, and customs, effectively eliminating "information silos" in public data[29](index=29&type=chunk) - Future Outlook: Through deep cooperation with data groups, data exchanges, and industrial internet platforms, the company will continue to expand data intelligence integration application scenarios and build a core ecological hub for data element value[29](index=29&type=chunk) [VI. Global Expansion and Future Outlook](index=15&type=section&id=%E5%85%AD.%20%E5%85%A8%E7%90%83%E5%8C%96%E4%BD%88%E5%B1%80%E8%88%87%E6%9C%AA%E4%BE%86%E5%B1%95%E6%9C%9B) Leveraging its experience serving **90.7 million** Chinese taxpayers and the Tax Swift Agent global tax compliance infrastructure, the company has achieved compatibility with **100+ national languages**, **200+ invoice types**, and **30,000 international tax rules**, covering multiple countries and continuously expanding into emerging markets in Southeast Asia, the Middle East, Africa, and South America; in the future, it will use "AI Intelligent Agent + Data Intelligent Base" as a dual engine to deepen tax digitalization solutions, promote inclusive finance, expand the intelligent agent matrix, build ecological alliances, and strengthen global expansion [Future Outlook](index=15&type=section&id=%E6%9C%AA%E4%BE%86%E5%B1%95%E6%9C%9B) The company will leverage "AI Intelligent Agent + Data Intelligent Base" as a dual engine to deepen tax digitalization solutions, expand full invoice lifecycle management and risk monitoring application scenarios, and enhance profitability and data value application; simultaneously, it will promote digital inclusive finance, expand the intelligent agent matrix through open-source large models and other technologies, strengthen cooperation with AI and data ecosystem partners, and continuously improve the global intelligent tax infrastructure Tax Swift Agent to enhance overseas market coverage - Global Expansion: Achieved compatibility with **100+ national languages**, **200+ invoice types**, and **30,000 international tax rules**, covering countries like Malaysia, Singapore, and Argentina, with continuous expansion into emerging markets planned[30](index=30&type=chunk) - Future Strategy: Utilize "AI Intelligent Agent + Data Intelligent Base" as a dual engine to deepen tax digitalization solutions and expand application scenarios for full invoice lifecycle management and risk monitoring[31](index=31&type=chunk) - Core Objective: Transform data from a single resource into measurable, value-added digital productivity, helping clients improve operational efficiency and risk management, and promoting the restructuring and upgrading of the global commercial credit system[32](index=32&type=chunk) [Financial Review](index=16&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) This section provides a detailed review of the company's financial performance in H1 2025, including revenue composition, cost control, profit changes, non-IFRS adjustments, liquidity and working capital, foreign exchange, interest rate, price, and credit risk management, as well as capital expenditures, commitments, and indebtedness, comprehensively presenting the company's financial health and management strategies [Revenue](index=17&type=section&id=%E6%94%B6%E7%9B%8A) In H1 2025, the company's revenue increased by **23.5%** year-on-year to **RMB 347.6 million**, with AI business contributing **RMB 60.9 million**, primarily driven by the "Golden Shield" Transaction Management Intelligent Agent; cloud-based tax digitalization solutions grew by **16.3%** and on-premise solutions by **93.1%** in core business, benefiting from the Golden Tax IV project and AI empowerment, while data-driven analytical services revenue decreased by **35.6%** due to strategic contraction of low-margin businesses Revenue by Business Line (RMB thousand) | Business Line | 2025 | 2024 | Change (%) | 2025 Share | 2024 Share | | :--- | :--- | :--- | :--- | :--- | :--- | | AI Business | 60,860 | – | N/A | 17.5% | 0% | | - Golden Shield Transaction Management Intelligent Agent | 59,964 | – | N/A | 17.3% | 0% | | - Wise Realm Financial Business Intelligent Agent | 896 | – | N/A | 0.2% | 0% | | Core Business | 285,214 | 281,267 | +1.4% | 82.1% | 99.9% | | - Cloud-based Tax Digitalization Solutions | 111,169 | 95,575 | +16.3% | 32.0% | 33.9% | | - On-premise Tax Digitalization Solutions | 81,663 | 42,286 | +93.1% | 23.5% | 15.0% | | - Data-driven Analytical Services | 92,382 | 143,406 | -35.6% | 26.6% | 51.0% | | Others | 1,514 | 284 | +433.1% | 0.4% | 0.1% | | **Total** | **347,588** | **281,551** | **+23.5%** | **100.0%** | **100.0%** | - AI business revenue grew from zero to **RMB 60.9 million**, primarily driven by the "Golden Shield" Transaction Management Intelligent Agent[36](index=36&type=chunk) - On-premise tax digitalization solutions revenue increased by **93.1%**, mainly benefiting from the Golden Tax IV project's electronic invoice reform and AI empowerment[37](index=37&type=chunk) [Cost of Sales](index=19&type=section&id=%E9%8A%B7%E5%94%AE%E6%88%90%E6%9C%AC) In H1 2025, cost of sales increased by **8.4%** year-on-year to **RMB 185.6 million**, primarily due to new cost of sales from the AI business and increased cost of sales for on-premise tax digitalization solutions, while data-driven analytical services saw a significant decrease in cost of sales due to business contraction Cost of Sales by Business Line (RMB thousand) | Business Line | 2025 | 2024 | Change (%) | 2025 Share | 2024 Share | | :--- | :--- | :--- | :--- | :--- | :--- | | AI Business | 54,357 | – | N/A | 29.3% | 0% | | - Golden Shield Transaction Management Intelligent Agent | 54,194 | – | N/A | 29.2% | 0% | | - Wise Realm Financial Business Intelligent Agent | 163 | – | N/A | 0.1% | 0% | | Core Business | 131,224 | 170,576 | -23.1% | 70.7% | 99.6% | | - Cloud-based Tax Digitalization Solutions | 44,498 | 49,251 | -9.7% | 24.0% | 28.8% | | - On-premise Tax Digitalization Solutions | 50,427 | 38,459 | +31.1% | 27.2% | 22.4% | | - Data-driven Analytical Services | 36,299 | 82,866 | -56.2% | 19.5% | 48.4% | | Others | 20 | 661 | -97.0% | 0.0% | 0.4% | | **Total** | **185,601** | **171,237** | **+8.4%** | **100.0%** | **100.0%** | [Gross Profit](index=20&type=section&id=%E6%AF%9B%E5%88%A9) In H1 2025, gross profit increased by **46.8%** to **RMB 162.0 million**, with gross margin improving from **39.2%** to **46.6%**, primarily due to the strategic contraction of low-margin businesses and AI empowerment enhancing automated deployment and configuration capabilities, thereby reducing delivery costs Gross Profit and Gross Margin by Business Line | Business Line | 2025 Gross Profit (RMB thousand) | 2025 Gross Margin (%) | 2024 Gross Profit (RMB thousand) | 2024 Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | | AI Business | 6,503 | 10.7 | – | – | | - Golden Shield Transaction Management Intelligent Agent | 5,770 | 9.6 | – | – | | - Wise Realm Financial Business Intelligent Agent | 733 | 81.8 | – | – | | Core Business | 153,990 | 54.0 | 110,691 | 39.4 | | - Cloud-based Tax Digitalization Solutions | 66,671 | 60.0 | 46,324 | 48.5 | | - On-premise Tax Digitalization Solutions | 31,236 | 38.2 | 3,827 | 9.1 | | - Data-driven Analytical Services | 56,083 | 60.7 | 60,540 | 42.2 | | Others | 1,494 | 98.7 | (377) | (132.7) | | **Total** | **161,987** | **46.6** | **110,314** | **39.2** | - Gross margin growth is primarily attributed to the strategic reduction in the revenue proportion of low-margin businesses and AI empowerment, which enhanced automated deployment and configuration capabilities, thereby lowering delivery costs[40](index=40&type=chunk) [Other Income](index=20&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) Other income for H1 2025 was **RMB 0.9 million**, a significant decrease from **RMB 4.4 million** in H1 2024, primarily due to a year-on-year reduction in government grants - Other income for H1 2025 was **RMB 0.9 million**, compared to **RMB 4.4 million** in H1 2024[42](index=42&type=chunk) - The primary reason for the decrease was a year-on-year reduction in government grants[42](index=42&type=chunk) [Other Gains and Losses](index=20&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%E5%8F%8A%E虧%E6%90%8D) In H1 2025, other gains of **RMB 0.1 million** were recorded, mainly comprising exchange losses and the reversal of litigation expenses accrued in the prior year, whereas H1 2024 saw other losses of **RMB 5.6 million**, primarily including donations and litigation expenses - H1 2025: Other gains of **RMB 0.1 million**, primarily including exchange losses and the reversal of litigation expenses accrued in the prior year based on a judgment[43](index=43&type=chunk) - H1 2024: Other losses of **RMB 5.6 million**, primarily including the Group's donations and litigation expenses[43](index=43&type=chunk) [Research and Development Expenses](index=21&type=section&id=%E7%A0%94%E7%99%BC%E9%96%8B%E6%94%AF) In H1 2025, R&D expenses decreased by **33.5%** to **RMB 68.3 million**, primarily due to reduced share-based payment expenses and the introduction of AI-driven IPD R&D management best practices, which improved software development pipeline efficiency by approximately **12%**; the company strategically reallocated R&D resources, investing **RMB 12.6 million** in Data+AI R&D - R&D expenses decreased by **33.5%** from **RMB 102.6 million** in H1 2024 to **RMB 68.3 million**[44](index=44&type=chunk) - Key reasons: Reduced share-based payment expenses and the introduction of AI-driven IPD R&D management, which improved software development pipeline efficiency by approximately **12%**[44](index=44&type=chunk) - Strategic Adjustment: **RMB 12.6 million** was invested in Data+AI R&D (compared to zero in H1 2024)[44](index=44&type=chunk) [Administrative Expenses](index=21&type=section&id=%E8%A1%8C%E6%94%BF%E9%96%8B%E6%94%AF) In H1 2025, administrative expenses increased by **17.6%** to **RMB 44.8 million**, primarily due to one-off organizational efficiency improvement costs associated with the company's strategic talent structure upgrade - Administrative expenses increased by **17.6%** from **RMB 38.0 million** in H1 2024 to **RMB 44.8 million**[45](index=45&type=chunk) - Primary reason: One-off costs associated with the company's strategic talent structure upgrade[45](index=45&type=chunk) [Distribution and Selling Expenses](index=21&type=section&id=%E5%88%86%E9%8A%B7%E5%8F%8A%E9%8A%B7%E5%94%AE%E9%96%8B%E6%94%AF) In H1 2025, distribution and selling expenses decreased by **38.6%** to **RMB 49.3 million**, primarily due to reduced share-based payment expenses and the company's enhanced operational efficiency and cost savings through refined operations - Distribution and selling expenses decreased by **38.6%** from **RMB 80.0 million** in H1 2024 to **RMB 49.3 million**[46](index=46&type=chunk) - Primary reasons: Reduced share-based payment expenses and the company's achievement of operational efficiency improvements and operating expense savings through refined operations[46](index=46&type=chunk) [Finance Income](index=21&type=section&id=%E8%B2%A1%E5%8B%99%E6%94%B6%E5%85%A5) In H1 2025, finance income increased by **6.1%** to **RMB 1.6 million** - Finance income increased by **6.1%** from **RMB 1.5 million** in H1 2024 to **RMB 1.6 million**[47](index=47&type=chunk) [Finance Costs](index=21&type=section&id=%E8%B2%A1%E5%8B%99%E6%88%90%E6%9C%AC) In H1 2025, finance costs were **RMB 0.3 million**, remaining largely consistent with H1 2024 - Finance costs for H1 2025 were **RMB 0.3 million**, consistent with **RMB 0.3 million** in H1 2024[48](index=48&type=chunk) [Fair Value Changes of Financial Assets and Liabilities Measured at Fair Value Through Profit or Loss](index=22&type=section&id=%E6%8C%89%E5%85%AC%E5%B9%B3%E5%80%BC%E8%A8%88%E9%87%8F%E4%B8%94%E5%85%B6%E8%AE%8A%E5%8B%95%E8%A8%88%E5%85%A5%E6%90%8D%E7%9B%8A%E7%9A%84%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2%E5%8F%8A%E8%B2%A0%E5%82%B5%E7%9A%84%E5%85%AC%E5%B9%B3%E5%80%BC%E8%AE%8A%E5%8B%95) In H1 2025, a fair value gain of **RMB 5.4 million** was recorded for financial assets measured at fair value, primarily from wealth management products, whereas H1 2024 saw a loss of **RMB 303.0 million**, mainly due to increased valuation from the company's Hong Kong IPO launch, leading to increased fair value losses on preferred shares, which were derecognized after listing - H1 2025: Fair value gain of **RMB 5.4 million**, primarily from wealth management products[49](index=49&type=chunk) - H1 2024: Fair value loss of **RMB 303.0 million**, primarily due to increased fair value losses on preferred shares resulting from the launch of the Hong Kong IPO[49](index=49&type=chunk) [Share of Results of Associates and Joint Ventures](index=22&type=section&id=%E6%87%89%E4%BD%94%E8%81%AF%E7%87%9F%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%90%88%E7%87%9F%E4%BC%81%E6%A5%AD%E6%A5%AD%E7%B8%BE) In H1 2025, the share of losses from associates and joint ventures narrowed to **RMB 0.8 million**, a reduction from **RMB 5.2 million** in H1 2024, primarily due to decreased losses incurred by these entities during the period - Share of losses from associates and joint ventures: **RMB 0.8 million** in H1 2025, compared to **RMB 5.2 million** in H1 2024[50](index=50&type=chunk) - Primary reason: These associates and joint ventures recorded reduced losses in H1 2025[50](index=50&type=chunk) [Income Tax Expense](index=22&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) In H1 2025, income tax expense was **RMB 0.02 million**, remaining relatively stable compared to **RMB 0.2 million** in H1 2024 - Income tax expense: **RMB 0.02 million** in H1 2025, compared to **RMB 0.2 million** in H1 2024[51](index=51&type=chunk) [Net Profit/(Loss) for the Period](index=22&type=section&id=%E6%9C%9F%E5%85%A7%E6%B7%A8%E5%88%A9%E6%BD%A4%E2%95%B1%E虧%E6%90%8D) In H1 2025, the company achieved a net profit of **RMB 3.6 million**, successfully reversing the net loss of **RMB 445.8 million** in H1 2024, primarily due to increased revenue and effective cost control - Net profit/(loss) for the period: **RMB 3.6 million net profit** in H1 2025, compared to a **RMB 445.8 million net loss** in H1 2024[52](index=52&type=chunk) [Adjusted Net Profit/(Loss) for the Period (Non-IFRS Measure)](index=22&type=section&id=%E6%9C%9F%E5%85%A7%E7%B6%93%E8%AA%BF%E6%95%B4%E6%B7%A8%E5%88%A9%E6%BD%A4%E2%95%B1%EF%BC%88%E虧%E6%90%8D%EF%BC%89%EF%BC%88%E9%9D%9E%E5%9C%8B%E9%9A%9B%E8%B2%A1%E5%8B%99%E5%A0%B1%E5%91%8A%E6%BA%96%E5%89%87%E8%A8%88%E9%87%8F%EF%BC%89) In H1 2025, adjusted net profit (Non-IFRS) was **RMB 4.6 million**, successfully reversing the adjusted net loss of **RMB 81.2 million** in H1 2024, with growth primarily attributed to increased total revenue from scenario-based data intelligence strategies, expanded gross margin, improved operational efficiency, and operating expense savings Reconciliation of Net Profit/(Loss) to Adjusted Net Profit/(Loss) (RMB thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Net Profit/(Loss) for the Period | 3,647 | (445,802) | | Add: Share-based Payment Expenses | 950 | 35,743 | | Add: Listing Expenses | – | 23,214 | | Add: Fair Value Changes of Financial Liabilities Measured at Fair Value - Preferred Shares | – | 305,648 | | **Adjusted Net Profit/(Loss)** | **4,597** | **(81,197)** | - The increase in adjusted net profit is primarily attributed to increased total revenue achieved through the implementation of scenario-based data intelligence strategies[54](index=54&type=chunk) - Additionally, refined operations led to expanded gross margin, improved operational efficiency, and operating expense savings[54](index=54&type=chunk) [Liquidity and Capital Resources](index=23&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E7%87%9F%E9%81%8B%E8%B3%87%E9%87%91%E4%BE%86%E6%BA%90) The company's cash is primarily used for working capital needs and recurring expenses, with funding sources including cash flow from operating activities, net proceeds from global offerings, and capital market financing; as of June 30, 2025, current assets decreased to **RMB 901.6 million**, mainly due to working capital requirements - Primary use of cash: Funding working capital requirements and other recurring expenses[55](index=55&type=chunk) - Funding sources: Cash flows from operating activities, net proceeds from the global offering, and other funds raised from capital markets from time to time[55](index=55&type=chunk) - Current assets decreased from **RMB 945.5 million** as of December 31, 2024, to **RMB 901.6 million** as of June 30, 2025, primarily due to the company's working capital requirements[55](index=55&type=chunk) [Cash and Cash Equivalents](index=24&type=section&id=%E7%8F%BE%E9%87%91%E5%8F%8A%E7%8F%BE%E9%87%91%E7%AD%89%E5%83%B9%E7%89%A9) As of June 30, 2025, the company's cash and cash equivalents decreased to **RMB 340.1 million**, with the combined total of cash and cash equivalents and wealth management products classified as financial assets measured at fair value amounting to **RMB 579.6 million** - Cash and cash equivalents decreased from **RMB 443.9 million** as of December 31, 2024, to **RMB 340.1 million** as of June 30, 2025[56](index=56&type=chunk) - As of June 30, 2025, the combined total of cash and cash equivalents and wealth management products classified as financial assets measured at fair value through profit or loss was **RMB 579.6 million**[56](index=56&type=chunk) [Foreign Exchange Risk Management](index=24&type=section&id=%E5%A4%96%E5%BD%99%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86) The company's primary business is conducted in RMB, exposing it to foreign exchange risk from non-RMB denominated transactions and assets/liabilities; in H1 2025, a net exchange loss of **RMB 1.5 million** was recognized, mainly due to fluctuations in HKD-denominated assets, with no hedging arrangements in place, and risk managed through close monitoring of exchange rate changes - Functional currency: RMB, with business primarily conducted in RMB[57](index=57&type=chunk) - Foreign Exchange Risk: Exposed to foreign exchange risk from commercial transactions and recognized assets and liabilities denominated in non-RMB currencies[57](index=57&type=chunk) - Foreign Exchange Loss: A net exchange loss of **RMB 1.5 million** was recognized in H1 2025, primarily due to exchange rate fluctuations of HKD-denominated assets within cash and cash equivalents[57](index=57&type=chunk) [Interest Rate Risk](index=24&type=section&id=%E5%88%A9%E7%8E%87%E9%A2%A8%E9%9A%AA) The company faces cash flow interest rate risk related to bank balances, cash, and market interest rate-indexed wealth management products, as well as fair value interest rate risk related to time deposits and lease liabilities; the company manages risk by assessing the potential impact of interest rate changes and currently does not use interest rate swaps for hedging - Sources of Risk: Cash flow interest rate risk related to bank balances and cash bearing market interest rates, and market interest rate-indexed wealth management products; fair value interest rate risk related to time deposits and lease liabilities[58](index=58&type=chunk) - Management Strategy: Manages interest rate risk by assessing the potential impact of any interest rate changes based on interest rate levels and outlook[58](index=58&type=chunk) - Hedging: As of June 30, 2025, the company did not use any interest rate swaps to hedge its interest rate exposure[58](index=58&type=chunk) [Price Risk](index=25&type=section&id=%E5%83%B9%E6%A0%BC%E9%A2%A8%E9%9A%AA) The company is exposed to price risk on certain market price-linked wealth management products, investments in associates with preferred shares, investments in convertible loans, and arrangements/rights to receive additional shares at a nominal consideration; the company currently has no policy to hedge price risk and monitors it closely by maintaining a diversified investment portfolio - Sources of Risk: Certain market price-linked wealth management products, investments in associates with preferred shares, investments in convertible loans, and arrangements/rights to receive additional shares at a nominal consideration[59](index=59&type=chunk) - Management Strategy: Currently has no policy to hedge price risk and monitors it closely by maintaining a diversified investment portfolio with different risk profiles[59](index=59&type=chunk) [Credit Risk](index=25&type=section&id=%E4%BF%A1%E8%B2%B8%E9%A2%A8%E9%9A%AA) The company faces credit risk related to trade and other receivables, cash and cash equivalents, restricted bank deposits, time deposits, amounts due from related parties, and contract assets; the company places bank balances with reputable financial institutions and conducts ongoing credit assessments of customers, resulting in immaterial credit losses - Sources of Risk: Trade and other receivables, cash and cash equivalents, restricted bank deposits, time deposits, amounts due from related parties, and contract assets[60](index=60&type=chunk) - Bank Deposits: Primarily placed with state-owned or reputable financial institutions in China, resulting in low credit risk[60](index=60&type=chunk) - Trade Receivables Management: Policies are in place to ensure credit periods are granted to counterparties with appropriate credit records, and management conducts ongoing credit assessments of counterparties[61](index=61&type=chunk) [Capital Expenditures](index=25&type=section&id=%E8%B3%87%E6%9C%AC%E9%96%8B%E6%94%AF) In H1 2025, total capital expenditures amounted to approximately **RMB 4.9 million**, primarily for intangible assets generated from internal R&D, a significant increase from **RMB 0.8 million** in H1 2024 - Total capital expenditures: Approximately **RMB 4.9 million** in H1 2025, compared to approximately **RMB 0.8 million** in H1 2024[62](index=62&type=chunk) - Primary components: In 2025, mainly intangible assets generated from internal R&D; in 2024, mainly purchases of property, plant and equipment, and intangible assets[62](index=62&type=chunk) [Capital Commitments](index=26&type=section&id=%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94) As of June 30, 2025, the company's capital commitments were **RMB 68.5 million**, a slight decrease from **RMB 71.7 million** as of December 31, 2024, primarily related to capital expenditures for acquiring equity in associates and joint ventures - Capital commitments: **RMB 68.5 million** as of June 30, 2025, compared to **RMB 71.7 million** as of December 31, 2024[63](index=63&type=chunk) - Primary reason: Mainly related to capital expenditures for our acquisition of equity interests in associates and joint ventures[63](index=63&type=chunk) [Indebtedness](index=26&type=section&id=%E5%82%B5%E9%A0%85) During the reporting period, the company's indebtedness primarily consisted of lease liabilities, which significantly increased to **RMB 20.8 million** as of June 30, 2025, from **RMB 3.0 million** at the end of 2024; the company secured a credit facility of **RMB 100.0 million**, which remained undrawn as of the announcement date - Primary indebtedness: Lease liabilities[64](index=64&type=chunk) - Lease liabilities: **RMB 20.8 million** as of June 30, 2025, compared to **RMB 3.0 million** as of December 31, 2024[64](index=64&type=chunk) - Credit facility: Obtained a **RMB 100.0 million** credit facility from a reputable Chinese commercial bank, which remained undrawn as of the announcement date[64](index=64&type=chunk) [Contingent Liabilities](index=26&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) As of June 30, 2025, the company had no material contingent liabilities, guarantees, or significant pending or threatened litigation or claims against any member of the Group - As of June 30, 2025, the company had no material contingent liabilities, guarantees, or any pending or threatened material litigation or claims against any member of the Group[65](index=65&type=chunk) [Material Investments, Acquisitions and Disposals](index=26&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E3%80%81%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE) In H1 2025, the company held no material investments and undertook no material acquisitions or disposals of subsidiaries and associates - For the six months ended June 30, 2025, the company held no material investments and made no material acquisitions or disposals of subsidiaries and associates[66](index=66&type=chunk) [Pledge of Assets of the Group](index=26&type=section&id=%E6%9C%AC%E9%9B%86%E5%9C%98%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) As of June 30, 2025, the company had not pledged any assets - As of June 30, 2025, the company had no pledged assets[67](index=67&type=chunk) [Future Plans for Material Investments and Capital Assets](index=26&type=section&id=%E6%9C%89%E9%97%9C%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E5%8F%8A%E8%B3%87%E6%9C%AC%E8%B3%87%E7%94%A2%E7%9A%84%E6%9C%AA%E4%BE%86%E8%A8%88%E5%8A%83) Except as disclosed in the prospectus and this announcement, the company has no other material future plans for significant investments and capital assets as of the announcement date - Except as disclosed in the company's prospectus dated June 28, 2024, and this announcement, the company has no other material future plans for significant investments and capital assets as of the date of this announcement[68](index=68&type=chunk) [Key Financial Indicators](index=27&type=section&id=%E4%B8%BB%E8%A6%81%E8%B2%A1%E5%8B%99%E6%8C%87%E6%A8%99) Key Financial Ratios | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Gross Margin | 46.6% | 39.2% | | Net Profit/(Loss) Margin | 1.0% | (158.3%) | | Revenue Growth Rate | 23.5% | (16.1%) | | Current Ratio (as of June 30/December 31) | 3.3 | 3.4 | [Other Information](index=28&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) [Use of Proceeds](index=28&type=section&id=%E6%89%80%E5%BE%97%E6%AC%BE%E7%94%A8%E9%80%94) The company's net proceeds from the global offering were approximately **HKD 228.9 million**, of which **HKD 70.3 million** had been utilized as of June 30, 2025, primarily for solution upgrades and enhancements, R&D, and selective acquisitions and investments; the company expects to fully utilize the net proceeds by December 31, 2029 - Net proceeds from the global offering: Approximately **HKD 228.9 million**[72](index=72&type=chunk) Allocation and Use of Net Proceeds (HKD million) | Use | Net Proceeds Allocation (%) | Unutilized as of Jan 1, 2025 | Utilized During Reporting Period | Utilized as of June 30, 2025 | Unutilized as of June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | Solution Upgrades and Enhancements | 31.5 | 58.0 | 11.1 | 25.2 | 46.9 | | Research and Development | 29.4 | 48.9 | 21.3 | 39.7 | 27.6 | | Sales and Marketing Initiatives | 19.3 | 44.2 | – | – | 44.2 | | Selective Acquisitions and Investments | 11.5 | 20.9 | – | 5.4 | 20.9 | | Working Capital and Other General Corporate Purposes | 8.3 | 19.0 | – | – | 19.0 | | **Total** | **100.0** | **191.0** | **32.4** | **70.3** | **158.6** | - The company expects to fully utilize the net proceeds from the global offering by **December 31, 2029**[74](index=74&type=chunk) [Human Resources](index=29&type=section&id=%E4%BA%BA%E5%8A%9B%E8%B3%87%E6%BA%90) As of June 30, 2025, the Group had **835 employees**, a decrease from **934** at the end of 2024; the company attracts and retains talent by offering basic salaries, allowances, bonuses, share options, and other benefits, along with regular training - Number of employees: **835** as of June 30, 2025 (December 31, 2024: **934**)[75](index=75&type=chunk) - Remuneration and benefits: Include basic salaries, allowances, bonuses, share options, and other employee benefits[75](index=75&type=chunk) - Training: Regular training is provided to employees to enhance their skills and knowledge[75](index=75&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=29&type=section&id=%E8%B3%BC%20%E8%B2%B7%E3%80%81%E5%87%BA%20%E5%94%AE%20%E6%88%96%20%E8%B4%96%20%E5%9B%9E%20%E6%9C%AC%20%E5%85%AC%20%E5%8F%B8%20%E4%B8%8A%20%E5%B8%82%20%E8%AD%89%20%E5%88%B8) From January 1, 2025, up to the date of this announcement, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities - From **January 1, 2025**, up to the date of this announcement, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[76](index=76&type=chunk) [Interim Dividends](index=29&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board resolved not to declare any interim dividend for the six months ended June 30, 2025 - The Board resolved not to declare any interim dividend for the six months ended June 30, 2025[77](index=77&type=chunk) [Public Float](index=29&type=section&id=%E5%85%AC%E7%9C%BE%E6%8C%81%E8%82%A1%E9%87%8F) As of the date of this announcement, the company has maintained a sufficient public float as required by the Listing Rules - As of the date of this announcement, the company has maintained a sufficient public float as required by the Listing Rules[78](index=78&type=chunk) [Compliance with Corporate Governance Code](index=29&type=section&id=%E9%81%B5%E5%AE%88%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87) The company has adopted the principles and code provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules and complied with all applicable code provisions during the reporting period, demonstrating its commitment to maintaining high standards of corporate governance practices - The company has adopted the principles and code provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules as its own corporate governance code[79](index=79&type=chunk) - During the reporting period, the company complied with all applicable code provisions of the Corporate Governance Code[79](index=79&type=chunk) [Compliance with Model Code for Securities Transactions](index=30&type=section&id=%E9%81%B5%E5%AE%88%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E4%B9%8B%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers in Appendix C3 of the Listing Rules; following specific inquiries, all directors and supervisors confirmed compliance with the Model Code for the six months ended June 30, 2025 - The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules as the code of conduct for directors' securities transactions[80](index=80&type=chunk) - Following specific inquiries with all directors and supervisors of the company, each director and supervisor confirmed compliance with the Model Code for the six months ended June 30, 2025[80](index=80&type=chunk) [Change of Auditor](index=30&type=section&id=%E6%9B%B4%E6%8F%9B%E6%A0%B8%E6%95%B8%E5%B8%AB) Shareholders approved the change of the company's auditor from Deloitte Touche Tohmatsu to Rongcheng (Hong Kong) CPA Limited for the financial year ending December 31, 2025, on June 27, 2025 - On **June 27, 2025**, shareholders approved the change of the company's auditor from Deloitte Touche Tohmatsu to Rongcheng (Hong Kong) CPA Limited for the financial year ending December 31, 2025[81](index=81&type=chunk) [Audit Committee and Review of Interim Financial Results](index=30&type=section&id=%E5%AF%A9%E8%A8%88%E5%A7%94%E5%93%A1%E6%9C%83%E5%8F%8A%E5%AF%A9%E9%96%B1%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E6%A5%AD%E7%B8%BE) The Audit Committee, comprising three independent non-executive directors, reviewed and confirmed that the Group's unaudited condensed consolidated interim financial information for the six months ended June 30, 2025, was prepared in accordance with applicable accounting standards and presented fairly; the company's independent auditor, Rongcheng (Hong Kong) CPA Limited, reviewed the interim financial report in accordance with Hong Kong Standard on Review Engagements 2410 - The Audit Committee comprises three independent non-executive directors, with Mr. Wu Guoxian serving as the Chairman of the Audit Committee[82](index=82&type=chunk) - The Audit Committee reviewed the Group's unaudited condensed consolidated interim financial information for the six months ended June 30, 2025, and was satisfied that it was prepared in accordance with applicable accounting standards and presented fairly[82](index=82&type=chunk) - The company's independent auditor, Rongcheng (Hong Kong) CPA Limited, reviewed the unaudited interim financial report for the six months ended June 30, 2025, in accordance with Hong Kong Standard on Review Engagements 2410[83](index=83&type=chunk) [Events After the Reporting Period](index=31&type=section&id=%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) On July 29, 2025, the Board approved the grant of **4,750,000 restricted shares** to five grantees under the 2025 Share Incentive Scheme, representing approximately **2.10%** of the company's issued share capital, with shares sourced from those indirectly held by the controlling shareholder - On **July 29, 2025**, the Board approved the grant of restricted shares representing **4,750,000 shares** to five grantees[84](index=84&type=chunk) - These granted shares represent approximately **2.10%** of the company's issued share capital as of the date of this announcement[84](index=84&type=chunk) - The source of the grant was certain shares indirectly held by Ms. Chen Jie, the controlling shareholder, through Ningbo Xiuan Enterprise Management Partnership (Limited Partnership) and Tianjin Duoying Technology Center (Limited Partnership)[84](index=84&type=chunk) [Publication of 2025 Interim Results and 2025 Interim Report](index=31&type=section&id=%E5%88%8A%20%E7%99%BC2025%E5%B9%B4%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%8F%8A2025%E5%B9%B4%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) This announcement has been published on the HKEX and the company's website; the company's interim report for the six months ended June 30, 2025, will be dispatched to shareholders and published on the aforementioned websites in due course - This announcement is published on the HKEX website (www.hkexnews.hk) and the company's website (www.baiwang.com)[85](index=85&type=chunk) - The company's interim report for the six months ended June 30, 2025, will be dispatched to shareholders who have provided instructions to receive printed copies (if applicable) and published on the aforementioned websites in due course[85](index=85&type=chunk) [Acknowledgements](index=31&type=section&id=%E8%87%B4%20%E8%AC%9D) The Board extends its sincere gratitude to clients, business partners, employees, management team, and shareholders for their support - The Board sincerely thanks clients and business partners for their trust in the company, our employees and management team for their diligence, dedication, loyalty, and integrity, and our shareholders for their unwavering support[86](index=86&type=chunk)

Core Insights - The collaboration between Baidang Co. and Swire Coca-Cola aims to leverage AI technology to create a new intelligent tax management system, enhancing the digital transformation of tax processes for multinational enterprises [1][2] - Swire Coca-Cola, a significant bottling partner of Coca-Cola, operates extensively in regions including Greater China, Cambodia, Vietnam, Thailand, Laos, and the Midwest of the United States, emphasizing the need for advanced tax management solutions due to its complex business network and diverse tax environment [1] - The partnership is positioned to address the shift from compliance assurance to strategic empowerment in tax management, which is crucial for adapting to the globalized and digital economy [1] Company and Industry Summary - Baidang Co. is recognized as a leading data intelligence service provider in China, integrating AI large model technology with automated invoice processing and intelligent tax risk supervision to offer comprehensive smart tax solutions [1] - The intelligent tax management system being developed will automate the generation of tax declaration forms based on purchase and sales management, ensuring compliance and risk management through data-driven decision-making [2] - This collaboration is expected to set a practical example for innovation in tax management models for multinational companies, enhancing operational efficiency and compliance capabilities while facilitating cross-border trade and contributing to stable global economic development [2]

Core Viewpoint - The announcement of the semi-annual profit forecast for 2025 by Baiwang Co., Ltd. has attracted significant market attention, marking a solid step in its transformation from a traditional SaaS tax service provider to an AI data intelligence company [1][3]. Financial Performance - Baiwang's total revenue for the first half of 2025 is projected to be between 330 million to 380 million, representing a substantial increase of 17.2% to 34.9% compared to 281.6 million in the first half of 2024 [8]. - AI business revenue is expected to be around 58 million to 63 million, indicating a strong start for the company's AI initiatives [8]. - Gross margin is anticipated to improve from 39.2% in the first half of 2024 to between 45% and 50% in the first half of 2025 [8]. - The net profit is projected to be between 3 million to 5 million, a significant turnaround from a loss of 445.8 million in the same period last year [8][18]. Strategic Transformation - Baiwang is recognized for its early adoption of AI technology and its decisive transformation efforts, characterized by agility and determination [4][11]. - The company has focused on the "Digital Electric Enterprise" initiative, leveraging its partnership with the State Administration of Taxation as a key advantage in the ongoing tax reform [5][6]. - Baiwang has rapidly iterated its product offerings, establishing a clear product matrix with three main AI products: Jindun, Wenshu, and Ruijie [11][18]. Market Position and Future Outlook - The SaaS sector is becoming increasingly competitive, with traditional players and new entrants flooding the market [10]. - Baiwang's strategic partnerships with major tech companies like Huawei and Alibaba Cloud are expected to enhance its market presence and customer base, particularly among state-owned enterprises and SMEs [19][20]. - The company is likely to continue its growth trajectory in the second half of 2025, supported by its strong performance and proactive market initiatives [19][22].

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。 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2025 年8月20日（星 期 三）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6月30日止六個月之中期業績和其發佈及考慮 建 議 派 發 中 期 股 息（如 有）。 承董事會命 百望股份有限公司 陳杰女士 主席兼執行董事 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） 董事會會議召開日期 香 港，2025年8月8日 截 至 本 公 告 日 期，執 行 董 事 為 陳 杰 女 士、付 英 波 先 生、鄒 岩 先 生 及 金 鑫 女 士；非 執 行 董 事 為 ...

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 | | | 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: 2025年8月6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 | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 ( ...

Core Viewpoint - Baiwang Co., Ltd. is expected to achieve a historic turnaround with a net profit forecast of 3 to 5 million RMB for the first half of 2025, driven by a significant revenue increase of 17%-35% year-on-year, reaching 330 to 380 million RMB, with AI business contributing 58 to 63 million RMB [1] Group 1: Financial Performance - The company anticipates a substantial increase in revenue, with AI business becoming a core growth engine [1] - Gross margin is projected to rise to 45%-50%, validating the effectiveness of the company's "loss reduction and profit increase" strategy [1] Group 2: Strategic Transformation - Baiwang is transitioning from a traditional tax SaaS provider to a leader in data intelligence, successfully converting vast data resources into commercial value [1][2] - The company is focusing on a dual-engine strategy of "AI Intelligent Body × Data Intelligence" to enhance operational quality and build technical barriers [2] Group 3: Leadership Change - The appointment of a new CEO, Fu Yingbo, a seasoned AI leader, signals the company's commitment to its AI strategic transformation [3] Group 4: Market Potential and Competitive Advantage - Multiple institutions are optimistic about Baiwang's data monetization potential, highlighting the rarity of its government-level data infrastructure projects [4] - Baiwang's core competitiveness stems from its unparalleled data asset endowment, having processed invoice transaction amounts exceeding 95.35 trillion RMB, which is about seven times the nominal GDP of China in 2024 [4] Group 5: Customer Base Growth - The number of group clients served by Baiwang increased by 29.9% from 2051 to 2664, while the number of small and medium-sized clients grew by 18.8% [5] - The total number of taxpayer identification numbers served surged by 81.2%, indicating strong market penetration and influence [5] Group 6: Capital Operations and Incentives - Baiwang has submitted an application for the conversion of domestic unlisted shares to H-shares, which will significantly enhance its capital operation space and financing capabilities [6] - The introduction of an equity incentive plan in early 2025 aims to bind AI talent with the company's innovation direction, boosting market confidence and supporting the development of data intelligence technology [6]

Core Viewpoint - Baiwang Co., Ltd. has achieved profitability for the first time in the first half of 2025, marking a significant transition from a "strategic investment period" to a "value realization period" driven by AI and data intelligence strategies [2][3]. Financial Performance - The company expects to generate revenue between 330 million to 380 million yuan, representing a year-on-year growth of 17% to 35%, with AI business contributing 58 million to 63 million yuan [2]. - Net profit is projected to be between 3 million to 5 million yuan, a turnaround from a net loss of 446 million yuan in the same period last year [3]. - Gross margin is expected to rise to 45% to 50%, an increase of 5.8 to 10.8 percentage points year-on-year [3]. - Adjusted net profit (non-IFRS) is anticipated to reach 4 million to 6 million yuan, improving by over 85 million yuan compared to an adjusted net loss of 81.2 million yuan last year [3]. Strategic Transformation - Baiwang has transitioned from a traditional SaaS tax service provider to an AI data intelligence company, leveraging ten years of transaction data to enhance productivity [3][5]. - The company has implemented a "three-pronged" approach to cost management, focusing on refined operations to expand gross margins, improve operational efficiency, and reduce operating expenses [3]. Market Position and Data Utilization - Baiwang's competitive advantage lies in its processing capabilities, having handled 20.68 billion invoices, a 45% increase year-on-year, and processed a total transaction amount of 95.35 trillion yuan, equivalent to seven times China's GDP in 2024 [4]. - The CEO emphasized that while talent and computing power can be acquired, data remains a unique asset that companies must retain [4]. AI Product Development - The company has chosen a differentiated path by focusing on vertical scenarios such as finance, tax, and supply chain, integrating open-source model capabilities with industry-specific data [6]. - Baiwang's AI product matrix is positioned to accelerate the monetization of its data value, leveraging the structured nature of its tax data for applications in supply chain risk control and corporate compliance [6]. Capital Market Movements - Baiwang is progressing with its H-share "full circulation" application, planning to convert 135 million domestic shares into H-shares, which is expected to attract more international capital and inject new momentum into its data intelligence strategy [7].

Core Viewpoint - Baiwang Co., Ltd. (06657.HK) has successfully transitioned from loss to profit in its half-year performance, driven by strategic investments and long-term value creation, presenting new investment logic and opportunities in the capital market [1] Performance Data Highlights - Baiwang's revenue for the first half of 2025 is expected to be between RMB 330 million and RMB 380 million, a significant increase from RMB 281.6 million in the same period last year [2] - The AI business is projected to generate revenue of approximately RMB 58 million to RMB 63 million, becoming a new growth engine [2] - Gross margin is anticipated to be between 45.0% and 50.0%, up from 39.2% year-on-year [2] - Net profit is expected to range from RMB 3 million to RMB 5 million, a turnaround from a net loss of RMB 445.8 million in the previous year [2] - Adjusted net profit is projected to be around RMB 4 million to RMB 6 million [2] - The increase in total revenue is attributed to the growth in AI and digital tax solutions, while the rise in gross margin is due to a strategic reduction in low-margin business marketing and cost management [2] Strategic Developments - Baiwang has been actively pursuing a data intelligence strategy, which has become a focal point for capital market attention [4] - The company has entered into strategic agreements with various firms, including partnerships in AI model technology and financial risk management [4] - Baiwang's data scarcity combined with its application scenarios creates a competitive barrier, processing approximately 14.3 billion vouchers and covering 102 million enterprises [4] Market Response and Future Outlook - The capital market is increasingly recognizing Baiwang's value, with a trend of value reassessment since the company began its data intelligence transformation [6] - Despite potential short-term stock price fluctuations, the long-term strategic layout and performance improvement trends provide strong support for the stock price [6] - Baiwang aims to transform into a pure AI company within five years, shifting focus from low-margin businesses to higher-margin risk management services [6][7] - The risk management service revenue is projected to reach RMB 159 million in 2024, with a gross margin of 75.1%, indicating strong profitability [7] Product and Market Validation - Baiwang has successfully validated its products across multiple sectors and signed contracts with leading clients, which is expected to enhance service pricing and diversify revenue sources [5] - The company has launched a matrix of intelligent products, including various AI-driven solutions that improve operational efficiency and risk management for financial clients [7] - Market recognition of Baiwang's products is reflected in the significant increase in requests for business reports and the number of enterprises included in delivered reports [7] Investment Potential - In the context of heightened market interest in AI and digital economy sectors, Baiwang's solid business foundation, clear strategic direction, and notable performance improvements position it as a compelling investment opportunity [8] - Continuous advancements in technology, market expansion, and customer collaboration are expected to enable Baiwang to maintain a leading position in the data intelligence sector, offering long-term stable returns for investors [8]

Core Viewpoint - The company expects significant revenue growth and profitability improvement by June 30, 2025, driven by AI business and digital financial solutions [1] Revenue Forecast - The projected total revenue for the six months ending June 30, 2025, is estimated to be between RMB 330 million and RMB 380 million, an increase from RMB 281.6 million in the same period last year [1] - AI business revenue is expected to reach between RMB 58 million and RMB 63 million, compared to zero revenue in the same period last year [1] Profitability Metrics - The company's gross margin is anticipated to rise from 39.2% last year to between 45.0% and 50.0% [1] - Net profit is projected to be between RMB 3 million and RMB 5 million, reversing a net loss of RMB 445.8 million in the same period last year [1] Growth Drivers - Revenue growth is attributed to the increase in AI business and digital financial solutions [1] - The rise in gross margin is due to reduced marketing investments in low-margin businesses and refined cost management [1] - The improvement in net profit is primarily driven by total revenue growth and the implementation of data intelligence strategies [1] - The company has achieved gross margin expansion, enhanced operational efficiency, and reduced operating expenses through refined operations [1]