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 ...

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」）宣 佈，自2025年6 月3日 起： 於 付 先 生 獲 委 任 後，授 權 代 表 為 陳 杰 女 士 及 付 先 生，而 替任授權代表為 趙 明 璟 先 生。 承董事會命 百望股份有限公司 陳杰女士 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） 更換授權代表 (i) 本公司聯席公司秘書鄭天昊先生不再擔任香港聯合交易所有限公司 證券上市規則第3.05條 項 下 的 本 公 司 授 權 代 表（「授權代表」）；及 (ii) 本 公 司 執 行 董 事 兼 首 席 執 行 官 付 英 波 先 生（「付先生」）已 獲 委 任 為 授 權 代 表。 ...

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. 董事會已議決建議採納2025年 股 份 激 勵 計 劃。2025年股份激勵計劃經股 東 於 股 東 週 年 大 會 上 審 議 及 批 准 後 生 效。 由 於2025年股份激勵計劃項下的安排類似於以現有股份支付的股份計 劃，故 須 遵 守 上 市 規 則 第 十 七 章 項 下 的 適 用 披 露 規 定。此 外，根 據 本 公 司 的 公 司 章 程，採 納2025年 股 份 激 勵 計 劃 須 經 股 東 批 准。 本 公 司 將 召 開 股 東 週 年 大 會，以 審 議 及 酌 情 批 准（其 中 包 括）(i)建議採 納2025年股份激勵計劃及(ii)建 議 授 權 董 事 會 及╱或 授 權 人 士 辦 理2025 年股份激勵計劃相關事宜。 本 公 司 預 期 將 於 聯 交 所 披 露 ...

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） 本 公 告 由 百 望 股 份 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱 為「本集團」） 董 事（「董 事」）會（「董事會」）根 據 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則 第13.51(4)條 作 出。 核數師退任 董 事 會 謹 此 宣 佈，經 過 與 本 公 司 友 好 協 商 並 達 成 共 識，德 勤 • 關黃陳方會 計 師 行 將 於 其 當 前 任 期 屆 滿 後 於 本 公 司 應 屆 股 東 週 年 大 會（「股東週年大 會」）結 束 時 退 任 本 公 司 獨 立 核 數 師，並 將 不 會 於 應 屆 股 ...

Core Viewpoint - The leading intelligent financial and tax enterprise, Baiwang Co., has signed a comprehensive strategic cooperation agreement with Alibaba Cloud to deepen the integration of cloud computing and data intelligence, focusing on the development of innovative scenarios using large models [1] Group 1 - Baiwang Co. and Alibaba Cloud will jointly establish a "Data Intelligence Joint Laboratory" to enhance collaboration in data intelligence [1] - The first industry-specific MCP service, deeply integrated with the Qwen3 large model, has been launched on Alibaba Cloud's Bailian MCP Square [1]

Client Growth - The number of group clients increased from 2,051 to 2,664, a year-on-year growth of 29.9%[6] - The number of small and micro clients grew from 23.9 million to 28.4 million, representing an 18.8% increase[6] - The cumulative number of taxpayer identification numbers served rose from 47.3 million to 85.7 million, an 81.2% increase[6] - The number of clients using the on-premise tax digital solution grew to 2,664 in 2024, reflecting a 29.9% increase from 2,051 in 2023[18] - The number of enterprise operation report requests rose from 17.5 million in 2023 to 23.1 million in 2024, a growth of 32.0%[22] - The number of enterprises included in delivered operation reports increased from 2.6 million in 2023 to 3.6 million in 2024, a growth of 38.5%[22] Financial Performance - Revenue for 2023 was RMB 712,996 thousand, a decrease of 7.5% compared to RMB 659,212 thousand in 2024[10] - Gross profit for 2023 was RMB 282,031 thousand, down from RMB 263,423 thousand in 2024, indicating a decline in profitability[10] - The company reported an operating loss of RMB 202,818 thousand in 2024, an improvement from the operating loss of RMB 305,106 thousand in 2023[10] - Adjusted net loss for 2024 was RMB 116,034 thousand, compared to RMB 83,412 thousand in 2023, indicating a worsening financial position[10] - The company's revenue for the year ended December 31, 2024, was RMB 659.2 million, a decrease of 7.5% from RMB 713.0 million for the year ended December 31, 2023[34] - Revenue from cloud-based tax and financial digital solutions decreased by 4.8% to RMB 208.9 million, primarily due to increased market competition and a decline in average prices for e-commerce platform invoice services[35] - Revenue from data-driven analytical services fell by 13.5% to RMB 304.7 million, as the company strategically reduced marketing efforts for low-margin digital precision marketing services[35] - The company's gross profit decreased by 6.6% to RMB 263.4 million, while the gross profit margin improved slightly to 40.0% from 39.6%[42] - The gross profit margin for risk management services was 75.1%, a slight decrease from 77.2% in the previous year[43] - The net loss for the year ending December 31, 2024, was RMB 501.3 million, compared to RMB 359.3 million for the year ending December 31, 2023, largely due to increased fair value losses on financial liabilities related to the company's IPO[57] Investment and R&D - Research and development investment increased by 4.2 million RMB year-on-year, with 10.9 million RMB specifically allocated to AI research[6] - The introduction of AI tools is expected to optimize personnel structure and improve R&D efficiency, leading to the development of new data intelligence products[14] - The company aims to enhance its data intelligence strategy by integrating AI and data technologies to transform data into "digital productivity" by 2025[23] - The company plans to increase investment in technology R&D, leveraging AI models and blockchain to develop intelligent management systems for transaction management and risk compliance[23] - Research and development expenses decreased by 4.3% from RMB 188.0 million in 2023 to RMB 179.9 million in 2024, with RMB 10.9 million allocated to AI research and development in 2024[48] Strategic Initiatives - The company aims to replicate its successful tax management model in Southeast Asia, Africa, South America, and the Middle East[7] - The company is focusing on strategic government projects to enhance tax governance through a digital management model[15] - The company aims to expand its market presence by leveraging its digital solutions and AI capabilities to drive business growth[14] - The company is focusing on optimizing its product portfolio and increasing the revenue share of high-margin risk management services[35] - The company aims to enhance its financial risk control capabilities through intelligent systems that adaptively analyze customer data and improve decision-making processes[33] Leadership and Governance - The company appointed Mr. Fu Yingbo as Executive Director and CEO effective November 15, 2024, bringing nearly 20 years of experience in mobile internet, AI, cloud computing, and big data[88] - Ms. Chen Jie, the founder and current Chairperson, has over 23 years of experience in the information technology industry, focusing on overall strategy and management[86] - The company has a strong leadership team with diverse backgrounds in technology and finance, including Mr. Zou Yan as Chief Marketing Officer and Ms. Jin Xin as Chief Operating Officer[89][91] - The company emphasizes strategic planning and corporate governance, with non-executive directors like Mr. Huang Miao and Mr. Diao Junhuan providing guidance[92][93] - The company is committed to maintaining high standards of corporate governance and strategic direction, ensuring sustainable growth and value creation[92][93] Market and Competition - The company faces market risks due to economic uncertainties and changing regulations, which could impact future performance[118] - The largest supplier accounted for 5.8% of total procurement, down from 12.2% in 2023, while the top five suppliers represented 24.1% of total procurement, a decrease from 33.7% in 2023[125] - The largest customer contributed 12.1% of total sales, down from 15.1% in 2023, and the top five customers accounted for 27.8% of total sales, compared to 35.4% in 2023[125] Compliance and Regulations - The company has complied with all applicable environmental laws and regulations in China as of 2024, ensuring a commitment to ESG compliance[149] - The company has established comprehensive internal control mechanisms to ensure compliance with relevant regulations regarding radiation safety and protection in its operations[149] - The company has not experienced any significant labor disputes and has maintained good working relationships with employees as of 2024[148] - The company has not faced any difficulties in recruiting employees for its operations as of 2024[148] Financial Management - The company has not issued any debt securities during the reporting period, maintaining a debt-free status[123] - The company has not established any preferential purchase rights for existing shareholders regarding new share issuance[178] - The company has taken appropriate liability insurance for directors and senior management during the reporting period[180] - The company has not entered into any management contracts for the operation of its business during the reporting period[145] Future Outlook - The company expects to fully utilize the net proceeds from the global offering by December 31, 2029, subject to business needs and market conditions[169] - The company has not engaged in any significant acquisitions or disposals during the reporting period[165] - The annual general meeting is scheduled for June 27, 2025[171]