Financial Performance - Total revenue for the year ended December 31, 2025, was RMB 1,142,470,000, representing a 25.6% increase from RMB 909,750,000 in 2024[3] - Gross profit for the same period was RMB 841,006,000, a 35.0% increase compared to RMB 622,851,000 in 2024[3] - The adjusted net profit (non-IFRS measure) reached RMB 230,868,000, a significant increase of 282.2% from RMB 60,412,000 in the previous year[3] - The company reported a net loss of RMB 1,649,780,000 for the year, compared to a profit of RMB 10,583,000 in 2024[4] - Cash generated from operating activities was RMB 404,758,000, up 45.0% from RMB 279,170,000 in 2024[3] - The group reported a consolidated loss of RMB 1,649.8 million for the reporting period, compared to a profit of approximately RMB 10.6 million in the previous year, primarily due to the conversion of convertible redeemable preferred shares into ordinary shares[74] Assets and Liabilities - Total assets as of December 31, 2025, amounted to RMB 4,232,982,000, compared to RMB 2,215,325,000 in 2024[10] - The company's cash and cash equivalents increased significantly to RMB 3,052,581,000 from RMB 1,085,276,000 in 2024[7] - Total liabilities decreased to RMB 3,011,454,000 from RMB 5,864,821,000 in the previous year[10] - The company’s equity attributable to owners was RMB 1,224,491,000, recovering from a deficit of RMB 3,641,288,000 in 2024[9] - The group's audited consolidated total assets were approximately RMB 4,233.0 million, up from approximately RMB 2,215.3 million as of December 31, 2024[79] - The total non-current liabilities as of December 31, 2025, were approximately RMB 1,333.2 million, reflecting an increase of about 14.3% from RMB 1,166.8 million on December 31, 2024, primarily due to increased contract liabilities from SaaS product revenues[90] Revenue Streams - SaaS revenue reached RMB 1,104,817,000, up 25.8% from RMB 877,530,000 in the previous year[22] - Revenue recognized from contract liabilities was RMB 1,082,545,000 for the year ended December 31, 2025, compared to RMB 877,530,000 in 2024, indicating a growth of 23.3%[27] - Revenue from the Southeast Asia business was approximately RMB 21.9 million, a significant increase of about 119.0% from approximately RMB 10.0 million in the previous year, attributed to strong performance from the subsidiary in Thailand[60] - The total amount allocated to long-term contract liabilities was RMB 3,168,476 thousand in 2025, compared to RMB 2,864,533 thousand in 2024, marking a growth of about 10.6%[31] Expenses and Investments - Research and development expenses totaled RMB 243,141,000, slightly increasing from RMB 239,798,000 in 2024[4] - The group's sales and marketing expenses were approximately RMB 395.9 million, an increase of about 7.0% from approximately RMB 369.9 million in the previous year, primarily due to rising employee benefits as operations expand[65] - The total employee compensation for the reporting period was approximately RMB 801.2 million, compared to RMB 745.9 million for the previous year[96] Cash Flow and Financial Position - The group maintained a strong cash position with sufficient cash flow and no financial debt, indicating a solid financial condition[78] - The company faced foreign exchange risks primarily from fluctuations in USD/RMB and HKD/RMB exchange rates, with no hedging arrangements in place[93] Governance and Corporate Structure - The board of directors includes both executive and independent non-executive members, ensuring a diverse governance structure[108] - The company is set to be listed on the Hong Kong Stock Exchange on October 21, 2025[106] Future Outlook - The company expects the adoption of new accounting standards will not have a significant impact on its financial statements for the current or foreseeable future, except for IFRS 18, which will affect the presentation of comprehensive income[20] - The company plans to expand its presence in Southeast Asia, with new subsidiaries in Malaysia, Vietnam, Indonesia, and the Philippines, leveraging the growth in the global e-commerce SaaS market[58]

JST Group Corporation Limited 聚水潭集團股份有限公司 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份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 （股份代號：6687） 董事會會議召開日期 香港，2026年3月18日 （於開曼群島註冊成立的有限公司） 聚水潭集團股份有限公司（「本公司」及其附屬公司「本集團」）董事會（「董事會」） 茲通告謹定於2026年3月30日（星期一）舉行董事會會議，以考慮及通過本集團截 至2025年12月31日止的全年業績及其刊發，考慮派發年度股息（如有），以及處理 其他事項。 承董事會命 聚水潭集團股份有限公司 董事會主席、執行董事兼首席執行官 駱海東先生 於本公告日期，董事會包括：(i)執行董事駱海東先生、賀興建先生、李燦升先生 及王瑜先生；及(ii)獨立非執行董事羅玫女士、李嘉俊先生及盛凱強先生。 ...

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，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 JST Group Corporation Limited 聚水潭集團股份有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6687） 盈利警告 股東及潛在投資者於買賣本公司證券時務請審慎行事。 承董事會命 本公司董事會（「董事會」）謹此告知本公司股東（「股東」）及潛在投資者，基於對 本集團最近期未經審核綜合管理賬目及本公司目前可得資料的初步評估，預計截 至2025年12月31日止年度本集團將錄得本公司權益擁有人應佔淨虧損介乎約人民 幣1,600.0百萬元至人民幣1,700.0百萬元，而截至2024年12月31日止年度錄得本 公司權益擁有人應佔淨利潤約人民幣12.2百萬元，即與上年度相比由淨利潤變為 淨虧損。 基於董事會目前可得資料，董事會認為，本公司財務業績由淨利潤變為截至2025 年12月31日止年度的淨虧損，主要是由於本公司發行可轉換可贖回優先股（「優先 股」）而產生重大虧損，該等優先股於本公 ...

Summary of Conference Call on 聚水潭 (Jushuitan) Company Overview - **Company Name**: 聚水潭 (Jushuitan) - **Industry**: E-commerce ERP SaaS - **Market Position**: Leading company in the e-commerce SaaS ERP sector with a market share of 24.4% as of 2024, surpassing the combined market share of its competitors ranked second to fifth [doc id='7']. Key Insights and Arguments Industry Dynamics - The e-commerce industry is experiencing a shift towards multi-platform operations, increasing the demand for third-party ERP solutions [doc id='4']. - There are approximately 27 million active e-commerce merchants in China, with a low penetration rate of only 1.6% for ERP SaaS solutions, indicating significant growth potential [doc id='5']. - The e-commerce SaaS ERP market is projected to grow from $1.6 billion in 2020 to $3.1 billion in 2024, with a compound annual growth rate (CAGR) of 21.5% [doc id='6']. Company Performance - Jushuitan is expected to achieve a profit of 350 million yuan by 2025, with a current price-to-earnings (PE) ratio of around 20 times, suggesting a potential for higher valuations [doc id='3']. - Revenue growth from 2022 to 2024 is projected to be 32%, increasing from 500 million yuan to 900 million yuan [doc id='11']. - The gross margin has improved from 52.3% in 2022 to 72% in the first half of 2025, driven by a higher contribution from existing customers [doc id='12']. Financial Highlights - The company achieved a net profit of 49 million yuan in 2024 and is expected to reach close to 200 million yuan in 2025 [doc id='16']. - Contract liabilities reached 2.1 billion yuan in the first half of 2025, indicating strong future revenue visibility [doc id='16']. - Customer acquisition cost has decreased significantly from 18,850 yuan in 2022 to 8,200 yuan in the first half of 2025, reflecting improved sales efficiency [doc id='15']. Growth Opportunities - The company plans to expand its customer base and cross-sell products, with the percentage of customers using multiple products increasing from 30% in 2022 to 40% in the first half of 2025 [doc id='20']. - Jushuitan is also pursuing international expansion, having established a subsidiary in Thailand and planning to enter other Southeast Asian markets [doc id='20']. Valuation Perspective - The current price-to-sales (PS) ratio is approximately 6 times, with potential to reach 8-10 times based on industry comparables [doc id='22']. - The company is viewed as undervalued compared to peers, with a strong business model and growth potential, especially in light of recent market fears regarding AI and software [doc id='24']. Additional Important Points - The company has a strong focus on AI integration, which is expected to enhance its product offerings rather than replace them [doc id='24']. - The retention rate of existing customers has been over 100%, indicating high customer satisfaction and loyalty [doc id='13']. - The company’s operational efficiency and brand strength have allowed it to grow without relying heavily on aggressive marketing spend [doc id='15']. This summary encapsulates the key points discussed during the conference call regarding Jushuitan, highlighting its market position, financial performance, growth opportunities, and valuation insights.

Core Viewpoint - The report from Guotai Junan Securities initiates coverage on Jushuitan (06687) with a "Buy" rating, projecting significant revenue and profit growth from 2025 to 2027, with a target price of HKD 28.56 [1] Group 1: Financial Projections - Expected revenue for Jushuitan from 2025 to 2027 is projected at CNY 11.33 billion, CNY 14.02 billion, and CNY 17.06 billion, representing year-on-year growth of 24.55%, 23.69%, and 21.73% respectively [1] - The net profit attributable to shareholders is forecasted to be CNY 1.80 billion, CNY 3.60 billion, and CNY 5.57 billion for the same period, with EPS of CNY 0.41, CNY 0.82, and CNY 1.28 [1] - For the first half of 2025, the company achieved revenue of CNY 5.24 billion, a year-on-year increase of 24.39%, while the net profit attributable to shareholders was a loss of CNY 0.41 billion, reducing losses by 30.08% [1] Group 2: Market Position and Customer Metrics - Jushuitan is identified as the largest e-commerce SaaS ERP provider in China, with revenue growth from CNY 5.23 billion in 2022 to CNY 9.10 billion in 2024, and an improving gross margin from 52.3% to 68.5% [1] - The company’s LTV/CAC ratio is projected to reach 9.3 in 2024, significantly higher than the industry average of 3, indicating high customer acquisition efficiency [1] - The number of SaaS customers is expected to grow from 45,700 in 2022 to 88,400 in 2024, with net customer revenue retention increasing from 105% to 115% [2] Group 3: Product and Technology Innovation - Jushuitan's ERP system integrates a comprehensive product matrix covering the entire supply chain, including various SaaS and AI products, enhancing customer stickiness and cross-selling opportunities [2] - In the first half of 2025, customers purchasing two or more products contributed 39.3% of SaaS revenue, showcasing strong cross-selling growth [2] - The company leverages AI technology as a foundational capability, embedding it across various operational scenarios, thus enhancing its ERP system without replacing existing tools [3]

Core Viewpoint - Cathay Securities initiates coverage on Jushuitan (06687) with a "Buy" rating, projecting revenue growth from 11.33 billion to 17.06 billion CNY from 2025 to 2027, with net profit increasing from 1.80 billion to 5.57 billion CNY during the same period [1] Group 1: Financial Performance - The company is expected to achieve revenues of 5.23 billion, 6.97 billion, and 9.10 billion CNY from 2022 to 2024, with net profits of -5.05 billion, -4.87 billion, and 0.12 billion CNY respectively, indicating a continuous improvement in profitability [2] - In the first half of 2025, the company reported revenues of 5.24 billion CNY, a year-on-year increase of 24.39%, while net profit loss narrowed by 30.08% to -0.41 billion CNY [2] Group 2: Customer Metrics and Product Offering - The company has a comprehensive e-commerce ERP system that includes order, warehousing, procurement, and distribution, along with several SaaS+AI products, enhancing customer stickiness and cross-selling opportunities [3] - The number of SaaS customers is projected to grow from 45,700 in 2022 to 88,400 in 2024, with net customer revenue retention rate increasing from 105% to 115% [3] - In the first half of 2025, customers purchasing two or more products contributed 39.3% of SaaS revenue, indicating strong cross-selling growth [3] Group 3: AI Integration and Product Development - The company integrates AI technology into its ERP systems, enhancing various operational scenarios without replacing existing tools, thus creating a robust capability matrix that includes RPA, intelligent agents, and knowledge bases [4] - AI capabilities are deeply embedded in customer operations and decision-making processes across multiple scenarios, from intelligent customer service to order recognition [4]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5][19]. Core Insights - The company, as the largest e-commerce SaaS ERP provider in China, has established a broad ecosystem through its products and services, with steady revenue and profit growth. The integration of AI into e-commerce ERP opens up new application scenarios [2][10]. - The company is expected to achieve revenue of 11.33 billion, 14.02 billion, and 17.06 billion RMB from 2025 to 2027, with year-on-year growth rates of 24.55%, 23.69%, and 21.73% respectively. The net profit attributable to the parent company is projected to be 1.80 billion, 3.60 billion, and 5.57 billion RMB, with EPS of 0.41, 0.82, and 1.28 RMB [10][12]. Financial Summary - The company’s total revenue is forecasted to grow from 6.97 billion RMB in 2024 to 17.06 billion RMB in 2027, with a compound annual growth rate (CAGR) of 21.73% [4][12]. - Gross profit is expected to increase from 623 million RMB in 2024 to 1.37 billion RMB in 2027, indicating a rising gross margin from 62.3% to 80.37% [4][12]. - The company’s net profit is projected to turn positive in 2024, reaching 12 million RMB, and further increasing to 557 million RMB by 2027 [4][12]. Market Position and Strategy - The company aims to address the pain points of e-commerce merchants operating across multiple platforms and stores, focusing on order, inventory, logistics, and finance management [13]. - The e-commerce SaaS market in China is expected to grow from 73 billion RMB in 2020 to 129 billion RMB in 2024, with a CAGR of 15.4%. The e-commerce SaaS ERP market is projected to grow from 16 billion RMB to 31 billion RMB in the same period, with a CAGR of 18.9% [13]. - The company is actively expanding its overseas business, implementing a "one body, two wings" strategy to stabilize its domestic market while pursuing cross-border and international growth opportunities [13]. Valuation - The report employs both PS and PE valuation methods, with a target price set at 28.56 HKD based on a cautious approach to the lower end of the valuation range [15][19]. - The PS valuation method suggests a reasonable market value of 124.58 billion HKD, while the PE valuation method indicates a market value of 131.94 billion HKD, leading to a target price of 30.24 HKD [17][19].

呈交日期: 2026年3月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06687 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | USD | | 0.0001 | USD | | 100,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 1,000,000,000 | USD | | 0.0001 | USD | | 100,000 | 本月底法定/註冊股本總額： USD 100,000 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 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限 ...

Core Viewpoint - The resurgence of AI impacts the Hong Kong application software sector, leading to significant declines in stock prices of several companies amid a broader sell-off in software stocks in the US market [1] Group 1: Stock Performance - New New Technology (09600) saw a decline of 9.52%, trading at 0.285 HKD [1] - Jushuitan (06687) dropped by 9.37%, with a price of 19.54 HKD [1] - Inspur Digital Enterprise (00596) fell by 7.9%, now priced at 3.73 HKD [1] Group 2: Market Context - Major US tech stocks experienced a downturn, contributing to the sell-off in software stocks [1] - AI startup Anthropic introduced its "Claude Code" tool, which now supports COBOL language systems, automating complex tasks in modernizing legacy systems and significantly reducing labor costs and time [1] Group 3: Research Insights - Citrini Research released a report titled "Scenario Analysis as of June 2028," clarifying that it is not a prediction but a thought experiment [1] - The report hypothesizes that by 2028, accelerated AI penetration in white-collar jobs could lead to job displacement, income decline, reduced consumption, and increased credit asset risks, potentially dragging the economy into a contraction phase [1]

Core Viewpoint - The resurgence of AI impacts the Hong Kong application software sector, leading to significant declines in stock prices of several companies [1] Group 1: Stock Performance - New New Technology (09600) dropped by 9.52%, trading at 0.285 HKD [1] - Jushuitan (06687) fell by 9.37%, with a price of 19.54 HKD [1] - Inspur Digital Enterprise (00596) decreased by 7.9%, now at 3.73 HKD [1] Group 2: Market Context - Major US tech stocks experienced a decline, with software stocks facing heavy sell-offs [1] - AI startup Anthropic introduced its "Claude Code" tool, which now supports COBOL language systems, significantly reducing manual intervention costs and time in modernizing legacy systems [1] Group 3: Research Insights - Citrini Research released a report titled "Scenario Analysis for June 2028," emphasizing that it is not a prediction but a thought experiment [1] - The report hypothesizes that by 2028, accelerated AI penetration in white-collar jobs could lead to job displacement, income decline, and increased risks in credit assets reliant on software systems, potentially dragging the economy into a contraction phase [1]