北森控股有限公司 Beisen Holding Limited * （於開曼群島註冊成立的有限公司） (A company incorporated in the Cayman Islands with limited liability) Stock Code 股份代號 : 9669 中期報告 INTERIM REPORT 2025/2026 僅供識別 * for identification purpose only 北森控股有限公司 Beisen Holding Limited * 2025/2026 Interim Report 中期報告 Contents 目 錄 2 Corporate Information 公司資料 5 Financial Highlights 財務摘要 6 Management Discussion and Analysis 管理層討論與分析 31 Other Information 其他資料 58 Interim Condensed Consolidated Statement of Comprehensive Loss 中期簡明綜合全面虧損表 60 Interim Cond ...

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依賴該等內容而引致的任 何 損 失 承 擔 任 何 責 任。 （於開曼群島註冊成立的有限公司） Beisen Holding Limited （股份代號：9669） 截 至2025年9月30日止六個月之 未經審核中期業績公告 Beisen Holding Limited（「本公司」，連 同 其 附 屬 公 司 及 併 表 聯 屬 實 體 統 稱「本 集 團」）董 事（「董 事」）會（「董事會」）謹 此 宣 佈 本 集 團 截 至2025年9月30日 止 六 個 月 的 未 經 審 核 綜 合 中 期 業 績。本 公 告 載有本公司2025╱26中期報告 （「2025╱26中期報告」）全 文，符 合 香 港 聯 合 交 易 所 有 限 公 司（「聯交所」）證 券上市規則 中 有 關 中 期 業 績 初 步 公 告 附 載 的 資 料 之 相 關 規 定。 本中期業績公告刊載於聯交所網站(www.hk ...

每经AI快讯，北森控股(09669.HK)涨超6%，截至发稿，涨6.31%，报6.91港元，成交额352.02万港元。 ...

Core Viewpoint - Beisen Holdings (09669) shares rose over 6%, currently up 6.31% at HKD 6.91, with a trading volume of HKD 3.5202 million [1] Group 1: Financial Performance - Beisen Holdings plans to hold a board meeting on November 24 to consider and approve the unaudited interim results for the six months ending September 30, 2025 [1] - The company issued a positive earnings forecast, expecting revenue for the six months ending September 30, 2025, to be between approximately RMB 503.1 million and RMB 526.3 million, representing an increase of about 15.2% to 20.5% [1] - The expected loss attributable to the company's owners is projected to be between approximately RMB 14.6 million and RMB 23.8 million, with a reduction in loss of about 76.0% to 85.2% [1]

Investment Rating - The report maintains a "Positive" outlook for the media industry [5] Core Insights - The official release of Nano banana2 marks a significant breakthrough by introducing a reasoning-based visual generation approach, transitioning from diffusion-based generation to reasoning-driven visual intelligence generation, which is closer to a reasoning engine with image generation capabilities [2] - The report highlights the importance of hardware-research-model-application integration in technology companies, recommending Alibaba-W (09988, Buy) and Google (ALPHABET)-A (GOOGL.O, Not Rated) as key investment targets [3] - The consistency of image generation is beneficial for maintaining video consistency, with AI video applications expected to accelerate penetration, suggesting a focus on Kuaishou-W (01024, Buy) and Meitu (01357, Buy) [3] - The report emphasizes the significance of companies with model capabilities and related industry chains, as well as those benefiting from foundational model iterations and improved downstream application experiences, recommending Tencent Holdings (00700, Buy) and others [3] Summary by Sections - **Technological Advancements**: Nano2's advancements include enhanced world understanding capabilities, improved text rendering, and increased image clarity up to 2K and 4K levels, which are crucial for professional outputs [8] - **Investment Recommendations**: The report suggests focusing on technology giants with a full-stack AI approach and highlights specific companies for investment based on their capabilities and market positioning [3] - **Market Trends**: The report notes that the integration of Gemini 3 Pro and NanoBanana 2 is expected to drive further growth in Google AI applications, indicating a positive trend in multi-modal investment opportunities [8]

Core Insights - The Human Capital Management (HCM) industry focuses on solutions and services for recruiting, managing, developing, retaining, and optimizing talent, covering various segments such as recruitment, assessment, core HR, performance, succession, and online learning [1][2] - The HCM software market is divided into on-premise and cloud-based solutions, with cloud solutions offering flexibility, scalability, and cost-effectiveness, making them increasingly popular among businesses [4][5] - The Chinese HCM SaaS market is projected to grow from CNY 2.43 billion in 2020 to CNY 5.13 billion by 2024, achieving a compound annual growth rate (CAGR) of 20.5% [7][8] Market Overview - The HCM SaaS market consists of six sub-markets: employee performance management, recruitment/talent acquisition, core HR, workforce management, learning management, and compensation management [8] - By 2024, the core HR segment is expected to hold approximately 26% of the market share, followed by recruitment management at 19% and learning management at around 14% [8][9] - The global HCM application market is anticipated to grow by 14.8% in 2024, reaching USD 41 billion, with the Americas accounting for nearly 65% of total market revenue [7] Competitive Landscape - The Chinese HCM SaaS industry features a diverse range of competitors, with the top five companies holding about 49% of the market share in 2024 [9] - Beisen Holdings leads the market with an estimated 15% share in 2024, followed by companies like Kenna and Inspur [9][10] - Major players in the market include international firms like SAP, Oracle, and Workday, as well as domestic companies such as Yonyou, Kingdee, and emerging firms like Beisen and CDP [9] Future Trends - The HCM SaaS market is expected to exceed CNY 10 billion by 2029 and reach CNY 14 billion by 2031, driven by deepening digital transformation and breakthroughs in AI technology [10][12] - AI integration is anticipated to innovate the HCM SaaS industry, transforming traditional HR tools into intelligent systems capable of autonomous decision-making [11][12] - The dual-driven capability of "platform + intelligent agents" is expected to become a core engine for market growth, facilitating a shift from functional modules to intelligent capital management [12][13]

Group 1 - The board meeting of Beisen Holdings (09669.HK) is scheduled for November 24, 2025, to consider and approve the unaudited interim results for the six months ending September 30, 2025, and to discuss the potential distribution of an interim dividend, if any [1]

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。 （於開曼群島註冊成立的有限公司） Beisen Holding Limited （股份代號：9669） 董事會會議日期 Beisen Holding Limited（「本公司」，連 同 其 附 屬 公 司 及 併 表 聯 屬 實 體 統 稱「本 集 團」）董 事（「董 事」）會（「董事會」）謹 此 公 佈，董 事 會 會 議 將 於2025年11月 24日（星 期 一）舉 行，藉 以（其 中 包 括）考 慮 及 批 准 本 集 團 截 至2025年9月30 日 止 六 個 月 的 未 經 審 核 中 期 業 績 及 其 發 佈，並 考 慮 派 發 中 期 股 息（如 有）。 於 本 公 告 日 期，執 行 董 事 為 王 朝 暉 先 生、紀 偉 國 先 生 及 劉 憲 娜 女 士；獨 立 非 執 行 董 事 為 杜 葵 先 生、趙 宏 ...

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 第 1 頁 共 10 頁 v 1.1.1 | 截至月份: | | --- | | 2025年10月31日 | | 狀態: | | 新提交 | 致：香港交易及結算所有限公司 公司名稱: 北森控股有限公司 呈交日期: 2025年11月4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) | 09669 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | ...

Core Viewpoint - Beisen Holdings (09669) announced the acquisition of CoolXuan (Beijing) Technology Co., Ltd. and the concurrent share transaction, highlighting the successful acquisition of the ICP license necessary for its online training platform in mainland China [1] Group 1: Acquisition Details - The target company obtained the ICP license from the Ministry of Industry and Information Technology on October 18, 2025, allowing it to provide internet information services [1] - The acquisition was completed in January 2025, with the financial performance of the target company integrated into Beisen's financial statements since then [1] - The second payment condition for the domestic equity transfer agreement was met in April 2025, and the full cash consideration has been paid [1] Group 2: Share Transaction Progress - The share sellers received approval for foreign direct investment in June and August 2025 to subscribe for shares in the BVI company [1] - Ongoing discussions are taking place regarding the new final deadline for the concurrent share transaction, as the transaction has not yet been completed as of the announcement date [1]