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。 （於開曼群島註冊成立的有限公司） （股份代號：9669） Beisen Holding Limited 有關須予披露交易認購理財產品之補充公告 茲提述Beisen Holding Limited（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」） 日期為2025年6月3日 的 公 告（「該公告」），內 容 有 關 認 購 事 項。除 另 有 指 明 外，本 公 告 所 用 詞 彙 與 該 公 告 所 界 定 者 具 有 相 同 涵 義。 本 公 司 已 制 定 一 套 內 部 風 險 管 理 政 策 及 指 引，以 監 察 及 控 制 有 關 該 等 理財產品的投資風險。由首席財務官領導的財務部門負責監督投資組合。 財務部門 已(i)持續追蹤各項理財產品的到期日及本公司於各項理財產 品 發 行 人 的 最 大 風 險 敞 口，以 ...

Core Insights - The company reported FY2025 results that met market expectations, with revenue increasing by 10.6% to 945 million yuan and adjusted net loss narrowing from 105 million yuan to 29.1 million yuan, falling within the previously announced profit warning range [1][2] - The company announced the acquisition of 100% equity in KuXueYuan on January 15, 2025, to strengthen its position in the eLearning market [1] Revenue and Growth Trends - Product revenue remained robust, with cloud HCM solutions revenue growing by 14.2% year-on-year, accounting for 76.4% of total revenue, an increase of 2.4 percentage points [1] - Annual recurring revenue (ARR) increased by 20.1% to 908 million yuan, with average revenue per user (ARPU) rising by 8% [1] - Subscription revenue retention rate (NDR) reached 106%, and customer retention rate stood at 81% [1] - Core HCM solutions ARR grew by 29%, contributing 59% to total ARR [1] - AI-related products ARR exceeded 6 million yuan by the end of March 2025, covering over 300 enterprise clients, with 10 AI Agent products launched and over 200 AI features available [1] Profitability and Cash Flow - Adjusted gross margin reached 66.2%, an increase of 2.2 percentage points, driven by improved gross margins in subscription services [2] - Adjusted net loss margin narrowed to 3.1%, a reduction of 9.2 percentage points, due to margin improvement and effective cost control [2] - The company achieved positive operating cash flow with a net inflow of 76.93 million yuan [2] Future Outlook and Valuation - For FY2026, the company is expected to turn a profit at the adjusted net profit level, supported by ongoing business scale effects [2] - Revenue forecast for FY2026 remains unchanged, while adjusted net profit forecast has been revised from a loss of 18.11 million yuan to a profit of 22.51 million yuan [2] - FY2027 revenue forecast is set at 1.269 billion yuan, with an adjusted net profit forecast of 100 million yuan [2] - The target price has been raised by 130% to 11.5 HKD, reflecting an upward adjustment in valuation multiples from 3.4 times to 7.0 times based on FY26 [2]

Group 1 - Key Point 1: 基石药业-B (02616) rose over 5% after its drug for lung cancer,舒格利单抗, received long-term survival data recognition in The Lancet Oncology, reinforcing its position as a first-line treatment in Europe [2] - Key Point 2: 海昌海洋公园 (02255) increased by over 4% as a major shareholder, 祥源控股, is set to acquire a 38.6% stake for HKD 22.95 billion, potentially alleviating liquidity pressures [2] - Key Point 3: 冠忠巴士 (00306) surged 27% with a projected 143% increase in annual pre-tax profit to HKD 165 million, driven by revenue growth, reduced fuel costs, and autonomous driving licenses [2] Group 2 - Key Point 1: 东方表行 (00398) fell over 5% due to a 5.2% decline in revenue and a 20% drop in net profit, attributed to weak luxury goods demand amid geopolitical conflicts and interest rate fluctuations [2] - Key Point 2: 北森控股 (09669) plummeted over 17% as its adjusted annual EBITDA was only HKD 28.9 million, with Everbright Securities lowering revenue forecasts by 10%-15% due to growth challenges [3] - Key Point 3: 顺丰控股 (06936) rose over 6% to a new high, with May express delivery revenue increasing by 13.4%, and the scaling of unmanned delivery vehicles potentially opening up future profit opportunities [3] Group 3 - Key Point 1: 中国中免 (01880) increased by over 5% as it accelerates the expansion of its duty-free stores, with 4 already opened and 9 more in preparation, benefiting from favorable policies [3] - Key Point 2: 华虹半导体 (01347) rose over 7% with a capacity utilization rate of 102.7%, and Tianfeng Securities optimistic about future contributions of USD 1.28 billion from its 9th factory [3] - Key Point 3: 网龙 (00777) increased over 3% after showcasing AI digital human presentation technology at a UN conference, launching the "EDA Education Metaverse" strategy, which catalyzed a revaluation of AI [4]

Core Insights - North Summit Holdings (09669.HK) reported a total revenue of RMB 945 million for the fiscal year ending March 31, 2025, representing a year-on-year growth of 10.6% [1] - Adjusted EBITDA reached RMB 28.9 million, with a subscription revenue retention rate maintained at a strong 106% [1] - The Core HCM integrated ARR exhibited a growth rate of 29% [1] Industry Trends - The complex and changing economic environment in 2024 is leading companies to face increased uncertainty, prompting them to optimize existing human capital and enhance internal organizational resilience through lean management [1] - Many companies are accelerating their expansion into overseas markets to seek new growth points and maintain competitiveness [1] - The emergence of digital technologies, such as generative AI represented by Deep Seek, is penetrating core business scenarios in human resource management, presenting new growth opportunities [1] Company Strategy - North Summit will continue to launch new products and features throughout the fiscal year 2026, creating more cross-selling opportunities across different modules [1] - The company aims to strengthen its competitive advantage through increased product offerings, greater integration, and higher ARR [1] - North Summit's unique business model is deepening its competitive moat [1] Performance Metrics - Over the past five years, North Summit's ARR has achieved a compound annual growth rate (CAGR) of 19.6%, with the Core HCM integrated ARR growing at a CAGR of 41.2% [2] - The subscription revenue retention rate has consistently remained around 106% for the past five years, driven by multi-module cross-selling and rapid growth of Core HCM [2] - North Summit's PaaS-based integrated HCMSaaS is capable of serving clients with over ten thousand employees, laying a solid foundation for the company's "big client strategy" [2]

1. 就 本 職 權 範 圍（「職權範圍」）而 言： 董事會 指 本 公 司 的 董 事 會。 財務總監 指 董 事 會 不 時 委 任 負 責 財 務 管 理 的 本 公 司 高 級 人 員。 公司秘書 指 本 公 司 任 何 一 位 聯 席 公 司 秘 書。 董 事 指 董 事 會 成 員。 （於開曼群島註冊成立的有限公司） （股份代號：9669） Beisen Holding Limited BeisenHoldingLimited （「本 公 司」） 提名委員會職權範圍 定 義 集 團 指 於 有 關 期 間，本 公 司 及 其 附 屬 公 司 和 聯 營 公 司；或 若 文 義 另 有 所 指，於 本 公 司 成 為 其 當 前 附 屬 公 司 和 聯 營 公 司 的 控 股 公 司 前 的 期 間，本 公 司 當 前 的 附 屬 公 司 和 聯 營 公 司；或 其 當 前 附 屬 公 司 和 聯 營 公 司 或 其 前 身（視 情 況 而 定）所 營 運 的 企 業。 上市規則 指 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則（經 不 時 修 訂）。 提名委員會 指根據本職權 ...

Beisen Holding Limited 獨立非執行董事 杜 葵 趙宏強 葛 珂 董 事 會 已 成 立 三 個 委 員 會。下 表 詳 列 該 等 委 員 會 的 成 員。 （於開曼群島註冊成立的有限公司） （股份代號：9669） 董事名單與其角色和職能 Beisen Holding Limited（「本公司」）董 事（「董 事」）會（「董事會」）成 員 載 列 如 下： 執行董事 王朝暉 （主 席） 紀偉國 （行 政 總 裁） 劉憲娜 C 董事委員會的主席 M 董事委員會的成員 承董事會命 Beisen Holding Limited 執行董事兼董事會主席 王朝暉 中 國，2025年6月19日 | | 董事委員會 | 審核委員會 | 薪酬委員會 | 提名委員會 | | --- | --- | --- | --- | --- | | 董 事 | | | | | | 王朝暉 | （主 席） | － | － | － | | 紀偉國 | （行 政 總 裁） | － | M | － | | 劉憲娜 | | － | － | M | | 杜 葵 | | M | M | C | | 趙宏強 | | C | － | － ...

Financial Performance - Total revenue for the fiscal year ending March 31, 2025, was RMB 945,076,000, representing a 10.6% increase from RMB 854,741,000 in the previous year[4]. - Gross profit for the same period was RMB 613,530,000, up 19.1% from RMB 514,927,000[4]. - The adjusted net loss (non-IFRS) decreased significantly to RMB (29,101,000), a 72.4% improvement from RMB (105,366,000) in the prior year[4]. - Operating cash flow turned positive at RMB 76,929,000, compared to a negative RMB (82,469,000) in the previous year, marking a 193.3% improvement[4]. - The net loss for the fiscal year was RMB 147,406,000, a substantial decrease compared to RMB 3,208,587,000 in the previous year, showcasing improved financial health[31]. - Basic and diluted loss per share improved to RMB (0.20) for the year ended March 31, 2025, from RMB (4.48) in the previous year[32]. - The company reported a total comprehensive loss of RMB 141,594 thousand for the year ended March 31, 2025, compared to RMB 3,181,280 thousand in the previous year, marking a significant improvement[32]. - The company reported a loss attributable to ordinary shareholders of RMB 147,406 thousand for the year ended March 31, 2025, compared to a loss of RMB 3,208,587 thousand for the previous year, indicating a significant reduction in losses[32]. Market Position and Strategy - The company maintained a leading market share of approximately 15% in the Chinese HCM SaaS market as of the first half of 2024, widening the gap with the second competitor[7]. - The company is focusing on large enterprise clients to provide high-value products and services amid a challenging economic environment[5]. - The acquisition of KuXueYuan in the first half of 2025 aims to enhance the company's eLearning market presence and increase investment in AI Learning product development[10]. - The company plans to enhance its HCM SaaS integrated product capabilities to support large clients with up to 60,000 employees, targeting sectors like internet, manufacturing, and retail[29]. - The company is actively monitoring liquidity risks and maintaining sufficient cash levels to mitigate cash flow volatility[121]. Product Development and Innovation - The introduction of seven AI assistants and over 100 AI features is expected to drive cost reduction and efficiency improvements for clients in the 2025 fiscal year[9]. - The AI Family product line has over 300 customers, with ARR exceeding RMB 6 million, contributing to cost reduction and efficiency improvement in human resources[16]. - The AI Interviewer has successfully commercialized, with over 240 signed customers by the end of March 2025[17]. - The company launched new AI products, including AI Interview Assistant and AI Coach, enhancing recruitment efficiency and decision-making[16]. - The company introduced a rapid onboarding solution for frontline employees, improving labor management precision[14]. Customer Engagement and Retention - Revenue from cloud HCM solutions amounted to RMB 721.8 million, with a year-over-year increase of 14.2%, accounting for 76.4% of total revenue[13]. - The subscription revenue retention rate was reported at 90%, reflecting strong customer loyalty and satisfaction[182]. - The company has assisted over 100 enterprises in achieving global management, covering regions such as Hong Kong, Vietnam, and Indonesia[12]. Cost Management and Efficiency - Sales and marketing expenses decreased to RMB 397,064,000 from RMB 437,773,000 year-over-year, indicating improved cost management[31]. - The company aims to deepen its talent management business diversification by offering a comprehensive service system designed as "1+2+N" for better service quality[30]. - The adjusted gross margin (non-IFRS) for the cloud HCM solution rose from 78.8% in FY2024 to 81.4% in the reporting period[98]. Future Outlook and Growth Plans - The company plans to expand its market presence in Southeast Asia, targeting a 15% market share by 2026[181]. - New product launches are expected to contribute an additional $10 million in revenue for the fiscal year 2025[179]. - The projected revenue for the fiscal year 2025 is estimated to be between $70 million and $75 million[179]. - The company has set a target to increase its workforce by 20% to support growth initiatives and new projects[181]. Corporate Governance and Social Responsibility - The company has committed to corporate governance standards to protect shareholder interests and enhance transparency[164]. - The company donated RMB 120,000 to support a charity project in June 2024, reflecting its commitment to social responsibility[166]. - The audit committee, consisting of three independent non-executive directors, reviewed the financial reporting and internal controls, confirming compliance with applicable accounting standards[169].

Industry Rating - The industry rating is maintained at "Outperform" [1] Core Insights - The report suggests that the years 2025-2026 are expected to mark the commercialization of AI Agents, driven by advancements in large model capabilities and the introduction of key players like OpenAI, Anthropic, Microsoft, and Google [2][3] - The total addressable market (TAM) for AI Agents is estimated at approximately 3.61 trillion yuan, with significant opportunities in vertical industries such as IT and finance [2][3] - AI Agents are projected to replace specific standardized roles in various sectors, with a focus on enhancing productivity and ROI for businesses [3][48] Summary by Sections Investment Rating - The report maintains a rating of "Outperform" for the industry [1] Market Potential - The total addressable market (TAM) for AI Agents is estimated at 3.61 trillion yuan, calculated based on total salary levels, replacement rates, and efficiency optimization [50][54] - The report highlights six core scenarios where AI Agents are expected to penetrate first, including coding, banking, human resources, legal, cybersecurity, and customer service [61][62] Key Industry Insights - AI Agents are anticipated to significantly impact the banking sector, with 54% of jobs having a high potential for automation, leading to an estimated TAM of 1774.32 billion yuan in this field [71][77] - In the coding sector, AI is expected to automate up to 99% of coding tasks by the end of 2025, with a TAM of approximately 4357.84 billion yuan [63][68] - The report emphasizes that AI Agents will first replace roles in high-salary, white-collar industries such as finance, IT, and law, where the ROI for AI implementation is more favorable [55][57] Company Recommendations - The report suggests monitoring companies involved in general office applications and enterprise SaaS, as well as those in vertical markets like banking, human resources, and cybersecurity [3][4]

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6月 19日（星 期 四）舉 行，藉 以（其 中 包 括）考 慮 及 批 准 本 集 團 截 至2025年3月31 日 止 年 度 之 經 審 核 全 年 業 績 及 其 發 佈，並 考 慮 派 發 末 期 股 息（如 有）。 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） （股份代號：9669） Beisen Holding Limited Beisen Holding Limited 主席兼執行董事 王朝暉 中 國，2025年6月5日 於 本 公 告 日 期，執 行 董 事 為 王 朝 暉 先 生、紀 偉 國 ...

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。 （於開曼群島註冊成立的有限公司） （股份代號：9669） Beisen Holding Limited 須予披露交易 於2025年6月3日，本 公 司 向 申 萬 宏 源 金 融 產 品 認 購 理 財 產 品，總 金 額 為 29.0百 萬 美 元。認 購 事 項 的 主 要 條 款 概 述 如 下： 認購事項 – 1 – (1) 認 購 日 期： 2025年6月3日 (2) 產 品 名 稱： Fund Portfolio Linked Note 進行認購事項之理由及裨益 認購理財產品 董 事 會 宣 佈，於2025年6月3日，本 公 司 認 購 申 萬 宏 源 金 融 產 品 有 限 公 司 發 行 之 理 財 產 品，金 額 為29.0百 萬 美 元（「認購事項」）。 上市規則的涵義 由 於 認 購 事 項 的 最 高 適 用 百 ...