FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 北森控股有限公司 呈交日期： 2025年7月14日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 FF305 第 2 頁 共 7 頁 v 1.3.0 FF305 確認 根據《主板上市規則》第13.25C條 / 《GEM上市規則》第17.27C條，我們在此確認，據我們所知所信，第一章節所述的每項股份發行或庫存股份出售或轉讓已獲發行人董事會正式授權批准，並遵 照所有適用上市規則、法律及其他監管規定進行，並在適用的情況下： (註7) | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | ...

Core Insights - The education investment market remains active in the first half of 2025, with a notable integration of AI technology into education, marking a significant trend in the industry [1] - A total of over 25 financing events were reported, with a cumulative amount exceeding 1.2 billion RMB (approximately 0.17 billion USD) [2][3] - The majority of financing rounds were in the angel stage, indicating that the industry is still in an early innovation phase [3] Group 1: Domestic Market Trends - The angel round dominated the financing landscape, accounting for 72% of the total events, suggesting a focus on early-stage innovations [3] - April was identified as the peak month for financing, with 8 events occurring, while June saw significant activity due to a major acquisition by HNA Group worth 799 million RMB (approximately 0.11 billion USD) [3] - Major investment firms such as IDG Capital and Sequoia China are actively targeting the education technology sector, emphasizing the importance of technology iteration and quantifiable growth [3] Group 2: AI Integration and Sector Focus - AI is deeply integrated into various educational applications, with projects utilizing AI, large models, and multi-modal technologies [4] - The market for educational smart hardware is experiencing growth, with companies like BoxSmart Technology and Paiyao Programming Puzzle receiving angel funding for their AI-integrated products [4] - There is a strong demand for vocational education and lifelong learning, with significant investments in corporate training and skills enhancement [5] Group 3: International Market Dynamics - The international education technology investment landscape shows a dual focus on both mature platforms and early-stage projects, with significant funding rounds reported [6][8] - Grammarly secured a notable 1 billion USD in private equity funding, highlighting the potential for large-scale commercialization of AI tools in education [6][8] - Emerging projects like Polymath and PyxiScience are gaining traction, focusing on adaptive learning and gamification, which are appealing to early-stage investors [8][9] Group 4: Investment Preferences - Investors are increasingly favoring niche projects that address specific needs rather than broad platforms, indicating a shift in investment strategy [5] - Projects that combine AI with educational content and user engagement are becoming more attractive, as seen with companies like Animaj, which focuses on AI-driven entertainment education [9] - The overall trend indicates a move towards investments that prioritize sustainable value creation and user engagement in educational products [9]

自願性公告 員工持股平台普通合夥人變更 本公告乃由Beisen Holding Limited（「本公司」）自 願 就Senyan International L.P. 「( Senyan」)普 通 合 夥 人 變 更 所 作 出。除 文 義 另 有 所 指 外，本 公 告 中 所 用 詞彙與本公司於2023年3月30日 發 佈 的 招 股 章 程（「招股章程」）中 界 定 之 涵 義 相 同。 Senyan是一家根據英屬維 爾 京 群 島 法 律 註 冊 成 立 的 有 限 合 夥 企 業，為 本 公司的員工持股平 台。由於由王朝暉先生（「王先生」)全資擁有的Xiasen Limited為Senyan的 普 通 合 夥 人，根 據 證 券 及 期 貨 條 例，王 先 生 與Xiasen Limited被視為於Senyan持 有 的 股 份 中 擁 有 權 益。 於2025年7月10日，王 先 生 告 知 董 事 會，為 了 讓 彼 專 注 於 本 集 團 的 核 心 業 務 發 展，Senyan所 有 有 限 合夥人一致 同 意 委 任Senyan的 其中一名 有限合 夥 人、本 集 團 前 僱 員、獨 立 ...

Core Viewpoint - Beisen Holdings, as China's first HR SaaS public company, has shown continuous revenue growth since its listing in April 2023, surpassing 900 million RMB in FY2025, but faces challenges including ongoing losses, limited AI business contributions, and uncertain merger synergies [2][6][20]. Financial Performance - In FY2025, Beisen Holdings reported revenue of 945.08 million RMB, a year-on-year increase of 10.6%, with annual recurring revenue (ARR) exceeding 908 million RMB, growing over 20% [2][4]. - The company's net loss narrowed significantly from 3.21 billion RMB in FY2024 to 147 million RMB in FY2025, a reduction of 95.4% [6][7]. - Adjusted net loss decreased from 105 million RMB to 29 million RMB, a reduction of approximately 72% [6][7]. - Gross margin improved from 60.2% in FY2024 to 64.9% in FY2025 [2][4]. Business Segments - Revenue from cloud HCM solutions grew from 632 million RMB in FY2024 to 722 million RMB in FY2025, representing a 14.2% increase and accounting for 76.4% of total revenue [4][5]. - Subscription revenue retention rate remained stable at 106% [5]. Market Concerns - Despite the positive financial results, the stock price fell over 18% following the earnings report, indicating market skepticism about the company's future [5][9]. - The AI-related business generated only 6 million RMB in ARR, constituting 0.66% of total ARR, highlighting the need for further development in this area [10][12]. AI Strategy and Competition - Beisen has launched several AI products aimed at recruitment and training, but faces competition from platforms offering similar functionalities for free [10][14]. - The company aims to prioritize independent revenue-generating AI applications rather than supplementary features [14][16]. Acquisition of Cool Academy - The acquisition of Cool Academy for 180 million RMB aims to enhance Beisen's market coverage and integrate its technology with Cool Academy's customer base [16][20]. - However, there are concerns regarding the integration of different organizational cultures and potential conflicts between customer bases [19][20]. - The financial impact of the acquisition remains uncertain, as Cool Academy reported significant losses in previous years [21][23]. Future Outlook - Beisen Holdings must focus on improving core business profitability, accelerating AI innovation, and enhancing organizational management to achieve sustainable growth [20].

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 北森控股有限公司 呈交日期： 2025年7月9日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 09669 | 說明 | 股份 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | | 事件 | 已發行股份（不包括 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 北森控股有限公司 呈交日期： 2025年7月8日 確認 根據《主板上市規則》第13.25C條 / 《GEM上市規則》第17.27C條，我們在此確認，據我們所知所信，第一章節所述的每項股份發行或庫存股份出售或轉讓已獲發行人董事會正式授權批准，並遵 照所有適用上市規則、法律及其他監管規定進行，並在適用的情況下： 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市 ...

Summary of Key Points Core Viewpoint - On July 7, 34 Hong Kong-listed companies conducted share buybacks, totaling 30.99 million shares and an aggregate amount of HKD 921 million [1][2]. Group 1: Buyback Details - Tencent Holdings repurchased 1.002 million shares for HKD 501 million, with a highest price of HKD 502.000 and a lowest price of HKD 494.400, bringing its total buyback amount for the year to HKD 38.542 billion [1][2]. - AIA Group repurchased 5.5 million shares for HKD 377 million, with a highest price of HKD 69.150 and a lowest price of HKD 68.050, totaling HKD 16.352 billion in buybacks for the year [1][2]. - Founder Holdings repurchased 10.386 million shares for HKD 1.174 million, with a highest price of HKD 1.150 and a lowest price of HKD 1.110, accumulating HKD 3.541 million in buybacks for the year [1][2]. Group 2: Buyback Rankings - The highest buyback amount on July 7 was from Tencent Holdings at HKD 501 million, followed by AIA Group at HKD 377 million [1][2]. - In terms of share quantity, Founder Holdings had the most significant buyback with 10.386 million shares, followed by AIA Group with 5.5 million shares and China Electric Power Technology with 2.26 million shares [1][2].

FF305 FF305 確認 根據《主板上市規則》第13.25C條 / 《GEM上市規則》第17.27C條，我們在此確認，據我們所知所信，第一章節所述的每項股份發行或庫存股份出售或轉讓已獲發行人董事會正式授權批准，並遵 照所有適用上市規則、法律及其他監管規定進行，並在適用的情況下： 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 北森控股有限公司 呈交日期： 2025年7月7日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 北森控股有限公司 呈交日期： 2025年7月4日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 09669 | 說明 | 股份 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | | 佔有關 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 北森控股有限公司 呈交日期： 2025年7月3日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 09669 | 說明 | 股份 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | | 已發行股份（不包括 ...