| 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 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | | 已發行股份總數 | | 於下列日期開始時的結存(註1) | 2025年5月31日 | | 699,914,510 | | 22,791,200 | | | 722,705,710 | | 1). 購回股份 (股份被持作庫存股份) | | | -200,000 | 0.02857 % | 200,000 HKD | | ...

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 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。 （於開曼群島註冊成立的有限公司） （股份代號：9669） Beisen Holding Limited – 1 – 1. 省覽及採納截至2025年3月31日止財政年度的本公司經審核綜合財 務 報 表、本 公 司 董 事（「董 事」）會 報 告 及 本 公 司 獨 立 核 數 師（「核數師」） 報 告。 2. (A) 重 選 下 列 退 任 董 事： (i) 王 朝 暉 先 生 為 執 行 董 事；及 (ii) 趙 宏 強 先 生 為 獨 立 非 執 行 董 事； 股東週年大會通告 茲通告Beisen Holding Limited（「本公司」）謹 訂 於2025年9月18日（星 期 四）下 午2時正假座中國北京市朝陽區霄雲裡南街9號院華瑞大廈19層舉行股 東 週 年 大 會，藉 以 考 慮 以 下 事 項： 普通事項 考 慮 並 酌 情 ...

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 閣下的股票經紀或其他註冊 證券交易商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓 閣下名下所有Beisen Holding Limited的股份，應立即將本通函連同隨 附的代表委任表格送交買主或承讓人，或經手買賣或轉讓的銀行、持牌證券交易商、股票經 紀或其他代理商，以便轉交買主或承讓人。 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，概不對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。 （於開曼群島註冊成立的有限公司） （股份代號：9669） Beisen Holding Limited 建議重選董事； 續聘核數師； 發行及購回股份的一般授權； 及 股東週年大會通告 Beisen Holding Limited（「本公司」）謹訂於2025年9月18日（星期四）下午2時正假座中國北京市 朝陽區霄雲裡南街9號院華瑞大廈19層舉行股東週年大會（「股東週年大會」），召開股東週年 大會的通告載於本通函第15至20頁。 ...

Stock Code 股份代號：9669 Beisen Holding Limited 北森控股有限公司* (A company incorporated in the Cayman Islands with limited liability) 於開曼群島注册成立的有限公司 環境、社會及管治（ESG）報告 Environmental, Social and Governance (ESG) Report 2024 2025 1 *僅供識別 *for identification purpose only 2024/2025 環境、社會及管治（ESG）報告 Environmental, Social and Governance (ESG) Report AI 目錄 Contents | 報告編制說明 | 04 | | | 綻放多元之美 | | | | --- | --- | --- | --- | --- | --- | --- | | About This Report | | 公司治理 Corporate Governance | 18 | Blossoming Together and | | | | ...

Financial Performance - Revenue for the year ended 31 March 2025 was RMB 945.1 million, representing a year-on-year increase of 10.6%[14] - Net loss for the year ended 31 March 2025 was RMB 147.4 million, showing a year-on-year improvement of 95.4%[14] - Adjusted net loss (non-IFRS measure) was RMB 29.1 million for the year ended 31 March 2025, reflecting a year-on-year improvement of 72.4%[14] - Total revenue for the Reporting Period was RMB 945.1 million, representing a year-on-year increase of 10.6% from RMB 854.7 million in FY2024[96] - The total loss for the year was RMB 3,208.6 million for FY2024 and RMB 147.4 million for the reporting period[148] - Adjusted gross profit for the year ended March 31, 2025, was RMB 625.4 million, a 14.3% increase from RMB 546.9 million in 2024[158] - The adjusted net loss for the year ended March 31, 2025, was RMB 29.1 million, a 72.4% improvement from RMB 105.4 million in 2024[158] - Adjusted EBITDA for the year ended March 31, 2025, was RMB 28.9 million, compared to a loss of RMB 30.3 million in 2024, representing a significant turnaround[158] Revenue Breakdown - Revenue from cloud-based HCM solutions was RMB 721.8 million, accounting for 76.4% of total revenue and representing a year-on-year increase of 14.2%[15] - Revenue from professional services was RMB 223.3 million, accounting for 23.6% of total revenue, with a year-on-year increase of 0.3%[16] - Revenue from cloud-based HCM solutions increased by 14.2% from RMB 632.2 million in FY2024 to RMB 721.8 million in the Reporting Period[101] - ARR for Core HCM Integration increased by 29% from RMB 386.9 million to RMB 499.3 million, accounting for 59% of total ARR as of March 31, 2025[102] Expenses and Liabilities - Research and development expenses were RMB 287.6 million, representing a year-on-year decrease of 18.0%[17] - Selling and marketing expenses decreased by 9.3% from RMB 437.8 million in FY2024 to RMB 397.1 million in the Reporting Period[122] - General and administrative expenses decreased by 11.2% from RMB 184.9 million in FY2024 to RMB 164.2 million in the Reporting Period[123] - Total liabilities as of 31 March 2025 were RMB 932.3 million, an increase from RMB 751.5 million in 2024[13] - Contract liabilities increased to RMB 621.4 million, reflecting a year-on-year increase of 20.4%[18] Market Position and Strategy - In FY2024, Beisen achieved a market share of approximately 15% in China's HCM SaaS market, maintaining its position as the top-ranking company for nine consecutive years since 2016[48][50] - Beisen is the only provider in China's cloud-based HCM solutions market offering integrated solutions and a unified open PaaS infrastructure, positioning itself for sustained growth amid the digital economy[47][50] - The company plans to intensify market expansion and drive AI technology implementation as part of its core strategic focus for the next three years[32] - The establishment of the Key Accounts Division aims to enhance service capabilities and target growth in new energy, high-tech manufacturing, and consumer chain retail sectors[36] AI and Technology Integration - The company has launched seven AI assistants and over 100 AI-powered features, enhancing its product offerings and improving client efficiency and talent quality[52] - Beisen's strategy includes leveraging AI technology to optimize human resource management processes, aligning with the ongoing digital transformation trends[51][52] - The AI Interviewer product has successfully commercialized, with over 240 contracted customers by the end of March 2025, enhancing recruitment efficiency and decision-making capabilities[66] - Beisen's AI Training Assistant increased training participation by 300%, with over 1,000 medical representatives mastering sales skills through real-world scenario simulations[70] Customer Engagement and Retention - The subscription revenue retention rate was maintained at 106%, indicating strong customer loyalty[58] - The total number of Core HCM integrated customers reached nearly 2,300, with a subscription revenue retention rate of 114%[108] - Beisen's focus on large customers has intensified, providing products and services that deliver higher cost-performance value in response to the economic pressures faced by mid-sized and large enterprises[45][49] Cash Flow and Financial Health - Beisen's operating cash flow turned positive, generating RMB 76.9 million during the reporting period[58] - Cash and cash equivalents increased to RMB 478.9 million as of March 31, 2025, up from RMB 234.1 million as of March 31, 2024[164] - The gearing ratio rose to 47.2% as of March 31, 2025, compared to 39.4% as of March 31, 2024, primarily due to increased contract liabilities and salary payables[165] Future Outlook - The company aims to enhance its competitive advantage by launching new products and features in FY2026, focusing on cross-selling opportunities across different modules[89] - The company plans to deepen its capabilities in key industries such as new energy, high-tech manufacturing, and consumer retail chains, targeting large enterprises with over 10,000 employees[91] - The company is committed to an AI-first strategy, integrating AI capabilities into its HCM SaaS and talent management software to improve efficiency and customer experience[91]

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 ...