Core Viewpoint - Multiple companies in China conducted share buybacks on October 17, 2025, with Xiaomi Group-W leading in terms of buyback amount and quantity [1][2] Group 1: Buyback Details - Xiaomi Group-W (01810) repurchased 10.70 million shares for a total of 494 million yuan, with a year-to-date total of 27.30 million shares, representing 0.110% of its total share capital [2] - Four Seasons Pharmaceutical (00460) repurchased 15 million shares for 21.76 million yuan, with a year-to-date total of 59.60 million shares, representing 0.647% of its total share capital [2] - Mengniu Dairy (02319) repurchased 1.20 million shares for 16.97 million yuan, with a year-to-date total of 18.52 million shares, representing 0.473% of its total share capital [2] Group 2: Other Notable Buybacks - VITASOY International (00345) repurchased 1.02 million shares for 8.20 million yuan, with a year-to-date total of 566.60 million shares, representing 0.540% of its total share capital [2] - Zhongtong Express-W (02057) repurchased 445,000 shares for 8.41 million yuan, with a year-to-date total of 5.07 million shares, representing 0.630% of its total share capital [2] - Huazhong Media (00685) repurchased 500,000 shares for 50,000 yuan, with a year-to-date total of 225.60 million shares, representing 0.139% of its total share capital [2]

Group 1 - The company, Beisen Holdings (09669), announced a share buyback plan, intending to repurchase 300,000 shares at a cost of HKD 2.4072 million [1]

Core Viewpoint - Beisen Holdings (09669.HK) announced a share buyback of 300,000 shares at a cost of HKD 2.407 million on October 17 [1] Group 1 - The company executed a buyback program, indicating confidence in its stock value [1] - The total expenditure for the buyback was HKD 2.407 million [1] - The number of shares repurchased was 300,000 [1]

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) FF305 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10月17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 ...

Summary of Key Points Core Viewpoint - A total of 30 companies conducted share buybacks on October 16, 2025, with Xiaomi Group-W leading in terms of buyback amount and quantity [1] Group 1: Buyback Details - Xiaomi Group-W (01810) repurchased 4 million shares for a total of 192 million [1] - Mengniu Dairy (02319) repurchased 1 million shares for 14.44 million [2] - Yun Gongchang (N23027) repurchased 2.01 million shares for 8.19 million [2] Group 2: Cumulative Buyback Data - Xiaomi Group-W has a cumulative buyback of 16.59 million shares, representing 0.060% of total share capital [2] - Mengniu Dairy has a cumulative buyback of 17.32 million shares, representing 0.443% of total share capital [2] - Yun Gongchang has a cumulative buyback of 20.62 million shares, representing 4.483% of total share capital [2] Group 3: Other Notable Buybacks - Lianyi Rong Technology-W (09959) repurchased 2.39 million shares for 7.48 million, with a cumulative total of 60.47 million shares, representing 2.830% of total share capital [2] - Kangning Jiere Pharmaceutical-B (09966) repurchased 400,000 shares for 5.48 million, with a cumulative total of 801,000 shares, representing 0.083% of total share capital [2] - Guisheng Tongqiao-B (02190) repurchased 50,000 shares for 1.24 million, with a cumulative total of 330,350 shares, representing 1.009% of total share capital [2]

北森控股(09669)发布公告，该公司于2025年10月16日斥资144.87万港元回购18万股股份，每股回购价格 为7.97-8.17港元。 ...

Group 1 - The company, Beisen Holdings (09669), announced a share buyback plan on October 16, 2025, with an expenditure of HKD 1.4487 million [1] - A total of 180,000 shares will be repurchased at a price range of HKD 7.97 to HKD 8.17 per share [1]

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10月15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 ...

Summary of Beisen Holding Limited Conference Call Company Overview - **Company**: Beisen Holding Limited (Ticker: 9669.HK) - **Industry**: Greater China IT Services and Software - **Current Stock Price**: HK$8.24 (as of October 15, 2025) - **Market Capitalization**: Rmb5,445 million - **Price Target**: HK$10.30, indicating a 25% upside potential from the current price [5][66] Key Points and Arguments Financial Performance and Projections - **Break-even Guidance**: Beisen is expected to reach break-even by 1HF26, with a full-year revenue growth guidance of 15-20% YoY [1][8] - **Revenue Growth**: Projected total revenue growth of 17.5% YoY, driven by 21% growth in SaaS and 5% in professional services. Organic revenue growth is estimated at 8-10% YoY, excluding the M&A of Cool College [8][11] - **Profitability Improvement**: Expected gross profit margin (GPM) to improve to 68% (up from 65% in 1HF25) and adjusted net profit margin (NPM) to 3% (up from -7.8% in 1HF25) [8][11] - **Annual Recurring Revenue (ARR)**: Estimated to grow 22% YoY, with AI ARR projected to account for 4-5% of total ARR [8][11] Market Position and Valuation - **Valuation Metrics**: Beisen is trading at 3.6x F26e EV/S, significantly lower than peers averaging 7.9x, indicating it is undervalued [1][5] - **Stock Rating**: Morgan Stanley maintains an Overweight (OW) rating on Beisen, reflecting confidence in its growth potential [5][66] AI Product Demand - **Strong Demand for AI Products**: Management reports high demand for Beisen's AI products, particularly AI Interviewer, with a notable increase in contracts. The AI product line is expected to synergize well with traditional software offerings, enhancing upselling opportunities [8][11] Additional Important Insights Risks and Challenges - **Downside Risks**: Potential risks include a slowdown in China's macroeconomic growth, execution risks in targeting large enterprises, and intensified domestic competition [14] - **Upside Risks**: Faster revenue growth from mid-large enterprises and improved operational expense control could enhance profitability [14] Financial Metrics Overview - **Revenue Projections**: - FY25: Rmb 1,113 million - FY26e: Rmb 1,280 million - FY27e: Rmb 1,437 million [5][11] - **EBITDA Projections**: - FY25: Rmb 35 million - FY26e: Rmb 75 million - FY27e: Rmb 135 million [5][11] Conclusion - Beisen Holding Limited is positioned for significant growth with a strong focus on AI products and improving profitability metrics. The current valuation presents a compelling investment opportunity, despite potential macroeconomic and competitive challenges.

Group 1 - The company, Beisen Holdings (09669), announced a share buyback on October 15, 2025, spending HKD 2.5291 million to repurchase 306,800 shares at a price range of HKD 8.12 to HKD 8.25 per share [1] - On the same date, the company plans to issue 30,000 shares under its share scheme [1]