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 ...

Group 1 - The core focus of the discussions at the 2025 China Technology Network Conference was on Beisen's artificial intelligence strategy, including new AI learning platforms and AI monetization [1] - Management expressed a positive outlook on the accelerated development of AI applications in human resources this year, anticipating that AI monetization will accelerate from 2026 due to enhanced foundational model capabilities and deep collaboration with industry clients [1] - There is a consensus between management's comments on industry demand and spending on AI and Goldman Sachs' view that enterprises prefer to allocate spending to AI software that yields higher returns on investment [1] Group 2 - Beisen is a leader in the domestic human resources software-as-a-service sector, offering integrated cloud-based human capital management solutions covering core HR, recruitment, performance, succession, and assessment modules [2] - The company is expanding its AI HR applications with the support of third-party AI foundational models, including features like AI learning, AI interviews, and AI recruitment [2] - In May 2025, Beisen launched an AI learning platform equipped with five AI agents, which significantly enhance learning efficiency, with the AI teacher improving material generation efficiency by 4-5 times and the AI learning assistant increasing learning efficiency by 300% [2] Group 3 - Beisen began monetizing its AI interview feature in the second half of 2024, integrating the deep learning AI foundational model in October 2025 [3] - The AI interview function has already started monetization by penetrating multiple enterprise clients, assisting in candidate screening, sending interview invitations, conducting interviews, and generating candidate evaluation reports [3] - Management noted that AI functionalities attract enterprises to pay more for software compared to traditional interview methods [3]

Summary of Key Points Core Viewpoint - As of May 28, a total of 65 stocks reached their 52-week highs, with notable performances from Kingway Medical Holdings (08559), China Silver Technology (00515), and Honghui Group (00183) leading the list with high rates of increase [1]. Group 1: Stocks Reaching 52-Week Highs - Kingway Medical Holdings (08559) achieved a closing price of 0.027 with a peak of 0.045, marking a high rate of 32.35% [1]. - China Silver Technology (00515) closed at 0.280, reaching a maximum of 0.305, resulting in a high rate of 28.15% [1]. - Honghui Group (00183) had a closing price of 0.255, with a peak price of 0.255, reflecting a high rate of 27.50% [1]. - Other notable stocks include Emperor Watch and Jewellery (00887) with a high rate of 27.14% and Sogo Department Store (00312) at 21.79% [1]. Group 2: Additional Stocks with Significant Increases - Lehua Entertainment (02306) reached a high rate of 13.73% with a closing price of 2.540 [1]. - Kingway Medical (08143) had a closing price of 0.124 and a peak of 0.230, resulting in a high rate of 10.05% [1]. - Other stocks with notable increases include Zhu Feng Gold (01815) at 6.98% and Yaoshi Bang (09885) at 6.68% [1]. Group 3: Stocks with Lower Performance - The report also includes stocks that did not perform as well, with some reaching their 52-week lows, such as China Parenting Network (01736) with a low rate of -14.40% [2]. - XI Nan Tes-U (09366) and XI Nan Tes (07366) also showed declines of -10.08% and -8.60% respectively [2]. - Other stocks like He Fu Hui Huang (00733) and Pai Ge Biomedical-B (02565) experienced decreases of -7.04% and -6.95% [2].