Core Insights - The core viewpoint of the article is that Beisen (北森) is poised for significant growth in the E-Learning market, particularly through its recent acquisition of the training platform "Cool Academy" and the launch of its AI Learning platform, which incorporates AI Agents to enhance corporate training processes [1][2]. Group 1: Market Position and Strategy - Beisen entered the HR software market later than competitors but aims to leverage AI advancements for breakthrough growth in E-Learning [1]. - The integration of Cool Academy into Beisen was completed rapidly, with a focus on maintaining distinct product lines for different customer needs [2]. - The company plans to infuse its AI capabilities into Cool Academy's product offerings, enhancing their overall value proposition [2]. Group 2: AI Learning Transformation - AI Learning represents a shift from traditional E-Learning by introducing real-time interaction with AI Agents, personalized learning experiences, and automated course creation [3]. - The target customer base for AI Learning is primarily large enterprises, which have a stronger willingness to adopt AI solutions due to their strategic focus on innovation [3][4]. Group 3: Competitive Advantage - Beisen's expertise in HR and its accumulated data and consulting capabilities provide a competitive edge over pure tech companies in the AI space [5]. - The company has a first-mover advantage in AI Learning, having invested in this area earlier than competitors [5]. Group 4: AI Agent Commercialization - The five newly launched AI Agents vary in maturity, with some already entering the commercialization phase, such as the AI Interviewer, which has over 100 clients [6]. - The AI Interviewer significantly reduces recruitment costs and improves efficiency, making it a popular choice among clients [7]. - Beisen's AI products primarily operate on a subscription model, allowing for flexible customer engagement [8]. Group 5: Future Outlook - Beisen anticipates that AI products will become a new growth engine, with the AI Interviewer already generating significant revenue [9]. - Plans for future expansion of the AI Agent family include the introduction of additional products by 2025 [9].

Core Viewpoint - Beisen Holdings, a leading integrated HR SaaS platform in China, announced the acquisition of Cool Academy and the launch of its new AI Learning platform, which incorporates five AI Agents to enhance the learning experience and streamline the training process [1][19]. Group 1: AI Learning Platform Features - The AI Learning platform includes five AI Agents: AI Course Assistant, AI Learning Assistant, AI Practice Partner, AI Leadership Coach, and AI Exam Assistant, covering the entire learning process from course creation to assessment [1][6]. - The AI Course Assistant revolutionizes course production by automating the creation of outlines, PPTs, and exams, significantly increasing efficiency and reducing costs for companies [7]. - The AI Learning Assistant provides personalized learning experiences by recommending courses and offering real-time interaction, addressing the low completion rates of traditional eLearning [8][9]. Group 2: Changes in Learning Methodology - The introduction of AI Agents leads to a shift from traditional browser-based learning to interactive, dialogue-based learning, enhancing user engagement [4][9]. - The AI Practice Partner focuses on skill training rather than just knowledge acquisition, providing realistic practice scenarios and personalized feedback to improve employee capabilities [11][12]. - The AI Leadership Coach transforms leadership training from theoretical knowledge to practical experience through simulated management scenarios, addressing the gap between learning and application [15][16]. Group 3: Market Implications - The merger of Beisen and Cool Academy aims to capitalize on the significant market opportunity presented by the transition from eLearning to AI Learning, potentially reshaping the corporate training landscape [19]. - With over 9,000 potential enterprise clients, the integration of AI Learning solutions is expected to facilitate a rapid shift in corporate training methodologies [19]. - The unique combination of expert knowledge and AI technology positions Beisen as an innovator in the enterprise learning market, poised to lead the transformation towards AI-driven training solutions [17][18].

Group 1 - S&P Global's "Sustainable Development Yearbook (China Edition) 2025" recognized Beisen Holdings for its outstanding management and practices in sustainability, achieving a high score of 42 points in its first year of reporting [1] - Beisen Holdings is the only human resource management software company included in the yearbook, highlighting its proactive layout in low-carbon transformation and gaining international recognition for its efforts in sustainable development [1] - The S&P Global Corporate Sustainability Assessment (CSA) is one of the most influential ESG assessment systems globally, with only 164 out of 1662 Chinese companies making it into the annual yearbook [1] Group 2 - The company emphasizes long-termism and places high importance on its performance in environmental, social, and governance (ESG) management, integrating ESG principles into all operational and developmental aspects [1] - Beisen Holdings is the largest cloud-based Human Capital Management (HCM) solution provider in China, offering a unified and open PaaS infrastructure [3] - The iTalentX platform provides a comprehensive cloud-native SaaS product to help enterprises efficiently recruit, assess, manage, develop, and retain talent, leading the industry in intelligent and optimized human resource management [3] Group 3 - The company continuously innovates product development with a focus on "designing for employees," leveraging advanced technologies like AI to support resilient talent management systems and diverse talent cultures [2] - Beisen Holdings aims to help clients achieve a win-win situation between commercial and social value, empowering their sustainable development capabilities [2]

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。 本 公 司 謹 此 進 一 步 補 充，先 前 公 告 所 提 及 的 新 合 約 安 排 原 基 於 目 標 公 司之主要業務受限於(i)增 值 電 信 業 務 經 營 許 可 證，又 稱「ICP許 可 證」， 其 業 務 類 別 為「信 息 服 務（僅 限 互 聯 網 信 息 服 務），不 含 信 息 搜 索 及 查 詢 服 務、信 息 即 時 交 互 服 務」、(ii)網 絡 文 化 經 營 許 可 證，又 稱「ICB許 可 證」 及(iii)信 息 網 絡 傳 播 視 聽 節 目 許 可 證，又 稱「視 聽 許 可 證」。根 據 外 商 投 資 準 入 特 別 管 理 措 施（負 面 清 單）（2024年 版），ICP許可證的外資持股限制 為50%，ICB許 可 證 和 視 聽 許 可 證 禁 止 任 何 外 資 持 股。儘 管 ...

Group 1 - The company expects to achieve revenue of approximately RMB 923 million to RMB 966 million for the fiscal year ending March 31, 2025, representing an increase of approximately 8.0% to 13.0% compared to the revenue of approximately RMB 855 million for the fiscal year ending March 31, 2024 [1] - The company's annual recurring revenue for fiscal year 2025 is projected to be between RMB 890 million and RMB 927 million, reflecting an increase of 17.7% to 22.5% from the annual recurring revenue of approximately RMB 757 million for fiscal year 2024 [1] - The expected subscription revenue retention rate for fiscal year 2025 is estimated to be around 105.0% to 107.0% [1] Group 2 - The company anticipates a loss attributable to equity holders of approximately RMB 131 million to RMB 196 million for fiscal year 2025, a significant reduction from the loss of approximately RMB 3.209 billion for fiscal year 2024 [1] - The reduction in loss is primarily due to a decrease in losses from the fair value changes of redeemable convertible preferred shares and share-based payments, which are expected to decrease by approximately RMB 2.956 billion to RMB 3.015 billion compared to fiscal year 2024 [1] - After excluding the fair value changes of redeemable convertible preferred shares, share-based payments, acquisition-related intangible asset amortization, and related tax impacts, the company expects an adjusted net loss (non-IFRS measure) of approximately RMB 23.8 million to RMB 55.5 million for fiscal year 2025, a decrease of approximately 47.3% to 77.4% from the adjusted net loss of approximately RMB 105 million for fiscal year 2024 [1] Group 3 - The company projects that operating cash flow will turn positive in fiscal year 2025, reaching approximately RMB 65.6 million to RMB 84.9 million, compared to an operating cash outflow of approximately RMB 82.5 million in fiscal year 2024 [2]

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 正面盈利預告 虧損減少 本公告由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」）根 據 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則（「上市規則」） 第13.09(2)(a)條及香港法例第571章證券及期貨條例第XIVA部項下之內幕 消 息 條 文（定 義 見 上 市 規 則）作 出。 本 公 司 董 事（「董 事」）會（「董事會」）謹 此 宣 佈，根 據 本 公 司 目 前 可 得 資 料， 本集團預期將錄得(i)截 至2025年3月31日 止 年 度（「2025財 年」）的 收 入 介 乎 約人民幣923.1百萬元至約人民幣9 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [4]. Core Insights - The company is expected to achieve total revenue of RMB 943 million in FY25, representing a year-on-year growth of approximately 10%. The cloud HCM solutions revenue is projected to reach RMB 730 million, growing by 16% year-on-year, while professional services revenue is anticipated to decline by 6% to RMB 210 million [1][4]. - The company has initiated an AI strategy in 2024, launching a suite of AI-powered HR SaaS products, which includes seven AI assistants designed to enhance recruitment and employee experience [3]. Summary by Sections Financial Performance - For FY25, the adjusted net loss is estimated at RMB 60 million, corresponding to an adjusted net loss margin of -6.4% [1]. - The company’s revenue forecast for FY26 is set at RMB 1,043 million, with a further increase to RMB 1,150 million in FY27 [5]. Business Segments - In FY25H1, the cloud HCM solutions revenue reached RMB 340 million, marking a year-on-year increase of 14.3%. The Core HCM integrated ARR grew by 28%, accounting for 55% of total revenue, with nearly 2,100 clients [2]. - The acquisition of the HR SaaS platform KuXueYuan for RMB 180 million is expected to enhance market position and facilitate cross-selling opportunities, leveraging the existing customer base of both companies [2]. AI Development - The AI Interviewer product has shown rapid commercialization, with over 120 clients by January 2025, and is projected to reach 200 clients by the end of March 2025, with an ARR of RMB 7-8 million [3]. - The AI Employee Assistant is designed to provide 24/7 support, improving employee self-service experiences [3].

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 本 公 告 日 期，執 行 董 事 為 王 朝 暉 先 生、紀 偉 國 先 生 及 劉 憲 娜 女 士；獨 立 非 執 行 董 事 為 杜 葵 先 生、趙 宏 強 先 生 及 葛 珂 先 生。 BEISEN HOLDING LIMITED 主席兼執行董事 王朝暉 中 國，2025年5月6日 有關根據股份獎勵計劃授出受限制股份單位的澄清公告 茲提述Beisen Holding Limited（「本公司」）日 期 為2025年4月22日 的 公 告（「前 公 告」），內 容 有 關 根 據 股 份 獎 勵 計 劃 授 出 受 限 制 股 份 單 位。除 另 有 界 定 者 外，本 公 告 所 用 詞 彙 與 前 公 告 所 界 定 者 具 有 相 同 涵 義。 本 公 司 謹 此 澄 清，前 公 告 中「可 供 日 後 授 出 的 股 ...

（於開曼群島註冊成立的有限公司） （股份代號：9669） Beisen Holding Limited 根 據 股份獎勵計劃 授出受限制股份單位 根據上市規則第17.06A、17.06B及17.06C條，董 事 會 謹 此 宣 佈，於2025年4 月22日，本 公 司 根 據 股 份 獎 勵 計 劃 向5名承授人授出總計470,000份受限 制 股 份 單 位，總 計470,000股 股 份，惟 須 待 承 授 人 接 納 方 可 作 實。受 限 制 股份單位授予乃根據符合上市規則第17章 的 股 份 計 劃 進 行。 上 述 授 予 摘 要 載 列 如 下： – 1 – 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。 授 予 日 期： 2025年4月22日 承 授 人 數 目： 5名（均 為 僱 員 參 與 者） 授 出受限制股份單 位 總數目： 470,000份受限制股份單位 受 ...

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 有關須予披露交易及股份交易的最新情況 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1月14日 和2025年2月5日 的 公 告（「該等公告」），內 容 有 關 於 收 購 事 項、同 時 進 行 之 股 份 交 易 及 新 合 約 安 排。除 另 有 界 定 者 外，本 公 告 所 用 詞 彙 與 該 等 公 告 所 界 定 者 具 有 相 同 涵 義。 新合約安排 該 等 公 告 中 披 露，根 據 適 用 的 中 國 法 律、規 則 及 法 規，目 標 公 司 之 主 要 業 務，包 括 於 中 國 提 供 線 上 視 聽 節 目 服 務 及 基 ...