本公告乃由雲知聲智能科技股份有限公司（「本公司」）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條及證券及期貨條例第XIVA部作出。 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。 UNISOUND AI TECHNOLOGY CO., LTD. 雲知聲智能科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9678） 內幕消息 本公司申請股份全流通 本次股份全流通以及轉換及上市尚須履行中國證監會、聯交所及其他境內外監管機構 所要求的其他相關程序。本公司股東及潛在投資者於買賣本公司股份時務請審慎行事。 承董事會命 雲知聲智能科技股份有限公司 茲提述中國證券監督管理委員會（「中國證監會」）於2019年11月14日發佈並於2023年8月 10日修訂的《H股公司境內未上市股份申請「全流通」業務指引》及於2023年2月17日發佈 的《境內企業境外發行證券和上市管理試行辦法》有關香港聯合交易所有限公司（「聯交 所」）上 ...

Core Viewpoint - Yunzhisheng (09678) has experienced a significant decline in stock price, dropping nearly 40% over three trading days after being included in the Hong Kong Stock Connect, despite previous highs in the month prior [1] Group 1: Stock Performance - The stock price of Yunzhisheng fell over 17% during intraday trading and opened high but closed down more than 18% on the day of inclusion in the Hong Kong Stock Connect [1] - The stock has seen a cumulative decline of nearly 40% over three consecutive trading days, returning to levels prior to August [1] - As of the latest report, the stock is down 11.49%, trading at 468.2 HKD with a transaction volume of 119 million HKD [1] Group 2: Company Financials - In the first half of the year, Yunzhisheng reported revenue of 405 million RMB, reflecting a year-on-year growth of 20.2% [1] - The company recorded a loss attributable to shareholders of 297 million RMB, which is an increase of 16.4% year-on-year [1] - Over the past three years, the company has consistently reported losses, with projected losses of 375 million RMB, 376 million RMB, and 454 million RMB for the years 2022 to 2024, totaling 1.205 billion RMB [1] Group 3: Debt Situation - As of the end of 2024, the company is expected to have redeemable liabilities amounting to 3.303 billion RMB [1]

Core Viewpoint - CloudWalk Technology (云知声) has been included in the Hang Seng Composite Index, effective September 8, 2023, highlighting market recognition of its fundamentals and growth potential [1] Group 1: Financial Performance - In the first half of the year, CloudWalk achieved revenue of 405 million RMB, representing a year-on-year growth of 20.2%, supported by its traditional business segments [2] - The daily life solutions segment contributed approximately 83% of total revenue, driven by the implementation of AI large models in vertical fields such as AI supercomputing platforms and increased demand in commercial and transportation sectors [2] - The smart living business generated revenue of 335 million RMB, while the smart healthcare business contributed around 70 million RMB [2] Group 2: Revenue Quality and Business Transformation - A significant highlight of the interim report is the revenue from the self-developed "Shanhai Model," which reached 98.76 million RMB, a substantial increase of 457.4% compared to 17.71 million RMB in the same period last year, accounting for nearly 25% of total revenue [4] - This growth indicates a shift in the company's core growth engine and a transition from a labor-intensive project-based model to a technology-intensive platform/model service approach [4] - The transformation allows the company to efficiently meet diverse customer needs while reducing reliance on single projects, thereby enhancing business stability and sustainability [4] Group 3: Research and Development Investment - As of June 30, 2025, CloudWalk's R&D team consists of 312 engineers, making up 68.7% of the total workforce, with R&D expenses amounting to 168 million RMB, representing 41.5% of total revenue [6] - This high level of R&D investment supports a positive cycle of technological breakthroughs and commercial conversion, prompting a reassessment of the company's profit model and valuation logic by the market [6] - With the national "Artificial Intelligence +" strategy in place, CloudWalk is well-positioned to leverage its long-term R&D investments and foresight in the AI industry, paving the way for scalable profitability and sustainable high growth [6]

Core Viewpoint - Cloudwalk Technology (云知声) has been included in the Hang Seng Composite Index, effective September 8, 2023, highlighting market recognition of its fundamentals and growth potential [1] Group 1: Financial Performance - In the first half of the year, Cloudwalk achieved revenue of 405 million RMB, a year-on-year increase of 20.2%, supported by its traditional business segments [2] - The daily life solutions segment contributed approximately 83% of total revenue, driven by the implementation of AI large models in vertical fields [2] - The revenue from the smart living business was 335 million RMB, while the smart healthcare business generated about 70 million RMB [2] Group 2: Revenue Quality and Business Transformation - The revenue from Cloudwalk's self-developed "Shan Hai Model" reached 98.76 million RMB, a significant increase of 457.4% compared to the previous year, accounting for nearly 25% of total revenue [4] - This growth indicates a shift in the company's core growth engine and a transition from a labor-intensive project model to a technology-intensive platform/service model [4] - The transformation allows the company to efficiently meet diverse customer needs while reducing reliance on single projects, enhancing business stability and sustainability [4] Group 3: Research and Development Investment - As of June 30, 2025, Cloudwalk's R&D team consists of 312 engineers, making up 68.7% of the total workforce, with R&D expenses of 168 million RMB, representing 41.5% of total revenue [6] - This high level of R&D investment supports a positive cycle of technological breakthroughs and commercial transformation, prompting a reassessment of the company's profit model and valuation logic [6] - With the national "Artificial Intelligence +" strategy in place, Cloudwalk is well-positioned to benefit from the integration of AI into the economy and society, enhancing its growth prospects [6]

Core Insights - Company has demonstrated solid performance since its listing on June 30, 2025, with a revenue of 405 million RMB in the first half of 2025, reflecting a year-on-year growth of 20.2% [1] - The large model-related business has shown remarkable growth, with revenue increasing by 457% to nearly 100 million RMB [1] - AI chip sales reached 16.5 million units in the first half of the year, with cumulative shipments surpassing 100 million units [1] - The insurance business experienced explosive growth, soaring by 1386.8% [1] - In the "AI + healthcare" sector, revenue per customer increased by 116.2% year-on-year, indicating stability in core business areas [1] Industry Context - The recent release of the State Council's opinions on deepening the implementation of the "Artificial Intelligence +" initiative provides clear direction and strong momentum for the development of China's AI industry [1] - As a pioneer in the commercialization of AGI (Artificial General Intelligence), the company's strategic layout aligns closely with the guidelines of the "Artificial Intelligence +" initiative [1] - The company aims to actively respond to national calls and promote the deep integration of AI with various sectors such as healthcare, home, government, and transportation [1] - The inclusion in the Hong Kong Stock Connect reflects the market's high recognition of the company's value and presents new development opportunities [2] - The policy support from the "Artificial Intelligence +" initiative is expected to accelerate the company's AGI technology innovation and industrial implementation, marking a new chapter in high-quality development [2] - The company's inclusion in the Hong Kong Stock Connect will enhance stock liquidity and market attention, broadening financing channels [4]

Core Viewpoint - Yunzhisheng has been officially included in the Hong Kong Stock Connect list, enhancing its market visibility and liquidity, and providing broader access to mainland investors [1] Financial Performance - For the first half of 2025, Yunzhisheng reported revenue of 405 million RMB, reflecting a year-on-year growth of 20.2% [1] - Revenue from large model-related businesses surged by 457% to nearly 100 million RMB [1] - AI chip sales reached 16.5 million units in the first half of 2025, with cumulative shipments surpassing 100 million units [1] - The insurance business experienced a dramatic increase of 1386.8% year-on-year [1] - Revenue per customer in the "AI + healthcare" sector grew by 116.2% year-on-year [1] Technological Advancements - Yunzhisheng is investing heavily in R&D, optimizing its Atlas intelligent computing platform and enhancing its large model capabilities [2] - The company achieved significant breakthroughs in model efficiency, compressing model parameters to below 0.5 billion and developing high-performance, low-latency models [2] - The company has expanded its language model capabilities to cover multiple languages and dialects, improving communication efficiency in diverse environments [2] International and Regional Cooperation - Yunzhisheng has signed several cooperation agreements with governments and organizations in the South Pacific and ASEAN regions, establishing a strong foundation for market expansion [3] - The company has received multiple authoritative recognitions, maintaining its position as an industry leader [3] Strategic Alignment with National Policies - The recent release of the "Artificial Intelligence +" action plan by the State Council aligns with Yunzhisheng's strategic goals, providing new growth opportunities [4] - The inclusion in the Hong Kong Stock Connect reflects market recognition of Yunzhisheng's value and is expected to accelerate its AGI technology innovation and industrial application [4]

Core Insights - Yunzhisheng has been officially included in the Hong Kong Stock Connect list, enhancing its visibility and liquidity among mainland investors, which will broaden its financing channels [1] - The company reported a robust revenue growth of 20.2% year-on-year, reaching 405 million RMB in the first half of 2025, with significant contributions from its large model-related business, which surged by 457% to nearly 100 million RMB [1] - The company has made substantial investments in technology R&D, optimizing its AI models and achieving breakthroughs in model efficiency and performance [2] - Yunzhisheng has established strategic partnerships and collaborations in both domestic and international markets, laying a solid foundation for its expansion [3] - The recent government policies on AI development align with Yunzhisheng's strategic direction, providing new growth opportunities in various sectors [4] Financial Performance - Revenue for the first half of 2025 reached 405 million RMB, marking a year-on-year increase of 20.2% [1] - The large model-related business saw a remarkable growth of 457%, contributing nearly 100 million RMB to the total revenue [1] - AI chip sales reached 16.5 million units in the first half of 2025, with cumulative shipments surpassing 100 million units [1] Technology Development - The company has invested heavily in R&D, utilizing its self-developed Atlas computing platform to enhance its AI capabilities [2] - Significant advancements in model efficiency were achieved, with parameters compressed to below 0.5 billion, resulting in high-performance, low-latency models [2] - The company has developed multilingual models that improve communication efficiency across various languages and dialects [2] Strategic Partnerships - Yunzhisheng has signed multiple cooperation agreements with governments and organizations, including partnerships in the ASEAN region and domestic healthcare [3] - The company is actively involved in the development of national standards for large models and has received multiple industry recognitions [3] Industry Outlook - The recent release of the "Artificial Intelligence +" action plan by the State Council provides a strong impetus for the AI industry, aligning with Yunzhisheng's strategic initiatives [4] - The inclusion in the Hong Kong Stock Connect is seen as a recognition of the company's value and presents new opportunities for growth in the capital market [4]

Group 1 - The core viewpoint of the article highlights the strong performance of Yunzhisheng (09678.HK), the first AGI stock in Hong Kong, with its share price reaching a record high of 620 HKD and a market capitalization exceeding 44 billion HKD since its IPO on June 30, reflecting confidence in the AGI sector and the company's technological advancements [1][3]. Group 2 - The strong stock performance of Yunzhisheng is attributed to a combination of technical strength and capital market trust, with cornerstone investors like SenseTime and others contributing approximately 95.5 million HKD during the IPO, and an additional 45.6 million HKD raised through the full exercise of the over-allotment option [3]. - According to a report by Frost & Sullivan, Yunzhisheng ranks as the fourth largest AI solution provider in China by revenue for 2024, with the second highest growth rate among companies with annual revenues exceeding 500 million CNY, and it holds the third position in life AI solutions and fourth in medical AI services [3]. Group 3 - Yunzhisheng has established a comprehensive technology matrix over more than a decade, including large model technology, multimodal interaction, AI chips, and domain knowledge graphs, with its self-developed "Shanhai Model" being a core component that excels in various evaluations, particularly in the medical field [4]. - The "Shanhai Model" serves as an "engine" for intelligent applications across multiple fields, supporting solutions in smart cockpit applications for vehicles and achieving significant market presence with its "Fengniao" series AI voice chips [4]. Group 4 - The company employs a "large industry model + scenario-based intelligent agent" approach to convert technological value into industrial value, with products covering the entire chain in smart healthcare and deep collaborations with leading automotive companies in the smart cockpit sector [6]. - This closed-loop model of "technology foundation - scenario implementation - value feedback" is identified as the core competitive advantage of Yunzhisheng, positioning it as a typical example of the transition from technological innovation to industrial practice in China's AI sector [6].

Core Viewpoint - Yunzhisheng (09678) experienced a significant decline in stock price, dropping over 18% after previously reaching new highs in the past month, indicating a reversal in market sentiment [1] Group 1: Stock Performance - The stock opened high but fell sharply, with a current decline of 18.22%, trading at 610.5 HKD and a transaction volume of 120 million HKD [1] - Since the peak on September 1, the stock price has retraced by 27% [1] Group 2: Company Announcements - The Shanghai and Shenzhen Stock Exchanges announced that Yunzhisheng has been included in the Hong Kong Stock Connect eligible list, effective from September 8 [1] Group 3: Financial Performance - In the first half of the year, Yunzhisheng reported revenue of 405 million RMB, reflecting a year-on-year growth of 20.2% [1] - The company recorded a loss attributable to shareholders of 297 million RMB, which is an increase of 16.4% year-on-year [1] - The basic loss per share was reported at 4.28 RMB [1]

Core Viewpoint - Yunzhisheng (09678) experienced a significant decline in stock price, dropping over 18% after previously reaching new highs in the past month, indicating a potential reversal in market sentiment [1] Group 1: Stock Performance - The stock opened high but saw a downward trend, with a current price of 610.5 HKD, reflecting a 27% decline from the peak on September 1 [1] - The trading volume reached 120 million HKD, indicating active market participation despite the price drop [1] Group 2: Company Financials - In the first half of the year, Yunzhisheng reported revenues of 405 million RMB, representing a year-on-year growth of 20.2% [1] - The company recorded a loss attributable to shareholders of 297 million RMB, which is a 16.4% increase in losses compared to the previous year [1] - The basic loss per share was reported at 4.28 RMB [1] Group 3: Market Developments - Yunzhisheng was included in the Hong Kong Stock Connect list, effective from September 8, which may influence trading dynamics and investor interest [1]