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]

2025年9月8日，依据《上海证券交易所沪港通业务实施办法》及《深圳证券交易所深港通业务实施办 法》的相关规定，云知声(9678.HK)凭借上市以来在市值、流动性及财务状况等方面的优异表现，正式 纳入港股通名单。港股通作为连接内地与香港资本市场的重要桥梁，将为云知声带来更广泛的内地投资 者群体，显著提升股票流动性和市场关注度，进一步拓宽公司融资渠道。 自2025年6月30日上市以来，云知声以扎实业绩表现，持续获得市场认可。公司2025年上半年财报显 示，营业收入4.05亿元人民币，实现同比20.2%的稳健增长，其中大模型相关业务表现尤为亮眼，收入 同比大幅增长457%至近1亿元人民币，展现出强大的技术商业化能力。同时，AI芯片上半年销量达1650 万颗，累计出货量已成功突破1亿颗；保险业务同比飙涨1386.8%，实现了爆发式的突破；在"AI+医 疗"领域，每名客户收入(客单价)同比增长116.2%。证实了云知声在日常生活与医疗等核心业务领域的 增长稳定性。 在技术研发方面，云知声持续加大投入，以自研的Atlas智算平台为支撑，不断优化通用大模型底座、 专家级大模型与Agent能力，推进端侧推理及芯片优化等关键 ...

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].

消息面上，上交所、深交所发布公告，云知声被调入港股通标的名单，自9月8日起生效。今年上半年， 云知声实现收益4.05亿元(人民币，下同)，同比增长20.2%；公司拥有人应占亏损2.97亿元，同比扩大 16.4%；每股基本亏损4.28元。 云知声(09678)今日高开低走，午后跌幅扩大逾18%。值得注意的是，此前一个月，该股股价多次创下新 高，9月起掉头向下，当前股价较9月1日高点已回吐27%。截至发稿，跌18.22%，报610.5港元，成交额 1.2亿港元。 ...

消息面上，上交所、深交所发布公告，云知声被调入港股通标的名单，自9月8日起生效。今年上半年， 云知声实现收益4.05亿元(人民币，下同)，同比增长20.2%；公司拥有人应占亏损2.97亿元，同比扩大 16.4%；每股基本亏损4.28元。 智通财经APP获悉，云知声(09678)今日高开低走，午后跌幅扩大逾18%。值得注意的是，此前一个月， 该股股价多次创下新高，9月起掉头向下，当前股价较9月1日高点已回吐27%。截至发稿，跌18.22%， 报610.5港元，成交额1.2亿港元。 ...

Core Viewpoint - The company is focusing on expanding its business in the insurance sector, particularly in medical insurance, by leveraging its technological capabilities and deepening collaborations with leading insurance institutions [1][2]. Group 1: Business Strategy - The company is implementing a strategy to focus on key regions and deeply explore lighthouse clients, particularly in the medical insurance field [1]. - The company is actively exploring new sustainable business models and project opportunities [1]. Group 2: Insurance Business Development - The company has established significant partnerships with leading insurance institutions, enhancing its service models and expanding its business boundaries [2]. - A notable collaboration with a major property insurance company has led to the successful implementation of an intelligent medical review system, which has been recognized for its effective risk identification and review efficiency [2]. - In the first half of 2025, the company generated revenue of RMB 9.963 million from medical-related claims review services in the insurance industry, representing a substantial increase of 1386.8% compared to the same period in 2024 [2]. Group 3: Healthcare Sector Initiatives - The company signed a strategic cooperation framework agreement with the Guangxi Zhuang Autonomous Region Medical Security Bureau to promote the innovative application of artificial intelligence in medical security [3]. - The company aims to enhance the digitalization of medical security through AI technology and explore applications in the integration of medical, medical insurance, and pharmaceutical reforms [3]. Group 4: Project Opportunity Expansion - The company is focusing on two main areas for project expansion: integrating medical data processing capabilities with insurance risk control technology, and actively engaging in the field of medical insurance fund supervision [4]. - As the demand for specialized and intelligent regulatory technology grows, the company is well-positioned to leverage its cross-domain expertise to break into this area [4].

Core Viewpoint - The company is actively expanding its business in the insurance and healthcare sectors by leveraging advanced technology and strategic partnerships to enhance its service offerings and operational efficiency [1][2][3][4]. Group 1: Business Strategy - The company is focusing on key regions and deepening relationships with lighthouse clients, particularly in the healthcare insurance sector [1]. - The company is exploring new sustainable business models and project opportunities to drive growth [1]. Group 2: Insurance Business Development - The company is deepening cooperation with leading insurance institutions, particularly in the area of intelligent medical review, which has shown significant results [2]. - In 2025, the company achieved revenue of RMB 9.963 million from medical-related claims review services in the insurance industry, marking a substantial increase of 1386.8% compared to the same period in 2024 [2]. - A new cooperation agreement was signed in 2025 to extend services to additional areas of auto insurance claims risk control, indicating a deepening partnership with a major property insurance company [2]. Group 3: Healthcare Collaboration - The company signed a strategic cooperation framework agreement with the Guangxi Medical Security Bureau to promote the innovative application of artificial intelligence in healthcare [3]. - The collaboration aims to enhance the digitalization of medical security and explore AI applications in the integration of medical, medical insurance, and pharmaceutical sectors [3]. Group 4: Project Opportunity Expansion - The company is integrating its medical data processing capabilities and risk control technology to deepen its presence in the insurance claims risk control market [4]. - There is a growing demand for specialized and intelligent regulatory technology in the healthcare fund supervision sector, which the company aims to address with its cross-domain expertise [4].

（於中華人民共和國註冊成立的股份有限公司） 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 2 （股份代號：9678） 自願性公告 最新業務進展 本公告乃由雲知聲智能科技股份有限公司（「本公司」）自願作出，旨在知會本公司股東 及潛在投資者有關本公司的最新業務發展情況。 在業務領域上，本公司持續貫徹立足重點區域、深挖燈塔客戶的策略，在醫療保險領域 深入挖掘並拓展邊界；在經營策略上，本公司大力嘗試新的可持續商業模式並積極探 索新型項目機會。 在保險業務領域，本公司憑藉成熟的技術能力與豐富的行業經驗，持續深化與頭部保 險機構的合作，並積極拓展業務邊界與服務模式，為業務規模化發展奠定堅實基礎。其 中，與某頭部財產保險公司（「該財險公司」）的合作成果尤為顯著。繼2024年雙方在智能 醫療審核項目上達成深度合作，成功完成系統在全國範圍內的推廣上線後，該系統憑藉 精準的風險 ...