Core Insights - OpenAI has launched GPT-5Pro and GPT-realtime-mini, emphasizing the trend towards lightweight and efficient AI models with strong multimodal interaction capabilities [1] - CloudWalk (云知声) has established itself as a significant player in the AI industry, leveraging its "chip-cloud integration" strategy and technological expertise [1] Group 1: Technological Advancements - CloudWalk's 0.5B parameter edge-side voice model, based on the Shanhai model distillation technology, is now operational in mass-produced vehicles from companies like Geely and Zhiji, demonstrating reduced hardware requirements and a response speed as low as 350ms [2] - The company has developed a comprehensive technology architecture consisting of "general large models - industry large models - edge-side lightweight models," which has earned it dual recognition with the "2025 AIEra Enterprise Innovation Award" and the "X Future Business Brand" award [2] Group 2: Financial Performance - In the first half of 2025, CloudWalk reported a 457% year-on-year increase in revenue from large model-related businesses, surpassing 100 million RMB, which now accounts for 24.4% of total revenue [3] - The edge-side voice model has established a presence across four major sectors: automotive, healthcare, transportation, and government, serving tens of millions of terminal devices [3] Group 3: Global Expansion - CloudWalk has partnered with the Nanning Municipal Government to establish an "ASEAN Headquarters Project," integrating edge-side voice models into Southeast Asia's transportation and cross-border healthcare scenarios [4] - The launch of GPT-5Pro validates the market potential for small voice models, while CloudWalk is proactively pursuing both localization and globalization strategies [4] - The company's technological approach reflects the innovative logic of Chinese AI enterprises, focusing on full-stack technical capabilities and differentiated competition through "large model technology downscaling and deep scene adaptation" [4]

Core Insights - Cloud Wisdom, known as the "first AGI stock in Hong Kong," successfully listed on the Hong Kong Stock Exchange on June 30, 2025, and was included in the Hang Seng Composite Index in September, indicating strong market recognition of its value [1] - The company reported a revenue of 405 million yuan in the first half of 2025, a year-on-year increase of 20.2%, with revenue from large model-related businesses surging by 457.4% to 98.76 million yuan, accounting for nearly 25% of total revenue [1] - The launch of OpenAI's Sora2 has revolutionized the AI video generation industry, aligning with Cloud Wisdom's strategic direction in multi-modal technology [2] Financial Performance - In the first half of 2025, Cloud Wisdom achieved a revenue of 405 million yuan, reflecting a 20.2% year-on-year growth [1] - Revenue from large model-related businesses increased by 457.4% to 98.76 million yuan, highlighting the effectiveness of its technology commercialization [1] - The company is expected to achieve a compound annual growth rate of 25% in revenue from 2022 to 2024, with a focus on long-term growth over short-term profitability [4] Technological Advancements - Cloud Wisdom's "Cloud Brain" integrates multi-modal perception and generation, knowledge graphs, and IoT platforms, achieving high performance and low latency in edge deployment [2] - The company's medical industry-specific large model, UniGPT-Med-U1, ranked first in the MedBench evaluation, showcasing its capability to integrate medical imaging, clinical texts, and voice diagnostic data [3] - The combination of Cloud Wisdom's existing voice interaction system with Sora2's scene generation technology can enhance user experience in smart cockpit scenarios [3] Strategic Positioning - The release of the "AI+" policy by the State Council provides clear guidance for the integration of AI technology with various industries, aligning with Cloud Wisdom's business layout [3] - The company is pursuing a dual strategy of deepening domestic market presence while expanding internationally, evidenced by partnerships with the Guangxi Health Commission and the Vanuatu government [3] - Cloud Wisdom's approach of "investing in R&D for growth" aims to build long-term competitiveness, with a focus on achieving a profitability inflection point as multi-modal technology commercializes [4] Market Outlook - The market recognizes Cloud Wisdom's long-term potential as a leader in the AGI era, with a current market valuation of 60 billion HKD [4] - The company's unique barriers formed by its technological reserves and industry know-how position it favorably for future growth [4] - The combination of policy support and international expansion opens new market opportunities for Cloud Wisdom [4][5]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 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) 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09678 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 41,621,883 | RMB | | 1 RMB | | 41,621,883 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 41,621,883 | RMB | | 1 RMB | | 41,621,883 | | 2. 股份分類 ...

UNISOUND AI TECHNOLOGY CO., LTD. （股份代號：9678） 2025 年 1 0 月 1 7 日(星期五)舉行的 2025 年第二次臨時股東大會之股東代表委任表格 本委任表格代表的 股份數目 （附註1） 本人╱吾等 （附註2） | | 特別決議案 | （附註5） 贊成 | （附註5） 反對 | （附註5） 棄權 | | --- | --- | --- | --- | --- | | 1. | 審議及批准關於取消監事會、修訂《公司章程》及其附件並辦理工商 | | | | | | 變更登記的議案： | | | | | | 1.1 審議及批准關於取消監事會的議案。 | | | | | | 1.2 審議及批准關於修訂《公司章程》並辦理工商變更登記的議案。 | | | | | | 1.3 審議及批准關於修訂《股東會議事規則》的議案。 | | | | | | 1.4 審議及批准關於修訂《董事會議事規則》的議案。 | | | | | | 普通決議案 | （附註5） 贊成 | （附註5） 反對 | （附註5） 棄權 | | 2. | 審議及批准關於公司2024年度董事會工作報告的議案。 | | ...

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） 2025 年第二次臨時股東大會通告 茲通告雲知聲智能科技股份有限公司（「本公司」）謹訂於2025年10月17日（星期五）上午10 時正於雲知聲智能科技股份有限公司二層會議室（中國北京市海淀區建材城中路27號金隅 智造工場N6號樓）以現場會議形式召開2025年第二次臨時股東大會（「臨時股東大會」）， 以審議並酌情通過下列決議案： 特別決議案 1. 審議及批准關於取消監事會、修訂《公司章程》及其附件並辦理工商變更登記的議 案。 普通決議案 1 2. 審議及批准關於公司2024年度董事會工作報告的議案。 3. 審議及批准關於公司2024年度獨立非執行董事工作報告的議案。 4. 審議及批准關於公司2024年度財務決算報告的議案。 5. 審議及批准關於續聘 ...

此乃要件 請即處理 閣下如對本通函任何方面有任何疑問，應諮詢 閣下之股票經紀或其他註冊證券商、銀行 經理、律師、專業會計師或其他專業顧問。 閣下如已將名下之雲知聲智能科技股份有限公司股份全部售出或轉讓，應立即將本通函及隨 附的代表委任表格交予買主或承讓人或經手買賣或轉讓之銀行、股票經紀或其他代理商， 以便轉交買主或承讓人。 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通函之內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本通函全部或任何部分內容而產 生或因依賴該等內容而引致之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） 關 於 取 消 監 事 會 、修 訂《 公 司 章 程 》及 其附件並辦理工商變更登記的議案 關於公司 2024 年度董事會工作報告的議案 關於公司 2024 年度獨立非執行董事工作報告的議案 關於公司 2024 年度財務決算報告的議案 關於續聘 2025 年度審計機構的議案 關於公司 2024 年度利潤分配方案的議案 關於 ...

Core Viewpoint - The article discusses the recent adjustments in the Hong Kong Stock Connect market, highlighting the rapid inclusion of new stocks and the associated risks of price volatility and market manipulation. Group 1: Market Adjustments - As of September 2025, a total of 67 stocks were included in the Hong Kong Stock Connect, while 61 were removed, indicating a significant turnover in the market [1] - New stocks listed for less than six months can quickly enter the market if they meet liquidity and market capitalization requirements, raising concerns about the adequacy of their assessment periods [1][4] Group 2: Inclusion Rules - The general rules for inclusion in the Hong Kong Stock Connect require that stocks achieve a daily average market capitalization covering the top 95% of the Hong Kong market and pass liquidity tests [1][2] - Stocks can be included in the Hang Seng Composite Index and the Stock Connect simultaneously if they meet the criteria during specific review periods [2] Group 3: Case Studies of New Stocks - iFlytek Medical Technology was listed on December 30, 2024, and included in the Stock Connect on March 10, 2025, after only 70 days, with an average market capitalization of HKD 6.8 billion [6] - The stock experienced a 72% price increase due to speculative trading before its inclusion, but subsequently fell nearly 40% within a month after the initial hype faded [7] - Health Road, listed and included on the same day as iFlytek, also faced a significant drop in stock price post-inclusion, highlighting the lack of sustainable trading activity [8][9] Group 4: Market Manipulation Risks - The rapid inclusion of stocks like iFlytek and Health Road has exposed vulnerabilities in the Stock Connect assessment mechanism, where stocks can be manipulated for short-term gains [4][6] - Cloud Wisdom, which was listed on June 30, 2025, saw its stock price rise significantly on its first day, but later faced a sharp decline due to poor financial performance and lack of institutional support [11][13]

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 2025 中期報告 2025 Interim Report Stock Code: 9678 Unisound AI Technology Co., Ltd. 雲知聲智能科技股份有限公司 u nd AI Te c h n olo gy U nis o C o., Lt d. 雲知聲 智 能 科 技 股 份 有 限 公 司 2025 Interim Report 中期報告 (A joint stock company incorporated in the People's Republic of China with limited liability) 目錄 | 釋義 | 2 | | | --- | --- | --- | | 公司資料 | 5 | | | 財務摘要 | 7 | | | 8 | | 管理層討論與分析 | | 24 | | 企業管治及其他資料 | | 獨立核數師報告 | 33 | | | 35 | | 中期簡明合併全面收益表 | | 37 ...

Core Insights - The 15th China Henan International Investment and Trade Fair opened in Zhengzhou, highlighting its significance as the largest and most influential international economic and trade event in Henan Province [1] - Dr. Huang Wei, CEO of Cloud Wisdom Intelligent Technology Co., Ltd., delivered a keynote speech on the path for China's AI industry, emphasizing the ongoing transformation driven by AI technology [3] Industry Development - AI is driving the Fourth Industrial Revolution, transitioning from a phase of anticipation to one of active implementation, with diverse development paths emerging globally based on regional policies and resources [3] - China is rapidly building its advantages in AI due to its complete industrial system and rich application scenarios, despite existing gaps in foundational technologies [3] Policy Support - Policy frameworks are crucial for the development of China's AI industry, with the "Artificial Intelligence +" action plan released by the State Council providing a clear strategic direction [4] - Henan Province has demonstrated proactive policy implementation by releasing its own "AI +" action plan ahead of the national guidelines, showcasing its quick and precise response capabilities [4] Technological Advancements - The transition from general large models to specialized large models and industrial intelligent bodies is seen as a key breakthrough for the industry, enabling exponential growth in new productive forces [5] - Specialized large models must meet three criteria: high capability, high reliability, and low cost, while industrial intelligent bodies should achieve a closed-loop effect of application scenarios, industry data feedback, and core technology iteration [7] Evolution of Industrial Intelligent Bodies - The evolution of industrial intelligent bodies is categorized into four stages: Assistant, Colleague, Expert, and Mentor, with Cloud Wisdom currently transitioning from Colleague to Expert [8] - The company aims to develop an industrial intelligent body comparable to a "million-dollar expert," supported by four core capabilities: advanced infrastructure, top-tier general large models, industry experience from specialized large models, and chip-level optimization to reduce implementation costs [8] Industry Outlook - The speech by Dr. Huang received positive feedback, indicating that the insights provided are valuable for industry practices [8] - With the dual drivers of policy and industry, China's AI sector is entering a golden period of development, with industrial intelligent bodies poised to become a significant engine for high-quality economic growth [8]

Core Viewpoint - Yunzhisheng has been officially included in the Hong Kong Stock Connect list, reflecting strong market recognition and opening new opportunities for liquidity and financing, following its successful listing as the "first AGI stock" in Hong Kong [1][12]. Financial Performance - In the first half of 2025, Yunzhisheng reported a revenue of 405 million RMB, achieving a year-on-year growth of 20.2%, demonstrating resilience amid increasing competition in the AI industry [3]. - The revenue from large model-related businesses surged by 457% year-on-year, nearing 100 million RMB, showcasing the company's ability to convert technology into commercial value [5]. - The AI chip sales reached 16.5 million units in the first half of the year, with cumulative shipments exceeding 100 million units, supporting daily life applications [5]. - The insurance business revenue skyrocketed by 1386.8% year-on-year, indicating a significant breakthrough and new growth trajectory [5]. - In the high-value "AI + healthcare" sector, the average revenue per customer increased by 116.2% year-on-year, highlighting market recognition of its healthcare AI solutions [5]. Technological Advancements - Yunzhisheng has intensified its investment in technology research and development, focusing on its self-developed Atlas intelligent computing platform to strengthen technological barriers [6]. - The company successfully compressed model parameters to below 0.5 billion through advanced model distillation technology, developing high-performance, low-latency edge models that have been successfully delivered in various vehicle models [6]. - The company has expanded its language model capabilities to cover multiple languages and dialects, enhancing speech recognition and semantic understanding in multilingual environments [8]. Market Expansion and Policy Support - Yunzhisheng has accelerated its domestic and international collaboration, signing memorandums with the government of Vanuatu and establishing a project in Southeast Asia [10]. - The company has formed strategic partnerships with health authorities and insurance companies in China, deepening its penetration in core sectors [10]. - Recent government policies promoting the integration of AI with various industries align with Yunzhisheng's strategic direction, providing a favorable environment for its growth [12].