Core Insights - Huicheng Co., Ltd. experienced a stock price increase of 5.03% on September 8, reaching 70.11 CNY per share, with a trading volume of 174 million CNY and a turnover rate of 3.50%, resulting in a total market capitalization of 5.272 billion CNY [1] Company Overview - Beijing Huicheng Zidao Information Co., Ltd. was established on November 14, 2008, and went public on July 16, 2020. The company primarily provides business operation analysis and customized industry analysis application solutions based on internal and external enterprise data, consumer attitudes and behaviors, and industry data for leading enterprises and domestic government agencies [1] - The revenue composition of the company is as follows: 83.82% from data products and 16.18% from solutions [1] Fund Holdings - According to data from the top ten holdings of funds, one fund under Jianxin Fund has a significant position in Huicheng Co., Ltd. The Jianxin Social Responsibility Mixed A Fund (530019) held 58,900 shares in the second quarter, accounting for 4.15% of the fund's net value, making it the third-largest holding. The estimated floating profit for today is approximately 197,900 CNY [2] - The Jianxin Social Responsibility Mixed A Fund was established on August 14, 2012, with a latest scale of 61.3817 million CNY. Year-to-date returns are 25.11%, ranking 2924 out of 8248 in its category; the one-year return is 77.64%, ranking 832 out of 8051; and since inception, the return is 230.07% [2] Fund Manager Information - The fund manager of Jianxin Social Responsibility Mixed A Fund is Li Denghu. As of the report date, Li has been in the position for 1 year and 292 days, managing total assets of 62.0176 million CNY. The best fund return during his tenure is 59.63%, while the worst return is 31.6% [3]

Summary of Hui Chen Co., Ltd. Conference Call Company Overview - Hui Chen Co., Ltd. has been operational since 2008, focusing on data, algorithms, and computing power across various sectors including telecommunications, ICT, consumer goods, healthcare, finance, and tobacco [2][3][4] Key Points Industry and Business Model - The company has invested approximately 3 billion yuan in data acquisition since 2011, establishing long-term partnerships with over 2,000 clients [2][3] - The AI business is supported by a robust data foundation, with a focus on model training initiated in Q4 2022 and product launches in June 2023 [2][3] - AI orders are particularly strong in the fast-moving consumer goods (FMCG) sector, where the company has successfully implemented AI Agent solutions to help clients reduce costs and increase revenue [2][3][4] Financial Performance - Current gross margin is around 70%, with net margins between 30% and 40% [4][15] - Major client orders typically exceed 10 million yuan, with an average order size of approximately 4 to 5 million yuan [4][16] - The company anticipates that data procurement costs will exceed 60% of revenue over the next three years, which will help offset AI business costs and improve overall profitability [4][29] AI Business Delivery and Revenue Model - AI services are delivered through an AI Agent matrix, with revenue generated from software and data fees [9][12] - Data usage fees are charged annually, with the second year’s data revenue expected to account for 30%-40% of total income [12][9] - The company emphasizes private deployment for major clients, ensuring data security and efficient delivery through standardized modules [13][8] Market Position and Competition - The FMCG sector is competitive, with the company leveraging its extensive data and operational understanding to maintain an edge over software-focused competitors [25][26] - The entry of large tech firms like BAT poses a challenge, but the company differentiates itself through its expertise in model tuning and client conversion rates [27][28] Future Outlook - The company plans to expand its market presence beyond FMCG into sectors like healthcare and tobacco, where it already has data and client resources [31][32] - New platforms, such as the Smart Computing Cloud and a national-level computing node management platform, have been launched to enhance service offerings [20] Data Governance and Management - Data governance is not a primary focus, but the company utilizes its data and AI platforms for essential data annotation tasks, particularly in the FMCG sector [8][14] - The company collaborates with clients on data governance, ensuring high data quality for effective AI deployment [22] Strategic Goals - The company has set equity incentive targets and believes it can meet its goals in line with industry growth rates [7] - Future gross margins are expected to improve as AI demand and delivery volumes increase, with plans to reflect data asset values more accurately in financial statements [24] This summary encapsulates the key insights from the conference call, highlighting the company's strategic direction, financial health, and market positioning within the AI and data sectors.

Core Viewpoint - The company announced the approval of a proposal regarding the deferral of the grant of restricted stock to the incentive targets under the 2025 restricted stock incentive plan [2] Group 1 - The fourth meeting of the fourth board of directors was held on September 4, where the proposal was reviewed and approved [2]

Group 1 - The core point of the article is that Huichen Co., Ltd. announced the convening of its fourth board meeting to discuss the proposal for the 2025 restricted stock incentive plan [1] - The company's revenue composition for the year 2024 is as follows: TMT accounts for 38.17%, fast-moving consumer goods for 22.85%, others for 19.59%, durable consumer goods for 17.83%, and government for 1.55% [1] - As of the report date, Huichen Co., Ltd. has a market capitalization of 4.9 billion yuan [1]

Group 1 - The company held its 25th meeting of the 4th Board of Directors on September 4, 2025, with all 7 directors present, complying with relevant laws and regulations [1] - The Board approved the proposal to grant restricted stock to one eligible participant under the 2025 Restricted Stock Incentive Plan, with the grant date set for September 4, 2025, and a total of 100,000 shares to be awarded [1] - The voting results showed 6 votes in favor, 0 against, and 0 abstentions, with one director abstaining due to a conflict of interest [2]

北京慧辰资道资讯股份有限公司 （以下简称" 《证券法》" 董事会薪酬与考核委员会关于 2025 年限制性股票激励计划 暂缓授予激励对象名单的核查意见 北京慧辰资道资讯股份有限公司（以下简称"公司"）董事会薪酬与考核委 员会依据《中华人民共和国公司法》 （以下简称" 《公司法》"）、 《中华人民共和国 证券法》 ）、《上市公司股权激励管理办法》 （以下简称"《管 理办法》"）、 《上海证券交易所科创板股票上市规则》 （以下简称"《上市规则》"）、 《科创板上市公司自律监管指南第 4 号——股权激励信息披露》等相关法律、法 规及规范性文件和《北京慧辰资道资讯股份有限公司章程》 （以下简称"《公司章 程》"）的有关规定，对公司 2025 年限制性股票激励计划（以下简称"本激励计 划"）暂缓授予激励对象名单进行审核，发表核查意见如下： 得成为激励对象的以下情形： （1）最近 12 个月内被证券交易所认定为不适当人选； （2）最近 12 个月内被中国证监会及其派出机构认定为不适当人选； （6）中国证监会认定的其他情形。 限制性股票激励计划中规定的激励对象范围相符。 《证券法》等法律、法规和规范性 文件以及《公司章程》规 ...

Core Viewpoint - The company has announced a temporary grant of restricted stock under its 2025 incentive plan, with specific conditions and details regarding the grant date, quantity, and pricing [1][2][3]. Summary by Sections Restricted Stock Grant Details - Grant Date: September 4, 2025 [1] - Quantity of Restricted Stock: 100,000 shares, representing 0.13% of the total share capital of 75,196,700 shares [1][9] - Grant Price: 16.83 yuan per share [1][4] Decision-Making Process - The board of directors and the supervisory board have approved the relevant proposals regarding the incentive plan [2][3]. - The supervisory board verified the incentive object list and issued relevant opinions [2][10]. Conditions for Granting - The granting conditions have been met, and the company has confirmed that there are no disqualifying circumstances for the incentive object [5][11]. - The incentive object, Mr. He Wei, had previously reduced his shareholding through an employee stock ownership platform, leading to the temporary grant of his shares [4][12]. Accounting Treatment and Performance Impact - The fair value of the restricted stock will be determined based on the closing price on the grant date minus the grant price, with costs amortized over the vesting period [12]. - The estimated impact on net profit due to the amortization of restricted stock expenses is acknowledged, but the plan is expected to enhance employee cohesion and operational efficiency [13]. Legal and Financial Advisory Opinions - Legal opinions confirm that the grant has obtained necessary approvals and complies with relevant regulations [13][14]. - Independent financial advisors have also affirmed that the grant conditions are met and the process aligns with regulatory requirements [14].

| 北京慧辰资道资讯股份有限公司 | | | | | | --- | --- | --- | --- | --- | | 一、本次暂缓授予第一类限制性股票的激励对象名单及授予情况 | | | | | | | | 占本激励计 | | | | | | 获授第一类 | | 占授予时公 | | 序 | | 划授出全部 | | | | 姓名 职务 | 国籍 | 限制性股票 | | 司股本总额 | | 号 | | 权益数量的 | | | | | | 数量（万股） | | 的比例 | | | | 比例 | | | | 合计 | | 10.00 2.60% | 0.13% | | 注：1、上述任何一名激励对象通过全部有效的股权激励计划获授的本公司股票累计均未超过本激励 计 划草案公告时公司股本总额的 1%。公司全部有效的激励计划所涉及的标的股票总数累计不超过本激励 计划 草案公告时公司股本总额的 20%。 性股票授予事宜。 截至公司第四届董事会第二十五次会议决议作出之日，激励对象何伟先生已符合本激励计划中的全部 授予条件。 北京慧辰资道资讯股份有限公司 持有公司 5%以上股份的股东、公司实际控制人及其配偶、父母、子女。 简称 ...

Core Viewpoint - The report discusses the independent financial advisory opinion regarding the stock incentive plan of Beijing Huichen Zidao Information Co., Ltd., highlighting the approval process and conditions for granting restricted stocks to certain employees. Summary by Sections 1. Definitions - The document defines key terms related to the stock incentive plan, including "restricted stocks," "incentive objects," and "grant date" [1][2]. 2. Independent Financial Advisor's Opinion - The independent financial advisor assesses the fairness and reasonableness of the stock incentive plan for shareholders and its impact on the company's ongoing operations [3][4]. 3. Approval Process - The stock incentive plan has undergone necessary approval procedures, including resolutions from the board and supervisory committee, with no objections raised during the public notice period [6][7]. 4. Conditions for Granting Restricted Stocks - The granting of restricted stocks is contingent upon meeting specific conditions, including the absence of negative audit opinions and compliance with legal regulations [9][10]. 5. Specifics of the Deferred Grant - The plan includes details about the deferred granting of 100,000 shares to a specific executive due to prior indirect share reductions, with the grant to be reconsidered once conditions are met [7][8]. 6. Financial Impact - The financial advisor recommends that the company account for the costs associated with the stock incentive plan in accordance with relevant accounting standards, noting potential dilution effects [13][14]. 7. Conclusion - The independent financial advisor concludes that the stock incentive plan has received the necessary approvals and adheres to relevant regulations, confirming that the granting conditions are met [14].

Core Viewpoint - The legal opinion issued by King & Wood Mallesons confirms that Beijing Huicheng Zidao Information Co., Ltd. has obtained the necessary authorizations and approvals for granting restricted stocks under its 2025 incentive plan, in compliance with relevant laws and regulations [1][11]. Group 1: Authorization and Approval - The company held its 2024 annual general meeting on May 16, 2025, where it approved the draft of the 2025 restricted stock incentive plan and authorized the board to grant restricted stocks to eligible participants [4]. - On September 4, 2025, the company’s board of directors approved the proposal to grant restricted stocks to the temporarily deferred incentive objects, with related directors abstaining from voting [5][6]. - The legal opinion confirms that the necessary authorizations and approvals for the stock grant have been obtained, aligning with the management regulations and relevant legal provisions [11]. Group 2: Grant Details - The grant date for the restricted stocks is set for September 4, 2025, as approved by the board, and it does not fall within restricted periods defined by regulations [6]. - The company will grant 100,000 shares of the first category of restricted stocks at a price of 16.83 yuan per share to the deferred incentive object, who is a company director and senior manager [7]. Group 3: Grant Conditions - The grant must meet specific conditions, including the absence of negative audit opinions on financial reports and internal controls for the most recent fiscal year, and no violations of profit distribution regulations within the last 36 months [7][10]. - The legal opinion confirms that the grant conditions have been satisfied, allowing the company to proceed with the stock grant [10].