Dmall Inc. 多点數智有限公司 地址為 為本人╱ 吾等的代表，代表本人╱ 吾等出席本公司將於2025年12月9日（星期二）上午九時正假座中國北京市海 淀區中關村大街28號海淀文化藝術大廈B座15樓舉行的股東特別大會（及其任何續會）（「大會」），以考慮並酌 情通過大會通告所載的決議案，並於該大會（及其任何續會）上代表本人╱ 吾等及以本人╱ 吾等的名義就下列決 議案投票 （附註4） ： | | | 普通決議案 | （附註4） 贊成 | （附註4） 反對 | | --- | --- | --- | --- | --- | | 1. | 「動議： | | | | | | (i) | 謹此考慮及批准多點（深圳）數字（為其本身及代表本集團其他成員 | | | | | | 公司）與物美科技（為其本身及代表物美集團其他集團成員公司）於 | | | | | | 2024年10月10日訂立的框架協議（「物美零售核心服務雲框架協議」） | | | | | | 項下持續關連交易的經修訂現有年度上限，該協議旨在規範本集團 | | | | | | 向 物 美 集 團 提 供 零 售 核 心 服 務 雲 解 決 方 案 及 相 關 ...

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 不對因本通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。 註 冊 辦 事 處： Craigmuir Chambers P.O. Box 71 Road Town, Tortola VG 1110, British Virgin Islands 總 部： 中國北京市 海淀區中關村大街28號 海淀文化藝術大廈 B座15樓 香 港 主 要 營 業 地 點： 香 港 銅鑼灣 勿地臣街1號時代廣場 二 座31樓 附 註： Dmall Inc. 多点數智有限公司 （於 英 屬 維 爾 京 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：2586） 股東特別大會通告 茲通告 多點數智有限公司（「本公司」）謹 訂 於2025年12月9日（星 期 二）上 午 九時正假座中國北京市海淀區中關村大街28號海淀文化藝術大廈B座15 樓 舉 行 股 東 特 別 大 會，以 處 理 下 列 事 項： 承董 ...

此乃要件 請即處理 閣下如對本通函之任何內容或應採取之行動有任何疑問，應諮詢 閣下的股票經紀或其他註冊證券交 易商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓所有名下之多點數智有限公司 股份，應立即將本通函送交買主或承讓人，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倚賴該等內容而引 致之任何損失承擔任何責任。 Dmall Inc. 多點數智有限公司 （於英屬維爾京群島註冊成立的有限公司） （股份代號：2586） (1)修訂物美零售核心服務雲框架協議項下 持續關連交易的現有年度上限； 及 (2)股東特別大會通告 獨立董事委員會及獨立股東的獨立財務顧問 邁時資本有限公司 多點數智有限公司 謹訂於2025年12月9日（星期二）上午九時正假座中國北京市海淀區中關村大街28號 海淀文化藝術大廈B座15樓舉行股東特別大會，大會通告載於本通函第EGM-1頁至第EGM-2頁。隨函附 奉委任代表出席股東特別大會適用的代 ...

Group 1 - The core concern is the increasing worries about an "AI bubble" leading to significant sell-offs in US tech stocks, with debates on whether AI has driven the market to a bubble state [1] - Pessimists argue that high valuations prompt a tendency to cash out, while optimists, including management from AMD and Nvidia, assert that the demand for AI data centers is real and growing rapidly, distinguishing it from the 2000 internet bubble [1] - UBS Global Wealth Management's Jason Draho suggests that the Chinese tech sector offers an attractive way to balance US tech stock holdings due to the high valuations in the US market [1] Group 2 - Many large Chinese tech companies are valued at only one-third to half of their US counterparts, yet they are launching competitive AI products [1] - The Chinese tech sector, particularly the Hong Kong market, is attracting investors due to its valuation advantages, with the Hong Kong tech index showing a PE ratio around 40% over the past three years, significantly lower than the NASDAQ [1] Group 3 - The first ETF focusing on the Hong Kong chip industry has been launched, comprising 70% hardware and 30% software, and includes 42 Hong Kong tech companies, with significant weights in companies like SMIC and Xiaomi [4] - The ETF aims to capture the potential of the Hong Kong AI hard tech market, excluding large internet firms like Alibaba and Tencent for a sharper focus [4] Group 4 - The ongoing trend of domestic AI chip localization is seen as a long-term necessity, with current conditions viewed as optimal for the development of domestic chips [4] - The ETF tracking the Hong Kong tech index is designed to adapt to market fluctuations, with individual stock weights adjusted semi-annually [5]

Core Insights - The article emphasizes the rapid transition of AI from concept to implementation, highlighting the challenges organizations face in effectively utilizing AI tools and the necessity of developing organizational capabilities to adapt to AI [4][5]. Group 1: AI Implementation Challenges - Many organizations have acquired AI tools but struggle with their effective use due to a lack of skilled personnel who can harness AI's potential [4]. - The core issue is not just finding AI tools but also cultivating the organizational culture and capabilities necessary to leverage AI effectively [5]. Group 2: AI in Retail and Consumer Brands - The article discusses the AI implementation experiences of various retail and consumer brands, including Yili, Yum China, Wanda, and others, focusing on how they are exploring AI's role in marketing and supply chain solutions [5]. - The fourth session of the AI implementation seminar will address the essential characteristics of organizations and cultures that can adapt to AI productivity [5][12]. Group 3: Perspectives on Organizational Change - The article outlines three perspectives on how AI can drive organizational transformation: tools, operations, and organizational culture [6]. - It highlights the need for AI to evolve from being a mere tool to becoming a foundational infrastructure that reshapes business processes and decision-making [7]. Group 4: Practical Insights from Industry Leaders - The seminar will feature insights from industry leaders on how AI can be integrated into various operational aspects, such as inventory management, service innovation, and recruitment processes [9][10]. - Participants will gain firsthand experience of AI applications in real-world settings, such as supermarket operations, to observe how AI reshapes workflows [9]. Group 5: Networking and Learning Opportunities - The AI implementation seminar serves as a networking platform for decision-makers from leading retail and consumer enterprises, facilitating knowledge sharing and collaboration [12][14]. - The event aims to create a comprehensive understanding of AI's role in retail, covering strategic insights, technological tools, and practical case studies [13][26].

Core Viewpoint - The launch of the first Hong Kong stock ETF focusing on the semiconductor industry chain has led to significant price increases in related stocks, indicating a bullish sentiment in the market for domestic AI chips and semiconductor companies [1][3]. Group 1: Market Performance - The Hong Kong information technology ETF (159131) saw a price increase of 1.22% in early trading on November 17, with significant gains in constituent stocks such as Shanghai Fudan, which rose over 7%, and Huahong Semiconductor and Cloud Wisdom, which increased nearly 5% [1]. - The ETF is designed to track the performance of the semiconductor and technology sectors, with a composition of 70% hardware and 30% software, covering 42 Hong Kong-listed technology companies [3]. Group 2: Industry Trends - The domestic AI chip market is expected to experience a high growth rate, driven by the increasing commercialization of applications and a shift in orders towards domestic chips due to U.S. sanctions on NVIDIA products [2][3]. - As domestic advanced manufacturing processes mature, the competitiveness of low-end NVIDIA chips in China is declining, leading to a significant increase in market share for domestic chips [3]. Group 3: ETF Composition and Strategy - The ETF's index includes major players such as SMIC with a weight of 20.27%, Xiaomi Group-W at 9.11%, and Huahong Semiconductor at 5.64%, excluding large-cap internet companies like Alibaba and Tencent to focus on high-tech sectors [3]. - The index is designed to adjust its sample weights every six months, with a cap of 15% on individual stock weights, allowing for dynamic adjustments based on market conditions [4].

Summary of Multi-Point Intelligence Conference Call Company Overview - Multi-Point Intelligence focuses on AI retail core solutions and AI value-added services, with the former being a SaaS system covering the entire retail chain and the latter including smart loss prevention, cash register, and remote monitoring services. Since 2022, these two business segments have contributed equally to revenue [2][3][4]. Financial Performance - In the first half of 2025, the company reported revenue of 1.08 billion RMB, a year-on-year increase of 15%, with a net profit of 62 million RMB. After excluding employee costs, the net profit was 77 million RMB [2][4]. - The revenue from Wumart and other related parties accounted for 73% of the company's income in the first half of 2025 [3][11]. Competitive Advantages - Multi-Point Intelligence's core competitive advantage lies in its focus on the retail industry, providing comprehensive solutions that break down data silos and achieve data integration, outperforming large foreign systems like SAP and Oracle, as well as regional domestic suppliers [2][5]. Future Growth Projections - The company anticipates a revenue growth rate of 15% to 20% over the next two to three years. It has signed a contract with Singapore's POST OFFICE, expected to generate annual revenue in the tens of millions RMB range. Ongoing negotiations with key domestic clients are also in progress [2][6]. Virtual Asset Trading Initiatives - Multi-Point Intelligence is actively expanding into virtual asset trading, applying for a stablecoin issuance license to better serve overseas clients like Dell and Samsung, enhancing payment convenience [7][8]. - Plans include acquiring a Hong Kong company with brokerage and asset management licenses, and collaborating with Circle to test the Arc public chain, which is faster and more secure than Ethereum. This will allow for more transactions using USDC [8][9]. AI Technology Applications - AI technology is applied in various areas to enhance retail service effectiveness, including rapid scanning and extraction of product information, precise marketing based on consumer behavior analysis, and improved logistics efficiency through transportation management systems [10]. - The company has launched an independent AI module, the remote monitoring system, which has been implemented in over 500 convenience stores, generating revenue through a 6% commission on nighttime sales [10]. Business Model Sustainability - The recent increase in the cooperation agreement limit with Wumart is due to the ability to charge for new retail services, ensuring the sustainability of the business model. The company plans to charge third parties for these services in the future [11].

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10月31日 | | --- | | 狀態: | | 新提交 | 致：香港交易及結算所有限公司 公司名稱: 多点数智有限公司 呈交日期: 2025年11月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02586 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,500,000,000 | USD | | 0.0001 USD | | 250,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 2,500,000,000 | USD | | 0.0001 USD | | 250,000 | 本月底法定/ ...

Domestic News - ZhiYuan released a multimodal world model Emu3.5, capable of cross-scenario embodied operations and complex interactions [2] - Zero One Wanwu and Open Source China launched the "Open AgentKit Platform" (OAK), a one-stop open-source solution for AI Agent development [3] - Boson Quantum won a quantum computing procurement project "Tianchen AI" from China Merchants Bank, providing quantum optimization algorithms and computing power [4] - Hand Information aims to achieve 300 million yuan in AI-related revenue this year, with a target of doubling next year [5] - Meituan launched and open-sourced the LongCat-Video model, enhancing video generation speed by 10.1 times [7] - Shengbang Security released a 200G high-speed link encryption gateway, achieving a throughput of over 200 Gbps and a latency of less than 3 microseconds [8] - DingTalk introduced a "1+4+N" AI solution for the mining industry, with nearly 50% of China's top 500 mining companies using DingTalk [9] - Doubao video generation model 1.0 pro fast was launched, achieving a speed increase of about 3 times and a price reduction of 72% [10] - Yimu Technology showcased a bionic tactile sensor at IROS, enhancing robotic interaction capabilities [11] - The world's first full-size bionic robot for classroom teaching was launched in Hefei, marking a significant step in AI education applications [12] - Liwu Copper and Huawei signed a framework cooperation agreement to promote intelligent transformation in mining [13] - The Chinese Academy of Sciences Hong Kong Innovation Research Institute and Huawei launched a new generation medical AI model CARES 3.0 [14] - MiniMax released the Hailuo 2.3 video generation model, improving dynamic expression and style presentation [15] - Duodian Intelligence partnered with Circle to accelerate the construction of a unique ecosystem combining retail, fintech, and Web3 [16] - Tanjike Technology launched a large model intelligent agent platform for AI digital employees, enhancing human-machine collaboration [17] - Wanlian Yida Group announced the launch of its first full-industry AI model "Wanlian Moore" [18] - MiniMax introduced the Speech 2.6 model, achieving audio generation latency below 250 milliseconds [19] - DingTalk released the DingTalk A1 Lite AI hardware, facilitating efficient voice communication management [20] - SAS China reportedly faces mass layoffs, raising concerns about its future in the Chinese market [21] Overseas News - OpenAI is offering a one-year free ChatGPT Go service to users in India to expand its market presence [22] - NVIDIA's GTC conference highlighted advancements in AI, including partnerships with Oracle and CrowdStrike [23] - Foxconn plans to invest $1.37 billion in AI computing clusters and supercomputing centers [24] - Meituan's international delivery brand Keeta launched operations in Abu Dhabi [25] - OpenAI completed a capital restructuring, solidifying Microsoft's stake in the company [26] - Blackstone-backed AirTrunk partnered with Saudi HUMAIN to invest approximately $3 billion in data centers [27] - Amazon announced plans to lay off about 14,000 employees to streamline operations and accelerate AI deployment [28] - OpenAI introduced Aardvark, a self-driven cybersecurity research agent powered by GPT-5 [29] Financing and Mergers - Pengnao Technology completed tens of millions in angel round financing for brain-computer interface technology development [31] - Ant Group acquired a stake in AI hardware developer Aide Future Intelligent [32] - Songyan Power completed nearly 300 million yuan in Pre-B round financing for humanoid robot development [33] - Global AI platform MAI raised $25 million in seed funding to enhance its AI Agent capabilities [34] - Microsoft signed a new agreement with OpenAI to strengthen their partnership [35] - Apex Context, founded by former ByteDance and Volcano AI executives, secured millions in funding for AI-driven marketing solutions [36] - Pyromind Dynamics raised millions in seed funding to expand its reinforcement learning services [37] Policies and Trends - Shandong Province aims to achieve comprehensive low-altitude communication network coverage by 2030 [41] - Shandong is accelerating the construction of 5G-A and integrated sensing base stations [42] - Shanghai plans to establish a millisecond-level computing network by 2027 [48] - The Ministry of Transport is promoting large-scale AI applications in transportation [47] - The National Development and Reform Commission encourages the transformation of inefficient computing facilities [50]

Core Insights - The strategic partnership between Multi-Point Smart (02586.HK) and Circle (CRCL) marks a significant advancement in the application of blockchain technology within the retail sector, aiming to enhance digital transformation in the global physical industry through a dual-driven model of "technology + scenario" [1][2] Group 1: Partnership Overview - Multi-Point Smart has become one of the first deep partners in Circle's new Layer-1 blockchain network, Arc, which focuses on bridging the gap between blockchain technology and the real economy [1] - The collaboration aims to address pain points in traditional retail payments, such as inefficiencies in cross-border transactions and complex settlement processes, by leveraging programmable currencies and smart contracts [1][2] Group 2: Retail Industry Implications - Multi-Point Smart's involvement in the Arc test network will enable a comprehensive on-chain testing of retail transactions, optimizing cross-border retail settlement efficiency and reducing reconciliation costs through blockchain's immutable nature [2] - This partnership is expected to provide a replicable model for blockchain transformation in the retail industry, aligning with the core demands for globalization, digitalization, and efficiency [2] Group 3: Broader Economic Impact - The collaboration signifies a shift in blockchain from being merely a financial tool to becoming an operational system for the real economy, enhancing the value chain between blockchain technology, retail networks, and consumer behavior [2][3] - The ongoing exploration in retail payments and supply chain scenarios is anticipated to accelerate the transition of the retail industry into the "on-chain economy" era, setting a benchmark for the integration of physical and blockchain sectors [3]