（於百慕達註冊成立之有限公司） （股份代號：8083） 自願公告 本公告乃由有贊科技有限公司（「本公司」，連同其附屬公司統稱「本集團」）自願刊發。 香港交易及結算所有限公司以及香港聯合交易所有限公司（「聯交所」）對本公告之內容概不負 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之任何損失承擔任何責任。 有贊科技有限公司 執行董事 俞韜 香港，二零二五年九月十六日 於本公告日期，董事會由兩名執行董事朱寧先生及俞韜先生；以及四名獨立非執行董事方志 華博士、鄧濤先生、李少傑先生及李青陽女士組成。 本公告之資料乃遵照GEM上市規則而刊載，旨在提供有關本公司之資料；董事願就本公告之 資料共同及個別地承擔全部責任。各董事在作出一切合理查詢後，確認就其所知及所信，本公 告所載資料在各重要方面均屬準確完備，沒有誤導或欺詐成分，且並無遺漏任何事項，足以令 致本公告或其所載任何陳述產生誤導。 本公司董事（「董事」）會（「董事會」）謹此知會本公司股東（「股東」）及有意投資者，本集團現 時正探索及評估尋求將本公司所有股份由聯交所GEM轉往主板上市之可能性（「可能轉 ...

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Investment Rating - The report maintains an "Accumulate" rating for the industry [5]. Core Insights - Alibaba's significant business adjustments present new opportunities for AI e-commerce, particularly through the launch of the "Gao De Street Ranking" and the "Smoke Fire Good Store Support Plan," which aims to drive foot traffic to offline businesses [1][10]. - The penetration of AI in the e-commerce sector is still in its early stages, with less than 10% of the U.S. retail trade utilizing AI as of September 2024, indicating substantial growth potential [2][27]. - Shanghai has introduced 12 new policies to foster an "AI + Digital Advertising" ecosystem, providing unprecedented financial support for AI-driven advertising initiatives [3][40]. Summary by Sections Alibaba's Business Adjustments - Alibaba is focusing on AI and cloud strategies, with a planned investment of 380 billion yuan over three years for cloud and AI infrastructure [9]. - The company's revenue from AI-related products has seen triple-digit year-on-year growth for eight consecutive quarters [9]. - The launch of the "Gao De Street Ranking" aims to consolidate consumer data across various platforms, enhancing competition with other local service platforms [13][14]. AI in E-commerce - Current AI applications in e-commerce include personalized product recommendations, AI-driven chatbots, dynamic pricing, visual and voice search, demand forecasting, fraud detection, content generation, and sentiment analysis [2][20][27]. - The report highlights that the e-commerce ecosystem provides a vast scale for AI deployment across various operational aspects, including customer relationship management, inventory, pricing, and marketing [35]. Shanghai's New Policies - The new policies include financial support for AI advertising initiatives, with subsidies for AI model development, data acquisition, and computing power rental [40][41]. - The measures aim to enhance AI's integration into the advertising industry, promoting innovation and talent development [41][42]. Companies to Watch - The report suggests monitoring companies such as Alibaba, Yiwan Yichuang, Guangyun Technology, Qingmu Technology, Focus Technology, Shiji Information, Baozun E-commerce, Weimeng Group, and Youzan for potential investment opportunities [4][43].

Core Viewpoint - Xiaoe Technology has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to become the first "private domain SaaS stock" despite facing challenges such as continuous losses, supplier dependence, and compliance risks [2][11]. Group 1: Company Overview - Founded in 2015, Xiaoe Technology quickly capitalized on the knowledge payment trend, evolving from a tool provider to a comprehensive SaaS solution covering e-commerce, digital marketing, and CRM [3]. - As of 2024, Xiaoe Technology ranks first among interactive private domain operation solution providers in China, with a market share of 4.4% and the fastest revenue growth among the top five providers from 2022 to 2024 [3]. Group 2: Financial Performance - Revenue from 2022 to 2024 was 299 million RMB, 415 million RMB, and 521 million RMB, with a compound annual growth rate (CAGR) of 32.0%. In the first half of 2025, revenue reached 306 million RMB, a year-on-year increase of 26.4% [5]. - Gross profit for the same period was 162 million RMB, 300 million RMB, and 389 million RMB, with a CAGR of 54.9%. The gross margin improved from 54.3% in 2022 to 75.5% in the first half of 2025 [5]. - Despite revenue growth, Xiaoe Technology reported losses of 34 million RMB, 37 million RMB, and 15 million RMB from 2022 to 2024, with a cumulative loss of nearly 92 million RMB over three and a half years [7][9]. Group 3: Customer and Market Dynamics - As of June 30, 2025, Xiaoe Technology had 1,838 key customers, with average revenue per key customer increasing from 77,700 RMB in 2022 to 128,200 RMB in the first half of 2025 [6]. - The contribution of key customers to revenue rose from 7.1% to 38.1% from 2022 to 2025, indicating a growing reliance on a concentrated customer base [6]. Group 4: Risks and Challenges - Xiaoe Technology's financial health is under pressure due to significant liabilities, with total current liabilities increasing from 2.26 billion RMB in 2022 to 2.44 billion RMB in 2024, while current assets remained low [9][10]. - The company is heavily reliant on Tencent, which holds a 16.82% stake and is both a major supplier and customer, raising concerns about potential impacts on operations if Tencent alters its business strategy [11]. - Compliance risks are significant, as the company has faced regulatory scrutiny due to issues like false advertising and infringement by merchants on its platform, which could harm its reputation and customer retention [12]. Group 5: Industry Context - The private domain SaaS market in China is projected to grow from 11.9 billion RMB in 2024 to 25.8 billion RMB by 2029, with a CAGR of 16.7% [13]. - The competitive landscape includes established players like Youzan and Weimob, as well as tech giants like Alibaba and Tencent, intensifying the pressure on Xiaoe Technology to maintain its market position [13]. Group 6: Future Outlook - Xiaoe Technology's IPO is seen as a critical move for securing funding for research and market expansion, but concerns about its ability to achieve sustainable profitability remain [14]. - The company must address its supplier dependence and compliance issues to enhance its financial stability and attract long-term investor interest post-IPO [14].

Group 1 - LeXiang Group (06988.HK) saw an increase of over 15.97% [1] - HuiLiang Technology (0160.HK) experienced a rise of 12.61% [1] - Youzan (08083.HK) recorded a growth of 2.68% [1]

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 | | | 致：香港交易及結算所有限公司 第 1 頁 共 10 頁 v 1.1.1 FF301 FF301 公司名稱: 有贊科技有限公司 呈交日期: 2025年9月2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) | 08083 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | 50,000,000,000 | HKD | | 0.01 | HKD | | 500,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | 50,000,000,000 | HKD | | 0.01 | HKD | | 500,000,000 | 本月底法定/註冊 ...

Core Insights - The e-commerce SaaS industry has been struggling with high growth and high losses, primarily relying on capital infusion for expansion. However, signs of profitability have emerged in the mid-2025 financial reports, with major players Youzan and Weimob reporting their first profits after years of losses [2][3][7] - Despite achieving profitability, both companies face challenges such as declining revenue and customer attrition, raising questions about whether this turnaround is sustainable or merely a temporary phenomenon [2][7] Revenue Performance - Youzan reported a net profit of 72.57 million yuan in the first half of 2025, while Weimob achieved an adjusted net profit of 16.9 million yuan, marking their first profit since 2021 [2][3] - Youzan's revenue for the first half of 2025 was approximately 710 million yuan, showing a modest year-on-year growth of about 4%, following eight consecutive periods of negative growth [2][3] - Weimob's revenue was 775 million yuan, a decline of 10.6% compared to the previous year, although adjusted revenue showed a growth of 7.8% [3][4] Revenue Structure - For Youzan, the merchant solutions segment saw a revenue increase of 10.3% to approximately 338 million yuan, driven by the rapid expansion of its logistics solutions [3] - The subscription solutions segment, which constitutes 52.7% of total revenue, experienced a 1.0% decline to about 374 million yuan, with a decrease in gross margin by 2.8% [3] - Weimob's subscription solutions revenue fell by 10% to 438 million yuan, while its merchant solutions revenue also declined by 11.3% to 338 million yuan. However, adjusted merchant solutions revenue grew significantly by 45.3% [4] Cost Management - Weimob successfully reduced its sales costs from 292 million yuan to 193 million yuan, a decrease of 33.9%, which contributed to its improved gross profit and margin [5][6] - Youzan's sales and distribution expenses were 260 million yuan, slightly down from 266 million yuan, accounting for 36.6% of total revenue, indicating a small optimization [6] - Both companies have focused on cost-cutting measures, including workforce optimization and a shift towards high-margin business areas [5][6] Customer Dynamics - Both Youzan and Weimob have experienced a decline in customer numbers, with Youzan's total merchants dropping by 4% to 53,651 in the first half of 2025, significantly lower than its peak of nearly 100,000 in 2020 [7][8] - Weimob's paid merchants in the subscription solutions segment decreased by 13.9%, while its merchant solutions segment saw a slight increase of 1.5% [8][9] Strategic Shifts - In response to declining customer numbers, both companies have shifted from a broad acquisition strategy to focusing on larger clients and reducing non-core and low-quality business segments [10] - Weimob's large client strategy has shown success, with significant revenue contributions from key industries, while Youzan has concentrated on high-margin sectors [10] Workforce Adjustments - Both companies expanded their workforce significantly during the pandemic but have since undergone substantial layoffs to improve efficiency [11][12][14] - Youzan's employee count dropped from 4,494 in 2021 to 1,509 in 2025, while Weimob's workforce decreased from 8,562 to 3,400 in the same period [14][15] AI Integration - Both companies are embracing AI to enhance operational efficiency, with Weimob reporting a 30% improvement in overall operations through AI applications [16][17] - Youzan has begun integrating AI into its offerings but has not yet seen significant revenue impacts from these initiatives [17][18]

Core Viewpoint - The implementation of the "Artificial Intelligence +" action plan provides long-term institutional support for industry development, helping to alleviate current bottlenecks in AI development such as insufficient computing power and low-quality data supply [1][6]. Group 1: Policy and Framework - The State Council issued the "Opinions on Deepening the Implementation of the 'Artificial Intelligence +' Action" on August 26, outlining six key action areas: scientific technology, industrial development, consumption quality improvement, public welfare, governance capability, and global cooperation [5]. - The "Opinions" propose eight major areas to strengthen foundational support capabilities, covering models, data, computing power, application environments, open-source ecosystems, talent systems, policy regulations, and security governance [5][6]. - Quantifiable goals and timelines are set, aiming for a significant increase in AI penetration rates, with expectations of over 70% application penetration in key sectors by 2027, over 90% by 2030, and a transition to an intelligent economy by 2035 [5]. Group 2: Investment Opportunities - Companies to focus on in the "Artificial Intelligence +" scientific technology sector include JingTai Holdings (02228), SenseTime (00020), and Fourth Paradigm (06682) [2]. - In the industrial development sector, recommended companies include Kingdee International (00268), Yika (09923), and Maifushi (02556) for enterprise services, and Chuangxin Qizhi (02121) for industrial software [2]. - For consumption quality improvement, companies in advertising and e-commerce include ZhiDeMai (300785.SZ), JiaoDian Technology (002315.SZ), and HuiLiang Technology (01860) [3]. - In the gaming sector, recommended companies are Kunlun Wanwei (300418.SZ), Kaiying Network (002517.SZ), and Xindong Company (02400) [3]. - In the AI education sector, companies such as FenBi (02469), Century Tianhong (300654.SZ), and DouShen Education (300010.SZ) are highlighted [3]. - The report also emphasizes the importance of the domestic computing power sector, which is expected to see sustained growth in demand due to the deepening implementation of the "Artificial Intelligence +" action [5].

Investment Rating - The industry investment rating is "Strongly Outperform the Market," indicating an expected industry index increase of over 5% in the next six months [10]. Core Insights - The "Artificial Intelligence+" initiative aims to drive the AI industry into an accelerated cycle, with a focus on six key actions: scientific technology, industrial development, quality improvement in consumption, welfare for the public, governance capabilities, and global cooperation [1][2]. - The initiative sets quantifiable goals and timelines, projecting that by 2027, the penetration rate of AI will exceed 70% in six key areas, and by 2030, it will surpass 90%, marking AI as a significant growth driver [1]. - The report emphasizes that the current overall penetration rate of AI is relatively low, suggesting substantial room for growth as policies are implemented and AI costs decrease [1][2]. Summary by Sections Policy and Infrastructure - The report outlines eight foundational capabilities to support AI development, including innovation in AI chips, software ecosystem cultivation, breakthroughs in large-scale computing technology, and the establishment of a national integrated computing network [2]. - These foundational deployments are expected to provide long-term institutional support for industry development, addressing current bottlenecks such as insufficient computing power and low-quality data supply [2]. Investment Opportunities - Suggested companies to watch include: - "Artificial Intelligence+" in scientific technology: JingTai Holdings, SenseTime, Fourth Paradigm [3]. - "Artificial Intelligence+" in industrial development: Kingdee International, Yika, Mifus [3]. - "Artificial Intelligence+" in consumer quality improvement: companies in advertising e-commerce, gaming, film and television, content creation, AI-driven creative solutions, smart driving, and smart terminals [3]. - "Artificial Intelligence+" in public welfare: companies in AI education and healthcare [3]. - Internet AI ecosystem: Alibaba, Tencent, Kuaishou, Xiaomi, Bilibili [3]. - The report also highlights the domestic computing power sector, which is expected to see sustained growth in demand due to the implementation of the "Artificial Intelligence+" initiative [3].

Core Viewpoint - Xiaoetong, a SaaS service provider focused on private domain operations, has submitted its prospectus for an IPO in Hong Kong, aiming to tell a growth story despite ongoing losses [1][3]. Financial Performance - Xiaoetong's projected revenues for 2022, 2023, and 2024 are RMB 298.99 million, RMB 415.11 million, and RMB 520.81 million, respectively, with gross profits of RMB 162.25 million, RMB 300.05 million, and RMB 389.38 million [2][15]. - The company reported a reduction in pre-tax losses from RMB 34 million in 2022 to RMB 15 million in 2024, indicating a trend of decreasing losses [3][12]. - In the first half of 2023, Xiaoetong's revenue was RMB 305.6 million, with losses decreasing from RMB 7.73 million to RMB 5.82 million [3][26]. Market Context - The current IPO environment in Hong Kong is favorable, with the market experiencing high activity and significant fundraising, surpassing that of NASDAQ and NYSE [6][7]. - The performance of other SaaS companies like Weimob and Youzan, which have faced valuation challenges despite being market leaders, may impact investor sentiment towards Xiaoetong [8][18]. Customer Base and Strategy - Xiaoetong's strategy emphasizes differentiation through private domain operations and a product-driven approach, with key customer numbers projected to grow from 266 in 2022 to 1,838 by 2025 [9][12]. - The revenue contribution from key customers is expected to increase significantly, from 7.1% in 2022 to 38.1% in the first half of 2025 [12][14]. Cost Structure - The company faces challenges with a high fixed cost structure, particularly in cloud server costs, which have risen from 74% of total costs in 2022 to 92% in the first half of 2025 [12][13]. - As the proportion of key accounts increases, the pressure on costs may impact profit margins, raising concerns about the sustainability of growth [16][17]. Financial Health - Xiaoetong's current liabilities have been consistently high, with a negative net current liability position, indicating potential cash flow challenges [22][24]. - The company has accumulated losses exceeding RMB 90 million over three and a half years, raising questions about its financial stability and the necessity of the IPO [29][30]. Valuation Considerations - The valuation of Xiaoetong at IPO will be critical, as a high valuation could facilitate fundraising and provide liquidity for early investors, while a low valuation may deter investment [32][33]. - The market's perception of SaaS businesses has shifted towards a more cautious stance, emphasizing the need for sustainable profitability [34][36].