COFACE SA: Disclosure of total number of voting rights and number of shares in the capital as at August 31, 2025 Paris, September 1st, 2025 – 17.45 Total Number of Shares Capital Theoretical Number of Voting Rights1 Number of Real Voting Rights2 150,179,792 150,179,792 149,307,767 (1) including own shares(2) excluding own shares Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust. You can check the authenticity on the website www.w ...

Core Viewpoint - In the era of innovation-driven development, R&D investment management is crucial for maintaining competitiveness, and the introduction of the "Chain + Data" R&D expense management system is transforming traditional challenges in this area [1] Group 1: Solidified Processes - Traditional R&D expense management relies on manual operations, leading to issues such as process skipping and unauthorized access. The "Chain + Data" system standardizes these processes within the system, ensuring compliance with preset rules for every expense application, approval, and reimbursement [3] Group 2: Transparent Data - The "Chain + Data" system utilizes blockchain technology to ensure data transparency and traceability, recording every R&D expense's details. This creates a complete data chain accessible to project leaders, financial personnel, and internal audit departments, thus eliminating information silos and opportunities for fraud [4] Group 3: Intelligent Monitoring - The system incorporates intelligent monitoring that shifts from passive auditing to proactive risk warning. It uses big data analysis to monitor R&D expenses in real-time, identifying anomalies such as budget overruns and misclassified expenses, and alerts management promptly [5] Group 4: Decision Support - The "Chain + Data" system provides data-driven decision support by generating visual reports on R&D investment returns. This helps management identify efficient R&D areas and optimize resource allocation, ensuring that internal controls empower innovation [6]

Core Insights - The article highlights the successful implementation of the "免申即享" (No Application, Immediate Enjoyment) policy in Jing'an District, Shanghai, which allows companies to receive blockchain-related subsidies without the need for cumbersome application processes [2][3][4] Group 1: Policy Implementation - Jing'an District has introduced a reform that transforms the subsidy application process from a burdensome task to an automatic system where funds are directly deposited into companies' accounts [2][3] - The policy provides a subsidy of 30% of the actual blockchain usage costs, with a maximum limit of 1 million yuan [3] - Companies like Shanghai Tonglu Chain Digital Technology Co., Ltd. and Shanghai Xinyi Technology Co., Ltd. have already benefited from this policy, receiving funds without any application [1][2] Group 2: Technological Integration - The implementation relies on blockchain technology to ensure that all usage data is securely recorded and cannot be altered, providing a transparent and reliable basis for subsidy distribution [3][4] - An intelligent management service platform automatically analyzes companies' blockchain usage data to determine eligibility for subsidies, streamlining the process to as little as three working days from data capture to fund disbursement [3][4] Group 3: Future Developments - Jing'an District plans to expand the "免申即享" model beyond the blockchain industry to other sectors such as talent and innovation, aiming to enhance the overall business environment [4]

Core Insights - Ethereum ecosystem has reached a significant milestone with over 2.5 million active addresses and daily transaction volume exceeding 16 million, indicating robust growth and potential for ETH price to challenge historical highs by year-end [1][3] - Institutional interest in Ethereum is rising, with over $3.2 billion net inflow into Ethereum ETFs over the past nine weeks, and major investment firms raising their price targets for ETH [3][8] - The DeFi sector is a key growth driver, with decentralized exchange (DEX) trading volume reaching $85 billion and lending protocols' total locked value increasing by 52% to $42 billion [4][6] Ethereum Ecosystem Growth - Layer 2 solutions have seen a total locked value surpassing $32 billion, a 42% increase from the previous month, enhancing transaction efficiency and reducing costs [1][3] - The NFT market has shown a resurgence with a 24-hour trading volume increase of 83%, and blue-chip NFT projects experiencing floor price increases of 25-40% [1][6] User Demographics and Market Maturity - The proportion of institutional users in Ethereum holdings has risen from 22% to 36%, indicating a shift towards a more mature market with increased long-term holders [8] - The total number of Ethereum wallet addresses has surpassed 130 million, reflecting a 42% year-over-year growth in retail investor participation [8] Technical Analysis and Price Outlook - Recent price movements show ETH breaking the $6,200 mark, with technical indicators suggesting a potential challenge to historical highs, possibly reaching the $8,000 region [8][9] - The relative strength index (RSI) indicates a healthy upward trend without overbought signals, supporting bullish sentiment among technical analysts [8] Future Prospects - The Ethereum ecosystem is expected to continue expanding driven by technological innovations and institutional adoption, with Layer 2 solutions enhancing network performance [9] - XBIT platform is positioned as a decentralized trading solution, focusing on security, transparency, and user experience to cater to the growing Ethereum user base [9]

Group 1 - Strategy company is expected to be included in the S&P 500 index as early as next week, indicating a significant influx of funds and a reassessment of the value of emerging tech companies by institutional investors [2] - The potential inclusion of Strategy in the S&P 500 reflects a trend where traditional index funds are embracing innovative companies, providing investors with more diversified options [2] - The decentralized trading platform XBIT is changing the trading experience for investors by allowing transactions without cumbersome identity verification processes, showcasing the revolutionary application of blockchain technology in financial services [2][4] Group 2 - The Federal Reserve's power dynamics may change in September with the potential confirmation of Stephen Milan, which could impact monetary policy direction [4] - The recent simultaneous outflow of funds from Bitcoin and gold ETFs indicates a complex macroeconomic environment and shifting investor sentiment, with nearly $2 billion leaving Bitcoin ETFs and $449 million from gold ETFs in a week [5] - Analysts warn that the risks associated with cryptocurrency companies are similar to those seen during the 2007-2008 financial crisis, highlighting the need for cautious evaluation of risks in digital asset trading [5] Group 3 - The maturity of decentralized trading technology is providing investors with new choices, as platforms like XBIT.Exchange offer complete transaction transparency and user control over assets [7][9] - The anonymity features of decentralized trading platforms protect user privacy while ensuring that services remain stable and unaffected by single regulatory bodies [9] - As regulatory environments become clearer and technology continues to evolve, decentralized trading platforms are expected to play a more significant role in the global financial system [9]

Group 1 - The market for stablecoins is experiencing significant growth, with Circle's USDC market capitalization surpassing $70 billion and a 24-hour trading volume exceeding $12.2 billion, indicating strong demand for stablecoins [1][3] - The South Korean opposition party has prioritized the establishment of a legal framework for a Korean won stablecoin, while Circle has proposed collaboration on a US dollar stablecoin, reflecting its strategic expansion in Asia [3][4] - The rapid growth of USDC and other dollar-pegged stablecoins is influenced by the international status of the dollar and the Federal Reserve's financial infrastructure, highlighting the urgent demand for decentralized finance (DeFi) and on-chain asset circulation [3][5] Group 2 - Binance's founder CZ emphasized the potential of decentralized exchanges (DEX) and the integration of blockchain with artificial intelligence (AI) as key directions for future industry breakthroughs [4][6] - The total market value of stablecoins is projected to grow from $250 billion to $3.7 trillion by 2030, showcasing their significant development potential [5][6] - Innovative platforms like XBIT are gaining popularity by offering users complete control over their assets without the need for identity verification, aligning with the increasing emphasis on financial autonomy and data privacy [5][6]

Group 1 - The core viewpoint of the article emphasizes the growing importance of stablecoins in the global financial landscape, driven by regulatory developments in major economies like the US, Europe, Japan, and China [3][5][30] - As of March this year, the global circulation of stablecoins has surpassed $200 billion, with leading companies like Circle issuing over $1 billion in stablecoins weekly [5][30] - Stablecoins are fundamentally different from cryptocurrencies like Bitcoin, as they are designed for stability and transactional use rather than speculative investment [5][6][30] Group 2 - Stablecoins serve as a "receipt" for fiat currencies, ensuring their value is backed by real assets such as cash or government bonds [6][8] - The use of stablecoins can significantly reduce transaction costs, especially for cross-border payments, by eliminating the need for intermediaries like banks [9][12][14] - Smart contracts associated with stablecoins can automate trust in transactions, reducing reliance on traditional banking systems [15][20][22] Group 3 - Issuing stablecoins allows companies to earn interest on the substantial reserves backing these digital assets, effectively functioning as a "shadow bank" [23][24] - The issuance of stablecoins can influence global financial dynamics, particularly in terms of international trade and monetary sovereignty [24][31] - The US promotes stablecoins to enhance its financial power through the dollar, while China views them as a means to internationalize the renminbi [31][32] Group 4 - The article suggests that the real opportunities in the stablecoin market lie not in trading the coins themselves but in providing services and infrastructure around them, such as digital wallets and supply chain finance solutions [35][36]

Core Viewpoint - The company reported strong financial performance in 1H25, with significant revenue growth and a return to profitability, driven by strategic asset sales and robust payment processing activity [1][2]. Financial Performance - 1H25 revenue increased by 27% year-on-year to 780 million yuan, with net profit turning positive at 151 million yuan compared to a net loss of 35 million yuan in 1H24, largely due to over 1.6 billion yuan in gains from the sale of a stake in a subsidiary [1][2]. - Adjusted recurring operating profit was 6.258 million yuan, a significant improvement from a loss of 8.88 million yuan in 1H24, indicating enhanced core business profitability [2]. Business Trends - Total Payment Volume (TPV) for 1H25 grew by 32% year-on-year to 2.1 trillion yuan, outpacing revenue growth of 27% [1]. - Global payment TPV surged by 94% to 198.5 billion yuan, while domestic payment TPV rose by 28% to 1.9 trillion yuan, with stable fee rates contributing to revenue growth [1]. - Value-added services revenue increased by 34% to 90 million yuan, driven by virtual card offerings and the expansion of digital products [1]. Profitability Metrics - Gross profit for 1H25 rose by 25% to 410 million yuan, maintaining a high gross margin of 52% [2]. - The gross margin for global payments was 72.7%, while domestic payments stood at 19.9%, with a slight decline in value-added services margin attributed to lower profitability in virtual card operations [2]. Strategic Outlook - The company anticipates steady growth in payment business, projecting TPV to continue increasing and revenue growth to exceed 20% in the coming years, with a target recurring operating profit of nearly 70 million yuan in 2025 [3]. - The company plans to allocate 30% of its fundraising to enhance global licensing and local service capabilities, while 50% will focus on blockchain technology innovations in cross-border payments [3]. Market Position - As a leading cross-border payment service provider, the company is well-positioned to benefit from Web3 payment innovations and has obtained a VATP license, which opens new growth avenues [3]. Valuation and Forecast - Revenue forecasts for 2025 and 2026 have been raised by 2% to 1.65 billion yuan and 2.02 billion yuan, respectively, while maintaining adjusted profit estimates [4]. - The target price has been increased by 3.3% to 15.8 HKD, reflecting a potential upside of 39% based on a price-to-sales ratio of 9x for 2025 and 8x for 2026 [4].

Core Insights - Suzhou Baoshengyu Business Technology Co., Ltd. has been established with a registered capital of 10 million RMB [1] - The legal representative of the company is Ren Baoyu [1] Business Scope - The company operates in various sectors including technology promotion and application services, technical promotion services, and sales of smart devices [1] - Specific areas of sales include smart in-vehicle equipment, smart home consumer devices, smart drones, smart robots, mobile communication devices, and communication equipment [1] - Additional services include installation of household appliances, wholesale and retail of electronic components, software development, and blockchain technology-related software and services [1] - The company is also involved in internet device sales, 5G communication technology services, and animation game development [1]

Group 1 - The core viewpoint of the article is that New Entertainment Technology Holdings (06933.HK) reported a decrease in revenue for the six months ending June 30, 2025, amounting to approximately RMB 23,115,000, which is a decline of about 23.8% compared to the same period last year [1] - The gross profit for the same period increased significantly by approximately 389.1% to around RMB 11,069,000 [1] - The company reported a loss of approximately RMB 1,756,000, which is a reduction of about 70.7% compared to the previous year [1] Group 2 - The reduction in losses is primarily attributed to increased revenue and gross profit from the business related to the development of social financial mobile applications using blockchain technology and providing technical support [1]