Financial Performance - In 2025, the company achieved a revenue of CNY 6.068 billion, a year-on-year decrease of 2.17% [2] - Net profit attributable to shareholders reached CNY 405 million, a significant increase of 61.77% year-on-year [2] - Total expenses decreased by 5.63% compared to 2024, amounting to a reduction of CNY 273 million [3] Business Segments Digital Cost Business - Revenue was CNY 4.779 billion, down 4.16% year-on-year, with new cloud contracts totaling CNY 3.38 billion, a decline of 1.3% [3] - The segment is adapting to industry changes, focusing on high-quality bidding and cost control [3] Digital Construction Business - Revenue increased to CNY 846 million, a growth of 7.58% year-on-year, with gross margin rising from 35.87% to 58.33% [3] - The growth is attributed to better resource allocation and a focus on core markets and clients [3] Digital Design Business - Revenue was CNY 71.17 million, a decline of 21.04% year-on-year, with a focus on improving product value and establishing benchmarks [4] Overseas Business - Revenue reached CNY 240 million, a growth of 18.18% year-on-year, with a focus on expanding in Asia and Europe [4] Strategic Outlook - The company aims to solidify its existing business while expanding into new areas, targeting revenue and profit growth in 2026 [6] - Key strategies include enhancing cost management, refining construction processes, and integrating AI into operations [6] AI Integration - The company is focusing on integrating AI into its products, with a goal of enhancing efficiency and creating new revenue streams [10] - AI applications are being developed across various business segments, aiming for significant value upgrades in the next 2-3 years [10] Market Trends - The construction industry is shifting from expansion to quality improvement, with a growing emphasis on urban renewal and infrastructure [5] - The introduction of new pricing policies is expected to drive demand for the company's products, particularly in the digital cost segment [8] Financial Metrics - Operating costs decreased by 11.84%, while management expenses fell by 12.96% due to improved efficiency [7] - Cash flow from operating activities saw a decrease, primarily due to reduced loan recoveries [7] Future Business Models - The company is exploring new business models, including WAAS and RAAS, to adapt to changing market demands [13] - The focus will be on leveraging AI capabilities to enhance service delivery and meet diverse customer needs [15]

禾賽科技＊ Hesai Group （於開曼群島註冊成立以不同投票權控制的有限責任公司） 股份代號 : 2525 全球發售 整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 聯席賬簿管理人及聯席牽頭經辦人 ＊ 僅供識別 重要提示 重要提示：倘 閣下對本文件的任何內容有疑問， 閣下應徵詢獨立專業意見。 Hesai Group 禾賽科技 * （於開曼群島註冊成立以不同投票權控制的有限責任公司） 全球發售 全球發售的發售股份數目 : 17,000,000股發售股份（視乎發售量調整權 及超額配股權行使與否而定） 香港發售股份數目 : 1,700,000股發售股份（可予以調整及視乎 發售量調整權行使與否而定） 國際發售股份數目 : 15,300,000股發售股份（可予以調整及視乎 發售量調整權及超額配股權行使與 否而定） 最高公開發售價 : 每股發售股份228.00港元，另加1.0%經紀佣 金、0.0027%證監會交易徵費、0.00015% 會財局交易徵費及0.00565%聯交所交易 費（須於申請時以港元繳足，多繳股款可 予退還） 面值 : 每股發售股份0.00 ...

Core Insights - Geely Automobile reported a record revenue of 150.3 billion yuan for the first half of 2025, marking a significant year-on-year increase of 27% [1] - The company's net profit attributable to shareholders reached 9.29 billion yuan, with core net profit growing by 102% to 6.66 billion yuan after excluding non-core losses [1] Financial Performance - Total revenue for the first half of 2025 was 150.3 billion yuan, a historical high [1] - Net profit attributable to shareholders was 9.29 billion yuan, with core net profit at 6.66 billion yuan, reflecting a 102% increase year-on-year [1] - Gross profit margin improved to 16.4%, with total gross profit rising to 24.7 billion yuan [11] Sales and Market Position - Geely's total sales reached nearly 1.41 million units in the first half of 2025, a 47% increase year-on-year, with a market share exceeding 10% for the first time [5] - The company raised its annual sales target from 2.71 million to 3 million units, an increase of approximately 11% [5] - Cumulative sales of new energy vehicles reached 725,000 units, a 126% increase year-on-year [5] Strategic Integration - The term "integration" encapsulates Geely's strategy for the first half of 2025, highlighting the successful merger of Zeekr and Lynk & Co, which resulted in a 14.5% increase in combined sales to 245,000 units [6][7] - The strategic integration has led to significant operational efficiencies, with a decrease in R&D expense ratio by 5.8 percentage points to 7.8% and a reduction in selling and administrative expense ratio by 1.2 percentage points to 12.3% [7][11] Future Outlook - Geely plans to further enhance its competitive edge in the smart new energy sector through the formal merger with Zeekr, expected to be completed within the year [12] - The company aims to cover all powertrain forms, including fuel, pure electric, hybrid, and alcohol-hydrogen, while expanding its presence in mainstream, mid-to-high-end, and luxury markets [12] - The launch of new models is set to support the achievement of the 3 million sales target, with multiple new energy products scheduled for release in the second half of 2025 [18]