Core Viewpoint - Beisen Holdings (09669) reported a revenue of 516 million RMB for the six months ending September 30, 2025, representing an 18.2% year-on-year growth, primarily driven by increased subscription revenue from cloud-based HCM solutions [1] Financial Performance - Revenue from customer contracts reached 516 million RMB, marking an 18.2% increase compared to the previous year [1] - The loss attributable to shareholders narrowed to 18.408 million RMB, a reduction of 81.4% year-on-year [1] - Basic loss per share was reported at 0.03 RMB [1]

Core Insights - The company reported a total revenue of RMB 516 million for the six months ending September 30, 2025, representing an 18.2% increase compared to the same period last year [1] - Revenue from cloud HCM solutions reached RMB 414 million, marking a 22.2% year-over-year growth, and accounted for over 80% of total revenue, an increase of 2.7 percentage points from the previous year [1] - The adjusted net profit margin improved by 11.6 percentage points to 3.8% [1] - Adjusted EBITDA reached RMB 39.3 million, indicating strong operational performance [1] - Subscription revenue retention rate remained at a healthy 105% [1] - Core HCM integrated annual recurring revenue (ARR) maintained a growth rate of 27% [1]

Core Viewpoint - Jiuqi Software experienced a significant trading day with a closing limit increase, high turnover rate, and notable net selling by institutions and deep stock connections [2] Trading Performance - Jiuqi Software's stock reached a daily limit increase with a turnover rate of 38.02% and a trading volume of 2.838 billion yuan, showing a price fluctuation of 9.22% [2] - The stock was listed on the Shenzhen Stock Exchange for a daily price deviation of 9.13% and a turnover rate of 38.02% [2] Institutional Activity - Institutions net sold 46.5084 million yuan, while the deep stock connection recorded a net sell of 84.4624 million yuan [2] - The top five trading departments accounted for a total transaction of 621 million yuan, with a net sell of 18.1 million yuan [2] Fund Flow - The stock saw a net outflow of 202 million yuan from major funds, including a net outflow of 117 million yuan from large orders and 84.8444 million yuan from big orders [2] - Over the past five days, the net outflow from major funds totaled 16.096 million yuan [2] Specific Trading Departments - The top buying department was Kaiyuan Securities with a buy amount of 47.6905 million yuan and a sell amount of 138.9412 million yuan [2] - The second largest selling department was the deep stock connection with a buy amount of 19.9349 million yuan and a sell amount of 104.3973 million yuan [2]

Market Overview - The Shanghai Composite Index closed at 3836.77 points, up 0.05%, with a trading volume of 715.54 billion [1] - The Shenzhen Component Index closed at 12585.08 points, up 0.37%, with a trading volume of 1012.23 billion [1] - The ChiNext Index closed at 2929.04 points, up 0.31%, with a trading volume of 476.22 billion [1] Sector Performance - The military industry sector showed strong performance, with stocks like Great Wall Military Industry and China Shipbuilding Defense reaching their daily limit [1] - The AIGC (Artificial Intelligence Generated Content) concept was active, with companies such as Guangyun Technology, Shenguang Group, and 360 Technology hitting their daily limit [1] - Lithium mining stocks experienced a pullback, with Rongjie Co. and Dawei Co. hitting their daily limit down [1] - Sectors such as satellite navigation, commercial aerospace, and 6G concepts saw significant gains, while oil, Hainan Free Trade Zone, and coal sectors faced declines [1]

Market Overview - A-shares experienced a volatile trading day on November 24, with the Shanghai Composite Index rising by 0.05%, the Shenzhen Component Index increasing by 0.37%, and the ChiNext Index up by 0.31% [2] - A total of 4,228 stocks rose, with 79 hitting the daily limit up, while 1,104 stocks declined [3] Sector Performance - The military industry sector saw a collective surge, with stocks like Jianglong Shipbuilding and China Shipbuilding Defense hitting the daily limit up. This was influenced by news regarding Japan's deployment of medium-range missiles near Taiwan [4] - AI application stocks were notably active, with 360 (Sanliu Ling) hitting the daily limit up. Alibaba's AI assistant, Qianwen App, surpassed 10 million downloads within a week, marking it as the fastest-growing AI application [5][6] Analyst Insights - Goldman Sachs' chief strategist for Chinese stocks, Liu Jinjun, stated that the current rise in the Chinese stock market, driven by AI concepts, is not a bubble. He emphasized that local tech companies still have room for expansion in valuation and profitability [13] - Liu noted that compared to the U.S., where companies focus on "spending money on computing power," China is more inclined to invest in AI applications, which boosts investor confidence in the short-term monetization capabilities of Chinese AI [13][14] - He projected that the current bull market in China will continue, although the pace of growth may slow down as the focus shifts from valuation increases to profit recovery [14] Future Projections - Goldman Sachs forecasts a 12% to 13% profit growth for Chinese companies next year, significantly higher than the expected 2% to 3% for the current year [15] - By 2027, the Chinese stock market is expected to have approximately 30% upside potential, benefiting from AI investments, overall GDP growth, and the globalization of Chinese enterprises [15][16]

Core Viewpoint - Beisen Holdings (09669) shares rose over 6%, currently up 6.31% at HKD 6.91, with a trading volume of HKD 3.5202 million [1] Group 1: Financial Performance - Beisen Holdings plans to hold a board meeting on November 24 to consider and approve the unaudited interim results for the six months ending September 30, 2025 [1] - The company issued a positive earnings forecast, expecting revenue for the six months ending September 30, 2025, to be between approximately RMB 503.1 million and RMB 526.3 million, representing an increase of about 15.2% to 20.5% [1] - The expected loss attributable to the company's owners is projected to be between approximately RMB 14.6 million and RMB 23.8 million, with a reduction in loss of about 76.0% to 85.2% [1]

新华财经北京11月24日电（罗浩）科创综指24日早间显著高开，指数盘初震荡回落完成与上一交易日之 间缺口回补后波动上扬，早盘期间一度涨近1.13%，随后收窄涨幅并窄幅整理，至午间收盘时小幅上 涨。午后，科创综指持续攀升，涨近2.33%后有所回落，最终仍大幅收涨。至收盘时，科创综指收于 1529.40点，涨幅1.73%，总成交额约1570亿元，总成交额较上一交易日小幅缩量。 24日，科创50指数盘初高开低走，早盘期间的反弹未能高于开盘时点位，至午间收盘时小幅下跌，午后 震荡反弹，收盘时显著上涨。当日，科创50指数收盘报1296.60点，涨幅0.84%，成分股总成交额约508 亿元，较上一交易日显著缩量。 转自：新华财经 当日，科创板个股涨多跌少，520股收涨，占比约87.99%。细分领域中，软件服务股整体涨幅靠前，金 橙子、光云科技、品高股份等3只软件服务股收于约20%涨停，品茗科技、卓易信息、致远互联、航天 软件、霍莱沃、兴图新科、福昕软件等多只软件服务股均有较大幅度上涨。 经新华财经统计，11月24日，剔除停牌的超卓航科（维权）、佳华科技，科创板其余591股平均涨幅 2.46%，平均换手率2.48%，合计成 ...

11月24日，A股三大指数集体收涨，截至收盘，上证指数涨0.05%，深证成指涨0.37%，创业板指涨0.31%。沪深北三市全天 成交17403亿元，较上日缩量2433亿元。全市场超4200只个股上涨。 上证报中国证券网讯（记者 徐蔚）11月24日，A股三大指数集体收涨，截至收盘，上证指数涨0.05%，深证成指涨0.37%， 创业板指涨0.31%。沪深北三市全天成交17403亿元，较上日缩量2433亿元。全市场超4200只个股上涨。 盘面上，AI应用午后全线走强，光云科技以20%幅度涨停，蓝色光标涨超15%。军工装备板块走高，江龙船艇、航天环宇均 以20%幅度涨停。商业航天板块持续活跃，航天长峰、上海港湾等多股涨停。锂板块全线走弱，盛新锂能连续两个交易日 跌停。 国泰海通证券表示，随着市场风险已大幅释放，中国股市进入"击球区"。中国股市将逐步企稳与展开跨年攻势，上升的空 间还很大，眼下是增持的良机。备战跨年行情上，看好科技、券商与消费。 ...

Core Insights - The stock of Beijing SuperMap Software Co., Ltd. reached a transaction volume of 1.324 billion RMB, marking a new high since October 9, 2024 [2] - The latest stock price increased by 6.43%, with a turnover rate of 15.62% [2] - The previous trading day recorded a total transaction volume of 908 million RMB [2] Company Overview - Beijing SuperMap Software Co., Ltd. was established on June 18, 1997, with a registered capital of 492.76617 million RMB [2]

Group 1 - The Hang Seng Index closed at 25,578.88 points, up 1.42% [1] - The Hang Seng Tech Index reached 5,484.46 points, increasing by 1.65% [1] - The professional retail, media and entertainment, and software services sectors led the gains, while the semiconductor, oil and gas, and industrial transportation sectors experienced declines [1] Group 2 - NetEase and Kuaishou both rose over 5%, while Alibaba increased by more than 4% [1]