瑞和数智(03680)发布截至2025年6月30日止6个月中期业绩，该集团取得是收益1.2亿元，同比减少 33.49%;公司拥有人应占溢利4318.6万元，去年同期则取得亏损3604万元;每股盈利6.28分。 报告期间溢利的主要由于报告期间本公司持有1500万股东京中央拍卖控股有限公司(01939)的股份，确 认公平值收益约6301.5万元;及报告期间本集团大力推动降本增效措施，从而令研发费用、行政费用、 融资成本及销售开支等较去年同期有所减少。 报告期间，本集团继续夯实在数据智能和营销科技领域的核心竞争力，深耕银行、证券、制造业等存量 客群，持续拓展战略新赛道，创新变革业务新模式，积极探索数据资产、金融AI大模型、信创国产 化、软硬件资讯科技等新领域，致力于向数智化综合服务商转型。 ...

报告期间溢利的主要由于报告期间本公司持有1500万股东京中央拍卖控股有限公司(01939)的股份，确 认公平值收益约6301.5万元;及报告期间本集团大力推动降本增效措施，从而令研发费用、行政费用、 融资成本及销售开支等较去年同期有所减少。 智通财经APP讯，瑞和数智(03680)发布截至2025年6月30日止6个月中期业绩，该集团取得是收益1.2亿 元，同比减少33.49%;公司拥有人应占溢利4318.6万元，去年同期则取得亏损3604万元;每股盈利6.28 分。 报告期间，本集团继续夯实在数据智能和营销科技领域的核心竞争力，深耕银行、证券、制造业等存量 客群，持续拓展战略新赛道，创新变革业务新模式，积极探索数据资产、金融AI大模型、信创国产 化、软硬件资讯科技等新领域，致力于向数智化综合服务商转型。 ...

Core Viewpoint - The company is focusing on expanding its data intelligence business into artificial intelligence, demonstrating resilience in its operations despite external market pressures [1][2][4]. Group 1: Financial Performance - The company reported a revenue of 218 million yuan during the reporting period, indicating steady growth in its main business [1]. - Revenue from data value extraction-related activities accounts for over 85% of total revenue, showcasing the company's strong position in the data intelligence sector [2]. Group 2: Artificial Intelligence Initiatives - The company has increased its investment in artificial intelligence, establishing an AI division and appointing a Chief AI Officer (CAIO) to lead efforts in product development and technological breakthroughs [3]. - The company has launched a series of AI products, including GAI OS, GAI Office, and GAI Store, and introduced a high-end model device called GAI Station for enterprise markets [3]. Group 3: Ecosystem Development - The company is extending its business from data intelligence (DI) to generative artificial intelligence (GAI), creating a comprehensive ecosystem through initiatives like the "Data Station" strategy and the "Hundred Cities, Hundred Scenarios" co-creation plan [4]. - The company is actively promoting AI co-creation models, combining its "data + intelligence" capabilities with partners across various industries to develop intelligent applications in specific verticals [4]. - The company anticipates that its investments in artificial intelligence will provide strong growth momentum in the long term, with new AI-related businesses expected to enter a promotional phase in the second half of the year [4].

"火石元擎"包含产业经济大模型与智能体构建平台。火石产业经济大模型是产业经济领域唯一通过国家 网信办双备案的垂类大模型，融合百亿级产业经济专业语料库与产业发展逻辑，构建多模态产业认知架 构，具备提供安全、合规、可信服务的能力。而智能体构建平台则提供"AI+数据+流程"全链路开发能 力，支持零代码构建行业级智能体，还可灵活调用Deepseek、产业经济大模型等AI引擎，快速适配不同 产业场景需求，实现"场景智能体"灵活生长、持续迭代，让AI变成新的生产力工具。 场景革命：四大智能体，聚焦产业痛点释放AI价值 围绕产业研究、产业招商、政策服务、企业发展等核心场景，首批发布四大场景智能体： 十年深耕产业数据智能领域，火石创造在成立十周年之际（8月18日）正式宣布全面AI转型，并发布新 一代产业数据智能产品体系。火石创造以"火石星联"产业数据中心+"火石元擎"产业经济大模型与智能 体构建平台+N个场景智能体形成"技术+场景"双轮驱动、协同创新模式，实现数智筑基到场景智能体的 全栈闭环。 十年积淀，筑牢产业数据智能根基。董事长金霞表示，人工智能是火石创造转型升级的宝贵机遇。火石 创造将"全面AI"确立为下一个10年的核 ...

Group 1: Hong Kong IPO Market Overview - In the first half of 2025, Hong Kong's IPO market showed strong performance with 44 IPOs completed, an increase of 14 from the same period last year, raising over 105 billion HKD [2] - June 2025 marked a peak in IPO activity with 15 companies listed, reflecting a market trend towards "hard technology + new consumption" [3] - The total net fundraising from the 15 companies in June was approximately 73.87 billion HKD, with significant contributions from Sanhua Intelligent (24.74 billion HKD) and Haitian Flavoring (20.07 billion HKD) [4] Group 2: Companies Listed in June - Notable companies that went public in June include MetaLight Inc. (data intelligence), Haitian Flavoring (seasoning), and Cloud Travel (transportation platform), with share prices ranging from 2.86 HKD to 205 HKD [4] - The IPOs were characterized by a concentration of fundraising among leading companies, indicating a trend where consumer and technology manufacturing sectors drive the market [4] Group 3: Upcoming and Recent Listings - From June 23 to June 29, three companies passed the listing hearing, including Weili Zhibo (biopharmaceuticals), Dazhong Dental (dental services), and Shougang Langze (carbon technology) [5][6] - In June, 77 companies submitted applications to list on the Hong Kong main board, covering sectors such as biomedicine, semiconductors, and smart vehicles, indicating a robust interest in capital markets [7] Group 4: US IPO Market Overview - By June 2025, 45 Chinese companies completed listings in the US, with a notable focus on Nasdaq as the primary listing venue [10] - In June, six Chinese companies listed in the US, with four using traditional IPO methods and two utilizing SPACs, showcasing a diverse range of industries including biotechnology and consumer services [11][12] Group 5: Fundraising Trends - The fundraising landscape for Chinese companies in the US showed a split between SPAC-driven headliners and traditional IPOs, with many projects reflecting cautious market sentiment regarding valuations and risks [15] - The overall trend indicates an improvement in quality and structure of listings, with healthcare, technology, and consumer sectors being the focal points for capital investment [18]

Core Insights - The data intelligence industry is experiencing rapid growth and is becoming a core engine for driving innovation and growth in the digital economy [1][3] - The integration of data and artificial intelligence (AI) is deepening, with AI serving as a crucial means for releasing the value of data, while data fuels AI innovation [1][2] - The industry is facing three major security challenges: unresolved technical bottlenecks, increased complexity in governance of new business models, and insufficient practical implementation of security governance [6] Industry Development - The global data intelligence industry is expanding, with approximately 30,000 data intelligence companies worldwide as of December 2024, of which 4,696 are in China, accounting for 15% of the total [3] - The number of high-level papers published in the data intelligence field is increasing, with over 250,000 papers expected in 2024, including 1,941 high-level papers globally and 1,100 from China [3] - China is the largest exporter of top-tier data intelligence talent, with 47% of the world's top 20% data intelligence talents receiving their undergraduate education in China [3] Policy and Support - Recent policies such as the "Interim Measures for the Management of Generative AI Services" and the "Three-Year Action Plan for Data Elements (2024-2026)" have provided strong momentum for the development of the data intelligence industry [4] - Various provinces in China, including Beijing, Shanghai, Jiangsu, and Shandong, are implementing policies to promote AI and digital economy applications through the establishment of intelligent computing centers and innovation development pilot zones [4] Security Challenges - The data intelligence industry is currently facing three main security challenges: the inability to overcome technical bottlenecks, the rising complexity of governance in new business models, and the lack of mature governance frameworks for practical implementation [6] - There is a need for a comprehensive governance framework that includes data security, model algorithm security, application security, and service security to support the entire lifecycle of large models [6] - Companies should undergo structural changes in governance models, ensuring that security responsibilities permeate all levels of the organization, from decision-making to supervision [6]

Group 1 - The 2025 Global Digital Economy Conference was held in Beijing, focusing on "Building Digital Friendly Cities" and attracting guests from over 50 countries to discuss topics like artificial intelligence and data elements [1] - Baiwang Co., a leading company in China's data intelligence sector, showcased its innovative achievements at the conference, highlighting its role in digital innovation and industry empowerment [1][7] - Baiwang Co. launched its self-developed product, the Inclusive Financial Marketing Intelligent Agent, which integrates smart technology with financial services to enhance the digital marketing capabilities of financial institutions [1][3] Group 2 - The Intelligent Agent offers a comprehensive solution for financial marketing pain points, utilizing RPA technology for automated data collection and providing visual analytics and risk monitoring [3] - Baiwang's Chief Strategy Officer emphasized the company's decade-long technological development and its impact on over a hundred financial institutions, promoting digital inclusive finance and supply chain finance [3][5] - The conference also featured a forum on innovative development in intelligent computing, where Baiwang discussed the transformation of computing power into productivity and the role of data intelligence in upgrading industries [5] Group 3 - Baiwang Co.'s performance at the conference demonstrated its technological strength and innovative capabilities in the digital economy sector [7] - The company aims to continue leveraging data-driven development and deepen the application of data intelligence in finance, while fostering collaboration with domestic and international enterprises [7]

Strategic Cooperation - Shenzhou Holdings signed a cooperation agreement with Beijing Jiaotong University to enhance talent cultivation, research collaboration, and green supply chain development [1] - The company’s subsidiary, Koget, signed a strategic cooperation agreement with YTO Express to build an industry-leading "warehouse and distribution" ecosystem [3] Business Development - Shenzhou Holdings' subsidiary, Shenqi Digital, is collaborating with Shanghai Yidian to provide integrated services for intelligent computing infrastructure [5] - Shenqi Digital secured contracts with major automotive companies, leveraging its extensive service network to enhance operational efficiency and resource allocation [7] - Koget participated in a cross-border e-commerce conference, addressing challenges in overseas expansion and showcasing AI-driven supply chain solutions [9] - Koget's executive highlighted the importance of digitalization in enhancing supply chain efficiency during a major e-commerce event [11] - A joint working group was established with Thailand's Saha Group to explore collaboration in capital, digitalization, e-commerce, and logistics [13] Social Responsibility - The company conducted a charity event providing smart learning devices to rural children, emphasizing its commitment to education and community support [15] - A logistics data openness initiative was launched in collaboration with various organizations to promote a new mechanism for data circulation and sustainable supply chains [17] Leadership Dynamics - The chairman of Shenzhou Holdings engaged in a dialogue with a Cambridge professor, discussing the intersection of AI and business practices [19] - The chairman published an article in a global management journal, outlining methodologies for sustained enterprise growth in the digital economy [23] Honors and Qualifications - Koget received the "SSCL Golden Chain Award" for Best Supply Chain Innovation at a major logistics and supply chain event [25] - Shenqi Digital was recognized as a member of the Trusted Data Space Development Alliance, highlighting its expertise in data security and digital transformation [28] - Shenqi Digital contributed to the formulation of two national standards in ecological environment big data, showcasing its leadership in the field [29] - Koget participated in the development of a group standard for cross-border e-commerce platforms, aimed at establishing a robust governance framework [30] - Koget was selected as a quality service provider for global cross-border e-commerce marketing, enhancing its market positioning [31] - Shenzhou Holdings received multiple A-level ratings for its ESG initiatives, reflecting its commitment to sustainable development [32]

Core Viewpoint - The establishment of the "Baiwang Digital Economy Industry Fund" marks a strategic upgrade for Baiwang Co., Ltd., transitioning from technology implementation to ecosystem collaboration, reinforcing its core position in the industrial digitalization wave [1][6]. Group 1: Fund Positioning - The fund is jointly established by Baiwang Co., Ltd., Wuxi Huishan Science and Technology Innovation Industry Group's subsidiary Benyuan Venture Capital, and Yuanli Investment, focusing on data asset operation and global digital services [2]. - Internally, the fund aims to invest in the entire lifecycle of data asset needs, providing comprehensive financing support to enhance data value extraction through AI [2]. - Externally, the fund will leverage Hong Kong's international hub advantages to export China's digital governance experiences and attract cutting-edge technologies and talents [2]. Group 2: Data Foundation - Baiwang's ecosystem network covers over 28 million enterprise users, including major groups like China Petroleum and Industrial and Commercial Bank of China, processing invoice transaction amounts totaling 95.35 trillion yuan (equivalent to seven times the national GDP) [3]. - This extensive data network is viewed as a "scarce fuel" for training industry intelligence, providing a foundational support for the fund's investment value [3]. Group 3: Strategic Value - The fund aims to activate "data islands" by investing in comprehensive data asset service capabilities, unlocking the circulation value of hundreds of billions in transaction data within Baiwang's ecosystem [6]. - It seeks to define application paradigms for intelligent agents in financial risk control and supply chain decision-making, leveraging partnerships with companies like Zero One and Fourth Paradigm [6]. - The fund's launch is seen as a milestone in accelerating the scale of existing technology projects and fostering a more complete industrial ecosystem, enhancing China's global competitiveness in the "technology-scenario-capital" triad [7].

Core Insights - The article highlights a significant breakthrough in the data intelligence sector with the launch of a new generation of intelligent agents by Baidang Co., Ltd, marking a milestone in their Data Intelligence strategy [1][3] - The intelligent agent matrix includes transaction management, financial business, and operational decision-making agents, which are seen as essential for unlocking data value in enterprises [1][2] Group 1: Intelligent Agents Overview - The transaction management agent can parse over 200 types of global invoice formats in seconds and integrates over 30,000 international tax rules, addressing compliance challenges for multinational companies [1][2] - The financial risk intelligence agent monitors over 3,000 compliance indicators by integrating 18 data sources, enabling the identification of risks such as false trade and tax anomalies, and automatically generates response plans [2] - The financial marketing agent analyzes multimodal information to create enterprise profiles, optimizing product matching and enhancing marketing precision and conversion rates [2] Group 2: Strategic Vision and Industry Impact - The CEO of Baidang emphasizes that the core value lies in transforming data-driven decision-making from reports to actionable insights, indicating a shift towards modular intelligent agents rather than single general models [3] - The approach of breaking down complex scenarios into specialized intelligent agents not only lowers implementation barriers but also enhances the precision of solutions [3] - The industry is witnessing a trend towards "business expert-level AI" as companies like Baidang deepen their focus on scenario-based intelligent agents, indicating a service upgrade in enterprise solutions [3]