香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 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依賴該等內容而引致的任何損失承擔任何責 任。 Baiying Holdings Group Limited 百應控股集團有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：8525） (1)復 牌 進 度 之 季 度 更 新； 及 (2)繼續暫停買賣 本公告乃百應控股集團有限公司（「本公司」）根據香港聯合交易所有限公司（「聯 交 所」）GEM證券上市規則（「GEM上市規則」）第17.10條及第17.26A條以及香港法 例 第571章證券及期貨條例第XIVA部 內 幕 消 息 條 文 作 出。 茲提述(i)本公司日期為2025年6月9日 的 公 告，內 容 有 關 聯 交 所GEM上市委員會 暫停股份買賣的決定（「停 牌」）；(ii)本公司日期為2025年6月18日 的 公 告，內 容 有 關聯交所發出的復牌指引（「復牌指引」）；及(iii)本公司日期為202 ...

在全球金融格局加速重构的当下，金融信息服务已成为决定国际金融中心核心竞争力的"关键变量"—— 它不仅是金融体系高效运转的 "数据中枢"，更是连接全球资本、管控金融风险、提升市场效率的核心 动力。 陈鸣麒，Tradeweb（萃达万博）中国区总裁，全面负责Tradeweb中国区的战略规划和业务执行，具有丰 富的跨境金融业务实操与创新经验，曾任摩根大通银行、渣打银行和汇丰银行人民币国际化和自贸区业 务创新负责人，中央国债登记结算公司担任境外客户部负责人（董事总经理）等职务。 从资产定价的实时数据支撑，到跨境交易的信息协同，再到风险预警的动态监测，金融信息服务的完善 程度，直接决定了国际金融中心对全球资源的配置能力、对潜在风险的防控效能，以及对市场主体的服 务效率，是衡量金融中心成熟度的核心标尺。 在此背景下，陆家嘴金融沙龙第40期将于12月6日在上海浦东举行，本期沙龙以《全球金融中心建设之 ——数据驱动的金融信息服务与风险管理》为主题，特邀来自金融信息服务建设领域的专家，旨在通过 深度研讨，探索优化金融信息服务的方向，为上海提升国际金融中心全球竞争力提供智力支持。 伦敦证券交易所集团（LSEG）中国及北亚区董事总经 ...

Core Viewpoint - The company achieved a revenue of 3.26 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 40%, and a net profit attributable to shareholders of 1.21 billion yuan, up 85% year-on-year. The growth in performance is primarily driven by increased activity in the capital markets and the continuous optimization of the core product matrix, which has boosted demand for financial information services and generated additional revenue from value-added services. Additionally, the company has increased online brand promotion, leading to growth in advertising and internet promotion service revenue [1][2]. Event - On October 22, 2025, the company disclosed its third-quarter financial report [1]. Financial Performance - For the first three quarters of 2025, the company reported a revenue of 3.26 billion yuan, a year-on-year growth of 39.7%, and a net profit attributable to shareholders of 1.21 billion yuan, reflecting an 85.3% increase. Cash flow from sales of goods and services reached 4.5 billion yuan, up 77.7% year-on-year. In the third quarter alone, revenue grew by 56.7% year-on-year to 1.48 billion yuan, with net profit increasing by 144.5% to 700 million yuan. Cash flow from sales increased by 85.3% to 1.77 billion yuan, and contract liabilities rose by 69.5% from the beginning of the year to 2.52 billion yuan, a year-on-year increase of 113.4% [2][3]. Profitability Analysis - The company's profit elasticity is significantly greater than its revenue elasticity, primarily due to improvements in costs and expenses. The gross profit margin for the first three quarters was approximately 89.0%, compared to 85.8% year-on-year. The selling expense ratio was 16.3% (down from 17.0% year-on-year), and the R&D expense ratio was 26.5% (down from 37.9% year-on-year). The core business model has low marginal costs for promotion, resulting in higher profit elasticity during periods of revenue growth, which reflects the company's competitive advantage [3]. Investment Outlook - The company has raised its full-year performance expectations due to strong growth in the third quarter and a healthy level of advance payments. The revenue forecasts for 2025 to 2027 are 6.18 billion yuan, 6.86 billion yuan, and 6.90 billion yuan, with year-on-year growth rates of 47.7%, 10.9%, and 0.6%, respectively, resulting in a three-year CAGR of 18.1%. The net profit forecasts for the same period are 3.20 billion yuan, 3.85 billion yuan, and 3.92 billion yuan, with year-on-year growth rates of 75.7%, 20.3%, and 1.8%, respectively, leading to a three-year CAGR of 21.1%. As of October 24, 2025, the company's dynamic PE valuation is 60.72 times, with a median PE of 53.25 times and an average of 64.15 times over the past three years, indicating a margin of safety in the current valuation. The company maintains a "buy" rating [4].

Core Viewpoint - The company reported significant growth in revenue and net profit for the first three quarters of 2025, indicating strong performance in its financial information services and securities business [1] Financial Performance - Total revenue for the first three quarters reached 1.402 billion yuan, representing a year-on-year increase of 80.54% [1] - Net profit attributable to shareholders was 116 million yuan, showing a substantial year-on-year growth of 205.48% [1] - Revenue for the third quarter alone was 467 million yuan, which is a remarkable year-on-year increase of 101.70% [1] - The company reported a net loss of 26.566 million yuan in the third quarter [1] Business Segments - The financial information services and securities business experienced significant revenue growth, contributing to the overall positive financial results [1]

Core Viewpoint - The company reported significant growth in both revenue and net profit for the third quarter and the first three quarters of the year, driven by a recovery in capital market activity and increased demand for financial information services [1]. Financial Performance - Q3 revenue reached 1.481 billion yuan, representing a year-on-year increase of 56.72% [1]. - Q3 net profit was 704 million yuan, showing a year-on-year growth of 144.50% [1]. - For the first three quarters, revenue totaled 3.261 billion yuan, up 39.67% year-on-year [1]. - Net profit for the first three quarters was 1.206 billion yuan, reflecting an 85.29% year-on-year increase [1]. Strategic Initiatives - The company attributed its performance improvement to the recovery of investor confidence and heightened demand for financial information services [1]. - Increased investment in research and development, particularly in artificial intelligence, is being emphasized to enhance product competitiveness and user experience [1].

Group 1 - The company Tonghuashun (SZ 300033) announced a profit distribution plan, distributing 1 RMB per 10 shares to all shareholders, totaling 53.76 million RMB (including tax) based on approximately 538 million shares as of June 30, 2025 [1] - The ex-dividend date is set for September 23, 2025, with the record date being September 22, 2025 [1] - For the first half of 2025, the company's revenue composition is entirely from financial information services, accounting for 100% [1] Group 2 - As of the latest report, Tonghuashun's market capitalization stands at 202.2 billion RMB [2]

Core Insights - The company, Gao Weida Software Co., Ltd., reported a revenue of 520 million yuan for the first half of 2025, representing a year-on-year increase of 2.74% [2] - The net profit attributable to shareholders reached 13.8263 million yuan, showing a significant year-on-year growth of 60.35% [2] Financial Performance - The company has effectively controlled expenses through measures such as enhanced expense audits and improved performance evaluation systems, leading to a total expense reduction of 14.65% year-on-year in the first half of 2025 [2] - Financial expenses decreased by 16.71% due to a reduction in bank loan scale [2] Business Segments - The main business of the company is financial information services, primarily providing software development and system integration services to financial institutions such as banks, insurance companies, and securities firms [2] - Revenue from the system integration and service business was 42 million yuan, reflecting a year-on-year decline of 28.07%, which aligns with the overall trend in the industry [2] - The decline in system integration revenue is attributed to the increasing proportion of domestic financial institutions purchasing domestic equipment directly, thereby limiting the business space for system integrators [2]

Core Insights - The company reported its 1H25 financial results, showing significant year-on-year growth in net profit and revenue, although the 2Q performance was below expectations [1][2][4] Group 1: Financial Performance - In 1H25, the company achieved a net profit of 140 million yuan, a year-on-year increase of 391%, and a total revenue of 930 million yuan, up 71.6% year-on-year [1] - The second quarter (2Q25) saw a net profit of 3 million yuan, reflecting a year-on-year increase of 105% but a quarter-on-quarter decline of 97.6%, with total revenue of 390 million yuan, up 56.2% year-on-year but down 27.5% quarter-on-quarter [2] - The company's financial information services and securities businesses contributed significantly to revenue, with respective incomes of 680 million yuan and 240 million yuan, growing 60.3% and 47.7% year-on-year [2] Group 2: Cost and Investment - The company increased its advertising and promotional expenses, with total sales, management, and R&D expenses reaching 490 million yuan, 280 million yuan, and 90 million yuan, respectively, marking year-on-year increases of 55.4%, 51.8%, and 12.5% [2] - The return on investment (ROI) for sales of goods and services was estimated at 2.40 for 1H25, compared to 2.65 in 1H24 and 3.94 in 2024, indicating a slight decline in efficiency [3] Group 3: Business Growth and Market Conditions - The company capitalized on the high trading activity in the market, leading to a significant increase in registered and paying users, with cash flow from sales and services reaching 720 million yuan, a year-on-year increase of 46.9% [3] - The brokerage business of the subsidiary, Maigao Securities, showed robust growth, with net profit reaching 75 million yuan, up 562% year-on-year, and revenue of 330 million yuan, up 98.5% year-on-year [4] - The company is actively pursuing underwriting and sponsorship business, with ongoing efforts in the issuance of shares to specific investors [4] Group 4: Future Outlook - The company is expected to maintain a strong growth trajectory in its financial information services business, with projected net profits of 290 million yuan, 390 million yuan, and 500 million yuan for 2025-2027, representing year-on-year growth rates of 182%, 34%, and 28% respectively [4]

Group 1 - The stock price of Dazhihui as of August 27, 2025, is 16.36 yuan, down 1.04 yuan or 5.98% from the previous trading day's closing price [1] - The opening price on the same day was 17.37 yuan, with a highest point of 17.41 yuan and a lowest point of 16.28 yuan, with a trading volume of 1.535 million hands and a transaction amount of 2.6 billion yuan [1] - Dazhihui's main business includes financial information services and data terminal product development, and it operates in sectors such as software development, Shanghai sector, margin trading, big data, and internet finance [1] Group 2 - For the first half of the year, Dazhihui reported operating revenue of 379 million yuan, a year-on-year increase of 13.19%, and a net loss attributable to shareholders of 3.47 million yuan, significantly narrowing from a loss of 138 million yuan in the same period last year [1] - The reduction in losses is primarily attributed to revenue growth, decreased costs and expenses, and an investment income of 31.64 million yuan from the sale of a subsidiary [1] - On August 27, the net outflow of main funds was 489.74 million yuan, accounting for 1.5% of the circulating market value, with a cumulative net outflow of 859.31 million yuan over the past five days, representing 2.64% of the circulating market value [1]

Core Insights - Institutional attention is increasing in sectors such as electric equipment, basic chemicals, food and beverage, and steel, indicating a potential shift in investment focus [5][6][7] - The gaming industry shows signs of recovery, with significant growth in end-user engagement and new game releases expected to drive advertising demand [27][28][29] - The automotive sector is experiencing a surge in intelligent driving technology, with major players launching new algorithms and models that enhance safety and performance [17][18][19][21] - The communication industry is witnessing advancements with NVIDIA's launch of Spectrum-XGS Ethernet, which aims to optimize data center connectivity and support AI applications [22][24][25] Sector Summaries Electric Equipment - Institutional research indicates a rise in interest, with electric equipment being one of the top sectors under scrutiny [5][6] - Recent reports highlight significant growth in shipments and profitability for companies in this sector, suggesting a positive outlook [31][32] Food and Beverage - The sector is facing challenges with a 5.1% decline in revenue and a 73.7% drop in net profit for the first half of 2025, primarily due to rising costs and increased marketing expenses [44][46] - Despite the downturn, there are efforts to innovate with new products and channels, which may lead to gradual improvement in performance [47] Automotive - Long-term growth is anticipated as the newly established state-owned enterprise group enhances decision-making efficiency and resource allocation [33] - The company reported a 51% increase in electric vehicle sales, indicating strong demand and successful new model launches [32] Communication - The introduction of Spectrum-XGS Ethernet by NVIDIA is expected to revolutionize data center operations, enhancing performance and reducing latency for AI applications [22][24] - The technology is seen as a critical component for future AI infrastructure, potentially leading to significant market opportunities [25] Gaming - The gaming industry is experiencing a resurgence, with new game approvals and a robust pipeline of upcoming titles expected to drive growth [28][29] - Companies are leveraging high engagement in traditional gaming venues to boost advertising revenues, indicating a healthy market environment [27]