Core Insights - On October 9, Haitan Ruisheng's stock fell by 0.55%, with a trading volume of 465 million yuan [1] - The company reported a financing buy-in of 71.44 million yuan and a net financing buy of 14.93 million yuan on the same day [1] - As of October 9, the total financing and securities lending balance for Haitan Ruisheng was 345 million yuan, which is 4.45% of its market capitalization [1] Financing Summary - On October 9, Haitan Ruisheng had a financing buy-in of 71.44 million yuan, with a current financing balance of 345 million yuan [1] - The financing balance is below the 40th percentile level over the past year, indicating a relatively low position [1] Securities Lending Summary - On October 9, there were no shares repaid or sold in securities lending, resulting in a sell amount of 0 yuan [1] - The securities lending balance is at 0 shares, which is above the 80th percentile level over the past year, indicating a high position [1] Company Overview - Haitan Ruisheng Technology Co., Ltd. was established on May 11, 2005, and went public on August 13, 2021 [1] - The company's main business involves the research, design, production, and sales of AI training data, with revenue composition as follows: intelligent voice 44.13%, computer vision 40.02%, natural language 13.90%, and application services 1.95% [1] Financial Performance - For the period from January to June 2025, Haitan Ruisheng achieved a revenue of 157 million yuan, representing a year-on-year growth of 69.54% [2] - The net profit attributable to the parent company was 3.80 million yuan, showing a significant year-on-year increase of 813.65% [2] Shareholder Information - As of June 30, 2025, the number of shareholders for Haitan Ruisheng was 10,700, a decrease of 14.71% from the previous period [2] - The average number of circulating shares per shareholder increased by 17.25% to 5,643 shares [2] - The company has distributed a total of 57.50 million yuan in dividends since its A-share listing, with 46.80 million yuan distributed over the past three years [2]

Group 1 - The stock of Beijing Haitai Ruisheng Technology Co., Ltd. fell by 5.04% on September 26, trading at 120.29 CNY per share with a transaction volume of 177 million CNY and a turnover rate of 2.39%, resulting in a total market capitalization of 7.257 billion CNY [1] - The company, established on May 11, 2005, and listed on August 13, 2021, specializes in the research, design, production, and sales of AI training data. Its main business revenue composition includes: intelligent voice at 44.13%, computer vision at 40.02%, natural language at 13.90%, and application services at 1.95% [1] Group 2 - According to data from the top ten heavy stocks of funds, one fund under Xinda Australia has a significant holding in Haitai Ruisheng. The Xinao Ju You Zhi Xuan Mixed A Fund (017648) held 9,314 shares in the second quarter, accounting for 3.39% of the fund's net value, ranking as the tenth largest heavy stock [2] - The Xinao Ju You Zhi Xuan Mixed A Fund (017648) was established on January 19, 2023, with a latest scale of 12.7066 million CNY. Year-to-date returns are 31.71%, ranking 3049 out of 8171 in its category; the one-year return is 89.27%, ranking 838 out of 8004; and since inception, the return is 23.69% [2] - The fund manager, Xu Cong, has been in position for 2 years and 318 days, with total assets under management of 716 million CNY. The best fund return during his tenure is 19.28%, while the worst is 3.19% [2]

Group 1 - The stock of Beijing Haitai Ruisheng Technology Co., Ltd. increased by 5.11% to 124.28 CNY per share, with a trading volume of 308 million CNY and a turnover rate of 4.21%, resulting in a total market capitalization of 7.497 billion CNY [1] - The company, established on May 11, 2005, and listed on August 13, 2021, specializes in the research, design, production, and sales of AI training data [1] - The revenue composition of the company's main business includes: intelligent voice at 44.13%, computer vision at 40.02%, natural language at 13.90%, and application services at 1.95% [1] Group 2 - Manulife Fund has a significant holding in Haitai Ruisheng, with its Manulife Performance Mixed A Fund (005903) holding 66,500 shares, accounting for 2.76% of the fund's net value, ranking as the tenth largest holding [2] - The Manulife Performance Mixed A Fund has achieved a return of 58.17% year-to-date, ranking 374 out of 8,175 in its category, and a one-year return of 102.42%, ranking 325 out of 7,982 [2] - The fund manager, Sun Shuo, has been in position for 3 years and 209 days, with the fund's total asset size at 3.318 billion CNY and the best return during his tenure being 81.88% [2]

Core Viewpoint - The stock of Hai Tian Rui Sheng has experienced fluctuations, with a recent decline of 2.12% and a year-to-date increase of 24.29%, indicating volatility in its market performance [1]. Financial Performance - For the first half of 2025, Hai Tian Rui Sheng reported revenue of 157 million yuan, a year-on-year increase of 69.54%, and a net profit attributable to shareholders of 3.80 million yuan, reflecting a significant growth of 813.65% [2]. - Cumulative cash dividends since the company's A-share listing amount to 57.50 million yuan, with 46.80 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Hai Tian Rui Sheng decreased by 14.71% to 10,700, while the average number of tradable shares per shareholder increased by 17.25% to 5,643 shares [2]. - Notable institutional holdings include the sixth-largest shareholder, Caitong Asset Management Digital Economy Mixed Fund, with 1.12 million shares, and the eighth-largest, Nuoan Active Return Mixed Fund, which increased its holdings by 23,070 shares [3]. Market Activity - As of September 4, 2023, the stock price was 122.02 yuan per share, with a trading volume of 196 million yuan and a turnover rate of 2.61%, resulting in a total market capitalization of 7.36 billion yuan [1]. - The stock has seen a recent decline of 18.65% over the last five trading days and a 10.15% drop over the past 20 days, while it has increased by 18.52% over the last 60 days [1]. Business Overview - Hai Tian Rui Sheng, established on May 11, 2005, and listed on August 13, 2021, specializes in the research, design, production, and sales of AI training data [1]. - The company's revenue composition includes 69.43% from intelligent voice, 19.63% from computer vision, 10.16% from natural language, and 0.78% from application services related to training data [1].

Summary of Haitai Ruisheng Conference Call Company Overview - **Company**: Haitai Ruisheng - **Industry**: AI Data Services Key Points Revenue Growth - Haitai Ruisheng's revenue reached 157 million yuan in the first half of 2025, marking a year-on-year increase of 69.54% [3] - Net profit attributable to shareholders increased by 800% [3] - Revenue growth is primarily driven by overseas content review business, AI transformation of state-owned enterprises, and increased data demand from leading tech companies [2][4] Overseas Content Review Business - The company expanded its overseas content review business by obtaining operational rights for a content review base in the Philippines, serving two multinational internet companies [2][6] - The base employs 1,500 professionals and generates annual revenue in the tens of millions [6] - This business is characterized by stable cash flow, strong customer loyalty, and high profit margins [6] AI Transformation of State-Owned Enterprises - The AI transformation of state-owned enterprises, particularly China Mobile, has led to a significant increase in data demand orders for Haitai Ruisheng [7] - China Mobile has become the company's largest client, contributing substantially to domestic revenue [7][5] Demand from Leading Tech Companies - There has been a notable increase in demand for multilingual, multi-emotion, and multi-tone data from major tech companies, with Alibaba's revenue contribution to Haitai Ruisheng increasing over fivefold year-on-year [2][8] - This demand is driven by the need for global promotion and enhanced voice interaction experiences [2] Digital Human Projects - Haitai Ruisheng is actively involved in digital human projects, such as the cultural promotion project in Beijing Mentougou, providing data for 2,000 digital human images [11] - These projects are low compliance risk and have high monetization value, significantly boosting the company's business [11] Data Processing and Compliance - The company is responding to high compliance requirements by establishing data processing platforms in regulated environments, ensuring data is processed securely [12] - Services include building data processing platforms, ongoing data processing needs, and training personnel for data annotation [12] Global Cooperation and Expansion - Haitai Ruisheng is involved in global cooperation initiatives, including building a multilingual corpus for ASEAN countries, with an order scale of approximately 20 million yuan [13] - The company is also exploring expansion in Southeast Asia, with plans to evaluate the performance of its operational base in the region [18] Future Growth and Market Trends - The AI industry is facing a shortage of high-quality data, particularly in multimodal and domain-specific models [9] - Haitai Ruisheng is optimistic about sustained growth, driven by increasing demand from state-owned enterprises and local government data projects [20] Profitability Challenges - Despite rapid revenue growth, profitability remains constrained due to the transition from low to high-tier tasks and ongoing operational adjustments [27][28] - The company anticipates that as the proportion of high-tier tasks increases, overall gross margins will improve, leading to higher profitability [27] Strategic Partnerships - Haitai Ruisheng has established partnerships with major companies like Huawei, focusing on data services and applications in the cultural tourism sector [23][24] - The collaboration aims to leverage Huawei's hardware capabilities while Haitai Ruisheng provides data and algorithm support [23] Conclusion - Haitai Ruisheng is positioned for significant growth in the AI data services sector, driven by strategic partnerships, increasing demand for high-quality data, and a robust operational framework to meet compliance and market needs [20][30]

Company Overview - Beijing Haitai Ruisheng Technology Co., Ltd. was established on May 11, 2005, and listed on August 13, 2021. The company is located at No. 1 Building, 4th Floor, 68 Zhichun Road, Haidian District, Beijing. Its main business involves the research, design, production, and sales of AI training data [1]. Financial Performance - For the period from January to March 2025, Haitai Ruisheng achieved operating revenue of 69.81 million yuan, representing a year-on-year growth of 71.75%. The net profit attributable to the parent company was 371,600 yuan, showing a significant increase of 158.60% year-on-year [2]. - As of March 31, 2025, the company had a total of 12,500 shareholders, a decrease of 0.35% from the previous period. The average number of circulating shares per person increased by 0.35% to 4,813 shares [2]. Shareholder and Dividend Information - Since its A-share listing, Haitai Ruisheng has cumulatively distributed cash dividends amounting to 57.50 million yuan, with 46.80 million yuan distributed over the past three years [3]. - As of March 31, 2025, among the top ten circulating shareholders, the Noan Active Return Mixed A Fund (001706) was the ninth largest shareholder, holding 315,100 shares as a new shareholder [3]. Trading Activity - On August 25, Haitai Ruisheng's stock price fell by 0.39%, with a trading volume of 423 million yuan. The financing buy-in amount for that day was 53.94 million yuan, while the financing repayment was 51.11 million yuan, resulting in a net financing buy-in of 282,290 yuan. The total financing and securities balance reached 311 million yuan [1]. - The financing balance of 311 million yuan accounts for 3.89% of the circulating market value, which is below the 40th percentile level over the past year, indicating a relatively low position [1]. - On the same day, there were no shares repaid or sold in the securities lending market, with the securities lending balance also at zero, which is above the 70th percentile level over the past year, indicating a relatively high position [1].