- 20 la No 100 Belly with 记者 郑晨烨 2025年，整个市场对人工智能的态度经历了一次过山车。 大家从最初的狂热中冷静下来，发现了一个尴尬之处，AI确实能写诗、画画，但在面对"给谁放贷""给谁供货"这种严肃的商业决策时，它依然不敢拍板。 原因很简单，现在的AI大模型，主要是在互联网公开数据上训练出来的，而互联网上的信息，真假难辨，噪声太多。 AI基于这些数据给出的答案，本质上是一种概率预测，是在"猜"，这就是我们常说AI幻觉的来源，为了满足用户提出的需求，AI甚至还会有鼻子有眼地胡 编乱造。 但企业经营容不得猜，更不可能基于胡编乱造的信息做决策，银行放贷不能看概率，要看还款能力；企业采购不能看预测，要看履约记录。 这些数据，就是我们用来对抗AI幻觉、消除AI在实际使用场景中所面临的不确定性的底气。 基于这个判断，我们在2025年做了一个重要的业务调整，从卖软件（SaaS），转向卖结果（RaaS）。 以前，企业买我们的软件回去自己做管理，那是为了优化流程，现在，企业面临的环境太复杂，他们不想听分析，只想知道结果。 举个具体的例子，近期我们和蚂蚁数科达成合作，做智能风控。 过去银行做风控 ...

Core Insights - The market's attitude towards artificial intelligence (AI) has shifted dramatically by 2025, moving from initial enthusiasm to a more cautious approach due to AI's limitations in making serious business decisions [1] - AI models are primarily trained on publicly available internet data, which often contains unreliable information, leading to "hallucinations" where AI generates inaccurate or fabricated responses [1] - The company emphasizes the importance of providing "Ground Truth" in the AI era, focusing on verified data such as invoices and contracts that are legally recognized and immutable [2] Company Strategy - In 2025, the company shifted its business model from selling software (SaaS) to selling results (RaaS), responding to the complex environment businesses face and their desire for concrete outcomes rather than mere analysis [4] - A partnership with Ant Group was established to enhance intelligent risk control, allowing banks to assess the authenticity of transactions and risk levels without extensive manual verification [5] - The company's system has demonstrated tangible results, reducing manual review costs by approximately 30% in financial reimbursement processes for manufacturing enterprises [6] Future Plans - The company has clear plans for 2026, focusing on two main strategies: deepening its roots in data infrastructure and expanding outward to assist Chinese enterprises in navigating international markets [7] - As a technical support unit for the national public data resource registration platform, the company aims to connect disparate data sources across industries, ensuring data ownership and usability [8] - The company is developing the TaxSwift platform to help Chinese businesses comply with complex tax and regulatory requirements abroad, enhancing their global operational safety [9] - The future competition will hinge on the ability to manage high-value, accurate data rather than merely on the size of AI model parameters, positioning the company as a "calibrator" of large models using real data [9]

Core Viewpoint - The strategic partnership between Baiwang Co., Ltd. and FPT marks a significant step in establishing a local tax compliance service system in Vietnam, enhancing Baiwang's presence in the Southeast Asian market and aligning with the "Belt and Road" initiative [1][5]. Group 1: Partnership Details - Baiwang focuses on core technology output and customer resource integration, leveraging its platform advantages while optimizing resource allocation [2]. - FPT provides local tax system access and expertise, ensuring efficient implementation of localized tax compliance services [2]. - The collaboration aims to create the first B2G compliance portal in Southeast Asia, integrating Baiwang's core systems with various government departments for streamlined compliance processes [2][3]. Group 2: Market Impact - Baiwang has developed a global compliance product system covering over 100 languages, 200 types of invoices, and 30,000 international tax rules, positioning itself as a preferred partner for Chinese enterprises going abroad [3]. - The partnership is expected to enhance the synergy between Baiwang's global platform capabilities and FPT's local service advantages, facilitating market penetration for Chinese companies in Vietnam [3][4]. - Baiwang's chairman emphasized the importance of providing comprehensive services for Chinese enterprises, leveraging FPT's extensive local network and expertise [4]. Group 3: Strategic Goals - The collaboration is part of Baiwang's long-term strategy to create a replicable and scalable model for overseas expansion, with plans to extend services to other Southeast Asian countries [4]. - The partnership aims to address the challenges of tax compliance for Chinese companies abroad, contributing to the digital transformation of tax systems in Vietnam and Southeast Asia [5].

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 不對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。 BAIWANG CO., LTD. 百望股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：6657） 有關可換股貸款協議之關連交易的補充公告 緒 言 茲 提 述 百 望 股 份 有 限 公 司（「本公司」）日 期 分 別 為2024年11月17日、2025年 12月3日 及2025年12月31日 的 公 告（「該等公告」），內 容 有 關 本 公 司 與 環 球 智 鏈 及 百 望 雲 海 外 訂 立 可 換 股 貸 款 協 議、延 長 本 公 司 行 使 轉 股 選 擇 權 的 期 限 及 本 公 司 使 用 可 換 股 貸 款 的 未 償 還 本 金 向 百 望 雲 海 外 增 資（「增 資」）。 除 非 另 有 定 義，本 公 告 所 用 詞 彙 與 該 等 公 告 所 ...

| 截至月份: | 2026年1月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 百望股份有限公司 | | | 呈交日期: | 2026年2月3日 | | | I. 法定/註冊股本變動 | | | | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06657 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 225,906,754 | RMB | | 1 | RMB | | 225,906,754 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 225,906,754 | RMB | | 1 | RMB | | 225,906,7 ...

Core Insights - Baidang Co., Ltd. has launched an innovative Group Tax Compliance Insight Platform aimed at transforming tax compliance management from a passive response to a proactive, systematic approach [1] - The platform focuses on "data unification, risk preemption, and closed-loop governance," enabling enterprises to establish a compliance hub suitable for the era of "data-driven tax management" [1] Group-Level Insights - The platform provides a comprehensive "compliance panorama" for management, allowing them to visualize overall tax risk distribution, credit rating changes, risk concentration, and declaration progress [1] - This visualization helps management quickly identify key risk areas and allocate resources proactively rather than reactively [1] Member Unit-Level Insights - At the member unit level, the platform functions as a dynamic "tax health report," enabling self-checks based on tax numbers and monitoring abnormal indicators, pending declarations, and historical rectifications [2] - Compliance becomes a sustainable action integrated into daily operations rather than a one-time task [2] Risk Management Features - The platform includes a risk model and indicator system covering multiple dimensions such as invoices, declarations, finance, and business operations, continuously scanning and scoring tax-related data [2] - It automatically triggers alerts based on risk levels and generates corresponding action tasks, providing a detailed risk anomaly display panel for both groups and member units [2] Intelligent Assistance - The platform incorporates Baidang's intelligent assistant product matrix, which aids tax personnel by providing targeted verification suggestions and response directions based on historical data and regulatory changes [2] - Feedback indicates that the platform has significantly reduced risk identification time from 7 days to real-time and decreased query response time from 36 hours to under 4 hours, while also reducing average workload by 60% and annual tax loss by over 800,000 yuan [2] Comprehensive Solution - The Group Tax Compliance Insight Platform serves as an intelligent BI display for compliance management and integrates tax data services, risk governance capabilities, and AI decision-making into a comprehensive solution [3] - It enables enterprises to see earlier, think deeper, and act more steadily in tax compliance management, transforming it into a long-term operational capability [3]

Core Insights - The 2025 Annual ESG Value Awards Ceremony was held in Hong Kong, recognizing outstanding ESG performance among listed companies and leaders in the region [1][4] - Baiwang Technology (百望股份) won the "Outstanding ESG Investment Value Listed Company" award, highlighting its strong ESG practices [4] - The event aimed to establish industry benchmarks and provide important ESG investment reference points for the Hong Kong capital market [4] Company Performance - Baiwang Technology is transitioning from a traditional "tax tool provider" to a "data asset operation platform," leveraging its unique data asset barriers [5] - The company has processed over 10.55 trillion yuan in invoice transaction amounts and handled 23.1 billion invoices, serving 90.7 million taxpayer identification numbers [5] - In the first half of 2025, Baiwang Technology achieved a revenue of 348 million yuan, a year-on-year increase of 23.5%, and recorded a net profit of 3.6 million yuan, marking a historic turnaround [5] Market Positioning - The current market valuation for typical SaaS companies does not reflect the growth potential of Baiwang Technology's data asset operations [6] - The company has launched a product matrix covering transaction management, financial services, and business decision-making, demonstrating strong commercial value across various verticals [6] - Baiwang Technology's business model is evolving from SaaS to DaaS (Data as a Service) and MaaS (Model as a Service), which is central to its "tenfold stock" logic [6] Global Strategy and ESG Integration - The official operation of its wholly-owned subsidiary in Hong Kong marks the start of a global strategy, aiming to export China's digital transformation experience to emerging economies [7] - Baiwang Technology integrates ESG practices with business development, creating a model where commercial and social values coexist [7] - The company has embedded AI ethics review throughout its product lifecycle, establishing a comprehensive data security and AI ethics governance system [7] Future Outlook - With the acceleration of AI agent implementation, Baiwang Technology is positioned as a potential value dark horse in the capital market, focusing on data asset operations [8]

Group 1 - The core viewpoint of the news is the collaboration between Baiwang Co., Ltd. and Ant Group's Ant Data Science, aiming to integrate their strengths to innovate in AI and data utilization, creating a new paradigm for "data intelligent infrastructure" in the AI era [1][2] - Baiwang Co., Ltd. has processed over 23.1 billion transaction vouchers and accumulated data exceeding one quadrillion, serving 28.5 million enterprise clients across various scenarios [1] - The partnership will initially focus on intelligent risk control, leveraging Ant Data Science's risk control intelligent agent technology to enhance Baiwang's risk control products from "experience-driven" to "intelligent generation" [1] Group 2 - The collaboration will elevate Baiwang's intelligent platform from the 1.0 stage of "data aggregation and governance" to the 2.0 stage of "data intelligence with financial-grade reliability and business understanding" [2] - Ant Data Science, a subsidiary of Ant Group, specializes in enterprise-level AI and Web3 services, with its Agentar platform recognized as a leader in intelligent agent development by IDC [2] - Ant Data Science has launched over 100 intelligent joint solutions in core business scenarios such as risk control, marketing, and data analysis, facilitating the large-scale application of large models in the industry [2]

Core Insights - The collaboration between Baiwang Co., Ltd. and Ant Group's Ant Financial Technology aims to integrate their core strengths to promote the deep fusion and innovative application of large model technology and massive data, accelerating the release of data value and creating a new paradigm for "data intelligent infrastructure" in the AI era [1][2] Company Overview - Baiwang Co., Ltd. is a leading data intelligence service provider in China, having processed over 23.1 billion transaction vouchers and accumulated data exceeding one quadrillion, serving 28.5 million enterprise customers across diverse scenarios [1] - Baiwang has established a comprehensive product system covering intelligent finance and taxation, intelligent risk control, intelligent decision-making, and intelligent marketing, providing full support for enterprise digital transformation [1] Focus of Collaboration - The partnership will initially focus on intelligent risk control scenarios, leveraging Ant Financial Technology's risk control intelligent agent technology to transition Baiwang's intelligent risk control products from "experience-driven" to "intelligent generation" [1] - Ant Financial Technology's risk feature intelligent agent can assist human experts in mining high-value features from massive data, addressing pain points of traditional models that heavily rely on expert experience, long accumulation cycles, and high trial-and-error costs, achieving a model performance improvement of up to 32% [1] Technological Advancements - Ant Financial Technology's risk modeling intelligent agent can autonomously construct modeling processes based on large model intent recognition and task planning capabilities, reducing modeling time by 30% and achieving modeling results comparable to human experts with minimal instructions [1][2] - This collaboration will elevate Baiwang's intelligent platform from the 1.0 stage of "data aggregation and governance" to the 2.0 stage of "data intelligence autonomous generation with financial-grade reliability and business understanding," enhancing operational efficiency and providing more precise and efficient intelligent support for clients in compliance, risk control, and business decision-making [2]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 百望股份有限公司 呈交日期: 2026年1月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06657 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 90,842,048 | RMB | | 1 | RMB | | 90,842,048 | | 增加 / 減少 (-) | | | 135,064,706 | | | | RMB | | 135,064,706 | | 本月底結存 | | | 225,906,754 | RMB | | 1 | RMB | | 225,906,75 ...