百融云-W2025中期报告

Bairong Inc. (A company controlled through weighted voting rights andincorporated in the Cayman Islands with limited liability)(於開曼群島註冊成立以不同投票權控制的有限責任公司) Stock Code 股份代號 : 6608 246141522274849505154565894 20256 2620256 2620256 2620256 26 20256 2620256 26202562620256 26 20256 26 20256 2620256 26 10A1-3 20256 2620256 26 131 PO Box 309, Ugland HouseGrand Cayman KY1-1104, Cayman Islands 108 6608 www.brgroup.com 1542 1826 18127 1831717121716 Maples Fund Services (Cayman) LimitedPO Box 1093, Boundary Hall, Cricket SquareGrand Cayman KY1-1102, Cayman Islands 202520256301,611.8020246301,321.3522%254.4516%1 2024CybotStarCybotStar 2025CybotStarGRPORAGGPUTTS 2025VoiceGPTCybotStarAIAIGCAIAIAIAIAIAI AI8,000121,000AIAIAIAIGC2025 2025(1)520252025GDP10%300EFLOPS(2)20242025(3)B20242025Agent×AI+ TransformerAIAIGCAIAIAIMaaSBaaSAIAIVoiceGPT2025630461 MaaS MaaSMaaS8,000AIMaaSAPIMaaS99.999%3MaaS 2025AI 2025630MaaS19%501.941672.2898% BaaS BaaSAIAIVoiceGPTAIVoiceGPTAIVoiceGPT99%BaaSKPI BaaS BaaSMaaSAIGCMaaSCBAIAIKPIBaaS 2025CybotStarBR-LLMBR-LLMCybotStarVoiceGPTAIAIBaaSAI •OCRNLPBR-LLMCybotStarESGRAG+LoRA98% •1203D 2025630BaaS856.962024630589.4745% BaaS BaaS (CRM)(TMS)(IDS)AIAI20100AIAI 2025AI 2025B a a S19%252.909%3,118.795%2,006.1515%1,112.6490% 2025 1.AI2025826+2027670%203090%2035AIAI 2. •AIAI•NLPAutoMLAIAgentAgent 3. •AI•+BC• 20246301,321.3522%20256301,611.80 MaaS2024630421.3519%2025630501.94AI BaaS2024630589.4745%2025630856.96AI BaaS2024630310.5219%2025630252.90 2024630354.1921%2025630429.37 2024630967.1622%20256301,182.4373% 2024630225.8833%2025630301.54AI219% 20252024630140.21139.94 2024630506.5420%2025630606.28116.07 202463073.0315%202563083.7522.86 2024630142.832025630201.22 EBITDA EBITDA EBITDAEBITDA 20242025630EBITDA EBITDAEBITDA (1) (2)(3)EBITDA 2025630833.522,895.7820241231739.232,917.94 2025630 630 2025630 6300.15202412310.21 20256302025630 2025630 2025630 20256301,4812025630 2025630495.392024630421.78 2024 ABAB 202563073,234,312A65.06%38,226,303B3.40%AGenisage Tech Inc.Genisage Holdings LimitedGenisage Tech Inc.Genisage Holdings Limited AB2025630AB73,234,312BB18.62%15.70% 8A.22AA (i)8A.17(1)(2)(3)(4) (ii)8A.18AAA (iii)A8A.18(2) (iv)AB C.2.1 B2021331 3.21 2025630 8A.30 2025630 ••C.2.18A••••8A•20256308A.178A.148A.15 8A.188A.24•8A.35• (a)(b)(i)(ii)(iii)(iv) (i)(ii)8A.17(iii)8A.148A.15 8A.188A.24 2025630XVXV78352 (1)202563073,234,312A393,306,579BL (2)Genisage Tech Inc.73,234,312AGenisage Tech Inc.11,065,303B27,161,000GenisageTechInc.GenisageHoldings LimitedGenisage Holdings Limited(i)2021B(ii)2021B(iii)B (3)33,000B108,250108,2502021B 2025630XV23336 (1)202563073,234,312A393,306,579BLS(2)Genisage Holdings LimitedGenisage Tech Inc.Genisage Holdings LimitedTMF (Cayman) Ltd.Genisage Tech Inc.(3)HH BR-I Holdings Limited(4)CRF Summit Investment LimitedWaterdrop Investment LimitedChina Reform Fund Management(Group) Co., Ltd.China Reform Fund Management (Group)Co., Ltd.(5)Zodiac Elements LimitedWu Capital LimitedAureate Kirin LimitedZodiac Elements LimitedTMF (Cayman) Ltd.Aureate Kirin LimitedTMF (Cayman) Ltd.Kai Hong Holdings Limited3,307,725B(6)35,559,711B(7)Tsing Young Holding Limited20,109,000B 172024201920212021 20191720242024621202420212021202120212024202441020246212024517 2024B 1.2019 20192019202542520241231 2019 1.2019 2.2021 202120213162021202462120212024 B202117B30% 202120246212021 2021 1.2.3.20256264.2025626 3.2021 2021202152820212024621202120215312024 2021B24,764,500B3%2021 202120246212021 2021 1.2.3.20256264.20256265.20256266.202112299,889,00020211229 202124 4.2024 20242024621202420242024410202462120245172024 2024BB49,102,99620246212024AB10%2024B4,910,29920246211% 20251147,934,4964,910,2992024202563047,934,4964,910,299 2024 1. 2. 202424 5. 2024621202417.01(1)(b)202441020245172024 BB5% 20251120,682,4986,747,500297,000202563014,231,998 1. 24 20256303,274,500B25.7820256303,274,500B2025630 20243262024112825,313,000B202522820252283,973,800AB 2025630B 20256302025630 13.51B 13.51B(1)2024 202562620256262025626202562620256262025626202562620256262025626 202413.51B(1) 2025630 2021331 3,170.39 2024829(i)(ii)202420262025630 MaaSBaaS 2024 2024 2025630 2025630 499320256303434 2410 202563034 108 2025828 2025630 2025630 2025630 2025630 2025630 2025630 2025630 1 20186212219613 AIMaaSBaaS 2021331 2 342025828 202520243 34 2024 2 241048 3 21 4 MaaSBaaS 4 20252024630 5 6 (b) 6(c) 7 (a) 7 (b) 2025202463025%202533120%2025331 7 (b) 15%2016122019113015%2019122019122202212215%2022122022121202512115%2020122020122202312215%202311202311302026112915%2020122020122202312215%202310202310262026102515%20%2025331 50%202212272023202420252025202563012.5%202562720242025202520256300% 2,000,0008.25%2,000,00016.5%20252024630 8 20252024630 9 20252024630 20252024630 11 12 2025630202412312024 13 15 202563020241231 16 202563020241231 16 202563020241231 18