鼎石资本2025中期业绩报告

3 4 5 7 9 23 36 804 20256 220256 2#20256 220255 3020255 3020251 10 Windward 3, Regatta Office ParkPO Box 1350Grand Cayman, KY1-1108Cayman Islands # #2025 7 2888161608# 20255 30 1617 712 11125 ACS ACIS 39121207 www.pinestone.com.hk •20256 3016,900,00020246 3010,700,0006,200,00058% •20256 303,700,0002024800,00020256 3016,100,00020246 302,900,000•20256 300.7620246 300.19•20256 3020246 30 20256 30 20256 302024 20256 30 20256 30 20251 1381,210,0000.0200.17614,290,00013,860,000 1. Windward 3, Regatta Office Park, PO Box 1350, Grand Cayman,KY1-1108, Cayman Islands20257282618180788161608 Ultimate Vantage Group LimitedUltimate VantageUltimate Vantage 20258 28 2. 20256 3034 202412 31 202412 313 34 2024 3. 20251 1 212023/0721 20251 1 4. 5. (a) (b) (c) 10% 20256 301,000,00016,900,0005.9% 6. 7. 8. 63020252024 2,000,0008.25%2,000,00016.5%16.5% 9. 20256 3020246 30 10. 20256 3020246 301720246 30 11. 20256 3020246 30 12. 20251 17141325,000,00010,000,000202563040%6,700,000 13. 13. (a)T+2 (b) 20256 30202463018,700,000 (c)T+2 (d)20256 30090 13. (e) 14. 14. (i) (ii)(1)(2) 20256 3020246 3017,900,000 (iii) 15. 16. 202520246301231 T+2T+2T+2 20256 30202412 3120 17. 12 18. 20256 30202412 31 19. 20256 30202412 31 20. (a)20256 30 (b)16 (c) 21. (1)20251 1381,210,0000.17613,860,000 (2)20256 3020246 3081,210,00020256 300.02487,280,10020246 30406,070,100 2025202412 3020,06020%4,01220256 3024,0722025240,200,000,000110,400,000,000118%DeepSeek 202520256 30580,00020246 3080,000•IPO2025 20256 307,300,000202410,100,0002,800,00028% (a) 2025202563051%3,200,00020246,500,000202574,000,0002024151,000,000 20256 3020246 305,400,000 (b) 20256 304,100,00020243,500,00017%20256 30820246 3053,000,00016,500,00012%24%12 202420256 301420246 30220256 308,900,00020246 30570,0001,000,0007,900,000 20256 303,700,0002024800,00020256 3016,100,00020246 302,900,000 202520% 120257 14(i)(ii)(iii)202592026 2025202620256 1160,700,00057,600,000 35,000,00015,000,00050,000,000 2025 202499 2025 (i)(ii)(iii) 20256 3016,900,00020246 3010,700,00020246,200,00058% 20256 3020256 308,900,00020246 30570,000152025630580,00020246 3080,000202563028%7,300,00020246 3010,100,0002025630 20256 303,900,0002024900,00030%2024 6 303,000,000202520256 3021202463018 20256 3016,100,00080%20246 302,900,00040%20256 3020,000,00020246 3011,600,00020256 30 20256 3020246 30 20256 303,700,0002024800,00020256 3016,100,00020246 302,900,000 20256 30 202412 1881,210,0000.1760.176(i)0.21919.63%(ii)0.219819.93%14,290,00013,860,000 20251 13 (i) 20256 3022.32202412 318.21 20256 3016,900,0002024123115,900,000 20256 30 20256 30202412 31 231. 20256 10(20)(1)500,000,00025,000,000,0000.02487,280,100500,000,0001,250,000,0000.4024,364,005 23 2.2336,546,00860,700,0001.66(2)(3) 57,600,000 (i)9.2%5,300,000(ii)60.8%35,000,000(iii)26.0%15,000,000(iv)4.0%2,300,000 20256 10202562020256232025725 20256 30202412 31 20256 30202412 31 20256 30XVXV78 20256 3018 20256 30XV23336 1.Ultimate Vantage Group LimitedZeng Wenling100%Zeng Wenling487,280,10096,836,250Ultimate VantageGroup Limited2025 4 25Zeng WenlingZeng Wenling19.87% 20256 30XV23336 20256 3020246 30 20256 302120246 3018 (i)(ii)102025612 1313.1313.1613.17 C1 10 20256 30 3.21D.3D.3.32025630 20256 220256 2 2025828