2025年度报告

2469374490107178182188190191193194195 202578202578202578 202578202578 22 8811 1213100004 Maples Fund Services (Cayman) LimitedPO Box 1093, Boundary HallCricket SquareGrand CaymanKY1-1102Cayman Islands 68835 1617 18819 www.renruihr.com 6919 Maples Corporate Services LimitedPO Box 309Ugland HouseGrand CaymanKY1-1104Cayman Islands (1) (2) (4) (5)202553046.0%520251231202511202512312024123120241231 202587.6 20251231 2025202512315,560.822.8%87.620251231635.659.8%7917 2025 20251231242024 2025 202512319,07126.9%1,044105.9% 2025++ 20251212025830% 2025 202520241231 20251405.0%(i)(ii)2025123124 2025202512315,560.8202412314,529.01,031.822.8%202512313,531.3202412313,010.1521.217.3%202512311,659.4202412311,200.2459.238.3%20251231313.920241231270.543.416.0%2024123137,1834,6852025123141,09610.5% 202553046%320,698,200520251231202511202512312024123120241231 2025202512311,04420251231188.420241231140.320241231135.148.134.3% 20251231202412311,922202512319,07126.0%23.9%16.1%2025123120 20232024202512315,2387,1499,0712023202420251231810.91,200.21,659.443.1% 2023202420251231101.3140.3188.42025123146.1% 2025++2025123127,56660.7%11.7%9.1%(i)(ii) 202512313,531.3202412313,010.1521.217.3%202512316,113202412315,13119.1%20251231142.720241231162.119.412.0%2025123139.6 20251231313.920241231270.543.416.0%202512314,459202412313,7157442025123113.7%20241231 14.8%1.12025 2020202220242025123124202512317729 2025123118.82024123124.35.522.9%202512312,3042025123135,0952,30435132,13765419,1013,0136,8486,188 2025123176.82024123119.657.2291.8%2025123120.3202412318.012.3152.0% 202510.2 (a) 2025(i)(ii)OCR (b) (i)(ii)(iii) 2025123120241231 1. 2.2202512312025123120241231 2025123143,30383941,0961,36820251231 (i)(ii)(iii)(iv) 20251231242026(i)(ii)2026(iii) ++ (i)3.91.9(ii)DeepSeekRAG—— ++(i)(ii)(iii) 202512315,560.8202412314,529.01,031.822.8% 20251231 202512311,918.734.5%13.0%8.1202512312024202512312025123177.6%20222025123157.1%22.8%9.5%7.0%2025 202512315,504.5202412314,480.81,023.722.8%2024123137,1832025123141,0963,91310.5%(i)2025123127,5662024123126,3191,2474.7%(ii)202512319,071202412317,1491,92226.9% 202512317.0%202412316.8% 202512313,531.3202412313,010.1521.217.3%1,659.4202412311,200.2459.238.3%313.920241231270.543.416.0% 202412315,400 202512315,152.0202412314,165.3986.723.7%(i)971.2(ii)11.9 2025123156.22024123148.28.016.6% 2025123118.8202512318,139 2025123110,892 202512317.4%202412318.0%0.6202512316.8%202412317.6%0.8 2025(i)(ii)(iii) 0.5(ii)20252202512310.8202512310.2%20241231 20251231163.220241231150.912.38.1%(i)2025(ii)2025202412313.3%202512312.9% 20251231116.120241231120.74.63.8%(i)2025(ii)2023202420202025(iii)202412312.7%202512312.1% 2025123110.22024123110.60.43.6%(i)202520251231 2025123133.12024123118.614.578.4%2025123111.020242.48.62025123119.7202414.05.7 2025123125.9202412315.220.792024202579 20251231128.52024123184.843.751.5% 202512312.02024123110.120241231202512312024123111.1202512311.6 202512314.2202412314.5 1.1202412310.4202512310.22025202512312024 2025123110.8202412318.12.732.6%202512319.7202412316.73.045.6% 20251231111.32024123174.536.849.5% 2025123112.0202511202553020241231110.8130.9 202512310.5202412313.8202512312.1202412311.0 2025123110.12024123110.60.5202512319.92024123111.0 2025123180.82024123158.2 2025123187.62024123171.0 202512311,104.9202412311,047.157.85.5%(i)202553020251231202412312025123120241231347.1(ii)202520251231183.0(iii)16.0290.9(iv)202512312024123181.3 202512311,373.7202412311,730.9357.320.6%(i)202553020251231202412312025123120241231540.3(ii)902025123120241231183.0 2025123139.02024123125.213.854.7%202512312024123112.326.1 365 (2) (3)2025112025123120251231 20251231847920241231 901502024 2025123147.32024123143.04.29.8%(i)2025530202512312024123120251231202412318.1(ii)20251231202412317.1(iii)20251231202412313.8(iv)2025121620251229(v)202412311.6 2025123112.82024123117.44.626.3%20251231(i)20255302025123120241231202512312024123113.0(ii)20251231202412318.4 2025123131.52024123119.412.162.5%T+1 20251231665.820241231701.135.35.0%(i)202553020251231202412312025123120241231116.7(ii)202512312024123180.3 202512312024123127.12025 2025123117.12024123111.16.054.4% 2025123110.0 20241231455.6163.335.8%20251231292.3(i)202553020251231202412312025123120241231147.3(ii)16.0 2025123147.820241231245.1197.380.5%(i)202553020251231202412312025123120241231183.2(ii)14.3 2025123129.72024123146.316.635.9%(i)2025530202512312024123120251231202412316.8(ii)2025123123.0(iii)12.9 2025123131.82024123132.30.51.7%202512310.5 2025123120.8202412319.811.0111.1%(i)20254A-220.0(ii)202512319.9 202512317.9202412317.9 202512311.92024123110.38.482.0%202553020251231 2025123143.02024123141.41.63.7%20251231202412311.3 (1) (2) (3)520251231202511202512312024123120241231 (4)202412312024123120241231 20251231202412311.92.1 2025123144.920241231106.061.157.7% 20251231635.620241231397.7237.959.8%(i)44.9(ii)315.9(iii)31.9(iv)1.1 2025530202512312025530554.3202512319.42024123