On January 7, DC HOLDINGS (00861) officially released its operational update for the fourth quarter of 2025, providing a comprehensive overview of the company's achievements during the period. Centered on its "Data x AI" strategy, DC HOLDINGS focused on building intelligent solutions that cover the entire supply chain, deeply integrating AI into the entire fulfillment decision-making process to create a smart supply chain closed loop from data insights to intelligent execution. Driven by both "customer + ecosystem" initiatives, the company successfully completed its 16th consecutive year supporting the Double 11 shopping festival, won bids and delivered multiple computing power collaboration projects, and successively established strategic partnerships with several leading enterprises, continuously expanding its ecosystem. Furthermore, the company gained authoritative recognition for its technological innovation and ESG practices, highlighting its professional strength in intelligent transformation and the sustainable supply chain sector. Notably, the company convened its 2025 annual work conference, clearly defining the strategic vision of becoming the "AI solutions leader with a supply chain core," and charting a clear path for high-quality development in the next phase. The full text of the update follows:

Business Progress The Suzhou Artificial Intelligence Industrial Base (Phase I) project was successfully delivered. The total value of the Suzhou Artificial Intelligence Industrial Base (Phase I) project exceeds 400 million yuan. The company successfully won the bid for this project in July 2025 and, after six months of intensive, full-speed advancement, successfully completed all tasks and delivered the project. The construction content encompassed the full spectrum of "hardware + software + services." By building an AI computing power platform with a scale of 450 PFlops@FP16, it aids Suzhou in its goal of building a "hundred-billion-yuan computing power industry cluster" and provides key computing power support for the high-quality development of the digital economy in the Yangtze River Delta region.

The Zhangzhou AI Government Services Project officially launched. In October 2025, the Zhangzhou AI government project, constructed by the company, officially went live! Fujian's first AI assistant, "Hou Xi," made a stunning debut, pioneering comprehensive coverage of intelligent consultation, simultaneous inquiry and processing, and assisted approval functions. As a government artificial intelligence entity with independent intellectual property rights, "Hou Xi" ranks among the national advanced level, serving as a vivid example of the practical implementation of the "Deployment and Application Guidelines for Large AI Models in the Government Sector."

The Changchun Large Model Innovation Application Public Service Platform project was successfully won. On December 31, the company successfully won the first bid section of the Changchun Large Model Innovation Application Public Service Platform project, with a total project value exceeding ten million yuan. This project is a key infrastructure initiative for Changchun to promote breakthrough development in the digital economy and foster the deep integration of artificial intelligence with the real economy. The tender content included the procurement of finished software for the "Intelligent Agent Development Service Platform" and related technical services, primarily consisting of public cloud large model invocation services and intelligent agent development services.

16 Years of Double 11 Support: AI Innovation Yields Tangible Results. As an enterprise that has supported the Double 11 promotion for 16 consecutive years, the company has not only fostered a consistent cultural spirit but also forged technical capabilities and solution expertise that evolve with the times and strive for excellence. In 2025, leveraging the intelligent scheduling strategies of the "Xiao Jin" agent, innovations in the Gold Warehouse system, and automated equipment, it once again delivered outstanding results: an on-time order receipt rate exceeding 99.7% and a shipping efficiency improvement of over 20%!

Strategic Cooperation In 2025, the company全面推进 its "client + ecosystem" strategic cooperation layout. In the supply chain sector, it cumulatively established deep strategic partnerships with 17 key clients and partners throughout the year, covering upstream and downstream supply chain links as well as multiple industries such as electronics, fast-moving consumer goods, cosmetics, and apparel. By aggregating leading enterprises from various fields to build a synergistic and win-win cooperation network, it enhanced the company's overall service and solution capabilities, laying a solid foundation for establishing a leading advantage in "AI + supply chain" solutions. In the fourth quarter, partnerships were successfully signed with UQI Youqi, Cassimir, Chiwan Oriental, and Pudu Robotics, with specific details as follows:

Signed partnership with UBTECH subsidiary UQI Youqi. On October 29, KJI (KJIE) and UQI Youqi formally signed a strategic cooperation agreement at CeMAT ASIA 2025 in Shanghai. Leveraging their respective core strengths and a joint innovation model of "technology co-creation + scenario co-development + ecosystem sharing," the two parties will collaboratively build an embodied intelligence application ecosystem in the circulation and logistics field, create a fully automated operational system, and drive leapfrog improvements in supply chain operational efficiency, accuracy, and flexibility, setting a benchmark example for the implementation of "New Quality Productive Forces" in the industry.

Signed partnership with new stationery brand Cassimir. On November 5, KJI (KJIE) and the new-generation stationery brand Cassimir formally signed a strategic cooperation agreement in Hangzhou. Seizing this opportunity for collaboration, the two parties will engage in comprehensive cooperation across areas including supply chain management, e-commerce operations, and intelligent warehousing solutions, jointly promoting the sustained growth and innovative breakthroughs of the Cassimir brand in the stationery market.

Signed partnership with China Nanshan Group subsidiary Chiwan Oriental. On November 13, KJI (KJIE) and China Nanshan Group subsidiary Chiwan Oriental formally signed a strategic cooperation agreement in Beijing. These two 5A-level logistics enterprises will combine their advantageous industry scenarios and aggregate comprehensive resources including network, park, transportation capacity, and finance to jointly create an integrated supply chain solution of "Smart Warehousing + Green Transportation Capacity + Inclusive Finance," aiding the high-quality development of upstream and downstream clients and ecological resources.

Signed partnership with service robotics leader Pudu Technology. On November 21, KJI (KJIE) and the globally leading service robotics brand Pudu Technology formally signed a strategic cooperation agreement in Shenzhen. This powerful alliance represents a significant practice for KJI in deepening its global supply chain layout and leveraging its core strengths in outbound services, a key strategic move for Pudu Technology to expand application scenarios based on top-tier robotics technology, and a new practice for both parties to jointly explore and integrate innovations in the robotics arena.

Industry Exchange Invited to attend the China DataLink Technology Innovation and Ecosystem Partners Conference. On December 19, marking the first anniversary of the establishment of China DataLink Logistics Information Co., Ltd., the China DataLink Technology Innovation and Ecosystem Partners Conference was grandly held at the Shanghai International Convention Center. DC HOLDINGS, along with its smart supply chain brand KJI (KJIE), was invited to attend. During the conference, the "China Logistics Data Development White Paper," jointly compiled by China DataLink, DC HOLDINGS, and other industry leaders, was officially released. As a representative private enterprise, the company is deeply integrating into the national-level logistics data ecosystem construction, contributing to the industry's high-quality development through concrete actions. At the conference's Technology Open Sharing sub-forum, KJI (KJIE) jointly witnessed the initiative for a logistics industry open-source and open co-creation space launched by China DataLink.

Executive Perspective Guo Wei attended the Info100 2025 Annual Seminar and delivered a keynote speech. On November 15, the Info100 2025 Annual Seminar was successfully held in Shanghai. As a major event for Info100 in 2025, themed "'AI+' Navigation Chart: From the Blue Ocean of Technology to the Deep Sea of Industry," the conference gathered insights from industry, academia, and research, serving as a grand forum for exchanging ideas on the future development of AI. Guo Wei, Chairman of the Board of DC HOLDINGS, was invited to attend and delivered a keynote speech titled "From Intelligent Enterprises to an Intelligent Ecosystem," systematically expounding on cutting-edge views regarding how AI can genuinely empower intelligent enterprises.

Guo Wei attended the 23rd Annual Management Conference and delivered a keynote speech. The 23rd Annual Management Conference, themed "Connectors in the Intelligent Era," successfully concluded in Beijing. As a highly influential high-level annual event in the Chinese business community, this conference focused on the deep integration and collaborative innovation of the three core elements of AI: computing power, algorithms, and data, sparking enthusiastic sharing and in-depth discussions. Guo Wei, Chairman of the Board of DC HOLDINGS, was invited to attend and delivered a keynote speech.

Guo Wei shared insights on "AI for Process" at Heung Kong School of Business. Guo Wei, Chairman of the Board of DC HOLDINGS and Doctoral Supervisor at Heung Kong School of Business, delivered a thematic course on "AI for Process – Technological Innovation and Process Re-engineering" for doctoral students of the Heung Kong School of Business - Josai International University Business Administration program. Centering on core issues such as how artificial intelligence can reconstruct enterprise processes and enhance operational productivity, he engaged in systematic and forward-looking sharing with the students, deeply explaining the fundamental significance of "process" in enterprise operations and how AI, by embedding itself into processes, translates into tangible operational productivity.

Social Responsibility Supported the Henan Province Logistics Vocational Skills Competition for the third consecutive time. From December 13 to 15, the 3rd Henan Province Logistics Industry Vocational Skills Competition, jointly organized by the Henan Provincial Development and Reform Commission and the Henan Provincial Department of Human Resources and Social Security, successfully concluded. The company, serving as the technical support unit for the competition, provided its self-developed DC HOLDINGS Gold Warehouse system, which was designated by the competition committee as the sole official competition system for the third consecutive time. This represents another successful practice of the company's integrated "industry-academia-research-application" model.

Safety through Practice: DC HOLDINGS Fire Drill Concludes Successfully. At 2:00 PM on December 19, the DC HOLDINGS 2025 fire drill commenced on schedule. All employees participated enthusiastically and diligently throughout the activity. Through the dual modes of "realistic fire scenario simulation + fun check-in experience," they not only witnessed professional emergency response procedures but also gained substantial fire safety skills, injecting fresh vitality into the company's ESG safety dimension through practical action.

Awards and Qualifications AI Innovation Strength Honored with Industry Awards. On December 4, the 2025 IDC China Ecosystem Summit & Awards Ceremony was grandly held in Beijing. Based on its deep strategic layout and technological breakthroughs in the smart supply chain field, DC HOLDINGS' innovatively developed Smart Supply Chain Control Tower successfully won the IDC Innovation Application Award, representing high recognition from an authoritative institution for the company's technological innovation capabilities. On December 29, at the Cailian Press's 8th Investment Annual Conference and Hefei Silicon Valley Hard Tech Investment Ecosystem Conference, the company, by virtue of its profound technical积淀, comprehensive full-stack AI capabilities, and rich industry implementation results, was successfully selected for the "New Force Artificial Intelligence Enterprise" list.

ESG Management Level Garners Social Acclaim. In 2025, the company achieved fruitful results in the environmental, social, and governance domains. By deeply integrating sustainable development concepts into its strategy and operations, the company not only performed excellently in third-party ratings but also won multiple authoritative awards, demonstrating its sense of responsibility and capacity for long-term value creation. In the fourth quarter, at the 6th Cailian Press Enterprise ESG Forum and "Zhiyuan Award" Ceremony, it was honored with the 2024 Cailian Press Zhiyuan Award "Pioneering Enterprise in Social Responsibility Award"; at the 10th Zhitong Finance Capital Market Annual Conference and Listed Company Awards Ceremony, it won the "Best ESG Company Award"; on December 30, at the Hong Kong Commercial Daily's "Hong Kong Global ESG Investment Annual Conference and Annual Outstanding ESG Value List" conference, it once again won the 2025 "ESG Outstanding Sustainable Development Enterprise" award.

Brand Building Wins Market Recognition. Additionally, the company was honored with the 2025 New Fortune magazine "Best IR Award for Hong Kong Stocks," the 2025 Luan Lu·Cailian Press "Best IR Team Award for Hong Kong and US Stocks," the Securities Star "2025 Capital Power Annual Selection Outstanding Brand Promotion Team Award," and the Zhitong Finance "Best PR Team Award" for its outstanding performance, continuously enhancing the transparency of information disclosure and the efficiency of capital market communication.

Corporate Culture DC HOLDINGS 2025 Annual Work Conference Held. From November 18 to 19, the DC HOLDINGS 2025 Annual Work Conference was held in Kunshan. The conference reviewed and summarized the work of 2025 and deployed key tasks for 2026. It clearly proposed the vision of becoming the "AI solutions leader with a supply chain core" and formulated a development plan for the next three years. Over 80 individuals, including heads of various business departments, functional departments, and core team members, attended the conference. Guo Wei, Chairman of the Board of DC HOLDINGS, attended the meeting and delivered an important speech.

Based on the solid achievements of the fourth quarter and the full year of 2025, DC HOLDINGS has clearly anchored its strategic direction as the "AI solutions leader with a supply chain core." Looking ahead, the company will continue to deepen its "Data+AI" technological core and, through synergistic innovation with ecosystem partners, infuse the power of intelligence more deeply into every link of the industrial chain. While pursuing commercial value, DC HOLDINGS will also actively fulfill its corporate social responsibilities, committed to driving industry digital transformation through technological innovation and opening a new chapter of high-quality, sustainable development.