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Devanathan is due to take up the newly created role in October and will be based in Singapore, reporting to Kiran Mani, OpenAI’s managing director for Asia-Pacific. Her responsibilities will cover consumer growth, enterprise adoption and partnerships, regulatory engagement and operations across Southeast Asia and Australia.

The move gives OpenAI an experienced technology executive as competition intensifies among artificial intelligence companies for users, corporate customers, developers and public-sector partnerships. Devanathan has spent more than a decade at Meta and has held senior roles spanning ecommerce, gaming and country leadership across Asia-Pacific.

Devanathan announced her departure from Meta on Friday, describing the decision as “bittersweet” and saying she would take a short break before beginning her next chapter. OpenAI subsequently confirmed that she would join the company in the regional position.

Her departure also reshapes Meta’s reporting structure in one of its largest markets. Arun Srinivas, Meta’s managing director and country head for India, will report directly to Benjamin Joe, the company’s vice-president for Asia-Pacific. Srinivas had been reporting to Devanathan.

Devanathan joined Meta in 2016 and helped build its businesses and teams in Singapore and Vietnam, as well as ecommerce initiatives across Southeast Asia. She moved in 2020 to lead Meta’s gaming business in Asia-Pacific before being appointed vice-president and head of India, taking up that position in January 2023. Her remit was later expanded to include Southeast Asia.

At Meta, her work covered the company’s business and revenue priorities, relationships with major brands, advertisers, creators and partners, and the expansion of digital commerce and messaging services. She has more than 25 years of experience across banking, payments and technology.

OpenAI’s appointment places Devanathan in charge of markets where governments and companies are accelerating investment in generative artificial intelligence while also debating rules on safety, data, copyright and the use of advanced models. Her remit includes regulatory engagement, making her role important to OpenAI’s efforts to navigate differing policy regimes across Southeast Asia and Australia.

The company has been expanding its physical and management presence across Asia-Pacific, with offices in Singapore, Tokyo, Seoul, Sydney and Delhi. It has also strengthened its leadership in India, where it appointed former Uber executive Prabhjeet Singh as managing director earlier this year.

OpenAI has made India a significant part of its regional growth strategy as demand for generative AI tools rises among consumers, developers and businesses. In February, the company launched OpenAI for India, an initiative focused on artificial intelligence infrastructure, enterprise adoption, skills development and education partnerships.

Devanathan’s appointment extends that regional build-out beyond India, giving OpenAI a senior executive responsible for Southeast Asia and Australia from Singapore. The role combines commercial expansion with policy and operational responsibilities rather than focusing solely on sales or partnerships.

For Meta, the leadership change comes as the company continues to manage its advertising, messaging and social-media businesses across the region while increasing investment in artificial intelligence. Devanathan’s departure removes an executive who had overseen both India and Southeast Asia and had been part of Meta’s Asia-Pacific leadership structure.

When Meta appointed Devanathan to lead its India operations in 2022, the company said she would bring together its business and revenue priorities and strengthen relationships with brands, creators, advertisers and partners. She moved back to India for the role after earlier assignments in Singapore and Southeast Asia.

In her departure message, Devanathan highlighted work involving government citizen services delivered through WhatsApp in India and small businesses using Meta’s applications as digital storefronts in Vietnam, Indonesia and Thailand. She also referred to her experience helping technology companies and creators grow across the region.

Figures unveiled at the 2026 China International Big Data Industry Expo in Guiyang, Guizhou province, showed that data-related software products, including AI application software, and data-resource products involving token services generated a combined 4.99 trillion yuan. The two categories accounted for 73.6 per cent of the industry’s total output, underlining the growing commercial connection between data resources and AI development.

The number of data enterprises operating across China reached 482,000 by the end of 2025, an increase of 17.9 per cent from a year earlier. The eastern regions remained the largest concentration of activity, with their data industry valued at about 5.23 trillion yuan.

Growth has accelerated steadily over the past three years. China’s data industry was valued at 5.06 trillion yuan in 2023 and 5.86 trillion yuan in 2024 before climbing above 6.7 trillion yuan last year. Expansion has increasingly shifted from basic data collection and processing towards higher-value services designed for AI models, intelligent agents and industry-specific applications.

High-quality datasets have emerged as a particularly important segment. By August 2026, more than 126,000 such datasets had been established nationwide, containing more than 1,815 petabytes of data. Their combined volume has risen by more than 89 per cent since March, reflecting rapidly expanding demand from developers training and refining AI systems.

The broader supply of digital information is also growing sharply. China generated 52.26 zettabytes of data during 2025, up 27.28 per cent from the previous year and representing roughly 27.4 per cent of global data production. Enterprises accounted for about nine-tenths of the increase, with manufacturing, transport and logistics, software and information technology services recording especially strong gains.

That expansion is occurring alongside rapid growth in AI itself. China’s core AI industry exceeded 1.2 trillion yuan in 2025, with more than 6,200 specialised AI enterprises operating nationwide. More than 30 per cent of large manufacturing enterprises had adopted AI technologies by the end of the year, widening demand for industrial datasets capable of training systems for production, quality inspection, predictive maintenance and automation.

AI development is also changing the composition of the data market. Large language models initially depended heavily on publicly accessible text and image material, but developers are increasingly seeking proprietary industrial, scientific, financial, medical and operational data. The expansion of intelligent agents and embodied AI is adding demand for video, three-dimensional information, sensor readings, physical interaction records and synthetic data.

Intelligent-agent innovation has become another growth area. More than 3,400 patents associated with agent technologies were authorised during 2025, with the pace of growth more than doubling from the previous year. Commercial platforms are simultaneously combining access to multiple AI models with tools that allow companies to select, adapt and deploy systems without developing every component internally.

Policy is increasingly focused on turning China’s vast quantity of information into commercially usable AI resources. A national programme launched this year calls for high-quality industry datasets covering areas including scientific research, manufacturing, agriculture, energy, transport, financial services, healthcare, education, e-commerce, tourism, meteorology, urban governance, autonomous driving, embodied intelligence and biotechnology.

The programme is intended to expand dataset supply, improve annotation and quality assessment, encourage controlled circulation and connect dataset development more closely with practical AI applications. Authorities are targeting significant progress by the end of 2028, including industry datasets tested through real-world applications and specialised companies capable of developing tools and standards around them.

The clarification sets out the eligibility framework for companies considering operations in Pulau 1 of Forest City, where qualifying fintech businesses, Financial Global Business Services operations and foreign-owned payment system operators can apply for the special rate. The incentive runs for 10 consecutive years of assessment and may be extended for another 10 years if the company continues to meet the stipulated conditions.

Malaysia Digital Economy Corporation, or MDEC, is the government agency appointed to process applications, while approvals are subject to the national investment assessment framework. Eligibility does not arise simply from locating a technology business within Forest City.

Qualifying activities must incorporate at least one designated technology enabler. These include artificial intelligence or big data analytics, the Internet of Things, cybersecurity, cloud computing, blockchain, creative media technology, robotics or automation, and advanced network connectivity or telecommunications technology.

The framework therefore covers AI where the technology supports an eligible financial or business-service activity. A general AI developer or technology company does not automatically qualify for the Forest City incentive merely because it uses artificial intelligence.

Applicants must be companies incorporated under Malaysia’s Companies Act and resident in the country, with minimum paid-up capital of RM50,000. The qualifying business must be conducted in Pulau 1, Forest City. Companies must also comply with requirements covering employment, knowledge workers, operating expenditure, economic substance, environmental, social and governance commitments and any regulatory approvals applicable to their activities.

The Forest City incentive is separate from Malaysia Digital Status and the Malaysia Digital tax incentive administered by MDEC. Companies do not need Malaysia Digital Status to apply for the Forest City programme, and an applicant generally cannot receive another tax incentive for the same qualifying activity.

That distinction has become important because the national Malaysia Digital scheme includes figures of up to 100%, potentially creating confusion over whether technology and AI businesses can obtain complete corporate tax exemption in Forest City.

Under the Malaysia Digital tax incentive, companies making new investments can apply for a zero per cent reduced tax rate on qualifying intellectual-property income, subject to the applicable intellectual-property nexus rules. Qualifying non-IP income may receive a 5% or 10% reduced rate for up to 10 years, depending on whether the relevant conditions are met.

Alternatively, eligible new investments can choose an investment tax allowance of 60% or 100% of qualifying capital expenditure, which can be set against up to 100% of statutory income for a period of up to five years. The 100% figure refers to the investment tax allowance and does not constitute a general declaration that all income earned by an eligible company is tax-free.

Companies undertaking qualifying expansion investments face a different structure. The national digital programme provides a 15% reduced tax rate on qualifying IP and non-IP income for up to five years, or an investment tax allowance of 30% or 60% of qualifying capital expenditure, subject to the conditions attached to the scheme.

Applications for the Malaysia Digital tax incentive remain open until December 31, 2027. Applicants for that programme must first secure Malaysia Digital Status. Forest City’s programme has a longer application window, running to December 31, 2034 under the existing guidelines.

Forest City’s financial-zone incentives were formally unveiled by the government in September 2024 as part of an effort to establish Johor as a competitive financial and services hub close to Singapore. The package also includes separate arrangements for single family offices and knowledge workers.

Qualifying single family office vehicles operating under the Forest City framework can obtain a zero per cent tax rate on chargeable income from approved holding and investment activities, subject to Securities Commission Malaysia requirements. That concession is distinct from the 5% regime covering fintech, Financial Global Business Services and foreign payment system operators.

Forest City also sits within the wider Johor-Singapore Special Economic Zone, strengthening its role in Malaysia’s strategy to attract cross-border investment, advanced financial services and digital businesses. Johor has emerged as a major destination for digital infrastructure and technology investment, supported by its proximity to Singapore, expanding data-centre capacity and improving regional connectivity.

Forest City SFZ sets out who may qualify for its 5% special corporate tax rate, how the separate Malaysia Digital tax incentive works, and which activities and conditions apply to each scheme.

JOHOR, MALAYSIA – Media OutReach Newswire – 29 August 2026 – Forest City has, over the past decade, built a recognised track record in green-building and sustainability credentials. Since the Malaysian Government announced the Forest City Special Financial Zone (“SFZ”) incentive package on 20 September 2024, the development has added a financial-services and digital-economy dimension. The Forest City Special Financial Zone (“FC-SFZ”) Tax Incentive offers a 5% special corporate tax rate for 10 consecutive years of assessment, extendable for a second 10-year period, to eligible companies undertaking qualifying fintech, Financial Global Business Services (“FGBS”) or Foreign Payment System Operator (“FPSO”) activities in Pulau 1, Forest City. Malaysia Digital Economy Corporation (“MDEC”) is the appointed government agency to process applications, which are assessed by the National Committee on Investment (“NCI”).

The FC-SFZ Tax Incentive is separate from Malaysia Digital (“MD”) Status and the MD Tax Incentive. A company does not need MD Status to qualify for the FC-SFZ Tax Incentive. Under MDEC’s current rules, an FC-SFZ applicant must also not have been granted another tax incentive for the same qualifying activity. Eligible MD Status companies may separately apply for the MD Tax Incentive, subject to the applicable criteria and approval process.

Key Incentives at a Glance

Forest City’s first decade was defined in part by its green-building and sustainability record. Forest City reports nearly 40 international awards and certifications as at August 2026, including LEED for Core and Shell (“LEED-CS”) Gold pre-certification and GreenRE Gold ratings. On 20 September 2024, the Malaysian Government announced the Forest City SFZ incentive package, adding a financial-services and digital-economy dimension to the development.

The current incentive landscape has four main components:

• Forest City SFZ corporate tax rate: Eligible companies undertaking qualifying fintech, FGBS or FPSO activities in Pulau 1 may receive a 5% special corporate tax rate for 10 consecutive years of assessment, extendable for a second 10-year period, subject to approval and continued compliance. The qualifying activity must use at least one promoted technology enabler specified by MDEC.
• Single Family Office (“SFO”) Scheme: A qualifying Single Family Office Vehicle (“SFOV”) may receive a 0% tax rate on chargeable income from its qualifying holding and investment activities for an initial 10 years, with a possible extension for a further 10 years, subject to the Securities Commission Malaysia (“SC”) requirements.
• Knowledge workers: Eligible knowledge workers working within the Johor-Singapore Special Economic Zone (“JS-SEZ”), which includes Forest City as a designated flagship area, may qualify for a special 15% personal income tax rate for 10 years, subject to the applicable conditions.
• Malaysia Digital tax incentive: This is a separate national incentive administered by MDEC. For New Investment, eligible companies may choose between a reduced tax rate — 0% on qualifying intellectual-property (“IP”) income, subject to the modified nexus approach, and 5% or 10% on qualifying non-IP income for up to 10 years — or an Investment Tax Allowance (“ITA”) of 60% or 100% of qualifying capital expenditure for up to five years. Different rates apply to the Expansion Incentive. Applications are open until 31 December 2027.

Taken together, these measures position Forest City SFZ as a potential regional base for qualifying financial-services and technology-enabled businesses assessing Malaysia’s tax framework, proximity to Singapore and access to ASEAN markets. However, the schemes are separate and should not be treated as automatically cumulative.

Forest City Tax Framework for Fintech and Technology-Enabled Financial Services

The FC-SFZ Tax Incentive is not a blanket 100% tax exemption for fintech, AI or technology companies. It is a 5% special corporate tax rate for qualifying activities under the FC-SFZ framework. MDEC is the appointed agency to process applications, while applications are assessed by the NCI.

The 5% rate applies to qualifying fintech activities, FGBS and FPSO activities carried out in Pulau 1, Forest City. The qualifying activity must utilise at least one promoted technology enabler: artificial intelligence (“AI”) or big data analytics (“BDA”); Internet of Things (“IoT”); cybersecurity; cloud; blockchain; creative media technology, including extended reality (“XR”) or mixed reality (“MR”); robotics or automation; or advanced network connectivity or telecommunications technology. Eligibility is not automatic based on location alone; companies must also satisfy the applicable corporate, activity, substance, regulatory and compliance conditions.

The “up to 100%” figure sometimes cited in relation to Malaysia Digital refers to the ITA available under the MD New Investment Incentive. It is an allowance on qualifying capital expenditure, not a 100% income tax holiday. The MD Tax Incentive is also separate from the FC-SFZ Tax Incentive and should not be assumed to stack with it for the same qualifying activity.

Comparison table:

For accurate and current policy information, companies should refer directly to official sources, including:

• MDEC — Forest City Special Financial Zone (FC-SFZ) Tax Incentive FAQ and application guidance
• MDEC — Malaysia Digital Tax Incentive FAQ and MD Status guidelines
• Securities Commission Malaysia — Single Family Office Incentive Scheme and gazetted tax rules
• Ministry of Finance / MRT Corp — JS-SEZ incentive package and Johor Bahru-Singapore RTS Link information

Malaysia Digital Status and Tax Incentive: A Separate National Framework

MD Status is granted nationally by MDEC. An MD Status company may then be eligible to apply separately for the MD Tax Incentive, subject to the relevant criteria. Under MDEC’s current framework, qualifying Malaysia Digital Activities comprise the research, development or commercialisation of solutions, or the provision of services, using promoted technology enablers such as AI or BDA, IoT, cybersecurity, cloud, blockchain, drone technology, creative media technology, integrated-circuit design with embedded software, robotics or automation, and advanced network connectivity or telecommunications technology.

Under the current MD Tax Incentive, the available options differ between New Investment and Expansion:

• New Investment: A 0% reduced tax rate on qualifying IP income, subject to the modified nexus approach, and a 5% or 10% reduced tax rate on qualifying non-IP income, for up to 10 years; or an ITA of 60% or 100% of qualifying capital expenditure against up to 100% of statutory income, for up to five years.
• Expansion: A 15% reduced tax rate on qualifying IP income, subject to the modified nexus approach, and non-IP income, for up to five years; or an ITA of 30% or 60% of qualifying capital expenditure against up to 100% of statutory income, for up to five years.

The “100%” figure therefore refers to the ITA rate under the New Investment Incentive. It does not mean that all company income is tax-free.

The MD Tax Incentive is open for applications until 31 December 2027. A company must first obtain MD Status before submitting an application for the MD Tax Incentive.

MD Status also provides access to non-tax benefits under the MD Bill of Guarantees, including the ability to apply for foreign knowledge-worker quotas and passes, subject to the relevant immigration requirements. MDEC’s Expats Service Centre administers the related Foreign Knowledge Worker processes for eligible companies.

Eligibility Summary: Entities, Sectors and Permitted Activities

Forest City SFZ 5% rate

• Activity-based: Qualifying services are limited to fintech-related activities, FGBS and FPSO activities.
• Technology condition: The qualifying activity must utilise at least one promoted technology enabler specified by MDEC, including AI or BDA, IoT, cybersecurity, cloud, blockchain, creative media technology, robotics or automation, or advanced network connectivity or telecommunications technology.
• Location condition: The qualifying activity must be carried out in Pulau 1, Forest City.
• Substance and compliance conditions: Approved companies must meet the conditions set out in their approval letter, including commitments relating to full-time employees, knowledge workers, annual operating expenditure, ESG requirements, relevant regulatory approvals or licences, and annual compliance reporting verified by an independent auditor.

Malaysia Digital (MD) Status and MD Tax Incentive

• Activity-based: MD eligibility is tied to Malaysia Digital Activities that use the promoted technology enablers specified by MDEC. Merely operating an AI, cloud, fintech or digital business does not automatically confer tax-incentive eligibility.
• Status and tax-incentive process: MD Status is granted by MDEC. The MD Tax Incentive is a separate application available to eligible MD or MSC Malaysia Status companies, depending on the relevant incentive category.
• Geographic scope: MD Status is a national programme and does not require a company to be located in Forest City.
• No automatic stacking: MDEC states that an FC-SFZ Tax Incentive applicant must not already have been granted a tax incentive for the same qualifying activity. MDEC also confirms that MD Status is not required to apply for the FC-SFZ Tax Incentive.

Accordingly, companies should assess the FC-SFZ and MD frameworks separately. Any proposed structure involving different activities, income streams or incentive programmes should be verified with MDEC and qualified tax advisers before any combined tax outcome is assumed.

Strategic Rationale: Proximity, Talent Incentives and Regional Access

Forest City’s location proposition is based on three interlocking factors: proximity to Singapore, targeted talent incentives and early investor interest.

• Proximity as operational leverage: Forest City lies approximately 2 km from Singapore at its nearest point, placing qualifying operations close to one of Asia’s major financial and technology hubs. The Johor Bahru-Singapore RTS Link will connect Bukit Chagar in central Johor Bahru with Woodlands North in Singapore. MRT Corp has stated that service is targeted to commence on 31 December 2026. The RTS Link does not serve Forest City directly, so onward road transport between Forest City and central Johor Bahru will still be required.
• Talent as a bundled enabler: Eligible knowledge workers in the JS-SEZ may qualify for a special 15% personal income tax rate for 10 years, while eligible MD Status companies may apply for foreign knowledge-worker quotas and passes through MDEC’s expatriate facilitation framework. These are separate benefits with their own eligibility and approval requirements.

By June 2026, Invest Johor reported that the Forest City SFZ had recorded 260 cumulative investor enquiries through the Invest Malaysia Facilitation Centre-Johor, against an RM2 billion investment target. Separately, the SC reported in October 2025 that six families had received conditional approval under the SFO Incentive Scheme, with indicative assets under management close to RM400 million.

This incentive framework sits alongside Johor’s rapid emergence as a major Malaysian data-centre market. JLL has highlighted strong data-centre expansion in Johor and the wider JS-SEZ, supported by major hyperscale investments and infrastructure development. This broader digital-economy momentum strengthens the regional technology narrative, but it should not be presented as a direct operating benefit or guaranteed outcome for individual Forest City SFZ companies.

Decision Framework: Two Pathways and a Diligence Caveat

The incentive structure is best assessed through two distinct pathways, with a separate due-diligence lens for investors and advisers.

• Pathway A – FC-SFZ presence on Pulau 1: This is relevant to eligible fintech companies, FGBS providers and FPSO businesses that can satisfy the physical-location, activity, substance and compliance requirements. The 5% special corporate tax rate is available for 10 consecutive years of assessment and may be extended for a second 10-year period, subject to continued compliance and approval.

This route may suit businesses that value proximity to Singapore while maintaining qualifying operations in Pulau 1. The RTS Link is expected to improve connectivity between central Johor Bahru and Singapore, but it does not remove the requirement for companies to maintain the approved substance and qualifying activities in Forest City.

• Pathway B – MD Status and MD Tax Incentive nationwide: This pathway may be relevant to eligible digital companies operating elsewhere in Malaysia. MD Status is granted nationally by MDEC, and eligible companies may subsequently apply for the MD Tax Incentive. The applicable reduced tax rate or ITA depends on whether the company applies under the New Investment or Expansion category and on the conditions it meets.

Investors and advisers should note that headline rates are not the same as effective tax rates. The outcome for any entity depends on qualifying activities and income, approved commitments, substance conditions and the specific incentive secured. Groups with annual consolidated revenue of EUR750 million or more may also be subject to Malaysia’s domestic top-up tax rules where the relevant effective tax rate falls below 15%. Tax outcomes should therefore be modelled only after verification against current primary sources and professional advice.

The Verdict

Forest City’s proposition to fintech and technology-enabled financial-services companies is specific and condition-based: a 5% special corporate tax rate for qualifying fintech, FGBS and FPSO activities carried out in Pulau 1 using promoted technology enablers. The incentive runs for 10 consecutive years of assessment and may be extended for a second 10-year period, subject to compliance and approval. It is neither a blanket 5% rate for all AI or technology companies nor a 100% income tax exemption.

Alongside this are the separate SFO Incentive Scheme, which may provide a 0% tax rate for up to 20 years subject to SC requirements; the JS-SEZ’s special 15% personal income tax rate for eligible knowledge workers for 10 years; and the national MD Tax Incentive, which offers different reduced tax rates or ITA options depending on whether an applicant qualifies under the New Investment or Expansion category. Applications for the MD Tax Incentive are open until 31 December 2027.

Reported traction includes 260 cumulative investor enquiries recorded by Invest Johor by June 2026 and six families granted conditional approval under the SFO Incentive Scheme, with indicative assets under management close to RM400 million as reported by the SC in October 2025. Forest City also benefits from proximity to Singapore, while the RTS Link is targeted to commence service on 31 December 2026 between central Johor Bahru and Woodlands North.

For companies and investors, the key question is not simply whether these incentives exist, but whether their exact activities, income streams, location, substance commitments and corporate structure satisfy the conditions required to access them in practice. Current official guidance and qualified tax advice should be obtained before any investment or structuringHashtag: #ForestCity

The issuer is solely responsible for the content of this announcement.

Strengthening Competitiveness via Online-to-Offline Integration and Supply Chain Agility

Results Highlights

• Revenue reached US$301.51 million, representing a strong increase of 23.2%.
• Gross profit grew by 28.2% to US$93.98 million, with gross profit margin expanding to 31.2%.
• Operating profit increased by 30.1% to US$24.29 million.
• Net profit surged by 30.0% to US$18.30 million, with net profit margin improving to 6.1%.
• Business-to-consumer (B2C) platform YesStyle recorded revenue of US$215.07 million, up 30.5%, accounting for 71.3% of the Group’s total revenue. Offline expansion was enhanced with the opening of its first physical concept store in the US.
• Business-to-business (B2B) platform AsianBeautyWholesale (ABW) recorded revenue of US$82.75 million, up 6.2%, accounting for 27.4% of the Group’s total revenue.

HONG KONG SAR – Media OutReach Newswire – 28 August 2026 – YesAsia Holdings Limited (“YesAsia Holdings”, together with its subsidiaries, the “Group”) (2209.HK), a leading e-commerce platform operator recognized for its expertise in curating Asian beauty and lifestyle products, announced today its interim results for the six months ended 30 June 2026 (the “Reporting Period”).

The Group continued to capture strong global demand for Korean Beauty (“K-Beauty”) products, driving revenue up by 23.2% year-on-year to US$301.51 million. Gross profit increased by 28.2% to US$93.98 million, with gross profit margin expanding by 1.2 percentage points to 31.2%. Operating profit grew by 30.1% to US$24.29 million. Benefiting from forward-looking investments in localized and tech-driven logistics infrastructure, which successfully mitigated geopolitical and freight cost pressures, profit for the period surged by 30.0% to US$18.30 million, after recognition of an one-off expense of approximately US$1.24 million in termination benefits arising from the organizational streamlining. Net profit margin improved to 6.1%. Basic earnings per share were US4.39 cents (1H 2025: US3.43 cents).

Navigating Uncertainties through Market Diversification and Logistics Agility

A global market footprint remains pivotal in mitigating geopolitical risks. The US, the Group’s largest market, has absorbed the tariff shock and delivered progressive improvement during the Reporting Period, with revenue exceeding 2H 2025 even outside the typical holiday peak season. Among non-core markets (excluding the US, the UK, Canada, and Australia), robust demand across Europe and Latin America, unlocked new growth momentum, with revenue from Europe and associated countries and Latin America growing by 22.1% and 178.4%, respectively. In the Middle East, the Group navigated the regional tensions to achieve steady revenue growth of 33.4%.

Complementing market diversification, strategic investments in logistics infrastructure spanning Hong Kong, South Korea, the US, and Europe, alongside the adoption of automation technologies like AMRs, have built a highly resilient and scalable supply chain. These capabilities enabled the Group to maintain a stable baseline for business costs and absorb freight and fuel price spikes stemming from Middle East conflicts during the Reporting Period. Consequently, the increase in operating costs remained well below revenue growth, with freight cost as a percentage of revenue dropping to 19.0%, demonstrating the Group’s robust cost control and operational agility.

Integrating O2O Experiences to Drive B2C-B2B Dual-Engine Synergy

Social media marketing remained one of the Group’s core strengths during the Reporting Period, supported by an ecosystem of over 557,000 unique influencers that generated US$85.70 million and contributed nearly 40% of YesStyle‘s revenue. To amplify this online impact, the Group strategically expanded its global offline presence to seamlessly bridge online and offline customer experiences. YesStyle debuted a 1,500 sq. ft. concept store in the San Francisco Bay Area. At the same time, the Group staged high-profile activations, including a Madrid café pop-up that generated over 2 million impressions and brand events at Seoul’s Yesful Land that accumulated over 3 million impressions. Together, these physical and digital touchpoints successfully converted customer engagement into sustained loyalty.

This heightened brand exposure across end-consumer markets directly catalyzed overseas B2B purchasing demand. During the Reporting Period, ABW consolidated its newly built partnerships with retailers in the US and Latin America. Notably, ABW Online’s average order size surged 38.6% year-on-year to US$3,590.60. This uptick reflects substantially stronger purchasing appetite and inventory confidence for K-Beauty products among retailers, underscoring the powerful synergy of the Group’s B2C-B2B dual-engine model.

Mr. Joshua Lau, Founder, Executive Director and Chief Executive Officer of YesAsia Holdings, said: “K-Beauty remains on an upward trajectory as it becomes a mainstream player in the global beauty business. Looking ahead, we believe that there is ample room for growth for YesAsia Holdings in both the retail and wholesale spheres worldwide. Amid geopolitical and supply chain uncertainties, we are continuously reinforcing our competitive moat and market leadership through AI-empowered customer services, a highly agile supply chain, and a strategy that seamlessly converts online traffic into immersive physical experiences, thereby driving long-term value for our shareholders in a fast-evolving market landscape.”

Hashtag: #YesAsia

The issuer is solely responsible for the content of this announcement.

About YesAsia Holdings Limited (02209.HK)

Established in 1997, YesAsia Holdings is a leading e‑commerce platform operator recognized for its expertise in identifying and procuring quality Asian beauty products. Headquartered in Hong Kong, the Group delivers products promptly and efficiently to a global audience through its strong ties with over 400 leading Asian beauty brand and supplier partners. The Group operates two major channels: YesStyle, a B2C e‑commerce platform serving the growing demand for Asian beauty, fashion and lifestyle products, particularly Korean beauty products; and AsianBeautyWholesale, a B2B‑oriented business for Asian beauty products via online and offline channels. YesAsia Holdings is a constituent of the MSCI Hong Kong Micro Cap Index.

For more information, please visit the Group’s official website: https://www.yesasiaholdings.com/

Empowering SMEs and Working Professionals to Embrace AI and Foster Widespread AI Adoption in Hong Kong

HONG KONG SAR – Media OutReach Newswire – 28 August 2026 – The Hong Kong Productivity Council (HKPC) today held the Launching Ceremony of the “AI for All” Inclusive Programme, aligning with the National 15th Five-Year Plan and the “AI+” initiative, and supporting the HKSAR Government’s policies of “industries for AI, AI for industries” and “AI for All”. Coordinated by the Innovation, Technology and Industry Bureau (ITIB), the “AI for All” Inclusive Programme aims to promote the widespread adoption of AI across society. As one of the programme implementation partners, HKPC will lead the “AI with HKPC – Business Empowerment” sub-programme, focusing on practical business applications, talent development, and inclusive technology adoption. The initiative will provide targeted support to SMEs, professionals, labour groups, and underprivileged communities through a range of training courses, hands-on application programmes, and industry-academia-research collaboration, promoting AI literacy and the practical deployment of AI technologies.

Professor SUN Dong, JP, Secretary for Innovation, Technology and Industry, officiated at the ceremony, joined by Mr Emil YU Chen-on, BBS, JP, Deputy Chairman of HKPC, and Mr Mohamed Butt, MH, Executive Director of HKPC. The event also brought together representatives from leading international and Chinese Mainland technology enterprises, chambers of commerce, and industry leaders, who shared successful case studies and practical insights, fostering collaboration across sectors to advance Hong Kong’s AI ecosystem.

Professor SUN Dong, JP, Secretary for Innovation, Technology and Industry, said: “AI has become a key factor in global industrial upgrading and driving the development of the digital economy. Helping SMEs to achieve digital transformation and enhance competitiveness through AI is one of the focal points of the ‘AI for All’ inclusive programme. This time, HKPC as the third implementing organisation for the ‘AI for All’ inclusive programme, leverages its years of experience serving businesses to provide targeted and professional support to SMEs, helping them seize opportunities in the AI era. I hope that through the ‘AI for All’ inclusive programme, AI will not only serve as an empowering tool to enhance corporate value and competitiveness but also transform into a super dividend that benefits SMEs and the general public. Let ‘AI for All’ become Hong Kong’s vision for ‘Upgrading for All’ and ‘Opportunities for All’.”

Mr Emil YU Chen-on, BBS, JP, Deputy Chairman of HKPC, said: “AI should not be a privilege reserved for large enterprises. It should become a productivity tool that every business, every employee, and people from all walks of life can leverage. HKPC has long been committed to helping enterprises, particularly SMEs, enhance productivity, drive digital transformation, and convert innovative technologies into tangible business value. We focus on integrating AI technologies across different industries by providing practical, scalable and replicable solutions that support smart transformation. As one of the implementation organisations of the ‘AI for All’ Inclusive Programme, HKPC will centre its efforts on ‘AI with HKPC – Business Empowerment’, connecting Government, industry, academia, technology partners and social service organisations to help enterprises, SMEs, professionals and underprivileged communities acquire AI capabilities and transform AI into real productivity and business value, thereby advancing Hong Kong’s high-quality development and digital inclusion.”

“AI for All” Officially Launches with “Business Empowerment” Series to Drive Widespread AI Adoption

To advance the “AI for All” Inclusive Programme, HKPC has launched the “AI with HKPC – Business Empowerment” training series, centred on practical business applications. Through a two-year training and promotion programme, HKPC will work with technology companies, chambers of commerce, labour groups and community partners to help SMEs, professionals, working individuals, labour organisations, underprivileged groups and the general public acquire AI knowledge and application skills. The initiative aims to accelerate the adoption of AI and support digital and smart transformation across industries, sectors and communities through three key focus areas:

1. Business and Industry Upgrading: Through AI-focused programmes such as “AI+ Industry Boost Training” and “SME AI Connect”, enterprises can rapidly adopt AI technologies to enhance productivity and competitiveness. Key training topics include:

• Practical Applications of Generative AI: Learning how to use generative AI tools for content creation, data analysis, and workflow optimisation.
• AI Applications Across Industries: Exploring how AI enhances efficiency, optimises operations and drives innovation in sectors including education, healthcare, manufacturing, retail and logistics.
• AI Project Workshops: Providing hands-on experience in AI application development and implementation, enabling participants to integrate AI solutions into real business scenarios.

2. Human Resources and Leadership: HKPC will continue conducting the “Hong Kong Enterprise AI Application Trends Survey” and share insights through “AI Talent Winning Tips”, helping organisations understand AI talent management and application trends while preparing for future workforce needs. Key topics include:

• AI and Career Development: Examining the impact of AI on the future workplace and helping professionals understand emerging skills requirements.
• AI Talent Management and Application Strategies: Sharing successful corporate experiences and practical strategies for AI transformation and talent development.

3. AI for ALL: Through the free online learning platform “AI BiteClass”, HKPC will provide convenient AI learning resources for SMEs, professionals, senior citizens and underprivileged communities, enabling people from all backgrounds to access AI fundamentals and the latest application trends anytime, anywhere. Key topics include:

• Introduction to AI Fundamentals: Covering basic AI concepts, operating principles, common use cases and future trends.
• Getting Started with Generative AI: Introducing generative AI tools and their everyday applications.
• AI Ethics and Responsible Use: Building awareness of responsible AI adoption, including issues relating to data privacy, bias and transparency.

“AI BiteClass” Debuts at Launch Ceremony, Bringing Global Technology Expertise to Hong Kong

As part of the launch event, HKPC presented a live edition of the “AI BiteClass”, featuring experts from HKPC and leading global technology companies, including Amazon Web Services (AWS), Google Cloud, Huawei Cloud, Lenovo, Samsung, Tencent Cloud and Microsoft. The sessions shared practical AI techniques and real-world application cases tailored for SMEs. Through concise yet insightful presentations, the guest speakers highlighted the best practices and implementation strategies for AI, demonstrating how businesses can leverage AI to drive growth and enhance operational efficiency.

Looking ahead, the “AI BiteClass” will introduce a range of free online courses covering popular topics such as generative AI, AI agents, workflow automation, data analytics and enterprise transformation. Members of the public will be able to access practical AI learning resources at any time through the online platform or via iAM Smart.

HKPC has long positioned itself as a “technology adopter and enabler”, committed to helping enterprises transform innovation into tangible business value. Since 2024, HKPC has organised more than 600 AI training sessions, serving over 32,000 participants, including SMEs, large enterprises, HR professionals, industry leaders, students, educators and members of the public. These efforts have played a pivotal role in fostering a more competitive AI application ecosystem in Hong Kong.

A series of “AI with HKPC – Business Empowerment” activities will be rolled out progressively. Enterprises and members of the public are welcome to register via iAM Smart and stay updated on the latest programmes. Through collaboration with global technology enterprises, industry organisations and community partners, HKPC aims to bring AI into businesses, workplaces and communities, advancing the vision of “AI for All” while empowering enterprises and co-building Hong Kong’s intelligent future. For details, please visit: https://www.hkpcacademy.org/en/aiforall/

Please download the high-res photos HERE.

Photo Captions:

1. Professor SUN Dong, JP, Secretary for Innovation, Technology and Industry of the HKSAR Government, delivers a speech at the ceremony, sharing the Government’s vision for advancing the “AI for All” Inclusive Programme, accelerating AI adoption and fostering innovation and technology development in Hong Kong.
2. Professor SUN Dong, JP, Secretary for Innovation, Technology and Industry of the HKSAR Government (middle), Mr Emil YU Chen-on, BBS, JP, Deputy Chairman of HKPC (left), and Mr Mohamed Butt, MH, Executive Director of HKPC (right) officiate the HKPC Launching Ceremony of the “AI for All” Inclusive Programme, jointly promoting AI literacy and application.
3. Mr Emil YU Chen-on, BBS, JP, Deputy Chairman of HKPC, says HKPC will help enterprises and talent master AI technologies through the “AI with HKPC – Business Empowerment” series, supporting the transition from AI awareness to practical application.
4. The “AI for All” Inclusive Programme attracts representatives from the business and innovation and technology sectors to explore the latest AI developments and application opportunities.
5. HKPC hosts an “AI BiteClass” sharing session on the day of the Launching Ceremony, inviting technology companies and industry experts to present practical AI experiences and success stories, helping enterprises enhance productivity and competitiveness through AI.

Hashtag: #HKPC

The issuer is solely responsible for the content of this announcement.

About the Hong Kong Productivity Council

The Hong Kong Productivity Council (HKPC) is a statutory body established in 1967, dedicated to enhancing the productivity and competitiveness of Hong Kong enterprises through world-class applied R&D, innovative technology services, and integrated manufacturing solutions. As a market-oriented, international R&D organisation, HKPC leverages its deep expertise and extensive industry experience in key areas such as AI, advanced manufacturing, life and health technology, green technology and new energy to drive new industrialisation and support the growth of emerging and future industries.

HKPC focuses on addressing businesses challenges and industrial technology needs, promoting the full integration between technological and industrial innovation. Through technology transfer, product innovation, intellectual property protection and commercialisation of R&D outcomes, the Council fosters collaboration with the local business community as well as top global R&D institutions, delivering added value to industries and advancing the development of new productive forces. HKPC’s world-class R&D achievements have been widely recognised over the years, winning an array of local and overseas accolades, reinforcing Hong Kong’s role as an international innovation and technology centre and a smart city.

To help enterprises capitalise on Hong Kong’s strengths in international connectivity to expand into global markets, HKPC offers comprehensive overseas expansion services tailored to critical areas including product development, technology, manufacturing, and management, enabling businesses to successfully go global from Hong Kong.

HKPC is also committed to providing timely and practical support to SMEs and startups with timely and practical , assisting them in accessing Government funding programmes. Through its FutureSkills training initiatives, HKPC helps both industry and academia stay ahead in latest digital and STEM technologies, nurturing a future-ready talent pool for Hong Kong.

For more information, please visit HKPC’s website: www.hkpc.org/en.

Quarterly Profitability: A Rare Milestone in Hong Kong’s AI Sector

In capital markets, ambitious visions must ultimately be backed by real financial performance—and Deepexi’s interim results provide clear proof of execution.

For the first half of 2026, the company generated RMB 284.0 million in total revenue, marking a 115.0% year-over-year increase. Its AI business served as the primary growth engine, contributing RMB 226.0 million—an impressive 209.2% year-over-year surge—bringing AI revenue to 79.6% of total corporate turnover.

Even more noteworthy is the marked improvement in profitability. First-half gross profit reached RMB 160.0 million, up 120.5% year-over-year, with gross profit margin expanding to 56.5%. Crucially, during the second quarter of 2026, Deepexi posted a standalone quarterly net profit of approximately RMB 30.1 million, officially crossing the breakeven threshold.

In Hong Kong’s technology sector, pure-play enterprise AI companies capable of achieving quarterly net profitability while sustaining high R&D investment remain exceptionally rare. This milestone underscores Deepexi’s operational efficiency, scalable software delivery, and self-sustaining monetization engine.

This scarcity value is equally evident in the company’s revenue composition and vertical reach. Industrial manufacturing accounted for more than 50% of total revenue, while retail and consumer goods contributed 30%, alongside expanding footholds in healthcare and smart transportation. In manufacturing, for example, equipment troubleshooting and predictive maintenance involve dense engineering schematics, real-time IoT sensor telemetry, and extensive historical maintenance logs—all of which Deepexi translates into structured logic that AI models can readily interpret. This deep vertical expertise and proprietary data accumulation create a formidable competitive barrier that general-purpose AI vendors cannot easily match.

Beyond the “SaaSpocalypse”: Deepexi’s AI-Native Platform Defies the Software Valuation Reset

The first quarter of 2026 witnessed what market observers have dubbed the “SaaSpocalypse”—a tectonic shift in which approximately $2 trillion in market capitalization was erased from B2B software equities, driven by a fundamental fear that agentic AI would cannibalize the traditional per-seat licensing model. The iShares Expanded Tech-Software ETF (IGV) plunged nearly 21% year-to-date, and enterprise software multiples (EV/Sales) cratered from a 5.6x average at the end of 2025 to 4.2x by mid-March.

Investors have pivoted decisively toward AI-native infrastructure—companies that manage the data and underlying plumbing of autonomous systems—while penalizing traditional application-layer SaaS vendors reliant on human-centric interfaces. As a recent Windsor Drake analysis notes, “AI-native agentic platforms clear 14x to 22x revenue, with private rounds at 20x to 30x,” while legacy standalone RPA trades at just 2.5x to 5x. The market is now rewarding AI-native architecture and measurable workflow ownership.

Deepexi sits squarely on the winning side of this divergence. Unlike traditional SaaS vendors whose revenues are tied to human seat counts—and thus vulnerable to agentic displacement—Deepexi’s token-based, consumption-driven model aligns directly with the agentic AI future. The company’s DeepWorks enterprise Agent platform does not sell per-seat licenses; it sells AI productivity, enabling enterprises to deploy autonomous agents that replace repetitive administrative work, not software seats. As the market shifts from “AI as a feature” to “AI as a replacement,” Deepexi’s business model is structurally insulated from the seat-compression forces that have punished legacy software vendors.

Focus on Enterprise AI Applications and Proprietary Domain Data

To ensure AI truly meets real-world enterprise demands, generic foundational models are insufficient on their own. Deepexi’s core competitive edge lies in its specialized “Data + AI” dual-engine architecture, anchored by the FastData enterprise data intelligence platform, the FastAGI agentic AI suite, and the Deepexi Enterprise Large Model Platform, supported by its proprietary Deepology ontology dataset containing over 2,000 vertical industry skills.

At the foundational layer, the FastData platform—powered by the FastData Foil fusion engine—acts as an intelligent lakehouse that tokenizes structured, semi-structured, and complex unstructured enterprise data into standardized formats ready for large model training and inference. Building upon this data foundation, the FastAGI platform and DeepWorks Enterprise Agent Platform provide organizations with a flexible, modular AI operating system.

Featuring a pluggable architecture, the platform connects seamlessly to leading open-source foundation models such as DeepSeek and Zhipu AI, giving enterprise clients complete autonomy while eliminating vendor lock-in. This “model-agnostic” approach is a key differentiator in an environment where enterprises increasingly demand flexibility to choose the best model for each use case, rather than being locked into a single provider.

Through native Model Context Protocol (MCP) frameworks and specialized agents—ranging from operational decision-making agents to productivity and autonomous workflow execution agents—Deepexi embeds intelligence directly into core business operations. DeepWorks is fully integrated with mainstream workplace collaboration suites such as DingTalk, Feishu, and Tencent Meeting, allowing employees to summon AI copilots directly for automated weekly reporting, data synthesis, and cross-departmental coordination—effectively turning AI into an indispensable daily productivity tool.

In an enterprise AI market where 42% of organizations already have AI agents in production and 72% are deploying across production and pilots combined, Deepexi’s proven, governed agentic workflows are no longer an experiment—they are core infrastructure.

Strategic Partnership with Huawei Cloud: Tackling Compute and Data Bottlenecks

In the commercialization of enterprise AI, computing costs and access to high-quality domain data represent two of the industry’s most critical bottlenecks. On August 12, Deepexi announced a strategic alliance with Huawei Cloud to jointly launch enterprise data intelligence solutions, providing strong operational backing for the company’s long-term expansion.

The partnership combines the complementary strengths of both technology leaders. Huawei Cloud provides underlying Ascend AI computing clusters and distributed cloud infrastructure, while Deepexi brings its deep expertise in enterprise data governance, data tokenization, and vertical AI agent deployments. By integrating with Huawei’s domestic Ascend compute clusters, Deepexi not only secures stable, long-term computing power but also significantly drives down token processing costs. This cost efficiency establishes ideal conditions for exploring usage-based, token-metered commercial billing models—precisely the kind of consumption-based pricing that aligns with the agentic AI future.

Crucially, falling AI costs are widely expected to accelerate enterprise adoption of autonomous agents. Deepexi’s partnership with Huawei Cloud positions the company to capture this demand wave with a cost structure that improves as token volumes scale—a powerful margin-expansion dynamic that stands in stark contrast to the fixed-cost burden of traditional SaaS.

Strong Institutional Backing Highlights Long-Term Investment Value

Reflecting strong capital market confidence, Deepexi announced on August 17 the successful placement of 14,286,000 new H-shares at HK$35.00 per share, raising net proceeds of approximately HK$488.0 million. Successfully closing a sizeable placement amid broader market volatility demonstrates strong institutional recognition of Deepexi’s proven business model, robust unit economics, and profitability trajectory.

The company’s strategic shareholder structure provides a solid foundation for long-term growth. It is supported by prominent independent investors, including Hillhouse, 5Y Capital, and BAI, as well as industry-focused investors such as Shanghai AI. These partnerships enhance Deepexi’s industry reputation, drive technological innovation, and strengthen its market competitiveness.

The newly raised funds are earmarked primarily for continuous R&D in next-generation enterprise agent systems and token productivity platforms—positioning the company to capture the $206.5 billion AI agent software market projected for 2026, which Gartner expects to grow to $376.3 billion in 2027.

Investment Thesis: Why Deepexi Stands Apart

1. AI-Native Architecture in an Agentic World. Unlike legacy SaaS vendors facing seat compression, Deepexi’s token-based model is structurally aligned with the agentic AI future. The company doesn’t sell software seats—it sells AI productivity.

2. Rare Profitability in Enterprise AI. Quarterly GAAP profitability at a 56.5% gross margin, with projected revenue CAGR of 95.5% through 2027, places Deepexi among the most financially disciplined enterprise AI companies globally.

3. Model-Agnostic, Vendor-Neutral Platform. In an environment where enterprises demand flexibility, Deepexi’s pluggable architecture—supporting DeepSeek, Zhipu, and other open-source models—eliminates lock-in and captures value regardless of which foundation model wins.

4. Proprietary Data Moat. With over 2,000 vertical industry skills and deep expertise in manufacturing, retail, healthcare, and transportation, Deepexi’s domain-specific data capabilities create barriers that general-purpose AI vendors cannot replicate.

5. Strategic Compute Partnership with Huawei Cloud. Long-term, cost-effective compute access, combined with token-metered pricing models, positions Deepexi for sustained margin expansion as token volumes scale.

6. Institutional Validation. Backing from top-tier investors and a successful HK$488 million placement amid market volatility signal strong institutional confidence in Deepexi’s business model and growth trajectory.

The enterprise AI market has decisively shifted from early conceptual exploration into a new era of commercial execution and tangible financial delivery. Backed by mature product suites across FastData and FastAGI, proprietary vertical ontologies, strategic cloud partnerships, and an official transition to net profitability, Deepexi Technology has proven that enterprise AI can deliver both transformative technology and sustainable profits.

Hashtag: #DeepexiTechnology

The issuer is solely responsible for the content of this announcement.

About Deepexi Technology

Deepexi Technology is China’s leading provider of enterprise large model AI application solutions. Through its FastData enterprise data intelligence solution and FastAGI enterprise AI solution, it empowers enterprises to integrate their data, decisions and operations efficiently at scale. Deepexi ranked fifth in China’s enterprise large model AI application solution market in terms of revenue in 2024. Its solutions have achieved large-scale commercialization across multiple verticals, including consumer goods, manufacturing, healthcare and transportation. As of June 30, 2025, Deepexi Technology served a cumulative total of 283 enterprise customers across various industries.

This press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those projected. The company undertakes no obligation to update any forward-looking statements.

The Group continued to accelerate the large‑scale commercial deployment of its AI capabilities, building system‑level AI capabilities around the framework of “one model system, one Token Factory, and one Agent Harness” to advance AI from intelligence generation toward end‑to‑end task execution and transform these capabilities into scalable commercial value.

Dr. Xu Li, Chairman of the Board and CEO of SenseTime, said: “SenseTime’s three-pillar core capability framework, built around ‘one model system, one Token Factory, and one Agent Harness’, uses a unified model system to continuously push the boundaries of intelligence, leverages infrastructure and optimization capabilities to reduce Token costs and strengthen cost‑based pricing power, and deploys agents deeply integrated into enterprise and individual workflows to deliver complete task execution capabilities. This framework enables SenseTime to move beyond pure price competition and create sustainable commercial value through differentiated technologies and services. At the same time, it allows us to expand our user base, drive recurring revenue growth, and lay a solid foundation for the Group’s high‑quality development.”

One Model System: Advancing Native Multimodal Intelligence and Long‑Horizon Agents with Global Leading Performance

In 2026, SenseTime released a series of models at a rapid pace, spanning native multimodal unification, visual perception and reasoning, controllable generation, long‑horizon agents, spatial intelligence, and physical world models. These included the NEO‑Unify architecture; SenseNova U1, U1.5 and U1.5‑Lite; SenseNova Vision; the office‑focused multimodal agent SenseNova 6.8‑Flash‑Lite; the content creation model SenseNova U1‑Pro; the spatial intelligence model SenseNova SI‑8B; and the Kairos 3.1 world model co‑developed with Ace Robotics. Across multiple core benchmarks, these models matched or outperformed leading international models, including Gemini, GPT, and DeepSeek. Less than four months after the U1 series was open‑sourced, the three projects had collectively garnered more than 11,000 stars on GitHub.

SenseTime is advancing from digital intelligence toward physical AGI through the closed‑loop framework of “architectural innovation, system capabilities, and high‑value delivery,” continuously translating technological breakthroughs into real-world applications and commercial value.

Token Factory: Upgrading from Compute Provisioning to Scaled Intelligence Production

SenseTime’s SenseCore is evolving into a production‑oriented Token Factory. Through integrated model and infrastructure optimization, as well as capabilities in model adaptation, inference optimization, heterogeneous scheduling, energy management and global service delivery, the Token Factory not only expands Token output and lowers unit costs, but also continuously enhances the reasoning, understanding, generation, and execution capabilities embedded in each Token.

In July 2026, SenseCore delivered an average daily Token service volume of 2.4 trillion, representing a YoY increase of approximately 22 times. As of the date of this announcement, the Group’s total deployed computing power had reached 48,000 Petaflops (P).

The Token Factory provides strong support for SenseTime in advancing the performance boundaries of its foundation models and scaling their commercial deployment. It has tripled the training speed for long‑context Agent models, increased image and video generation efficiency sixfold, improved reinforcement learning training efficiency, and shortened the cycle from model R&D validation to large‑scale deployment to just one week. In addition to supporting the SenseNova foundation model, the Token Factory now serves four external foundation model providers, establishing differentiated capabilities across high‑complexity computing domains, including AI for Science (“AI4S”), video generation, embodied intelligence, world models, and city‑level intelligent applications.

In addition, the Group remains committed to advancing the domestic compute ecosystem, increasing the MFU (Model Floating‑Point Utilization) of mainstream domestic chips by up to 2.5 times compared with the baseline levels established by chip manufacturers. SenseNova U1 has achieved Day 0 adaptation across more than ten domestic chip platforms.

Through compute‑energy synergy, the Company continues to reduce the unit cost of intelligence. During the Reporting Period, its Compute‑Energy Synergy Agent achieved load forecasting accuracy of 96% and generated cumulative electricity cost savings of more than RMB12 million. For every 10,000P of computing power, annual carbon emissions were reduced by 24,000 tons.

Agents Accelerate Adoption Across Enterprise and Consumer Markets, Delivering Value Through Workflow Integration and Enhanced Everyday Experiences

Building on its model and Token capabilities, SenseTime connects models, knowledge, tools, and workflows through a unified Agent Harness, transforming underlying AI capabilities into end-to-end task delivery solutions for enterprise and individual users.

The Group’s agents are rapidly expanding across both enterprise and personal workflows. During the Reporting Period, they served more than 1,000 enterprise customers across over 20 key industries, including education, government, marketing, logistics, banking, and insurance. The Office Agent, Raccoon, has served major enterprises including Lenovo, Ping An Technology, China’s three major telecommunications operators, JD.com, and Kylin Software. Total users increased more than fivefold YoY, enterprise users grew more than sixfold, and monthly active users on the cloud platform increased nearly tenfold. In addition, the video‑generation agent Seko reached a daily video production volume of 10,000 minutes. Content created on the platform has amassed an estimated 1.5+ billion views across short‑video platforms, including 10 short-form dramas that have each surpassed 100 million views. AI productivity solutions are also expanding beyond large organizations to serve smaller teams and One‑Person Companies (OPCs). In the consumer market, the Kapi series of agents, covering use cases such as health, finance, and content creation, has surpassed 45 million cumulative users.

Computer Vision remains a strategic gateway for the Group’s expansion into industry verticals and overseas markets. During the Reporting Period, revenue from the business reached RMB500 million, accounting for approximately 17% of the Group’s total revenue. The business extended across more than 20 countries and regions and served more than 4,500 customers worldwide, with recurring customers contributing 67% of revenue.

Bridging Digital and Physical Intelligence, Unlocking Ecosystem Value

SenseTime continued to invest in frontier areas, including world models and embodied intelligence, intelligent terminals, smart healthcare, and chips. The increase in the valuation of certain AI ecosystem investments generated fair‑value gains, contributing to the Group’s first‑ever IFRS profit and reflecting the gradual realization of financial value from our ecosystem assets. Beyond short‑term investment returns, the more significant long‑term value of these ecosystem investments lies in enabling the Group gain early access to frontier domains, continuously acquire real‑world tasks, data, and feedback, and further strengthen SenseTime’s unified multimodal models and system‑level delivery capabilities.

SenseTime is deepening its “Three-pillar Framework”: one model system to raise the ceiling of intelligence and expand agents’ ability to handle complex tasks; one Token Factory to improve quality and efficiency, reduce costs, and enhance global delivery capabilities; and one Agent Harness to integrate multimodal models with the Token Factory, enabling AI to complete end‑to‑end tasks in real-world scenarios.

Looking ahead, SenseTime will continue to advance the iteration of multimodal agents, driving the evolution of the Token Factory from pricing based on Token volume to pricing based on task outcomes. The Group will also deepen the application of multi‑agent collaboration across enterprise, individual, and OPC workflows, delivering efficient and reliable productivity solutions to users.

Hashtag: #SenseTime

The issuer is solely responsible for the content of this announcement.

About SenseTime

Founded in 2014, SenseTime is a leading artificial intelligence (AI) software company, committed to its mission of “creating a better AI-empowered future through original innovation”. The Company continues to lead cutting-edge AI research while accelerating the large-scale commercialization of AI technologies.

Leveraging deep academic expertise and strong in-house innovation capabilities, SenseTime continues to enhance its industry-leading multimodal, multi-task general AI capabilities, while fostering a vibrant developer ecosystem through structured open-source initiatives.

SenseTime’s business spans Generative AI, Vision AI, and emerging innovation-driven segments. Underpinned by SenseCore, its next-generation AI infrastructure, the Company integrates computing power, algorithms, and platforms to enable scalable AI deployment. Building on this foundation, SenseTime has developed the SenseNova foundation model series, delivering cost-efficient capabilities across a wide range of general AI tasks. SenseTime continues to lead the global Vision AI market, ranking No.1 worldwide by market share. Its SenseFoundry platform integrates years of accumulated computer vision expertise with advanced multimodal foundation models, providing stable and efficient Vision AI solutions to industries worldwide.

SenseTime is listed on The Stock Exchange of Hong Kong, with operations spanning more than a dozen countries and regions.