<p>香港，2026 年 6 月 8 日 -（ACN Newswire）- C.banner 国际控股有限公司（股票代码：1028.HK，以下简称 “C.banner” 或 “集团”）宣布已与国内领先的人工智能数据服务提供商本源智数及其股东签署投资协议：集团将通过现有股权购买和新股认购收购本源智数的控股权益，并在交易完成后将其纳入集团的合并财务报表。通过此举，C.banner 正式建立了 “鞋类 + 人工智能数据” 的双核心业务框架，同时保持其鞋类业务的稳定运营。</p>
<p>这是一个战略布局，整合了一个已经证明盈利并经过顶级客户长期验证的人工智能数据业务——其增长基于真实的收入和利润。</p>
<p>一、数据的合理性：人工智能的竞争正在从 “计算能力” 转向 “体验”</p>
<p>人工智能的竞争正在经历根本性的转变。在过去十年中，结果主要由计算能力和模型架构决定；然而，随着公共数据逐渐被大型模型吸收，计算能力和算法变得越来越普遍，下一个关键瓶颈不再是 “谁的模型更大”，而是 “谁能持续提供具有新颖性、更复杂的真实世界高质量体验的模型”。</p>
<p>这正是该领域稀缺而关键的价值：计算能力可以购买，算法可以复制，但将专家人类判断和真实世界物理交互反馈转化为可训练数据的规模化和验证是具有挑战性的、缓慢的，并且不容易通过资本加速——这使其成为行业中真正至关重要的一步。行业已将 2026 年确定为具身智能的 “数据规模化年”，市场也在相应地重新定价：在 2025 年，Meta 投资了约 143 亿美元，相应的估值约为 290 亿美元，投资于数据标注公司 Scale AI，反映了对人工智能数据的认知从 “成本项目” 转变为 “战略资产”。</p>
<p>二、本源智数的合理性：处于价值链中最关键且不可替代的环节</p>
<p>本源智数成立于 2015 年，位于人工智能价值链的上游，专注于将人类专家的知识和经验转化为高质量、可训练和可验证的数据供人工智能模型使用。与低门槛的一般标注服务相比，它专注于技术难度高、专业要求严格的数据服务。它已成长为国内少数能够为大型模型、世界模型和具身智能提供全面数据服务的供应商之一，在 “物理人工智能” 浪潮中占据了稀缺的位置。</p>
<p>其竞争优势通过对最苛刻客户和最具挑战性任务的长期验证而形成。本源智数为国内领先的大型模型基础设施提供商、顶级互联网平台、前线游戏发行商和领先的具身智能公司提供服务，承担高难度、质量要求高的数据任务——组织数学、编码、法律和医学等领域的专业人士进行专家级标注，构建评估数据集以衡量模型的真实能力，为世界模型重建虚拟环境数据，并收集具身智能的真实世界物理交互数据。这些合作需要严格的准入门槛、长期的适应和持续的质量验证。本源智数已成为多个高价值数据类别的独家数据供应商，展现出强大的客户忠诚度和可持续性。凭借全国交付中心、数十万领域专家的众包网络和专有数据平台，本源智数能够在高信息安全标准下进行大规模交付。</p>
<p>它也是一家盈利的人工智能公司。在截至 2024 年和 2025 年 12 月 31 日的财政年度中，本源智数分别实现收入约为 1.465 亿元人民币和 1.562 亿元人民币，税后净利润约为 710 万元人民币和 1110 万元人民币。根据其最新的管理账目，2026 年前五个月的收入增长强劲。在一个高度依赖外部融资的人工智能环境中，基于真实订单和收入增长并已实现盈利的数据公司显得尤为独特。</p>
<p>三、结构背后的合理性：稳定投资、双引擎和保持中立</p>
<p>交易结构平衡了买方、卖方和客户的利益。</p>
<p>稳定投资：该交易使用集团内部资源进行融资。C.banner 的鞋类业务继续产生稳定的运营现金流，并保持净现金头寸，为不断增长的人工智能数据业务提供了财务基础，而无需依赖大规模的外部融资。</p>
<p>以增长为导向的资本配置：本次交易中的股权认购对价将用于扩大本源智数的生产能力和技术开发；同时，创始团队将保留部分股权，以使其利益与集团保持一致。</p>
<p>保持运营中立性：交易完成后，本源智数将保留其独立品牌并独立运营，实施数据隔离机制。由于 C.banner 本身不从事人工智能模型开发，也不与本源智数的客户竞争，因此本源智数客户的行业竞争对手可以继续与同一中立供应商放心合作。对于一家数据公司而言，不妥协中立性的资本结构尤为重要。此外，本源智数的数据及数据治理能力也可以应用于集团的鞋类零售供应链、设计和营销环节，通过人工智能提升传统核心业务的运营效率。</p>
<p>四、管理层声明</p>
<p>C.banner 管理层表示：‘我们相信，高质量的数据是人工智能时代最关键和稀缺的基础设施之一。此次交易使集团能够在保持消费行业稳定基础的同时，进入这一快速增长的领域。我们期待与本源智数合作，持续为中国的人工智能行业提供高质量的 “数据燃料”，在双核心业务框架下为我们的股东创造可持续的长期价值。’</p>
<p>本源智数创始人兼首席执行官李霓勇将在同一天发布公开信，分享公司的愿景以及此次合作的意义。</p>
<p>版权 © 2026 ACN Newswire。保留所有权利。</p>

千百度

<p>千百度国际控股公司宣布已签署协议，收购领先的人工智能数据服务提供商本源智数的控股权。这一举措确立了千百度 “鞋类 + 人工智能数据” 的双核心业务框架。此次收购由内部资源融资，旨在将盈利的人工智能数据业务整合到集团的合并财务报表中，同时保持鞋类业务的稳定性</p>

<p>HONG KONG, June 8, 2026 - (ACN Newswire) - C.banner International Holdings Limited (Stock Code: 1028.HK, hereinafter referred to as &#34;C.banner&#34; or the &#34;Group&#34;) announced that it has signed an investment agreement with Benyuan Zhishu, a leading domestic AI data service provider, and its shareholders: The Group will acquire controlling equity in Benyuan Zhishu through existing equity purchase and new share subscription, incorporating it into the Group's consolidated financial statements after the transaction is completed. With this, C.banner has formally established a dual-core business framework of &#34;Footwear + Artificial Intelligence Data&#34; while maintaining stable operations in its footwear business.</p>
<div class="lb-trans"><p>香港，2026 年 6 月 8 日 -（ACN Newswire）- C.banner 国际控股有限公司（股票代码：1028.HK，以下简称 “C.banner” 或 “集团”）宣布已与国内领先的人工智能数据服务提供商本源智数及其股东签署投资协议：集团将通过现有股权购买和新股认购收购本源智数的控股权益，并在交易完成后将其纳入集团的合并财务报表。通过此举，C.banner 正式建立了 “鞋类 + 人工智能数据” 的双核心业务框架，同时保持其鞋类业务的稳定运营。</p>
</div><p>This is a strategic layout that integrates an AI data business that has demonstrated profitability and has been validated by top-tier customers over the long term-its growth is based on real revenue and profit.</p>
<div class="lb-trans"><p>这是一个战略布局，整合了一个已经证明盈利并经过顶级客户长期验证的人工智能数据业务——其增长基于真实的收入和利润。</p>
</div><p>I.Rationale for Data: The Competition in AI is Shifting from &#34;Computing Power&#34; to &#34;Experience&#34;</p>
<div class="lb-trans"><p>一、数据的合理性：人工智能的竞争正在从 “计算能力” 转向 “体验”</p>
</div><p>The competition in artificial intelligence is undergoing a foundational shift. Over the past decade, outcomes were mainly determined by computing power and model architecture; however, as public data is gradually absorbed by large models and computing power and algorithms become increasingly common, the next critical bottleneck is no longer &#34;whose model is bigger,&#34; but &#34;who can continuously provide models with new, more complex, real-world high-quality experiences.&#34;</p>
<div class="lb-trans"><p>人工智能的竞争正在经历根本性的转变。在过去十年中，结果主要由计算能力和模型架构决定；然而，随着公共数据逐渐被大型模型吸收，计算能力和算法变得越来越普遍，下一个关键瓶颈不再是 “谁的模型更大”，而是 “谁能持续提供具有新颖性、更复杂的真实世界高质量体验的模型”。</p>
</div><p>This is precisely the rare and critical value of this field: computing power can be purchased, algorithms can be replicated, but scaling and verifying the transformation of expert human judgments and real-world physical interaction feedback into model-trainable data is challenging, slow, and not easily expedited by capital-making it the truly essential step in the industry. The industry has identified 2026 as the &#34;Year of Data Scaling&#34; for embodied intelligence, and the market is repricing accordingly: In 2025, Meta invested approximately $14.3 billion, corresponding to a valuation of around $29 billion, in data annotation company Scale AI, reflecting a shift in the perception of AI data from a &#34;cost item&#34; to a &#34;strategic asset.&#34;</p>
<div class="lb-trans"><p>这正是该领域稀缺而关键的价值：计算能力可以购买，算法可以复制，但将专家人类判断和真实世界物理交互反馈转化为可训练数据的规模化和验证是具有挑战性的、缓慢的，并且不容易通过资本加速——这使其成为行业中真正至关重要的一步。行业已将 2026 年确定为具身智能的 “数据规模化年”，市场也在相应地重新定价：在 2025 年，Meta 投资了约 143 亿美元，相应的估值约为 290 亿美元，投资于数据标注公司 Scale AI，反映了对人工智能数据的认知从 “成本项目” 转变为 “战略资产”。</p>
</div><p>II.Rationale for Benyuan Zhishu: Positioned at the Most Critical and Irreplaceable Step in the Value Chain</p>
<div class="lb-trans"><p>二、本源智数的合理性：处于价值链中最关键且不可替代的环节</p>
</div><p>Benyuan Zhishu, established in 2015, operates upstream in the artificial intelligence value chain, focusing on converting human expert knowledge and experience into high-quality, trainable and verifiable data for AI models. In contrast to low-barrier general annotation services, it specializes in data services with high technological difficulty and strict professional requirements. It has grown into one of the few domestic providers capable of delivering comprehensive data services for large models, world models, and embodied intelligence, occupying a scarce position in the &#34;Physical AI&#34; wave.</p>
<div class="lb-trans"><p>本源智数成立于 2015 年，位于人工智能价值链的上游，专注于将人类专家的知识和经验转化为高质量、可训练和可验证的数据供人工智能模型使用。与低门槛的一般标注服务相比，它专注于技术难度高、专业要求严格的数据服务。它已成长为国内少数能够为大型模型、世界模型和具身智能提供全面数据服务的供应商之一，在 “物理人工智能” 浪潮中占据了稀缺的位置。</p>
</div><p>Its competitive advantage has been forged through long-term validation by the most demanding customers and the most challenging tasks. Benyuan Zhishu serves leading domestic large model infrastructure providers, top-tier internet platforms, frontline game publishers, and leading embodied intelligence companies, undertaking high-difficulty, quality-demanding data tasks-organizing professionals in fields such as mathematics, coding, law, and medicine to perform expert-level annotations, building evaluation datasets to measure the true capabilities of models, reconstructing virtual environment data for world models, and collecting real-world physical interaction data for embodied intelligence. These collaborations require stringent entry barriers, long-term adaptation, and continuous quality validation. Benyuan Zhishu has become the exclusive data supplier for several high-value data categories for related clients, demonstrating strong customer loyalty and sustainability. With nationwide delivery centers, a crowdsourced network of hundreds of thousands of domain experts, and proprietary data platforms, Benyuan Zhishu is capable of large-scale delivery under high information security standards.</p>
<div class="lb-trans"><p>其竞争优势通过对最苛刻客户和最具挑战性任务的长期验证而形成。本源智数为国内领先的大型模型基础设施提供商、顶级互联网平台、前线游戏发行商和领先的具身智能公司提供服务，承担高难度、质量要求高的数据任务——组织数学、编码、法律和医学等领域的专业人士进行专家级标注，构建评估数据集以衡量模型的真实能力，为世界模型重建虚拟环境数据，并收集具身智能的真实世界物理交互数据。这些合作需要严格的准入门槛、长期的适应和持续的质量验证。本源智数已成为多个高价值数据类别的独家数据供应商，展现出强大的客户忠诚度和可持续性。凭借全国交付中心、数十万领域专家的众包网络和专有数据平台，本源智数能够在高信息安全标准下进行大规模交付。</p>
</div><p>It is also a profitable AI company. For the fiscal years ending December 31, 2024 and 2025, Benyuan Zhishu achieved revenues of approximately RMB 146.5 million and RMB 156.2 million, respectively, with post-tax net profits of approximately RMB 7.1 million and RMB 11.1 million. According to its latest management accounts, its revenue for the first five months of 2026 has seen strong growth. In an AI environment heavily reliant on external financing, a data company built on real orders and revenue growth, and already profitable, is distinctive.</p>
<div class="lb-trans"><p>它也是一家盈利的人工智能公司。在截至 2024 年和 2025 年 12 月 31 日的财政年度中，本源智数分别实现收入约为 1.465 亿元人民币和 1.562 亿元人民币，税后净利润约为 710 万元人民币和 1110 万元人民币。根据其最新的管理账目，2026 年前五个月的收入增长强劲。在一个高度依赖外部融资的人工智能环境中，基于真实订单和收入增长并已实现盈利的数据公司显得尤为独特。</p>
</div><p>III.Rationale Behind the Structure: Stable Investment, Dual Engines, and Preserved Neutrality</p>
<div class="lb-trans"><p>三、结构背后的合理性：稳定投资、双引擎和保持中立</p>
</div><p>The transaction structure balances the interests of the buyer, seller, and customers.</p>
<div class="lb-trans"><p>交易结构平衡了买方、卖方和客户的利益。</p>
</div><p>Stable investment: The transaction is financed using internal Group resources. The footwear business of C.banner continues to generate stable operating cash flows and maintain a net cash position, providing a financial foundation for the growing AI data business without relying on large-scale external financing.</p>
<div class="lb-trans"><p>稳定投资：该交易使用集团内部资源进行融资。C.banner 的鞋类业务继续产生稳定的运营现金流，并保持净现金头寸，为不断增长的人工智能数据业务提供了财务基础，而无需依赖大规模的外部融资。</p>
</div><p>Growth-focused Capital Allocation: The share subscription consideration in this transaction will be used to expand Benyuan Zhishu's production capacity and technology development; simultaneously, the founding team will retain partial equity to align their interests with the Group.</p>
<div class="lb-trans"><p>以增长为导向的资本配置：本次交易中的股权认购对价将用于扩大本源智数的生产能力和技术开发；同时，创始团队将保留部分股权，以使其利益与集团保持一致。</p>
</div><p>Preserved Operational Neutrality: Upon transaction completion, Benyuan Zhishu will retain its independent brand and operate independently, implementing data isolation mechanisms. Since C.banner itself does not engage in AI model development nor compete with Benyuan Zhishu's customers, industry competitors of Benyuan Zhishu's clients can continue collaborating with the same neutral supplier with confidence. For a data company, a capital structure that does not compromise neutrality is especially crucial. Moreover, Benyuan Zhishu's data and data governance capabilities can also be applied to the Group's footwear retail supply chain, design, and marketing segments, enhancing the operational efficiency of the traditional core business through artificial intelligence.</p>
<div class="lb-trans"><p>保持运营中立性：交易完成后，本源智数将保留其独立品牌并独立运营，实施数据隔离机制。由于 C.banner 本身不从事人工智能模型开发，也不与本源智数的客户竞争，因此本源智数客户的行业竞争对手可以继续与同一中立供应商放心合作。对于一家数据公司而言，不妥协中立性的资本结构尤为重要。此外，本源智数的数据及数据治理能力也可以应用于集团的鞋类零售供应链、设计和营销环节，通过人工智能提升传统核心业务的运营效率。</p>
</div><p>IV.Management Statement</p>
<div class="lb-trans"><p>四、管理层声明</p>
</div><p>The management of C.banner stated: 'We believe that high-quality data is one of the most critical and scarce infrastructures in the era of artificial intelligence. This transaction allows the Group to enter this rapidly growing sector while maintaining a stable foundation in the consumer industry. We look forward to working with Benyuan Zhishu to continuously provide 'data fuel' of high quality to China's AI industry, creating sustainable long-term value for our shareholders under the dual-core business framework.'</p>
<div class="lb-trans"><p>C.banner 管理层表示：‘我们相信，高质量的数据是人工智能时代最关键和稀缺的基础设施之一。此次交易使集团能够在保持消费行业稳定基础的同时，进入这一快速增长的领域。我们期待与本源智数合作，持续为中国的人工智能行业提供高质量的 “数据燃料”，在双核心业务框架下为我们的股东创造可持续的长期价值。’</p>
</div><p>Benyuan Zhishu's founder and CEO, Li Niyong, will also issue a public letter on the same day to share the company's vision and the significance of this cooperation.</p>
<div class="lb-trans"><p>本源智数创始人兼首席执行官李霓勇将在同一天发布公开信，分享公司的愿景以及此次合作的意义。</p>
</div><p>Copyright 2026 ACN Newswire . All rights reserved.</p>
<div class="lb-trans"><p>版权 © 2026 ACN Newswire。保留所有权利。</p>
</div>

千百度将收购本源智数的控股权，旨在建立双核心业务：鞋类和人工智能数据