7. 中船防务 (00317) 再涨超 5% ，中国船舶发布上半年业绩盈喜预告，公司可能受益于集团内部资源整 合。 点击蓝字，关注我们 今日上午港股 1.今海医疗科技 (02225) 盘中涨超 5% ， 近日与戴维医疗达成合作，公司已布局 "微创 5.0" 技术。 2. 芯片股早盘走高 ，华虹半导体 (01347) 涨 4.12%，贝克微 (02149) 涨 3.17%，晶门半导体 (02878) 涨 3.45%，中芯国际 (01347) 涨 3.11%。 3. 香港中旅 (00308) 一度涨超 14%， 不到一个月股价实现翻倍，市场炒作文旅产业 RWA。 4. 美团 - W (03690) 盘中涨超 3%， 旗下美团龙珠联合领投星海图，公司再度布局具身智能。 5. 裕元集团 (00551) 涨超 3%， 6 月综合经营收益净额同比增加 1.5%。 6. 内险股早盘普涨， 中国太保 (02601) 涨 4.88%，中国财险 (02328) 涨 3.57%，中国平安 (02318) 涨 3.19%，新华保险 (01336) 涨 2.5%。 8. 阿里巴巴 - W (09988) 涨超 3%， 加大即时零售及外 ...

Market Overview - US President Trump has issued new tariff policy letters to 14 countries, leading to a rebound in Hong Kong stocks, with the Hang Seng Index rising 1.09% to 24,148.07 points, ending a three-day decline [1] - The total trading volume for the day was HKD 213.29 billion, indicating active market participation [1] - The Hong Kong Monetary Authority has withdrawn HKD 59.072 billion in liquidity since June 28, tightening liquidity expectations in the short term [1] Blue Chip Performance - Xinyi Solar (00968) led blue-chip gains, rising 5.43% to HKD 2.91, contributing 1.04 points to the Hang Seng Index [2] - Kuaishou-W (01024) and Chow Tai Fook (01929) also saw significant increases of 5.16% and 4.42%, respectively [2] - However, Orient Overseas International (00316) and China Biologic Products (01177) experienced declines, dragging down the index [2] Sector Highlights - Large tech stocks rebounded, with Kuaishou rising over 5% and Meituan and JD.com both increasing over 2% [3] - Stablecoin concept stocks surged, with Jinyong Investment (01328) skyrocketing 533.17% after announcing a partnership with AnchorX [3] - The Macau gaming sector showed strong performance, with total gaming revenue for the first six days of July reaching MOP 4.3 billion, indicating a robust recovery [6] Solar Industry Insights - The solar sector saw strong gains, with New Special Energy (01799) up 12.65% and GCL-Poly Energy (03800) up 10.81% [5] - Recent government meetings emphasized the need to address low-price competition and improve product quality in the solar industry, suggesting potential for supply-side reforms [5] Gaming Sector Developments - Macau's gaming stocks continued to rise, with Wynn Macau (01128) up 6.4% and MGM China (02282) up 3.29% [6] - Morgan Stanley's report indicated that Macau's gaming revenue is expected to see double-digit year-on-year growth in July, marking a cyclical turning point for the industry [6] New Consumption Trends - New consumption stocks performed well, with brands like Blukoo (00325) and Cha Ba Dao (02555) seeing significant increases [6][7] - Gold stocks also rebounded, with Tongguan Gold (00340) rising 6.37% [7] Stablecoin Regulatory Developments - Jinyong Investment announced a strategic partnership with AnchorX to explore potential collaborations in digital asset management and stablecoin applications [4] - The Hong Kong Monetary Authority is consulting the market on regulatory guidelines for stablecoins, with expectations for a limited number of licenses to be issued [4] Logistics Sector Performance - Jitu Express-W (01519) reached a new high, with a reported 23.5% year-on-year increase in package volume for Q2 2025 [9] - The company achieved a total package volume of 139.9 billion for the first half of 2025, reflecting strong growth in the logistics sector [9] AI and Technology Sector Insights - Hongteng Precision (06088) saw an increase of 8.82%, driven by growing demand for AI-related solutions [10] - The company is expected to benefit from its parent group's resources and the increasing demand for AI computing power [10]

Group 1 - The Hang Seng Index rose by 0.78%, gaining 185 points to close at 24,073 points, while the Hang Seng Tech Index increased by 1.29% [1] - The trading volume in Hong Kong reached HKD 117.2 billion in the morning session [1] - Stablecoin-related stocks surged, with Guotai Junan International rising by 16%, Multi-Point Smart increasing by 8%, and OSL Group also up by 8% [1] Group 2 - Jinyong Investment experienced a 150% surge due to a strategic partnership with AnchorX to explore stablecoin applications [2] - Kuaishou-W saw a 3% increase, with institutions expecting the company's Q2 performance to meet market expectations [2] - Gold stocks rebounded in the morning session, with Tongguan Gold rising by 6% and China Gold International increasing by 3.82% [2] Group 3 - Huitongda Network rose over 7% after applying for full circulation of H-shares, which is expected to enhance stock liquidity and investment attractiveness [3] Group 4 - Basestone Pharmaceuticals-B increased by over 4% after granting commercialization rights for Sugli to Gentili in Western Europe and the UK [4] Group 5 - GCL-Poly Energy rose over 9%, with the polysilicon segment potentially becoming a breakthrough point for reversing internal competition, and the company is expected to achieve profitability [5] Group 6 - China Rare Earth Holdings rose over 7% after a failed transaction involving the sale of an Australian gold mine, and plans to spin off its business through an introduction [6] Group 7 - Hon Teng Precision rose by 8.8%, driven by strong performance in AI servers and iPhone business, with Foxconn showing steady growth in Q2 [7] Group 8 - Zhaoyan New Drug increased by over 10%, assisting in the approval of the restructuring of human coagulation factor VIIa for Chengdu Tianqing [8] Group 9 - Steel stocks saw a midday rally, with Chongqing Steel rising by 11%, as institutions expect improvements in industry supply and demand [9]

多点数字凭借零售数字化领导者地位，受益于数字化需求增长和 AI 技术 在垂直行业的应用，尤其是在操作系统和 AIoT 解决方案两大核心业务的 驱动下，实现快速增长。 公司收入结构中，关联方客户占比高，但正积极拓展第三方和国际客户， 优化客户结构，同时国内零售业数字化升级的需求为公司带来市场机会， 如与胖东来、步步高等合作。 国际化业务收入快速增长，2024 年同比增长 28%至 1.6 亿元，占比接 近 9%，预计未来将持续增长，已与 DFI 合作，为香港 711 和万宁提供 系统，并拓展东南亚市场。 软件业务毛利率高，SaaS 软件毛利率在 70%-80%左右，收费模式包 括抽佣、订阅和一次性项目付费，与零售商销售额紧密绑定，带来更高 收益和粘性。 AIoT 解决方案毛利率逐步提升，从 10%升至接近 20%，订阅模式占比 高，随着持续使用，订阅付费比例增加，毛利率有望继续提升。 Q&A 多点数字在零售 SaaS 行业的地位如何？ 多点数字是零售 SaaS 行业的领先龙头公司，去年（2024 年）12 月上市。尽 管知名度相对较低，但其关注度在上周因发布两条关于稳定币的重大新闻和公 告而显著提升。多点数字在 ...

| 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 国泰君安国际(01788) | 107.14 亿元 | +9152.26 万元 | | 阿里巴巴-W(09988) | 35.71 亿元 | -3.34 亿元 | | 中芯国际(00981) | 31.84 亿元 | +3.72 亿元 | | 小米集团-W(01810) | 30.87 亿元 | -3.70 亿元 | | 美团-W(03690) | 23.79 亿元 | -2.70 亿元 | | 建设银行(00939) | 21.20 亿元 | +1.68 亿元 | | 小鹏汽车-W(09868) | 21.08 亿元 | +9.19 亿元 | | 腾讯控股(00700) | 19.00 亿元 | -1.45 亿元 | | 康方生物(09926) | 16.74 亿元 | -9555.19 万元 | | 多点数智(02586) | 12.49 亿元 | +3015.96 万元 | 深港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 国泰君安国际(017 ...

多点数智 20250703 摘要 多点数智与 HASTK 达成战略合作，将在数字资产交易、Web 3 技术及 区块链生态建设等方面展开合作，此举或将受益于虚拟货币赛道整体市 场表现的催化。 多点数智作为零售 SaaS 龙头，布局人民币相关业务与其零售支付系统 及解决方案高度契合，旨在提高跨境支付效率、降低成本，并积极筹划 申请人民币牌照。 多点数智 2024 年营收 18.59 亿元，同比增长近 20%，虽归母净利润 为负，但剔除非经营性损耗后实现扭亏为盈，聚焦零售核心运营云，剥 离非核心业务，财务指标逐步改善。 多点数智利用 AI 技术推出 AI agent 系列解决方案，如 AI 初心等，已在 物美等客户落地，显著节省成本，研发费用压降超 20%，提升了客户吸 引力及资本市场信心。 多点数智与胖东来深度合作，将其管理理念融入多点系统，形成可复制 的零售数字化转型样本，助力行业客户提高数字化水平，降低成本，提 高营收。 Q&A 多点数智公司近期股价大涨的主要原因是什么？ 多点数智公司近期股价大涨的主要原因是公司正式披露了未来可能布局稳定币 的相关新闻。实际上，早在 2025 年 2 月 5 日，公司就在官网 ...

2025 年 07 月 03 日 多点数智(02586.HK) AI+零售 SaaS，携手胖东来，出海正当时 百亿零售数智化市场的领导者和零售 SaaS 践行者 多点数智是具有先发优势的中国及亚洲领先的零售数字化解决方案 服务商，以 SaaS 模式帮助数千家跨多种零售业态的零售店采纳数字 化零售运营方式，并已将业务扩展至亚洲和欧洲。根据弗若斯特沙利 文数据， 2023 年公司是中国最大的零售数字化解决方案服务商，市 占率 6.5%；亚洲领先的零售数字化解决方案服务商，市占率 4.2%。 当前，复杂分散的万亿级零售市场亟待数字化转型；中国市场的零售 数字化率远低于美国，未来增长潜力可观。 三重优势：产品线全面，行业积淀和商业模式突出 多点数智的产品矩阵聚焦 Dmall OS 系统和 AIoT 解决方案两大核心业 务板块，覆盖了采购、供应链、门店、履约、收银、能效与客户运营 等本地零售的全链条和全渠道，打通了零售上中下游的协同闭环。公 司创始人深耕零售 30 余年，依托物美（已拥有超 1800 家门店）打磨 产品力，夯实"懂零售"的基因，打造品牌力推动独立客户快速增长。 凭借可持续的订阅+抽佣 SaaS 模式推动 ...

Investment Rating - The report assigns an "Outperform" rating to the company [4][19]. Core Insights - The company, Multi-Point Intelligence, is a leader in retail digitalization, driven by its core operating system and AIoT solutions, which are opening new market opportunities globally [1][4]. - Revenue projections for 2025-2027 are estimated at RMB 22.37 billion, RMB 26.35 billion, and RMB 30.25 billion, reflecting year-on-year growth rates of 20.3%, 17.8%, and 14.8% respectively. Net profit attributable to shareholders is expected to be RMB 1.01 billion, RMB 1.99 billion, and RMB 3.14 billion, with growth rates of 104.6%, 96.4%, and 58.0% respectively [4][8][19]. Financial Summary - Revenue and profit forecasts indicate a strong growth trajectory, with operating income expected to rise from RMB 18.59 billion in 2024 to RMB 30.25 billion by 2027, alongside a significant recovery in net profit from a loss of RMB 2.195 billion in 2024 to a profit of RMB 314 million by 2027 [3][8][10]. - The company’s gross profit margin is projected to improve from 40.34% in 2025 to 42.30% in 2027, indicating enhanced operational efficiency [3][10]. Business Model and Strategy - Multi-Point Intelligence focuses on two main business segments: the retail operating system (Dmall OS) and AIoT solutions, which are essential for the digital transformation of retail [20][29]. - The Dmall OS system is designed to enhance store operations, financial integration, and human resource management, with a strong emphasis on high-frequency, essential modules that exhibit SaaS characteristics [8][29]. - The AIoT solutions are positioned as a key driver for intelligent upgrades in retail scenarios, integrating AI agents and IoT devices to improve efficiency and reduce costs [9][31]. Market Position and Growth Potential - The retail digitalization market in Asia is projected to reach RMB 94.7 billion by 2029, with a compound annual growth rate (CAGR) of 22.5% from 2024 to 2029, indicating significant growth potential for the company [4][8]. - The company has expanded its international presence, serving clients in 10 countries and regions, with overseas revenue reaching RMB 1.58 billion in 2024, a year-on-year increase of 27.9% [41][42]. Customer Base and Retention - As of 2024, the company serves 591 clients, with a notable retention rate of 114%, showcasing strong customer loyalty and the effectiveness of its solutions [37][41]. - Key clients include major retail players such as Metro AG and 7-Eleven, which enhances the company's credibility and market penetration [37][41].

Core Viewpoint - The release of the white paper titled "Current Status and Trends of Chinese Retail Digitalization Enterprises Going Global" highlights the significant role of Chinese retail digitalization companies in the global retail industry's digital transformation, emphasizing the necessity of digital transformation in the retail sector [1][3]. Group 1: Industry Trends - The white paper analyzes the current state of the retail digitalization industry and the changing demands of retailers for digital transformation, indicating a strong need for digital solutions among retail enterprises [3]. - The market size of the Asian retail digitalization industry is projected to reach 94.7 billion by 2029, with a compound annual growth rate (CAGR) of 22.5% from 2024 to 2029, showcasing substantial growth potential in the sector [3]. Group 2: Company Initiatives - Multi-Point Intelligence, as a representative of Chinese digital technology companies, has actively explored and practiced digital transformation solutions over the past decade, establishing a consensus that "retail digitalization is the future" [3]. - The company aims to leverage AI, cloud computing, and big data technologies to deepen its presence in the Chinese market while expanding globally, accelerating the development of retail digitalization [6].

Core Insights - The report highlights the accelerating digital transformation among global retail enterprises to enhance operational efficiency and competitiveness, creating significant opportunities for Chinese retail digital enterprises to expand internationally [2][3] - The demand for digital solutions in the global retail market is increasing, allowing Chinese companies to showcase their capabilities on the international stage and diversify their business [2] - Artificial Intelligence (AI) is expected to significantly improve the retail sector by enhancing customer experience, operational methods, and overall efficiency, with generative AI rapidly influencing retail operations [2][3] Industry Trends - The white paper indicates a high demand for digital transformation among retail enterprises due to rising consumer expectations and the need for further development, with the Asian retail digital market projected to reach 94.7 billion RMB by 2029, growing at a compound annual growth rate (CAGR) of 22.5% from 2024 to 2029 [3] - The retail digitalization industry possesses substantial growth potential, with companies like Multi-Point Intelligence actively exploring low-cost, reusable digital transformation solutions for retail businesses [3] Company Initiatives - Multi-Point Intelligence showcased its core product, Dmall OS, at the NRF APAC 2025 event, along with various AI products such as AI smart shopping guides and AI smart inspections, demonstrating the transformative impact of software and hardware integration on retail operations [4] - The company aims to leverage AI, cloud computing, and big data to deepen its presence in the Chinese market while expanding globally, accelerating the digital transformation of retail and supporting sustainable development in the AI era [4]