Core Insights - The acquisition of "Cognitive Boundary" by Huitongda Network is a strategic move to enhance its "industry empowerment" capabilities, integrating its "5+ empowerment" system with Cognitive Boundary's expertise in "BI+AI" to create significant value [1][5] Group 1: Acquisition Details - Huitongda Network signed a share purchase agreement with Cognitive Boundary, which will become a subsidiary, allowing its financials to be consolidated into Huitongda's reports [1] - The acquisition is valued at 456 million RMB for a 57% stake in Cognitive Boundary, with performance commitments ensuring net profits of no less than 85 million, 100 million, and 115 million RMB over the next three years [5] Group 2: Empowerment Model - The "5+ empowerment" model includes technology, data, training, products, and marketing, which will be enhanced by the acquisition, transitioning from basic digitalization to a full-stack AI empowerment system [1][2] - Cognitive Boundary's AI and BI systems will integrate with Huitongda's "Qiancheng Cloud AI Model," improving operational efficiency for 251,000 member stores [1][2] Group 3: Data Integration - Cognitive Boundary manages over 16,000 e-commerce stores with annual sales exceeding 140 billion RMB, which will be integrated with Huitongda's offline data to create a unique "online + offline + community" data platform [2] Group 4: Training and Support - The acquisition will bring in over 150 e-commerce experts from Cognitive Boundary to provide practical training for more than 250,000 rural stores and brand factories [2] Group 5: Product and Marketing Synergies - The integration of Cognitive Boundary's brand resources with Huitongda's supply chain will enhance product offerings in lower-tier markets, while advanced marketing tools will improve digital marketing efficiency [2][3] Group 6: Competitive Advantage - The strategic fit between Huitongda and Cognitive Boundary will create a robust competitive barrier in the "retail industry internet + AI" sector, enhancing operational capabilities and market insights [3][4] Group 7: Strategic Execution - Huitongda's strategic moves throughout the year, including partnerships and product development, demonstrate a clear path towards becoming a comprehensive AI empowerment platform for the retail industry [4][5] Group 8: Future Outlook - The acquisition is expected to significantly enhance Huitongda's profitability and growth potential, with substantial valuation recovery opportunities as the AI product commercialization accelerates [5]

Core Insights - The acquisition of 57% stake in AI SaaS leader Cognition Boundary for 456 million yuan marks a significant strategic move for Huitongda, enhancing its AI capabilities and positioning in the retail sector [1][2] Group 1: Strategic Continuity - The acquisition aligns with Huitongda's ongoing AI strategy initiated in 2025, which includes the development of proprietary AI models and partnerships with major tech firms [2][3] - The deal reflects a dual drive of continuity and complementarity in Huitongda's AI strategy, enhancing its technological foundation and ecosystem integration [3] Group 2: Value Restructuring - The acquisition is expected to enhance customer stickiness, financial performance, and market valuation for Huitongda [5][6] - Huitongda aims to improve its operational capabilities through the integration of Cognition Boundary's resources, which will help member stores optimize inventory and pricing strategies [5][6] - Financially, the integration will boost Huitongda's service revenue and profitability, with Cognition Boundary projected to contribute a minimum net profit of 85 million yuan in 2026 [6][7] Group 3: Investment Value Enhancement - The AI attributes of Huitongda are anticipated to trigger a revaluation in the capital markets, as AI capabilities become a key valuation driver for SaaS and industrial internet companies [8][9] - The company plans to utilize 2.065 billion yuan of capital reserves to offset accumulated losses, which will strengthen its financial foundation and enhance its market valuation [8][9]

责任编辑：李思阳 据《科创板日报》，11月20日，汇通达前高管倪娟提供的书面署名声明称，反驳公司同日解聘公告中 "隐瞒违规入职""未达绩效" 等内容，称自身无隐瞒且已汇报监管措施、绩效合格，指公司改考核设 障，已向法院起诉，斥公司公告侵权，保留追究其法律责任的权利。 对此，新浪科技以投资者身份致电汇通达，其表示，会将问题反馈到相关部门，一切以官方公告为准。 11月20日消息，近日，汇通达发布公告称于2025年6月30日与前副总裁及董事会秘书倪娟女士解除劳动 关系。公告表示，其隐瞒在新疆证监局及上交所的违规事实，此外，倪娟于本公司任职期间内未达成绩 效目标，不能胜任岗位工作。 公告称，本公司近日发现，在解除劳动关系后，倪娟女士曾以本公司副总裁、董事会秘书的名义发表相 关言论。 ...

Group 1: Company Updates - Sinovac Biotech received a delisting notice from NASDAQ due to the failure to submit its 2024 annual report by the extended deadline of November 11, 2025. The company has appointed a new independent auditing firm to meet compliance requirements and is actively communicating with NASDAQ regarding the situation [4][5] - Faraday Future's founder, Jia Yueting, has established a second creditor trust to expedite the repayment of domestic debts, emphasizing his commitment to returning to China [6] - DJI clarified that its recent internal product experience event for the Avata 360 was not an investor meeting, countering media reports that misrepresented the event [8] - GAC Toyota confirmed that there are no plans to discontinue its main fuel vehicles by 2026, despite market rumors [8] - NIO has begun external supply of its self-developed high-level autonomous driving chip, indicating potential revenue opportunities in the automotive chip market [18] Group 2: Financial Performance - Kuaishou reported Q3 total revenue of 35.554 billion RMB, a year-on-year increase of 14.2%, with core business revenue growing by 19.2%. Adjusted net profit reached 4.986 billion RMB, up 26.3% year-on-year [9] - Nvidia's Q3 revenue growth exceeded 60%, driven by strong demand for AI infrastructure, with expectations for continued growth in the upcoming quarter [9] Group 3: Market Trends - As of October 2025, China's electric vehicle charging infrastructure reached 18.645 million units, a 54% year-on-year increase, indicating robust growth in the EV market [24] - From November 1 to 16, 2025, retail sales of new energy vehicles in China reached 554,000 units, a 2% year-on-year increase, reflecting ongoing growth in the sector [24]

格隆汇11月19日丨汇通达网络(09878.HK)宣布，因个人工作原因，许迪辞任非执行董事，自2025年11月 19日起生效。 ...

（股份代號：9878） 自願性公告 解聘本公司高級管理人員 匯通達網絡股份有限公司（「本公司」）自願作出解聘本公司副總裁及董事會（「董事 會」）秘書倪娟女士的公告。 本公司發現相關事實如下： 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Huitongda Network Co., Ltd. 匯通達網絡股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 本公司於2025年6月30日與倪娟女士解除勞動關係。董事會於2025年9月15日， 審議通過解聘本公司副總裁及董事會秘書倪娟女士的議案。本公司近日發現，在 解除勞動關係後，倪娟女士曾以本公司副總裁、董事會秘書的名義發表相關言論。 鑒於上述情形，本公司作出本自願性公告，特此說明倪娟女士不再擔任本公司任 何高級管理人員職務，董事會已同意並確認解聘倪娟女士相關事項。 承董事會命 匯通達網絡股份有限公司 董事長 汪建國 1 (i) 倪娟女士於2023年9月20日經董事會任命為本公司副總裁及董事會秘書， ...

董事名單與其角色及職能 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 及完整性亦不發表任何聲明，並明確表示概不就因本公告全部或部分內容產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 Huitongda Network Co., Ltd. 匯通達網絡股份有限公司董事（「董事」）會（「董事會」）成員載列如下： 董事長兼非執行董事 匯通達網絡股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9878） 獨立非執行董事 虞麗新 劉向東 刁揚 1 汪建國 執行董事 徐秀賢 （首席執行官） 趙亮生 孫超 非執行董事 蔡仲秋 董事會設立五個專門委員會。下表為各董事會成員在該等專門委員會中所擔任的 職位資料。 | 成員 | 成員 | 主席 | | | | | | | 薪酬與考核 | 董事會專門委員會 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 主席 | 成員 | | | | 成員 | | 委員會 | | | | | 成員 | 主席 | | | | 成員 | | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Huitongda Network Co., Ltd. 匯通達網絡股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9878） 非執行董事辭任 匯通達網絡股份有限公司（「本公司」）董事（「董事」）會（「董事會」）宣佈，因個人 工作原因，許迪女士（「許女士」）辭任非執行董事，自2025年11月19日起生效。 於本公告日期，董事會包括董事長及非執行董事汪建國先生；執行董事徐秀賢先 生、趙亮生先生及孫超先生；非執行董事蔡仲秋先生；及獨立非執行董事虞麗新 女士、劉向東先生及刁揚先生。 許女士已確認，彼與董事會並無意見分歧，亦無任何與彼辭任有關之其他事項需 要通知香港聯合交易所有限公司（「香港聯交所」）或本公司股東（「股東」）。董事會 已確認，概無任何有關許女士辭任的其他事宜需提請香港聯交所或股東垂注。 董事會藉此就許女士在任期間為本公司之寶貴貢獻致以謝意。 承董事會命 匯通達網絡股份有限公司 ...

Investment Rating - The investment rating for 汇通达网络 (9878.HK) is not explicitly stated in the provided documents, but the report indicates a positive outlook following the acquisition of a controlling stake in 认知边界 [1]. Core Insights - The acquisition of a 57% stake in 认知边界 for 4.56 billion yuan is expected to enhance 汇通达's capabilities in AI and digital solutions, creating a new growth curve through strategic synergies [1]. - The deal includes performance-based payment terms, ensuring that AI revenue contributes significantly to the company's growth, with specific targets set for net profit and AI revenue percentages over the next four years [1]. - The integration of 认知边界's digital services with 汇通达's existing resources is anticipated to strengthen their market position in the e-commerce sector and improve operational efficiency for retail clients [2][3]. Financial Projections - The projected net profits for 汇通达 from 2025 to 2027 are 346 million yuan, 459 million yuan, and 576 million yuan, respectively, with corresponding P/E ratios of 15.95X, 12.00X, and 9.56X [4]. - Revenue is expected to grow from 63.15 billion yuan in 2025 to 77.15 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 10% [5][6]. Strategic Synergies - The partnership with 认知边界 is expected to create a comprehensive digital empowerment platform that combines online systems with offline networks, enhancing service capabilities for both e-commerce and traditional retail businesses [3][4]. - The collaboration aims to leverage data-driven decision-making and supply chain support, thereby increasing customer engagement and value [2][3].

Core Viewpoint - The acquisition of 57% stake in Cognition Boundary by Huitongda for RMB 456 million is a strategic move to enhance its digital capabilities and strengthen its position in the retail and e-commerce sectors [1] Group 1: Acquisition Details - Huitongda will acquire 57% of Cognition Boundary, which will become a subsidiary, and its financial performance will be consolidated into Huitongda's financial statements [1] - Cognition Boundary specializes in AI products and digital solutions for e-commerce and retail, serving over 16,000 stores with an annual managed sales volume exceeding RMB 140 billion [1] Group 2: Synergistic Effects - The merger is expected to create a multiplier effect by combining the strengths of both companies in serving retail clients and upstream brands, enhancing Huitongda's "5+ empowerment" strategy [2] - The integration of Cognition Boundary's BI systems and AI capabilities with Huitongda's existing technologies will improve operational efficiency and decision-making for member stores [2] Group 3: Strategic Positioning - The acquisition reflects Huitongda's long-term commitment to an "AI+" strategy, with recent developments including partnerships with major AI models and collaborations with Alibaba Cloud [3] - The merger will help Huitongda establish a leading position in the AI product matrix across various retail scenarios [3] Group 4: Financial Impact - The acquisition is projected to positively impact Huitongda's financial performance, with Cognition Boundary expected to contribute net profits of at least RMB 85 million, RMB 100 million, and RMB 115 million from 2026 to 2028 [4] - The integration of Cognition Boundary's revenue will enhance Huitongda's service income and improve overall gross margin, reinforcing its long-term value and valuation support [4]