汇通达网络(09878)股价绩前抢跑，尾盘涨幅进一步扩大。截至收盘，涨5.65%，报16.08港元，成交额 1.14亿港元。 消息面上，汇通达网络近日日宣布，公司与阿里云签订全面合作协议，双方通过资源整合与优势互补， 共同探索人工智能和数字化解决方案的创新及应用前景，深化云计算、人工智能及下沉市场数字化领域 的协同合作。值得注意的是，汇通达网络拟于8月28日举行董事会会议批准中期业绩。 第一上海近期发布研报称，汇通达网络持续实现盈利，账款周期健康，营运资本充足，资本风险少。目 前总市值近百亿，而账上现金及理财超60亿，处于估值底部区间。该行预期公司近期战略及业绩将迎来 拐点，近日汇通达与阿里云达成战略合作管理层重心回归，且未来收并购或为公司带来良好的协同效 应、汇通达"兄弟"公司孩子王（301078）案例可鉴。该行认为公司估值修复弹性较高。 ...

Core Viewpoint - The stock price of HuTongDa Network (09878) increased by 5.65% to HKD 16.08, with a trading volume of HKD 114 million, ahead of its earnings announcement [1] Group 1: Company Developments - HuTongDa Network has signed a comprehensive cooperation agreement with Alibaba Cloud to explore innovations and applications in artificial intelligence and digital solutions, enhancing collaboration in cloud computing and digitalization in lower-tier markets [1] - The company plans to hold a board meeting on August 28 to approve its interim results [1] Group 2: Financial Performance - First Shanghai recently reported that HuTongDa Network continues to achieve profitability, with a healthy accounts receivable cycle and sufficient working capital, indicating low capital risk [1] - The company's total market capitalization is nearly HKD 10 billion, with over HKD 6 billion in cash and financial investments, positioning it at the lower end of the valuation range [1] Group 3: Strategic Outlook - First Shanghai anticipates a turning point for the company's recent strategies and performance, with the management's focus returning following the strategic partnership with Alibaba Cloud [1] - Future mergers and acquisitions may bring significant synergies, with the case of HuTongDa's "brother" company, Kid King, serving as a reference [1] - The firm believes that the company's valuation has high potential for recovery [1]

Group 1 - The core viewpoint of the articles highlights the strategic transformation of Huitongda Network through the "AI+" initiative, aiming to revolutionize the digital landscape of urban and rural commerce by leveraging AI technologies [1][2][4] Group 2 - In 2025, Huitongda is implementing its "AI+" strategy to create a digital closed loop for urban and rural commerce, enhancing data processing efficiency in rural markets by integrating mainstream large models like DeepSeek [2] - The launch of the "Qiancheng AI Super Store Manager" app in April 2025 automates over 20 business processes across supply chain, customer service, and marketing, contributing to a comprehensive technical system [2] - The "Qiancheng Cloud AI" vertical model received official recognition from the National Internet Information Office, ensuring compliance and industry adaptability, which helps establish differentiated technical barriers in the lower-tier markets [2] Group 3 - Huitongda's partnership with Alibaba Cloud in August 2025 marks a significant upgrade, combining AI technology with vast industry data to enhance efficiency in township retail and supply chain solutions [3] - AI technologies are expected to improve store efficiency through intelligent product selection, dynamic pricing, and personalized recommendations, while also facilitating demand forecasting and production scheduling in the supply chain [3] - The collaboration aims to activate the under-10% digital penetration in China's over 20 trillion yuan township consumption market, representing a significant growth opportunity [3] Group 4 - Huitongda's AI strategy is supported by a solid financial foundation, with operating cash flow showing positive inflow for six consecutive years and a 15% year-on-year increase in gross margin post-strategy implementation [4] - The company is executing a 500 million yuan share buyback and dividend plan, reflecting confidence in its long-term value [4] - Recent investments from foreign institutions like Citigroup and Merrill Lynch indicate growing recognition of Huitongda's potential for profit improvement driven by technology [4]

Core Viewpoint - Huitongda Network (9878.HK) is advancing its self-owned brand strategy in the liquor industry, focusing on an "integrated production and sales" model, achieving a favorable performance characterized by both volume and price increases [1] Group 1: Self-Owned Brand Strategy - Huitongda's self-owned brand strategy has been upgraded with the release of the "Tanshang Type Group Standard" white paper in collaboration with Anhui Taohua Tan Liquor Industry, marking a new phase of systematic and standardized empowerment [1][3] - The "Tanshang Type" standard aims to redefine brand value amidst the traditional dominance of three main fragrance types in the liquor industry, catering to diverse consumer flavor preferences [3][5] Group 2: Product Development and Market Positioning - The "Tanshang Type" liquor, developed over three years, features a unique style characterized by "elegant fragrance and smooth taste," utilizing high-quality sorghum and traditional fermentation techniques [3][6] - The release of the standard signifies a shift from brand and channel integration to "industry standard definition," enhancing Huitongda's self-owned brand strategy [5] Group 3: Market Activation and Sales Strategy - Huitongda is leveraging a dual approach of "integrated production and sales" and "cultural empowerment" to tap into the vast liquor market, creating new opportunities for super products in lower-tier markets [8] - The company is building a comprehensive sales matrix by integrating high-quality brewing resources and utilizing a nationwide network of member stores, alongside e-commerce and cultural tourism channels [8] Group 4: Cultural Integration and Consumer Engagement - Huitongda's products are designed to resonate with emotional consumer needs, incorporating cultural narratives and historical elements to enhance brand value and consumer experience [8][10] - The existing product series covers various market segments, from high-end collectibles to mass consumption, ensuring a complete pricing range and consumption pathways [8] Group 5: Industry Innovation and Competitive Advantage - Industry experts note that innovative fragrance types are becoming a benchmark for evaluating liquor companies, with Huitongda's focus on quality and ecological factors supporting its brand differentiation [10] - The combination of self-owned brands, standard formulation, and cultural empowerment positions Huitongda to reshape the traditional liquor industry, transitioning from scale competition to value competition [10]

Group 1: Core Insights - Huitongda Network is focusing on "industrial upgrading" and "AI+" strategies, with significant developments in its supply chain integration and product launches in various sectors [1] - The company signed a comprehensive AI cooperation agreement with Alibaba Cloud, aiming to leverage AI and digitalization to tap into the 20 trillion yuan sinking consumer market [1][8] - Citigroup reaffirmed a "buy" rating for Huitongda, reflecting foreign capital's recognition of the company's strategic transformation and long-term investment value [1][3] Group 2: Strategic Initiatives - Huitongda is converting 350 million domestic shares into H-shares, enhancing liquidity and market pricing efficiency [2] - The company announced a share buyback plan of up to 500 million yuan, indicating confidence in its stock value and future prospects [2] - Huitongda's operating cash flow has been positive for six consecutive years, with a 15% year-on-year increase in overall gross margin for 2024 [2] Group 3: Institutional Support - Foreign institutions like Citigroup and Merrill Lynch have increased their holdings in Huitongda, indicating growing confidence in the company's undervalued growth potential [3] - Citigroup has set a target price of 23.0 HKD for Huitongda, based on its clear path to improving profitability and capitalizing on policy benefits [3][4] Group 4: AI Empowerment - Huitongda has integrated the DeepSeek model to enhance its AI capabilities, addressing the complexities of rural market operations [6] - The "Qiancheng Cloud AI" model has been approved for compliance, focusing on rural market needs and providing tailored services to merchants [7] - The partnership with Alibaba Cloud is expected to optimize Huitongda's AI model performance and expand application scenarios, driving digital transformation [8] Group 5: Long-term Value Proposition - Huitongda has established a unique channel network and digital ecosystem in China's sinking market, supported by its collaboration with Alibaba Cloud [9] - The company's ongoing transformation and growth trajectory highlight its investment value, particularly in the context of China's retail digitalization wave [9]

Core Viewpoint - Huitongda Network is advancing its strategic layout in the home furnishing and building materials sector, focusing on "production and sales integration" and developing its own brand products to enhance profitability and market presence [1][3]. Group 1: Strategic Developments - Since 2018, Huitongda has been developing an industrial internet model across multiple sectors, entering the home furnishing market [3]. - In 2024, the company initiated an industrial upgrade focusing on a B2F efficient supply chain driven by orders, integrating raw materials, factories, and channels [3]. - The introduction of high-quality, competitively priced proprietary home furnishing brands aims to expand market reach [3]. Group 2: Profitability and Efficiency - The new model has resulted in a significant increase in gross margins, with proprietary home furnishing products achieving over double the gross margin compared to previous agency or cooperative brands [3]. - The integration of production and sales has led to cost reductions and efficiency improvements across the entire supply chain, benefiting upstream processing plants, home furnishing factories, channel distributors, and consumers [5]. - For example, a high-quality water-based lacquer oak bed can be priced 10%-15% lower than well-known brands, providing stable orders for factories and better prices for consumers [5]. Group 3: Growth and Expansion - The home furnishing industry upgrade represented by Huitongda injects new momentum for high-quality development, with visible long-term scale and profit potential [7]. - The proprietary home furnishing products are sold through the company's member store network and expanded into e-commerce and third-party offline channels [7]. - Huitongda is also participating in local government initiatives to promote consumption, further enhancing its market presence [7]. - Future plans include leveraging AI and digitalization to improve efficiency across the entire production, research, and sales chain [7].

Core Insights - The article highlights the significant role of digital industries in enhancing productivity and integrating the real economy with the digital economy [1] Group 1: Digital Industry Development - The Yangtze River Delta's digital industry is evolving, with companies like Huitongda Network showcasing advancements in AI and digital solutions for local businesses [1][2] - Huitongda has launched five AI products aimed at improving retail operations and enhancing customer engagement in local stores [2] Group 2: AI Integration in Retail - Huitongda's collaboration with Alibaba Cloud focuses on creating comprehensive digital solutions for smart retail and supply chain management, particularly in lower-tier markets [2] - The introduction of the "AI Store Manager" app exemplifies how AI can streamline operations from procurement to sales, significantly benefiting local shop owners [1][2] Group 3: AI Model Development - The establishment of the Xuanwu Large Model Factory is pivotal for AI innovation, providing a platform for developing and deploying large models across various industries [3] - The factory has successfully launched multiple industry-specific models, demonstrating the effectiveness of a factory-like approach to AI development [3][4] Group 4: Future Prospects - The potential for embodied intelligent robots powered by large models to enter homes and production environments within the next three to five years is a promising outlook for the industry [5]

Core Viewpoint - The strategic partnership between Huitongda Network and Zhangmen Media Group aims to enhance brand development, product innovation, and channel integration through the establishment of Henan Zhanghui Supply Chain Management Co., Ltd [2][4][6] Group 1: Company Overview - Zhangmen Media Group has over a decade of experience in advertising marketing services and online brand operations, positioning itself as a leader in internet content production and management [4] - The group has successfully transformed from Jiangsu Zhangmen Network Technology Co., Ltd into one of the first full-domain MCNs in China, holding a leading position in the internet content sector [4] - It operates over 20 established self-owned brands across six core areas, including cosmetics, apparel, food and beverage, pet products, and home appliances [4] Group 2: Strategic Collaboration - The partnership is seen as a crucial element in Huitongda's self-owned brand strategy, with significant potential for collaboration in product development, advertising, and brand co-creation [6] - Huitongda Network has built a strong foundation in the lower-tier market over the past decade, aiming to leverage this partnership for mutual empowerment and enhanced efficiency in product and service distribution [6] - The establishment of Henan Zhanghui Supply Chain Management Co., Ltd represents a tangible outcome of the strategic collaboration, focusing on innovative supply chain models in the new retail environment [6]

格隆汇8月18日丨汇通达网络(09878.HK)公布，董事会会议将于2025年8月28日（星期四）举行，藉以 （其中包括）考虑及批准本公司及其附属公司截至2025年6月30日止六个月的中期业绩及其发布，并考 虑建议派发中期股息（如有）。 ...

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） 董事會會議日期 匯通達網絡股份有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此公佈，董 事會會議將於2025年8月28日（星期四）舉行，藉以（其中包括）考慮及批准本公司 及其附屬公司截至2025年6月30日止六個月的中期業績及其發佈，並考慮建議派 發中期股息（如有）。 承董事會命 匯通達網絡股份有限公司 董事長 汪建國 中華人民共和國，南京 2025年8月18日 （股份代號：9878） 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許迪女士；及獨立非執行 董事虞麗新女士、劉向東先生及刁揚先生。 ...