智通财经APP获悉，浦银国际发布研报称，考虑到汇通达网络(09878)业务战略调整已初见成效，利润率 指标达到历史新高，该行预计公司下半年收入将快速回升，同比增长35%，给予FY26E20x P/E，得到目 标价18港元，维持"买入"评级。 公司1H25收入人民币243亿元，毛利率同比改善1.16pp至4.64%;净利润为1.4亿元，同比增长11%，调整 后净利率提升至0.57%，创历史新高。公司收入结构持续优化，会员零售门店收入占比提升至47.4%。 公司持续提升供应链能力，包括：1)深化头部品牌合作;2)构建自有品牌矩阵;3)拓展新品类新渠道。未 来自有品牌和出海或将成为新增长点。 公司推进AI+SaaS智能化升级，其中门店SaaS+订阅收入环比增长23%，转型初见成效。公司4月推出"千 橙AI超级店长"APP，全面集成AI Agent功能模块，可自动完成60%的店铺日常管理工作，大幅降低中小 型零售门店的运营成本。AI+SaaS产品于5月正式商业化，目前AI相关收入占总服务收入比重约20%。 此外，公司与阿里云达成全栈AI全面合作，提升下沉市场营销获客与智能销售能力，不断拓展商业化 场景。公司将重点推动 ...

在交易业务方面，花旗指出，会员零售门店收入占比已进一步提升至47.4%。花旗对公司的新品类与销 售渠道扩展计划表示乐观，特别是智能小家电、AI消费电子、机器人以及适老健康品类。同时，花旗 强调，高毛利自有品牌的发展，以及与头部品牌的深入合作，将成为公司未来两大核心增长动力。 来源：陕西法制网 花旗在汇通达网络（9878.HK $汇通达网络 (09878.HK)$ ）发布中期业绩后更新研报，指公司加速推进 AI战略，带动盈利能力持续提升。期内，公司为提升业务质量与效率而进行业务调整，毛利率显著提 升1.1个百分点至4.6%，净利润增长4.1%至2.39亿元；5 月 AI+SaaS 产品正式商业化后，AI 相关收入超 人民币6000 万元，约占服务收入的 20%，数字化服务业务成为关键增长动力。 今年4月，汇通达正式推出 "千橙AI超级店长"软件，将AI智能全面融入门店运营全链条，包括智能选 品、营销及规划。花旗认为，该解决方案已有效提升门店运营自动化水平，减少人工投入并提升运营效 率，带动AI相关收入在上半年从零到有。此外，公司与阿里云的全栈AI全面合作，有望进一步推动AI 服务在下沉市场的普及，增强公司的数字 ...

数字化转型浪潮下，汇通达深化"品牌直通车工程、自有品牌生态群工程、开放式智慧供应链平台工 程"三大工程，已进入成效兑现阶段，上半年产业升级成果在财报中清晰呈现。 而作为下沉市场供应链龙头企业，汇通达网络最新发布的2025年上半年财报同样看点十足，其以"三大 工程"为核心的产业升级路径成效显著，叠加新品类与新渠道的突破，不仅带动产业链与城乡流通效率 提升，更兼具投资价值与社会价值，为行业发展提供了优质范本。 一、三大工程深度落地，汇通达产业升级效能跃升 近期消费零售领域热度攀升。 近期，万辰集团股价冲上涨停板，成为市场关注焦点，这也折射出优质零售及供应链企业的投资价值正 逐步凸显。 首先，"品牌直通车工程"率先打通了头部品牌与下沉市场的短链通道。通过分行业精准破局的策略，让 品牌触达乡镇市场的成本降低，更为后续自有品牌的发展铺垫渠道基础。 汇通达以"TOP合作+短链+S2B2C数字化工具"模式，深化与头部品牌合作。报告期内，家用电器、消费 电子及农业生产资料等多行业与头部品牌合作深化，如苹果O2O门店拓展至1804家，细分产业链控制力 持续增强。。 其次，"自有品牌生态群工程"更是交出亮眼答卷。 财报显示，上半 ...

机构：中信建投证券 研究员：崔世峰/刘乐文/向锐 交易业务板块收入为人民币239.6 亿元，同比下降26.0%。这一下降主要是由于2024 年上半年的高基数 效应，以及公司在2024年下半年主动调整业务结构，放弃部分低效业务所致。不过，收入结构持续优 化，会员零售门店收入占比提升至47.4%，反映出公司在"短链"商业模式上的成功实践。分品类来看： 1）消费电子产品：收入为人民币146.3 亿元，同比下降25.1%，主要受到国家补贴政策的价格限制影 响，叠加行业整体价格下行趋势。 2）家电行业：收入为人民币43.2 亿元，基本持平于去年同期，受益于国家补贴政策及产销一体化和自 有品牌扩张。3）农业生产资料：收入为人民币28.8 亿元，同比下降30.4%，主要由于饲料板块行情下 行及化肥价格下降。4）交通出行：收入为人民币10.9 亿元，同比下降62.3%，因新能源汽车市场竞争 加剧，公司采取更稳健的经营策略。 核心观点 2025 年上半年，汇通达实现营业收入人民币243.4 亿元，同比下降25.9%。尽管收入有所下滑，但由于 收入结构性改善，公司盈利能力显著增强，归母净利润达到人民币1.39 亿元，同比增长10 ...

Core Viewpoint - Jintongling (300091.SZ) has entered the pre-restructuring phase and has recruited a restructuring investor, Huitongda Network Co., Ltd. (09878.HK), which is backed by notable figures in the e-commerce industry [2][8]. Group 1: Company Overview - Jintongling's current stock price is 3.2 yuan, with a market capitalization of 4.765 billion yuan [2]. - Huitongda, the restructuring investor, is a Hong Kong-listed company and has significant backing from Alibaba, which invested 4.5 billion yuan in 2018 [5][8]. - Huitongda reported a revenue of 60.059 billion yuan and a profit of 462 million yuan last year [3]. Group 2: Key Individuals - Wang Jianguo, the largest shareholder of Huitongda, is a well-known figure in the e-commerce sector and has held various leadership roles, including Chairman of Jiangsu Wuxing Electric Co. and Chairman of Kid King [3][4]. - Wang Jianguo has a close relationship with Alibaba's founder, Jack Ma, and is a co-founder of Yunfeng Fund, which is named after Ma and another prominent figure [3][6]. Group 3: Restructuring Details - Huitongda will acquire 71.05 million shares of Jintongling at a price of 1.3996 yuan per share, totaling an investment of 994 million yuan [8]. - The reference market price for the shares is 2.7991 yuan per share, indicating that the acquisition price is below 50% of the market reference [8]. - Successful restructuring could improve Jintongling's financial structure and debt situation, while also enhancing its ability to compensate small investors [8].

Core Viewpoint - Jintongling (300091.SZ) has entered the pre-restructuring phase and has recruited a restructuring investor, Huitongda Network Co., Ltd. (09878.HK), which is backed by notable figures in the e-commerce industry [1][4]. Company Overview - Jintongling's current stock price is 3.2 yuan, with a market capitalization of 4.765 billion yuan [1]. - Huitongda, the restructuring investor, reported a revenue of 60.059 billion yuan and a profit of 462 million yuan last year [4]. - The largest shareholder of Huitongda is Wang Jianguo, a prominent figure in the e-commerce sector, who has a close relationship with Alibaba [1][4]. Investment Details - Huitongda will acquire 71.05 million shares of Jintongling at a price of 1.3996 yuan per share, totaling an investment of 994 million yuan [7]. - The market reference price for the shares is 2.7991 yuan per share, with the acquisition price being no less than 50% of this reference [7]. Restructuring Context - Jintongling has a history of financial fraud, having provided false financial data for six consecutive years, leading to significant investor losses [6]. - The pre-restructuring phase is seen as a positive development, but it does not guarantee the success of the restructuring process [7].

Group 1 - The company, HuTongDa Network, announced a restructuring investment agreement to acquire 25% equity of JinTongLing Technology Group for RMB 994 million, aiming to enhance shareholder returns by acquiring high-quality, scarce assets at a lower cost [1] - The acquisition is seen as a strategic move to leverage the company's strong industry position and competitive edge in high-end manufacturing, with expectations of turning profitable post-restructuring [1] - The completion of the acquisition will facilitate the establishment of an H+A capital operation platform, enabling easier access to quality capital resources both domestically and internationally [1] Group 2 - The group plans to utilize its management experience, supply chain, and channel advantages to empower the retained business segments of the target company, focusing on consumer and smart manufacturing sectors [2] - The acquisition will extend the group's industrial layout from industrial internet to high-end manufacturing, creating a dual-industry layout of "big consumption + smart manufacturing" to enhance profitability [2]

Core Viewpoint - HuTongDa Network (汇通达网络) has signed a restructuring investment agreement with JinTongLing (金通灵), acquiring a 25% stake for approximately 994 million RMB, indicating a strategic move to enhance shareholder returns and promote company development [1][2]. Group 1: Acquisition Details - The acquisition price is set at 1.3996 RMB per share, while JinTongLing's closing price is 3.2 RMB per share, highlighting a significant discount [1]. - JinTongLing is positioned in the high-end manufacturing sector, recognized for its strong industry position and competitiveness, being a leading player domestically [1]. Group 2: Strategic Objectives - The acquisition aims to achieve "quality asset allocation," "enhanced shareholder returns," and "promotion of company development" through three main strategies [1][2]. - The first strategy focuses on acquiring high-quality, scarce assets at a lower cost, which is expected to lead to rapid profitability post-restructuring [1]. - The second strategy involves leveraging capital resources from both domestic and international markets to accelerate company growth and create multi-layered capital operation paths [2]. - The third strategy emphasizes empowering JinTongLing's retained business segments through HuTongDa's management experience and industry resources, aiming to establish a comprehensive industrial platform that integrates advanced manufacturing and services for the lower-tier market [2]. Group 3: Future Outlook - The recent mid-term performance report from HuTongDa highlighted the commitment to actively pursue quality enterprise acquisitions, reinforcing the strategic execution of its dual-driven approach of "industrial development + capital operation" [2].

Core Viewpoint - Huitongda Network (09878) has signed a restructuring investment agreement with Jintongling (300091), acquiring a 25% stake for approximately 994 million RMB, indicating a strategic move to enhance shareholder returns and promote company development [1][2] Group 1: Acquisition Details - The acquisition price for Jintongling's shares is set at 1.3996 RMB per share, while the closing price on the day of the announcement was 3.2 RMB per share, highlighting a significant discount [1] - Jintongling operates in the high-end manufacturing sector and is positioned among the top tier in the domestic market, showcasing strong industry status and competitiveness [1] Group 2: Strategic Objectives - The acquisition aims to achieve "quality asset allocation," "enhanced shareholder returns," and "promotion of company development" through three main strategies [1][2] - The first strategy focuses on acquiring high-quality, scarce assets at a low cost, which is expected to lead to rapid profitability post-restructuring [1] - The second strategy involves leveraging capital resources from both domestic and international markets to facilitate company growth and create multi-layered capital operation pathways [2] - The third strategy emphasizes empowering Jintongling's retained business segments through Huitongda's management experience and industry resources, aiming to establish a comprehensive industrial platform that integrates advanced manufacturing and services for the lower-tier market [2]

Group 1 - The company has entered into a restructuring investment agreement to acquire a 25% stake in Jintongling Technology Group for RMB 994 million, following its selection as a restructuring investor [1] - The target company, established in 1993, specializes in manufacturing industrial blowers, compressors, steam turbines, and industrial boilers, and is currently facing operational difficulties due to historical reasons [1][2] - The acquisition is seen as an opportunity to obtain a high-quality, scarce asset at a low cost, enhancing shareholder returns and allowing the company to leverage the restructuring process to regain operational capabilities and achieve profitability [2] Group 2 - Post-acquisition, the company aims to establish a dual capital operation platform (H+A), facilitating access to quality capital resources both domestically and internationally, thus promoting rapid development [3] - The company plans to utilize its management experience, supply chain advantages, and industry resources to empower the retained business segments of the target company, focusing on consumer goods and smart manufacturing [4] - The acquisition will extend the company's industrial layout from internet-based industries to high-end manufacturing, creating new growth opportunities and enhancing profitability [4]