证 券 研 究 报 告 汇通达网络（09878.HK）2025 年中报点评 推荐（维持） 提质增效显现成效，AI+SaaS 商业化开启 目标价：21.36 港元 事项： ❖ 公司发布 2025 年中报：2025 年上半年公司实现收入 243.4 亿元，同比-25.9%； 归母净利润 1.4 亿元，同比+10.8%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 60,059 | 53,513 | 57,819 | 62,010 | | 同比增速(%) | -27.2% | -10.9% | 8.0% | 7.2% | | 归母净利润(百万) | 270 | 346 | 438 | 533 | | 同比增速(%) | -39.8% | 28.3% | 26.6% | 21.6% | | 每股盈利(元) | 0.48 | 0.62 | 0.78 | 0.95 | | 市盈率(倍) | 32.5 | 25.3 | 20.0 | 16 ...

Group 1 - The core viewpoint of the article highlights the significant rise in the stock price of HuTongDa Network (09878), which increased by over 10% and reached HKD 16.97, with a trading volume of HKD 49.03 million [1] - Alibaba's 1688 platform showcased its AI capabilities at the Yunqi Conference, launching the global first cross-border e-commerce AI entity "AoXia" aimed at small and medium overseas buyers, indicating a shift towards AI-driven B2B transactions [1] - The S2B2C model, as emphasized by Zhitong Finance, is gaining momentum with major players like Alibaba and Tencent investing heavily, positioning HuTongDa Network as a pioneer in the S2B2C model in China's lower-tier markets [1] Group 2 - HuTongDa Network's S2B2C model focuses on dual empowerment through a smart supply chain that integrates "reverse + short chain + digitalization" and is driven by "AI + SaaS," enhancing efficiency from factories to stores [2] - The company has established a platform network covering 21 provinces and over 250,000 B-end member stores, making it a rare example of a "light asset, high value, strong cash flow" industrial empowerment platform [1][2] - With the consumption upgrade and accelerated digitalization in the 20 trillion yuan lower-tier market, HuTongDa Network's S2B2C ecosystem is expected to become a scarce infrastructure [2]

Group 1 - The core viewpoint of the news highlights the significant rise in the stock price of Huitongda Network, which increased by over 10% and reached HKD 16.97, with a trading volume of HKD 49.03 million [1] - Alibaba's 1688 platform showcased its AI capabilities at the Yunqi Conference, launching the cross-border AI entity "Aoxia" aimed at overseas small and medium-sized buyers, marking a significant step in B2B transactions [1] - Huitongda Network is recognized as a pioneer in the S2B2C model in China's lower-tier markets, having established a network covering 21 provinces and over 250,000 B-end member stores, positioning itself as a valuable asset-light platform with strong cash flow [1] Group 2 - Unlike traditional B2B models, Huitongda Network's S2B2C model focuses on dual empowerment through a smart supply chain driven by "reverse + short chain + digitalization" and "AI + SaaS," enhancing efficiency from factories to stores [2] - The S2B2C ecosystem built by Huitongda Network is expected to become a rare infrastructure as the consumption upgrade and digitalization process accelerate in the 20 trillion yuan lower-tier market [2]

与传统B2B模式不同，汇通达网络的S2B2C模式核心在于双向赋能，通过"反向+短链+数字化"的智慧供 应链与"AI+SaaS"双轮驱动，实现从工厂到门店的全链路增效。随着20万亿下沉市场消费升级与数字化 进程加速，汇通达网络所构建的S2B2C生态将成为稀缺的基础设施。 消息面上，据IT时报报道，近日，阿里巴巴旗下源头厂货拿货平台1688在云栖大会举办主题 为"1688AI，让生意更简单"的论坛，集中展现了覆盖B2B交易全流程的AI能力体现，同时启动跨境智能 体"遨虾"的内测，这是1688面向海外中小买家推出的全球首个跨境电商AI智能体。按照1688在云栖大会 上的技术畅想，在"AI to B"时代，买家和卖家能用AI完成整个B2B生意全流程的智能经营。 智通财经APP在《S2B2C"黄金风口"已至 汇通达网络(09878)价值跃升可期》中指出，在阿里巴巴、腾 讯等巨头持续加码下，S2B2C产业赋能模式再上"风口"。作为中国下沉市场S2B2C模式的先行者，汇通 达网络早在十余年前便前瞻布局，至今已构建了一张覆盖全国21个省、超25万家b端会员店客户的平台 网络，成为行业稀缺的"轻资产、高价值、强现金流"的产业赋 ...

Core Viewpoint - Huitongda Network (9878.HK) has seen a significant stock price increase of approximately 10% on the latest trading day, marking a nearly 20% rise over two days, reaching a new high of 17 HKD, with a total market capitalization of 9.55 billion HKD [1] Group 1: Company Developments - Alibaba announced its AI strategy at the "2025 Yunqi Conference" on September 24, which includes a strategic investment in Huitongda Network [1] - Huitongda Network has entered into a comprehensive cooperation with Alibaba Cloud in August this year, focusing on the construction of intelligent agent matrices and the exploration of data asset value [1] - The collaboration aims to deploy over 13 AI agents in the retail and industrial scenarios of the lower-tier markets by the end of this year, providing enhanced AI support for small-town family stores and upstream production enterprises [1] Group 2: Industry Context - The S2B2C industry empowerment model is gaining momentum with increased investments from major players like Alibaba and Tencent [1] - Huitongda Network is recognized as a pioneer in the S2B2C model within China's lower-tier markets, having established a platform network that covers 21 provinces and over 250,000 B-end member stores [1] - The company is characterized as a "light asset, high value, strong cash flow" industrial empowerment platform, making it a rare example in the industry [1]

Core Viewpoint - The S2B2C model is gaining momentum in China's industrial internet landscape, with major players like Alibaba and Tencent emphasizing its importance for future growth [1][2] Group 1: Industry Trends - Tencent's Ma Huateng predicts that the C-end market profits will diminish, suggesting that the future lies in the B-end market [1] - Alibaba's research institute identifies the S2B2C model as the golden opportunity for the next decade [1] - The shift from "heavy asset sales" to "light asset empowerment" is a significant transformation in China's industrial internet [1] Group 2: Company Insights - Huitongda Network has established a platform network covering 21 provinces and over 250,000 B-end member stores, positioning itself as a rare example of a "light asset, high value, strong cash flow" industrial empowerment platform [1] - Huitongda's S2B2C model focuses on dual empowerment through a smart supply chain that integrates "reverse + short chain + digitalization" and is driven by "AI + SaaS" [1][2] - The company has upgraded its "Qiancheng Cloud AI" model and partnered with Alibaba Cloud for comprehensive AI collaboration, achieving over 30% efficiency improvement in various operational aspects for member stores [2] Group 3: Strategic Development - Huitongda employs a dual-driven model of "industry + capital" to replicate its S2B2C experience across multiple sectors, including daily chemical products and instant retail [2] - The company has built a "platform + technology + supply chain" moat over its ten years of operation, converting 250,000 rural stores into platform endpoints, creating network effects and data barriers [2] - With the acceleration of consumption upgrades and digitalization in the 20 trillion yuan sinking market, Huitongda's S2B2C ecosystem is expected to become a critical infrastructure [2]

2025 中期報告 匯通達網絡股份有限公司 HUITONGDA NETWORK CO., LTD. 二零二五年中期報告 Interim Report 2025 1 目錄 Contents 2 公司資料 Corporate Information 9 管理層討論與分析 Management Discussion and Analysis Consolidated Statement of Profit or Loss for the Six Months Ended June 30, 2025 (Unaudited) Consolidated Statement of Profit or Loss and Other Comprehensive Income for the Six Months Ended June 30, 2025 (Unaudited) Consolidated Statement of Financial Position at June 30, 2025 (Unaudited) Consolidated Statement of Changes in Equity for the Si ...

Core Viewpoint - The stock of HuTongDa Network (09878) has seen a significant increase, attributed to Alibaba's announcement of its AI strategy and the strategic partnership between HuTongDa and Alibaba Cloud to enhance AI capabilities in the retail market [1] Group 1: Company Developments - HuTongDa Network's stock rose over 8% during trading, currently at 15.36 HKD with a trading volume of 25.5 million HKD [1] - The company has entered a comprehensive cooperation with Alibaba Cloud, focusing on the construction of intelligent agent matrices and the exploration of data asset value [1] - HuTongDa has launched the "QianCheng Cloud AI Intelligent Model" and plans to deploy over 13 AI agents in collaboration with Alibaba Cloud to support retail and industrial scenarios in lower-tier markets [1] Group 2: Industry Context - Alibaba introduced the concept of "Super Artificial Intelligence" (ASI) at the "2025 Yunqi Conference," aiming to create an "Android system for the AI era" [1] - The partnership with Alibaba positions HuTongDa as an AI-driven comprehensive service provider, leveraging resources from Alibaba and government to tap into a second growth curve [1]

Core Viewpoint - Alibaba has introduced the concept of "Super Artificial Intelligence" (ASI) during the "2025 Cloud Habitat Conference," aiming to create an "Android system for the AI era" [1] Company Summary - HuTongDa Network (09878) saw its stock price increase by over 8% during trading, closing at 15.36 HKD with a transaction volume of 25.50 million HKD [1] - In August, HuTongDa Network entered into a comprehensive cooperation with Alibaba Cloud, focusing on the construction of intelligent agent matrices and the exploration of data asset value [1] - The company has launched the "QianCheng Cloud AI Intelligent Model" in 2023, integrating with Alibaba's "Tongyi Qianwen" for enhanced marketing efficiency through AI-driven tools [1] - HuTongDa plans to deploy over 13 AI agents in collaboration with Alibaba Cloud, targeting retail and industrial scenarios in lower-tier markets [1] - Northeast Securities believes that HuTongDa's long-standing focus on lower-tier markets positions it well as an AI-driven comprehensive service provider, leveraging resources from Alibaba and government [1]

Core Insights - Alibaba announced its AI strategy at the "2025 Cloud Habitat Conference" on September 24, introducing the concept of "Super Artificial Intelligence" (ASI) and aiming to create an "Android system for the AI era" with an open-source approach [1] - Following this announcement, Alibaba's stock price surged by 9.16% on the Hong Kong market [1] Group 1: Strategic Partnerships - Alibaba's strategic investment in Huitongda Network (09878) has led to a comprehensive AI collaboration with Alibaba Cloud, focusing on building an intelligent agent matrix and extracting value from data assets [1] - Huitongda has been operating in the domestic sinking market for 15 years, utilizing self-developed digital tools and a supply chain covering over 250,000 family-run stores in towns across seven industries [1] Group 2: AI Implementation - Since 2023, Huitongda has been advancing its AI initiatives by deploying the "Qiancheng Cloud AI Intelligent Model," which is now integrated with Alibaba's Tongyi Qianwen [1] - The application of the "Qiancheng AI Super Store Manager" will enhance marketing efficiency for member stores through various intelligent agents [1] - Huitongda and Alibaba Cloud plan to jointly deploy over 13 AI agents this year, aimed at providing stronger AI support for family-run stores and upstream production enterprises in the sinking market [1]