Group 1 - The core viewpoint of the news is the strategic partnership between Benlai Life Group and Huitongda Network to establish a joint venture aimed at creating a high-quality agricultural product supply chain service platform [1][2] - The collaboration will focus on integrating resources in capital, operations, technology, and teams, emphasizing four key systems: digital operations, quality control, supply chain management, and brand building [1] - Both companies aim to leverage their strengths in AI, SaaS, smart supply chains, and digital marketing to explore innovative applications of new technologies in agricultural product logistics [1][2] Group 2 - Huitongda Network is a leading industry internet platform that empowers rural convenience stores through supply chain capabilities and digital technology, having been listed on the Hong Kong Stock Exchange in 2022 [2] - The partnership aligns with China's rural revitalization strategy, focusing on supporting 832 poverty-stricken counties through resource integration and model innovation to enhance local industry and economic development [2] - The leaders of both companies expressed confidence in their shared mission to contribute to smart agriculture and the construction of a unified domestic market [2]

Core Insights - The article reports that Benlai Life Group has signed a strategic cooperation agreement with Huitongda Network to establish a joint venture aimed at creating an agricultural product supply chain service platform [1] - The partnership will also explore the innovative application of new technologies such as "AI agriculture" in the agricultural product distribution business [1] Company Overview - Benlai Life Group is involved in the agricultural supply chain and is focusing on enhancing its service capabilities through strategic partnerships [1] - Huitongda Network is an industry internet platform that empowers rural convenience stores using supply chain capabilities and digital technology, and it was listed on the Hong Kong Stock Exchange in 2022 [1]

Core Viewpoint - Multiple institutions, including CITIC Construction Securities and Northeast Securities, have recently issued research reports on Huitongda Network (09878), giving it a "buy" rating, with Northeast Securities setting a target price of HKD 20.08, indicating nearly 40% upside potential from the closing price of HKD 14.55 on the report release date [1]. Group 1 - Northeast Securities highlights that Huitongda has transformed from a "platform service provider" to an "AI + SaaS platform service provider" after over a decade of deepening its presence in lower-tier markets [1]. - The report suggests that through business optimization and AI empowerment, Huitongda has ample cash on hand and is positioned to acquire quality assets, which could lead to a recovery in revenue growth and a rapid improvement in profitability [1]. - Huitongda is actively advancing its H-share full circulation work, which is expected to increase the total number of H-shares to 530 million, significantly enhancing its market capitalization [1]. Group 2 - The market generally believes that the increase in market capitalization may create conditions for Huitongda to be re-included in the Hong Kong Stock Connect [1]. - CITIC Jianzhong Securities emphasizes Huitongda's impressive AI performance, which continues to enhance customer quality [1]. - Huitongda's AI + SaaS products are set to enter the commercialization phase in May 2025, with member stores experiencing an average efficiency improvement of over 30% and inventory turnover reduction of 15% to 20% [1][2]. Group 3 - The research report indicates that as AI products continue to iterate, Huitongda's service business is expected to achieve high growth and become a major growth engine for the company [2]. - The report also recognizes Huitongda's strategic transformation direction in supply chain trading business and the resulting improvement in profitability [2].

Core Viewpoint - Multiple institutions, including CITIC Construction Securities and Northeast Securities, have recently issued research reports on Huitongda Network (09878), giving it a "buy" rating, with Northeast Securities setting a target price of HKD 20.08, indicating nearly 40% upside potential from the closing price of HKD 14.55 on the report release date [1] Group 1: Company Transformation and Growth Potential - Huitongda has transitioned from a "platform service provider" to an "AI + SaaS platform service provider" after over a decade of deepening its presence in lower-tier markets [1] - The company is expected to restore revenue growth and enhance profitability through business optimization and AI empowerment, supported by ample cash reserves for acquiring quality assets [1] - The report highlights Huitongda's active promotion of H-share full circulation, which is anticipated to increase the total number of H-shares to 530 million, significantly boosting market capitalization [1] Group 2: AI and Business Ecosystem - CITIC Securities emphasizes Huitongda's impressive AI performance, which is enhancing customer quality [1] - The AI + SaaS products are set to enter the commercialization phase in May 2025, with member stores experiencing an average efficiency improvement of over 30% and inventory turnover reduction of 15% to 20% [1] - The integration of AI empowerment, supply chain upgrades, and diversified channel expansion is expected to create a sustainable business ecosystem for Huitongda's future [1][2] Group 3: Strategic Direction and Profitability - The research reports indicate that Huitongda's service business is likely to achieve high growth, becoming a primary growth engine for the company as AI products continue to evolve [2] - The strategic transformation of Huitongda's supply chain transaction business is recognized for its positive outcomes and the resulting enhancement in profitability [2]

Investment Rating - The investment rating for the company is "Buy" [7] Core Insights - The company is focusing on high-quality development and improving operational capabilities through business adjustments [1] - Revenue for the service segment in H1 2025 was 312 million, down 18.97% year-on-year, with SaaS and subscription revenue at 250 million, also down 18% [2] - The company has launched three major projects to enhance supply chain efficiency, including a "Brand Direct Access Project" and an "Open Smart Supply Chain Project" [3] - A partnership with Alibaba Cloud aims to develop AI and digital solutions for the lower-tier market, leveraging the company's extensive data assets [4] - The company submitted an application for full circulation of 350 million domestic shares, which is expected to significantly increase market capitalization and facilitate re-inclusion in the Hong Kong Stock Connect [5] Financial Summary - The company is a leading player in the B2B e-commerce sector for lower-tier markets, with projected revenues of 65.8 billion, 72.3 billion, and 79.5 billion for 2025, 2026, and 2027 respectively, reflecting a 10% growth each year [6] - The forecasted net profit for the same years is 350 million, 460 million, and 580 million, representing growth rates of 31%, 30%, and 28% respectively [6] - The company’s P/E ratios are projected to be 25, 19, and 15 for the years 2025, 2026, and 2027 [6]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 匯通達網絡股份有限公司 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 呈交日期: 2025年10月8日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09878 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 180,266,339 | RMB | | 1 | RMB | | 180,266,339 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 180,266,339 | RM ...

Core Viewpoint - The company reported a revenue decline in the first half of 2025 due to strategic adjustments aimed at optimizing inefficient businesses, while net profit showed a positive growth trend [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved a revenue of 24.34 billion, a year-on-year decrease of 25.9%, while the net profit attributable to shareholders was 140 million, reflecting a year-on-year increase of 10.8% [1]. - The overall gross margin for the first half of 2025 was 4.6%, an increase of 1.1 percentage points year-on-year, primarily due to the company's decision to abandon low-efficiency businesses and enhance collaboration with leading brands [2]. Group 2: Business Segments - The trading business segment generated a revenue of 23.96 billion, down 26.0% year-on-year, with declines in consumer electronics and agricultural production materials, while home appliances remained stable due to government subsidies [1]. - The service business segment reported a revenue of 310 million, showing a slight year-on-year decline, but there was significant growth in store SaaS and subscription services compared to the second half of 2024 [1]. Group 3: Strategic Initiatives - The company entered into a comprehensive partnership with Alibaba Cloud in August 2025, focusing on AI and SaaS business growth, which is expected to enhance its platform value through the integration of AI capabilities with industry data [2]. - The development of proprietary AI models, such as the Qiancheng Cloud AI, aims to penetrate various business scenarios, enhancing sales predictions and customer service capabilities [2]. Group 4: Investment Outlook - The company is expected to see net profits of 346 million, 438 million, and 533 million for the years 2025 to 2027, reflecting year-on-year growth rates of 28.3%, 26.6%, and 21.6% respectively [3]. - A target price of 21.36 HKD is set for 2026, based on a 25X PE valuation, maintaining a "recommended" rating for the company [3].

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]