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。 上市規則的涵義 由於收購事項的最高適用百分比率（定義見上市規則第14.07條）超過5%但低於 25%，因此收購事項構成本公司的須予披露的交易，須遵守上巿規則第14章項 下有關申報及公告的規定，惟獲豁免遵守股東批准的規定。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9878） 須予披露的交易 收購目標公司25%股權 收購事項 董事會欣然宣布，於2025年9月5日（交易時段後），經公開招募最終確定本公 司作為重整投資人後，本公司與目標公司及臨時管理人就收購事項訂立重整投 資協議。根據重整投資協議，本公司擬收購目標公司25%股權，代價為人民幣 994,431,569.29元。 Huitongda Network Co., Ltd. 匯通達網絡股份有限公司 重整投資協議的實施最終以目標公司進入重整程序後經法院裁定批准重整計劃 後方能生效，尚存在一定的不確定性。因此，重整投資協議項下之相關事項能 否 ...

Group 1 - The company Huitongda Network Co., Ltd. will acquire 711 million shares at a price of 1.4 yuan per share, totaling an investment of 994 million yuan [1] - This transaction is a necessary step in the company's pre-restructuring and restructuring process, facilitating the smooth progress of related work [1] - Successful implementation of the restructuring plan is expected to improve the company's operational and financial conditions, enhancing its ability and proportion of compensation to small and medium investors [1]

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8月31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 呈交日期: 2025年9月4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 | RMB | | | 1 RMB | | 180,266,339 | | 2. 股份分類 | 普通股 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 22.1, indicating a potential upside of 42.5% from the current price of HKD 15.51 [5][7]. Core Insights - The company experienced a revenue decline of 25.9% year-on-year in H1 2025, totaling RMB 24.34 billion, primarily due to the optimization of inefficient businesses and a high base effect from the previous year. However, the gross margin improved by 1.1 percentage points to 4.6%, and operating profit increased by 15.9% to RMB 360 million, while net profit rose by 10.8% to RMB 140 million, reflecting effective business structure optimization and cost control [1][2]. Financial Performance Summary - Total revenue for 2025 is projected at RMB 57.04 billion, a decrease of 5% year-on-year, with a subsequent recovery expected in 2026 with a growth of 15.1% to RMB 65.63 billion. The net profit is forecasted to be RMB 351 million in 2025, up 30.2% year-on-year, and RMB 486 million in 2026, up 38.4% year-on-year [4][5]. - The company’s gross margin is expected to improve from 4.9% in 2025 to 5.1% in 2027, indicating a positive trend in profitability [4]. Strategic Developments - The company is enhancing its smart supply chain capabilities, with self-operated transaction revenue of RMB 23.96 billion, down 26.0% year-on-year, but with a significant structural improvement as member retail store revenue share increased to 47.4%. The company is also expanding its product offerings and channels, including partnerships with major brands and the introduction of new product categories [2][3]. - The company is accelerating the commercialization of its AI and SaaS offerings, with the "Qiancheng AI Super Store Manager" product improving store management efficiency by an average of 30% and reducing inventory turnover by 15%-20% [2][3]. Shareholder Actions - The company announced a share buyback plan of up to RMB 500 million and is seeking to convert approximately 350 million domestic shares into H shares to enhance liquidity in the Hong Kong market [3][5].

Core Insights - The article highlights the strategic transformation of Huitongda Network, showcasing its financial performance and future growth potential through various initiatives and partnerships. Group 1: Revenue and Transformation - Huitongda reported a revenue of 24.3 billion RMB for the first half of 2025, despite a year-on-year decline, indicating a strategic shift away from low-margin businesses [2] - The company has actively reduced low-margin products in agriculture and transportation, aligning with its high-quality and sustainable transformation strategy [2] - New supply chain models and self-owned brands have contributed to a significant increase in revenue, with self-owned brand income exceeding 80 million RMB, a 490% year-on-year increase [2][3] Group 2: Profitability Metrics - Huitongda achieved a record high in three key profitability metrics: operating profit of 356 million RMB (up 15.9%), net profit attributable to shareholders of 139 million RMB (up 10.8%), and a gross margin of 4.6% (up 31.4%) [4] - The operating cash flow reached 412 million RMB, reflecting a substantial increase of 65.7% year-on-year, indicating a solid financial foundation for ongoing transformation efforts [4] Group 3: AI and Future Growth - The company has initiated an "AI+" strategy, with AI-related revenue exceeding 60 million RMB, accounting for 20% of service income, and significant growth potential anticipated from partnerships with Alibaba Cloud [6][7] - AI applications have improved operational efficiency, with AI managing 60% of daily operations in rural stores, leading to a 30% increase in store efficiency and a 15% improvement in inventory turnover [7] - The collaboration with Alibaba Cloud is expected to accelerate value realization and expand market opportunities in the underdeveloped market segments [8] Group 4: Market Position and Outlook - Huitongda is positioned as a leader in the underdeveloped market sector, shifting focus from scale expansion to sustainable growth and profitability [9] - The company is expected to see optimistic long-term value growth as AI revenue increases and self-owned brands gain traction, suggesting a potential turning point for investors [10]

Group 1 - Alibaba's CEO emphasized that "AI + Cloud" and the integration of shopping and lifestyle services are the two strategic opportunities for the company [1] - Alibaba's strategy in instant retail aims to meet the one-stop needs of 1 billion consumers, shaping the commercial form of the large consumption platform in the AI era [1] - Alibaba's strategic investment in Huitongda Network highlights the focus on "AI+" strategy and new consumption sectors like "hard discount" and "instant retail" [2] Group 2 - Huitongda and Alibaba signed a comprehensive cooperation agreement on "AI + industry" targeting 300 million rural families and 4.7 million township stores [2] - The instant retail sector is experiencing a surge with Alibaba leading the trend of "flash purchase" and "instant delivery" in high-tier markets [2] - Huitongda is transforming traditional township stores into new retail terminals capable of online ordering and home delivery through digitalization and supply chain integration [2] Group 3 - The "hard discount" model is becoming a popular focus for multiple platforms in the large consumption sector [3] - Wancheng Group's brand "Haoxianglai" rapidly expanded with over 10,000 stores, experiencing significant revenue and net profit growth [3] - Huitongda plans to expand its "hard discount" category to meet a broader customer demand [3] Group 4 - The large consumption market is accelerating towards high-frequency, all-scenario, and diversified experiences driven by AI [4]

Core Viewpoint - The company reported a significant decline in revenue for the first half of 2025, while managing to maintain a slight increase in net profit, indicating a strategic shift towards high-margin products despite challenging market conditions [1][2]. Revenue Analysis - In H1 2025, the company achieved revenue of 24.342 billion yuan, a year-on-year decrease of 25.9% [1]. - The trading segment's revenue was 23.96 billion yuan, down 26.0% year-on-year, with specific categories like consumer electronics and home appliances experiencing declines of 25.1% and 22.9%, respectively [1]. Profitability Metrics - The net profit attributable to shareholders for H1 2025 was 139 million yuan, reflecting a year-on-year increase of 0.6% [1]. - The gross margin improved to 4.6%, an increase of 1.1 percentage points year-on-year, indicating a focus on higher-margin product categories [1]. Service Segment Performance - The service segment generated revenue of 312 million yuan in H1 2025, a decrease of 18.97% year-on-year, with SaaS and subscription revenue contributing 250 million yuan, down 18.4% [2]. - AI-related services revenue surpassed expectations, accounting for approximately 20% of total service revenue, highlighting its role as a new growth engine [2]. Strategic Initiatives - The company launched the "Qiancheng AI Super Store Manager" app in April 2025, which has shown to improve operational efficiency by an average of 30% for member stores [2]. - A partnership with Alibaba Cloud was established in August 2025 to enhance AI capabilities and develop innovative applications, focusing on data asset value extraction [2]. Supply Chain Development - The company has made significant progress in its smart supply chain initiatives, implementing a "short chain + reverse" model that has shown effective results [2]. - Key achievements include solidifying partnerships with leading brand manufacturers and surpassing 80 million yuan in self-owned brand sales [2]. Financial Forecast - Revenue projections for 2025, 2026, and 2027 are estimated at 66.1 billion yuan, 72.8 billion yuan, and 80.1 billion yuan, respectively, with net profits expected to reach 353 million yuan, 474 million yuan, and 661 million yuan [2].

Core Insights - The "2025 China Private Enterprises Top 500" list was released, showing an increase in the entry threshold for companies, with Nanjing having 8 companies included, 3 more than last year [1][3] - Nanjing's private enterprises are demonstrating stable operations and continuous innovation, reflecting the strength and depth of the local private economy [3][6] Summary by Category Entry Thresholds and Rankings - The entry threshold for the "Top 500 Private Enterprises" increased to 27.023 billion yuan, for the "Top 500 Private Manufacturing Enterprises" to 15.701 billion yuan, and for the "Top 100 Private Service Enterprises" to 30.775 billion yuan [3][5] - Nanjing's 8 companies in the "2025 China Private Enterprises Top 500" include: Jiangsu Manyun Software Technology Co., Ltd., Hongyang Group Co., Ltd., Huitongda Network Co., Ltd., Suning.com Group Co., Ltd., Hongyang Group Co., Ltd., Nanjing Golden Eagle International Group Co., Ltd., Jiangsu Yingtai Supply Chain Group Co., Ltd., and Nanjing Xinhua Sea Technology Industry Group Co., Ltd. [3][5] Financial Performance - The total revenue of the 10 companies on the list reached 413.773 billion yuan in 2024, with 4 companies exceeding 50 billion yuan in revenue [5][6] - The total tax contribution was 12.511 billion yuan, with 4 companies paying over 1 billion yuan in taxes [5][6] - The total employment generated by these companies was 49,400, with 6 companies employing over 3,000 people [5][6] Research and Development - The companies are increasing R&D investments, with total R&D spending reaching 1.55 billion yuan and employing 3,287 R&D personnel, resulting in 922 effective domestic invention patents [6][9] Industry Distribution - The companies span various sectors, including software and information technology, intelligent manufacturing, modern services, and trade circulation, showcasing the diverse structure and vibrant dynamics of Nanjing's private economy [6][9] Digital Transformation - Companies like Huitongda are leveraging AI and digital technologies to enhance supply chain efficiency, with their self-developed "Qiancheng Cloud AI" model covering thousands of rural member stores [9][10] - Nanjing High-Speed Gear Manufacturing Co., Ltd. integrates digital technology with gearboxes, creating a health monitoring IoT platform [9][10] - Suning.com is expanding its presence in core urban areas with new product launches and smart home experience zones [9][10] Company Profiles - Nanjing Golden Foil Holdings has been on the "Top 500 Private Manufacturing Enterprises" list for nine consecutive years, emphasizing its commitment to practical industry and innovation [10][12] - Nanjing Golden Eagle International Group, established in 1992, has diversified into real estate development, trade circulation, hotel operations, and property services [12][14] - Hongyang Group has built a modern enterprise system integrating commercial operations, real estate development, and property services [13][14] Policy Support - Nanjing is actively implementing policies to promote the high-quality development of the private economy, signaling strong support for innovation and growth in the sector [14]

Core Insights - The company reported a high-quality interim performance for the first half of 2025, achieving an operating profit of 356 million RMB, a year-on-year increase of 15.9%, and a net profit attributable to shareholders of 139 million RMB, up 10.8% year-on-year [1][2] - The gross profit margin improved to 4.6%, reflecting a 31.4% year-on-year increase, marking the highest levels in the company's history [1][2] - The company's "AI+" strategy has led to AI-related revenue accounting for over 20% of service revenue, estimated at over 60 million RMB, with store operational efficiency improving by over 30% and inventory turnover cycles shortened by 15% to 20% [1][3] Financial Performance - The gross profit margin increased by 1.1 percentage points to 4.6%, and operating cash flow reached 412 million RMB, a significant increase of 65.7% year-on-year [2] - The sales scale of high-margin proprietary brands exceeded 80 million RMB, representing a 490% year-on-year increase, showcasing strong business expansion capabilities [2] Strategic Developments - The company has transitioned from "SaaS+" to "AI+" as part of its strategic upgrade, with the original SaaS platform fully upgraded to "Qiancheng AI Super Store Manager," deploying over 24 intelligent agents capable of automating over 60% of daily management tasks in retail stores [2][3] - The partnership with Alibaba Cloud, established in August, aims to leverage both companies' strengths to create AI-driven digital solutions for rural commerce, enhancing sales and profitability for stores [4][6] AI Implementation and Impact - The "Qiancheng Cloud AI" model has rapidly advanced, integrating mainstream models and launching significant updates to the AI platform, with commercial promotion starting in May [3][4] - The implementation of AI tools has resulted in an average operational efficiency improvement of over 30% for member stores and a 15% increase in inventory turnover rates [3][6] Future Outlook - The collaboration with Alibaba Cloud is expected to open new growth avenues, focusing on AI-driven service revenue growth and optimizing the service revenue structure [6] - The company is transitioning from a "business optimization phase" to a "value release phase," with a clear strategic path to enhance AI capabilities and drive comprehensive store intelligence [6]

Core Insights - The National Federation of Industry and Commerce released the lists of the top 500 private enterprises in China for 2025, with Jiangsu province having 90, 82, and 15 companies in the respective categories of overall private enterprises, manufacturing private enterprises, and service private enterprises, showing increases from the previous year [1][2]. Group 1: Jiangsu's Economic Contribution - Jiangsu's private economy contributed a value-added of 7.98 trillion yuan in 2024, accounting for 58.2% of the province's GDP, highlighting its significant role in the economy [1]. - Jiangsu ranked second nationally in the number of companies included in the 2025 top 500 private enterprises list, with 71 from southern Jiangsu, 11 from central Jiangsu, and 8 from northern Jiangsu [1]. Group 2: Company Performance - Among the top 500 private enterprises, 11 companies in Jiangsu reported revenues exceeding 100 billion yuan, an increase of one from the previous year [1]. - The total R&D investment of the listed companies reached 75.17 billion yuan, with 83,000 R&D personnel and 24,000 effective domestic invention patents, representing increases of 7.5%, 5.1%, and 32.6% respectively compared to the previous year [1]. Group 3: Tax Contributions and Employment - The total tax contribution of the listed companies amounted to 135.36 billion yuan, with 28 companies paying over 1 billion yuan in taxes annually [1]. - The total employment generated by these companies reached 1.306 million [1].