Summary of the Conference Call for 联易融科技 Company Overview - 联易融科技 is a leading supply chain financial technology solution provider in China, with a service asset scale of RMB 411.2 billion in 2024, representing a year-on-year growth of 28% and a market share of 21.1%, ranking first in the industry [2][3][5]. Financial Performance - Revenue for 2024 reached RMB 1.03 billion, up 19% year-on-year, with a gross margin increase to 70%, reflecting a 36% growth in gross profit, which outpaced the growth rates of scale and revenue [2][3]. - The company has a cash reserve of RMB 5.1 billion and a price-to-book ratio of only 0.3, indicating a high safety margin and significant undervaluation relative to its market value of over RMB 30 billion [3]. Business Segments - The company operates through three main business segments: Core Enterprise Cloud, Financial Institution Cloud, and Cross-border Cloud [2][7]. - **Core Enterprise Cloud**: Achieved a steady growth of 34%, with multi-level circulation business accounting for over 60%, growing by 52% year-on-year [2][7]. - **Financial Institution Cloud**: Expanded from payable ABS to receivable ABS, doubling transaction volume, with the WindLink AI agent product contributing over RMB 20 million in revenue [2][8]. - **International Business**: Collaborated with cross-border e-commerce platforms like Amazon and Shopee, establishing offices in the UK, India, the US, and Singapore, and forming a joint venture with Standard Chartered Bank [2][9]. Technological Innovations - The company has been deeply involved in blockchain technology, developing the underlying chain Be Trust and launching digital trade token platforms (DTT) and asset-backed tokenization platforms (ABT) to enhance global supply chain trade efficiency [4][12][14]. - The DTT platform allows conditional payments through smart contracts, while the ABT platform tokenizes real-world assets for investment [15][17]. Market Position and Strategy - The company plays a crucial role in connecting core enterprises, financial institutions, and small and micro enterprises, with a customer retention rate of 99% [5]. - Future strategies include deepening cooperation with digital banks and exploring digital token projects in the Web 3.0 space, while expanding international markets [10]. Regulatory and Market Outlook - The company is preparing to support various stablecoins, which are expected to play a significant role in trade finance, enhancing payment conditions and integrating with accounts receivable financing [23][27]. - The development of stablecoins is anticipated to create new service opportunities and enhance the efficiency of cross-border trade [24][25]. Key Partnerships and Projects - Significant collaborations include projects with Standard Chartered Bank and participation in initiatives like Project Dynamo and Project Guardian, focusing on asset tokenization and trade finance [13][21]. Conclusion - Overall, 联易融科技 is positioned strongly in the supply chain finance sector, with robust financial performance, innovative technology applications, and strategic international expansions, while also preparing for the evolving landscape of digital currencies and stablecoins [2][10][27].

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Core Viewpoint - The rebound of Hong Kong stocks related to stablecoins, with notable increases in share prices for several companies in the sector [1] Group 1: Company Performance - Lianyi Technology (09959.HK) saw a rise of 5.77% [1] - Lianlian Digital (02598.HK) increased by 3% [1] - ZhongAn Online (06060.HK) experienced a gain of 1.21% [1]

近期，金融科技迎来了久违地爆发，凡是沾上"稳定币"概念的公司都原地起飞。 其中，联易融科技于6月2日单日暴涨15.57%，并于6月3日再度延续涨势，成为本轮稳定币行情的核心 标的之一。 这场资本盛宴的导火索，与中国香港、美国、英国等地相继推出稳定币监管框架密不可分。尤其是中国 香港《稳定币条例草案》于5月21日正式通过，未来有望带动更多合规稳定币项目落地香港，能丰富香 港的稳定币产业链生态，带动链上企业加速发展。 一、政策红利属于合规企业 要弄清楚其中逻辑，首先要明确什么是"稳定币"? 联易融科技恰恰是既具备前瞻眼光，又坚持合规发展的企业之一。 早在2019年，联易融便联手绿地金融斩获新加坡数字银行牌照（绿联银行），成为服务加密货币生态的 持牌机构。 该银行在新加坡主要服务数字资产客户，且其拟拓展香港业务，未来在申请香港稳定币发行牌照时更具 优势，有助于联易融科技更快打通稳定币发行的关键通道，赢得重要的时间窗口。 2021年，联易融科技与渣打集团共建区块链贸易金融平台，覆盖跨境融资、结算场景。2023年，联易融 同国际清算银行创新中心、渣打银行、圆币科技与西盟斯联合启动Project Dynamo，将国际贸易 ...

Group 1 - The Hong Kong Legislative Council officially passed the Stablecoin Regulation Draft on May 21, 2023, following the U.S. Senate's passage of the GENIUS Act on May 20, 2023, indicating a growing regulatory framework for stablecoins in regions like Hong Kong, the U.S., and the U.K. [1] - On June 2, 2023, the Hong Kong fintech sector experienced explosive growth, with the stock price of Lianyi Rong (09959) surging over 15% by the end of the trading day [1]. - Lianyi Rong has proactively positioned itself in cross-border business, having obtained a digital banking license in Singapore in partnership with Greenland Financial, aiming to serve a broad cryptocurrency ecosystem [1]. Group 2 - In 2023, the Monetary Authority of Singapore released a Digital Currency White Paper and launched the "Project Guardian" pilot project, with Lianyi Rong's asset tokenization pilot project being a key component [2]. - Lianyi Rong, in collaboration with Standard Chartered Bank, successfully issued the industry's first trade asset-backed tokenized product, which is now listed on Singapore Exchange's digital bond (sandbox) platform [2]. - In 2024, Lianyi Rong co-founded SuperFi Labs, a DeFi innovation lab aimed at building next-generation consumer products on-chain, focusing on RWA products and DeFi offerings [2]. - With the ongoing boom in the stablecoin market, Lianyi Rong is expected to leverage its deep expertise and innovative capabilities in the digital currency space for greater development opportunities [2].

Group 1 - The core viewpoint of the news highlights the performance and financial metrics of Lianyi Rong Technology-W, including its stock price movement and financial results for the year ending December 31, 2024 [1] - As of June 2, the Hang Seng Index fell by 0.57%, while Lianyi Rong Technology-W's stock price increased by 15.57% to HKD 1.41 per share, with a trading volume of 41.12 million shares and a turnover of HKD 56.80 million [1] - Lianyi Rong Technology-W's total revenue for the year is projected to be CNY 1.031 billion, representing a year-on-year growth of 18.83%, but the net profit attributable to shareholders is expected to be a loss of CNY 0.835 billion, a decrease of 89.33% year-on-year [1] Group 2 - Lianyi Rong Technology was established in February 2016 with support from early investors like Tencent and has become the first listed Chinese supply chain financial technology SaaS company on the Hong Kong Stock Exchange [2] - The company has maintained the number one market share in China's third-party supply chain financial technology solutions for five consecutive years, focusing on advanced technologies such as AI, blockchain, cloud computing, and big data [2] - As of December 31, 2024, Lianyi Rong has served supply chain assets exceeding CNY 1.5 trillion and partnered with over 2,533 core enterprises and financial institutions, covering 29 provinces and regions in China and 27 countries globally [2]

Financial Performance - Total revenue for 2024 reached RMB 1,031,173,000, an increase of 18.8% compared to RMB 867,764,000 in 2023[9] - Gross profit for the year was RMB 717,273,000, reflecting a 36.2% increase from RMB 526,515,000 in the previous year, with a gross margin of 69.6%[9] - The company reported a net loss attributable to equity shareholders of RMB 835,381,000, a significant increase of 89.3% from RMB 441,240,000 in 2023[9] - The adjusted loss for the year (non-IFRS) was RMB 679,270,000, representing a 134.8% increase from RMB 289,272,000 in the previous year[9] - The company's revenue and earnings amounted to RMB 10.31 billion, reflecting a year-on-year growth of 19%[18] - Revenue from core enterprise cloud solutions rose by 26.7% from RMB 523.9 million in 2023 to RMB 663.7 million in 2024, driven by an increase in supply chain assets processed[38] - Revenue from financial institution cloud solutions grew by 2.4% from RMB 299.7 million in 2023 to RMB 306.9 million in 2024, despite a decrease in assets processed by e-chain cloud[38] - The company recorded losses of RMB 835.5 million and RMB 443.3 million for the years ended December 31, 2024, and 2023, respectively[61] - Adjusted losses (non-IFRS) for the year ended December 31, 2024, were RMB 679.3 million compared to RMB 289.3 million for the year ended December 31, 2023[64] Customer Metrics - The number of core enterprise customers increased by 59.3% to 962 from 604 in 2023, indicating strong customer acquisition[11] - The customer retention rate improved to 96%, up from 86% in the previous year, showcasing enhanced customer loyalty[11] - The number of core enterprise and financial institution clients increased by 51% to 1,108, with 373 new clients added in 2024[19] - The overall customer retention rate rose from 86% in 2023 to 96% in 2024[19] Supply Chain Assets - The total amount of supply chain assets processed by the company's technology solutions reached RMB 411,210.8 million, a 27.7% increase from RMB 321,977.0 million in 2023[16] - In 2024, the total supply chain assets processed by the company's technology solutions reached RMB 411.2 billion, a year-on-year increase of 28%[18] - The sustainable supply chain asset scale served by the company reached RMB 37.1 billion, a substantial year-on-year increase of 93%[23] - The multi-level circulation cloud business processed supply chain assets totaling RMB 2,073 billion in 2024, reflecting a significant year-on-year growth of 52%[25] - The ABS cloud business saw a total of RMB 542 billion in supply chain assets processed in 2024, marking a substantial year-on-year increase of 101%[26] - The cross-border cloud business processed supply chain assets totaling RMB 207 billion in 2024, achieving a year-on-year growth of 64%[27] - The company processed over RMB 50 billion in supply chain asset transactions across 14 industries for core enterprise clients and partners in 2024[31] Technological Innovations - The company is focusing on technological innovations, particularly in AI, to drive efficiency and value creation in the supply chain finance sector[17] - The company anticipates that supply chain finance will become a key driver for global industrial chain upgrades, supported by macroeconomic resilience and policy incentives[17] - The newly launched lightweight supply chain financial AI product "BeeLink AI" has been successfully deployed in multiple financial institutions[22] Operational Costs and Expenses - Research and development expenses decreased by 9.6% from RMB 365.8 million in 2023 to RMB 330.8 million in 2024, mainly due to a reduction in share-based incentives[42] - Total operating costs decreased by 8.0% from RMB 341.2 million in 2023 to RMB 313.9 million in 2024, due to optimized product structure[40] - Sales and marketing expenses increased by 8.1% from RMB 137.8 million for the year ended December 31, 2023, to RMB 149.0 million for the year ending December 31, 2024, primarily due to increased salaries and business development costs related to customer expansion[43] - Administrative expenses remained stable at RMB 207.7 million for the year ended December 31, 2023, and are projected to be RMB 208.1 million for the year ending December 31, 2024[44] - Equity incentive expenses decreased by 89.4% from RMB 78.1 million for the year ended December 31, 2023, to RMB 8.3 million for the year ending December 31, 2024, mainly due to a reduction in unvested equity incentives[45] Impairment and Losses - Impairment losses increased significantly from RMB 214.4 million for the year ended December 31, 2023, to RMB 640.3 million for the year ending December 31, 2024, primarily due to credit impairment of financial assets[47] - Major impairment losses included RMB 445.1 million from receivables related to core enterprise payments and RMB 176.5 million from supply chain assets[47] - The company recorded other net losses of RMB 58.7 million for the year ending December 31, 2024, compared to net gains of RMB 58.7 million for the year ended December 31, 2023, due to decreased interest income and government subsidies[56] - Operating losses increased from RMB 340.6 million for the year ended December 31, 2023, to RMB 669.7 million for the year ending December 31, 2024[57] Strategic Acquisitions and Growth - The company is exploring external growth strategies through strategic acquisitions to enhance market competitiveness and operational efficiency[29] - The acquisition of Bait Technology will enrich the company's product matrix and extend its solutions from supply chain financing to treasury management systems[30] - The company plans to focus on "AI + industrial finance" and strategic acquisition opportunities to create new growth curves[34] Governance and Compliance - The company has complied with relevant laws and regulations that significantly impact its business as of December 31, 2024[94] - The company has obtained appropriate directors' liability insurance since its listing date[115] - The independent auditor, KPMG, confirmed that the disclosed continuing connected transactions were conducted on normal commercial terms or more favorable terms[158] - The company has demonstrated sincere efforts to comply with applicable laws and regulations regarding its business operations, including commercial factoring and asset securitization[149][150] Shareholder Information - The board proposed a final special dividend of HKD 0.03 per share for the year ending December 31, 2024, subject to shareholder approval at the annual general meeting scheduled for June 17, 2025[112] - As of December 31, 2024, the company's distributable reserves amounted to RMB 7,975.1 million, a decrease from RMB 8,710.5 million as of December 31, 2023[116] - The company has a dual-class share structure that allows different voting rights beneficiaries to exert significant influence over company affairs, which may not align with the interests of other shareholders[184] - The company emphasizes the potential risks associated with investing in companies with different voting rights structures, urging investors to consider these risks carefully[184] Management and Experience - The company has a total of 31 years of experience in finance, internet, and technology industries, with the CEO having held senior positions at major banks[162] - The company’s president has nearly 30 years of experience in the financial industry, previously working at China Construction Bank and China Resources Bank[163] - The company’s risk management is overseen by a vice-chairwoman with nearly 40 years of experience in the financial sector, including roles at major banks[165] - The company’s board includes members with extensive backgrounds in investment and mergers, particularly from Tencent Group[168]

Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [4][12]. Core Insights - The company achieved a revenue of 1.0317 billion yuan in 2024, representing a year-on-year increase of 18.8%. However, it reported a net loss attributable to shareholders of 835 million yuan, with an adjusted net loss of 679 million yuan [1][11]. - The company's gross margin improved to 69.6%, up by 8.9 percentage points year-on-year, despite significant impairment losses of 640 million yuan, which increased by 199% due to rising credit risks in historical bridge supply chain assets [8][12]. - The company is focusing on AI technology to enhance its supply chain financial services, launching the LDP-GPT model and the AI Agent "蜂联 AI" to improve operational efficiency and expand service coverage [8][12]. Summary by Sections Financial Performance - In 2024, the company facilitated financing of 389.54 billion yuan in supply chain financial technology, a year-on-year increase of 26.2%. The commission rate slightly decreased to 0.25% [8][9]. - The electronic debt certificate business facilitated financing of 2,603.3 billion yuan, up 19.8% year-on-year, with a strong growth of 51.5% in multi-level circulation cloud financing [3][8]. - The asset securitization business saw a financing amount of 1,292.1 billion yuan, a 41.4% increase, driven by partnerships with leading industry players [3][8]. Business Development - The company has expanded its core enterprise customer base to 2,156, a 23% increase from the first half of 2024, with a customer retention rate of 96% [9][12]. - The cross-border cloud financing segment achieved a financing amount of 20.68 billion yuan, reflecting a 63.6% year-on-year growth, supporting small and medium-sized enterprises in digital cross-border trade financing [9][12]. Future Outlook - The company plans to strategically acquire BaiTe Technology, which is expected to be included in the consolidated financial statements in 2025, enhancing its service offerings [12]. - The adjusted earnings per share (EPS) forecast for 2025 is projected at -0.05 yuan, with expectations of gradual profitability improvement in subsequent years [11][12].

Core Financial Performance - The company reported a revenue of approximately 1.031 billion RMB, representing a year-on-year growth of 19% [1] - Gross profit reached around 717 million RMB, with a significant increase of 36.2% compared to the previous year [1] - The gross margin improved from 60.7% to 69.6% due to product structure optimization and enhanced operational efficiency [1] - As of December 31, 2024, the total cash and cash equivalents, along with restricted cash, amounted to 5.072 billion RMB [1] Strategic Focus and Client Expansion - The company implemented a dual development model of "strategic focus + innovation-driven" to enhance operational quality amid macroeconomic fluctuations [1] - In 2024, the company added 373 new core enterprise and financial institution clients, increasing the total client count by 51% to 1,108 [2] - The number of new core enterprise clients grew by 59% year-on-year, totaling 358, focusing on sectors like "infrastructure + new energy + advanced manufacturing" [2] - The overall client retention rate improved from 86% in 2023 to 96% in 2024, with a retention rate of 99% in multi-level circulation cloud business [2] Product Innovation and Market Development - The company accelerated product innovation and market breakthroughs, achieving a 101% year-on-year growth in ABS cloud business transaction volume [3] - It successfully launched the first technology property asset-backed notes in the country and facilitated the issuance of the first green asset-backed special plan in the Greater Bay Area [3] - The company is advancing "de-core" business models, enabling upstream and downstream SMEs to obtain financing without core enterprise payment confirmation [3] AI Technology and Applications - The company has established a comprehensive AI technology matrix focused on the supply chain finance sector, enhancing its core technology solutions [4] - The LDP-GPT model was developed to adapt general AI capabilities to supply chain finance scenarios, leading to the launch of the first lightweight supply chain finance AI agent, "BeeLink AI" [4] - "BeeLink AI" has been successfully deployed in multiple financial institutions, showcasing the effectiveness of the company's strategy to reconstruct the production and finance value chain using AI [4] - The product won the "Best AI Technology" award from The Asian Banker in 2024, indicating significant recognition in the industry [4]

Financial Performance - The company's revenue for the year ended December 31, 2024, reached RMB 1,031.2 million, representing an 18.8% increase compared to RMB 867.8 million in 2023[4]. - The gross profit for the same period was RMB 717.3 million, a 36.2% increase from RMB 526.5 million in 2023, with a gross margin improvement from 60.7% to 69.6%[4][10]. - The adjusted net loss for 2024 was RMB 679.3 million, a significant increase of 134.8% from RMB 289.3 million in 2023[4][10]. - The company reported a net loss of RMB 835.5 million for the year ended December 31, 2024, compared to a net loss of RMB 443.3 million in 2023[36]. - The operating loss increased from RMB 340.6 million in 2023 to RMB 669.7 million in 2024[36]. - The company reported a pre-tax loss of RMB 640,297,000 for 2024, significantly higher than the RMB 214,437,000 loss in 2023, reflecting increased impairment losses[142]. - The basic loss per share for the year was RMB 0.410, compared to RMB 0.208 in 2023, indicating a deterioration in earnings per share[112]. Customer Growth and Retention - The total number of core enterprise customers increased by 59.3% to 962, while the total number of financial institution customers rose by 11.5% to 146[5][12]. - The customer retention rate improved from 86% in 2023 to 96% in 2024, indicating enhanced customer loyalty[5][12]. - The company added 373 new core enterprise and financial institution customers in 2024, marking a 51% increase in total customer count to 1,108[12]. - The company added 370 new multi-level circulation cloud customers in 2024, bringing the total customer count to 928[22]. Technology and Innovation - The company launched the industry's first lightweight supply chain financial AI product, "BeeLink AI," which won the "Best AI Technology" award from The Asian Banker in 2024[16]. - In 2024, the company achieved a significant growth of 101% year-on-year in ABS cloud business transaction scale, driven by the successful implementation of innovative accounts receivable products[13]. - The company plans to continue expanding and optimizing its supply chain financial technology solutions to serve a broader range of customers[128]. - The company has introduced new products under its business segments to enhance service offerings within the supply chain ecosystem[128]. Financial Technology Solutions - The total supply chain assets processed by the company's technology solutions reached RMB 411.2 billion, a 28% increase year-on-year[10]. - The company's supply chain financial technology solutions generated a total financing amount of RMB 389.5 billion, reflecting a 26.2% growth compared to RMB 308.6 billion in 2023[7]. - The total supply chain assets processed by the company in 2024 reached RMB 3,895 billion, representing a year-on-year increase of 26%[19]. - The company processed RMB 750 billion in supply chain assets through AMS cloud business in 2024, marking a 16% year-on-year growth despite an 18% decline in the overall market[21]. Impairment and Losses - The company's impairment losses surged from RMB 214.4 million in 2023 to RMB 640.3 million in 2024[52]. - The company recorded significant impairment losses of RMB 445.1 million related to credit-impaired financial assets, primarily from accounts receivable from core enterprises[54]. - The impairment provision for receivables from core enterprises rose significantly from RMB 154,320 thousand in 2023 to RMB 599,382 thousand in 2024, an increase of about 288%[174]. - The total credit loss provisions amounted to RMB 599,382,000, with a significant increase in Stage 2 provisions to RMB 599,271,000[176]. Cash and Assets Management - Cash and cash equivalents, along with restricted cash, totaled RMB 5,072 million as of December 31, 2024[10]. - The company’s cash flow from operations was impacted by the repayment agreements with core enterprises, which involved RMB 136,884,000 in securities to settle RMB 168,096,000 in supply chain assets[156]. - The total current financial assets measured at fair value decreased to RMB 458,442,000 in 2024 from RMB 987,741,000 in 2023, a decrease of 53.7%[159]. - The company’s total current assets, including receivables, decreased from RMB 2,268,948 thousand in 2023 to RMB 1,813,746 thousand in 2024, a decrease of about 20%[171]. Strategic Initiatives - A strategic acquisition agreement was signed with Shenzhen Bait Technology Co., Ltd., which will enhance the company's product matrix and integrate technology advantages and customer resources[30]. - The company aims to leverage breakthroughs in AI to reshape the supply chain finance landscape and create new growth curves through innovative product applications and strategic acquisitions[34]. - The company will maintain a prudent approach in selecting acquisition targets to maximize shareholder value[29]. Awards and Recognition - The company was recognized with multiple awards for its ESG performance, including a "Low Risk" rating from Sustainalytics for three consecutive years[18]. - The company successfully issued the first green asset-backed special plan in the Greater Bay Area, showcasing its commitment to innovative financing solutions[13]. Employee and Operational Metrics - The company had a total of 726 employees as of December 31, 2024, with 402 in R&D, 138 in sales and marketing, and 186 in general administration[92][93]. - Employee costs for 2024 totaled RMB 387,030,000, a decrease from RMB 417,522,000 in 2023, with R&D expenses accounting for RMB 161,625,000[139]. - The company’s employee costs included RMB 108,470,000 in administrative expenses for 2024, down from RMB 123,358,000 in 2023, showing a focus on cost management[139].