智通财经APP讯，联易融科技-W(09959)发布公告，于2025年9月2日斥资983.9万港元回购股份367万 股，每股回购价格为2.62-2.72港元。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 聯易融科技集團（於開曼群島註冊成立以不同投票權控制的有限公司) 呈交日期： 2025年9月2日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | | 不同投票權架構公司普通股 | 股份類別 B | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | | 09959 | 說明 普通股 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | ...

联易融科技-W(09959)发布公告，于2025年9月1日该公司斥资60.52万港元回购23.35万股，回购价格为每 股2.57-2.61港元。 ...

格隆汇9月1日丨联易融科技-W(09959.HK)公告，9月1日耗资60.5万港元回购23.4万股。 ...

Group 1 - The company, Lianyi Rong Technology-W (09959), announced a share buyback plan [1] - The total amount allocated for the buyback is HKD 605,200 [1] - The company plans to repurchase 233,500 shares at a price range of HKD 2.57 to HKD 2.61 per share [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 聯易融科技集團（於開曼群島註冊成立以不同投票權控制的有限公司) 呈交日期： 2025年9月1日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 B | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 09959 | 普通股 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫 ...

Core Viewpoint - The global economy in the first half of 2025 is characterized by a strong demand for cost reduction and efficiency improvement among enterprises, with a notable increase in the financing cost sensitivity of small and medium-sized enterprises (SMEs) reaching a three-year high. In this context, the digital tools of Lianyi Rong Technology have gained significant traction, with the multi-level circulation cloud processing asset scale surging by 54% to 133.2 billion yuan, validating the counter-cyclical law that "the more volatile the economy, the more rigid the demand for inclusive finance" [1][2]. Group 1: Core Business Growth - The supply chain financial technology solutions remain the revenue cornerstone for Lianyi Rong Technology, facilitating financing of 198.7 billion yuan in the first half of the year, a year-on-year increase of 27.4%. The multi-level circulation cloud processed supply chain assets amounting to 133.23 billion yuan, a year-on-year surge of 54.4%, accounting for 65% of the group's total business volume [2]. - The multi-level circulation cloud addresses the financing difficulties faced by SMEs through digital means, enhancing the demand for low-cost financing amid rising financing cost sensitivity. This explains the continued rapid growth of the multi-level circulation cloud despite overall revenue pressure [2]. - The company has also made significant progress in its cloud-based financial institution layout, with ABS cloud processing asset scale increasing by 166.3% year-on-year to 9.6 billion yuan, demonstrating a dual-driven effect between core enterprises and financial institutions [2]. Group 2: Cross-Border Financial Expansion - Lianyi Rong Technology has achieved breakthroughs in cross-border financial expansion, with cross-border cloud financing amounting to 4.84 billion yuan in the first half of 2025, a year-on-year increase of 13.9%. The company collaborates with 12 global platforms, serving over 1,100 SMEs, and provides comprehensive financing solutions for Chinese enterprises going abroad [3]. - The strategic approach of "early layout and deep cultivation of scenarios" not only helps SMEs solve cross-border financing challenges but also opens up significant market space amid the trend of Chinese industries going global. Cross-border business is expected to become Lianyi Rong Technology's "second growth curve" [3]. - As of the end of June, the company has partnered with 2,565 core enterprises and 389 financial institutions, with a net increase of 244 core enterprise clients in the first half of the year, raising the customer retention rate from 96% to 99% [3]. Group 3: AI and Digital Asset Strategy - Lianyi Rong Technology's investment in AI and digital assets is seen as a future growth engine, with the self-developed vertical model LDP-GPT making significant progress. The "Fenglian AI" intelligent agent has been deployed in over 10 scenarios, including intelligent auditing and registration, across more than 30 financial institutions [4]. - The company has been building a compliant stablecoin ecosystem since obtaining a digital banking license in Singapore in 2019, and has established a joint venture with Standard Chartered to create a comprehensive digital trade finance platform [4]. - In 2023, Lianyi Rong Technology participated in the "Project Guardian" led by the Bank for International Settlements and Standard Chartered, successfully piloting the issuance of the industry's first tokenized product supported by trade assets [4]. Group 4: Financial Health and Shareholder Returns - Despite showing some interim losses in mid-2025, Lianyi Rong Technology demonstrates a strong "margin of safety" through business transformation, financial stability, and shareholder return strategies. The company has optimized its business structure by divesting low-efficiency segments and focusing on high-growth areas [7]. - As of June 30, 2025, the company had cash and cash equivalents totaling 5.38 billion yuan, significantly exceeding its short-term liabilities, providing a liquidity buffer against macroeconomic fluctuations [8]. - The company announced a share repurchase plan of no less than 80 million USD (approximately 624 million HKD) over the next 12 months, representing about 11% of its current market value, indicating management's confidence in the company's intrinsic value [9].

Group 1 - The company has cleared historical burdens and has promising growth potential, with a total supply chain asset handling of 203.6 billion yuan in H1 2025 [1] - The revenue and profit for the group were 375 million yuan, reflecting a year-on-year decrease of 9.3%, but the business structure continues to optimize [1] - The gross margin has decreased to 56.0% due to adjustments in customer and product mix, as well as pricing strategy optimization under market competition [1] Group 2 - The core business, particularly the multi-level circulation cloud, has shown rapid growth, handling a total of 133.2 billion yuan in supply chain assets in H1 2025, representing a year-on-year increase of 54.4% [2] - The AMS cloud faced short-term pressure, with a total of 29.9 billion yuan in supply chain assets, down 20.2% year-on-year, primarily due to a sluggish securitization market [2] - The ABS cloud in the financial institution sector saw significant growth, handling 9.6 billion yuan in supply chain assets [2] Group 3 - The company is accelerating its global layout, achieving double-digit growth in cross-border cloud asset scale and revenue, with revenue reaching 26 million yuan, up 20.3% year-on-year [3] - In the digital asset sector, the company is exploring compliant stablecoins and multi-chain technology applications, leveraging its international headquarters in Singapore [3] - The company has launched the DTT digital trade token in collaboration with BIS and Standard Chartered, and has completed the first trade asset tokenization product in the industry [3] Group 4 - The company has a strong cash reserve of 5.378 billion yuan and has committed to a share buyback of no less than 80 million USD in the next 12 months, signaling confidence [3] - The target price has been raised to 4.0 HKD, maintaining a buy rating due to strong core business growth momentum and ongoing optimization of customer quality and global layout [3]

Core Viewpoint - 联易融科技 reported a decline in revenue and net profit for the first half of 2025, indicating challenges in the current market environment and a shift in product strategy [1][2]. Financial Performance - In 25H1, the company achieved operating revenue of 375 million yuan, a year-on-year decrease of 9.3% [1] - The adjusted net profit was -372 million yuan, compared to -189 million yuan in 24H1 [1] - The gross margin fell to 56.0%, down 14.9 percentage points year-on-year, primarily due to changes in product structure and a more flexible pricing strategy [1] Share Buyback and Confidence - The company announced a commitment to repurchase at least 80 million USD of B-class shares within the next 12 months, reflecting confidence in its future [1] - In June 2025, the company canceled 148 million shares previously repurchased [1] Supply Chain Financial Technology Growth - The financing amount facilitated by supply chain financial technology reached 198.72 billion yuan in 25H1, a year-on-year increase of 27.4%, driven mainly by the multi-level circulation cloud [2] - The commission rate decreased by 0.07 percentage points to 0.18% [2] Business Segment Performance - Electronic debt certificate business facilitated financing of 159.22 billion yuan, up 38.6% year-on-year, with multi-level circulation cloud financing amounting to 133.23 billion yuan, a 54.4% increase [2] - Asset securitization business facilitated financing of 39.5 billion yuan, down 3.8% year-on-year, with AMS cloud financing at 29.87 billion yuan, down 20.2% [3] - Cross-border cloud financing reached 4.84 billion yuan, up 13.9% year-on-year, supporting Chinese enterprises' overseas expansion [3] Long-term Strategic Initiatives - The company is developing a programmable trade token and a trade finance asset tokenization platform, aiming to capitalize on the growing demand for digital assets [4] - As of 25H1, the company collaborated with 2,565 core enterprises and 389 financial institutions, with a 25% increase in core enterprise clients [4] Investment Outlook - The company is positioned as a leading third-party supply chain financial technology solution provider with a light asset operating model [5] - The anticipated recovery in the real estate sector and growth in non-real estate businesses are expected to drive future performance [5] - Adjusted earnings per share (EPS) forecasts for 2025/2026/2027 are -0.15/0.06/0.09 yuan, with a target price of 3.49 HKD based on a 7x price-to-sales (PS) valuation for 2025 [5]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [4][10]. Core Insights - The company reported a revenue of 375 million yuan for the first half of 2025, a decrease of 9.3% year-on-year, with a net profit attributable to shareholders of -380 million yuan [1][8]. - The company plans a significant share buyback of at least 80 million USD over the next 12 months, reflecting confidence in its future performance [8][9]. - The international business is expected to create a second growth curve, with cross-border financing reaching 4.84 billion yuan, up 13.9% year-on-year [9]. Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 375 million yuan, down 9.3% year-on-year, and an adjusted net profit of -372 million yuan [1][8]. - The gross margin decreased to 56.0%, down 14.9 percentage points year-on-year, primarily due to changes in product structure and a more flexible pricing strategy [8][9]. Business Segments - **Electronic Debt Certificate Business**: Financing amount reached 159.22 billion yuan, up 38.6% year-on-year, driven by strong growth in multi-level circulation cloud financing [3]. - **Asset Securitization Business**: Financing amount was 39.5 billion yuan, down 3.8% year-on-year, with a notable increase in ABS cloud financing, which rose by 166.3% [3]. Growth Drivers - The company is focusing on expanding its core enterprise customer base, with a 19% increase in partnerships, and a 25% increase in core enterprise clients [9]. - The stablecoin business is positioned for long-term growth, with initiatives like the programmable trade token DTT and the trade finance asset tokenization platform ABT [9]. Future Outlook - The company expects to see a gradual recovery in profitability, with adjusted EPS forecasts of -0.15 yuan for 2025, -0.06 yuan for 2026, and 0.09 yuan for 2027 [10]. - The target price is set at 3.49 HKD, based on a 7x PS valuation for 2025 [4][10].