Investment Rating - The report maintains a "Buy" rating for the company with a target price raised to HKD 4.0, indicating a potential upside of 45% from the current price of HKD 2.8 [4][8]. Core Insights - The company has released historical impairment pressures and is positioned for future growth, with a total supply chain asset volume of CNY 203.6 billion expected by H1 2025, driven by strong performance in its multi-level circulation cloud segment [2]. - Despite a year-over-year revenue decline of 9.3% to CNY 375 million, the company is optimizing its business structure and maintaining a cautious impairment provision strategy, resulting in an adjusted net loss of CNY 372 million [2][3]. - The company has committed to a share buyback of no less than USD 8 million in the next 12 months, reflecting its focus on shareholder returns [2][4]. Financial Performance - For the fiscal year ending December 31, 2023, the company reported total revenue of CNY 867.76 million, a decrease of 6.1% from the previous year, with a projected revenue of CNY 1.03 billion for 2024 [6][10]. - The adjusted net profit for 2023 was a loss of CNY 286.27 million, with forecasts indicating a continued loss of CNY 748.18 million in 2024, but a return to profitability is expected by 2026 with a net profit of CNY 171.95 million [6][10]. - The company’s gross margin is projected to improve significantly, reaching 80.3% by 2026, up from 60.7% in 2023 [10]. Business Segments - The core business, particularly the multi-level circulation cloud, is expected to handle supply chain assets totaling CNY 1.332 trillion by H1 2025, marking a year-over-year growth of 54.4% [3]. - The AMS cloud segment is currently under pressure, with a 20.2% decline in supply chain asset handling to CNY 29.9 billion, primarily due to market conditions [3]. - The company is also expanding its global footprint, with cross-border cloud assets and revenues growing by 20.3% to CNY 26 million, driven by increased financing and service fees [4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 3.45 HKD, indicating a potential upside of 25.0% from the recent closing price of 2.76 HKD [6][12]. Core Insights - The company experienced a revenue decline of 9.3% year-on-year in H1 2025, with total revenue reaching 3.75 billion RMB. The gross margin decreased significantly from 70.9% in H1 2024 to 56.0% in H1 2025, primarily due to changes in revenue structure and market competition [1][2]. - The company announced a substantial share buyback plan, committing to repurchase at least 80 million USD (approximately 623 million HKD), which represents about 11% of the total share capital [1][5]. Revenue Breakdown - The core enterprise cloud segment remains the revenue foundation, contributing 2.48 billion RMB, accounting for 66.3% of total revenue. The multi-polar circulation cloud continues to show high growth, with asset processing scale increasing by 54.4% to 133.23 billion RMB and adding 224 new clients [2][3]. - The AMS cloud business faced short-term pressure, with asset processing scale declining by 20.2% to 29.87 billion RMB, influenced by a sluggish supply chain asset securitization market, particularly in the real estate sector [2][3]. Financial Performance - The company reported a net loss attributable to shareholders of 3.80 billion RMB in H1 2025, a year-on-year increase of 57.7%. Adjusted losses (non-IFRS) reached 3.72 billion RMB, a significant increase of 97.4% [1][4]. - Impairment losses rose to 2.70 billion RMB, up 66.5% from 1.62 billion RMB in the same period last year, primarily due to more conservative impairment policies on historical bridge supply chain assets [4][12]. Strategic Outlook - The company plans to focus on three core strategies: "AI + Industrial Finance," strategic acquisitions, and digital assets, aiming to create multiple growth engines. The application of AI technology and the development of digital asset solutions are expected to enhance operational efficiency and address cross-border payment challenges [11][12]. - The company is also optimizing its business structure by divesting non-core assets and concentrating on its primary operations [11][12].

Group 1 - The core viewpoint of the news is the strategic partnership between Lianyi Rong Technology Group and XRPL to deploy a global digital supply chain financial application on the XRPL mainnet, aiming for large-scale implementation [1] - Lianyi Rong's deployment on XRPL will facilitate the circulation of digital assets and cross-border settlements in real trade contexts, showcasing its continuous innovation in cross-border trade finance [1] - The collaboration signifies Lianyi Rong's integration into the global decentralized finance ecosystem and aims to expand XRPL's technological boundaries in the realm of real assets [1] Group 2 - Lianyi Rong is committed to empowering supply chain finance through technology, promoting industry intelligence and sustainable development, with the goal of becoming a leading global digital solution provider [2]

Group 1 - The core challenge for the implementation of supply chain finance is the level of technological innovation, with 57% of enterprises having low innovation levels and 13% having almost no technological innovation in supply chain finance [1] - Technological and model innovations are crucial for the innovation of supply chain finance products, which enhance financing capabilities, improve fund management, and reduce costs [2] - The segmentation of China's supply chain finance market includes accounts receivable financing (38%), financing leasing (23%), inventory financing (17%), order financing (12%), and bill financing (10%) [5] Group 2 - The distribution of supply chain finance platforms in China is driven by technology and industry demand, with over 50% being core supply chain finance platforms, followed by financial institutions at 26% and fintech companies at 23% [6]

Group 1 - Company shares surged over 22%, reaching a new high of 2.75 HKD, with a trading volume of 110 million HKD [1] - For the first half of 2025, the company reported a supply chain asset service scale of 203.6 billion CNY and total revenue of 370 million CNY [1] - The company added 244 new core enterprise and financial institution clients, bringing the total to 1,352, a 22% increase from 2024 [1] Group 2 - The company has initiated a global trade finance digital asset strategy, launching Digital Trade Token (DTT) and Asset Backed Token (ABT) as part of its "StableCoin+" solution [2] - The management team expressed confidence in achieving steady growth through its "AI + industrial finance" and digital asset strategies, committing to a share buyback of no less than 80 million USD within the next 12 months [2]

Core Viewpoint - 联易融科技-W (9959.HK) experienced a significant increase of over 20%, reaching a peak of 2.69 HKD, marking a new high since August 2023 [1] Financial Performance - The company reported a mid-term revenue of 375 million HKD and a gross profit of 210 million HKD [1] - Cumulative supply chain asset service scale reached 203.6 billion HKD [1] Customer Growth - During the reporting period, the company added 244 new core enterprise and financial institution clients, bringing the total client count to 1,352, a 22% increase compared to 2024 [1] - Overall customer retention rate improved from 96% in 2024 to 99% [1] Strategic Initiatives - The founder, chairman, and CEO, Song Qun, emphasized the company's focus on three core strategies: AI + industrial finance, strategic mergers and acquisitions, and digital assets, aiming for sustainable growth [1] - The company committed to a share buyback of no less than 80 million USD within the next 12 months, reflecting strong confidence in future growth prospects [1]

Core Insights - 联易融科技集团 reported a supply chain asset service scale of 203.6 billion RMB and total revenue of 370 million RMB for the first half of 2025, with a focus on core business transformation and operational efficiency [1][2] - The company launched a global trade finance digital asset strategy, introducing Digital Trade Token (DTT) and Asset Backed Token (ABT) as part of its "StableCoin+" solution [1][8] - The company plans to repurchase at least 80 million USD worth of shares in the next 12 months, reflecting confidence in its growth strategies [1][11] Financial Performance - Total supply chain asset service scale reached 203.6 billion RMB, with revenue of 370 million RMB [1] - Cash reserves increased to 5.4 billion RMB, up by 300 million RMB from the end of 2024 [1] - The company assisted over 380,000 SMEs in accessing digital inclusive financial services [1][7] Business Model Transformation - The multi-level circulation cloud business processed assets worth 133.2 billion RMB, a 54% year-on-year increase [2] - The ABS cloud business processed 9.6 billion RMB in supply chain assets, showing significant growth [2] - The company added 244 new core enterprise and financial institution clients, bringing the total to 1,352, a 22% increase from 2024 [3] Technological Advancements - 联易融 established a comprehensive AI technology matrix for supply chain finance, integrating major domestic AI models [4] - The company launched the "蜂联AI" intelligent agent, enhancing capabilities in smart trade auditing and registration [4] - Strategic acquisition of Bait Technology expanded the product and service matrix, optimizing operational efficiency [4][5] International Expansion - The company’s international business saw double-digit growth, focusing on cross-border trade and e-commerce [6] - The "Go Early" strategy aims to build a platform ecosystem, while "Go Deep" focuses on in-depth service for Chinese enterprises going global [6] - Regional operation centers were established in the UK and the US to support a multi-trade corridor service network [6] ESG Commitment - The company’s sustainable supply chain asset scale exceeded 29 billion RMB, a 97% year-on-year increase [7] - Average financing cost for SMEs using the company's services was only 2.86% [7] - 联易融 received multiple ESG accolades, including an "A" rating from Wind and recognition as a leading contributor to the UN Sustainable Development Goals [7] Digital Asset Strategy - The company is advancing its global trade finance digital asset strategy, leveraging blockchain technology for secure digital asset management [8][10] - Collaborations with licensed institutions in Singapore aim to facilitate the compliant issuance of DTT [10] - The company is exploring innovative applications of digital assets in supply chain finance and cross-border payments [10][11]

Core Insights - In the first half of 2025, Lianyi Rong Technology Group reported a supply chain asset service scale of 203.6 billion RMB, with total revenue and earnings of 370 million RMB [1] - The company added 244 new core enterprise and financial institution clients, bringing the total to 1,352, a 22% increase compared to 2024 [1] - Lianyi Rong has assisted over 380,000 small and micro enterprises in accessing digital inclusive financial technology services [1] Financial Performance - The company focused on core business areas, accelerating transformation and upgrading, which led to a decrease in operating expenses [1] - Cash reserves reached 5.4 billion RMB, an increase of 300 million RMB from the end of 2024 [1] - The total supply chain assets processed by Lianyi Rong's financial technology solutions amounted to 203.6 billion RMB [1] Business Development - Lianyi Rong has expanded its diverse business partnerships, successfully implementing innovative "de-core" scenario solutions for various enterprises [2] - The company is a leader in the supply chain financial technology industry, continuously innovating in artificial intelligence and blockchain technologies [2] - The founder and CEO, Song Qun, emphasized the company's strategic focus on "AI + industrial finance," mergers and acquisitions, and digital assets to drive sustainable growth [2]

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，概不就因本公告全部或任 何部分內容所產生或因依賴該等內容而引致的任何損失承擔任何責任。 Linklogis Inc. 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） （股份代號：9959） 有關雲服務協議的持續關連交易 於2025年8月26日（交易時間後），環融聯易科技（為關聯併表實體）與騰訊雲訂 立雲服務協議，據此，騰訊雲同意為本集團提供雲服務及其他雲相關技術服務， 而本集團同意向騰訊雲支付服務費作為報酬。 上市規則涵義 於本公告日期，騰訊雲為本公司主要股東騰訊的聯繫人，因此，騰訊雲屬本公 司關連人士。因此，根據上市規則第14A章，雲服務協議項下擬進行的交易構成 本公司的持續關連交易。 由於有關雲服務協議的適用百分比率（參照該協議項下最高年度上限計算）超過 0.1%但低於5%，故雲服務協議項下擬進行的交易須遵守申報、公告及年度審閱 規定，惟獲豁免遵守上市規則第14A章的獨立股東批准規定。 1 過往雲服務協議及現有雲服務協議項下，於截至2023年及2024年12月31日止 ...

Core Viewpoint - 联易融科技集团 reported a strong performance in the first half of 2025, focusing on core business transformation and enhancing operational efficiency, while launching innovative digital asset solutions for global trade finance [1][2][4]. Financial Performance - The total supply chain asset service scale reached 203.6 billion RMB, with total revenue and earnings of 370 million RMB [1]. - Cash reserves increased to 5.4 billion RMB, up by 300 million RMB from the end of 2024 [1]. Business Model Transformation - The company accelerated its business model transformation, with the multi-level circulation cloud business processing assets of 133.2 billion RMB, a year-on-year increase of 54% [2]. - The ABS cloud business processed supply chain assets of 9.6 billion RMB, showing significant growth compared to the previous year [2]. Client Expansion and Retention - The number of core enterprise and financial institution clients increased by 244, totaling 1,352, representing a 22% growth from 2024 [1][3]. - Client retention rate improved from 96% to 99% [3]. Technological Innovation - The company established a comprehensive AI technology matrix for supply chain finance, integrating major domestic AI models and enhancing its proprietary LDP-GPT model [4]. - The intelligent agent "BeeLink AI" was successfully deployed in over 30 core enterprises and financial institutions [4]. Strategic Acquisitions - The acquisition of Byte Technology expanded the product and service matrix, optimizing operational efficiency [4][5]. International Expansion - The international business saw double-digit growth, with a focus on cross-border trade and e-commerce, supporting over 1,100 small and medium-sized enterprises with digital financing services [6]. - Regional operation centers were established in the UK and the US to enhance the global trade corridor service network [6]. ESG Commitment - The company served over 380,000 small and micro enterprises, with an average financing cost of 2.86% [7]. - The sustainable supply chain asset scale exceeded 29 billion RMB, a 97% year-on-year increase [7]. Digital Asset Strategy - The company launched a global trade finance digital asset strategy, focusing on the development of digital trade tokens (DTT) and asset-backed tokens (ABT) [8][10]. - Collaborations with licensed institutions in Singapore and Hong Kong aim to promote the compliant issuance of DTT and Stablecoin+ solutions [10]. Future Outlook - The company plans to conduct a share buyback of at least 80 million USD in the next 12 months, reflecting confidence in future growth prospects [1][11].