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]

证 券 研 究 报 告 联易融科技-W（09959.HK）2025 年中报点评 推荐（维持） 拟大额回购彰显公司信心，国际业务有望打 造第二增长曲线 事项： ❖ 联易融科技发布 2025 年中报。25H1 实现营业收入 3.75 亿元（同比-9.3%）， 归母净利润-3.80 亿元，经调整净利润-3.72 亿元（24H1 为-1.89 亿元）。 评论： （1）电子债权凭证业务：25H1，促成融资额 1592.2 亿元（同比+38.6%），主 要由于聚焦于非地产客户的多级流转云融资额持续高增。多级流转云（客户为 核心企业）融资额为 1332.3 亿元（同比+54.4%），占 25H1 总融资额比例提升 至 65.5%。报告期内，为多家企业落地了订单融资等"弱信用链接解决方案"； E 链云（客户为金融机构）融资额为 259.9 亿元（同比-9.2%），主要由于公司 主动压降了 E 链云的部分低毛利业务。同时加速推进 AI Agent 核心模块迭代， 已在超过 24 家金融机构进行 SaaS 或本地化部署交付。 （2）资产证券化业务：25H1，促成融资额为 395.0 亿元（同比-3.8%）。AMS 云（客户为核心 ...

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].

战略转型期短期承压，回购计划规模吸引 事件：联易融科技发布 2025 年中期业绩，2025H1 公司实现收入 37.5 亿元（人 民币，下同），同比下降 9.3%；毛利率从 2024H1 的 70.9%降至 56.0%，降幅 14.9 个百分点，主要原因是收入结构的变化与市场竞争所致。25H1 归母净亏损 38.0 亿元，同比扩大 57.7%；经调整亏损（非国际财务报告准则）37.2 亿元，同 比大幅扩大 97.4%，主要系对历史过桥供应链资产计提减值准备增加（减值损失 27.0 亿元，同比增 66.5%）及业务结构调整所致。公司公告称在未来 12 个月使 用不低于 8000 万美元（约合 6.23 亿港元，按最近收市市值为总股本比例约 11%） 进行回购，回购计划力度较大，股东回报有较大亮点。 互联网与软件服务 | 投资评级： | | | 买入 | | --- | --- | --- | --- | | | | 维持 | 评级 | | 6 | 个月目标价 | 3.45 | 港元 | | 股价 | 2025-8-28 | 2.76 | 港元 | 报告摘要 多极流转云成增长主力，AMS云短期承压。核心企业云作为 ...

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]