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Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][9]. Core Insights - The company, Jingbeifang, is a leading financial technology service provider in China, focusing on advanced technologies such as artificial intelligence, big data, cloud computing, blockchain, and digital twins, which support clients in their digital transformation [3]. - In 2024, the company achieved a revenue of 4.636 billion yuan, representing a year-on-year growth of 9.29%, with a net profit attributable to shareholders of 312 million yuan [3]. - The company has a strong technical foundation and aims to participate in the stablecoin industry, leveraging its experience in digital currency infrastructure and applications [4]. - Jingbeifang has developed a diverse customer ecosystem, covering cross-border payment systems and expanding its services to non-bank financial institutions [5][7]. - The recent legislative developments in Hong Kong regarding stablecoins are expected to accelerate the application of blockchain technology in cross-border financial scenarios, benefiting the company's business [8]. Financial Overview - The projected earnings per share (EPS) for 2025-2027 are 0.42, 0.48, and 0.58 yuan, with corresponding price-to-earnings (P/E) ratios of 37.66, 32.49, and 26.90 [9][11]. - The company is expected to maintain a steady revenue growth rate of approximately 11% annually from 2025 to 2027 [11]. - The financial metrics indicate a healthy operating margin and return on equity (ROE) projected to increase from 11.1% in 2024 to 14.3% by 2027 [12].

Core Viewpoint - The report highlights Jingbeifang as a leading financial technology service provider in China, emphasizing its strong technological capabilities and potential involvement in the stablecoin industry, with a buy rating assigned for investment consideration [1][6]. Group 1: Company Overview - Jingbeifang is a prominent financial technology service provider in China, focusing on advanced technologies such as artificial intelligence, big data, cloud computing, blockchain, privacy computing, and digital twins to support clients' digital transformation [2]. - The company reported a revenue of 4.636 billion yuan in 2024, reflecting a year-on-year growth of 9.29%, with a net profit attributable to shareholders of 312 million yuan [2]. Group 2: Technological Capabilities - Jingbeifang has significant technical reserves in the stablecoin industry, participating in the IT infrastructure development and application pilot projects for digital currencies in mainland China and Hong Kong [3]. - The company has developed core products including a blockchain public service platform, a supply chain financial service platform, and a digital renminbi system, establishing a comprehensive software product and system construction capability [3]. Group 3: Client Ecosystem and Market Strategy - The company has built a diverse client ecosystem, actively expanding its business boundaries in cross-border payment, and has established a full-chain penetration in this area [4]. - Jingbeifang is focusing on non-bank financial institutions and internet platform companies to develop innovative applications in cross-border trade and supply chain settlement [4]. Group 4: Policy Environment and Market Opportunities - The recent enactment of the stablecoin legislation in Hong Kong has provided a legal framework for stablecoins, facilitating the application of blockchain technology in cross-border financial scenarios [5]. - Jingbeifang is leveraging this policy environment to enhance its business cooperation with digital currency operating institutions and to deepen the integration of RWA technology with supply chain financial platforms [5]. Group 5: Investment Outlook - The company is projected to have earnings per share (EPS) of 0.42, 0.48, and 0.58 yuan for the years 2025 to 2027, with corresponding price-to-earnings (PE) ratios of 37.66, 32.49, and 26.90 [6].

Core Viewpoint - The company is focusing on providing technical support and system construction for stablecoin issuers, operators, and partner merchants as the stablecoin market enters a phase of compliance following the implementation of Hong Kong's Stablecoin Regulation [1] Group 1: Company Strategy - The company has accumulated rich experience in the digital RMB ecosystem and possesses core products such as a blockchain public service platform [1] - The company aims to innovate its business model based on compliance and customer needs, actively communicating with clients to explore feasible cooperation models [1] - The company has established a localized delivery team for digital currency in the Greater Bay Area, demonstrating extensive experience in system construction and customer service [1] Group 2: Business Development - The company is currently working on optimizing and upgrading its business delivery model in Hong Kong [1]

Group 1: Industry Overview and Company Positioning - The stablecoin market is entering a new compliance development phase following the implementation of Hong Kong's Stablecoin Regulation, presenting significant growth opportunities [3] - The stablecoin ecosystem will involve various participants, including issuing institutions, operating entities, and partner clients, creating business demands for fintech companies [3] - The company has a strong technical foundation in blockchain, smart contracts, and digital currency systems, with three core products: blockchain public service platform, supply chain finance service platform, and unified access system for digital RMB [3] Group 2: Business Development and Client Engagement - The company maintains an open approach to exploring stablecoin business opportunities with various clients, including core discussions with state-owned banks [4] - The company has accumulated valuable experience in the digital RMB system construction and application promotion, which is highly reusable for stablecoin ecosystem development [4] - The company is actively optimizing its business delivery model in Hong Kong, leveraging local teams for digital currency [4] Group 3: Technical Support and Service Offerings - The company provides technical support and system construction for stablecoin issuers, operators, and partner merchants, focusing on compliance and customer needs [4] - The company offers regulatory compliance systems and independent asset custody solutions, as well as digital wallet services for stablecoin management [4] - Potential business opportunities exist across all stages of stablecoin issuance, circulation, and application, with the company positioned to support clients in these areas [4]

Summary of the Conference Call on Jingbeifang's Stablecoin Business Industry Overview - The stablecoin management regulations in Hong Kong will take effect on August 1, 2025, with further policy developments expected in the first half of 2025. Participants need to prepare for technical construction and product planning to seize market opportunities [2][18]. - Jingbeifang is positioned as a core player in financial IT, with extensive experience in digital currency and digital RMB sectors [2][3]. Core Insights and Arguments - **Stablecoin Ecosystem**: Jingbeifang views stablecoins as the starting point of an ecosystem involving various participants, including issuers, operators, financial institutions, and merchants. The company aims to leverage its experience in financial IT to create opportunities in this space [3][7]. - **Technological Preparedness**: The company has a 7-8 year history in building digital currency ecosystems, focusing on issuance, operation, and collaboration layers. It has developed technologies such as issuance technology, smart contracts, and custody services [5][6]. - **Regulatory Compliance**: Jingbeifang emphasizes strict adherence to regulatory requirements in stablecoin system development, including independent asset custody solutions and information disclosure interfaces [3][9]. - **Market Opportunities**: The company identifies significant opportunities in supply chain finance, where stablecoins can enhance transparency and address financing challenges for SMEs [3][15]. Key Advantages of Jingbeifang - **Client Relationships**: The company benefits from a wide range of historical client collaborations, providing a competitive edge in the stablecoin ecosystem [5]. - **Reusable Solutions**: Jingbeifang offers reusable solution products that can be quickly applied to new projects, enhancing operational efficiency [5]. - **Diverse Business Models**: The company has experience in various business models, allowing it to adapt flexibly to market changes [5]. Research and Development - Jingbeifang has established a dedicated research team focused on blockchain and AI technologies, resulting in innovations such as the digital RMB unified access system and smart operation systems [6][12]. Future Trends and Applications - **Public Trust and Usability**: The company believes that stablecoins must address public trust issues through regulatory compliance and user-friendly wallet systems to enhance usability [7][13]. - **Cross-Border Payments**: Stablecoins are expected to significantly reduce cross-border payment costs and improve efficiency, making them attractive for international transactions [7][28]. - **Potential Applications**: The company is exploring various application scenarios, including cross-border payments and supply chain finance, while ensuring compliance and security [22][30]. Conclusion - Jingbeifang is well-positioned to capitalize on the emerging stablecoin market, leveraging its technological capabilities and regulatory compliance to meet the evolving needs of clients in Hong Kong and beyond [31][32].

Group 1 - The core viewpoint of the news is the significant rise in the cross-border payment sector, with several companies experiencing substantial stock price increases following the launch of the cross-border payment system between mainland China and Hong Kong [1][3]. - The cross-border payment system, known as "cross-border payment通," was officially launched on June 22, allowing real-time cross-border remittances for residents of both regions [3]. - The first batch of participating institutions includes major banks from both mainland China and Hong Kong, indicating a strong foundation for future growth in cross-border payment services [3]. Group 2 - Notable stock price increases include: 优博讯 (+19.98% to 21.14), 吉大正元 (+10.01% to 26.16), 神州信息 (+9.99% to 13.54), and 拉卡拉 (+46.34% to 30.00) [2]. - 中信证券 highlights the potential for business growth and increased revenue for the first batch of participating banks due to the new cross-border payment system [3]. - 中信建投 emphasizes the ongoing development of stablecoin policies and their positive impact on the internationalization of the RMB and cross-border payments, suggesting a focus on related investment opportunities [4].

Core Viewpoint - The recent surge in research on stablecoins by brokerage firms indicates a growing interest in the potential for stablecoins to achieve compliant development and expand their applications in the financial sector [1][2][3]. Group 1: Research and Analysis - At least 16 brokerage firms published 24 research reports on stablecoins in the past week, covering various industries such as macroeconomics, computer science, media, finance, and blockchain [3]. - The frequency of roadshows and conference calls focused on stablecoins has increased, with over 30 calls held in the last two weeks, discussing policy interpretations, industry chain analysis, and investment strategies [4]. - Analysts from East Wu Securities emphasize that stablecoins, as a type of cryptocurrency, are linked to specific stable assets to maintain value stability, enhancing payment efficiency and asset liquidity [5]. Group 2: Market Performance - Several A-share stablecoin concept stocks have shown significant price increases since June, with Hengbao Co., Ltd. rising approximately 66%, Chutianlong up 65%, and Sifang Jingchuang increasing about 60% as of June 20 [7]. - Institutions have been actively researching multiple stablecoin concept stocks, focusing on the development prospects of stablecoins and the relevant technologies and application scenarios of listed companies [8]. Group 3: Regulatory Developments - Recent regulatory frameworks in the U.S. and Hong Kong signify a formal acceptance of stablecoins, opening new investment opportunities [12][13]. - The Hong Kong Legislative Council passed the "Stablecoin Ordinance," establishing a licensing system for fiat-backed stablecoin issuers, which is expected to enhance financial stability and promote innovation [12]. - The U.S. Senate passed the "GENIUS Act," creating the first federal regulatory framework for dollar-pegged stablecoins, marking a significant step towards legal oversight of the crypto asset industry [13]. Group 4: Corporate Initiatives - Major internet companies like Alibaba and JD.com are entering the stablecoin space, with Ant International accelerating investments in global financial management and JD.com testing compliant stablecoins in Hong Kong [14][15]. - JD.com's stablecoin is set to be applied in cross-border trade, emphasizing compliance, security, and auditability to meet real payment needs across Asia-Pacific, the Middle East, and Africa [15]. Group 5: Industry Trends - The People's Bank of China has acknowledged the growth of stablecoins and central bank digital currencies, highlighting their potential to streamline cross-border payment processes while posing regulatory challenges [16].

Industry Rating - The industry rating is maintained at "Outperform" [1] Core Insights - The report suggests that the years 2025-2026 are expected to mark the commercialization of AI Agents, driven by advancements in large model capabilities and the introduction of key players like OpenAI, Anthropic, Microsoft, and Google [2][3] - The total addressable market (TAM) for AI Agents is estimated at approximately 3.61 trillion yuan, with significant opportunities in vertical industries such as IT and finance [2][3] - AI Agents are projected to replace specific standardized roles in various sectors, with a focus on enhancing productivity and ROI for businesses [3][48] Summary by Sections Investment Rating - The report maintains a rating of "Outperform" for the industry [1] Market Potential - The total addressable market (TAM) for AI Agents is estimated at 3.61 trillion yuan, calculated based on total salary levels, replacement rates, and efficiency optimization [50][54] - The report highlights six core scenarios where AI Agents are expected to penetrate first, including coding, banking, human resources, legal, cybersecurity, and customer service [61][62] Key Industry Insights - AI Agents are anticipated to significantly impact the banking sector, with 54% of jobs having a high potential for automation, leading to an estimated TAM of 1774.32 billion yuan in this field [71][77] - In the coding sector, AI is expected to automate up to 99% of coding tasks by the end of 2025, with a TAM of approximately 4357.84 billion yuan [63][68] - The report emphasizes that AI Agents will first replace roles in high-salary, white-collar industries such as finance, IT, and law, where the ROI for AI implementation is more favorable [55][57] Company Recommendations - The report suggests monitoring companies involved in general office applications and enterprise SaaS, as well as those in vertical markets like banking, human resources, and cybersecurity [3][4]

Core Viewpoint - The company, Jingbeifang (002987), has not yet established subsidiaries or branches in Hong Kong but has been actively involved in cross-border payment solutions for several years, assisting clients with SWIFT and CIPS system integration [1] Group 1 - The company has a rich experience in cross-border payment solutions, having participated in various projects such as the digital currency bridge project [1] - The company possesses a strong technical and talent reserve related to cross-border payment systems [1]