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，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Huitongda Network Co., Ltd. 匯通達網絡股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9878） 非執行董事辭任 匯通達網絡股份有限公司（「本公司」）董事（「董事」）會（「董事會」）宣佈，因個人 工作原因，許迪女士（「許女士」）辭任非執行董事，自2025年11月19日起生效。 於本公告日期，董事會包括董事長及非執行董事汪建國先生；執行董事徐秀賢先 生、趙亮生先生及孫超先生；非執行董事蔡仲秋先生；及獨立非執行董事虞麗新 女士、劉向東先生及刁揚先生。 許女士已確認，彼與董事會並無意見分歧，亦無任何與彼辭任有關之其他事項需 要通知香港聯合交易所有限公司（「香港聯交所」）或本公司股東（「股東」）。董事會 已確認，概無任何有關許女士辭任的其他事宜需提請香港聯交所或股東垂注。 董事會藉此就許女士在任期間為本公司之寶貴貢獻致以謝意。 承董事會命 匯通達網絡股份有限公司 ...

Investment Rating - The investment rating for 汇通达网络 (9878.HK) is not explicitly stated in the provided documents, but the report indicates a positive outlook following the acquisition of a controlling stake in 认知边界 [1]. Core Insights - The acquisition of a 57% stake in 认知边界 for 4.56 billion yuan is expected to enhance 汇通达's capabilities in AI and digital solutions, creating a new growth curve through strategic synergies [1]. - The deal includes performance-based payment terms, ensuring that AI revenue contributes significantly to the company's growth, with specific targets set for net profit and AI revenue percentages over the next four years [1]. - The integration of 认知边界's digital services with 汇通达's existing resources is anticipated to strengthen their market position in the e-commerce sector and improve operational efficiency for retail clients [2][3]. Financial Projections - The projected net profits for 汇通达 from 2025 to 2027 are 346 million yuan, 459 million yuan, and 576 million yuan, respectively, with corresponding P/E ratios of 15.95X, 12.00X, and 9.56X [4]. - Revenue is expected to grow from 63.15 billion yuan in 2025 to 77.15 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 10% [5][6]. Strategic Synergies - The partnership with 认知边界 is expected to create a comprehensive digital empowerment platform that combines online systems with offline networks, enhancing service capabilities for both e-commerce and traditional retail businesses [3][4]. - The collaboration aims to leverage data-driven decision-making and supply chain support, thereby increasing customer engagement and value [2][3].

Core Viewpoint - The acquisition of 57% stake in Cognition Boundary by Huitongda for RMB 456 million is a strategic move to enhance its digital capabilities and strengthen its position in the retail and e-commerce sectors [1] Group 1: Acquisition Details - Huitongda will acquire 57% of Cognition Boundary, which will become a subsidiary, and its financial performance will be consolidated into Huitongda's financial statements [1] - Cognition Boundary specializes in AI products and digital solutions for e-commerce and retail, serving over 16,000 stores with an annual managed sales volume exceeding RMB 140 billion [1] Group 2: Synergistic Effects - The merger is expected to create a multiplier effect by combining the strengths of both companies in serving retail clients and upstream brands, enhancing Huitongda's "5+ empowerment" strategy [2] - The integration of Cognition Boundary's BI systems and AI capabilities with Huitongda's existing technologies will improve operational efficiency and decision-making for member stores [2] Group 3: Strategic Positioning - The acquisition reflects Huitongda's long-term commitment to an "AI+" strategy, with recent developments including partnerships with major AI models and collaborations with Alibaba Cloud [3] - The merger will help Huitongda establish a leading position in the AI product matrix across various retail scenarios [3] Group 4: Financial Impact - The acquisition is projected to positively impact Huitongda's financial performance, with Cognition Boundary expected to contribute net profits of at least RMB 85 million, RMB 100 million, and RMB 115 million from 2026 to 2028 [4] - The integration of Cognition Boundary's revenue will enhance Huitongda's service income and improve overall gross margin, reinforcing its long-term value and valuation support [4]

Core Viewpoint - The acquisition of 57% stake in Cognition Boundary by Huitongda for RMB 456 million is a strategic move to enhance its digital capabilities and strengthen its position in the retail and e-commerce sectors [1] Group 1: Acquisition Details - Huitongda will acquire 57% of Cognition Boundary, which will become a subsidiary, and its financial performance will be consolidated into Huitongda's financial statements [1] - Huitongda currently serves over 251,000 member stores and more than 1,000 upstream brand factories across 21 provinces in China [1] Group 2: Synergistic Effects - The merger is expected to create a multiplier effect by combining the strengths of both companies in serving retail clients and upstream brands, enhancing the "5+ empowerment" effect for Huitongda's member stores [2] - Cognition Boundary's expertise in AI and data analytics will integrate with Huitongda's existing capabilities, improving operational efficiency and decision-making for member stores [2] Group 3: Strategic Positioning - The acquisition reflects Huitongda's commitment to its "AI+" strategy, aiming to deepen its competitive edge in the "BI+AI" sector [3] - Huitongda has made significant strides in AI this year, including partnerships and the development of proprietary AI models, which will be further enhanced by Cognition Boundary's integration [3] Group 4: Financial Impact - The acquisition is projected to positively impact Huitongda's financial performance, with Cognition Boundary expected to contribute net profits of at least RMB 85 million, RMB 100 million, and RMB 115 million from 2026 to 2028 [4] - The integration will boost Huitongda's service revenue and improve its overall gross margin, reinforcing its long-term value and valuation support [4] - The acquisition aligns with the national strategy to enhance productivity and promote economic circulation, positioning Huitongda for significant long-term value and capital potential [4]

Core Insights - The acquisition of Cognitive Boundary by Huitongda is a strategic move to deepen the company's capabilities in digital transformation and supply chain management for retail clients [2][3] - The merger is expected to create a synergistic effect, enhancing Huitongda's service offerings and operational efficiency through the integration of AI and data solutions [2][3] - Financially, the acquisition is projected to positively impact Huitongda's performance, with specific profit commitments from Cognitive Boundary for the years 2026 to 2028 [4] Group 1: Acquisition Overview - Huitongda is a leading industrial internet company in China, focusing on empowering rural retail stores with supply chain capabilities and digital technology, covering 21 provinces and serving over 251,000 member stores [1] - Cognitive Boundary specializes in intelligent technology solutions for e-commerce and retail, managing over 16,000 stores with an annual sales management volume exceeding 140 billion [1] Group 2: Strategic Implications - The merger is seen as a significant step in Huitongda's strategy to enhance its full-chain digital empowerment, leveraging both companies' expertise in serving retail clients and upstream brands [2] - The integration of Cognitive Boundary's BI systems and AI capabilities with Huitongda's existing technologies is expected to improve operational efficiency and decision-making for member stores [2][3] Group 3: Financial Impact - The acquisition is anticipated to contribute directly to Huitongda's revenue growth, with Cognitive Boundary's net profit commitments of at least 85 million RMB, 100 million RMB, and 115 million RMB for the years 2026 to 2028 [4] - The inclusion of Cognitive Boundary's revenue in Huitongda's service income is expected to enhance the overall gross margin and optimize the revenue structure [4]

Core Viewpoint - The company has agreed to acquire a 57% stake in Tibet Border Information Technology Co., Ltd. for RMB 456 million, which will enhance its capabilities in the e-commerce and retail sectors through AI and digital solutions [1][2]. Group 1: Acquisition Details - The acquisition agreement was signed on November 18, 2025, and upon completion, the target company will become a subsidiary of the company [1]. - The financial performance of the target company will be consolidated into the company's financial statements [1]. Group 2: Target Company Overview - The target company specializes in providing full-stack services in e-commerce and retail, focusing on AI products and digital solutions [1]. - It operates in a high-potential market with a growing demand for AI and digital solutions in the e-commerce sector [1]. Group 3: Management and Market Position - The founding and mentoring teams of the target company consist of experienced professionals from the e-commerce industry, with over ten years of service experience [2]. - The core customized solution business of the target company holds the number one market share in the industry, with a high renewal rate exceeding 70% annually [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，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Huitongda Network Co., Ltd. 匯通達網絡股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9878） 須予披露的交易 收購目標公司57%股權 收購事項 董事會欣然宣佈，於2025年11月18日（交易時段後），本公司與目標公司及其創 始人訂立股權收購協議。據此，本公司有條件同意收購及轉讓方有條件同意出 售目標公司57%股權，代價為人民幣45,600萬元。 收購事項完成後，本公司將持有目標公司57%的股權。目標公司將成為本公司 附屬公司，且目標公司的財務業績將會併入本集團的財務報表。 上市規則的涵義 由於收購事項的最高適用百分比率（定義見上市規則第14.07條）超過5%但低於 25%，因此收購事項構成本公司的須予披露的交易，須遵守上巿規則第14章項 下有關申報及公告的規定，惟獲豁免遵守股東批准的規定。 由於收購事項須待股權轉讓協議所載若干付款先決條件獲達成（或獲 ...

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，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Huitongda Network Co., Ltd. 匯通達網絡股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 本公告乃由匯通達網絡股份有限公司（「本公司」）根據證券及期貨條例（香港法例 第571章）第XIVA部及香港聯合交易所有限公司（「香港聯交所」）證券上市規則第 13.09(2)(a)條而作出。 本公司董事（「董事」）會（「董事會」）謹此宣佈，董事會於2025年11月18日舉行的 董事會會議上，審議並通過（其中包括）關於使用公積金彌補虧損的議案。 使用公積金彌補虧損的基本情況 經畢馬威會計師事務所審計，截至2024年12月31日，本公司財務報表累計虧損 為人民幣206,545.6萬元，盈餘公積為人民幣0元，資本公積為人民幣926,763.9萬 元。本公司累計虧損主要由於本公司首次公開發售H股股份前，多輪融資過程中 因承擔贖回責任產生金融負債而計提的利息支出所致。 根據《中華人民共和國公 ...

Huitongda Network Co., Ltd. 匯通達網絡股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 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，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 （股份代號：9878） 建議取消監事會並修訂公司章程 匯通達網絡股份有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，董 事會於2025年11月18日舉行的董事會會議上，審議並通過（其中包括）關於取消 本公司監事會（「監事會」）並修訂本公司公司章程（「公司章程」）的議案。 根據《中華人民共和國公司法（2023年修訂）》（「《公司法》」）、《上市公司章程指引 （2025年修訂）》等法律、法規及規範性文件的相關規定，結合本公司實際情況， 本公司建議取消監事會，由董事會審計委員會行使監事會的法定職權。同時，根 據相關法律、法規及規範性文件的最新規定，結合本公司實際情況，董事會建議 對公司章程進行修訂。 上述關於建議取消監事會並修訂公司章程的議案須待本公司股東於本公司股東大 ...

Core Insights - The ESG ratings for HuTongDa Network (9878.HK) have been upgraded by several major institutions, including Hang Seng, Huazheng, and Wind, reflecting the company's commitment to national strategies and social responsibilities [1][2][3] - The global market for ESG funds has surpassed $3.5 trillion as of June 2023, indicating a growing emphasis on ESG management in investment decisions [1][2] - HuTongDa has established an ESG committee and improved its governance structure to enhance its ESG practices since 2025 [1][2] Group 1 - HuTongDa's ESG rating from Hang Seng has improved from BBB- to BBB, showcasing its effective integration of new technologies to support over 250,000 traditional stores in China [3] - Wind ESG upgraded HuTongDa's rating from BBB to AA, while Huazheng's rating increased from BBB to A, with a score of 89.2, ranking first among 45 companies in the multi-category retail sector [3] - The recognition received by HuTongDa includes awards such as "Annual Excellent ESG Demonstration Enterprise" and "Best ESG Pioneer Practice Listed Company" [2][3] Group 2 - The Hang Seng ESG rating system covers approximately 1,800 core listed companies in Hong Kong and Shenzhen, influencing the selection of components for the Hang Seng Sustainable Development Index [2] - High ESG ratings are crucial for companies to be included in passive ESG funds and large sovereign wealth funds' investment lists [2] - HuTongDa's business practices align closely with national policies, earning multiple qualifications and honors from local governments [3]