11月19日，港股公司汇通达网络（09878.HK）发布公告称，解聘副总裁及董事会秘书倪娟。解聘理由一是倪娟隐瞒了在证监会新疆监管局及上海证券交易 所的违规记录，二是倪娟任职期间未达成绩效目标。 随后，11月20日凌晨，倪娟向媒体发布书面署名声明，反驳汇通达网络说法，称自身无隐瞒且绩效合格，并指汇通达网络单方面修改考核指标设置障碍。目 前倪娟已向南京市玄武区人民法院提起诉讼。 从过往履历来看，倪娟曾是资本市场的"金牌"董秘。 2012-2023年，倪娟担任广汇能源董事、副总经理及董事会秘书，长期负责资本市场与投资者关系工作。2021年，她获评新浪财经第七届"金麒麟·金牌董 秘"，2022年，以广汇能源董秘、副总经理身份在多场论坛发言。2023年7月，倪娟正式加入汇通达网络，出任副总裁及董事会秘书，负责公司治理、资本市 场沟通。 公开资料显示，汇通达网络是中国领先的利用数字化技术和供应链能力赋能服务乡镇夫妻店的产业互联网公司，2022年2月18日在香港联交所主板上市。 财务方面，2025年上半年，汇通达网络收入为243.42亿元；经营利润为3.56亿元，同比增长15.9%；归母净利润为1.39亿元，同比增长10 ...

Core Insights - The acquisition of "Cognitive Boundary" by Huitongda Network is a strategic move to enhance its "industry empowerment" capabilities, particularly in the "5+ empowerment" system and "BI+AI" integration, expected to create significant synergistic value [1][6] Group 1: Acquisition Details - Huitongda Network signed a share acquisition agreement with Cognitive Boundary, which will become a subsidiary, integrating its financial statements into the listed company [1] - The acquisition is valued at 456 million yuan for a 57% stake in Cognitive Boundary, with performance commitments ensuring net profits of no less than 85 million, 100 million, and 115 million yuan over the next three years [6] Group 2: Empowerment Model - The "5+ empowerment" model includes technology, data, training, products, and marketing, which will be enhanced by the acquisition [2] - The integration of Cognitive Boundary's AI and BI systems with Huitongda's existing AI model is expected to significantly improve operational efficiency for 251,000 member stores [2][3] Group 3: Strategic Benefits - The acquisition will provide Huitongda with a comprehensive AI empowerment system, enhancing its competitive edge in the retail industry [4] - The collaboration is anticipated to deepen the competitive barriers, making it difficult for competitors to challenge Huitongda's market position [4] Group 4: Future Growth Potential - The acquisition aligns with Huitongda's strategic focus on empowering member stores and upstream partners, showcasing strong execution capabilities [5] - The integration is expected to accelerate the commercialization of AI products, capitalizing on growth opportunities in the lower-tier market [6]

Core Insights - The acquisition of "Cognitive Boundary" by Huitongda Network is a strategic move to enhance its "industry empowerment" capabilities, integrating its "5+ empowerment" system with Cognitive Boundary's expertise in "BI+AI" to create significant value [1][5] Group 1: Acquisition Details - Huitongda Network signed a share purchase agreement with Cognitive Boundary, which will become a subsidiary, allowing its financials to be consolidated into Huitongda's reports [1] - The acquisition is valued at 456 million RMB for a 57% stake in Cognitive Boundary, with performance commitments ensuring net profits of no less than 85 million, 100 million, and 115 million RMB over the next three years [5] Group 2: Empowerment Model - The "5+ empowerment" model includes technology, data, training, products, and marketing, which will be enhanced by the acquisition, transitioning from basic digitalization to a full-stack AI empowerment system [1][2] - Cognitive Boundary's AI and BI systems will integrate with Huitongda's "Qiancheng Cloud AI Model," improving operational efficiency for 251,000 member stores [1][2] Group 3: Data Integration - Cognitive Boundary manages over 16,000 e-commerce stores with annual sales exceeding 140 billion RMB, which will be integrated with Huitongda's offline data to create a unique "online + offline + community" data platform [2] Group 4: Training and Support - The acquisition will bring in over 150 e-commerce experts from Cognitive Boundary to provide practical training for more than 250,000 rural stores and brand factories [2] Group 5: Product and Marketing Synergies - The integration of Cognitive Boundary's brand resources with Huitongda's supply chain will enhance product offerings in lower-tier markets, while advanced marketing tools will improve digital marketing efficiency [2][3] Group 6: Competitive Advantage - The strategic fit between Huitongda and Cognitive Boundary will create a robust competitive barrier in the "retail industry internet + AI" sector, enhancing operational capabilities and market insights [3][4] Group 7: Strategic Execution - Huitongda's strategic moves throughout the year, including partnerships and product development, demonstrate a clear path towards becoming a comprehensive AI empowerment platform for the retail industry [4][5] Group 8: Future Outlook - The acquisition is expected to significantly enhance Huitongda's profitability and growth potential, with substantial valuation recovery opportunities as the AI product commercialization accelerates [5]

Core Insights - The acquisition of 57% stake in AI SaaS leader Cognition Boundary for 456 million yuan marks a significant strategic move for Huitongda, enhancing its AI capabilities and positioning in the retail sector [1][2] Group 1: Strategic Continuity - The acquisition aligns with Huitongda's ongoing AI strategy initiated in 2025, which includes the development of proprietary AI models and partnerships with major tech firms [2][3] - The deal reflects a dual drive of continuity and complementarity in Huitongda's AI strategy, enhancing its technological foundation and ecosystem integration [3] Group 2: Value Restructuring - The acquisition is expected to enhance customer stickiness, financial performance, and market valuation for Huitongda [5][6] - Huitongda aims to improve its operational capabilities through the integration of Cognition Boundary's resources, which will help member stores optimize inventory and pricing strategies [5][6] - Financially, the integration will boost Huitongda's service revenue and profitability, with Cognition Boundary projected to contribute a minimum net profit of 85 million yuan in 2026 [6][7] Group 3: Investment Value Enhancement - The AI attributes of Huitongda are anticipated to trigger a revaluation in the capital markets, as AI capabilities become a key valuation driver for SaaS and industrial internet companies [8][9] - The company plans to utilize 2.065 billion yuan of capital reserves to offset accumulated losses, which will strengthen its financial foundation and enhance its market valuation [8][9]

格隆汇11月19日丨汇通达网络(09878.HK)宣布，因个人工作原因，许迪辞任非执行董事，自2025年11月 19日起生效。 ...

（股份代號：9878） 自願性公告 解聘本公司高級管理人員 匯通達網絡股份有限公司（「本公司」）自願作出解聘本公司副總裁及董事會（「董事 會」）秘書倪娟女士的公告。 本公司發現相關事實如下： 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分內容而產生或因倚 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） 本公司於2025年6月30日與倪娟女士解除勞動關係。董事會於2025年9月15日， 審議通過解聘本公司副總裁及董事會秘書倪娟女士的議案。本公司近日發現，在 解除勞動關係後，倪娟女士曾以本公司副總裁、董事會秘書的名義發表相關言論。 鑒於上述情形，本公司作出本自願性公告，特此說明倪娟女士不再擔任本公司任 何高級管理人員職務，董事會已同意並確認解聘倪娟女士相關事項。 承董事會命 匯通達網絡股份有限公司 董事長 汪建國 1 (i) 倪娟女士於2023年9月20日經董事會任命為本公司副總裁及董事會秘書， ...

董事名單與其角色及職能 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 及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部分內容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董事（「董事」）會（「董事會」）成員載列如下： 董事長兼非執行董事 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） 獨立非執行董事 虞麗新 劉向東 刁揚 1 汪建國 執行董事 徐秀賢 （首席執行官） 趙亮生 孫超 非執行董事 蔡仲秋 董事會設立五個專門委員會。下表為各董事會成員在該等專門委員會中所擔任的 職位資料。 | 成員 | 成員 | 主席 | | | | | | | 薪酬與考核 | 董事會專門委員會 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 主席 | 成員 | | | | 成員 | | 委員會 | | | | | 成員 | 主席 | | | | 成員 | | ...

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]