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） 自願性公告 與阿里雲簽訂全面合作協議 本公告由匯通達網絡股份有限公司（「本公司」），與其附屬公司統稱「本集團」）自 願作出，以讓本公司股東及潛在投資者知悉本集團的最新業務進展。 本公司董事（「董事」）會（「董事會」）欣然宣佈，於2025年8月8日，本公司與阿里 雲計算有限公司（「阿里雲」）簽訂全面合作協議（「全面合作協議」），雙方通過資源 整合與優勢互補，共同探索人工智能和數字化解決方案的創新及應用前景，深化 雲計算、人工智能及下沉市場數字化領域的協同合作（「全面合作」）。 根據全面合作協議，本集團及阿里雲預期於以下領域展開合作，包括： 1 (i) 全棧AI合作：本集團將接入通義千問大模型，結合本集團在零售行業的深度 經驗，將大模型及相關AI能力與本集團產業 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 匯通達網絡股份有限公司 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09878 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 180,266,339 | RMB | | | 1 RMB | | 180,266,339 | | 增加 / 減少 (-) | | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 180,266,339 | RMB | | | 1 RMB | | 180,266,339 | | 2. 股份分類 | 普通股 ...

Group 1 - The core viewpoint of the article is that Citigroup maintains a "Buy" rating for HuTongDa Network (9878.HK) with a target price of HKD 23.0, indicating significant upside potential from the current stock price of HKD 14.1, reflecting a 63.1% increase [1][2][3] - The company is expected to achieve steady revenue growth in 2025, driven by improved profitability and strategic adjustments made last year, which included reducing low-margin business operations [1] - Citigroup highlights that the company will benefit from government subsidies and the growth of its high-margin proprietary brand products, which will enhance overall profitability [1] Group 2 - The company is recognized as a "connector" in the lower-tier market, with its strategic adjustments leading to a re-evaluation of its value, indicating long-term growth potential [2] - The integration of mainstream large language models (LLM) into the company's service offerings, along with the launch of AI+SaaS tools, is expected to improve product usability and customer penetration, creating new growth engines through technology [1] - HuTongDa Network has been ranked among the top ten in the "2025 China Online Retail TOP 100," further solidifying its market position [3]

Core Viewpoint - Citibank has updated its research report on HuTongDa Network (09878), highlighting a clear path for profit improvement following strategic adjustments and benefiting from policy incentives such as "national subsidies" [1] Business Segments - The company efficiently assists member stores in completing national subsidy qualification applications, which will boost revenue scale [1] - High-margin proprietary brand products are expected to significantly enhance overall profitability [1] - In terms of service, the company integrates mainstream large language models (LLM) to launch AI+SaaS tools, improving product usability and customer penetration, while exploring new growth engines for profit conversion based on increased user stickiness [1] News Highlights - Since July, HuTongDa Network's Wind ESG rating has been upgraded from BBB to AA [1] - The company ranked eighth in the "2025 China Online Retail TOP 100" list published by CCFA China Chain Store & Franchise Association in collaboration with Deloitte China [1] - Strategic agreements have been signed with leading hearing aid brands and national high-tech enterprise Boyin Hearing [1] - The second phase of the intelligent manufacturing factory for air conditioning in Jiangxi Gongqingcheng, in which the company holds shares, has been successfully completed and is in production, with products targeting both domestic and overseas markets [1]

Core Viewpoint - Citibank has updated its research report on HuTongDa Network (09878), highlighting a clear path for profit improvement following the company's strategic adjustments and benefiting from policy incentives such as "national subsidies" [1] Business Segments - The company efficiently assists member stores in completing national subsidy qualification applications, which will boost revenue scale [1] - High-margin proprietary brand products are expected to significantly enhance overall profitability [1] - In terms of service, the company integrates mainstream large language models (LLM) to launch AI+SaaS tools, improving product usability and customer penetration, while exploring new growth engines for profit conversion based on increased user stickiness [1] News Highlights - Since July, HuTongDa Network's Wind ESG rating has been upgraded from BBB to AA [1] - The company ranked eighth in the "Top 100 Online Retailers in China 2025" list published by CCFA and Deloitte China [1] - Strategic agreements have been signed with leading hearing aid brands and national high-tech enterprise BoYin Hearing [1] - The second phase of the intelligent manufacturing factory for air conditioning in Jiangxi Gongqingcheng, in which the company holds shares, has been successfully completed and is in production, with products targeting both domestic and overseas markets [1]

Core Viewpoint - Citi's report on HuTongDa Network (9878.HK) highlights a clear path for improving profitability and benefits from policy incentives, maintaining a "Buy" rating with a target price of HKD 23.0, indicating significant upside potential from the current stock price [1][2] Financial Performance - The company is expected to achieve steady revenue growth in 2025, driven by improved profitability [1] - Following strategic adjustments to reduce low-margin business, the company anticipates a substantial increase in profit margins for the year [1] Business Segments - The company effectively assists member stores in completing national subsidy qualification applications, which will boost revenue [1] - High-margin proprietary brand products are expected to significantly enhance overall profitability [1] Technological Integration - The company integrates mainstream large models (LLM) to launch AI+SaaS tools, improving product usability and customer penetration [1] - This technological enhancement aims to increase user stickiness and explore new growth engines for profit conversion [1] Market Recognition - Institutional recognition of HuTongDa Network's long-term growth potential is reflected in the acknowledgment of the "policy dividends + model upgrades + technological empowerment" logic [2] - The company's role as a "connector" in the lower-tier market is becoming increasingly clear, marking the beginning of its value reassessment journey post-strategic adjustments [2]

Core Viewpoint - The recent recognition of Huitongda Network with the "ESG Innovation Practice Excellence Enterprise" award highlights its commitment to integrating technology and innovative models to advance ESG principles and convert them into commercial value [1][4]. Group 1: ESG Integration and Business Model - Huitongda's ESG practices are deeply integrated with its business, focusing on the critical challenge of promoting rural revitalization and enhancing urban-rural circulation service capabilities [5][6]. - The company leverages digital technology and supply chain empowerment to create a sustainable industrial ecosystem in lower-tier markets, effectively connecting the production and retail ends [5][6]. - Huitongda's platform value enables it to cover a vast network of rural stores, allowing rural consumers to access products and services comparable to urban areas, thus stimulating consumption in lower-tier markets [5][6]. Group 2: Governance and Technological Upgrades - Huitongda is enhancing its ESG governance framework and upgrading AI technology applications to improve the quality and efficiency of its ESG practices, aiming for further breakthroughs in social and commercial value [7][8]. - The establishment of a Sustainable Development (ESG) Committee by 2025 will strengthen the execution of ESG strategies and improve transparency and risk resilience [7]. - The company has launched an AI+ strategy, introducing self-developed products to enhance its service capabilities and support its ESG initiatives [8][9]. Group 3: Future Outlook - Huitongda's recognition with the "ESG Golden Award" signifies a pivotal moment in its journey towards sustainable development and value creation [10]. - The company's innovative practices in the ESG domain are expected to solidify its sustainable development efforts and lead to a significant elevation in value [10].

Core Viewpoint - The article highlights the strategic advancements and growth potential of Hui Tong Da Network in the context of the macroeconomic environment favoring technology, industry, and capital expansion [1][2][7] Group 1: Strategic Development - Hui Tong Da Network has demonstrated a clear and stable strategic layout in 2023, focusing on the "technology," "industry," and "capital" triad, with tangible results emerging [2] - The company has launched its "Qian Cheng Cloud AI" industry vertical model, which was approved by the National Cyberspace Administration in May, marking it as one of the early adopters of self-developed AI integrated with mainstream large models [2] - The "AI+ strategy" is being implemented across three main areas: "AI+ industry platform," "AI+ SaaS," and "AI+ smart terminals," providing numerous Agent applications to clients, covering the entire process of goods circulation [2][3] Group 2: Industry Deepening - Since the announcement of the "three major supply chain projects" in February, Hui Tong Da Network has rapidly implemented various initiatives, including the establishment of a brand ecosystem covering nine brands across four industries [3] - The "Brand Express" initiative has created direct channels to rural member stores in collaboration with major brands like Apple, enhancing sales and profitability for member stores [3] - The "Open Supply Chain Project" integrates more supply chain merchants and utilizes AI procurement assistants to help member stores match local consumer demands accurately [3] Group 3: Capital Empowerment - Hui Tong Da Network has recently undertaken significant capital actions, including a share buyback plan with a maximum amount of RMB 500 million, reflecting management's confidence in future business prospects [4] - The company has applied for the conversion of approximately 91.48% of its domestic shares into H-shares, which is expected to increase the proportion of H-shares from 32.04% to 94.21%, enhancing market liquidity and attracting more investors [4] Group 4: Undervalued Potential - The term "underrated" is frequently used in the capital market, indicating that Hui Tong Da Network's current value is not fully recognized, despite its significant growth potential [5] - The company possesses key advantages such as the integration of technology and consumption, a vast market development space, and a strong platform that is replicable [5] - Hui Tong Da Network is positioned in the "first tier" of companies effectively integrating AI applications in the consumer sector, leveraging its extensive network of nearly 250,000 member stores [5] Group 5: Internal Growth and Strategic Expansion - Hui Tong Da Network shows strong internal growth momentum, with opportunities for expansion in product categories, procurement ratios, and high-margin private label products [6] - The company's "one main, two auxiliary" strategy indicates a focus on strengthening its B2B services while actively exploring overseas and B2C business opportunities [6] - The significant growth in sales of its self-branded air conditioning product "Alti Sha" by four times year-on-year in the first quarter demonstrates the company's capability to support broader market coverage [6] Group 6: Market Reassessment - The current market perception of Hui Tong Da Network does not adequately reflect its true value and future growth potential [7] - The company exhibits strong competitiveness and resilience in AI technology application, internal growth dynamics, and strategic expansion [7] - Hui Tong Da Network's unique growth logic and forward-looking strategic layout warrant a reassessment and evaluation by the market, with potential for value reappraisal in the future [7]

Core Viewpoint - Huaitongda Network is enhancing its capital operations by converting approximately 91.48% of its domestic shares into H-shares, which is expected to significantly increase its market capitalization and liquidity, thereby attracting more investors [1][2] Group 1: Capital Operations - The company has submitted an application to the China Securities Regulatory Commission to convert about 91.48% of its domestic shares into H-shares, increasing the proportion of H-shares from 32.04% to 94.21% of the total share capital [1] - This move is anticipated to lead to a substantial increase in the company's circulating market value, with over 530 million H-shares expected to be in circulation post-conversion [1] Group 2: Market Impact - The conversion to full circulation is expected to optimize the shareholder structure, attracting a more diverse group of investors, particularly international capital [2] - The significant increase in circulating market value and enhanced liquidity are key factors for inclusion in major international indices such as MSCI and FTSE Russell, which may draw more passive index funds and international active investors [2] - The expansion of circulating shares is projected to significantly boost the company's average daily trading volume and market depth, enhancing its investment appeal [2] Group 3: Historical Context - Past cases of companies that transitioned to full circulation, such as October Rice and Changjie Tong, have generally shown positive market performance, suggesting that Huaitongda Network may experience a new round of value discovery and market capitalization recovery due to its solid business foundation and strategic layout [2]

Core Insights - The sales of mobile communication membership stores under Huitongda Network have doubled in multiple lower-tier markets since the second quarter, driven by favorable pricing and market conditions [1][4][6] Group 1: Sales Performance - Huitongda's collaboration with leading brands on instant retail projects has significantly increased sales for member stores, with some locations reporting over 100% sales growth quarter-on-quarter after joining the Apple township authorization project [4][6] - The integration of instant retail and AI tools has enhanced operational efficiency and sales conversion rates for member stores [1][4] Group 2: Operational Enhancements - The "千橙AI超级店长" (Qiancheng AI Super Store Manager) has been upgraded to help member stores manage products and customer groups more effectively, leading to improved foot traffic and transaction rates [4][6] - Member store owners are being trained to utilize AI for procurement and marketing activities, which has contributed to increased profitability [4][6] Group 3: Strategic Initiatives - Huitongda's dual strategy of supply chain enhancement and AI integration is effectively implemented, showcasing the company's commitment to transforming the retail landscape in lower-tier markets [6] - The "品牌直通车" (Brand Direct Access) initiative aims to connect top brands directly with lower-tier market member stores, enhancing the online and offline retail integration [6]