Core Viewpoint - The strategic partnership between Snack Preferred and Hong Kong-listed company Huitongda Network aims to establish a joint venture for the exclusive operation of the Snack Preferred brand, focusing on the rapidly growing snack retail and hard discount market [1] Group 1: Partnership Details - Snack Preferred and Huitongda Network will form a joint venture to integrate their resources and accelerate market expansion [1] - The joint venture will be operated regionally by Snack Preferred, continuing its focus on the hard discount snack sector [1] Group 2: Operational Synergies - Huitongda will leverage its nationwide channel network to enhance market coverage in collaboration with Snack Preferred's existing network of over 2,800 stores across more than 10 key provinces [1] - Huitongda's network of over 250,000 member stores is expected to access Snack Preferred's efficient hard discount product offerings, facilitating standardized replication of "fast-moving consumer goods upgrade + small store big chain" [1] Group 3: Technological Integration - The joint venture will utilize Huitongda's self-developed "Qiancheng Cloud AI" industry-specific model and related AI applications to deploy advanced digital tools rapidly [1] - Huitongda has successfully commercialized AI in retail chain scenarios, which will support the digital transformation of Snack Preferred's 2,800 stores across the entire supply chain, from intelligent product selection to logistics and store operations [1]

Group 1 - Strategic partnership established between Huitongda Network and Hunan Snack Youxuan to create a joint venture for the "Snack Youxuan" brand chain [1] - Huitongda, as a leading industrial internet platform, has deep capabilities in supply chain, channel network, AI, and digitalization [3] - Snack Youxuan operates over 2,800 stores across more than 10 core provinces in China, collaborating with over 1,000 quality upstream manufacturers and offering more than 4,000 SKUs [3] Group 2 - Snack Youxuan will operate regionally and focus on the hard discount snack market, while Huitongda will provide support in platformization, ecological development, capital, and AI [6] - The partnership aims to enhance the market competitiveness of Snack Youxuan's "hard discount + full category + franchise expansion" model, accelerating its development towards scale, branding, and specialization [6] - Huitongda's retail chain strategy is rapidly evolving, with this collaboration enriching its retail ecosystem and competitive strength in urban and rural markets [7] Group 3 - Existing 2,800 stores of Snack Youxuan will collaborate efficiently with Huitongda's nationwide member stores to improve overall market coverage [7] - Huitongda's member stores are expected to access Snack Youxuan's quality hard discount products, enhancing product structure and customer traffic [10] - Huitongda has implemented its self-developed "Qiancheng Cloud AI Model" in retail scenarios, enabling rapid deployment of AI tools across Snack Youxuan's stores for comprehensive data and operational integration [10]

Core Viewpoint - The acquisition of Jintongling Technology Group by Huitongda Network marks a significant shift in the Chinese capital market, representing the first successful restructuring case of "H-controlled A" in 2026, and highlights the integration of internet and high-end manufacturing sectors [1][2]. Group 1: Transaction Insights - The transaction aligns with two major policy directions in China: promoting domestic circulation and the integration of AI into traditional industries, with Huitongda leveraging its experience in supply chain and retail operations [2][3]. - Huitongda's acquisition of Jintongling at a price of 1.3996 yuan per share is significantly lower than the current market price, indicating a strategic move as an "industrial investor" rather than a financial one, aiming for operational improvements [4]. Group 2: Strategic Implications for Huitongda - This acquisition reflects Huitongda's ongoing strategic upgrade, with a focus on enhancing profitability and integrating AI with industry, aiming for a dual-driven model of "industry + capital" [5][6]. - The business structure of Huitongda is being reshaped, expanding its valuation logic beyond just profit and growth rates to include capabilities in AI and high-end manufacturing, thus creating a more integrated operational model [6][7]. Group 3: Market Reactions and Future Outlook - The market has responded positively to the acquisition, indicating strong confidence in Huitongda's dual-driven model and the potential of integrating "industrial internet + AI" into its operations [7][8]. - The transaction raises questions about the reevaluation of Huitongda's valuation logic, as it now holds control over a high-end manufacturing company, enhancing its revenue model and risk resilience [7][9].

Group 1 - The core viewpoint of the article highlights the recent developments of Huitongda Network in AI technology implementation and policy response, including the testing phase of its "Qiancheng Retail Robot" and the acquisition of a 25% stake in Jintongling to enhance supply chain control [1][2] - Huitongda's stock price closed at HKD 9.62 on February 23, 2026, reflecting a 1.13% decline for the day and a cumulative drop of 2.73% over the past five days, indicating short-term pressure with the stock trading below its 20-day moving average [1] - The online retail sector, to which Huitongda belongs, has seen a recent increase of 3.52%, although the overall performance of Hong Kong tech stocks has been weak, with the Hang Seng Tech Index down nearly 20% since October 2025 [2] Group 2 - Institutional outlook on Huitongda remains optimistic, with all covering institutions rating the stock as "Buy" or "Hold" from September 2025 to January 2026, and an average target price of HKD 24.04, indicating significant upside potential compared to the current stock price [3] - The company's current price-to-earnings ratio (TTM) stands at 17.38, and its price-to-book ratio is 0.62, suggesting that its valuation is below the industry average [2]

Industry Policy Status - The company responds to the 2026 Central Document No. 1, which emphasizes "multiple measures to expand rural consumption" and "promote the two-way flow of urban and rural factors." The company will adhere to the "AI + smart supply chain" dual-driven strategy to deepen its layout in lower-tier markets, supporting rural revitalization and urban-rural integration [1] Business Progress - On February 13, 2026, the company completed the acquisition of a 25% stake in Jintongling and plans to nominate a majority of the board seats and appoint key management personnel to accelerate the implementation of the "integration of production and sales" strategy, enhancing upstream bargaining power and expanding product categories [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） 進一步公告 須予披露的交易 收購目標公司25%股權 茲提述匯通達網絡股份有限公司（「本公司」）日期為2025年9月5日及2026年2月3 日的公告（「該等公告」），內容有關（其中包括）(i)本公司作為重整投資人與目標公 司及臨時管理人就收購目標公司25%股權訂立重整投資協議；及(ii)重整計劃（草 案）已經債權人會議表決通過並獲得法院裁定批准。除非文義另有所指，本公告 所用詞彙與該等公告所界定者具有相同涵義。 本公司謹此提供有關收購事項的進一步資料。 目標公司重整程序的進展 截至本公告日期，目標公司重整計劃已執行完畢。於2026年2月13日，法院作出 民事裁定書（(2025)蘇06破56號之五）依法裁定終結目標公司的重整程序。 目標公司已完成將其25%股權登 ...

Group 1 - The discount retail sector is experiencing a surge in popularity, with Huitongda Network (09878) accelerating store upgrades to meet consumer demand ahead of the Spring Festival [1] - Store upgrades focus on product category structure, shelf layout, and business model to cater to the rigid demand for festive goods, ensuring convenient and affordable purchases for community residents [1] - Huitongda has quickly integrated online and offline operations through delivery, live e-commerce, and community e-commerce platforms, enhancing customer acquisition and promotional efforts [1] Group 2 - Huitongda's ongoing deepening in the discount retail sector will lead to more dynamic and regular upgrades of its community hard discount supermarkets [1] - The company leverages its experience in serving lower-tier market retail stores to gain insights into the diversity and personalization of community consumption, supported by digital systems for precise demand identification [1] - The AI+ strategy will introduce smart store巡店 robots and other AI hardware to optimize operational decisions, enhancing efficiency and inventory turnover [2] - Huitongda is expanding into multiple segments, including discount snacks, lifestyle supermarkets, and convenience stores, to broaden market coverage and improve supply chain management [2]

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: 2026年1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: 2026年2月5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 ...

（於中華人民共和國註冊成立的股份有限公司） （股份代號：9878） 進一步公告 須予披露的交易 收購目標公司25%股權 茲提述匯通達網絡股份有限公司（「本公司」）日期為2025年9月5日的公告（「該公 告」），內容有關（其中包括）本公司作為重整投資人與目標公司及臨時管理人就收 購目標公司25%股權訂立重整投資協議。除非文義另有所指，本公告所用詞彙與 該公告所界定者具有相同涵義。 誠如該公告所述，重整計劃（草案）須提交債權人會議表決，並經法院裁定批准後 方可實施。依據相關法律法規，重整計劃（草案）已於2026年2月2日經目標公司召 開的債權人會議表決通過，並於2026年2月3日經法院作出的民事裁定書（(2025) 蘇06破56號之三）（「民事裁定書」）依法批准並生效。民事裁定書已於2026年2月3 日送達目標公司。 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。 Huitongda Network Co., Ltd. 匯通達網絡股份有限公司 重整投資協 ...

其首个社区硬折扣超市品牌"折折蜂"于12月十家门店同时开业，这标志着汇通达模式内核的重大升级 ——从服务企业客户(to b)延伸至同时服务消费者(to b+to c)，从专注于3C、家电、农资等高价值、耐用 品类，拓展至覆盖日用百货、酒饮食品等高频、高毛利刚需快消品类，从专注于以供应链商品和数字化 技术赋能会员店转变为"赋能+自营"。这一步三进阶，为汇通达这家国内商业龙头注入了新的活力与价 值空间。 据悉，在此过程中，汇通达还将同步把AI+SaaS深度嵌入零售连锁系统，为门店提供智能选品、动态调 价、智慧营销、即时零售等AI场景下的经营决策支持。集中供应链、技术、运营、资本等多维度的优 势，让汇通达有了冲击国内硬折扣第一梯队的底气。 记者了解到，在通过首批硬折扣超市验证其对国内社区消费场景的趋势判断后，汇通达正加速推进零售 连锁业务进程，更是制定了"自营+并购+合资"的三轨并行发展策略，计划于2026年实现门店规模快速拓 展。 从公开信息来看，对汇通达有望冲击国内硬折扣第一梯队的判断并非毫无依据，而"加码硬折扣"只是其 多维并举的其中一环。 硬折扣超市与社区零售概念持续升温，作为国内领先的产业互联网平台，汇通 ...