Core Viewpoint - CICC maintains the profit forecast for Lianyi Rong Technology-W (09959) for 2025 and 2026, adjusting the target price upward by 77% to HKD 3.6, reflecting a strategic breakthrough and business structure optimization [1] Company Status - As of Q3 2025, the number of core enterprise/financial institution partners increased by 30% and 7% year-to-date to 2,798 and 405 respectively, while the number of revenue-generating clients rose by 40% and 4% to 1,346 and 152 respectively, with a customer retention rate up by 3 percentage points to 99% [2] - The total asset processing scale for the first three quarters of 2025 increased by 28% year-on-year to CNY 336.2 billion, with Q3 2025 transaction volume up by 30% year-on-year and 28% quarter-on-quarter to CNY 132.6 billion, marking a record high for the first three quarters [2] Business Growth - Direct financing business transaction volume for the first three quarters of 2025 increased by 44% year-on-year to CNY 252.3 billion, with Q3 2025 transaction volume up by 54% year-on-year and 17% quarter-on-quarter, driven by the focus on key industries and innovative financial solutions [3] - Asset securitization business transaction volume for the first three quarters of 2025 was CNY 77 billion, with Q3 2025 showing a 77% quarter-on-quarter increase to CNY 37.5 billion, benefiting from deepening penetration in the infrastructure sector [3] - Cross-border cloud transaction volume for the first three quarters of 2025 was CNY 6.8 billion, with the company undergoing a rebranding of its international business in early October, which is expected to provide long-term growth momentum [3] Strategic Developments - The company successfully won a bid for a large central enterprise's Web 3.0-based supply chain finance platform project in Q3 2025, indicating potential breakthroughs in the Web 3.0 trade finance sector [4] - The company is steadily advancing its share repurchase plan, reflecting a commitment to shareholder returns and management's confidence in future development [4]

Core Viewpoint - CICC maintains the profit forecast for Lianyi Rong Technology-W (09959) for 2025 and 2026, adjusting the target price upward by 77% to HKD 3.6, reflecting a potential upside of 12.2% [1] Company Status - As of Q3 2025, the number of core enterprise/financial institution partners increased by 30% and 7% year-to-date to 2,798 and 405 respectively, while the number of revenue-generating clients rose by 40% and 4% to 1,346 and 152, with a customer retention rate up by 3 percentage points to 99% [2] - Total asset processing scale for the first three quarters of 2025 increased by 28% year-on-year to CNY 336.2 billion, with Q3 2025 transaction volume up by 30% year-on-year and 28% quarter-on-quarter to CNY 132.6 billion, marking a record high for the first three quarters [2] Business Growth - Direct financing business transaction volume for the first three quarters of 2025 increased by 44% year-on-year to CNY 252.3 billion, with Q3 2025 transaction volume up by 54% year-on-year and 17% quarter-on-quarter, driven by the company's focus on key industries and innovative financial solutions [2] - Asset securitization business transaction volume for the first three quarters of 2025 was CNY 77 billion, with Q3 2025 volume up by 77% quarter-on-quarter to CNY 37.5 billion, benefiting from deepening penetration in the infrastructure sector [2] International Strategy - Cross-border cloud transaction volume for the first three quarters of 2025 was CNY 6.8 billion, with the company rebranding its international business in early October, indicating potential long-term growth from its international strategy [3] Strategic Developments - The company successfully won a bid for a large central enterprise's Web 3.0-based supply chain finance platform project in Q3 2025, suggesting that its "stablecoin+" strategy may lead to breakthroughs in trade finance within the Web 3.0 space [4] - The company is steadily advancing its share repurchase plan, reflecting a commitment to shareholder returns and management's confidence in future growth [4]

Company Dynamics - 联易融科技 reported 3Q25 operational data showing a 30% increase in the number of core enterprise/financial institution partners to 2,798 and a 40% increase in revenue-generating clients to 1,346, with a client retention rate of 99% [1] - Total asset processing scale for 1-3Q25 increased by 28% year-on-year to 336.2 billion, with 3Q25 transaction volume up 30% year-on-year and 28% quarter-on-quarter to 132.6 billion, marking a record high for the first three quarters [1] Business Performance - Direct financing business saw a 44% year-on-year increase in transaction volume for 1-3Q25 to 252.3 billion, with 3Q25 transaction volume up 54% year-on-year and 17% quarter-on-quarter, driven by efficient customer acquisition and innovative financial solutions [1] - Asset securitization business experienced a 3% year-on-year decline in transaction volume for 1-3Q25 to 77 billion, but 3Q25 showed a 77% quarter-on-quarter increase to 37.5 billion, indicating improvement in the ABS cloud under deepening penetration in the infrastructure sector [1] Strategic Developments - Cross-border cloud transaction volume decreased by 5% year-on-year to 6.8 billion for 1-3Q25, with a significant drop of 33% year-on-year and 22% quarter-on-quarter in 3Q25, but the company is optimistic about future growth from its international strategy [2] - The company successfully won a bid for a large central enterprise's Web3.0 supply chain finance platform project, indicating potential breakthroughs in the Web3.0 trade finance sector [2] - The company is actively repurchasing shares, reflecting its commitment to shareholder returns and management's confidence in future development [2] Profit Forecast and Valuation - The profit forecast for 2025 and 2026 remains unchanged, with the company currently trading at 0.9x and 0.8x P/B for 2025 and 2026 respectively [2] - The target price has been raised by 77% to 3.6 HKD, corresponding to 1.1x and 1.0x P/B for 2025 and 2026, with an upside potential of 12.2%, while maintaining an outperform rating [2]

| 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.11.04 | 233.00 | 3.250 | 3.110 | 740.56 | | 2025.11.03 | 232.00 | 3.240 | 3.140 | 744.69 | | 2025.10.31 | 234.00 | 3.230 | 3.140 | 745.94 | | 2025.10.30 | 230.00 | 3.300 | 3.160 | 742.35 | | 2025.10.28 | 146.25 | 3.260 | 3.230 | 476.22 | | 2025.10.27 | 115.50 | 3.230 | 3.090 | 369.28 | | 2025.10.24 | 240.00 | 3.100 | 3.030 | 737.82 | | 2025.10.23 | 247.00 | 3.080 | 2.930 | 741.37 | | 2025.10.22 | 243.00 | 3.100 | 2. ...

联易融科技-W(09959)发布公告，于2025年11月4日，该公司斥资740.56万港元回购233万股股份，每股 回购价格为3.11-3.25港元。 ...

智通财经APP讯，联易融科技-W(09959)发布公告，于2025年11月4日，该公司斥资740.56万港元回购233 万股股份，每股回购价格为3.11-3.25港元。 ...

格隆汇11月4日丨联易融科技-W(09959.HK)发布公告，2025年11月4日耗资740.56万港元回购233万股， 回购价格每股3.11-3.25港元。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 聯易融科技集團（於開曼群島註冊成立以不同投票權控制的有限公司) 呈交日期： 2025年11月4日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | | 不同投票權架構公司普通股 | 股份類別 B | | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 09959 | | 說明 普通股 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 | ...

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10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: 聯易融科技集團（於開曼群島註冊成立以不同投票權控制的有限公司) 呈交日期: 2025年11月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | B | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09959 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,726,828,436 | USD | 0.00000833 | USD | | 47,723.57 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 5,726,828,436 | USD | 0.00000833 | USD | | ...

今年以来该股累计进行43次回购，合计回购8574.25万股，累计回购金额2.71亿港元。（数据宝） 联易融科技-W回购明细 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.11.03 | 232.00 | 3.240 | 3.140 | 744.69 | | 2025.10.31 | 234.00 | 3.230 | 3.140 | 745.94 | | 2025.10.30 | 230.00 | 3.300 | 3.160 | 742.35 | | 2025.10.28 | 146.25 | 3.260 | 3.230 | 476.22 | | 2025.10.27 | 115.50 | 3.230 | 3.090 | 369.28 | | 2025.10.24 | 240.00 | 3.100 | 3.030 | 737.82 | | 2025.10.23 | 247.00 | 3.080 | 2.930 | 741.37 | | 2025.10.22 | 243.00 ...