Core Viewpoint - The rebound of Hong Kong stocks related to stablecoins, with notable increases in share prices for several companies in the sector [1] Group 1: Company Performance - Lianyi Technology (09959.HK) saw a rise of 5.77% [1] - Lianlian Digital (02598.HK) increased by 3% [1] - ZhongAn Online (06060.HK) experienced a gain of 1.21% [1]

Group 1 - The recent surge in the fintech sector is closely linked to the introduction of stablecoin regulatory frameworks in regions like Hong Kong, the US, and the UK, with companies associated with stablecoins experiencing significant stock price increases [1][2] - The global stablecoin market reached a size of $238 billion as of May this year, with projections suggesting it could grow to $2 trillion by 2028 and potentially $3.7 trillion by 2030 under optimistic scenarios [2] - The introduction of regulations is expected to create a more favorable environment for compliant companies while squeezing out non-compliant ones, thus opening up a trillion-dollar market for those adhering to the new rules [4] Group 2 - Lianyi Technology is positioned as a forward-looking and compliant enterprise, having obtained a digital banking license in Singapore in 2019, which enhances its prospects for applying for a stablecoin issuance license in Hong Kong [5] - The company has established a blockchain trade finance platform in collaboration with Standard Chartered Bank, which covers cross-border financing and settlement scenarios, and is involved in innovative projects that tokenize international trade receivables [5][6] - Lianyi Technology's extensive supply chain finance network, processing over 400 billion yuan annually, is becoming a critical entry point for stablecoin applications, aiming to build a global trade finance system centered around stablecoins [7] Group 3 - The recent regulatory developments in Hong Kong and the US are not merely policy benefits but are setting clear boundaries for the industry, emphasizing compliance as a prerequisite for participation and asset integration as a key competitive advantage [8]

Financial Performance - Total revenue for 2024 reached RMB 1,031,173,000, an increase of 18.8% compared to RMB 867,764,000 in 2023[9] - Gross profit for the year was RMB 717,273,000, reflecting a 36.2% increase from RMB 526,515,000 in the previous year, with a gross margin of 69.6%[9] - The company reported a net loss attributable to equity shareholders of RMB 835,381,000, a significant increase of 89.3% from RMB 441,240,000 in 2023[9] - The adjusted loss for the year (non-IFRS) was RMB 679,270,000, representing a 134.8% increase from RMB 289,272,000 in the previous year[9] - The company's revenue and earnings amounted to RMB 10.31 billion, reflecting a year-on-year growth of 19%[18] - Revenue from core enterprise cloud solutions rose by 26.7% from RMB 523.9 million in 2023 to RMB 663.7 million in 2024, driven by an increase in supply chain assets processed[38] - Revenue from financial institution cloud solutions grew by 2.4% from RMB 299.7 million in 2023 to RMB 306.9 million in 2024, despite a decrease in assets processed by e-chain cloud[38] - The company recorded losses of RMB 835.5 million and RMB 443.3 million for the years ended December 31, 2024, and 2023, respectively[61] - Adjusted losses (non-IFRS) for the year ended December 31, 2024, were RMB 679.3 million compared to RMB 289.3 million for the year ended December 31, 2023[64] Customer Metrics - The number of core enterprise customers increased by 59.3% to 962 from 604 in 2023, indicating strong customer acquisition[11] - The customer retention rate improved to 96%, up from 86% in the previous year, showcasing enhanced customer loyalty[11] - The number of core enterprise and financial institution clients increased by 51% to 1,108, with 373 new clients added in 2024[19] - The overall customer retention rate rose from 86% in 2023 to 96% in 2024[19] Supply Chain Assets - The total amount of supply chain assets processed by the company's technology solutions reached RMB 411,210.8 million, a 27.7% increase from RMB 321,977.0 million in 2023[16] - In 2024, the total supply chain assets processed by the company's technology solutions reached RMB 411.2 billion, a year-on-year increase of 28%[18] - The sustainable supply chain asset scale served by the company reached RMB 37.1 billion, a substantial year-on-year increase of 93%[23] - The multi-level circulation cloud business processed supply chain assets totaling RMB 2,073 billion in 2024, reflecting a significant year-on-year growth of 52%[25] - The ABS cloud business saw a total of RMB 542 billion in supply chain assets processed in 2024, marking a substantial year-on-year increase of 101%[26] - The cross-border cloud business processed supply chain assets totaling RMB 207 billion in 2024, achieving a year-on-year growth of 64%[27] - The company processed over RMB 50 billion in supply chain asset transactions across 14 industries for core enterprise clients and partners in 2024[31] Technological Innovations - The company is focusing on technological innovations, particularly in AI, to drive efficiency and value creation in the supply chain finance sector[17] - The company anticipates that supply chain finance will become a key driver for global industrial chain upgrades, supported by macroeconomic resilience and policy incentives[17] - The newly launched lightweight supply chain financial AI product "BeeLink AI" has been successfully deployed in multiple financial institutions[22] Operational Costs and Expenses - Research and development expenses decreased by 9.6% from RMB 365.8 million in 2023 to RMB 330.8 million in 2024, mainly due to a reduction in share-based incentives[42] - Total operating costs decreased by 8.0% from RMB 341.2 million in 2023 to RMB 313.9 million in 2024, due to optimized product structure[40] - Sales and marketing expenses increased by 8.1% from RMB 137.8 million for the year ended December 31, 2023, to RMB 149.0 million for the year ending December 31, 2024, primarily due to increased salaries and business development costs related to customer expansion[43] - Administrative expenses remained stable at RMB 207.7 million for the year ended December 31, 2023, and are projected to be RMB 208.1 million for the year ending December 31, 2024[44] - Equity incentive expenses decreased by 89.4% from RMB 78.1 million for the year ended December 31, 2023, to RMB 8.3 million for the year ending December 31, 2024, mainly due to a reduction in unvested equity incentives[45] Impairment and Losses - Impairment losses increased significantly from RMB 214.4 million for the year ended December 31, 2023, to RMB 640.3 million for the year ending December 31, 2024, primarily due to credit impairment of financial assets[47] - Major impairment losses included RMB 445.1 million from receivables related to core enterprise payments and RMB 176.5 million from supply chain assets[47] - The company recorded other net losses of RMB 58.7 million for the year ending December 31, 2024, compared to net gains of RMB 58.7 million for the year ended December 31, 2023, due to decreased interest income and government subsidies[56] - Operating losses increased from RMB 340.6 million for the year ended December 31, 2023, to RMB 669.7 million for the year ending December 31, 2024[57] Strategic Acquisitions and Growth - The company is exploring external growth strategies through strategic acquisitions to enhance market competitiveness and operational efficiency[29] - The acquisition of Bait Technology will enrich the company's product matrix and extend its solutions from supply chain financing to treasury management systems[30] - The company plans to focus on "AI + industrial finance" and strategic acquisition opportunities to create new growth curves[34] Governance and Compliance - The company has complied with relevant laws and regulations that significantly impact its business as of December 31, 2024[94] - The company has obtained appropriate directors' liability insurance since its listing date[115] - The independent auditor, KPMG, confirmed that the disclosed continuing connected transactions were conducted on normal commercial terms or more favorable terms[158] - The company has demonstrated sincere efforts to comply with applicable laws and regulations regarding its business operations, including commercial factoring and asset securitization[149][150] Shareholder Information - The board proposed a final special dividend of HKD 0.03 per share for the year ending December 31, 2024, subject to shareholder approval at the annual general meeting scheduled for June 17, 2025[112] - As of December 31, 2024, the company's distributable reserves amounted to RMB 7,975.1 million, a decrease from RMB 8,710.5 million as of December 31, 2023[116] - The company has a dual-class share structure that allows different voting rights beneficiaries to exert significant influence over company affairs, which may not align with the interests of other shareholders[184] - The company emphasizes the potential risks associated with investing in companies with different voting rights structures, urging investors to consider these risks carefully[184] Management and Experience - The company has a total of 31 years of experience in finance, internet, and technology industries, with the CEO having held senior positions at major banks[162] - The company’s president has nearly 30 years of experience in the financial industry, previously working at China Construction Bank and China Resources Bank[163] - The company’s risk management is overseen by a vice-chairwoman with nearly 40 years of experience in the financial sector, including roles at major banks[165] - The company’s board includes members with extensive backgrounds in investment and mergers, particularly from Tencent Group[168]

金融 AI 应用&联易融科技小组会 20250327 摘要 Q&A 联易融科技在 2024 年的收入和交易规模方面表现如何？ 联易融科技在 2024 年实现了收入和交易规模的同比双位数增长。这得益于公司 持续拓展非地产创新业务，例如多级流转云实现了 52%的同比高速增长，推动 新旧动能转换的落地成效。核心业务多级流转云目前占据公司超过 50%的交易 规模，并保持快速增长态势。此外，ABS 云在 2024 年下半年落地应收类创新业 务，实现了高三位数的高速增长，推动 ABS 云实现 101%的强劲增长。整体收入 端以交易规模同步增长，同时高毛利产品占比提升，使毛利率大幅提升九个百 多级流转云和 AMS 云在过去一年中的表现如何？ • 联易融科技核心业务多级流转云交易规模占比超 50%并快速增长，ABS 云下 半年落地应收类创新业务，推动 ABS 云同比增长 101%。整体毛利率大幅提 升 9 个百分点至 70%，剔除金融资产减值影响后，经营层面略有盈利。 • 公司客户留存率显著提升，从 2023 年的 86%增至 96%，多级流转云核心业 务板块客户留存率高达 99%。2024 年实现强劲客户增长，主要来自多级 ...

Financial Performance - The company's revenue for the year ended December 31, 2024, reached RMB 1,031.2 million, representing an 18.8% increase compared to RMB 867.8 million in 2023[4]. - The gross profit for the same period was RMB 717.3 million, a 36.2% increase from RMB 526.5 million in 2023, with a gross margin improvement from 60.7% to 69.6%[4][10]. - The adjusted net loss for 2024 was RMB 679.3 million, a significant increase of 134.8% from RMB 289.3 million in 2023[4][10]. - The company reported a net loss of RMB 835.5 million for the year ended December 31, 2024, compared to a net loss of RMB 443.3 million in 2023[36]. - The operating loss increased from RMB 340.6 million in 2023 to RMB 669.7 million in 2024[36]. - The company reported a pre-tax loss of RMB 640,297,000 for 2024, significantly higher than the RMB 214,437,000 loss in 2023, reflecting increased impairment losses[142]. - The basic loss per share for the year was RMB 0.410, compared to RMB 0.208 in 2023, indicating a deterioration in earnings per share[112]. Customer Growth and Retention - The total number of core enterprise customers increased by 59.3% to 962, while the total number of financial institution customers rose by 11.5% to 146[5][12]. - The customer retention rate improved from 86% in 2023 to 96% in 2024, indicating enhanced customer loyalty[5][12]. - The company added 373 new core enterprise and financial institution customers in 2024, marking a 51% increase in total customer count to 1,108[12]. - The company added 370 new multi-level circulation cloud customers in 2024, bringing the total customer count to 928[22]. Technology and Innovation - The company launched the industry's first lightweight supply chain financial AI product, "BeeLink AI," which won the "Best AI Technology" award from The Asian Banker in 2024[16]. - In 2024, the company achieved a significant growth of 101% year-on-year in ABS cloud business transaction scale, driven by the successful implementation of innovative accounts receivable products[13]. - The company plans to continue expanding and optimizing its supply chain financial technology solutions to serve a broader range of customers[128]. - The company has introduced new products under its business segments to enhance service offerings within the supply chain ecosystem[128]. Financial Technology Solutions - The total supply chain assets processed by the company's technology solutions reached RMB 411.2 billion, a 28% increase year-on-year[10]. - The company's supply chain financial technology solutions generated a total financing amount of RMB 389.5 billion, reflecting a 26.2% growth compared to RMB 308.6 billion in 2023[7]. - The total supply chain assets processed by the company in 2024 reached RMB 3,895 billion, representing a year-on-year increase of 26%[19]. - The company processed RMB 750 billion in supply chain assets through AMS cloud business in 2024, marking a 16% year-on-year growth despite an 18% decline in the overall market[21]. Impairment and Losses - The company's impairment losses surged from RMB 214.4 million in 2023 to RMB 640.3 million in 2024[52]. - The company recorded significant impairment losses of RMB 445.1 million related to credit-impaired financial assets, primarily from accounts receivable from core enterprises[54]. - The impairment provision for receivables from core enterprises rose significantly from RMB 154,320 thousand in 2023 to RMB 599,382 thousand in 2024, an increase of about 288%[174]. - The total credit loss provisions amounted to RMB 599,382,000, with a significant increase in Stage 2 provisions to RMB 599,271,000[176]. Cash and Assets Management - Cash and cash equivalents, along with restricted cash, totaled RMB 5,072 million as of December 31, 2024[10]. - The company’s cash flow from operations was impacted by the repayment agreements with core enterprises, which involved RMB 136,884,000 in securities to settle RMB 168,096,000 in supply chain assets[156]. - The total current financial assets measured at fair value decreased to RMB 458,442,000 in 2024 from RMB 987,741,000 in 2023, a decrease of 53.7%[159]. - The company’s total current assets, including receivables, decreased from RMB 2,268,948 thousand in 2023 to RMB 1,813,746 thousand in 2024, a decrease of about 20%[171]. Strategic Initiatives - A strategic acquisition agreement was signed with Shenzhen Bait Technology Co., Ltd., which will enhance the company's product matrix and integrate technology advantages and customer resources[30]. - The company aims to leverage breakthroughs in AI to reshape the supply chain finance landscape and create new growth curves through innovative product applications and strategic acquisitions[34]. - The company will maintain a prudent approach in selecting acquisition targets to maximize shareholder value[29]. Awards and Recognition - The company was recognized with multiple awards for its ESG performance, including a "Low Risk" rating from Sustainalytics for three consecutive years[18]. - The company successfully issued the first green asset-backed special plan in the Greater Bay Area, showcasing its commitment to innovative financing solutions[13]. Employee and Operational Metrics - The company had a total of 726 employees as of December 31, 2024, with 402 in R&D, 138 in sales and marketing, and 186 in general administration[92][93]. - Employee costs for 2024 totaled RMB 387,030,000, a decrease from RMB 417,522,000 in 2023, with R&D expenses accounting for RMB 161,625,000[139]. - The company’s employee costs included RMB 108,470,000 in administrative expenses for 2024, down from RMB 123,358,000 in 2023, showing a focus on cost management[139].

联易融科技 摘要 Q&A 请介绍一下联易融科技在供应链金融领域的市场地位和业务规模。 联易融科技是中国领先的供应链金融科技解决方案提供商，根据实则咨询的报 告，公司连续四年市场占有率排名第一，最新市场份额超过 20%。截至 2024 年 9 月，公司服务了接近 2000 家核心企业，其中包括 51 家百强企业，以及超过 300 家金融机构，包括中国前二十的商业银行。客户留存率高达 96%。通过服务 大量核心企业，我们也帮助其上下游超过 30 万家的小微企业，提供普惠金融解 • 联易融服务近 2000 家核心企业，包括 51 家百强企业和 300 多家金融机构， 客户留存率高达 96%，并为超过 30 万家小微企业提供普惠金融解决方案。 2024 年前九个月，公司服务规模达 2,700 亿元，同比增长 17%。 • 联易融 AI 技术发展经历了人工审核、小模型智能辅助审核（2019-2022） 到大模型智能审核（2023-2024）的阶段，目前已进入 DeepSeek 超大模型 阶段（2025 年起），实现跨行业及全球化场景自动化审核。 • DeepSeek 超大模型具备跨行业及全球化场景自动化审核能力，能自净 ...

今天非常的荣幸啊能够邀请到年一荣的IRB唐贝北唐总来跟大家做一个这个分享那我今天简单开场的就是公司呢我们其实是觉得是到了一个比较可以底部布局弹性非常大的这么一个一个一个阶段因为公司的这个在手的现金非常充足目前的这个估值也是不到这个0.5倍的这个失信率可能现在接近0.4倍的一个失信率 在公司这个这么几年过去几年一度呢这个可能比较依靠这个地产相关的产业链带来的一些供应链集中的收入但是现在呢一方面降低了对于地产的依赖这客户结构越来越多元慢慢的这个实现了对于地产的这种依赖度的这种减轻另外一方面就是这个地产也无法进一步的拖累公司我们知道地产这个已经相对的这个齐稳哪怕我们说地产没有一个很好的一个复苏那由于公司过去几年的客户越来越多元客户结构越来越多元所以使得这个收入呢在今年上半年也是重回增长的一个轨道 我相信在这个2025年公司可能这个业绩会会有不错的一个表现所以从估值和基本面的角度来说我们觉得公司可能有一个很重要的一个拐点一个投资的机会所以今天召开这么一个电话会来请唐总来跟我们再做一些这个近距离的分享和交流 那我们今天可能包括两部分一个呢先请这个唐总再简单的介绍一下公司的这个基本的情况和这个业务的更新那因为可能很多一部 ...

Financial Performance - Total revenue for the six months ended June 30, 2024, was RMB 413,111,000, representing a 5.6% increase from RMB 391,031,000 in 2023[5] - Gross profit for the same period was RMB 292,889,000, with a gross margin of 70.9%, up from 60.8% in 2023, indicating a 10.1 percentage point increase[5] - The company reported an adjusted loss of RMB 204,118,000 for the period, with an adjusted loss rate of 49.4%, compared to 22.1% in the previous year, marking a significant increase[5] - The company reported a net loss of RMB 241.5 million for the six months ended June 30, 2024, compared to a net loss of RMB 171.7 million for the same period in 2023[24] - The operating loss for the six months ended June 30, 2024, was RMB 186.5 million, compared to RMB 144.4 million for the same period in 2023[24] - The company reported a loss of RMB 240,801 for the six months ended June 30, 2024, compared to a loss of RMB 170,298 for the same period in 2023[88] Customer Metrics - The number of core enterprise partners increased to 1,750, a 17.6% rise from 1,488 in the previous year[6] - The number of core enterprise customers grew by 20.2% to 726, compared to 604 in 2023[6] - Customer retention rate improved to 96%, up from 86% in the previous year, reflecting a 10 percentage point increase[6] - The number of core enterprise and financial institution clients reached 856, a 16% increase from 2023, with a client retention rate rising from 86% to 96%[12] Supply Chain Assets - Total supply chain assets processed by the company's technology solutions reached RMB 165,860.2 million, a 16.8% increase from RMB 141,955.2 million in 2023[9] - In the first half of 2024, the total supply chain assets processed by the company's technology solutions reached RMB 165.9 billion, a year-on-year increase of 16.8%[11] - The company's supply chain financial technology solutions processed a total of RMB 156 billion in supply chain assets in the first half of 2024, a year-on-year increase of 14.6%[15] - The total amount of supply chain assets decreased to RMB 372,833,000 as of June 30, 2024, from RMB 780,990,000 at the end of 2023[123] Revenue Segmentation - Revenue from the core enterprise cloud increased by 28.7% from RMB 231.1 million to RMB 297.4 million during the same period, driven by an increase in the number of supply chain assets processed[26] - Revenue from the financial institution cloud decreased by 33.5% from RMB 132.5 million to RMB 88.2 million, primarily due to a decline in the securitization market and the termination of several experimental products[26] - The emerging solutions segment generated RMB 9,898.5 million, a 67.7% increase from RMB 5,901.5 million in 2023[9] Research and Development - The company’s R&D personnel reached 536, accounting for 59% of total employees, and successfully developed the first AI-based supply chain document review platform, "AI Agent"[13] - Research and development expenses for the six months ended June 30, 2024, were RMB 177.7 million, compared to RMB 188.9 million in the previous year[24] - Research and development expenses included in employee costs were RMB 94,700,000, down from RMB 111,886,000, representing a 15.4% decrease[104] Financial Position - Cash and cash equivalents increased from RMB 4,719.2 million on December 31, 2023, to RMB 4,923.1 million as of June 30, 2024, an increase of RMB 203.9 million[49] - The company's borrowings amounted to RMB 2,705 million as of June 30, 2024, compared to RMB 340 million on December 31, 2023[51] - The equity-to-debt ratio as of June 30, 2024, was 4.3%, up from 1.4% on December 31, 2023[53] - The total liabilities decreased to RMB 75,530 as of June 30, 2024, from RMB 80,758 as of December 31, 2023, indicating a reduction of 6.9%[87] Governance and Compliance - The audit committee has reviewed the unaudited interim results for the six months ending June 30, 2024, and discussed accounting policies and internal controls with senior management and auditors[60] - The company has established a corporate governance committee to ensure operations align with shareholder interests and compliance with listing rules[61] - The corporate governance committee confirmed that adequate measures are in place to manage potential conflicts of interest between different voting rights beneficiaries and shareholders[62] Shareholder Information - The company has a total of 267,626,789 Class A shares and 2,017,357,159 Class B shares issued as of June 30, 2024[67] - Major shareholder Cabnetvic owns 221,212,025 Class A shares, representing 82.66% of the total[69] - The company repurchased a total of 139,544,000 Class B shares during the reporting period, at a total cost of HKD 274,215,405[75] Impairment and Credit Risk - Significant impairment losses were primarily due to increased credit risk associated with financial assets, including RMB 106.3 million from receivables related to core enterprises and RMB 40.7 million from supply chain assets[35] - The company anticipates longer repayment periods and lower recovery amounts due to deteriorating operating conditions of core enterprise clients, leading to increased credit risk[36] - The impairment provision for receivables increased to RMB (261,452,000) as of June 30, 2024, compared to RMB (157,662,000) on December 31, 2023, reflecting a significant rise in credit risk[134] Future Outlook - The company plans to focus on sustainable growth and enhance shareholder returns while embracing technological advancements, particularly in artificial intelligence[23] - The company expects to achieve higher growth in the second half of 2024 by optimizing its cross-border and international business models[27] - The company plans to continue expanding its supply chain financial technology solutions, which are expected to drive future revenue growth[135]

Financial Performance - For the six months ended June 30, 2024, the company's revenue was RMB 413.1 million, an increase of 5.6% compared to RMB 391.0 million in the same period of 2023[2]. - The gross profit for the same period was RMB 292.9 million, representing a 23.3% increase from RMB 237.6 million year-on-year, with a gross margin rising from 60.8% to 70.9%[2][7]. - The adjusted net loss for the first half of 2024 was RMB 204.1 million, a significant increase of 136.1% compared to RMB 86.5 million in the previous year[2]. - The company reported a net loss of RMB 241.5 million for the six months ended June 30, 2024, compared to a net loss of RMB 171.7 million for the same period in 2023[57]. - Total comprehensive loss for the period was RMB 198,839,000, significantly higher than the RMB 78,701,000 reported in the previous year, indicating a year-over-year increase of 152.5%[58]. - The basic loss attributable to equity shareholders of RMB 240,801,000 for the six months ended June 30, 2024, compared to a loss of RMB 170,298,000 for the same period in 2023, reflecting an increase in loss of approximately 41.2%[83]. Customer Metrics - The number of core enterprise customers increased by 20.2% to 726 from 604 in the previous year, while the total number of core enterprises rose by 17.6% to 1,750[3]. - The customer retention rate improved to 96%, up from 86% in the previous year, indicating stronger customer loyalty[3][4]. - The overall customer retention rate improved from 86% in 2023 to 96% in the first half of 2024, with a retention rate of 99% in the core multi-level circulation business segment[8]. - The company has maintained a high customer retention rate of 99% in the multi-level circulation cloud business, with a total of 701 customers as of the first half of 2024[12]. Technology and Innovation - The company ranked first in market share among third-party supply chain fintech solution providers in China for four consecutive years, with a market share of 20.9%[9]. - The number of R&D personnel reached 536, accounting for 59% of the total workforce, contributing to the development of the first AI-based supply chain document review platform, "AI Agent"[9]. - The company successfully delivered its AI smart platform "AI Agent" to over 10 financial institutions, aiding in their digital transformation efforts[13]. - The company is focused on expanding and optimizing its technology solutions across various business segments to enhance supply chain management[67]. - The company aims to enhance its digital supply chain management services for core enterprises and their suppliers through its Core Enterprise Cloud solutions[68]. Financial Position - The company reported a total of RMB 5,086.1 million in cash and cash equivalents as of June 30, 2024, maintaining a healthy financial position[7]. - The cash and cash equivalents increased to RMB 4,923.1 million as of June 30, 2024, up from RMB 4,719.2 million as of December 31, 2023[43]. - As of June 30, 2024, the company's borrowings amounted to RMB 270.5 million, a significant increase from RMB 34.0 million as of December 31, 2023[45]. - The company's equity-to-debt ratio as of June 30, 2024, was 4.3%, up from 1.4% as of December 31, 2023[46]. Revenue Breakdown - Revenue from supply chain financial technology solutions was RMB 385.6 million, up 6.0% from RMB 363.6 million in the same period last year[2]. - Revenue from core enterprise cloud solutions rose by 28.7% from RMB 231.1 million to RMB 297.4 million during the same period[22]. - Revenue from financial institution cloud solutions decreased by 33.5% from RMB 132.5 million to RMB 88.2 million, primarily due to a decline in the securitization market[22]. - Emerging solutions revenue was RMB 27.5 million, a slight increase of 0.5% compared to RMB 27.4 million in the previous year[2]. Expenses and Losses - Operating loss for the six months ended June 30, 2024, was RMB 186.5 million, compared to RMB 144.4 million for the same period in 2023[20]. - Research and development expenses for the six months ended June 30, 2024, were RMB 177.7 million, a decrease from RMB 188.9 million in the previous year[20]. - Sales and marketing expenses increased by 13.4% from RMB 58.4 million for the six months ended June 30, 2023, to RMB 66.2 million for the six months ending June 30, 2024, driven by increased salaries and benefits for sales and marketing staff[27]. - General and administrative expenses rose by 8.8% from RMB 104.5 million for the six months ended June 30, 2023, to RMB 113.7 million for the six months ending June 30, 2024, mainly due to higher salaries and professional service fees[28]. Strategic Initiatives - The company is actively exploring strategic acquisitions to enhance market competitiveness and operational efficiency, focusing on businesses that align with its core operations[16]. - The proposed acquisition of a controlling stake in Bait Technology will increase the company's ownership from 25% to 54.3763%, integrating Bait Technology's treasury management solutions into the company's offerings[16]. - The company continues to explore innovative practices in green supply chain finance, integrating environmental and social responsibility considerations into its solutions[10]. Market and Industry Position - The company processed supply chain asset transactions exceeding RMB 2 billion across 13 industries in the first half of 2024, showcasing its extensive industry coverage[17]. - The company introduced the innovative "Small Micro Bee E-commerce Loan" product, targeting the expanding live-streaming e-commerce market, and has successfully partnered with 14 financial institutions[15]. - The company launched innovative cross-border "Go Early" products for well-known cross-border e-commerce platforms, enhancing their logistics financing solutions[8].

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