Core Viewpoint - The company plans to repurchase shares worth no less than 80 million USD within the next 12 months, indicating confidence in its intrinsic value and business prospects [1] Group 1 - The board may decide to utilize the share repurchase authorization further depending on market conditions [1] - The board believes that the current trading price of the shares does not reflect their intrinsic value and the company's business outlook [1] - The proposed share repurchase reflects the board and management's confidence in the company's core strategies, including "AI + industrial finance" and digital assets [1] Group 2 - The board considers the share repurchase to be in the best interest of the company and its shareholders [1]

2025年上半年，公司持续深化重点行业客户精耕战略，依托客户价值飞轮驱动生态化交叉销售体系，实 现有质量的客户增长。报告期内，公司的供应链金融科技解决方案新增核心企业及金融机构客户244 家，客户总量达到1,352家，较2024年增长22%。公司紧抓央国企司库体系建设机遇，加速核心企业自 建平台项目转化落地，并深度聚焦"大基建+新能源+高端制造"等重点行业客户价值挖潜，推动核心企业 客户数量与处理资产规模均实现双位数稳健增长。随着客户结构优化与满意度提升，公司的整体客户留 存率从2024年的96%提升至99%。 格隆汇8月26日丨联易融科技-W(09959.HK)公告，2025年上半年，集团坚定聚焦核心业务方向，在全球 宏观环境波动与行业持续调整的背景下，加速业务模式转型升级，持续提升运营效率并改善现金流，实 现有质量的稳健发展。 在报告期，公司的科技解决方案处理的供应链资产总量为人民币2,036亿元。多级流转云继续保持强劲 增长，处理的供应链资产规模同比增长54.4%至人民币1,332亿元。2025年上半年，公司收入及收益达人 民币3.75亿元。截至2025年6月30日，公司的现金及现金等价物和受限制现金合 ...

Core Insights - The company reported a revenue of RMB 375 million for the six months ending June 30, 2025, with a gross profit of RMB 210 million and a loss attributable to equity shareholders of RMB 380 million [1] - The company is focusing on core business directions and accelerating business model transformation amidst global macroeconomic fluctuations and industry adjustments [1] - The total supply chain assets processed by the company's technology solutions reached RMB 203.6 billion, with a year-on-year growth of 54.4% in multi-level circulation cloud [1] Financial Performance - Revenue and earnings decreased by 9.3% year-on-year to RMB 375 million due to adjustments in product and customer structure and a decline in operating expenses [1] - The adjusted net loss for the first half of 2025 was RMB 372 million, with cash and cash equivalents totaling RMB 5.378 billion, an increase of RMB 306 million from December 31, 2024 [1] Customer Growth and Strategy - The company added 244 new core enterprise and financial institution clients, bringing the total client count to 1,352, a 22% increase from 2024 [2] - The company is leveraging opportunities in central and state-owned enterprise treasury systems and focusing on key industries such as "infrastructure, new energy, and high-end manufacturing" to drive client value [2] - Overall client retention rate improved from 96% in 2024 to 99% [2]

2025年上半年，我们持续深化重点行业客户精耕战略，依托客户价值飞轮驱动生态化交叉销售体系，实 现有质量的客户增长。报告期内，我们的供应链金融科技解决方案新增核心企业及金融机构客户244 家，客户总量达到1352家，较2024年增长22%。我们紧抓央国企司库体系建设机遇，加速核心企业自建 平台项目转化落地，并深度聚焦"大基建+新能源+高端制造"等重点行业客户价值挖潜，推动核心企业 客户数量与处理资产规模均实现双位数稳健增长。随着客户结构优化与满意度提升，我们的整体客户留 存率从2024年的96%提升至99%。 2025年上半年，本集团坚定聚焦核心业务方向，在全球宏观环境波动与行业持续调整的背景下，加速业 务模式转型升级，持续提升运营效率并改善现金流，实现有质量的稳健发展。在报告期，我们的科技解 决方案处理的供应链资产总量为2036亿元。多级流转云继续保持强劲增长，处理的供应链资产规模同比 增长 54.4%至1332亿元。由于我们加速调整产品及客户结构，推进组织结构优化，在业务结构改善和经 营费用下降的同时，收入及收益阶段性承压。2025年上半年，我们收入及收益达3.75亿元，同比下降 9.3%。此外，受复杂经 ...

公司将以其现有可用现金储备及自由现金流量拨支建议股份购回。 联易融科技-W(09959)发布公告，该公司董事会已决定行使根据公司股东于2025年6月17日通过的决议案 给予董事会的一般授权项下的权力，以购回公司B类普通股，并于本公告刊发之日后12个月内使用不低 于8000万美元的资金购回股份。董事会亦可能决定随市况变化而进一步动用股份购回授权。 公告称，股份目前的成交价并未反映其内在价值及公司的业务前景。建议股份购回反映董事会及管理层 团队对公司围绕"AI+产业金融"及数字资产等核心战略实现持续稳健增长的信心。董事会认为建议股份 购回符合公司及其股东的整体最佳利益。 ...

智通财经APP讯，联易融科技-W(09959)发布公告，该公司董事会已决定行使根据公司股东于2025年6月 17日通过的决议案给予董事会的一般授权项下的权力，以购回公司B类普通股，并于本公告刊发之日后 12个月内使用不低于8000万美元的资金购回股份。董事会亦可能决定随市况变化而进一步动用股份购回 授权。 公告称，股份目前的成交价并未反映其内在价值及公司的业务前景。建议股份购回反映董事会及管理层 团队对公司围绕"AI+产业金融"及数字资产等核心战略实现持续稳健增长的信心。董事会认为建议股份 购回符合公司及其股东的整体最佳利益。 公司将以其现有可用现金储备及自由现金流量拨支建议股份购回。 ...

（於開曼群島註冊成立以不同投票權控制的有限公司） （股份代號：9959） 自願性公告 進行場內股份購回之意向 本自願公告乃由聯易融科技集團（「本公司」）刊發，以向本公司股東及潛在投資者 提供有關本公司最新發展的資料。 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，概不就因本公告全部或任 何部分內容所產生或因依賴該等內容而引致的任何損失承擔任何責任。 Linklogis Inc. 聯易融科技集團 股東及潛在投資者務請注意，任何購回均或會按照市況及董事會的絕對酌情權而 進行。概不保證任何購回的時間、數量或價格。因此，股東及潛在投資者於買賣 股份時務請審慎行事。 承董事會命 聯易融科技集團 董事長 宋群 香港，2025年8月26日 於本公告日期，本公司董事會成員包括董事長兼執行董事宋群先生、執行董事冀 坤先生及周家瓊女士、非執行董事林海峰先生及張予焓先生以及獨立非執行董事 高峰先生、陳懷林先生及陳瑋先生。 2 本公司董事會（「董事會」）已決定行使根據本公司股東（「股東」）於2025年6月17日 通過的決議案給予董事會的一般授權（「股份購回授 ...

Financial Performance - For the six months ended June 30, 2025, the company's revenue was RMB 374.5 million, a decrease of 9.3% compared to RMB 413.1 million in the same period of 2024[4]. - The gross profit for the same period was RMB 209.9 million, reflecting a significant decline of 28.3% from RMB 292.9 million in 2024, resulting in a gross margin of 56.0%[4]. - The adjusted net loss for the six months was RMB 372.0 million, which is a 97.4% increase compared to RMB 188.5 million in the previous year[4]. - The company reported an operating loss of RMB 337.1 million in the first half of 2025, compared to an operating loss of RMB 186.5 million in 2024, reflecting a significant increase in losses[27]. - The company reported a loss of RMB 382.1 million for the six months ended June 30, 2025, compared to a loss of RMB 241.5 million for the same period in 2024[51]. - The company’s net loss attributable to equity shareholders for the period was RMB 379,727,000, compared to RMB 240,801,000 in the same period of 2024, reflecting a 57.7% increase in losses[83]. - The company recorded a pre-tax loss of RMB 365,576,000 for the six months ended June 30, 2025, compared to a pre-tax loss of RMB 215,850,000 in the same period in 2024[81]. Customer Metrics - The number of core enterprise customers increased by 25.4% to 1,206, while the total number of core enterprises rose by 19.0% to 2,565[5]. - The customer retention rate improved to 99%, up from 96% in the previous year[5]. - In the first half of 2025, the company added 244 new core enterprise and financial institution clients, bringing the total to 1,352, a 22% increase from 2024[11]. - The overall customer retention rate improved from 96% in 2024 to 99% in 2025, reflecting enhanced customer satisfaction[11]. Supply Chain Technology Solutions - The total supply chain assets processed by the company's technology solutions reached RMB 203.6 billion, with a notable increase in multi-level circulation cloud assets by 54.4% to RMB 133.2 billion[10]. - The company reported a total of RMB 198.7 million in supply chain financial technology solutions, marking a 27.4% increase from RMB 156.0 million in 2024[8]. - The multi-level circulation cloud processed a total of RMB 133.2 billion in supply chain assets, representing a 54.4% year-on-year growth and accounting for 65% of the company's overall business scale[17]. - The company launched innovative solutions such as Digital Trade Token (DTT) and Asset Backed Token (ABT) to enhance global trade finance and address cross-border payment challenges[12]. - The company actively participated in international regulatory technology cooperation projects, exploring tokenization technology applications in international trade finance[13]. Financial Position - The cash and cash equivalents, along with restricted cash, totaled RMB 5,378.3 million, an increase of RMB 305.9 million from the end of 2024[10]. - As of June 30, 2025, the company had cash and cash equivalents of RMB 5,157.9 million, an increase of RMB 259.5 million from RMB 4,898.4 million as of December 31, 2024[59]. - The company had an outstanding balance of RMB 20.0 million in borrowings as of June 30, 2025, down from RMB 30.0 million as of December 31, 2024, with interest rates ranging from 2.35% to 2.45%[62]. - The company reported a net asset value of RMB 7,399,552,000 as of June 30, 2025, down from RMB 7,833,595,000 as of December 31, 2024, indicating a decrease of about 5.5%[85]. - The company's total liabilities increased to RMB 1,032,106,000 as of June 30, 2025, compared to RMB 760,309,000 as of December 31, 2024, reflecting a rise of approximately 35.7%[85]. Operational Efficiency - Research and development expenses decreased by 19.8% from RMB 177.7 million to RMB 142.5 million, mainly due to a reduction in salaries and benefits for R&D employees[33]. - Sales and marketing expenses increased by 10.7% from RMB 66.2 million to RMB 73.3 million, attributed to increased spending on overseas cross-border business development[34]. - General and administrative expenses decreased by 18.9% from RMB 113.7 million to RMB 92.2 million, primarily due to a reduction in salaries and benefits for administrative staff[35]. - The company adopted more flexible pricing and sales strategies in response to changing macroeconomic conditions and market competition[32]. Future Outlook and Strategy - The company is focusing on core business areas and has implemented strategic measures to enhance global trade financing capabilities, particularly in the cross-border cloud segment[9]. - The implementation of new regulations in June 2025 is expected to accelerate industry consolidation and provide strategic growth opportunities for leading supply chain financial technology companies[9]. - The company plans to accelerate the innovation and application of digital asset business, particularly in supply chain finance, in collaboration with licensed institutions in Singapore[22]. - The company aims to enhance shareholder returns and achieve sustainable growth through strategic mergers and acquisitions and the integration of AI and compliant stablecoins[25]. - The company is exploring partnerships for the issuance of compliant stablecoins to facilitate the tokenization of traditional trade finance[22]. Employee Metrics - The company had a total of 679 employees as of June 30, 2025, with 347 in R&D, 134 in sales and marketing, and 198 in general administration[71]. - The company’s employee costs for the six months ended June 30, 2025, were RMB 165,218,000, down from RMB 212,356,000 in 2024, reflecting a reduction of approximately 22.2%[99]. Dividends and Shareholder Returns - The company did not declare an interim dividend for the six months ended June 30, 2025[80]. - The company declared a special final dividend of HKD 0.03 per share, totaling RMB 58,456,000, which was paid on July 17, 2025[108]. - The company repurchased a total of 1,046,000 B shares at a total cost of RMB 1,282,290 during the reporting period[77]. Impairment and Credit Risk - Impairment losses increased from RMB 162.4 million to RMB 270.3 million, with significant losses related to credit-impaired financial assets[37]. - The credit risk related to bridge supply chain assets increased significantly, with an outstanding balance of RMB 2,053.9 million as of June 30, 2025[56][57]. - The company is taking measures to mitigate credit risk associated with bridge supply chain assets, including renegotiating repayment schedules and enhancing credit enhancement measures[39]. - The average time required for bridge processes has increased due to cautious investor behavior and adverse market conditions affecting real estate developers[39].

Core Insights - 联易融 has established a strategic partnership with XRPL to deploy its global digital supply chain finance application on the XRP Ledger mainnet, aiming for large-scale implementation [1] - The collaboration signifies联易融's integration into the global decentralized finance ecosystem and highlights its ongoing innovation in cross-border trade finance [1] - Future explorations will include deeper cooperation in stablecoins and supply chain finance innovations, focusing on RWA asset trading and the integration of blockchain and AI in global trade finance [1] Company Overview - 联易融 aims to empower supply chain finance through technology, aspiring to become a leading global digital solution provider [2] - Since 2019, the company has expanded its cross-border operations, serving 27 countries and regions, with a projected cross-border asset handling of 20.7 billion in 2024 [2] - 联易融 has established partnerships and joint ventures, including a digital bank in Singapore and a blockchain-driven trade finance platform with Standard Chartered Bank [2][3] Industry Context - XRPL was launched in 2012 to create a more efficient and sustainable value transfer system compared to Bitcoin, supported by global partners [2] - The industry is witnessing significant developments in asset tokenization, with联易融 playing a key role in projects like Project Dynamo and the issuance of the first trade asset-backed tokenized product [2] - The establishment of SuperFi Labs by联易融 aims to innovate in DeFi, focusing on RWA products and decentralized finance development [3]

Core Viewpoint - 联易融科技-W (09959.HK) has issued a profit warning for the first half of 2025, anticipating a net loss attributable to equity shareholders of approximately RMB 370 million to RMB 390 million [1] Financial Performance - The company expects a comprehensive net loss of about RMB 3.7 billion to RMB 3.9 billion for the first half of 2025 [1] - Cash reserves have reached approximately RMB 5.4 billion, an increase of RMB 300 million compared to the end of 2024 [1] - The overall liquidity of the company remains stable [1]