盛业(06069) - 2025 - 中期业绩

Performance Highlights H1 2025 saw significant growth in platform technology service revenue and net profit, driven by platformization and AI applications Key Performance Indicators for H1 2025 | Indicator | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Platform Technology Service Revenue | 210.6 million RMB | 153.8 million RMB | +37.0% | | Profit After Tax | 203.0 million RMB | 165.1 million RMB | +22.9% | | Total Cumulative Platform Customers | >19,100 | >16,700 | +14.4% | | Cumulative Supply Chain Assets Processed | ~278.0 billion RMB | ~216.0 billion RMB | +28.7% | - The platformization strategy continues to deepen, with funding partners increasing from 138 to 181, a 31.2% year-on-year growth. Small and medium-sized enterprise (SME) clients account for over 97%[2] - Technology service revenue reached approximately 52.0% of total operating revenue, a significant increase from 35.3% in the prior year, becoming a core growth driver[2] - First-time AI information service revenue exceeded 400,000 RMB, generated by AI Agents assisting clients in order acquisition, marking initial success in AI commercialization[2] Management Discussion and Analysis This section analyzes the company's operational performance, financial results, and future outlook Business Overview The 'AI+Industrial Supply Chain' firm saw 22.9% net profit growth in H1 2025, fueled by platform tech services and global expansion Key Financial and Operating Data for H1 2025 | Indicator | H1 2025 | YoY Change | | :--- | :--- | :--- | | Net Profit | 203.0 million RMB | +22.9% | | Operating Revenue and Income | 405.1 million RMB | -7.1% | | Share of Results of Associates | 79.0 million RMB | +94.1% | | Total Cumulative Platform Customers | >19,100 | +14.4% | | Cumulative Supply Chain Assets Processed | ~278.0 billion RMB | +28.7% | | Platform Technology Service Revenue | 210.6 million RMB | +37.0% | - The company continues to advance its 'asset-light' operating model, with platform technology service revenue exceeding 50% of total revenue, becoming the primary growth driver[5] - Initial commercialization of AI technology achieved, with AI Agent-assisted order acquisition generating over 400,000 RMB in AI information service revenue[5] - Actively expanding into strategic emerging industries, with e-commerce funding facilitation growing nearly 8 times year-on-year; partnered with Standard Robots to enter the robotics sector; introduced XtalPi and Jiaoge Pengyou as strategic investors to enhance AI R&D and live e-commerce capabilities[7] - The company committed to a three-year dividend payout ratio of no less than 90% until 2026, with total dividends for 2025 expected to be approximately 950 million RMB[6] Business Outlook and Prospects The company established its Singapore HQ to expand internationally, exploring Web3.0 and stablecoins for global supply chain efficiency - Established Singapore International Headquarters to expand international markets and explore innovative applications of Web3.0 and stablecoins[8] - Invested in a top SHEIN supplier to support the construction of flexible smart factories overseas and promote the globalization of China's apparel industry; completed the first international working capital facilitation business with the largest integrated logistics enterprise in the Philippines[9] - Plans to explore the compliant application of stablecoins in international supply chain working capital services, leveraging their 'payment-as-settlement' feature to reduce payment costs to 0.1%, mitigate exchange rate risks, and enhance capital efficiency[10] Financial Review H1 2025 saw structural financial optimization: 7.1% revenue decrease, 22.9% net profit growth, driven by platform tech services and reduced financing costs Financial Summary Operating revenue decreased 7.1%, but net profit rose 22.9%, with EPS increasing from 16 to 20 RMB cents Financial Summary (Six Months Ended June 30) | Indicator (RMB thousands) | 2025 | 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue and Income | 405,090 | 436,050 | (7.1%) | | — Platform Technology Service Revenue | 210,641 | 153,779 | 37.0% | | — Digital Financial Solutions Revenue | 194,021 | 275,038 | (29.5%) | | Financing Costs | 122,599 | 185,414 | (33.9%) | | Share of Results of Associates | 78,994 | 40,702 | 94.1% | | Net Profit | 202,959 | 165,126 | 22.9% | | Earnings Per Share (RMB cents) | 20 RMB cents | 16 RMB cents | 25.0% | Operating Revenue and Income Total revenue decreased 7.1% due to the asset-light strategy, offset by significant growth in platform technology service revenue - Platform technology service revenue increased from 154 million RMB to 211 million RMB, a 37.0% year-on-year growth, primarily due to strengthened platform ecosystem connections and technological capabilities, serving more SME clients[14] - Digital financial solutions revenue decreased from 275 million RMB to 194 million RMB, a 29.5% year-on-year reduction, reflecting the company's asset-light strategy of reducing proprietary capital investment and shifting towards platform facilitation[15] Share of Results of Associates Share of results of associates significantly increased by 94.1% to 79.0 million RMB, a key outcome of platformization - Share of results of associates significantly increased from 40.7 million RMB in the prior year to 79.0 million RMB, a 94.1% year-on-year increase[18] Expenses Total operating expenses increased by 13.8% to 123 million RMB, with the cost-to-revenue ratio rising to 30.4% Operating Expense Details (Six Months Ended June 30) | Expense Item (RMB thousands) | 2025 | 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Staff Costs | 73,708 | 69,127 | 6.6% | | Depreciation and Amortization | 19,057 | 15,003 | 27.0% | | Other Operating Expenses | 30,393 | 24,108 | 26.1% | | Total | 123,158 | 108,238 | 13.8% | Capital Structure, Liquidity, Financial Resources, and Leverage As of June 30, 2025, cash and cash equivalents were 713 million RMB, operating cash inflow was 3.56 billion RMB, and leverage ratio increased from 1.58 to 1.95 Key Capital Structure Indicators | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and Cash Equivalents | 712.8 million RMB | 515.6 million RMB | | Interest-bearing Borrowings and Related Party Loans | 4.7421 billion RMB | 5.1361 billion RMB | | Leverage Ratio | 1.95 | 1.58 | Use of Proceeds Proceeds from 2021 and 2025 placements were largely used for strategic acquisitions, tech service expansion, platform development, and AI R&D - Net proceeds from the 2021 placement, approximately 551 million HKD, have been substantially utilized for strategic acquisitions, development of supply chain technology services, and general working capital for platformization[41][45] - Net proceeds from the 2025 placement, approximately 209 million HKD, have been largely used to accelerate platform technology service expansion, focusing on innovative areas like e-commerce, AI applications, and robotics, as well as increasing R&D investment in the 'Shengyitong Cloud Platform'[43][45] Corporate Governance and Other Information The company complied with corporate governance codes, maintained public float, and the Audit Committee reviewed interim financials - The company complied with the Corporate Governance Code set out in Appendix C1 of the Listing Rules during the reporting period[71] - The company maintained a public float of no less than 25%[68] - The Audit Committee reviewed the Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2025[73] Condensed Consolidated Financial Statements This section presents the company's condensed consolidated financial statements: profit or loss, comprehensive income, financial position, equity, and cash flows Condensed Consolidated Statement of Profit or Loss Despite revenue decrease, profit increased from 165 million RMB to 203 million RMB, driven by lower financing costs and associate profits Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Total comprehensive income for the period was 205 million RMB, higher than 168 million RMB in the prior year, including other comprehensive income Condensed Consolidated Statement of Financial Position Total assets decreased from 10.60 billion RMB to 10.54 billion RMB, total liabilities increased from 6.48 billion RMB to 6.97 billion RMB, reducing net assets Condensed Consolidated Statement of Changes in Equity This statement details changes in shareholders' equity components, including profit, dividends, share issuance, and share-based payments Condensed Consolidated Statement of Cash Flows Net cash inflow from operating activities was 3.56 billion RMB, with net outflows from investing and financing activities, ending with 713 million RMB cash Notes to the Condensed Consolidated Financial Statements This section provides detailed notes to the condensed consolidated financial statements, explaining key financial figures and accounting policies Note 4: Operating Revenue and Income This note details operating revenue breakdown, with platform inclusive matching and referral services as key components of platform technology service revenue Platform Technology Service Revenue Breakdown (RMB thousands) | Service Type | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Platform Inclusive Matching Technology Services | 97,825 | 100,997 | | Referral Services | 92,577 | 50,913 | | Digital Ecosystem Services | 12,517 | – | | ABS Product Technology Services | 3,561 | 1,038 | | AI Information Services | 427 | – | | Other Services | 3,734 | 831 | | Total | 210,641 | 153,779 | Note 9: Dividends This note discloses dividends declared, including the 2024 final and 2025 special dividends, totaling approximately 951 million RMB Dividends Declared During the Period | Dividend Item | Amount (RMB thousands) | | :--- | :--- | | 2024 Final Dividend (RMB 0.347 per share) | 349,504 | | 2025 Special Dividend (RMB 0.596 per share) | 601,149 | | Total | 950,653 | Note 10: Earnings Per Share This note presents data for basic and diluted EPS calculation, with both basic and diluted EPS at 20 RMB cents Earnings Per Share Calculation | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit (RMB thousands) | 199,841 | 155,322 | | Weighted Average Number of Ordinary Shares (thousands) | 980,234 | 979,697 | | Diluted Weighted Average Number of Ordinary Shares (thousands) | 984,071 | 979,957 |