SMTC(SH:600822) Xin Lang Cai Jing·2025-07-17 23:08Core Viewpoint - The emergence of RDA (Real Data Assets) as a new form of stablecoin is gaining significant attention in the A-share market, particularly with companies like Shanghai Material Trade (600822.SH) and others experiencing substantial stock price increases due to this concept [1][2]. Group 1: RDA Concept and Market Response - RDA is positioned as a new asset form that integrates high-frequency, trustworthy, and assessable operational data with physical assets, aiming to solve trust issues inherent in previous models like RWA (Real-World Assets) [1][2]. - The market has shown high expectations for RDA, with companies like Shanghai Material Trade achieving multiple trading halts, indicating strong investor interest [1]. - RDA's differentiation from RWA lies in its ability to ensure data credibility through innovative mechanisms, addressing trust issues that have hindered RWA's adoption [2]. Group 2: Shanghai Material Trade's Position - Shanghai Material Trade is seen as a leader in the RDA space due to its existing data products and its relationship with the Shanghai Data Exchange, which positions it favorably for future RDA projects [4][5]. - The company’s core business remains traditional commodity trading, and while RDA could enhance its operational efficiency, the immediate impact on financial performance is expected to be minimal [4][6]. - The reliance on external policy support for RDA's success raises concerns about the sustainability of its current market enthusiasm, as the company lacks direct control over the project's execution [5][6]. Group 3: Financial Performance and Projections - In 2024, Shanghai Material Trade reported total revenue of 4.517 billion yuan, a 42.59% decline year-on-year, primarily due to challenges in its automotive trading segment [8]. - The contribution of data asset transactions to overall revenue is projected to be negligible, with even optimistic estimates suggesting it would account for less than 1% of total revenue [8][9]. - The company’s recent acquisition of a stake in a chemical market management firm raises questions about its financial viability, as the acquired entity has shown losses and may increase financial pressure on Shanghai Material Trade [11][13][14].