Core Viewpoint - In the first half of 2025, the company achieved operating revenue of RMB 24.34 billion, a year-on-year decrease of 25.9%. Despite the revenue decline, the company's profitability significantly improved, with net profit attributable to shareholders reaching RMB 139 million, a year-on-year increase of 10.8%. The gross profit margin increased from 3.5% to 4.6%, an increase of 1.1 percentage points [1][4]. Revenue and Profitability - The revenue decline is primarily due to strategic upgrades, with a significant enhancement in profitability. The company actively optimized inefficient businesses and strengthened deep cooperation with leading brands, which improved overall supply chain efficiency and product added value [1][2]. - The net cash generated from operating activities increased by 65.7% year-on-year, reaching RMB 4.13 billion, indicating robust cash flow management [1]. Business Segment Performance - The trading business segment's revenue was RMB 23.96 billion, down 26.0% year-on-year, mainly due to a high base effect from the first half of 2024 and the company's decision to abandon some inefficient businesses [2]. - Revenue by product category includes: - Consumer electronics: RMB 14.63 billion, down 25.1% due to price restrictions from national subsidy policies and an overall industry price decline. - Home appliances: RMB 4.32 billion, roughly flat year-on-year, benefiting from national subsidies and self-brand expansion. - Agricultural production materials: RMB 2.88 billion, down 30.4% due to declining feed market conditions and fertilizer prices. - Transportation: RMB 1.09 billion, down 62.3% due to intensified competition in the new energy vehicle market. - Home building materials: RMB 760 million, down 22.9% due to the downturn in the real estate cycle [2][3]. Service Business and AI Integration - The service business segment's revenue was RMB 310 million, down 19.0%. The SaaS and subscription revenue was RMB 250 million, down 18.4% [3]. - The AI+SaaS product officially entered the commercialization phase in May 2025, with an average efficiency improvement of over 30% for retail stores using AI tools, and inventory turnover reduced by 15% to 20% [3]. Future Outlook - The company aims to continue enhancing profitability through AI empowerment, supply chain upgrades, and diversified channel expansion, focusing on building a sustainable business ecosystem [1][4]. - Revenue forecasts for 2025 and 2026 are RMB 60.1 billion and RMB 65 billion, respectively, with year-on-year changes of 0% and +8%. Net profit attributable to shareholders is projected to be RMB 350 million and RMB 470 million for the same periods [4].
汇通达网络(9878.HK)：公司盈利能力持续改善 AI+SAAS赋能门店初见成效