Core Viewpoint - The recent reports from various institutions highlight the positive impact of HuTongDa's strategic transformation and AI integration on its financial performance, leading to historical highs in profitability metrics and a favorable outlook for future growth [1][2]. Group 1: Financial Performance - In the first half of 2025, HuTongDa actively optimized low-margin businesses and significantly developed its "reverse + short chain + digital" smart supply chain and AI capabilities, resulting in record highs for gross margin, net margin, and net profit attributable to shareholders [1]. - The proportion of revenue from member retail stores, gross margin, net margin, and net profit attributable to shareholders have all shown significant improvement due to the supply chain upgrade [1]. - AI-related revenue accounted for 20% of total service revenue (over 300 million RMB) in the first half of the year, indicating a successful commercialization of AI capabilities [2]. Group 2: Strategic Initiatives - Since the strategic transformation began in the second half of 2024, HuTongDa's smart supply chain capabilities have steadily improved, with AI + SaaS commercialization opening new growth avenues [1][2]. - The collaboration with Alibaba Cloud for "full-stack AI comprehensive cooperation" is expected to enhance digital competitiveness in lower-tier markets, supported by Alibaba's strategic focus on "technology + big consumption" [2]. - Institutions have maintained buy ratings for HuTongDa, with target prices above 21 HKD, considering the company's plans for share buybacks and H-share full circulation to enhance market liquidity [2].
大行评级丨国证国际、交银国际：汇通达网络AI+进入商品化、盈利质效双提升，给予“买入”评级