Group 1 - The core viewpoint of the report is that HuTongDa Network (09878) has shown effective business strategy adjustments, leading to a historical high in profit margins and a projected revenue growth of 35% year-on-year in the second half of the year [1] - The company reported a revenue of RMB 24.3 billion in 1H25, with a gross margin improvement of 1.16 percentage points to 4.64% [1] - Net profit for the company was RMB 140 million, representing an 11% year-on-year increase, with an adjusted net profit margin reaching a historical high of 0.57% [1] Group 2 - The company is advancing its AI+SaaS intelligent upgrade, with store SaaS and subscription revenue increasing by 23% quarter-on-quarter, indicating initial success in the transformation [2] - The "QianCheng AI Super Store Manager" app was launched in April, integrating AI Agent functionalities that can automate 60% of daily store management tasks, significantly reducing operational costs for small and medium-sized retail stores [2] - AI-related revenue currently accounts for approximately 20% of total service revenue, following the commercial launch of AI+SaaS products in May [2]
浦银国际：维持汇通达网络“买入”评级 目标价18港元