Investment Rating - The report maintains a "Buy" rating for the company with a target price of 21 HKD, representing a potential upside of over 20% from the current price of 13.04 HKD [3]. Core Insights - The company has demonstrated significant resilience in profitability, with a net profit of approximately 2.03 billion HKD in the first half of 2025, reflecting a year-on-year increase of 22.9% [1]. - The shift towards a light asset model has resulted in a notable increase in platform technology service revenue, which reached about 2.11 billion HKD, marking a 37.0% year-on-year growth and surpassing 50% of total revenue for the first time [1]. - The company has successfully commercialized its AI applications, generating 400,000 HKD in revenue from AI-driven order matching services in the first half of 2025 [2]. - The total number of clients on the platform has exceeded 19,100, representing a 14.4% year-on-year growth, with a client retention rate exceeding 80% [2]. - The company has established strategic partnerships in the robotics sector, aiming to penetrate the 1.9 trillion HKD Chinese robotics market [2]. Summary by Sections Financial Performance - The company's total revenue for the first half of 2025 was approximately 4.05 billion HKD, down 7.1% year-on-year due to the transition to a light asset model [1]. - The projected revenue for FY2025 is adjusted to 4.99 billion HKD for digital financial solutions, 5.43 billion HKD for platform technology services, and 490 million HKD for supply chain asset sales [3]. Business Strategy - The company is focusing on expanding its platform-based services in e-commerce, AI applications, and robotics, which are expected to drive future growth [3]. - The company has committed to maintaining a high dividend payout ratio of no less than 90% for the years 2024-2026, with total dividends expected to approach 9.5 billion HKD in 2025 [1]. Market Position - The company has increased its funding partners to 181, a 31.2% year-on-year growth, highlighting the effectiveness of its light asset operational model [2]. - The company has made significant strides in the e-commerce sector, with total loans exceeding 2.8 billion HKD, an increase of nearly 800% year-on-year [2].
盛业(06069):AI驱动业务升级成效显著,创新赛道布局持续深化