Investment Rating - The report maintains a "Buy" rating for the company with a target price of 3.45 HKD, indicating a potential upside of 25.0% from the recent closing price of 2.76 HKD [6][12]. Core Insights - The company experienced a revenue decline of 9.3% year-on-year in H1 2025, with total revenue reaching 3.75 billion RMB. The gross margin decreased significantly from 70.9% in H1 2024 to 56.0% in H1 2025, primarily due to changes in revenue structure and market competition [1][2]. - The company announced a substantial share buyback plan, committing to repurchase at least 80 million USD (approximately 623 million HKD), which represents about 11% of the total share capital [1][5]. Revenue Breakdown - The core enterprise cloud segment remains the revenue foundation, contributing 2.48 billion RMB, accounting for 66.3% of total revenue. The multi-polar circulation cloud continues to show high growth, with asset processing scale increasing by 54.4% to 133.23 billion RMB and adding 224 new clients [2][3]. - The AMS cloud business faced short-term pressure, with asset processing scale declining by 20.2% to 29.87 billion RMB, influenced by a sluggish supply chain asset securitization market, particularly in the real estate sector [2][3]. Financial Performance - The company reported a net loss attributable to shareholders of 3.80 billion RMB in H1 2025, a year-on-year increase of 57.7%. Adjusted losses (non-IFRS) reached 3.72 billion RMB, a significant increase of 97.4% [1][4]. - Impairment losses rose to 2.70 billion RMB, up 66.5% from 1.62 billion RMB in the same period last year, primarily due to more conservative impairment policies on historical bridge supply chain assets [4][12]. Strategic Outlook - The company plans to focus on three core strategies: "AI + Industrial Finance," strategic acquisitions, and digital assets, aiming to create multiple growth engines. The application of AI technology and the development of digital asset solutions are expected to enhance operational efficiency and address cross-border payment challenges [11][12]. - The company is also optimizing its business structure by divesting non-core assets and concentrating on its primary operations [11][12].
联易融科技-W（09959）：战略转型期短期承压，回购计划规模吸引