Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 22.1, indicating a potential upside of 42.5% from the current price of HKD 15.51 [5][7]. Core Insights - The company experienced a revenue decline of 25.9% year-on-year in H1 2025, totaling RMB 24.34 billion, primarily due to the optimization of inefficient businesses and a high base effect from the previous year. However, the gross margin improved by 1.1 percentage points to 4.6%, and operating profit increased by 15.9% to RMB 360 million, while net profit rose by 10.8% to RMB 140 million, reflecting effective business structure optimization and cost control [1][2]. Financial Performance Summary - Total revenue for 2025 is projected at RMB 57.04 billion, a decrease of 5% year-on-year, with a subsequent recovery expected in 2026 with a growth of 15.1% to RMB 65.63 billion. The net profit is forecasted to be RMB 351 million in 2025, up 30.2% year-on-year, and RMB 486 million in 2026, up 38.4% year-on-year [4][5]. - The company’s gross margin is expected to improve from 4.9% in 2025 to 5.1% in 2027, indicating a positive trend in profitability [4]. Strategic Developments - The company is enhancing its smart supply chain capabilities, with self-operated transaction revenue of RMB 23.96 billion, down 26.0% year-on-year, but with a significant structural improvement as member retail store revenue share increased to 47.4%. The company is also expanding its product offerings and channels, including partnerships with major brands and the introduction of new product categories [2][3]. - The company is accelerating the commercialization of its AI and SaaS offerings, with the "Qiancheng AI Super Store Manager" product improving store management efficiency by an average of 30% and reducing inventory turnover by 15%-20% [2][3]. Shareholder Actions - The company announced a share buyback plan of up to RMB 500 million and is seeking to convert approximately 350 million domestic shares into H shares to enhance liquidity in the Hong Kong market [3][5].
汇通达网络（09878）：战略转型收入收窄，盈利与质效双升