Core Viewpoint - HuTongDa Network (09878) has received a filing notice from the China Securities Regulatory Commission regarding the full circulation of H-shares, which will significantly increase its H-share circulation ratio from 32% to 94% [1] Group 1 - The company has completed the filing for the conversion of over 349 million domestic shares into H-shares [1] - The increase in H-share circulation is expected to significantly expand HuTongDa's market capitalization in Hong Kong stocks and may meet the inclusion criteria for the Stock Connect program [1] Group 2 - Since 2025, the company has been deepening its "smart supply chain" and "AI+SaaS" strategic layout [1] - The company is entering new models and new tracks in the fast-moving consumer goods sector and community hard discount retail [1] - Market expectations suggest that ongoing strategic upgrades and innovative scenarios will lead to sustained and stable growth for the company [1]

Group 1 - The core announcement is that Huitongda Network (09878) has received a filing notice from the China Securities Regulatory Commission regarding the full circulation of H-shares, with over 349 million domestic shares converted to H-shares [1] - Following the conversion, the circulation ratio of Huitongda's H-shares will increase significantly from 32% to 94%, which is expected to greatly expand its market capitalization in the Hong Kong stock market and potentially meet the inclusion criteria for the Stock Connect program [1] - Since 2025, the company has been deepening its "smart supply chain" and "AI+SaaS" strategic layout, while also entering new models and new tracks in the fast-moving consumer goods and community hard discount retail sectors [1] Group 2 - Market expectations suggest that the ongoing strategic upgrades and innovative scenarios will lead to sustained and stable growth for the company [1]

Core Viewpoint - The company, HuTongDa Network (9878.HK), has received a filing notice from the China Securities Regulatory Commission regarding the full circulation of H-shares, which will significantly increase its market capitalization in Hong Kong stocks [1] Group 1: H-share Conversion - HuTongDa has completed the filing for the conversion of over 349 million domestic shares into H-shares, which will raise the circulation ratio of H-shares from 32% to 94% [1] - This conversion is expected to significantly enhance the liquidity of HuTongDa's shares in the Hong Kong market and may meet the inclusion criteria for the Hong Kong Stock Connect program [1] Group 2: Strategic Initiatives - Since 2025, the company has been deepening its "smart supply chain" and "AI+SaaS" strategic layout, entering new models and sectors such as fast-moving consumer goods and community hard discount retail [1] - Market expectations suggest that the ongoing strategic upgrades and the implementation of innovative scenarios will lead to sustained and stable growth for the company [1]

Core Viewpoint - The company has received a filing notice from the China Securities Regulatory Commission regarding the full circulation of H-shares, effective from January 15, 2026 [1] Group 1 - The company has completed the filing for the conversion of a total of 349,749,813 domestic shares into H-shares [1] - The filing notice is valid for 12 months starting from January 15, 2026 [1]

Core Viewpoint - The company has received a filing notice from the China Securities Regulatory Commission regarding the full circulation of H-shares, effective from January 15, 2026, allowing for the conversion of a total of 349,749,813 domestic shares into H-shares [1] Group 1 - The company has completed the filing with the China Securities Regulatory Commission for the conversion of domestic shares into H-shares [1] - The filing notice is valid for 12 months starting from January 15, 2026 [1] - The company will apply to the Hong Kong Stock Exchange for approval of the listing and trading of the relevant H-shares [1] Group 2 - Details regarding the names of shareholders and the number of shares involved in the conversion will be available in the announcement [1] - As of the date of the announcement, the implementation plan for the full circulation of H-shares and the conversion and listing has not yet been finalized [1]

Group 1 - The company, HuTongDa Network (09878), has received a filing notice from the China Securities Regulatory Commission regarding its H-share full circulation, dated January 15, 2026 [1] - The company has completed the filing for the conversion of a total of 349,749,813 domestic shares into H-shares with the China Securities Regulatory Commission [1] - The filing notice is valid for 12 months starting from January 15, 2026 [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Huitongda Network Co., Ltd. 匯通達網絡股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9878） 內幕消息 中國證監會就本公司實施H股全流通出具備案通知書 本公告乃由匯通達網絡股份有限公司（「本公司」）根據證券及期貨條例（香港法例 第571章）第XIVA部（「內幕消息條文」）及香港聯合交易所有限公司（「香港聯交 所」）證券上市規則（「上市規則」）第13.09(2)(a)條而作出。 茲提述本公司日期為2025年6月23日的公告（「該公告」），內容有關（其中包括）本 公司擬實施H股全流通。除非文義另有所指，本公告所用詞彙與該公告所界定者 具有相同涵義。 匯通達網絡股份有限公司 2 董事長 汪建國 中國，南京 2026年1月19日 於本公告日期，董事會包括董事長及非執行董事汪建國先生；執行董事徐秀賢先 生、趙亮生先生及孫超先生；非執行董事蔡仲秋先生；及獨立非執 ...

Core Viewpoint - The AI application sector is experiencing strong growth, driven by the expectation that 2026 will be a pivotal year for transitioning AI from "technology validation" to "commercial promotion" [1] Group 1: Company Insights - Huitongda Network (09878) is positioned as a dual-concept player in "AI + SaaS" and "urban-rural smart supply chain" [1] - The company's VP and CTO, Sun Chao, emphasized a focus on customer value and plans to leverage AI to enhance technological and product leadership, thereby transforming business models and revitalizing the growth engine of commercial circulation [1] - Huitongda achieved over 60 million yuan in AI-related revenue in the first half of 2025, marking a significant breakthrough from zero [1] Group 2: Industry Developments - The company is investing in the construction of an "AI industry platform" to improve the precision of supply and demand in urban-rural commodity circulation, enhance customer marketing services, and optimize consumer experiences [1] - Huitongda is integrating top AI resources through comprehensive cooperation, equity participation, and mergers and acquisitions, collaborating with industry leaders like Alibaba Cloud and Cognitive Boundary [1] - The aim is to build an AI infrastructure tailored for the domestic lower-tier market, facilitating access to AI applications for upstream manufacturing enterprises, distributors, retailers, and consumers [1]

Core Insights - The AI application sector is experiencing strong growth, with 2026 anticipated as a pivotal year for transitioning from "technology validation" to "commercial promotion" [1] - The logic of large models serving as a dual hub for traffic and commercial conversion is becoming increasingly evident [1] Company Developments - HuTongDa Network (09878) is focusing on customer value and plans to leverage AI to enhance technological and product leadership, thereby empowering clients to innovate business models and reshape the growth engine of commercial circulation [1] - In the first half of 2025, HuTongDa achieved over 60 million yuan in AI-related revenue, marking a significant breakthrough from zero [1] - The company is intensifying investments in building an "AI industry platform" to improve the precision of supply and demand in urban and rural commodity circulation, enhance customer marketing services, and optimize consumer experiences [1] Industry Collaborations - HuTongDa is integrating top AI industry resources through comprehensive AI cooperation, equity participation, and mergers and acquisitions [2] - The company is constructing an AI infrastructure tailored for domestic lower-tier markets by leveraging resources from partners like Alibaba Cloud and Cognitive Boundary, focusing on foundational computing power, big data, and operations [2] - This infrastructure aims to provide comprehensive access to AI applications for upstream manufacturing enterprises, circulation suppliers, retail stores, and consumers [2]

Core Viewpoint - The emergence of hard discount supermarkets in Nanjing, such as "Zhe Zhe Feng," is driven by supply chain reforms and data advantages, allowing them to offer competitive prices and efficient operations in the consumer market [2][5]. Supply Chain and Cost Structure - Hard discount supermarkets eliminate middlemen by directly connecting with producers or factories, ensuring freshness for perishable goods and reducing costs through customized production and private labels [2][3]. - The "Zhe Zhe Feng" model utilizes a "joint venture + self-sourcing" supply chain, with approximately 60% of products sourced directly from factories, leading to significant cost savings that benefit consumers [3]. - The example of laundry pods illustrates that traditional channels incur high marketing and brand costs, while hard discount models significantly reduce these expenses, allowing for lower prices [3][4]. Product Strategy and Store Operations - Hard discount supermarkets focus on a streamlined product selection, with "Zhe Zhe Feng" offering around 1,100 SKUs compared to traditional supermarkets that may have over 10,000 [4]. - The emphasis on high-frequency essential goods and bulk purchasing helps minimize production and labor costs, enhancing overall efficiency [4][6]. Market Trends and Consumer Behavior - The Nanjing retail market is highly competitive, with a shift in consumer preferences from "cost-performance ratio" to "quality-price ratio," indicating a demand for better quality at reasonable prices [5]. - The trend towards community-based hard discount stores is a strategic response to changing consumer behavior, aiming to provide high-quality and affordable products [5][6]. Competitive Landscape and Challenges - The entry of multiple players in the hard discount sector, including "Super Box NB" and "Aoleqi," intensifies competition, necessitating a focus on supply chain efficiency and digital capabilities [6][8]. - As the market expands into lower-tier cities, adapting to regional consumption differences while maintaining a consistent supply chain is crucial for success [8][9]. - The potential for homogenization in the market poses a risk, as increased competition may lead to a decline in customer traffic if differentiation strategies are not implemented [8][9]. Future Outlook - The competition among hard discount supermarkets will hinge on their ability to meet consumer needs through effective product selection, supply chain management, and service quality [9]. - The evolution of domestic brands in this sector is seen as a gradual process, with the potential for long-term sustainability if they can enhance their supply chain capabilities and consumer insights [9].