汇通达网络(09878) 报告日期：2025 年 10 月 10 日 业务调整，聚焦高质量发展，经营能力改善 ——汇通达网络点评报告 投资要点 2）25H1 服务板块收入 3.12 亿元，同比-18.97%，其中门店 SaaS+订阅收入 2.5 亿元，同比-18%，商家解决方案 0.6 亿元，同比-21%。 证券研究报告 | 公司点评 | IT 服务Ⅱ ❑ 深化头部品牌合作，打造优质供应商合作体系 2025 年 2 月 28 日公司升级发布智慧供应链三大工程提升全产业链效率，实现多 方共赢，包含"品牌直通车工程"、"自有品牌生态群工程"及"开放式智慧供应 链工程"，聚焦打造"反向+短链+数字化"的创新供应链。 25H1 公司稳固现有头部品牌厂商合作，同时持续开拓新的头部品牌合作；自有 品牌销售规模突破 8000 万元，产销一体释放潜能；围绕健康、适老及品质生活 等新型需求持续开拓新品类经营。 ❑ 合作阿里云，助力下沉市场 公司自主研发行业垂直大模型，2025 年 2 月接入 DeepSeek、KIMI 等主流大模型 并快速上线软件应用， 25 年 8 月与阿里云达成 AI 全面合作，将聚焦智慧零售、 会员运营 ...

智通财经APP获悉，日前，神州数码控股有限公司(00861)发布了公司第二季度经营简报，在"Data x AI"战略逐步深化落地的驱动下，神州控股在三季度交 出了一份承载硕果的"季度答卷"，业务突破彰显硬核实力，合作共赢铸造智慧未来，品牌强音引领行业风向，高层远见擘画发展路径，凝心聚力共筑成长 根基，荣誉满载印证卓越实力，以下是报告全文： 业务进展 中标中国移动终端超4亿元大单 签约湖北省水利厅智慧江汉平台 7月中旬，神旗数码签约湖北省水利厅智慧江汉平台项目。公司将依托荣获国家技术发明奖一等奖成果转化的燕云DaaS核心技术，为湖北省水利厅智慧江 汉平台打造数据集成平台，解决平台在数据汇聚和数据治理方面的瓶颈问题。 交付龙岩烟草数据治理项目 7月下旬，由神旗数码旗下福建智慧海西信息技术有限公司参与落地实施的龙烟公司数据指标治理及生产效能分析人才培养项目交付。本项目从数据治理 和人才培养方面入手，通过构建科学的数据治理体系与人才培养机制，在数据标准化管理、生产效能优化及数字化人才梯队建设方面提升企业能力，为公 司全面开展数智化转型打下了坚实基础，也为传统产业数智化发展探索出一条新路。 打造华南地区旗舰级仓储物流中 ...

Group 1 - The core viewpoint of the article highlights the strategic partnerships formed by KJ Supply Chain Co., Ltd. with four major brands across different industries to enhance digital transformation and intelligent upgrades in supply chain management [2][3]. - KJ Supply Chain will provide customized smart supply chain solutions based on the specific characteristics and needs of each industry partner [2][3]. - The collaboration with Lenovo focuses on local storage and rapid allocation of goods, leveraging KJ's extensive warehousing network of over 160 locations [2][4]. Group 2 - The partnership with Jianmin Pharmaceutical aims to optimize supply chain management, enhance operational efficiency, and reduce delivery times and damage rates [3][4]. - KJ Supply Chain will offer one-stop operational services for e-commerce channels in collaboration with Zhenyan Biotechnology, utilizing major platforms like Tmall, JD, and Amazon [3][4]. - The cooperation with Heidi Garden will explore innovative paths in smart agriculture, establishing a standardized operational system across the entire supply chain from procurement to delivery [3][4]. Group 3 - KJ Supply Chain has a strong foundation in the smart supply chain sector, with a peak order processing capacity of 5 million orders per day and coverage in approximately 300 cities nationwide [4]. - The company has also established overseas warehouse networks in several Southeast Asian countries, indicating its capability in both domestic and cross-border logistics [4]. - Future plans include continuing to focus on customer needs and leveraging industry experience and technological innovation to deepen the application of smart supply chains across various sectors [4].

Core Insights - The strategic cooperation agreements signed between 科捷 and four well-known companies mark a significant step towards enhancing digital transformation and intelligent upgrades in key industries through customized smart supply chain solutions [1][3]. Group 1: Strategic Partnerships - 科捷 has entered into strategic partnerships with 联想至像, 健民医药, 绽妍生物, and 海蒂花园, each from different sectors, to leverage its advanced supply chain capabilities [1][3]. - The collaboration with 联想至像 aims to enhance the smart supply chain for office printing, utilizing a nationwide warehousing network and advanced data analytics [4][5]. - The partnership with 健民医药 focuses on optimizing the supply chain for health products, improving operational efficiency, and reducing delivery times [6]. - The agreement with 绽妍生物 seeks to create a comprehensive supply chain solution for the skincare industry, enhancing service precision across various sales channels [7]. - The collaboration with 海蒂花园 aims to innovate in smart agriculture, establishing a standardized operational system across the horticultural supply chain [8]. Group 2: Industry Impact - The partnerships signify 科捷's commitment to empowering key industry clients through its leading smart supply chain services, facilitating their digital transformation [3][8]. - Each collaboration is tailored to meet the specific needs of the respective industries, showcasing 科捷's ability to provide flexible and customized solutions [3][6][7]. - The strategic alliances are expected to drive efficiency and innovation across various sectors, including office printing, healthcare, skincare, and agriculture [4][6][8].

Core Insights - Shenzhou Holdings' subsidiary, KJ, signed strategic cooperation agreements with four industry leaders in various sectors, indicating a strong commitment to enhancing smart supply chain solutions [1] Group 1: Strategic Partnerships - KJ has partnered with Lenovo Zhixiang, Jianmin Pharmaceutical, Zhenyan Biotechnology, and Heidi Garden, representing sectors such as office printing, healthcare, skincare, and horticulture [1] - The collaboration aims to provide customized smart supply chain solutions tailored to the specific needs and characteristics of each industry [1] Group 2: Company Expertise - Shenzhou Holdings emphasized that KJ's extensive industry experience and deep technological foundation are key factors that ensure the reliability of these partnerships [1]

Core Insights - The "Belt and Road" national business supply chain finance training program was hosted by the Ministry of Commerce of China, with 37 business officials from eight countries participating in a visit to Zhengzhou Baimao Building, showcasing China's commercial modernization [1][3][11]. Group 1: Training Program Overview - The training program included officials responsible for finance auditing, procurement, PPP projects, and representatives from business associations and enterprises from countries such as Azerbaijan, Guyana, Nepal, Nigeria, Palestine, Latvia, and South Africa [3]. - The program aims to explore the management concepts, current status, and financial service models of business supply chains in "Belt and Road" countries, fostering international cooperation opportunities [14]. Group 2: Zhengzhou Baimao Building's Innovations - Zhengzhou Baimao Building, as one of the earliest retail enterprises in Henan Province, has undergone a transformation through the establishment of a smart supply chain system, leveraging digital technologies for comprehensive upgrades [6]. - Key components of the smart supply chain include intelligent procurement using big data analysis, digital warehousing with IoT technology for real-time inventory monitoring, optimized delivery routes based on AI algorithms, and full-link collaboration among suppliers, retailers, and logistics [6][8]. Group 3: International Participants' Feedback - Participants expressed appreciation for the opportunity to learn from China's application of new technologies in supply chain development, highlighting the efficiency of collaborative efforts within the supply chain [9][11]. - The training program included visits to other significant locations, such as the Zhengzhou Airport Economic Comprehensive Experimental Zone and the Zhengzhou Commodity Exchange, further enriching the participants' understanding of China's retail industry [11].

Group 1 - The core viewpoint of the news is that Shenzhou Holdings KJ has unveiled a series of achievements in the smart supply chain sector during the "NextChain 2025 Smart Supply Chain Innovation Conference" [1][3] - The company has launched a new smart supply chain strategy and signed strategic cooperation agreements with four industry benchmark enterprises [1][3] - The company has initiated the "Supply Chain + AI Ecosystem Alliance" with various partners from academia and industry to enhance collaboration and innovation in the supply chain sector [1][4] Group 2 - Shenzhou Holdings' President and COO, Cai Yinghua, emphasized a dual-driven strategy of "customer strategy + ecosystem strategy" to integrate AI capabilities with over 20 years of industry expertise in supply chain [3] - The newly introduced supply chain intelligent agent "Xiao Jin" is designed as an enterprise-level intelligent suite based on the "AI for Process" concept, featuring a "3+N" architecture for comprehensive scenario coverage [3] - The strategic cooperation agreements aim to provide end-to-end integrated solutions for supply chain digital transformation, establishing benchmark cases with the participating companies [3] Group 3 - The "Supply Chain + AI Ecosystem Alliance" will focus on three main directions: accelerating innovation through collaboration, creating a value community to break data silos, and building a future ecosystem for shared knowledge and talent development [4] - The alliance includes participation from various organizations such as the China Logistics and Purchasing Federation and Beijing Jiaotong University, aiming to validate cutting-edge technologies in real-world scenarios [4] - The initiative seeks to promote industry standards, knowledge sharing, and the cultivation of talent to create an open and win-win smart supply chain ecosystem [4]

Group 1 - The 13th Mekong-Korea Business Forum was held in Ho Chi Minh City, focusing on "Digitalization and Innovation: Keys to Transformative Cooperation between Mekong and Korean Enterprises" [1] - The forum aims to promote cooperation, overcome challenges, and expand development opportunities amid a complex global economic landscape [1] - The Mekong-Korea Business Forum has proven to be an effective economic cooperation mechanism, facilitating numerous investment and trade projects, contributing positively to the development of the Mekong sub-region [1] Group 2 - Vietnam and Thailand are highlighted for their performance in customs digitalization, smart ports, and the ASEAN single window mechanism, with 13 out of the world's 20 most efficient ports located in East and Southeast Asia [2] - KTNET, designated by the Korean government as a service provider in 10 areas, operates the digital trade platform uTradeHub, processing approximately 700 million transactions annually and saving Korean enterprises $9.4 billion in 2022 [2] - The Korean banking sector is implementing preferential loans to support financing for small and medium-sized enterprises, promoting balanced regional development [2]

Core Viewpoint - The recent reports from various financial institutions indicate a strong confidence in the strategic transformation of HuTongDa Network, particularly its "AI + Smart Supply Chain" model, leading to a consensus "Buy" rating with target prices reaching up to 23 HKD [1][2]. Group 1: Strategic Transformation and Performance - HuTongDa's profitability metrics have reached historical highs, reflecting the effectiveness of its strategic transformation initiated in the second half of 2024, with continuous optimization in operational quality [1]. - The collaboration with Alibaba Cloud has significantly enhanced HuTongDa's AI + SaaS business, providing robust technical capabilities and computational power, which supports the development of the "Small Store Big Model Intelligent Agent" [1]. - The company is upgrading its service model towards "SaaS Software + AI Agent + Content Operation," while also enhancing its supply chain capabilities through self-owned products, private brands, and partnerships with leading brands [1]. Group 2: Market Position and Growth Prospects - HuTongDa is recognized as a leader in the AI + e-commerce sector within the underserved market, having established a competitive advantage in this space [1]. - The core business of HuTongDa is experiencing steady growth, with significant improvements in profitability indicators such as gross margin, confirming the initial success of its transformation [1]. - The AI + SaaS segment is emerging as a second growth engine, supporting a long-term optimistic outlook for HuTongDa's profitability growth [1][2].

招商证券国际将汇通达解读为"独具优势的下沉市场AI+电商领导者"，分析称：公司已在广阔的下沉市 场建立卡位优势，公司核心业务增长稳健、毛利率等盈利能力指标明显改善，印证转型初步成效显著， 同时AI+SaaS成为第二增长引擎，支持汇通达长期乐观的盈利增长前景。 近日，花旗、第一上海、招商证券国际、浦银国际等相继发布关于汇通达网络(09878)的最新研报。基 于公司2025年中期业绩以及与阿里云达成全栈AI全面合作等，机构普遍认可汇通达战略转型成果，对 公司"AI+智慧供应链"的增长驱动力表达信心，给予"买入"评级，部分目标价至23港元。 第一上海评论指出，汇通达盈利指标创历史新高，显示出2024年下半年以来的战略转型路径有效、经营 质量持续优化——公司AI+SaaS业务升级显著，凭借与阿里云合作，获得强大技术实力与算力支持，将 联合打造"小店大模型智能体"，整合下沉市场数据资产，推动服务模式向"SaaS软件+AI Agent+内容运 营"升级，且自营商品、自有品牌、头部品牌合作等供应链能力持续升级，为长期增长注入强劲动力。 本月，花旗银行、浦银国际等境外券商最新研报中重申汇通达"买入"评级，目标价上探至23港元 ...