Summary of the Conference Call for 联易融科技 Company Overview - **Company**: 联易融科技 (Lianyi Rong Technology) - **Industry**: Supply Chain Financial Technology Solutions Key Points and Arguments 1. **Business Growth**: In Q3 2025, the multi-level circulation cloud business grew by 71% year-on-year, contributing to a 60% increase in the first nine months. The company expects this segment to grow by no less than 50% for the full year [2][3][4] 2. **Client Acquisition**: The company added over 380 core enterprise clients in the first nine months, with more than 90% coming from multi-level circulation clients. This influx has improved the penetration rate among existing clients [2][3][4] 3. **AMS and ABS Cloud Performance**: AMS and ABS cloud services saw over 20% quarter-on-quarter growth in Q3, with ABS cloud achieving a 26% year-on-year increase and over 150% quarter-on-quarter growth, indicating a rapid recovery in high-fee asset securitization [2][3][4] 4. **Web 3.0 Project**: The successful bid for China Mobile's Web 3 supply chain financial platform project marks significant progress in Web 3.0 innovation and lays the groundwork for future overseas multi-currency supply chain financial solutions [2][5][19] 5. **Revenue Drivers**: Future revenue growth is expected to come from an increase in multi-level circulation clients, higher penetration rates, a greater share of high-fee asset securitization products, successful Web 3 projects, and a continuous share buyback plan [2][7][21] 6. **AI Product Development**: The company’s AI products focus on financial institution cloud services, with expected revenue of 30-40 million RMB for the year, driven by efficient legal document verification and financing rule matching [4][23] 7. **Financial Performance Outlook**: The company anticipates flat or slightly declining revenue for 2025, with a goal of achieving breakeven in the second half of the year. Net profit targets are set at no less than 100 million RMB for 2026 and 200 million RMB for 2027 [4][21] 8. **Shareholder Returns**: The company has committed over 800 million RMB from IPO funds for buybacks and dividends, with a buyback plan of 8 billion USD currently in progress [22] Additional Important Information 1. **Client Retention**: The customer retention rate remained at 99% in Q3, indicating strong client loyalty [3] 2. **Cross-Border Cloud Platform**: The cross-border cloud platform utilizes blockchain technology to provide trade financing solutions, addressing high costs and long cycles associated with traditional methods [15][16] 3. **International Business Expansion**: The company is in the early stages of expanding its international business, focusing on Web 3 and stablecoin projects, with expectations for significant growth in the next 3-5 years [13][18] 4. **Future Plans**: The company plans to integrate supply chain finance into future stablecoin issuance frameworks, with project launches expected in 2026 [20] This summary encapsulates the key insights from the conference call, highlighting the company's growth trajectory, strategic initiatives, and future outlook in the supply chain financial technology sector.

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RWA (Real World Asset) Tokenization - Toyow Foundation 的 $TTN 代币将于 10 月 23 日上线 [1] - 该项目旨在将 RWA（Real World Assets，现实世界资产）引入链上，使其更易于访问 [1] Funding and Listing - Toyow 在代币发布前通过 MEXC 筹集了 150 万美元 (1.5 million) [1]

Project Overview - Toyow Foundation (TTN) 将于 10 月 23 日上线 [1] - Toyow 在代币发行前通过 MEXC 融资 150 万美元 [1] RWA (Real World Assets) - 该项目旨在革新 RWA（Real World Assets，现实世界资产）并使其在链上更易于访问 [1]

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Over the last couple weeks, we have been studying what Ripple is doing with a lot of these acquisitions. We've been talking about the big plan behind all of this. We've addressed recently the $1 billion buy of XRP that Ripple was putting together, which we also said, hey, this is going to lead to Ripple doing something pretty big with XRP.They have big plans with XRP. Now, we know exactly what their plans are. We're going to talk about it. We're going to address this.Uh we are also going to go over a few th ...

Core Insights - The public utility sector is experiencing fluctuations in electricity prices and coal prices, with a notable decrease in electricity procurement prices year-on-year and an increase in coal prices week-on-week [1][3] - The performance of Jintou Energy in Q3 2025 is highlighted, showing significant profit growth due to favorable conditions in the coal market and increased electricity demand during peak summer [2] - The National Development and Reform Commission (NDRC) has introduced initiatives to boost electric vehicle charging infrastructure, indicating potential investment opportunities in this sector [2] Electricity and Coal Prices - In August 2025, the electricity procurement price decreased by 2% year-on-year but increased by 1.3% month-on-month [1][3] - As of October 17, 2025, the price of thermal coal at Qinhuangdao was 748 RMB per ton, reflecting a week-on-week increase of 39 RMB per ton [1][3] Electricity Consumption and Generation - Total electricity consumption from January to July 2025 reached 5.86 trillion kWh, representing a year-on-year increase of 4.5% [1][3] - Cumulative electricity generation during the same period was 5.47 trillion kWh, with a year-on-year growth of 1.3% [1][3] - Different energy sources showed varied performance: thermal power and hydropower decreased by 1.3% and 4.5% respectively, while nuclear, wind, and solar power increased by 10.8%, 10.4%, and 22.7% respectively [1][3] Investment Opportunities - The report suggests focusing on undervalued thermal power assets and the growth potential of electric vehicle charging infrastructure [4] - Recommendations include investing in companies like Jintou Energy, Jingneng Power, and Datang Power for thermal power opportunities [4] - The charging pile equipment sector is highlighted with companies such as Teruid and Shenghong as potential investment targets [4] - Renewable energy assets, particularly solar and charging infrastructure, are expected to see a revaluation due to market dynamics [4]

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Partnerships & Innovation - BNY Mellon partners with OpenEden to advance RWA tokenization [1] - The partnership aims to connect TradFi and DeFi [1] - BNY CEO highlights OpenEden during the 3Q25 Earnings Conference Call, emphasizing the importance of blockchain technology and digital asset adoption [1] Tokenized Fund Performance - OpenEden's TBILL receives Moody's A rating and S&P AA+f rating [1] - TBILL's Assets Under Management (AUM) increased by 156% [1] Future Products - New products are anticipated, further bridging TradFi and DeFi [1]