Core Viewpoint - The company is undergoing a platform transformation, with a significant increase in revenue from inclusive matching services, AI technology commercialization, and a rising e-commerce segment driving growth [1][2][3] Group 1: Financial Performance - The company reported a main business revenue of 4.05 billion RMB, a year-on-year decrease of 7.10%, while the net profit attributable to shareholders was 2.00 billion RMB, an increase of 28.66% [1][2] - The platform technology service revenue reached 2.11 billion RMB, reflecting a year-on-year increase of 36.95%, with a total fund turnover of 2,780 billion RMB, up 28.7% [1][2] - The company adjusted its revenue forecasts for 2025 to 2027 to 10.94 billion, 11.88 billion, and 12.50 billion RMB, with respective year-on-year changes of -6.81%, +8.63%, and +5.17% [1][3] Group 2: Business Development - The company is enhancing its platform model, with the matching business accounting for 88% of its operations and technology service revenue making up 51.50% [2] - The e-commerce segment has seen a nearly eightfold increase in fund matching scale to 2.8 billion RMB, covering six leading platforms [1][3] - The company is expanding into new sectors, including robotics and international markets, with partnerships established in Southeast Asia [3] Group 3: Research and Development - The company has invested approximately 2.7 billion RMB in R&D, with R&D personnel constituting about 30% of its workforce [3] - The average business volume handled per employee increased by 27%, and the sales scale of assisted clients surged by over 60% [3]

Core Viewpoint - The recent mid-term financial report of Shengye (6069.HK) has attracted market attention, showcasing strong growth and significant potential in AI and other cutting-edge fields [1][3]. Group 1: Financial Performance - Shengye achieved total revenue of approximately 4.05 billion RMB and a net profit of about 2.03 billion RMB for the first half of the year, reflecting a year-on-year growth of approximately 23% [6]. - The revenue from technology services surpassed 50% for the first time, reaching 52%, with a revenue scale of about 2.11 billion RMB, marking a 37% increase year-on-year [6][8]. - The company helped clients resolve approximately 278 billion RMB in capital turnover, a year-on-year increase of about 29%, with over 19,100 clients served, up over 14% [11]. Group 2: Operational Efficiency - The average profit per employee increased by 21% to 550,000 RMB, indicating continuous improvement in operational efficiency [11]. - The integration of AI technologies, such as AI Agent, has significantly enhanced operational efficiency, reduced costs, and improved customer satisfaction [11][12]. Group 3: Global Expansion - Shengye has established partnerships with over 30 international financial institutions and is actively expanding its business in Southeast Asia [12]. - The company announced the launch of a new AI-driven international supply chain technology platform aimed at serving small and medium-sized enterprises globally [12]. Group 4: Value Anchors - The company's core asset attributes, particularly its "AI + industrial supply chain" strategy, provide high visibility and a unique market position [13][15]. - Shengye's high growth potential is evident, especially in the e-commerce sector, where the capital matching scale exceeded 2.8 billion RMB, an increase of 800% year-on-year [15]. - The company maintains a high dividend policy, announcing a special dividend of 600 million RMB for 2025, with a commitment to a payout ratio of no less than 90% for 2025-2026 [18][21]. Group 5: Business Model Transformation - Shengye's light asset model has begun to take shape, leading to rapid growth in technology service revenue while maintaining a relatively low financial risk [23]. - As the proportion of light asset business revenue continues to rise, the company is expected to undergo a valuation reassessment, aligning more closely with technology platform companies [24].

Core Insights - The company, Shengye, reported a net profit of approximately 200 million RMB for the first half of the year, marking a 23% year-on-year increase, and has been profitable for 11 consecutive years [2][5] - Shengye processed a total supply chain asset of about 62 billion RMB over the past 12 months, with expectations to reach close to 1 billion RMB in net profit by 2027 [4][5] - The company is transitioning from a traditional financing model to a platform-based model, significantly reducing its reliance on self-funded loans and increasing its technology service revenue, which grew by 37% year-on-year [5][6] Financial Performance - For the first half of 2025, the company's total revenue from core business was approximately 405 million RMB, a decrease of 7.1% compared to the previous year [6] - Platform technology service revenue reached 210.6 million RMB, up 37% year-on-year, while digital financial solutions revenue fell by 29.5% [6] - The net profit for the first half of 2025 was 202.96 million RMB, reflecting a 22.9% increase from the previous year [6] Business Strategy - Shengye's management is focusing on expanding its partnerships, having linked with 181 funding partners, a 31% increase year-on-year [7] - The company is diversifying its service offerings, with a significant focus on e-commerce, where service fees can reach nearly 5%, compared to 1% to 2.5% in traditional sectors [13][15] - The company aims to fully transition to a platform-based model by 2026, reducing its reliance on self-funding for loans [15] Market Potential - Shengye's primary business sectors include infrastructure, commodities, and healthcare, which represent a potential market size of 4 trillion RMB, with the company currently capturing only 2% of this market [8][9] - The company has identified significant growth opportunities in the e-commerce sector, with a reported 8-fold increase in e-commerce funding facilitation, totaling over 2.8 billion RMB [13][15] Technological Development - The company is positioning itself as a "smart technology company" focused on AI and supply chain solutions, with plans to enhance its technological capabilities [20] - Shengye is investing in computing power and robotics, with a new headquarters in East China aimed at supporting its technological infrastructure [21][23]

Investment Rating - The report assigns a "Buy" rating for the company for the first time [5][13][17] Core Insights - The company leverages AI to enhance supply chain finance, addressing the financing challenges faced by small and micro enterprises [3][15] - The supply chain finance market is expected to grow significantly, with a projected scale of 121.1 trillion yuan by the end of 2027, reflecting a compound annual growth rate (CAGR) of 5.7% from 2023 to 2027 [10][34] - The company has transitioned from a heavy asset model to a light asset operation, which has improved its profitability and operational efficiency [12][18] Summary by Sections 1. Supply Chain Finance: Broad Development Space - The financing difficulties for small and micro enterprises persist, with only 20.7% obtaining funds through traditional bank loans as of Q1 2025 [10][27] - Supply chain finance reduces the reliance on fixed asset collateral, using accounts receivable and other liquid assets instead, thus lowering the financing threshold for small businesses [34][41] 2. AI + Industry Supply Chain Leader - The company has over ten years of experience in the factoring industry and has established partnerships with major enterprises, enhancing its market position [55] - The company’s revenue is expected to grow significantly, with projected total revenues of 1.171 billion, 1.339 billion, and 1.541 billion yuan for 2025, 2026, and 2027 respectively, reflecting growth rates of 11.64%, 14.36%, and 15.02% [14][17] 3. Profit Forecast and Investment Recommendations - The company is expected to achieve net profits of 500 million, 636 million, and 806 million yuan for 2025, 2026, and 2027, with growth rates of 31.49%, 27.20%, and 26.70% respectively [14][17] - The report emphasizes the company's strong growth potential due to its innovative business model and successful partnerships with state-owned enterprises [12][18]

香港交易及結算所有限公司以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 任何部分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。 SY HOLDINGS GROUP LIMITED 盛業控股集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：6069） 自願性公告 全面接入DeepSeek大 模 型，探 索「AI+產業供應鏈」 的創新應用 本 公 告 乃 由 盛 業 控 股 集 團 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）自 願作出。 – 1 – B_table indent_4.5 mm N_table indent_4 mm 深度融合AI技 術 於 供 應 鏈 金 融「反 欺 詐」 DeepSeek大模型在供應鏈金融「反欺詐」中展現出獨特的適配性，與本集團「重交易、 輕主體」的風控理念高度契合。盛易通雲平臺藉助DeepSeek強大的數據處理和邏輯 推理等能力，可快速解析合同、交易單據、到貨視頻、輿情信息等海量非結構化數 據，並 對 這 些 多 維 度 數 據 展 開 深 度 挖 掘 ...