Investment Rating - The report maintains a "Buy" rating for the company with a target price of 3.45 HKD, indicating a potential upside of 25.0% from the recent closing price of 2.76 HKD [6][12]. Core Insights - The company experienced a revenue decline of 9.3% year-on-year in H1 2025, with total revenue reaching 3.75 billion RMB. The gross margin decreased significantly from 70.9% in H1 2024 to 56.0% in H1 2025, primarily due to changes in revenue structure and market competition [1][2]. - The company announced a substantial share buyback plan, committing to repurchase at least 80 million USD (approximately 623 million HKD), which represents about 11% of the total share capital [1][5]. Revenue Breakdown - The core enterprise cloud segment remains the revenue foundation, contributing 2.48 billion RMB, accounting for 66.3% of total revenue. The multi-polar circulation cloud continues to show high growth, with asset processing scale increasing by 54.4% to 133.23 billion RMB and adding 224 new clients [2][3]. - The AMS cloud business faced short-term pressure, with asset processing scale declining by 20.2% to 29.87 billion RMB, influenced by a sluggish supply chain asset securitization market, particularly in the real estate sector [2][3]. Financial Performance - The company reported a net loss attributable to shareholders of 3.80 billion RMB in H1 2025, a year-on-year increase of 57.7%. Adjusted losses (non-IFRS) reached 3.72 billion RMB, a significant increase of 97.4% [1][4]. - Impairment losses rose to 2.70 billion RMB, up 66.5% from 1.62 billion RMB in the same period last year, primarily due to more conservative impairment policies on historical bridge supply chain assets [4][12]. Strategic Outlook - The company plans to focus on three core strategies: "AI + Industrial Finance," strategic acquisitions, and digital assets, aiming to create multiple growth engines. The application of AI technology and the development of digital asset solutions are expected to enhance operational efficiency and address cross-border payment challenges [11][12]. - The company is also optimizing its business structure by divesting non-core assets and concentrating on its primary operations [11][12].

Group 1: Market Overview - The Hang Seng Index rose by 0.06%, gaining 16 points to close at 25,541 points, while the Hang Seng Tech Index increased by 0.57% [1] - The early trading volume in the Hong Kong stock market reached HKD 161.9 billion [1] Group 2: AI Sector Performance - AI concept stocks generally saw gains following the release of the "Artificial Intelligence +" action plan by the State Council, which is expected to boost AI applications [1] - SenseTime (00020) surged by 11%, Fourth Paradigm (06682) rose by 8.17%, and Meituan Technology (01860) increased by 5.93% [1] Group 3: Semiconductor Sector Performance - Semiconductor stocks continued their upward trend, supported by the binding of domestic models to domestic chips, with institutions optimistic about the ongoing growth of the domestic chip market [1] - SMIC (00981) increased by 6.4%, Fudan Semiconductor (01385) surged by 14%, and Hua Hong Semiconductor (01347) rose by 4.14% [1] Group 4: Notable Company Performances - Fubo Group (03738) rose over 2.39% following a significant document proposing improvements to data property and copyright systems for AI development [1] - Cao Cao Travel (02643) increased by over 4.86% after reporting a more than 50% year-on-year revenue growth in the first half of the year, with significant improvements in gross margin [1] - Linklogis Technology (09959) surged over 20%, driven by the "AI + industrial finance" dual engine, with plans to repurchase no less than USD 80 million in the next 12 months [1] - Weisheng Holdings (03393) rose nearly 6.4% as its first-half performance exceeded expectations, with growth opportunities in overseas markets and data centers [1] - NIO Inc. (09866) increased by over 5%, with a cumulative rise of over 50% in stock price this month, supported by strong ES8 order demand according to Morgan Stanley [1] Group 5: Healthcare Sector Performance - Xianruida Medical-B (06669) rose over 11% after reporting a more than 20% increase in revenue and a 121% year-on-year growth in net profit for the first half [2] - Hema Medical (03309) increased by over 6%, with a 62.4% year-on-year growth in net profit and the acquisition of a "Hong Kong Endoscopy Center" [2] - Tongrentang Technology (01666) fell over 5% after reporting a net profit of 339 million yuan, a year-on-year decrease of 21.01% [2] - Beijing Automotive (01958) dropped over 6% due to a price war impacting revenue, with a year-on-year decline of 81.8% in net profit for the period [2]

Group 1 - Company shares surged over 22%, reaching a new high of 2.75 HKD, with a trading volume of 110 million HKD [1] - For the first half of 2025, the company reported a supply chain asset service scale of 203.6 billion CNY and total revenue of 370 million CNY [1] - The company added 244 new core enterprise and financial institution clients, bringing the total to 1,352, a 22% increase from 2024 [1] Group 2 - The company has initiated a global trade finance digital asset strategy, launching Digital Trade Token (DTT) and Asset Backed Token (ABT) as part of its "StableCoin+" solution [2] - The management team expressed confidence in achieving steady growth through its "AI + industrial finance" and digital asset strategies, committing to a share buyback of no less than 80 million USD within the next 12 months [2]

Core Viewpoint - 联易融科技-W (9959.HK) experienced a significant increase of over 20%, reaching a peak of 2.69 HKD, marking a new high since August 2023 [1] Financial Performance - The company reported a mid-term revenue of 375 million HKD and a gross profit of 210 million HKD [1] - Cumulative supply chain asset service scale reached 203.6 billion HKD [1] Customer Growth - During the reporting period, the company added 244 new core enterprise and financial institution clients, bringing the total client count to 1,352, a 22% increase compared to 2024 [1] - Overall customer retention rate improved from 96% in 2024 to 99% [1] Strategic Initiatives - The founder, chairman, and CEO, Song Qun, emphasized the company's focus on three core strategies: AI + industrial finance, strategic mergers and acquisitions, and digital assets, aiming for sustainable growth [1] - The company committed to a share buyback of no less than 80 million USD within the next 12 months, reflecting strong confidence in future growth prospects [1]

Core Insights - 联易融科技集团 reported a supply chain asset service scale of 203.6 billion RMB and total revenue of 370 million RMB for the first half of 2025, with a focus on core business transformation and operational efficiency [1][2] - The company launched a global trade finance digital asset strategy, introducing Digital Trade Token (DTT) and Asset Backed Token (ABT) as part of its "StableCoin+" solution [1][8] - The company plans to repurchase at least 80 million USD worth of shares in the next 12 months, reflecting confidence in its growth strategies [1][11] Financial Performance - Total supply chain asset service scale reached 203.6 billion RMB, with revenue of 370 million RMB [1] - Cash reserves increased to 5.4 billion RMB, up by 300 million RMB from the end of 2024 [1] - The company assisted over 380,000 SMEs in accessing digital inclusive financial services [1][7] Business Model Transformation - The multi-level circulation cloud business processed assets worth 133.2 billion RMB, a 54% year-on-year increase [2] - The ABS cloud business processed 9.6 billion RMB in supply chain assets, showing significant growth [2] - The company added 244 new core enterprise and financial institution clients, bringing the total to 1,352, a 22% increase from 2024 [3] Technological Advancements - 联易融 established a comprehensive AI technology matrix for supply chain finance, integrating major domestic AI models [4] - The company launched the "蜂联AI" intelligent agent, enhancing capabilities in smart trade auditing and registration [4] - Strategic acquisition of Bait Technology expanded the product and service matrix, optimizing operational efficiency [4][5] International Expansion - The company’s international business saw double-digit growth, focusing on cross-border trade and e-commerce [6] - The "Go Early" strategy aims to build a platform ecosystem, while "Go Deep" focuses on in-depth service for Chinese enterprises going global [6] - Regional operation centers were established in the UK and the US to support a multi-trade corridor service network [6] ESG Commitment - The company’s sustainable supply chain asset scale exceeded 29 billion RMB, a 97% year-on-year increase [7] - Average financing cost for SMEs using the company's services was only 2.86% [7] - 联易融 received multiple ESG accolades, including an "A" rating from Wind and recognition as a leading contributor to the UN Sustainable Development Goals [7] Digital Asset Strategy - The company is advancing its global trade finance digital asset strategy, leveraging blockchain technology for secure digital asset management [8][10] - Collaborations with licensed institutions in Singapore aim to facilitate the compliant issuance of DTT [10] - The company is exploring innovative applications of digital assets in supply chain finance and cross-border payments [10][11]

Core Insights - In the first half of 2025, Lianyi Rong Technology Group reported a supply chain asset service scale of 203.6 billion RMB, with total revenue and earnings of 370 million RMB [1] - The company added 244 new core enterprise and financial institution clients, bringing the total to 1,352, a 22% increase compared to 2024 [1] - Lianyi Rong has assisted over 380,000 small and micro enterprises in accessing digital inclusive financial technology services [1] Financial Performance - The company focused on core business areas, accelerating transformation and upgrading, which led to a decrease in operating expenses [1] - Cash reserves reached 5.4 billion RMB, an increase of 300 million RMB from the end of 2024 [1] - The total supply chain assets processed by Lianyi Rong's financial technology solutions amounted to 203.6 billion RMB [1] Business Development - Lianyi Rong has expanded its diverse business partnerships, successfully implementing innovative "de-core" scenario solutions for various enterprises [2] - The company is a leader in the supply chain financial technology industry, continuously innovating in artificial intelligence and blockchain technologies [2] - The founder and CEO, Song Qun, emphasized the company's strategic focus on "AI + industrial finance," mergers and acquisitions, and digital assets to drive sustainable growth [2]

Core Viewpoint - 联易融科技集团 reported a strong performance in the first half of 2025, focusing on core business transformation and enhancing operational efficiency, while launching innovative digital asset solutions for global trade finance [1][2][4]. Financial Performance - The total supply chain asset service scale reached 203.6 billion RMB, with total revenue and earnings of 370 million RMB [1]. - Cash reserves increased to 5.4 billion RMB, up by 300 million RMB from the end of 2024 [1]. Business Model Transformation - The company accelerated its business model transformation, with the multi-level circulation cloud business processing assets of 133.2 billion RMB, a year-on-year increase of 54% [2]. - The ABS cloud business processed supply chain assets of 9.6 billion RMB, showing significant growth compared to the previous year [2]. Client Expansion and Retention - The number of core enterprise and financial institution clients increased by 244, totaling 1,352, representing a 22% growth from 2024 [1][3]. - Client retention rate improved from 96% to 99% [3]. Technological Innovation - The company established a comprehensive AI technology matrix for supply chain finance, integrating major domestic AI models and enhancing its proprietary LDP-GPT model [4]. - The intelligent agent "BeeLink AI" was successfully deployed in over 30 core enterprises and financial institutions [4]. Strategic Acquisitions - The acquisition of Byte Technology expanded the product and service matrix, optimizing operational efficiency [4][5]. International Expansion - The international business saw double-digit growth, with a focus on cross-border trade and e-commerce, supporting over 1,100 small and medium-sized enterprises with digital financing services [6]. - Regional operation centers were established in the UK and the US to enhance the global trade corridor service network [6]. ESG Commitment - The company served over 380,000 small and micro enterprises, with an average financing cost of 2.86% [7]. - The sustainable supply chain asset scale exceeded 29 billion RMB, a 97% year-on-year increase [7]. Digital Asset Strategy - The company launched a global trade finance digital asset strategy, focusing on the development of digital trade tokens (DTT) and asset-backed tokens (ABT) [8][10]. - Collaborations with licensed institutions in Singapore and Hong Kong aim to promote the compliant issuance of DTT and Stablecoin+ solutions [10]. Future Outlook - The company plans to conduct a share buyback of at least 80 million USD in the next 12 months, reflecting confidence in future growth prospects [1][11].

Core Insights - The company reported a supply chain asset service scale of 203.6 billion RMB and total revenue of 370 million RMB for the first half of 2025, with a focus on core business transformation and operational efficiency [1][2] - The company launched a global trade finance digital asset strategy, introducing Digital Trade Token (DTT) and Asset Backed Token (ABT) as part of its "StableCoin+" initiative [1][8] - The company plans to repurchase at least 80 million USD worth of shares in the next 12 months, reflecting confidence in its growth strategies [1][11] Business Performance - The supply chain financial technology solutions processed a total of 203.6 billion RMB in assets, with the multi-level circulation cloud business growing by 54% year-on-year to 133.2 billion RMB [2] - The company added 244 new core enterprise and financial institution clients, bringing the total to 1,352, a 22% increase from 2024 [3] - The average financing cost for small and micro enterprises served by the company was only 2.86% [7] Technological Advancements - The company has established a comprehensive AI technology matrix for supply chain finance, integrating domestic AI models and enhancing its proprietary LDP-GPT model [4] - The company completed the deployment of its AI-driven solutions in over 30 core enterprises and financial institutions, improving operational efficiency [4] Strategic Initiatives - The company is expanding its international supply chain finance layout, achieving double-digit growth in cross-border cloud asset services [6] - The company is committed to sustainable supply chain finance, with assets in sustainable supply chains exceeding 29 billion RMB, a 97% increase year-on-year [7] - The company is actively pursuing strategic acquisitions to diversify its growth drivers [5] Future Outlook - The company aims to leverage AI and compliant stablecoins to reshape cross-border capital flows and enhance financial system resilience amid global economic uncertainties [10][11] - The company is set to explore innovative applications of digital assets in real-world asset tokenization and cross-border digital payments [10]

Core Viewpoint - The company plans to repurchase shares worth no less than 80 million USD within the next 12 months, indicating confidence in its intrinsic value and business prospects [1] Group 1 - The board may decide to utilize the share repurchase authorization further depending on market conditions [1] - The board believes that the current trading price of the shares does not reflect their intrinsic value and the company's business outlook [1] - The proposed share repurchase reflects the board and management's confidence in the company's core strategies, including "AI + industrial finance" and digital assets [1] Group 2 - The board considers the share repurchase to be in the best interest of the company and its shareholders [1]

Core Insights - 联易融科技集团 reported a supply chain asset service scale of 203.6 billion RMB and total revenue of 370 million RMB for the first half of 2025, with a 22% increase in core enterprise and financial institution clients to 1,352 [1][4] - The company launched a global trade finance digital asset strategy, introducing Digital Trade Token (DTT) and Asset Backed Token (ABT) as part of its "StableCoin+" initiative [1][12] - The company plans to repurchase at least 80 million USD worth of shares in the next 12 months, reflecting confidence in its growth strategies [1][15] Business Performance - The supply chain financial technology solutions processed a total of 203.6 billion RMB in assets, with the multi-level circulation cloud business growing by 54% year-on-year to 133.2 billion RMB [3] - The company added 244 new clients in the first half of 2025, achieving a client retention rate of 99% [4] Strategic Initiatives - The company is focusing on AI and digital assets as core strategies, enhancing its AI capabilities through partnerships with major domestic models and launching new applications [6][15] - Strategic acquisitions, such as the acquisition of Bait Technology, are aimed at broadening the product matrix and optimizing operational efficiency [6][7] International Expansion - The international business saw double-digit growth, with a focus on cross-border trade and e-commerce, helping over 1,100 small and medium-sized enterprises access digital financing services [9] - The company is establishing regional operation centers in the UK and the US to enhance its global trade corridor service network [9] ESG and Sustainable Finance - The company has assisted over 380,000 small and micro enterprises in accessing digital inclusive financial services, with an average financing cost of 2.86% [10] - The sustainable supply chain asset scale reached 29 billion RMB, a 97% increase year-on-year, reflecting the company's commitment to ESG principles [10]