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 ...

Core Viewpoint - Qixin Group demonstrates resilience in performance amidst industry challenges, with significant achievements in AI and digital transformation, as well as refined services [1][2]. Financial Performance - In the first half of 2025, Qixin Group achieved operating revenue of 4.773 billion yuan and a net profit attributable to shareholders of 87.493 million yuan, with net cash flow from operating activities reaching 120 million yuan [1]. - The company plans to distribute a cash dividend of 0.7 yuan per 10 shares, totaling approximately 49.82 million yuan, reflecting a strong commitment to shareholder returns [2]. Business Strategy - Qixin Group focuses on deepening relationships with existing major clients while expanding its customer base, successfully securing contracts with national procurement projects across various industries [1]. - The company is actively pursuing digital transformation, implementing nearly 70 AI application scenarios by the end of June 2025, enhancing its operational capabilities [1][2]. Digital Transformation - The launch of the Qixin Zhipan AI model covers the entire digital procurement process, optimizing supply chain efficiency and reducing management costs for clients [2]. - The appointment of a new CTO is expected to strengthen the company's governance and implementation of its digital strategy [2]. Shareholder Returns - Qixin Group has consistently returned value to shareholders through cash dividends and share buybacks, with a total cash distribution of 109 million yuan over two years [3]. - The company has also repurchased 9.6 million shares for a total of 50.5 million yuan in 2024 [3]. Future Outlook - Qixin Group aims to focus on B2B business and its own brand development, accelerating cross-border e-commerce and global brand building to drive market growth [3].

Company Overview - Zhongkunhang (ZKH.US) is the first listed online procurement platform for industrial non-production materials (MRO) in China, leading the industry in product lines and SKU numbers [1] - The company has established a competitive moat through its logistics infrastructure, customized product services, and digital operating system, while actively expanding into overseas markets and developing AI applications to attract customers [1] - Long-term, the company is expected to maintain steady revenue growth and gradually achieve profitability due to its strong operational capabilities [1] Industry Insights - The industrial goods e-commerce sector is experiencing significant growth, driven by structural changes in the industry and the demand for digital transformation [2] - According to Zhaoshang Consulting, the digital MRO procurement market in China is projected to reach approximately 400 billion yuan in 2024, with an expected CAGR of 10.6% until it surpasses 600 billion yuan by 2029 [2] - The current penetration rate of digital MRO procurement services in China is about 9.5%, which is relatively low compared to over 15% in the US during the same period [2] - The report indicates that there is potential for multiple leading platforms in China's digital MRO market to achieve annual revenues exceeding 10 billion yuan [2] Competitive Advantages - Zhongkunhang possesses three core advantages: 1) A comprehensive warehousing and distribution system that significantly enhances procurement efficiency, addressing customer inventory management challenges through front warehouses [2] 2) Customized services that meet the needs of large clients [2] 3) Digital capabilities that allow the company to extend its business from e-commerce to a comprehensive service platform, linking upstream and downstream production, procurement, and inventory systems for agile demand allocation [2] - The company has developed over ten AI applications, including AI recommendation engines and price comparison assistants, covering the entire MRO e-commerce process from inquiry to after-sales maintenance [2] - Currently, Zhongkunhang is using AI applications as a customer acquisition tool, with expectations for increased R&D investment in the future [2]

Core Viewpoint - Suning's financial performance shows improvement in asset-liability ratio, but the core business still requires more time to recover from losses [1][3] Financial Performance - In Q1 2025, Suning achieved revenue of 12.894 billion, a year-on-year increase of 2.50% - The net profit attributable to shareholders was 17.96 million, marking a turnaround from losses for four consecutive quarters - As of March 31, 2025, the asset-liability ratio improved by 0.25% compared to the beginning of the period - However, the net profit attributable to shareholders, excluding non-recurring gains and losses, was still a loss of 199 million [1] - The net cash flow from operating activities decreased by 34.67% year-on-year, primarily due to an increase in government subsidy receivables during the reporting period [1] Strategic Goals - Suning aims to achieve comprehensive profitability in 2025 by focusing on five key areas: upgrading self-operated capabilities, enhancing omni-channel sales, improving service and brand, leveraging AI and digitalization, and strengthening corporate culture and incentive mechanisms [3] - In Q1, Suning opened and renovated 11 new stores, resulting in a 19.3% year-on-year increase in overall store sales, with comparable store sales up by 23.3% [3] Competitive Challenges - The company faces significant challenges from competitors in the e-commerce sector, which has led to a 1.97% year-on-year decline in overall gross margin [4] - Finding ways to leverage offline experiences to compete against online price competitiveness remains a critical test for this traditional home appliance retail giant [4]

Core Insights - The ICL industry is entering a critical adjustment and transformation phase in 2024, with a trend towards market consolidation favoring leading companies like Adicon Holdings [1] - Adicon's 2024 financial report shows strong performance, with total revenue of 2.914 billion RMB and a gross margin of 37.7% [2] Group 1: Business Performance - Adicon's conventional business (excluding COVID-19) grew steadily by 8.2% year-on-year, while the special inspection business surged over 18%, with notable growth in tumor detection at 47% [2] - The company's collaborative laboratory business saw a remarkable 62% increase in revenue, with the number of signed contracts doubling year-on-year, reflecting strong market expansion capabilities [2][3] Group 2: Strategic Advantages - Adicon's ability to maintain growth amidst industry challenges highlights its strategic foresight and execution in seizing consolidation opportunities [3] - The company expanded its customer base by 8.8%, with public hospital clients increasing by 13% and new contracts growing significantly, indicating high market recognition of its service model [3] Group 3: Technological Innovation - Adicon's commitment to R&D led to the addition of over 300 advanced testing projects, including successful technology transfers with Guardant Health, supporting clinical drug development in China [4] - The integration of AI and digitalization has significantly improved customer engagement, with AI applications reducing labor costs by 70% and enhancing diagnostic accuracy [5][6] Group 4: Future Outlook - Adicon's five-year plan focuses on centralized operations and market expansion, with stable growth expected in conventional testing and accelerated development in special inspections [7] - The company is well-positioned for accelerated growth in 2025, driven by industry consolidation and deeper AI integration [7]

Core Viewpoint - The NFC industry is entering a rapid development phase in China, driven by the integration of AI and digitalization, with potential for new experiences and value creation in various applications [1][3]. Group 1: NFC Technology Overview - NFC technology offers convenience and security, allowing users to make payments by simply tapping their phones, which enhances user experience compared to traditional payment methods [2][3]. - The working range of NFC is limited to about 4 centimeters, providing stronger privacy and security compared to other wireless technologies [3][4]. Group 2: Historical Context and Market Development - In 2014, only about 10% of smartphones in China had NFC capabilities, limiting the technology's initial adoption [6]. - Japan's early investment in NFC technology, particularly by NTT DOCOMO, helped establish a comprehensive industry chain that included mobile operators, manufacturers, and financial institutions [6][7]. Group 3: Current Applications and Innovations - The rapid increase in NFC-enabled smartphones in China, reaching 180 million units and a market share of 45% in 2023, has facilitated the expansion of NFC applications across various sectors [7][8]. - NFC technology is being utilized in diverse fields such as smart homes, healthcare, and museums, enhancing user interaction and experience [7][8]. Group 4: Future Prospects and User Adoption - As NFC technology becomes more familiar and integrated into daily life, it is expected to gain user trust and create better living experiences [9]. - The industry must focus on user-centric solutions to ensure the technology's growth and acceptance, addressing concerns related to security and ease of use [8][9].