机构：华创证券 战略调整带动毛利率提升，盈利能力改善。25H1 公司毛利率4.6%，同比提升1.1pp，主要系公司主动放 弃低效业务，深化头部品牌合作及自有品牌矩阵构建，消费电子产品、家用电器等行业毛利率均有明显 提升，带动净利率同比提升0.3pp 至1.0%。 阿里云合作落地，AI+SaaS 业务有望重回快速增长轨道。公司于2025 年8 月与阿里云达成全栈AI 全面 合作，深化云计算、人工智能、下沉市场数字化领域的协同合作。公司自主研发的垂直行业大模型千橙 云AI 将全面接入阿里云通义千问大模型，结合公司在零售行业的深度经验，将大模型及相关AI 能力与 公司的产业数据融合，打造"小店大模型智能体"、"AI 销售智能体"、"销售预测智能体"、"AI 客服机器 人"矩阵，渗透多业务场景，提升平台价值。 研究员：汤秀洁 投资建议：公司主动深化主业经营调整，和阿里云合作有望打开AI+SaaS 业务的成长空间。考虑到公司 上半年优化低效业务，我们预计公司25-27 年归母净利润为3.46/4.38/5.33 亿元（前值为3.49/4.81/6.58 亿 元），对应同比增长28.3%/26.6%/21.6%，参考可比 ...

证 券 研 究 报 告 汇通达网络（09878.HK）2025 年中报点评 推荐（维持） 提质增效显现成效，AI+SaaS 商业化开启 目标价：21.36 港元 事项： ❖ 公司发布 2025 年中报：2025 年上半年公司实现收入 243.4 亿元，同比-25.9%； 归母净利润 1.4 亿元，同比+10.8%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 60,059 | 53,513 | 57,819 | 62,010 | | 同比增速(%) | -27.2% | -10.9% | 8.0% | 7.2% | | 归母净利润(百万) | 270 | 346 | 438 | 533 | | 同比增速(%) | -39.8% | 28.3% | 26.6% | 21.6% | | 每股盈利(元) | 0.48 | 0.62 | 0.78 | 0.95 | | 市盈率(倍) | 32.5 | 25.3 | 20.0 | 16 ...

与传统B2B模式不同，汇通达网络的S2B2C模式核心在于双向赋能，通过"反向+短链+数字化"的智慧供 应链与"AI+SaaS"双轮驱动，实现从工厂到门店的全链路增效。随着20万亿下沉市场消费升级与数字化 进程加速，汇通达网络所构建的S2B2C生态将成为稀缺的基础设施。 消息面上，据IT时报报道，近日，阿里巴巴旗下源头厂货拿货平台1688在云栖大会举办主题 为"1688AI，让生意更简单"的论坛，集中展现了覆盖B2B交易全流程的AI能力体现，同时启动跨境智能 体"遨虾"的内测，这是1688面向海外中小买家推出的全球首个跨境电商AI智能体。按照1688在云栖大会 上的技术畅想，在"AI to B"时代，买家和卖家能用AI完成整个B2B生意全流程的智能经营。 智通财经APP在《S2B2C"黄金风口"已至 汇通达网络(09878)价值跃升可期》中指出，在阿里巴巴、腾 讯等巨头持续加码下，S2B2C产业赋能模式再上"风口"。作为中国下沉市场S2B2C模式的先行者，汇通 达网络早在十余年前便前瞻布局，至今已构建了一张覆盖全国21个省、超25万家b端会员店客户的平台 网络，成为行业稀缺的"轻资产、高价值、强现金流"的产业赋 ...

Core Insights - Alibaba announced its AI strategy at the "2025 Cloud Habitat Conference" on September 24, introducing the concept of "Super Artificial Intelligence" (ASI) and aiming to create an "Android system for the AI era" with an open-source approach [1] - Following this announcement, Alibaba's stock price surged by 9.16% on the Hong Kong market [1] Group 1: Strategic Partnerships - Alibaba's strategic investment in Huitongda Network (09878) has led to a comprehensive AI collaboration with Alibaba Cloud, focusing on building an intelligent agent matrix and extracting value from data assets [1] - Huitongda has been operating in the domestic sinking market for 15 years, utilizing self-developed digital tools and a supply chain covering over 250,000 family-run stores in towns across seven industries [1] Group 2: AI Implementation - Since 2023, Huitongda has been advancing its AI initiatives by deploying the "Qiancheng Cloud AI Intelligent Model," which is now integrated with Alibaba's Tongyi Qianwen [1] - The application of the "Qiancheng AI Super Store Manager" will enhance marketing efficiency for member stores through various intelligent agents [1] - Huitongda and Alibaba Cloud plan to jointly deploy over 13 AI agents this year, aimed at providing stronger AI support for family-run stores and upstream production enterprises in the sinking market [1]

Core Viewpoint - The company reported a decline in revenue for the first half of 2025, but managed to achieve profitability through cost control and efficiency improvements, particularly leveraging AI technology [1][2][4]. Revenue Performance - In H1 2025, the company achieved revenue of 606 million yuan, a year-on-year decrease of 15.9% due to the ongoing downturn in the real estate and construction sectors [1]. - The customer relationship management product line generated revenue of 383 million yuan, down 13.1% year-on-year, while the main product, Cloud Customer, saw revenue of 377 million yuan, a smaller decline of 5.1% [1]. - The average customer price for Cloud Customer in H1 2025 was 37,700 yuan per unit, reflecting a 2.4% increase compared to the same period last year, driven by increased demand for AI products [1]. Profitability and Cost Management - The company implemented lean operations to reduce costs and improve efficiency, resulting in a positive net profit of 13.75 million yuan in H1 2025, with adjusted net profit reaching 33.12 million yuan, both showing a turnaround from losses [2]. - Sales, management, and R&D expenses were 317 million, 61 million, and 205 million yuan respectively, with year-on-year decreases of 22.2%, 56.5%, and 19.4% [2]. Business Outlook - For H2 2025, the company plans to focus on core products and key clients in the domestic market to enhance profitability, while reducing reliance on residential developers [3]. - The company aims to increase investment in overseas markets, particularly in the Middle East and Europe, and will establish localized teams to accelerate international expansion [3]. - The strategy includes accelerating AI and SaaS product innovation, prioritizing the development of AI-driven marketing products, and exploring usage-based business models [3]. - Internal resource and talent allocation will be optimized to enhance operational efficiency, with AI tools applied across all functions [3]. Profit Forecast and Investment Recommendation - The company’s revenue forecasts for 2025-2027 have been adjusted to 1.318 billion, 1.271 billion, and 1.266 billion yuan, with net profits projected at 18 million, 30 million, and 44 million yuan respectively [4]. - The company maintains a "buy" rating despite the ongoing revenue challenges due to the real estate sector's downturn [4].

Core Viewpoint - The report from Zhongtai Securities maintains an "overweight" rating for Mingyuan Cloud, forecasting revenue and net profit for 2025-2027, while highlighting the company's resilience in the face of a declining real estate market [1] Revenue Performance - In H1 2025, the company reported a revenue of 606 million yuan, a year-on-year decrease of 15.9%, primarily due to the ongoing downturn in the downstream real estate and construction sectors [1] - The customer relationship management product line generated 383 million yuan in revenue, down 13.1% year-on-year, with the main product, Cloud Customer, achieving 377 million yuan, a decline of 5.1%, indicating some resilience [1] - The company increased its investment in AI-related products, with the Cloud Customer AI product signing contracts worth approximately 32 million yuan in H1 2025, surpassing the total for the entire year of 2024 [1] Cost Management and Profitability - The company has implemented lean operations to reduce costs and improve efficiency, particularly through the use of AI tools in customer service and R&D [2] - In H1 2025, sales, management, and R&D expenses were 317 million, 61 million, and 205 million yuan, respectively, showing year-on-year decreases of 22.2%, 56.5%, and 19.4% [2] - These efforts led to a net profit of 13.75 million yuan in H1 2025, with an adjusted net profit of 33.12 million yuan, marking a turnaround from losses [2] Business Outlook - For H2 2025, the company plans to focus on core products and key clients in the domestic market to enhance profitability, while reducing reliance on residential developers [3] - The company aims to increase investment in overseas markets, particularly in the Middle East and Europe, and establish localized teams to accelerate internationalization [3] - There will be a push for innovation in AI and SaaS products, with a focus on integrating AI technology into real estate business scenarios and exploring usage-based business models [3] - The company will continue to optimize resource allocation and talent management to enhance operational efficiency [3]

Core Viewpoint - The report from Zhongtai Securities maintains a "buy" rating for Mingyuan Cloud (00909), forecasting revenue for 2025-2027 to be 1.318 billion, 1.271 billion, and 1.266 billion yuan respectively, with net profit attributable to the parent company at 18 million, 30 million, and 44 million yuan respectively [1] Revenue Performance - In H1 2025, the company achieved revenue of 606 million yuan, a year-on-year decline of 15.9%, primarily due to the ongoing downturn in the downstream real estate and construction industries [1] - The customer relationship management product line generated revenue of 383 million yuan in H1 2025, down 13.1% year-on-year, with the main product, Cloud Customer, achieving revenue of 377 million yuan, a smaller decline of 5.1% [1] - The average customer unit price for Cloud Customer in H1 2025 was 37,700 yuan per unit, reflecting a 2.4% increase year-on-year, driven by increased procurement of AI-related products [1] Cost Control and Profitability - The company has implemented lean operations to reduce costs and improve efficiency, particularly through the use of AI tools in customer service and R&D [2] - In H1 2025, sales, management, and R&D expenses were 317 million, 61 million, and 205 million yuan respectively, showing year-on-year decreases of 22.2%, 56.5%, and 19.4% [2] - The effective control of expenses and improved operational efficiency led to a net profit attributable to the parent company of 13.75 million yuan in H1 2025, with adjusted net profit at 33.12 million yuan, both reflecting a turnaround from losses [2] Business Outlook - For H2 2025, the company plans to focus on core products and key clients in the domestic market to enhance profitability, while reducing reliance on residential developers [3] - The company aims to increase investment in overseas markets, particularly in the Middle East and Europe, and establish localized teams to accelerate international expansion [3] - The strategy includes accelerating AI and SaaS product innovation, prioritizing the integration of AI technology with real estate business scenarios, and exploring usage-based business models [3] - The company will continue to optimize resource and talent allocation to enhance operational efficiency, applying AI tools across all functions [3]

Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company achieved positive profitability in the first half of 2025, driven by AI-enabled enhancements that increased the average transaction value of its cloud products [3] - Despite a 15.9% year-on-year decline in revenue due to the ongoing downturn in the real estate sector, the company managed to turn around its net profit to 13.75 million yuan in 25H1, with adjusted net profit reaching 33.12 million yuan [3] - The company is focusing on cost control and operational efficiency, which has led to a significant reduction in expenses across sales, management, and R&D [3] Financial Performance Summary - Revenue for 2023 is projected at 1.657 billion yuan, with a decline expected in the following years: 1.435 billion yuan in 2024, 1.318 billion yuan in 2025, 1.271 billion yuan in 2026, and 1.266 billion yuan in 2027 [2] - The company forecasts a return to profitability with net profits of 18 million yuan in 2025, 30 million yuan in 2026, and 44 million yuan in 2027 [2] - The average transaction price for the company's cloud product, Yunke, increased by 2.4% year-on-year to 37,700 yuan per unit in 25H1, reflecting resilience amid overall revenue decline [3] Business Outlook - The company plans to focus on core products and key clients in the domestic market to enhance profitability, while also increasing investments in AI products and expanding into overseas markets [3] - The strategy includes optimizing resource allocation and enhancing operational efficiency through the application of AI tools across various functions [3]

Group 1 - The core viewpoint of the report is that HuTongDa Network (09878) has shown effective business strategy adjustments, leading to a historical high in profit margins and a projected revenue growth of 35% year-on-year in the second half of the year [1] - The company reported a revenue of RMB 24.3 billion in 1H25, with a gross margin improvement of 1.16 percentage points to 4.64% [1] - Net profit for the company was RMB 140 million, representing an 11% year-on-year increase, with an adjusted net profit margin reaching a historical high of 0.57% [1] Group 2 - The company is advancing its AI+SaaS intelligent upgrade, with store SaaS and subscription revenue increasing by 23% quarter-on-quarter, indicating initial success in the transformation [2] - The "QianCheng AI Super Store Manager" app was launched in April, integrating AI Agent functionalities that can automate 60% of daily store management tasks, significantly reducing operational costs for small and medium-sized retail stores [2] - AI-related revenue currently accounts for approximately 20% of total service revenue, following the commercial launch of AI+SaaS products in May [2]

Group 1 - The core viewpoint of the report is that HuTongDa Network (09878) has successfully adjusted its business strategy, leading to a historical high in profit margins and a projected revenue growth of 35% year-on-year in the second half of the year [1] - The company's revenue for 1H25 reached RMB 24.3 billion, with a gross margin improvement of 1.16 percentage points to 4.64% [1] - Net profit for the company was RMB 140 million, representing an 11% year-on-year increase, with an adjusted net profit margin reaching a historical high of 0.57% [1] Group 2 - The company is advancing its AI+SaaS intelligent upgrade, with store SaaS and subscription revenue increasing by 23% quarter-on-quarter, indicating initial success in the transformation [2] - The launch of the "QianCheng AI Super Store Manager" app in April integrates AI Agent functionalities, automating 60% of daily store management tasks, significantly reducing operational costs for small and medium-sized retail stores [2] - AI-related revenue currently accounts for approximately 20% of total service revenue, with a full-stack AI collaboration with Alibaba Cloud aimed at enhancing marketing and intelligent sales capabilities in lower-tier markets [2]