本报讯 （记者贾丽）近日，农业数字化服务公司一亩田集团与香港数字资产领域企业BC Technology （Hong Kong）Limited（以下简称"BC科技"）正式签署战略合作协议。双方将依托各自在农业产业资 源与数字资产服务领域的核心优势，围绕跨境支付结算、农业RWA（实物资产数字化）产品开发及新 型业务场景探索展开深度合作，共同推动全球农业贸易数字化升级，为农业产业高质量发展注入新动 能。 根据波士顿咨询报告，预计到2030年，全球RWA市场规模将达16万亿美元，成为全新的财富蓝海，其 中农业RWA的规模潜力巨大。在中国，作为第一产业的农业有大量的"沉睡资产"，亟待通过资产数字 化的方式去解决融资、监管等难题，以更好地释放资产价值、提升产业效率。 据了解，作为中国最大的农业B2B数字化服务企业，一亩田集团持续以数字科技推动乡村产业转型升 级，逐步构建了覆盖农产品种植、采购、销售全链条的产业服务体系，服务全国超过2800个县的近6000 万用户，农产品品类超过1.5万种。 一亩田集团法定代表人邓锦宏表示："当前全球农业贸易正面临数字化转型的重要机遇，一亩田集团始 终致力于通过资源整合与技术创新推动农业产 ...

Core Insights - The seminar on "Non-Heritage and Cultural Products RWA On-Chain Ecology" successfully concluded in Hong Kong, focusing on the future of cross-border digital cultural assets [1][3][21] - Hong Kong is emerging as a key hub for the digitalization and cross-border circulation of non-heritage and cultural assets, driven by its positioning as an "International Innovation and Technology Center" and its free port advantages [3][21] Industry Developments - The seminar featured discussions on the digitalization of cultural assets, with experts emphasizing that digital finance is crucial for addressing challenges in cross-border transactions, such as authenticity verification, lack of standardized valuation, and high transaction costs [3][11] - The launch of an AI valuation system by ULTILAND aims to provide transparent and multi-dimensional value assessments for artworks and other RWAs (Real World Assets), enhancing market liquidity for cultural assets [14][15] - The introduction of the RWA Cultural Fund, which targets investments in non-heritage and cultural product-related RWA projects, aims to create a complete cycle from research to capital deployment, with an initial fundraising goal of HKD 200 million, expanding to HKD 1 billion by 2026 [16] - The establishment of the Non-Heritage and Cultural Products Digital Financial Development Alliance seeks to promote the integration of culture, finance, and technology, facilitating the international circulation of non-heritage and cultural assets [17][21] Key Highlights - The seminar showcased three significant outcomes: the AI valuation system, the RWA Cultural Fund investment framework, and the formation of the digital financial development alliance [14][16][17] - A new book titled "Guidelines for Tokenization of Non-Heritage and Cultural Products" was also pre-sold during the event, indicating a growing interest in the compliance and market pathways for digital cultural assets [21]

Core Viewpoint - The company is actively engaged in expanding its global business, particularly in the cybersecurity sector, despite facing challenges in the industry such as low-price bidding and continuous losses among competitors [3][4][5]. Group 1: Company Performance - As of September 1, 2025, the company's stock price closed at 8.54 yuan, reflecting a 2.15% increase with a turnover rate of 4.14% and a trading volume of 330,200 shares, amounting to a transaction value of 283 million yuan [1]. - The company reported a projected revenue growth of 40.29% for 2024, yet it still faced a loss of 0.46 yuan per share [6]. Group 2: Strategic Initiatives - The company has not yet developed products or services related to digital currency and stablecoins, indicating a cautious approach towards emerging financial technologies [2]. - The company is focusing on expanding its global reach, particularly in regions such as ASEAN, MEA, LATAM, and Hong Kong-Macau, leveraging the "Belt and Road" initiative to enhance its cybersecurity business [4][5]. Group 3: Market Activity - On September 1, 2025, there was a net inflow of 19.46 million yuan from major funds, indicating positive engagement from institutional investors [7]. - Retail investors contributed a net inflow of 291,500 yuan, while speculative funds experienced a net outflow of 19.75 million yuan [8].

Core Viewpoint - Data has emerged as a critical production factor alongside land, labor, capital, and technology, with its value rapidly being unlocked in the digital era. The development of the Zhengzhou Data Trading Center exemplifies how data can be effectively utilized and traded, aiming to establish a national-level data exchange and lead the construction of a unified national market [1]. Group 1: Development of Zhengzhou Data Trading Center - The Zhengzhou Data Trading Center, as the only licensed data trading venue in Henan, aims to create a national-level data exchange and has made significant progress in data market cultivation, trading system construction, and cross-regional data circulation [1]. - Celebrating its third anniversary on August 21, the center has transformed data from static characters into dynamic, tradable assets, showcasing various data products and trading dynamics [1]. Group 2: Agricultural Digital Consumption Platform - The center has launched China's first agricultural digital consumption platform, utilizing credible data to connect the entire agricultural supply chain through digital rights certificates [2]. - The "Longbai Digital Ginseng" project, which was launched on January 5, represents the first instance of "digital ginseng" in China, enabling full-chain digital supervision from source management to quality certification [2]. Group 3: Expansion of Product Offerings - The trading center has introduced various digital products, including "Digital Pu'er Tea," which utilizes blockchain technology for full lifecycle traceability, enhancing consumer trust and product value [3][5]. - A total of 14 products across four categories have been launched, generating sales of approximately 34.26 million yuan [6]. Group 4: Cross-Regional Collaboration - The establishment of the Hami operation center has facilitated the deployment of a comprehensive data service platform, with 139 data products registered and 10 data enterprises introduced [7]. - The center aims to replicate its data trading model across the Yellow River basin and the central and western regions, contributing to the national unified data market [8]. Group 5: Innovative Trading Models - The Zhengzhou Data Trading Center has completed 1,460 data transactions, with a total transaction value of approximately 3.84 billion yuan, establishing a robust data asset registration mechanism [10]. - The center has developed a comprehensive service platform that includes 12 subsystems to address challenges in data trading and compliance [11]. Group 6: Future Directions - The center plans to enhance its role in the national unified market by promoting the "Henan Model" for data trading, aiming for broader replication and implementation across the country [13].

Summary of Yuan Zheng Technology Conference Call Company Overview - **Company**: Yuan Zheng Technology - **Period**: First half of 2025 - **Revenue**: 894 million RMB, a year-on-year increase of 10% [2][4] - **Net Profit**: 196 million RMB, a year-on-year increase of 28%, with a net profit margin of 20% [2][6] Key Financial Metrics - **Revenue Adjusted for Deferred Income**: 1.016 billion RMB, a year-on-year increase of 15% [4] - **Total Expenses**: Increased by approximately 50 million RMB, with financial expenses rising by 12 million RMB due to exchange rate losses [8] - **Actual Profit After Adjustments**: Approximately 250 million RMB [9] Product Performance - **Diagnostic Equipment**: - Units shipped: 167,000, a year-on-year increase of 16% [7] - Overseas market growth: 17% [7] - E-commerce channel growth: 30% [2] - **DIY Equipment**: Decreased shipments as the company shifts focus to high-end diagnostic devices [7] - **Tire Pressure Sensors**: 630,000 units shipped, a year-on-year increase of 87% [7] - **Original Products Revenue**: 720 million RMB, a year-on-year increase of 13% with a gross margin of 47% [10] - **OEM Automotive Equipment Revenue**: 100 million RMB, a year-on-year decrease of 15% [10] - **Software Revenue**: 104 million RMB recognized, with an expected total of 144 million RMB if adjusted for deferred income [10] Market Dynamics - **Overseas Revenue**: 750 million RMB, a year-on-year increase of 19%, accounting for 78% of total revenue [15] - **Domestic Revenue**: 210 million RMB, a year-on-year decrease due to reduced OEM equipment orders [15] - **Regional Growth**: North America grew by 23%, while Asia-Pacific and Russian regions grew by 20% [20] Strategic Insights - **Cost Control**: Effective management of expenses with minimal increases in management and R&D costs [8] - **Dividend and Buyback**: Mid-year dividend of 0.31 RMB per share, totaling approximately 130 million RMB, representing 65% of total profit [30] - **Sales Expenses**: Increased to support new product launches, particularly in overseas markets [32] Future Outlook - **2025 Revenue Target**: Expected to reach 2.18 billion RMB, a year-on-year increase of 20% [5][23] - **Software Revenue Projection**: Anticipated to reach close to 200 million RMB in 2026, driven by increased device sales and software upgrade demand [35] - **Remote Diagnosis Service**: Revenue expected to reach 40 million RMB, with significant growth anticipated [37] Risks and Challenges - **Tariff Impact**: The Trump tariffs affected shipping schedules, causing delays and potential revenue loss of several million USD [19] - **Exchange Rate Risks**: Potential impact on financial statements if the RMB appreciates significantly [27] Conclusion Yuan Zheng Technology demonstrated strong performance in the first half of 2025, with significant growth in net profit and effective cost management. The company is strategically focusing on enhancing its software and service offerings while navigating challenges posed by tariffs and exchange rate fluctuations. The outlook for the remainder of the year remains positive, with expectations for continued growth in revenue and profitability.

Summary of the Conference Call for Yuan Zheng Technology Company Overview - **Company**: Yuan Zheng Technology - **Industry**: Automotive diagnostic equipment and software Key Financial Metrics - **Revenue**: - H1 2025 revenue was CNY 0.7 billion, but adjusted for deferred income, it should be CNY 1.016 billion, a 14% increase YoY [2][4] - Net profit reached CNY 1.96 billion, a 28% increase YoY, with a net profit margin improvement of 3 percentage points [2][4] - Adjusted net profit, considering foreign exchange losses, would be CNY 2.4 billion, maintaining a 28% growth rate [2][4] - **Product Shipments**: - Total device shipments were 167,000 units, a 16% increase YoY, driven by overseas markets (17% growth) and e-commerce channels (30% growth) [2][5] - DIY device shipments decreased slightly, while tire pressure sensors saw a significant increase of 87%, reaching 630,000 units [2][6] Expense Management - Total expenses increased by CNY 54 million, with financial expenses rising by over CNY 12 million [7][8] - R&D and management expenses were controlled within reasonable limits, with R&D expenses increasing by CNY 7 million [7][8] Business Segment Performance - **Self-developed Equipment**: Revenue was CNY 720 million, a 13% increase YoY, with a target of CNY 2 billion for the year [9] - **OEM Equipment**: Revenue decreased by 15% to CNY 100 million, with a stable gross margin [9] - **Software Business**: Reported revenue of CNY 70 million, a 13% decline YoY, but adjusted for deferred income, it shows a 28% growth [10] Service and Data Business - Strong performance in service and data segments, with remote diagnostic services and big data revenues growing by 53% and 61% respectively [11] - Expected to achieve a total of CNY 40 million in service and data revenue for the year [11] Market and Regional Performance - **Tire and New Energy Sector**: Revenue of CNY 28 million, a 51% increase YoY, but still short of the annual target of CNY 110 million [12] - **Overseas Market**: Revenue reached CNY 750 million, a 19% increase YoY, with a gross margin of 51% [13] - **Domestic Market**: Revenue decreased to CNY 210 million, primarily due to a drop in OEM equipment sales [14] Strategic Initiatives - Plans to introduce new energy equipment and data processing on-chain, adopting RWA models to expand the new energy equipment business [15] - Strategies to mitigate US tariffs include changing product codes and relocating some production to Vietnam [28] Future Outlook - The company is optimistic about achieving its revenue targets for the second half of the year, particularly in the new energy and tire sectors [12][22] - Anticipates a significant increase in sales from new products, with a target of CNY 80 million in revenue for the second half [22] Investment Considerations - The company maintains a high market share in domestic diagnostic equipment, exceeding 70% [29] - The overall growth target for the year is CNY 2.184 billion, with a 20% YoY increase expected [20] - The company is viewed as a solid investment opportunity with a P/E ratio of approximately 10 times and a dividend yield of around 8% [37]

Summary of Langxin Group Conference Call Company Overview - **Company**: Langxin Group - **Industry**: Energy Internet and New Energy Key Points and Arguments Energy Internet Platform - The Energy Internet platform has been operational for 12 years, connecting numerous new energy assets such as charging piles and photovoltaics, enhancing asset utilization efficiency and value returns for clients, with an expected annual transaction volume exceeding 100 billion kWh within three years [2][4][5] - The platform has connected over 500 million end users, including 15 million commercial users, who will have future needs to participate in electricity market transactions [2][6] Charging Business Development - The aggregation charging business has nearly 22 million users, collaborating with over 3,000 operators and more than 30 leading automotive companies, covering over 390 cities [2][7] - By 2027, the expected number of new energy vehicles in China will exceed 80 million, with annual public charging market demand reaching 110 billion kWh, targeting a market share of over 25% [2][7][8] Future Growth Strategy - Post-2025, the company will focus on the main track of electric energy, entering a new growth cycle with stable growth in existing digital grid and life payment businesses, and rapid scaling of the charging aggregation platform [3][4] - The company aims to achieve profitability in the charging ecosystem by 2026, with projected charging volumes of 7 billion kWh in 2025, 11 billion kWh in 2026, and a market share exceeding 25% by the end of 2027 [9][10] Market Dynamics and Trading - Langxin has advantages in electricity market trading through scenarios, data, and technology, with a self-developed energy model driven by AI to maximize the value of data and technology [4][10] - The company plans to achieve over 130 billion kWh in transaction volume over the next three years, with specific targets of 6 billion kWh in 2025, 31 billion kWh in 2026, and 110 billion kWh in 2027 [4][13] RWA Model and Financial Innovation - The RWA (Real World Asset) model, in collaboration with Ant Group, provides value-added opportunities through financial innovation, connecting over 500 million end users, with 80% being electricity meter users [6][14] - The choice of the new energy sector for RWA tokenization is due to its large scale and alignment with national energy development strategies, providing a solid foundation for RWA tokens [15][16] Distributed Photovoltaics - Distributed photovoltaics have seen rapid growth, with a connection volume of 25 GW by the end of 2024, expected to reach 50 GW in 2025, providing essential resources for effective electricity trading [12] Challenges and Regulatory Environment - The company faces challenges in policy and regulatory aspects during the RWA issuance process, requiring collaboration with various regulatory bodies [22][24] - The introduction of the Hong Kong stablecoin regulation is expected to stimulate market activity and provide a framework for future transactions [25] Future Directions - The Energy Internet platform is expected to continue growing, reflecting the value of the electricity market and driving further innovation and optimization [27] - The company aims to leverage its extensive experience in asset management, electricity trading, and innovative financial services to create more value for investors [32] Additional Important Insights - The electricity market is projected to reach a scale of 61 billion kWh in 2025, with a focus on converting small and micro-enterprises into electricity trading agents [29][31] - The company has accumulated over 20 years of experience in the energy sector, positioning itself to capitalize on opportunities arising from the national push for electricity marketization [32]

Core Insights - The MINAX brand listing forum and Asiabrand Black Horse 100 entrepreneurship salon took place in Hong Kong, focusing on the globalization of digital assets and the innovation of China's RWA model [1][3] Group 1: RWA Accelerator and Strategic Goals - The Hong Kong Blockchain Technology Application Association aims to drive innovation in China's RWA model through a dual focus on technology compliance and breaking down barriers to global asset circulation [3][5] - The association has proposed a closed-loop ecosystem involving "domestic asset digitization - cross-border data flow - international market trading" by leveraging the data cross-border policy advantages of Hainan Free Trade Port and Hong Kong's status as an international financial center [3][5] Group 2: Core Model Analysis - A compliant cross-border data channel is being established based on Hainan's data policies, addressing the "last mile" issue of data export in accordance with China's data security assessment and Hong Kong's virtual asset policy [5] - The use of a national-level alliance chain as the underlying blockchain technology ensures traceability and immutability of the entire process through asset on-chain storage, smart contract execution, and tokenization [5] - The MINAX exchange connects Southeast Asia, the Middle East, and Western markets, facilitating low-cost financing and high liquidity asset circulation for domestic enterprises using the RWA model [5] Group 3: Collaboration and Future Directions - The association and MINAX will closely collaborate to create a compliant and asset-liquid RWA pathway unique to China, empowering the internationalization of domestic assets [6] - The Hong Kong MINAX brand listing forum marks a significant step from technical validation to large-scale application of China's RWA model, with a commitment to building an open, compliant, and inclusive digital asset ecosystem [7]