企业动态 ●德益世国际保理受邀参展服贸会，出口保理服务助力企业扬帆出海 9月10-14日，中国国际服务贸易交易会（服贸会）在北京盛大举行。本届服贸会金融服务专题以 "数智 驱动，开放共赢" 为主题，德益世国际保理受邀参与此次盛会，参展内容包括出口保理和供应链金融两 大国际贸易融资服务，与现场观众分享我们在国际贸易融资与风险管理领域的实战经验。（德益世国际 保理） 微信公众号【商业保理资讯】 归类整理 财经资讯 ●2025年1—8月份全国规模以上工业企业利润增长0.9% 1—8月份，全国规模以上工业企业实现利润总额46929.7亿元，同比增长0.9%。8月末，规模以上工业企 业应收账款27.24万亿元，同比增长6.6%；产成品存货6.73万亿元，增长2.3%。规模以上工业企业每百 元资产实现的营业收入为74.0元，同比减少2.0元；应收账款平均回收期为70.1天，同比增加3.7天。（统 计微讯） ●中国人民银行 中国证监会 国家外汇管理局联合发布关于进一步支持境外机构投资者在中国债券市场 开展债券回购业务的公告 9月26日，中国人民银行、中国证监会、国家外汇局联合发布公告，支持可在中国债券市场开展债券现 券交易 ...

随着我国城镇化进程加快与"消费品以旧换新"政策推进，两类现实需求愈发凸显：一边是超3亿新市民 在融入城市时，面临的大额支出压力，"想消费却怕花钱"成为普遍困境；另一边是家电、3C等行业企 业在承接国补政策红利时，被"垫资规模大、结算周期长"的难题卡住，明明市场需求旺盛，却因资金周 转慢不敢接订单。如何用更灵活的金融服务打通民生需求与产业供给的"堵点"，成为当下亟待解决的课 题。 日前，南方都市报社、湾财社携手中国人民大学中国普惠金融研究院，共同启动"中国普惠金融行"专题 系列报道，呈现鲜活生动的普惠金融服务案例、模式，探索数字时代普惠金融创新路径，栏目本期聚焦 京东金融。 9月25日，在2025京东供应链金融科技大会上，京东科技发布了"三个融合"发展路径——消费与产业融 合、创新与场景融合、内循环与外循环融合。作为深耕零售与供应链领域多年的企业，京东既熟悉新市 民在生活场景中的真实消费痛点，也清楚产业链上下游企业在资金周转中的实际困境。依托京东科技的 技术能力与京东金融的场景运营经验，其近期在消费端与产业端的一系列实践，正逐步展现金融科技服 务民生、赋能实体的具体路径。 社交平台上，你可能会刷到这样的视频：夜 ...

在全球经济格局深刻变革、国内宏观政策持续发力扩内需的背景下，供应链的稳定与高效运转已成为提 升产业竞争力的关键。京东供应链金融科技历经12年深耕，以"金融+科技"双轮驱动，精准切入国家补 贴、国产算力、跨境贸易三大新兴场景，通过全链路金融服务破解企业融资难题，为产业链整体升级注 入新动能。 国补政策精准滴灌：双端激活撬动消费与产业双增长 2025年，国家"大规模设备更新和消费品以旧换新"政策持续加码，为企业带来市场机遇的同时，也考验 着政策红利的落地效率。京东供应链金融科技依托"消费金融+供应链金融"协同模式，构建"需求激活供 给保障"闭环，成为政策与市场间的"转换器"。 在供给端，针对国补政策下企业面临的"垫资规模大、结算周期长"等痛点，京东供应链金融科技的"京 保贝""订货贷""货押贷"等产品推出商家专属政策，实现从采购、生产到销售的全链条资金覆盖。以华 为核心分销商国信通达为例，通过"订货贷"，企业在2024年华为Mate70上新时，在预订货阶段就获得融 资，快速锁定货源。2025年国补期间，使用京东供应链金融科技服务后，资金周转效率大幅度提升。 在消费端，京东白条通过"免息+国补"叠加，显著降低用户决 ...

Core Insights - The article discusses the challenges faced by small and medium-sized suppliers and distributors in the industrial internet ecosystem, particularly their exclusion from traditional financing due to their size and lack of creditworthiness [1] - Legendchain's supply chain finance system aims to bridge these financial gaps by transforming dormant supply chain credit into liquid assets [1] Group 1: Traditional Supply Chain Finance Challenges - Traditional supply chain finance models heavily rely on the core enterprises' guarantees, making the process cumbersome and difficult to penetrate multiple supplier levels [3] - The reliance on core enterprises' balance sheets limits the accessibility of financing for smaller suppliers [3] Group 2: Legendchain's Innovative Approach - Legendchain's system is based on real transaction data, logistics data, and warehousing data from the industrial internet platform, creating a digital credit system that does not depend solely on core enterprises [3] - The system captures the entire transaction chain seamlessly through API integration, transforming static numbers into dynamic digital assets that can be evaluated by financial institutions [3][5] - This allows upstream suppliers to leverage receivables from quality buyers to apply for financing, enabling rapid fund disbursement [3] Group 3: Value Addition to the Ecosystem - Legendchain enhances ecosystem cohesion by providing convenient financial services, increasing loyalty and dependency among partners, and addressing their survival and development challenges [3] - The platform can generate sustainable income through financial technology service fees, moving beyond reliance on transaction commissions [3] - The system accumulates and verifies data over time, offering insights into the operational health and credit levels of chain enterprises, thus supporting risk pricing within the ecosystem [3] Group 4: Technological Integration and Benefits - The core advantage of Legendchain lies in the deep integration of technology and finance, utilizing blockchain for data integrity and traceability, and big data models for intelligent risk control [5] - The automation of financing processes significantly reduces operational and risk costs for financial institutions, encouraging them to lend to small and medium enterprises [5] - Legendchain not only provides an IT system but also builds a new financial ecosystem based on the industrial internet, creating a closed loop where transactions generate credit, credit becomes assets, and assets flow back into the ecosystem [5]

Core Points - The 2025 China International Service Trade Fair was held in Beijing, where the Ministry of Commerce released a work plan to support the implementation of the WTO's Electronic Commerce Agreement [1][2] - China is the first WTO member to pilot the agreement, marking a shift from "leading rule-making" to "leading rule implementation" [1][2] - The Electronic Commerce Agreement, reached by 71 members including China, the EU, and Australia, covers four pillars: digital facilitation, digital openness, digital trust, and digital inclusion [2] Summary by Sections Work Plan Overview - The work plan consists of five parts with 41 specific measures aimed at enhancing trade digitalization, improving data governance, optimizing the digital consumption environment, ensuring transparency in telecommunications, and strengthening international cooperation in digital trade [3][4] - Key measures include promoting the use of electronic bills of lading and invoices to enhance customs efficiency and reduce operational costs for cross-border e-commerce and supply chain enterprises [3][4] Implementation and Impact - The work plan aims to create a stable, transparent, and predictable regulatory environment for global digital trade, benefiting consumers and businesses involved in digital trade [2][4] - Beijing, as the only pilot city, will explore pathways and accumulate experience in digital trade governance, which can be replicated and promoted [2][3] Strategic Importance - The work plan aligns with high-level international digital trade rules and aims to modernize digital trade governance while expanding international cooperation opportunities [4] - The measures not only respond to the requirements of the Electronic Commerce Agreement but also provide policy tools for China's exploration of institutional innovation in digital trade [4]

Core Insights - The report titled "2025 White Paper on the Development and Security of Cross-Border E-Commerce Supply Chain Finance in the Greater Bay Area" analyzes the current state, innovative models, technological drivers, and future trends of cross-border e-commerce supply chain finance in the Greater Bay Area [1][2][3] Group 1: Development Background and Strategic Value - The Greater Bay Area is positioned as a core engine for cross-border e-commerce, benefiting from world-class industrial clusters, top-notch port logistics, and a leading technological innovation ecosystem [1][2] - In 2024, Guangdong's cross-border e-commerce import and export value accounted for over one-third of the national total, with the foreign trade scale of nine cities in the Greater Bay Area reaching 8.75 trillion yuan, reflecting a 10.1% growth [1][2][41] Group 2: Supply Chain Finance Market Overview - The global and Chinese supply chain finance markets are expanding, with China's supply chain finance industry exceeding 40 trillion yuan in 2023 [2] - The market has evolved through four stages from offline manual services to digital intelligence, with the Greater Bay Area emerging as an innovative testing ground despite facing challenges such as credit fragmentation and uneven technology application [2] Group 3: Innovative Models and Practices - Traditional supply chain finance models are being upgraded in cross-border e-commerce scenarios, with data replacing collateral in order financing and blockchain reconstructing trust in accounts receivable financing [2][3] - The integration of multiple financing modes and ecological development trends are evident, although challenges like data silos and cross-institutional coordination remain [2] Group 4: Technological Drivers - Financial technology is a core driver, with big data and AI creating dynamic credit profiles and enabling intelligent risk control, while blockchain addresses trust and asset transfer issues [2][3] - Emerging technologies such as privacy computing, generative AI, and digital yuan are expected to guide future developments [2] Group 5: Regulatory and Future Perspectives - The white paper proposes a "RegTech Triad" collaborative network, including a digital identity system, collaborative transaction monitoring center, and intelligent regulatory sandbox [3] - Over the next decade, trends such as autonomous finance, digital twins of supply chains, green finance, and adaptive regulation are anticipated, with the Greater Bay Area aiming to become a global leader in digital trade finance [3]

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 article discusses the IPO progress of Zhongqi Yunlian, an independent digital financial platform, highlighting regulatory scrutiny and the company's business model and market position [1][6]. Company Overview - Zhongqi Yunlian, established in 2015, is the largest independent digital enterprise rights confirmation financial platform in China, holding a market share of 12.9% in the industry digital financial platform market as of 2024 [2][3]. - The company connects financial institutions with core enterprises and their affiliated companies, facilitating data integration, rights confirmation, circulation, and financing matchmaking [2]. Business Model and Financial Performance - The primary revenue source for Zhongqi Yunlian comes from rights confirmation and factoring services, which accounted for approximately 91% of total revenue over the past three years [3]. - The "Yunxin" service, a digital debt certificate, has seen increasing revenue contribution, rising from 79.1% in 2022 to an expected 88.5% in 2024 [3]. - The company reported a significant increase in gross profit margin, reaching 95.9% by 2024, with revenues growing from 652 million yuan in 2022 to 991 million yuan in 2024 [4][5]. Regulatory Environment - The China Securities Regulatory Commission (CSRC) has requested additional materials from Zhongqi Yunlian regarding foreign investment access, business compliance, and clarity of ownership structure, indicating a cautious approach to the company's IPO [1][6]. - Recent regulatory changes have provided a clearer framework for supply chain financial services, which may benefit Zhongqi Yunlian's core business model [7]. Market Potential and Competition - The market for digital financial platforms in China is projected to grow significantly, with financing amounts expected to reach 262.1 trillion yuan by 2029, growing at a compound annual growth rate of 9.1% from 2024 [9]. - Competition is intensifying as bank-affiliated platforms and state-owned enterprises launch their own services, posing potential challenges for Zhongqi Yunlian [9][10]. Strategic Insights - The independent financial supply chain platforms like Zhongqi Yunlian leverage advanced technologies such as big data, AI, and blockchain to enhance service efficiency and risk management, distinguishing themselves from traditional bank platforms [11].

Group 1 - The company's operating revenue for H1 2025 is approximately 405 million yuan, a year-on-year decrease of 7.1%, primarily due to the shift from self-owned financing to technology integration platform financing [1] - The platform technology service revenue has shown strong performance, reaching about 211 million yuan, a year-on-year increase of 37.0%, accounting for over 50% of total revenue for the first time [1] - The net profit for the company is approximately 203 million yuan, a year-on-year increase of 22.9%, benefiting from AI technology cost reduction and the performance contribution from joint ventures [1] Group 2 - The company has achieved its first commercial success with AI Agent, generating 400,000 yuan in revenue by providing targeted bidding information and industry trend analysis [2] - The company has expanded its platform ecosystem, with over 19,100 cumulative clients as of June 30, 2025, a year-on-year growth of 14.4%, and a client retention rate exceeding 80% [2] - The total amount of supply chain assets processed by the company has reached 2.78 trillion yuan, a year-on-year increase of 28.7% [2] Group 3 - The company has issued over 2.8 billion yuan in loans in the e-commerce sector, an increase of nearly 8 times compared to the same period last year [3] - The company has formed a strategic partnership with a top global industrial mobile robot company, entering the 190 billion yuan Chinese robot market [3] - The company is actively expanding into strategic emerging industries such as e-commerce, robotics, and AI applications while continuing to focus on key national pillar industries [3] Group 4 - The company is expected to continue rapid growth in performance, focusing on innovative fields such as e-commerce, AI applications, and robotics [4] - Revenue forecasts for FY2025 are adjusted to 499 million yuan for digital financial solutions, 543 million yuan for platform technology services, and 49 million yuan for supply chain asset sales [4] - The projected net profit for the company for FY2025-FY2027 is 489 million yuan, 644 million yuan, and 826 million yuan respectively, with a target market capitalization of 19.32 billion yuan [4]

Core Insights - The supply chain finance industry is undergoing continuous innovation in its ecosystem, driven by digital technology, platform support, and policy incentives, which are essential for high-quality development and service model innovation [1][4]. Group 1: Industry Overview - Supply chain finance is a new financing model targeting small and medium-sized enterprises (SMEs), integrating financial services into supply chain trade by leveraging the credit, risk, and funding needs of various parties involved [4]. - The Chinese supply chain finance model has matured, characterized by data-driven approaches utilizing AI and blockchain to address information asymmetry, and various service models that enhance the efficiency of capital flow [6]. Group 2: Technological Advancements - Key technologies such as IoT, blockchain, privacy computing, big data, artificial intelligence, cloud computing, edge computing, and 5G are pivotal in enhancing supply chain finance operations [5]. - IoT enables the perception, identification, tracking, and management of physical assets, while blockchain provides a distributed ledger for transaction data, fostering digital trust [5]. Group 3: Revenue Structure - In the commodity sector, funding services account for a significant portion of revenue, with funding service fees making up 62% of total earnings, while resource organization and logistics account for 15% each, and procurement and transportation yield 15% and 8% respectively [9][8].