上半年，在金融机构云业务中，公司创新核心企业应收账款融资类产品进一步深化大基建行业客户渗 透，并积极向新能源等新兴领域拓展延伸，ABS云业务处理供应链资产96亿元，较去年实现大幅增长。 同时，公司全力聚焦金融机构数智化转型产品战略，主动压降低毛利业务，e链云业务处理的供应链资 产总量为人民币260亿元。 联易融持续拓展广泛而多元的业务合作伙伴，有序规模化落地创新"脱核"场景解决方案，为云南省建设 投资控股集团、中铁二十五局集团、泸州老窖及山东新港企业集团等多家企业落地了订单融资、应收e 贷等"弱信用链接解决方案"，持续优化产品组合。联易融供应链金融科技解决方案的核心企业及金融机 构客户新增244家，客户总量达到1352家，较2024年增长22%，整体客户留存率从去年的96%提升至 99%。 "AI+产业金融"双轮驱动，战略并购拓宽产品矩阵 2025年8月26日，联易融科技集团（09959.HK，以下简称"联易融"）发布2025年中期业绩。上半年，公 司累计供应链资产服务规模达2,036亿元，总收入和收益为3.7亿元；供应链金融科技解决方案的核心企 业及金融机构客户新增244家，客户总量达到1352家，较202 ...

2025年上半年，公司持续深化重点行业客户精耕战略，依托客户价值飞轮驱动生态化交叉销售体系，实 现有质量的客户增长。报告期内，公司的供应链金融科技解决方案新增核心企业及金融机构客户244 家，客户总量达到1,352家，较2024年增长22%。公司紧抓央国企司库体系建设机遇，加速核心企业自 建平台项目转化落地，并深度聚焦"大基建+新能源+高端制造"等重点行业客户价值挖潜，推动核心企业 客户数量与处理资产规模均实现双位数稳健增长。随着客户结构优化与满意度提升，公司的整体客户留 存率从2024年的96%提升至99%。 格隆汇8月26日丨联易融科技-W(09959.HK)公告，2025年上半年，集团坚定聚焦核心业务方向，在全球 宏观环境波动与行业持续调整的背景下，加速业务模式转型升级，持续提升运营效率并改善现金流，实 现有质量的稳健发展。 在报告期，公司的科技解决方案处理的供应链资产总量为人民币2,036亿元。多级流转云继续保持强劲 增长，处理的供应链资产规模同比增长54.4%至人民币1,332亿元。2025年上半年，公司收入及收益达人 民币3.75亿元。截至2025年6月30日，公司的现金及现金等价物和受限制现金合 ...

2025年上半年，我们持续深化重点行业客户精耕战略，依托客户价值飞轮驱动生态化交叉销售体系，实 现有质量的客户增长。报告期内，我们的供应链金融科技解决方案新增核心企业及金融机构客户244 家，客户总量达到1352家，较2024年增长22%。我们紧抓央国企司库体系建设机遇，加速核心企业自建 平台项目转化落地，并深度聚焦"大基建+新能源+高端制造"等重点行业客户价值挖潜，推动核心企业 客户数量与处理资产规模均实现双位数稳健增长。随着客户结构优化与满意度提升，我们的整体客户留 存率从2024年的96%提升至99%。 2025年上半年，本集团坚定聚焦核心业务方向，在全球宏观环境波动与行业持续调整的背景下，加速业 务模式转型升级，持续提升运营效率并改善现金流，实现有质量的稳健发展。在报告期，我们的科技解 决方案处理的供应链资产总量为2036亿元。多级流转云继续保持强劲增长，处理的供应链资产规模同比 增长54.4%至1332亿元。由于我们加速调整产品及客户结构，推进组织结构优化，在业务结构改善和经 营费用下降的同时，收入及收益阶段性承压。2025年上半年，我们收入及收益达3.75亿元，同比下降 9.3%。此外，受复杂经济 ...

2025年上半年，我们持续深化重点行业客户精耕战略，依托客户价值飞轮驱动生态化交叉销售体系，实 现有质量的客户增长。报告期内，我们的供应链金融科技解决方案新增核心企业及金融机构客户244 家，客户总量达到1352家，较2024年增长22%。我们紧抓央国企司库体系建设机遇，加速核心企业自建 平台项目转化落地，并深度聚焦"大基建+新能源+高端制造"等重点行业客户价值挖潜，推动核心企业 客户数量与处理资产规模均实现双位数稳健增长。随着客户结构优化与满意度提升，我们的整体客户留 存率从2024年的96%提升至99%。 2025年上半年，本集团坚定聚焦核心业务方向，在全球宏观环境波动与行业持续调整的背景下，加速业 务模式转型升级，持续提升运营效率并改善现金流，实现有质量的稳健发展。在报告期，我们的科技解 决方案处理的供应链资产总量为2036亿元。多级流转云继续保持强劲增长，处理的供应链资产规模同比 增长 54.4%至1332亿元。由于我们加速调整产品及客户结构，推进组织结构优化，在业务结构改善和经 营费用下降的同时，收入及收益阶段性承压。2025年上半年，我们收入及收益达3.75亿元，同比下降 9.3%。此外，受复杂经 ...

智通财经APP讯，联易融科技-W(09959)发布公告，该公司董事会已决定行使根据公司股东于2025年6月 17日通过的决议案给予董事会的一般授权项下的权力，以购回公司B类普通股，并于本公告刊发之日后 12个月内使用不低于8000万美元的资金购回股份。董事会亦可能决定随市况变化而进一步动用股份购回 授权。 公告称，股份目前的成交价并未反映其内在价值及公司的业务前景。建议股份购回反映董事会及管理层 团队对公司围绕"AI+产业金融"及数字资产等核心战略实现持续稳健增长的信心。董事会认为建议股份 购回符合公司及其股东的整体最佳利益。 公司将以其现有可用现金储备及自由现金流量拨支建议股份购回。 ...

Group 1 - The company issued a profit warning for the first half of 2025, expecting a net loss attributable to equity shareholders of approximately RMB 370 million to RMB 390 million [1] - The company's cash reserves reached approximately RMB 5.4 billion, an increase of RMB 300 million compared to the end of 2024, indicating a stable liquidity position [1] - The loss is primarily due to impairment losses recognized on historical bridge supply chain assets based on expected credit loss models [1] Group 2 - The company has made significant progress in addressing historical issues by strengthening its credit risk management system, advancing the recovery of legacy assets, and prudently recognizing impairment provisions [2] - These measures have effectively reduced the ongoing impact of historical factors on the current and future financial condition of the company [2]

Core Viewpoint - The company is implementing a platformization strategy with a focus on "AI+" actions, leading to significant growth in net profit and adjusted net profit in the first half of 2025, with net profit reaching RMB 203 million, a year-on-year increase of 22.9% [1] Group 1 - The company is leveraging AI Agent technology to connect industry ecosystems and data, providing services that help small and micro enterprises find orders and funding, while reducing financing costs by at least 30% [2] - As of June 30, 2025, the platform has served over 19,100 clients, processing supply chain assets worth approximately RMB 2.78 billion, reflecting year-on-year growth of about 14.4% and 28.7% [2] - The platform's customer retention rate exceeds 80%, with over 30% of clients being first-time borrowers [2] Group 2 - The company has established strategic partnerships with over 10 Fortune 500 companies and linked with more than 180 funding partners, marking a year-on-year growth of over 30% [3] - The inclusive matching business accounts for approximately 88% of the platform's operations, showing a year-on-year increase of about 28.3% [3] - The revenue from technology services reached approximately RMB 210.6 million, a year-on-year growth of 37%, contributing to over 50% of total revenue [3]

Summary of the Conference Call for 联易融科技 Company Overview - 联易融科技 is a leading supply chain financial technology solution provider in China, with a service asset scale of RMB 411.2 billion in 2024, representing a year-on-year growth of 28% and a market share of 21.1%, ranking first in the industry [2][3][5]. Financial Performance - Revenue for 2024 reached RMB 1.03 billion, up 19% year-on-year, with a gross margin increase to 70%, reflecting a 36% growth in gross profit, which outpaced the growth rates of scale and revenue [2][3]. - The company has a cash reserve of RMB 5.1 billion and a price-to-book ratio of only 0.3, indicating a high safety margin and significant undervaluation relative to its market value of over RMB 30 billion [3]. Business Segments - The company operates through three main business segments: Core Enterprise Cloud, Financial Institution Cloud, and Cross-border Cloud [2][7]. - **Core Enterprise Cloud**: Achieved a steady growth of 34%, with multi-level circulation business accounting for over 60%, growing by 52% year-on-year [2][7]. - **Financial Institution Cloud**: Expanded from payable ABS to receivable ABS, doubling transaction volume, with the WindLink AI agent product contributing over RMB 20 million in revenue [2][8]. - **International Business**: Collaborated with cross-border e-commerce platforms like Amazon and Shopee, establishing offices in the UK, India, the US, and Singapore, and forming a joint venture with Standard Chartered Bank [2][9]. Technological Innovations - The company has been deeply involved in blockchain technology, developing the underlying chain Be Trust and launching digital trade token platforms (DTT) and asset-backed tokenization platforms (ABT) to enhance global supply chain trade efficiency [4][12][14]. - The DTT platform allows conditional payments through smart contracts, while the ABT platform tokenizes real-world assets for investment [15][17]. Market Position and Strategy - The company plays a crucial role in connecting core enterprises, financial institutions, and small and micro enterprises, with a customer retention rate of 99% [5]. - Future strategies include deepening cooperation with digital banks and exploring digital token projects in the Web 3.0 space, while expanding international markets [10]. Regulatory and Market Outlook - The company is preparing to support various stablecoins, which are expected to play a significant role in trade finance, enhancing payment conditions and integrating with accounts receivable financing [23][27]. - The development of stablecoins is anticipated to create new service opportunities and enhance the efficiency of cross-border trade [24][25]. Key Partnerships and Projects - Significant collaborations include projects with Standard Chartered Bank and participation in initiatives like Project Dynamo and Project Guardian, focusing on asset tokenization and trade finance [13][21]. Conclusion - Overall, 联易融科技 is positioned strongly in the supply chain finance sector, with robust financial performance, innovative technology applications, and strategic international expansions, while also preparing for the evolving landscape of digital currencies and stablecoins [2][10][27].

Industry Overview and Market Size - The supply chain finance industry in China integrates logistics, information flow, and capital flow to alleviate financing gaps, especially for SMEs. The scale of supply chain basic assets is projected to grow from 127.2 trillion yuan in 2020 to 133.9 trillion yuan in 2024, with a compound annual growth rate (CAGR) of 9.1%. Accounts receivable account for over 40% of the main asset types. The supply chain finance market size is expected to increase from 22.7 trillion yuan to 41.8 trillion yuan during the same period, with a CAGR of 13.5% driven by AI technology and loose monetary policy [1][2][18]. Core Development Trends - Technological empowerment is deepening, with AI models enhancing review efficiency by 95% and reducing labor costs. Blockchain technology improves data transparency and asset transfer efficiency. The rise of treasury management models is optimizing resource allocation and enhancing collaboration in supply chain finance. Policy support is strengthening, with initiatives aimed at promoting inclusive finance and alleviating financing pressure on SMEs [2][3][4]. Technology Applications and Market Pain Points - Traditional supply chain finance faces challenges such as information silos and high risk control difficulties. Technological solutions using big data and blockchain enhance risk control accuracy and transaction efficiency. The penetration rate of third-party technology solutions is expected to rise from 5.2% in 2020 to 11.7% in 2024, with a forecast of 20.2% by 2029 [3][4][5]. Competitive Landscape and Leading Companies - The supply chain finance technology service providers in China include third-party platforms, financial institutions, and core enterprise affiliates. By 2024, five major institutions, including Lianyi Rong and Ant Group, are projected to hold 74.2% of the supply chain ABS/ABN market, with Lianyi Rong leading at a 29.2% market share [4][5][6]. Future Outlook - The supply chain finance technology sector is expected to evolve towards intelligence and ecosystem integration, driven by the expansion of emerging industries and continuous policy support. The integration of technologies such as AI, blockchain, and IoT will further optimize risk control models and expand service coverage [5][6]. Summary - Overall, the Chinese supply chain finance technology industry is progressively building an efficient and transparent ecosystem through technological innovation and model upgrades, providing significant support for the development of the real economy [6].

Core Insights - The People's Bank of China and six other departments issued a notification to regulate supply chain finance, effective from June 15, 2025, which aims to strengthen supervision while allowing space for digital innovation [1][3] - The notification addresses three core issues in supply chain finance, including establishing a comprehensive debt monitoring mechanism, limiting the payment term for electronic receivables to a maximum of one year, and prohibiting forced high-interest financing for chain enterprises [3] - The policy encourages commercial banks to develop diversified supply chain finance models and explore "supply chain de-centralization" innovations, providing a policy interface for technology companies to enhance financing accessibility for small and micro enterprises [3][5] Industry Developments - Microbanking technology company WeBank has been focusing on inclusive finance for ten years, with its "invoice chain loan" solution resonating with the policy direction, helping 17 banks achieve decentralized credit granting and providing over 30 billion yuan in financing to 20,000 small and micro enterprises [4] - The digital innovation effectively addresses the dual challenges of traditional supply chain finance by avoiding excessive credit risk from core enterprises and reducing the high costs of rights confirmation for chain enterprises [4][6] - The new regulations are seen as a catalyst for the standardized development of the industry, with WeBank positioning itself as a licensed credit institution and focusing on various supply chain sectors such as exports, liquor, e-commerce, government procurement, and pharmaceuticals [5] Future Outlook - The company anticipates that the number of small and micro enterprises it assists could grow from 10 million to 20 million over the next three years, driven by ongoing policy benefits [5] - The integration of a comprehensive risk control system is necessary for banks to achieve batch credit granting, leveraging WeBank's accumulated client base of over 300 banks and differentiated scoring models for small enterprises [6] - The collaboration between regulatory frameworks and technological innovation is expected to balance the development of supply chain finance, contributing to new financial services for the real economy [6]