证 券 研 究 报 告 联易融科技-W（09959.HK）2025 年中报点评 推荐（维持） 拟大额回购彰显公司信心，国际业务有望打 造第二增长曲线 事项： ❖ 联易融科技发布 2025 年中报。25H1 实现营业收入 3.75 亿元（同比-9.3%）， 归母净利润-3.80 亿元，经调整净利润-3.72 亿元（24H1 为-1.89 亿元）。 评论： （1）电子债权凭证业务：25H1，促成融资额 1592.2 亿元（同比+38.6%），主 要由于聚焦于非地产客户的多级流转云融资额持续高增。多级流转云（客户为 核心企业）融资额为 1332.3 亿元（同比+54.4%），占 25H1 总融资额比例提升 至 65.5%。报告期内，为多家企业落地了订单融资等"弱信用链接解决方案"； E 链云（客户为金融机构）融资额为 259.9 亿元（同比-9.2%），主要由于公司 主动压降了 E 链云的部分低毛利业务。同时加速推进 AI Agent 核心模块迭代， 已在超过 24 家金融机构进行 SaaS 或本地化部署交付。 （2）资产证券化业务：25H1，促成融资额为 395.0 亿元（同比-3.8%）。AMS 云（客户为核心 ...

Group 1: Company Developments - Meituan's international delivery brand Keeta officially launched in Doha, Qatar, aiming to support Qatar National Vision 2030 and collaborate with local businesses [2] - Pop Mart plans to open its first Middle East store in Doha by the end of 2025, expanding its overseas presence from 140 to over 200 stores [2] - Konvision won a contract for Qatar National TV's ultra-high-definition project, supplying 130 4K monitors for broadcast vehicles [3] Group 2: Investment and Economic Growth - Qatar ranked 12th globally in the 2024 Foreign Direct Investment (FDI) performance index, rising 21 places from the previous year, indicating improved competitiveness and a favorable business environment [5] - The infrastructure market in Qatar is projected to grow from $33.4 billion in 2025 to $41.3 billion by 2030, driven by ongoing development projects and investment incentives [5] - Qatar's AI market is expected to grow at a compound annual growth rate of 28.66%, increasing from 1.56 billion Qatari riyals in 2024 to 7.07 billion riyals by 2030 [6] Group 3: Tourism and Real Estate - Qatar's tourism sector saw a 3% increase in international visitors in the first half of 2025, with over 2.6 million tourists contributing approximately $15 billion to GDP [7] - The real estate sector recorded a strong performance in Q2 2025, with transaction values reaching 8.9 billion Qatari riyals, a 29.8% year-on-year increase [9] Group 4: Financial Sector Developments - The Qatar Financial Centre reported a 64% year-on-year increase in new registered companies in the first half of 2025, totaling 828, attributed to streamlined registration processes [10] - Qatar's fintech sector is rapidly developing, with contactless payments accounting for 96% of offline transactions [11] Group 5: Policy and Regulatory Changes - Qatar introduced a new law to support innovation and scientific research, establishing a fund to enhance the country's knowledge economy [13] - A comprehensive regulatory reform involving 27 laws was initiated to attract foreign investment, resulting in a 640% increase in newly registered foreign companies in Q2 2025 [14]

Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core Viewpoints of the Report - RWA, which digitizes real - world assets through blockchain tokenization, is a significant development at the intersection of fintech and capital markets. It enhances asset liquidity, reduces transaction costs, and promotes financial inclusiveness. It has entered a rapid expansion phase globally and is expected to become an important part of the global financial market in the next decade [1][4][16] - Despite its rapid growth, RWA's healthy development depends on the improvement of regulatory systems, risk management of underlying assets, and continuous guarantee of technical security [16] 3) Summary by Relevant Sections Introduction - RWA is a frontier direction where fintech and capital markets meet. It maps illiquid and high - barrier assets onto the blockchain, providing new investment and financing paths and showing a large - scale development trend [4] RWA's Basic Principles - RWA refers to digitizing real - world physical or financial assets and putting them on the blockchain through tokenization for decentralized ownership, transfer, and trading. Its core is asset tokenization, connecting traditional finance and decentralized finance and enhancing asset efficiency and inclusiveness [5] - RWA significantly improves asset liquidity by allowing fragmented ownership and 24/7 global trading, reducing entry barriers and stimulating secondary - market activity. It also has transparency and security advantages through distributed ledger technology and promotes financial inclusiveness, especially in emerging markets [6] RWA's Development Status - As of August 2025, the global RWA asset total (excluding stablecoins) is $26.7 billion, with over 300,000 asset holders and more than 250 asset issuers. The main underlying assets are private credit, US Treasuries, and commodities. The market has grown by over 50% compared to the same period in 2024, and is expected to expand further this year. BCG predicts it could exceed $16 trillion by 2030, about 10% of global GDP [7][9] - In terms of regulation, the US leads in practice, Europe has a unified regulatory framework with the MiCA Act, and Asian countries like Singapore, Japan, and South Korea are actively piloting. China Hong Kong has launched an RWA regulatory sandbox. However, RWA faces challenges such as regulatory compliance, asset credit risks, and technical security issues [12] Conclusion and Outlook - RWA is changing the asset - allocation landscape. It has entered a rapid expansion phase globally and is expected to be an important part of the global financial market in the next decade. In the future, it can provide a low - threshold way for Chinese residents to participate in alternative assets, and Hong Kong's pilot may gradually develop in areas such as securities, green RWA, and trade and supply - chain finance [16]

Group 1 - The demand for safe-haven assets, particularly gold, has increased due to concerns over the independence of the Federal Reserve and easing inflation data, leading to a rise in gold prices [1] - As of the market close, COMEX gold futures rose by 0.82% to $3,476.9 per ounce, while the China Gold ETF (518850) increased by 0.29% and the Gold Stock ETF (159562) surged by 4.51% [1] - The U.S. second-quarter GDP annualized revision showed a quarter-on-quarter increase of 3.3%, surpassing the expected 3.1% and the initial value of 3% [1] Group 2 - The core Personal Consumption Expenditures (PCE) price index for the second quarter was revised to an annualized quarter-on-quarter increase of 2.5%, consistent with the initial value but below the expected 2.6% [1] - A lawsuit was filed by Federal Reserve Governor Lisa Cook against President Donald Trump, challenging his attempt to dismiss her based on allegations of lying in a mortgage application, marking a significant dispute regarding the independence of the U.S. central bank [1] - Analysts from Baocun Futures noted that Nvidia's third-quarter guidance was not optimistic, which may contribute to a risk premium for gold [1]

Group 1: Zhujiang Beer (002461.SZ) - Zhujiang Beer is the leading regional beer brand in Guangdong Province, with a strong market foundation and high consumer recognition. The flagship product, 97 Pure Draft, is leading product upgrades and capturing market share from competitors [6][7]. - The company has experienced continuous revenue and profit growth, with a CAGR of 7.8% in revenue and 9.2% in net profit from 2020 to 2024. The proportion of high-end products has increased significantly from 49.1% in 2019 to 70.8% in 2024 [6][7]. - The new management team, including a newly appointed chairman and general manager, is expected to drive further growth and innovation. The company has a solid reserve of high-end products and aims to expand its market presence outside Guangdong [7]. Group 2: Hanshuo Technology (301275.SZ) - Hanshuo Technology's revenue for the first half of 2025 was 1.974 billion yuan, a year-on-year decrease of 7%, with a net profit of 222 million yuan, down 42% year-on-year. The company is focusing on the North American market, which shows significant growth potential [16][17]. - The global demand for retail digitalization continues to grow, with electronic shelf label (ESL) module shipments reaching 248 million units in the first half of 2025, a 56% increase year-on-year. The demand from major retailers like Walmart is expected to drive further digital upgrades in the retail sector [16][17]. - The company has established a comprehensive business system centered on electronic shelf label systems and SaaS cloud platform services, with international operations in over 70 countries [17]. Group 3: Guoci Materials (300285.SZ) - Guoci Materials reported a revenue of 2.154 billion yuan in the first half of 2025, a year-on-year increase of 10.29%, with a net profit of 332 million yuan, up 0.38% year-on-year. The company is experiencing growth in electronic materials and new energy materials [18][19]. - The company’s six major business segments are developing synergistically, with a projected net profit of 774 million yuan, 886 million yuan, and 1.058 billion yuan for 2025-2027, respectively [19][20]. - The company is focusing on strategic investments and acquisitions to enhance its capabilities in clinical materials and digital equipment, particularly in the biomedical materials sector [20]. Group 4: Yuhua Software (300339.SZ) - Yuhua Software achieved a revenue of 1.747 billion yuan in the first half of 2025, a year-on-year increase of 10.55%, while the net profit decreased by 29.43% to 60 million yuan. The company is actively promoting its innovative business [22][23]. - The company’s gross margin was 23.72%, down 2.36 percentage points year-on-year, but it has optimized its expense ratios, leading to improved operational efficiency [23][24]. - The revenue from innovative business segments reached approximately 368 million yuan, accounting for 21.07% of total revenue, indicating a growing contribution from new business areas [24]. Group 5: New Dairy Industry (002946.SZ) - New Dairy Industry reported a revenue of 5.526 billion yuan in the first half of 2025, with a net profit of 397 million yuan, reflecting a year-on-year increase of 33.8%. The company’s low-temperature strategy is showing significant results [48][49]. - The direct-to-consumer (DTC) model has driven growth, with revenue from this channel increasing by 23% to 3.39 billion yuan, representing 66.3% of total revenue [48][49]. - The company is focusing on core markets and has achieved stable growth in key regions, with a notable increase in high-end fresh milk sales [48][49].

Affirm (AFRM) Q4 2025 Earnings Call August 28, 2025 05:00 PM ET Company ParticipantsZane Keller - Head - IRMax Levchin - Director, Founder & CEOAdam Frisch - Senior Managing Director - EquitiesRob O’Hare - CFOWill Nance - Vice PresidentMichael Linford - COOAdib Choudhury - Senior Equity Research AssociateJohn Hecht - Managing DirectorJames Faucette - Managing DirectorReggie Smith - Executive Director - Equity ResearchHarry Bartlett - VP - Equity ResearchGiuliano Bologna - Managing DirectorConference Call Pa ...

Financial Data and Key Metrics Changes - The company reported exceptionally strong results, setting new records in most metrics for the quarter, which is unusual for Q4 [6][7] - The growth is accelerating, indicating strong momentum in the U.S. and Canadian markets [15][16] Business Line Data and Key Metrics Changes - The 0% APR offerings have attracted a significant number of new users, with 50% of first-time users opting for this rate [20][21] - Repeat usage rates for users acquired through 0% APR promotions are comparable to traditional users, with many converting to interest-bearing loans over time [25][26] Market Data and Key Metrics Changes - The company has seen a strong performance in the consumer segment, with a focus on maintaining high credit performance despite macroeconomic shifts [31][36] - 95% of transactions in the quarter came from repeat borrowers, indicating a solid customer base [37] Company Strategy and Development Direction - The company is focusing on expanding its international presence, particularly in the UK, with plans to leverage partnerships like Shopify [75][76] - The strategy includes enhancing the Affirm card offerings and increasing the attach rate, which is currently at 10% [46][48] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to manage credit performance and maintain strong results despite potential consumer stress from factors like student loan repayments [32][36] - The funding environment remains favorable, with a 55% year-over-year increase in funding capacity, allowing for continued growth [40][41] Other Important Information - The company is actively investing in the Affirm card, which has shown significant growth and is expected to continue expanding [48][50] - The 0% APR product is seen as a competitive advantage, with the company emphasizing its unique underwriting capabilities [55][59] Q&A Session Summary Question: Insights on consumer stress and optimism - Management noted that consumer performance continues to be strong, with positive momentum in the U.S. and Canada [14][15] Question: Repeat rates for first-time users with 0% APR - Management confirmed that users attracted by 0% APR promotions do repeat their usage and often convert to interest-bearing loans [25][26] Question: Concerns about consumer credit quality - Management reassured that credit performance remains a top priority, with consistent monitoring and adjustments as needed [31][36] Question: Impact of funding environment on competition - Management acknowledged the favorable funding conditions but emphasized their focus on maintaining high credit quality and long-term partnerships [40][41] Question: Strategy for the Affirm card and its growth - Management highlighted the card's strong performance and ongoing investments to enhance its appeal and functionality [48][50] Question: International expansion strategy - Management confirmed ongoing testing in the UK and plans for careful expansion into other European markets [75][76]

Group 1 - The "Huhhot-Shanghai Talent and Technology Innovation Cooperation Alliance" has been officially launched in Shanghai, marking a significant milestone in the deep integration of technological resources between the two regions [1][2] - Inner Mongolia aims to attract talent through the "Talent New Policy" package, focusing on high-quality development and modern industrial system construction, particularly in natural sciences and engineering [2][4] - The cooperation will expand across various dimensions including talent, technology, healthcare, education, and culture, enhancing Inner Mongolia's cultural soft power and socio-economic development [1][3] Group 2 - The "Yingcai Xingmeng" project has been upgraded to attract and cultivate high-level talent, with a focus on supporting high-level talent to form teams and convert research results locally [2][4] - Inner Mongolia's rich resources and stable economic foundation complement Shanghai's advantages in finance, education, and digital economy, fostering a strong collaborative environment [2][3] - The two regions have seen increased exchanges and cooperation in areas such as new energy and equipment manufacturing, with projects like the integrated "source-network-load-storage" initiative [3][4] Group 3 - Inner Mongolia is implementing the "Science and Technology Prosperity" initiative, collaborating with Shanghai Jiao Tong University to establish research centers and promote industry-academia cooperation [4] - The establishment of 25 joint research centers and the involvement of 145 expert teams from Shanghai Jiao Tong University aim to drive innovation and business incubation in Inner Mongolia [4] - A new initiative called "Long Triangle Medical Experts Inner Mongolia Border Action" has been proposed to strengthen collaboration in public health and welfare [4]

Group 1 - The company reported a revenue of 14.125 million HKD for the mid-year of 2025, representing a year-on-year decline of 11.2% [1] - The net profit for the period was 1.107 million HKD, a significant improvement from a loss of 1.35 million HKD in the same period last year [1] - The basic earnings per share were reported at 0.01 HKD [1]

随着数字经济的飞速发展，金融行业的数字化转型不断加速亚博，但随之而来的信息泄露、数据篡改、 交易欺诈等安全风险也日益凸显，如何构建更可靠的金融信任体系成为行业亟待解决的难题。吕文扬团 队敏锐洞察到区块链技术在 "去中心化""不可篡改""透明可追溯" 等方面的独特优势，将其与金融安全 需求深度结合，通过多年技术攻坚与场景落地，为金融领域搭建起一道坚实的安全屏障，推动行业信任 体系的重塑。 在区块链技术应用于金融安全的初期，吕文扬便发现传统金融系统中 "数据孤岛" 与 "信任壁垒" 两大核 心痛点 —— 不同金融机构间的数据难以共享，导致客户身份核验、风险评估等流程繁琐且效率低下， 同时中心化的数据存储模式易遭受黑客攻击，存在数据被篡改或泄露的风险。为破解这一困境，他带领 团队研发出 "联盟链金融安全平台"，该平台基于自主研发的区块链底层架构，采用 "许可访问 + 分布式 记账" 模式，将银行、保险、证券等金融机构纳入联盟网络。在平台中，各机构可在保障数据隐私的前 提下实现合规数据共享，例如银行在进行信贷审批时，可通过平台快速获取企业在其他机构的信用记录 与交易流水，无需企业重复提交材料，审批效率提升 60% 以 ...