Investment Rating - The report maintains a "Buy" rating for the company, anticipating a price increase of over 15% in the next 6-12 months [5][12]. Core Insights - In the first half of 2025, the company achieved a revenue of 405 million RMB, a year-on-year decrease of 7.1%, while the net profit attributable to shareholders increased by 28.7% to 200 million RMB [2]. - The decline in revenue is attributed to the company's ongoing shift towards a light-asset strategy, which has led to reduced interest income from self-funded investments and declining returns from supply chain asset refinancing. However, this impact has been partially offset by the successful implementation of a platform strategy [3]. - The company's platform technology service revenue reached 211 million RMB, showing a robust year-on-year growth of 37.0%, accounting for over 50.0% of total revenue, thus becoming a core growth driver [3]. - The company has seen a significant increase in its share of joint venture performance, which rose by 94.1% to 79 million RMB, providing crucial support for net profit growth [3]. - The cumulative transaction scale of the company's platform exceeded 2,780 billion RMB by the end of June 2025, reflecting a year-on-year growth of approximately 29% [3]. - The company is actively expanding into innovative sectors such as e-commerce, achieving a cumulative transaction scale of over 2.8 billion RMB in this area, which represents an almost eightfold increase year-on-year [3]. - A strategic partnership with a leading global industrial robotics company has been established, marking significant progress in the emerging robotics sector [4]. Financial Forecasts and Valuation - The company is expected to continue benefiting from its strategic positioning in e-commerce, AI, and robotics, driving further expansion of its supply chain technology platform [5]. - The overall fee structure is anticipated to improve as the proportion of high-value income increases, enhancing profitability [5]. - The total dividend payout for 2025 is projected to be approximately 950 million RMB, resulting in a high expected dividend yield of 8.6% for shareholders [5]. - The forecasted net profit for the full year 2025 is estimated to reach 512 million RMB, representing a year-on-year growth of 35%, with a corresponding price-to-earnings ratio of 21.4 times [5].

Core Viewpoint - Shengye Holdings Group Limited has demonstrated a successful strategic transformation, achieving a net profit increase of approximately 23% despite a slight decline in overall revenue, highlighting the effectiveness of its platform technology services and light-asset strategy [1][3][8]. Financial Performance - For the six months ending June 30, 2025, Shengye reported a main business revenue of 405 million yuan, a year-on-year decrease of 7.1%, while net profit rose to 203 million yuan [1]. - The platform technology service revenue reached 211 million yuan, a significant year-on-year increase of 37%, accounting for over 50% of total revenue [1][3]. - The company has maintained profitability for 11 consecutive years and has committed to a dividend payout ratio of no less than 90% from 2024 to 2026, with an expected total dividend of 950 million yuan for 2025 [2]. Strategic Transformation - The increase in platform technology service revenue is attributed to the continuous expansion of Shengye's platform ecosystem and enhanced technological capabilities, with over 19,100 cumulative clients, a 14.4% year-on-year growth [1][3]. - The light-asset strategy has led to a 33.9% reduction in financing costs, while the average financing cost for clients using the platform has decreased by over 30% [3][4]. Technological Investment - Shengye has invested nearly 270 million yuan in R&D in the first half of 2025, maintaining a high proportion of R&D personnel at 30% [4]. - The company holds 88 national invention patents and software copyrights, with applications in AI, big data, and cloud computing [4][6]. New Industry Layout - Shengye is actively expanding into emerging industries such as e-commerce, robotics, and AI applications, with significant growth in e-commerce partnerships, achieving a funding scale of over 2.8 billion yuan, an increase of nearly 800% year-on-year [5][6]. - The company has established strategic cooperation with leading firms in the robotics sector, positioning itself for growth in the rapidly expanding Chinese robotics market, which exceeds 190 billion yuan [5]. Internationalization and Innovation - Shengye has designated its Singapore subsidiary as its international headquarters and is expanding its presence in Southeast Asia and Turkey, successfully completing its first international funding facilitation [7]. - The company is exploring Web 3.0 and stablecoin applications to reduce cross-border payment costs and mitigate exchange rate risks, with a current operating cash flow of 3.56 billion yuan [7]. Industry Outlook - The supply chain finance industry is experiencing growth driven by national policies, particularly in technology finance, green finance, and digital finance, despite challenges such as information inadequacies and financing difficulties for SMEs [8][9]. - Shengye's performance reflects significant changes in China's supply chain finance and technology service sectors, leveraging AI and big data to enhance efficiency and reduce costs for SMEs [8].

Core Viewpoint - The company reported a decline in revenue but an increase in net profit for the six months ending June 30, 2025, indicating a shift in business strategy towards a lighter asset model [1] Financial Performance - The company's main business revenue and income amounted to 405 million RMB, representing a year-on-year decrease of 7.1% [1] - Shareholders' profit attributable to the company was 200 million RMB, showing a year-on-year increase of 28.66% [1] - Basic earnings per share were 0.20 RMB [1] Business Strategy - The revenue decline was primarily due to the company's deepening of its light asset strategy, which redirected customer funding needs to be met through external partners [1] - The decrease in revenue from digital financial solutions and supply chain asset refinancing was partially offset by significant growth in platform technology service income [1]

Core Insights - RWA (Real World Assets) represents a new asset form that connects physical assets with the digital economy through blockchain technology, enhancing efficiency and transparency in asset transactions [1][2][7] - RWA serves as a digital twin of physical assets, allowing for the binding of asset ownership and value to traceable tokens on the blockchain, thus facilitating instantaneous ownership transfer without intermediaries [2][3] - The implementation of RWA relies heavily on blockchain technology, utilizing smart contracts for automated processes and oracles for real-time data synchronization [3][4] Group 1: Definition and Essence of RWA - RWA is defined as the digital representation of physical assets, enabling their integration into the digital economy [2] - The core difference between RWA and traditional assets lies in the transaction process, where RWA transactions are executed via smart contracts, making them faster and more secure [2] - RWA encompasses a wide range of asset types, including real estate, financial assets, and intellectual property, each with varying degrees of tokenization complexity [2] Group 2: Technological Support for RWA - Blockchain platforms such as Ethereum and Hyperledger provide the foundational infrastructure for RWA, with different consensus mechanisms ensuring transaction security [3] - Smart contracts act as the automation engine for RWA, allowing for predefined rules regarding revenue distribution and ownership transfer [3] - Cross-chain technology enhances the liquidity of RWA by enabling asset movement across different blockchain networks [3] Group 3: Industry Applications of RWA - In real estate, RWA facilitates fractional investment, allowing investors to purchase shares in high-value properties with lower capital [4] - RWA is pivotal in supply chain finance, enabling small and medium enterprises to convert receivables into RWA for quicker financing [4] - The green energy sector benefits from RWA by tracking data related to energy production and carbon credits, thus enhancing investment transparency [4][5] Group 4: Global Perspective and Future Outlook - Regulatory attitudes towards RWA vary globally, with the U.S. integrating it into securities law, while the EU offers more flexible regulations for non-security RWA [6] - The future of RWA is expected to expand with the integration of AI for asset valuation and the exploration of RWA in education and healthcare sectors [6][7] - RWA is positioned as a complement to traditional finance, aiming to create a more efficient and inclusive value flow network [7]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 SY HOLDINGS GROUP LIMITED 盛業控股集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：6069） 有關自願性公告之補充公告 背景及戰略考量 設 立 新 加 坡 國 際 總 部 的 主 要 目 標，是 以 戰 略 性 支持本 集 團 國 際 業 務 拓 展，並 有 效 滿足中小微企業開拓 國 際 市 場 的 與 日 俱 增 需 求。此 國 際 總 部 將 作 為 提 供 綜 合 一 站 式國際供應鏈解決方案的核心樞紐，涵蓋 國 際 訂單匹配與資金周轉撮合服務。 為 配 合 上 述 戰 略 目 標，本 公 司 認 識 到，穩 定 幣 作 為 基 於 區 塊 鏈 技 術 並 與 法 幣 掛 鈎 的 數 字 資產，憑藉其成本效益優勢、即時結算能力及降低外匯風險等特性，已在全 球 供 應 鏈 貿 易 中 迅 速 確 立 ...

Core Viewpoint - The supply chain finance industry is undergoing continuous innovation in its ecological model, driven by digital technology, platform support, and policy incentives, which are essential for high-quality development and service model innovation in supply chain finance [1][2]. Group 1: Current Challenges and Innovations - The innovation capability of supply chain finance enterprises needs to be strengthened, with 57% of companies showing low levels of innovation in 2023, and 13% having almost no technological innovation in supply chain finance [2]. - Digital technologies such as IoT and blockchain are becoming crucial tools for supply chain finance, integrating financial services into supply chain trade to support small and medium-sized enterprises [4][5]. Group 2: Technological Impact - Various technologies play significant roles in enhancing supply chain finance, including IoT for asset tracking, blockchain for establishing digital trust, big data for data processing, and cloud computing for cost-effective service delivery [5]. - The innovation in financial products is ongoing, aimed at improving the financing capacity and cost management of the entire supply chain, thereby enhancing payment efficiency and stabilizing the supply chain [7]. Group 3: Service Expansion and Ecosystem Development - Scene innovation is essential for expanding supply chain finance services to more industries and scenarios, requiring the development of a resilient ecosystem that promotes resource sharing and complementary advantages [9].

Core Viewpoint - Factoring has become an important tool for companies to activate accounts receivable in the supply chain finance sector, with the choice between recourse and non-recourse factoring directly affecting corporate risk and funding costs [1] Group 1: Recourse Factoring - Recourse factoring is essentially a combination of financing and guarantee, where the factor has the right to demand repayment from the supplier if the receivable is not collected [2] - This type of factoring is suitable for sellers with average credit status but good buyer credit, allowing small and medium enterprises to alleviate financial pressure while leveraging the factor's expertise in receivable management [2][3] Group 2: Non-Recourse Factoring - Non-recourse factoring allows suppliers to transfer the credit risk of receivables entirely to the factor, significantly reducing the supplier's burden [3] - In this model, if the debtor defaults, the factor cannot seek repayment from the supplier, but this increases the factor's risk, leading to higher factoring costs [3][4] - Non-recourse factoring is ideal for suppliers needing quick cash flow and wanting to mitigate receivable risks, especially in volatile markets [4][5] Group 3: Decision Factors - Companies must evaluate their risk tolerance and receivable collection capabilities when choosing between recourse and non-recourse factoring [5] - Financial condition and funding needs are critical; non-recourse factoring provides quick cash flow, while recourse factoring may offer lower costs if the company is financially stable [5] - The credit status of buyers is also a key consideration; good buyer credit makes non-recourse factoring less risky, while uncertain buyer credit may favor recourse factoring to minimize supplier risk [5]

Core Viewpoint - Supply chain finance is a crucial financing model aimed at connecting core enterprises with upstream and downstream companies, addressing the financing difficulties of small and medium-sized enterprises, reducing financing costs, and mitigating supply chain risks. It is currently a hot trend in the industrial finance sector [1][4]. Industry Overview - Major listed companies in the supply chain finance sector include Yiyaton (002183.SZ), Lianyi Rong (09959.HK), Zhejiang Dongfang (600120.SH), Feima International (002210.SZ), CITIC Securities (600030.SH), Shingyibao (002095.SZ), and Zhongke Jincai (002657.SZ) [1]. - Supply chain finance is part of industrial finance, which provides financial services to enterprises or organizations within a specific industry [3]. Policy Developments - Since 2023, multiple national departments, including the Financial Supervision Bureau and the Ministry of Industry and Information Technology, have issued numerous guiding opinions and development requirements for supply chain finance across various sectors, indicating its status as a key area for national development [4]. - Key policies include: - In November 2023, the People's Bank of China emphasized increasing support for supply chain finance services for private enterprises [5]. - In October 2023, the Supreme People's Court provided guidance to enhance financing channels for small and medium-sized enterprises [5]. - In August 2023, the Ministry of Industry and Information Technology encouraged banks to increase credit support for upstream and downstream small and medium-sized enterprises [5]. Industry Development Stages - The supply chain finance sector in China has evolved through four stages: - **1.0**: Centralized model focusing on one core enterprise providing financing to multiple companies. - **2.0**: Integration of logistics, information flow, and capital flow through online models to reduce the bullwhip effect. - **3.0**: Platform-based development addressing information asymmetry and resource allocation issues. - **4.0**: Digitalization with real-time, customized, and small-scale services, leveraging technologies like AI and blockchain for comprehensive information sharing [7][8]. Market Growth - The asset scale of the supply chain finance industry has shown steady growth, indicating a larger market size and financing demand. From 2018 to 2024, the total scale of supply chain assets in China is projected to grow from 2 billion to 40 trillion yuan, reflecting a robust development phase despite a slowdown in growth rate by 2024 [9].

Core Insights - Longyun International (MATH) opened with a significant increase of 15.27%, reaching a price of $4.00 per share, with a trading volume of $2.7 million and a total market capitalization of $158 million [1] Financial Performance - As of March 31, 2025, Longyun International reported total revenue of $44.57 million, representing a year-on-year growth of 165.86% [1] - The company's net profit attributable to shareholders was $15.89 million, showing a remarkable year-on-year increase of 531.99% [1] Company Overview - Metalpha Technology Holding Limited, formerly known as Longyun Network Technology Co., Ltd., provides supply chain management platform services in China [1] - The company also offers cryptocurrency derivative services, including market-making on cryptocurrency-related products and collaborating with clients to create customized tools for experienced investors to establish or close investment positions or implement hedging strategies [1]

Group 1 - The traditional supply chain finance model, centered around core enterprises, faces structural challenges such as low financing accessibility for SMEs, high risk concentration, and low asset circulation efficiency [2][3] - The "Matthew Effect" in credit transmission leads to over 80% of financing resources being concentrated among first-tier suppliers, leaving less than 20% coverage for SMEs below the second tier [3] - The reliance on real estate collateral creates a "scale threshold" that hinders SMEs from utilizing their inventory resources effectively due to complex and costly registration processes [3] Group 2 - The "物的信用" (Object Credit) theory proposed by 中仓登 aims to shift the financing logic from "people-centric" to "object-centric," focusing on the value of movable assets [4] - The innovative risk dispersion mechanism transforms single entity credit risk into asset value risk, thereby distributing financing risks [5] - Financing efficiency is expected to increase significantly through a digital rights confirmation system, reducing financing cycles and costs for SMEs [6] - The inclusivity of the financing ecosystem is enhanced by expanding financing subjects from core enterprises to all participants in the supply chain, effectively addressing the issues of "difficult and expensive financing" for SMEs [7] Group 3 - 中仓登 has developed a five-dimensional verification system to ensure the credibility of movable asset financing, including physical certainty, ownership traceability, value stability, circulation assurance, and risk controllability [8] - The legal foundation for movable asset financing is strengthened by the Civil Code of the People's Republic of China, which establishes the legal basis for electronic warehouse receipts and blockchain evidence [9][10] - The establishment of a national warehouse enterprise information archive promotes online verification of warehouse conditions, ensuring a solid foundation for asset rights management [14] Group 4 - The integration of judicial evidence storage and intelligent monitoring technologies creates a "technical moat" for risk control, ensuring effective evidence recording and real-time monitoring of warehouse conditions [16] - 中仓登 is actively participating in the UNCITRAL framework to implement international standards for electronic transferable records, aiming to enhance cross-border logistics financing [17] Group 5 - The transition from digitalization to intelligence in technology innovation includes the development of intelligent risk control systems and the application of large models for automated risk reporting [18] - Legislative efforts are underway to establish unified registration rules and cross-departmental data sharing mechanisms, shifting movable asset financing from "policy-driven" to "rule-based" [20] - The construction of a "物的信用" system represents a redefinition of the relationship between production and finance, moving from reliance on subjective credit to a data-driven approach [21]