2025年7月30日，花旗发布有关汇通达网络(9878.HK)的最新研究报告，基于公司盈利能力改善路径清 晰，以及受益于"国补"等政策红利，充分肯定了公司基本面积极向好的趋势，因而维持"买入"评级，最 新目标价为23.0港元，较当前股价存在显著上行空间。 格隆汇认为，这背后反映了机构对汇通达网络在"政策红利+模式升级+技术赋能"三重逻辑下长期增长 潜力的认可，以及盈利向上的预期。汇通达网络作为下沉市场"连接器"的角色愈发清晰，其战略调整后 的价值重估之路刚刚开始。 公司明确未来几年的增长将建立在盈利能力提升的基础之上，花旗预计公司2025年全年营收将实现稳健 增长。得益于去年公司战略调整后主动缩减低毛利业务规模，叠加公司高毛利自有品牌收入贡献持续提 升，预计年内利润率将大幅提升。 花旗认为，就业务板块而言：1）公司高效协助会员店完成国补资质申请，打通国补政策落地通道，将 提振营收规模；2）高毛利的自有品牌产品，将有力提升整体盈利水平。服务业务方面，公司整合主流 大模型 (LLM) ，推出AI+SaaS工具，有助于提升产品易用性与客户渗透率，并在用户黏性增强的基础 上，探索技术红利实现盈利转化的新增长引擎。 花 ...

Core Viewpoint - The recent recognition of Huitongda Network with the "ESG Innovation Practice Excellence Enterprise" award highlights its commitment to integrating technology and innovative models to advance ESG principles and convert them into commercial value [1][4]. Group 1: ESG Integration and Business Model - Huitongda's ESG practices are deeply integrated with its business, focusing on the critical challenge of promoting rural revitalization and enhancing urban-rural circulation service capabilities [5][6]. - The company leverages digital technology and supply chain empowerment to create a sustainable industrial ecosystem in lower-tier markets, effectively connecting the production and retail ends [5][6]. - Huitongda's platform value enables it to cover a vast network of rural stores, allowing rural consumers to access products and services comparable to urban areas, thus stimulating consumption in lower-tier markets [5][6]. Group 2: Governance and Technological Upgrades - Huitongda is enhancing its ESG governance framework and upgrading AI technology applications to improve the quality and efficiency of its ESG practices, aiming for further breakthroughs in social and commercial value [7][8]. - The establishment of a Sustainable Development (ESG) Committee by 2025 will strengthen the execution of ESG strategies and improve transparency and risk resilience [7]. - The company has launched an AI+ strategy, introducing self-developed products to enhance its service capabilities and support its ESG initiatives [8][9]. Group 3: Future Outlook - Huitongda's recognition with the "ESG Golden Award" signifies a pivotal moment in its journey towards sustainable development and value creation [10]. - The company's innovative practices in the ESG domain are expected to solidify its sustainable development efforts and lead to a significant elevation in value [10].