2025年11月21日，标普全球(S&P Global)发布的汇通达网络股份有限公司(09878)2025年企业可持续发展 评估(Corporate Sustainability Assessment,CSA)结果：汇通达网络全球CSA得分从25分提升至60分，单年 提升35分；ESG得分由30分提升至61分，单年提升31分，呈现大幅度进步。当前得分在所属行业中位列 全球第7名，进入全球同业前4%梯队；在中国同行业企业中，汇通达网络排名跃升至第1名，整体表现 处于行业领先水平，反映出公司在治理体系、披露透明度和可持续发展绩效方面的系统升级。 性。其中，在水资源管理议题上，凭借完善的管理体系和全面披露取得满分，体现出公司在基础环境管 理方面的规范性与执行力。 同时，分数的大幅跃升不仅仅归功于汇通达网络实践的全方面完善，更离不开公司在可持续信息披露质 量上的持续加强。报告显示，公司在CSA强制公开与选择性公开部分的披露率分别达到83%和84%，透 明度皆达到了行业前列，这一高水平的披露不仅意味着公司在ESG治理体系的成熟度大幅提升，也体现 出汇通达在ESG与可持续数据管理、流程规范、内部控制和信息一致性方面已达到 ...

智通财经APP获悉，2025年11月21日，标普全球(S&P Global)发布的汇通达网络股份有限公司 (09878)2025年企业可持续发展评估(Corporate Sustainability Assessment, CSA)结果：汇通达网络全球CSA 得分从25分提升至60分，单年提升35分；ESG得分由30分提升至61分，单年提升31分，呈现大幅度进 步。当前得分在所属行业中位列全球第7名，进入全球同业前4%梯队；在中国同行业企业中，汇通达网 络排名跃升至第1名，整体表现处于行业领先水平，反映出公司在治理体系、披露透明度和可持续发展 绩效方面的系统升级。 治理与经济维度得分64分，同样来自公司在乡镇商业场景中积累的智慧供应链与数字化治理能力。汇通 达以智慧供应链体系为核心，构建起稳定的风险管控机制、透明的供应链流程以及系统化的信息安全治 理框架，使其在风险管理、商业伦理、供应链治理和信息安全等关键议题上保持稳健表现。 在环境维度上，汇通达也展现出扎实的基础管理，以41分显著高于行业平均。公司在水资源、废弃物与 能耗等领域建立制度化的管理流程与数据记录机制，并通过高质量的量化披露提升资源管理的可验证 ...

Core Viewpoint - The capital market is increasingly focused on companies that integrate "technology + consumption," possess "AI implementation capabilities," and demonstrate "digital integration with the real economy," with Huitongda Network being a prime example of such a company [1] Group 1: Strategic Moves - Huitongda Network announced a significant acquisition of 57% equity in the intelligent technology company Cognitive Boundary for 456 million RMB, marking a substantial step in its "smart supply chain" and "AI+" dual strategy [1] - The acquisition is expected to enhance Huitongda's full-stack AI capabilities and position it to seize new opportunities in business intelligence [1][4] Group 2: Market Positioning - Huitongda's business model aligns with China's "14th Five-Year Plan," focusing on domestic circulation and rural revitalization, having established a network serving over 250,000 rural stores across 21 provinces [2] - The company has effectively integrated AI technology into retail and supply chain operations, with AI tools improving operational efficiency by over 30% and reducing inventory turnover periods by more than 15% [2] Group 3: Financial Health - Huitongda's financial indicators have shown steady improvement, with a 65.7% year-on-year increase in operating cash flow, indicating strong self-sustaining capabilities [7] - The acquisition of Cognitive Boundary is projected to further enhance Huitongda's earnings, with the latter committing to a minimum net profit of 85 million RMB, 100 million RMB, and 115 million RMB for the years 2026 to 2028 [7] Group 4: Future Outlook - The company is well-positioned to benefit from the national strategy of "digital and real economy integration," with a unique advantage in combining industry, technology, and capital [7] - Huitongda is expected to play a crucial role in rural revitalization and urban-rural integration, with its valuation likely to be restructured as the market gains a deeper understanding of its business model [8]

Core Viewpoint - The capital market is increasingly focused on companies that integrate "technology + consumption," possess "AI implementation capabilities," and demonstrate "digital integration with the real economy," with Huitongda Network being a prime example of such a company [1]. Group 1: Strategic Developments - Huitongda Network announced a significant acquisition of 57% equity in the intelligent technology company Cognitive Boundary for 456 million RMB, marking a substantial step in its "smart supply chain" and "AI+" strategies [1]. - The company has established a strong presence in the underdeveloped market, serving over 250,000 family-run stores across 21 provinces in China, aligning with the national "14th Five-Year Plan" [2]. - Huitongda's business model is well-aligned with national strategies, particularly in rural revitalization and county-level commercial system construction, which may lead to sustained policy benefits [2]. Group 2: AI Integration and Efficiency - Huitongda has effectively integrated AI technology into retail and supply chain operations, developing 24 AI agents that enhance operational efficiency by over 30% and reduce inventory turnover periods by more than 15% [2]. - The partnership with Alibaba Cloud aims to create a closed-loop system of "data-algorithm-decision," enhancing Huitongda's AI capabilities and customer service efficiency [3]. Group 3: Resource Integration and Market Position - The acquisition of Cognitive Boundary, a leading player in the "BI + AI" sector, will enhance Huitongda's resource integration capabilities, allowing for deeper collaboration in the new retail era [4]. - Huitongda's "industry + capital" strategy is built on solid industrial foundations and efficient capital operations, positioning the company to capitalize on market and policy opportunities [5]. Group 4: Financial Performance and Growth Potential - Huitongda's financial indicators have shown steady improvement, with a 65.7% year-on-year increase in operating cash flow, indicating strong self-sustainability and financial health [7]. - The acquisition is expected to further enhance the company's performance, with Cognitive Boundary committing to a minimum net profit of 85 million RMB, 100 million RMB, and 115 million RMB for the years 2026 to 2028 [7]. - The company is well-positioned to benefit from the national strategy of "digital and real economy integration," potentially leading to higher valuation premiums in the capital market [7]. Group 5: Future Outlook - Huitongda is at a critical juncture for strategic implementation and value realization, with a clear "industry + capital" path and solid AI achievements [8]. - The company is expected to play a key role in rural revitalization and the cultivation of new productive forces, with significant long-term growth potential [8].

11月19日，港股公司汇通达网络（09878.HK）发布公告称，解聘副总裁及董事会秘书倪娟。解聘理由一是倪娟隐瞒了在证监会新疆监管局及上海证券交易 所的违规记录，二是倪娟任职期间未达成绩效目标。 随后，11月20日凌晨，倪娟向媒体发布书面署名声明，反驳汇通达网络说法，称自身无隐瞒且绩效合格，并指汇通达网络单方面修改考核指标设置障碍。目 前倪娟已向南京市玄武区人民法院提起诉讼。 从过往履历来看，倪娟曾是资本市场的"金牌"董秘。 2012-2023年，倪娟担任广汇能源董事、副总经理及董事会秘书，长期负责资本市场与投资者关系工作。2021年，她获评新浪财经第七届"金麒麟·金牌董 秘"，2022年，以广汇能源董秘、副总经理身份在多场论坛发言。2023年7月，倪娟正式加入汇通达网络，出任副总裁及董事会秘书，负责公司治理、资本市 场沟通。 公开资料显示，汇通达网络是中国领先的利用数字化技术和供应链能力赋能服务乡镇夫妻店的产业互联网公司，2022年2月18日在香港联交所主板上市。 财务方面，2025年上半年，汇通达网络收入为243.42亿元；经营利润为3.56亿元，同比增长15.9%；归母净利润为1.39亿元，同比增长10 ...

上市公司解聘高管却遭高管反诉，一时间闹得沸沸扬扬。 据公告，解聘理由有两个： 一是倪娟于2023年9月20日经董事会任命为公司副总裁及董事会秘书，其隐瞒在新疆证监局及上交所的违规事实，期间也未向公司人事部门汇报和陈述相关 事实。 具体来看，2023年12月20日，新疆证监局公告，倪娟在广汇能源股份有限公司（"下称广汇能源"）担任董事会秘书期间，其配偶进行短线交易，对此新疆证 监局决定对倪娟采取出具警示函的行政监管措施，并记入证券期货市场诚信档案。2024年1月19日，上交所就该违规事项对倪娟采取出具警示函的行政监管 措施。 2024年11月18日，新疆证监局公告，倪娟因在广汇能源担任该公司董事会秘书期间未能勤勉尽责，对广汇能源违规行为负有责任，受到出具警示函的行政监 管措施，并记入资本市场诚信档案。2025年1月11日，上交所就该等违规事项对倪娟作出通报批评的行政监管措施。 二是任职期间，未达到绩效目标，不能胜任岗位工作。 11月19日盘后，港股上市公司汇通达发布自愿性公告《解聘本公司高级管理人员》，解聘公司副总裁兼董事会秘书倪娟女士。 针对上述公告，倪娟在20日凌晨2点多发了声明文章予以回应，称公告内容严重 ...

Investment Rating - The report maintains an "Overweight" rating for the retail industry [1] Core Insights - The 2025 Double Eleven sales period saw a total e-commerce sales of approximately 1,695 billion yuan, representing a year-on-year increase of 14.2%. The comprehensive e-commerce platforms accounted for 1,619.1 billion yuan, with a year-on-year growth of 12.3% [4][9] - Instant retail showed remarkable growth, with sales reaching 67 billion yuan during the Double Eleven period, marking a year-on-year increase of 138% [10][15] - Key product categories such as digital appliances, food and beverages, furniture, and pet products experienced significant growth, with pet sales reaching 9.2 billion yuan, up 59% year-on-year [15][16] Summary by Sections Weekly Industry Viewpoint - The Double Eleven sales period was extended, contributing to steady growth in total e-commerce sales. The sales period for 2025 was from October 7 to November 11, compared to October 14 to November 11 in 2024 [9] - Instant retail emerged as a highlight, with substantial growth compared to traditional e-commerce formats [10] Weekly Market Review - From November 10 to November 16, the Shenwan retail index increased by 4.06%, while the Shanghai Composite Index decreased by 0.18% [17] - Year-to-date performance shows the Shenwan retail index up by 8.43%, compared to a 19.06% increase in the Shanghai Composite Index [17][22] Company Valuation Table - The report includes a detailed valuation table for various companies in the retail sector, with specific metrics such as market capitalization and P/E ratios [24][25]

Core Insights - The year 2025 is seen as a pivotal moment for the industrial internet, marking a transition from a capital-driven cycle to one focused on value creation and innovation [1] - The fundamental aspects of the industrial internet remain unchanged, driven by technological and global supply chain transformations [1] Group 1: New Cycle Keys - The three keys to unlocking the new cycle are "Industrial AI, Industrial Globalization, and Deep Value Chains" [2] - The "2025 Yibang Industrial Internet Annual Conference" aims to explore these themes and establish new benchmarks for the industry [2] Group 2: Conference Details - The annual conference will take place from December 3 to 4, 2025, at the China World Hotel in Beijing [3] - Approximately 800 industry elites are expected to attend, with notable speakers including experts from various sectors sharing insights on industrial transformation and AI [4][5] Group 3: Keynote Speakers and Topics - Keynote topics will cover AI's impact on supply chains, the role of industrial internet in global branding, and strategies for deepening value chains [4][5] - Notable speakers include industry leaders from major companies and organizations, discussing practical experiences and strategies for navigating the new industrial landscape [4][5] Group 4: Awards and Recognition - The conference will feature the "Qianfeng Night" awards ceremony, recognizing outstanding companies in the areas of Industrial AI, Globalization, and Deep Value Chains [6] - The event will also include discussions on the importance of intellectual property and strategies for success in the short video era [6] Group 5: Networking and Collaboration - A closed-door meeting for decision-makers will focus on value creation and collaboration within the industrial internet space [15][16] - The conference aims to foster connections among industry professionals, experts, investors, and media to drive innovation and growth [6][15]

Core Insights - Wanlian Yida Group is focusing on the integration of artificial intelligence (AI) with industry, aiming to enhance the quality of the real economy through its dual business model of "entity + internet" [1][3][5] - The company has developed an industry-level AI model, Wanlian Moore, which aims to empower various industry scenarios and facilitate the transition from generalized AI to specialized industry applications [1][8] Group 1: AI and Industry Integration - The Chinese government is promoting the deep integration of AI with industry under the "AI+" strategy, which is crucial for enhancing the quality of the real economy [3][5] - Despite significant advancements in AI foundational research and computational power, challenges remain in commercial application and ecosystem construction [3][5] - Wanlian Yida has a profound understanding of the pain points and challenges faced by industries, leveraging its long-term experience in the sector [3][5] Group 2: Ecosystem Development - The company is building an industrial internet ecosystem by integrating AI, trusted data spaces, and real business scenarios, creating platforms for various functions such as AI applications, commodity trading, logistics services, and smart finance [5][6] - The ecosystem aims to address the issues of "having models but no data" and "having data but no intelligence," enabling partners to move from solving known problems to discovering unknown opportunities [5][6] Group 3: Future Directions - Wanlian Moore is designed to cover all 97 major industry categories in the national economy, facilitating the connection of upstream and downstream industry chains and creating precise industry solutions [8][11] - The concept of an "AI super carrier" is introduced, which will serve as a unified entry point for various intelligent service units across agriculture, industry, and services [11] - The company emphasizes the importance of starting from real scenarios to ensure that AI is rooted in reality, aiming for a collaborative future in industrial development [11]

Core Viewpoint - The article discusses the release of the "14th Five-Year Plan" by the Central Committee of the Communist Party of China, emphasizing high-quality development, technological self-reliance, and the construction of a unified national market, with a focus on the role of HuiTongDa in supporting these national strategies through its innovative practices in the supply chain and digital technology [1]. Group 1: Company Strategy and Practices - HuiTongDa is committed to its mission of improving farmers' lives and aligns its development with national strategies, focusing on optimizing traditional industries and expanding domestic demand [1][2]. - The company has developed an S2b2c urban-rural circulation platform network that integrates advanced technologies like AI and big data, serving over 25,000 member stores across 21 provinces [2][3]. - HuiTongDa's digital transformation initiatives have led to an average annual revenue increase of over 30% for member stores that have been part of the program for more than a year [3]. Group 2: Future Outlook and Goals - The company aims to deepen the digital transformation of member stores, ensuring they can compete effectively in the market and enjoy equal access to goods and services as urban consumers [4][5]. - HuiTongDa is focused on building a dual-directional circulation digital platform based on its self-developed "QianCheng Cloud AI Intelligent Model," which supports rural revitalization through technological and talent development [5].