Summary of the Conference Call Company Overview - The conference call featured **联易融科技 (Lianyi Rong Technology)**, represented by IRD Tina, discussing the company's latest developments and performance metrics [1][3]. Key Industry Insights - The company operates in the **AI and financial technology** sector, focusing on supply chain finance and asset management solutions [1][3]. Financial Performance - In the first nine months of the year, the company achieved a **transaction volume of 336.2 billion**, representing a **28% year-over-year growth** [3]. - The fourth quarter is expected to maintain a growth rate of over **20%**, consistent with seasonal trends [3]. - Monthly asset scale exceeded **80 billion** in December, indicating strong performance [3]. - Revenue experienced a **low double-digit decline** in the first half of the year due to strategic adjustments in product offerings and operational focus [4]. - The company is transitioning towards technology-driven asset services, which may exert short-term pressure on revenue but is expected to yield long-term benefits [4][8]. Product and Service Developments - The **multi-level circulation cloud service** saw a **60% year-over-year growth**, while the **ABS cloud service** has decreased to about **20%** of total revenue, reflecting a shift in focus [4][5]. - The company has reduced reliance on heavy asset operations, improving overall asset quality [4][8]. - Customer retention remains high, with a **99% customer stickiness rate**, and the number of core enterprise clients reached nearly **1,500** [5][6]. Strategic Initiatives - A **share buyback plan** of at least **$80 million** was announced, with **58%** of the buyback completed before entering a quiet period [7]. - The company aims to enhance shareholder returns through share buybacks and expects to return to profitability by **2026**, targeting a profit of **100 million** [43]. Market Position and Future Outlook - The company is strategically positioned to capitalize on the **growing demand for supply chain finance** across various industries, including construction, renewable energy, real estate, TMT (Technology, Media, and Telecommunications), pharmaceuticals, and transportation [26][27]. - The real estate sector, previously a significant revenue source, has been reduced to a **single-digit percentage** of total revenue but is expected to stabilize as market conditions improve [27]. - The company is exploring **international expansion** and partnerships, particularly in the **cross-border e-commerce** and **digital currency** sectors, with ongoing projects related to stablecoins and digital trade tokens [31][39]. Technology and Innovation - The integration of **AI technologies** is a key focus, with plans to enhance operational efficiency and product offerings through AI-driven solutions [41][42]. - The company is also looking to acquire software firms to bolster its service capabilities and expand its market reach [42]. Conclusion - Overall, 联易融科技 is navigating a transformative phase, focusing on technology-driven solutions and strategic market positioning to drive future growth and profitability [43].

Core Viewpoint - The company expects a profit increase of over 20% for the fiscal year ending December 31, 2025, compared to the fiscal year ending December 31, 2024, driven by growth in platform technology services and exceeding expectations in innovative business development [1][2]. Group 1: Platform Technology Business - The revenue from platform technology services is increasing, with the company's self-developed AI Agent "Shengyitong Cloud Platform" facilitating rapid reuse of service capabilities in new markets, helping small and medium enterprises reduce costs and expand markets [1]. - As of December 31, 2025, the "Shengyitong Cloud Platform" has established system links with 17 core enterprises, with platform technology business accounting for over 87% of the group's operations [1]. - Revenue from platform technology services is expected to grow by over 35% [1]. Group 2: Innovative Business Development - The company's innovative business has exceeded expectations, particularly in the e-commerce sector, where it has completed coverage of six major e-commerce platforms, including Douyin, Xiyin, Shopee, Kuaishou, WeChat Video Account, and Dewu [2]. - The introduction of Jiao Ge Pengyou Holdings Limited as a strategic investor is expected to further accelerate connections within the live e-commerce ecosystem [2]. - As of December 31, 2025, the cumulative platform service business scale in the e-commerce sector has exceeded 6 billion yuan, representing a growth of over 4.4 times compared to the same period last year [2].

Core Viewpoint - The company expects a profit increase of over 20% for the fiscal year ending December 31, 2025, compared to the fiscal year ending December 31, 2024, driven by accelerated growth in platform technology services and exceeding expectations in innovative business development [1][2] Group 1: Platform Technology Business - The company's platform technology service revenue is increasing, supported by the self-developed AI Agent "Shengyitong Cloud Platform," which enhances service capabilities through deep links with industry ecosystems and data [1] - As of December 31, 2025, the "Shengyitong Cloud Platform" has established system links with 17 core enterprises, with platform technology matchmaking business accounting for over 87% of the total [1] - Platform technology service revenue has grown by over 35%, with a "light asset, platform-based" development model being key to accelerated performance growth [1] Group 2: Innovative Business Development - The company's innovative business development has exceeded expectations, particularly in the e-commerce sector, where it has completed business coverage with six major e-commerce platforms: Douyin, Xiyin, Shopee, Kuaishou, WeChat Video Account, and Dewu [2] - The introduction of Jiao Ge Pengyou Holdings Limited as a strategic investor further accelerates the connection to the live e-commerce industry ecosystem [2] - As of December 31, 2025, the cumulative platform service business scale in the e-commerce sector exceeds 6 billion yuan, representing a growth of over 4.4 times compared to the same period last year [2]

Core Viewpoint - 联易融科技-W has achieved a significant milestone by surpassing 80 billion yuan in monthly supply chain asset service scale for the first time, showcasing its strong growth in the supply chain finance sector driven by AI innovation and ecosystem collaboration [1][1]. Group 1: Financial Performance - As of the latest report, the stock price of 联易融科技-W increased by over 5%, reaching 2.68 HKD with a trading volume of 1,219.69 HKD [1]. - The company has maintained a strong upward trend in monthly asset service scale since 2020, indicating robust business expansion [1]. Group 2: Strategic Initiatives - Recently, 联易融科技-W has successfully implemented several key projects, enhancing efficient capital flow in the industry through technology [1]. - The company partnered with 济南市中财金投资集团 to create the "励新智链" platform, which facilitated the first electronic debt certificate financing of 990,000 yuan in the 市中区, with a credit scale of 20 million yuan [1]. - Additionally, as the original rights holder and asset service provider, the company supported the issuance of Hunan Province's first core enterprise supply chain ABS, with an issuance scale of 415 million yuan, addressing traditional ABS challenges through precise asset selection and technological risk control [1].

Core Viewpoint - Lianyi Rong Technology Group has been awarded the "Annual ESG Pioneer Award" for its outstanding performance in environmental, social, and governance (ESG) practices, recognizing its commitment to sustainable development and digital technology integration in supply chain finance [1][3]. Group 1: ESG Integration and Sustainable Finance - Lianyi Rong's ESG strategy is deeply embedded in its core operations, utilizing digital technology to reshape financing relationships among core enterprises, financial institutions, and small and micro enterprises, thereby driving sustainable supply chain finance [4]. - In the environmental aspect, the company has reduced carbon emissions by approximately 21,000 tons of CO2 equivalent in 2024 through the digitization and paperless processes in supply chain finance, with 14,000 tons from reduced transportation emissions and 7,000 tons from paper savings [4]. - The sustainable supply chain asset scale served by Lianyi Rong exceeded 29 billion yuan in the first half of 2025, marking a 97% year-on-year growth, covering sectors such as renewable energy, rural revitalization, and environmental protection [4]. Group 2: Social Responsibility and Governance - Lianyi Rong supports small and micro enterprises in obtaining financing at reasonable costs, with an average financing cost of 2.86% for those using the "Xunyi Chain" SaaS platform, over 30% lower than traditional channels, serving more than 380,000 small and micro enterprises by mid-2025 [6]. - As a publicly listed company, Lianyi Rong continuously improves its board structure, audit, and risk control systems, promoting transparency and sustainability in its operations [6]. Group 3: Technological Advancements - Lianyi Rong is advancing towards the next generation of supply chain financial infrastructure through the integration of AI and blockchain technologies, with significant developments in AI technology expected in 2025 [7]. - The company has developed its proprietary vertical model LDP-GPT, which integrates with major domestic language models and enhances operational efficiency through automation in over 10 key scenarios, improving service quality and customer experience [7][8]. - Lianyi Rong's blockchain initiatives have reached a milestone with the successful bid for a Web3.0 supply chain finance platform project for a major state-owned enterprise, showcasing its innovative capabilities in trade finance [9]. Group 4: Future Growth and Digital Asset Solutions - The company is exploring digital asset solutions based on compliant stablecoin frameworks and multi-chain support technologies, establishing a comprehensive service system across Greater China, Southeast Asia, Europe, and North America [10]. - Lianyi Rong's approach demonstrates that when digital technology is systematically integrated into core business operations, sustainable development becomes a vital source of resilience and long-term competitiveness [11][12].

Group 1 - The company repurchased 380,000 shares at an average price of HKD 2.27 per share, totaling approximately HKD 862,200, with a cumulative repurchase of 116 million shares, representing 5.42% of the total share capital for the year [1] - The recent share buyback occurred against a backdrop of a 70% decline in stock price from its issuance price, indicating management's belief that the current market value does not reflect the company's business value in the supply chain finance technology sector [1] - The company has established partnerships with over 20 mainstream banks and has processed supply chain finance transactions exceeding CNY 1 trillion, showcasing its significant market presence [2] Group 2 - The company reported a revenue of CNY 580 million in the first half of 2023, with a core customer base exceeding 1,000 enterprises [2] - The company has developed a green supply chain finance platform that supports financing needs in sectors such as renewable energy and energy conservation, highlighting its commitment to ESG principles [2] - The company utilizes technologies such as blockchain and big data to innovate supply chain financial services, with a service network covering over 30 provinces and cities in China [2]

Core Insights - The JinCai Pro, developed by JD Supply Chain Financial Technology, has been recognized as an excellent case of financial innovation at the 20th China Economic Forum, addressing the financial challenges in supply chain management for industrial enterprises [1] Group 1: Product Features and Benefits - JinCai Pro integrates JD's supply chain and financial resources to provide a comprehensive solution for procurement, performance, credit, payment terms, and fund management, enhancing efficiency for industrial enterprises [1] - The product features a "second-level credit approval" system, allowing for rapid credit assessments, with some scenarios requiring only 1 second for approval [1] - JinCai Pro offers flexible services such as "purchase first, pay later," significantly alleviating inventory pressure for enterprises, with credit limits increasing by nearly 80% during the 2025 November 11 shopping event [1] Group 2: Impact on Enterprises - The case of Shandong Jingbo Holdings Group illustrates that JinCai Pro has extended procurement payment terms, improved cash flow stability, and ensured a more orderly supply of key raw materials [2] - Jingbo stated that JinCai Pro has reduced cash flow pressure, allowing the company to allocate more resources to production and R&D [2] - The product is positioned as a stabilizer and efficiency enhancer for the super supply chain, addressing the need for transparent and sustainable financial capabilities in the context of industrial upgrades [2] Group 3: Financial Support and Scale - JD Supply Chain Financial Technology provides over 500 billion yuan in financing support annually to enterprises across the supply chain [3] - During the 2025 November 11 period, the company served nearly 500,000 enterprise clients with efficient financial services [3] - The integration of technology and deep scenario fusion continues to inject "financial vitality" into enterprises within the super supply chain [3]

Core Viewpoint - The company, Lianyi Rong Technology-W, has been actively repurchasing its shares on the Hong Kong Stock Exchange, indicating a strategy to support its stock price amidst a declining market trend [1]. Share Buyback Summary - On November 5, the company repurchased 2.42 million shares at a price range of HKD 2.960 to HKD 3.160, totaling HKD 7.4481 million [1]. - The stock closed at HKD 3.120 on the same day, reflecting a decrease of 1.89% with a total trading volume of HKD 27.5907 million [1]. - Since September 11, the company has conducted buybacks for 37 consecutive days, acquiring a total of 78.6745 million shares for a cumulative amount of HKD 255 million [1]. - During this period, the stock has seen a total decline of 2.19% [1]. - Year-to-date, the company has executed 45 buybacks, totaling 90.4925 million shares and an aggregate buyback amount of HKD 285 million [1]. Detailed Buyback Data - The buyback details include various dates, number of shares repurchased, highest and lowest prices, and total amounts spent, showcasing a consistent effort to stabilize the stock price [2].

Core Viewpoint - CICC maintains the profit forecast for Lianyi Rong Technology-W (09959) for 2025 and 2026, adjusting the target price upward by 77% to HKD 3.6, reflecting a strategic breakthrough and business structure optimization [1] Company Status - As of Q3 2025, the number of core enterprise/financial institution partners increased by 30% and 7% year-to-date to 2,798 and 405 respectively, while the number of revenue-generating clients rose by 40% and 4% to 1,346 and 152 respectively, with a customer retention rate up by 3 percentage points to 99% [2] - The total asset processing scale for the first three quarters of 2025 increased by 28% year-on-year to CNY 336.2 billion, with Q3 2025 transaction volume up by 30% year-on-year and 28% quarter-on-quarter to CNY 132.6 billion, marking a record high for the first three quarters [2] Business Growth - Direct financing business transaction volume for the first three quarters of 2025 increased by 44% year-on-year to CNY 252.3 billion, with Q3 2025 transaction volume up by 54% year-on-year and 17% quarter-on-quarter, driven by the focus on key industries and innovative financial solutions [3] - Asset securitization business transaction volume for the first three quarters of 2025 was CNY 77 billion, with Q3 2025 showing a 77% quarter-on-quarter increase to CNY 37.5 billion, benefiting from deepening penetration in the infrastructure sector [3] - Cross-border cloud transaction volume for the first three quarters of 2025 was CNY 6.8 billion, with the company undergoing a rebranding of its international business in early October, which is expected to provide long-term growth momentum [3] Strategic Developments - The company successfully won a bid for a large central enterprise's Web 3.0-based supply chain finance platform project in Q3 2025, indicating potential breakthroughs in the Web 3.0 trade finance sector [4] - The company is steadily advancing its share repurchase plan, reflecting a commitment to shareholder returns and management's confidence in future development [4]

Core Viewpoint - CICC maintains the profit forecast for Lianyi Rong Technology-W (09959) for 2025 and 2026, adjusting the target price upward by 77% to HKD 3.6, reflecting a potential upside of 12.2% [1] Company Status - As of Q3 2025, the number of core enterprise/financial institution partners increased by 30% and 7% year-to-date to 2,798 and 405 respectively, while the number of revenue-generating clients rose by 40% and 4% to 1,346 and 152, with a customer retention rate up by 3 percentage points to 99% [2] - Total asset processing scale for the first three quarters of 2025 increased by 28% year-on-year to CNY 336.2 billion, with Q3 2025 transaction volume up by 30% year-on-year and 28% quarter-on-quarter to CNY 132.6 billion, marking a record high for the first three quarters [2] Business Growth - Direct financing business transaction volume for the first three quarters of 2025 increased by 44% year-on-year to CNY 252.3 billion, with Q3 2025 transaction volume up by 54% year-on-year and 17% quarter-on-quarter, driven by the company's focus on key industries and innovative financial solutions [2] - Asset securitization business transaction volume for the first three quarters of 2025 was CNY 77 billion, with Q3 2025 volume up by 77% quarter-on-quarter to CNY 37.5 billion, benefiting from deepening penetration in the infrastructure sector [2] International Strategy - Cross-border cloud transaction volume for the first three quarters of 2025 was CNY 6.8 billion, with the company rebranding its international business in early October, indicating potential long-term growth from its international strategy [3] Strategic Developments - The company successfully won a bid for a large central enterprise's Web 3.0-based supply chain finance platform project in Q3 2025, suggesting that its "stablecoin+" strategy may lead to breakthroughs in trade finance within the Web 3.0 space [4] - The company is steadily advancing its share repurchase plan, reflecting a commitment to shareholder returns and management's confidence in future growth [4]