Core Viewpoint - The company, Zhaogang Group, has successfully expanded from the steel industry into electrical engineering and non-ferrous metals, emphasizing that procurement across different industries is fundamentally similar [1][2]. Financial Performance - In the first half of 2025, Zhaogang Group reported a revenue of 797 million yuan, a year-on-year increase of 12.2%, with platform steel trading volume reaching 63.8 billion yuan and over 19.1 million tons traded [1]. - The non-steel business is also growing rapidly, with the GMV for Zhaogang Industrial Products reaching 210 million yuan, up 23.0% year-on-year, and the trial-run e-commerce platform for non-ferrous metals generating 25 million yuan in GMV [2]. - The adjusted net loss for the first half of 2025 was 107 million yuan, with an adjusted EBITDA loss of 870,000 yuan [2]. Market Position and Stock Performance - Zhaogang Group's stock performance has been underwhelming since its listing, attributed to factors such as the unlocking of shares by old shareholders and market perception issues, leading to an undervalued state [2][3]. - The company announced a buyback plan for up to 107 million A-shares at a maximum price of 10 HKD per share, indicating confidence in its long-term business prospects [3]. Business Strategy and Future Outlook - Zhaogang Group aims to drive growth through international expansion, cross-category operations, and AI implementation to enhance efficiency and reduce costs [3][4]. - The company emphasizes the vast market potential of the industrial internet and the encouragement from the government for B2B operations, which differ significantly from B2C models [4]. Operational Efficiency - Zhaogang Group provides free inquiry services for clients, which helps streamline the procurement process and reduce costs compared to traditional methods [5][6]. - The company processes approximately 20,000 inquiries daily, converting around 4,000 into orders, showcasing its operational efficiency [5]. AI Integration and Technological Advancements - The company has developed various AI applications to enhance efficiency across multiple transaction stages, including intelligent trading and procurement [9][10]. - In the first half of 2025, AI-driven cross-category transaction revenue reached 110 million yuan, indicating the successful application of AI in expanding into new product lines [10][11]. International Expansion - Zhaogang Group is actively expanding its international business, particularly in countries along the Belt and Road Initiative, with a focus on markets in the Middle East and Southeast Asia [7]. - The company has established a significant client base globally, including major construction and engineering firms, and is involved in various large-scale projects [7]. Industry Leadership and Future Innovations - Zhaogang Group has invested over 1 billion yuan in R&D and holds nearly 400 software patents, positioning itself as a leader in the industry [11]. - The company plans to continue leveraging AI technology to drive digital transformation in the steel industry and enhance its service offerings [11].

Core Viewpoint - The company, Zhaogang Group, is actively expanding its international presence and service capabilities, particularly in the Middle East and Southeast Asia, leveraging its digital supply chain services and AI technology to enhance local industries and support Chinese manufacturing going global [1][2][3] Group 1: International Expansion - Zhaogang Group participated in the 2025 China International Service Trade Fair for the first time, showcasing its international service system and receiving attention from government officials [1] - The company has established a presence in "Belt and Road" countries, with services covering the UAE, Saudi Arabia, Thailand, Malaysia, and Indonesia, serving over 3,000 global clients [1] - In the first half of 2025, the international business transaction volume increased by 58% year-on-year, with Southeast Asia's transaction volume reaching approximately 45,000 tons, a 441% increase compared to the second half of 2024 [1] Group 2: Supply Chain and AI Integration - Zhaogang Group is focusing on digital supply chain services for steel and industrial products, utilizing its domestic platform to provide one-stop delivery services globally [2] - The company aims to replicate its efficient and standardized supply chain service system developed over 13 years in China to overseas markets [2] - There is a significant opportunity for Chinese AI technology to enhance local industries in regions like Southeast Asia and the Middle East, where there is currently a lack of internet-based steel e-commerce [2] Group 3: Localized Strategies - Zhaogang Group employs different strategies for various overseas regions, participating in major infrastructure projects such as the China-Thailand high-speed railway and a logistics center in Malaysia [3] - In the Middle East, the company is investing in a processing plant in Dubai Industrial City, which is expected to reach an annual production capacity of 400,000 tons [3] - The company plans to expand its services from the construction sector to the manufacturing industry, focusing on local industrial material demands and enhancing localized services [3]

Core Viewpoint - The company, 找钢集团-W (06676.HK), has revised its profit forecast, now expecting a net loss attributable to shareholders of approximately RMB 480 million to RMB 520 million for the six months ending June 30, 2025, instead of the previously stated net profit of RMB 140 million to RMB 180 million [1] Financial Performance - For the six months ending June 30, 2024, the company reported a net loss attributable to shareholders of approximately RMB 76 million [1] - The revision is primarily due to a further review of the fair value changes of convertible preferred shares [1] Fair Value Assessment - According to the latest assessment, the estimated non-cash gain from the fair value changes of preferred shares and financial liabilities measured at fair value through profit or loss for the six months ending June 30, 2025, is approximately RMB 110 million, significantly lower than the previously reported RMB 769 million [1]

Group 1 - The company expects to achieve a net profit attributable to shareholders of approximately RMB 140 million to RMB 180 million for the six months ending June 30, 2025, compared to a net loss of approximately RMB 76 million for the six months ending June 30, 2024 [1] - The adjusted net loss attributable to shareholders is expected to be approximately RMB 87 million to RMB 127 million for the six months ending June 30, 2025, compared to an adjusted net loss of approximately RMB 64 million for the six months ending June 30, 2024 [1] - The adjusted net loss is defined as profit/loss excluding certain items such as fair value changes of convertible preferred shares and warrants, share-based payments, professional fees related to special purpose acquisition company (SPAC) transactions, and expenses arising from capital restructuring [1] Group 2 - The turnaround from loss to profit is primarily due to fair value changes of financial liabilities measured at fair value through profit or loss, resulting in a non-cash gain of approximately RMB 769 million, compared to a non-cash loss of approximately RMB 4 million in the same period of 2024 [2] - This gain mainly arises from the conversion of convertible preferred shares into ordinary shares through a SPAC transaction, which has been confirmed by the company's auditors [2] - The adjusted net loss has widened mainly due to the cessation of services under the financial technology solutions, specifically the "Fat Cat White Bill" and "Fat Cat Easy Purchase" [2]

Core Insights - The accuracy of matching in AI applications has significantly improved, reaching over 95%, enabling cross-category trading for the company [2] - The company has been a leader in the steel e-commerce sector for 13 years and is actively expanding its international presence, particularly in Southeast Asia and the Middle East [2] - The company operates over 600,000 types of steel trading categories, with frequent price fluctuations requiring efficient data processing [2] Group 1 - The company has developed 12 AI Agents to enhance procurement, sales, and customer service processes, significantly improving internal information integration and communication speed [3] - AI has been standardized to assist employees in responding to customer inquiries, including automatic pricing for quotes, leading to noticeable internal efficiency gains [3] - The company sees potential for AI to empower local industries and ecosystems in international markets, particularly in regions lacking existing steel e-commerce platforms [3] Group 2 - The company identifies opportunities for AI to enhance the efficiency and service quality of steel raw material circulation as domestic AI capabilities continue to mature [3]

中国境内第一家通过De-SPAC模式在港上市的企业。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，找钢产业互联集团（以下简称"找钢集团"）于2025年3月10日正式以"6676"为 股票代码在港交所主板挂牌上市，这也是中国境内第一家通过De-SPAC模式在港上市的企业。 在本次De-SPAC上市过程中，找钢集团通过PIPE投资者募集资金约5.326亿港元，PIPE投资者包 括徐州臻心、东英资管、东方资产管理、托克香港、宁海真为、许昌产业投资、Spring Prosper Pte. Ltd.及郑州诚信等。 截至10:05，找钢集团报于每股10.6港元，市值125.41亿港元。 已成功完成从"重"到"轻"的转型 找钢集团创始人、董事长兼CEO王东在上市致辞中表示："多年前，我们带着革新钢铁行业交易模式 的初心，搭建了行业级数字化平台——找钢网，率先在中国提供涵盖了全价值链的线上交易、物流、 SaaS产品等一站式B2B综合服务。 今天，找钢产业互联集团在香港交易所主板挂牌，这是找钢集团迈向新征程的重要里程碑，更是中国 钢铁产业互联网平台迈向新阶段的标志 ...