2025年上半年，我们持续深化重点行业客户精耕战略，依托客户价值飞轮驱动生态化交叉销售体系，实 现有质量的客户增长。报告期内，我们的供应链金融科技解决方案新增核心企业及金融机构客户244 家，客户总量达到1352家，较2024年增长22%。我们紧抓央国企司库体系建设机遇，加速核心企业自建 平台项目转化落地，并深度聚焦"大基建+新能源+高端制造"等重点行业客户价值挖潜，推动核心企业 客户数量与处理资产规模均实现双位数稳健增长。随着客户结构优化与满意度提升，我们的整体客户留 存率从2024年的96%提升至99%。 2025年上半年，本集团坚定聚焦核心业务方向，在全球宏观环境波动与行业持续调整的背景下，加速业 务模式转型升级，持续提升运营效率并改善现金流，实现有质量的稳健发展。在报告期，我们的科技解 决方案处理的供应链资产总量为2036亿元。多级流转云继续保持强劲增长，处理的供应链资产规模同比 增长54.4%至1332亿元。由于我们加速调整产品及客户结构，推进组织结构优化，在业务结构改善和经 营费用下降的同时，收入及收益阶段性承压。2025年上半年，我们收入及收益达3.75亿元，同比下降 9.3%。此外，受复杂经济 ...

Group 1 - The core viewpoint of the news highlights the performance and financial metrics of Lianyi Rong Technology-W, including its stock price movement and financial results for the year ending December 31, 2024 [1] - As of June 2, the Hang Seng Index fell by 0.57%, while Lianyi Rong Technology-W's stock price increased by 15.57% to HKD 1.41 per share, with a trading volume of 41.12 million shares and a turnover of HKD 56.80 million [1] - Lianyi Rong Technology-W's total revenue for the year is projected to be CNY 1.031 billion, representing a year-on-year growth of 18.83%, but the net profit attributable to shareholders is expected to be a loss of CNY 0.835 billion, a decrease of 89.33% year-on-year [1] Group 2 - Lianyi Rong Technology was established in February 2016 with support from early investors like Tencent and has become the first listed Chinese supply chain financial technology SaaS company on the Hong Kong Stock Exchange [2] - The company has maintained the number one market share in China's third-party supply chain financial technology solutions for five consecutive years, focusing on advanced technologies such as AI, blockchain, cloud computing, and big data [2] - As of December 31, 2024, Lianyi Rong has served supply chain assets exceeding CNY 1.5 trillion and partnered with over 2,533 core enterprises and financial institutions, covering 29 provinces and regions in China and 27 countries globally [2]

Industry Overview and Market Size - The supply chain finance industry in China integrates logistics, information flow, and capital flow to alleviate financing gaps, especially for SMEs. The scale of supply chain basic assets is projected to grow from 127.2 trillion yuan in 2020 to 133.9 trillion yuan in 2024, with a compound annual growth rate (CAGR) of 9.1%. Accounts receivable account for over 40% of the main asset types. The supply chain finance market size is expected to increase from 22.7 trillion yuan to 41.8 trillion yuan during the same period, with a CAGR of 13.5% driven by AI technology and loose monetary policy [1][2][18]. Core Development Trends - Technological empowerment is deepening, with AI models enhancing review efficiency by 95% and reducing labor costs. Blockchain technology improves data transparency and asset transfer efficiency. The rise of treasury management models is optimizing resource allocation and enhancing collaboration in supply chain finance. Policy support is strengthening, with initiatives aimed at promoting inclusive finance and alleviating financing pressure on SMEs [2][3][4]. Technology Applications and Market Pain Points - Traditional supply chain finance faces challenges such as information silos and high risk control difficulties. Technological solutions using big data and blockchain enhance risk control accuracy and transaction efficiency. The penetration rate of third-party technology solutions is expected to rise from 5.2% in 2020 to 11.7% in 2024, with a forecast of 20.2% by 2029 [3][4][5]. Competitive Landscape and Leading Companies - The supply chain finance technology service providers in China include third-party platforms, financial institutions, and core enterprise affiliates. By 2024, five major institutions, including Lianyi Rong and Ant Group, are projected to hold 74.2% of the supply chain ABS/ABN market, with Lianyi Rong leading at a 29.2% market share [4][5][6]. Future Outlook - The supply chain finance technology sector is expected to evolve towards intelligence and ecosystem integration, driven by the expansion of emerging industries and continuous policy support. The integration of technologies such as AI, blockchain, and IoT will further optimize risk control models and expand service coverage [5][6]. Summary - Overall, the Chinese supply chain finance technology industry is progressively building an efficient and transparent ecosystem through technological innovation and model upgrades, providing significant support for the development of the real economy [6].