战略转型收入收窄，盈利与质效双升 事件：汇通达网络发布 2025 年上半年业绩，在外部消费承压背景下，公司 25H1 总营收 243.4 亿元，同比下降 25.9%，主要因公司 2024 年下半年起主动优化低效 业务，叠加去年同期高基数影响，但收入结构持续向高毛利业务倾斜，毛利率显 著提升 1.1 个百分点至 4.6%。25H1 公司实现经营利润 3.6 亿元，同比增长 15.9%； 归母净利润 1.4 亿元，同比增长 10.8%。毛利率、净利率及归母净利率均创历史 最佳，显示公司业务结构优化与成本控制见效，核心财务指标优化，战略转型成 效初步显现。 报告摘要 智慧供应链能力稳步增强。自营交易收入 239.6 亿元（同比-26.0%），但结构优 化显著：会员零售门店收入占比提升至 47.4%，"短链"能力凸显，渠道黏性与 价值提升。头部品牌合作深化（新增格力、美的等品牌补充）、自有品牌规模突 破 0.8 亿元（同比+490.7%）、新品类（适老化厨卫、助听设备）与新渠道（天猫 /京东官旗、跨境出海）拓展加速，推动全产业链效率提升。 AI+SaaS 商业化破局，打开增长新空间。核心产品"千橙 AI 超级店长"落 ...

企业的财报，宛如一面高精度的观察镜，不仅映照出过往经营的得失，更折射出未来发展的轮廓。每一 个数字背后，都藏着战略决策的智慧、市场机遇的把握以及团队执行力的强弱。 随着港股进入中期财报季，汇通达网络（09878.HK）也交出了自2024下半年启动战略转型以来的首 份"年度"成绩单—— （1）收入整体"回调"，但考虑到2024上半年低毛利业务占较大比例、战略转型后主动将"低 毛利业务"剔除等因素。今年半年度汇通达的可比同比收入仍然处于正增长； （2）三项利润率创下历史新高。盈利能力显著提升，毛利率、净利率、归母净利率均创下 历史最好水平，佐证公司转型成效； （3）从SaaS+到AI+。2025年上半年AI相关收入达6000万元以上，AI相关产品服务的渐次落 地，也帮助公司找到新的收入和利润增长点，并推动企业自身经营管理和客户服务的效率提 升。 1、收入"回调"背后的转型思考 从此次半年度财报来看，公司2025上半年营收在同比下降的情况下达到243亿元（人民币，下同）。格 隆汇分析，账面上的收入"回调"，背后暗藏着汇通达围绕转型的多条"战略级"思考及实践。 首先，是战略"瘦身"。通过财报不难看出，汇通达在过去一年 ...

而汇通达最具战略意义的突破，是其从"SaaS+"到"AI+"的全面升级。2025年上半年，公司原SaaS平台已 全面升级为"千橙AI超级店长"，研发部署超24个Agent智能体，可自动完成60%以上的会员零售门店日 常经营管理动作。 "千橙云AI"智能大模型的发展路径就直观展示了公司在这一领域的快速推进：2月接入DeepSeek、KIMI 等主流大模型；4月发布"一朵云+三大工程"的AI+战略；5月通过国家网信办备案；6月"千橙AI超级店 长"APP大版本更新；8月与阿里云达成全栈AI全面合作。 8月28日，汇通达网络(09878)发布了2025年中期业绩，向市场交出一份"高质量"答卷。报告显示，公司 实现经营利润3.56亿元(人民币，下同)，同比增长15.9%；归母净利润1.39亿元，同比增长10.8%；公司 毛利率提升至4.6%，同比增长31.4%。毛利率、净利率、归母净利率均创历史最好水平。 更引人注目的是，随着公司"AI+"战略的逐步落地，2025年上半年，公司AI相关收入在服务收入中的占 比突破20%，保守估计6000万元以上，门店经营效率平均提升30%以上，库存周转周期缩短15%～ 20%。 在智 ...

"生成一张挂机空调展示海报，要有家居背景，文字要醒目一点。"8月14日下午，在浙江嘉兴开家电店 的薛老板打开"千橙AI超级店长"APP，进入"AI设计师"模块，输入需求后，很快得到了一张产品海报。 开店30年，薛老板真切感受到了数字科技带来的便利，"现在无论是进货、卖货，都有了AI'助手'！" "把品牌、价位、功率、数量等要求告诉AI，马上就能排出进货计划，简单选择后，就能一键下单。"如 今，在山东菏泽做家电生意的王老板，已经习惯把AI当做日常经营工具来使用。截至目前，"千橙AI超 级店长"已上线9款AI助手，帮助会员店老板在经营全场景中"AI提速"。 这一变化，源于玄武区企业汇通达网络启动的AI战略。作为国内领先的利用数字化技术和供应链能力 赋能乡镇会员店的产业互联网公司，汇通达业务覆盖全国21省、24.8万家会员店，在下沉市场to b服务 行业中规模排名第一。 "企业一直致力于以AI技术提升乡镇门店经营与产业效率。"汇通达相关负责人介绍，长期以来，乡镇门 店普遍面临着经营效率不高、商品推荐精度低等问题。去年，汇通达全面启动"产业升级"战略，构 建"AI+产业"赋能下沉市场的新模式业态，今年发布"捷采、速销 ...

Core Insights - The year 2025 is anticipated to be a breakthrough year for AI applications, with AI Agents emerging as a key focus area, creating significant investment opportunities [1] - HuiTongDa Network (9878.HK) is positioned as a unique investment target in the AI Agent ecosystem for the lower-tier market, having established a comprehensive AI strategy in collaboration with Alibaba Cloud [1] Group 1: Strategic Collaboration - HuiTongDa Network has entered into a full-stack AI strategic partnership with Alibaba Cloud to develop a new "AI + Industry" ecosystem for the lower-tier market [1] - The collaboration focuses on three main areas: integrating Alibaba Cloud's Tongyi Qianwen large model for retail stores, providing cloud computing and high-performance computing support, and leveraging store transaction and consumption data for deeper cooperation [1] Group 2: AI Strategy and Product Development - HuiTongDa Network has launched an AI + strategy, introducing a self-developed product matrix and upgrading from "SaaS+" to "AI+" [1] - The original AI + strategy includes three major projects: "AI + Industry Platform," "AI + SaaS," and "AI + Smart Terminals," aimed at enhancing product circulation efficiency through the QianCheng F2B2C omnichannel system [1] Group 3: Market Potential and Demand - The lower-tier market is valued at over 20 trillion, with many small and medium-sized retailers needing digital upgrades [2] - HuiTongDa Network's low-threshold, high-efficiency AI application system is expected to accelerate market penetration and drive value reassessment [2]

Core Viewpoint - The AI sector is experiencing significant breakthroughs, with 2023 being recognized as a pivotal year for AI applications, particularly in the AI Agent domain, creating new investment opportunities [1] Company Overview - Huitongda has entered a comprehensive collaboration with Alibaba Cloud to develop a new "AI + Industry" ecosystem targeting the lower-tier market [3] - The partnership will enable Huitongda to integrate Alibaba Cloud's Tongyi Qianwen model, creating specialized AI agents for retail stores, enhancing supply chain efficiency [3][4] - Huitongda's AI application strategy includes the launch of self-developed products and a shift from SaaS to AI+, indicating a robust foundation for rapid implementation [3][4] Market Potential - Huitongda's AI application scenarios show significant commercial potential, likely supporting continuous value release [4] - The lower-tier retail market still has a vast number of small businesses that require digital transformation, which Huitongda aims to facilitate [8] AI Application System - Huitongda's AI+ strategy encompasses three main projects: "AI + Industry Platform," "AI + SaaS," and "AI + Smart Terminals," designed to provide a low-threshold, high-efficiency AI application system for small and medium enterprises [6] - The "Qiancheng F2B2C All-Channel Business System" connects production, retail, and consumers, enhancing product circulation efficiency [6] - The "Qiancheng AI Super Store Manager" simplifies retail operations by employing AI for tasks such as product recommendations and promotional activities [6][7] Value Creation - Huitongda's AI application system integrates three layers of value, enhancing its ecosystem and creating a value loop that optimizes cost structures and boosts business efficiency [9] - The solutions provided by Huitongda address the digital capability gap in rural retail, facilitating the last-mile delivery of intelligent solutions [10] - The improvement in industry efficiency is expected to unlock consumer potential in the lower-tier market and contribute to rural revitalization [10] Market Trends - The current market context emphasizes the need to activate consumption potential in lower-tier markets, with a trend of consumers returning to offline shopping [12] - Huitongda is positioned as a key enabler in linking the lower-tier market with various industry chains, enhancing its role in the evolving retail landscape [13] Conclusion - Huitongda is rapidly advancing in the AI application field, with the potential to become an essential infrastructure for the digital transformation of the lower-tier retail market [14] - The company's evolving role is likely to lead to a revaluation and increase in its market valuation, warranting attention [15]

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].

Core Insights - The sales of mobile communication membership stores under Huitongda Network have doubled in multiple lower-tier markets since the second quarter, driven by favorable pricing and market conditions [1][4][6] Group 1: Sales Performance - Huitongda's collaboration with leading brands on instant retail projects has significantly increased sales for member stores, with some locations reporting over 100% sales growth quarter-on-quarter after joining the Apple township authorization project [4][6] - The integration of instant retail and AI tools has enhanced operational efficiency and sales conversion rates for member stores [1][4] Group 2: Operational Enhancements - The "千橙AI超级店长" (Qiancheng AI Super Store Manager) has been upgraded to help member stores manage products and customer groups more effectively, leading to improved foot traffic and transaction rates [4][6] - Member store owners are being trained to utilize AI for procurement and marketing activities, which has contributed to increased profitability [4][6] Group 3: Strategic Initiatives - Huitongda's dual strategy of supply chain enhancement and AI integration is effectively implemented, showcasing the company's commitment to transforming the retail landscape in lower-tier markets [6] - The "品牌直通车" (Brand Direct Access) initiative aims to connect top brands directly with lower-tier market member stores, enhancing the online and offline retail integration [6]

Core Insights - The core update of "Qiancheng AI Super Store Manager" by Huitongda Network includes the launch of 9 Agent assistants, enhancing various operational scenarios from product procurement to community promotion and conversion [1][4] Group 1: AI Assistant Features - The newly launched 9 Agent assistants facilitate tasks such as intelligent product recommendations, promotional activity creation, and multimedia content generation through voice commands [4][5] - The "AI Designer" allows store owners to create promotional posters with a single command, streamlining marketing efforts [2][4] Group 2: Strategic Implementation - Huitongda's "AI + SaaS" strategy is being effectively implemented, with a focus on optimizing services and product functionalities for member stores [1][5] - The upcoming "Analysis Agents" aim to leverage data insights to guide store owners in operational strategies and promotional activities, enhancing customer conversion and retention [5] Group 3: Data Utilization - The integration of self-developed industry models with mainstream models like Alibaba Tongyi and DeepSeek allows for personalized and precise responses from the Agent assistants, improving their effectiveness over time [5]

Core Insights - The company is enhancing its retail operations through the introduction of smart delivery lockers in its mobile digital member stores, improving delivery efficiency and customer satisfaction [1] - The implementation of AI tools, such as the "Qiancheng Cloud AI Intelligent Model," is streamlining inventory management and marketing strategies for member store owners, significantly increasing operational efficiency [3] - The company is deepening partnerships with leading brands like Apple and Oulin, resulting in increased customer traffic and sales during promotional events, with a notable 20% increase in store repurchase rates compared to the previous year [4] Group 1: AI Integration - The company launched the "Qiancheng Cloud AI Intelligent Model" in April, which has been actively utilized in various operational aspects, including intelligent product selection and marketing [3] - Member store owners are now using AI as a daily operational tool, allowing for streamlined ordering processes based on specific requirements [3] - The average service volume for member stores has exceeded 2000 interactions per day since the AI model's release [3] Group 2: Supply Chain and Partnerships - The company is enhancing its supply chain by collaborating with top brands, which has positively impacted customer engagement and sales performance [4] - The integration of online, offline, and community-based strategies has led to significant improvements in customer traffic and sales during major promotional events [4] - The company plans to deploy over 10,000 member stores across 15 key provinces, focusing on smart home products and promotional activities [4]