机构：国金证券 研究员：于健/赵中平/许孟婕 2025年8月28日，公司披露2025年中期业绩公告，2025H1公司实现收入243.42 亿元，同比-25.9%。归母 净利润1.39 亿元，同比+0.6%。 经营分析 交易板块继续聚焦高毛利品类，毛利率持续提升。 25H1公司交易板块业务收入239.6 亿元，同 比-26.0%，消费电子/家用电器/农业生产资料/交通出行/家居建材/酒水饮料增速分别 为-25.1%/+0.2%/-30.4%/-62.3%/-22.9%/-62.2%。整体收入下滑主要由于在当前环境下公司发展战略持续 调整，聚焦高毛利品类，同时，报告期内受到国家补贴政策的影响。25H1公司毛利率达到4.6%（同比 +1.1pct）。 AI+SaaS 门店赋能效果显著，与阿里云开启合作计划。25H1 公司服务板块收入3.12亿元，同 比-18.97%，其中门店SaaS+订阅收入2.5 亿元，同比-18.4%，商家解决方案0.6 亿元，同比-21.2%。 25H1AI 相关服务收入突破，AI 相关收入占总服务收入约20%，成为增长新引擎。2025年4月，正式推 出自主研发的"千橙AI超级店长"APP， ...

汇通达网络 2025 年 08 月 29 日 （09878.HK） 港股公司点评 证券研究报告 盈利质量提升，战略转型初显成效 业绩简评 2025 年 8 月 28 日，公司披露 2025 年中期业绩公告，2025H1 公司 实现收入 243.42 亿元，同比-25.9%。归母净利润 1.39 亿元，同 比+0.6%。 经营分析 交易板块继续聚焦高毛利品类，毛利率持续提升。 25H1 公司交易 板块业务收入 239.6 亿元，同比-26.0%，消费电子/家用电器/农 业生产资料 / 交通出行 / 家居建材 / 酒水饮料增速分别为 - 25.1%/+0.2%/-30.4%/-62.3%/-22.9%/-62.2%。整体收入下滑主要 由于在当前环境下公司发展战略持续调整，聚焦高毛利品类，同 时，报告期内受到国家补贴政策的影响。25H1 公司毛利率达到 4.6% （同比+1.1pct）。 AI+SaaS 门店赋能效果显著，与阿里云开启合作计划。25H1 公司 服务板块收入 3.12 亿元，同比-18.97%，其中门店 SaaS+订阅收入 2.5 亿元，同比-18.4%，商家解决方案 0.6 亿元，同比-21.2%。 ...

8月28日，汇通达网络股份有限公司(09878，以下简称"汇通达"或"集团")公布截至2025年6月30日止六个 月的中期业绩。2025年上半年，集团坚定推进"提质增效、创新发展"双轮驱动战略，持续优化业务结 构，强化科技赋能，紧抓新消费趋势，持续创新业务模式，构建新增长齿轮，实现盈利能力显著提升， 毛利率、净利率、归母净利率均创下历史最好水平，AI相关收入实现从零到有，并取得显著突破，标 志着集团已从追求规模扩张转向更注重发展质量和盈利能力提升的健康可持续发展轨道。 一、盈利质量全面提升，现金流健康增长 2025年上半年，集团实现收入人民币243.42亿元。得益于主动优化低毛利低效业务，聚焦提质增效的战 略转型，集团盈利质量实现跨越式提升，成果显著： 报告期内，集团实现经营利润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%，毛利率同比显著提升1.1个百分点至4.6%，同比大幅增长31.4%，经营活动所得现金净额4.13 亿元，同比大增65.7%。 二、智慧供应链建设深入推进，"短链+反向"模式成效显著 报告期内，集团收入结构进一步优化，会员零售门店收入占比进一 ...

智通财经APP获悉，8月28日，汇通达网络股份有限公司(09878，以下简称"汇通达"或"集团")公布截至 2025年6月30日止六个月的中期业绩。2025年上半年，集团坚定推进"提质增效、创新发展"双轮驱动战 略，持续优化业务结构，强化科技赋能，紧抓新消费趋势，持续创新业务模式，构建新增长齿轮，实现 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，AI相关收入实现从零到有， 并取得显著突破，标志着集团已从追求规模扩张转向更注重发展质量和盈利能力提升的健康可持续发展 轨道。 一、盈利质量全面提升，现金流健康增长 2025年上半年，集团实现收入人民币243.42亿元。得益于主动优化低毛利低效业务，聚焦提质增效的战 略转型，集团盈利质量实现跨越式提升，成果显著： 报告期内，集团实现经营利润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%，毛利率同比显著提升1.1个百分点至4.6%，同比大幅增长31.4%，经营活动所得现金净额4.13 亿元，同比大增65.7%。 二、智慧供应链建设深入推进，"短链+反向"模式成效显著 报告期内，集团收入结构进一步优化，会 ...

(2025年8月28日，香港)汇通达网络股份有限公司(股份代号：9878.HK，以下简称"汇通达"或"本集 团")，中国领先的利用供应链能力和数字化技术赋能服务乡镇夫妻店的产业互联网平台，今日公布截至 2025年6月30日止六个月的中期业绩。2025年上半年，本集团坚定推进"提质增效、创新发展"双轮驱动 战略，持续优化业务结构，强化科技赋能，紧抓新消费趋势，持续创新业务模式，构建新增长齿轮，实 现盈利能力显著提升，毛利率、净利率、归母净利率均创下历史最好水平，AI相关收入实现从零到 有，并取得显著突破，标志着本集团已从追求规模扩张转向更注重发展质量和盈利能力提升的健康可持 续发展轨道。 一、盈利质量全面提升，现金流健康增长 2025年上半年，本集团实现收入人民币243.42亿元。得益于主动优化低毛利低效业务，聚焦提质增效的 战略转型，本集团盈利质量实现跨越式提升，成果显著： 报告期内，本集团实现经营利润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%，毛利率同比显著提升1.1个百分点至4.6%，同比大幅增长31.4%，经营活动所得现金净额 4.13亿元，同比大增6 ...

2025年，汇通达网络以"全栈AI全面合作"为支点，在城乡商业数字化领域掀起新一轮技术变革。这家深 耕下沉市场的产业互联网龙头，正通过AI+战略的持续落地，重塑乡镇实体与产业链的智能生态。 复盘汇通达AI+战略：技术深耕与场景突破并行 2025年，汇通达推进"AI+"战略，构建城乡商业数字化闭环。年初接入DeepSeek等主流大模型，提升农 村市场数据处理效率；4月发布"千橙AI超级店长"APP，覆盖供应链、客服、营销多个环节的20余个AI Agent，实现业务流程自动化；5月"千橙云AI"垂直大模型通过国家网信办备案，技术合规性与行业适配 性获官方认可。这一系列动作形成从算法到场景应用的完整技术体系，逐步建立下沉市场差异化技术壁 垒，推动智能化技术融入实体店与产业链全流程。 牵手阿里云：技术赋能激活20万亿乡镇市场 8月汇通达与阿里云达成全栈AI全面合作，成为战略升级关键节点。双方整合阿里云通义千问大模型、 云计算资源与汇通达海量行业数据，打造智能供应链与零售解决方案。对乡镇实体店，AI技术通过智 能选品、动态定价、个性化推荐提升单店效率；对产业链，需求预测与生产排期智能协同，加速"产销 一体化"进程。例如 ...

Core Viewpoint - The article highlights the strategic advancements and growth potential of Hui Tong Da Network in the context of the macroeconomic environment favoring technology, industry, and capital expansion [1][2][7] Group 1: Strategic Development - Hui Tong Da Network has demonstrated a clear and stable strategic layout in 2023, focusing on the "technology," "industry," and "capital" triad, with tangible results emerging [2] - The company has launched its "Qian Cheng Cloud AI" industry vertical model, which was approved by the National Cyberspace Administration in May, marking it as one of the early adopters of self-developed AI integrated with mainstream large models [2] - The "AI+ strategy" is being implemented across three main areas: "AI+ industry platform," "AI+ SaaS," and "AI+ smart terminals," providing numerous Agent applications to clients, covering the entire process of goods circulation [2][3] Group 2: Industry Deepening - Since the announcement of the "three major supply chain projects" in February, Hui Tong Da Network has rapidly implemented various initiatives, including the establishment of a brand ecosystem covering nine brands across four industries [3] - The "Brand Express" initiative has created direct channels to rural member stores in collaboration with major brands like Apple, enhancing sales and profitability for member stores [3] - The "Open Supply Chain Project" integrates more supply chain merchants and utilizes AI procurement assistants to help member stores match local consumer demands accurately [3] Group 3: Capital Empowerment - Hui Tong Da Network has recently undertaken significant capital actions, including a share buyback plan with a maximum amount of RMB 500 million, reflecting management's confidence in future business prospects [4] - The company has applied for the conversion of approximately 91.48% of its domestic shares into H-shares, which is expected to increase the proportion of H-shares from 32.04% to 94.21%, enhancing market liquidity and attracting more investors [4] Group 4: Undervalued Potential - The term "underrated" is frequently used in the capital market, indicating that Hui Tong Da Network's current value is not fully recognized, despite its significant growth potential [5] - The company possesses key advantages such as the integration of technology and consumption, a vast market development space, and a strong platform that is replicable [5] - Hui Tong Da Network is positioned in the "first tier" of companies effectively integrating AI applications in the consumer sector, leveraging its extensive network of nearly 250,000 member stores [5] Group 5: Internal Growth and Strategic Expansion - Hui Tong Da Network shows strong internal growth momentum, with opportunities for expansion in product categories, procurement ratios, and high-margin private label products [6] - The company's "one main, two auxiliary" strategy indicates a focus on strengthening its B2B services while actively exploring overseas and B2C business opportunities [6] - The significant growth in sales of its self-branded air conditioning product "Alti Sha" by four times year-on-year in the first quarter demonstrates the company's capability to support broader market coverage [6] Group 6: Market Reassessment - The current market perception of Hui Tong Da Network does not adequately reflect its true value and future growth potential [7] - The company exhibits strong competitiveness and resilience in AI technology application, internal growth dynamics, and strategic expansion [7] - Hui Tong Da Network's unique growth logic and forward-looking strategic layout warrant a reassessment and evaluation by the market, with potential for value reappraisal in the future [7]

Group 1 - The company announced a share repurchase plan with a maximum amount of RMB 500 million, intending to buy back up to 10% of its issued H shares, which equates to 18,026,633 shares, reflecting management's confidence in the company's future prospects and long-term investment value [1] - The company is a leading industrial internet platform in China that empowers rural family stores through digital technology and supply chain capabilities, focusing on the "AI+ strategy" to enhance its operations [1] - The company aims to deepen its efforts in three main areas: "AI+ industrial platform," "AI+ SaaS," and "AI+ smart terminals," to achieve a digital upgrade across the entire supply chain from factories to member stores [1] Group 2 - In February, the company was the first in the industry to integrate mainstream large models like DeepSeek and launched "AI employees" [2] - In April, the company officially released its AI+ strategy and product matrix, including the self-developed "Qiancheng Cloud AI Smart Model" and "Qiancheng AI Super Store Manager" app [2] - The new version of the "Qiancheng AI Super Store Manager" was released on June 5, enhancing AI capabilities and supporting conversational interactions for more efficient store management [2]

Core Viewpoint - Huitongda Network (9878) launched its "AI+ Strategy" and the "Suqing Small Shop" cultivation plan, focusing on enhancing efficiency in member stores through over 50 AI solutions and a comprehensive AI ecosystem [1][7][9] Group 1: AI+ Strategy Overview - The "AI+ Strategy" includes a cloud-based model called "Qiancheng Cloud AI" and three major projects aimed at improving efficiency in urban and rural supply chains [3][9] - The three major projects are: 1. "AI+ Industry Platform Project" to connect upstream brand factories with member stores for better supply chain management 2. "AI+ SaaS Service Project" to enhance procurement efficiency and transaction volume for member stores 3. "AI+ Smart Terminal Project" to provide customized AI applications through partnerships with hardware manufacturers [3][5][9] Group 2: AI Solutions and Tools - The "Qiancheng AI Super Store Manager" app was developed to assist member stores in eight operational areas, offering over 15 versatile AI assistant tools [4] - New edge computing devices named "Xuanwu" and "Zhongshan" were introduced to provide one-stop AI solutions for upstream and downstream clients [4][5] Group 3: Strategic Partnerships and Initiatives - Huitongda partnered with the Communist Youth League of Jiangsu Province to launch the "Suqing Small Shop" cultivation plan, aiming to empower over 10,000 youth-led small shops with AI technology and digital marketing [7] - The company also formed strategic alliances with various chip and hardware manufacturers to create an AI service ecosystem for member stores [7] Group 4: Market Position and Future Outlook - Huitongda has established a strong presence in the lower-tier market, serving 250,000 member stores across 21 provinces, leveraging digital and intelligent technologies to drive transformation [9] - The integration of AI with existing supply chain initiatives is expected to enhance consumer demand and contribute to rural revitalization efforts [9]