盈利韧性凸显，收入结构持续优化 2025H1，公司营业收入约 4.05 亿元，同比-7.1%，主要系公司持续深化 轻资产化战略，从重自有资金融资，向重科技融合平台撮合融资转变带 来的总营业收入下降，但轻资产化模式的平台科技服务收入表现亮眼， 约 2.11 亿元，同比+37.0%，占总营收比重首次突破 50%，成为公司的 主要增长动力。公司实现净利润约 2.03 亿元，同比+22.9%，得益于 AI 技术降本增效及联营公司业绩贡献（应占联营公司业绩 0.79 亿元，同 比增长 94.1%）。同时，公司连续 7 年实施高分红政策, 并承诺 2024– 2026 年度派息率不低于 90%。叠加特别股息后，2025 年合计派息总额 将接近 9.5 亿元。我们认为，公司将继续加强平台化轻资产化转型，降 低风险，加大研发资金投入力度，从而有望释放更多利润。 港股公司报告 | 公司点评 盛业（06069） 证券研究报告 AI 驱动业务升级成效显著，创新赛道布局持续深化 考虑到公司重点围绕电商、AI 应用、机器人等创新领域的撮合服务， 未来公司业绩有望继续快速增长。随着公司继续加强平台化发展战略， 平台普惠撮合业务快速提升， ...

Core Viewpoint - The company is implementing a platformization strategy with a focus on "AI+" actions, leading to significant growth in net profit and adjusted net profit in the first half of 2025, with net profit reaching RMB 203 million, a year-on-year increase of 22.9% [1] Group 1 - The company is leveraging AI Agent technology to connect industry ecosystems and data, providing services that help small and micro enterprises find orders and funding, while reducing financing costs by at least 30% [2] - As of June 30, 2025, the platform has served over 19,100 clients, processing supply chain assets worth approximately RMB 2.78 billion, reflecting year-on-year growth of about 14.4% and 28.7% [2] - The platform's customer retention rate exceeds 80%, with over 30% of clients being first-time borrowers [2] Group 2 - The company has established strategic partnerships with over 10 Fortune 500 companies and linked with more than 180 funding partners, marking a year-on-year growth of over 30% [3] - The inclusive matching business accounts for approximately 88% of the platform's operations, showing a year-on-year increase of about 28.3% [3] - The revenue from technology services reached approximately RMB 210.6 million, a year-on-year growth of 37%, contributing to over 50% of total revenue [3]

Group 1: Supply Chain Finance Opportunities - The financing difficulty for small and micro enterprises remains high, with only 20.7% obtaining funds through traditional bank loans as of Q1 2025 [1] - Supply chain finance addresses the financing pain points of small and micro enterprises by using accounts receivable, deposits, and orders as collateral, leveraging the credit of core enterprises to enhance creditworthiness [1] - The scale of supply chain basic assets is expected to grow at a rate of 5.7% from 2023 to 2027, reaching 121.1 trillion yuan by the end of 2027 [1] Group 2: Importance of Commercial Factoring - As of the end of 2022, accounts receivable accounted for 53.36% of the 90.7 trillion yuan in supply chain basic assets [1] - Nearly half of the financing needs of small and micro enterprises are for daily operations, primarily due to cash flow being tied up in accounts receivable [1] - The average accounts receivable for small and micro enterprises was 79,000 yuan in Q1 2025, representing 61.2% of their average quarterly revenue [1] Group 3: Company Performance Drivers - The company has shifted from a heavy asset model to a light asset operation since 2022, allowing business growth independent of debt scale [2] - The company has expanded into new business areas such as overseas e-commerce, intelligent computing services, and robotics, with a potential market size exceeding 10 trillion yuan and over 10 million potential customers [2] - The contribution of joint venture profits to the company's overall operating profit is increasing, with 31.49% of operating profit coming from joint ventures in 2024, up by 25.68 percentage points from 2023 [2] Group 4: AI Empowerment in Risk and Efficiency - The company utilizes the Shengyitong cloud platform to connect with core enterprises, verifying the authenticity of accounts receivable and simplifying processes while ensuring asset quality [2] - The overdue rate and non-performing rate for the company are 0.18% and 0.10% respectively in 2024, indicating strong asset quality [2] - AI has increased the average funding turnover per employee from 18 million yuan in 2021 to 63 million yuan in 2024, with a CAGR of 52% [2] Group 5: Investment Outlook - The company is projected to achieve total operating revenues of 1.171 billion yuan, 1.339 billion yuan, and 1.541 billion yuan from 2025 to 2027, with year-on-year growth rates of +11.64%, +14.36%, and +15.02% respectively [3] - The net profit attributable to the parent company is expected to be 500 million yuan, 636 million yuan, and 806 million yuan for the same period, with growth rates of +31.49%, +27.20%, and +26.70% respectively [3] - The company is initiating coverage with a "buy" rating based on these projections [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 21 HKD, representing a potential upside of over 20% from the current price of 13.8 HKD [5]. Core Insights - The company is expected to achieve a net profit growth of 20% year-on-year for the first half of 2025, driven by robust platform growth and innovative AI applications [1]. - The platform has facilitated over 277 billion CNY in total funding turnover, marking a 29% increase year-on-year, with over 19,100 clients served, a 14% increase [1]. - The company has successfully commercialized AI applications, with AI-assisted order revenue surpassing 400,000 CNY, and a 27% increase in the amount of funding turnover resolved per employee [3]. - The e-commerce segment has emerged as a new growth engine, with funding facilitation exceeding 2.8 billion CNY, an almost 8-fold increase year-on-year [4]. - The company is actively expanding into the robotics sector, forming strategic partnerships with leading industrial robot firms to enhance service offerings for small and medium enterprises [4]. Summary by Sections Platform Growth - The company has linked with over 180 funding partners, a 30% increase year-on-year, becoming a key partner for financial institutions in inclusive finance [2]. - The proportion of technology service revenue has surpassed 50%, with inclusive matching business accounting for 88% of the platform's operations [2]. AI Application - The integration of AI technologies has led to significant operational efficiencies, with innovative applications such as AI document sorting and contract review being successfully launched [3]. - Continuous model iteration and computational power upgrades are expected to further accelerate revenue growth driven by AI [3]. E-commerce and Robotics - The company has made significant strides in the e-commerce sector, rapidly entering the live-streaming e-commerce space and collaborating with major platforms [4]. - The strategic focus on robotics aims to provide differentiated funding services, leveraging data analytics to identify market opportunities for clients [4]. Financial Projections - Revenue forecasts for FY2025 are projected at 5.19 billion CNY for digital financial solutions, 5.43 billion CNY for platform technology services, and 490 million CNY for supply chain asset sales, with total revenue estimates for FY2025-FY2027 at 11.11 billion CNY, 13.46 billion CNY, and 16.15 billion CNY respectively [5].

Core Viewpoint - The company anticipates a net profit increase of approximately 20% for the six months ending June 30, 2025, compared to the same period in 2024, driven by robust platform growth and technological advancements. Group 1: Platform Growth - The company has implemented a platform-based development strategy, leveraging cutting-edge technologies like AIAgent to enhance its risk control model and provide efficient funding services, with total funding solutions exceeding 277 billion yuan, a year-on-year increase of over 29% [1] - The number of clients served by the platform has surpassed 19,100, reflecting a growth of over 14% year-on-year, with small and micro enterprises making up over 97% of the client base [1] Group 2: Technology Service Revenue - The company’s self-developed "Shengyitong Cloud Platform" has facilitated a rapid development of a "light asset" operating model, with the platform's inclusive matching business accounting for 88% of its operations and technology service revenue exceeding 50% [2] - The platform has linked over 180 funding partners, marking a growth of over 30% compared to the previous year, establishing itself as a key partner for financial institutions in inclusive finance [2] Group 3: AI Commercialization - The integration of AI models such as DeepSeek and Tongyi Qianwen into the "Shengyitong Cloud Platform" has enabled precise matching of project orders and procurement information based on client data [3] - The company has generated over 400,000 yuan in revenue from AI-assisted order acquisition, marking its first achievement in AI application commercialization [3] Group 4: E-commerce Growth - The company has successfully entered the e-commerce sector, covering five major platforms with a potential market size exceeding 10 trillion yuan and over 10 million potential clients [4] - The cumulative funding facilitation in the e-commerce sector has surpassed 2.8 billion yuan, reflecting an almost eightfold increase year-on-year [4] Group 5: AI Efficiency Improvement - The company utilizes AI models to enhance data processing and risk control, significantly improving efficiency and reducing transaction fraud risks [5] - The introduction of strategic investors has supported the development of AI applications, resulting in a 27% increase in the amount of funding solutions provided per employee [5] Group 6: Robotics Sector Expansion - The company is actively expanding into new sectors such as e-commerce, robotics, and AI applications to better serve small and micro enterprises [6] - Strategic partnerships with leading industrial robot companies have been established to position the company for future growth and innovation [6] Group 7: R&D and Financial Performance - The company has maintained profitability for 11 consecutive years and has a high dividend policy, committing to a payout ratio of no less than 90% for the 2025-2026 fiscal years [7] - The total dividend payout for 2025 is expected to approach 950 million yuan, supported by nearly 90 patents and software copyrights in cloud computing, big data, and AI [7]

Group 1 - The company announced a placement agreement on May 13, aiming to issue up to 17,480,000 shares, representing approximately 1.77% of the company's existing share capital as of the announcement date, with expected proceeds of about HKD 209.59 million [1] - The placement price is set at HKD 11.99 per share, reflecting a discount of approximately 6.91% compared to the closing price on May 12 and an 8.50% discount compared to the average closing price over the previous five trading days [1] - The placement received strong demand, with over 10 times the initial target of HKD 156 million, leading to a final fundraising increase of about 35% [1] Group 2 - Strategic shareholders, including Jingtai Technology and Jiaoge Friends, are expected to accelerate the company's new business development, leveraging AI research and automation systems [2] - The net proceeds from the placement will primarily be used to enhance platform technology services, increase R&D investment, and support general working capital [2] - The company maintains a "buy" rating, anticipating sustained high growth driven by emerging industries and improved operational quality due to increasing platform revenue share [2]

Macro Strategy - The recent reduction of tariffs between China and the US, from a maximum of 145% to 30%, is expected to lower export uncertainties and may lead to a comprehensive trade framework agreement by the end of the year [1][9][10] - The US has made significant concessions in the negotiations, driven by increasing domestic political and economic pressures, particularly ahead of the midterm elections [1][9] - The trade conflict continues to create high uncertainty in economic data, with the US trade deficit increasing by 14% in March and consumer goods imports reaching a historical high [1][9] Industry Insights - The shift in local state-owned enterprises' bond financing from infrastructure and real estate to technology innovation indicates a growing focus on the tech sector [4][13] - The issuance of bonds for equity or fund investments by local state-owned enterprises has increased by 31.41%, while investments in infrastructure or real estate have decreased by 47.85% [4][13] - The technology sector is becoming a key driver of economic growth, with the digital economy's core industries expected to account for about 10% of GDP by the end of 2024 [10][11] Company Recommendations - Aerospace Hongtu (688066) has seen a downward revision in EPS forecasts for 2025-2026 due to demand-side impacts, but is expected to recover as downstream customer orders improve, maintaining a "buy" rating [7] - Shengye (06069.HK) is poised for accelerated new business development following a strategic placement, with a focus on supply chain finance and fintech services, also maintaining a "buy" rating [8]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company plans to introduce strategic shareholders through a placement, which is expected to accelerate new business development [7] - The placement involves the issuance of up to 17,480,000 shares, representing approximately 1.77% of the company's existing share capital, with expected proceeds of around HKD 209.59 million [7] - The strategic partnership with Jingtai Technology and "Jiao Ge Peng You" is anticipated to enhance the company's new business expansion, leveraging AI technology and e-commerce synergies [7] Financial Projections - Total revenue is projected to grow from HKD 976.22 million in 2024 to HKD 1,658.05 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 17.51% [7][8] - Net profit attributable to shareholders is expected to increase from HKD 380.18 million in 2024 to HKD 849.83 million in 2027, with a CAGR of about 23.30% [7][8] - The earnings per share (EPS) is forecasted to rise from HKD 0.38 in 2024 to HKD 0.86 in 2027 [7][8] Market Data - The closing price of the stock is HKD 13.42, with a market capitalization of approximately HKD 12,275.28 million [5] - The price-to-earnings (P/E) ratio is projected to decrease from 32.16 in 2024 to 14.39 in 2027, indicating improving valuation metrics [7][8] Strategic Use of Proceeds - The net proceeds from the placement will primarily be used to accelerate the expansion of platform technology services, focusing on innovative sectors such as e-commerce, AI applications, and robotics [7] - Increased investment in research and development is planned, particularly for the "Sheng Yi Tong Cloud Platform" and AI application commercialization [7]

Group 1: Market Overview - The Hong Kong stock market showed significant improvement, with the Hang Seng Index rising by 805 points or 3.7%, closing at 22,620, the highest since October 7 of the previous year [3] - The market's positive momentum was driven by technology stocks, with Tencent and Alibaba seeing substantial gains of 7.4% and 6.3% respectively [3] - The overall market turnover reached 364.6 billion HKD, indicating strong trading activity [3] Group 2: Economic Outlook - Lin Yifu, a prominent economist, predicts that China's economy in 2025 will be better than in 2024, continuing the recovery trend initiated by policies announced in September 2024 [6] - He emphasized that China's per capita GDP reached 13,445 USD in 2024, just 4% shy of the World Bank's high-income threshold of 14,005 USD, suggesting that achieving a 5% growth in 2025 could help China cross this threshold [6][7] - Lin also noted that while challenges exist, the opportunities for economic growth in China outweigh the risks [6] Group 3: Company Developments - Kingsoft Biotechnology anticipates a significant increase in net profit for the year ending December 2024, primarily due to a one-time unrealized gain of approximately 3.2 billion USD from the sale of Legend Biotech [13] - The company also reported a non-cash fair value loss of about 124 million USD related to its A and C class preferred shares, but adjusted net profit remained stable [13] - KGI International plans to apply for regulatory approval to offer virtual asset trading services, aiming to diversify its service offerings and attract a broader customer base [11]

香港交易及結算所有限公司以及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或 任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 SY HOLDINGS GROUP LIMITED 盛業控股集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：6069） 自願性公告 全面接入DeepSeek大 模 型，探 索「AI+產業供應鏈」 的創新應用 本 公 告 乃 由 盛 業 控 股 集 團 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）自 願作出。 – 1 – B_table indent_4.5 mm N_table indent_4 mm 深度融合AI技 術 於 供 應 鏈 金 融「反 欺 詐」 DeepSeek大模型在供應鏈金融「反欺詐」中展現出獨特的適配性，與本集團「重交易、 輕主體」的風控理念高度契合。盛易通雲平臺藉助DeepSeek強大的數據處理和邏輯 推理等能力，可快速解析合同、交易單據、到貨視頻、輿情信息等海量非結構化數 據，並 對 這 些 多 維 度 數 據 展 開 深 度 挖 掘 ...