Core Viewpoint - The global economy in the first half of 2025 is characterized by a strong demand for cost reduction and efficiency improvement among enterprises, with a notable increase in the financing cost sensitivity of small and medium-sized enterprises (SMEs) reaching a three-year high. In this context, the digital tools of Lianyi Rong Technology have gained significant traction, with the multi-level circulation cloud processing asset scale surging by 54% to 133.2 billion yuan, validating the counter-cyclical law that "the more volatile the economy, the more rigid the demand for inclusive finance" [1][2]. Group 1: Core Business Growth - The supply chain financial technology solutions remain the revenue cornerstone for Lianyi Rong Technology, facilitating financing of 198.7 billion yuan in the first half of the year, a year-on-year increase of 27.4%. The multi-level circulation cloud processed supply chain assets amounting to 133.23 billion yuan, a year-on-year surge of 54.4%, accounting for 65% of the group's total business volume [2]. - The multi-level circulation cloud addresses the financing difficulties faced by SMEs through digital means, enhancing the demand for low-cost financing amid rising financing cost sensitivity. This explains the continued rapid growth of the multi-level circulation cloud despite overall revenue pressure [2]. - The company has also made significant progress in its cloud-based financial institution layout, with ABS cloud processing asset scale increasing by 166.3% year-on-year to 9.6 billion yuan, demonstrating a dual-driven effect between core enterprises and financial institutions [2]. Group 2: Cross-Border Financial Expansion - Lianyi Rong Technology has achieved breakthroughs in cross-border financial expansion, with cross-border cloud financing amounting to 4.84 billion yuan in the first half of 2025, a year-on-year increase of 13.9%. The company collaborates with 12 global platforms, serving over 1,100 SMEs, and provides comprehensive financing solutions for Chinese enterprises going abroad [3]. - The strategic approach of "early layout and deep cultivation of scenarios" not only helps SMEs solve cross-border financing challenges but also opens up significant market space amid the trend of Chinese industries going global. Cross-border business is expected to become Lianyi Rong Technology's "second growth curve" [3]. - As of the end of June, the company has partnered with 2,565 core enterprises and 389 financial institutions, with a net increase of 244 core enterprise clients in the first half of the year, raising the customer retention rate from 96% to 99% [3]. Group 3: AI and Digital Asset Strategy - Lianyi Rong Technology's investment in AI and digital assets is seen as a future growth engine, with the self-developed vertical model LDP-GPT making significant progress. The "Fenglian AI" intelligent agent has been deployed in over 10 scenarios, including intelligent auditing and registration, across more than 30 financial institutions [4]. - The company has been building a compliant stablecoin ecosystem since obtaining a digital banking license in Singapore in 2019, and has established a joint venture with Standard Chartered to create a comprehensive digital trade finance platform [4]. - In 2023, Lianyi Rong Technology participated in the "Project Guardian" led by the Bank for International Settlements and Standard Chartered, successfully piloting the issuance of the industry's first tokenized product supported by trade assets [4]. Group 4: Financial Health and Shareholder Returns - Despite showing some interim losses in mid-2025, Lianyi Rong Technology demonstrates a strong "margin of safety" through business transformation, financial stability, and shareholder return strategies. The company has optimized its business structure by divesting low-efficiency segments and focusing on high-growth areas [7]. - As of June 30, 2025, the company had cash and cash equivalents totaling 5.38 billion yuan, significantly exceeding its short-term liabilities, providing a liquidity buffer against macroeconomic fluctuations [8]. - The company announced a share repurchase plan of no less than 80 million USD (approximately 624 million HKD) over the next 12 months, representing about 11% of its current market value, indicating management's confidence in the company's intrinsic value [9].

Core Insights - 联易融科技集团 reported a supply chain asset service scale of 203.6 billion RMB and total revenue of 370 million RMB for the first half of 2025, with a focus on core business transformation and operational efficiency [1][2] - The company launched a global trade finance digital asset strategy, introducing Digital Trade Token (DTT) and Asset Backed Token (ABT) as part of its "StableCoin+" solution [1][8] - The company plans to repurchase at least 80 million USD worth of shares in the next 12 months, reflecting confidence in its growth strategies [1][11] Financial Performance - Total supply chain asset service scale reached 203.6 billion RMB, with revenue of 370 million RMB [1] - Cash reserves increased to 5.4 billion RMB, up by 300 million RMB from the end of 2024 [1] - The company assisted over 380,000 SMEs in accessing digital inclusive financial services [1][7] Business Model Transformation - The multi-level circulation cloud business processed assets worth 133.2 billion RMB, a 54% year-on-year increase [2] - The ABS cloud business processed 9.6 billion RMB in supply chain assets, showing significant growth [2] - The company added 244 new core enterprise and financial institution clients, bringing the total to 1,352, a 22% increase from 2024 [3] Technological Advancements - 联易融 established a comprehensive AI technology matrix for supply chain finance, integrating major domestic AI models [4] - The company launched the "蜂联AI" intelligent agent, enhancing capabilities in smart trade auditing and registration [4] - Strategic acquisition of Bait Technology expanded the product and service matrix, optimizing operational efficiency [4][5] International Expansion - The company’s international business saw double-digit growth, focusing on cross-border trade and e-commerce [6] - The "Go Early" strategy aims to build a platform ecosystem, while "Go Deep" focuses on in-depth service for Chinese enterprises going global [6] - Regional operation centers were established in the UK and the US to support a multi-trade corridor service network [6] ESG Commitment - The company’s sustainable supply chain asset scale exceeded 29 billion RMB, a 97% year-on-year increase [7] - Average financing cost for SMEs using the company's services was only 2.86% [7] - 联易融 received multiple ESG accolades, including an "A" rating from Wind and recognition as a leading contributor to the UN Sustainable Development Goals [7] Digital Asset Strategy - The company is advancing its global trade finance digital asset strategy, leveraging blockchain technology for secure digital asset management [8][10] - Collaborations with licensed institutions in Singapore aim to facilitate the compliant issuance of DTT [10] - The company is exploring innovative applications of digital assets in supply chain finance and cross-border payments [10][11]