Summary of the Conference Call for 联易融科技 Company Overview - 联易融科技 is a leading supply chain financial technology solution provider in China, with a service asset scale of RMB 411.2 billion in 2024, representing a year-on-year growth of 28% and a market share of 21.1%, ranking first in the industry [2][3][5]. Financial Performance - Revenue for 2024 reached RMB 1.03 billion, up 19% year-on-year, with a gross margin increase to 70%, reflecting a 36% growth in gross profit, which outpaced the growth rates of scale and revenue [2][3]. - The company has a cash reserve of RMB 5.1 billion and a price-to-book ratio of only 0.3, indicating a high safety margin and significant undervaluation relative to its market value of over RMB 30 billion [3]. Business Segments - The company operates through three main business segments: Core Enterprise Cloud, Financial Institution Cloud, and Cross-border Cloud [2][7]. - **Core Enterprise Cloud**: Achieved a steady growth of 34%, with multi-level circulation business accounting for over 60%, growing by 52% year-on-year [2][7]. - **Financial Institution Cloud**: Expanded from payable ABS to receivable ABS, doubling transaction volume, with the WindLink AI agent product contributing over RMB 20 million in revenue [2][8]. - **International Business**: Collaborated with cross-border e-commerce platforms like Amazon and Shopee, establishing offices in the UK, India, the US, and Singapore, and forming a joint venture with Standard Chartered Bank [2][9]. Technological Innovations - The company has been deeply involved in blockchain technology, developing the underlying chain Be Trust and launching digital trade token platforms (DTT) and asset-backed tokenization platforms (ABT) to enhance global supply chain trade efficiency [4][12][14]. - The DTT platform allows conditional payments through smart contracts, while the ABT platform tokenizes real-world assets for investment [15][17]. Market Position and Strategy - The company plays a crucial role in connecting core enterprises, financial institutions, and small and micro enterprises, with a customer retention rate of 99% [5]. - Future strategies include deepening cooperation with digital banks and exploring digital token projects in the Web 3.0 space, while expanding international markets [10]. Regulatory and Market Outlook - The company is preparing to support various stablecoins, which are expected to play a significant role in trade finance, enhancing payment conditions and integrating with accounts receivable financing [23][27]. - The development of stablecoins is anticipated to create new service opportunities and enhance the efficiency of cross-border trade [24][25]. Key Partnerships and Projects - Significant collaborations include projects with Standard Chartered Bank and participation in initiatives like Project Dynamo and Project Guardian, focusing on asset tokenization and trade finance [13][21]. Conclusion - Overall, 联易融科技 is positioned strongly in the supply chain finance sector, with robust financial performance, innovative technology applications, and strategic international expansions, while also preparing for the evolving landscape of digital currencies and stablecoins [2][10][27].