Core Viewpoint - The company reported a revenue decline in the first half of 2025 due to strategic adjustments aimed at optimizing inefficient businesses, while net profit showed a positive growth trend [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved a revenue of 24.34 billion, a year-on-year decrease of 25.9%, while the net profit attributable to shareholders was 140 million, reflecting a year-on-year increase of 10.8% [1]. - The overall gross margin for the first half of 2025 was 4.6%, an increase of 1.1 percentage points year-on-year, primarily due to the company's decision to abandon low-efficiency businesses and enhance collaboration with leading brands [2]. Group 2: Business Segments - The trading business segment generated a revenue of 23.96 billion, down 26.0% year-on-year, with declines in consumer electronics and agricultural production materials, while home appliances remained stable due to government subsidies [1]. - The service business segment reported a revenue of 310 million, showing a slight year-on-year decline, but there was significant growth in store SaaS and subscription services compared to the second half of 2024 [1]. Group 3: Strategic Initiatives - The company entered into a comprehensive partnership with Alibaba Cloud in August 2025, focusing on AI and SaaS business growth, which is expected to enhance its platform value through the integration of AI capabilities with industry data [2]. - The development of proprietary AI models, such as the Qiancheng Cloud AI, aims to penetrate various business scenarios, enhancing sales predictions and customer service capabilities [2]. Group 4: Investment Outlook - The company is expected to see net profits of 346 million, 438 million, and 533 million for the years 2025 to 2027, reflecting year-on-year growth rates of 28.3%, 26.6%, and 21.6% respectively [3]. - A target price of 21.36 HKD is set for 2026, based on a 25X PE valuation, maintaining a "recommended" rating for the company [3].

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 - HuTongDa Network (09878) experienced a significant stock price increase of over 36%, reaching HKD 18.84, following the announcement of a comprehensive cooperation agreement with Alibaba Cloud [1] Group 1: Partnership Details - The cooperation agreement aims to explore innovations and applications in artificial intelligence and digital solutions through resource integration and complementary advantages [1] - The collaboration will focus on several areas, including full-stack AI cooperation, where HuTongDa will integrate Alibaba's Tongyi Qianwen large model with its retail industry expertise [1] - The partnership will enhance the S2b2c supply chain intelligence service capabilities and develop marketing and intelligent sales capabilities in lower-tier markets [1] Group 2: Cloud Resources and Computing Power - HuTongDa and Alibaba Cloud will be comprehensive partners in cloud computing and large model AI, with Alibaba providing dedicated cloud computing resources to ensure high availability and elastic scalability for HuTongDa's business [1] - The collaboration will support AI large model training and inference, enabling rapid iteration of industry models [1] - Alibaba Cloud will also provide a team of experts, including solution architects and large model technology service specialists, to assist HuTongDa in developing full-stack AI product applications [1]

Core Viewpoint - The company, Huitongda Network (09878.HK), has signed a comprehensive cooperation agreement with Alibaba Cloud to explore innovations and applications in artificial intelligence and digital solutions, focusing on cloud computing, AI, and digitalization in lower-tier markets [1] Group 1: Cooperation Details - The cooperation will involve full-stack AI collaboration, where the company will integrate Alibaba's Tongyi Qianwen large model to develop various AI applications, including smart agents for sales and customer service [1] - The partnership aims to enhance the company's S2b2c supply chain intelligence service capabilities through AI-driven solutions [1] - Alibaba Cloud will provide dedicated cloud computing resources to ensure high availability and elastic scalability for the company's operations, facilitating rapid iteration of industry models [1] Group 2: Expert Support - Alibaba Cloud will deploy a team of experts, including solution architects and large model technology service specialists, to assist the company in developing full-stack AI product applications [1]

Core Viewpoint - The company has signed a comprehensive cooperation agreement with Alibaba Cloud to explore innovations and applications in artificial intelligence and digital solutions, enhancing collaboration in cloud computing and digitalization in the lower-tier market [1][2]. Group 1: Areas of Cooperation - The cooperation will focus on full-stack AI collaboration, integrating Alibaba's Tongyi Qianwen model with the company's retail industry expertise to create various AI-driven solutions, enhancing supply chain intelligence and marketing capabilities in the lower-tier market [2]. - The partnership will also involve cloud resources and computing power, with Alibaba Cloud providing dedicated cloud resources to ensure high availability and scalability for the company's AI model training and inference [2]. Group 2: Market Impact and Strategic Benefits - The collaboration aims to leverage the strengths of both the company and Alibaba Cloud in technology, market, and resource integration, creating a new "AI + industry" ecosystem that meets the needs of the lower-tier market and enhances customer acquisition and service revenue [3]. - The partnership is expected to provide the company with advanced AI technologies and upgrade its AI + SaaS solutions, improving its competitiveness in smart retail, membership operations, and smart supply chain sectors, aligning with the interests of the company and its shareholders [3].

Core Viewpoint - The company, Huitongda Network, has signed a comprehensive cooperation agreement with Alibaba Cloud to explore innovations and applications in artificial intelligence and digital solutions, focusing on cloud computing and the digitalization of lower-tier markets [1][2]. Group 1: Areas of Cooperation - The cooperation will involve full-stack AI collaboration, integrating Alibaba's Tongyi Qianwen large model with the company's retail industry expertise to create various AI-driven solutions, enhancing supply chain intelligence and marketing capabilities in lower-tier markets [2]. - The partnership will also include cloud resources and computing power collaboration, with Alibaba Cloud providing dedicated cloud resources to ensure high availability and scalability for the company's operations, facilitating AI model training and iteration [2]. Group 2: Market Impact and Strategic Benefits - The comprehensive cooperation is expected to leverage the strengths of both the company and Alibaba Cloud in technology, market, and resource integration, creating a new "AI + industry" ecosystem that meets the needs of lower-tier market users and enhances customer acquisition and service revenue [3]. - The partnership aims to improve the company's digital competitiveness in smart retail, membership operations, and smart supply chains, aligning with the overall interests of the company and its shareholders [3].

Core Viewpoint - The collaboration between 汇通达网络 (09878.HK) and 阿里云 aims to leverage artificial intelligence and digital solutions to enhance operational efficiency and customer engagement in the retail sector, particularly in underdeveloped markets [1][2][3] Group 1: Collaboration Areas - The partnership will focus on full-stack AI collaboration, integrating 阿里云's large model capabilities with 汇通达's retail industry expertise to create various AI-driven tools such as "Smart Store Model," "AI Sales Agent," "Sales Forecasting Agent," and "AI Customer Service Robot" [2] - 阿里云 will provide dedicated cloud resources and computing power to support the training and inference of AI models, ensuring high availability and scalability for 汇通达's operations [2] Group 2: Market Impact - The collaboration is expected to enhance the technological and resource integration capabilities of both companies, creating a new "AI + Industry" ecosystem that addresses the needs of underdeveloped market users [3] - By leveraging AI technology, 汇通达 aims to improve operational efficiency and precision in product recommendations, ultimately increasing customer numbers and service revenue in the underdeveloped market [3]

香港交易及結算所有限公司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份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Huitongda Network Co., Ltd. 匯通達網絡股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9878） 自願性公告 與阿里雲簽訂全面合作協議 本公告由匯通達網絡股份有限公司（「本公司」），與其附屬公司統稱「本集團」）自 願作出，以讓本公司股東及潛在投資者知悉本集團的最新業務進展。 本公司董事（「董事」）會（「董事會」）欣然宣佈，於2025年8月8日，本公司與阿里 雲計算有限公司（「阿里雲」）簽訂全面合作協議（「全面合作協議」），雙方通過資源 整合與優勢互補，共同探索人工智能和數字化解決方案的創新及應用前景，深化 雲計算、人工智能及下沉市場數字化領域的協同合作（「全面合作」）。 根據全面合作協議，本集團及阿里雲預期於以下領域展開合作，包括： 1 (i) 全棧AI合作：本集團將接入通義千問大模型，結合本集團在零售行業的深度 經驗，將大模型及相關AI能力與本集團產業 ...