风险提示：宏观经济波动、房地产行业不确定性、供应链资产证券化市场复苏不及预期、全球稳定币监 管政策变化等。 核心业务增长迅速，战略聚焦可持续：在核心企业云侧，多级流转云作为集团核心板块，2025 年上半 年处理供应链资产总量达1332 亿元（YoY+54.4%），业务占比达65%，增长动力清晰。AMS 云短期承 压，处理供应链资产总量为299 亿元（YoY-20.2%），主要受供应链资产证券化市场不振及战略性退出 部分过桥资产项目影响，业务趋向可持续发展。在金融机构云侧，ABS 云处理供应链资产总量为96 亿 元，实现大幅增长。而e 链云处理供应链资产总量为260 亿元（YoY-9.2%），系主动压降低毛利业务、 聚焦金融机构数智化转型产品所致。自2 月1日起，中小企业信用科技分部重组后不再并入财务报表， 以提升资源配置效率。 全球化布局提速，前瞻卡位数字资产与稳定币赛道：公司跨境云资产规模与收入均实现双位数稳健增 长，收入达0.26 亿元（YoY+20.3%），主要得益于融资总量增加与产品服务费提升。在数字资产领域， 公司依托新加坡国际总部与绿联银行牌照，探索合规稳定币与多链技术应用。联易融联合BIS、渣打 ...

Core Viewpoint - 联易融科技 reported a decline in revenue and net profit for the first half of 2025, indicating challenges in the current market environment and a shift in product strategy [1][2]. Financial Performance - In 25H1, the company achieved operating revenue of 375 million yuan, a year-on-year decrease of 9.3% [1] - The adjusted net profit was -372 million yuan, compared to -189 million yuan in 24H1 [1] - The gross margin fell to 56.0%, down 14.9 percentage points year-on-year, primarily due to changes in product structure and a more flexible pricing strategy [1] Share Buyback and Confidence - The company announced a commitment to repurchase at least 80 million USD of B-class shares within the next 12 months, reflecting confidence in its future [1] - In June 2025, the company canceled 148 million shares previously repurchased [1] Supply Chain Financial Technology Growth - The financing amount facilitated by supply chain financial technology reached 198.72 billion yuan in 25H1, a year-on-year increase of 27.4%, driven mainly by the multi-level circulation cloud [2] - The commission rate decreased by 0.07 percentage points to 0.18% [2] Business Segment Performance - Electronic debt certificate business facilitated financing of 159.22 billion yuan, up 38.6% year-on-year, with multi-level circulation cloud financing amounting to 133.23 billion yuan, a 54.4% increase [2] - Asset securitization business facilitated financing of 39.5 billion yuan, down 3.8% year-on-year, with AMS cloud financing at 29.87 billion yuan, down 20.2% [3] - Cross-border cloud financing reached 4.84 billion yuan, up 13.9% year-on-year, supporting Chinese enterprises' overseas expansion [3] Long-term Strategic Initiatives - The company is developing a programmable trade token and a trade finance asset tokenization platform, aiming to capitalize on the growing demand for digital assets [4] - As of 25H1, the company collaborated with 2,565 core enterprises and 389 financial institutions, with a 25% increase in core enterprise clients [4] Investment Outlook - The company is positioned as a leading third-party supply chain financial technology solution provider with a light asset operating model [5] - The anticipated recovery in the real estate sector and growth in non-real estate businesses are expected to drive future performance [5] - Adjusted earnings per share (EPS) forecasts for 2025/2026/2027 are -0.15/0.06/0.09 yuan, with a target price of 3.49 HKD based on a 7x price-to-sales (PS) valuation for 2025 [5]

证 券 研 究 报 告 联易融科技-W（09959.HK）2025 年中报点评 推荐（维持） 拟大额回购彰显公司信心，国际业务有望打 造第二增长曲线 事项： ❖ 联易融科技发布 2025 年中报。25H1 实现营业收入 3.75 亿元（同比-9.3%）， 归母净利润-3.80 亿元，经调整净利润-3.72 亿元（24H1 为-1.89 亿元）。 评论： （1）电子债权凭证业务：25H1，促成融资额 1592.2 亿元（同比+38.6%），主 要由于聚焦于非地产客户的多级流转云融资额持续高增。多级流转云（客户为 核心企业）融资额为 1332.3 亿元（同比+54.4%），占 25H1 总融资额比例提升 至 65.5%。报告期内，为多家企业落地了订单融资等"弱信用链接解决方案"； E 链云（客户为金融机构）融资额为 259.9 亿元（同比-9.2%），主要由于公司 主动压降了 E 链云的部分低毛利业务。同时加速推进 AI Agent 核心模块迭代， 已在超过 24 家金融机构进行 SaaS 或本地化部署交付。 （2）资产证券化业务：25H1，促成融资额为 395.0 亿元（同比-3.8%）。AMS 云（客户为核心 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price raised to HKD 4.0, indicating a potential upside of 45% from the current price of HKD 2.8 [4][8]. Core Insights - The company has released historical impairment pressures and is positioned for future growth, with a total supply chain asset volume of CNY 203.6 billion expected by H1 2025, driven by strong performance in its multi-level circulation cloud segment [2]. - Despite a year-over-year revenue decline of 9.3% to CNY 375 million, the company is optimizing its business structure and maintaining a cautious impairment provision strategy, resulting in an adjusted net loss of CNY 372 million [2][3]. - The company has committed to a share buyback of no less than USD 8 million in the next 12 months, reflecting its focus on shareholder returns [2][4]. Financial Performance - For the fiscal year ending December 31, 2023, the company reported total revenue of CNY 867.76 million, a decrease of 6.1% from the previous year, with a projected revenue of CNY 1.03 billion for 2024 [6][10]. - The adjusted net profit for 2023 was a loss of CNY 286.27 million, with forecasts indicating a continued loss of CNY 748.18 million in 2024, but a return to profitability is expected by 2026 with a net profit of CNY 171.95 million [6][10]. - The company’s gross margin is projected to improve significantly, reaching 80.3% by 2026, up from 60.7% in 2023 [10]. Business Segments - The core business, particularly the multi-level circulation cloud, is expected to handle supply chain assets totaling CNY 1.332 trillion by H1 2025, marking a year-over-year growth of 54.4% [3]. - The AMS cloud segment is currently under pressure, with a 20.2% decline in supply chain asset handling to CNY 29.9 billion, primarily due to market conditions [3]. - The company is also expanding its global footprint, with cross-border cloud assets and revenues growing by 20.3% to CNY 26 million, driven by increased financing and service fees [4].

战略转型期短期承压，回购计划规模吸引 事件：联易融科技发布 2025 年中期业绩，2025H1 公司实现收入 37.5 亿元（人 民币，下同），同比下降 9.3%；毛利率从 2024H1 的 70.9%降至 56.0%，降幅 14.9 个百分点，主要原因是收入结构的变化与市场竞争所致。25H1 归母净亏损 38.0 亿元，同比扩大 57.7%；经调整亏损（非国际财务报告准则）37.2 亿元，同 比大幅扩大 97.4%，主要系对历史过桥供应链资产计提减值准备增加（减值损失 27.0 亿元，同比增 66.5%）及业务结构调整所致。公司公告称在未来 12 个月使 用不低于 8000 万美元（约合 6.23 亿港元，按最近收市市值为总股本比例约 11%） 进行回购，回购计划力度较大，股东回报有较大亮点。 互联网与软件服务 | 投资评级： | | | 买入 | | --- | --- | --- | --- | | | | 维持 | 评级 | | 6 | 个月目标价 | 3.45 | 港元 | | 股价 | 2025-8-28 | 2.76 | 港元 | 报告摘要 多极流转云成增长主力，AMS云短期承压。核心企业云作为 ...

作为供应链金融科技行业的领导者和先驱者，联易融在人工智能、区块链等前沿技术领域持续布局和突破，旨在通过技术 创新助力供应链全链路效能提升与价值体系重塑，为构建高质量的普惠金融体系贡献力量。 联易融创始人、董事长兼CEO宋群表示："面对历史性的变革机遇，轻装上阵的联易融将全力围绕'AI+产业金融'，战略并 购及数字资产三大核心战略，打造多重发展引擎，实现有质量的可持续增长。" 联易融的供应链金融科技解决方案涵盖核心企业云业务中的多级流转云和AMS云，以及金融机构云业务中的ABS云和e链 云。 上半年，在金融机构云业务中，公司创新核心企业应收账款融资类产品进一步深化大基建行业客户渗透，并积极向新能源 等新兴领域拓展延伸，ABS云业务处理供应链资产96亿元，较去年实现大幅增长。 联易融持续拓展广泛而多元的业务合作伙伴，有序规模化落地创新"脱核"场景解决方案，为云南省建设投资控股集团、中 铁二十五局集团、泸州老窖及山东新港企业集团等多家企业落地了订单融资、应收e贷等"弱信用链接解决方案"，持续优化产 品组合。 本报讯 （记者矫月）2025年8月26日，联易融科技集团（以下简称"联易融"）发布2025年中期业绩。上半年 ...

联易融的供应链金融科技解决方案涵盖核心企业云业务中的多级流转云和AMS云，以及金融机构云业 务中的ABS云和e链云。其中，作为公司核心板块的多级流转云业务表现强劲，处理资产达1,332亿元， 同比增长54%。 智通财经APP获悉，2025年8月26日，联易融科技集团（09959）发布2025年中期业绩。上半年，公司累 计供应链资产服务规模达2,036亿元，总收入和收益为3.7亿元；供应链金融科技解决方案的核心企业及 金融机构客户新增244家，客户总量达到1352家，较2024年增长22%；公司累计助力超38万家中小微企 业享受数字普惠金融科技服务。 上半年，公司聚焦核心业务，加速转型升级，推进组织结构优化，经营费用下降；公司持续提升运营效 率并改善现金流，现金储备达人民币54亿元，较2024年底增加3亿元。 此外，联易融上半年全面启动全球贸易金融数字资产化战略，推出以数字贸易代币DTT（Digital Trade Token）和贸易金融资产代币化ABT（Asset Backed Token）为核心的"稳定币+"(StableCoin+)创新解决方 案，前瞻性布局基于合规稳定币的全球供应链金融应用与场景。 同时 ...