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 ...