Investment Rating - The report assigns a "Buy" rating for the company with a target price of HKD 6.93 and a current price of HKD 5.66 [1] Core Viewpoints - The company is a leading supply chain technology platform, focusing on inclusive finance and digital finance, serving key industries such as infrastructure, pharmaceuticals, and bulk commodities [2] - The company has achieved a non-performing loan ratio of 0% and an overdue ratio of 0.03% in 2023, demonstrating strong risk control capabilities [2] - The company's platform strategy, driven by technology, has significantly enhanced its ability to connect capital providers with asset providers, leading to robust growth in digital finance and platform services [3] Business Model and Strategy - The company operates a "1+N" model, where "1" represents large state-owned enterprises and listed companies, and "N" represents small and medium-sized enterprise (SME) suppliers [66] - The company has established partnerships with over 138 capital providers as of H1 2024, a 200% increase from 2020 [69] - The company has invested over RMB 200 million in R&D, with significant capitalisation of R&D costs, indicating efficient conversion of R&D into technological achievements [38] Financial Performance - The company's total revenue grew by 24% YoY in 2023, with digital finance solutions and platform technology services contributing RMB 723 million and RMB 170 million, respectively [34] - The company's adjusted net profit CAGR from 2021 to 2023 was 13.54%, with an adjusted net profit margin consistently above 30% [33] - The company's supply chain assets and platform matching daily balances reached RMB 13.911 billion and RMB 5.97 billion in 2023, representing YoY growth of 58% and 200%, respectively [34] Industry and Market Potential - The supply chain finance market in China reached RMB 36.9 trillion in 2022, with a CAGR of 16.8% from 2018 to 2022, and is expected to grow to over RMB 60 trillion by 2027 [61] - The commercial factoring market in China grew by 20.5% YoY in 2023, reaching RMB 2.7 trillion, and is expected to exceed RMB 3 trillion by 2025 [50] - The accounts receivable of large-scale industrial enterprises in China increased from RMB 17.40 trillion in 2019 to RMB 23.72 trillion in 2023, with a CAGR of 8.05% [51] Competitive Advantages - The company has formed strategic partnerships with state-owned enterprises, including Wuxi Traffic Industry Group and Xiamen Xiangyu Group, enhancing its credibility and access to capital [63] - The company's technology-driven platform has enabled it to efficiently match capital with assets, reducing operational costs and improving risk control [20] - The company's focus on R&D and technology application has resulted in 68 national invention patents and software copyrights, further strengthening its competitive position [2]

Customer Growth and Business Expansion - As of June 30, 2024, the total number of platform customers exceeded 16,700, representing an increase of approximately 22.8% from over 13,600 as of June 30, 2023[2] - The business scale continued to expand, with the number of small and micro enterprise customers accounting for approximately 96.69% of the total customer base[4] - The company established a commercial factoring company in collaboration with local quality state-owned enterprises, achieving a combined business scale exceeding RMB 15.7 billion[5] Financial Performance - For the six months ended June 30, 2024, revenue from platform technology services was RMB 153.8 million, an increase of approximately 82.9% compared to RMB 84.1 million for the same period in 2023, accounting for about 35.3% of total revenue[2] - The share of profit from joint ventures increased by approximately 698.0% to RMB 40.7 million for the six months ended June 30, 2024, compared to RMB 5.1 million for the same period in 2023[2] - The company's main business revenue decreased by 11.9% year-on-year to RMB 436.1 million for the six months ended June 30, 2024, down from RMB 494.8 million in the same period last year[9] - Revenue from digital financial solutions decreased by 22.5% year-on-year to RMB 275.0 million, primarily due to the sale of Wuxi Guojin in February 2024[12] - Revenue from the sale of supply chain assets dropped by 87.0% year-on-year to RMB 7.2 million, attributed to a reduction in receivables from sold supply chain assets[13] - Other income increased by 331.7% year-on-year to RMB 27.2 million, mainly due to gains from the fair value of financial assets and reduced losses from financial liabilities[14] Profitability and Costs - Adjusted net profit for the first half of 2024 was RMB 1.166 billion, with digital financial solutions revenue around RMB 275 million, and average daily supply chain asset balance of approximately RMB 20.429 billion, reflecting a year-on-year growth of about 61.7%[4] - Net profit for the first half of 2024 was RMB 165.1 million, a decrease of RMB 21.9 million or 11.7% compared to RMB 187.0 million for the same period in 2023[16] - Total operating expenses increased by 5.5% year-on-year to RMB 108.2 million for the six months ended June 30, 2024, primarily due to an increase in employee costs of RMB 8.7 million[15] - Adjusted net profit decreased by 11.8% year-on-year to RMB 166.0 million for the six months ended June 30, 2024, down from RMB 188.3 million[17] Research and Development - Research and development investment reached RMB 22.2 million, with a total of 68 national invention patents and software copyrights[4] - The company will continue to invest in R&D to enhance its technological capabilities and maintain its leading position in the supply chain ecosystem[35] Regulatory Compliance and Risk Management - The company actively embraced regulation and was recognized for its data quality work by the People's Bank of China Credit Center[7] - The company has established a comprehensive internal control system for digital financial solutions, integrating traditional risk control and industry-specific assessment models[28] - A dual credit approval mechanism is applied in the digital financial solutions business to manage risk exposure for individual customers and the overall business[29] Cash Flow and Liquidity - As of June 30, 2024, the group's cash and cash equivalents amounted to RMB 741.1 million, an increase from RMB 658.2 million as of December 31, 2023[36] - The net cash generated from operating activities for the first half of 2024 was RMB 574.6 million, a decrease of RMB 59.3 million compared to RMB 633.9 million for the same period in 2023[36] - The leverage ratio as of June 30, 2024, was 1.67, improved from 1.91 as of December 31, 2023[36] Shareholder and Equity Information - The company has diluted its indirect equity stake in Wuxi Guojin from 80% to 49% following a capital increase of RMB 569.4 million, resulting in Wuxi Guojin no longer being a subsidiary[46] - The company repurchased a total of 444,500 shares as treasury stock, equivalent to approximately 0.04% of the company's equity[56] - The company approved a new Share Option Plan in 2024, which will replace the 2017 Share Option Plan[61] Corporate Governance and Social Responsibility - The company has complied with the corporate governance code since its listing date and continues to adhere to the relevant rules[76] - The company has established the Shengye Public Welfare Foundation, with cumulative public welfare expenditures exceeding RMB 13.76 million and over 6,098 hours of volunteer service[8] - The company is committed to ESG principles and aims to provide inclusive financial services through a warm supply chain[8] Acquisitions and Investments - The company has entered into a share purchase agreement to acquire all issued shares of Ming Feng Holdings Limited for RMB 300 million, with potential additional payments of up to RMB 500 million based on performance targets in 2024 and 2025[78] - The acquisition of Mingfeng Holdings is accounted for as a business acquisition and was completed in July 2024[125]

Financial Performance - Main business revenue for 2023 reached RMB 963,518,000, a 20.4% increase from RMB 800,425,000 in 2022[4] - Profit before tax for 2023 was RMB 370,643,000, up 29.6% from RMB 285,998,000 in 2022[4] - Net profit for 2023 was RMB 285,545,000, representing a 17.3% increase compared to RMB 243,608,000 in 2022[4] - The total revenue of the group increased by 20.4% year-on-year, reaching RMB 963.5 million for the year ended December 31, 2023, up from RMB 800.4 million in the previous year[17] - The company reported a net profit of RMB 285,545,000 for the year, representing a 17.3% increase from RMB 243,608,000 in 2022[198] - The company achieved a pre-tax profit of RMB 370,643,000, which is a 29.6% increase from RMB 285,998,000 in the previous year[197] Revenue Breakdown - Technology revenue, including platform service and supply chain technology service revenue, reached RMB 170.2 million, a year-on-year increase of approximately 64.8%, accounting for about 17.7% of total revenue, up from 12.9% in the previous year[12] - Revenue from platform services increased by 105.5% year-on-year to approximately RMB 145.8 million, driven by the expansion of inclusive matching services[19] - Digital financial solutions revenue from supply chain asset interest rose to RMB 701,349,000, compared to RMB 604,546,000 in 2022, marking a growth of 16.0%[197] - Revenue from supply chain technology services decreased by 24.4% year-on-year to RMB 24.4 million, primarily due to a strategic shift towards other technology-related services[20] Customer and Market Growth - The total number of customers reached 15,326, reflecting a 20% growth compared to the previous year[7] - The cumulative number of customers on the platform reached 15,300, a year-on-year increase of 20.5%, with over 97% being small and micro enterprises[12] - The financing amount provided directly and indirectly to small and micro enterprises reached RMB 22.16 billion, a year-on-year increase of approximately 12.1%[12] - The number of funding partners linked to the platform increased by 22.4% year-on-year, reaching 131 partners by December 31, 2023[14] Research and Development - Cumulative R&D investment reached RMB 200 million, with technology revenue growing approximately 65% to RMB 170 million, accounting for 18% of total revenue[6] - The group has invested approximately RMB 200 million in R&D, resulting in 62 patents and software copyrights as of December 31, 2023[15] - The group will continue to invest in research and development to maintain its technological leadership in the supply chain ecosystem[41] Dividends and Shareholder Returns - The company plans to distribute a dividend of HKD 0.269 per share, raising the payout ratio to 90%[5] - The company plans to distribute a dividend of HKD 0.269 per share for the year ending December 31, 2023, representing a growth of 259%[12] - The board proposed a final dividend of HKD 0.269 per share for the year ended December 31, 2023, an increase from HKD 0.075 per share for the year ended December 31, 2022[43] Operational Efficiency - Total operating expenses increased by 18.8% year-on-year to RMB 271.8 million, mainly due to business expansion leading to higher employee costs[24] - The operating cost-to-revenue ratio for 2023 was 28.1%, slightly down from 28.6% in 2022[25] - Employee costs increased by 22.7% year-on-year to RMB 177.8 million[24] Risk Management and Compliance - The company has established effective risk management and internal control systems, which were reviewed and deemed satisfactory by the board for the year ended December 31, 2023[109] - The audit committee is tasked with overseeing the risk management and internal control systems, conducting annual assessments of their effectiveness, and reporting findings to the board[108] - The company has adopted anti-corruption and whistleblowing policies in compliance with applicable laws and regulations[111] Corporate Governance - The company has adhered to the corporate governance code as per the Stock Exchange Listing Rules for the fiscal year ending December 31, 2023[67] - The board consists of two executive directors, one non-executive director, and four independent non-executive directors as of December 31, 2023[71] - Independent non-executive directors account for at least one-third of the board, ensuring independent judgment on strategies and performance[73] Environmental and Social Responsibility - The group is committed to promoting low-carbon operations and has established an online platform to effectively reduce paper usage and carbon emissions from business operations[182] - The group actively promotes environmental sustainability through initiatives such as paperless operations and resource conservation[182] - The company has engaged in charitable activities and community involvement to enhance corporate social responsibility[182] Shareholder Communication - The company has established a shareholder communication policy to ensure timely and transparent communication with shareholders through various channels, including the company's website and stock exchange announcements[107] - The company has established a professional investor relations service to enhance communication with existing and potential investors[124]

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 09 日 盛 业(06069.HK) 证券研究报告 业务规模稳健增长，分红派息大幅提升 信贷(HS) 投资评级 买入-A ■事件：公司披露2023 年报，全年实现主营业务收入及收益总额 9.6 维持评级 亿元（YoY+20%），归母净利润 2.7 亿元（YoY+22%），每股盈利 0.27 元（YoY+23%），拟派发2023年度末期股息每股0.269港元（YoY+259%）。 6 个月目标价 4.97港元 股价 (2024-04-08) 4.29港元 ■科技收入占比提升，资金方及获客端持续突破。2023 年公司实现 科技收入（平台服务收入+供应链科技服务收入）同比+65%至 1.7 亿 交易数据 元，占主营业务收入及收益总额比重同比+4.8pct至17.7%。截至2023 总市值(百万港元) 4,246.03 年末，公司平台链接资金合作方数量较上年末+22.4%至 131 家，平台 流通市值(百万港元) 4,246.03 累计客户数量较上年末+20.5%至 1.53 万家（其中中小微客户数量占 总股本(百万股) 989. ...

Customer Growth - As of December 31, 2023, the total number of cumulative platform customers exceeded 15,300, representing an increase of approximately 20.5% from over 12,700 as of December 31, 2022[2]. - The number of funding partners linked to the platform increased to 131, a growth of 22.4% compared to the same period last year[7]. Financial Performance - The total revenue and income from the group's main business increased by 20.4% year-on-year to RMB 963.5 million, compared to RMB 800.4 million for the year ended December 31, 2022[2]. - The profit after tax increased by approximately 17.2% to RMB 285.5 million, compared to RMB 243.6 million for the year ended December 31, 2022[2]. - Adjusted net profit increased by 16.8% year-on-year to RMB 291.6 million for the year ended December 31, 2023, compared to RMB 249.6 million for the previous year[21]. - The total revenue for the year ended December 31, 2023, was RMB 963,518 thousand, an increase from RMB 800,425 thousand in 2022, representing a growth of approximately 20.4%[83]. - The net profit for the year was RMB 285,545 thousand, compared to RMB 243,608 thousand in 2022, marking a growth of 17.3%[83]. Revenue Breakdown - Technology revenue, including platform service revenue and supply chain technology service revenue, was RMB 170.2 million, a year-on-year increase of approximately 64.8%, accounting for about 17.7% of total revenue[2]. - The income from digital financial solutions increased by approximately 15.7% to RMB 722.8 million, compared to RMB 624.9 million for the year ended December 31, 2022[2]. - Revenue from platform services surged by 105.5% year-on-year, reaching approximately RMB 145.8 million, driven by the expansion of the platform's inclusive matching business[13]. - Revenue from supply chain asset interest income was RMB 701.3 million, accounting for 72.8% of total revenue, with a year-on-year growth of 16.0%[12]. - Revenue from digital financial solutions reached RMB 722,811 thousand in 2023, an increase of 15.7% from RMB 624,871 thousand in 2022, driven by interest income from supply chain assets which accounted for RMB 701,349 thousand[108]. Expenses and Costs - Total operating expenses increased by 18.8% year-on-year to RMB 271.8 million for the year ended December 31, 2023, up from RMB 228.7 million, driven by increased employee costs and depreciation[20]. - Employee costs rose by 22.7% year-on-year to RMB 177.8 million for the year ended December 31, 2023, compared to RMB 144.8 million in 2022[19]. - Depreciation and amortization expenses increased by 10.0% year-on-year to RMB 31.5 million for the year ended December 31, 2023, up from RMB 28.6 million[19]. Cash Flow and Liquidity - The net cash generated from operating activities for 2023 was RMB 1,681.9 million, a significant increase of RMB 2,451.1 million compared to the net cash used in operating activities of RMB 769.2 million for the year ended December 31, 2022[37]. - Cash and cash equivalents increased to RMB 658,210 thousand in 2023 from RMB 577,033 thousand in 2022, showing an increase of 14.1%[87]. - The company reported a net cash inflow from operating activities of RMB 1,681,936 thousand in 2023, a recovery from a net outflow of RMB 769,203 thousand in 2022[91]. Investments and Acquisitions - The company invested approximately RMB 200 million in research and development, with a total of 62 national invention patents and software copyrights as of December 31, 2023[8]. - The company successfully established joint ventures with quality state-owned enterprises in Wuxi, Ningbo, Xiamen, and Qingdao, with expected incremental funds and business scale approaching RMB 20 billion in 2024[7]. - The company acquired a 40% stake in Qingdao Haikong Commercial Factoring Co., Ltd., making it an associate company, with a registered capital of RMB 527 million post-agreement[47]. Shareholder Returns - The board proposed a dividend of HKD 0.269 per share for the year ended December 31, 2023, an increase of 259% compared to HKD 0.075 per share for the year ended December 31, 2022[4]. - The total dividend declared for 2023 was RMB 67,861,000, an increase from RMB 64,712,000 in 2022, marking a rise of 3.3%[118]. Risk Management and Compliance - The group has established comprehensive internal control systems and credit risk control policies for digital financial solutions[29]. - The dual credit approval mechanism is applied in the digital financial solutions business to manage risk exposure effectively[30]. - The group has established foreign exchange risk management strategies, including currency swap contracts and forward contracts, to mitigate exposure related to bank borrowings denominated in HKD and USD[50]. Strategic Focus - The company plans to enhance cooperation with core enterprises in the supply chain ecosystem, expanding collaboration in financing and technology fields, with a business cooperation scale increased from RMB 1 billion to RMB 1.5 billion[6]. - The company continues to focus on strategic partnerships with core enterprises and emerging industries such as new energy and e-commerce to drive growth[35]. - The group aims to become Asia's most trusted supply chain technology platform under the "Dual-Driven + Big Platform" strategy announced in January 2021, focusing on digitalization and digital finance[49]. Employee and Management - The group had 358 employees as of December 31, 2023, down from 377 employees a year earlier[51]. - The group has implemented a comprehensive incentive plan to reward existing senior management and employees, ensuring competitiveness in talent retention[51]. Regulatory and Governance - The company has adhered to the corporate governance code as outlined in the listing rules for the fiscal year ending December 31, 2023[74]. - The board of directors confirmed compliance with the trading standards and the company's code of conduct for securities trading during the fiscal year[68].

智通财经APP讯，盛业(06069)公布，于2024年2月28日(交易时段后)，太湖新城资产、该公司全资附属 公司盛业数科、该公司全资附属公司天津盛卓、目标公司无锡国金商业保理有限公司及该公司(连同其 若干附属公司)订立合作协议。 根据合作协议，太湖新城资产同意向目标公司增资人民币5.694亿元，而盛业数科及天津盛卓均同意不 行使其有关增资的优先购买权。于增资完成后，目标公司的注册资本将由人民币3亿元增加至4.898亿 元，而目标公司将由太湖新城资产、盛业数科及天津盛卓分别拥有51%、24.5%及24.5%权益。由于盛业 数科及天津盛卓各自于目标公司的股权将分别由40%摊薄至24.5%，因此，该集团于目标公司的间接股 权总额将因增资而由80%摊薄至49%。于增资完成后，目标公司将不再为公司的非全资附属公司。 董事会认为，本次与太湖新城集团达成的合作协议，符合盛业平台化战略，通过与优质地方国企达成战 略合作，加快区域供应链普惠金融服务平台建设，实现产业资源高效链接和精准获客，着力解决中小微 企业的融资需求。 于增资完成后，目标公司会延续该集团和优质地方国资的合作模式，该集团会利用目标公司业务规模增 长的契机，进 ...

醉 SY HOLDINGS GROUP LIMITED 盛 業 控 股 集 團 有 限 公 司 (於開曼群島註冊成立之有限公司) 股份代號：6069 2023 中期報告 目錄 | --- | --- | --- | |-------|-------|------------------------------| | | | | | | | | | | 頁次 | | | | 2 | 業績亮點 | | | 3 | 公司資料 | | | 4 | 管理層討論與分析 | | | 25 | 企業管治及其他資料 | | | 42 | 簡明綜合財務報表審閱報告 | | | 43 | 簡明綜合損益表 | | | 44 | 簡明綜合損益及其他全面收益表 | | | 45 | 簡明綜合財務狀況表 | | | | | | | 47 | 簡明綜合權益變動表 | | | 48 | 簡明綜合現金流量表 | | | 50 | 簡明綜合財務報表附註 | | | | | 盛業控股集團有限公司 中期報告 2023 業績亮點 2 截至2023年6月30日止六個月 386,256+28.1% 494,836 主營業務收入及收益總額 （人民幣千元） 2 ...

B_table indent_4.5 mm N_table indent_4 mm 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 何部分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。 SY HOLDINGS GROUP LIMITED 盛業控股集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：6069） 截 至2023年6月30日止六個月之 中期業績公告 | --- | --- | |-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

S 盛業 SY HOLDINGS GROUP LIMITED 盛 業 控 股 集 團 有 限 公 司 (於閉曼群島註冊成立之有限公司) (股份代號 : 6069) 2022 年報 目錄 頁次 2 業績亮點 3 財務資料摘要 4 主席報告 6 管理層討論與分析 23 董事及高級管理層履歷 43 董事會報告 66 獨立核數師報告 72 綜合損益表 73 綜合損益及其他全面收益表 頁次 27 企業管治報告 74 綜合財務狀況表 76 綜合權益變動表 78 綜合現金流量表 81 綜合財務報表附註 210 公司資料 公司資料 210 2022年報 業績亮點 截至 2022 年 12 月 31 日止年度 | --- | --- | --- | --- | --- | |-------------------------------------|---------------------------------|-------|---------------------------------|------------------------| | | | | | | | 主營業務收入及收益總額 (人民幣千元) | | | ...

香港交易及結算所有限公司以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 或任何部分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。 SY HOLDINGS GROUP LIMITED 盛 業 控 股 集 團 有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：6069） 有關截至2022年12月31日止年度之年度業績公告 補充公告 茲提述盛業控股集團有限公司（「本公司」，連同其附屬公司統稱「本集團」）日期為 2023 年 3 月 23 日 有 關 本 集 團 截 至 2022 年 12 月 31 日 止 年 度 之 年 度 業 績 公 告（「 該 公 告」）。除另有界定者外，本公告所用詞彙與該公告所界定者具有相同涵義。 除該公告所載資料外，本公司謹此向股東及潛在投資者提供以下補充資料。 預期派付股息日期 誠如該公告所披露，董事建議就截至2022年12月31日止年度派付末期股息每股本 公司普通股7.5港仙（「建議末期股息」）。董事會謹此補充，建議末期股息將於2023 年7月14日應付該等於2023年6月30日（ 星期五 ） ...