Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 1.8, while the current price is HKD 1.5 [1][2]. Core Views - The company reported a revenue of HKD 413 million for the first half of 2024, reflecting a year-on-year increase of 5.6%. However, the adjusted net profit was a loss of HKD 204 million, compared to a loss of HKD 86 million in the same period last year [1][2]. - The gross margin improved significantly to 70.9%, an increase of 10.1 percentage points year-on-year. However, impairment losses rose to HKD 162 million, a year-on-year increase of 127.2%, primarily due to extended ABS issuance cycles [1][2]. - The company plans to strategically acquire a 29.38% stake in Bait Technology, which will increase its ownership to 54.38%. This acquisition is expected to enhance customer base and provide integrated core system solutions [1][2]. - The financing amount facilitated by the company's supply chain financial technology business reached HKD 1,559.6 billion, a year-on-year increase of 14.6% [1][2]. - The company has maintained its leading position in the third-party supply chain financial technology provider market, with a market share of 20.9% [2]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved total revenue of HKD 413 million, with a gross margin of 70.9% [1][2]. - The adjusted net profit was a loss of HKD 204 million, with a net loss margin increasing to 49.4% [1][2]. - The company’s expenses decreased by 3.4 percentage points year-on-year to 86.6% [1]. Business Segments - The electronic debt certificate business facilitated financing of HKD 1,149 billion, a year-on-year increase of 27.7% [1]. - The multi-level circulation cloud business, focusing on core enterprises, saw financing amounting to HKD 862.6 billion, a year-on-year increase of 56.9% [1]. - The cross-border cloud business facilitated financing of HKD 93.4 billion, a year-on-year increase of 63.1% [1]. Strategic Initiatives - The company is actively pursuing a strategic acquisition of Bait Technology to enhance its service offerings and customer base [1][2]. - The company has reaffirmed its share repurchase plan, indicating confidence in future stock price recovery [2]. Market Outlook - The report highlights the long-term growth potential of the supply chain financial technology industry, supported by policy backing and a recovering macroeconomic environment [2]. - The company is expected to benefit from a diversified customer base across various industries, enhancing its revenue resilience [1][2].

Financial Performance - For the six months ended June 30, 2024, the company's revenue was RMB 413.1 million, an increase of 5.6% compared to RMB 391.0 million in the same period of 2023[2]. - The gross profit for the same period was RMB 292.9 million, representing a 23.3% increase from RMB 237.6 million year-on-year, with a gross margin rising from 60.8% to 70.9%[2][7]. - The adjusted net loss for the first half of 2024 was RMB 204.1 million, a significant increase of 136.1% compared to RMB 86.5 million in the previous year[2]. - The company reported a net loss of RMB 241.5 million for the six months ended June 30, 2024, compared to a net loss of RMB 171.7 million for the same period in 2023[57]. - Total comprehensive loss for the period was RMB 198,839,000, significantly higher than the RMB 78,701,000 reported in the previous year, indicating a year-over-year increase of 152.5%[58]. - The basic loss attributable to equity shareholders of RMB 240,801,000 for the six months ended June 30, 2024, compared to a loss of RMB 170,298,000 for the same period in 2023, reflecting an increase in loss of approximately 41.2%[83]. Customer Metrics - The number of core enterprise customers increased by 20.2% to 726 from 604 in the previous year, while the total number of core enterprises rose by 17.6% to 1,750[3]. - The customer retention rate improved to 96%, up from 86% in the previous year, indicating stronger customer loyalty[3][4]. - The overall customer retention rate improved from 86% in 2023 to 96% in the first half of 2024, with a retention rate of 99% in the core multi-level circulation business segment[8]. - The company has maintained a high customer retention rate of 99% in the multi-level circulation cloud business, with a total of 701 customers as of the first half of 2024[12]. Technology and Innovation - The company ranked first in market share among third-party supply chain fintech solution providers in China for four consecutive years, with a market share of 20.9%[9]. - The number of R&D personnel reached 536, accounting for 59% of the total workforce, contributing to the development of the first AI-based supply chain document review platform, "AI Agent"[9]. - The company successfully delivered its AI smart platform "AI Agent" to over 10 financial institutions, aiding in their digital transformation efforts[13]. - The company is focused on expanding and optimizing its technology solutions across various business segments to enhance supply chain management[67]. - The company aims to enhance its digital supply chain management services for core enterprises and their suppliers through its Core Enterprise Cloud solutions[68]. Financial Position - The company reported a total of RMB 5,086.1 million in cash and cash equivalents as of June 30, 2024, maintaining a healthy financial position[7]. - The cash and cash equivalents increased to RMB 4,923.1 million as of June 30, 2024, up from RMB 4,719.2 million as of December 31, 2023[43]. - As of June 30, 2024, the company's borrowings amounted to RMB 270.5 million, a significant increase from RMB 34.0 million as of December 31, 2023[45]. - The company's equity-to-debt ratio as of June 30, 2024, was 4.3%, up from 1.4% as of December 31, 2023[46]. Revenue Breakdown - Revenue from supply chain financial technology solutions was RMB 385.6 million, up 6.0% from RMB 363.6 million in the same period last year[2]. - Revenue from core enterprise cloud solutions rose by 28.7% from RMB 231.1 million to RMB 297.4 million during the same period[22]. - Revenue from financial institution cloud solutions decreased by 33.5% from RMB 132.5 million to RMB 88.2 million, primarily due to a decline in the securitization market[22]. - Emerging solutions revenue was RMB 27.5 million, a slight increase of 0.5% compared to RMB 27.4 million in the previous year[2]. Expenses and Losses - Operating loss for the six months ended June 30, 2024, was RMB 186.5 million, compared to RMB 144.4 million for the same period in 2023[20]. - Research and development expenses for the six months ended June 30, 2024, were RMB 177.7 million, a decrease from RMB 188.9 million in the previous year[20]. - Sales and marketing expenses increased by 13.4% from RMB 58.4 million for the six months ended June 30, 2023, to RMB 66.2 million for the six months ending June 30, 2024, driven by increased salaries and benefits for sales and marketing staff[27]. - General and administrative expenses rose by 8.8% from RMB 104.5 million for the six months ended June 30, 2023, to RMB 113.7 million for the six months ending June 30, 2024, mainly due to higher salaries and professional service fees[28]. Strategic Initiatives - The company is actively exploring strategic acquisitions to enhance market competitiveness and operational efficiency, focusing on businesses that align with its core operations[16]. - The proposed acquisition of a controlling stake in Bait Technology will increase the company's ownership from 25% to 54.3763%, integrating Bait Technology's treasury management solutions into the company's offerings[16]. - The company continues to explore innovative practices in green supply chain finance, integrating environmental and social responsibility considerations into its solutions[10]. Market and Industry Position - The company processed supply chain asset transactions exceeding RMB 2 billion across 13 industries in the first half of 2024, showcasing its extensive industry coverage[17]. - The company introduced the innovative "Small Micro Bee E-commerce Loan" product, targeting the expanding live-streaming e-commerce market, and has successfully partnered with 14 financial institutions[15]. - The company launched innovative cross-border "Go Early" products for well-known cross-border e-commerce platforms, enhancing their logistics financing solutions[8].

Financial Performance - Total revenue for the year 2023 was RMB 867,764,000, a decrease of 6.1% compared to RMB 924,200,000 in 2022[5]. - Gross profit for 2023 was RMB 526,515,000, reflecting a significant decline of 32.0% from RMB 774,535,000 in the previous year[5]. - The company reported a net loss attributable to equity shareholders of RMB (441,240,000) for 2023, compared to a loss of RMB (13,458,000) in 2022[5]. - The gross margin decreased to 60.7% in 2023, down from 83.8% in the previous year, a decline of 23.1 percentage points[5]. - The company reported an adjusted net loss of RMB 286.3 million for 2023, attributed to continued investments in product development and customer marketing[11]. - The company reported a net loss of RMB 443,298,000 for the year ended December 31, 2023, compared to a loss of RMB 21,855,000 in 2022[42]. - The company incurred a net cash outflow from operating activities of RMB (324,183) thousand for 2023, compared to a net inflow of RMB 1,859,628 thousand in 2022[195]. - The total comprehensive loss for the year was RMB (441,240) thousand, reflecting a decline from the previous year's performance[194]. Customer Metrics - The number of core enterprise customers increased by 50.6% to 604 in 2023, up from 401 in 2022[6]. - The customer retention rate dropped to 86% in 2023, down from 96% in 2022, indicating a decline of 10 percentage points[6][7]. - The number of core enterprise partners increased by 34.1% to 1,488 in 2023, compared to 1,110 in 2022[6]. - The customer retention rate in the multi-level circulation business segment reached 99%, despite an overall decline to 86% due to losses in the real estate sector[12]. Technology and Solutions - The total amount of supply chain assets processed by the company's technology solutions reached RMB 321,977,000, an increase of 24.2% from RMB 259,299,800 in 2022[9]. - In 2023, the total transaction volume processed by the company's technology solutions reached RMB 322 billion, a year-on-year increase of 24.2% from RMB 259.3 billion in 2022[11]. - The company launched the LDP-GPT model for supply chain finance, enhancing efficiency in information integration and transaction analysis[13]. - The company has established partnerships with 39 central state-owned enterprises and leading private enterprises for supply chain comprehensive platform projects[15]. Financial Position - Cash and cash equivalents, along with restricted cash, totaled RMB 4.85 billion as of December 31, 2023, indicating a healthy financial position[11]. - The company’s cash and cash equivalents decreased to RMB 4,719,157,000 in 2023 from RMB 5,731,387,000 in 2022, a reduction of 17.7%[190]. - The total liabilities decreased to RMB 536,973,000 in 2023 from RMB 1,937,845,000 in 2022, a decrease of 72.2%[190]. - The company’s equity attributable to shareholders decreased to RMB 9,115,571,000 in 2023 from RMB 9,957,299,000 in 2022, a decline of 8.5%[191]. Expenses and Investments - Research and development expenses increased by 4.2% from RMB 351.1 million in 2022 to RMB 365.8 million in 2023[29]. - Sales and marketing expenses decreased by 15.2% from RMB 162.6 million in 2022 to RMB 137.8 million in 2023[30]. - The company has allocated RMB 353.4 million for enhancing core technology capabilities and R&D, with a remaining balance of RMB 846.3 million expected to be used by December 31, 2026[134]. - The company has allocated RMB 527.6 million for expanding cross-border business, with a remaining balance of RMB 88.5 million expected to be used by December 31, 2026[134]. Governance and Management - The board of directors is composed of three executive directors, two non-executive directors, and three independent non-executive directors[55]. - The company has independent non-executive directors with extensive experience in finance and management, including Mr. Gao, who served as the general manager of Deutsche Bank China[105]. - The company has established a risk management committee to oversee the implementation of risk management policies and ensure effective monitoring of risks[164]. - The board has adopted a diversity policy that considers various factors such as gender, age, race, language, cultural background, education, and industry experience to enhance board efficiency[154]. Shareholder Information - The largest single customer accounted for 13.3% of total revenue and income for the year ended December 31, 2023, compared to 13.1% in 2022[63]. - The top five customers represented 35.3% of total revenue and income for the year ended December 31, 2023, up from 29.3% in 2022[63]. - The company is owned by several entities, with the largest shareholder holding 33.40%[88]. - The company has a dual-class share structure where Class A shares have ten votes per share, while Class B shares have one vote per share, allowing certain beneficiaries to exert significant control over corporate decisions[110]. Compliance and Risk Management - The company has established an internal control system and regularly reviews its effectiveness, ensuring compliance with all necessary licenses and permits[165]. - The company has implemented strict internal control procedures to protect the integrity and security of data collected during business operations[166]. - The company is subject to potential tax audits that could negatively impact profitability and shareholder value if additional taxes are owed[89]. - The company has made sincere efforts to comply with applicable laws and regulations regarding its business operations[93].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 1.91 per share based on a 4x price-to-sales (PS) valuation for 2024 [4][8]. Core Insights - The company reported a revenue decline of 6.1% year-on-year to HKD 868 million in 2023, primarily due to changes in customer and product mix leading to a decrease in average transaction prices and pricing strategy adjustments. The gross margin fell by 23.1 percentage points to 60.7% [2][8]. - Operating losses reached HKD 341 million in 2023, with a loss margin of 39.2%. The net loss attributable to shareholders was HKD 441 million, with an adjusted net loss of HKD 288 million [2][8]. - The core enterprise cloud segment showed resilient growth, with a 4.0% increase in revenue to HKD 524 million, driven by an increase in the number of supply chain assets processed. The number of core enterprise clients rose by 51% to 604 [2][8]. - The financial institution cloud segment experienced a revenue decline of 17.4% to HKD 300 million, primarily due to a downturn in the asset-backed securities (ABS) market [2][8]. Summary by Relevant Sections Revenue and Growth - The company expects stable growth in transaction volumes from 2024 to 2026, with projected revenues of HKD 1,005 million, HKD 1,116 million, and HKD 1,273 million, representing year-on-year growth rates of 15.8%, 11.0%, and 14.1% respectively [3][8]. - Total transaction volumes are expected to reach HKD 4,035 billion, HKD 4,862 billion, and HKD 5,900 billion for the same period, with year-on-year growth rates of 25.3%, 20.5%, and 21.4% [8]. Profitability Forecast - The adjusted net profit is forecasted to improve from a loss of HKD 250 million in 2024 to a profit of HKD 1.4 million in 2026, indicating a recovery trajectory [3][8]. - The overall gross margin is expected to gradually recover to 66.3%, 66.7%, and 67.9% over the forecast period [8]. Market Position and Valuation - The company is positioned as a leading supply chain financial technology SaaS provider in China, with ongoing penetration into multiple industry sectors and optimization of customer and business structures [2][8]. - The report references comparable companies in the SaaS sector, noting their revenue growth rates and corresponding PS ratios, which support the valuation of the company at 4x PS for 2024 [8][13].

Table_BaseInfo 2024 年 4 月 9 日 公司动态 联易融科技-W（9959.HK） 证券研究报告 互联网与软件服务 行业底步期待反弹，提升派息与回购加强股东回报 投资评级： Xx 买入 xx 事件：联易融科技2023年全年资产处理规模同比增长24.2%至3220亿元，总收入 目标价格： 2.05 港元 8.7亿元，同比下降6.1%，主要在于客户和产品结构变化以及适应市场变化的灵 活定价策略影响了收入增长。期间受客户以及产品结构变动影响，毛利率同比大 现价(2024-4-8)： 1.50港元 幅下降23.1%至60.7%。受公司加大产品研发以及客户营销开支的影响，经调整净 亏损为2.86亿元，同比由盈利转亏。公司业务受房地产行业景气度影响仍然处于 总市值(百万港元) 3,427.5 低谷，但是自身净现金储备超过48亿元，抵御风险能力较强。此外，公司宣布了 流通市值（百万港元） 3,427.5 新的股东回报计划，拟派发每股0.1港元的特别股息，合计约2.3亿港元，并拟 总股本(百万股) 2,285.0 进行最高1亿美元的股份回购计划。 流通股本(百万股) 2,285.0 报告摘要 12个月低/ ...

公司研 究 证 券研究 报 告 计算机 2024年03月28日 联 易融科技-W（09959.HK）2023 年报点评 推 荐 （维持） 目标价：1.77港元 龙头地位不改，业务结构优化下困境有望扭转 当前价：1.44港元 事项： 华创证券研究所  联易融科技发布 2023 年报，全年营业收入 8.68 亿元（同比-6.11%），经调整 证券分析师：徐康 净利润-2.86亿元（2022年盈利1.96亿元）。2023H2营业收入4.77亿元（环比 +22.0%，同比+15.2%），经调整净利润-2.00亿元。 电话：021-20572556 评论： 邮箱：xukang@hcyjs.com 执业编号：S0360518060005  2023 年业绩整体承压，地产业务收缩、毛利率下滑、减值上升是拖累业绩主 联系人：刘潇伟 因。（1）营业收入方面，供应链金融科技解决方案收入8.24亿元（同比-4.9%）， 新兴解决方案收入0.44亿元（同比-23.6%）。（2）供应链金融科技业务促成融 邮箱：liuxiaowei@hcyjs.com 资额3086.4亿元（同比+24.9%）。2023年全年佣金率0.27%（同比- ...

公司研 究 证 券研究 报 告 计算机 2024年03月28日 联 易融科技-W（09959.HK）重大事项点评 推 荐 （维持） 回购股权彰显公司信心，特别派息预期价值 目标价：1.77港元 回升 当前价：1.44港元 事项： 华创证券研究所  2024年3月26日，公司发布公告：（1）拟以现有可用现金储备及自由现金流 证券分析师：徐康 量拨支建议股份购回，回购资金总额不超过 1 亿美元，回购股份不超过截至 2023年6月13日已发行股份总数的10%。（2）拟在2024年7月29日实行特 电话：021-20572556 别派息0.1港元/股。 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 评论： 联系人：刘潇伟  大比例回购股权，彰显公司对基本面的信心。公司计划动用不超过1亿美元回 邮箱：liuxiaowei@hcyjs.com 购不超过2023年6月13日已发行股份的10%。参考港交所规则，近12个月 联系人：崔祎晴 平均月末市值低于40亿港币时，将会调整为只供卖出的港股通股票。2023年 10月以来，公司总市值有所下行，近5个月公司月末平均市值为32.4亿港币， 邮 ...

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，概不就因本公告全部或任 何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 主要財務摘要 截至12月31日止年度 2023年 2022年 變動(%) （人民幣千元，百分比除外） 主營業務收入及收益 867,764 924,200 (6.1) 供應鏈金融科技解決方案 823,548 866,341 (4.9) 新興解決方案 44,216 57,859 (23.6) 毛利 526,515 774,535 (32.0) 毛利率(%) 60.7 83.8 (23.1)(1) 本公司權益股東應佔年內虧損 (441,240) (13,458) 不適用 非國際財務報告準則計量 年內經調整（虧損）╱利潤 （非國際財務報告準則） (286,267) 196,015 不適用 經調整（虧損）╱利潤率 （非國際財務報告準則）(%) (33.0) 21.2 不適用 附註： Linklogis Inc. 聯易融科技集團 （於開曼群島註冊成立以不同投票權控制的有限公司） （股份代號：9959） 截至2023 ...

Linklogis Inc. 聯易融科技集團 (於開曼群島註冊成立以不同投票權控制的有限公司) 胎份代號 : 9959 最 ..... / / 官方 指 . . 2023 ೊ 载 目錄 2 公司資料 4 主要摘要 7 董事長報告 13 管理層討論及分析 24 企業管治 27 其他資料 37 獨立審閱報告 38 綜合損益及其他全面收益表 40 綜合財務狀況表 42 綜合權益變動表 43 綜合現金流量表 44 未經審核中期財務報告附註 釋義 83 公司資料 | --- | --- | |---------------------------------|-----------------------------------------| | | | | 執行董事 | 聯席公司秘書 | | 宋群先生 （董事長兼首席執行官） | 王一涵女士 | | 冀坤先生 | 張瀟女士 | | 周家瓊女士 | | | | 授權代表 | | 非執行董事 | 宋群先生 | | 林海峰先生 | 張瀟女士 | | 張予焓先生 | | | | 中國總部及主要營業地點 | | 獨立非執行董事 | 中國 | | 高峰先生 | 廣東省深圳市南山區 ...

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，概不就因本公告全部或任 何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 附註： Linklogis Inc. 聯易融科技集團 （於開曼群島註冊成立以不同投票權控制的有限公司） （股份代號：9959） 截至2023年6月30日止六個月之中期業績公告 董事會謹此公佈本集團截至2023年6月30日止六個月（「報告期」）的未經審核中期 業績，以及2022年同期的比較數字。本中期業績已由本公司審核委員會審閱。 主要財務摘要 | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------|-----------------------------------------|------------------------------------------------------------------| ...