1h25评测：AI赋能零售解决方案并提升运营效率

1H25 review:AI empowers retail solutions andenhances operationalefficiency Target PriceHK$16.00Up/Downside44.0%Current PriceHK$11.11 Dmallannounced1H25results: total revenuegrew by 15% YoY to RMB1.08bn,equivalent to 49% of our full-year estimate; adjusted net profit grew by 153%YoY to RMB77mn, representing 57% of our full-year estimate, mainly thanks tothe optimized business structure and improvedefficiency. Dmall continued toupgrade its retail solutions in 1H25, and leveragesAI to drive businessgrowthandoperationalefficiency. The company also actively participatesin the Web3opportunities, forming cooperation with HashKeyandinitiatingpreparations toapply for astablecoin licensein 1H25. We maintain our financial forecast andtarget price of HK$16.00 (based on 6x FY25E EV/sales).MaintainBUY. ChinaSoftware & IT Services Saiyi HE, CFA(852) 3916 1739hesaiyi@cmbi.com.hk Wentao LU, CFAluwentao@cmbi.com.hk Solid revenue growth acrossbusinesslines.By segment: 1)Revenuefrom AI retail core solution increased by 16% YoY to RMB488mn in 1H25,mainly driven by growth of client base (+13% YoY to 319 customers). Dmallsigned several key accounts in 1H25, such asShanghai Tangjiu andXinjiang Wuika Times. The company also expanded its cooperation withexisting customers like Pangdonglai and Lawson China. 2)Revenue fromAI retail value-added servicegrewby14% YoY to RMB591mn in 1H25,primarily attributable to the deepening cooperation with existing customersin areaslike intelligent loss prevention, remote monitoring, and intelligentcashier. The company alsosigned new client Xinjiang Aijiain 1H25. Ye TAO, CFAfranktao@cmbi.com.hk Joanna Ma(852) 3761 8838joannama@cmbi.com.hk Stock Data AI to empower retail solutions and enhance internalefficiency.DmallleveragesAI to improve its product offerings.1)The companyhaslaunchedtheAI-poweredTransportation Management System at DFI’s WellcomeSupermarket Hong Kong, whichsignificantly improveslogisticefficiencythrough AIschedulingand route planning. 2) The companyhasalso built anAI-powered Next-Gen Retail Solution upon in-depth research onPangdonglaiand AIapplications such as AIintelligent customer flow andintelligentinspection. Through adopting this solution,daily average salesofseveralWumart Supermarket stores reached 4-8 times that of pre-renovationlevels. Besides, Dmall also leveragesAI to improve its internalefficiency. The companyhasapplied Gen AI coding tools like Cursor, whichdrivescontinuedimprovement in R&D efficiency and code quality. Committedto Web3 technology development.Dmallopened a tradingaccount on HashKey Exchange and made investment in Bitcoin in 1H25.Managementnotedthat the amount of the investment remained insignificantand it is for the purpose of exploring stablecoinopportunities. The companyhasinitiatedpreparations to apply for a stablecoin licenseand reachedcooperation withHailstone Labsto develop stablecoin solutions. Related report: Dmall Inc (2586 HK)-Full-yearbreakeven in FY24; focus on AI retail todrive long-term growth–20 Mar 2025 Disclosures& Disclaimers Analyst CertificationThe research analyst who is primary responsible for the content of this research report, in whole or in part, certifies thatwith respect to the securities or issuer that the analyst covered in this report: (1) allof the views expressed accurately reflect his or her personal views about the subject securities or issuer; and (2)no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific views expressed by that analyst in this report.Besides, the analyst confirms that neither the analyst nor his/her associates (as defined in the code of conduct issued by The Hong Kong Securities and Futures Commission) (1) have dealt in or traded in the stock(s) covered in this research report within 30 calendar days prior to the date of issue of this report; (2) willdeal in or trade in the stock(s) covered in this research report 3 business days after the date of issue of this report; (3)serve as an officer of any of the HongKong listedcompanies covered in this report; and (4) have any financial interests in the Hong Kong listed companies covered in this report.CMBIGM or its affiliate(s) have investment banking relationship with the issuers covered in this report in preceding 12 months. CMBIGM RatingsBUY HOLDSELLNOT RATED : Stock with potential return of over 15% over next 12 months: Stock with potential return of+15% to-10% over next 12 months: Stock with potential loss of over 10% over next 12 months: Stock is not rated byCMBIGM :Industry expected to outperform the relevant broad market benchmark over next 12 months:Industry expected to perform in-line with the relevant broad market benchmark over next 12 months:Industry expected to underperform the relevant broad market benchmark over next 12 monthsCMB InternationalGlobal MarketsLimited Address: 45/F, Champion Tower, 3 Garden Road, Hong Kong, Tel: (852) 3900 0888 Fax: (852) 3900 0800CMB Internati