汇通达网络：2025年中期报告

中期報告 Contents 公司資料Corporate Information BOARD Chairman of the Board and Non-executive DirectorMr. WANG Jianguo Executive Directors Mr. XU Xiuxian (Chief Executive Officer)Mr. ZHAO LiangshengMr. SUN Chao Non-executiveDirectors(excluding the Chairman of theBoard) Mr. CAI ZhongqiuMs. XU Di Independent non-executive Directors Ms. YU LixinMr. LIU XiangdongMr. DIAO Yang AUDIT COMMITTEE Ms. YU Lixin (Chairlady)Mr. LIU XiangdongMr. DIAO Yang REMUNERATION AND APPRAISAL COMMITTEE Mr. LIU Xiangdong (Chairman)Mr. XU XiuxianMs. YU Lixin NOMINATION COMMITTEE Ms. YU Lixin (Chairlady)Mr. XU XiuxianMr. LIU Xiangdong STRATEGY COMMITTEE Mr. WANG Jianguo (Chairman)Mr. XU XiuxianMr. LIU Xiangdong (ESG) SUSTAINABLE DEVELOPMENT (ESG) COMMITTEE Mr. WANG Jianguo (Chairman)Mr. XU XiuxianMr. SUN Chao BOARD OF SUPERVISORS Mr. WANG Xinghua (Chairman)Mr. LI WeiMr. WANG Xiaowei JOINT COMPANY SECRETARIES Ms. TANG MinMs. AU Wai Ching AUTHORIZED REPRESENTATIVES Mr. WANG JianguoMs. AU Wai Ching AUDITOR 108 KPMGCertified Public AccountantsPublic Interest Entity Auditor registered in accordance with theAccounting and Financial Reporting Council Ordinance8/F, Prince’s Building10 Chater RoadCentralHong Kong REGISTERED OFFICE AND HEADQUARTERS 50 Huitongda Building50 Zhongling Street, Xuanwu DistrictNanjingJiangsu ProvincePRC PRINCIPAL PLACE OF BUSINESS IN HONG KONG 40th Floor, Dah Sing Financial Centre248 Queen’s Road EastWan ChaiHong Kong 24840 公司資料Corporate Information LEGAL ADVISORS As to Hong Kong Laws 127 Clifford Chance27/F, Jardine HouseOne Connaught PlaceHong Kong As to PRC Laws 309B7-8 Grandall Law Firm (Nanjing)7th-8th Floor, Building B, No. 309 Hanzhong Gate AvenueNanjingPRC H H SHARE REGISTRAR 183171712-1716 Computershare Hong Kong Investor Services LimitedShops 1712-171617/F, Hopewell Centre183 Queen’s Road EastWan ChaiHong Kong PRINCIPAL BANKER Industrial and Commercial Bank of ChinaNanjing Shanxi Road Sub-branchNo. 143, Zhongshan North RoadGulou DistrictNanjingPRC 143 9878 STOCK CODE 9878 www.htd.cn COMPANY’S WEBSITE www.htd.cn 管理層討論與分析MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW 2025 Amidstmultiple challenges posed by the complex and severeexternalenvironment and pressure on domestic consumptionrecovery, the Group firmly promoted the strategy of “EnhancingQuality and Efficiency, and Promoting Innovative Development”,continuously strengthened the fundamentals of its business, andensuredthe stable operation of its core businesses.Againstthebackdrop of technological innovation and consumptionr e v i t a l i z a t i o n ,t h e G r o u p v i g o r o u s l y p r o m o t e d i n n o vativedevelopment,actively fostered new quality productive forces,seizedemerging consumption trends,continuously innovateditsbusiness models and built new growth drivers,deliveringaperformance that demonstrated both resilience and smarttransformation in the first half of 2025. 3.5615.9%1.3910.8%1.14.6%31.4%65.7%AI Duringthe Reporting Period,the Group achieved a profit fromoperationsof RMB356 million,representing a year-on-yearincreaseof 15.9%.Profit attributable to equity shareholdersofthe Company amounted to RMB139 million,representing ayear-on-year increase of 10.8%. The gross profit margin increasedsignificantlyby 1.1 percentage points to 4.6%,representingayear-on-year increase of 31.4%.Net cash generated fromoperating activities significantly increased by 65.7% year-on-year.All three core financial indicators, gross profit margin, net profitmargin and net profit margin attributable to equity shareholdersofthe Company,reached their highest levels in the Group’shistory.AI-related revenue built from scratch and achievedremarkable results. These initially demonstrate the effectivenessofstrategic adjustments and the continuous improvement ofoperating fundamentals, and indicate that the Group has shiftedfrompursuing scale expansion to a healthy and sustainabledevelopment path which prioritizes the quality of development andthe improvement of profitability. 管理層討論與分析MANAGEMENT DISCUSSION AND ANALYSIS Steadily Improving the Smart Supply Chain Capacity 239.626.0%2024202447.4% Duringthe Reporting Period,revenue from direct sales wasRMB23.96 billion, representing a year-on-year decrease of 26.0%,primarilydue to the Group’s strategic upgrade initiated in thesecond half of 2024, focusing on improving quality and efficiencyandleading to the proactive optimization of certain inefficientbusinesses, coupled with a relatively high revenue base in thefirsthalf of 2024.The Group’s revenue structure continued toimprove, with the proportion of revenue from member retail storesfurther increasing to 47.4%, which directly reflected the Group’scontinued strengthening of its capability of “short supply chain ()”, resulting in shorter channels, stronger stickiness and highervalue. 管理層討論與分析MANAGEMENT DISCUSSION AND ANALYSIS 2025228++2025 Duringthe Reporting Period,the Group continued to improveindependentand c