JST GROUP (06687) surged nearly 4% in late trading, closing up 3.85% at HK$31.3, with a turnover of HK$8.48 million. A research report from GF Securities highlighted that AI applications are accelerating breakthroughs, prompting major e-commerce platforms to engage in higher-dimensional competition centered on "AI + ecosystem closed-loop." As platform differentiation intensifies, merchants require neutral, cross-platform tools to balance multiple ecosystems. Consequently, in this new competitive landscape, third-party SaaS providers with strong technical capabilities, ecosystem neutrality, and multi-platform coverage will gain higher scarcity and bargaining power. JST GROUP is poised to benefit directly in this cycle, with enhanced earnings flexibility. The report also noted that JST GROUP has established a subsidiary in Thailand, demonstrating steady business development. The company plans to expand further in Southeast Asian markets while actively exploring opportunities in regions such as Europe, the Americas, the Middle East, and Latin America. Leveraging its accumulated customer base in the e-commerce SaaS ERP sector, JST GROUP is focusing on value-added software services, potentially unlocking new growth avenues.