ZALL SMARTCOM (02098) announced its interim results for the six months ended June 30, 2025. The group recorded revenue of RMB 90.921 billion during the period, representing a year-on-year increase of 33.17%. Profit attributable to equity shareholders reached RMB 97.051 million, surging 94.82% compared to the same period last year. Basic earnings per share stood at RMB 0.78 cents.
According to the announcement, the revenue growth was primarily driven by increased income from supply chain management and trading operations.
The group's flagship project, Hankou North International Trade City (Hankou North), has developed into a comprehensive cluster of 30 large-scale specialized markets covering branded apparel, small commodities, hotel supplies, and used automobiles. The development includes thematic commercial districts such as Hankou Town, International Town, Wuhan 1980, Carnival Theme Park, and Coffee Street, along with distinctive commercial towns like Flower Town, Taste Town, and Famous Car Town. Modern supply chain projects including New Port Wharf, Fisherman's Wharf, and Spicy Exchange have also been established, accelerating the creation of "China's largest and world-leading" supply chain management center and commercial logistics platform.
In the first half of 2025, Hankou North focused on continuous upgrading of commodity markets, vigorously developing an integrated model combining "industrial integration + experiential consumption + digitalized trade + supply chain services + new foreign trade formats." The project deepened the integration of digital-physical, commercial-cultural-tourism, and exhibition-trade sectors, establishing deep connections with upstream industrial chains and downstream consumer chains to pioneer new pathways for commercial circulation modernization and build a national-level important commodity supply chain integration base and core hub for dual circulation strategy.
The Hubei Provincial Government Work Report for 2025 proposed "successfully hosting major opening activities such as the Han Trade Fair," while the Wuhan Municipal Government Work Report for 2025 proposed "building Hankou North as an integrated domestic and foreign trade base." At the 2025 China Commodity Trading Market Conference, Hankou North received honors including "2024 National Commodity Trading Market Digital Intelligence Development Demonstration Market" and "2024 National Commodity Trading Market Logistics Supply Chain Innovation Demonstration Market."
The group's large-scale agricultural B2B trading platform, Shenzhen Zhongnong Network Co., Ltd. (Zhongnong Network), adhered to a "customer-centric" approach, focusing on dual-driven quality improvement, efficiency enhancement in core business, and digital innovation. The platform proactively advanced strategic resource allocation and customer structure optimization, achieving operating revenue of RMB 24.5 billion during the reporting period.
In the first half of 2025, the global sugar market exhibited a "rise-then-fall" trend. Early in the year, international sugar prices surged rapidly due to production cuts in major producing countries including India and Thailand. From April onwards, with Brazil—accounting for 60% of global exports—releasing production capacity, supply tensions were effectively alleviated, driving continuous sugar price declines. Benefiting from recovery growth in domestic sugar production and year-on-year decrease in sugar imports, domestic sugar price declines narrowed to within 3%.
Facing an increasingly volatile external market environment, Zhongnong Network focused on three main strategies: "resource integration, customer cultivation, and digital empowerment." First, Zhongnong Network directly connected with quality sugar enterprises in production areas, facilitating efficient matching between regional resources and downstream demand, meeting diversified procurement needs downstream, and strengthening control over domestic sugar supply chains. Second, Zhongnong Network deepened its "customer-resource-product" integrated operational model, covering over 70% of core customer procurement needs through customized product and service solutions. Third, Zhongnong Network continuously enhanced online trading activity, with trading customer numbers growing 13% year-on-year and customer stickiness continuously strengthening. The agricultural business team's self-developed online planting management platform has achieved comprehensive digital control over the entire "cultivation-planting-management-harvesting" process across 2,800 acres of farmland, effectively improving agricultural production efficiency and standardization levels through functions including plot division, agricultural task assignment, and biological asset monitoring.
Zhongnong Network has established three major business scenarios: sugarcane seedling supply, agricultural fertilizer bulk procurement, and cooperative planting, driving cooperative sugarcane planting area to exceed 11,000 acres.