The capital market's focus on companies combining "tech + consumer," "AI implementation capabilities," and "digital integration with the real economy" continues to intensify. Against this backdrop, HUITONGDA NET (09878), a company deeply rooted in lower-tier markets with AI technology and industrial resources, is being re-evaluated. On November 18, China's leading industrial internet platform, HUITONGDA NET, announced plans to acquire a 57% stake in Cognitive Edge, a tech firm specializing in e-commerce and retail intelligence, for RMB 456 million. This major acquisition not only marks the substantial execution of HUITONGDA's "smart supply chain" and "AI+" dual strategies but also represents a critical step in accelerating its full-stack AI capabilities and seizing new heights in business intelligence.

**Multiple Themes Align with Market Trends** HUITONGDA NET precisely taps into sought-after investment themes such as the "15th Five-Year Plan," "AI," "digital economy," and "mass consumption," highlighting its strategic positioning. As a platform dedicated to building a digital commerce bridge between urban and rural areas, HUITONGDA's operations align closely with China's national strategy. The "15th Five-Year Plan" emphasizes domestic circulation and prioritizes "rural revitalization" and "county-level commercial systems." With over a decade of experience in county and township markets, HUITONGDA has established a network covering 21 provinces and serving more than 250,000 mom-and-pop stores, making it a core infrastructure for efficient two-way goods and services flow. This synergy with national policies positions the company to benefit from sustained policy support while enhancing its value through real-economy services.

**AI Implementation Beyond Concept** Unlike superficial AI hype, HUITONGDA has achieved large-scale AI deployment in real industrial scenarios. The company has independently developed and deployed 24 AI Agents, enhancing retail and supply chain operations. Data shows that member stores using AI tools saw a 30% efficiency boost and a 15% reduction in inventory cycles. Notably, backed by Alibaba Cloud's expertise, HUITONGDA is building a closed-loop "data-algorithm-decision" system, poised to elevate AI capabilities and resource integration in the "tech + consumer" era.

**"Industry + Capital" Dual Engine Drives Growth** HUITONGDA's strategy combines solid industrial foundations with effective capital operations. The acquisition of Cognitive Edge, a leader in "BI + AI" serving 16,000+ retail clients with annual GMV exceeding RMB 140 billion, exemplifies this approach. Post-acquisition, Cognitive Edge will merge with HUITONGDA's industrial scenarios, fostering synergies in the "online + offline + community" retail landscape. This move strengthens HUITONGDA's competitive edge amid national pushes for digital-real integration and new productive forces.

**Strong Fundamentals and Growth Potential** Under its "industry + capital" strategy, HUITONGDA has demonstrated robust financials, with core profit metrics hitting record highs in its 2025 interim results. Operating cash flow surged 65.7% YoY, reflecting strong financial health. Cognitive Edge's projected net profits of RMB 85 million, RMB 100 million, and RMB 115 million (2026–2028) will further bolster HUITONGDA's service revenue and margins. As capital markets reward firms blending industrial depth with AI execution, HUITONGDA's unique "industry × tech × capital" trifecta and alignment with macro themes position it for valuation re-rating.

**Outlook** At a strategic inflection point, HUITONGDA NET stands out with its clear execution roadmap, tangible AI results, and policy alignment. As market recognition deepens, the company is poised to become a benchmark for China's high-quality industrial internet development, with accelerating value reassessment.