On August 28, HUITONGDA NET (09878) released its 2025 interim results, delivering a "high-quality" report card to the market. The report shows that the company achieved operating profit of RMB 356 million, a year-on-year increase of 15.9%; net profit attributable to shareholders of RMB 139 million, up 10.8% year-on-year; and gross profit margin improved to 4.6%, representing a 31.4% year-on-year increase. Gross profit margin, net profit margin, and net profit margin attributable to shareholders all reached historical highs.

More notably, as the company's "AI+" strategy gradually takes shape, AI-related revenue accounted for over 20% of service revenue in the first half of 2025, conservatively estimated at over RMB 60 million, with store operational efficiency improving by an average of over 30% and inventory turnover cycles shortened by 15%-20%.

These figures reflect a profound transformation occurring in China's sinking market - HUITONGDA NET has successfully built digital and AI barriers by focusing on the "AI+SaaS" core track, reshaping the township commercial ecosystem. After being called the "first stock in the sinking market" following HUITONGDA NET's listing in 2022, it may once again become the domestic sinking market's "first AI stock."

**Comprehensive Upgrade from "SaaS+" to "AI+" with High-Quality Development Underway**

Looking at the interim results, HUITONGDA NET's most significant characteristic is the comprehensive improvement of its operational quality. During the period, the company's gross profit margin increased by 1.1 percentage points to 4.6%, and operating cash flow reached RMB 412 million, surging 65.7% year-on-year. This marks the company's development entering a "high-quality track."

Since 2024, HUITONGDA NET has adhered to the strategy of "improving quality and efficiency, innovative development," actively optimizing business structure, strategically focusing on high-quality development, proactively reducing inefficient and low-margin businesses, while expanding new categories, new channels, and innovating business models to find multiple new growth curves. During the period, the company's high-margin proprietary brand sales exceeded RMB 80 million, up 490% year-on-year, demonstrating excellent business expansion capabilities.

HUITONGDA NET's most strategically significant breakthrough is its comprehensive upgrade from "SaaS+" to "AI+." In the first half of 2025, the company's original SaaS platform was fully upgraded to "Qiancheng AI Super Store Manager," with over 24 Agent intelligences developed and deployed, capable of automatically completing over 60% of daily operational management tasks for member retail stores.

The development path of the "Qiancheng Cloud AI" intelligent large model directly demonstrates the company's rapid advancement in this field: connecting to mainstream large models like DeepSeek and KIMI in February; announcing the "One Cloud + Three Major Projects" AI+ strategy in April; obtaining approval from the National Cyberspace Administration in May; major version update of the "Qiancheng AI Super Store Manager" APP in June; and reaching comprehensive full-stack AI cooperation with Alibaba Cloud in August.

Meanwhile, the AI empowerment effects have been verified in actual operations. Since officially launching commercial promotion in May, sampling data analysis shows that member stores with AI tools have improved overall operational efficiency by an average of over 30%, with inventory turnover accelerating by over 15%. The company's AI capabilities have successfully achieved commercial closed-loop operations.

**Top Ecosystem Partners Join as Platform Siphon Effect Emerges**

Notably, HUITONGDA NET's constructed digital and AI barriers are generating a powerful "platform siphon effect," attracting top ecosystem partners to join its platform. Among these, the most symbolic event was reaching comprehensive full-stack AI cooperation with Alibaba Cloud in August.

The two parties will leverage Alibaba Cloud's technical advantages in large models and cloud computing, deeply integrating HUITONGDA NET's self-developed "Qiancheng Cloud AI" industry large model with Alibaba Cloud's "Tongyi Qianwen" general large model. Combined with HUITONGDA NET's over ten years of sinking market experience, they will jointly create AI+ digital solutions for the sinking market, assist in intelligent upgrades for rural commerce and related industries, and help stores expand sales scale and profits.

More noteworthy is that both parties will jointly create an AI retail "data bank" for the sinking market, accumulating core data assets. Combining HUITONGDA NET's years of industrial operational data in the sinking market with Alibaba Cloud's data analysis capabilities will generate tremendous synergistic effects.

This siphon power serves as a "touchstone" for testing whether platform barriers are solid. The entry of top partners reversely strengthens HUITONGDA NET's technical and service capabilities, forming a positive reinforcement loop. As future R&D cooperation between the company and Alibaba Cloud continues to deepen, this will further consolidate HUITONGDA NET's technological leadership in AI smart retail, member operations, and smart supply chain in the sinking market.

While most companies are still discussing how AI can be implemented, HUITONGDA NET has already enabled AI agents to manage 60% of daily operations in township couple stores. The company's core barriers have evolved from "scale advantages" to a composite of "technology + scale + ecosystem," bringing more stable growth prospects under a difficult-to-replicate business model.

More importantly, the "AI+ strategy" and cooperation with Alibaba Cloud have opened new growth paths for HUITONGDA NET - the company will focus on promoting AI-driven service revenue growth, combining AI construction and application planning to improve paid conversion, gradually upgrading from basic tool empowerment to a comprehensive service model of "SaaS software + AI Agent + content operations," providing composite pricing models of "standard products + pay-per-use + pay-per-performance," continuously optimizing service revenue structure, increasing AI service revenue proportion to achieve high-quality sustainable growth in service revenue.

Based on interim results calculations, the company's AI-related revenue in the first half was at least RMB 60 million, and comprehensive information suggests this is likely HUITONGDA NET's quarterly revenue figure after officially commercializing AI in May. After reaching cooperation with Alibaba Cloud, prospects are promising for both AI-related revenue growth rates and improvements to HUITONGDA NET's own operational management efficiency.

Looking ahead, HUITONGDA NET has a clear strategic path, accelerating from the "business optimization period" toward the "value release period." In AI empowerment, the company will continue to focus on the "AI+" core strategy, deepen cooperation with Alibaba Cloud, accelerate AI Agent R&D and full-scenario applications, promote comprehensive intelligent store operations, drive the realization of asset value from massive commercial circulation data in the sinking market, and create sustainable long-term value returns for shareholders and investors.