Lianyi Rong (09959) 2026 Mid-Year Report Observation: High Revenue Growth, Quality Change in Profit, Value Restructuring at the Right Time

In the first half of 2026, Lianyi Rong-W (09959) delivered a remarkably substantial report card. The financial report shows that in the first half of the year, the company achieved revenue and earnings of 579 million yuan, a year-on-year increase of 55%; net profit attributable to shareholders reached 24 million yuan, a considerable improvement of 106% compared to the same period last year, successfully turning a profit. At the end of the period, the total balance of cash and cash equivalents, time deposits, and restricted cash reached 4.5 billion yuan, and the financial condition continued to maintain a robust posture. When a financial technology company simultaneously presents high scores in "growth, profitability, and cash flow," the market needs to reassess not only its performance figures but also its value coordinates. High Revenue Growth Full Implementation of AI Native Strategy with Three Major Segments Advancing Together GMTEight observed that the strong growth in Lianyi Rong's revenue stems primarily from the deep realization of its "AI + Industrial Finance" strategy. During the reporting period, the company completed a strategic restructuring from "product-driven" to "AI foundation + scenario delivery," with self-developed AI applications accelerating their penetration across the entire supply chain finance chain. In the first half of the year, industrial financial technology solutions, as the companys core foundation, achieved revenue of 495 million yuan, a year-on-year increase of 51%, corresponding to a supply chain transaction scale of 181.2 billion yuan, maintaining the industrys leading position. Relying on its self-developed technology base, the company upgraded from traditional product delivery to AI scenario value delivery, accelerating the commercialization process of its core entity, the HoneyLink AI Agent, with the number of clients increasing by 62% from the end of 2025 to 68, and the number of applied scenarios expanding to 37. Through intelligent process reform, the company continues to reduce costs and improve efficiency for government and enterprise, and financial clients, unlocking deep exploration space for existing client value. Notably, Lianyi Rong's international layout is accelerating to become a "second growth curve." As the core vehicle of its globalization strategy, the international business brand Unloq achieved revenue of 33 million yuan in the first half of the year, a year-on-year increase of 25%, with a gross profit margin as high as 92%. The business footprint has expanded to 37 countries and regions, serving over 2,000 global enterprises and establishing a presence in four major scenarios: B2B goods trade, cross-border e-commerce, online tourism, and cross-border logistics. In August 2026, Unloq completed its first trade financing transaction settled in Hong Kong dollar stablecoin in Hong Kong, achieving a new application of regulated stablecoin in cross-border commercial scenarios; at the same time, Unloq collaborated with Ripple to participate in the BLOOM project led by the Monetary Authority of Singapore, accelerating the construction of global digital trade finance infrastructure. It is thus clear that Unloq is unlocking a market even broader than domestic supply chain finance using a dual wheel of "technology + compliance." In addition, the industrial financial treasury solutions have also shown strong growth momentum, with revenue increasing by 146% year-on-year to 52 million yuan, primarily benefiting from the synergies post the acquisition of Byte Technology in the second half of 2025. The company has jointly launched two major products: "Smart Finance Cloud Treasury" aimed at banks and "ByteQingyu" aimed at growth-type groups. From the deep reconstruction of the industrial finance foundation leveraging AI, to Unloq tapping into the global trade finance incremental blue ocean with "technology + compliance," and finally to the multiplier effect released by mergers and acquisitions in the industrial finance treasury, Lianyi Rong's growth pattern in the first half of the year clearly points to the same underlying logic: AI for Lianyi Rong is not merely an embellishment but a primal force redefining the business model when technology is deeply embedded in the revenue logic, the growth slope changes accordingly. In the second half, as the penetration rate of the HoneyLink AI Agent continues to rise and the benchmark projects for Unloq scale up, the compounding effect of growth is just beginning to unfold. Profit Improvement Cost Reduction, Efficiency Enhancement, and Risk Clearance Establish Long-term Value Foundation It is worth mentioning that significant improvement in profitability is another major highlight of Lianyi Rongs performance this period. In the first half of the year, the company recorded a net profit attributable to shareholders of 24 million yuan, a 106% improvement from a loss of 380 million yuan in the same period last year; adjusted profit was 16 million yuan, a 104% improvement from a loss of 367 million yuan in the same period last year. This transformation is not coincidental but is driven by two structural forces at Lianyi Rong. First, the comprehensive empowerment of internal operations through AI native technology has completed an entire chain upgrade from external empowerment to internal quality enhancement. During this period, the companys R&D expenses decreased by 10.7% year-on-year, and the operational expense ratio saw a significant drop of 26 percentage points. While maintaining investments in technological R&D and expanding business boundaries, the company has achieved refined cost reductions and intelligent efficiency enhancements, thoroughly breaking free from the traditional growth model driven by labor and high costs, and establishing a lightweight, high-efficiency modern operational system. Second, during this period, the company proactively completed a historical risk clearance, resolving the legacy issues of bridge supply chain assets effectively, achieving a reversal of impairment of 25 million yuan, completely unloading operational burdens and fundamentally purifying the quality of financial statements. When AI works simultaneously on increased revenue and cost control, coupled with the complete unloading of historical burdens, for Lianyi Rong, the improvement in profitability is no longer fleeting but the beginning of a structural reversal. What is even more noteworthy is the solid foundation supporting this performance. In the first half of 2026, the company served 3,856 core enterprises and 468 financial institutions, covering more than 450,000 small and medium-sized enterprises across the supply chain. The customer retention rate remains high at 99% the massive customer base and extremely high retention rate constitute a profound moat for sustainable performance growth. Moreover, as of the end of the reporting period, Lianyi Rong held 4.5 billion yuan in ample cash reserves, with no significant debt repayment pressure, providing sufficient strategic ammunition for subsequent AI technological iterations, expansion of HoneyLink AI Agent scenarios, penetration of industrial financial treasury business, and global expansion of Unloq. As the companys operational model completely shifts and multiple growth curves rise simultaneously, management has clearly expressed confidence in stabilizing the Groups operations on a sustainable profit track. In summary, it is evident that as the companys AI strategy is fully realized, its globalization layout continues to deepen, and the profitability structure undergoes a fundamental reversal, Lianyi Rong has indeed left behind the narrative stage of the conceptual period and entered a tangible operational realization cycle. When the technological dividend, operational efficiency, and financial health resonate together, the value reshaping of Lianyi Rong is no longer a matter of expectation but is currently in progress this, indeed, is the most powerful prologue to long-termism.