LINKLOGIS-W (09959) announced its financial results for the full year 2025 on March 31, 2026. The company reported total revenue and income of RMB 980 million for the year. Notably, revenue and income for the second half of 2025 increased significantly by 62% compared to the first half, reaching RMB 600 million.
Throughout 2025, the scale of supply chain assets serviced by LINKLOGIS-W reached RMB 508.1 billion, marking a 27% year-on-year increase. The number of core enterprise clients served grew to 3,145. By the end of 2025, the company had cumulatively provided efficient and convenient digital inclusive financial technology services to over 430,000 small, medium, and micro enterprises. The company maintains a robust financial position with a cash reserve of RMB 4.9 billion, ensuring ample liquidity.
Furthermore, LINKLOGIS-W consistently prioritizes shareholder interests in its corporate governance, rewarding investor trust through sustained, substantive actions. In August 2025, the board of directors approved a new share repurchase plan of no less than $80 million to be executed within one year. Under this plan, the company has already repurchased shares worth a cumulative HKD 365 million (approximately $47 million), demonstrating confidence in its long-term value through concrete action.
Focusing on its core business, LINKLOGIS-W accelerated the optimization of its business structure in 2025. The total volume of supply chain assets processed through its technology solutions amounted to RMB 508.1 billion, a 27% increase year-on-year. The company maintained its leading position in the industry for the sixth consecutive year with a market share of 22%. The number of core enterprise clients served further increased to 3,145, including 54 of China's top 100 enterprises and 151 of China's top 500 enterprises. The number of partner financial institutions reached 428, enhancing the synergistic efficiency of industrial finance.
LINKLOGIS-W's supply chain finance technology solutions encompass the Multi-tier Flow Cloud, AMS Cloud, and Finance Intelligence Cloud within its Core Enterprise Cloud business, as well as the ABS Cloud and e-Chain Cloud within its Financial Institution Cloud business. In 2025, the Core Enterprise Cloud processed a total of RMB 369.6 billion in supply chain assets, up 31% year-on-year. Specifically, the Multi-tier Flow Cloud processed RMB 304.2 billion, a 47% increase, raising its proportion of the group's total asset scale from 52% in 2024 to 60% in 2025. However, affected by a continued contraction in the issuance scale of the supply chain asset securitization market, the AMS Cloud business processed RMB 65.4 billion in supply chain assets, a decrease of 13%.
The Financial Institution Cloud processed a total of RMB 128.9 billion in supply chain assets, a 20% year-on-year increase. Both the ABS Cloud and e-Chain Cloud recorded robust double-digit growth in transaction volume, driving a 25% year-on-year increase in revenue from the Financial Institution Cloud business. Within the ABS Cloud, the company processed RMB 69.1 billion in supply chain assets, up 28%. The e-Chain Cloud processed RMB 59.7 billion, a 13% increase.
Focusing on six key industries, including infrastructure/construction, new energy, and advanced manufacturing, LINKLOGIS-W deepened precise cross-marketing efforts in collaboration with its subsidiary, Bite Technology, achieving breakthroughs in high-quality customer acquisition. Leveraging comprehensive integrated industry-finance solutions and innovative scenario applications, the company deeply mined the value of existing clients. It successfully implemented integrated industry-finance platform projects with several central state-owned enterprises and leading private companies, including Capital Steel Group, China Coal Mine Construction Group, and JA Solar Technology. Additionally, it provided tailored innovative scenario solutions—such as order financing, bill pledging, and direct supply bill transfer—to 17 high-quality enterprises, including Shanghai Construction Group, Yunnan Construction Investment Group, and Luzhou Laojiao, achieving efficient synergy between scale expansion and value creation.
The year 2025 marked a pivotal new chapter for LINKLOGIS-W's international business as it accelerated the development of its "second growth curve." The company officially launched a comprehensive brand refresh for its international operations, presenting a new global market image under the name "Unloq," symbolizing the "unlocking" of potential and efficiency in global trade finance. With a core strategy centered on "cross-border trade corridors + scenario finance + technology risk control," Unloq is dedicated to building a cross-border digital supply chain finance platform with global network capabilities and local execution.
Aligned with this strategy, the company innovatively launched the "SC+" platform, utilizing cloud-native technology to connect global real trade with digital finance. The core function of the "SC+" platform is to link smart contracts with compliant digital payment tools, creating technology-driven global trade finance solutions. The platform aims to build the next-generation digital infrastructure for global trade finance, addressing systemic challenges in cross-border trade such as credit verification, capital turnover, and clearing and settlement efficiency. Through this platform, fund providers can purchase receivables using various compliant payment methods. Currently, Unloq has completed the core architecture deployment of the SC+ platform and is collaborating with multiple commercial partners to advance the implementation of innovative applications using compliant digital payment methods.
In 2025, the company successfully won a bid for a Web3.0-based supply chain finance platform project for a major central state-owned enterprise, marking a significant step forward in its technical capabilities and industry recognition within the digital trade infrastructure sector. For its international business, Unloq accelerated the expansion of cross-border trade ecosystem scenarios, adding the cross-border logistics sector to its existing focus on traditional B2B goods trade, cross-border e-commerce, and online travel. This expansion helped increase the platform's ecosystem clients by a net 451 year-on-year to 1,550. With the deep implementation of the SC+ platform in cross-border trade finance scenarios, the continuous improvement of the global localized customer service coverage network, and the accelerated integration of comprehensive solutions for Chinese companies expanding overseas, LINKLOGIS-W's cross-border and international business is projected to enter a phase of exponential growth in scale and revenue in 2026, opening a new chapter of high-quality, sustainable development.
LINKLOGIS-W is firmly committed to its "AI + Industrial Finance" strategy, continuously promoting the deep integration of artificial intelligence technology across the entire supply chain finance chain. Leveraging years of technical expertise and scenario refinement, the company's AI capabilities have evolved from tools supporting internal cost reduction and efficiency gains into intelligent empowerment engines for the entire industrial ecosystem chain. By deeply integrating capabilities from mainstream domestic large language models and combining them with its proprietary supply chain finance scenario knowledge graph and multi-modal business elements, LINKLOGIS-W has systematically advanced the continuous iteration and capability evolution of its self-developed vertical large model, LDP-GPT.
Building on this foundation, the company has created the "BeeLink AI Agent" product matrix, covering over ten core scenarios including intelligent document review, intelligent central registration, intelligent access, and intelligent risk control. In 2025, the "BeeLink AI Agent" achieved continuous breakthroughs in market penetration and commercial value release. The number of clients served increased to 42, encompassing domestic and international financial institutions and industry leaders such as Standard Chartered Bank, Bank of Hangzhou, and China Electrics Installation Finance Group. The product improved business processing efficiency by 20 times and achieved a key process accuracy rate of up to 99%. As AI technology paradigms accelerate towards agentification, the company will use "AI Agent+" as a strategic pivot to drive the comprehensive upgrade of "BeeLink AI Agent" from "functional empowerment" to "intelligent collaboration," focusing on breakthroughs in cross-system task scheduling, natural language interactive decision-making, and adaptive process optimization. This will assist clients in achieving full-chain value empowerment, from point-based intelligence to comprehensive intelligence, and from business insight to intelligent decision-making.
LINKLOGIS-W actively responds to national "dual-carbon" strategy and high-quality development requirements, integrating ESG principles into product innovation and the entire service lifecycle, and promoting green finance, inclusive finance, and sustainable development through technological warmth. In 2025, the scale of sustainable supply chain assets serviced by the company surpassed RMB 66.8 billion, an 80% year-on-year increase, raising its proportion of total business scale from 9% in 2024 to 13% in 2025. The average financing cost for SMEs financed through the self-developed "Xunyi Chain" SaaS platform was only 2.85%. The company continues to deepen its focus on four key areas: renewable energy, rural revitalization, environmental protection, and public health, while further expanding into sustainable industrial chains such as the new energy vehicle industry chain, green building, and circular economy. This directs capital precisely into key segments with significant green, low-carbon, and social benefits, gradually building a broader and more impactful sustainable development ecosystem that integrates industry and finance.
Through the acquisition of Bite Technology, LINKLOGIS-W strategically entered the enterprise capital management track. Relying on deeply integrated management teams and business synergy mechanisms, it successfully established the Finance Intelligence Cloud product line, providing diverse clients with full-chain capital management services covering settlement operations, capital planning, financing management, risk monitoring, and intelligent decision-making. As a key component of LINKLOGIS-W's "Smart Industry-Finance Treasury" strategy, the Finance Intelligence Cloud uses "AI + Data Dual Engine Drive" as its strategic pivot. It has built a comprehensive product matrix including the Treasury Management System F1 and Capital Management System T6 for core enterprises, bank treasury systems for financial institutions, and the Yingzilian SaaS platform empowering SMEs. Bite Technology was formally consolidated into LINKLOGIS-W's financial statements starting September 11, 2025, marking the full integration of the Finance Intelligence Cloud business.
LINKLOGIS-W will continue to deepen the resource integration and business synergy between Finance Intelligence Cloud and the group's other supply chain finance technology businesses in areas such as product R&D, channel expansion, and customer service. The aim is to accelerate the development of an integrated, intelligent, and scalable smart industry-finance treasury platform, providing customers with a one-stop digital solution spanning from capital management to industry-finance collaboration.
Song Qun, Founder, Chairman, and CEO of LINKLOGIS-W, stated, "2026 marks the tenth anniversary of LINKLOGIS-W. Standing at the beginning of a new decade, we will adhere to our core strategy of 'Technology-Driven, Globally Connected,' unwaveringly advancing the dual drivers of 'deepening domestic industrial finance' and 'expanding global digital trade.' We will capture opportunities amidst change and solidify our advantages through innovation. In the domestic market, we will continue to deepen the integration of our 'AI + Industrial Finance' strategy, using the comprehensive upgrade of the BeeLink AI Agent as a lever to propel AI's evolution from scenario empowerment to ecosystem collaboration. Centered on the full-stack capabilities of the smart industry-finance treasury, we will continuously optimize one-stop solutions to consolidate and expand our market leadership, ensuring the healthy and stable growth of our core business. In overseas markets, we are fully advancing the expansion of the global network for cross-border digital trade under the Unloq brand, accelerating the application of the SC+ platform in key global trade corridors, and aspiring to become a key builder and connector in the global wave of digital and intelligent trade finance. The future is here; only innovators advance, and only the steadfast go far. LINKLOGIS-W will continue to use technology as the oar and industry as the vessel, working hand in hand with all partners to embark on the grand journey of global industrial finance's digitalization and intelligent transformation."
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