The year 2025 has been one of increasing divergence within the supply chain fintech sector. While some companies are still digesting the momentum of past expansions, the true industry leaders have already begun outlining new growth trajectories. The 2025 annual results announcement released by Linklogis-W (ASX: 09959) on March 31 aptly illustrates this picture: annual revenue reached RMB 9.8 billion, with a significant 62% quarter-on-quarter growth in the second half, and the scale of serviced assets surpassed the RMB 500 billion mark, with a 22% market share securing the top industry position for the sixth consecutive year.
If the financial numbers define the offensive capability of Linklogis-W, then its share buyback actions reveal its defensive baseline. On June 22, the company announced it spent HK$1.984 million to repurchase 1.15 million shares at prices between HK$1.69 and HK$1.75 per share—an action that coincided precisely with the company's share price plunging 9.47% on the same day. Halting buybacks during market panic is instinct; continuing them is a statement of conviction. This seemingly modest repurchase yesterday serves as the most vivid footnote to Linklogis-W's "defensive bottom line": the company did not stand idly by as its share price fell but chose to cast a vote of confidence with real capital.
It is worth noting that yesterday's buyback was not an isolated event. Since the board approved a share repurchase program of no less than US$80 million in August 2025, as of June 16, 2026, Linklogis-W has cumulatively repurchased 121,226,000 Class B shares, representing approximately 5.67% of the total issued shares. For Linklogis-W, repurchasing over 5% of its issued shares has long transcended a symbolic gesture, evolving into a near year-long defense of value. On June 16, the company further announced an extension of the buyback program's execution period to January 31, 2027. The timeline from the US$80 million authorization to executing nearly half, extending the deadline, and then adding more during yesterday's sharp decline outlines a clear signal—management believes the current share price is significantly below its intrinsic value.
This conviction is not unfounded. On one hand, ample cash reserves combined with a low asset-liability ratio provide Linklogis-W with an exceptionally thick financial safety cushion. According to relevant financial reports, as of the end of 2025, the company held approximately RMB 4.9 billion in cash, term deposits, and equivalents on its books. The scale of its cash reserves is notably higher than its current total market capitalization on the Hong Kong stock exchange. Coupled with an extremely low asset-liability ratio of just 13.27% and the absence of significant interest-bearing debt, this financial structure is highly unique within the fintech sector.
These substantial cash reserves form the most solid underlying support for the share price. First, sufficient liquidity can cover all operating expenses, including technology R&D, industrial expansion, and employee incentives, eliminating the need to dilute shareholder equity through equity financing and maximizing the company's ability to withstand industry cyclical fluctuations. Second, the large net cash position creates a natural valuation buffer. Even if short-term market sentiment weakens and the sector continues to correct, the combination of minimal debt and massive cash significantly limits the potential for a deep share price decline, forming a tangible valuation safety net.
On the other hand, a V-shaped revenue recovery coupled with market share expansion against the trend highlights the continued significant advantages of Linklogis-W as a leader. In 2025, the company's total annual revenue reached RMB 9.8 billion, with a particularly strong performance in the second half—a substantial 62% quarter-on-quarter increase to RMB 6 billion, demonstrating a robust recovery trend. This V-shaped rebound not only confirms the resilience of its business model but also sends a clear signal: during the industry adjustment period, Linklogis-W has been the first to emerge from the trough and return to a growth trajectory.
The expansion in asset scale is equally solid. The full-year scale of serviced assets reached RMB 508.1 billion, a 27% year-on-year increase, while the overall growth rate of China's supply chain finance market during the same period was approximately 13%. The ability of the leader to achieve growth twice the market rate even as industry growth slows is an incomparable competitive advantage.
Furthermore, the accelerated deployment of AI and internationalization is set to release more new growth drivers for Linklogis-W. In terms of international business expansion, 2025 saw the company officially launch its new global business brand "Unloq," signifying the unlocking of global trade finance potential and efficiency—a key step in its transition from a domestic leader to a global frontrunner. With "cross-border trade corridors + scenario finance + tech risk control" as its core strategy, Unloq leverages a cloud-native foundation to build the SC+ platform, connecting global real trade with digital finance, and collaborates with commercial partners to implement compliant digital payment innovations.
As the digitization of cross-border trade and the internationalization of the Renminbi accelerate, Unloq is poised to leverage its accumulated domestic scenario experience and technological advantages to gain a first-mover advantage in the global trade finance arena, potentially becoming a second growth curve supporting the company's medium- to long-term development.
Regarding AI and intelligent deployment, the company is steadfastly advancing the deep integration of "AI + industrial finance," transforming artificial intelligence from an internal cost-saving tool into a value engine for the entire industrial ecosystem. Based on its self-developed vertical large model LDP-GPT, Linklogis-W has created the BeeLink AI Agent product matrix, covering over ten core business scenarios including intelligent document review, intelligent risk control, and intelligent access, achieving deep integration of technology with supply chain finance scenarios.
During the period, commercialization efforts yielded significant results. The BeeLink AI Agent service expanded to 42 leading domestic and international financial institutions and industrial leaders, improving business processing efficiency by 20 times and achieving 99% accuracy in key processes, delivering intelligent dividends to help clients reduce costs and increase efficiency. In the future, the company will use "AI Agent+" as a strategic pivot, continuously breaking through cutting-edge technological capabilities, and upgrading its services from empowering single-point functions to enabling comprehensive intelligent decision-making, thereby solidifying a technological barrier for long-term, high-quality development.
In summary, it is evident that the 2025 results announcement outlines the foundational strength of Linklogis-W in terms of "scale leadership"—RMB 508.1 billion in asset scale, a 22% market share, and being the industry leader for six consecutive years. The 2026 buyback actions, meanwhile, reveal the confidence behind this company's "value defense"—RMB 4.9 billion in cash reserves, 5.67% of shares already repurchased, and an extended buyback period. As the triple signals of operational recovery, a cash safety net, and sustained buybacks converge, short-term share price fluctuations are unlikely to alter the intrinsic value support for Linklogis-W, and the logic for a valuation recovery remains clear.
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