HUITONGDA NET (09878): Intends to acquire the leading e-commerce AI SaaS enterprise - Cognitive Boundaries, to accelerate the establishment of full-stack AI capabilities and seize the new high ground of business intelligence.

On November 18, 2025, HUITONGDA NET (09878) announced that the company had signed a stock acquisition agreement with Cognitive Boundary, an intelligent technology company focusing on e-commerce and retail. Huitongda plans to acquire 57% of Cognitive Boundary's equity for 456 million yuan. After the transaction is completed, Cognitive Boundary will become a subsidiary of Huitongda, and its financial performance will be included in Huitongda's financial statements. It is reported that Huitongda is a leading industrial Internet company in China, focusing on empowering township mom-and-pop stores with supply chain capabilities and digital technology. It currently covers 21 provinces and 26,000 townships, serving over 251,000 member stores and over a thousand upstream brand factories. The target merger company, Cognitive Boundary, is an intelligent technology company specializing in e-commerce and retail, providing full-stack services covering "AI products" and "digital solutions". It currently serves over 16,000 stores, with an annual managed sales volume exceeding 140 billion yuan. Market analysis indicates that Huitongda's acquisition of Cognitive Boundary is a significant move to deepen the industrial full-chain digital empowerment, and also reflects the company's strategic intent to accelerate development through the "industry + capital" model. Specifically: First, the combined capabilities and experiences of Huitongda and Cognitive Boundary in serving retail customers and upstream brands are expected to create a synergistic effect after the merger, systematically enhancing Huitongda's "5+ empowerment" effect on member stores and industry clients. These include: In terms of "+technology", Cognitive Boundary's BI system and AI intelligent body will deeply integrate with Huitongda's "Qianchengyun AI big model", customizing Agent applications for users to improve operational efficiency; in terms of "+data", Cognitive Boundary's vast e-commerce operation data will support Huitongda's online decision-making for member stores and industry customers, enhancing omni-channel management capabilities; in terms of "+training", Cognitive Boundary's team of over 150 e-commerce operation experts will provide professional, scenario-based, and intelligent operation solutions for Huitongda's member stores and industry partners; in terms of "+supply chain", the multiple-category leading brands served by Cognitive Boundary will complement Huitongda's existing supply chain efficiently, offering richer, more brand-driven, competitive products to consumers in lower-tier markets; in terms of "+marketing", Cognitive Boundary's rich marketing experience and AIGC tools will systematically improve Huitongda's online marketing efficiency for member stores and industry clients. Second, Huitongda and Cognitive Boundary will work together to create AI products and digital solutions for retail and industry clients, with the potential to deepen competitive barriers in the "BI+AI" field. Industry experts believe that the acquisition of Cognitive Boundary further demonstrates Huitongda's long-term strategy and execution in the "AI+" field. Since the beginning of the year, the company has continued to invest in AI, integrating mainstream models, developing its own AI models, collaborating with Alibaba Cloud, and launching multiple Agent applications tailored for member stores' retail scenarios in May. With the integration of Cognitive Boundary, it will help Huitongda integrate online, offline, and community multi-terminal retail scenes, build an AI product matrix, and establish a leading position in the industry. Third, the acquisition of Cognitive Boundary will directly benefit Huitongda's financial performance and add more possibilities to its capitalization process. The acquisition is expected to contribute directly to Huitongda's performance growth. According to the disclosed agreement and performance commitments, Cognitive Boundary's net profit attributable to the parent company is expected to be no less than 85 million yuan, 100 million yuan, and 115 million yuan from 2026 to 2028. In addition, Cognitive Boundary's revenue will be included in Huitongda's service income, effectively boosting the company's service revenue growth and optimizing its revenue structure, enhancing overall gross profit margin levels. This acquisition will further strengthen Huitongda's comprehensive financial performance, providing more solid performance and valuation support for the company's long-term value. Industry views also point out that in the context of the "14th Five-Year Plan" promoting industrial upgrading through new productive forces and promoting the domestic economic cycle, the "digital infrastructure provider for improving retail efficiency" represented by Cognitive Boundary has significant long-term value and capital potential, providing broader room for imagination for Huitongda's future capital operation.