公司随后将注销已购回H股或将其持作库存股份，惟视乎购回相关时间的市况及其资金管理需求而定。 智通财经APP讯，连连数字(02598)公布，公司可根据公司股东于2025年6月6日(星期五)举行的公司股东 周年大会上授予董事的购回授权，根据市况不时于公开市场以不超过每股10.22港元的价格购回公司在 香港联合交易所有限公司主板上市的已发行普通股。根据购回授权，公司获准购回的H股数目上限为 41,789,776股H股，占2024年度股东週年大会当日已发行H股总数(不包括库存股)的10%。股份购回计划 将以公司的内部资源拨付。 董事会经审慎评估认为，公司当前股价水准未能充分反映公司的内在价值及发展前景。基于对行业发展 趋势的深度研判及公司中长期增长潜力的充分信心，董事会相信适时实施股份购回计划将为公司带来裨 益及为股东创造价值，符合公司及股东整体最佳利益。董事会认为，公司现有财务资源足以支持股份购 回同时维持稳健的财务状况，以继续发展本公司的业务。董事会将继续关注市况，适时并根据股份购回 计划于公开市场购回H股。 ...

董事會經審慎評估認為，本公司當前股價水準未能充分反映本公司的內在價值及 發展前景。基於對行業發展趨勢的深度研判及本公司中長期增長潛力的充分信 心，董事會相信適時實施股份購回計劃將為本公司帶來裨益及為股東創造價值， 符合本公司及股東整體最佳利益。董事會認為，本公司現有財務資源足以支持股 份購回同時維持穩健的財務狀況，以繼續發展本公司的業務。董事會將繼續關注 市況，適時並根據股份購回計劃於公開市場購回H股。 1 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 Lianlian DigiTech Co., Ltd. 連連數字科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2598） 自願公告 根據一般授權從市場購回H股之意向 本公告乃由連連數字科技股份有限公司（「本公司」）自願作出。 本公司董事（「董事」）會（「董事會」）謹此宣佈，本公司可根據本公司股東（「股 東」）於2025年6月6日（星期五）舉行的本公司股東週年大會（「2024 ...

中 期 報 告 2025 2025 中期報告 目錄 | 公司資料 | 2 | | --- | --- | | 管理層討論及分析 | 4 | | 企業管治及其他資料 | 27 | | 有關2024年度報告的補充資料 | 38 | | 中期財務資料審閱報告 | 39 | | 中期簡明綜合全面收益表 | 40 | | 中期簡明綜合資產負債表 | 41 | | 中期簡明綜合權益變動表 | 43 | | 中期簡明綜合現金流量表 | 44 | | 中期簡明財務資料附註 | 45 | | 釋義 | 79 | 公司資料 董事 執行董事 章徵宇先生 （董事長） 辛潔先生 （首席執行官） 魏萍女士 （財務總監） 朱曉松先生 王愚先生 （首席技術官） （自2025年7月28日起辭任董事職位） 獨立非執行董事 Chun Chang先生 黃志堅先生 林蘭芬女士 監事 吳偉先生 宋靜芳女士 洪曉雪女士 審核委員會 黃志堅先生 （主席） Chun Chang先生 林蘭芬女士 薪酬與考核委員會 Chun Chang先生 （主席） 林蘭芬女士 章徵宇先生 提名委員會 林蘭芬女士 （主席） 黃志堅先生 朱曉松先生 合規與風控委員會 章徵宇先生 ...

Summary of the Conference Call for Lianlian Digital Company Overview - Lianlian Digital's revenue has steadily increased from 589 million yuan in 2020 to 1.315 billion yuan in 2024, while the net profit attributable to shareholders has continued to show losses, primarily due to investment losses in Unicom. However, the scale of losses has gradually narrowed since 2022, with losses expected to decrease to 290 million yuan in 2024 [2][6][7]. Financial Performance - Gross profit increased from 380 million yuan in 2020 to 680 million yuan in 2024, but the gross margin has declined due to a decrease in the comprehensive fee rate for payment services and an increase in the proportion of domestic payment business revenue [2][8]. - The company has seen a significant reduction in expenses, particularly in management fees, which have decreased notably due to increased employee benefits and IPO-related expenses prior to 2023 [2][8]. Industry Trends - The global cross-border e-commerce GMV is projected to reach 5.8 trillion yuan by 2027, with China's cross-border e-commerce penetration rate expected to reach 27.7%. In 2024, China's cross-border e-commerce import and export scale is expected to reach 2.71 trillion yuan, a year-on-year increase of 14% [2][9]. - The overall digital payment service market in China is projected to reach a total payment amount of 354 trillion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 14% from 2022 to 2027. The cross-border market is expected to grow at a CAGR of 25%, which is higher than the overall market growth [2][9]. Competitive Landscape - The digital payment industry is significantly influenced by policies, with increased entry barriers leading to a reduction in the number of licensed institutions. As of June 2025, the number of licensed non-bank payment institutions in China has decreased to 169, indicating a potential increase in industry concentration [2][10]. - Lianlian Digital ranks seventh among independent suppliers in China with a market share of 0.6%, and it is the leading independent supplier with a market share of over 9% [2][10]. Business Model and Revenue Streams - Lianlian Digital primarily provides digital payment services and related value-added services, with revenue models based on transaction payment volume (TPV) fees. Global payment fees are generally higher than domestic payment fees [2][12]. - In 2024, the revenue growth rate for domestic payments is expected to be 57%, significantly higher than the 23% growth rate for global payments [2][13]. Growth and Development - The company has established a global presence, having obtained various licenses, including those in New York and Singapore, and has partnered with over 100 cross-border e-commerce platforms [4][16]. - R&D expenses account for over 20% of total expenses, with a CAGR of 27% from 2020 to 2024, reflecting the company's commitment to technological investment [2][18]. Valuation and Investment Outlook - Due to the lack of long-term stable profitability, the company is currently valued using the price-to-sales (PS) method, with an average PS of 9.6 times for similar companies. The target price for 2025 is set at 15.28 HKD, with a buy rating [2][19].

Investment Rating - The report maintains an "Outperform" rating with a target price of 15.52 HKD per share [4][13]. Core Insights - The company has shown strong performance in its payment business, with a total payment volume (TPV) growth of 94% year-on-year in global payments and a significant increase in net profit due to substantial investment gains [4][15]. - The company is strategically investing in the Web3.0 ecosystem, allocating 50% of the funds raised from a recent share placement to blockchain innovations in global payments [4][16]. Financial Summary - Revenue for H1 2025 reached 783 million RMB, up 26.8% year-on-year, while net profit turned positive at 1.51 billion RMB, primarily due to the sale of a subsidiary stake [4][14]. - The gross margin stood at 51.9%, with a slight decrease of 0.7 percentage points year-on-year, and overall expense ratios showed significant optimization [4][14]. - The company forecasts revenue growth for 2025-2027, with total revenues projected at 1,652 million RMB in 2025, 2,089 million RMB in 2026, and 2,577 million RMB in 2027, reflecting growth rates of 25.7%, 26.4%, and 23.4% respectively [3][4]. Business Performance - The digital payment segment generated 684 million RMB in revenue for H1 2025, marking a 26.2% increase year-on-year, with total TPV reaching 2.1 trillion RMB, up 32.0% year-on-year [4][15]. - The company has a robust customer base of 7.9 million, supported by 65 global payment licenses, indicating strong future growth potential in transaction volumes [4][15]. Web3.0 Ecosystem Investment - The company completed a share placement in July 2025, raising 387 million HKD, with plans to invest in blockchain technology for global payments [4][16]. - The acquisition of a Hong Kong VATP license positions the company to enhance its digital asset capabilities and ecosystem [4][16].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 連連數字科技股份有限公司 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02598 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 457,068,764 | RMB | | 1 RMB | | 457,068,764 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 457,068,764 | RMB | | 1 RMB | | 457,068,764 | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 ...

Investment Rating - The report maintains a "Buy" rating for the company with a revised SOTP target price of HKD 17.7, up from HKD 17.3 [1][4][14] Core Insights - The company reported a 27% year-on-year revenue growth in the first half of 2025, driven by a 94% increase in global payment TPV and a 28% increase in domestic payment TPV [1][2][3] - The digital payment business shows a stable growth trend, with significant improvements in profitability, particularly in global payments [3][4] - The company has obtained a license for leveraged foreign exchange trading, which is expected to enhance user engagement and business barriers [3] Financial Performance - Total revenue for 1H25 was RMB 780 million, slightly above expectations, with global and domestic payment revenues contributing 65% and 24% respectively [2][4] - Gross profit reached RMB 410 million, with a gross margin of 52%, indicating stable profitability in digital payments [2][4] - The adjusted EBITDA profit forecast for the year has been increased by 2% due to the strong performance in the first half [4][5] Business Segments - Global payment TPV increased by 94% to RMB 198.5 billion, with a stable gross margin of 73% [3][12] - Domestic payment TPV grew by 28% to RMB 18.7 trillion, maintaining a stable fee rate [3][12] - The company’s digital payment services continue to dominate revenue, accounting for 87% of total income [12][13] Financial Projections - The company expects total revenue to reach RMB 1.672 billion in 2025, with a year-on-year growth of 27% [5][13] - The adjusted net profit is projected to be RMB 1.346 billion in 2025, reflecting a significant turnaround from previous losses [5][13] - The overall TPV is expected to grow by 28% year-on-year, with global payment TPV projected to reach RMB 442 billion [4][13] Valuation - The SOTP valuation indicates a target price of HKD 17.7, suggesting a potential upside of 54% from the current share price of HKD 11.48 [4][14] - The valuation is based on a revenue multiple of 10.0 for the core business and includes the valuation of the company’s stake in a subsidiary [14]

Core Viewpoint - The company reported strong financial performance in 1H25, with significant revenue growth and a return to profitability, driven by strategic asset sales and robust payment processing activity [1][2]. Financial Performance - 1H25 revenue increased by 27% year-on-year to 780 million yuan, with net profit turning positive at 151 million yuan compared to a net loss of 35 million yuan in 1H24, largely due to over 1.6 billion yuan in gains from the sale of a stake in a subsidiary [1][2]. - Adjusted recurring operating profit was 6.258 million yuan, a significant improvement from a loss of 8.88 million yuan in 1H24, indicating enhanced core business profitability [2]. Business Trends - Total Payment Volume (TPV) for 1H25 grew by 32% year-on-year to 2.1 trillion yuan, outpacing revenue growth of 27% [1]. - Global payment TPV surged by 94% to 198.5 billion yuan, while domestic payment TPV rose by 28% to 1.9 trillion yuan, with stable fee rates contributing to revenue growth [1]. - Value-added services revenue increased by 34% to 90 million yuan, driven by virtual card offerings and the expansion of digital products [1]. Profitability Metrics - Gross profit for 1H25 rose by 25% to 410 million yuan, maintaining a high gross margin of 52% [2]. - The gross margin for global payments was 72.7%, while domestic payments stood at 19.9%, with a slight decline in value-added services margin attributed to lower profitability in virtual card operations [2]. Strategic Outlook - The company anticipates steady growth in payment business, projecting TPV to continue increasing and revenue growth to exceed 20% in the coming years, with a target recurring operating profit of nearly 70 million yuan in 2025 [3]. - The company plans to allocate 30% of its fundraising to enhance global licensing and local service capabilities, while 50% will focus on blockchain technology innovations in cross-border payments [3]. Market Position - As a leading cross-border payment service provider, the company is well-positioned to benefit from Web3 payment innovations and has obtained a VATP license, which opens new growth avenues [3]. Valuation and Forecast - Revenue forecasts for 2025 and 2026 have been raised by 2% to 1.65 billion yuan and 2.02 billion yuan, respectively, while maintaining adjusted profit estimates [4]. - The target price has been increased by 3.3% to 15.8 HKD, reflecting a potential upside of 39% based on a price-to-sales ratio of 9x for 2025 and 8x for 2026 [4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 13.90, representing a potential upside of 23.6% from the current price of HKD 11.25 [1][6][14]. Core Insights - The company has demonstrated robust growth in its core business, with total revenue reaching HKD 783 million in the first half of 2025, a year-on-year increase of 26.8%. The gross margin improved to 51.8%, reflecting effective cost control and a higher proportion of high-margin business [3][9]. - The domestic payment business is steadily expanding, with total payment transaction volume reaching HKD 1.87 trillion, a 27.6% increase year-on-year. The international payment business saw a remarkable growth in total payment volume (TPV), which nearly doubled to HKD 198.5 billion, a 94.0% increase [4][10][11]. - The value-added services segment is showing synergistic effects, with total revenue of HKD 89.59 million, up 34.2% year-on-year. The company is enhancing its blockchain technology applications in cross-border payments, which could open new revenue streams [5][12][13]. Financial Performance Summary - For the fiscal years 2025 to 2027, the company is projected to achieve revenues of HKD 1.61 billion, HKD 1.96 billion, and HKD 2.37 billion, respectively, with year-on-year growth rates of 22.4%, 21.9%, and 20.8% [6][7][14]. - The net profit for 2025 is expected to reach HKD 1.53 billion, significantly boosted by the sale of equity in a joint venture with American Express [14].

Core Viewpoint - CICC maintains a "outperform industry" rating for Lianlian Digital (02598.HK) and raises the target price by 3.3% to HKD 15.8 due to improved market sentiment [1] Financial Performance - Lianlian Digital's 1H25 performance met expectations, with revenue increasing by 27% year-on-year to CNY 780 million, and net profit turning positive to CNY 1.51 billion [1] - Total Payment Volume (TPV) rose by 32% year-on-year to CNY 2.1 trillion, outpacing the revenue growth of 27% [1] - Gross profit increased by 25% year-on-year to CNY 410 million, maintaining a high gross margin of 52% [1] Future Projections - CICC has adjusted revenue forecasts for 2025 and 2026 upwards by 2% each to CNY 1.65 billion and CNY 2.02 billion respectively, anticipating steady growth in TPV and payment revenue [1] - The company is expected to achieve a recurring operating profit of nearly CNY 70 million in 2025 [1] Competitive Advantages - Lianlian Digital has significant advantages in licensing compliance, having recently obtained SFC Type 3 license for regulated leveraged foreign exchange trading, as well as in technological innovation and global network [1] - The company is continuously enhancing its global licensing layout and local service capabilities overseas [1] - As a leading cross-border payment service provider, Lianlian Digital is poised to benefit from Web3 payments and VATP licenses, which open up growth opportunities [1]