进入深度洗牌期 当前行业正在全面进入以合规为基、以整合出清为特征的深度洗牌期。 中经记者 郑瑜 北京报道 非银支付行业整合仍在持续。 截至10月11日，中国人民银行（以下简称"央行"）发布数据，今年以来，已经有9家非银支付机构进行 了重大事项变更。 其中，上海富友支付服务股份有限公司、上海付费通信息服务有限公司、拉卡拉支付股份有限公司主要 股东增加了持股比例。 与此同时，今年以来，得仕股份有限公司、中汇电子支付有限公司等11家非银支付机构进行了注销许 可。 有地处华南的支付机构日前向《中国经营报》记者表示，已实施部分股权出让安排，拟通过引入新股 东，优化股权结构、引入战略资源或提升资本实力，以更好适应行业监管要求与市场发展趋势。 2024年7月，《非银行支付机构监督管理条例实施细则》发布，非银行支付机构注册资本最低限额在人 民币1亿元，相比2010年《非金融机构支付服务管理办法》中，仅要求在全国展业的机构注册资本达到1 亿元，在区域范围内注册资本最低为3000万元，抬高了非银支付机构的准入门槛。 博通分析金融行业资深分析师王蓬博表示，自相关规定实施后，支付行业就已从野蛮生长的扩张期全面 迈入整合出清、强者恒强 ...

Investment Rating - The industry investment rating is "Outperform the Market" [29] Core Insights - The report highlights the integration of AI in the payment industry, focusing on enhancing merchant operations and creating new business opportunities through innovative AI products [2][3][27] - Companies like Newland, Lakala, Newland Digital, Lianlian Digital, and Yika are actively developing AI applications tailored for small and medium-sized merchants, digital employees, and e-commerce [3][27] - The report emphasizes that AI technology can help payment companies differentiate themselves in a competitive landscape and improve service quality, thereby increasing customer value and loyalty [27] Summary by Sections AI Applications in Payment Industry - Newland has launched multiple AI products and formed a strategic partnership with Alibaba Cloud to enhance its digital business strategy, serving over 4.8 million active merchants by mid-2025 [2][7] - Lakala has introduced AI Wallet 2.0, providing nearly 100 commercial functions and serving around 800 million registered users, with 1.5 million monthly active users [9][11] - Newland Digital has customized AI "digital employee" products for B-end clients and launched AIGC applications in overseas markets, achieving significant profits [12][14] - Lianlian Digital has integrated generative AI capabilities into its LOOP AI application to optimize cross-border e-commerce operations [18] - Yika has developed the WinsFor platform to enhance in-store e-commerce marketing, achieving a 40% month-on-month increase in transaction volume by mid-2025 [20][21] R&D Investment Trends - The overall R&D investment among selected payment companies has shown stable growth, with year-on-year increases of 3.3%, 3.9%, and 2.2% for 2023, 2024, and the first half of 2025, respectively [22][24] - The R&D expense ratio for these companies has remained stable between 7% and 9% from 2022 to the first half of 2025, with an overall ratio of 8.1% in the first half of 2025 [22][23] Investment Recommendations - The report suggests focusing on companies that actively embrace AI technology, including Newland, Newland Digital, Lakala, Lianlian Digital, and Yika, as they are expected to benefit from enhanced service quality and competitive differentiation [27]

致：香港交易及結算所有限公司 FF301 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9月30日 狀態: 新提交 公司名稱: 移卡有限公司 (「本公司」) (於開曼群島註冊成立之有限公司) 呈交日期: 2025年10月8日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09923 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | USD | | 0.000025 USD | | 25,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | | | 本月底結存 | | | 1,000,000,000 | USD | | 0.000025 USD | | 25,000 ...

Company Information [Company Profile and Governance Structure](index=3&type=section&id=Company%20Profile%20and%20Governance%20Structure) Yeahka Limited provides its registration information, headquarters, and principal place of business in Hong Kong, along with details of its board members' roles in various committees and information on external legal counsel and independent auditors - The company is incorporated in the Cayman Islands, headquartered in Shenzhen, China, with its principal place of business in Hong Kong located in Causeway Bay[3](index=3&type=chunk) - The Board of Directors comprises executive directors (Mr. Liu Yingqi, Mr. Yao Zhijian, Mr. Luo Xiaohui, Ms. Liang Shengtian) and independent non-executive directors (Mr. Tam Ping Chung, Mr. Yao Wei, Mr. Au Yeung Yat Fai)[3](index=3&type=chunk) - The company has established an Audit Committee, Remuneration Committee, Nomination Committee, and Environmental, Social and Governance Committee, with the chairpersons for each committee clearly defined[5](index=5&type=chunk) Business Review and Outlook [Business and Financial Summary](index=6&type=section&id=Business%20and%20Financial%20Summary) Yeahka achieved several business and financial milestones in H1 2025, including overseas payment license approvals, significant AI digital human marketing growth, and year-on-year revenue and gross profit increases, despite a slight decrease in total Gross Payment Volume (GPV) - Successfully obtained US MSB federal payment license and Arizona MTL state-level payment license, and approved by Japan's Ministry of Economy, Trade and Industry to conduct online and offline QR code acquiring business in Japan, continuously expanding its global footprint[9](index=9&type=chunk) - The transaction volume of AI-generated digital human videos by its precision marketing company, Chuangxinzong, grew approximately **40% month-on-month**, with material costs reduced by **80%**, and AI-generated content now accounts for **20%** of total video production[9](index=9&type=chunk) H1 2025 Key Business and Financial Data | Indicator | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Total Payment Volume (GPV) | RMB 1,144.4 billion | RMB 1,166.2 billion | -1.9% | | Overseas Business Transaction Volume | Over RMB 1.5 billion | Approx. RMB 1.1 billion (full year last year) | Significant growth | | Payment Fee Rate | 12.5 basis points | 11.5 basis points | +1.0 basis points | | Overseas Payment Fee Rate | 67.0 basis points | - | - | | Revenue | RMB 1,641.5 million | RMB 1,577.7 million | +4.0% | | Gross Profit | RMB 383.0 million | RMB 300.2 million | +27.6% | | Gross Profit Margin | 23.3% | 19.0% | +4.3 percentage points | [About Yeahka](index=7&type=section&id=About%20Yeahka) Yeahka is a leading business empowerment technology platform dedicated to creating value for merchants and consumers through one-stop payment services, merchant solutions, and in-store e-commerce services, building an independent digital business ecosystem - The company is positioned as a leading business empowerment technology platform, focused on creating value for merchants and consumers[11](index=11&type=chunk) - Core businesses include one-stop payment services, merchant solutions, and in-store e-commerce services, aiming to provide seamless, convenient, and reliable payment and digital business empowerment[11](index=11&type=chunk) [Strategic Progress and Outlook](index=7&type=section&id=Strategic%20Progress%20and%20Outlook) Yeahka achieved strong overseas business growth and improved domestic payment business profitability in H1 2025, realizing high-quality growth in value-added services through strategic business model upgrades and deepened AI application, significantly optimizing operational efficiency and financial costs - Overseas business maintained strong growth momentum with a diversified business portfolio, providing one-stop payment and diversified value-added services to international brand clients[12](index=12&type=chunk) - Domestic payment business fee rates and profitability gradually recovered, with partner relationships and the digital ecosystem becoming more robust[12](index=12&type=chunk) - Value-added services achieved sustained high-quality growth, with precision marketing business transaction volume reaching a new high, and in-store e-commerce business achieving continuous monthly profitability[12](index=12&type=chunk) - Deepened application of AI technology simplified processes, reduced costs, and gained high industry and customer recognition in areas such as AI digital human-generated promotional activities[12](index=12&type=chunk) H1 2025 Key Financial Efficiency Indicators | Indicator | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Selling, Administrative and R&D Expenses | Decreased 19.3% | - | - | | Finance Costs | Decreased 52.7% | - | - | | Profit for the Period | RMB 41.4 million | RMB 32.6 million | Increased 27.0% | | Profit Margin for the Period | 2.5% | 2.1% | Increased 0.4 percentage points | [Overseas Business Continues Rapid Growth, Global Expansion Deepens](index=9&type=section&id=Overseas%20Business%20Continues%20Rapid%20Growth%2C%20Global%20Expansion%20Deepens) Yeahka's overseas business achieved robust and rapid growth in H1 2025, with GPV exceeding RMB 1.5 billion, surpassing the previous full year's total, and successfully obtaining payment licenses in the US and Japan, deepening cooperation with global financial institutions to expand its international service footprint - For the six months ended June 30, 2025, overseas GPV transaction volume exceeded **RMB 1.5 billion**, surpassing the total transaction volume of approximately RMB 1.1 billion for the entire previous year[18](index=18&type=chunk) - Overseas payment fee rate reached **67.0 basis points**, with a gross profit margin exceeding **50%**, and overseas merchant quarterly transaction volume per account significantly higher than domestic levels, unlocking substantial profit potential[18](index=18&type=chunk) - Successfully obtained US MSB federal payment license and Arizona MTL state-level payment license, and approved by Japan's Ministry of Economy, Trade and Industry to conduct online and offline QR code acquiring business in Japan[19](index=19&type=chunk) - Supported strategic partner HSBC to enhance collection management solutions, adding support for Alipay, Alipay HK, and WeChat Pay, and jointly exploring digital currency and overseas market cooperation[19](index=19&type=chunk) [Deep Integration of AI Technology and Vertical Domain Expertise, Leading Industry Innovation](index=10&type=section&id=Deep%20Integration%20of%20AI%20Technology%20and%20Vertical%20Domain%20Expertise%2C%20Leading%20Industry%20Innovation) Yeahka, through its AI Lab's cutting-edge technology, deeply integrates large language models with merchant operational insights, widely applying AI in marketing content creation, merchant data analysis, customer service, and internal operational processes, significantly enhancing efficiency, reducing costs, and driving innovative growth - Its subsidiary Chuangxinzong's AI-generated digital human videos saw monthly transaction volume grow by approximately **40% month-on-month**, with material costs reduced by **80%**, and AI-generated content accounting for **20%** of total video production[21](index=21&type=chunk) - On the merchant side, AI-driven merchant data analysis and natural language dialogue technology are used to shorten operational decision cycles, improve data query efficiency, and reduce customer service labor costs by **60%**[22](index=22&type=chunk) - On the consumer side, by investing in Futong Technology to build AI Shop, the company creates a demand-driven immersive shopping journey, with intelligent recommendations optimizing sales conversion rates[22](index=22&type=chunk) - AI technology is widely applied in KYC, risk control, customer service, and operations, with AI-assisted programming adoption rate approaching **40%** and operational expenditures reduced by approximately **20%**[22](index=22&type=chunk) [One-Stop Payment Services: Steadily Leading the Market, Driving High-Quality Growth and Profitability](index=11&type=section&id=One-Stop%20Payment%20Services%3A%20Steadily%20Leading%20the%20Market%2C%20Driving%20High-Quality%20Growth%20and%20Profitability) Despite macroeconomic fluctuations leading to a year-on-year decrease in GPV, Yeahka's one-stop payment services achieved significant revenue and gross profit growth in H1 2025 through increased fee rates and refined operations, with overseas business showing high profitability potential and active deployment in digital currency payment scenarios - H1 2025 GPV decreased by **1.9% year-on-year**, but increased quarter-on-quarter in Q2, showing initial signs of bottoming out and recovery; daily transaction peak still reached **60 million transactions**[23](index=23&type=chunk) - Payment fee rate increased from **11.5 basis points** in the same period last year to **12.5 basis points**, reflecting the company's pricing power as a leading payment technology brand[23](index=23&type=chunk) One-Stop Payment Services Financial Performance | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Payment Services Revenue | 1,429.3 | 1,346.6 | Increased 6.1% | | Payment Services Gross Profit | 195.3 | 92.9 | Increased 110.3% | | Payment Services Gross Profit Margin | 13.7% | 6.9% | Increased 6.8 percentage points | - Overseas payment business fee rate reached **67.0 basis points**, with a gross profit margin exceeding **50%**, and profitability generated per unit transaction significantly higher than domestic levels[26](index=26&type=chunk) - Actively promoted the implementation of digital currency payment scenarios, including digital RMB in China, and pioneered expansion into the local life services sector[26](index=26&type=chunk) [Merchant Solutions: AI and Data Technology Drive Commercialization, Gross Margin Further Improves](index=12&type=section&id=Merchant%20Solutions%3A%20AI%20and%20Data%20Technology%20Drive%20Commercialization%2C%20Gross%20Margin%20Further%20Improves) Yeahka's merchant solutions business saw a year-on-year revenue decrease in H1 2025 but significant quarter-on-quarter growth, with gross margin further improving to 91.3%, primarily due to AI technology application and cost control; precision marketing business transaction volume reached a new high, and AI digital human video production significantly boosted efficiency and reduced costs Merchant Solutions Financial Performance | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 186.5 | 202.3 | Decreased 7.8% | | Gross Margin | 91.3% | 90.9% | Increased 0.4 percentage points | | QoQ Growth | 35.8% | - | - | - Precision marketing business transaction volume exceeded **RMB 1.7 billion** in H1 2025, a year-on-year increase of over **23%**, setting a new semi-annual record, benefiting from adoption by major clients like JD.com, Meituan, and Kuaishou[27](index=27&type=chunk) - Its precision marketing subsidiary, Chuangxinzong, achieved approximately **40% month-on-month growth** in AI-generated digital human video transaction volume, with material costs reduced by about **80%**[27](index=27&type=chunk) - The contribution of merchant solutions to total revenue increased quarter-on-quarter from **9.1%** in H2 2024 to **11.3%** in H1 2025[28](index=28&type=chunk) [In-Store E-commerce Services: Strategic Upgrade to Build an Intelligent Aggregation Platform, Profitability Significantly Optimized](index=13&type=section&id=In-Store%20E-commerce%20Services%3A%20Strategic%20Upgrade%20to%20Build%20an%20Intelligent%20Aggregation%20Platform%2C%20Profitability%20Significantly%20Optimized) Yeahka's in-store e-commerce business achieved break-even and continuous monthly profitability in H1 2025 after a strategic upgrade, focusing on high-profitability clients, developing a distribution network, and introducing AI applications; despite a year-on-year revenue decrease, gross margin and average profit contribution improved, and the business model was successfully replicated in overseas markets - Achieved break-even in H1 2025 and continuous monthly profitability in the second quarter[29](index=29&type=chunk) - Business focused on high-quality and high-profitability clients, significantly reducing self-operated sales investment and developing a distribution network, leading to a year-on-year decrease in revenue[29](index=29&type=chunk) - Upfront revenue contribution to in-store e-commerce revenue further increased to over **60%**, providing stronger assurance for the profitability of each service project[29](index=29&type=chunk) - The open Winsfor in-store business intelligent platform, combined with AI technology, efficiently connects mainstream platforms like Douyin, Xiaohongshu, Dianping, and Amap, enhancing marketing conversion performance[30](index=30&type=chunk) In-Store E-commerce Services Gross Margin | Indicator | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Gross Margin | 68.0% | 81.5% | Decreased 13.5 percentage points | - Successfully replicated the business model in overseas markets such as Japan, Singapore, Hong Kong, and Macau, assisting local F&B and hospitality merchants in improving operational efficiency[30](index=30&type=chunk) [Company Outlook](index=14&type=section&id=Company%20Outlook) Yeahka will adhere to a long-term strategy driven by international expansion and product innovation, deepening its presence in international markets, leveraging one-stop payment services as its foundation, continuously optimizing merchant solutions and in-store e-commerce businesses, and actively embracing cutting-edge technologies like AI and blockchain to enhance operational efficiency and product competitiveness - Will adhere to a long-term strategy driven by international expansion and product innovation, continuously deepening its presence in international markets[32](index=32&type=chunk) - One-stop payment services will continue to play a core supporting role, injecting synergistic benefits and resource momentum into other business segments[32](index=32&type=chunk) - Continuously optimize the commercialization capabilities of merchant solutions and in-store e-commerce businesses, launching innovative products and services integrated with cutting-edge technologies[32](index=32&type=chunk) - Actively embrace technological trends such as artificial intelligence, blockchain, and forward-looking trends like digital currency, deepening technological applications to enhance operational efficiency, product competitiveness, and service intelligence[32](index=32&type=chunk) [Controlling Shareholder Share Purchases, Company Share Repurchases, and Restricted Share Unit Scheme Share Purchases](index=14&type=section&id=Controlling%20Shareholder%20Share%20Purchases%2C%20Company%20Share%20Repurchases%2C%20and%20Restricted%20Share%20Unit%20Scheme%20Share%20Purchases) The controlling shareholder, the company, and the trustee of the Restricted Share Unit Scheme all conducted share purchases or repurchases during the reporting period, demonstrating confidence in the company's future development prospects and intrinsic value - Controlling shareholder Creative Brocade International Limited purchased a total of **1,158,800 shares** from the open market from January 1 to June 30, 2025, representing **0.25%** of the issued shares[33](index=33&type=chunk) - The company utilized approximately **HKD 4.0 million** to repurchase **546,000 shares** at prices ranging from **HKD 6.78 to HKD 8.53 per share**, representing **0.12%** of the issued shares, and held them as treasury shares[34](index=34&type=chunk) - The trustee of the Restricted Share Unit Scheme utilized approximately **HKD 0.7 million** to purchase **82,000 shares** at prices ranging from **HKD 7.93 to HKD 8.45 per share**, representing **0.02%** of the issued shares, to be used for share awards[34](index=34&type=chunk) [Financing](index=15&type=section&id=Financing) Yeahka successfully raised a net amount of approximately HKD 189.2 million in January 2025 through a placing and subscription agreement, aimed at supplementing long-term capital, supporting the group's expansion plans and development strategies, and broadening its shareholder and capital base - On January 6, 2025, the company placed **19,150,000 shares** at a price of **HKD 10.10 per share** through a placing and subscription agreement[35](index=35&type=chunk)[36](index=36&type=chunk) - The net proceeds from the subscription, after deducting all applicable costs and expenses, are estimated to be approximately **HKD 189.2 million**[36](index=36&type=chunk) - The placing aims to supplement long-term capital for the group's expansion plans and development strategies, providing the company with opportunities to raise further capital while also broadening its shareholder and capital base[36](index=36&type=chunk) [Environmental, Social, and Governance (ESG)](index=16&type=section&id=Environmental%2C%20Social%2C%20and%20Governance%20%28ESG%29) Yeahka adheres to sustainable development principles, actively practicing environmental, social, and governance initiatives; environmentally, it promotes private cloud construction and discloses climate-related management; socially, it leverages digital technology to support small and micro merchants, enhance community life quality, and strengthen transaction risk control; in governance, it improves the ESG governance system, prioritizes information security, and obtains multiple authoritative certifications - The company was once again selected for the "Sustainability Yearbook (China Edition) 2025," demonstrating its outstanding performance in sustainable development[38](index=38&type=chunk) - Environmentally, it continues to advance private cloud system construction, implement a "hybrid cloud" deployment strategy, and disclose climate-related management practices in accordance with TCFD and IFRS S2 guidelines[38](index=38&type=chunk) - Socially, it leverages digital technology to support the development of small and micro merchants, provides local life services, enhances community quality of life, and strengthens transaction risk management[39](index=39&type=chunk) - In corporate governance, the ESG Committee actively identifies sustainable development opportunities and risks, continuously improves its information security management system, and has obtained multiple authoritative certifications including MLPS Level 3, PCI-DSS, and UPDSS[39](index=39&type=chunk) Management Discussion and Analysis [H1 2025 Performance](index=17&type=section&id=H1%202025%20Performance) Yeahka achieved significant revenue and gross profit growth in H1 2025, with operating profit and profit for the period also increasing year-on-year, reflecting the company's resilient profitability amidst macroeconomic fluctuations H1 2025 Core Financial Data | Indicator | H1 2025 (RMB '000) | H1 2024 (RMB '000) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 1,641,526 | 1,577,719 | +4.0% | | Cost of Revenue | (1,258,496) | (1,277,500) | -1.5% | | Gross Profit | 383,030 | 300,219 | +27.6% | | Operating Profit | 58,799 | 56,842 | +3.4% | | Profit for the Period | 41,373 | 32,580 | +27.0% | [Revenue Analysis](index=17&type=section&id=Revenue%20Analysis) Yeahka's total revenue for H1 2025 increased by 4.0% year-on-year to RMB 1,641.5 million, primarily driven by growth in one-stop payment services revenue, despite a decrease in merchant solutions and in-store e-commerce services revenue - Total revenue increased by **4.0%** from **RMB 1,577.7 million** in H1 2024 to **RMB 1,641.5 million** in the same period of 2025[41](index=41&type=chunk) Revenue by Business Segment | Business Segment | H1 2025 (RMB '000) | % of Total | H1 2024 (RMB '000) | % of Total | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | One-Stop Payment Services Revenue | 1,429,317 | 87.1 | 1,346,561 | 85.4 | +6.1 | | Merchant Solutions Revenue | 186,527 | 11.3 | 202,319 | 12.8 | -7.8 | | In-Store E-commerce Services Revenue | 25,682 | 1.6 | 28,839 | 1.8 | -10.9 | | **Total** | **1,641,526** | **100.0** | **1,577,719** | **100.0** | **+4.0** | - One-stop payment services revenue increased by **6.1%**, primarily due to an increase in fee rates[43](index=43&type=chunk) - Merchant solutions revenue decreased by **7.8%**, as growth in precision marketing business could not fully offset the shrinking user base[44](index=44&type=chunk) - In-store e-commerce services revenue decreased by **10.9%**, mainly due to the company's focus on high-quality, high-margin customers and gradual phasing out of low-profit contribution customers[45](index=45&type=chunk) [Cost of Revenue Analysis](index=19&type=section&id=Cost%20of%20Revenue%20Analysis) Yeahka's cost of revenue for H1 2025 decreased by 1.5% year-on-year to RMB 1,258.5 million, primarily due to a reduction in commissions and fees, reflecting the company's improved pricing power over agents - Cost of revenue decreased by **1.5%** from **RMB 1,277.5 million** in H1 2024 to **RMB 1,258.5 million** in the same period of 2025[47](index=47&type=chunk) - The decrease in costs was primarily due to a reduction in commissions and fees, reflecting the company's improved pricing power over agents[47](index=47&type=chunk) Cost of Revenue by Nature | Cost Category | H1 2025 (RMB '000) | % of Total | H1 2024 (RMB '000) | % of Total | | :--- | :--- | :--- | :--- | :--- | | Commissions and Fees | 1,182,388 | 94.0 | 1,199,748 | 93.9 | | Amortization of Non-current Assets | 51,172 | 4.0 | 52,783 | 4.1 | | Raw Materials and Consumables | 2,563 | 0.2 | 4,568 | 0.4 | | Others | 22,373 | 1.8 | 20,401 | 1.6 | | **Total** | **1,258,496** | **100.0** | **1,277,500** | **100.0** | [Gross Profit and Gross Margin Analysis](index=20&type=section&id=Gross%20Profit%20and%20Gross%20Margin%20Analysis) Yeahka's gross profit for H1 2025 increased by 27.6% year-on-year to RMB 383.0 million, with gross margin improving to 23.3%, primarily driven by significant growth in one-stop payment services gross margin and a high gross margin maintained in merchant solutions - Gross profit increased by **27.6%** from **RMB 300.2 million** in H1 2024 to **RMB 383.0 million** in the same period of 2025[49](index=49&type=chunk) - Gross profit margin increased from **19.0%** in H1 2024 to **23.3%** in the same period of 2025, mainly due to an increase in one-stop payment services gross margin and a high gross margin in merchant solutions[50](index=50&type=chunk) Gross Profit and Gross Margin by Business Segment | Business Segment | H1 2025 Gross Profit (RMB '000) | H1 2025 Gross Margin (%) | H1 2024 Gross Profit (RMB '000) | H1 2024 Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | | One-Stop Payment Services | 195,297 | 13.7 | 92,858 | 6.9 | | Merchant Solutions | 170,277 | 91.3 | 183,854 | 90.9 | | In-Store E-commerce Services | 17,456 | 68.0 | 23,507 | 81.5 | | **Total** | **383,030** | **23.3** | **300,219** | **19.0** | - One-stop payment services gross margin increased from **6.9%** to **13.7%**, primarily due to increased fee rates to optimize profitability[50](index=50&type=chunk) - In-store e-commerce services gross margin decreased from **81.5%** to **68.0%**, mainly due to a greater focus on large-scale, chain customers, leading to a corresponding increase in costs[50](index=50&type=chunk) [Selling Expenses](index=21&type=section&id=Selling%20Expenses) Yeahka's selling expenses for H1 2025 decreased by 9.6% year-on-year to RMB 47.2 million, primarily due to a reduction in outsourced service fees - Selling expenses decreased by **9.6%** from **RMB 52.3 million** in H1 2024 to **RMB 47.2 million** in the same period of 2025[51](index=51&type=chunk) - The decrease was primarily due to a reduction in outsourced service fees[51](index=51&type=chunk) [Administrative Expenses](index=21&type=section&id=Administrative%20Expenses) Yeahka's administrative expenses for H1 2025 decreased by 12.3% year-on-year to RMB 136.6 million, primarily due to a reduction in employee headcount and the widespread application of AI technology in operations - Administrative expenses decreased by **12.3%** from **RMB 155.7 million** in H1 2024 to **RMB 136.6 million** in the same period of 2025[52](index=52&type=chunk) - The decrease was primarily due to a reduction in employee headcount and the company's expanded use of AI technology in operations[52](index=52&type=chunk) [Research and Development Expenses](index=21&type=section&id=Research%20and%20Development%20Expenses) Yeahka's R&D expenses for H1 2025 significantly decreased by 31.7% year-on-year to RMB 87.6 million, primarily due to the widespread adoption of more cost-effective AI tools and a reduction in labor costs and outsourced service fees - R&D expenses decreased by **31.7%** from **RMB 128.3 million** in H1 2024 to **RMB 87.6 million** in the same period of 2025[53](index=53&type=chunk) - The decrease was primarily due to the widespread adoption of more cost-effective AI tools and a reduction in labor costs and outsourced service fees[53](index=53&type=chunk) [Net Impairment Loss on Financial Assets](index=21&type=section&id=Net%20Impairment%20Loss%20on%20Financial%20Assets) Yeahka's net impairment loss on financial assets for H1 2025 increased by 45.9% year-on-year to RMB 61.4 million, primarily due to the adverse impact of macroeconomic fluctuations on customer loan performance, with the company actively implementing risk mitigation measures - Net impairment loss on financial assets increased by **45.9%** from **RMB 42.1 million** in H1 2024 to **RMB 61.4 million** in the same period of 2025[54](index=54&type=chunk) - The increase was primarily due to the adverse impact of macroeconomic fluctuations on customer loan performance[54](index=54&type=chunk) - The company has actively implemented risk mitigation measures, including strengthening risk control and audit processes, restricting transactions with high-risk customers, and refining customer acquisition channels[54](index=54&type=chunk) [Other Income](index=21&type=section&id=Other%20Income) Yeahka's other income for H1 2025 decreased by 47.7% year-on-year to RMB 9.7 million, primarily due to reduced interest income from bank deposits and government grants - Other income decreased by **47.7%** from **RMB 18.6 million** in H1 2024 to **RMB 9.7 million** in the same period of 2025[55](index=55&type=chunk) - The decrease was primarily due to reduced interest income from bank deposits and government grants[55](index=55&type=chunk) [Fair Value Changes of Financial Assets and Liabilities at Fair Value Through Profit or Loss](index=21&type=section&id=Fair%20Value%20Changes%20of%20Financial%20Assets%20and%20Liabilities%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) Yeahka recorded a significant decrease in fair value changes of financial assets and liabilities at fair value through profit or loss to RMB 2.8 million in H1 2025, compared to RMB 94.2 million in the prior year, primarily due to fair value changes in listed company investments - H1 2025 recorded a gain from fair value changes of financial assets and liabilities at fair value through profit or loss of **RMB 2.8 million**, compared to **RMB 94.2 million** in H1 2024[56](index=56&type=chunk) - The change was primarily due to an increase in the fair value of the company's investments in listed companies[56](index=56&type=chunk) [Other (Losses)/Gains – Net](index=22&type=section&id=Other%20%28Losses%29%2FGains%20%E2%80%93%20Net) Yeahka recorded other net losses of RMB 4.0 million in H1 2025, compared to net gains of RMB 22.2 million in the prior year, primarily because there were no repurchases of convertible bonds and related gains during the reporting period - H1 2025 recorded other net losses of **RMB 4.0 million**, compared to other net gains of **RMB 22.2 million** in H1 2024[58](index=58&type=chunk) - The decrease was primarily due to no repurchase of convertible bonds and related gains during the reporting period, unlike H1 2024[58](index=58&type=chunk) [Operating Profit](index=22&type=section&id=Operating%20Profit) Yeahka's operating profit for H1 2025 increased by 3.4% year-on-year to RMB 58.8 million, reflecting the company's comprehensive performance in revenue growth and cost control - Operating profit increased from **RMB 56.8 million** in H1 2024 to **RMB 58.8 million** in the same period of 2025[59](index=59&type=chunk) [Finance Costs](index=22&type=section&id=Finance%20Costs) Yeahka's finance costs for H1 2025 significantly decreased by 52.7% year-on-year to RMB 19.8 million, primarily due to the absence of interest expenses related to convertible bonds during the reporting period - Finance costs decreased by **52.7%** from **RMB 41.9 million** in H1 2024 to **RMB 19.8 million** in the same period of 2025[60](index=60&type=chunk) - The decrease was primarily due to the absence of interest expenses related to convertible bonds during the reporting period, unlike H1 2024[60](index=60&type=chunk) [Share of Net Profit of Investments Accounted for Using Equity Method](index=22&type=section&id=Share%20of%20Net%20Profit%20of%20Investments%20Accounted%20for%20Using%20Equity%20Method) Yeahka's share of net profit of investments accounted for using the equity method was RMB 6.1 million in H1 2025, a decrease from RMB 21.4 million in the prior year, primarily due to an increase in the net profit of one of the Group's associates - Share of net profit of investments accounted for using the equity method decreased from a profit of **RMB 21.4 million** in H1 2024 to a profit of **RMB 6.1 million** in the same period of 2025[61](index=61&type=chunk) - The change was primarily due to an increase in the net profit of one of the Group's associates[61](index=61&type=chunk) [Profit Before Income Tax](index=22&type=section&id=Profit%20Before%20Income%20Tax) Yeahka's profit before income tax for H1 2025 increased by 24.0% year-on-year to RMB 45.1 million, reflecting positive improvements across various financial indicators - Profit before income tax increased by **24.0%** from **RMB 36.4 million** in H1 2024 to **RMB 45.1 million** in the same period of 2025[62](index=62&type=chunk) [Income Tax Expense](index=23&type=section&id=Income%20Tax%20Expense) Yeahka's income tax expense for H1 2025 slightly decreased by 1.7% to RMB 3.7 million, with the effective tax rate remaining relatively stable - Income tax expense slightly decreased by **1.7%** from **RMB 3.8 million** in H1 2024 to **RMB 3.7 million** in the same period of 2025[63](index=63&type=chunk) - The effective tax rate remained relatively stable at **8.3%** in H1 2025 and **10.4%** in H1 2024[63](index=63&type=chunk) [Profit for the Period](index=23&type=section&id=Profit%20for%20the%20Period) Yeahka's profit for the period in H1 2025 increased by 27.0% year-on-year to RMB 41.4 million, with the profit margin for the period improving from 2.1% to 2.5% - Profit for the period increased by **27.0%** from **RMB 32.6 million** in H1 2024 to **RMB 41.4 million** in the same period of 2025[64](index=64&type=chunk) - The profit margin for the period improved from **2.1%** to **2.5%**[16](index=16&type=chunk) [Non-IFRS Measures (Adjusted EBITDA)](index=23&type=section&id=Non-IFRS%20Measures%20%28Adjusted%20EBITDA%29) Yeahka uses Adjusted EBITDA as a supplementary financial measure, with H1 2025 Adjusted EBITDA increasing by 6.2% year-on-year to RMB 173.3 million, primarily due to an increase in net profit for the period - Adjusted EBITDA increased by **6.2%** from **RMB 163.3 million** in H1 2024 to **RMB 173.3 million** in the same period of 2025[67](index=67&type=chunk) - The increase was primarily due to an increase in net profit for the reporting period[67](index=67&type=chunk) Reconciliation of Adjusted EBITDA to Profit | Indicator | H1 2025 (RMB '000) | H1 2024 (RMB '000) | | :--- | :--- | :--- | | Profit for the Period | 41,373 | 32,580 | | Add: Finance Costs | 19,804 | 41,872 | | Add: Amortization of Non-current Assets | 51,172 | 52,783 | | Add: Depreciation of Property, Plant and Equipment | 12,284 | 15,191 | | Add: Amortization of Intangible Assets | 8,550 | 9,055 | | Add: Income Tax Expense | 3,732 | 3,798 | | **EBITDA** | **136,915** | **155,279** | | Add: Share-based Payment Expenses | 39,220 | 40,803 | | Add: Non-recurring Income Adjustment | – | 86,100 | | Less: Gain on Repurchase of Convertible Bonds | – | (24,727) | | Less: Fair Value Changes of Financial Assets and Liabilities at Fair Value Through Profit or Loss | (2,806) | (94,184) | | **Adjusted EBITDA** | **173,329** | **163,271** | [Capital Structure](index=24&type=section&id=Capital%20Structure) Yeahka's total assets slightly increased in H1 2025, total liabilities decreased, and the gearing ratio declined from 66.4% to 63.6%, indicating an optimized capital structure - Total assets increased from **RMB 7,705.5 million** as at December 31, 2024, to **RMB 7,761.4 million** as at June 30, 2025[68](index=68&type=chunk) - Total liabilities decreased from **RMB 5,116.0 million** as at December 31, 2024, to **RMB 4,937.0 million** as at June 30, 2025[68](index=68&type=chunk) - The gearing ratio decreased from **66.4%** as at December 31, 2024, to **63.6%** as at June 30, 2025[68](index=68&type=chunk) [Liquidity, Capital Resources, and Gearing Ratio](index=25&type=section&id=Liquidity%2C%20Capital%20Resources%2C%20and%20Gearing%20Ratio) Yeahka's current ratio increased in H1 2025, cash and cash equivalents increased by 14.8% to RMB 684.2 million, primarily due to share placing, and the gearing ratio decreased, maintaining a strong cash position - The current ratio increased from **1.18** as at December 31, 2024, to **1.24** as at June 30, 2025[69](index=69&type=chunk) - Cash and cash equivalents increased by **14.8%** from **RMB 595.7 million** as at December 31, 2024, to **RMB 684.2 million** as at June 30, 2025, primarily due to the placing of shares in January 2025[70](index=70&type=chunk) - The gearing ratio (total debt divided by total equity) decreased from **35.9%** as at December 31, 2024, to **33.4%** as at June 30, 2025[70](index=70&type=chunk) [Capital Expenditure](index=25&type=section&id=Capital%20Expenditure) Yeahka's total capital expenditure for H1 2025 increased by 133.7% year-on-year to RMB 31.9 million, primarily due to the rapid recovery of domestic payment business, leading to increased procurement of payment terminals - Total capital expenditure increased by **133.7%** from **RMB 13.6 million** in H1 2024 to **RMB 31.9 million** in the same period of 2025[71](index=71&type=chunk) - The increase was primarily due to the rapid recovery of domestic payment business, followed by increased procurement of payment terminals[71](index=71&type=chunk) [Debt](index=25&type=section&id=Debt) Yeahka's total debt as at June 30, 2025, slightly increased, primarily comprising bank borrowings and lease liabilities, with most short-term borrowings guaranteed by the company and its subsidiaries, and some bank borrowings secured by trade receivables Details of Interest-Bearing Borrowings and Lease Liabilities | Category | As at June 30, 2025 (RMB '000) | As at December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Non-current Bank Borrowings | 12,000 | 3,000 | | Non-current Lease Liabilities | 17,122 | 16,767 | | Current Bank and Other Borrowings | 944,341 | 928,993 | | Current Lease Liabilities | 12,836 | 19,165 | | **Total** | **986,299** | **967,925** | - Short-term borrowings of **RMB 854,361,000** are guaranteed by the company and certain subsidiaries, and **RMB 64,990,000** are guaranteed by certain independent third parties and Mr. Qin Lingjin[217](index=217&type=chunk) - Bank borrowings of **RMB 15,000,000** are secured by a pledge of certain trade receivables[218](index=218&type=chunk) - For the six months ended June 30, 2025, the effective annual interest rate for these short-term bank and other borrowings was **3.9%**[218](index=218&type=chunk) [Contingent Liabilities](index=26&type=section&id=Contingent%20Liabilities) As at June 30, 2025, Yeahka had no significant contingent liabilities, guarantees, or pending litigations that could materially adversely affect its business, financial condition, or operating results - As at June 30, 2025, the company had no significant contingent liabilities, guarantees, or pending litigations that could materially adversely affect its business, financial condition, or operating results[74](index=74&type=chunk) [Pledge of Assets](index=26&type=section&id=Pledge%20of%20Assets) As at June 30, 2025, Yeahka pledged approximately RMB 15.0 million in trade receivables to a bank - As at June 30, 2025, the company pledged trade receivables of approximately **RMB 15.0 million** to a bank[75](index=75&type=chunk) [Foreign Exchange Risk and Hedging](index=26&type=section&id=Foreign%20Exchange%20Risk%20and%20Hedging) Yeahka primarily operates in China, with most transactions settled in RMB, thus it does not believe it faces significant foreign exchange risk and does not use derivative instruments for hedging, managing currency risk by closely monitoring exchange rate fluctuations - The company primarily operates in China, with most transactions settled in RMB, and therefore does not face any significant foreign exchange risk[76](index=76&type=chunk) - The company does not use any derivative instrument contracts to hedge foreign exchange risk, managing currency risk by closely monitoring foreign currency exchange rate fluctuations[76](index=76&type=chunk) [Major Acquisitions and Disposals and Future Plans for Major Investments](index=26&type=section&id=Major%20Acquisitions%20and%20Disposals%20and%20Future%20Plans%20for%20Major%20Investments) Yeahka did not undertake any material investments, acquisitions, or disposals in H1 2025, and the Board currently has no definite plans for major investments or capital assets, but will continue to identify new business development opportunities - The company did not undertake any material investments, acquisitions, or disposals for the six months ended June 30, 2025[77](index=77&type=chunk) - Save for the expansion plans disclosed in the use of proceeds from placing, the Board has not authorized any definite plans regarding major investments or capital assets[77](index=77&type=chunk) [Material Investments Held](index=26&type=section&id=Material%20Investments%20Held) As at June 30, 2025, Yeahka held ordinary and preference share interests in associate Futong, with a total carrying amount and fair value of approximately RMB 834.957 million, representing about 10.8% of total assets, and Futong is considered a key component in expanding the company's merchant base and providing a merchant services ecosystem - The company holds **4,500,000 ordinary shares (15.1%)** and **8,899,914 preference shares (29.8%)** in associate Futong[78](index=78&type=chunk) - As at June 30, 2025, the carrying amount of the investment in Futong's ordinary shares and the fair value of its preference shares was approximately **RMB 834,957,000**, representing approximately **10.8%** of the company's total assets[78](index=78&type=chunk) - Futong is considered a key component in Yeahka's expansion of its merchant base and provision of a merchant services ecosystem[78](index=78&type=chunk) [Events After Reporting Period](index=27&type=section&id=Events%20After%20Reporting%20Period) As of the date of the interim report, no significant events have occurred after June 30, 2025, that could materially impact the company's operations and financial performance - As of the date of this interim report after June 30, 2025, no significant events have occurred that could materially impact the company's operations and financial performance[79](index=79&type=chunk) [Interim Dividend](index=27&type=section&id=Interim%20Dividend) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[80](index=80&type=chunk) [Basic Company Information](index=27&type=section&id=Basic%20Company%20Information) Yeahka Limited was incorporated in the Cayman Islands on September 8, 2011, and listed on the Main Board of the Stock Exchange on June 1, 2020 - The company was incorporated as an exempted limited liability company in the Cayman Islands on September 8, 2011[81](index=81&type=chunk) - The company's shares were listed on the Main Board of the Stock Exchange on June 1, 2020[81](index=81&type=chunk) [Employees](index=27&type=section&id=Employees) As at June 30, 2025, Yeahka had 808 employees, primarily located in China, and is committed to attracting, retaining, and motivating talent by providing comprehensive compensation, benefits, and training programs - As at June 30, 2025, the company had **808 employees**, mostly located in China[82](index=82&type=chunk) - The company provides salaries, bonuses, healthcare, retirement benefits, work injury insurance, and other miscellaneous benefits, and has comprehensive training programs to attract, retain, and motivate qualified talent[82](index=82&type=chunk) Other Information [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares, and Debentures](index=28&type=section&id=Directors%27%20and%20Chief%20Executive%27s%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%2C%20and%20Debentures) As at June 30, 2025, the company's directors and chief executive held interests in the company's shares and underlying shares, with Mr. Liu Yingqi holding the largest share as the founder of a discretionary trust Directors' and Chief Executive's Interests in Shares and Underlying Shares | Director/Chief Executive Name | Capacity/Nature of Interest | Number of Shares | Approximate Percentage of Shareholding (%) | | :--- | :--- | :--- | :--- | | Mr. Liu Yingqi | Founder of a discretionary trust | 161,953,164 | 35.04 | | Mr. Yao Zhijian | Beneficial owner | 3,279,827 | 0.70 | | Mr. Luo Xiaohui | Beneficial owner | 2,430,251 | 0.52 | | Ms. Liang Shengtian | Beneficial owner | 280,778 | 0.06 | - Mr. Liu Yingqi holds a **99.27%** beneficial interest in Shenzhen Yeahka[85](index=85&type=chunk) [Substantial Shareholders' and Other Persons' Interests and Short Positions in Shares and Underlying Shares](index=29&type=section&id=Substantial%20Shareholders%27%20and%20Other%20Persons%27%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares) As at June 30, 2025, apart from the directors, substantial shareholders included Creative Brocade International Limited and its associated entities, Ms. Luo Haiying, Recruit Holdings Co., Ltd, and TMF Trust Services (Hong Kong) Limited, holding interests in the company's shares or underlying shares Substantial Shareholders' Interests in Company Shares | Shareholder Name/Entity | Capacity/Nature of Interest | Number of Shares | Percentage of Shareholding (%) | | :--- | :--- | :--- | :--- | | Creative Brocade International Limited | Beneficial owner | 161,953,164 | 35.04 | | Brocade Creation Investment Limited | Interest in controlled corporation | 161,953,164 | 35.04 | | Brocade Creation Limited | Interest in controlled corporation | 161,953,164 | 35.04 | | Cantrust (Far East) Limited | Trustee of a trust | 161,953,164 | 35.04 | | Ms. Luo Haiying | Spouse's interest | 161,953,164 | 35.04 | | Recruit Holdings Co., Ltd | Beneficial owner | 30,051,196 | 6.74 | | TMF Trust Services (Hong Kong) Limited | Trustee of a trust | 67,684,006 | 14.65 | [Restricted Share Unit Scheme](index=31&type=section&id=Restricted%20Share%20Unit%20Scheme) Yeahka adopted a Restricted Share Unit Scheme on August 1, 2019, to incentivize directors, senior management, and other selected individuals; since June 5, 2024, the scheme no longer grants new shares, only involving the purchase and transfer of existing shares; as at June 30, 2025, restricted share units involving 10,468,452 underlying shares have been granted but not yet vested - The Restricted Share Unit Scheme was approved and adopted by the Board on August 1, 2019, to incentivize directors, senior management, and other selected individuals[91](index=91&type=chunk) - Since June 5, 2024, the company will not grant any new shares under the Restricted Share Unit Scheme, which will only involve existing shares purchased from the market[91](index=91&type=chunk) - As at June 30, 2025, restricted share units involving a total of **10,468,452 underlying shares** have been granted but not yet vested, representing approximately **2.27%** of the total issued shares[96](index=96&type=chunk) Restricted Share Unit Movement | Indicator | Unexercised Balance as at Jan 1, 2025 | Granted During Period | Vested During Period | Forfeited During Period | Unexercised Balance as at June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | Number of Restricted Share Units | 10,680,130 | 7,194,626 | (6,705,818) | (700,486) | 10,468,452 | [Share Option Scheme](index=35&type=section&id=Share%20Option%20Scheme) Yeahka adopted a Share Option Scheme on October 13, 2020, to attract, retain, and motivate talent; the scheme has a ten-year term, with approximately five years and three and a half months remaining as at June 30, 2025; as at June 30, 2025, the number of unexercised share options was 5,232,750 shares - The Share Option Scheme was adopted on October 13, 2020, to attract, retain, and incentivize talented employees[101](index=101&type=chunk) - The scheme has a term of ten years from the adoption date, with approximately five years and three and a half months remaining as at June 30, 2025[101](index=101&type=chunk) - The maximum number of shares that may be issued upon exercise of all share options shall not exceed **10%** of the total issued shares (excluding treasury shares) as at October 13, 2020[104](index=104&type=chunk) - As at June 30, 2025, the number of unexercised share options granted under the Share Option Scheme was **5,232,750 shares**, representing **1.1%** of the issued shares[109](index=109&type=chunk) Share Option Movement | Indicator | Unexercised as at Jan 1, 2025 | Granted During Period | Exercised During Period | Cancelled During Period | Lapsed During Period | Unexercised as at June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Number of Directors' Share Options | 490,000 | – | – | – | – | 490,000 | | Number of Employees' Share Options | 4,767,250 | – | – | – | (24,500) | 4,742,750 | | **Total** | **5,257,250** | **–** | **–** | **–** | **(24,500)** | **5,232,750** | [Purchase, Sale or Redemption of the Company's Listed Securities](index=39&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) During the reporting period, the company repurchased 546,000 shares as treasury stock, and the trustee of the Restricted Share Unit Scheme purchased 82,000 shares for awards; apart from the placing, neither the company nor its subsidiaries engaged in other redemptions, purchases, or sales of listed securities - The company utilized approximately **HKD 4.0 million** to repurchase **546,000 shares** at prices ranging from **HKD 6.78 to HKD 8.53 per share**, representing **0.12%** of the issued shares, and held them as treasury shares[111](index=111&type=chunk) - The trustee of the Restricted Share Unit Scheme utilized approximately **HKD 0.7 million** to purchase **82,000 shares** at prices ranging from **HKD 7.93 to HKD 8.45 per share**, representing **0.02%** of the issued shares, to be used for share awards[111](index=111&type=chunk) - Save for the aforementioned disclosures and the placing, neither the company nor any of its subsidiaries redeemed, purchased, or sold any of the company's listed securities during the reporting period[111](index=111&type=chunk) [Compliance with Corporate Governance Code](index=39&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) Yeahka is committed to maintaining stringent corporate governance and has complied with most provisions of the Corporate Governance Code; the roles of Chairman and Chief Executive Officer are held by the same individual, which deviates from Code Provision C.2.1, but the Board believes this structure does not impair the balance of power and authority - The company has adopted the principles of the Corporate Governance Code set out in Appendix C1 of the Listing Rules and has complied with most of its provisions[112](index=112&type=chunk) - The roles of Chairman of the Board and Chief Executive Officer are both held by Mr. Liu Yingqi, constituting a deviation from Code Provision C.2.1 of Part 2 of the Corporate Governance Code[112](index=112&type=chunk) - The Board believes this structure does not impair the balance of power and authority between the Board and the company's management, as decisions require approval by a majority of directors, directors fulfill their fiduciary duties, and the Board comprises experienced individuals[114](index=114&type=chunk) [Compliance with Model Code for Securities Transactions by Directors](index=40&type=section&id=Compliance%20with%20Model%20Code%20for%20Securities%20Transactions%20by%20Directors) Yeahka's directors confirmed strict compliance with the Model Code for Securities Transactions by Directors set out in Appendix C3 of the Listing Rules, and the company also adopted written guidelines for employees no less exacting than the Model Code, with no non-compliance incidents found among relevant employees during the reporting period - The company has adopted the Model Code for Securities Transactions by Directors set out in Appendix C3 of the Listing Rules, and all directors confirmed strict compliance[115](index=115&type=chunk) - The company has also adopted written guidelines for employees, no less exacting than the Model Code, to regulate all transactions by relevant employees who may possess unpublished inside information regarding the company's securities[115](index=115&type=chunk) - During the reporting period, after reasonable inquiry, no incidents of non-compliance with the employee written guidelines by relevant company employees were found[115](index=115&type=chunk) [Audit Committee and Review of Financial Information](index=40&type=section&id=Audit%20Committee%20and%20Review%20of%20Financial%20Information) Yeahka has established an Audit Committee, composed of three independent non-executive directors, responsible for reviewing and overseeing financial reporting, internal controls, audit procedures, and risk management; the Audit Committee has reviewed the unaudited interim financial information for the six months ended June 30, 2025 - The company has established an Audit Committee, composed of three independent non-executive directors, among whom Mr. Yao Wei possesses appropriate professional qualifications and expertise in accounting and related financial management[116](index=116&type=chunk) - The primary responsibilities of the Audit Committee are to review and oversee the Group's financial reporting process and internal control mechanisms, supervise audit procedures, and review and monitor the Group's existing and potential risks[116](index=116&type=chunk) - The Audit Committee has reviewed the Group's unaudited interim financial information for the six months ended June 30, 2025[116](index=116&type=chunk) [Changes in Directors' Biographical Details as Required by Listing Rules](index=40&type=section&id=Changes%20in%20Directors%27%20Biographical%20Details%20as%20Required%20by%20Listing%20Rules) For the six months ended June 30, 2025, there were no changes in directors' biographical details requiring disclosure under the Listing Rules - For the six months ended June 30, 2025, there were no changes in directors' biographical details requiring disclosure under Rules 13.51(2) and 13.51B(1) of the Listing Rules[117](index=117&type=chunk) [Use of Proceeds from Placing](index=41&type=section&id=Use%20of%20Proceeds%20from%20Placing) Yeahka raised net proceeds of approximately HKD 189.2 million through a placing in January 2025, of which HKD 31.9 million had been utilized as at June 30, 2025, primarily for expanding its overseas footprint, investing in R&D, and working capital, with the remaining funds expected to be fully utilized by the end of 2027 - The company raised net proceeds of approximately **HKD 189.2 million** through a placing in January 2025[118](index=118&type=chunk) Use of Proceeds from Placing and Utilization Status | Intended Use of Proceeds | % of Intended Use | Intended Use (HKD million) | Actual Use for H1 2025 (HKD million) | Total Net Proceeds Utilized as at June 30, 2025 (HKD million) | Total Net Proceeds Unutilized as at June 30, 2025 (HKD million) | Expected Timeline for Utilizing Remaining Net Proceeds | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Expanding the Group's overseas footprint in various business segments in Asia | 40.0 | 75.7 | 12.9 | 12.9 | 62.9 | By end of 2027 | | Investing in R&D, including the use of AI in proprietary software, to enhance the competitiveness of the Group's digital business ecosystem | 40.0 | 75.7 | 12.7 | 12.7 | 62.9 | By end of 2027 | | Working capital and general corporate purposes | 20.0 | 37.8 | 6.3 | 6.3 | 31.5 | By end of 2027 | | **Total** | **100.0** | **189.2** | **31.9** | **31.9** | **157.3** | | Interim Condensed Consolidated Statement of Comprehensive Income [H1 2025 Consolidated Comprehensive Income](index=41&type=section&id=H1%202025%20Consolidated%20Comprehensive%20Income) Yeahka's H1 2025 revenue increased by 4.0%, gross profit by 27.6%, and profit for the period by 27.0%, with basic and diluted earnings per share both at RMB 0.11, indicating a significant improvement in the company's profitability H1 2025 Consolidated Comprehensive Income Overview | Indicator | H1 2025 (RMB '000) | H1 2024 (RMB '000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,641,526 | 1,577,719 | +4.0 | | Cost of Revenue | (1,258,496) | (1,277,500) | -1.5 | | Gross Profit | 383,030 | 300,219 | +27.6 | | Operating Profit | 58,799 | 56,842 | +3.4 | | Profit Before Income Tax | 45,105 | 36,378 | +24.0 | | Profit for the Period | 41,373 | 32,580 | +27.0 | | Basic Earnings Per Share Attributable to Equity Holders of the Company (RMB) | 0.11 | 0.09 | +22.2 | | Diluted Earnings Per Share Attributable to Equity Holders of the Company (RMB) | 0.11 | 0.09 | +22.2 | - Other comprehensive loss for the period, net of tax, was **RMB (217) thousand**, a significant narrowing compared to **RMB (4,196) thousand** in the same period last year[122](index=122&type=chunk) Interim Condensed Consolidated Statement of Financial Position [Consolidated Financial Position as at June 30, 2025](index=43&type=section&id=Consolidated%20Financial%20Position%20as%20at%20June%2030%2C%202025) As at June 30, 2025, Yeahka's total assets slightly increased, restricted cash and loans receivable within current assets grew significantly, while total liabilities decreased and total equity increased, indicating a robust financial position Consolidated Balance Sheet Overview as at June 30, 2025 | Indicator | As at June 30, 2025 (RMB '000) | As at December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | **Assets** | | | | Total Non-current Assets | 1,785,842 | 1,813,479 | | Total Current Assets | 5,975,556 | 5,891,997 | | **Total Assets** | **7,761,398** | **7,705,476** | | **Equity** | | | | Equity Attributable to Equity Holders of the Company | 2,900,165 | 2,665,238 | | Non-controlling Interests | (75,784) | (75,735) | | **Total Equity** | **2,824,381** | **2,589,503** | | **Liabilities** | | | | Total Non-current Liabilities | 110,522 | 103,016 | | Total Current Liabilities | 4,826,495 | 5,012,957 | | **Total Liabilities** | **4,937,017** | **5,115,973** | | **Total Equity and Liabilities** | **7,761,398** | **7,705,476** | - Within current assets, restricted cash increased from **RMB 1,714,296 thousand** to **RMB 2,775,548 thousand**, and loans receivable increased from **RMB 658,127 thousand** to **RMB 700,555 thousand**[124](index=124&type=chunk) - Within current liabilities, trade and other payables decreased from **RMB 3,922,776 thousand** to **RMB 3,726,639 thousand**[125](index=125&type=chunk) Interim Condensed Consolidated Statement of Changes in Equity [H1 2025 Consolidated Changes in Equity](index=45&type=section&id=H1%202025%20Consolidated%20Changes%20in%20Equity) Yeahka's total equity increased in H1 2025, primarily due to profit for the period, issuance of ordinary shares, and recognition of employee service value under equity incentive plans, while treasury share repurchases and restricted share unit vesting also impacted the equity structure H1 2025 Equity Movement Overview | Indicator | Balance as at Jan 1, 2025 (RMB '000) | Profit for the Period (RMB '000) | Issuance of Ordinary Shares (RMB '000) | Equity Incentive Plan: Employee Service Value (RMB '000) | Balance as at June 30, 2025 (RMB '000) | | :--- | :--- | :--- | :--- | :--- | :--- | | Equity Attributable to Equity Holders of the Company | 2,665,238 | 43,075 | 174,693 | 36,783 | 2,900,165 | | Non-controlling Interests | (75,735) | (1,702) | - | - | (75,784) | | **Total Equity** | **2,589,503** | **41,373** | **174,693** | **36,783** | **2,824,381** | - Total comprehensive income for the period was **RMB 41,156 thousand**, of which **RMB 42,858 thousand** was attributable to equity holders of the company[129](index=129&type=chunk) - Transactions with equity holders included a decrease of **RMB 3,680 thousand** for cancellation of repurchased shares and a decrease of **RMB 630 thousand** for shares repurchased under the equity incentive plan[129](index=129&type=chunk) Interim Condensed Consolidated Statement of Cash Flows [H1 2025 Consolidated Cash Flows](index=47&type=section&id=H1%202025%20Consolidated%20Cash%20Flows) Yeahka's H1 2025 saw net cash outflow from operating activities of RMB 57.6 million and net cash outflow from investing activities of RMB 27.6 million, but net cash inflow from financing activities reached RMB 176.4 million, primarily due to new share issuance and bank borrowings, resulting in a net increase in cash and cash equivalents of RMB 91.3 million H1 2025 Cash Flow Overview | Cash Flow Category | H1 2025 (RMB '000) | H1 2024 (RMB '000) | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (57,576) | (51,406) | | Net Cash (Used in)/Generated from Investing Activities | (27,594) | 67,491 | | Net Cash Generated from/(Used in) Financing Activities | 176,438 | (222,122) | | **Net Increase/(Decrease) in Cash and Cash Equivalents** | **91,268** | **(206,037)** | | Cash and Cash Equivalents at End of Period | 684,167 | 683,711 | - Net cash generated from financing activities primarily came from net proceeds from the issuance of new shares of **RMB 174,693 thousand** and proceeds from bank and other borrowings of **RMB 531,925 thousand**[134](index=134&type=chunk) - Cash outflow from investing activities primarily included purchases of property, plant and equipment and intangible assets of **RMB 11,520 thousand**, and payments for other non-current assets of **RMB 20,340 thousand**[133](index=133&type=chunk) Notes to the Interim Condensed Consolidated Financial Information [General Information, Reorganization, and Basis of Presentation](index=50&type=section&id=General%20Information%2C%20Reorganization%2C%20and%20Basis%20of%20Presentation) This section outlines Yeahka Limited's registration information, business scope, and the basis of preparation for the interim financial information, emphasizing the company's primary engagement in one-stop payment services, merchant solutions, and in-store e-commerce services in China - Yeahka Limited was incorporated in the Cayman Islands on September 8, 2011, and listed on the Main Board of the Hong Kong Stock Exchange on June 1, 2020[136](index=136&type=chunk) - The company and its subsidiaries are primarily engaged in one-stop payment services, merchant solutions, and in-store e-commerce services in China[136](index=136&type=chunk) - The interim financial information is presented in RMB and prepared in accordance with International Accounting Standard 34, and should be read in conjunction with the 2024 annual consolidated financial statements[136](index=136&type=chunk)[137](index=137&type=chunk) [Summary of Significant Accounting Policies](index=50&type=section&id=Summary%20of%20Significant%20Accounting%20Policies) This section introduces the revised standards first adopted by Yeahka in H1 2025 and lists new standards and amendments to existing standards not yet adopted, which management expects to have no significant impact on the company's financial position and operating results - The Group first adopted the amendments to International Accounting Standard 21 – Lack of Exchangeability for the financial year beginning January 1, 2025[138](index=138&type=chunk) - Management has made a preliminary assessment and expects that the adoption of these standards and amendments to existing IFRS will not have any significant impact on the Group's financial position and operating results[139](index=139&type=chunk) New Standards and Amendments to Existing Standards Not Yet Adopted | Standard Name | Description | Effective Date | | :--- | :--- | :--- | | Amendments to IFRS 9 and 7 | Classification and Measurement of Financial Instruments | January 1, 2026 | | Annual Improvements to IFRS | Volume 11 | January 1, 2026 | | IFRS 19 | Non-publicly Accountable Subsidiaries: Disclosure | January 1, 2027 | | IFRS 18 | Presentation and Disclosure in Financial Statements | January 1, 2027 | | Amendments to IFRS 10 and IAS 28 | Sale or Contribution of Assets between an Investor and its Associate or Joint Venture | To be determined | [Estimates](index=52&type=section&id=Estimates) This section notes that the preparation of interim financial information involves management's judgments, estimates, and assumptions, actual results may differ from these estimates, and the significant judgments and sources of estimation uncertainty applied are the same as those in the 2024 annual financial statements - The preparation of interim financial information requires management to make judgments, estimates, and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income, and expenses[141](index=141&type=chunk) - The significant judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty in preparing the interim financial information are the same as those applied in the 2024 financial statements[141](index=141&type=chunk) [Financial Risk Management](index=52&type=section&id=Financial%20Risk%20Management) Yeahka faces market risk, credit risk, and liquidity risk, which are managed by senior management; this section details the maximum exposure to credit risk, changes in expected credit loss provisions for trade and loans receivable, and fair value estimation methods for financial instruments - The Group's business activities expose it to market risk (including foreign exchange risk and cash flow interest rate risk), credit risk, and liquidity risk[142](index=142&type=chunk) - As at June 30, 2025, the maximum risk exposure from providing financial guarantees to certain loan facilitation partners was approximately **RMB 827 million**[144](index=144&type=chunk) Expected Loss Rates and Provisions for Trade Receivables | Indicator | Not Overdue | Overdue Less Than 90 Days | Overdue 90 to 180 Days | Overdue 180 to 270 Days | Overdue Over 270 Days | Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Expected Loss Rate as at June 30, 2025 | 0.97% | 18.38% | 32.61% | 53.33% | 100.00% | 4.68% | | Loss Provision as at June 30, 2025 (RMB '000) | 4,141 | 263 | 15 | 8 | 16,336 | 20,763 | - Fair value estimation of financial instruments uses a three-level hierarchy, with a team established by the company's finance department for valuation, and the CFO and valuation team discuss valuation processes and results at least twice a year[152](index=152&type=chunk)[155](index=155&type=chunk)[159](index=159&type=chunk) [Segment Information](index=58&type=section&id=Segment%20Information) Yeahka's chief operating decision maker (CEO) reviews consolidated results and considers the company's business to be operated and

FF301 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 第 1 頁 共 10 頁 v 1.1.1 FF301 致：香港交易及結算所有限公司 公司名稱: 移卡有限公司 (「本公司」) (於開曼群島註冊成立之有限公司) 呈交日期: 2025年9月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09923 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | USD | 0.000025 | USD | | 25,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | | | 本月底結存 | | | 1,000,000,000 | USD | ...

Summary of Conference Call Notes Company Overview - The conference call discusses the performance and strategies of a payment service company, referred to as "the Company" or "the Company Ltd." - The Company has been actively expanding its overseas business since 2023, with significant growth in transaction volume and revenue. Industry Insights - The call highlights a recovery in offline consumption in China since Q4 2024, particularly in the restaurant and retail sectors, which has positively impacted the Company's payment transaction volume [2][3]. - The Company is focusing on high-margin overseas markets, with a notable difference in fee rates (67 basis points overseas vs. 12.5 basis points domestically) and gross margins (over 50% overseas vs. low double digits domestically) [2][5]. Key Points and Arguments 1. **Revenue Growth**: The Company's payment service revenue significantly increased in H1 2025, driven by a recovery in offline consumption and a refined operational strategy targeting verticals like medical beauty, gaming, and pets [3][4]. 2. **Strategic Partnerships**: The Company has shifted its e-commerce strategy to collaborate with larger clients like Douyin and Meituan, focusing on profitability rather than low-margin clients [4][9]. 3. **AI Integration**: The introduction of AI tools, such as AI shop, aims to enhance customer interaction in the restaurant and retail sectors, improving efficiency and reducing content creation costs [6][7]. 4. **International Expansion**: The Company has established licensed teams in Hong Kong and Singapore, with plans to expand into Japan and potentially Europe and the Middle East [5][10]. 5. **Cost Optimization**: The Company has seen a reduction in R&D, administrative, and sales expenses due to AI applications, aiming to maintain stable expense ratios while improving operational efficiency [11][12]. Additional Important Content - **Market Potential**: The Company anticipates high growth potential in overseas markets, with a goal to replicate its domestic success internationally [5][14]. - **Emerging Markets Strategy**: The Company is evaluating new market opportunities based on attractiveness, capacity, and profitability, considering the unique challenges of emerging markets [15]. - **Collaborative Synergies**: The Company emphasizes the complementary relationship with banks, enhancing service offerings for merchants and improving transaction efficiency [13]. Conclusion - The Company is strategically positioned for growth through international expansion, AI integration, and a focus on high-margin clients, while also optimizing costs and exploring new market opportunities.

Core Viewpoint - The company has experienced a 27% year-on-year profit growth driven by an increase in payment service fees, aligning with expectations. The overseas payment business shows promising growth potential [1][2]. Group 1: Financial Performance - The company reported a revenue of 1.642 billion RMB for the first half of 2025, a 4% increase year-on-year, with net profit reaching 41 million RMB, reflecting a 27% growth [1]. - Payment business revenue was 1.429 billion RMB, up 6% year-on-year, contributing significantly to overall revenue growth, despite a slight decline in GPV by 1.9% to 11.4 trillion RMB due to macroeconomic fluctuations [1]. - The payment service fee rate increased to 0.125% in the first half of 2025 from 0.115% in the same period of 2024 [1]. Group 2: Business Segments - The merchant solutions business saw a revenue decline of 7.8% to 187 million RMB, although the number of active merchants grew by 5.8% [1]. - The gross profit margin for merchant solutions improved from 90.9% in 2024 to 91.3% in 2025 due to a shift towards higher-margin services [1]. - The in-store e-commerce business reported a revenue of 26 million RMB, down 13.5% year-on-year, primarily due to a strategic shift away from less profitable merchants [1]. Group 3: Overseas Payment Business - The overseas payment business has shown rapid growth, with transaction volume reaching 1.5 billion RMB in the first half of 2025, surpassing the total for the entire year of 2024 [2]. - The overseas payment fee rate stands at 0.67%, significantly higher than domestic rates, with a gross profit margin of 50%, well above the overall payment margin of 13.7% [2]. - Continued expansion in overseas payment services is expected to enhance profitability and better serve local merchants and consumers [2].

Core Insights - The performance of payment institutions in the first half of the year shows a mixed trend, with some companies reporting significant profit increases while others face declines in revenue and net profit [1][2][3][4]. Group 1: Company Performance - Lianlian Digital reported a total revenue of 783 million yuan, a year-on-year increase of 26.8%, with net profit soaring to 1.511 billion yuan, primarily due to substantial gains from equity disposal [2][3]. - Guotong Xingyi's parent company, New大陆, achieved a revenue of 4.020 billion yuan, up 10.54%, and a net profit of 595 million yuan, benefiting from overseas market expansion [2][3]. - Yika's total revenue reached 1.642 billion yuan, a 4.0% increase, with net profit growing by 27% to 41.37 million yuan, attributed to improved payment rates and cost control [2][3]. - JiaLian Payment's parent company, New国都, experienced a revenue decline of 3.17% to 1.527 billion yuan and a net profit drop of 38.61% to 275 million yuan, mainly due to decreased income and gross margin from acquiring and value-added services [3]. - GaoYang Technology, the parent company of Suixing Payment, reported a revenue decrease of 18% to 962 million HKD and a loss of 11.415 million HKD, attributed to reduced turnover in payment and digital services [3]. Group 2: Industry Trends - The payment industry is facing intensified domestic competition, prompting companies to seek overseas expansion as a new growth avenue [1][5]. - Lianlian Digital's global payment business reached a total payment volume of 198.5 billion yuan, a 94% increase, with a total revenue of 473 million yuan, up 27% [6]. - New大陆 is accelerating its overseas licensing and account system layout, achieving significant growth in local operations in the US and Europe [6][7]. - Yika has made notable progress in internationalization, obtaining various payment licenses in the US and Japan, enhancing its global market presence [7]. - The push for overseas expansion is driven by the saturation of the domestic market, with companies aiming to diversify revenue streams and improve valuations [8].

Core Insights - The performance of payment institutions in the first half of the year shows a significant divergence, with some companies reporting substantial profit increases while others face declines [2][3][4] Financial Performance - Lianlian Digital reported total revenue of 783 million yuan, a year-on-year increase of 26.8%, with a net profit soaring to 1.511 billion yuan, primarily due to the disposal of equity in a subsidiary [3] - Guotong Xingyi's parent company, Newland, achieved revenue of 4.020 billion yuan, up 10.54%, and net profit of 595 million yuan, up 12.36%, driven by overseas market expansion [3] - Yika's total revenue reached 1.642 billion yuan, a 4.0% increase, with net profit growing 27% to 41.373 million yuan, attributed to improved payment rates and cost control [3] - Jialian Payment's parent company, Newland, saw revenue decline by 3.17% to 1.527 billion yuan and net profit drop by 38.61% to 275 million yuan due to decreased income and gross margin from acquiring and value-added services [4] - Gaoyang Technology reported a revenue decrease of 18% to 962 million HKD, resulting in a loss of 11.415 million HKD, attributed to reduced turnover in payment and digital services [4] Market Trends - The payment industry is experiencing intensified competition domestically, prompting companies to seek overseas expansion as a new growth avenue [7][10] - Lianlian Digital's global payment business achieved a total payment volume of 198.5 billion yuan, a 94% increase, and total revenue of 473 million yuan, a 27% increase [8] - Newland has accelerated its overseas licensing and account system layout, achieving significant growth in local market performance in Europe and Latin America [8] - Yika has made notable progress in internationalization, obtaining various payment licenses in the U.S. and Japan, enhancing its global market presence [9] Strategic Insights - Experts suggest that the push for overseas expansion is driven by the saturation of the domestic market and the potential for higher fees in cross-border payments [10] - Companies are advised to focus on local operations, compliance, and risk management to successfully navigate the challenges of international markets [10]

Core Insights - The integration of content and local life services has led to a growing demand for digital solutions among businesses, with payment institution Yika becoming a key driver for merchant growth [1][2] - Yika's international strategy focuses on expanding its payment services overseas, enhancing its digital merchant solutions, and creating a service ecosystem for merchants [1][3] Group 1: Business Operations and Solutions - Yika has partnered with various merchants to provide a unified payment system that supports nearly 20 payment methods, improving operational efficiency and customer experience [2][4] - The company offers features like rapid settlement and automatic reconciliation, which have improved cash register efficiency by approximately 40% and reduced reconciliation time from three days to the same day [5] - Yika's solutions also include data analysis tools that help merchants understand customer demographics and transaction patterns, aiding in business decision-making [5] Group 2: Marketing and Customer Engagement - Yika is leveraging platforms like Xiaohongshu (Little Red Book) for marketing, helping merchants attract mainland Chinese tourists through targeted promotions and influencer collaborations [6][7] - The company has become an official service provider for Xiaohongshu, focusing on the restaurant and entertainment sectors to enhance customer engagement and drive foot traffic [7][8] Group 3: International Expansion and Compliance - Yika is expanding its operations in international markets, including Hong Kong, Singapore, and Japan, while ensuring compliance with local regulations and adapting to cultural differences [10][11] - The company has obtained various licenses to operate in these regions, allowing it to provide a range of payment services, including cross-border remittances and currency exchange [11][12] - Yika's CEO emphasizes a long-term value creation approach rather than short-term profit, aiming to build a sustainable ecosystem for small and micro businesses [9][12]