Financial Data and Key Metrics Changes - Total revenue for 2023 reached RMB 5.1 billion, representing a year-on-year increase of 15.6% [26] - Gross profit decreased by 28.4% year-on-year to RMB 738 million, with a gross profit margin declining from 30.2% to 18.7% [26][27] - Adjusted EBITDA grew by 160.6% year-on-year to RMB 556 million, primarily due to increased GPV and fee rates in one-stop payment services [27][44] Business Line Data and Key Metrics Changes - One-stop payment services achieved a GPV growth of 29.2% year-on-year, reaching RMB 2.9 trillion, with 9.2 million active merchants, a 13.3% increase [16][17] - In-store e-commerce services saw a GMV increase of 30% to surpass RMB 4.3 billion, with gross profit margin improving to 80.3% [19][20] - Merchant solutions revenue rose by 17.2% in 2023 to RMB 363 million, with active merchants exceeding 1.6 million, a 30.8% increase [21][22] Market Data and Key Metrics Changes - The company expanded its international presence, serving over 5,000 merchants in Singapore, including well-known brands like Rolex and Starbucks [10][58] - The company established Epay Singapore and Epay America to facilitate global expansion and cross-border transactions [9][19] Company Strategy and Development Direction - The company focuses on increasing commercialization efforts, maintaining compliance, and growing market share through SaaS digital solutions and digital marketing [6][7] - The strategy includes enhancing digital marketing capabilities and integrating payment solutions to strengthen merchant relationships [20][21] - The company aims to expand its overseas market presence, particularly in Southeast Asia and North America, while exploring new fintech opportunities [51][58] Management's Comments on Operating Environment and Future Outlook - Management highlighted the resilience of small and medium-sized offline merchants as a key driver of growth amid China's economic recovery [5][13] - The company is optimistic about leveraging AI technology to enhance operational efficiency and reduce costs, with a focus on future revenue generation [12][41] - Management expressed confidence in achieving breakeven in 2024 through improved fee structures and increased merchant penetration [36][61] Other Important Information - The company scored 54 in S&P Global ESG ratings and A- in corporate sustainability indices, reflecting its commitment to ESG initiatives [24][52] - The establishment of an ESG committee aims to oversee the company's sustainability efforts and support small merchants [24][54] Q&A Session Summary Question: Details on in-store e-commerce and traffic digital marketing strategy - The company has repositioned itself as an all-traffic merchant service provider, enabling merchants to operate across multiple platforms and enhancing digital marketing capabilities [32][34] Question: Impact of AI technology on business operations - AI technology has improved coding efficiency and content generation, with over 50% of in-store e-commerce content now generated by AI [40][41] Question: Growth drivers of the payment business and competitive advantage - The growth in GPV is driven by targeting small merchants in resilient industries, expanding distribution channels, and increasing monetization through improved fee rates [49][51]

Financial Performance - Total revenue for the year ended December 31, 2023, increased by 15.6% to RMB 3,950.6 million from RMB 3,418.0 million in 2022[7] - The adjusted EBITDA for the year rose significantly by 160.6% to RMB 556.0 million compared to RMB 213.4 million in 2022[7] - The gross profit decreased by 28.4% to RMB 738.2 million, with a gross margin of 18.7%, down from 30.2% in 2022[7] - Revenue increased by 15.6% from RMB 3,418.0 million in 2022 to RMB 3,950.6 million in 2023, primarily driven by growth in one-stop payment services[19] - One-stop payment service revenue rose by 26.5% from RMB 2,754.3 million in 2022 to RMB 3,485.0 million in 2023, attributed to increased GPV and fee rates[21] - The company reported a significant increase in receivables, with accounts receivable rising to RMB 355,059 thousand in 2023 from RMB 274,642 thousand in 2022, an increase of approximately 29.2%[71] - The company’s revenue from one-stop payment services was RMB 3,484,960,000 for the year ended December 31, 2023, compared to RMB 2,754,252,000 in 2022, marking an increase of approximately 26.5%[97] Transaction Volume and Merchant Activity - The total payment transaction volume (GPV) for the one-stop payment service grew by 29.2% to RMB 2,882.9 billion, with 71.2% of transactions being app-based[2] - The number of active payment service merchants increased by 13.3% to 9.2 million[2] - The number of active merchants using merchant solutions increased by 30.8% to over 1.6 million[2] - The total merchant transaction volume (GMV) for in-store e-commerce services exceeded RMB 4.3 billion, reflecting a year-on-year growth of 30.3%[2] - The peak daily transaction volume for app-based payments reached nearly 60 million transactions[2] Cost and Profitability - Operating costs increased by 34.6% from RMB 2,387.1 million in 2022 to RMB 3,212.4 million in 2023, mainly due to higher commissions paid to payment distribution channels[24] - Gross profit decreased from RMB 1,030.9 million in 2022 to RMB 738.2 million in 2023, resulting in a gross margin decline from 30.2% to 18.7%[26] - The gross margin for the one-stop payment service dropped from 19.3% to 9.7%, attributed to increased commissions for distribution channels and adjustments related to transaction fee rates[27] - Sales expenses decreased by 67.7% from RMB 386.5 million to RMB 125.0 million, primarily due to a streamlined cost structure in in-store e-commerce services[28] - Administrative expenses increased by 5.0% from RMB 322.8 million to RMB 338.8 million, mainly due to higher employee benefits[28] Shareholder Actions and Equity - A total of approximately HKD 113.3 million was used to purchase 7,280,400 shares, representing 1.63% of the issued shares as of December 31, 2023[15] - The company repurchased 3,001,600 shares for approximately HKD 45.5 million, accounting for 0.67% of the issued shares as of December 31, 2023[15] - The company issued USD 70 million convertible bonds with a 6.25% interest rate, raising a net amount of approximately USD 68.1 million (equivalent to HKD 533.3 million)[63] - The planned use of the convertible bond proceeds includes 80% for expanding overseas business and 20% for enhancing competitiveness in China[64] Assets and Liabilities - Total assets increased from RMB 7,290.0 million as of December 31, 2022, to RMB 8,420.4 million as of December 31, 2023, representing a growth of approximately 15.5%[43] - Total liabilities rose from RMB 4,608.7 million to RMB 5,803.0 million, an increase of about 25.9%[43] - The debt-to-equity ratio increased from 39.5% to 45.3%, primarily due to the rise in borrowings[44] - Cash and cash equivalents decreased by 44.2% from RMB 1,591.5 million to RMB 887.9 million, attributed to share buybacks and operational cash usage[44] Risk Management and Compliance - The company faces various financial risks, including market risk, credit risk, and liquidity risk, with risk management overseen by senior management[80] - The company has implemented standardized credit management procedures to assess the credit status of loan applicants comprehensively[83] - The company has a policy to ensure that service sales are made to customers with appropriate credit records, and it regularly reviews the recoverability of accounts receivable[82] - The company has established monitoring procedures to ensure follow-up actions are taken to recover overdue debts[82] Corporate Governance - The company has adhered to the corporate governance code principles, with a commitment to high ethical standards and transparency[145] - The audit committee, consisting of three independent non-executive directors, oversees the financial reporting process and internal controls, ensuring adherence to accounting principles[148] - There were no reported incidents of non-compliance with the employee written guidelines regarding insider trading as of December 31, 2023[147] Future Outlook - The company anticipates continued growth in revenue driven by the expansion of its merchant solutions and e-commerce services in the upcoming fiscal year[97] - The company plans to expand its overseas market presence and enhance local payment infrastructure, targeting partnerships with foreign banks and local enterprises[14]

股 票 研 究 [Table_industryInfo] 综合金融 [ Table_Main[移I Tnaf 卡bol]e （_Ti 9tl 9e] 2 3） [评Tab级le_：Inv est] 增持 当前价格（港元）： 12.12 支付稳健增长，到店业务承压 2024.03.18 海 ——移卡 2023年度业绩前瞻 [ 交Ta易bl数e_M据a rket] 外 刘欣琦(分析师) 孙坤(分析师) 52周内股价区间（港元） 11.88-24.90 当前股本（百万股） 443 公 021-38676647 021-38038260 当前市值（百万港元） 5,369 司 liuxinqi@gtjas.com sunkun024098@gtjas.com 证书编号 S0880515050001 S0880523030001 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 2023 年公司支付交易量有望继续提升，带动支付业务继续稳健增长；到店电商业务 移卡 恒生指数 竞争加剧，预计收入出现下滑。 香 6% 摘要： 港 -5% [T abl维e_S持um公m司ar“y]增 持”评级， ...

股 票 研 究 [Table_industryInfo] 综合金融 [ Table_Main[移I Tnaf 卡bol]e （_Ti 9tl 9e] 2 3） [评Tab级le_：Inv est] 增持 当前价格（港元）： 12.12 支付稳健增长，到店业务承压 2024.03.18 海 ——移卡 2023年度业绩前瞻 [ 交Ta易bl数e_M据a rket] 外 刘欣琦(分析师) 孙坤(分析师) 52周内股价区间（港元） 11.88-24.90 当前股本（百万股） 443 公 021-38676647 021-38038260 当前市值（百万港元） 5,369 司 liuxinqi@gtjas.com sunkun024098@gtjas.com 证书编号 S0880515050001 S0880523030001 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 2023 年公司支付交易量有望继续提升，带动支付业务继续稳健增长；到店电商业务 移卡 恒生指数 竞争加剧，预计收入出现下滑。 香 6% 摘要： 港 -5% [T abl维e_S持um公m司ar“y]增 持”评级， ...

计算机/软件开发 公 司 研 移卡（09923.HK） 支付业务预计快速增长，到店业务战略调整 究 2024年03月14日 ——港股公司信息更新报告 投资评级：买入（维持） 吴柳燕（分析师） 荀月（联系人） wuliuyan@kysec.cn xunyue@kysec.cn 证 书编号：S0790521110001 证书编号：S0790122100036 日期 2024/3/13 港 当前股价(港元) 12.280  支付业务预计快速增长，到店业务战略调整 股 一年最高最低(港元) 25.800/11.800 考虑到支付业务一次性调整及提费下渠道佣金激励较高，到店业务受平台服务商 公 司 总市值(亿港元) 54.40 竞争加剧导致 GTV 及佣金率承压及合伙人模式下佣金率较低，我们下调公司 信 流通市值(亿港元) 54.40 2023-2025年净利润预测至0.11/4.1/5.6亿元（前值：4.3/7.2/9.2亿元），对应EPS 息 总股本(亿股) 4.43 0.02/0.93/1.27 元，对应同比增速-89%/3671%/37%，当前股价 12.28HKD 对应 更 新 流通港股(亿股) 4.43 ...

2024 年 03 月 06 日 公司研究 评级：买入 (维持 ) 研究所： 证券分析师： 陈梦竹 S0350521090003 支付业务短期调[T 整abl ，e_T 到itle 店] 业务竞争加剧 chenmz@ghzq.com.cn 证券分析师： 张娟娟 S0350523110004 zhangjj02@ghzq.com.cn ——移卡（ ） 年财报前瞻 9923.HK 2023 联系人 ： 罗婉琦 S0350122040042 luowq@ghzq.com.cn 最近一年走势 核心观点 :  主要财务指标前瞻：我们预计移卡公司2023年实现总营收39.1亿 元（YoY+15%），其中支付业务收入预计34.5亿元（YoY+25%）， 商户解决方案收入预计3.7亿元（YoY+20%），到店电商业务收入 预计1.0亿元（YoY-72%）；预计公司实现净利润0.1亿元（YoY-85%）， 主要受到支付业务一次性收入调整的影响。  支付业务GPV延续高增长，费率短期承压：我们预计2023年支付 业务GPV同比增长29%至2.9万亿元，活跃支付服务商户数量同比 相对恒生指数表现 2024/03/05 增长15 ...

交银国际研究 公司更新 互联网 收盘价 目标价 潜在涨幅 2024年2月26日 港元13.98 港元16.00↓ +14.4% 移卡 (9923 HK) 支付业务调整，到店竞争加剧，利润或不及此前预期；下调至中性  下调2023年全年收入及利润预期，经调整EBITDA快速增长趋势不变。我 个股评级 们下调2023 年总收入预期11%至39 亿元（人民币），下同），同比增 中性↓ 14%，主要因：1）支付业务一次性调整影响及费率短期承压；2）受竞争 影响，到店业务增长承压。基于收入下调，我们相应调整归母净利润预期 1年股价表现 至8000万元，对应净利率2%，对比此前预期的1.5亿元/4%。剔除一次性 影响，我们预计经调整EBITDA同比增160%至5.5亿元，维持扩张趋势， 9923 HK 10% MSCI中国指数 受益于支付业务扩张及到店亏损收窄。 0% -10%  支付GPV增势不变，费率短期承压。我们预计2023年支付规模（GPV）2.8 -20% 万亿元，同比增26%，与此前预期基本一致，主要受益于线下消费复苏及 -30% -40% 代理商渠道扩张。但考虑：1）259号文件全面实施，收单合规化发展 ...

Financial Performance - Revenue for the first half of 2023 reached RMB 2,062.2 million, a 25.6% increase compared to RMB 1,641.8 million in the same period of 2022[12]. - Adjusted EBITDA for the first half of 2023 surged by 317.4% year-on-year to RMB 290.9 million[12]. - The gross profit margin decreased to 17.7% from 32.2% in the same period last year[12]. - The gross profit for the first half of 2023 was RMB 366.0 million, down from RMB 529.3 million in the same period of 2022[23]. - The company reported a net profit of RMB 30.4 million for the six months ended June 30, 2023, up 42.8% from RMB 21.3 million in the same period of 2022[44]. - Basic earnings per share decreased to RMB 0.09, down from RMB 0.19 in the same period of 2022[93]. - The company reported a net cash outflow from operating activities of RMB (231,415) thousand for the six months ended June 30, 2023, compared to a cash inflow of RMB 50,762 thousand in the same period of 2022[99]. - Total comprehensive income for the period was RMB 38,231 thousand, which includes a profit of RMB 33,163 thousand and other comprehensive income of 5,068 thousand[97]. Revenue Growth - Total GPV for one-stop payment services increased by 33.5% year-on-year to RMB 1,419.2 billion, with 70.5% from app-based payment services[8]. - Active payment service merchants grew by 20.7% year-on-year to 9.2 million[8]. - Total GMV for in-store e-commerce services exceeded RMB 2.4 billion, representing a year-on-year growth of 78.9%[9]. - Revenue from the one-stop payment service increased by 44.3% to RMB 1,835.3 million in the first half of 2023, up from RMB 1,271.5 million in the same period of 2022[26]. - Revenue from the merchant solutions segment grew by 65.7% compared to the second half of 2022[19]. Operational Efficiency - The company experienced a significant operational efficiency improvement reflected in the substantial growth of adjusted EBITDA[11]. - The number of active merchant solution merchants exceeded 1.5 million, a year-on-year increase of 6.2%[9]. - The peak daily transaction volume for app-based payment services reached nearly 60 million transactions[8]. - The company aims for a full-year GPV guidance of RMB 2.7 trillion to RMB 2.9 trillion for 2023[16]. Cost and Expenses - The company's operating costs increased by 52.5% from RMB 1,112.5 million in the six months ended June 30, 2022, to RMB 1,696.2 million in the same period of 2023, primarily due to increased commissions paid to payment distribution channels as a result of higher GPV from one-stop payment services[29]. - The gross margin dropped from 32.2% in the six months ended June 30, 2022, to 17.7% in the same period of 2023, with one-stop payment services' gross margin falling from 20.9% to 9.5%[32]. - Sales expenses decreased by 64.6% from RMB 234.0 million in the six months ended June 30, 2022, to RMB 82.9 million in the same period of 2023, mainly due to stabilized investment in in-store e-commerce services[33]. Assets and Liabilities - Total assets rose from RMB 7,290.0 million as of December 31, 2022, to RMB 7,662.4 million as of June 30, 2023, while total liabilities increased from RMB 4,608.7 million to RMB 4,951.1 million[48]. - The debt-to-equity ratio increased from 39.5% as of December 31, 2022, to 44.2% as of June 30, 2023, mainly due to the issuance of convertible bonds and an increase in borrowings[49]. - Cash and cash equivalents decreased by 16.9% from RMB 1,591.5 million as of December 31, 2022, to RMB 1,323.3 million as of June 30, 2023, primarily due to payments for restricted share units and cash used for expanding e-commerce services[49]. Investments and Shareholder Actions - The company repurchased approximately 1,893,600 shares at a price range of HKD 16.8 to 21.5 per share, representing 0.425% of the issued shares as of June 30, 2023[21]. - The company has not granted any additional restricted share units under the plan since the reporting date[74]. - The company has made investments in non-listed entities valued at RMB 699,871,000 as of June 30, 2023, up from RMB 620,764,000 at the end of 2022, indicating strategic growth in investments[150]. Financial Risks and Management - The company faces various financial risks, including market risk, credit risk, and liquidity risk, with risk management overseen by senior management[107]. - Credit risk is associated with cash and cash equivalents, restricted cash, receivables, and loans, with the company providing guarantees for loans issued by certain partners[108]. - The expected credit loss provision for accounts receivable as of June 30, 2023, is RMB 20,745 thousand, a decrease from RMB 29,531 thousand at the end of 2022[116]. Corporate Governance - The company is committed to maintaining rigorous corporate governance and has adopted the principles of the corporate governance code[84]. - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited interim financial information for the six months ended June 30, 2023[87]. - The company has confirmed compliance with the standard code for securities transactions by directors during the reporting period[86].

Financial Data and Key Metrics Changes - The company reported a total revenue of RMB 62 billion for the first half of 2023, representing a year-on-year increase of 25.6% [23] - Adjusted EBITDA increased by 317% year-on-year to RMB 291 million, reflecting significant operational efficiency improvements [24][26] - Net loss narrowed by 83.8% year-on-year to RMB 25.9 million in the first half of 2023 [16] Business Line Data and Key Metrics Changes - Payment services experienced a 33.5% increase in Gross Transaction Value (GTV) and a 44.3% increase in revenue year-on-year [12] - The number of active payment service merchants grew to over 9 million, a record high [12] - In-store e-commerce GMV exceeded RMB 2.4 billion, with a gross profit margin increase to 76.9% from 57.1% year-on-year [15] Market Data and Key Metrics Changes - The local lifestyle service market in China is expected to reach RMB 35 trillion by 2025, with an online penetration rate of 30.8% [19] - The company has expanded its geographic coverage and established teams in markets such as Singapore and Indonesia [9] Company Strategy and Development Direction - The company is focusing on profitability while expanding its co-op model and traffic platform partnerships [19] - The strategy includes leveraging AI-driven tools for content generation and enhancing merchant services [18] - The company aims to solidify its competitive edge by supporting digital currency payments and exploring international markets [14] Management's Comments on Operating Environment and Future Outlook - Management noted a strong recovery in offline consumption, particularly in catering services, which is expected to drive GPV growth [32] - The competitive landscape is intensifying, but the company believes it can maintain strong growth due to its market position and innovative strategies [44] - Management expressed confidence in achieving monthly breakeven and sustainable growth in the in-store e-commerce segment [59] Other Important Information - The company has been recognized in S&P's 2023 Sustainability Yearbook, highlighting its commitment to ESG [21] - The co-op model has accounted for nearly half of the total GMV, demonstrating a successful asset-light strategy [48] Q&A Session Summary Question: Insights on summer holiday consumption changes and category performance - Management observed healthy month-over-month growth in offline consumption, particularly in catering services, benefiting overall GPV growth [32] Question: Competition in the in-store e-commerce business - Management highlighted the introduction of the co-op model as a strategy to expand market share in lower-tier cities, leveraging local resources [35] Question: Midterm growth rate of payment volume - Management expressed confidence in maintaining strong growth in the payment space, driven by offline consumption recovery and market penetration in lower-tier cities [44] Question: GMV contribution from the co-op model and take rate balance - Management indicated that the co-op model contributes close to 50% of total GMV, with expectations for take rates to stabilize in the coming years [50] Question: Recent developments in OSCP - Management reported smooth operations in the OSCP business, with ongoing development of acquiring, remittance, and online payment products [55] Question: Breakeven visibility in the second half of 2023 - Management is close to achieving monthly breakeven in the in-store e-commerce segment and anticipates positive trends with city licenses being issued [61]

Financial Performance - Total Gross Payment Volume (GPV) increased by 33.5% year-on-year to RMB 1,419.2 billion, with 70.5% from app-based payment services[2] - Revenue for the first half of 2023 reached RMB 2,062.2 million, a 25.6% increase from RMB 1,641.8 million in the same period of 2022[6] - Revenue from one-stop payment services rose by 44.3% year-on-year to RMB 1,835.3 million[5] - Adjusted EBITDA for the first half of 2023 surged by 317.4% to RMB 290.9 million[7] - The company's GPV increased by 33.5% year-on-year, driven by the recovery of offline consumption and strategic execution[8] - Revenue grew by 44.3% year-on-year, despite adjustments for non-recurring income, with transaction fee rates improving from 12.0 basis points in 2022 to 12.9 basis points in 2023[8] - The company achieved a net profit of RMB 30.4 million for the period, compared to RMB 21.3 million in the previous year[16] - The profit attributable to equity holders for the six months ended June 30, 2023, was RMB 33,163,000, a decrease of 56% from RMB 75,103,000 in the same period of 2022[94] Merchant Activity - Active payment service merchants grew by 20.7% year-on-year to 9.2 million[2] - The number of active merchant solutions merchants increased by 6.2% year-on-year to over 1.5 million[2] - The number of merchants using the merchant solutions increased from 1.2 million in the second half of 2022 to 1.5 million in the first half of 2023, reflecting a 65.7% revenue growth in this segment[12] Cost and Profitability - The gross profit decreased by 30.9% year-on-year to RMB 366.0 million, with a gross margin of 17.7%[7] - Operating costs increased by 52.5% from RMB 1,112.5 million to RMB 1,696.2 million, mainly due to increased commissions paid to payment distribution channels as GPV grew[22] - The gross margin improved from 57.1% in the first half of 2022 to 76.9% in the first half of 2023, while net losses narrowed by 83.8% to RMB 25.9 million[10] - The gross margin for the one-stop payment service fell from 20.9% in the six months ended June 30, 2022, to 9.5% in the same period of 2023[24] Assets and Liabilities - Total assets increased from RMB 7,290.0 million as of December 31, 2022, to RMB 7,662.4 million as of June 30, 2023, representing a growth of 5.1%[41] - Total liabilities rose from RMB 4,608.7 million as of December 31, 2022, to RMB 4,951.1 million as of June 30, 2023, an increase of 7.4%[41] - Cash and cash equivalents decreased by 16.9% from RMB 1,591.5 million as of December 31, 2022, to RMB 1,323.3 million as of June 30, 2023[42] - The debt-to-equity ratio increased from 39.5% as of December 31, 2022, to 44.2% as of June 30, 2023, primarily due to the issuance of convertible bonds[42] Shareholder Actions - The company repurchased 21,200 shares at a cost of approximately HKD 0.4 million, representing 0.005% of the issued shares as of June 30, 2023[14] - The company also purchased 1,893,600 shares for approximately HKD 33.8 million, accounting for 0.425% of the issued shares as of June 30, 2023[14] Research and Development - Research and development expenses decreased by 8.4% from RMB 134.0 million to RMB 122.7 million, attributed to improved efficiency in system development[28] Risk Management - The company continues to focus on risk management, particularly in credit risk associated with cash and receivables, ensuring that clients have appropriate credit histories[78] - The company’s financial risk management strategy aims to mitigate potential adverse impacts on financial performance due to market risks, including foreign exchange and interest rate risks[76] International Expansion - The company is actively pursuing international expansion, having established operations in Singapore and Hong Kong, and is building a team in Indonesia[9] Corporate Governance - The company has complied with most of the corporate governance code provisions, with a noted deviation regarding the roles of the Chairman and CEO being held by the same individual[121] - The audit committee has reviewed the unaudited interim financial information for the six months ended June 30, 2023, ensuring adherence to accounting principles and internal controls[125]