Group 1 - The core business of the company is one-stop payment services, with a total payment transaction volume (GPV) of 2.34 trillion RMB in 2024, generating revenue of 2.686 billion RMB [1] - The overall gross margin improved from 18.7% in 2023 to 23.6% in 2024, while the profit for the period reached 73 million RMB, representing an increase of over six times compared to the previous year [1] - The company has seen significant growth in its overseas business, with transaction volume exceeding 1.1 billion RMB, marking a nearly fivefold year-on-year increase [1] Group 2 - The company has established an AI Lab since 2017, which began deploying and applying artificial intelligence in 2023, leading to a reduction in sales, administrative, and R&D expenses by 11.0%, 10.8%, and 10.5% respectively in 2024 [1] - The company launched the first local AI Agent solution in Southeast Asia, enhancing merchant services through AI technology, which significantly improved user experience and order conversion rates in restaurants [2] - The company's in-store e-commerce business is nearing breakeven, with a consensus on the potential for large-scale development while maintaining stable and healthy growth [2]

Core Insights - The company reported a significant increase in revenue and profit for the fiscal year 2024, with total revenue reaching 3.087 billion RMB and net profit growing over six times to 73 million RMB compared to the previous year [1] - The company's core business, one-stop payment services, achieved a gross payment volume (GPV) of 2.34 trillion RMB, with revenue from this segment amounting to 2.686 billion RMB [1] - The company has expanded its overseas business significantly, with transaction volume exceeding 1.1 billion RMB, marking a nearly fivefold increase year-on-year [1] Financial Performance - Total revenue for 2024 was 3.087 billion RMB, with a gross margin improvement from 18.7% in 2023 to 23.6% in 2024 [1] - Net profit reached 73 million RMB, representing a growth of over 600% compared to the previous year [1] - The company's value-added services contributed 13.0% to total revenue, up from 11.8% in 2023, with gross margin for these services also improving from 18.7% to 23.6% [1] Business Expansion - The company partnered with 6,000 SaaS partners, a 32% increase year-on-year, and collaborated with nearly 160 acquiring banks [2] - The company achieved record-high business volume in precision marketing, with revenue from merchant solutions reaching 340 million RMB, a year-on-year increase of approximately 87.2% [2] - The company is focusing on high-quality, profitable clients in its local e-commerce services, adding new brands such as InterContinental Hotels and Joy City [2] International Growth - The company has established partnerships with major global payment networks like Visa, Mastercard, and UnionPay, enhancing its international payment acceptance capabilities [3] - The company has expanded its overseas operations into markets like Japan, Singapore, and Hong Kong, helping local merchants in sectors such as dining and tourism to globalize [3] - The company is also collaborating with its invested company, Fushi Technology, to provide a one-stop digital platform for international brands in Southeast Asia [4] Strategic Focus - The company aims to leverage artificial intelligence to enhance operational efficiency and product competitiveness [4] - The company is prioritizing localized operations in its global expansion strategy, responding to local market demands while utilizing its domestic operational experience [4] - The company plans to deepen the commercialization of a broader product matrix to solidify its position as a leading cross-regional one-stop payment and business empowerment technology platform [4]

Financial Data and Key Metrics Changes - Total revenue decreased by 21% from RMB3.9 billion in 2023 to RMB3.1 billion in 2024 due to a volatile macroeconomic environment and phasing out less profitable projects [27] - Gross profit slightly declined by 1.3% to RMB728 million, but overall gross profit margin increased by 4.7 percentage points from 18.7% in 2023 to 23.6% in 2024 [28] - Adjusted EBITDA exceeded RMB100 million with net profit growing over sixfold year over year to RMB73 million compared to 2023 [30] Business Line Data and Key Metrics Changes - The annual gross margin of One Stop payment increased by 4.5 percentage points from 9.7% in 2023 to 14.2% in 2024, reaching 21.6% in the second half of 2024 [29] - Revenue and profit per merchant served in the in-store e-commerce business doubled year over year in 2024, with upfront fees contributing around 50% of revenue in this segment [21][9] - The position marketing business achieved a record high in business transaction amount in 2024, with marketing transaction volume hitting a record high [8][19] Market Data and Key Metrics Changes - Overseas gross payment volume (GPV) grew five times year over year, with significant expansion in Japan, Singapore, and Hong Kong [11][17] - QR code payments accounted for about 80% of total payment volume, indicating a strong preference for mobile payment methods [36] - The penetration of QR code payments in other Asian markets is still at an early stage, providing opportunities for growth [55] Company Strategy and Development Direction - The company aims to strengthen cohesiveness along the value chain and increase commercialization of business segments, focusing on high-quality and profitable customers [6][10] - Emphasis on leveraging AI to enhance quality, risk management, and operational efficiency, with a commitment to continuous innovation [8][25] - The strategy includes expanding into more regions in Asia and enhancing partnerships with global banks to provide more product offerings [11][18] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about consumer spending trends and government policies enhancing consumer sentiment [35] - The company is focused on maximizing profit delivery to stakeholders rather than just revenue, with a gross profit take rate increasing by over 10% year to date [36] - The long-term growth opportunities in overseas markets and AI products are seen as key drivers for future profitability [72] Other Important Information - The company significantly reduced investment in direct sales teams and instead developed distribution channels, leading to improved sales efficiency [20] - AI applications have contributed to a 20% reduction in operating expenses, enhancing overall cost efficiency [25] - The company has built a customized one-stop solution for cross-selling payments, merchant solutions, and in-store services [6] Q&A Session Summary Question: Can management provide more color about the app-based payments and traditional payment of total payment volume in 2024? - Management noted that QR code payments account for about 80% of total payment volume, with a focus on maximizing gross profit levels rather than just revenue [36] Question: Should we expect AI to be earnings accretive or dilutive? - Management indicated that AI is viewed as a mid to long-term opportunity, with investments being made prudently to ensure profitability is in sight [40] Question: What is the competition landscape for QR code payments in China and the Asian market? - Management highlighted that the QR code payment market is growing and dominated by a few key players, with a focus on service excellence and product customization to maintain market share [49][50]

Financial Data and Key Metrics Changes - Total revenue decreased by 21% from RMB3.9 billion in 2023 to RMB3.1 billion in 2024 due to a volatile macroeconomic environment and the phasing out of less profitable projects [26] - Gross profit slightly declined by 1.3% to RMB728 million, but overall gross profit margin increased by 4.7 percentage points from 18.7% in 2023 to 23.6% in 2024 [27] - Adjusted EBITDA exceeded RMB100 million with net profit growing over sixfold year over year to RMB73 million compared to 2023 [29] Business Line Data and Key Metrics Changes - The annual gross margin of One Stop payment increased by 4.5 percentage points from 9.7% in 2023 to 14.2% in 2024, reaching 21.6% in the second half of 2024 [28] - Revenue and profit per merchant served in the in-store e-commerce business doubled year over year in 2024 [21] - The overseas GPV grew five times year over year, with significant expansion in channels and partnerships [12] Market Data and Key Metrics Changes - QR code payments accounted for about 80% of total payment volume, indicating a strong preference for mobile payment methods [35] - The penetration of QR code payments in other Asian markets is still low, providing opportunities for growth [52] Company Strategy and Development Direction - The company aims to strengthen cohesiveness along the value chain and increase commercialization of business segments, focusing on high-quality and profitable customers [6] - AI applications are being leveraged to enhance operational efficiency and product competitiveness, with a focus on customer-facing solutions [40] - The company is expanding its presence in Asia, particularly in Japan, Singapore, and Hong Kong, to capture market opportunities [22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about consumer spending trends and government policies enhancing consumer sentiment [34] - The company is confident in the continued growth of its payment business and the profitability of its AI initiatives [39] - The long-term growth opportunities in overseas markets are viewed as highly attractive, with plans for further expansion [70] Other Important Information - The company reduced its investment in direct sales teams and instead developed distribution channels, leading to improved sales efficiency [20] - AI tools have contributed to a 20% reduction in operating expenses, enhancing overall cost efficiency [24] Q&A Session Summary Question: Can management provide more details about app-based payments and traditional payment volume in 2024? - Management noted that QR code payments still dominate, making up about 80% of payment volume, and expressed optimism about profitability trends [35] Question: Is AI expected to be earnings accretive or dilutive? - Management indicated that AI is viewed as a mid to long-term opportunity, with a focus on monetization and prudent cash flow management [39] Question: What is the company's strategy regarding overseas expansion? - Management highlighted ongoing expansion in Asia, focusing on partnerships and capturing market opportunities, particularly in Japan and Singapore [66] Question: What is the competition landscape for QR code payments in China and Asia? - Management noted increased concentration among top players in China and highlighted growth opportunities in other Asian markets due to lower penetration rates [46][52]

Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue was RMB 3,086.7 million, a decrease of 21.9% compared to RMB 3,950.6 million for the fiscal year ending December 31, 2023[8]. - The total payment transaction volume (GPV) for the fiscal year ending December 31, 2024, was RMB 233.55 billion, down 19.0% from RMB 288.29 billion for the fiscal year ending December 31, 2023[10]. - Total revenue for 2024 was RMB 3,086,742 thousand, a decrease of 21.9% compared to RMB 3,950,585 thousand in 2023[15]. - Revenue from the one-stop payment service fell by 22.9% from RMB 3,485.0 million in 2023 to RMB 2,685.9 million in 2024, primarily due to macroeconomic fluctuations[38]. - The revenue from merchant solutions slightly decreased by 6.4% from RMB 363.0 million in 2023 to RMB 339.6 million in 2024, offset by a record high in transaction volume[39]. - Revenue from in-store e-commerce services dropped by 40.4% from RMB 102.7 million in 2023 to RMB 61.2 million in 2024, due to a strategic shift towards higher quality and more profitable customers[40]. - The company reported a total operating expense of RMB 3,008,887,000 for the year ended December 31, 2024, down from RMB 3,941,797,000 in 2023, indicating a reduction of 23.6%[133]. - The company incurred a total tax expense of RMB 10,433,000 for the year ended December 31, 2024, compared to RMB 25,321,000 in 2023, representing a decrease of 58.8%[134]. Profitability - The company's overall gross profit margin increased from 18.7% for the fiscal year ending December 31, 2023, to 23.6% for the fiscal year ending December 31, 2024[8]. - The adjusted EBITDA for the fiscal year ending December 31, 2024, was RMB 384.5 million, with net profit for the same period rising over sixfold to RMB 73.0 million from RMB 10.1 million in the previous year[12]. - Net profit for the period surged to RMB 73,014 thousand, a significant increase of 622.0% from RMB 10,113 thousand in the previous year[15]. - Net profit surged over six times year-on-year to RMB 73.0 million in 2024, with a net profit margin increasing to 2.4%[27]. - Basic and diluted earnings per share for the year were RMB 0.22, compared to RMB 0.03 in 2023, indicating a significant improvement[94]. Cost Management - The financing cost decreased by 31.5% for the fiscal year ending December 31, 2024, compared to the previous year, due to proactive upgrades in equity and financing structure[8]. - The company’s sales, administrative, and R&D expenses decreased by 11.0%, 10.8%, and 10.5%, respectively, for the fiscal year ending December 31, 2024, attributed to the broader application of AI technologies[12]. - Operating costs decreased by 26.6% from RMB 3,212.4 million in 2023 to RMB 2,358.0 million in 2024, attributed to improved bargaining power and reduced commission fees[41]. - Financial costs decreased by over 30% year-on-year in 2024 due to streamlined debt structure and financing cost control[27]. Strategic Initiatives - The company is focusing on AI and generative technologies, having developed new products tailored to various vertical industries to enhance operational efficiency and reduce costs[8]. - The company plans to accelerate its globalization strategy and expand into overseas markets, leveraging its established product system and operational experience in China[28]. - The company has successfully introduced local life services in Japan, Singapore, and Hong Kong, enhancing its global presence[26]. - The company expanded its global payment network by joining major institutions like Visa, Mastercard, and UnionPay International, enhancing service quality[18]. Shareholder Engagement - The company’s ESG rating improved to 59 points, achieving an A- rating in the Hang Seng Corporate Sustainability Index[31]. - The company’s stock buyback program approved a total of $10 million to enhance shareholder returns[30]. - The board does not recommend the payment of a final dividend for the year ending December 31, 2024 (2023: zero)[73]. Employee and Governance - The company has a total of 871 employees, primarily located in China[77]. - The board is actively seeking female candidates to promote diversity and improve corporate governance standards[33]. - The company emphasizes the protection of minority shareholders' rights through various communication methods[33]. - The audit committee, consisting of three independent non-executive directors, has reviewed the audited consolidated financial statements for the year ending December 31, 2024[184]. Risk Management - The company has made over 170 billion risk-based decisions and handled over 19 million risk transactions during the reporting period, enhancing transaction safety[32]. - The company is exposed to credit risk related to cash and cash equivalents, restricted cash, receivables, and loans provided to partners[109]. - The company provides guarantees for loans issued by certain lending partners, which may require repayment if the borrowers default[109]. Financial Position - Total assets decreased from RMB 8,420.4 million as of December 31, 2023, to RMB 7,705.5 million as of December 31, 2024, while total liabilities decreased from RMB 5,803.0 million to RMB 5,116.0 million, resulting in a debt-to-asset ratio decrease from 68.9% to 66.4%[61]. - Cash and cash equivalents decreased by 32.9% from RMB 887.9 million to RMB 595.7 million due to early redemption of convertible bonds and payments to the trustee for restricted share units[62]. - The company’s total issued shares decreased to 443,012,442 as of December 31, 2024, from 445,992,842 in 2023, reflecting a reduction of about 0.7%[151]. Investments and Acquisitions - The company did not engage in any significant investments, acquisitions, or disposals during the fiscal year ending December 31, 2024, but will continue to identify new business development opportunities[69]. - The investment in the associate company, Fushi Technology, amounted to RMB 834.96 million, representing 10.8% of total assets, with an unrealized fair value gain of RMB 103.06 million recognized during the year[70]. Future Outlook - The company has set a future revenue guidance of 3,094,193 thousand currency units for the upcoming fiscal year, indicating growth expectations[97]. - Future guidance indicates a cautious outlook, with expectations of gradual recovery in user engagement and revenue growth[98].

财联社1月7日讯（记者郭子硕） 1月7日，移卡（9923.HK）宣布发行及配售总数最多1915万股股份，以 向外部投资者筹集额外资金，发展集团的海外及人工智能业务。 移卡指出，配售价每股配售股份10.10港元，较于配售及认购协议日期在联交所所报股份收市价每股 11.10港元折让约9.0%。该价格由移卡、补足卖方及配售代理经参照市况及每股股份的近期收市价公平 磋商后达致。移卡认购所得款项总额预期约为1.934亿港元。认购所得款项净额经扣除所有适用成本及 开支后估计约为1.892亿港元。 财联社记者从移卡获悉，当前这笔发行已经成功完成，并且得到了多家国际知名长线基金和多策略基金 的参与，认购倍数超数倍。 不过消息公布后，移卡今日股价一度下跌10.81%至9.900港元/股。截至收盘，移卡收报9.970港元/股， 下跌10.18%。对于移卡今日股价下跌，博通咨询金融业资深分析师王蓬博告诉财联社记者，不排除是 由于配售价较低、原有股东股权被稀释的原因。 移卡是一家以支付为基础的科技平台，于2020年6月在香港联交所上市，业务主要分为一站式支付服 务、商户解决方案、到店电商服务三大板块。2024年第三季度，移卡总支付交 ...

Core Viewpoint - The company, Yika (9923.HK), has successfully completed the issuance and placement of 19.15 million shares to fund its overseas and artificial intelligence business development [1] Group 1: Fund Allocation - Approximately 40% of the net proceeds from the subscription will be used to expand the company's overseas presence in various business segments across Asia [1] - Another 40% will be allocated for research and development, including the use of artificial intelligence in proprietary software to enhance the competitiveness of the company's digital ecosystem [1] - The remaining 20% will be utilized for working capital and general corporate purposes [1]

Group 1 - The core viewpoint of the article is the collaboration between Yika and Shenzhen Tong to develop a digital virtual community leveraging generative AI technology [2] - The partnership aims to enhance user experience by integrating entertainment, discounts, and public welfare elements into the virtual community [2] - The initiative is expected to help Shenzhen Tong in brand promotion, commercial order conversion, and innovative service experiences [2] Group 2 - In April, Shenzhen Tong conducted a research exchange with Yika to discuss the implementation of various "convenient and beneficial" cooperation projects [1] - The cooperation agreement was recently signed, marking a significant step in utilizing Shenzhen Tong's traffic scenarios for the development of the digital community [2] - The virtual community will also include merchant benefits, cultural and creative public welfare, gaming entertainment, and brand promotion [2]

Company and Industry Summary Company Overview - The company primarily focuses on the Southeast Asian market, initially serving Starbucks in Singapore and expanding services to Australia and New Zealand due to positive customer experiences [1] Core Business Insights - The company offers local acquiring services for payments, targeting not only tourists but also local merchants and consumers, integrating various payment methods including Visa, Mastercard, and QR code payments [1] - There is strong confidence in the overseas business segment, indicating significant growth potential [1] AI Development and Implementation - The company established its AI studio six to seven years ago, led by a founder with a technical background from Tencent [2] - Current AI tools are primarily used for internal processes, achieving an 80% self-service response rate in customer service [2] - AI is also utilized in content generation for commercial applications, including digital human hosts for live streaming [3] - The company is exploring the use of AI to enhance merchant solutions, particularly for larger clients, to increase average transaction values [3] Customer Acquisition and Cost Management - The company has shifted focus to acquiring key accounts (KA merchants) through partnerships with SaaS platforms rather than direct sales, which has not significantly increased customer acquisition costs [4][5] - The transition to KA merchants has led to a reduction in sales personnel, resulting in lower overall sales expenses despite higher demands for negotiation and expertise [5][6] - Monthly losses in the e-commerce sector have decreased to a few hundred thousand, indicating improved cost efficiency [6] Market Demand and Future Outlook - The company sees a strong recovery in demand from the restaurant and hospitality sectors, particularly in Q3, influenced by seasonal factors [7] - R&D expenses are expected to remain stable with slight increases, as investments in AI and overseas operations will not require substantial additional funding [8] - The company anticipates that while R&D costs may rise slightly, overall operational costs will benefit from AI applications reducing personnel needs [8]

Financial Performance - The company's GPV for the six months ended June 30, 2024, was RMB 116.62 billion, a decrease of 17.8% compared to RMB 141.92 billion for the same period in 2023[5]. - Revenue for the six months ended June 30, 2024, was RMB 1,577.7 million, down 23.5% from RMB 2,062.2 million in the same period last year[5]. - The company's profit for the six months ended June 30, 2024, was RMB 32.6 million, exceeding the full-year profit of 2023[5]. - Profit for the period increased from RMB 30.4 million in the first half of 2023 to RMB 32.6 million in the first half of 2024, representing a growth of 7.3%[10]. - The gross profit for the six months ended June 30, 2024, was RMB 300.2 million, down from RMB 366.0 million in the same period of 2023[23]. - Operating profit decreased to RMB 56.8 million from RMB 94.1 million year-on-year[23]. - The net profit for the period was RMB 32,580, compared to RMB 30,350 in the previous year, representing a growth of 4.1%[89]. - The profit attributable to equity holders for the six months ended June 30, 2024, was RMB 31,628,000, a decrease of 4.6% from RMB 33,163,000 in 2023[129]. Revenue Breakdown - Non-payment services contributed 14.6% to total revenue for the six months ended June 30, 2024, up from 11.0% in the same period of 2023[5]. - Revenue from the one-stop payment service decreased by 26.6% to RMB 1,346.6 million, down from RMB 1,835.3 million in the previous year[26]. - Revenue from merchant solutions increased by 21.2% to RMB 202.3 million, compared to RMB 166.9 million in the same period last year[27]. - Revenue from in-store e-commerce services decreased by 51.9% year-on-year for the six months ending June 30, 2024, due to a strategic upgrade in the business model[14]. - Revenue from technology service income for the six months ended June 30, 2024, was RMB 18,654,000, a decrease from RMB 30,173,000 in the same period of 2023, representing a decline of approximately 38.4%[175]. Cost Management - Sales and administrative expenses decreased by 11.2% for the six months ended June 30, 2024, compared to the same period in 2023[5]. - Operating costs decreased by 24.7% from RMB 1,696.2 million in the first half of 2023 to RMB 1,277.5 million in the same period of 2024, mainly due to a decline in the total GPV of one-stop payment services[29]. - Financing costs decreased by 6.2% for the six months ended June 30, 2024, compared to the same period in 2023[5]. - The total operating expenses for the six months ended June 30, 2024, were RMB 1,613,771,000, a decrease of 21.3% from RMB 2,053,100,000 in the same period of 2023[122]. Operational Efficiency - The overall gross profit margin increased from 17.7% for the six months ended June 30, 2023, to 19.0% for the same period in 2024[5]. - Gross profit from non-payment services accounted for 69.1% of total gross profit for the six months ended June 30, 2024, up from 52.6% in the same period of 2023[5]. - The gross margin for merchant solutions rose from 87.6% in the first half of 2023 to 90.9% in the first half of 2024[13]. - The company continues to enhance its operational efficiency through the application of technologies such as artificial intelligence[7]. - AI-driven products and services have been launched to enhance marketing efficiency and reduce operational costs, with automation in customer service increasing efficiency to over 80%[17]. Market Expansion - The number of active merchants using the merchant solutions increased by 5.8% year-on-year, reflecting strong capabilities in digital business and efficiency enhancement[13]. - The company continues to expand its market presence in under-served regions, particularly in North China and Southwest areas[11]. - The number of brand stores served increased from over 13,000 at the end of 2023 to over 18,000 by June 30, 2024, representing a year-on-year growth of approximately 35%[14]. - The overseas payment business grew rapidly, with GPV in Singapore increasing by over 50% year-on-year[12]. - The company has expanded its overseas market presence, providing digital merchant solutions to over 20,000 stores across Southeast Asia, including brands like Starbucks and New Balance[16]. Financial Position - The asset-liability ratio decreased to 41.1% as of June 30, 2024, due to the early repurchase of convertible bonds using internal cash flow[5]. - Total assets decreased from RMB 8,420.4 million as of December 31, 2023, to RMB 7,575.1 million as of June 30, 2024, while total liabilities decreased from RMB 5,803.0 million to RMB 4,993.8 million during the same period[47]. - The debt-to-asset ratio improved from 68.9% as of December 31, 2023, to 65.9% as of June 30, 2024[47]. - Cash and cash equivalents decreased by 23.0% from RMB 887.9 million as of December 31, 2023, to RMB 683.7 million as of June 30, 2024, mainly due to cash used for repurchasing convertible bonds[48]. - The company maintains a strong cash position to meet potential business expansion and development needs[48]. Shareholder Actions - The company repurchased $35 million of convertible bonds at a discount in the first half of 2024 to optimize its capital structure[18]. - A total of $10 million has been approved for share buybacks to enhance shareholder returns[18]. - The company repurchased a total of 1,448,400 shares, representing 0.33% of the issued shares as of the report date, signaling confidence in future growth[20]. - The company has not declared an interim dividend for the six months ending June 30, 2024, consistent with the previous period[55]. Governance and Compliance - The company has complied with most of the corporate governance code provisions, except for the separation of the roles of the chairman and CEO[81]. - All directors confirmed compliance with the standard code of conduct for securities transactions from the last report until June 30, 2024[82]. - The company has adopted a written guideline for employees regarding securities transactions to prevent insider trading[82]. Employee and Management Changes - The company appointed a new executive director, Ms. Liang Shengtian, effective June 5, 2024[72]. - As of June 30, 2024, the company employs 1,015 staff members, primarily located in China, with a focus on attracting and retaining qualified talent[56]. Future Outlook - The company aims to maintain its market leadership in one-stop payment services while expanding its international business and leveraging AI tools for greater efficiency[19]. - Future guidance indicates a projected revenue growth of 20% for the second half of 2024, aiming for HKD 1.5 billion[190]. - Overall, Yeahka remains optimistic about the growth trajectory, citing strong demand for digital payment solutions in the post-pandemic landscape[190].