Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][19] Core Views - The company has shown robust revenue growth, with a 12.04% year-on-year increase in revenue to 6.244 billion yuan for the first three quarters of 2025, and a 12.15% increase in net profit to 918 million yuan [1][8] - The growth in the third quarter of 2025 was particularly strong, with a 14.86% increase in revenue to 2.224 billion yuan and a 29.77% increase in non-net profit to 338 million yuan, driven by the rapid expansion of overseas smart terminal business and steady growth in domestic merchant operation services [1][8] - The company is accelerating its overseas market expansion, achieving over 26% year-on-year growth in overseas payment device revenue, particularly in the high-margin and high-barrier European and American markets [1][2] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 62.44 billion yuan, a 12.04% increase year-on-year, and a net profit of 9.18 billion yuan, up 12.15% [1][8] - In Q3 2025, the company reported revenue of 22.24 billion yuan, a 14.86% increase year-on-year, and a net profit of 3.23 billion yuan, up 11.75% [1][8] Market Expansion - The company is focusing on expanding its overseas market presence, with significant breakthroughs in Europe, America, and emerging markets in Latin America and the Middle East [1][2] - The total payment service transaction volume reached 16.2 trillion yuan in the first three quarters of 2025, with Q3 showing a year-on-year growth of over 18% [2] Future Projections - The company maintains its profit forecast, expecting revenues of 8.6 billion yuan in 2025, 9.53 billion yuan in 2026, and 10.76 billion yuan in 2027, with corresponding net profits of 1.22 billion yuan, 1.47 billion yuan, and 1.81 billion yuan respectively [3][11] - The expected EPS for 2025, 2026, and 2027 is projected to be 1.18 yuan, 1.42 yuan, and 1.76 yuan respectively [3][11]

Core Viewpoint - The company held its first extraordinary general meeting of shareholders in 2025, where all proposals were approved without any dissenting votes [1][2]. Group 1: Meeting Details - The extraordinary general meeting took place on October 30, 2025, at 14:30, combining on-site and online voting methods [2]. - A total of 786 shareholders and authorized representatives attended, representing 513,734,310 shares, which is 51.4270% of the total voting shares [2]. - Out of the attendees, 8 were present at the meeting site, representing 316,506,353 shares (31.6836%), while 778 participated via online voting, representing 197,227,957 shares (19.7433%) [2]. Group 2: Proposal Voting Results - The following proposals were voted on and approved: - Amendment to the Articles of Association [4]. - Application for a comprehensive credit facility from a bank [5]. - Revision and renaming of the company's general meeting rules [6]. - Revision of the board meeting rules [7]. - Abolition of the supervisory meeting rules [8]. - Revision of the independent director system [9][10]. Group 3: Legal Opinions - The legal opinion provided by Guohao Law Firm confirmed that the meeting's procedures complied with relevant laws and regulations, and the resolutions made were valid [11]. Group 4: Documents for Reference - The resolutions from the extraordinary general meeting and the legal opinion from Guohao Law Firm are available for review [12].

Group 1 - The core viewpoint of the report is that Minsheng Securities has given a "recommended" rating to Newland (000997.SZ) based on strong financial performance and strategic initiatives [1] - In Q3, the company's non-net profit grew by 30%, indicating accelerated revenue growth in the single quarter [1] - The three main business segments of the company are performing well, maintaining a positive growth trend in operational data [1] - The company has released a large model for the payment industry, further solidifying its position as an industry leader [1] Group 2 - The report highlights potential risks including intensified market competition, regulatory risks, the inability to continue enjoying tax benefits, and technological risks [1]

证券代码：000997 证券简称：新大陆 公告编号：2025-068 新大陆数字技术股份有限公司 2025 年第一次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈 述或重大遗漏。 特别提示： 1、本次股东会未出现否决提案的情形； 2、本次股东会未涉及变更以往股东会已通过的决议。 | 166,723,884 | 股同意， | 占出席会议中小股东所持股份的 | 84.4984 | ％； | | --- | --- | --- | --- | --- | | 2,077,382 | 股弃权， | 占出席会议中小股东所持股份的 | 1.0529 | ％； | | 28,508,891 | 股反对， | 占出席会议中小股东所持股份的 | 14.4488 | ％。 | | （其中，因未投票默认弃权 | | 股） 0 | | | 表决结果： 通过 （本议案属于股东会特别决议事项，已经出席股东会的股 东（包括股东代理人）所持表决权的 2/3 以上通过）。 一、会议召开和出席的情况 1、新大陆数字技术股份有限公司（以下简称"公司"）2025 年第一次临时股东 会现场会议于 ...

国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 Grandall Law Firm (Shanghai) 中国 上海 上海市静安区山西北路 99 号苏河湾中心 MT25-28 楼，200085 25-28/F, Suhe Centre, 99 North Shanxi Road, Jing'an District, Shanghai, China, 200085 电话/TEL: (8621) 5234-1668 传真/FAX: (8621) 5234-1670 关于新大陆数字技术股份有限公司 2025年第一次临时股东会的法律意见书 致：新大陆数字技术股份有限公司 国浩律师（上海）事务所（以下简称"本所"）接受新大陆数字技术股份有限 公司（以下简称"公司"）委托，指派本所律师出席公司 2025 年第一次临时股东 会（以下简称"本次股东会"或"本次会议"）。本所律师根据《中华人民共和国证 券法》（以下简称"《证券法》"）、《中华人民共和国公司法》（以下简称"《公 司法》"）、《上市公司股东会规则》（以下简称"《股东会规则》"）等法律、 法规、部门规章和规范性文件以及《新大陆数字技术股份有限公司章程》（ ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance expectation relative to the market [6]. Core Insights - The company's revenue and profit exceeded expectations, with a total revenue of 62.44 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 12% [6]. - The net profit attributable to the parent company for the same period was 9.18 billion yuan, also reflecting a year-on-year increase of 12% [6]. - The company is experiencing a recovery in profitability, with a single-quarter net profit margin improvement from 15.47% in Q2 2025 to 16.64% in Q3 2025 [6]. - The company is focusing on expanding its AI marketing products and enhancing its overseas payment services, aiming to become a leading global provider of offline digital business services [6]. Financial Data and Profit Forecast - The projected total revenue for 2025 is 96.28 billion yuan, with net profit expected to reach 13.75 billion yuan [6]. - The company anticipates a revenue growth rate of 24.3% for 2025, followed by 12.2% in 2026 and 10.0% in 2027 [5]. - The earnings per share (EPS) for 2025 is estimated at 1.36 yuan, with a projected increase to 1.67 yuan in 2026 and 1.77 yuan in 2027 [5].

Investment Rating - The report maintains an "Outperform" rating for the company, expecting a relative performance exceeding the benchmark index by over 10% in the next 12-18 months [4][9]. Core Insights - The company is projected to have a net profit attributable to shareholders of RMB 1.28 billion for 2025, with adjustments to RMB 1.57 billion and RMB 1.91 billion for 2026 and 2027 respectively. The EPS forecasts for 2025-2027 are RMB 1.26, RMB 1.55, and RMB 1.89 [4][9]. - The target price is set at RMB 38.71, based on a 25x PE ratio for 2026, referencing comparable companies [4][9]. - In Q3 2025, the company reported a revenue increase of 14.86% year-on-year, with a net profit attributable to shareholders rising by 29.77% year-on-year [4][9]. - For the first three quarters of 2025, total revenue reached RMB 62.44 billion, up 12.04% year-on-year, while net profit attributable to shareholders was RMB 9.18 billion, an increase of 12.15% year-on-year [4][9]. - The gross profit margin (GPM) for Q3 was 35.71%, a slight decrease of 0.25 percentage points year-on-year, but showed recovery from Q2 due to improved market conditions [4][9]. Financial Summary - The company’s total revenue is projected to grow from RMB 8.25 billion in 2023 to RMB 11.705 billion by 2027, reflecting a compound annual growth rate (CAGR) of 18.3% [3][4]. - The net profit attributable to shareholders is expected to increase significantly from RMB 1.004 billion in 2023 to RMB 1.913 billion in 2027, indicating a CAGR of 22% [3][4]. - The sales gross margin is expected to improve from 35.2% in 2023 to 42.5% by 2027, demonstrating operational efficiency [3][4]. Business Performance - The merchant operation services segment recorded a transaction volume of RMB 16.2 trillion in the first three quarters, with Q3 alone contributing nearly RMB 570 billion, marking an over 18% year-on-year growth [4][9]. - The smart terminal sector achieved over 26% year-on-year growth in overseas payment equipment revenue in Q3, indicating strong market penetration in emerging markets [4][9]. - The company launched an industry-specific AI model and has seen over 150,000 merchants trialing its AI marketing products, showcasing innovation in technology integration [4][9].

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Insights - The company's revenue and profit exceeded expectations, with total revenue for Q1-Q3 2025 reaching 62.44 billion yuan, a year-on-year increase of 12%, and net profit attributable to the parent company at 9.18 billion yuan, also up 12% year-on-year [7]. - The gross margin improved in Q3 2025, rising to 35.71% from 32.92% in Q2 2025, indicating a recovery in profitability [7]. - The company experienced significant growth in overseas payment device revenue, with a year-on-year increase of over 26% in Q3 2025 [7]. - The total transaction volume for payment services reached 1.62 trillion yuan in Q1-Q3 2025, with Q3 alone showing a growth of over 18% year-on-year [7]. - The company is advancing its AI and overseas expansion strategies, with over 150,000 merchants trialing its AI marketing products [7]. - The report forecasts revenue for 2025-2027 to be 96.28 billion, 108.06 billion, and 118.87 billion yuan respectively, with net profits projected at 13.75 billion, 16.92 billion, and 17.94 billion yuan [7]. Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 96.28 billion yuan, with a year-on-year growth rate of 24.3% [6]. - The net profit for 2025 is projected to be 13.75 billion yuan, reflecting a year-on-year increase of 36.2% [6]. - The earnings per share (EPS) for 2025 is expected to be 1.36 yuan [6]. - The company's return on equity (ROE) is projected to be 17.8% for 2025 [6].

Summary of Newland's Conference Call Company Overview - **Company**: Newland - **Period**: First three quarters of 2025 Key Financial Performance - **Net Profit**: Non-recurring net profit reached 338 million yuan, a year-on-year increase of 29.77%, marking a historical high [2][3] - **Total Revenue**: Total revenue for the first three quarters was 6.244 billion yuan, up 12.04% year-on-year [3] - **Payment Transaction Volume**: Payment service transaction volume reached 1.62 trillion yuan, with a third-quarter growth of over 18% [2][3] Industry Dynamics - **Globalization Strategy**: Significant progress in localizing deployment in Europe and the Americas, with emerging markets in Latin America and the Middle East showing breakthroughs [2][3] - **Cross-Border Payment**: Achieved a milestone in cross-border payment and overseas acquiring, moving from 0 to 1, with plans for rapid replication [8] Payment Services - **Transaction Growth**: Third-quarter transaction volume approached 570 billion yuan, with a year-on-year increase of over 18% [3][5] - **QR Code Transactions**: QR code transaction volume increased to 45%, with the number of transactions growing by over 90% year-on-year [5] Equipment Business - **Overseas Sales Growth**: Overseas payment device revenue grew over 26% year-on-year, driven by demand for new technologies like AI and cryptocurrency [6] - **Market Penetration**: The company aims to increase market share by 15-20% over the next 3-5 years [4][12] Strategic Partnerships - **Collaboration with Alibaba Cloud**: Launched AI-based products to enhance customer service efficiency and reduce costs [9] Regulatory Environment - **Central Bank Initiatives**: Actively responding to the central bank's cross-border QR code gateway construction, simplifying cross-border payment processes [10] Future Outlook - **Market Strategy**: Adjusting overseas market strategy to focus on market share, with a target of 15-20% increase in market share over the next 3-5 years [4][18] - **AI Integration**: Plans to leverage AI technology to enhance merchant revenue and operational efficiency [21][20] Additional Insights - **Value-Added Services**: Increased demand for value-added services post-pandemic, contributing to higher profit margins [14] - **POS Device Demand**: Strong demand for POS device upgrades in the European and American markets, with a focus on smart devices [15][16] - **Long-Term Vision**: Aiming to become a global leader in the payment industry, with a focus on digital payment solutions and supporting the internationalization of the RMB [23][24]

Financial Performance - The company's total revenue is 6.244 billion yuan, with a net profit attributable to shareholders of 918 million yuan [1] - The net cash inflow from operating activities is 134 million yuan, a decrease of 1.25 billion yuan compared to the same period last year, representing a year-on-year decline of 48.38% [1] Financial Ratios - The latest debt-to-asset ratio is 44.77%, ranking 48th among disclosed peers, which is an increase of 3.56 percentage points from the previous quarter and 3.18 percentage points from the same period last year [3] - The latest gross profit margin is 35.74%, ranking 33rd among disclosed peers, with a decrease of 0.02 percentage points from the previous quarter and a decrease of 2.29 percentage points from the same period last year [3] - The latest return on equity (ROE) is 12.78% [3] Earnings Per Share - The diluted earnings per share is 0.32 yuan, a decrease of 0.49 yuan compared to the same period last year, representing a year-on-year decline of 60.21% [3] Asset Management - The latest total asset turnover ratio is 0.47 times, and the inventory turnover ratio is 3.76 times [3] Shareholder Structure - The number of shareholders is 66,000, with the top ten shareholders holding 428 million shares, accounting for 42.27% of the total share capital [3] - The largest shareholder is Newland Technology Group Co., Ltd., holding 30.4% of the shares [3]