Group 1 - The core viewpoint of the article indicates that New Guodu's (300130) 2025 performance forecast aligns with market expectations, with a projected net profit attributable to shareholders expected to grow by 70.79%-113.49% year-on-year, primarily benefiting from the growth in payment hardware exports and cross-border payment business [1] - The report maintains a "buy" rating and emphasizes that the company's Hong Kong listing plan is likely to accelerate its global expansion [1] - Current stock price fluctuations are related to market concerns regarding investments in AI technology and the volatility of gross profit margins in domestic acquiring business [1] Group 2 - New Guodu's 2025 performance forecast reveals an expected net profit of 400 million to 500 million yuan, representing a year-on-year increase of 70.79%-113.49%, while the non-recurring net profit is expected to decline by 8.6%-28.91%, mainly due to increased marketing investments in domestic acquiring business and impacts from new business expansion [2] - Based on the latest stock price of 27.07 yuan, the company's price-to-earnings ratio (TTM) is 44.58 times, and the price-to-book ratio is 3.54 times, reflecting market expectations regarding its overseas strategy [2] Group 3 - In the past 7 days, New Guodu's stock price has fluctuated between a decline of 2.87%, with a highest price of 28.28 yuan and a lowest price of 26.11 yuan [3] - On February 12, the stock experienced a single-day drop of 1.13%, with a net outflow of 10.8275 million yuan in main funds and a turnover rate of 0.40%, underperforming the computer sector [3] - Technical analysis indicates that the stock price is near the middle band of the Bollinger Bands, suggesting a continuation of the short-term fluctuation pattern [3]

Core Viewpoint - The company has maintained profitability since its listing and is committed to returning value to investors through consistent dividends [1] Group 1: Company Performance - The company has consistently reported annual profits since its IPO [1] - The company emphasizes its commitment to dividend distribution as a means of rewarding investors [1] Group 2: Future Strategy - The company aims to enhance its operational and management practices to promote high-quality development [1] - The company seeks to achieve market recognition through strong business performance, thereby increasing its investment value [1] Group 3: Investor Relations - The company plans to strengthen communication with investors to improve their understanding of the company [1] - The company aims to gain broader recognition from investors through enhanced engagement [1]

Group 1 - The core viewpoint of the article is that New Guodu (300130) clarified its non-involvement in the specific operations of its affiliated companies during an interaction with investors [1] Group 2 - The company stated that information regarding its affiliated companies can be found in its periodic reports [1]

拟开展港股上市，加速公司全球化业务布局。为深化公司全球化战略布局，加 速海外业务拓展，构筑国际化资本运作平台，拓宽多元化融资渠道，有效增强 公司全球资源配置能力和国际市场竞争能力，助力公司深度参与全球数字支 付生态系统建设，公司已于 2025 年 11 月 25 日向香港联合交易所有限公司递 交了发行境外上市股份（H 股）并在香港联交所主板挂牌上市的申请，并于同 日在香港联交所网站上刊登本次发行上市的申请资料。该申请资料为公司按 照香港证券及期货事务监察委员会及香港联交所的要求编制和刊发，为草拟 版本，其所载资料可能会适时作出更新和修订。 证券研究报告 | 公司点评 gszqdatemark 2026 02 06 年 月 日 新国都（300130.SZ） 年报业绩符合预期，软硬出海+港股上市加速全球化布局 具体事件：1 月 27 日，公司发布 2025 年度业绩预告，全年预计实现归属上 市公司股东的净利润 4 亿元~5 亿元，同比增加 70.79~113.49%；扣非后归 母净利润 3.5 亿元~4.5 亿元，同比下降 28.91~8.6%，业绩符合预期。 归母净利同比高增长，业绩符合市场预期。1）公司归属于 ...

证券研究报告 | 公司点评 gszqdatemark 2026 02 06 年 月 日 新国都（300130.SZ） 年报业绩符合预期，软硬出海+港股上市加速全球化布局 具体事件：1 月 27 日，公司发布 2025 年度业绩预告，全年预计实现归属上 市公司股东的净利润 4 亿元~5 亿元，同比增加 70.79~113.49%；扣非后归 母净利润 3.5 亿元~4.5 亿元，同比下降 28.91~8.6%，业绩符合预期。 归母净利同比高增长，业绩符合市场预期。1）公司归属于上市公司股东的净 利润较上年同期明显增长，主要系上年同期净利润受全资子公司涉税事项调 整及计提商誉减值等因素影响导致基数较低；2）扣除非经常性损益后的净利 润较上年同期下降，主要系上述国内收单业务影响及公司对跨境支付、人工智 能等新业务的投入加大所致。2025 年，公司预计非经常性损益影响归属于上 市公司股东的净利润约为 5,000 万元，主要来源于政府补助及理财收益。 硬件出海持续增长，自有品牌 PayKKa 交易额快速增长。1）支付硬件业务： 收入实现持续增长，毛利率保持稳定，战略性重点聚焦于海外市场发展，推动 全球化布局取得关键突破。 ...

Group 1: Financial Technology - In 2026, global liquidity is expected to remain reasonably ample, with the domestic monetary policy maintaining a moderately loose tone[14] - The digital RMB 2.0 will officially implement on January 1, 2026, transitioning from M0 to M1 currency attributes[18] - The CIPS network expansion will be a key focus starting February 1, 2026, as new rules for the RMB cross-border payment system come into effect[20] Group 2: AI Applications - The AI application landscape is shifting towards commercial monetization, with a focus on achieving breakeven after initial explosive growth[24] - C-end applications are dominated by major tech giants, making it difficult for smaller firms to survive in the market[40] - B-end applications are seeing some achieving unit economics (UE) breakeven, particularly in sectors with high product-market fit (PMF) like robotaxi[45] Group 3: AI Computing Power - Global demand for AI computing power is on the rise, with domestic internet companies being the largest consumers of intelligent computing servers[3] - Domestic chip manufacturers are making significant breakthroughs, with companies like Huawei and Cambricon showing strong growth potential[3] - The shift towards scale-up supernode architectures is expected to accelerate, enhancing overall system performance[3] Group 4: AI Energy - The AIDC power supply paradigm is evolving towards 800V HVDC systems, driven by the need for higher power density and efficiency[4] - Nuclear fusion is being explored as a long-term energy solution, with significant advancements expected within the next five years[7]

Group 1 - The company reported a closing price of 27.48 yuan on January 28, 2026, with a decrease of 0.76% and a turnover rate of 3.31%, indicating a trading volume of 143,500 shares and a transaction amount of 400 million yuan [1] - The company has focused on the electronic payment sector since its establishment, providing comprehensive electronic payment technology solutions [2] - The company’s payment hardware products fully support digital RMB acceptance, and it is actively collaborating with banking institutions in the digital RMB operational activities and technical services [2] Group 2 - On January 28, the net outflow of main funds was 47.57 million yuan, indicating a short-term reduction in holdings by major investors [4] - The net inflow of speculative funds was 31.13 million yuan, reflecting an increase in short-term trading activity [4] - The net inflow of retail investor funds was 16.44 million yuan, suggesting a net buying trend among individual investors [4]

Core Viewpoint - The company expects a significant increase in net profit for 2025, projecting a range of 400 million to 500 million yuan, representing a year-on-year growth of 70.79% to 113.49% [1] Group 1: Financial Performance - The company anticipates stable overall revenue growth for 2025, driven by its ongoing international expansion strategy in payment hardware and services [1] - The domestic transaction volume for the company's acquiring business is projected to be approximately 1.47 trillion yuan for 2025, remaining relatively flat compared to the previous year [1] Group 2: Business Strategy - The company is focusing on overseas market development, aiming to solidify existing market foundations while expanding into high-potential regions [1] - The company is leveraging artificial intelligence technology to enhance organizational and business intelligence, accelerating the implementation of "Payment + AI" applications for efficient merchant operations [1] Group 3: Cross-Border Payment Business - The company is increasing resource investment in cross-border payment, enhancing product development and banking channel construction to enrich its product line and improve core competitiveness [2] - The merchant scale and transaction volume in the cross-border payment business are experiencing rapid growth, with the company establishing integrated global collection and acquiring service capabilities to support SMEs in overseas payment needs [2]

Group 1 - The company, New Guodu, announced an expected net profit attributable to shareholders of the listed company for 2025 to be between 400 million and 500 million yuan, representing a growth of 70.79% to 113.49% compared to the previous year's net profit of 234.2075 million yuan [2]

Core Viewpoint - The company expects a significant increase in net profit attributable to shareholders for 2025, with projections ranging from 40 million to 50 million yuan, representing a growth of 70.79% to 113.49% compared to the previous year [1] Financial Performance - The net profit attributable to shareholders is expected to grow significantly due to a low base from the previous year, which was impacted by tax adjustments and goodwill impairment [1] - The net profit after excluding non-recurring gains and losses is projected to be between 35 million and 45 million yuan, indicating a decline of 28.91% to 8.60% year-on-year [1] - The expected impact of non-recurring gains and losses on net profit attributable to shareholders is approximately 5 million yuan, primarily from government subsidies and investment income [1] - In the previous year, the non-recurring gains and losses amounted to -25.81 million yuan, mainly due to tax adjustments [1] Business Impact - The decline in net profit after excluding non-recurring items is attributed to the impact of domestic acquiring business and increased investments in new areas such as cross-border payments and artificial intelligence [1]