Summary of the Conference Call Company Overview - **Company Name**: 新国都 (Newland) - **Industry**: Payment Technology - **Founded**: 2001 - **Public Listing**: 2010 on Shenzhen Stock Exchange's Growth Enterprise Market - **Core Business Areas**: - Card acquiring - Payment hardware - Cross-border payments - Artificial intelligence applications [2][3] Key Financial Highlights - **Q3 2023 Total Revenue**: 2.343 billion RMB, a year-on-year decrease of 4.15% primarily due to a decline in average transaction fees in card acquiring [3] - **Net Profit**: 408 million RMB, a year-on-year increase of 37.1% with a net profit margin of 17.439%, up by 5.2 percentage points [3] - **Transaction Volume in Card Acquiring**: Approximately 1.08 trillion RMB for the first three quarters, stable compared to the previous year [3] - **Revenue from Payment Hardware**: Grew by 11.9% year-on-year, driven by overseas market expansion [4] Business Segment Performance - **Card Acquiring**: - Q3 transaction volume was around 360 billion RMB, a slight year-on-year decline of 2.5% but an increase of 1.6% compared to Q2 [7] - Fee rates have seen a gradual recovery since June 2023 [8][9] - **Cross-Border Payments**: - Significant growth with transaction volumes increasing over 200% quarter-on-quarter [4] - Services include B2C e-commerce collection, B2B foreign trade collection, independent site collection, and local collection in foreign markets [18] - Expected revenue contribution from cross-border payments for 2023 is between 2 to 3 billion RMB [25] Market Trends and Future Outlook - **Market Dynamics**: - The payment industry is experiencing consolidation with fewer licenses available, leading to increased concentration among leading players [13] - Future growth is contingent on macroeconomic improvements and consumer spending recovery [14] - **Cross-Border Payment Strategy**: - The company has obtained licenses in the EU, the US, and Hong Kong, enhancing its ability to serve international clients [21][24] - The total import and export volume in China exceeds 40 trillion RMB, indicating a large market potential for cross-border services [19] AI and Technological Integration - **AI Applications**: - The company has developed AI digital employee products that have been commercialized in various sectors [3] - Revenue from AI-related ventures is expected to grow, with a target of achieving around 10 million RMB in revenue for the year [31] - **Integration with Payment Solutions**: - AI is being utilized for customer service, transaction verification, and marketing tools [40] Strategic Initiatives - **H-Share Listing**: - The company is preparing for an H-share listing to support its international expansion strategy and enhance brand recognition [62][63] - **Focus on Overseas Markets**: - The company is actively expanding its presence in overseas markets, particularly in Europe and Japan, where it has seen significant growth [53][54] Additional Insights - **Stablecoin and Cryptocurrency**: - The company maintains a cautious stance on stablecoins and cryptocurrencies, aligning with regulatory perspectives [15][16] - **Future Revenue Projections**: - The company aims to achieve breakeven in its cross-border payment segment within three years, targeting transaction volumes in the hundreds of billions RMB [27][50] This summary encapsulates the key points discussed during the conference call, highlighting the company's performance, market dynamics, and strategic direction.

新国都成立于2001年7月31日，于2010年10月19日在深圳证券交易所上市，注册地址和办公地址均位于广 东省。公司是电子支付行业领先企业，提供支付收单及终端设备销售租赁服务，结合前沿技术提供数字化 增值服务。 新国都自成立以来深耕电子支付行业，主要为不同规模客户提供支付收单服务及电子支付受理终端设备软 硬件销售、租赁服务，还结合多种技术提供商业数字化升级增值服务和一站式电子支付综合解决方案，积 极探索行业新机遇。公司所属申万行业为计算机 - 计算机设备 - 其他计算机设备，涉及电子身份证、电子 支付等概念板块。 经营业绩：营收行业第11，净利润第8 2025年三季度，新国都营业收入为23.43亿元，在行业63家公司中排名第11。行业第一名浪潮信息营收达 1206.69亿元，第二名纳思达为145.04亿元，行业平均数是35.04亿元，中位数为6.77亿元。同期，公司净利 润为4.05亿元，行业排名第8。行业第一名浪潮信息净利润14.89亿元，第二名新大陆为10.26亿元，行业平 均数为1.02亿元，中位数是1495.3万元。 资产负债率低于同业平均，毛利率高于同业平均 偿债能力方面，2025年三季度新国都资 ...

拟赴港上市，海外业务拓展可期。今年8 月公司即发布公告，拟发行H 股股票并申请在中国香港联合交 易所有限公司主板挂牌上市。目前，相关议案已通过董事会审议，尚需提交股东会审议，并需取得相关 监管部门的批准、核准或备案。此举有助于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，增强公司全球资源配置能力和国际市场竞争能力。 维持"买入"评级。公司虽然短期收入、利润因策略性投入承压，但国内收单业务随着行业出清净费率、 毛利率有望提升，海外支付终端有望快速放量，维持原盈利预测。预计2025-2027 年收入为33.92、 35.89、38.21 亿元，归母净利润7.38、8.74、9.22 亿元。 电子支付设备海外市场快速增长、新业务进展顺利长期空间大，维持"买入"评级。对应2025 年21x PE。 单季度毛利率回升，收单业务短期投入压力缓解、支付海外高毛利市场持续突破。2025Q3公司整体毛 利率为37.54%，为近4 个季度最高，2024Q4/2025Q1/2025Q2 毛利率分别为 35.57%/36.59%/31.90%。结 合中报，2025H1 国内收单业务收入、毛利率均有所下滑，主要由 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has shown a recovery in gross margin, with a significant focus on expanding its overseas business through a planned listing in Hong Kong [1][6] - Despite short-term pressures on revenue and profit due to strategic investments, the domestic acquiring business is expected to improve as the industry stabilizes [6] - The company is experiencing growth in high-margin overseas markets, particularly in Europe, the United States, and Japan, with revenue from payment devices exceeding 200 million yuan, a year-on-year increase of over 80% [6] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 3,392 million yuan, with a year-on-year growth rate of 7.8% [5] - The net profit attributable to the parent company is expected to reach 738 million yuan in 2025, reflecting a significant year-on-year increase of 215.2% [5] - The gross margin is forecasted to recover to 40.8% in 2025, with a return on equity (ROE) of 15.2% [5] - The company anticipates revenues of 3,589 million yuan and 3,821 million yuan for 2026 and 2027, respectively [5][6]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [6]. Core Insights - The company reported a revenue of 2.343 billion yuan for the first three quarters of 2025, a year-on-year decline of 4.15%, while the net profit attributable to shareholders increased by 37.10% to 408 million yuan [1]. - The gross margin for Q3 2025 showed signs of stabilization, reaching 38%, a 5.6 percentage point increase from Q2 [1]. - The company is planning to issue H shares to enhance its global business expansion and improve its international market competitiveness [2]. - The cross-border payment business is experiencing rapid growth, with significant increases in transaction volumes and merchant numbers [3]. - Profit forecasts for 2025 to 2027 indicate a substantial increase in net profit, with expected figures of 580 million yuan in 2025, 677 million yuan in 2026, and 793 million yuan in 2027, reflecting growth rates of 147.8%, 16.7%, and 17.0% respectively [4]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 816 million yuan, down 5.93% year-on-year, but net profit improved to 132 million yuan from a loss of 151 million yuan in the same period last year [1]. - The overall gross margin for the first three quarters of 2025 was 35.3%, a decrease of 6.7 percentage points year-on-year, but Q3 showed a recovery with a gross margin of 38% [1]. Business Development - The company is focusing on cross-border payment services, enhancing its product capabilities for B2B and B2C transactions, and expanding local account setups in key regions [3]. - The PayKKa platform has seen rapid growth in transaction volumes, with Q2 2025 showing a 169% increase in merchant numbers and a 272% increase in transaction amounts compared to Q1 [3]. Investment Outlook - The company is expected to benefit from a recovering payment processing industry, with projected PE ratios of 27, 23, and 20 for 2025, 2026, and 2027 respectively [4]. - The anticipated growth in the overseas mobile payment market is expected to further enhance the company's performance [4].

Core Viewpoint - New Guodu (300130.SZ) reported a decline in revenue for the first three quarters of 2025, while net profit showed significant growth year-on-year [1] Financial Performance - The company's operating revenue for the first three quarters was 2.343 billion yuan, a decrease of 4.15% year-on-year [1] - Net profit attributable to shareholders was 408 million yuan, reflecting a year-on-year increase of 37.10% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 364 million yuan, a year-on-year decrease of 32.97% [1] - Basic earnings per share were 0.72 yuan [1]

Group 1 - The core point of the article is that New Guodu (SZ 300130) announced the convening of its 20th meeting of the 6th Board of Directors on October 27, 2025, to review the proposal for the third quarter report of 2025 [1] - For the first half of 2025, New Guodu's revenue composition is as follows: 61.85% from acquiring and value-added services, 35.67% from product manufacturing, and 2.48% from other businesses [1] - As of the time of reporting, New Guodu has a market capitalization of 15.5 billion yuan [1]

Core Insights - New Guodu (300130.SZ) reported a revenue of 2.343 billion yuan for the first three quarters, representing a year-on-year decline of 4.15% [1] - The net profit attributable to shareholders of the listed company reached 408 million yuan, showing a year-on-year increase of 37.1% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 364 million yuan, reflecting a year-on-year decrease of 32.97% [1]

Core Viewpoint - New Guodu's Q3 2025 financial report shows a decline in revenue but a significant increase in net profit, indicating mixed performance in the electronic payment industry [1][2]. Financial Performance - The company's revenue for the first three quarters of 2025 was 2.343 billion yuan, a year-on-year decrease of 4.15% [1]. - The net profit attributable to shareholders was 408 million yuan, a year-on-year increase of 37.10% [1]. - The basic earnings per share were 0.72 yuan [1]. - The gross profit margin for the first three quarters was 35.27%, down 6.73 percentage points year-on-year [2]. - The net profit margin was 17.29%, up 5.23 percentage points compared to the same period last year [2]. Quarterly Insights - In Q3 2025, the gross profit margin was 37.54%, a year-on-year decrease of 2.32 percentage points but an increase of 5.64 percentage points quarter-on-quarter [2]. - The net profit margin for Q3 was 16.08%, showing a significant year-on-year increase of 33.62% and a quarter-on-quarter increase of 1.78 percentage points [2]. Expense Management - Total operating expenses for the period were 444 million yuan, a decrease of 36.82 million yuan year-on-year [2]. - The expense ratio was 18.95%, down 0.72 percentage points from the previous year [2]. - Sales expenses decreased by 28.46%, while management and R&D expenses increased by 1.05% and 3.86%, respectively [2]. Shareholder Dynamics - As of the end of Q3 2025, the total number of shareholders was 52,300, a decrease of 31,000 or 37.23% from the end of the previous half [2]. - The average market value per shareholder increased from 241,800 yuan to 299,600 yuan, a growth of 23.94% [2]. Company Overview - Shenzhen New Guodu Co., Ltd. specializes in electronic payment services, providing payment acquisition services and selling electronic payment terminals [3]. - The company integrates technologies such as biometrics, big data, blockchain, and AI to offer various digital upgrade services [3]. - The main revenue sources include payment acquisition and value-added services (61.85%), electronic payment products (35.24%), and other services [3].

证券代码：300130 证券简称：新国都 公告编号：2025-058 深圳市新国都股份有限公司 关于对公司 2025 年股票期权激励计划已授予的 股票期权行权价格进行调整的公告 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、误导性陈述或者重大遗漏。 深圳市新国都股份有限公司（以下简称公司）于 2025 年 10 月 27 日召开了 第六届董事会第二十次会议，审议通过了《关于对 2025 年股票期权激励计划已 授予的股票期权行权价格进行调整的议案》。因公司 2025 年半年度权益分派实 施完成，根据《深圳市新国都股份有限公司 2025 年股票期权激励计划（草案）》 相关规定，应对股票期权行权价格进行相应的调整。现将相关事项公告如下： 一、 公司 2025 年股票期权激励计划概述 1、公司于 2025 年 5 月 27 日召开第六届董事会第十七次会议及第六届监事 会第十四次会议，审议通过了《关于公司 2025 年股票期权激励计划草案及摘要 的议案》、《关于公司 2025 年股票期权激励计划实施考核办法的议案》及《关于 提请股东会授权董事会办理公司 2025 年股票期权激励计划相关事宜的 ...