Investment Rating - The report maintains an "Outperform" rating for the company with a target price of 38.40 RMB, representing a potential upside of 65% from the current price of 31.93 RMB [1][10]. Core Views - The company's performance in the first half of 2025 was impacted by pressure on domestic acquiring rates due to new merchant expansion, while overseas business, particularly in cross-border payments, showed significant growth [1][10]. - The report adjusts the net profit forecasts for 2025-2027 to 589 million RMB, 747 million RMB, and 909 million RMB respectively, with corresponding EPS estimates of 1.04 RMB, 1.32 RMB, and 1.60 RMB [1][10]. - The acquiring business revenue and gross profit margin have declined, with the company reporting a revenue of 1.53 billion RMB in H1 2025, down 3.17% year-on-year, and a net profit of 280 million RMB, down 38.61% year-on-year [1][10]. Financial Summary - Total revenue for 2023 is projected at 3.801 billion RMB, with a decline of 11.9% year-on-year, followed by a slight recovery in 2025 with an estimated revenue of 3.170 billion RMB [3]. - The net profit attributable to shareholders is expected to show significant fluctuations, with a forecast of 755 million RMB for 2023, dropping to 234 million RMB in 2024, and recovering to 589 million RMB in 2025 [3]. - The gross profit margin for the acquiring and value-added services segment is reported at 27.24%, down 15.14 percentage points year-on-year, while the electronic payment equipment segment shows a gross profit margin of 44.69%, up 1.26 percentage points year-on-year [10]. Business Performance - The company’s acquiring turnover for H1 2025 was 721.8 billion RMB, with a significant year-on-year decline in the acquiring rate to 0.131% from 0.150% in H1 2024, attributed to aggressive new merchant acquisition [10]. - Cross-border payment activities have accelerated, with the company successfully integrating with major e-commerce platforms like Amazon and TikTok, resulting in a 169% and 272% increase in merchant numbers and transaction volumes respectively from Q1 to Q2 2025 [10]. - The overseas equipment segment has targeted high-end markets, achieving nearly 200 million RMB in revenue, a year-on-year increase of over 80% [10].

Group 1 - The core viewpoint of the article highlights the positive outlook for New Guodu (300130.SZ) with a buy rating due to strong overseas market performance and plans for a Hong Kong stock listing to advance its international strategy [1] - The report emphasizes the ongoing improvement in overseas market performance as a key factor for the company's growth [1] - The intention to list on the Hong Kong stock exchange is seen as a strategic move to enhance the company's international presence [1] Group 2 - The article mentions potential risks including intensified competition in the acquiring business and the possibility that AI applications may not meet expectations [1] - It also notes the overall increase in industry competition as a concern for the company's future performance [1]

Group 1 - The company reported a revenue of 1.527 billion yuan for the first half of 2025, a year-on-year decrease of 3.17% [1] - The net profit attributable to shareholders was 275 million yuan, down 38.61% year-on-year, while the net profit after deducting non-recurring items was 242 million yuan, a decrease of 38.90% [1] - The overseas market showed continuous improvement, with a total transaction volume of approximately 721.8 billion yuan, remaining stable compared to the same period last year, and achieving an operating income of 949 million yuan [1] Group 2 - The electronic payment equipment segment generated an operating income of 544 million yuan, with overseas sales reaching 533 million yuan, reflecting a year-on-year growth of 22.02% [1] - Revenue from high-end overseas markets in Europe, America, and Japan approached 200 million yuan, with a year-on-year increase of over 80% [1] - The company has approved plans for an H-share issuance and listing on the Hong Kong Stock Exchange, indicating a commitment to international expansion [1] Group 3 - The company’s subsidiary, Shanghai Shier District Information Technology Co., Ltd., is actively exploring AI applications, enhancing product efficiency, and expanding into various industries [2] - The AI Agent product has been successfully applied in the payment sector, improving merchant review efficiency and user experience [2] - The company maintains stable performance, with projected EPS for 2025-2027 at 1.05, 1.22, and 1.40 yuan respectively, and a "buy" rating is maintained [2]

Core Viewpoint - New Guodu, a payment service provider, plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to accelerate overseas business expansion and diversify financing channels amid declining performance and regulatory challenges [1][6]. Group 1: Company Overview - New Guodu was established on July 31, 2001, and listed on the Shenzhen Stock Exchange's Growth Enterprise Market on October 19, 2010. It primarily provides payment services and digital service solutions through its wholly-owned subsidiary, Jialian Payment [4][6]. - The company's main revenue sources include 67.12% from acquiring and value-added services, 29.90% from electronic payment products, and smaller contributions from audit and technical services [6]. Group 2: Financial Performance - New Guodu's revenue for 2024 is projected at 3.148 billion yuan, a year-on-year decrease of 17.20%, with net profit dropping by 68.98% to 234 million yuan [6][7]. - In the first half of 2024, the company reported a revenue of 1.527 billion yuan, down 3.17%, and a net profit of 275 million yuan, down 38.61% [7]. - The decline in profits is attributed to reduced income and gross margins from acquiring and value-added services, influenced by strategies to expand new merchant partnerships [7]. Group 3: Regulatory Challenges - Jialian Payment, New Guodu's subsidiary, has faced multiple penalties for compliance issues, including a recent fine of 2.99 million yuan for violations related to clearing management and merchant management [8][10]. - The company has also disclosed potential tax adjustments amounting to 362 million yuan, which could further impact its net profit for 2024 [10]. Group 4: Market Position and Strategy - Industry experts suggest that New Guodu's move to list in Hong Kong reflects a need for capital support amid declining performance and market challenges, emphasizing the importance of a clear international strategy for sustainable growth [4][10]. - The competitive landscape in the traditional acquiring market is intensifying, with Jialian Payment facing pressure from declining rates and increased competition, while innovation efforts have yet to yield results [7][10].

Core Viewpoint - New Guodu, a payment service provider, plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to accelerate overseas business expansion and diversify financing channels amid declining performance and regulatory challenges [2][6]. Group 1: Company Overview - New Guodu was established on July 31, 2001, and listed on the Shenzhen Stock Exchange's Growth Enterprise Market on October 19, 2010. The company primarily provides payment services and scenario digitalization services through its wholly-owned subsidiary, Jialian Payment [4][6]. - Jialian Payment obtained a third-party payment license in 2012 and has been involved in nationwide card acquiring business since 2017 [6]. Group 2: Financial Performance - New Guodu's revenue for 2024 is reported at 3.148 billion yuan, a year-on-year decrease of 17.20%, while the net profit attributable to shareholders is 234 million yuan, down 68.98% [6]. - The company’s first half of 2024 shows continued decline, with revenue of 1.527 billion yuan, a decrease of 3.17%, and net profit of 275 million yuan, down 38.61% [7]. - The decline in profits is attributed to a drop in revenue and gross margin from acquiring and value-added services, influenced by increased marketing support and competitive market measures [7]. Group 3: Regulatory Challenges - Jialian Payment has faced multiple penalties for compliance issues, including a warning and a fine of 2.99 million yuan for violations related to clearing management and merchant management [9]. - In 2020, Jialian Payment was fined 9.41 million yuan for failing to establish proper risk management measures and for conducting transactions with unidentified clients [12]. Group 4: Market Context and Strategic Considerations - Industry experts suggest that New Guodu's move to list in Hong Kong reflects a need for capital support amid declining performance and increasing compliance requirements [4][13]. - The company’s reliance on capital markets without a solid core technology or localized operational capabilities raises concerns about its long-term viability in the competitive payment sector [13].

Core Viewpoint - The company's performance in the first half of the year is under short-term pressure due to the impact of domestic acquiring merchant expansion suppressing fee rates, while overseas business is progressing smoothly with accelerated growth in cross-border payment volume and significant revenue growth in high-end overseas markets [1]. Financial Performance - The company maintains a "Buy" rating, adjusting the net profit forecast for 2025-2027 to 589 million, 747 million, and 909 million yuan respectively, with corresponding EPS estimates of 1.04, 1.32, and 1.60 yuan. The target price is raised to 38.40 yuan based on a 37x PE for 2025, considering growth in cross-border payment and overseas equipment business [2]. - In the first half of 2025, the company achieved revenue of 1.527 billion yuan, a year-on-year decrease of 3.17%, and a net profit of 275 million yuan, down 38.61% year-on-year. In Q2 alone, revenue was 826 million yuan, up 3.93% year-on-year, while net profit was 119 million yuan, down 47.77% year-on-year [2]. - The decline in revenue and profit is primarily due to the decrease in income and gross margin from the acquiring business, with revenue from acquiring and value-added services at 945 million yuan, down 12.86% year-on-year, and a gross margin of 27.24%, down 15.14 percentage points year-on-year [2]. Business Segments - The company's acquiring transaction volume in the first half of 2025 was 721.8 billion yuan, remaining stable year-on-year, with a significant decline in the acquiring fee rate to 0.131%, down from 0.150% in the first half of 2024, mainly due to increased efforts in new merchant expansion [3]. - In terms of cross-border payments, the company has successfully integrated with major e-commerce platforms such as Amazon, Etsy, Lazada, Shopee, and TikTok, with rapid growth in the number of cross-border payment merchants and transaction amounts, showing a quarter-on-quarter increase of 169% and 272% respectively in Q2 [3]. - The company has made significant breakthroughs in high-end overseas markets for equipment, with nearly 200 million yuan in revenue from overseas high-end markets, growing over 80% year-on-year. Additionally, the company has successfully launched an AI merchant review agent, enhancing review efficiency and user experience [3].

Group 1 - Several companies, including Zhongyou Capital and Zhongke Jincai, hit the limit down, indicating significant declines in their stock prices [1] - Dongxin Peace fell over 9%, while companies such as Sifang Jingchuang and Jingbeifang dropped more than 8% [1] - New Guodu, Tianrongxin, Hailian Jinhui, and Hengbao shares experienced declines exceeding 7% [1]

Group 1 - The A-share market experienced a pullback in digital currency stocks, with notable declines in several companies [1] - Zhongke Jincai approached the limit down, while Dongxin Peace, Sifang Chuangxin, and Zhongyou Capital fell over 7% [1] - Other companies such as Jingbeifang, Tianrongxin, Xinguodu, Hengbao, Lakala, Hailian Jinhui, Xiongdi Technology, Tianyang Technology, Chutianlong, Changliang Technology, and Cuiwei shares dropped over 5% [1] Group 2 - Zhongke Jincai saw a decline of 9.70%, with a total market value of 14 billion and a year-to-date increase of 125% [2] - Dongxin Peace decreased by 7.61%, with a market capitalization of 16.1 billion and a year-to-date increase of 171.82% [2] - Sifang Chuangxin fell by 7.44%, with a market value of 23.5 billion and a year-to-date increase of 172.59% [2] - Zhongyou Capital dropped by 7.42%, with a market capitalization of 153 billion and a year-to-date increase of 78.65% [2] - Jingbeifang decreased by 6.71%, with a market value of 20.5 billion and a year-to-date increase of 135.63% [2] - Tianrongxin fell by 5.82%, with a market capitalization of 12.4 billion and a year-to-date increase of 63.54% [2] - Other companies also reported declines, with varying market values and year-to-date performance [2]

Core Insights - The third-party payment industry in China is facing intense competition, leading to a stagnation in transaction growth and a compression of profit margins for many companies [1][5] - Among the eight listed payment institutions, total revenue for the first half of 2025 reached approximately 9.268 billion yuan, with three companies reporting both revenue and net profit growth, while five experienced revenue declines [1][3] Revenue and Profit Performance - Lakala reported revenue of 2.65 billion yuan, down 11.1% year-on-year, with net profit of 230 million yuan, down 45.3% [2][3] - Yika achieved revenue of 1.642 billion yuan, up 4.0%, and net profit of 41 million yuan, up 27.0% [2][3] - Lianlian Digital saw significant growth, with revenue of 783 million yuan, up 26.8%, and net profit of 1.511 billion yuan, a 531.9% increase [2][3] - Guotong Xingyu reported revenue of 1.412 billion yuan, up 9.1%, and net profit of 318 million yuan, up 21.4% [2][3] - Other companies like Jialian Payment and Suixing Pay experienced revenue declines of 12.4% and 10.0%, respectively, with significant drops in net profit [2][3][4] Market Dynamics and Challenges - The payment industry is experiencing a saturation in the domestic market, leading to increased price competition and reduced profit margins [5][6] - The overall decline in transaction volumes is a key factor affecting revenue performance, with Lakala's transaction amount dropping by 9.2% year-on-year [6] - Companies are increasingly investing in technology and innovation to enhance competitiveness, despite short-term profit pressures [5][8] Cross-Border Business Growth - Cross-border payment services are showing robust growth, with Lakala serving over 160,000 clients, a 70.4% increase, and cross-border transaction amounts reaching 37.1 billion yuan, up 73.5% [9][10] - Lianlian Digital's global payment transaction volume reached 198.5 billion yuan, a 94% increase, indicating a strong expansion in cross-border services [10][11] - The potential for higher profit margins in cross-border payments is attracting companies to explore international markets, despite challenges such as regulatory differences and local operational difficulties [11][12]

深圳市新国都股份有限公司（以下简称公司）于2025年8月26日召开第六届 董事会第十九次会议，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》，公司2024年年度权益分派已于2025年6月26 日实施完毕，公司《深圳市新国都股份有限公司2025年股票期权激励计划（草案）》 已授予的股票期权行权价格由25元/份调整为24.80元/份。相关内容详见公司于 2025年8月27日在巨潮资讯网披露的《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》（公告编号：2025-049）。 2025 年 9 月 1 日，经中国证券登记结算有限责任公司深圳分公司审核确认， 上述股票期权行权价格已调整完成。 特此公告。 深圳市新国都股份有限公司 董事会 证券代码:300130 证券简称:新国都 公告编号: 2025-052 深圳市新国都股份有限公司 关于 2025 年股票期权激励计划已授予的 股票期权行权价格调整完成的公告 | 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。 | 2025 年 ...