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 ...

北京市中伦（深圳）律师事务所 关于深圳市新国都股份有限公司 2025 年股票期权激励计划行权价格调整事项的 法律意见书 二〇二五年十月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 北京市中伦（深圳）律师事务所 关于深圳市新国都股份有限公司 2025 年股票期权激励计划行权价格调整事项的 法律意见书 致：深圳市新国都股份有限公司 法律意见书 对公司本次调整相关事宜进行了充分的核查验证，保证本法律意见书中不存在虚 假记载、误导性陈述及重大遗漏。 本所同意公司将本法律意见书作为实行本次调整的必备文件，随 ...

1. 深圳市新国都股份有限公司（以下简称"公司"）第六届董事会第二十 次会议，已经于 2025 年 10 月 22 日以邮件方式向全体董事发出会议通知。 2. 会议于 2025 年 10 月 27 日上午 10 点在深圳市南山区科技南十二路 20 号 嘉联支付大厦11楼深圳市新国都股份有限公司1101会议室以现场结合通讯表决 方式召开。 3. 本次董事会会议应出席的董事人数 9 人，实际出席的董事人数 9 人。 4. 本次董事会会议由董事长刘祥先生主持，董事会秘书李喆芳女士列席本 次会议。 证券代码：300130 证券简称：新国都 公告编号：2025-057 深圳市新国都股份有限公司 第六届董事会第二十次会议决议公告 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、误导性陈述或者重大遗漏。 一、董事会会议召开情况 5. 本次董事会会议的召集召开符合有关法律、行政法规、部门规章、规范 性文件及《公司章程》的规定。 二、董事会会议审议情况 表决情况：9票同意，0票反对，0票弃权。 本议案已经公司董事会审计委员会审议通过。 具体内容详见公司于2025年10月28日在中国证监会指定创业板信息 ...

Revenue and Profitability - Revenue for Q3 2025 was CNY 816,284,048.30, a decrease of 5.93% compared to the same period last year[5] - Net profit attributable to shareholders increased by 187.18% to CNY 132,065,139.21 in Q3 2025[5] - Basic and diluted earnings per share rose by 185.19% to CNY 0.23 for Q3 2025[5] - Total profit for the year-to-date was CNY 429,303,163.93, an increase of 61.47% compared to the previous year[10] - Net profit for the current period is ¥405,203,107.44, representing an increase of 37.24% from ¥294,990,272.48 in the previous period[23] - Total comprehensive income for the current period is ¥405,041,281.88, an increase from ¥294,763,226.64 in the previous period[23] Assets and Liabilities - Total assets as of September 30, 2025, reached CNY 6,122,584,245.72, reflecting a growth of 7.58% from the end of the previous year[5] - Current assets totaled CNY 5,071,966,826.50, up from CNY 4,614,748,661.67, indicating an increase of about 9.9%[19] - Total liabilities increased to CNY 1,784,456,975.33 from CNY 1,496,324,319.66, marking an increase of about 19.3%[20][21] - The company's equity attributable to shareholders reached CNY 4,336,707,262.01, up from CNY 4,197,388,135.19, showing an increase of approximately 3.3%[21] Cash Flow - Cash flow from operating activities showed a significant decline of 79.86%, totaling CNY 58,654,346.89 for the year-to-date[5][10] - Cash flow from operating activities generated a net cash inflow of ¥58,654,346.89, a significant decrease from ¥291,261,036.52 in the previous period[24] - Cash flow from investing activities resulted in a net cash outflow of ¥1,101,771,949.82, compared to a net outflow of ¥637,517,353.35 in the previous period[24] - Cash and cash equivalents at the end of the period totaled ¥2,305,133,845.77, down from ¥2,801,920,274.79 at the end of the previous period[25] Shareholder Information - Total number of common shareholders at the end of the reporting period is 52,329[12] - Liu Xiang holds 24.32% of shares, totaling 137,946,987 shares[12] - The top 10 shareholders collectively hold significant stakes, with the largest shareholder holding over 24%[12] - The total number of restricted shares held by Liu Xiang is 103,460,240, which is subject to a 75% lock-up[15] - The total number of restricted shares held by Jiang Han is 27,359,104, also subject to a 75% lock-up[15] Investment and Impairment - Investment income rose by 34.89% to CNY 50,444,099.06, driven by higher returns from financial products[9][10] - The company reported a net loss from investment impairment of CNY 14,956,598.12, primarily due to goodwill impairment related to a subsidiary[10] Accounting and Reporting - The third quarter financial report of Shenzhen Xinguodu Co., Ltd. has not been audited[26] - The new accounting standards will be implemented starting from 2025[26] - The financial statement items related to the first year of implementation will be adjusted accordingly[26] - The board of directors announced the financial report on October 28, 2025[26]