拉卡拉支付股份有限公司 证券代码：300773 证券简称：拉卡拉 公告编号：2025-070 拉卡拉支付股份有限公司（以下简称"公司"）于 2025 年 12 月 5 日以邮件 方式发出第四届董事会第十二次会议通知，经全体董事确认，一致同意 2025 年 12 月 8 日公司以通讯方式召开会议。会议由董事长孙陶然先生主持。会议应出 席的董事 8 人，实际出席会议的董事 8 人。会议的召集和召开程序符合《中华人 民共和国公司法》（以下简称"《公司法》"）和《拉卡拉支付股份有限公司章 程》（以下简称"《公司章程》"）等的规定。 二、董事会会议审议情况 与会董事认真审议并通过了如下议案，并决议如下： （一）逐项审议通过《关于转让部分全资子公司 100%股权暨关联交易的议 案》 根据公司的战略规划和经营发展需要，为进一步优化公司资产结构、聚焦核 心业务，公司于 2025 年 8 月 8 日召开第四届董事会第七次会议并作出决议，通 过《关于转让部分全资子公司 100%股权暨关联交易的议案》，同意公司分别将 所持广州拉卡拉普惠融资担保有限责任公司（已更名为广州拉卡拉普惠信息服务 有限公司，以下简称"普惠信息"）的 100 ...

Market Performance - The diversified financial sector increased by 1.01% on December 8, with Ruida Futures leading the gains [1] - The Shanghai Composite Index closed at 3924.08, up 0.54%, while the Shenzhen Component Index closed at 13329.99, up 1.39% [1] Individual Stock Performance - Ruida Futures (002961) closed at 29.38, up 10.00% with a trading volume of 67,600 shares and a transaction value of 266.6 million [1] - Yong'an Futures (600927) closed at 15.63, up 4.97% with a trading volume of 221,500 shares and a transaction value of 345 million [1] - Other notable performers include 弘业期货 (001236) up 4.51%, *ST仁东 (002647) up 3.16%, and 南华期货 (603093) up 3.06% [1] Capital Flow Analysis - The diversified financial sector experienced a net outflow of 75.3968 million from institutional investors, while retail investors saw a net inflow of 100 million [2] - The capital flow data indicates that retail investors are increasingly active in the market despite the overall net outflow from major funds [2] Detailed Capital Flow for Selected Stocks - Zhonghai Capital (000617) had a net inflow of 51.8342 million from institutional investors, while retail investors had a net outflow of 47.0365 million [3] - Hainan Huatie (603300) saw a net inflow of 44.7164 million from institutional investors, with retail investors experiencing a net outflow of 27.2872 million [3] - Other stocks like 永安期货 (600927) and 瑞达期货 (002961) also showed mixed capital flows, with institutional inflows and retail outflows [3]

Core Viewpoint - The first Beijing Korean Performing Arts Festival will feature significant performances by Korean vocalists on December 11-12, showcasing operas "Winterreise" and "La Calas" at the Korean Cultural Center in China [2] Performance Preview - Opera "Winterreise" will be performed on December 11, 2025, from 19:00 to 20:30 at the Korean Cultural Center in China, requiring prior reservation for free admission [2] - Opera "La Calas" will be performed on December 12, 2025, from 19:00 to 20:30 at the same venue, also requiring prior reservation for free admission [2]

Core Insights - The performance of payment institutions in China shows significant divergence, with leading wallet providers experiencing strong profit recovery while domestic acquiring institutions face challenges [1][2][4] - Cross-border payment services have emerged as a key growth driver for many payment institutions amid intense competition and declining domestic business growth [1][5][7] Group 1: Performance Overview - Major wallet providers like WeChat Pay have reported high growth in profits due to increased commercial payment activities and consumer loan services [2] - The total transaction volume for non-bank payment institutions reached 85.28 trillion yuan in Q3, with a transaction count of 3,380.19 billion [2] - Companies like Lakala and JiaLian Pay reported declines in revenue and net profit, with Lakala's revenue down 7.32% to 4.068 billion yuan and net profit down 33.90% to 339 million yuan [2][3] Group 2: Cross-Border Payment Growth - Cross-border payment volumes have significantly increased, with Lakala reporting a 71.91% growth in merchant scale and a 77.56% increase in transaction amounts [5] - YiPay's cross-border payment transactions exceeded 270 billion yuan, marking a growth of over 35% [5] - Companies like Newland and Highsun Technology have also reported substantial growth in their overseas payment services, with Newland's overseas payment device revenue increasing by over 26% [5][6] Group 3: Challenges and Market Dynamics - The overall performance of payment institutions is under pressure due to stricter compliance regulations, leading to a decline in transaction volumes and profitability [4][7] - Increased competition in domestic payment fees has resulted in reduced profit margins for many institutions, with traditional card payment services facing significant declines [4][7] - The need for payment institutions to diversify their revenue streams and enhance their overseas service capabilities is becoming increasingly critical [6][7]

Market Performance - The diversified financial sector increased by 1.62% on December 5, with Ruida Futures leading the gains [1] - The Shanghai Composite Index closed at 3902.81, up 0.7%, while the Shenzhen Component Index closed at 13147.68, up 1.08% [1] Stock Performance - Ruida Futures (002961) closed at 26.71, up 10.01%, with a trading volume of 280,800 shares and a transaction value of 705 million yuan [1] - Sichuan Shuangma (000935) closed at 23.89, up 6.46%, with a trading volume of 188,400 shares and a transaction value of 441 million yuan [1] - Lakala (300773) closed at 21.73, up 3.48%, with a trading volume of 227,100 shares and a transaction value of 489 million yuan [1] - Yong'an Futures (600927) closed at 14.89, up 3.47%, with a trading volume of 97,000 shares and a transaction value of 14.3 million yuan [1] Capital Flow - The diversified financial sector saw a net inflow of 398 million yuan from main funds, while retail investors experienced a net outflow of 174 million yuan [2] - The main funds' net inflow for Ruida Futures was 83.54 million yuan, accounting for 11.85% of its total [3] - Sichuan Shuangma had a main fund net inflow of 47.27 million yuan, representing 10.72% of its total [3]

Core Viewpoint - The financial sector experienced a significant rally on December 5, with multi-financial, insurance, and securities sectors collectively rising, indicating positive market sentiment and potential investment opportunities in these areas [1]. Multi-Financial Sector - Ruida Futures surged by 10.01% to a price of 26.71, while Nanhua Futures, Yong'an Futures, and Lakala also saw notable increases [2]. - The multi-financial sector showed strong performance with Ruida Futures leading the gains, reflecting investor confidence in futures trading [1][2]. Insurance Sector - The insurance stocks collectively rose, with China Pacific Insurance increasing by 6.16% to 37.37, and both China Ping An and China Life Insurance rising over 4% [3]. - This upward trend in insurance stocks suggests a robust outlook for the insurance industry, potentially driven by favorable market conditions [1][3]. Securities Sector - Zhongyin Securities experienced a significant increase of 9.55% to 13.88, with other securities firms like Xiangcai Shares and Dongfang Fortune also showing positive movements [4]. - The strong performance of securities stocks indicates a bullish sentiment in the brokerage sector, which may attract further investments [1][4].

Core Insights - The People's Bank of China reported significant growth in digital payment transactions in Q3, indicating a recovery in consumer spending and a shift in payment habits [1][3] Group 1: Non-Cash Payment Statistics - In Q3, banks processed 1,685.08 billion non-cash payment transactions amounting to 150.34 trillion yuan, while in the same period of 2024, the figures were 1,545.16 billion transactions and 132.24 trillion yuan, showing a substantial increase compared to Q2 [3] - Electronic payment transactions reached 775.54 billion, totaling 82.30 trillion yuan, with online payments at 181.4 billion transactions (67.80 trillion yuan) and mobile payments at 556.94 billion transactions (12.99 trillion yuan) [3] Group 2: Trends in Payment Methods - The increase in transaction amounts, despite a slight decline in transaction numbers, suggests a recovery in third-party payment transactions, particularly in large online payments, indicating a shift towards higher-value transactions [4] - Analysts noted that consumers are increasingly opting for larger purchases or accumulating high-frequency small payments, reflecting an upgrade in consumption structure and a growing demand for high-quality goods and services [4][5] Group 3: Market Dynamics - The market is transitioning from a focus on transaction volume to transaction value, with payment institutions prioritizing the enhancement of each transaction's worth rather than merely increasing transaction counts [5] - Companies like Tencent and Lakala reported growth in commercial payment amounts, driven by strong online payment growth and improved trends in offline payments, particularly in retail and transportation sectors [5] Group 4: Challenges in Traditional Payment Methods - Despite the growth in QR code transactions, traditional card transaction volumes are declining, with Lakala reporting a 13.72% drop in card transaction amounts [6] - Regulatory measures targeting illegal practices in card transactions have led to a contraction in traditional payment models, while increased competition in the domestic market is squeezing profit margins [6] - Future trends indicate that QR code payments will dominate the small payment market, especially among small and micro merchants, while card payment processing will continue to face pressure [6]

Core Insights - The payment industry is experiencing a mixed performance, with some companies achieving revenue growth through diversified strategies while others face pressure from declining transaction volumes in card acquiring business [1][2][3] - The implementation of the 259 Document by the People's Bank of China is impacting transaction volumes, particularly in card acquiring, leading to a strategic shift towards cross-border payment services [1][5] Financial Performance - Haike Rongtong's parent company, Cuiwei Co., achieved a revenue of 1.71 billion yuan, a year-on-year increase of 0.86%, but reported a net loss of 311 million yuan [2] - Guotong Xingyi's parent company, Newland, reported a revenue of 6.244 billion yuan, a 12.04% increase, with a net profit of 937 million yuan, up 14.03% [2] - Lakala reported a revenue of 4.068 billion yuan, a decline of 7.32%, and a net profit of 339 million yuan, down 33.90% [3][4] Impact of Regulatory Changes - The 259 Document restricts card acquiring operations, leading to a decrease in transaction volumes and impacting revenue for many payment institutions [5] - The regulation aims to eliminate illegal practices in card acquiring, which has resulted in a contraction of transaction volumes across the industry [5] Growth in Cross-Border Payments - Cross-border payment services are emerging as a significant growth area for payment institutions, with companies like Lakala reporting a cross-border payment volume of 60.2 billion yuan, a year-on-year increase of 71.91% [6] - Newland's overseas payment device revenue grew over 26%, and the company is expanding its cross-border payment operations [6] - Companies are increasingly focusing on global market expansion, with Newland planning to issue H-shares to enhance its international strategy [6] Market Trends - The global payment market is projected to grow significantly, with offline payment volumes expected to exceed 42.6 trillion USD by 2027, indicating a robust demand for cross-border payment solutions [7] - The demand for localized payment solutions is rising as Chinese companies expand overseas, with significant growth in cross-border payment transaction volumes reported by various companies [8]

Core Viewpoint - Lakala's stock price has experienced fluctuations, with a year-to-date increase of 25.32% but a recent decline over various trading periods, indicating potential volatility in the market [1][2]. Company Overview - Lakala Payment Co., Ltd. is based in Haidian District, Beijing, and was established on January 6, 2005, with its IPO on April 25, 2019. The company primarily provides acquiring services for small and micro enterprises and personal payment services, with 100% of its revenue derived from payment services [1]. Financial Performance - For the period from January to September 2025, Lakala reported a revenue of 4.07 billion yuan, a year-on-year decrease of 7.33%, and a net profit attributable to shareholders of 339 million yuan, down 33.90% compared to the previous year [2]. - Since its A-share listing, Lakala has distributed a total of 2.615 billion yuan in dividends, with 1.035 billion yuan paid out in the last three years [3]. Shareholder Information - As of September 30, 2025, Lakala had 104,400 shareholders, a decrease of 26.11% from the previous period, with an average of 7,038 circulating shares per shareholder, an increase of 35.37% [2]. - The top ten circulating shareholders include notable entities such as Huabao Zhongzheng Financial Technology Theme ETF and Hong Kong Central Clearing Limited, with changes in their holdings indicating shifts in institutional interest [3].

证券代码：300773 证券简称：拉卡拉 公告编号：2025-070 （一）通过《关于变更年度审计机构的议案》 董事会同意：聘任安永华明会计师事务所（特殊普通合伙）担任公司 2025 年度审计机构，负责公司 2025 年度财务及内部控制审计工作。 表决结果：全部董事表决结果为 8 票赞成，0 票弃权，0 票反对。 拉卡拉支付股份有限公司 第四届董事会第十一次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 拉卡拉支付股份有限公司（以下简称"公司"）于 2025 年 11 月 22 日以邮 件方式发出第四届董事会第十一次会议通知，经全体董事确认，一致同意 2025 年 11 月 25 日公司以通讯方式召开会议。会议由董事长孙陶然先生主持。会议应 出席的董事 8 人，实际出席会议的董事 8 人。会议的召集和召开程序符合《中华 人民共和国公司法》（以下简称"《公司法》"）和《拉卡拉支付股份有限公司 章程》（以下简称"《公司章程》"）等的规定。 二、董事会会议审议情况 与会董事认真审议并通过了如下议案，并决议如下： 1、第四届董事会 ...