拉卡拉10月22日公告，2025年第三季度实现营业收入14.18亿元，同比增长0.72%；归属于上市公司股东 的净利润1.1亿元，同比增长17.46%；基本每股收益0.14元。前三季度实现营业收入40.68亿元，同比下 降7.32%；归属于上市公司股东的净利润3.39亿元，同比下降33.90%；基本每股收益0.44元。 ...

拉卡拉支付股份有限公司（以下简称"公司"）于 2025 年 10 月 20 日以邮 件方式发出第四届董事会第九次会议通知，经全体董事确认，一致同意 2025 年 10 月 22 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。 证券代码：300773 证券简称：拉卡拉 公告编号：2025-065 拉卡拉支付股份有限公司 第四届董事会第九次会议决议公告 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 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）通过《关于审议公司 2025 年第三季度报告的议案》 公司《2025 年第三季度报告》符合法律、行政法规，报告内容真实、准确、 完整地反映了公司 2025 年第三季度的经营情况，不存在虚假记载、误导性陈述 或者重大遗漏。 表决结果：全部董事表决结果为 8 票赞 ...

Financial Performance - The company achieved an operating income of CNY 40.68 billion, a year-on-year decline of 7.32%, and a net profit attributable to shareholders of CNY 3.39 billion, down 33.90%[6] - In Q3 2025, the company reported a quarterly operating income of CNY 14.17 billion, a 0.72% increase year-on-year, and a net profit of CNY 1.10 billion, up 17.46% from the previous year[6] - Total operating revenue for the current period is ¥4,070,098,765.09, a decrease of approximately 7.3% compared to ¥4,391,904,307.33 in the previous period[21] - Net profit attributable to shareholders of the parent company is ¥339,002,919.59, down from ¥512,842,837.72 in the previous period, representing a decline of approximately 34%[22] - Basic earnings per share for the current period is ¥0.44, compared to ¥0.66 in the previous period[23] Cash Flow and Assets - The company's cash flow from operating activities decreased by 63.32% to CNY 289.98 million, primarily due to reduced operating profits compared to the previous period[12] - Cash generated from operating activities is ¥4,333,028,688.08, down from ¥4,688,899,085.63 in the previous period, indicating a decrease of approximately 7.6%[25] - Operating cash inflow totaled 4,366,119,180.74, compared to 4,749,928,790.91 in the previous period, reflecting a decrease[26] - Operating cash outflow amounted to 4,076,135,109.03, up from 3,959,312,167.72, indicating an increase in cash outflow[26] - Total assets at the end of the reporting period amounted to CNY 10.58 billion, reflecting a 1.08% increase from the end of the previous year[7] Investments and Strategic Initiatives - The cross-border payment amount increased by 77.56% year-on-year, indicating a strong growth trend, while the company's fund payment business reached CNY 0.52 trillion since its launch in the second half of 2024[5] - The strategic investment in Tianjin Tiancai Shanglong Technology Co., Ltd. contributed to a 108.75% year-on-year growth in technology service revenue in Q3 2025[6] - The company completed a strategic investment in a leading restaurant SaaS company, enhancing its service capabilities and expanding its market presence[6] - The company reported an investment income of ¥68,475,198.96, significantly higher than ¥14,839,275.14 in the previous period, indicating a substantial increase[22] Shareholder Information - Total equity attributable to ordinary shareholders at the end of the reporting period is 104,361 million RMB[15] - Lenovo Holdings Co., Ltd. holds 23.54% of shares, amounting to 185,492,511 shares, with 61,740,000 shares pledged[15] - The number of ordinary shareholders at the end of the reporting period is 104,361, with no preferred shareholders[15] Liabilities and Financial Position - Total liabilities at the end of the period are 10,581,934,440.53 RMB, compared to 10,469,053,196.69 RMB at the beginning of the period[19] - Total liabilities amount to ¥7,109,916,600.46, a slight increase from ¥7,077,832,027.88 in the previous period[20] - Deferred income tax liabilities increased to ¥31,326,402.60 from ¥15,783,165.82 in the previous period, showing a growth of approximately 98.5%[20] User Engagement and Growth - As of the end of September, the registered user count for the newly launched wallet reached nearly 8 million, with 1.5 million monthly active users[6] Accounting and Reporting Changes - The company did not undergo an audit for the third quarter financial report[27] - The company will implement new accounting standards starting in 2025, affecting the financial statements[27]

来源：POS圈支付网 近日，支付公司拉卡拉支付股份有限公司（以下简称"拉卡拉"）发布公告，公司已向香港联合交易所有 限公司（以下简称"港交所"）递交了发行境外上市股份（H股）并在港交所主板挂牌上市的申请，并于 同日在港交所网站刊登了本次发行上市的申请资料。若此次港股上市成功，拉卡拉将实现"A+H"股上市 格局。 此次赴港上市，拉卡拉聘任了中信建投（国际）融资有限公司作为保荐人，安永会计师事务所作为审计 机构，同时聘任了包括境内外律师、内控顾问、行业顾问、ESG顾问等完整的专业中介机构。 招股书显示，拉卡拉是一家数字支付和数字商业解决方案提供商。2024年，该公司的总支付额超过4万 亿元，在独立数字支付服务提供者中市场份额为9.4%，在该细分领域排名第一。 此次上市募集资金将用于四个方面：加速牌照布局及扩张海外市场、增强技术能力以形成全球化的全流 程产品体系、未来五年战略投资及收购，以及补充运营资金。这表明拉卡拉将进一步加速国际化步伐， 拓展全球市场。 此外，拉卡拉也表示，公司本次发行上市尚需取得中国人民银行、香港证监会和香港联交所、中国证券 监员会等相关政府机关、监管机构、证券交易所的批准、核准或备案，并需综 ...

Group 1 - The core viewpoint of the news highlights the strong performance of the financial technology sector, with the China Securities Financial Technology Theme Index rising by 1.52% and the Financial Technology ETF increasing by 1.38% as of October 20, 2025 [2][3] - The Financial Technology ETF has shown a significant increase of 26.79% over the past six months, ranking 3rd out of 6 comparable funds [2] - The trading volume of the Financial Technology ETF reached 43.1491 million yuan, with a turnover rate of 1.79% [2] Group 2 - The establishment of the "Shanghai AI-Financial Laboratory" during the Global Wealth Management Forum aims to promote the integration of AI technology with the financial industry, marking a significant step in Shanghai's financial technology ecosystem [3] - The Vice President of the People's Bank of China emphasized the need for countries to develop financial systems that align with their technological development stages [3] - The Financial Technology ETF's latest scale reached 2.376 billion yuan, ranking 2nd out of 6 comparable funds [3] Group 3 - The Financial Technology ETF has seen a net inflow of 28.4017 million yuan over the past three days, with a maximum single-day net inflow of 20.9822 million yuan [4] - The index closely tracks companies involved in financial technology, with the top ten weighted stocks accounting for 55.55% of the index [4]

Core Viewpoint - Lakala has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities International as its sole sponsor [1] Group 1: Company Overview - Lakala utilizes technologies such as big data, blockchain, and artificial intelligence to provide a wide range of digital operation services for small and medium-sized merchants and industry clients [1] - The company offers payment solutions that cover online, offline, domestic, and international transactions, and is actively promoting the innovative application of digital currency and the full-chain digital operation for its clients [1] Group 2: Market Position - According to Frost & Sullivan, Lakala holds a market share of 9.4% among independent digital payment service providers in China for the year 2024, ranking first [1] - Lakala is also the leading independent digital payment and end-to-end digital solution provider in Asia, with a market share of 1.1% in 2024 [1]

Core Viewpoint - Lakala Payment Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, but its declining performance, regulatory penalties, and significant shareholder sell-offs cast doubt on its IPO prospects [1][3]. Group 1: Company Performance - Lakala is a leading digital payment and business solutions provider in Asia, with a market share of 9.4% among independent digital payment service providers, ranking first in its segment [3]. - The company's revenue has been declining, with figures of 5.361 billion yuan, 5.928 billion yuan, and 5.754 billion yuan from 2022 to 2024, while profits were -1.438 billion yuan, 0.457 billion yuan, and 0.351 billion yuan during the same period [3]. - In the first half of the year, Lakala reported a revenue of 2.647 billion yuan, a year-on-year decrease of 11.1%, and a net profit of 229 million yuan, down 45.3% [4]. Group 2: Financial Health - The company has recorded net current liabilities of 513 million yuan, 63.3 million yuan, and 433 million yuan as of December 31, 2022, December 31, 2024, and June 30, 2025, respectively [6]. - As of June 30, 2025, Lakala held cash and cash equivalents of 693 million yuan [6]. - The gross profit margins from 2022 to the first half of 2025 were 22.8%, 28.1%, 29.9%, and 24.8% [5]. Group 3: Regulatory Issues - Lakala has faced multiple regulatory penalties, including fines for violations related to payment processing and merchant management, with recent fines totaling 406,000 yuan for non-compliance with merchant identification requirements [10][12]. - The company has received over 100,000 complaints on consumer platforms, indicating significant customer dissatisfaction [12][13]. Group 4: Shareholder Activity - Major shareholders, including Lenovo Holdings, have reduced their stakes in Lakala, with Lenovo selling over 23.64 million shares [9]. - The third-largest shareholder, Sun Haoran, has completely divested from the company, selling over 19.27 million shares [9].

Core Insights - The cross-border payment sector is experiencing rapid growth, with foreign institutions acquiring domestic licensed entities to gain access to China's payment licenses [1][14] - The global cross-border payment market is projected to reach $320 billion by 2030, with a compound annual growth rate (CAGR) of 7.1% [1][5] - China's cross-border e-commerce imports and exports are expected to grow by 10.8% in 2024, reaching 2.63 trillion yuan, providing new opportunities for payment institutions [1][4] Market Dynamics - The competitive landscape in China's payment market is intensifying, prompting established payment institutions to explore overseas markets [1][5] - The cross-border payment market is supported by a significant market potential, with the global market size reaching approximately $212.55 billion in 2024 [5][4] - The growth of cross-border e-commerce is a key driver for the expansion of cross-border payment services, with a CAGR of about 15% from 2020 to 2024 [4][5] Strategic Moves by Companies - Companies like Lakala and others are actively pursuing internationalization strategies, including issuing H-shares and expanding their cross-border payment services [6][7] - New players in the cross-border payment space are focusing on emerging markets, with some achieving profitability within two years of operation [8][10] - Established companies are also enhancing their cross-border payment capabilities, with significant investments in technology and service offerings [7][10] Regulatory Environment - The tightening of regulations in the domestic payment industry is pushing companies to acquire licensed entities to ensure compliance and enhance service capabilities [12][14] - Recent regulatory changes require foreign non-bank institutions to establish local entities to provide cross-border payment services, making acquisitions of licensed firms a strategic necessity [12][14] Future Opportunities - The B2B cross-border trade payment, import e-commerce, and localized payment solutions are identified as key growth areas with significant potential [8][10] - The demand for cross-border payment services is expected to continue growing, driven by the increasing globalization of businesses and the need for efficient payment solutions [12][14]

Core Viewpoint - Lakala Payment Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, but its declining performance and shareholder sell-offs raise concerns about the IPO's prospects [1][3][4]. Group 1: Company Performance - Lakala's revenue from 2022 to 2024 was 5.36 billion, 5.93 billion, and 5.75 billion RMB, respectively, with profits of -1.44 billion, 457 million, and 351 million RMB during the same period [4][7]. - In the first half of this year, Lakala's revenue was 2.65 billion RMB, a year-on-year decrease of 11.1%, and net profit dropped by 45.3% to 229 million RMB [5][7]. - The company's gross profit margins for the years 2022 to 2025 were 22.8%, 28.1%, 29.9%, and 24.8% [5][7]. Group 2: Market Position - Lakala is a leading digital payment and digital business solutions provider in Asia, with a market share of 9.4% in the independent digital payment service provider segment, ranking first [3][4]. - The total payment volume in China's digital payment market is projected to reach approximately 331.7 trillion RMB by 2024, with independent digital payment service providers accounting for 45.7 trillion RMB [3]. Group 3: Regulatory and Compliance Issues - Lakala has faced multiple fines for compliance violations, including a recent penalty of 250,000 RMB for its Jiangsu branch due to breaches in acquiring business management regulations [10][11]. - The company has been penalized several times since last year, with fines totaling over 3 million RMB for various infractions [11]. Group 4: Shareholder Activity - Major shareholders, including Lenovo Holdings, have recently reduced their stakes in Lakala, with Lenovo's shareholding increasing from 23.54% to 23.88% after a capital reduction [8][9]. - The third-largest shareholder, Sun Haoran, has completed a sell-off of over 19.27 million shares [9].

Core Viewpoint - Lakala (300773.SZ) has submitted an application for the issuance of overseas listed shares (H shares) and for listing on the main board of the Hong Kong Stock Exchange on October 17, 2025 [1] Group 1 - The company has filed its application with the Hong Kong Stock Exchange [1] - The application materials for this issuance and listing have been published on the Hong Kong Stock Exchange's website on the same day [1]