Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for the stock over the next 12 months [1]. Core Insights - The company reported a net profit of 420 million RMB for 1H24, a year-over-year decrease of 18%, while the non-deducted net profit increased by 46% to 410 million RMB [1]. - Total revenue for 1H24 reached 2.98 billion RMB, reflecting a year-over-year growth of 0.4%, with payment business revenue showing positive growth [1]. - The company’s payment transaction volume (GPV) was 21.5 trillion RMB, a year-over-year decline of 5.3%, but the net fee rate improved, indicating better profitability [1]. - The company is focusing on AI empowerment and expanding overseas payment services, which are expected to drive future growth [1]. Financial Performance Summary - For 1H24, the company’s revenue breakdown included payment services at 2.63 billion RMB (up 3.7% YoY), technology services at 170 million RMB (down 16.9% YoY), and other businesses at 180 million RMB (down 20.1% YoY) [1]. - The company’s investment income significantly declined to 20 million RMB, a year-over-year drop of 92.3%, primarily due to losses from joint ventures [1]. - Cost control measures were effective, with sales, management, and R&D expense ratios showing slight improvements [1]. Future Projections - The company is projected to achieve total revenue of 6.14 billion RMB in 2024, with a year-over-year growth of 3.35%, and a net profit of 740 million RMB, reflecting a growth of 61.65% [2]. - EPS is expected to rise from 0.59 RMB in 2023 to 0.92 RMB in 2024, indicating strong earnings growth [2]. - The company’s ROE is forecasted to improve from 12.21% in 2023 to 17.75% in 2024, showcasing enhanced profitability [2]. Market Position and Strategy - The company is expanding its merchant base and enhancing its digital payment products, which are expected to drive growth in small and medium-sized enterprises [1]. - The company has made significant advancements in AI technology, which is being integrated into merchant services to improve operational efficiency [1]. - The company is also actively exploring international payment business opportunities, with a focus on building a robust external card acceptance network [1].

Dividend Distribution - The company plans to distribute a cash dividend of 4 RMB per 10 shares to all shareholders, based on a total of 800,019,942 shares[2]. - The company has not proposed any stock bonus distribution, focusing solely on cash dividends for this period[2]. - The company distributed dividends totaling 400,009,971.00 CNY during the period[109]. Financial Performance - The company's operating revenue for the first half of 2024 was approximately ¥2.98 billion, a slight increase of 0.45% compared to ¥2.97 billion in the same period last year[13]. - Net profit attributable to shareholders decreased by 17.98% to approximately ¥419.5 million from ¥511.5 million year-on-year[13]. - The net profit after deducting non-recurring gains and losses increased by 45.86% to approximately ¥411.7 million, compared to ¥282.3 million in the previous year[13]. - The net cash flow from operating activities surged by 109.31% to approximately ¥671.6 million, up from ¥320.9 million in the same period last year[13]. - Total assets at the end of the reporting period were approximately ¥10.79 billion, a decrease of 12.00% from ¥12.26 billion at the end of the previous year[13]. - The net assets attributable to shareholders increased slightly by 0.52% to approximately ¥3.77 billion from ¥3.75 billion year-on-year[13]. - Basic and diluted earnings per share decreased by 18.18% to ¥0.54, down from ¥0.66 in the same period last year[13]. - The weighted average return on equity was 10.78%, down from 14.19% in the previous year, reflecting a decrease of 3.41%[13]. Risk Management - The report emphasizes the importance of risk awareness among investors regarding future development strategies and operational plans, highlighting the uncertainty of achieving these goals[2]. - The company has detailed potential risk factors and countermeasures in the report, specifically in the section on risks and responses[2]. - The company has established a comprehensive risk control process to mitigate industry policy risks and market competition risks[40]. - The company has established a comprehensive risk control and compliance system, achieving a fraud risk monitoring coverage rate of over 95% and maintaining a business fraud loss rate at one in a million[41]. Corporate Governance - The financial report has been confirmed as true, accurate, and complete by the company's management, including the responsible accounting personnel[2]. - All directors attended the board meeting that reviewed this half-year report, ensuring corporate governance compliance[2]. - The company has not conducted any investor communication activities during the reporting period[42]. - The company has not made any changes to its board of directors, supervisors, or senior management during the reporting period[46]. Subsidiaries and Market Expansion - The report discusses the company's major subsidiaries and their significant matters, indicating ongoing market expansion efforts[4]. - The company has outlined its investment status and significant asset and equity sales during the reporting period[3]. Research and Development - The report includes a section on research and development expenditures, reflecting the company's commitment to innovation[4]. - Research and development investment rose by 10.53% to 125.3 million yuan, reflecting increased labor and outsourcing costs[25]. Payment Solutions and Technology - The company provides comprehensive payment solutions, including B2C, B2B, cross-border, and foreign card payments, with transaction amounts leading the industry[18]. - The cross-border payment network covers over 100 countries, facilitating global collection and payment services for import and export enterprises[18]. - The company has developed a digital service platform for SMEs, enhancing their financing capabilities through blockchain technology[19]. - The intelligent risk control system achieves a fraud risk monitoring coverage of over 95%, maintaining a fraud loss rate of one in a million[20]. - The company has launched innovative products such as merchant wallet apps and digital operation platforms, reinforcing its industry-leading position[21]. Financial Position and Cash Flow - Cash and cash equivalents at the end of the reporting period amounted to CNY 6,207,601,384, representing 57.52% of total assets, down from 60.44% at the end of the previous year[28]. - The company's total investments during the reporting period were CNY 138,588,858, a decrease of 54.78% compared to CNY 306,472,463 in the same period last year[32]. - The company reported a total external guarantee amount of 70 million, with an actual guarantee amount of 15.12 million during the reporting period[72]. - The company has no major related party transactions during the reporting period[68]. Taxation and Compliance - The company is recognized as a high-tech enterprise by the Beijing tax authorities, benefiting from a reduced corporate income tax rate of 15% from 2023 to 2025[198]. - The company has subsidiaries with varying corporate income tax rates, including 25% for 拉卡拉云商网络有限公司 and 15% for 拉卡拉支付股份有限公司[194][197]. Environmental and Social Responsibility - There were no significant environmental or social responsibility issues reported during the period[54]. - The company has implemented measures to reduce carbon emissions, although specific details were not disclosed[53]. Shareholder Information - The company has a total share capital of 800,020,000 shares, with a base for the cash dividend distribution set at 800,019,942 shares[47]. - Lenovo Holdings Co., Ltd. holds 26.14% of the shares, amounting to 209,134,665 shares[80]. - The company has not undergone any changes in its controlling shareholder or actual controller during the reporting period[88].

拉卡拉支付股份有限公司（以下简称"公司"）第三届董事会第二十四次会议和第三届 监事会第十五次会议审议通过了《关于审议公司 2024 年中期利润分配方案的议案》，本方 案尚需要提交 2024 年第一次临时股东大会审议，具体情况如下： 证券代码：300773 证券简称：拉卡拉 公告编号：2024-029 拉卡拉支付股份有限公司 关于公司 2024 年中期利润分配方案的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 三、备查文件 1、第三届董事会第二十四次会议决议公告； 一、利润分配方案基本情况 公司合并报表 2024 年上半年实现归母净利润 419,499,539.48 元，母公司 2024 年上半 年实现净利润 434,017,981.73 元。截至 2024 年 6 月 30 日，母公司累计未分配利润为 1,495,390,348.14 元，合并报表未分配利润为 1,208,616,871.42 元。 鉴于公司目前盈利状况良好，为积极回报股东，根据中国证监会鼓励分红的有关规定以 及《公司章程》中关于利润分配政策的要求，在保证公司健康可持续发展的情况下，公 ...

证券代码：300773 证券简称：拉卡拉 公告编号：2024-030 拉卡拉支付股份有限公司 关于修订《公司章程》的公告 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。 2024 年 8 月 9 日，拉卡拉支付股份有限公司（以下简称"公司"）召开第三届董事会 第二十四次会议，审议通过《关于修订<公司章程>的议案》。现将有关事项公告如下： 执照换发、章程备案等手续。变更后的《公司章程》条款的修改以市场监督管理部门最终核 准、登记为准。 特此公告。 拉卡拉支付股份有限公司董事会 2024 年 8 月 10 日 2 一、《公司章程》具体修订内容 为匹配工商系统中对于企业经营范围的最新归类，现修订《公司章程》中相关文字表述， 具体如下： | 修订前 | 修订后 | | --- | --- | | 第十三条 公司的经营范围：银行卡收单（除宁波市以外地 | | | 区）；互联网支付；数字电视支付； 预付卡受理（全国）； | 第十三条 公司的经营范围：非银行支付业务；网络文化经营； | | | 基础电信业务；第二类增值电信业务。（依法须经批准的项目， | | 移动电话支付； ...

二、监事会会议审议情况 证券代码：300773 证券简称：拉卡拉 公告编号：2024-028 拉卡拉支付股份有限公司 第三届监事会第十五次会议决议公告 本公司及监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、监事会会议召开情况 拉卡拉支付股份有限公司（以下简称"公司"）第三届监事会第十五次会议以定期会议方式召集与召 开，会议通知于 2024 年 7 月 30 日以邮件方式送达公司全体监事，并于 2024 年 8 月 9 日在公司会议室以现 场方式召开。应出席监事 3 人，实际出席会议监事 3 人。会议由监事会主席寇莹女士主持。本次会议的召 集和召开程序符合《公司法》等法律、法规和《公司章程》的规定。 此项议案尚需提交股东大会审议。 表决结果：全部监事表决结果为 3 票赞成，0 票弃权，0 票反对。 内容详见公司同日在中国证监会指定的信息披露网站巨潮资讯网（www.cninfo.com.cn）披露的《关于 公司 2024 年中期利润分配方案的公告》。 与会监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 2024 年半年度报告及摘要的议案》 监事 ...

证券代码：300773 证券简称：拉卡拉 公告编号：2024-027 拉卡拉支付股份有限公司 第三届董事会第二十四次会议决议公告 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 2024 年 8 月 9 日，拉卡拉支付股份有限公司（以下简称"公司"）第三届董事会第二 十四次会议以通讯方式召开。本次会议以定期会议方式召集与召开，会议通知已于 2024 年 7 月 30 日以邮件方式送达公司全体董事。会议应出席董事 7 人，实际出席会议董事 7 人。 会议由董事长孙陶然先生主持。本次会议的召集和召开程序符合《公司法》等法律、法规和 《公司章程》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）通过《关于审议公司 2024 年半年度报告及摘要的议案》 公司《2024 年半年度报告》《2024 年半年度报告摘要》符合法律、行政法规，报告内 容真实、准确、完整地反映了公司 2024 年上半年的经营情况，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 7 票赞成，0 票弃权，0 票反对 ...

拉卡拉支付股份有限公司 2024 半年度 非经营性资金占用及其他关联资金往来情况汇总表 单位：万元 | | 资金占用 | 占用方与上市公 | 上市公司核算 | 2024 年期初占 | 2024 年度占用累计发 | 2024 | 年度占 | 年度 2024 | 年 月 2024 6 | 占用形 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | 方名称 | 司的关联关系 | 的会计科目 | 用资金余额 | 生金额（不含利息） | 用资金的利 | | 偿还累计 | 30日占用资 | 成原因 | 占用性质 | | | | | | | | | 息(如有) | 发生金额 | 金余额 | | | | 控股股东、实际控制 | | | | | | | | | | | 非经营性占用 | | 人及其附属企业 | | | | | | | | | | | 非经营性占用 | | 小计 | - | - | - | | | | | | | - | | | 前控股股东、实际控 | | | | | | | | | ...

关于召开 2024 年第一次临时股东大会的通知 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。 证券代码：300773 证券简称：拉卡拉 公告编号：2024-031 拉卡拉支付股份有限公司 拉卡拉支付股份有限公司（以下简称"拉卡拉"或"公司"）第三届董事会第 二十四次会议决定于 2024 年 8 月 26 日下午 2:45 召开公司 2024 年第一次临时 股东大会，现将会议有关事项通知如下： 一、召开会议基本情况 1、召集人：公司董事会 2、会议召开的合法、合规性：公司第三届董事会第二十四次会议审议通过了 《关于提请召开 2024 年第一次临时股东大会的议案》，本次会议召开符合有关法 律、行政法规、部门规章、规范性文件和《公司章程》的规定。 3、会议召开方式：本次股东大会采取现场投票和网络投票相结合的方式召开。 （1）现场投票：股东本人出席现场会议或通过授权委托他人出席现场会议。 （2）网络投票：本次股东大会将通过深圳证券交易所交易系统和互联网投票 系统向公司股东提供网络形式的投票平台，公司股东可以在网络投票时间内通过 上述系统行使表决权。公司股东只能选择现 ...

Investment Rating - The report assigns an "Outperform" rating to the company [1][28]. Core Views - The company has significantly improved its profits in 2023, with a main business revenue of 5.934 billion yuan, a year-on-year increase of 10.60%, and a net profit attributable to shareholders of 458 million yuan, a year-on-year increase of 131.85% [3][4]. - The growth in profits is attributed to an expanded market share in the acquiring business, an increase in the proportion of QR code transactions, improved payment transaction structure, and effective conversion of merchant value through "payment + technology" services [3][5]. - The company is recognized as a leading player in the digital payment industry, leveraging its brand influence, industry scale, R&D innovation, data resources, and corporate culture to maintain a competitive edge [5][28]. Financial Performance Summary - In 2023, the company achieved a main business revenue of 5.934 billion yuan, with a net profit of 458 million yuan and a significant increase in net profit margin to 7.7% [4][13]. - The company forecasts revenue growth for 2024-2026 at 60.23 billion yuan, 67.74 billion yuan, and 76.28 billion yuan, respectively, with net profits projected at 926 million yuan, 1.125 billion yuan, and 1.342 billion yuan [28][13]. - The gross profit margin is expected to improve, with projections of 31.6% in 2024, 32.9% in 2025, and 33.7% in 2026 [4][13]. Business Segmentation - The digital payment business generated 5.18 billion yuan in revenue in 2023, reflecting a year-on-year growth of 13.1% [6]. - The technology services segment achieved revenue of 347 million yuan, with a modest growth of 1.5% [6]. - The company continues to innovate its product offerings, introducing new digital payment products and enhancing its technology services to meet market demands [19][18]. Market Position and Strategy - The company is positioned as a market leader in digital payments, providing comprehensive payment solutions across various scenarios, including online and offline B2C payments, B2B payments, and cross-border payments [26][28]. - The integration of advanced technologies such as AI, cloud computing, and big data into its services is a key strategy for enhancing operational efficiency and customer engagement [18][19]. - The company has established a robust service network and maintains strong partnerships with global card organizations and major banks, enhancing its market reach [26].

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：2024-026 关于股东部分股份解除质押及新增质押的公告 — 1 — | 合 | - | 860,000 | 1.56% | 0.11% | - | - | - | - | - | - | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 计 | | | | | | | | | | | 2、股东股份累计质押基本情况 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。 公司近期接到公司股东孙陶然先生通知，获悉其所持有公司的部分股份办理了解除质押 及新增质押登记手续，具体事项如下： | 股东名称 | 是否为控股股 东或第一大股 东及其一致行 | 本次解除质押 股份数量（股） | 占其所持 股份比例 | 占公司 总股本比例 | 起始日期 | 解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 动人 | | | | | | | ...