Core Viewpoint - Lakala Payment Co., Ltd. has completed the share reduction plan of its shareholder Sun Haoran, who has sold a total of 19.27 million shares, accounting for 2.45% of the company's total share capital after excluding repurchased shares, and now holds no shares in the company [2][5][6]. Financial Performance - In the first half of 2025, Lakala reported a significant decline in performance, with total revenue of 2.65 billion yuan, a year-on-year decrease of 11.1%, and a net profit attributable to shareholders of 229 million yuan, down 45.3% year-on-year [4][11][12]. - The company's core businesses, digital payment and technology services, both experienced declines, with digital payment revenue falling by 10.3% to 2.36 billion yuan and technology service revenue decreasing by 17.5% to 140 million yuan [14]. Shareholder Actions - Sun Haoran's share reduction included selling 7.88 million shares through centralized bidding at an average price of 28.7 yuan per share and 11.39 million shares through block trading at an average price of 23.4 yuan per share, resulting in total cash proceeds of approximately 493 million yuan [5][6]. - Other major shareholders, such as Legend Holdings, have also announced plans to reduce their holdings, indicating a broader trend of shareholder exits from Lakala [6][9]. Market Context - The overall market for bank card acquiring has been negatively impacted, with a 9.2% year-on-year decline in total payment transaction amounts, which has contributed to Lakala's revenue drop [11][14]. - The tightening regulation in the third-party payment industry and the diminishing profit margins have led to increased pressure on leading institutions like Lakala, highlighting the urgent need for business adjustments to stabilize operations and rebuild shareholder trust [14].

Core Viewpoint - Lakala's stock price has experienced fluctuations, with a year-to-date increase of 45.37% but a recent decline of 5.64% over the past five trading days [1] Company Overview - Lakala Payment Co., Ltd. is based in Haidian District, Beijing, and was established on January 6, 2005, with its listing date on April 25, 2019 [1] - The company primarily provides acquiring services for small and micro enterprises and personal payment services, along with value-added services based on its extensive third-party payment operation experience [1] - The revenue composition of Lakala is as follows: payment business 89.70%, other services 5.39%, and technology services 4.91% [1] Financial Performance - As of June 30, 2025, Lakala reported a revenue of 2.652 billion yuan, a year-on-year decrease of 11.12%, and a net profit attributable to shareholders of 229 million yuan, down 45.33% year-on-year [2] - Since its A-share listing, Lakala has distributed a total of 2.458 billion yuan in dividends, with 878 million yuan distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders increased to 141,200, a rise of 114.48%, while the average circulating shares per person decreased by 53.37% to 5,199 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable increases in holdings [3]

Group 1 - The company, Lakala, reported that as of June 30, 2025, it will have 141,234 shareholders [2]

Group 1 - The company, Lakala, responded to investor inquiries on September 4, indicating that the latest number of shareholders can be found in the company's disclosed 2025 semi-annual report [2]

Core Viewpoint - Lakala's comprehensive payment solutions cover various scenarios including online and offline B2C payments, B2B payments, cross-border payments, and foreign card payments, indicating a strong market position and diverse service offerings [2] Group 1 - The company leads in payment transaction amounts for bank cards, QR codes, and cross-border payments, showcasing its competitive edge in the industry [2] - Lakala possesses advantages in scale, brand recognition, service network, licensing qualifications, and institutional partnerships, which contribute to its market leadership [2]

Market Overview - The diversified financial sector experienced a decline of 4.03% on September 3, with Zhongyou Capital leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Individual Stock Performance - Zhongyou Capital (000617) closed at 10.89, down 7.40% with a trading volume of 3.8771 million shares and a transaction value of 4.308 billion [1] - Lakala (300773) closed at 25.42, down 5.71% with a trading volume of 426,100 shares and a transaction value of 1.114 billion [1] - ST Nengmao (6650009) closed at 8.58, down 4.98% with a trading volume of 52,000 shares and a transaction value of 45.5848 million [1] - Huajin Capital (000532) closed at 14.70, down 4.73% with a trading volume of 115,200 shares and a transaction value of 173 million [1] - New Power Financial (600318) closed at 10.22, down 4.66% with a trading volume of 418,200 shares and a transaction value of 434 million [1] Capital Flow Analysis - The diversified financial sector saw a net outflow of 1.32 billion from institutional investors, while retail investors had a net inflow of 1.265 billion [1] - The table of capital flow indicates varying levels of net inflow and outflow among individual stocks, with some stocks like ST Xiongmao and ST Rindong experiencing significant outflows from institutional investors [2]

Core Viewpoint - Lakala's stock price has experienced fluctuations, with a year-to-date increase of 50.97% but a recent decline of 5.64% over the past five trading days [1] 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 [1] - The company primarily provides acquiring services for small and micro enterprises and personal payment services, with a revenue composition of 89.70% from payment services, 5.39% from other services, and 4.91% from technology services [1] Financial Performance - For the first half of 2025, Lakala reported a revenue of 2.652 billion yuan, a year-on-year decrease of 11.12%, and a net profit attributable to shareholders of 229 million yuan, down 45.33% year-on-year [2] - Since its A-share listing, Lakala has distributed a total of 2.458 billion yuan in dividends, with 878 million yuan distributed over the past three years [3] Shareholder Information - As of June 30, 2025, Lakala had 141,200 shareholders, an increase of 114.48% from the previous period, with an average of 5,199 circulating shares per shareholder, a decrease of 53.37% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable increases in holdings for several institutional investors [3]

Core Viewpoint - The shareholder Sun Haoran of Lakala has completed a share reduction plan, significantly impacting the company's stock ownership structure [1] Summary by Relevant Sections Share Reduction Details - From June 12, 2025, to July 2, 2025, Sun Haoran reduced holdings by 7.8808 million shares, accounting for 1.00% of total shares, at a price range of 23.4 to 34.3 CNY per share, with an average price of 28.7 CNY per share [1] - From June 30, 2025, to August 29, 2025, an additional 11.3901 million shares were sold through block trading, representing 1.45% of total shares, at a price range of 21.3 to 29.2 CNY per share, with an average price of 23.4 CNY per share [1] - The total reduction amounted to 19.2709 million shares, which is 2.45% of the company's total share capital, leaving Sun Haoran with no remaining shares [1]

证券代码：300773 证券简称：拉卡拉 公告编号：2025-057 拉卡拉支付股份有限公司 关于部分股东减持计划完成暨实施情况的公告 股东孙浩然保证向本公司提供的信息内容真实、准确、完整，没有虚假记载 、 误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 拉卡拉支付股份有限公司（以下简称"公司"）于2025年5月20日披露了《关 于部分股东减持计划的预披露公告》（公告编号 2025-030）。公司股东孙浩然先 生计划通过集中竞价和大宗交易方式减持不超过19,270,852股，即不超过剔除回 购股份后公司总股本的2.45%，其中，通过集中竞价方式减持不超过7,880,824股， 即不超过剔除回购股份后公司总股本的1.00%。 公司于近日收到孙浩然先生出具的《关于公司股份减持情况的告知函》，截 至本公告日，孙浩然先生本次减持计划已实施完毕，减持实施情况如下： | 1. | 股东减持股份情况 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 股东名称 | 减持方式 | 减持期间 | 减持价格区间 （元/股） ...

Core Insights - The overall performance of listed payment institutions in China during the first half of 2025 shows significant divergence, with over half experiencing revenue declines due to intensified domestic market competition and regulatory pressures [1][2][8] - Many institutions are seeking new growth opportunities through overseas expansion and technological transformation, particularly in "payment + technology" models [1][4][8] Domestic Market Challenges - The domestic third-party payment market is facing saturation, with several institutions reporting revenue declines, including major players like Lakala and JiaLian Payment, which saw revenue drops of 11.1% and 12.9% respectively [2][8] - Factors contributing to the revenue decline include stricter cash-out regulations, increased competition leading to price wars, and rising operational costs [2][8] - The overall payment transaction volume has shrunk, with Lakala reporting a 9.2% decrease in payment transaction amounts [2] Growth Amidst Adversity - Despite the overall downturn, some institutions like Yika, Lianlian Digital, and Guotong Xingyi achieved revenue and profit growth, with Lianlian Digital's revenue increasing by 26.8% [3][8] - These companies have maintained growth in transaction volumes, with Lianlian Digital reporting a 27.6% increase in total payment volume [3] Technological Innovations - Many payment institutions are exploring "payment + SaaS" and "payment + AI" strategies to enhance service capabilities and create new revenue streams [4][8] - Lakala has introduced AI-driven services to improve merchant interactions, indicating a trend towards integrating advanced technologies into payment solutions [4] Cross-Border Business Expansion - Cross-border payment services have shown significant growth, with Lakala reporting a 73.5% increase in cross-border payment transaction amounts [6][8] - The demand for digital payment solutions in emerging markets is driving this growth, with institutions like Lianlian Digital achieving a 94% increase in global payment transaction volumes [6] Challenges in Overseas Expansion - Despite the potential for growth in overseas markets, institutions face challenges such as regulatory differences, localization difficulties, and compliance risks [7][8] - The competitive landscape in cross-border e-commerce is dominated by established players, making it difficult for new entrants to gain market share [7][8] Conclusion - The first half of 2025 presents a challenging environment for listed payment institutions in China, prompting them to embrace technological advancements and seek new growth avenues in cross-border markets, while navigating the complexities of international expansion [8]