拉卡拉支付股份有限公司 2025 年半年度报告全文 拉卡拉支付股份有限公司 2025 年半年度报告 【2025 年８月】 1 拉卡拉支付股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整,不存在虚假记载、误导性陈述或者重大遗漏,并承担 个别和连带的法律责任。 公司负责人王国强、主管会计工作负责人朱国海及会计机构负责人(会计 主管人员)朱国海声明:保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告中涉及的未来发展战略、经营计划等前瞻性内容属于计划性 事项,能否实现取决于市场状况变化等多种因素,存在不确定性,并不代表 公司对未来的盈利预测,也不构成公司对投资者及相关人士的实质性承诺。 投资者及相关人士均应对此保持足够的风险认识,并且应当理解计划、预测 与承诺之间的差异,敬请投资者注意投资风险。 公司在本半年度报告中详细阐述了未来可能存在的风险因素及对策,具体 内容详见本报告第三节"管理层讨论与分析"中"十、公司面临的风险和应 对措施",敬请投资者予以关注 ...

8月27日，拉卡拉大宗交易成交18.7万股，成交额434.03万元，占当日总成交额的0.24%，成交价23.21 元，较市场收盘价28元折价17.11%。 | 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2025-08-27 | 300773 | 拉卡拉 | 23.21 | 8.70 | 201.93 | 浙商证券股份有限 | 招商证券股份有限 | | | | | | | | 公司深圳前海证券 | 公司北京车公庄西 | | | | | | | | 营业部 | 路证券营业部 | | 2025-08-27 | 300773 | 拉卡拉 | 23.21 | 10.00 | 232.10 | 中信建投证券股份 | 招商证券股份有限 | | | | | | | | 有限公司东三环中 | 公司北京车公庄西 | | | | | | | | 路证券营业部 | 路证券营业部 | ...

Market Overview - The diversified financial sector experienced a decline of 2.24% on August 26, with Zhongyou Capital leading the drop [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Stock Performance - Notable gainers in the diversified financial sector included: - State Grid Yingda (600517) with a closing price of 6.07, up 2.36% [1] - Hainan Huate (603300) with a closing price of 11.61, up 1.31% [1] - Major decliners included: - Zhongyou Capital (000617) with a closing price of 11.85, down 7.06% [2] - Lakala (300773) with a closing price of 29.01, down 2.03% [2] Trading Volume and Capital Flow - The diversified financial sector saw a net outflow of 1.594 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.302 billion yuan [2] - The trading volume for key stocks included: - State Grid Yingda with a trading volume of 1.1747 million shares [1] - Zhongyou Capital with a trading volume of 5.4265 million shares [2] Individual Stock Capital Flow - Key capital flows for selected stocks: - Hongzhu Futures (001236) had a net inflow of 33.42 million yuan from institutional investors [3] - Hainan Huate (603300) experienced a net inflow of 5.91 million yuan from retail investors [3] - Conversely, ST Rendo (002647) saw a significant net outflow of 15.50 million yuan from institutional investors [3]

Market Overview - The Shanghai Composite Index rose by 1.45% on August 22, with 24 out of 28 sectors experiencing gains, led by the electronics and communications sectors, which increased by 4.82% and 3.77% respectively [1] - The non-bank financial sector also saw an increase of 2.76% [1] - Conversely, the banking and textile sectors faced declines of 0.30% and 0.20% respectively [1] Capital Flow - The net inflow of capital in the two markets reached 25.419 billion yuan, with 12 sectors experiencing net inflows [1] - The electronics sector had the highest net inflow of 15.132 billion yuan, corresponding to its 4.82% increase [1] - The computer sector followed with a net inflow of 10.334 billion yuan and a daily increase of 3.50% [1] Non-Bank Financial Sector - The non-bank financial sector saw a net inflow of 8.427 billion yuan, with 75 out of 83 stocks in the sector rising [2] - Among the stocks, Dongfang Caifu led with a net inflow of 1.970 billion yuan, followed by CITIC Securities and Everbright Securities with inflows of 1.135 billion yuan and 0.873 billion yuan respectively [2] - The sector had 13 stocks with net outflows exceeding 10 million yuan, with Zhongyin Securities, Lakala, and China Pacific Insurance leading in outflows [2] Individual Stock Performance - The top performers in the non-bank financial sector included: - Dongfang Caifu: +3.92% with a turnover rate of 6.78% and a net inflow of 1.969 billion yuan [2] - CITIC Securities: +4.27% with a turnover rate of 2.22% and a net inflow of 1.134 billion yuan [2] - Everbright Securities: +10.01% with a turnover rate of 5.54% and a net inflow of 0.873 billion yuan [2]

Core Viewpoint - The financial technology sector is experiencing significant growth, with the Huaxia Financial Technology ETF (516100) showing strong performance and attracting substantial capital inflows [3] Group 1: Market Performance - On August 22, major indices surged, with the Shanghai Composite Index breaking through 3800 points, driven by the chip sector [3] - The Huaxia Financial Technology ETF (516100) saw a 2.26% increase, with a cumulative rise of 10.87% over the past week, leading its sector [3] - The ETF has recorded a total capital inflow of 220 million yuan over the past four days [3] Group 2: Historical Performance of Huaxia Financial Technology ETF - Since its inception, the ETF's highest single-month return was 55.18%, with the longest consecutive monthly gains being three months and a maximum cumulative increase of 110.62% [3] - The average monthly return during rising months is 9.77%, and the annual profit percentage stands at 66.67% [3] - The probability of profitability over a three-year holding period is 80.37% [3] - Over the past six months, the ETF has outperformed its benchmark with an annualized return of 2.35%, ranking in the top third among comparable funds [3] Group 3: Top Holdings - The ETF closely tracks the CSI Financial Technology Theme Index, with the top ten weighted stocks accounting for 51.26% of the index [3] - The top ten stocks include Dongfang Wealth, Tonghuashun, Hengsheng Electronics, Runhe Software, and others, with varying weightings [5]

8月21日，拉卡拉大宗交易成交91.7万股，成交额2154.95万元，占当日总成交额的0.62%，成交价23.5 元，较市场收盘价29.69元折价20.85%。 | 交易日期 | 证券代码 | 让券商称 | 成交价格 | 成交量 | 成交金额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | (元) (万股/万份) (万元) | | | | | 2025-08-21 | 300773 | 拉卡拉 | 23.50 | 12.50 | 293.75 | 招商证券股份有限 | 华泰证券股份有限 | | | | | | | | 公司南京庐山路证 | 公司北京学院南路 | | | | | | | | 券营业部 | 证券营业部 | | 2025-08-21 | 300773 | 拉卡拉 | 23.50 | 8.80 | 206.80 | 机构专用 | 华泰证券股份有限 | | | | | | | | | 公司北京学院南路 | | | | | | | | | 证券营业部 | | 2025-08-21 | 300773 ...

Group 1 - The core viewpoint of the articles highlights the active performance of stablecoin-related stocks, with several companies experiencing significant price increases, indicating a growing interest in the stablecoin market [1] - Goldman Sachs reports a new expansion cycle in the stablecoin market, with potential market size reaching trillions of dollars, emphasizing that the payment sector will be a key driver for the total addressable market (TAM) of stablecoins [1] - Federal Reserve Governor Waller supports the advancement of technology and innovation in digital assets and AI to modernize the U.S. payment system and stimulate economic growth, coinciding with the Fed's mention of stablecoins in its July monetary policy meeting minutes [1] Group 2 - The Federal Reserve's July meeting minutes discuss the recent and future developments of payment stablecoins and their potential impact on the financial system, noting that the passage of the GENIUS Act may increase the use of payment stablecoins [2] - Participants in the Fed meeting expressed that payment stablecoins could enhance the efficiency of the payment system and potentially increase demand for the underlying assets, including U.S. Treasury securities [2] - Concerns were raised regarding the broader implications of stablecoins on banks, the financial system, and monetary policy implementation, highlighting the need for close monitoring of the assets backing stablecoins [2]

MACD金叉信号形成，这些股涨势不错！ 格隆汇8月21日｜A股数字货币概念股集体高开，其中，天融信涨停，中油资本、四方精创涨超9%，中 科金财、天阳科技涨超8%，京北方、国投智能涨超7%，东信和平、高伟达涨超6%，雄帝科技涨超 5%，恒宝股份（维权）、古鳌科技（维权）、长亮科技、海联金汇、拉卡拉、艾融软件涨超4%。 ...

Core Viewpoint - The People's Bank of China has updated the significant changes in non-bank payment institutions, highlighting key changes in major shareholders and business types for companies like Chuanhua Payment, Beijing GaoHuiTong, and Lakala Payment [1][2]. Company Summaries - Chuanhua Payment's major shareholder has changed from Chuanhua Logistics Group to Shanghai Xunhui Information Technology, with the actual controller shifting from Xu Guanju to MENGPO [2]. - Beijing GaoHuiTong has reduced its business types, exiting Class II stored value account operations while retaining Class I operations [2]. - Lakala Payment's major shareholder, Legend Holdings, has decreased its shareholding from 26.54% to 23.54% [2]. Industry Trends - The payment industry is undergoing continuous adjustments, with six significant changes reported in 2025 alone, including capital increases, executive adjustments, and changes in shareholding structures [4]. - The frequency of adjustments among payment institutions is attributed to four main reasons: strategic adjustments, compliance needs, business focus, and capital operations [4][5]. - The current payment industry is in a phase of "high-quality development + differentiated competition," with regulatory requirements becoming stricter and the value of licenses returning to scarcity [5][6].

Summary of Key Points Core Viewpoint - On August 15, Lakala executed a block trade of 110,000 shares at a transaction value of 2.6829 million yuan, representing 0.09% of the total trading volume for the day, with a transaction price of 24.39 yuan, which is a 16.5% discount compared to the market closing price of 29.21 yuan [1][2]. Group 1 - The block trade involved 110,000 shares of Lakala, with a total transaction value of 2.6829 million yuan [1][2]. - The transaction price of 24.39 yuan reflects a significant discount of 16.5% from the market closing price of 29.21 yuan on the same day [1][2]. - The trade accounted for 0.09% of the total trading volume on that day [1]. Group 2 - The buyer of the block trade was an institutional investor, while the seller was from the Beijing Chegongzhuang West Road Securities Department of China Merchants Securities [2].