证券代码：300773 证券简称：拉卡拉 公告编号：2025-038 拉卡拉支付股份有限公司 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。 公司近日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 登记手续，具体事项如下： | | 是否为控股 股东或第一 | 本次解除质押 | 占其所持股份比 | 占公司总 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名称 | | | | | 起始日期 | 解除日期 | 质权人 | | | 大股东及其 | 股份数量（股） | 例 | 股本比例 | | | | | | 一致行动人 | | | | | | | | | | | | | | | 红塔证券 | | 孙陶然 | 否 | 1,000,000 | 1.81% | 0.13% | 2024/7/19 | 2025/7/14 | 股份有限 | | | | | | | | | 公司 | | | | | | | | | 红塔证券 | | 孙陶然 | 否 | 13,910,000 | 2 ...

Summary of Key Points Core Viewpoint - The A-share market experienced significant trading activity on July 17, with a total of 96 stocks involved in block trades amounting to 1.69 billion yuan, indicating a robust trading environment [1]. Group 1: Trading Activity - A total of 96 stocks had block trades, with a total transaction value of 1.69 billion yuan [1]. - The top three stocks by transaction value were SAIC Motor Group (1.6 billion yuan), Dongpeng Beverage (1.3 billion yuan), and Lakala (89.83 million yuan) [1]. - Among the stocks, 5 were traded at par, 3 at a premium, and 88 at a discount [1]. Group 2: Premium and Discount Rates - The stocks with the highest premium rates were Huayuan Biological (5.52%), CATL (0.05%), and Haitian Flavoring (0.05%) [1]. - The stocks with the highest discount rates were Guangxin Technology (31.22%), Kunlun Technology (31.12%), and Lakala (21.14%) [1]. Group 3: Institutional Buying and Selling - The top institutional buying positions were held by Shenzhen City Transportation (45.77 million yuan), Keli Ke (39.10 million yuan), and Cambridge Technology (28.57 million yuan) [2]. - The top institutional selling positions were led by CATL (22.34 million yuan), Jidong Cement (17.30 million yuan), and Zhongke Software (564.15 thousand yuan) [3].

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [37]. Core Viewpoints - The report highlights the positive outlook for financial IT and cross-border payment companies due to the recent policy developments in stablecoins, RDA, and CIPS, which are expected to enhance efficiency, reduce costs, and improve transparency in cross-border payments and settlements [1][4][21]. - The stablecoin market is diversifying, with various participants including fintech companies and traditional banks, which is likely to enhance the credibility and application scenarios of stablecoins [13][14]. Summary by Sections Industry Investment Rating - The industry is rated as "Outperform the Market," with expectations of better performance compared to the benchmark index [37]. Company Dynamics - Jiuyuan Yinhai expects to achieve revenue of 414-454 million yuan in the first half of 2025, a year-on-year increase of 5%-15%, with net profit expected to grow significantly by 130%-180% [3]. - Inspur Information plans to repurchase its A-shares with a total fund of no less than 200 million yuan and no more than 300 million yuan, with an expected repurchase price not exceeding 75.59 yuan per share [3]. Investment Recommendations - The report suggests focusing on companies such as Runhe Software, Nantian Information, Borui Data, Huichen Shares, Digital Government, and Jiuyuan Yinhai, which are expected to benefit from the developments in stablecoins and related technologies [4][21]. Policy Developments - Recent policies in regions like Hong Kong and Shanghai are aimed at promoting the development of stablecoins and their applications, including the issuance of tokenized government bonds and enhancing the management mechanisms for cross-border payment systems [15][18][21]. - The introduction of the RDA paradigm by the Shanghai Data Exchange emphasizes the importance of data in verifying the authenticity and enhancing the value of real-world assets [20][21]. Market Trends - The stablecoin market is expanding into real-world applications, particularly in cross-border payments, B2B payments, and asset tokenization, which are expected to grow rapidly [14][21]. - The report notes that the development of stablecoins will increase the demand for system upgrades and related services from financial IT companies [21].

Investment Rating - The report maintains a "Positive" investment rating for the computer industry, specifically focusing on Real World Assets (RWA) [4] Core Insights - RWA represents a transformative innovation in financial technology by converting real-world assets into digital assets on the blockchain, potentially leading to exponential growth in the sector [2][6] - The global RWA asset market reached $24.5 billion as of June 2025, with projections to exceed $16 trillion by 2030, indicating a significant opportunity for investment [6][18] - The report emphasizes the importance of regulatory frameworks being established globally to support the growth of RWA, with regions like Hong Kong and the EU leading the way [26][30] Summary by Sections RWA: Connecting Real World Assets to Blockchain - RWA involves the tokenization of tangible and intangible assets through blockchain technology, enhancing liquidity and reducing transaction costs [11][12] - The RWA market is rapidly expanding, with a diverse range of assets including real estate, bonds, and commodities being tokenized [15][16] RWA Issuance Process and Regulatory Framework - The RWA issuance process consists of five key steps: asset selection, legal and compliance framework establishment, technology implementation, token issuance, and ongoing management [21][23] - Various countries are developing regulatory frameworks for RWA, with Hong Kong adopting a sandbox approach to foster innovation while ensuring compliance [26][30] Expansion of Asset Classes and RWA Market - RWA assets can be categorized into cash flow, equity, and non-cash flow assets, with credit and bonds currently leading the market [35][36] - The report highlights the significant growth potential in the RWA sector, particularly in tokenized real estate and securities, which are becoming increasingly popular [46][53] RWA Industry Ecosystem - The RWA ecosystem is forming a collaborative industry chain involving asset providers, technology firms, platforms, compliance custodians, and investors [4][6] - Key players in the blockchain and fintech sectors are recommended for investment, including companies like 恒生电子 and 新国都 [2][6]

Group 1: Regulatory Developments - Hong Kong Legislative Council passed the Stablecoin Regulation Draft on May 21, becoming the first region globally to issue licenses for fiat-backed stablecoins [1] - The US Senate is also advancing stablecoin legislation, indicating a growing regulatory focus on this area [1] Group 2: Company Developments - Lakala, a company holding 237 payment licenses, is the only private player in China connected to the CIPS system and the digital RMB cross-border channel [3] - Lakala has upgraded its 5 million POS machines to accept stablecoin payments [4] - There are rumors that JD.com plans to issue stablecoins in Hong Kong, with Lakala as a potential technical partner [5] Group 3: Market Reactions - Following Lakala's announcement of plans to list in Hong Kong on June 16, its stock price hit the daily limit up [6] - The company is being referred to as the "cross-border payment dragon" due to its ability to instantly convert 36 currencies and service over 100 countries [6] Group 4: Financial Performance - Lakala's 2024 revenue is projected at 5.759 billion, a decrease of 2.96% from the previous year, with net profit down 23.26% to 351 million [9] - The Q1 2025 net profit dropped to 101 million, indicating a significant decline [10] - Total transaction volume for 2024 is expected to be 42.2 trillion, down nearly 300 billion from 2023, with a notable decline in card transactions [10] Group 5: Business Transformation Challenges - Lakala's SaaS services added 10,000 stores with a 65% increase in transaction volume, but overall revenue from technology services is declining [11] - Credit card promotion revenue plummeted by 78%, negatively impacting the technology segment [11] Group 6: Future Prospects - If the Hong Kong license is obtained, stablecoin business could yield a gross margin of 68%, potentially contributing 400 million in revenue by 2025 [13] - Based on an 8x PS for cross-border business, the market value could increase by 3.2 billion [14] - The Central Bank's first public discussion on stablecoins occurred on June 18, with Lakala executives present, indicating significant interest in the sector [14]

Core Viewpoint - The article highlights the rampant misuse of POS machines for credit card cash withdrawal in China, facilitated by lax merchant verification processes and the complicity of payment institutions, leading to significant financial risks and regulatory challenges [1][2][3]. Group 1: POS Machine Misuse - Personal users can easily register as merchants using false information, allowing them to convert credit card limits into cash through POS machines [1][2]. - The process of cash withdrawal via POS machines is quick and straightforward, often taking less than 10 minutes to complete [3]. - Payment institutions like Lakala have been criticized for their inadequate merchant verification processes, which enable individuals to misuse POS machines for cash withdrawal [2][3]. Group 2: Profit Motives and Industry Practices - The article describes a profit-driven model where agents earn commissions based on transaction volumes, incentivizing the promotion of POS machines for cash withdrawal [4][5]. - The commission structure is tiered, with higher transaction volumes leading to greater profit margins for agents, creating a competitive environment that encourages misuse [5]. - Payment institutions benefit from increased transaction volumes and associated fees, leading to a conflict of interest in enforcing compliance [6]. Group 3: Regulatory Challenges - Regulatory bodies have issued guidelines to limit POS machine usage to one merchant per device, but these regulations are often circumvented by agents [7]. - The lack of a specific legal framework addressing credit card cash withdrawal leads to low penalties for violators, making enforcement difficult [10]. - The article emphasizes the need for improved collaboration among regulatory agencies to effectively monitor and control the misuse of POS machines [10]. Group 4: Recommendations for Improvement - Experts suggest that payment institutions should enforce stricter merchant verification and transaction monitoring to prevent misuse [10]. - There is a call for clearer legal definitions and penalties related to credit card cash withdrawal to enhance regulatory effectiveness [10]. - Utilizing advanced technologies like big data for transaction monitoring and risk assessment is recommended to combat the issue [10].

Group 1 - The company Lakala (300773.SZ) has announced plans to issue H-shares and list on the Hong Kong Stock Exchange as part of its international development strategy [2] - The company aims to enhance its competitiveness in the international market by promoting the application of digital currency in cross-border scenarios [2] - Currently, the company is in discussions with intermediaries regarding the specifics of the H-share listing, which is a complex and systematic process [2] Group 2 - Lakala was established in 2005 and became a leading third-party payment institution in China after obtaining a payment business license from the People's Bank of China in 2011 [3] - The company provides comprehensive digital business solutions for merchants, enterprises, and financial institutions, focusing on various sectors such as dining, retail, automotive, and tourism [3] - Lakala is deepening its "Payment+" strategy and integrating AI into its business to support high-quality development of the real economy [3] Group 3 - In 2024, Lakala reported a revenue of 5.759 billion yuan, a year-on-year decrease of 2.96%, and a net profit attributable to shareholders of 351 million yuan, down 23.26% [4] - In the first quarter of 2025, the company's revenue was 1.299 billion yuan, a year-on-year decrease of 13.01%, with a net profit of 101 million yuan, down 51.71% [4] - Lakala has no controlling shareholder or actual controller, with Lenovo Holdings being the largest shareholder, holding a 26.14% stake, which may provide support and potential synergies for the company [4]

Core Insights - The implementation of the Hong Kong Stablecoin Regulation in July 2025 marks a significant step in the regulation of stablecoins, enhancing cross-border payment efficiency by over 90% and reducing costs to one-tenth of traditional methods [1][3] - The expansion of the digital yuan pilot to 50 cities, with annual transactions exceeding 1 trillion yuan, highlights China's advancements in digital currency, prompting major tech companies like Ant Group and JD.com to invest in compliant stablecoins [3] - Stablecoins are positioned as a bridge between cryptocurrencies and traditional finance, addressing long-standing issues in cross-border trade such as high fees, slow settlements, and low transparency, with the market for cross-border payments growing at an annual rate exceeding 200% [3] Company Summaries - **Four方精创**: A key service provider for the Hong Kong Monetary Authority, developing the mBridge cross-border clearing module and offering a platform for stablecoin issuance, with potential annual revenue exceeding 250 million HKD if the stablecoin market reaches 50 billion HKD [5] - **拉卡拉**: The only domestic third-party payment institution with a full license for cross-border RMB payments, supporting stablecoin payments through 5 million POS terminals, with a projected revenue of 200 million yuan from stablecoin-related activities in 2025 [6] - **海联金汇**: Holds the only MSO license among A-share companies, with significant market share in Southeast Asia and participation in the mBridge project, reporting a 950% year-on-year increase in net profit in Q1 2025 [6] - **恒宝股份**: A leading supplier of hardware security modules for digital currencies, with a market share exceeding 30%, providing hardware for stablecoin transactions and participating in the mBridge project [7] - **新大陆**: A global leader in smart terminals, integrating digital yuan and stablecoin functionalities, with a projected order of 200,000 terminals in Southeast Asia in 2025 [7] - **京北方**: The only A-share company explicitly linked to stablecoin technology, providing underlying settlement technology for major banks and participating in the mBridge project [8] - **雄帝科技**: Developed a dual-track payment system compatible with both digital yuan and stablecoins, providing key services for the Hong Kong pilot [8] - **华峰超纤**: Collaborating with JD Wallet to test stablecoin retail scenarios in the UAE, with a focus on programmable payment protocols [9] - **恒生电子**: Provides core system support for Ant Group's stablecoin operations, with a significant market share in asset management systems [10] - **数字认证**: Supplies key management services for stablecoins to the Hong Kong Monetary Authority, with a strong presence in government blockchain projects [10]

Summary of Stablecoin Industry and Market Dynamics Industry Overview - The stablecoin industry is characterized by its reliance on fiat currency credit, with USD-pegged stablecoins depending on the credibility of the US dollar. [1] - The stablecoin ecosystem consists of three segments: upstream (infrastructure, issuers, asset management), midstream (payment service providers, exchanges, cross-chain clearing institutions), and downstream (transaction settlement, cross-border payments). [1][4] Key Players and Market Share - USDT, issued by Tether, holds a dominant market position with approximately 60% market share and a market capitalization exceeding $150 billion. However, its reserve transparency has been questioned. [3] - USDC, issued by Circle, is viewed as a compliance benchmark but incurs higher costs, with over 50% of its revenue allocated to distribution expenses. [6] - DAI is a collateralized stablecoin that uses over-collateralization of crypto assets to enhance risk resistance, relying on complex algorithms. [6] Market Dynamics - The stablecoin market exhibits a "dual super, many strong" structure, with USDT and USDC accounting for about 85% of the market share. [5] - Stablecoins enhance the USD's status as a global reserve currency and may further penetrate international trade and financial systems through digital means. [1][6] - The expansion of stablecoin usage can increase fiat transaction volume, reinforcing its reserve status. [1] Regulatory Impact - Hong Kong's new regulations, set to take effect in August, represent the first comprehensive regulatory framework globally, expected to drive systemic changes in the industry. Beneficiaries include cross-border payment and clearing service providers, digital infrastructure firms, and banks involved in IT system upgrades. [11][12] Implications for the Chinese Yuan - The development of stablecoins presents both challenges and opportunities for the Chinese Yuan. While the Yuan is currently not a mainstream pegged currency, China is accelerating the development of a digital RMB to enhance its international influence. [7][9] - The stablecoin market could serve as a significant support for the internationalization of the RMB, reducing reliance on the SWIFT system and expanding usage scenarios. [14][15] Future Projections - By 2030, the RMB's share in global cross-border trade payments is projected to increase from 4% to 10%, driven by the growth of stablecoin technology. [16] - Traditional third-party payment companies are expected to benefit significantly from the increase in RMB cross-border payment volumes, with companies like LianLian and Newland positioned to capitalize on this growth. [18][19] Potential Beneficiaries in the Industry - Key beneficiaries in the stablecoin ecosystem include: - Payment service providers (e.g., LianLian, LaKaLa) - Digital infrastructure and security service providers (e.g., Hengbao) - IT system upgrade firms in banking (e.g., Yuxin Technology) [11][22] - The issuance of stablecoin licenses in Hong Kong is expected to create significant opportunities for early adopters in the sandbox experiment. [21] Conclusion - The stablecoin industry is poised for significant growth and transformation, with regulatory developments in Hong Kong likely to catalyze systemic changes. The interplay between stablecoins and traditional currencies, particularly the USD and RMB, will shape the future of global finance and cross-border transactions. [1][11][14]

Core Viewpoint - The cross-border payment (CIPS) concept has shown a significant increase of 2.36%, ranking fifth among concept sectors, with notable stocks experiencing substantial gains [1][2]. Group 1: Market Performance - As of July 7, the CIPS concept saw 51 stocks rise, with Zhongyi Technology hitting a 20% limit up, followed by Xunxing Co., Shiji Information, and Jingbeifang also reaching their limit up [1]. - The top gainers in the CIPS sector included Huafeng Superfiber, New Guodu, and Lakala, which increased by 10.66%, 7.43%, and 4.33% respectively [1]. - Conversely, the biggest losers were *ST Tianyu, *ST Rindong, and Zhongke Software, which fell by 3.39%, 2.63%, and 1.70% respectively [1]. Group 2: Capital Inflow - The CIPS concept attracted a net inflow of 2.052 billion yuan, with 33 stocks receiving net inflows, and 9 stocks exceeding 100 million yuan in net inflow [2]. - Qingdao Jinwang led the net inflow with 680 million yuan, followed by China Merchants Bank, Zhongyi Technology, and Ping An Bank with net inflows of 303 million yuan, 265 million yuan, and 246 million yuan respectively [2]. - The top stocks by net inflow ratio included Qingdao Jinwang at 44.37%, Zhongyi Technology at 20.32%, and Shiji Information at 19.96% [3].