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拉卡拉收缩,年报发布前换了CFO

Core Viewpoint - Lakala's registered capital has been continuously decreasing due to unmet performance targets in its restricted stock incentive plan, raising concerns about its financial health and strategic direction [1][2][3]. Financial Performance - In 2023, Lakala's revenue was 5.938 billion yuan, a year-on-year decrease of 2.96%, while the net profit was 457 million yuan, showing a significant increase of 131.78% compared to the previous year [3][6]. - For 2024, revenue further declined to 5.758 billion yuan, with a net profit of 351 million yuan, reflecting a year-on-year decrease of 23.26% [3][6]. - Cumulatively, the net profit over the two years was only 800 million yuan, reaching just half of the set performance target [4]. Business Segmentation - Lakala's main business segments include digital payment and technology services, with the payment business accounting for 89.7% of total revenue in 2024, an increase of 2.42 percentage points from the previous year [4][6]. - The technology services segment contributed only 4.91% to the revenue, showing a decline of 0.93 percentage points year-on-year [4][6]. Capital Structure - Lakala's registered capital decreased from 788.08 million yuan to 776.66 million yuan within six months, amounting to a reduction of approximately 24 million yuan [2]. - The company has been repurchasing and canceling shares due to unmet performance targets in its incentive plans [1][2]. Market Challenges - Lakala faces intensified competition from major players like Alipay and WeChat Pay, which are squeezing its market share in the payment sector [4]. - The company reported a decline in transaction amounts, with a total of 982 billion yuan in payment transactions, down 10.51% year-on-year [4]. Compliance and Legal Issues - In 2024, Lakala faced fines totaling nearly 8 million yuan due to compliance violations, including issues related to fund settlement processes [8]. - The company has also been involved in various legal disputes, with significant amounts at stake [11]. Management and Governance - Despite declining performance, executive compensation has been on the rise, with the chairman's salary increasing from 5.263 million yuan in 2022 to 5.306 million yuan in 2024 [14][15]. - The company has a significant portion of shares pledged, with approximately 38% of the top ten shareholders' shares being pledged as of December 31, 2024 [13].