富友支付“三闯”港交所，2024年增收不增利，回应来了！

Core Viewpoint - The company, Shanghai Fuyou Payment Service Co., Ltd., has submitted its listing application to the Hong Kong Stock Exchange for the third time after its previous applications expired, indicating ongoing challenges in its IPO journey [1][2]. Group 1: Listing Progress - Fuyou Payment's IPO process has faced delays, with its initial application submitted in April 2024 and subsequent expirations in October 2024 and May 2025 [1]. - The company has stated that the expiration of its prospectus does not hinder its overall IPO progress, as it is a routine procedure to ensure updated information disclosure [1]. Group 2: Financial Performance - Fuyou Payment's revenue for 2022, 2023, and 2024 was approximately 1.14 billion, 1.50 billion, and 1.63 billion RMB respectively, while net profits for the same years were 71.17 million, 92.98 million, and 84.43 million RMB [2][3]. - The company's gross profit margin decreased from 28.4% in 2022 to 25.2% in 2023, with a slight recovery to 25.9% in 2024 [2]. Group 3: Industry Challenges - The payment industry is experiencing intense competition, leading to reduced service fees and increased commission costs, which negatively impact net profits [2][4]. - Fuyou Payment has faced regulatory penalties annually since 2014, which may complicate its compliance efforts as it seeks to go public [4]. Group 4: Future Strategies - The company plans to adjust its business strategy to mitigate the impact of high commission rates on its gross margin, focusing on developing high-margin digital business solutions [4]. - There is a need for Fuyou Payment to enhance compliance measures and invest in technology to innovate payment products and services, particularly in high-value areas like cross-border payments and SaaS solutions [4].