Kingking(SZ:002094) Hua Xia Shi Bao·2025-06-05 12:13Core Viewpoint - The rise of stablecoins and innovations in cross-border payment systems have made Qingdao Jinwang a focal point in the capital market, despite its revenue declining for three consecutive years [2][3]. Group 1: Company Overview - Qingdao Jinwang, originally a candle manufacturer, has expanded into the cross-border payment clearing sector and is involved in the stablecoin ecosystem [2]. - The company has seen its stock price surge from 5.29 yuan in January to 9.85 yuan by June 4, marking an increase of 86% [3]. - Qingdao Jinwang has not directly issued stablecoins but provides clearing services through the CIPS, enhancing cross-border trade efficiency [3]. Group 2: Financial Performance - In Q1 2025, Qingdao Jinwang reported revenue of 323 million yuan, a year-on-year decrease of 2.48%, with a net profit of 8.74 million yuan, down 5.23% [6]. - For 2024, the total revenue was 1.793 billion yuan, a decline of 28.55%, while net profit increased by 236.91% to 35.12 million yuan [6]. - The company’s overseas revenue grew by 41.43%, contributing 75.45% of total revenue, indicating reliance on international markets [6]. Group 3: Business Challenges - Despite the potential of stablecoins in reducing transaction costs and improving efficiency, Qingdao Jinwang faces regulatory uncertainties that could impact its cross-border payment operations [4]. - Increased competition from traditional financial institutions entering the digital payment space poses a threat to Qingdao Jinwang's market share [5]. Group 4: Future Outlook - The company aims to achieve over 1.7 billion yuan in revenue for 2025, focusing on improving revenue structure and profitability [8]. - The management believes that the demand for candles and related products will grow steadily in domestic markets due to changing consumer behaviors influenced by globalization [8].