Lakala(SZ:300773) Xin Lang Cai Jing·2025-06-24 00:05Core Viewpoint - Lakala's stock price surged by 46% in less than 20 trading days, driven by speculation around stablecoin licenses, despite a significant decline in net profit and payment transaction volume [1][3]. Company Overview - Lakala, established in 2011, is a third-party payment institution with over 80% of its revenue coming from payment processing services, aiming to create a merchant ecosystem through transaction sharing and value-added services [1][3]. - The company is currently focusing on transforming its business model towards SaaS solutions, providing tools for various industries [3][8]. Financial Performance - In Q1 2025, Lakala's net profit halved year-on-year, with payment transaction volume decreasing by 10.51% [1][3]. - For 2024, the total payment transaction amount was 4.22 trillion yuan, down from 4.51 trillion yuan in 2023, primarily due to a sharp decline in card transactions [3][5]. - Digital payment revenue for 2024 was 5.165 billion yuan, a slight decrease of 0.27%, with a gross margin of 27.22% [5]. Challenges in Business Segments - The cross-border payment business remains a significant shortcoming, with transaction volume only reaching 49.2 billion yuan in 2024, despite a 14% year-on-year increase [6]. - Lakala's technology service revenue fell by 18.43% in 2024, with a notable decline in credit card marketing services [8][9]. Investment and Financial Risks - Lakala faced substantial investment losses, including a 68 million yuan loss from an investment in a joint venture, contributing to the decline in net profit [9][10]. - The company has also been impacted by bad debt losses, with a total of 58 million yuan in credit impairment losses in 2024, indicating increasing risks in accounts receivable [10].