连连数字半年报：经营性利润增85%，全球支付业务TPV涨94%

Core Insights - Lianlian Digital reported a total payment volume (TPV) of 2.1 trillion yuan in its digital payment business for the first half of 2025, marking a year-on-year growth of 32.0% [1][2] - The company's total revenue reached 783 million yuan, an increase of 26.8% year-on-year, while net profit surged to 1.51 billion yuan, with operating profit rising 85% to 63 million yuan [1][2] Digital Payment Services - In the global payment sector, Lianlian Digital achieved a TPV of 198.5 billion yuan, reflecting a significant year-on-year growth of 94.0%, with total revenue from global payment services at 473 million yuan, up 27.0% [1][2] - The domestic payment business recorded a TPV of 1.9 trillion yuan, a year-on-year increase of 27.6%, with total revenue of 211 million yuan, growing by 24.6% [2] Value-Added Services - The company generated 89.6 million yuan in revenue from value-added services, representing a year-on-year growth of 34.2%, primarily driven by the strong performance of its virtual card business [2] Strategic Focus and Innovation - Lianlian Digital aims to build a more efficient cross-border fund flow system and enhance its digital infrastructure, integrating AI and exploring blockchain technology for cross-border payments [1][3] - The company is expanding its B2B and service trade business, leveraging its advantages over traditional cross-border payment methods to provide more personalized and cost-effective services [2][3] Research and Development Investment - In the first half of 2025, Lianlian Digital's R&D expenses amounted to 187 million yuan, a year-on-year increase of 26.8%, with adjusted R&D expenses growing by 29.5% [3] - The increase in R&D spending is attributed to ongoing investments in technology innovation, particularly in blockchain and AI applications [3] Fundraising and Future Plans - In July 2025, Lianlian Digital completed a round of H-share placement, issuing 38.4 million new shares and raising 394 million HKD, with 50% of the funds allocated to blockchain technology innovation [4] - The company emphasizes that its investments in the Web3 domain align with its long-term strategic direction, focusing on systematic development in this area [5]