业绩困境难解 又一支付机构筹划A+H谋出海

Core Viewpoint - New Guodu plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its global strategy and diversify financing channels amid increasing competition in the domestic payment market [2][5][6] Company Strategy - The primary goal of the H-share issuance is to deepen the company's global strategy, accelerate overseas business expansion, and enhance international market competitiveness [5][7] - New Guodu's business includes payment services, digital scene services, electronic payment products, and auditing services, with its subsidiary, Jialian Payment, being a well-known acquirer in China [5][6] Market Context - The domestic third-party payment market is becoming saturated, leading to increased competition and declining profit margins, prompting many payment institutions to seek growth opportunities overseas [9][11] - New Guodu's recent half-year report shows a revenue of 1.527 billion yuan, a year-on-year decrease of 3.17%, and a net profit of 275 million yuan, down 38.61% [9][10] Performance Challenges - The decline in net profit is attributed to decreased revenue and gross margins from acquiring and value-added services, influenced by strategies to expand new merchants [9][10] - The core payment business faces stagnation, increased cost pressures, and significant profit shrinkage, indicating a lack of new growth engines [10][11] International Expansion - New Guodu's international strategy has shown promise, with significant growth in its cross-border payment brand PayKKa, and a 22.02% year-on-year increase in overseas sales of electronic payment devices [10][11] - However, the contribution of overseas sales to overall revenue remains limited, and new business expansions are still in exploratory stages [10][11] Challenges in Overseas Market - Expanding into overseas markets presents challenges such as building local teams, navigating complex regulatory environments, and enhancing global resource allocation capabilities [11][12] - Analysts emphasize that success in international markets requires strong operational capabilities beyond just capital operations [12][13] Market Sentiment - Following the announcement of the H-share issuance and half-year report, New Guodu's stock price remained stable around 33 yuan, indicating market confidence in the company's strategic move [14]