Core Viewpoint - The company reported a 27% year-on-year increase in revenue for the first half of the year, driven by a 94% increase in global payment TPV and a 28% increase in domestic payment TPV, indicating a strong growth trend in its digital payment business [1][2]. Group 1: Financial Performance - Total revenue for the first half of the year reached 780 million RMB, slightly exceeding expectations by 2% [1]. - Gross profit was 410 million RMB, a 25% increase year-on-year, with a stable gross margin of 52% [1]. - Operating profit was 1.97 billion RMB, including cash and diluted earnings from the sale of part of the shares in a connected company, amounting to 2.05 billion RMB [1]. Group 2: Digital Payment Business - Global payment TPV increased by 94% to 198.5 billion RMB, with significant growth in B2B and service trade TPV, as well as strong performance in B2C cross-border e-commerce [2]. - The payment fee rate for global payments was 23.8 bps, down 12.6 bps year-on-year, reflecting a healthy trend due to the faster growth of lower-fee B2B and service trade segments [2]. - Domestic payment TPV grew by 28% to 1.87 trillion RMB, with a stable fee rate of 1.13 bps and a gross margin of 20% [2]. Group 3: Future Outlook and Valuation - The company adjusted its 2025 global payment TPV forecast upward by 9% to 442 billion RMB, maintaining the domestic payment TPV forecast [3]. - Total TPV was adjusted upward by 1%, with expectations of a 28% year-on-year increase [3]. - The SOTP target price was revised to 17.7 HKD, reflecting a slight increase from the previous value, while maintaining a buy rating [3].
连连数字(2598.HK)：上半年TPV增速好於预期 全球支付稳健前景不变
Ge Long Hui·2025-09-02 11:36