XGD(SZ:300130) Sou Hu Cai Jing·2025-09-04 15:30Core Viewpoint - New Guodu, a payment service provider, plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to accelerate overseas business expansion and diversify financing channels amid declining performance and regulatory challenges [1][6]. Group 1: Company Overview - New Guodu was established on July 31, 2001, and listed on the Shenzhen Stock Exchange's Growth Enterprise Market on October 19, 2010. It primarily provides payment services and digital service solutions through its wholly-owned subsidiary, Jialian Payment [4][6]. - The company's main revenue sources include 67.12% from acquiring and value-added services, 29.90% from electronic payment products, and smaller contributions from audit and technical services [6]. Group 2: Financial Performance - New Guodu's revenue for 2024 is projected at 3.148 billion yuan, a year-on-year decrease of 17.20%, with net profit dropping by 68.98% to 234 million yuan [6][7]. - In the first half of 2024, the company reported a revenue of 1.527 billion yuan, down 3.17%, and a net profit of 275 million yuan, down 38.61% [7]. - The decline in profits is attributed to reduced income and gross margins from acquiring and value-added services, influenced by strategies to expand new merchant partnerships [7]. Group 3: Regulatory Challenges - Jialian Payment, New Guodu's subsidiary, has faced multiple penalties for compliance issues, including a recent fine of 2.99 million yuan for violations related to clearing management and merchant management [8][10]. - The company has also disclosed potential tax adjustments amounting to 362 million yuan, which could further impact its net profit for 2024 [10]. Group 4: Market Position and Strategy - Industry experts suggest that New Guodu's move to list in Hong Kong reflects a need for capital support amid declining performance and market challenges, emphasizing the importance of a clear international strategy for sustainable growth [4][10]. - The competitive landscape in the traditional acquiring market is intensifying, with Jialian Payment facing pressure from declining rates and increased competition, while innovation efforts have yet to yield results [7][10].