一边冲刺H股、一边遭大股东减持！拉卡拉前三季营收净利双降

Core Viewpoint - Lakala Payment Co., Ltd. is facing declining performance in its financial results for the first three quarters of 2025, with revenue and net profit both decreasing year-on-year, while simultaneously preparing for an "A+H" stock listing amid significant shareholder reductions [2][7][14]. Financial Performance - For the first three quarters of 2025, Lakala reported revenue of 4.068 billion yuan, a year-on-year decrease of 7.32%, and a net profit attributable to shareholders of 339 million yuan, down 33.9% [2]. - The decline in revenue is attributed to overall pressure on card payments, with digital payment revenue decreasing by 7.63% year-on-year [2]. - In Q3 2025, Lakala achieved revenue of 1.417 billion yuan, a slight increase of 0.72% year-on-year, and a net profit of 110 million yuan, up 17.46% year-on-year, primarily due to the consolidation of Tian Cai Shang Long and growth in technology business revenue [2][6]. Historical Performance Trends - From 2019 to 2024, Lakala's revenue exhibited significant volatility, with figures of 4.899 billion yuan, 5.562 billion yuan, 6.618 billion yuan, 5.394 billion yuan, 5.938 billion yuan, and 5.762 billion yuan, showing year-on-year changes of -13.73%, 13.53%, 18.98%, -18.50%, 10.09%, and -2.98% respectively [4]. - In terms of net profit, the figures for the same period were 806 million yuan, 931 million yuan, 1.083 billion yuan, -1.437 billion yuan, 458 million yuan, and 351 million yuan, with year-on-year changes of 34.50%, 15.43%, 16.31%, -232.75%, 131.85%, and -23.26% [6]. Upcoming Listing and Shareholder Actions - Lakala has submitted an application for H-share listing on the Hong Kong Stock Exchange, aiming to establish an "A+H" stock structure, with a total payment volume exceeding 4 trillion yuan in 2024 and a market share of 9.4% in the independent digital payment service provider sector [7][14]. - The company has faced significant shareholder reductions, with major shareholder Sun Haoran planning to reduce his holdings by up to 19.27 million shares, representing 2.45% of the total share capital, and has completed this reduction, cashing out approximately 493 million yuan [8][10][11].