XGD(SZ:300130) Sou Hu Cai Jing·2025-11-27 11:27Core Viewpoint - New Guodu (300130.SZ) is planning to list on the Hong Kong Stock Exchange, aiming to raise funds for various strategic initiatives, including enhancing local sales networks and R&D capabilities, as well as establishing a smart headquarters in Dongguan [2][3]. Company Overview - New Guodu, established in 2001 and listed on the ChiNext board in 2010, has a market capitalization exceeding 14.5 billion RMB as of November 27 [3]. - The company specializes in payment technology services, providing integrated digital payment solutions that include both hardware and services [3]. Financial Performance - New Guodu's revenue has been declining, with figures of 4.315 billion RMB in 2022, 3.8 billion RMB in 2023, and 3.146 billion RMB in 2024. Net profits were 45 million RMB, 754 million RMB, and 231 million RMB for the same years, indicating significant fluctuations [6][9]. - The company's revenue from acquiring and value-added services has seen a decline, with a 12.86% drop in the first half of 2025 [8][10]. Market Position and Growth Strategy - New Guodu has developed a comprehensive overseas payment license portfolio and aims to establish global payment operations as a second growth curve [5]. - The company has reported cumulative sales of over 50 million payment hardware devices over the past 15 years, with a total payment volume (TPV) exceeding 1 trillion RMB for six consecutive years from 2019 to 2024 [5]. Challenges and Concerns - The company has faced challenges with goodwill impairment due to acquisitions that did not meet expectations, impacting financial performance [11][12]. - As of mid-2025, New Guodu's goodwill on the balance sheet was 558 million RMB, primarily from the acquisition of JiaLian Payment [11]. Cash Flow and Fundraising Necessity - New Guodu has significant cash reserves, with 2.048 billion RMB in cash and cash equivalents and plans for investment using idle funds [13]. - The necessity for fundraising through the Hong Kong listing has been questioned, given the company's current cash position and dividend payouts [13]. Conclusion - As a long-standing player in the A-share market, New Guodu's recent performance and goodwill issues warrant investor attention, and its ability to attract interest from Hong Kong investors remains to be seen [14].