支付行业三季度业绩透视：银行卡收单承压、跨境业务增长强劲

Core Insights - The payment industry is experiencing a mixed performance, with some companies achieving revenue growth through diversified strategies while others face pressure from declining transaction volumes in card acquiring business [1][2][3] - The implementation of the 259 Document by the People's Bank of China is impacting transaction volumes, particularly in card acquiring, leading to a strategic shift towards cross-border payment services [1][5] Financial Performance - Haike Rongtong's parent company, Cuiwei Co., achieved a revenue of 1.71 billion yuan, a year-on-year increase of 0.86%, but reported a net loss of 311 million yuan [2] - Guotong Xingyi's parent company, Newland, reported a revenue of 6.244 billion yuan, a 12.04% increase, with a net profit of 937 million yuan, up 14.03% [2] - Lakala reported a revenue of 4.068 billion yuan, a decline of 7.32%, and a net profit of 339 million yuan, down 33.90% [3][4] Impact of Regulatory Changes - The 259 Document restricts card acquiring operations, leading to a decrease in transaction volumes and impacting revenue for many payment institutions [5] - The regulation aims to eliminate illegal practices in card acquiring, which has resulted in a contraction of transaction volumes across the industry [5] Growth in Cross-Border Payments - Cross-border payment services are emerging as a significant growth area for payment institutions, with companies like Lakala reporting a cross-border payment volume of 60.2 billion yuan, a year-on-year increase of 71.91% [6] - Newland's overseas payment device revenue grew over 26%, and the company is expanding its cross-border payment operations [6] - Companies are increasingly focusing on global market expansion, with Newland planning to issue H-shares to enhance its international strategy [6] Market Trends - The global payment market is projected to grow significantly, with offline payment volumes expected to exceed 42.6 trillion USD by 2027, indicating a robust demand for cross-border payment solutions [7] - The demand for localized payment solutions is rising as Chinese companies expand overseas, with significant growth in cross-border payment transaction volumes reported by various companies [8]