拉卡拉主业下滑，2025年靠“炒股”大赚8个亿？

Group 1 - The core viewpoint of the article indicates that Lakala's net profit attributable to shareholders is expected to grow by 202% to 242% in 2025, primarily due to a significant increase in non-recurring gains, estimated at approximately 814 million yuan [3] - The increase in non-recurring gains is mainly attributed to the fair value changes of listed company stock assets held by Lakala and substantial investment income from the sale of some of these stocks [3] - Excluding non-recurring gains, Lakala's net profit is projected to decline by 46% to 26% compared to the same period last year, primarily due to a decrease in the scale of bank card payment transactions [3][4] Group 2 - The analysis by industry expert Wang Pengbo highlights that a significant portion of Lakala's 2025 net profit is derived from non-recurring gains related to stock investments, which indicates a lack of sustainability in this profit structure [3] - The core issue leading to the decline in net profit after excluding non-recurring items is the pressure on the bank card acquiring business, which is a common challenge faced by institutions focusing on offline acquiring in special scenarios [4] - The bank card acquiring market is contracting due to ongoing regulatory impacts, while new business areas like cross-border payments and digital payments are growing rapidly but currently contribute insufficient revenue to offset the decline in the main business [4]