传统业务承压 支付机构亟待转型

Core Insights - Several payment institutions, including Lakala and Newland, have recently released their 2025 performance forecasts, indicating that while some companies show profit growth due to non-recurring gains, their core net profits have generally declined after excluding these gains [1][2] Group 1: Financial Performance - Lakala expects a net profit attributable to shareholders of between 1.06 billion to 1.2 billion yuan for 2025, representing a growth of 202% to 242% year-on-year. However, its net profit after excluding non-recurring gains is projected to decline by 26% to 46%, amounting to 300 million to 410 million yuan [1] - Newland anticipates a net profit attributable to shareholders of 400 million to 500 million yuan for 2025, reflecting a year-on-year increase of 70.79% to 113.49%. Its net profit after excluding non-recurring gains is expected to decrease by 8.60% to 28.91%, totaling 350 million to 450 million yuan [1] - Highsun Technology, the parent company of Suixing Pay, reported an operating loss of approximately 240 million Hong Kong dollars for the first 11 months of 2025, with expectations of continued losses for the entire year [2] - Cuiwei Co., the parent company of Haike Rongtong, forecasts a net loss of between 490 million to 450 million yuan for 2025, which is a reduction in losses by 197 million to 237 million yuan compared to the previous year [2] Group 2: Business Challenges - The decline in net profit after excluding non-recurring gains is attributed to multiple factors, including the impact of digital payment competition, shrinking acquiring business, and a decrease in bank card payment transaction volumes [2][3] - Newland reported that its transaction volume for domestic acquiring business is expected to be approximately 14.7 trillion yuan for 2025, remaining stable compared to the previous year, but revenue and gross margin from acquiring and value-added services have decreased [3] - Cuiwei Co. indicated that its subsidiary Haike Rongtong is facing intense market competition and declining gross margins in the acquiring industry, leading to anticipated operating losses [3] Group 3: Business Transformation - In response to the pressures on traditional payment businesses, many payment institutions are seeking to explore new business areas, such as cross-border payments and AI integration [4] - Newland is increasing resource investment in cross-border payment business, focusing on product development and bank channel construction to enhance competitiveness [4] - Lakala plans to further integrate payment services with SaaS and AI in 2026 to drive transformation [4]