Lakala(SZ:300773) Guolian Minsheng Securities·2025-10-23 13:01Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company reported a revenue of 4.068 billion yuan for the first nine months of 2025, a year-on-year decrease of 7.32%. The net profit attributable to shareholders was 339 million yuan, down 33.90% year-on-year. The net profit excluding non-recurring items was 241 million yuan, a decline of 53.32% year-on-year. In Q3 2025, the company achieved a revenue of 1.418 billion yuan, an increase of 0.72% year-on-year, and a net profit of 110 million yuan, up 17.46% year-on-year [4][11][12] Summary by Sections Financial Performance - For 9M2025, the company’s revenue was 40.68 billion yuan, down 7.32% year-on-year, primarily due to pressure on card payments affecting digital payment revenue. The payment transaction amount was 2.92 trillion yuan, a decrease of 8.29% year-on-year, with card transactions down 13.72% and scan transactions up 3.50% [12] - The net profit attributable to shareholders for 9M2025 was 3.39 billion yuan, down 33.90% year-on-year, while the net profit excluding non-recurring items was 2.41 billion yuan, down 53.32% year-on-year. The Q3 2025 net profit showed a significant increase, mainly due to the consolidation of Tian Cai Shang Long, which boosted technology business revenue and profit [12][14] Business Growth - The company’s cross-border business continued to grow significantly, with transaction amounts and customer numbers increasing by 77.56% and 71.91% year-on-year, respectively. The company has also accelerated its global expansion by actively pursuing overseas licenses and business opportunities [13] - The introduction of AI-integrated services, including the launch of an AI wallet, has positioned the company as a leader in innovation within the industry, with nearly 8 million registered users and 1.5 million monthly active users by the end of September 2025 [13] Future Outlook - The company is expected to benefit from the ongoing recovery in domestic consumption and the high growth of its cross-border business. Projections for net profit attributable to shareholders for 2025-2027 are 407 million, 412 million, and 424 million yuan, reflecting growth rates of 15.9%, 1.2%, and 2.9%, respectively [14]