又一支付龙头冲刺港股IPO

Core Viewpoint - New Guodu, a leading payment service provider in China, has submitted an application for an IPO in Hong Kong to enhance its global strategy and expand overseas operations, aiming to strengthen its international market competitiveness and resource allocation capabilities [1][3]. Financial Performance - The company's revenue for 2022 was RMB 4.31 billion, which decreased to RMB 3.80 billion in 2023, and is projected to decline further to RMB 3.15 billion in 2024 [4]. - The net profit attributable to shareholders dropped significantly by 68.98% in 2024, amounting to RMB 234 million [4][5]. - In the first half of 2025, New Guodu reported a revenue of RMB 1.53 billion, a decrease of 3.17% year-on-year, and a net profit of RMB 275 million, down 38.61% [5]. - The company experienced a slight recovery in the third quarter of 2025, achieving a net profit of RMB 132 million, a substantial increase of 187.18% year-on-year [6]. Business Segments - New Guodu's revenue from its acquiring and value-added services has been declining, accounting for 70.9% in 2022, 68% in 2023, and 67.2% in 2024 of total revenue [6]. - Conversely, revenue from electronic payment products has shown a gradual increase, with figures of RMB 982 million in 2022, RMB 994 million in 2023, and RMB 941 million in 2024 [8]. Global Expansion Strategy - The company is implementing a dual overseas strategy to enhance its international business, establishing a cross-border business group focused on cross-border payments and local acquiring services [11]. - New Guodu has built a marketing service network globally, achieving a leading position in the Indian payment hardware market and expanding into high-value markets in Europe and Japan [11]. - The revenue from electronic payment products outside mainland China has been increasing, with figures of RMB 824.6 million in 2022, RMB 905.9 million in 2023, and RMB 887.5 million in 2024 [11]. Licensing and Product Development - New Guodu has obtained various payment licenses, including those from Luxembourg, Hong Kong, and the United States, enabling it to conduct cross-border payments and local acquiring services [12]. - The company launched its cross-border payment brand, PayKKa, offering a range of payment services, including B2B and B2C solutions [12]. - The revenue from outside mainland China has been increasing, with proportions of 21.1% in 2022, 26.0% in 2023, and 29.0% in 2024 [12].