一边分红套现一边冲IPO！富友支付四闯港股能否圆梦？

Core Viewpoint - Fuyou Payment is making its fourth attempt to go public on the Hong Kong Stock Exchange after a decade-long journey marked by multiple failed attempts and significant fluctuations in its financial performance [3][6]. Group 1: Company Background - Fuyou Payment was established in July 2011 and received payment licenses from the People's Bank of China in December of the same year, becoming one of the early licensed payment institutions [4]. - The company has developed two main business segments: comprehensive digital payment services and digital business solutions, with a strong focus on traditional merchant acquiring services [5][10]. Group 2: IPO Journey - The company began its IPO journey in 2015, initially targeting the A-share market but faced multiple setbacks, including three terminated counseling agreements and three failed submissions to the Hong Kong Stock Exchange [5][6]. - Fuyou Payment submitted its latest prospectus to the Hong Kong Stock Exchange on January 18, 2024, marking its fourth attempt to secure an IPO [7]. Group 3: Financial Performance - Fuyou Payment's revenue has shown growth, with figures of RMB 1.14 billion, RMB 1.51 billion, and RMB 1.63 billion for the years 2022, 2023, and 2024 respectively, while net profit has fluctuated, with a decline of nearly 10% expected in 2024 [8][9]. - The company reported a gross profit margin of 28.4% in 2022, which decreased to 25.2% in 2023, indicating challenges in maintaining profitability amid increased competition and changing market dynamics [10]. Group 4: Dividend Policy - Fuyou Payment has engaged in significant dividend payouts, distributing a total of RMB 225 million from 2022 to 2025, which accounts for over 60% of its net profit during the same period [11]. Group 5: Business Structure and Challenges - The company heavily relies on its core business of traditional merchant acquiring services, which contributed over 90% of its revenue, raising concerns about its business model's sustainability [10][11]. - Despite efforts to diversify through digital business solutions, these services have yet to achieve significant scale, remaining below 10% of total revenue [11][14].