Core Viewpoint - The launch of the "Bank of China - UnionPay" Jinxiu China debit card in Frankfurt marks a significant step in enhancing cross-border payment convenience for key demographics, promoting the internationalization of the Renminbi, and spreading Chinese culture and image in Europe [1][2]. Group 1: Product Launch and Features - The "Bank of China - UnionPay" Jinxiu China debit card is designed to cater to business travelers, tourists, local residents, overseas Chinese, Chinese-funded enterprises, and students, providing convenient, safe, and cost-effective cross-border payment services [1]. - This product is the first of its kind to be introduced in Europe, aiming to improve payment convenience for those traveling to China [2]. Group 2: Market Trends and Demand - There is a growing trend among German consumers to use debit cards for high-value and frequent transactions, driven by the increase in cross-border payments and e-commerce demand [1]. - The expansion of China's visa-free travel policies is leading to a stronger willingness among foreign nationals to visit China and a rising demand for Renminbi payments [1]. Group 3: Strategic Importance - The Bank of China Frankfurt branch is the only Chinese bank in Germany authorized to conduct both corporate and personal business, as well as being a local Renminbi clearing bank, which positions it uniquely to enhance cross-border financial services [2]. - The collaboration with UnionPay leverages the global network advantages of UnionPay, further facilitating overseas consumption and travel for customers [1].

Core Insights - PingPong has signed a Memorandum of Understanding (MoU) with CIMB, one of the largest banks in ASEAN, to establish a strategic partnership aimed at enhancing cross-border payment experiences for businesses [1][2] - The collaboration will leverage CIMB's banking infrastructure and PingPong's global payment service network, providing businesses with local accounts in over 20 currencies, eliminating high cross-border transaction fees, and facilitating seamless payment processes [1] - The services will initially launch in Malaysia and will gradually expand to other countries such as Indonesia, Singapore, Thailand, and Cambodia [1] Company Developments - PingPong has recently obtained a payment license in Malaysia, marking a significant step in its expansion into the Southeast Asian market [1] - The partnership with CIMB is expected to create strong synergies that will enhance both companies' business presence in the Southeast Asian region [2] Service Offerings - CIMB will provide customized supply chain financing solutions, card payment solutions, and acquiring services to businesses using the PingPong platform [1] - The collaboration aims to make cross-border payments as simple and convenient as local transactions, thereby supporting businesses in their globalization efforts [2]

Company Overview - Jingbeifang Information Technology Co., Ltd. is located in Haidian District, Beijing, and was established on December 16, 2009. It was listed on May 7, 2020. The company primarily provides information technology services and business process outsourcing to financial institutions, mainly banks [2]. - The revenue composition of Jingbeifang includes: software development and services (33.73%), financial technology solutions (30.03%), smart customer service and consumer finance precision marketing (19.58%), digital operation and services (13.95%), and AI and big data innovative products (2.71%) [2]. Financial Performance - For the first half of 2025, Jingbeifang achieved operating revenue of 2.361 billion yuan, representing a year-on-year growth of 5.22%. However, the net profit attributable to shareholders decreased by 0.91% to 119 million yuan [2]. - Since its A-share listing, Jingbeifang has distributed a total of 318 million yuan in dividends, with 261 million yuan distributed over the past three years [2]. Stock Performance - As of September 23, Jingbeifang's stock price was 21.46 yuan per share, with a market capitalization of 18.613 billion yuan. The stock has increased by 114.90% year-to-date but has seen a decline of 4.32% over the past five trading days and 16.56% over the past 20 days [1]. - The stock has appeared on the "Dragon and Tiger List" 10 times this year, with the most recent appearance on August 22, where it recorded a net purchase of 4.7231 million yuan [1]. Shareholder Structure - As of June 30, 2025, the top ten circulating shareholders of Jingbeifang include Hong Kong Central Clearing Limited as the fifth largest shareholder, holding 4.1497 million shares, a decrease of 1.3882 million shares from the previous period. Other notable shareholders include Southern CSI 1000 ETF and Huabao CSI Financial Technology Theme ETF, which have increased their holdings [3].

PingPong亚太区CEO兼集团合伙人束建琴表示："此次创新合作将带来强大的协同效应，不仅有助于强 化双方在东南亚地区的业务布局，还能真正让全球化发展成为企业触手可及的机遇。" 中证报中证网讯(记者黄一灵)近日，全球支付平台PingPong与东盟最大的银行之一联昌国际银行(简 称"CIMB")正式签署谅解备忘录(MoU)，建立战略合作伙伴关系。据悉，通过整合CIMB的银行基础设 施和PingPong的全球支付服务网络，双方将实现深度嵌入和双向赋能，为企业提供更快捷、安全、高效 的跨境支付体验，共同推动东盟数字商业发展的未来。 具体来看，通过本次合作，一方面，CIMB可借助PingPong的全球支付服务网络，为其企业用户提供超 过20个币种的本地账户，不仅能免除高昂的跨境交易手续费，还能便捷管理全球资金、高效完成货币兑 换，并向全球买家、供应商及合作伙伴实现顺畅无缝的收付款；另一方面，PingPong平台上的企业用户 可获得由CIMB提供的定制化供应链融资服务方案、卡支付解决方案及收单服务。据悉，该项服务将率 先在马来西亚推出，并逐步拓展至印度尼西亚、新加坡、泰国和柬埔寨等其他国家。 ...

Group 1 - The company is one of the few in China that can provide full-stack technical services for digital RMB, deeply involved in the pilot work of the People's Bank of China [1] - The company has launched several representative cases, including the first digital currency application in Guangzhou's rail transit and a digital financial ecosystem cooperation platform in Guangdong Province [1] - The company is actively exploring opportunities in the global international payment market and is working on overseas license layouts and international innovation businesses [1] Group 2 - The company aims to expand the application of digital RMB in various scenarios such as smart living, public services, and retail consumption [1] - The company is leveraging its technological advantages to integrate with new-generation information technologies like artificial intelligence and big data [1] - The company is committed to contributing to the development of an open, efficient, and inclusive digital financial ecosystem [1]

Core Viewpoint - Domestic licensed payment institutions are increasingly expanding into overseas markets as the domestic payment market approaches saturation and new license issuance has no growth space [2] Group 1: Overseas License Acquisition - CoGoLinks has become the first Chinese cross-border payment platform to obtain a formal payment license in the UAE, allowing it to operate payment accounts, process transactions, and issue payment tools [2] - Other payment institutions, such as AirCloud and Newland, have also announced recent overseas license acquisitions, with over 10 licenses obtained across various countries including Singapore, Indonesia, and the USA [2][5] - The competition in the cross-border payment market is intensifying as domestic payment market growth slows and regulations tighten, making overseas expansion a core strategy for leading companies [2][5] Group 2: Market Potential in UAE - The UAE is a vibrant economic hub in the Middle East, with its e-commerce market expected to grow from 32.3 billion AED (approximately 8.8 billion USD) in 2022 to over 50.6 billion AED (approximately 13.8 billion USD) by 2029, reflecting a compound annual growth rate of 56% [4] - The UAE's strategic position as a "Belt and Road" hub and its free trade zone policies attract foreign enterprises, further driving the demand for cross-border payment services [4] Group 3: Challenges in Overseas Expansion - The process of applying for payment licenses in different countries is complex due to varying regulations and financial environments, posing significant uncertainties for payment platforms [3] - Companies face challenges such as compliance risks, competition from established players, and the need to adapt to local payment habits and regulations [7][8] Group 4: Policy Support and Market Trends - Recent favorable policies, including guidelines for cross-border data flow and support for cross-border RMB operations, are expected to benefit the cross-border payment industry [6][7] - The growth of China's cross-border e-commerce, with an import and export scale of 1.32 trillion CNY (approximately 1.32 trillion RMB) in the first half of 2025, presents significant opportunities for payment enterprises [6]

Core Insights - The international status of the Renminbi is steadily rising, supported by improvements in cross-border usage systems and financial infrastructure [1] - The People's Bank of China (PBOC) has signed bilateral currency swap agreements with 32 countries and regions, enhancing cooperation with central banks [1] - Significant advancements have been made in cross-border trade and investment facilitation, alongside improvements in cross-border payment services [1] Group 1 - The PBOC is promoting reforms in cross-border Renminbi and foreign exchange management, leading to a substantial increase in facilitation levels [1] - A diversified cross-border payment system has been established, including the Renminbi cross-border payment system and various commercial bank systems [1] - The role of digital Renminbi in cross-border payments is developing and holds significant potential for the future [1]

Group 1: Shareholder Concerns - The major shareholders have no current plans for share reduction following the lifting of restrictions [13][16] - The company emphasizes that any future share reduction will be disclosed in accordance with legal and regulatory requirements [14][16] - The company has not engaged in share buybacks since its IPO in 2011, which has led to concerns about its commitment to shareholder value [29] Group 2: Financial Performance and Business Strategy - The company reported a significant increase in operating costs for its subsidiary, Weifutong, with a 247% rise attributed to changes in business structure [8] - The company is focusing on high-value products, which has led to a decrease in overall revenue but an improvement in profit quality [36] - The company’s net profit from Weifutong was 4.2 million yuan, accounting for less than 10% of the consolidated net profit for the first half of 2025 [4] Group 3: Market and Business Development - The company is actively monitoring the policy environment and potential business opportunities related to stablecoins, but acknowledges significant uncertainties in this area [2][3] - Weifutong's cross-border payment business currently has a low revenue share in the overall company revenue, limiting its impact on overall performance [21] - The company is enhancing its market research and sales strategies to address external pressures, with a reported increase in product sales since Q3 2025 [3] Group 4: Investor Relations and Communication - The company maintains that it adheres to strict disclosure regulations and has no undisclosed significant information affecting its stock price [10] - The company has committed to improving its communication with investors and providing timely updates on operational performance [12] - The company’s official communications are managed internally, with some design work outsourced to enhance quality [20]

Core Insights - PingPong has signed a Memorandum of Understanding (MoU) with CIMB to establish a strategic partnership aimed at enhancing cross-border payment experiences for businesses in the ASEAN region [1][2] - The collaboration will leverage CIMB's banking infrastructure and PingPong's global payment service network to provide efficient and secure payment solutions [1] Group 1: Partnership Details - The partnership will enable CIMB to offer its enterprise users local accounts in over 20 currencies, eliminating high cross-border transaction fees and facilitating seamless payment management [1] - PingPong's enterprise users will gain access to customized supply chain financing solutions, card payment solutions, and acquiring services provided by CIMB [1] Group 2: Market Expansion - The service will initially launch in Malaysia and will gradually expand to Indonesia, Singapore, Thailand, and Cambodia [2] - This initiative aims to provide near real-time cross-border payment solutions and comprehensive financial services to businesses across ASEAN, enhancing operational efficiency and accelerating business growth [2]

Core Viewpoint - The financial IT sector is experiencing a rise in market capitalization driven by trends in cross-border payments, stablecoins, and artificial intelligence, despite the lack of significant performance improvements in earnings among major companies [1][5]. Market Capitalization and Performance - Ten representative companies in the financial IT sector have shown varying degrees of market capitalization growth, with Runhe Software at approximately 48 billion yuan, significantly higher than its peers [2]. - Among these companies, only five reported positive net profits, and only four achieved profit growth in the first half of 2025 [1][2]. Revenue and Growth Rates - Nantian Information and Shenzhou Information led in revenue, reaching approximately 4.566 billion yuan and 4.405 billion yuan, with year-on-year growth rates of 16.76% and 7.88% respectively [2]. - Other companies reported revenues ranging from 31.1 million yuan to 1.736 billion yuan, with three companies experiencing negative growth: Yuxin Technology (-4.89%), Changliang Technology (-5.75%), and Kelong Software (-38.05%) [2]. Profitability Metrics - Yuxin Technology reported a net profit of 220 million yuan, a year-on-year increase of 35.26%, while the remaining profitable companies had net profits below 100 million yuan [3]. - The highest gross margin was reported by Yuxin Technology at 34.53%, with other companies like Changliang Technology and Kelong Software also exceeding 30% [3]. Research and Development Investment - Anshuo Information had the highest R&D expense ratio at 14.14%, with several other companies exceeding 10% [3]. Return on Equity (ROE) - Among the ten companies, five had a positive ROE, with Yuxin Technology leading at 5.11% [4]. Industry Challenges - The financial IT market is characterized by limited capacity and intense competition, with large financial institutions having self-sufficiency, which reduces demand for products and services from smaller companies [5]. - Long payment cycles and project durations are common issues affecting profitability across the industry [6]. Losses and Financial Strain - Shenzhou Information reported the largest loss at 96 million yuan, attributed to increased overdue receivables and related impairment provisions [7]. - Nantian Information's loss was due to intensified market competition and declining gross margins [7]. AI and International Expansion - Companies are increasingly leveraging AI technology to enhance efficiency and reduce costs, with several firms reporting successful AI product implementations [8]. - International markets are being targeted for growth, with companies like Kelong Software and Changliang Technology expanding their presence in Southeast Asia [9][10].