2025 年 8 月 26 日 公司研究 海外业务成为增长新引擎，多领域布局实现突破 ——新大陆（000997.SZ）2025 年半年报点评 要点 公司披露 2025 年中报：25H1 营收 40.20 亿元，同比+10.54%；归母净利润 5.95 亿元，同比+12.36%；扣非归母净利润 5.99 亿元，同比+6.72%。其中 25Q2 营 收 21.23 亿元，同比+12.03%，归母净利润 2.84 亿元，同比+1.06%。 海外拓展顺利推进，支付服务交易规模逐季提升：1、智能终端集群，25H1 营 收 18.98 亿元，同比增加 24.90%，主要系公司持续推进全球化战略，加速拓展 欧美以及拉美新兴市场的区域及客户所致，海外业务收入占集群总收入比例超 76%。其中：（1）数字支付终端：25 H1 公司实现智能 POS 等产品销量合计超 过 430 万台，其中智能 POS 出货量近 140 万台。分区域看，欧美区域出货量及 营收同比增长均超 90%；拉美地区营收同比增长超 20%；墨西哥、阿根廷等新 兴市场规模迅速增长，为公司未来进一步巩固拉美主导地位奠定基础。（2）智 能感知识别：公司持续深耕垂直行 ...

Core Viewpoint - The company, Newland, has transformed from a POS machine manufacturer to a digital service provider, leveraging capital market empowerment and strategic focus on digitalization, internationalization, and ecological development to drive growth and innovation [1][2]. Capital Empowerment for Development - Founded in 1994, Newland has evolved into a digital service provider with capabilities in smart terminals, big data processing, and data scenario operations, significantly aided by capital market support since its listing in 2000 [1][2]. - The company has experienced rapid growth in revenue and profit, with a compound annual growth rate exceeding 30% over six consecutive years from 2015 [2]. - The transition to a public company has enhanced governance, risk management, and trust among partners and clients, facilitating the expansion of large projects and international business [2]. International Market Expansion - In 2024, Newland achieved a record overseas revenue of 2.674 billion yuan, nearly doubling from 2021, and increasing its international revenue share from 18.43% to 34.52% [2]. - The strategic upgrade initiated in 2014-2015 positioned the company to capitalize on emerging technologies and international market opportunities, despite initial internal resistance [3]. - Newland is actively involved in the digital renminbi initiative, serving as a key player in the digital currency ecosystem and supporting nearly 15,000 merchants in adopting digital renminbi services by the end of 2024 [3]. Focus on Trusted Digital Identity - The implementation of the national digital identity management framework marks a significant advancement in the trusted digital identity strategy, which is essential for social governance and economic efficiency [4][5]. - Newland's subsidiary has been recognized as a core supplier for trusted digital identity solutions, contributing to various public service scenarios [5]. - The company's strategic positioning in the digital identity sector is aimed at establishing a foundational infrastructure for the future digital economy, emphasizing the importance of digital citizens in the digital landscape [5].

Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Insights - The recent policy announcement regarding "Net Number and Net Certificate" by six government departments is expected to benefit the company significantly [7] - The company is the only supplier of trusted digital identity QR code security chips and one of four suppliers of trusted digital identity QR code modules [7] - Revenue and profit forecasts remain unchanged due to the uncertain pace of policy implementation, with projected revenues of 96.28 billion, 108.06 billion, and 118.87 billion yuan for 2025-2027, and net profits of 13.75 billion, 16.92 billion, and 17.94 billion yuan for the same period [7] Financial Data Summary - Total revenue for 2025 is estimated at 9,628 million yuan, with a year-on-year growth rate of 24.3% [6] - The projected net profit for 2025 is 1,375 million yuan, reflecting a year-on-year growth of 36.2% [6] - Earnings per share for 2025 is expected to be 1.33 yuan, with a price-to-earnings ratio of 22 [6]