证券代码：000997 证券简称：新大陆 新大陆数字技术股份有限公司投资者关系活动记录表 编号：2025-005 回复：公司已与阿里云达成深度战略合作，充分发挥双 方优势，共同探索大模型在支付场景的生态应用。阿里云的 优势在于算法和大模型能力，而公司拥有广大的商户基础、 支付场景数据和解决方案经验。 公司联合阿里云发布了基于千问大模型底座的支付专属 大模型，其应用包括：一是意图识别，即能更好地理解支付 行业的行话，"小驿秒哒"可秒级识别用户问题，显著缩短 咨询等待时长，同时利用 RAG 技术快速学习海量垂直知识并 提供精准回答，大幅提升服务质量；二是商户资质及合规审 核，AI 商户审核助手可同时审核数万商户，单户审核时效提 升 7 倍，有效解决人工审核痛点。例如，商户于店外拍摄门 头图片，和店铺内景信息难以形成直接关联证据，AI 商户审 核助手可通过双重 AI 技术，智能识别经营场景并推理业务关 联性，结合 AI 反证判断，准确率高达 98%。 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | ...

Core Viewpoint - *ST Rendo has shown significant financial recovery and growth potential, with a strong performance in the first three quarters of 2025, indicating a successful turnaround and strategic repositioning in the market [1][3]. Financial Performance - The company reported a revenue of 600 million yuan and a net profit attributable to shareholders of 367 million yuan for the first three quarters, marking a year-on-year increase of 356.65% [1]. - In Q3 alone, the net profit reached 19.91 million yuan, reflecting a year-on-year growth of 167.41%, continuing the strong recovery trend observed in the first half of the year [1]. - The net profit for the first half of the year was 347 million yuan, successfully turning the net assets positive and overcoming previous financial difficulties [1]. Strategic Developments - Following its restructuring, *ST Rendo initiated a new strategic layout within six months, including the introduction of strategic shareholders like CITIC Capital and Guangzhou Assets, which facilitated the complete clearance of historical debts [2]. - The company established three wholly-owned subsidiaries in Shenzhen, Beijing, and Ulanqab to capitalize on the "East Data West Computing" policy, positioning itself in key digital infrastructure nodes [2]. - An investment of 100 million yuan was made in Jiangyuan Technology, acquiring a 4.1427% stake, marking the integration of "payment + AI" into its core business ecosystem [2]. Business Model and Future Outlook - The company is focusing on building a smart technology ecosystem that integrates payment services with AI technology, aiming to create a comprehensive industrial chain [2]. - The synergy between payment and AI is beginning to show, with plans to connect AI infrastructure, hardware, and application scenarios, enhancing competitive advantages for long-term growth [2][3]. - Industry experts believe that the significant increase in net profit and the recovery of cash flow indicate a solid business foundation, with improved financial metrics signaling a transition to a stable growth phase [3].

Core Insights - *ST Rendo achieved a revenue of 600 million yuan and a net profit of 367 million yuan in the first three quarters of 2025, marking a year-on-year growth of 356.65% [1] - The company reported a net profit of 19.91 million yuan in Q3 alone, reflecting a year-on-year increase of 167.41%, continuing the strong recovery trend observed in the first half of the year [1] - The successful turnaround of the company is evidenced by its positive net assets and restored operational capabilities, leading to expectations of a delisting risk warning removal after the 2025 annual report [1] Financial Performance - In the first half of 2025, *ST Rendo achieved a net profit of 347 million yuan and successfully turned its net assets positive, overcoming previous financial difficulties [1] - The company’s cash flow has returned to a positive cycle, and its asset-liability structure is continuously improving, indicating a significant recovery in profitability [3] Strategic Developments - *ST Rendo has accelerated its business restructuring and strategic upgrades, focusing on the cross-border payment sector and leveraging AI technology to build a comprehensive smart technology ecosystem [1][2] - The company has initiated a new strategic layout just six months after completing its restructuring, including the introduction of strategic shareholders and the establishment of subsidiaries to capitalize on digital infrastructure opportunities [2] - A key step in the AI strategy was taken with a 100 million yuan investment in Jiangyuan Technology, marking the integration of "payment + AI" into its core business ecosystem [2] Market Outlook - The synergistic effect of the "payment + AI" strategy is beginning to show, with the company aiming to create a comprehensive smart technology ecosystem that spans the entire industry chain [2] - Analysts note that the significant growth in net profit and the solid business foundation indicate a transition to a new phase of stable development for the company, with potential for future growth and value reassessment by the market [3]

Core Insights - The overall performance of listed payment institutions in China during the first half of 2025 shows significant divergence, with over half experiencing revenue declines due to intensified domestic market competition and regulatory pressures [1][2][8] - Many institutions are seeking new growth opportunities through overseas expansion and technological transformation, particularly in "payment + technology" models [1][4][8] Domestic Market Challenges - The domestic third-party payment market is facing saturation, with several institutions reporting revenue declines, including major players like Lakala and JiaLian Payment, which saw revenue drops of 11.1% and 12.9% respectively [2][8] - Factors contributing to the revenue decline include stricter cash-out regulations, increased competition leading to price wars, and rising operational costs [2][8] - The overall payment transaction volume has shrunk, with Lakala reporting a 9.2% decrease in payment transaction amounts [2] Growth Amidst Adversity - Despite the overall downturn, some institutions like Yika, Lianlian Digital, and Guotong Xingyi achieved revenue and profit growth, with Lianlian Digital's revenue increasing by 26.8% [3][8] - These companies have maintained growth in transaction volumes, with Lianlian Digital reporting a 27.6% increase in total payment volume [3] Technological Innovations - Many payment institutions are exploring "payment + SaaS" and "payment + AI" strategies to enhance service capabilities and create new revenue streams [4][8] - Lakala has introduced AI-driven services to improve merchant interactions, indicating a trend towards integrating advanced technologies into payment solutions [4] Cross-Border Business Expansion - Cross-border payment services have shown significant growth, with Lakala reporting a 73.5% increase in cross-border payment transaction amounts [6][8] - The demand for digital payment solutions in emerging markets is driving this growth, with institutions like Lianlian Digital achieving a 94% increase in global payment transaction volumes [6] Challenges in Overseas Expansion - Despite the potential for growth in overseas markets, institutions face challenges such as regulatory differences, localization difficulties, and compliance risks [7][8] - The competitive landscape in cross-border e-commerce is dominated by established players, making it difficult for new entrants to gain market share [7][8] Conclusion - The first half of 2025 presents a challenging environment for listed payment institutions in China, prompting them to embrace technological advancements and seek new growth avenues in cross-border markets, while navigating the complexities of international expansion [8]

Core Insights - The third-party payment industry in China is facing intense competition, leading to a stagnation in transaction growth and a compression of profit margins for many companies [1][5] - Among the eight listed payment institutions, total revenue for the first half of 2025 reached approximately 9.268 billion yuan, with three companies reporting both revenue and net profit growth, while five experienced revenue declines [1][3] Revenue and Profit Performance - Lakala reported revenue of 2.65 billion yuan, down 11.1% year-on-year, with net profit of 230 million yuan, down 45.3% [2][3] - Yika achieved revenue of 1.642 billion yuan, up 4.0%, and net profit of 41 million yuan, up 27.0% [2][3] - Lianlian Digital saw significant growth, with revenue of 783 million yuan, up 26.8%, and net profit of 1.511 billion yuan, a 531.9% increase [2][3] - Guotong Xingyu reported revenue of 1.412 billion yuan, up 9.1%, and net profit of 318 million yuan, up 21.4% [2][3] - Other companies like Jialian Payment and Suixing Pay experienced revenue declines of 12.4% and 10.0%, respectively, with significant drops in net profit [2][3][4] Market Dynamics and Challenges - The payment industry is experiencing a saturation in the domestic market, leading to increased price competition and reduced profit margins [5][6] - The overall decline in transaction volumes is a key factor affecting revenue performance, with Lakala's transaction amount dropping by 9.2% year-on-year [6] - Companies are increasingly investing in technology and innovation to enhance competitiveness, despite short-term profit pressures [5][8] Cross-Border Business Growth - Cross-border payment services are showing robust growth, with Lakala serving over 160,000 clients, a 70.4% increase, and cross-border transaction amounts reaching 37.1 billion yuan, up 73.5% [9][10] - Lianlian Digital's global payment transaction volume reached 198.5 billion yuan, a 94% increase, indicating a strong expansion in cross-border services [10][11] - The potential for higher profit margins in cross-border payments is attracting companies to explore international markets, despite challenges such as regulatory differences and local operational difficulties [11][12]

Core Viewpoint - The performance of listed payment institutions in the first half of 2025 shows a mixed picture, with some companies experiencing revenue and profit growth while others face declines due to intense competition and market saturation in the domestic payment sector [1][5]. Group 1: Financial Performance - Eight payment institutions reported a cumulative revenue of approximately 9.268 billion yuan in the first half of 2025, with three companies achieving both revenue and net profit growth, while five experienced varying degrees of revenue decline [1][3]. - Lakala, despite maintaining its leading position, reported a revenue of 2.65 billion yuan, down 11.1% year-on-year, and a net profit of 230 million yuan, down 45.3% [2][3]. - Lianlian Digital saw significant growth, with revenue of 783 million yuan, up 26.8%, and a net profit of 1.511 billion yuan, a remarkable increase of 531.9% [2][3]. Group 2: Market Dynamics - The payment industry is facing a "involution" phenomenon, characterized by fierce competition and a saturated domestic market, leading to reduced profit margins for many institutions [1][5]. - The overall decline in transaction volumes is a key factor affecting revenue performance, with Lakala's payment transaction amount decreasing by 9.2% to 19.6 trillion yuan [6][12]. - Companies are increasingly focusing on cross-border payment services, which are showing robust growth, with Lakala's cross-border payment transaction amount reaching 37.1 billion yuan, up 73.5% [9][10]. Group 3: Strategic Shifts - Payment institutions are exploring new growth avenues through technology integration, such as AI and SaaS solutions, to enhance service quality and operational efficiency [7][8]. - The trend of "payment + technology" is becoming prominent, with companies aiming to transform into comprehensive service providers by leveraging blockchain and AI technologies [8][11]. - Cross-border payment services are seen as a new growth path, driven by higher fee rates compared to domestic services and the rising demand for digital payments in emerging markets [11][12].