（原标题：上市支付机构半年考：逾半营收下滑，境内承压出海寻"新蓝海"） 【文/羽扇观金工作室】 2025年上半年，中国上市系支付机构迎来业绩大考，整体表现呈现显著分化。据不完全统计，拉卡拉、 移卡、连连数字等8家主要机构上半年合计营收逾90亿元，其中，3家实现营收、净利润双增，而过半机 构营收则出现不同程度下滑。 业内人士指出，国内市场"内卷"加剧、交易规模增长面临瓶颈、利润空间持续承压，正倒逼机构深挖垂 直场景、探索"支付+科技"转型，并积极寻求海外市场突破。然而，出海赛道虽被视为"新蓝海"，其拥 挤度与复杂性也日益凸显，挑战并存。 与境内支付业务的参差不齐形成对比，多数支付机构的跨境业务呈现较好的发展趋势，成为上半年业绩 的一大亮点。拉卡拉上半年共服务客户超16万家，同比增长70.4%，跨境支付交易金额371亿元，同比 增长73.5%。新国都跨境支付业务商户数量和交易金额快速增长，其中二季度环比一季度分别增长169% 和272%。合利宝跨境支付业务交易量约825亿元，同比增长约159%。作为以跨境支付为主业的上市公 司，连连数字全球支付业务支付交易总额达1985亿元，同比增长94%。 收单规模整体缩水，更 ...

上市系支付机构2025半年度业绩大考交卷。9月1日，据北京商报记者不完全统计，已有拉卡拉 （300773）、移卡、连连数字、国通星驿、嘉联支付、海科融通、合利宝、随行付等8家支付机构2025年上 半年经营情况披露。其中拉卡拉为A股上市公司，移卡、连连数字在港股上市，剩余几家机构属于上市公司 旗下业务板块。 2025年以来，"内卷"依旧是第三方支付行业绕不开的话题。国内存量市场的激烈竞争下，交易规模增长陷 瓶颈，机构利润空间被压缩，反映在业绩数据上，上述8家支付机构中，上半年营收累计约92.68亿元，其 中，3家营收、净利润同比双增，剩余5家营收均有不同程度下滑。相较而言，跨境业务则是一致地保持扩 张，出海的赛道也渐渐拥挤起来。 | | 营业收入(亿元) | 营收同比 | 净利润/期内利润(亿元) | 净利同比 | | --- | --- | --- | --- | --- | | 拉卡拉 | 26.5 | -11.1% | 2.3 | -45.3% | | 移卡 | 16.42 | 4.0% | 0.41 | 27.0% | | 连连数字 | 7.83 | 26.8% | 15.11 | 531.9% | | ...

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].