Financial Data and Key Metrics Changes - Revenue for Q2 2025 increased by 22% year-over-year, reaching $96 million [7][16] - Recurring revenue grew by 32% year-over-year, accounting for 74% of total revenue [7][17] - Adjusted EBITDA was nearly $13 million, representing approximately 13% of total revenue, an increase of $4.5 million compared to the previous year [8][21] - Net income for the quarter was nearly $12 million, compared to a net loss of $3 million in the prior year [21][22] - Total transaction value increased by over 34% year-over-year, reaching nearly $1.6 billion [15] Business Line Data and Key Metrics Changes - Processing revenue grew by 35% to $43 million, driven by a 16% increase in the installed base of managed and connected devices [17][18] - Hardware revenue was $25 million, slightly higher than the prior year's quarter [18] - The installed base of managed and connected devices grew by 16% year-over-year, reaching almost 1.38 million devices [15][18] Market Data and Key Metrics Changes - The company is experiencing strong global demand, particularly in emerging segments such as EV chargers and smart coolers [9][10] - The customer base expanded by approximately 24% year-over-year, approaching 105,000 customers [15] Company Strategy and Development Direction - The company is focused on expanding its geographic footprint and gaining market share across core verticals [4][5] - Strategic partnerships, such as with Ortel Energy for EV charging solutions, are expected to drive future growth [10][11] - The company is pursuing both organic growth and strategic M&A to enhance its market position [13][50] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about near-term growth opportunities, driven by the ongoing shift from cash to digital payments [13] - The company reaffirmed its full-year 2025 guidance, expecting revenue growth of 30% to 35% [23][24] - Management highlighted the importance of customer retention and engagement, with a churn rate of under 3% annually [5][40] Other Important Information - The company has made significant acquisitions, including Innopropay and a majority stake in NICE Capital, to strengthen its position in Europe and enhance its embedded banking division [11][12] - The gross margin improved to 48.3%, up from 44.3% in the previous year, driven by higher recurring and hardware margins [19] Q&A Session Summary Question: How should we think about the larger opportunity in terms of EV as a percentage of revenue? - Management indicated that the EV market presents a significant growth opportunity, with partnerships expected to drive customer acquisition and revenue growth [26][30] Question: Can you talk about NRR and how you think it will trend over the next couple of years? - Management noted that NRR remains strong, driven by growth in service and processing, and highlighted the importance of emerging verticals [37][40] Question: Can you provide an update on your hospitality and retail initiatives? - Management reported strong demand in the retail sector and ongoing integration efforts in the hospitality space, particularly in Brazil [42][44] Question: What is the expected revenue contribution from M&A this year? - Management expects around $10 million in inorganic growth for the year, with ongoing efforts to complete additional acquisitions [48][50] Question: Can you elaborate on the competitive landscape for the new EV charging partnerships? - Management emphasized their first-mover advantage and technical expertise in the EV charging industry, which has facilitated recent partnerships [59][61]

Group 1: Industry Trends - The concept of cashless and contactless payments is rapidly penetrating globally, with cash usage in global payments declining by 20% over the past five years [1] - In developing countries, digital payments are accelerating to replace cash payments, while in developed countries, the rise of e-commerce is driving the demand for integrated online and offline sales channels [1] - By 2026, global shipments of smart commercial terminals are expected to reach 19.72 million units, with a market size of 35 billion yuan and a compound annual growth rate of 15.7% [1] Group 2: Company Overview - Feitian Technology (300386.SZ) is a provider of embedded operating systems and digital security solutions, offering a range of products and complete solutions in identity recognition, transaction security, smart payments, cloud security, and more [1] - The company has established a global marketing and service system, serving clients in various sectors including finance, government, telecommunications, and the internet [1] Group 3: Intellectual Property and Innovation - Feitian Technology has made significant investments in R&D and holds 842 valid patents, including 674 invention patents, covering key technology areas such as identity authentication and data security [2] - The company has been recognized as a patent demonstration unit and a national-level intellectual property demonstration enterprise [2] Group 4: Financial Performance - In Q1 2025, Feitian Technology reported a revenue of 182 million yuan, a year-on-year increase of 23.50%, and a net profit attributable to shareholders that surged by 321.47%, marking a significant turnaround [3] - The company's net profit excluding non-recurring items was 16.37 million yuan, up 265.87% year-on-year [3] Group 5: Future Outlook - The company is expected to achieve better results in the fields of information security and smart payments, driven by its expansion in financial service solutions and overseas markets [3]

（图片来源：摄图网） 日本长期以来以"现金为王"的理念著称，但近年来无现金支付的比例正在逐步上升。该国政府最新数据显 示，日本的无现金支付比例已从2010年的13.2%增长至2024年的42.8%，首次突破40%，提前一年实现了政 府设定的2025年目标。增长主要得益于二维码支付的快速普及以及信用卡支付的持续增长。其中，二维码支 付(如PayPay)正在崛起，但信用卡支付仍然是主流，2024年信用卡支付总额达到116.9万亿日元。 尽管日本长期以来以"现金为王"著称，但随着无现金支付比例的快速上升，央行数字货币(CBDC)的开发和 测试已成为日本金融体系数字化转型的重要组成部分。 2023年起，日本央行正式启动数字日元的试点项目，与私营企业合作，测试CBDC在实际支付场景中的应 用。 从数字货币布局来看，过去几年，各国/地区央行也纷纷开启了对央行数字货币的可行性讨论、研发或实证 实验，但仍有部分国家尚未发行数字货币。各国发行或计划发行的央行数字货币具备不同特征，差异性来源 于应用领域、所采用的技术等。 香港大学亚洲全球研究院杰出研究员沈联涛指出，随着全球数字服务贸易持续增长，使用数字货币正成为趋 势，央行数字 ...