新大陆 20250818 摘要 新大陆海外 POS 机业务收入占比超 90%，主要受益于欧美、中东非、 拉美等市场智能 POS 机渗透率较低，增长空间巨大，成为公司硬件设备 业务的主要驱动力。 受益于收单行业竞争格局优化，头部企业议价权增强，费率从 2022 年 的千一出头提升至 2024 年的千一三至千一四，毛利率显著提升至接近 40%，新大陆支付业务的商户资源、交易量和盈利能力均得到明显改善。 新大陆积极布局跨境支付和海外收单市场，跨境支付费率高于传统收单， 并已获得美国 MSB 牌照，预计 2025 年下半年开始贡献流水；海外收单 市场交易量和费率均远高于国内，为公司带来显著的增量空间。 新大陆在 AI 领域专注于为商户提供定制化 AI 应用，如营销、广告和引 流的一站式解决方案，以及针对银行等合作机构的 AI 产品，通过 AI 技 术提升服务能力和客户粘性，并已在内部和设备端部署 AI 以降低合规成 本和优化设备性能。 网证网号市场硬件端替换空间巨大，总市场空间约 400 亿至 500 亿元， 新大陆作为二维码方案知识产权的共同拥有者和芯片独供方，预计占据 30%-35%的市场份额，未来几年每年有望新 ...

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Composite Index (000680) decreased by 0.63% as of May 27, 2025, with mixed performance among constituent stocks [3] - Key gainers included Kejie Intelligent (688455) up 20.00%, Sangfor Technologies (688336) up 15.86%, and Jiankai Technology (688356) up 8.50%, while major losers were Weide Information (688171) down 8.70%, Green Harmony (688017) down 6.73%, and Guoguang Electric (688776) down 5.72% [3] - The Huaxia Sci-Tech Innovation Index ETF (589000) fell by 0.54%, with the latest price at 0.92 yuan, and had a turnover rate of 2.08% during the session, with a transaction volume of 55.8434 million yuan [3] Group 2 - The Ministry of Public Security and other departments released the "National Network Identity Authentication Public Service Management Measures," effective from July 15, 2025, which is expected to enhance the adoption of online identity verification [4] - According to Citic Securities, the voluntary use and access to the network identity authentication system are anticipated to gain consensus, leading to rapid growth in user adoption and accelerating the integration of related industries and applications [3][4] - The Huaxia Sci-Tech Innovation Index ETF has seen significant growth, with an increase of 1.156 billion yuan in scale over the past three months, ranking first among comparable funds [4]

Summary of Newland's Conference Call Company Overview - **Company**: Newland - **Industry**: Technology and Financial Solutions Key Points and Arguments Collaboration and Technology Development - Newland collaborates with Zhongke Soft International to adapt open-source HarmonyOS for financial scenarios, including POS machines and other financial terminal products [2][3] - The company has completed the adaptation of its self-developed decoding chip with the open-source HarmonyOS, achieving domestic substitution [2][3] - Newland's industrial-grade code readers have passed compatibility tests with HarmonyOS, ensuring comprehensive adaptation from chip to device [2][3] - A partnership with Huawei has been established to develop autonomous industrial solutions based on HarmonyOS [2][3] Network Identity and Certification - Newland is the only supplier authorized by the Ministry of Public Security to develop decryption card chips and algorithms, providing a solid foundation for its network certification number business [2][6][11] - The market for replacing traditional ID recognition devices with network certification devices is estimated to be between 400 billion to 800 billion RMB, with Newland expected to capture 20%-30% market share [2][10][13] Financial Performance and Future Expectations - Newland's profit for 2025 is projected to be between 1.3 billion to 1.4 billion RMB, with a year-on-year profit growth exceeding 25% in Q1 [4][5][14] - The company is expanding into emerging markets in Europe and the US, transitioning its sales model from agency to direct sales, with significant revenue expected from cross-border payments and overseas acquiring in the second half of the year [4][14] - Newland's market capitalization is approximately 32 billion RMB, with a price-to-earnings ratio of over 20 times, indicating potential for future surprises [5][7] AI and Innovation - Newland has launched AI products and formed a deep partnership with Alibaba Cloud to apply AI models in the payment industry, enhancing merchant marketing and quality control [4][15] - The company is leveraging AI to empower merchants significantly, showcasing its catalytic role in the AI sector [15] Market Dynamics and Strategic Positioning - The network identity certification market is projected to require 1.5 billion to 2 billion devices, with a total market size of approximately 400 billion to 800 billion RMB, and software market potential exceeding 1 trillion RMB [10][13] - Newland's unique position as the only authorized supplier for decryption chips and its extensive partnerships position it favorably in the market [11][12] Valuation and Growth Potential - Newland's future valuation is optimistic, with potential profits of 4 billion to 6 billion RMB based on a 20% net profit margin, and a market capitalization growth potential based on a price-to-earnings ratio of 20 to 30 times [13][17] - The company’s stock price is expected to rise significantly due to its low current valuation despite recovering profits [17]