Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has shown a recovery in gross margin, with a significant focus on expanding its overseas business through a planned listing in Hong Kong [1][6] - Despite short-term pressures on revenue and profit due to strategic investments, the domestic acquiring business is expected to improve as the industry stabilizes [6] - The company is experiencing growth in high-margin overseas markets, particularly in Europe, the United States, and Japan, with revenue from payment devices exceeding 200 million yuan, a year-on-year increase of over 80% [6] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 3,392 million yuan, with a year-on-year growth rate of 7.8% [5] - The net profit attributable to the parent company is expected to reach 738 million yuan in 2025, reflecting a significant year-on-year increase of 215.2% [5] - The gross margin is forecasted to recover to 40.8% in 2025, with a return on equity (ROE) of 15.2% [5] - The company anticipates revenues of 3,589 million yuan and 3,821 million yuan for 2026 and 2027, respectively [5][6]