目前，翠微股份主营业务包括商业零售业务、第三方支付业务。其中，商业零售业务以百货和超市业态 为主、综合经营业态为补充；第三方支付业务以控股子公司海科融通为核心载体，主要为商户提供多种 收单产品和移动支付产品，以及刷脸支付的生物智能识别支付产品。 近年来，受零售行业市场环境、支付行业政策市场变化，以及子公司当代商城中关村店闭店重建等因素 的影响，零售业务和收单业务收入降幅较大，主营业务处于亏损状态。2024年，翠微股份营收为22.29 亿元，同比下降39.11%；净利润-6.87亿元，亏损幅度进一步扩大。拆分来看，商业零售业务营收为8.37 亿元，同比下降22.07%；第三方支付业务营收13.92亿元，同比降幅达46.18%。 财务数据显示，2023年以来，翠微股份经营活动产生的现金流量净额持续为负，2024年这一数据扩大 至-3.17亿元，今年一季度为-2517万元，在2025年上半年业绩继续预亏的情况下，其现金流紧张的局面 难有明显缓解。此外，翠微股份偿债压力也不小，2025年第一季度，翠微股份资产总计63.61亿元，负 债合计却高达42.99亿元，负债水平处于高位。这对公司后续的业务拓展、债务偿还以及日常 ...

Group 1 - The company Lakala (300773.SZ) has announced plans to issue H-shares and list on the Hong Kong Stock Exchange as part of its international development strategy [2] - The company aims to enhance its competitiveness in the international market by promoting the application of digital currency in cross-border scenarios [2] - Currently, the company is in discussions with intermediaries regarding the specifics of the H-share listing, which is a complex and systematic process [2] Group 2 - Lakala was established in 2005 and became a leading third-party payment institution in China after obtaining a payment business license from the People's Bank of China in 2011 [3] - The company provides comprehensive digital business solutions for merchants, enterprises, and financial institutions, focusing on various sectors such as dining, retail, automotive, and tourism [3] - Lakala is deepening its "Payment+" strategy and integrating AI into its business to support high-quality development of the real economy [3] Group 3 - In 2024, Lakala reported a revenue of 5.759 billion yuan, a year-on-year decrease of 2.96%, and a net profit attributable to shareholders of 351 million yuan, down 23.26% [4] - In the first quarter of 2025, the company's revenue was 1.299 billion yuan, a year-on-year decrease of 13.01%, with a net profit of 101 million yuan, down 51.71% [4] - Lakala has no controlling shareholder or actual controller, with Lenovo Holdings being the largest shareholder, holding a 26.14% stake, which may provide support and potential synergies for the company [4]

稳定币：架构、生态和催化 20250707 摘要 稳定币作为法币的数字投射，其价值共识依赖于锚定法币的信用，如美 元稳定币依赖于美元的国家信用。稳定币产业链包括上游（基础设施、 发行方、资产管理）、中游（支付服务商、交易所、跨链清算机构）和 下游（交易结算、跨境支付等）。 USDT 凭借先发优势占据市场主导地位，但储备透明度受质疑；USDC 合规性高，但成本较高；DAI 通过超额抵押加密资产增强抗风险能力， 但依赖复杂算法。稳定币市场呈现"双超多强"格局，USDT 和 USDC 占据约 85%的市场份额。 稳定币增强了美元作为全球储备货币的地位，并可能通过数字形式进一 步渗透到国际贸易与金融系统中。中国可通过发展数字人民币项目提升 国际影响力，同时需警惕外部冲击带来的金融风险。 稳定币规模扩大且锚定美元等法币，可增加法币交易量需求，巩固其储 备地位。人民币短期内受稳定币影响较小，但中国正加快推进香港作为 试验田，构建人民币稳定币市场生态。 Q&A 从架构设计的角度，如何理解稳定币及其产业链全景？ 稳定币是一类加密货币，其主要特征是锚定主权信用法币，这也是各大经济体 央行高度重视的原因之一。稳定币的稳定性介于加 ...

记者梳理获悉，今年以来，央行陆续披露注销了上海润通实业投资有限公司、山东飞银支付信息科技有 限公司、上海银生宝电子支付服务有限公司、汇明商务服务有限公司、得仕股份有限公司、中汇电子支 付有限公司的支付牌照，人保科技被注销的支付牌照是今年央行披露注销的第7张支付牌照。 记者查询中国人民银行网站披露的信息发现，从2011年5月份央行签发首批第三方支付牌照以来，央行 总计发出271张支付牌照。目前，现存持有牌照的支付机构仅剩168家。央行累计注销的支付牌照数量达 到103张。自2015年至2024年，支付牌照每年注销数量分别为2张、3张、19张、9张、1张、4张、9张、 23张、16张、10张，其中预付卡类业务机构占比近八成。 公开信息显示，人保科技原名为重庆联付通网络结算科技有限责任公司(下称"联付通")，成立于2012 年，注册资本2亿元，于2014年7月获得人民银行颁发的《支付业务许可证》，业务类型为互联网支付。 2021年，人保集团旗下人保金融服务有限公司以4亿元获得联付通100%股权，将这块互联网支付牌照收 入囊中。 又一张第三方支付牌照被注销！ 中国人民银行官网近日更新的已注销机构名单显示，人保支付科技 ...

Core Viewpoint - The digital currency industry is experiencing positive developments, benefiting companies like Lakala, which has seen its stock price rise over 100% in the past three months despite poor financial performance [1][3]. Financial Performance - Lakala reported a revenue of 5.762 billion yuan and a net profit of 351.2 million yuan for 2024, with revenue and net profit growth rates of -2.98% and -23.26% respectively, marking the second occurrence of "double decline" in three years [3][8]. - In Q1 of this year, Lakala's revenue was 1.3 billion yuan, with a revenue growth rate of -13.02%, and a net profit of 100.6 million yuan, reflecting a net profit growth rate of -51.17%, indicating the worst performance in Q1 historically [3][8]. Market Dynamics - The stock price surge began in April, driven by policy support, including the Shanghai International Financial Center's plan to enhance cross-border financial services and promote blockchain technology [3][6]. - The Hong Kong government's passage of the Stablecoin Bill has positioned it as a leading financial center for stablecoin regulation, igniting speculation in A-shares and boosting related stocks [3][5]. Business Model and Challenges - Lakala's main business is B-end acquiring, which accounted for 89.7% of its revenue in 2024. However, the company faces challenges in expanding its merchant base and increasing average net settlement rates due to intense market competition [7][8]. - The revenue from Lakala's payment business was 5.165 billion yuan in 2024, showing minimal growth from 5.18 billion yuan in 2023, indicating stagnation in its core operations [8]. New Business Directions - Lakala is focusing on new business opportunities in cross-border payments and stablecoins to overcome traditional business challenges. The company aims to enhance its international competitiveness through its planned Hong Kong listing [9][10]. - The cross-border payment market is substantial, with China's cross-border e-commerce import and export volume reaching 2.63 trillion yuan in 2024, but Lakala's cross-border payment transaction volume was only 49.2 billion yuan, representing a mere 1.16% of its total payment transaction volume [9][10]. Stablecoin Prospects - Currently, Lakala does not have stablecoin-related operations, and while it has hinted at accelerating the application of digital currencies in cross-border scenarios, the challenges of entering the stablecoin market are significant [11]. - The stablecoin sector is still in its early stages, facing regulatory, technical, and market acceptance challenges, making it difficult for Lakala to develop this business effectively [11]. Shareholder Activity - Following the stock price increase, Lakala's shareholders have begun to reduce their holdings, with significant share sales reported, including a planned reduction of up to 19.27 million shares by a major shareholder [11].

长江商报消息 ●长江商报记者 沈右荣 实习生 赖海军 "第三方支付第一股"拉卡拉（300773.SZ）筹划赴港上市之际，第一大股东联想控股要减持了。 7月2日晚间，拉卡拉披露，联想控股拟在未来三个月内减持所持有的公司不超过3%的股份。 目前，联想控股持有拉卡拉26.54%的股份，为其第一大股东。如果按照拉卡拉7月2日收盘价28.87元/股 计算，顶格减持，联想控股将套现6.83亿元。 第三大股东拟清仓大股东拟套现 拉卡拉的股东接力减持套现。 根据最新公告，拉卡拉的第一大股东联想控股要减持。 公告显示，联想控股目前持有拉卡拉2.09亿股股份，占公司总股本的26.54%。联想控股计划在自公告之 日起十五个交易日后的三个月内（即7月23日至10月22日）以集中竞价方式减持公司股份不超过788.08 万股，即不超过剔除回购股份后公司总股本比例的1%；以大宗交易方式合计减持公司股份不超过 1576.16万股，即不超过剔除回购股份后公司总股本比例的2%。两种方式合计拟减持不超过2364.24万股 股份，即不超过公司总股本的3%。 一个多月前，拉卡拉第三大股东孙浩然宣布拟清仓减持所持公司2.45%的股份。孙浩然是拉卡拉创始 ...

Core Viewpoint - Lenovo Holdings plans to reduce its stake in Lakala by no more than 3% of the total share capital, which currently stands at 26.54% [1][2] Group 1: Shareholding Changes - Lenovo Holdings intends to reduce its stake through a centralized bidding method, limiting the reduction to 1% of the total share capital within three months starting from July 23, 2025 [1] - Additionally, Lenovo will utilize block trading to reduce its stake by up to 2% of the total share capital during the same period [1] - Another significant shareholder, Sun Haoran, plans to reduce his holdings of 19.27 million shares, representing 2.45% of the total share capital, with a maximum reduction of the same number of shares [3][4] Group 2: Company Background and Developments - Lakala, founded by Sun Taoran and others, is one of China's earliest third-party payment companies, having been established in 2005 [2] - Lenovo Holdings invested in Lakala in 2008, marking a collaboration between industry and finance [2] - Lakala became the largest offline financial service provider in China by 2009 and obtained a payment license from the central bank in 2011, leading to rapid business growth [2] - Recently, Lakala announced plans to accelerate the application of digital currency in cross-border scenarios, coinciding with the expansion of the digital yuan pilot [2] - On June 16, Lakala revealed plans to issue shares overseas (H-shares) and list on the Hong Kong Stock Exchange to promote its international strategy and enhance the application of digital currency [2]

拉卡拉(300773.SZ)公告称，股东 联想控股计划在未来三个月内以集中竞价和大宗交易方式合计减持公 司不超过2.00%的股份，即不超过1576万股。减持原因是自身业务安排及需要。减持价格将根据市场情 况确定。 ...

Investment Rating - The report does not explicitly state an investment rating for Yeahka (9923 HK) Core Insights - Stablecoins are reshaping the global cross-border payment landscape with advantages such as short settlement times, low costs, and resistance to exchange rate fluctuations, making them ideal for various payment scenarios [2][10] - Yeahka has expanded internationally since 2021, obtaining payment licenses in Singapore and the U.S., and launched its cross-border payment brand YeahPay in 2023, achieving an overseas transaction volume of over 1.1 billion RMB in 2024, a nearly 5-fold year-on-year increase [11][12] - The traditional cross-border payment model incurs fees of approximately 3-8% for merchants, while third-party payment platforms like Yeahka generate revenue through diverse models including transaction fees, currency conversion fees, and interest income from deposited funds [12][10] Summary by Sections Section: Stablecoins in Cross-Border Payments - Stablecoins enable peer-to-peer real-time settlement through distributed ledger technology, reducing transaction costs and compressing settlement times to minutes compared to the traditional banking system which relies on the SWIFT network [2][10] Section: Yeahka's Overseas Expansion - Yeahka has successfully launched its cross-border payment brand YeahPay and signed a global strategic cooperation memorandum with Alipay International, marking significant growth in its overseas business [11][12] Section: Existing Payment Industry Model - The revenue model for third-party payment platforms includes transaction fees, currency conversion fees, interest income from overseas payments, and technology output, showcasing a diverse approach to profitability [12][10] Section: Future Business Models for Third-Party Payment Providers - Stablecoins present new business opportunities for acquirers, allowing them to expand into overseas markets and diversify payment scenarios, such as providing one-stop services for merchants [13][14]

向投资者明确指出，数字货币的市场走势远未到达终点！ 然而，接下来的领涨先锋将不再是恒宝和四方，而是那些掌握MSO牌照的企业！ 毫不夸张地说，一旦拥有这样的牌照，即使是普通企业也能一跃成为明星。目前，那些先知先觉的主力资金已经开始炒作，而散户投资 者却仍然对此一无所知。 因此，我紧急进行了复盘分析，为大家精选出两大MSO领域的核心领军企业。趁着它们尚未大幅上涨，请大家务必密切关注！ 关注A股市场的朋友们应该都知道，近期，天风证券在短短5天内股价上涨了32%。 国泰君安国际，这家在香港上市的证券公司，在一天之内股价大幅飙升，涨幅高达200%。 市场炒作之所以如此激烈，其根本原因在于券商正式获得了数字经济时代的入场券。 其背后的动因是成功获得虚拟资产交易服务的资质。 有一家公司近期业绩大幅增长169%，其子公司拥有MSO牌照，并建立了涵盖稳定币发行、跨境支付、合规认证等在内的全面服务体 系。蚣盅号，郑说市 主页发送"狐"可知，这家公司已成为京东钱包（稳定币）和蚂蚁稳定币的关键技术服务提供商。在过去一个月 中，股东人数减少了11%，这表明有大量资金正在积极买入。 另外一家公司是国内唯一拥有跨境人民币全牌照的第三方支付 ...