Summary of the Conference Call for Lianlian Digital Company Overview - Lianlian Digital is a leading independent digital payment solution provider in China, holding a market share of 9.1% [2][3] - The company’s main business segments include global payments (60% of revenue), domestic payments (25%), and value-added services (10%) [2][4] Core Business Insights - **Global Payments**: This is the primary revenue source, with a projected transaction volume of 0.28 trillion RMB in 2024 and a fee rate of approximately 0.3% [2][6] - **Domestic Payments**: Targeting B2B clients, the domestic payment transaction volume is expected to reach 3 trillion RMB in 2024, with a low fee rate of about 0.01% [2][8] - **Value-Added Services**: Revenue from value-added services is projected to be 1.5 billion RMB in 2024, accounting for 11% of total revenue [9] Financial Performance - In 2024, Lianlian Digital expects total revenue of 1.3 billion RMB, a 28% year-on-year increase, but will incur a loss of approximately 170 million RMB due to listing expenses and losses from a joint venture with American Express [3][20] - Revenue growth is anticipated to be between 25% and 30% in 2025, reaching 2.6 to 2.7 billion RMB, with a profit forecast of around 1.5 billion RMB due to equity transfer gains [20][23] Market Dynamics - The cross-border payment market is benefiting from global trade growth, increased demand for Chinese exports, and the expansion of e-commerce platforms [3][12] - Small and medium-sized foreign trade enterprises prefer third-party payment solutions like Lianlian Digital due to the high costs and regulatory burdens associated with traditional banks [13][14] Strategic Initiatives - Lianlian Digital is actively exploring the application of stablecoins in cross-border payments, leveraging policy support and its licensing advantages [2][5] - The company holds 65 global payment licenses, enhancing its operational capabilities across key markets including mainland China, Hong Kong, Southeast Asia, the US, and the EU [15][17] Future Opportunities - The stablecoin market presents significant opportunities for Lianlian Digital, with potential benefits from issuing its own stablecoin and collaborating with existing ecosystems [18][21] - The company aims to integrate its virtual asset trading platform with payment services to enhance customer stickiness and competitiveness [21][22] Conclusion - Lianlian Digital is positioned for robust growth in the digital payment sector, with a strong focus on cross-border payments and innovative financial solutions. The company is expected to achieve profitability by 2026-2027 as it continues to expand its market presence and optimize its business model [20][22][23]

Company Overview - Company has established a cross-border payment subsidiary, NovaPay, and obtained the US MSB license, laying the foundation for its cross-border payment business [1][2] - The MSB license allows the company to engage in various financial services, including currency exchange, remittances, and digital currency transactions, ensuring compliance for operations in the US [2] Investment Highlights - The company is a leader in the acquiring industry, with growth potential in overseas business, AI applications, and online verification services [2] - The earnings per share (EPS) forecast for 2025 is maintained at 1.30 yuan, with revised forecasts for 2026 and 2027 at 1.52 yuan and 1.86 yuan respectively [2] - The target price has been raised to 39.00 yuan, reflecting a 7% increase, based on a price-to-earnings (PE) ratio of 30 times for 2025 [2] Market Context - The cross-border payment market is experiencing significant growth due to the internationalization of the Renminbi and the increasing number of Chinese companies expanding overseas [3] - The 16th BRICS meeting emphasized the importance of local currency settlement and payment system development, supporting the global settlement of the Renminbi [3]

Core Viewpoint - The company, Cuiwei Co., Ltd. (603123), is expected to report a net loss of between 220 million to 190 million yuan for the first half of 2025, primarily due to declining revenues in both its retail and payment service businesses [1][2]. Financial Performance - In 2024, the company's revenue was 2.229 billion yuan, representing a year-on-year decline of 39.11%, with a net loss of 687 million yuan, indicating an expanded loss [1]. - The retail business generated revenue of 837 million yuan, down 22.07% year-on-year, while the third-party payment business saw revenue drop to 1.392 billion yuan, a decline of 46.18% [1]. Business Operations - The company's main operations include commercial retail and third-party payment services, with the latter primarily conducted through its subsidiary, Beijing Haike Rongtong Payment Service Co., Ltd. [1]. - The retail business has been adversely affected by market conditions and store adjustments, leading to a 12.77% year-on-year decrease in gross profit [1]. Cash Flow and Debt Situation - The net cash flow from operating activities has been negative since 2023, worsening to -317 million yuan in 2024, with the first quarter of 2025 showing a negative cash flow of 25.17 million yuan [2]. - As of the first quarter of 2025, the company's total assets were 6.361 billion yuan, while total liabilities reached 4.299 billion yuan, indicating a high debt level that poses challenges for business expansion and operational funding [2]. Market Activity - Despite the financial struggles, the stock price of Cuiwei Co., Ltd. has increased by over 80% since May, reaching 15.57 yuan per share as of July 11 [2].

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]

Summary of Stablecoin Industry and Market Dynamics Industry Overview - The stablecoin industry is characterized by its reliance on fiat currency credit, with USD-pegged stablecoins depending on the credibility of the US dollar. [1] - The stablecoin ecosystem consists of three segments: upstream (infrastructure, issuers, asset management), midstream (payment service providers, exchanges, cross-chain clearing institutions), and downstream (transaction settlement, cross-border payments). [1][4] Key Players and Market Share - USDT, issued by Tether, holds a dominant market position with approximately 60% market share and a market capitalization exceeding $150 billion. However, its reserve transparency has been questioned. [3] - USDC, issued by Circle, is viewed as a compliance benchmark but incurs higher costs, with over 50% of its revenue allocated to distribution expenses. [6] - DAI is a collateralized stablecoin that uses over-collateralization of crypto assets to enhance risk resistance, relying on complex algorithms. [6] Market Dynamics - The stablecoin market exhibits a "dual super, many strong" structure, with USDT and USDC accounting for about 85% of the market share. [5] - Stablecoins enhance the USD's status as a global reserve currency and may further penetrate international trade and financial systems through digital means. [1][6] - The expansion of stablecoin usage can increase fiat transaction volume, reinforcing its reserve status. [1] Regulatory Impact - Hong Kong's new regulations, set to take effect in August, represent the first comprehensive regulatory framework globally, expected to drive systemic changes in the industry. Beneficiaries include cross-border payment and clearing service providers, digital infrastructure firms, and banks involved in IT system upgrades. [11][12] Implications for the Chinese Yuan - The development of stablecoins presents both challenges and opportunities for the Chinese Yuan. While the Yuan is currently not a mainstream pegged currency, China is accelerating the development of a digital RMB to enhance its international influence. [7][9] - The stablecoin market could serve as a significant support for the internationalization of the RMB, reducing reliance on the SWIFT system and expanding usage scenarios. [14][15] Future Projections - By 2030, the RMB's share in global cross-border trade payments is projected to increase from 4% to 10%, driven by the growth of stablecoin technology. [16] - Traditional third-party payment companies are expected to benefit significantly from the increase in RMB cross-border payment volumes, with companies like LianLian and Newland positioned to capitalize on this growth. [18][19] Potential Beneficiaries in the Industry - Key beneficiaries in the stablecoin ecosystem include: - Payment service providers (e.g., LianLian, LaKaLa) - Digital infrastructure and security service providers (e.g., Hengbao) - IT system upgrade firms in banking (e.g., Yuxin Technology) [11][22] - The issuance of stablecoin licenses in Hong Kong is expected to create significant opportunities for early adopters in the sandbox experiment. [21] Conclusion - The stablecoin industry is poised for significant growth and transformation, with regulatory developments in Hong Kong likely to catalyze systemic changes. The interplay between stablecoins and traditional currencies, particularly the USD and RMB, will shape the future of global finance and cross-border transactions. [1][11][14]

Group 1 - The payment license of Renbao Payment Technology (Chongqing) Co., Ltd. has been officially revoked as of July 1, 2023, marking the seventh payment license cancellation disclosed by the People's Bank of China (PBOC) this year [1] - Renbao Technology, originally known as Chongqing Lianfutong Network Settlement Technology Co., Ltd., was established in 2012 with a registered capital of 200 million yuan and obtained its payment business license in July 2014 for internet payment services [1] - The PBOC has cumulatively revoked 103 payment licenses since the issuance of the first batch in May 2011, with only 168 payment institutions currently holding valid licenses [2] Group 2 - The annual cancellation of payment licenses from 2015 to 2024 has varied, with a total of 103 licenses revoked, and prepaid card business institutions accounting for nearly 80% of these cancellations [2] - The number of payment licenses revoked each year from 2015 to 2024 includes: 2, 3, 19, 9, 1, 4, 9, 23, 16, and 10 respectively [2]

转自：智通财经 注：智通财经VIP为内容资讯产品，并非投资建议。以下内容仅为资讯价值展示非对相关公 司的推荐建议，非未来走势预测。投资有风险，入市需谨慎。 市场热点一 跨境支付、稳定币 消息面上，7月4日央行就《人民币跨境支付系统业务规则（征求意见稿）》公开征求意见。此外香港特 区政府财经事务及库务局局长许正宇7日表示，目标今年内可发出稳定币牌照。 《公告全知道》：梳理隐藏在公告中的利好、利空。 6月30日21:58《公告全知道》 精选"金一文化"公司公告并展开梳理，发文指出：公司背靠北京海淀区国 资委，主营黄金珠宝首饰的研发设计及销售；公司积极拓展产业链，围绕金融科技纵、横方向发展，其 中开科唯识数字人民币产品利用区块链技术设计数币钱包的分布式账本，独立支持运营钱包核心处理体 系，掌握的部分技术可以应用于稳定币领域。金一文化收获3连板，5日最高涨幅达27.75%。 | | 金一文化(002721) | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 07-07 15:48:09 深 | | | | | | | ...

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].

Core Viewpoint - The major shareholder of Lakala, Legend Holdings, plans to reduce its stake by up to 3% amid the company's declining profits and ongoing efforts to list in Hong Kong [1][9]. Group 1: Shareholder Actions - Legend Holdings intends to sell up to 2.36 million shares, representing 3% of Lakala's total share capital, within three months starting from July 23 [4]. - The first major shareholder, Legend Holdings, currently holds 26.54% of Lakala's shares, which amounts to approximately 2.09 billion shares [4]. - The third-largest shareholder, Sun Haoran, announced plans to fully liquidate his 2.45% stake, indicating a trend of shareholder exits [1][6]. Group 2: Financial Performance - Lakala's net profit for the first quarter of this year dropped by approximately 52% to 101 million yuan, marking the lowest level since 2018 [2][11]. - The company has distributed a total of 2.5 billion yuan in cash dividends since its IPO, which exceeds its cumulative net profit of 2.3 billion yuan [12]. - In 2022, Lakala faced significant losses due to an external expenditure of 1.396 billion yuan, leading to a total loss of 1.437 billion yuan for the year [10]. Group 3: Market Position and Strategy - Lakala is planning to list in Hong Kong to enhance its international presence and adapt to changing market conditions, particularly in the cross-border payment sector [11][12]. - The company has shifted its focus to serving small and medium-sized enterprises in response to competition from major players like Alipay and WeChat [9][10]. - Since its IPO in 2019, Lakala's revenue has shown growth, but recent trends indicate a decline in profitability and market share [10][11].

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]