8月28日，"海外短剧中国造生态大会·杭州"成功举办。本次大会汇聚产学研各界300+与会嘉宾，围绕平台、制作、政府支持、技术及短剧基地等多个层 面，深入探讨了短剧出海的新趋势。通过工业化制作体系涉及到的"短剧+跨境电商"、品牌协同出海、短剧宣发等多维度，与会各方共同剖析行业面临的 挑战并探索新蓝海中的潜在机遇。 为表彰在短剧领域作出突出贡献的机构代表，大会持续六届特设"短剧梧桐奖"，汇付国际荣获本届"年度优秀短剧出海跨境支付奖"。梧桐奖重点关注在内 容创作、技术创新与市场开拓等方面取得卓越成就的企业与组织，获奖名单涵盖多家头部制作公司、关键技术研发团队及优秀导演机构，充分展现了短剧 行业在机构层面的蓬勃活力和持续创新的发展势头。 中国短剧 · 世界故事 国短剧·世界故事 2025年8月28日 汇付国际跨境支付解决方案专家Anna现场分享跨境支付如何为短剧出海"加速变现"，引燃全场热度与讨论。 针对以上痛点，汇付国际提供一站式短剧出海支付方案，支持全球六大卡组及150余个国家和地区支付方式，实现全球收单、付款及账户管理。其API集 成便捷，支持端到端流程管理，并提供智能优化支付方案，提升交易成功率。通过自动化操 ...

本报讯 （记者矫月）金九银十丰收季，九月第一周，支付宝推出"丰收节"活动促消费，宣布将开放十亿级平台流量，投入 十亿元级红包优惠，助销300多个市县特色农副食品、100多个产业带直供日用品。 为带动公众消费助农，本次"丰收节"活动会场供应来自333个市县的特色农副食品，包括云南蒙自的石榴、昆明的鲜花 饼、河北张家口的玉米等一大批地域风味美食。 恰逢开学季，支付宝面向学生人群，针对其生活、学习两大场景，从上述产业带中精选千种平均价格约10元的商品，推动 宿舍遮光床帘、智能电子秤、假刘海、圆珠笔、便利贴等平价生活学习用品热销。 据了解，9月1日0点起，消费者上支付宝搜"丰收节"，即可购好物、寻好味，还能攒积分兑换支付红包。活动负责人表 示，支付宝将通过大促曝光、每日免单、购物红包等多种方式，让亿级消费者与商品产地直连，加大平台资源开放，助力消费 增长。 （编辑 张伟） 乡村振兴关键在于产业振兴，本次活动中将为全国167个特色产业带的直供日用品开放平台流量，助销包括深圳3C数码配 件、金华收纳整理、汕头玩具、成都家清个护、江苏南通床上用品等知名产业带的优质商品。 ...

Core Insights - The rise of "no-password payment" systems has led to increased convenience for consumers but also significant issues, including unauthorized transactions and impulsive spending [2][3][5] Group 1: Consumer Behavior - Consumers using "no-password payment" have seen an average increase of 18% in single transaction amounts, with a 40% rise in return rates, indicating a tendency towards impulsive purchasing decisions [2] - Complaints regarding "no-password payment" have reached 65,000 on a complaint platform, highlighting widespread consumer dissatisfaction [2] Group 2: Regulatory and Legal Concerns - Some platforms exploit loopholes in third-party payment systems, allowing for high-frequency small transactions that evade monitoring, leading to significant financial losses for consumers [3] - Legal experts argue that default settings for "no-password payment" options violate consumer protection laws, suggesting that platforms should provide clear options to disable such features and improve transparency [5] Group 3: Recommendations for Improvement - Payment platforms are advised to create easily accessible options for disabling "no-password payment" and to regularly remind users of their payment settings [5] - Regulatory bodies are encouraged to enhance oversight of "no-password payment" systems, as current laws do not specifically address this payment method [5]

Core Insights - The "one-click tax refund" service in Hangzhou has improved efficiency by ten times, allowing refunds to be processed in as little as 2 minutes [1][2] - The service was launched on August 29, with plans to expand to 124 stores by the end of the year, providing comprehensive coverage for quick tax refunds [1][2] Group 1: Service Implementation - The new tax refund process allows international tourists to generate shopping invoices automatically through Alipay, which then facilitates the tax refund process via a mini-program [1][2] - The system supports various payment methods including credit cards, cash, Alipay, and WeChat, enhancing convenience for tourists and reducing manual workload for merchants [2] Group 2: Market Impact - From January to July, Hangzhou received 719,800 overnight international visitors, marking a 19.8% year-on-year increase, with the top ten source countries accounting for 66.34% of total inbound traffic [3] - The number of tax refund stores in Hangzhou has increased by 126.3% compared to last year, with tax refund sales reaching 2.23 times that of the same period last year [3] Group 3: Future Developments - Hangzhou is developing integrated sightseeing and shopping routes that include clusters of tax refund stores, aiming to enhance the shopping experience for international tourists [3] - Additional self-service tax refund devices will be installed in popular shopping areas to further optimize the shopping and refund experience for international visitors [3]

一、中国企业全球收付款趋势 近年来中国跨境电商和出海企业快速扩张，在这个过程中，全球收付款服务呈现以下趋势： 在这些趋势下，专业第三方支付服务提供商（PSP）扮演着关键桥梁角色，令中国企业能快速搭建全球支付系统。这些支付公司可以为出海企业提供： 多市场、多渠道、多币种并行：企业布局欧美、东南亚、南美、中东等地，需支持国际信用卡、本地钱包、本地便利店支付等多种方式。 收付款效率逐渐提升、汇兑成本逐渐下降：多币种账户体系的建立支持企业原币种入账、快速换汇，提现时间缩短至数小时。 合规和风控要求越来越高：各国反洗钱监管逐年严格，因此要求支付服务商拥有本地牌照和合规体系；因欺诈、拒付频发，企业更需要技术驱动的实 时风险防控能力来保驾护航。 整合全球网关，连接国际卡组织及本地支付渠道，为企业运作过程中对多市场、多渠道、多币种的需求提供支持； 提供支付+清结算一体化链路，包括但不限于：风控、网关、3DS验证、收款、换汇、结汇、付款、提现； 稳健的风控与合规保护体系：以PCI-DSS等国际认证、本地牌照资质为基础，对出海企业进行诈骗防控； 支持技术集成与运营落地：API/SDK快速接入、控制台管理、数据报告、本地客服支持。 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 13.90, representing a potential upside of 23.6% from the current price of HKD 11.25 [1][6][14]. Core Insights - The company has demonstrated robust growth in its core business, with total revenue reaching HKD 783 million in the first half of 2025, a year-on-year increase of 26.8%. The gross margin improved to 51.8%, reflecting effective cost control and a higher proportion of high-margin business [3][9]. - The domestic payment business is steadily expanding, with total payment transaction volume reaching HKD 1.87 trillion, a 27.6% increase year-on-year. The international payment business saw a remarkable growth in total payment volume (TPV), which nearly doubled to HKD 198.5 billion, a 94.0% increase [4][10][11]. - The value-added services segment is showing synergistic effects, with total revenue of HKD 89.59 million, up 34.2% year-on-year. The company is enhancing its blockchain technology applications in cross-border payments, which could open new revenue streams [5][12][13]. Financial Performance Summary - For the fiscal years 2025 to 2027, the company is projected to achieve revenues of HKD 1.61 billion, HKD 1.96 billion, and HKD 2.37 billion, respectively, with year-on-year growth rates of 22.4%, 21.9%, and 20.8% [6][7][14]. - The net profit for 2025 is expected to reach HKD 1.53 billion, significantly boosted by the sale of equity in a joint venture with American Express [14].

Core Viewpoint - *ST仁东 has successfully turned around its financial performance in the first half of 2025, achieving significant revenue and profit growth after completing its restructuring process [1][2][4]. Financial Performance - In the first half of 2025, *ST仁东 reported revenue of 405 million yuan and a net profit of 347 million yuan, marking a substantial turnaround from previous losses [1][2]. - The company has returned to positive net assets and has met the criteria for lifting its special treatment status [2]. Business Development - The company is focusing on expanding its cross-border payment business, with its subsidiary 合利宝 achieving a transaction volume of approximately 82.5 billion yuan, a year-on-year increase of about 159% [2]. - *ST仁东 is also developing a second growth curve by integrating AI into its payment services, aiming to create a comprehensive smart technology ecosystem [3][4]. Strategic Initiatives - The company has established new subsidiaries in Shenzhen, Beijing, and Ulanqab to enter the computing power sector, aligning with national strategies [3]. - *ST仁东's strategy emphasizes the integration of payment services and AI, aiming to enhance its operational efficiency and market competitiveness [4]. Market Outlook - Analysts believe that the successful restructuring and financial recovery position *ST仁东 for sustainable growth, with improved cash flow, reduced debt ratios, and restored profitability [4]. - The company is expected to benefit from the growing demand for computing power in the digital economy, particularly in AI applications [3].

Core Viewpoint - The report from Industrial Securities initiates coverage of Lianlian Digital (02598.HK) with a "Buy" rating, highlighting its position as a leading digital payment solution provider in China [1] Group 1: Company Overview - Lianlian Digital specializes in cross-border payment services, catering to Chinese and overseas merchants and enterprises [1] - As of June 30, 2025, the company has served a total of 7.9 million clients and holds 65 licenses across major markets including China, the US, EU, UK, Southeast Asia, and South America, ensuring compliance in the global payment market [1] Group 2: Financial Performance - For the first half of 2025, the company reported a total payment volume (TPV) of 2.1 trillion yuan, reflecting a year-on-year growth of 32.0% [1] - Total revenue for H1 2025 reached 783 million yuan, up 26.8% year-on-year, with gross profit of 406 million yuan, representing a 25.0% increase and a stable gross margin of 51.9% [1] - The adjusted profit and loss showed a turnaround with a figure of 1.656 billion yuan [1] Group 3: Business Segments - Global payment business achieved a TPV of 198.5 billion yuan, marking a significant year-on-year increase of 94.0%, with revenue of 473 million yuan, up 27.0% [2] - Domestic payment business saw a TPV of 1.9 trillion yuan, growing 27.6% year-on-year, and revenue of 211 million yuan, an increase of 24.6% [2] - Value-added services revenue grew by 34.2% year-on-year, focusing on traffic services and cross-border communication [2]

Core Viewpoint - The report from Industrial Securities initiates coverage of Lianlian Digital (02598.HK) with a "Buy" rating, highlighting its position as a leading digital payment solution provider in China [1] Group 1: Company Overview - Lianlian Digital specializes in cross-border payment services, catering to Chinese cross-border merchants and enterprises, overseas merchants and enterprises, as well as domestic companies [1] - As of June 30, 2025, the company has served a cumulative total of 7.9 million clients [1] - The company has obtained 65 licenses across major markets including China, the US, the EU, the UK, Southeast Asia, and South America, ensuring compliance in the global payment market [1] Group 2: Financial Performance - For the first half of 2025, the company reported a total payment volume (TPV) of 2.1 trillion yuan, reflecting a year-on-year growth of 32.0% [1] - Total revenue for 2025 H1 reached 783 million yuan, an increase of 26.8% year-on-year [1] - Gross profit amounted to 406 million yuan, with a year-on-year growth of 25.0%, resulting in a stable gross margin of 51.9% [1] - Adjusted profit and loss showed a turnaround with a profit of 1.656 billion yuan [1] Group 3: Business Segments - Global Payment Business: The company restructured its payment infrastructure and actively expanded into Southeast Asia, the Middle East, and Latin America, achieving a global payment TPV of 198.5 billion yuan, a year-on-year increase of 94.0%, with revenue of 473 million yuan, up 27.0% [1] - Domestic Payment Business: The company enhanced its SaaS collaboration and strengthened system service capabilities for private domain e-commerce clients, with domestic payment TPV reaching 1.9 trillion yuan, a year-on-year growth of 27.6%, and revenue of 211 million yuan, an increase of 24.6% [1] - Value-Added Services: The company expanded its ecosystem around traffic services and cross-border communication, with revenue from value-added services growing by 34.2% year-on-year in 2025 H1 [1]

Core Viewpoint - The report from CICC indicates a strong performance for Lianlian Digital, with an upward revision of revenue forecasts for 2025 and 2026 by 2% to 1.65 billion and 2.02 billion HKD respectively, while maintaining adjusted profit estimates unchanged [1] Group 1: Financial Performance - In 1H25, Lianlian Digital's revenue increased by 27% year-on-year to 780 million HKD, with net profit turning positive at 1.51 billion HKD compared to a net loss of 350 million HKD in 1H24, largely due to over 1.6 billion HKD in gains from the sale of part of its stake in LianTong [2] - The total payment volume (TPV) for 1H25 rose by 32% year-on-year to 2.1 trillion HKD, outpacing the revenue growth of 27% [3] - Gross profit for 1H25 increased by 25% year-on-year to 410 million HKD, maintaining a high gross margin of 52% [4] Group 2: Business Segments - Global payment TPV surged by 94% year-on-year to 198.5 billion HKD, with a decline in overall fee rates to 24 basis points due to higher growth in lower-fee service trade and B2B sectors [3] - Domestic payment TPV grew by 28% year-on-year to 1.9 trillion HKD, with stable fee rates at 1.1 basis points [3] - Value-added services revenue increased by 34% year-on-year to 90 million HKD, contributing 11% to total revenue, driven by virtual card services and the expansion of digital products [3] Group 3: Strategic Outlook - The company expects steady growth in payment business, with TPV projected to increase and payment revenue maintaining a growth rate of over 20% in the next 2-3 years [6] - The company plans to allocate 50% of its fundraising to enhance blockchain technology in cross-border payments, aiming to improve efficiency and security [7] - The recent approval of the VATP license opens up new growth opportunities in the Web3 payment sector, allowing the company to explore additional revenue streams [7]