Core Viewpoint - PayPal's stock has declined by 20% year-to-date due to market panic stemming from the tariff war between the U.S. and its largest trade partners, which has increased uncertainty in the market [1] Company Summary - PayPal (NASDAQ: PYPL) is experiencing significant stock price volatility, reflecting broader market concerns related to trade tensions [1] Industry Summary - The ongoing tariff war between the U.S. and its major trading partners is contributing to increased market uncertainty, impacting companies like PayPal [1]

Core Insights - Skipify has partnered with Discover Global Network to enhance the checkout experience for Discover cardholders, aiming to improve shopper satisfaction and increase authorization, conversion, and security for merchants [1][2][3] Company Overview - Skipify is a fintech company based in San Francisco, focused on creating secure and seamless digital shopping experiences through its Commerce Identity Cloud, which aims to reduce friction and abandonment at checkout [6][8] - Discover Financial Services is a major player in the digital banking and payment services sector, recognized for its commitment to cardholder security and benefits, and operates a vast network of merchants and cash access locations [5] Partnership Details - The partnership will integrate Discover's advanced tokenization technology into Skipify's platform, enhancing security by replacing sensitive card information with encrypted tokens, thereby reducing fraud and safeguarding customer data [2][4] - Skipify's Commerce Identity Cloud is projected to recognize 1 in every 2 U.S. shoppers by the end of 2025, leveraging its existing network of over 100 million consumer cards [4] Strategic Goals - Both companies are committed to advancing the future of commerce through innovation, aligning their product development roadmaps to create new digital shopping experiences that cater to the evolving needs of consumers and businesses [3][4]

这笔发行已经成功完成，并且得到了多家国际知名长线基金和多策略基金的参与，认购倍 数超数倍。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，移卡（9923.HK）于1月7日发布公告称，建议发行及配售1915万股股份，以向 外部投资者筹集资金，发展集团的海外及人工智能业务。 据 「IPO早知道」了解 ， 这 笔发行已经成功完成，并且得到了多家国际知名长线基金和多策略基 金的参与，认购倍数超数倍。 根据公告披露，此次认购款项净额约40%用于扩展集团于亚洲各业务分部的海外版图，40%用于投 资研发，包括在专有软件中使用人工智能，以加强集团商业数字化生态系统的竞争力，20%用于营 运资金及一般公司用途。 另外，移卡还通过旗下的富匙科技扩大了服务范围，共同推广数字商户解决方案， 截至目前，客户 包括星巴克、无印良品、必胜客、New Balance及Levi's、KOI、Mr.Coconut等200多个全球和区 域品牌客户，涵盖新加坡、印尼、越南及马来西亚等东南亚地区，门店数量超过20,000家。 值得注意的是，富匙科技透露即将于东南亚地区推出针对餐饮行业的AI ...

Financial Data and Key Metrics Changes - Total revenue for 2023 reached RMB 5.1 billion, representing a year-on-year increase of 15.6% [26] - Gross profit decreased by 28.4% year-on-year to RMB 738 million, with a gross profit margin declining from 30.2% to 18.7% [26][27] - Adjusted EBITDA grew by 160.6% year-on-year to RMB 556 million, primarily due to increased GPV and fee rates in one-stop payment services [27][44] Business Line Data and Key Metrics Changes - One-stop payment services achieved a GPV growth of 29.2% year-on-year, reaching RMB 2.9 trillion, with 9.2 million active merchants, a 13.3% increase [16][17] - In-store e-commerce services saw a GMV increase of 30% to surpass RMB 4.3 billion, with gross profit margin improving to 80.3% [19][20] - Merchant solutions revenue rose by 17.2% in 2023 to RMB 363 million, with active merchants exceeding 1.6 million, a 30.8% increase [21][22] Market Data and Key Metrics Changes - The company expanded its international presence, serving over 5,000 merchants in Singapore, including well-known brands like Rolex and Starbucks [10][58] - The company established Epay Singapore and Epay America to facilitate global expansion and cross-border transactions [9][19] Company Strategy and Development Direction - The company focuses on increasing commercialization efforts, maintaining compliance, and growing market share through SaaS digital solutions and digital marketing [6][7] - The strategy includes enhancing digital marketing capabilities and integrating payment solutions to strengthen merchant relationships [20][21] - The company aims to expand its overseas market presence, particularly in Southeast Asia and North America, while exploring new fintech opportunities [51][58] Management's Comments on Operating Environment and Future Outlook - Management highlighted the resilience of small and medium-sized offline merchants as a key driver of growth amid China's economic recovery [5][13] - The company is optimistic about leveraging AI technology to enhance operational efficiency and reduce costs, with a focus on future revenue generation [12][41] - Management expressed confidence in achieving breakeven in 2024 through improved fee structures and increased merchant penetration [36][61] Other Important Information - The company scored 54 in S&P Global ESG ratings and A- in corporate sustainability indices, reflecting its commitment to ESG initiatives [24][52] - The establishment of an ESG committee aims to oversee the company's sustainability efforts and support small merchants [24][54] Q&A Session Summary Question: Details on in-store e-commerce and traffic digital marketing strategy - The company has repositioned itself as an all-traffic merchant service provider, enabling merchants to operate across multiple platforms and enhancing digital marketing capabilities [32][34] Question: Impact of AI technology on business operations - AI technology has improved coding efficiency and content generation, with over 50% of in-store e-commerce content now generated by AI [40][41] Question: Growth drivers of the payment business and competitive advantage - The growth in GPV is driven by targeting small merchants in resilient industries, expanding distribution channels, and increasing monetization through improved fee rates [49][51]

Financial Data and Key Metrics Changes - The company reported a total revenue of RMB 62 billion for the first half of 2023, representing a year-on-year increase of 25.6% [23] - Adjusted EBITDA increased by 317% year-on-year to RMB 291 million, reflecting significant operational efficiency improvements [24][26] - Net loss narrowed by 83.8% year-on-year to RMB 25.9 million in the first half of 2023 [16] Business Line Data and Key Metrics Changes - Payment services experienced a 33.5% increase in Gross Transaction Value (GTV) and a 44.3% increase in revenue year-on-year [12] - The number of active payment service merchants grew to over 9 million, a record high [12] - In-store e-commerce GMV exceeded RMB 2.4 billion, with a gross profit margin increase to 76.9% from 57.1% year-on-year [15] Market Data and Key Metrics Changes - The local lifestyle service market in China is expected to reach RMB 35 trillion by 2025, with an online penetration rate of 30.8% [19] - The company has expanded its geographic coverage and established teams in markets such as Singapore and Indonesia [9] Company Strategy and Development Direction - The company is focusing on profitability while expanding its co-op model and traffic platform partnerships [19] - The strategy includes leveraging AI-driven tools for content generation and enhancing merchant services [18] - The company aims to solidify its competitive edge by supporting digital currency payments and exploring international markets [14] Management's Comments on Operating Environment and Future Outlook - Management noted a strong recovery in offline consumption, particularly in catering services, which is expected to drive GPV growth [32] - The competitive landscape is intensifying, but the company believes it can maintain strong growth due to its market position and innovative strategies [44] - Management expressed confidence in achieving monthly breakeven and sustainable growth in the in-store e-commerce segment [59] Other Important Information - The company has been recognized in S&P's 2023 Sustainability Yearbook, highlighting its commitment to ESG [21] - The co-op model has accounted for nearly half of the total GMV, demonstrating a successful asset-light strategy [48] Q&A Session Summary Question: Insights on summer holiday consumption changes and category performance - Management observed healthy month-over-month growth in offline consumption, particularly in catering services, benefiting overall GPV growth [32] Question: Competition in the in-store e-commerce business - Management highlighted the introduction of the co-op model as a strategy to expand market share in lower-tier cities, leveraging local resources [35] Question: Midterm growth rate of payment volume - Management expressed confidence in maintaining strong growth in the payment space, driven by offline consumption recovery and market penetration in lower-tier cities [44] Question: GMV contribution from the co-op model and take rate balance - Management indicated that the co-op model contributes close to 50% of total GMV, with expectations for take rates to stabilize in the coming years [50] Question: Recent developments in OSCP - Management reported smooth operations in the OSCP business, with ongoing development of acquiring, remittance, and online payment products [55] Question: Breakeven visibility in the second half of 2023 - Management is close to achieving monthly breakeven in the in-store e-commerce segment and anticipates positive trends with city licenses being issued [61]