2025 First Half Investor Presentation A u g 2 0 2 5 Legal Disclaimer 2 • This document has been prepared by YEAHKA LIMITED (the "Company" or "us") for a limited number of recipients and for information purposes only and not for public dissemination. You and your directors, officers, employees, agents and affiliates must hold this document and any oral information provided in connection with this document in strict confidence and may not communicate, reproduce, distribute or disclose it to any other person, ...

Group 1: Regulatory Developments - The Hong Kong "Stablecoin Regulation" came into effect on August 1, marking a significant milestone for the development of virtual assets in Hong Kong [1] - The regulation aims to integrate stablecoins into a broader financial system, attracting interest from various institutions and individuals [1] Group 2: Market Growth - The global stablecoin market value surged from $3.95 billion in 2020 to an estimated $230.7 billion by 2025, reflecting a compound annual growth rate (CAGR) of 97% [2] - By 2025, the stablecoin market is projected to reach a level of $100 trillion, indicating a potential explosion in the sector [2] Group 3: Cross-Border Payment Innovations - The cross-border payment landscape is evolving, with the number of countries covered by the Renminbi Cross-Border Payment System (CIPS) increasing to 120 [3] - The multilateral central bank digital currency bridge project involves 20 central banks, reducing transaction costs by 30%-50% [3] - China's blockchain cross-border payment technical specifications have become an ISO standard, covering over 80% of Belt and Road Initiative countries [3] Group 4: Company Highlights - **Tianyang Technology**: Focuses on software application development and technology services, providing digital RMB integration services to over 30 banks [13][14] - **Zhongyou Capital**: Engaged in the production and research of financial products, with a projected cross-border energy settlement amount exceeding 200 billion yuan in 2024 [11][12] - **Xinan Century**: Specializes in security products and services, with a 40% revenue share from digital currency security business [9][10] - **Xinguodu**: Offers payment services and digitalization solutions, with over 50% of its POS terminal models supporting digital RMB [8] - **Nantian Information**: Develops systems and products related to digital RMB, facilitating low-cost access for commercial banks [6][7]

经济观察网8月14日，银联商务宣布，"支付+"科技创新领域再结硕果。针对各地提升"以旧换新"业务流 程效率的迫切需求，银联商务自主研发的"银企直连资金拨付软件""支付即开票软件"接连斩获国家计算 机软件著作权登记证书。此次两项软著证书，不仅彰显了银联商务在科技创新领域的应用经验和技术实 力，更以技术突破为民生服务、促消费活动实施注入动能，成为"支付+"科技与实体消费经济双向促 进、赋能的又一生动实践。(编辑胡群) ...

Financial Data and Key Metrics Changes - The company achieved a record high Total Payment Volume (TPV) of $9.2 billion, marking a 53% year-over-year growth and a 14% quarter-over-quarter increase [4][18] - Revenue reached $256 million, growing 50% year-over-year or 63% on a constant currency basis, with an 18% quarter-over-quarter increase [5][19] - Gross profit hit a record of $99 million, up 42% year-over-year or approximately 55% on a constant currency basis [5][20] - Net income for the quarter totaled $43 million, negatively impacted by the Argentine peso devaluation [5][25] - Free cash flow was $48 million, a significant 22% increase from the first quarter [8][25] Business Line Data and Key Metrics Changes - Growth was particularly strong in remittances and commerce, followed by SaaS, delivery, streaming, and ride-hailing, with some weaknesses in advertising [18] - The company added three new licenses in the UAE, Turkey, and the Philippines, enhancing its portfolio of financial services licenses [8] Market Data and Key Metrics Changes - The top three markets now represent less than 50% of revenues, down eight percentage points since 2023, indicating increased geographic diversification [12] - Revenue in the rest of the markets is growing almost three times faster compared to the last four quarters [12] Company Strategy and Development Direction - The company is focused on expanding its merchant base and increasing share of wallet by integrating additional Alternative Payment Methods (APMs) [9] - The strategy includes significant investment in product innovation, with recent launches such as SmartPix in Brazil and buy now, pay later integrations [13][14] - The company aims to leverage stablecoin solutions, positioning itself as a key player in the emerging technology space [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the second half of 2025, citing strong performance in the first half and sustained momentum across businesses [27][29] - Risks highlighted include evolving macroeconomic conditions, regulatory changes, and potential currency devaluation [28][29] Other Important Information - The company announced a transition to a majority independent Board and the cancellation of treasury shares held on the balance sheet [30][32] Q&A Session Summary Question: What drove the better-than-expected results? - Management noted strong momentum across Brazil, Mexico, and other markets, with a significant increase in localization of payments by global merchants [36][39] Question: Is the growth coming from a few particular merchants or across the board? - The growth is driven by the top 20 merchants, indicating a broad-based increase rather than concentration in a few [41][43] Question: Can you clarify the one-off processing costs in Brazil? - Management confirmed that part of the gain was a reversal, but Brazil is expected to sustain momentum in gross profit [47][50] Question: How do you see stablecoins impacting the business? - Management views stablecoins as an opportunity rather than a threat, emphasizing the company's unique position in providing on-ramps and off-ramps for stablecoin transactions [51][53] Question: What is the outlook for take rates? - Management expects a gradual decline in take rates, influenced by increased volumes and the introduction of new products [56][57] Question: Can you elaborate on tariffs as a risk? - Management highlighted potential risks from increased tariffs on cross-border e-commerce, particularly in Mexico, but noted no current negative impacts [66][70] Question: What is the strategy for offline payments? - The company is developing capabilities for offline payments in response to specific merchant contracts, indicating a shift in strategy [71][72] Question: What should be expected regarding operating expenses in the second half of the year? - Management anticipates an increase in operating expenses due to hiring and expansion into new markets and products [73][74]

Financial Data and Key Metrics Changes - The company achieved a record high Total Payment Volume (TPV) of $9.2 billion, marking a 53% year-over-year growth and a 14% quarter-over-quarter increase [5][18] - Revenue reached $256 million, growing 50% year-over-year and 63% on a constant currency basis [19] - Gross profit hit a record of $99 million, up 42% year-over-year or approximately 55% on a constant currency basis [20] - Net income for the quarter totaled $43 million, negatively impacted by the Argentine peso devaluation [6][24] - Free cash flow was $48 million, reflecting a 22% increase from the first quarter [24] Business Line Data and Key Metrics Changes - Growth was particularly strong in remittances and commerce, with notable contributions from Brazil, Mexico, Argentina, Turkey, South Africa, and Pakistan [18][19] - The company added three new licenses in UAE, Turkey, and the Philippines, enhancing its portfolio of financial services licenses [8] Market Data and Key Metrics Changes - The top three markets now represent less than 50% of revenues, indicating increased geographic diversification [13] - Revenue in the rest of the markets is growing almost three times faster compared to the last four quarters [13] Company Strategy and Development Direction - The company is focused on expanding its merchant base and increasing share of wallet by integrating additional Alternative Payment Methods (APMs) [10] - Investment in product innovation continues, with recent launches including SmartPix in Brazil and buy now, pay later integrations [14][15] - The company is positioning itself to leverage stablecoin opportunities, emphasizing its capabilities in on-ramps and off-ramps for stablecoins [15][52] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for the second half of 2025, despite potential risks from macroeconomic changes and regulatory shifts [26] - The company is confident in its ability to navigate challenges and seize opportunities in emerging markets [27] Other Important Information - The company announced a new CFO, Guillermo Lopez Perez, and emphasized its commitment to transitioning to a majority independent Board [28][30] - The company plans to cancel treasury shares held on its balance sheet, reflecting strong underlying business growth [30] Q&A Session Summary Question: What drove the better-than-expected results? - Management noted strong momentum across the board, particularly in Brazil and Mexico, with a pickup in interest in localizing payments from global merchants [36][38] Question: Is the growth coming from a few particular merchants or across the board? - The growth is driven by the top 20 merchants, indicating a broad-based increase rather than concentration in a few [40][41] Question: Can you clarify the one-off processing costs in Brazil? - Part of the gain was a reversal, but Brazil is expected to sustain its momentum moving forward [49] Question: How do you see stablecoins impacting the business? - Management views stablecoins as an opportunity rather than a threat, emphasizing their unique position in the stablecoin value chain [51][52] Question: What is the outlook for take rates? - The general trend for take rates is slightly downward, but the pace of decline may be more gradual than previously expected [57][58] Question: Can you elaborate on tariffs as a risk? - Tariffs could hinder cross-border commerce, which is the largest category serviced by the company, but no negative impacts have been observed so far [68][70] Question: What is the strategy for offline payments? - The company is developing capabilities to process payments at POSs in the physical world, responding to specific merchant contracts [71][72] Question: What should be expected regarding operating expenses in the second half of the year? - Operating expenses are expected to continue increasing due to hiring and expansion into new markets and products [73][74]

Financial Data and Key Metrics Changes - Revenue for Q2 2025 increased by 22% year-over-year, reaching $96 million [7][16] - Recurring revenue grew by 32% year-over-year, accounting for 74% of total revenue [7][17] - Adjusted EBITDA was nearly $13 million, representing approximately 13% of total revenue, an increase of $4.5 million compared to the previous year [8][21] - Net income for the quarter was nearly $12 million, compared to a net loss of $3 million in the prior year [21][22] - Total transaction value increased by over 34% year-over-year, reaching nearly $1.6 billion [15] Business Line Data and Key Metrics Changes - Processing revenue grew by 35% to $43 million, driven by a 16% increase in the installed base of managed and connected devices [17][18] - Hardware revenue was $25 million, slightly higher than the prior year's quarter [18] - The installed base of managed and connected devices grew by 16% year-over-year, reaching almost 1.38 million devices [15][18] Market Data and Key Metrics Changes - The company is experiencing strong global demand, particularly in emerging segments such as EV chargers and smart coolers [9][10] - The customer base expanded by approximately 24% year-over-year, approaching 105,000 customers [15] Company Strategy and Development Direction - The company is focused on expanding its geographic footprint and gaining market share across core verticals [4][5] - Strategic partnerships, such as with Ortel Energy for EV charging solutions, are expected to drive future growth [10][11] - The company is pursuing both organic growth and strategic M&A to enhance its market position [13][50] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about near-term growth opportunities, driven by the ongoing shift from cash to digital payments [13] - The company reaffirmed its full-year 2025 guidance, expecting revenue growth of 30% to 35% [23][24] - Management highlighted the importance of customer retention and engagement, with a churn rate of under 3% annually [5][40] Other Important Information - The company has made significant acquisitions, including Innopropay and a majority stake in NICE Capital, to strengthen its position in Europe and enhance its embedded banking division [11][12] - The gross margin improved to 48.3%, up from 44.3% in the previous year, driven by higher recurring and hardware margins [19] Q&A Session Summary Question: How should we think about the larger opportunity in terms of EV as a percentage of revenue? - Management indicated that the EV market presents a significant growth opportunity, with partnerships expected to drive customer acquisition and revenue growth [26][30] Question: Can you talk about NRR and how you think it will trend over the next couple of years? - Management noted that NRR remains strong, driven by growth in service and processing, and highlighted the importance of emerging verticals [37][40] Question: Can you provide an update on your hospitality and retail initiatives? - Management reported strong demand in the retail sector and ongoing integration efforts in the hospitality space, particularly in Brazil [42][44] Question: What is the expected revenue contribution from M&A this year? - Management expects around $10 million in inorganic growth for the year, with ongoing efforts to complete additional acquisitions [48][50] Question: Can you elaborate on the competitive landscape for the new EV charging partnerships? - Management emphasized their first-mover advantage and technical expertise in the EV charging industry, which has facilitated recent partnerships [59][61]

Core Viewpoint - Chengdu's tax and commerce authorities have upgraded the "immediate refund" service for outbound tax refunds, allowing global inbound tourists to use Alipay for instant tax refunds after purchases in Chengdu [1] Group 1 - The upgraded service supports inbound tourists in Chengdu, enhancing the convenience of tax refunds [1] - Tourists can process tax refunds by simply tapping or scanning with Alipay, promoting consumption in the inbound tourism sector [1]

Group 1 - The shareholders of Yisou Technology (02550) deposited stocks into Bank of China International Securities, with a market value of HKD 320 million, accounting for 14.55% [1] - Yisou Technology announced a share subscription agreement with Lightnet Pte. Ltd. and its founder, agreeing to acquire approximately 1.23% equity in Lightnet for a total consideration of USD 5 million [1] - The completion of the subscription is subject to several conditions, including satisfactory legal, financial, tax, regulatory, operational, and business due diligence on Lightnet and its subsidiaries [1] Group 2 - Lightnet is a holding company for multiple firms in Southeast Asia, involved in payment solutions and currency services, including a major payment institution licensed by the Monetary Authority of Singapore [2] - The company provides global payment solutions utilizing artificial intelligence and blockchain technology for real-time settlement capabilities [2]

Group 1 - The core point of the news is that E-Surfing Technology (02550) has entered into a share subscription agreement with Lightnet Pte. Ltd., acquiring approximately 1.23% equity in Lightnet for a total consideration of 5 million USD, pending certain conditions [1][2] - As of August 12, E-Surfing Technology's shareholders deposited stocks worth 320 million HKD into BOC International Securities, representing 14.55% of the total [1] - The subscription agreement is part of a broader strategy involving the company's operational funds and proceeds from the placement and subscription agreement dated July 24, 2025 [1] Group 2 - Lightnet is a holding company for multiple businesses in Southeast Asia, focusing on payment solutions and currency services, including a major payment institution licensed by the Monetary Authority of Singapore [2] - The company offers global payment solutions utilizing artificial intelligence and blockchain technology to provide real-time settlement capabilities [2]

Financial Data and Key Metrics Changes - The company reported a revenue decline of 3% to $428.2 million, with organic revenue growth of 5% for the quarter [13] - Adjusted EBITDA was $105 million, with an adjusted EBITDA margin of 24.8%, up 80 basis points compared to the first quarter [13] - Adjusted net income was $27.6 million or $0.46 per share, down from $0.59 in the same quarter last year [15][16] - Unlevered free cash flow generated was $54 million, reflecting a 51% conversion of adjusted EBITDA [15] Business Line Data and Key Metrics Changes - Merchant Solutions volume increased by 9% to $35.7 billion, resulting in organic revenue growth of 6% [18] - Digital Wallet revenue was $201.2 million, an increase of 3% on an organic basis [19] - eCash solutions revenue grew by 37% year to date, although the contribution was relatively small at $22 million in the first half [9] Market Data and Key Metrics Changes - E-commerce growth exceeded 30% in the second quarter, with double-digit growth in Europe for the first time in years [11] - The company saw a 20% year-to-date increase in enterprise-level deals and annual contract value bookings [5] Company Strategy and Development Direction - The company aims to drive 10% to 12% annual revenue contribution from products released in the last three years [10] - Continued focus on expanding partnerships, such as with Fiserv, and enhancing product offerings like the Pargo Efectivo wallet [12][10] - The company is targeting an acceleration of organic growth in the second half of the year, expecting 8% to 10% growth [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the full-year outlook, supported by a healthy backlog of signed business and strong customer engagement [5][22] - The company anticipates margin improvement in the second half, driven by growth and operating leverage [24] - Management noted that attrition is tracking less favorably at 12%, but they expect improvements moving forward [22] Other Important Information - The company repurchased $20 million worth of shares during the quarter, continuing to view its shares as undervalued [5] - Total debt at the end of the quarter was $2.6 billion, with net leverage increasing to 5.4 times [21] Q&A Session Summary Question: Can you discuss the partnership expansion with Fiserv? - The Clover Capital will be available through the business wallet, reaching directly to consumers, and initial adoption has been positive [28][31] Question: What are the main drivers for organic acceleration in the second half? - The majority of the back half of the year has already been sold, with good visibility into revenue from existing contracts and new product initiatives [39][41] Question: How is the e-commerce business performing across different verticals? - E-commerce growth is strong, with gaming consistently over 50% growth and mid-teen growth in other verticals [44][45] Question: What is the current status of SMB growth and attrition? - SMB mid production has improved significantly, with a positive growth outlook for the back half of the year [52][56] Question: Can you provide insights on the Pago Effectivo Wallet's traction? - The launch has exceeded expectations, with a significant increase in transactions from existing customers [70][72] Question: How is the competitive landscape in e-commerce? - The e-commerce market is highly competitive, but the company sees significant growth opportunities due to its small market share [84][86]