Core Viewpoint - The company's performance in the first half of the year is under short-term pressure due to the impact of domestic acquiring merchant expansion suppressing fee rates, while overseas business is progressing smoothly with accelerated growth in cross-border payment volume and significant revenue growth in high-end overseas markets [1]. Financial Performance - The company maintains a "Buy" rating, adjusting the net profit forecast for 2025-2027 to 589 million, 747 million, and 909 million yuan respectively, with corresponding EPS estimates of 1.04, 1.32, and 1.60 yuan. The target price is raised to 38.40 yuan based on a 37x PE for 2025, considering growth in cross-border payment and overseas equipment business [2]. - In the first half of 2025, the company achieved revenue of 1.527 billion yuan, a year-on-year decrease of 3.17%, and a net profit of 275 million yuan, down 38.61% year-on-year. In Q2 alone, revenue was 826 million yuan, up 3.93% year-on-year, while net profit was 119 million yuan, down 47.77% year-on-year [2]. - The decline in revenue and profit is primarily due to the decrease in income and gross margin from the acquiring business, with revenue from acquiring and value-added services at 945 million yuan, down 12.86% year-on-year, and a gross margin of 27.24%, down 15.14 percentage points year-on-year [2]. Business Segments - The company's acquiring transaction volume in the first half of 2025 was 721.8 billion yuan, remaining stable year-on-year, with a significant decline in the acquiring fee rate to 0.131%, down from 0.150% in the first half of 2024, mainly due to increased efforts in new merchant expansion [3]. - In terms of cross-border payments, the company has successfully integrated with major e-commerce platforms such as Amazon, Etsy, Lazada, Shopee, and TikTok, with rapid growth in the number of cross-border payment merchants and transaction amounts, showing a quarter-on-quarter increase of 169% and 272% respectively in Q2 [3]. - The company has made significant breakthroughs in high-end overseas markets for equipment, with nearly 200 million yuan in revenue from overseas high-end markets, growing over 80% year-on-year. Additionally, the company has successfully launched an AI merchant review agent, enhancing review efficiency and user experience [3].

Core Insights - Mastercard has entered into a global partnership with the Billie Jean King Cup, becoming the first official partner for the global rankings and the "Team of the Year" award [1] - The Billie Jean King Cup is recognized as the Women's Tennis World Cup and is the largest annual international team event in women's sports [1] - Mastercard aims to deepen its connection with tennis fans and enhance the sport's vibrancy through this collaboration [1] Company Initiatives - Mastercard will create exclusive "Mastercard Super VIP Viewing Experiences" for fans, allowing them to engage more closely with the sport [1] - This partnership expands Mastercard's global tennis sponsorship portfolio, which already includes major events like the Australian Open and the French Open [1] Industry Trends - Tennis is experiencing significant growth globally, with nearly 106 million participants, representing a 25% increase since 2019 [1]

Core Insights - The "Overseas Short Drama China-Made Ecological Conference" held in Hangzhou on August 28 gathered over 300 participants from various sectors to discuss new trends in short dramas going global [1] - The conference explored challenges and potential opportunities in the industry, focusing on aspects such as platform development, production, government support, technology, and short drama bases [1] Group 1: Awards and Recognition - The "Wutong Award" was established to honor outstanding contributions in the short drama field, with Huifu International winning the "Annual Excellent Short Drama Overseas Cross-Border Payment Award" [3] - The award highlights achievements in content creation, technological innovation, and market expansion, showcasing the vibrant and innovative development of the short drama industry [3] Group 2: Cross-Border Payment Solutions - Huifu International shared insights on how cross-border payment solutions can accelerate monetization for short dramas, sparking significant discussion [8] - The company offers a comprehensive payment solution for short dramas going global, supporting six major card schemes and payment methods in over 150 countries and regions [8] - Their API integration facilitates end-to-end process management, providing intelligent payment optimization to enhance transaction success rates while ensuring cash flow stability and transaction security [8]

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]

Group 1: Trends in Global Payment Services for Chinese Enterprises - The rapid expansion of Chinese cross-border e-commerce and outbound enterprises has led to significant trends in global payment services [1][3] - Professional third-party payment service providers (PSPs) play a crucial role in enabling Chinese enterprises to quickly establish global payment systems [1][3] - There is a growing need for multi-market, multi-channel, and multi-currency support as enterprises expand into regions like Europe, Southeast Asia, South America, and the Middle East [3] Group 2: Payment Efficiency and Compliance - Payment efficiency is improving while foreign exchange costs are decreasing, with the establishment of multi-currency account systems allowing for faster transactions [3] - Compliance and risk control requirements are becoming increasingly stringent, necessitating local licenses and compliance systems for payment service providers [3] Group 3: Comparison of Major Payment Companies - Adyen, a leading Dutch payment technology company, offers a unified platform with a high authorization success rate of approximately 92% [5] - Airwallex has rapidly grown and obtained a third-party payment license in China, covering multiple regions including Asia-Pacific and Europe [6] - Antom, under Ant International, focuses on global market expansion and supports various payment methods across over 50 countries [7] - Worldpay supports transactions in over 100 countries with a stable system and complete compliance qualifications [8] - UseePay, established in 2019, has a strong understanding of the Chinese market and offers high success rates and fast settlement times [9] - PayPal covers over 200 countries and supports a wide range of currencies, benefiting from a mature risk strategy [10] - WorldFirst provides multi-currency cross-border payment solutions optimized for payments to Chinese suppliers [13]

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]