Group 1 - The 137th China Import and Export Fair (Canton Fair) has opened in Guangzhou, showcasing Lianlian International's one-stop foreign trade payment solutions and multiple benefits [1][2] - Lianlian International has launched a foreign trade payment service that offers rapid fund collection, real-time currency exchange, and convenient supplier payments, addressing challenges faced by foreign trade enterprises [4][7] - The service has been implemented in over ten countries, including the USA, UK, Canada, UAE, Singapore, Australia, Mexico, Thailand, and the Philippines, covering more than 100 countries and regions [4][8] Group 2 - Lianlian International hosted the "AI + Consumer Electronics New Ecology" forum at the Canton Fair, where the "Consumer Electronics Export Country Opportunity Insight White Paper" was released [5][7] - The white paper aims to provide actionable guidelines for Chinese consumer electronics companies to develop differentiated export strategies and achieve high-quality growth in the global market [7] - The consumer electronics industry in China continues to lead the global market due to technological innovation and supply chain advantages, but companies face challenges such as policy fluctuations and complex cross-border fund management [7][8] Group 3 - Lianlian International offers comprehensive cross-border trade services, including one-click store setup, global payment collection, order management, global distribution, and tax refund services, covering a wide range of client types [8] - The company supports transactions in over 130 currencies and has served approximately 5.9 million clients globally [8]

Financial Data and Key Metrics Changes - The total processing value (TPV) for the digital remittance business reached $5.14 billion in 2024, a 13.2% increase from $4.54 billion in 2023 [10][15] - Total revenues excluding TNG Asia and GEA were $42 million in 2024, reflecting a 3.4% decline compared to 2023, primarily due to a 23.8% drop in global airtime revenue [16][18] - The net loss for the year was $38.8 million, largely attributed to a $32 million loss from headquarters operations and adjustments [37] Business Line Data and Key Metrics Changes - The digital remittance business processed 11.4 million transactions in 2024, with revenues of $18.2 million, marking a 6.4% increase from the previous year [10][18] - The global airtime transfer revenue was $9.3 million in 2024, representing a 23.8% decline compared to 2023, driven by changing market conditions and increased availability of free Wi-Fi [21][24] Market Data and Key Metrics Changes - Strong demand was noted in key corridors such as the UK, Hong Kong, Singapore, and Korea, contributing to the growth in remittance transactions [11] - The company is exploring new markets in Africa and other regions for potential growth in the global airtime transfer business [22][24] Company Strategy and Development Direction - The company is focusing on AI-driven solutions to enhance operational efficiency and customer experience, while continuing to prioritize the digital remittance business [9][39] - A strategic shift is underway to streamline operations and enhance profitability by reducing emphasis on the lower-margin airtime transfer business [14][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the robust demand for digital remittance services and the potential synergies from AI initiatives [39][40] - The company aims to maintain profitability while growing remittance revenue by at least 12.5% in the coming year, without further sacrificing the take rate [66] Other Important Information - Total operating expenses for 2024 were $42 million, significantly higher than $24 million in 2023, primarily due to non-cash items related to incentive shares [27][28] - The gross profit margin for the digital remittance business improved to 62% in 2024, up from 58% in 2023, despite a decline in overall take rates [26] Q&A Session Summary Question: What are the expectations for the partnership with CONCOF in 2025? - The company is working on the details of the partnership and expects to see revenue streams in the second half of 2025, with additional clients anticipated by the end of the year or early next year [52][53] Question: Can you provide details on the 500-megawatt AI data center project? - The company is collaborating with a renowned operator for the AI data center, focusing on sourcing land and government support in Malaysia, with potential for high returns [61][62] Question: What is the strategy for maintaining margins in the Triangle business? - The company plans to stabilize the take rate and grow remittance revenue without further sacrificing margins, while also selecting more competitive payout agents to reduce costs [66][68] Question: How is the company progressing in expanding into new countries? - The company is leveraging AI solutions to reach small financial institutions in the Middle East and Africa, which will help expand Triangle's remittance network [71]

首次揭秘Airwallex。 作者 I 周佳丽 报道 I 投资界PEdaily J a c k Zh a ng，全球创投圈都在打听这位年轻的金融科技创始人。 2 0 15年，当传统银行还在用上世纪70年代的SWIFT系统处理跨境业务时，J a c k Zha ng联合其他三位墨尔本大学华人 校友，在澳洲创办了Airwa ll e x空中云汇。他们有一个大胆的愿景：解决传统金融基础设施几十年来的痛点，打造下 一代的全球银行。 十年间，Airwa ll e x迅猛崛起，成为一个服务全世界超15万家企业、年交易额达13 00亿美元的超级独角兽，身后集结 了红杉中国、腾讯、高瓴、和暄资本、DST Gl oba l等豪华投资人阵容，估值超5 6亿美元。20 25年公司年化收入预计 将增长70%，突破10亿美元大关。 "增长速度叹为观止。" 目前，Airwa ll e x已在全球23个办公地点拥有17 00名员工，持有中国内地、中国香港、新加坡、英国、澳洲、欧盟、 美国大部分州等6 0多个国家和地区金融牌照和许可，业务已覆盖18 0余个国家和地区。 "传统银行就像老旧的拨号上网，而Airwa ll e x他们要做的是金融 ...

证 券 研 究 报 告 证券分析师 洪依真 A0230519060003 hongyz@swsresearch.com 研究支持 罗宇琦 A0230124070004 luoyq@swsresearch.com 行 业 及 产 业 行 业 研 究 / 行 业 深 度 相关研究 - 联系人 罗宇琦 (8621)23297818× luoyq@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 04 月 12 日 技术创新加速人民币国际化，中国 支付方案出海先行 看好 —— GenAI 系列之 56 暨 Fintech 系列深度之 19 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 计算机 ⚫ 人民币国际化是中美博弈关键战略，正向循环开始形成。1）2024 年以来，政策密集 出台，重心是鼓励跨境电商和跨境支付系统发展。2021-2023 年每年仅两份相关政策 文件，2024 年以来已有 11 份相关政策文件或相关会议报道；2）人民币国际化，中国 跨境贸易是推动力、跨境支付是润滑剂，预计跨境支付支持政策有长期性。 ⚫ CIPS、mBridge、Brics Pa ...

Core Insights - The report indicates that the current market sentiment score is 76, categorizing it as "relatively hot," suggesting a positive market outlook and potential for upward movement in stock prices [5][9]. - Key themes identified for investment opportunities include cross-border payments, duty-free shopping, and agriculture, driven by recent policy changes and economic strategies [6]. Cross-Border Payments - The cross-border payment theme is gaining traction due to increased trade uncertainties and costs from tariff policies, necessitating more efficient payment systems. The CIPS system is expanding its functionalities and business volume, providing secure and efficient RMB cross-border payment services [6]. - Related stocks include Cross-Border Communication (002640) and Qingdao Kingking (002094) [6]. Duty-Free Shopping - A recent announcement from the State Administration of Taxation promotes the "immediate purchase and refund" service for outbound travelers, which is expected to boost domestic consumption, particularly in the tourism retail sector [6]. - Beneficiaries of this trend may include China Duty Free Group (601888) and Gree Real Estate (600185) [6]. Agriculture - The Central Committee and State Council have released a plan to accelerate the construction of a strong agricultural nation from 2024 to 2035, emphasizing self-innovation in seed industry and resource protection [6]. - Key stocks in this sector include Dabeinong Technology Group (002385) and Fengle Seed Industry (000713) [6]. Market Capital Flow - The report highlights significant net inflows into various stocks, with Industrial Fulian (601138) leading at 802.79 million, followed by Shenghong Technology (300476) at 585.44 million [10]. - The report also notes the top ten stocks with net outflows, indicating investor sentiment and potential areas of concern [12]. Industry Performance - The report provides insights into the performance of different industries, with electronics, food and beverage, and retail showing strong net inflows, while sectors like telecommunications and steel are experiencing net outflows [16][17].

Market Overview - A-shares and Hong Kong stocks experienced a significant rebound, with A-shares seeing over 5,200 stocks rise and the ChiNext Index increasing by over 4% [1] - The Hang Seng Technology Index rose over 6%, while the Hang Seng Index increased by over 4% [5] Economic Indicators - The postponement of tariffs by Trump is viewed as a clear positive for the market, contributing to the overall rise in the Asia-Pacific markets [1] - A survey by Harvard Business School professor Meg Rithmire indicated that 70% of the 40 members surveyed plan to maintain or increase their business with China, alleviating concerns about the impact of tariffs on corporate operations [7] Sector Performance - The cross-border payment sector saw active trading, with stocks like Feitian Chengxin and Qingdao Jinwang hitting the daily limit, while others rose over 10% [2] - The domestic consumption sector, particularly dairy and retail, showed strong performance with stocks like Yiyaton and Wangfujing hitting the daily limit [3] - The chemical raw materials sector also performed well, with Zhongyida hitting the daily limit and Hengguang shares rising over 10% [4] Corporate Strategies - Some listed companies are accelerating their overseas production capacity to mitigate cost pressures from tariffs, with plans to establish manufacturing bases in low-tariff countries [6] - Companies are also shifting sales markets towards Europe and India, utilizing Southeast Asian bases to meet regional demand [6] Investment Sentiment - The market's risk appetite has increased, as evidenced by the decline in government bond futures, indicating a more optimistic outlook among investors [5]

Industry Overview - The cross-border payment industry is experiencing high growth and strong competition as more Chinese companies expand overseas, with the global market expected to reach $240 billion in 2024, a 12% year-on-year increase [1] - The trend of "fragmentation" in China's export trade is emerging, with small and dispersed orders replacing traditional large orders, contributing over 60% of China's export volume from millions of small and micro foreign trade enterprises [2] Challenges for SMEs - A study in 2023 revealed that 83% of SMEs prefer using SaaS platforms and online trading platforms for financial services, facing challenges such as high wire transfer fees, slow transaction times, and significant currency losses compared to larger companies [3] Industry-Specific Insights - New industries, such as gaming and live streaming, are joining the trend of going global, each facing unique challenges. For instance, gaming companies prioritize transaction stability due to the rapid influx of business from hit games [4] - Airwallex, a cross-border payment unicorn, reported a transaction volume exceeding $130 billion in 2024, with a valuation surpassing $5.6 billion, serving over 150,000 clients globally, including well-known companies like SHEIN and Qantas [4] Payment Efficiency - Airwallex claims to achieve 90% of transactions settled on the same day and over 60% in real-time, significantly outperforming traditional banking networks [4][14] - The company has reduced withdrawal costs for live streamers from $50 per transaction to as low as $1 or $2, enabling quicker access to funds [5] Global Market Expansion - Airwallex has obtained payment licenses in over 60 countries and regions, positioning itself as one of the leading fintech companies with the most licenses globally. The company is actively expanding in Brazil, UAE, Saudi Arabia, France, and Japan to meet diverse regional demands [16] - The Americas market is projected to see business growth exceeding twofold by 2025, with similar growth expected in Europe, the Middle East, and Africa [17]

暗盘资金正涌入这些股票，点击速看>>> 跨境支付(CIPS)板块走高，青岛金王（002094）、中亦科技（301208）涨停，中油资本（000617）此前 封板，华峰超纤（300180）、新国都（300130）、艾融软件涨超10%，四方精创（300468）、拉卡拉 （300773）、京北方（002987）、高伟达（300465）、小商品城（600415）等跟涨。 ...

Group 1: Pharmaceutical Sector - The pharmaceutical sector experienced a comprehensive rebound, with CRO (Contract Research Organization) concepts surging by 6.71% and other related sectors like innovative drugs and antibiotics also showing significant gains of 5.94% and 5.32% respectively [2] - The overall market saw over 4,500 stocks rising, with the ChiNext Index increasing by over 1%, the Shanghai Composite Index rising by 0.64%, and the Shenzhen Component Index up by 0.74% [2] - The domestic innovative drug payment mechanism is progressing, with expectations for a pivotal policy year in 2025, including the introduction of the first version of the Class B medical insurance catalog within the year [3] Group 2: Medical Technology - A breakthrough in brain-computer interface (BCI) technology was reported, allowing real-time conversion of language thoughts into speech, which has implications for patients with speech impairments [5] - Following this news, stocks in the BCI sector saw rapid increases, with Innovative Medical (002173) hitting the daily limit up and other companies like Aipeng Medical (300753) rising nearly 12% [5][6] Group 3: Solar Energy Sector - The solar energy sector experienced a significant rebound, with companies like Yijing Photovoltaic (600537) hitting the daily limit up and others like Jinlang Technology (300763) rising over 11% [7] - According to TrendForce, Chinese policies are stimulating overall demand in the solar industry, leading to a tight supply of components and an anticipated demand peak in March and April 2025, which may drive up prices in the second quarter [7]