Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was just over $536 million, up 1.4% on a comparable adjusted basis year over year [9][18] - Comparable adjusted EBITDA for the quarter was just over $100 million, increasing nearly 3.5% from 2024 [10][19] - Comparable adjusted EPS finished at $0.75, reflecting just over 4% expansion versus the prior year [10][20] - Net debt levels decreased to $1.46 billion, down approximately $80 million from the previous year [28] Business Line Data and Key Metrics Changes - Payments and Data segments grew by a blended rate just above 8.5%, with the Data segment revenue growing 29% year over year [11][24] - Merchant Services revenue grew by 1.3% year over year to $97.8 million, with adjusted EBITDA remaining flat at $21.4 million [20] - B2B segment revenues increased by 1.2% to $70.2 million, with adjusted EBITDA dollars remaining flat at $13.3 million [22] - Print segment revenue declined by 4% year over year to $291.3 million, with legacy check revenues declining by 1.8% [26] Market Data and Key Metrics Changes - The revenue mix shifted towards payments and data offerings, with the ratio of print to payments and data segments changing from 57:43 to 54:46 year over year [11] - The company continues to monitor macroeconomic trends and consumer sentiment for potential impacts on revenue [6][32] Company Strategy and Development Direction - The company is focused on executing its North Star strategy, which emphasizes accelerating free cash flow and profit growth [5][14] - The management is maintaining overall guidance ranges for 2025 despite macroeconomic uncertainties [9][32] - New partnerships, such as with TownBank, are seen as opportunities to expand market reach and improve service delivery [38][66] Management's Comments on Operating Environment and Future Outlook - Management acknowledged extraordinary volatility and macroeconomic uncertainty but emphasized control over internal execution [5][6] - The company expects continued strong performance in the Data segment and is optimistic about future growth despite potential challenges in the Print segment [24][32] Other Important Information - The company reported a free cash flow of $24.3 million for the quarter, improving by $18.1 million from the previous year [29] - The Board approved a regular quarterly dividend of $0.30 per share, payable on June 2, 2025 [31] Q&A Session Summary Question: Insights on the Merchant Business - Management noted that the Merchant business continues to perform well across various market conditions, with strength in government and not-for-profit sectors [34][35] Question: Strategic Changes with New Leadership - Management expressed confidence in the new leadership and highlighted a focus on improving partnership relationships and expanding distribution channels [36][38] Question: Segment Modeling and Performance - Management indicated that the Data segment had a strong quarter but does not expect to maintain a 29% growth rate, projecting upper single digits to low double digits for the full year [44] Question: Impact of Government Check Phasing Out - Management clarified that the federal government is not a customer and does not expect significant impact from the phasing out of physical checks [54][56] Question: Observations on Tariffs and Spending - Management noted minimal evidence of consumer pull forward in spending related to tariffs, emphasizing that their revenue is transaction-based [58][59] Question: Potential Catalysts for Partnerships - Management highlighted the company's strong brand and relationships in the banking sector as key advantages for driving new partnerships [66][70]

*ST龙宇：收到拟终止公司股票上市的事先告知书 智通财经4月29日电，*ST龙宇(603003.SH)公告称，公司于2025年4月29日收到上海证券交易所下发的 《关于拟终止上海龙宇数据股份有限公司股票上市的事先告知书》。告知书指出，公司2024年度财务会 计报告被出具无法表示意见的审计报告、内部控制被出具否定意见的审计报告，触及终止上市条件。上 海证券交易所将根据相关规定，对公司股票作出终止上市的决定。 ...

Core Insights - The construction of a trusted data space is seen as a new opportunity to address challenges in data circulation and value release in China [1][2][3] - The digital economy's rapid growth highlights the increasing importance of data as a core production factor, with the core industries of the digital economy projected to account for about 10% of GDP in 2024 [1] Group 1: Challenges in Data Utilization - Many enterprises have concerns regarding the security, compliance, and efficient circulation of data, leading to a significant amount of data remaining "asleep" and not realizing its potential value [1] - Issues such as unclear responsibilities, imperfect rules, and difficulties in establishing trust hinder effective matching between data supply and demand, restricting the scale and efficiency of data circulation [1] Group 2: Trusted Data Space as a Solution - The trusted data space is likened to a "data sandbox," allowing data providers to share data securely while enabling smaller enterprises to access necessary data, thus breaking the bottleneck in data integration and utilization [2] - The trusted data space is considered a new type of data infrastructure and a crucial part of the national data element system, aimed at solving the issues of data underutilization among enterprises [2] Group 3: Development and Implementation - Experts emphasize the need for unified concepts, practical benchmarks, and a long-term operational model to drive the development of the trusted data space [3] - The Shenzhen Data Exchange has pioneered a "1+N dynamic compliance" system and initiated a national data transaction credit system to facilitate cross-domain and cross-border data circulation [3] Group 4: Future Outlook - Continuous efforts in interconnectivity across technology, standards, data, and resources are essential for the long-term development of the trusted data space [4] - The role of operators as trusted third parties is critical, with a focus on market mechanisms and transparent rules to encourage active participation in data supply and usage [4]

Group 1 - The core viewpoint of the article highlights the significant growth in Tongfang Co., Ltd.'s data resources, which increased by 61% to 93.44 million yuan compared to the initial disclosure in the semi-annual report [1] - Tongfang's total revenue for 2024 reached 16.802 billion yuan, with a net profit attributable to shareholders of 141 million yuan, marking the first profit after four years of losses [4] - The main revenue source for Tongfang is nuclear technology applications, generating 6.376 billion yuan, accounting for nearly 40% of total revenue, with a gross margin of 32.94% [5] Group 2 - The digital information business of Tongfang, driven by knowledge services, big data, industrial internet, and generative AI technology, reported revenue of 3.936 billion yuan, with a gross margin of 32.73%, the second highest among its five main business segments [5][11] - Tongfang's subsidiary, CNKI, holds nearly 380 million literature resources and has faced frequent copyright disputes, including issues related to authors needing to pay fees to download their own papers [11][12] - The current copyright model of CNKI involves indirect authorization through agreements with journal publishers, which has led to legal challenges regarding the rights of authors [12][14] Group 3 - The market regulatory authority investigated CNKI for abusing its dominant market position in the Chinese academic literature database service market, resulting in a fine of 87.6 million yuan based on 5% of its 2021 sales in China [14] - The "three rights separation" framework established by the "Data Twenty Articles" indicates that data ownership, processing rights, and product operation rights are now distinct, with CNKI primarily holding processing and operational rights rather than ownership [16]

Group 1 - The National Data Bureau has launched a plan to develop and utilize public data resources, aiming to create 70 key demonstration scenarios to enhance the supply, circulation, and utilization of public data [1][2] - The first batch of 18 scenarios will be implemented by October 2024, focusing on smart cities and industrial upgrades, followed by a second batch of 20 scenarios in February 2025, covering healthcare and ecological governance [1] - The newly added 32 scenarios this year include areas such as smart agriculture, emergency rescue on highways, and data-driven precision medicine, forming a tiered development structure of "three batches of 70 scenarios" [1] Group 2 - Public data, generated by government departments and public enterprises, spans various fields and is characterized by its authority, large scale, and dynamic updates, serving as a "digital mirror" of economic and social operations [2] - The implementation of the 70 benchmark scenarios is expected to drive local economic development and industrial transformation, with specific examples like the smart tourism recommendation system in Xi'an optimizing resource allocation in the tourism sector [2] - The Central Government has issued a systematic deployment plan for public data resource development, with multiple policy measures introduced this year to promote public data utilization [2][3] Group 3 - A national public data resource registration platform was launched on March 1, with seven provinces completing the integration of provincial platforms, enabling information interconnectivity and unified coding [3] - The National Data Bureau has outlined four key requirements to enhance the development and utilization of public data, focusing on market-oriented approaches, infrastructure connectivity, and the cultivation of an open and innovative data industry ecosystem [3] - The ongoing market-oriented reform of public data is seen as a core engine for high-quality development, with the 70 benchmark scenarios expected to reshape economic and social operation paradigms [4]

Core Points - The National Bureau of Statistics has released the "2025 Work Points for Building a Data Foundation System" to implement the "Data Twenty Articles" policy [1][2] - The work points focus on establishing a data property rights system, improving data circulation and trading systems, and promoting fair distribution of data benefits [1][2] Group 1: Data Property Rights System - The establishment of a data property rights system aims to accelerate the progress of data rights construction, ensuring the authorization of public, enterprise, and personal data usage [1] - The initiative includes conducting foundational system trials through data element comprehensive pilot zones and participating in the formulation of international rules in the data property rights field [1] Group 2: Data Circulation and Trading System - The work points emphasize the need to improve the data market rule system and develop standard demonstration contracts for data circulation and trading [1] - Policies will be introduced to encourage various entities to expand data demand and strengthen data supply, supporting the cultivation of diverse data market participants [1] Group 3: Data Benefit Distribution System - The focus is on promoting the marketization and valuation of data, establishing a public data pricing management system, and creating a fair market environment [1] Group 4: Data Governance System - The initiative aims to implement a comprehensive data circulation security governance system, supporting innovation in data circulation security technology applications [2] - The National Bureau of Statistics will collaborate with relevant units to ensure the effective implementation of these tasks, addressing key issues in data supply, circulation, utilization, and security [2]

Core Insights - Jiangsu's total electricity consumption reached 199.262 billion kWh in Q1, marking a year-on-year increase of 1.4% driven by high-end manufacturing and new energy industries [1] - The high-end manufacturing sector, particularly in shipbuilding and biomedicine, shows significant growth, with electricity consumption in the biomedicine sector increasing by 23% and shipbuilding by over 9% [2] - The data service industry in Jiangsu outperformed national growth rates, with a 41.4% increase in electricity consumption, highlighting the region's digital economy expansion [3] Group 1: High-End Manufacturing - Jiangsu's shipbuilding industry is focusing on high-value vessels, with a 9% increase in electricity consumption, supported by advanced technologies [2] - The biomedicine sector is experiencing a cluster development effect, with a 23% increase in electricity consumption due to enhanced R&D investment and policy support [2] - The aerospace industry in Jiangsu saw a 23.6% increase in electricity consumption, benefiting from technological advancements and a robust industrial ecosystem [2] Group 2: Digital Economy - The national average for internet and related services electricity consumption grew by 25.7%, with Jiangsu's data service industry growing by 41.4%, indicating strong digital economic growth [3] - Data services account for 84% of the electricity consumption in internet-related services, contributing 95.8% to the growth in this sector [3] - The demand for electricity in the smart computing industry is rapidly increasing, with new capacity applications growing nearly 2.9 times year-on-year [3] Group 3: Green Energy Transition - Jiangsu's total installed capacity of renewable energy reached 94.84 million kW, making it the largest power source in the province [6] - The wind energy equipment manufacturing sector saw a 52.5% increase in electricity consumption, reflecting the province's commitment to green energy development [6] - The share of clean energy in Jiangsu's total electricity consumption has exceeded 30%, up from less than 5% before 2003 [7] Group 4: Carbon Footprint Management - A new carbon footprint public service platform has been launched in Jiangsu, allowing over 500 key enterprises to calculate their carbon emissions throughout the product lifecycle [8] - This initiative supports Jiangsu's efforts in green transformation and demonstrates China's commitment to global carbon neutrality [8]

Group 1 - The first cross-border transaction of data intellectual property in China was successfully completed, involving a payment of $141,165.72 (approximately 1.03 million RMB) for seven core data assets related to chemical new materials [1] - The transaction was facilitated by Hangzhou Heliman Data Service Co., which specializes in providing data development for chemical new materials enterprises [1] - The data involved focused on safety experimental data required for market access certification in South Korea, and a comprehensive compliance mechanism was established for the transaction [1] Group 2 - Data is referred to as the "oil" of the digital age, but issues such as regulations and security have hindered its flow and trade [2] - Hangzhou is set to become the first city in China to legislate specifically for data circulation and trading with the implementation of relevant regulations in 2025 [2] - By the end of 2024, Zhejiang province had received 36,400 applications for data intellectual property registration, with 16,900 certificates issued, and a total utilization amount of 6.568 billion RMB achieved through various financial mechanisms [2] Group 3 - The successful transaction not only validated the feasibility of cross-border data intellectual property circulation but also provided a replicable "Zhejiang standard" and "Chinese solution" for data cross-border flow [3]

| 名称 持有数量(万股) | | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | | (%) | 股) | | 贺琳 | 1213.76 | 20.12 | 不变 | | 北京中瑞安投资中心(有限合伙) | 693.58 | 11.50 | 不变 | | 中移投资控股有限责任公司 | 479.79 | 7.95 | 不变 | | 北京清德投资中心(有限合伙) | 282.44 | 4.68 | 不变 | | 宁波丰琬创业投资合伙企业(有限合伙) | 203.33 | 3.37 | 不变 | | 唐涤飞 | 145.21 | 2.41 | 不变 | | 全国社保基金四一四组合 | 61.37 | 1.02 | -30.00 | | 苏州博瑞鑫稳管理咨询合伙企业(有限合伙) | 57.84 | 0.96 | -49.30 | | 银岳(上海)投资管理有限公司-银岳智选私募证券投 资基金 | 28.00 | 0.46 | 新进 | | 银岳(上海)投资管理有限公司-银岳精选私募证券投 资基金 | 21.70 | 0.36 | 新进 | | 较上个报告期退出前十大股东 ...