证券代码：000997 证券简称：新大陆 新大陆数字技术股份有限公司投资者关系活动记录表 编号：2025-005 回复：公司已与阿里云达成深度战略合作，充分发挥双 方优势，共同探索大模型在支付场景的生态应用。阿里云的 优势在于算法和大模型能力，而公司拥有广大的商户基础、 支付场景数据和解决方案经验。 公司联合阿里云发布了基于千问大模型底座的支付专属 大模型，其应用包括：一是意图识别，即能更好地理解支付 行业的行话，"小驿秒哒"可秒级识别用户问题，显著缩短 咨询等待时长，同时利用 RAG 技术快速学习海量垂直知识并 提供精准回答，大幅提升服务质量；二是商户资质及合规审 核，AI 商户审核助手可同时审核数万商户，单户审核时效提 升 7 倍，有效解决人工审核痛点。例如，商户于店外拍摄门 头图片，和店铺内景信息难以形成直接关联证据，AI 商户审 核助手可通过双重 AI 技术，智能识别经营场景并推理业务关 联性，结合 AI 反证判断，准确率高达 98%。 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | ...

Core Viewpoint - The company is accelerating its overseas licensing and account system layout, establishing subsidiaries in Hong Kong and the United States, and has successfully obtained the MSB license while applying for the MSO license [1] Group 1 - The company has set up a subsidiary named Hong Kong Star Express Payment Company in Hong Kong and NovaPay in the United States [1] - The company has successfully obtained the MSB (Money Services Business) license [1] - The company is currently in the process of applying for the MSO (Money Service Operator) license and will disclose further progress according to relevant requirements [1]

Core Viewpoint - Visa is positioned as a strong investment opportunity due to its inflation resilience, high margins, lack of credit risk, and significant growth potential in digital payments [2][3][9][10]. Group 1: Inflation Resilience - Visa operates in a manner that allows it to benefit from inflation, as its transaction fees are a percentage of the transaction amount, leading to increased revenue during price rises [4]. - The company has a history of growing its dividend by 379% over the past decade, with a conservative cash payout ratio of 21.5%, indicating room for further increases [4]. Group 2: High Margins - Visa maintains a gross margin exceeding 70%, with net earnings of approximately $0.50 for every dollar earned, showcasing its high-margin business model [5][7]. - The company's payment network, which required significant upfront investment, allows it to handle vast transaction volumes with minimal marginal cost increases [7]. Group 3: Lack of Credit Risk - Visa does not issue credit or debit cards, thus avoiding credit risk associated with lending, which is a common issue for banks, especially during economic downturns [9]. Group 4: Growth Opportunities - There remains a substantial opportunity for Visa to convert trillions of dollars in cash and check transactions to digital formats, expanding its ecosystem [10]. - The growth of the e-commerce sector presents another long-term growth avenue, as online transactions typically do not utilize cash [11].

Core Viewpoint - GAC Group's subsidiary, GAC Energy Technology Co., Ltd., has signed a deepening cooperation agreement with Alipay to explore new business models in the "vehicle + energy + internet" space [1] Group 1: Partnership Details - The signing ceremony took place on November 14 at GAC Group's headquarters [1] - The collaboration will focus on several key areas including "charging+" services, energy operation, AI applications, and innovative business [1]

Portfolio Overview - Bridgewater's total portfolio value increased from $24.8 billion in 2Q25 to $25.5 billion in 3Q25, a rise of 3%[1] - The number of positions expanded significantly to 1014, up from 585 in the previous quarter[1] - The share of the top 10 holdings decreased from 36.1% to 32.5%[1] Investment Strategy - Increased allocation to S&P 500 ETFs, with iShares S&P 500 ETF (IVV) becoming the largest holding at $2.71 billion, representing 10.6% of the portfolio[1] - Combined weight of S&P 500 ETFs reached approximately 17.3%, a notable increase from the previous quarter[1] - Emerging market ETF exposure was nearly eliminated, indicating a shift in strategy[1] Sector Adjustments - Significant reductions in holdings of major tech stocks, including Nvidia (down 65%), Alphabet (down 53%), and Microsoft (down 36%) to lock in profits[1] - Full exit from SPDR Gold Trust, reflecting a tactical profit-taking move after a strong price rally[1] - The portfolio remains biased towards information technology but has shifted to a more balanced allocation across sectors[1] Notable Transactions - Major increases in positions included Lam Research (+111%), Mastercard (+191%), and Workday (+132%) among others[1] - New positions initiated in Reddit and Robinhood, contributing to a more diversified portfolio with 493 new holdings[1] Risk Management - The strategy reflects a commitment to dynamic balance and risk-aware positioning in an uncertain economic environment[1] - The overall approach aims to enhance portfolio resilience by reducing concentration and broadening holdings[1]

Core Insights - Western Union has entered into a strategic partnership with Tencent's cross-border payment platform TenPay Global to enhance the digital cross-border remittance experience through the integration of Western Union's offline retail network and TenPay Global's payment technology capabilities [1] Group 1 - The collaboration aims to create "smart stores" to improve the efficiency of offline remittances [1] - Users can pre-enter remittance information via a WeChat mini-program and complete transactions at the counter using cash or supported digital payment methods, simplifying the traditional process [1] - The first smart store is located in People's Park Complex, Chinatown, Singapore, and is one of 20 branches established by Western Union in the region [1]

Core Viewpoint - The China Payment and Clearing Association has issued an initiative to enhance the security management of "no-password payment" services, highlighting the need for improved safety measures and user awareness in this area [1][2]. Group 1: Security Management Recommendations - Payment service providers are encouraged to strengthen security management for "no-password payment" by eliminating default activation, providing limit management features, and prominently offering a one-click cancellation option [3]. - Users are advised to regularly check their agreements regarding "no-password payment" services [3]. Group 2: User Experience and Feedback - Users have expressed frustration on social media about unintentionally activating "no-password payment" due to misleading prompts or accidental clicks, and they often struggle to find ways to deactivate this service [4][5]. - Testing revealed that deactivating "no-password payment" on popular platforms requires multiple page navigations, averaging 5 to 6 clicks, which complicates the process for users [5][6]. Group 3: Payment Limits and Security Concerns - Different merchants have varying single transaction limits for "no-password payment," with some platforms allowing limits as high as 1,000 yuan, while others restrict transactions to under 100 yuan [7]. - Concerns regarding the security of "no-password payment" include risks associated with lost devices and erroneous transactions, which could lead to unauthorized deductions from accounts [8]. Group 4: Comparison with Traditional Payment Methods - Traditional bank cards with "no-password payment" features have established security measures, including chip technology, merchant vetting, transaction limits, intelligent risk control, and full compensation for losses due to fraud [9][10][11]. - The underlying security mechanisms of mobile wallets like Alipay and WeChat Pay differ from traditional bank cards, relying more on their own risk control systems rather than external card organization rules [12]. Group 5: User Choice and Functionality - Experts argue that "no-password payment" can be beneficial in high-frequency, low-value transaction scenarios, as it enhances user experience by reducing the need for repetitive password entry [12][13]. - The emphasis is placed on respecting user choice, with calls for payment platforms to avoid default selections and ensure clear communication regarding activation and deactivation of "no-password payment" features [16].

在智能制造领域，新国都凭借二十余年技术积累，构建了支付终端产品一站式服务体系，业务遍及全球 100多个国家和地区海外设有10余家子公司与办事处，并具备卢森堡PI、中国香港MSO、美国MSB等多 国牌照和权威资质，展现出卓越的全球化运营能力。旗下嘉联支付以"支付为民"为理念，累计覆盖商户 2000万，其政府消费券平台发放消费券超1512万张，带动消费690亿元。在全球布局方面，通过NEXGO 和PayKKa等品牌，为全球60多个国家和地区提供支付服务，支持20多种主流货币结算。 经济观察网 深圳市新国都（300130）股份有限公司（300130.SZ）近日正式发布全新宣传片，全面展示 其以"智能制造、商户服务、全球收付"为核心的战略布局。 ...

Core Insights - Usio Inc reported $21.18 million in revenue for the quarter ended September 2025, reflecting a year-over-year decline of 0.7% and a surprise of -6.03% compared to the Zacks Consensus Estimate of $22.54 million [1] - The EPS for the same period was -$0.02, consistent with the previous year, while the consensus EPS estimate was $0.01, resulting in an EPS surprise of -300% [1] Revenue Breakdown - Revenue from ACH and complementary services was $5.84 million, exceeding the two-analyst average estimate of $5.21 million [4] - Revenue from credit card services was $7.35 million, below the average estimate of $8.1 million [4] - Revenue from prepaid card services was $2.8 million, compared to the average estimate of $3.11 million [4] - Revenue from interest in Output Solutions was $0.05 million, slightly above the average estimate of $0.04 million [4] - Revenue from interest in ACH and complementary services was $0.16 million, below the estimated $0.19 million [4] - Revenue from interest in prepaid card services was $0.14 million, compared to the average estimate of $0.25 million [4] - Revenue from Output Solutions was $4.84 million, below the average estimate of $5.83 million [4] Stock Performance - Usio's shares have returned +2.8% over the past month, while the Zacks S&P 500 composite has changed by +4.6% [3] - The stock currently holds a Zacks Rank 5 (Strong Sell), indicating potential underperformance relative to the broader market in the near term [3]

Financial Data and Key Metrics Changes - Paysign reported record revenue of $21.6 million, an increase of 41.6% year over year [3][12] - Adjusted EBITDA reached a record $5 million, up 78% [3][12] - Net income rose 54% to $2.2 million, or $0.04 per fully diluted share [3][14] - Consolidated gross profit margin improved to 56.3%, up 72 basis points [12][13] - Adjusted unrestricted cash balance at quarter-end was $16.9 million with zero debt [15] Business Line Data and Key Metrics Changes - Patient affordability business generated $7.9 million in revenue, up 142% year over year, accounting for 36.7% of quarterly revenues [4][12] - Plasma donor compensation revenue grew 12.4% to $12.9 million, despite a net loss of 12 centers, totaling 595 active centers [6][12] - The number of claims processed in the patient affordability segment increased by over 60% compared to the same period last year [12] Market Data and Key Metrics Changes - The company ended the quarter with 105 active patient affordability programs and expects to add 20-30 more by year-end [4][10] - The plasma business is expected to normalize in the first half of 2026 due to an oversupply of source plasma [6] Company Strategy and Development Direction - Paysign aims to expand its role in the blood and plasma ecosystem, evolving from a payments provider to a technology partner [8] - The company is focused on integrating its proprietary Dynamic Business Rules technology into the pharmacy claims process to unlock new revenue streams [5] - The opening of a new 30,000 sq ft patient support center is expected to enhance service capacity and operational efficiency [4] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory and long-term value creation for shareholders [9][11] - The company anticipates improvement in gross profit margins as new customer service centers ramp up [11] - Management noted that the plasma industry is expected to normalize, which could lead to organic growth at the center level sooner than anticipated [7][12] Other Important Information - The company raised its revenue guidance for 2025 to a range of $80.5 million to $81.5 million, reflecting year-over-year growth of 38.7% at the midpoint [16] - Full-year gross profit margins are expected to be approximately 60% [16] Q&A Session Summary Question: Insights on retail versus specialty pharmacy mix - Management indicated a decent mix of retail versus specialty pharmacy, with a higher percentage of retail programs expected in the pipeline moving into next year [19][21] Question: Gross profit margins and capacity utilization - Management clarified that gross profit margins are expected to improve as new centers mature and the patient affordability programs ramp up [24][26] Question: Average revenue per program and seasonal business dynamics - Management explained that the business is seasonal, and the current mix is more geared towards claims rather than initial launch fees, impacting average revenue per program [27][31] Question: Dynamics affecting plasma donor engagement - Management noted no significant changes in donor engagement due to immigration issues and did not expect changes from the government shutdown [44][46] Question: Timing for FDA approval of the donor management system - Management expects FDA approval for the donor management system in the first quarter of 2026, with potential licensing opportunities on a center-by-center basis [49][50]