钛媒体App 8月21日消息，移卡有限公司发布2025年中期业绩：2025年上半年营收为16.42亿元人民币， 与上年同期相比增长4.0%；期内利润为4137万元人民币，与上年同期相比增长27%。报告期内，支付 GPV近1.14万亿元人民币，日交易笔数峰值近6,000万笔；海外业务交易量超越上年全年交易量，达15亿 元人民币；商户解决方案营收1.87亿元人民币，毛利率由上年同期的90.9%进一步提升至91.3%。此外， 受益于AI，2025年上半年移卡的销售、行政及研发开支较去年同期减少19.3%。（公司公告） ...

Core Viewpoint - The company has demonstrated strong performance in the first half of 2025, showcasing advancements in technology, successful business model transformation, and robust international growth [3]. Business and Financial Summary - The company has successfully obtained the Money Services Business federal payment license in the U.S. and the Money Transmitter License in Arizona, expanding its global footprint [2]. - Approval from Japan's Ministry of Economy, Trade and Industry has been secured to conduct online and offline QR code payment services, enhancing local operations and commercial capabilities [2]. - The company has supported HSBC in enhancing its payment management solutions, adding support for Alipay, Alipay Hong Kong, and WeChat Pay, indicating strong international product penetration [2]. - The subsidiary, focusing on AI-generated content, has seen a monthly transaction volume growth of approximately 40%, with material costs reduced by 80%, and AI-generated content now accounts for 20% of total video production [2]. - The company maintains its leading position in one-stop payment services, with peak daily transaction volumes reaching nearly 60 million [2]. - Total Gross Payment Volume (GPV) for the first half of 2025 was RMB 1,144.4 billion, a decrease of 1.9% year-on-year, while overseas transaction volume exceeded RMB 1.5 billion, surpassing the total for the previous year [2]. - The payment fee rate for the first half of 2025 was 12.5 basis points, an increase of 1.0 basis point year-on-year, reflecting superior commercialization and business expansion capabilities [2]. - Revenue for the first half of 2025 was RMB 1,641.5 million, a year-on-year increase of 4.0% [2]. - Gross profit for the first half of 2025 was RMB 383.0 million, up 27.6% year-on-year, with gross profit margin rising from 19.0% to 23.3% [2]. - The gross profit margin for one-stop payment services increased from 6.9% in the first half of 2024 to 13.7% in the first half of 2025, with overseas gross profit margins exceeding 50% [2]. - The application of AI across various business lines has led to a 19.3% reduction in sales, administrative, and R&D expenses year-on-year [2]. - Financing costs for the first half of 2025 decreased by 52.7% year-on-year due to structural upgrades and financial cost optimization [2]. - Net profit for the first half of 2025 was RMB 41.4 million, a year-on-year increase of 27.0% [2]. Outlook - The company plans to continue its dual strategy of international expansion and product innovation, embracing technological trends such as AI and blockchain to enhance operational efficiency and service intelligence [4].

值得一提，公司的海外业务实现了稳健的高速增长，2025年上半年的海外GPV交易额突破人民币15亿 元，已超越去年全年约11亿元的总交易额，进一步巩固了公司全球化战略的落地成果。截至2025年6月 30日止6个月，海外支付费率为67.0个基点，毛利率超50%，海外商户单户季度交易量远高于国内水 平。海外业务的高质量持续发展将为公司释放深远的盈利空间。 移卡(09923)发布截至2025年6月30日止6个月中期业绩，该公司取得收入人民币16.41亿元(单位下同)， 同比增加4.04%;公司权益持有人应占利润4307.5万元，同比增加36.19%;每股基本盈利0.11元。 公告称，2025年上半年，公司的海外业务保持强劲的增长势头，进一步多元化业务组合及为国际品牌客 户提供一站式支付及多元增值服务，彰显公司商业模式于全球的高度可拓展性。同期，国内支付业务费 率与盈利能力逐步回升，合作伙伴关系与数字生态系统更趋稳固，为稳健增长提供雄厚支持。随着商业 模式战略升级，增值服务实现持续而高质量的增长，其中精准营销业务于第二季度创下交易量新高，到 店电商业务则连续月度盈利，进一步提升公司整体盈利的可持续性。各业务线在运营效率 ...

公告称，2025年上半年，公司的海外业务保持强劲的增长势头，进一步多元化业务组合及为国际品牌客 户提供一站式支付及多元增值服务，彰显公司商业模式于全球的高度可拓展性。同期，国内支付业务费 率与盈利能力逐步回升，合作伙伴关系与数字生态系统更趋稳固，为稳健增长提供雄厚支持。随着商业 模式战略升级，增值服务实现持续而高质量的增长，其中精准营销业务于第二季度创下交易量新高，到 店电商业务则连续月度盈利，进一步提升公司整体盈利的可持续性。各业务线在运营效率上亦持续优 化，人工智能技术的深化应用进一步简化流程、减低成本，并在收入端如AI数字人自动生成推广活动 等方面获得业界和客户高度认可。公司以支付为基础的多元数字生态系统，蕴含丰富且独特的商户与消 费者应用场景，结合公司持续创新的产品实绩，将为助力商户把握全球数字货币趋势提供崭新契机。 值得一提，公司的海外业务实现了稳健的高速增长，2025年上半年的海外GPV交易额突破人民币15亿 元，已超越去年全年约11亿元的总交易额，进一步巩固了公司全球化战略的落地成果。截至2025年6月 30日止6个月，海外支付费率为67.0个基点，毛利率超50%，海外商户单户季度交易量远高于国 ...

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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]

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]

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]