Core Viewpoint - New Guodu, a payment service provider, plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to accelerate overseas business expansion and diversify financing channels amid declining performance and regulatory challenges [1][6]. Group 1: Company Overview - New Guodu was established on July 31, 2001, and listed on the Shenzhen Stock Exchange's Growth Enterprise Market on October 19, 2010. It primarily provides payment services and digital service solutions through its wholly-owned subsidiary, Jialian Payment [4][6]. - The company's main revenue sources include 67.12% from acquiring and value-added services, 29.90% from electronic payment products, and smaller contributions from audit and technical services [6]. Group 2: Financial Performance - New Guodu's revenue for 2024 is projected at 3.148 billion yuan, a year-on-year decrease of 17.20%, with net profit dropping by 68.98% to 234 million yuan [6][7]. - In the first half of 2024, the company reported a revenue of 1.527 billion yuan, down 3.17%, and a net profit of 275 million yuan, down 38.61% [7]. - The decline in profits is attributed to reduced income and gross margins from acquiring and value-added services, influenced by strategies to expand new merchant partnerships [7]. Group 3: Regulatory Challenges - Jialian Payment, New Guodu's subsidiary, has faced multiple penalties for compliance issues, including a recent fine of 2.99 million yuan for violations related to clearing management and merchant management [8][10]. - The company has also disclosed potential tax adjustments amounting to 362 million yuan, which could further impact its net profit for 2024 [10]. Group 4: Market Position and Strategy - Industry experts suggest that New Guodu's move to list in Hong Kong reflects a need for capital support amid declining performance and market challenges, emphasizing the importance of a clear international strategy for sustainable growth [4][10]. - The competitive landscape in the traditional acquiring market is intensifying, with Jialian Payment facing pressure from declining rates and increased competition, while innovation efforts have yet to yield results [7][10].

Core Viewpoint - New Guodu, a payment service provider, plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to accelerate overseas business expansion and diversify financing channels amid declining performance and regulatory challenges [2][6]. Group 1: Company Overview - New Guodu was established on July 31, 2001, and listed on the Shenzhen Stock Exchange's Growth Enterprise Market on October 19, 2010. The company primarily provides payment services and scenario digitalization services through its wholly-owned subsidiary, Jialian Payment [4][6]. - Jialian Payment obtained a third-party payment license in 2012 and has been involved in nationwide card acquiring business since 2017 [6]. Group 2: Financial Performance - New Guodu's revenue for 2024 is reported at 3.148 billion yuan, a year-on-year decrease of 17.20%, while the net profit attributable to shareholders is 234 million yuan, down 68.98% [6]. - The company’s first half of 2024 shows continued decline, with revenue of 1.527 billion yuan, a decrease of 3.17%, and net profit of 275 million yuan, down 38.61% [7]. - The decline in profits is attributed to a drop in revenue and gross margin from acquiring and value-added services, influenced by increased marketing support and competitive market measures [7]. Group 3: Regulatory Challenges - Jialian Payment has faced multiple penalties for compliance issues, including a warning and a fine of 2.99 million yuan for violations related to clearing management and merchant management [9]. - In 2020, Jialian Payment was fined 9.41 million yuan for failing to establish proper risk management measures and for conducting transactions with unidentified clients [12]. Group 4: Market Context and Strategic Considerations - Industry experts suggest that New Guodu's move to list in Hong Kong reflects a need for capital support amid declining performance and increasing compliance requirements [4][13]. - The company’s reliance on capital markets without a solid core technology or localized operational capabilities raises concerns about its long-term viability in the competitive payment sector [13].

Core Viewpoint - Lakala's comprehensive payment solutions cover various scenarios including online and offline B2C payments, B2B payments, cross-border payments, and foreign card payments, indicating a strong market position and diverse service offerings [2] Group 1 - The company leads in payment transaction amounts for bank cards, QR codes, and cross-border payments, showcasing its competitive edge in the industry [2] - Lakala possesses advantages in scale, brand recognition, service network, licensing qualifications, and institutional partnerships, which contribute to its market leadership [2]

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].

经济观察网 9月3日，万事达卡宣布已与"比利·简·金杯"（Billie Jean King Cup，由Gainbridge 冠名赞助） 达成全新全球合作。万事达卡将成为"比利·简·金杯"全球排名及"年度最佳团队"奖项的首位官方合作伙 伴，致力于表彰在赛场上展现卓越激情、取得优异成绩以及积极践行赛事价值观的参赛团队。"比利·简· 金杯"被誉为女子网球世界杯，同时也是女子体育运动中规模最大的年度国际团体赛事。 基于此次合作，万事达卡还将面向广大球迷打造一系列"万事达卡专属超级VIP观赛体验"，让他们更贴 近自己热爱的运动。此次合作进一步拓展了万事达卡的网球赞助全球版图，包括澳大利亚网球公开赛和 罗兰·加洛斯法国网球公开赛等一系列顶尖赛事。当前，网球运动正在全世界范围内蓬勃发展，全球参 与者已达近1.06亿人，较2019年增长25%。（编辑 胡群） 万事达卡首席营销及传播官Raja Rajamannar表示，万事达卡始终致力于用热爱与追求将人们紧密相连。 随着网球运动在全球持续升温，与"比利·简·金杯"的合作将使万事达卡以全新方式深化与广大球迷的联 结，助力这项运动走向更加充满活力的未来。 ...

8月28日，"海外短剧中国造生态大会·杭州"成功举办。本次大会汇聚产学研各界300+与会嘉宾，围绕平台、制作、政府支持、技术及短剧基地等多个层 面，深入探讨了短剧出海的新趋势。通过工业化制作体系涉及到的"短剧+跨境电商"、品牌协同出海、短剧宣发等多维度，与会各方共同剖析行业面临的 挑战并探索新蓝海中的潜在机遇。 为表彰在短剧领域作出突出贡献的机构代表，大会持续六届特设"短剧梧桐奖"，汇付国际荣获本届"年度优秀短剧出海跨境支付奖"。梧桐奖重点关注在内 容创作、技术创新与市场开拓等方面取得卓越成就的企业与组织，获奖名单涵盖多家头部制作公司、关键技术研发团队及优秀导演机构，充分展现了短剧 行业在机构层面的蓬勃活力和持续创新的发展势头。 中国短剧 · 世界故事 国短剧·世界故事 2025年8月28日 汇付国际跨境支付解决方案专家Anna现场分享跨境支付如何为短剧出海"加速变现"，引燃全场热度与讨论。 针对以上痛点，汇付国际提供一站式短剧出海支付方案，支持全球六大卡组及150余个国家和地区支付方式，实现全球收单、付款及账户管理。其API集 成便捷，支持端到端流程管理，并提供智能优化支付方案，提升交易成功率。通过自动化操 ...

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。 ...

但是，"无感消费"在方便之余，也伴随一些糟心事。有家长发现孩子没经过同意，就在电商、游戏平台用免密付了钱；还有老人操作不熟练，误点开通免 密，钱扣了都不知道。某投诉平台上，关于免密支付的投诉多达6.5万条。 坐公交扫码进站、便利店随手一刷、视频会员自动续费……您发现没有，现在花钱变得越来越"没感觉"。 翻翻手机，无论支付宝、微信，还是京东、滴滴、抖音、美团、携程，几乎都有免密支付或自动扣款服务。 山西的小王跟本刊记者吐槽，她妈妈喜欢拼单、网购，有段时间总收到莫名快递。小王研究了半天才"破案"，是妈妈无意间开通了免密支付，一键下单、无 需支付密码，不知不觉买回来不少没用的东西。 复旦大学国际金融学院助理教授唐敦哲认为，免密支付能够极大程度缩短支付链条、提升支付效率，因此越来越多的平台开始在页面设计上做文章，让免密 支付的开通具有诱导性。 免密支付容易让人"脑子一热"乱花钱。95后小楠就有这体会：以前输密码时还会犹豫"这东西真需要吗"，开了免密后，一键下单，月底看账单才发现花多 了。"完全没了花钱的实感，刷着刷着脑子一热就下单了。" 清华大学消费金融研究院的调研显示，用"免密支付"的人，单次消费金额平均涨了18% ...

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]

一、中国企业全球收付款趋势 近年来中国跨境电商和出海企业快速扩张，在这个过程中，全球收付款服务呈现以下趋势： 在这些趋势下，专业第三方支付服务提供商（PSP）扮演着关键桥梁角色，令中国企业能快速搭建全球支付系统。这些支付公司可以为出海企业提供： 多市场、多渠道、多币种并行：企业布局欧美、东南亚、南美、中东等地，需支持国际信用卡、本地钱包、本地便利店支付等多种方式。 收付款效率逐渐提升、汇兑成本逐渐下降：多币种账户体系的建立支持企业原币种入账、快速换汇，提现时间缩短至数小时。 合规和风控要求越来越高：各国反洗钱监管逐年严格，因此要求支付服务商拥有本地牌照和合规体系；因欺诈、拒付频发，企业更需要技术驱动的实 时风险防控能力来保驾护航。 整合全球网关，连接国际卡组织及本地支付渠道，为企业运作过程中对多市场、多渠道、多币种的需求提供支持； 提供支付+清结算一体化链路，包括但不限于：风控、网关、3DS验证、收款、换汇、结汇、付款、提现； 稳健的风控与合规保护体系：以PCI-DSS等国际认证、本地牌照资质为基础，对出海企业进行诈骗防控； 支持技术集成与运营落地：API/SDK快速接入、控制台管理、数据报告、本地客服支持。 ...