作者 | 每次我把PayPal（纳斯达克股票代码：PYPL）作为投资目标时，它的股价总是先上涨，然后回落到60多美元左右的水平。 但我现在仍然相信，以低于市场的倍数收购一家拥有巨大增长潜力的金融科技公司，绝对是物超所值。PayPal的资产负债表依然保守，其股价涨幅 仍远低于盈利、收入和自由现金流的涨幅。 业 绩 2025年第一季度财务业绩 - 净收入增长 1%，达到 78 亿美元；按货币中性计算 ["FXN"] 增长 2%。 - 交易保证金增长 7%，达到 37 亿美元；扣除客户余额利息后的 TM 美元增长 7%，达到 34 亿美元。 - GAAP 营业收入增长 31% 至 15 亿美元；非 GAAP 营业收入增长 16% 至 16 亿美元。 -GAAP营业利润率扩大447个基点至19.6%；非GAAP营业利润率扩大257个基点至20.7%。 -GAAP EPS 增长 56% 至 1.293 美元；非 GAAP EPS 增长 23% 至 1.33 美元。 简而言之，除了营收之外，其所有重要领域都实现了增长。交易量正在增长（支付总额对金融科技股至关重要），GAAP 营业收入、利润率和 每股收益均大幅增长。在紧急 ...

MallBook：13年银行级分账技术，资金安全、合规有保障，支持全场景，提供合规分账方案以规避 "二清" 风险，还支持自动结算、多方对账。 拉卡拉：分账与资金存管一体化，适合平台类电商。 Ping++：提供聚合支付及分账API，支持多级分账、动态分账比例，适合有高定制化需求的电商商家。 银行系分账方案： 微众银行(分账通)：基于银行账户体系，资金封闭式管理，合规性强，适合大额或高合规要求的电商场景。 网商银行(大雁系统)：与淘宝生态协同，支持多角色分润、灵活结算周期，适合与淘宝生态相关的电商平台。 国际分账方案： Stripe：支持全球分账，能灵活处理多方分润，适合跨境电商或跨境服务。 PayPal：提供 Payouts API，可分账至多个 PayPal 账户，但费率较高。 Adyen：支持多币种分账，适合国际化电商平台。 电商平台可从以下几个方面选择分账系统： 合规性：确保系统服务商持有央行颁发的《支付业务许可证》，资金存管于银行或持牌机构，实现 "交易 — 分账 — 结算" 全流程封闭运行，避免 "二清" 风险。 灵活性与扩展性：支持按比例、固定金额、阶梯式等多种分账规则，可动态调整分账比例，以适应不 ...

Deluxe (DLX) Q1 2025 Earnings Call April 30, 2025 05:00 PM ET Company Participants Brian Anderson - Vice President of Strategy & Investor RelationsBarry McCarthy - President and CEOChip Zint - Senior Vice President & CFOKartik Mehta - Executive MD & Director of ResearchCharlie Strauzer - Senior Managing DirectorJonnathan Navarrete - Equity Research Vice President Conference Call Participants Marc Riddick - Business Services Analyst Operator Ladies and gentlemen, thank you for standing by, and welcome to the ...

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][19] - Comparable adjusted EBITDA for the quarter was just over $100 million, increasing nearly 3.5% from 2024 [10][20] - Comparable adjusted EPS finished at $0.75, reflecting just over 4% expansion versus the prior year [10][21] - 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 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 [21] - B2B segment revenues finished at $70.2 million, increasing 1.2% versus 2024, with adjusted EBITDA dollars remaining flat at $13.3 million [22][23] - Print segment revenue declined 4% year over year, with legacy check revenues declining 1.8% [26] Market Data and Key Metrics Changes - The revenue mix shifted towards payments and data offerings, with the ratio moving from 57:43 to 54:46 in favor of payments and data segments [11] - The Data Solutions segment achieved record levels for the quarter, with revenues of $77.2 million, reflecting a growth of 29.3% [24] Company Strategy and Development Direction - The company is focused on executing its North Star strategy, which emphasizes free cash flow and profit growth [5][14] - The management is maintaining overall guidance ranges for 2025 despite macroeconomic uncertainties [31][32] - The company aims to optimize its balance sheet and reduce net debt levels, with a long-term target of three times leverage or better by the end of 2026 [28][29] 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 continues to monitor consumer sentiment and discretionary spending for potential impacts on its outlook [6] - Despite anticipated challenges, management remains confident in achieving its 2025 revenue and EBITDA goals [14][31] Other Important Information - The company received an S&P ratings upgrade, improving its rating from B- to single B, with a positive outlook [28] - Free cash flow for the quarter was $24.3 million, improving by $18.1 million from the previous year [29][30] - A regular quarterly dividend of $0.30 per share was approved, payable on June 2, 2025 [30] Q&A Session Summary Question: Can you provide more detail on the merchant business and its performance? - The merchant business continues to perform well across various market conditions, with strong retention and ongoing volume from diversified customer categories [33][34] Question: What strategic changes might occur with the new leadership in the merchant business? - The new leadership aims to improve partnership relationships and expand distribution channels, with recent partnerships indicating a move upmarket [35][36] Question: How should we model the segment performance, especially with potential declines? - The data segment is expected to continue strong growth, while print may see a larger decline due to promotional pressures [40][43] Question: What is the secret to the data segment's recent success? - The data business leverages a large consumer and small business database combined with advanced AI tools to effectively target marketing campaigns [46][48] Question: What is the potential impact of the Trump administration's commentary on physical checks? - The company has no direct exposure to government checks and does not anticipate significant collateral impacts from the announcement [52][55] Question: Have there been signs of spending pull forward due to tariffs? - There was a small amount of pull forward in promotional products, but no significant evidence of stocking in the business [56] Question: What are the potential catalysts for driving additional partnerships? - The company has strong brand recognition and relationships in the banking sector, which positions it well for future partnerships [61][62]

7. 斯泰兰蒂斯(STLA.N)第一季度营收358亿欧元，同比下降14%，低于分析师预测的354亿欧元。因关税 相关不确定性，暂停发布2025年财务指引。 8. Visa(V.N)2025财年Q2营收96亿美元，市场预期95.5亿美元，去年同期87.8亿美元。 9. 淡水河谷(VALE.N)CEO：公司已在4月份逆转了第一季度铁矿石产量下降的趋势；对实现年度产量指 引充满信心。 金十数据整理：每日美股市场要闻速递（4月30日 周三） 重要新闻 个股新闻 1. 超微电脑(SMCI.,O)盘前大跌近17%。公司公布第三财季的初步业绩，营收为45亿至46亿美元，而分 析师预期为53.5亿美元。 5. 微软(MSFT.O)：微软将积极抗辩任何政府暂停或停止其在欧洲云业务的命令。在16个欧洲国家扩展 数据中心业务。 6. 阿里巴巴(BABA.N)将于2025年5月15日公布2025年3月份季度及2025财政年度业绩。 1. 美国第一季度实际GDP年化季率初值录得-0.3%，创2022年第二季度以来新低。 2. 美国金融交易和预测市场平台Kalshi目前预期今年美国经济衰退的概率为74%。 3. 美国4月ADP就业人数增 ...

拿下中国香港支付牌照，境外本地收单有望加速开展。1）跨境支付业务，公司持续完善海外牌照布 局，不断加强跨境支付及境外本地收单业务的产品、团队和渠道建设，成功获得中国香港 MSO 牌照， 全球支付牌照版图进一步完善。 事件：新国都于2025 年3 月27 日晚发布年报，2024 年公司实现营收31.48亿元，同比下滑17.20%；实现 归母净利润2.34 亿元，同比下滑68.98%；实现扣非净利润4.92 亿元，同比下滑29.63%。公司于2025 年4 月23 日晚发布2025 一季报，25Q1 公司实现营收7.01 亿元，同比下滑10.39%；实现归母净利润1.56 亿 元，同比下滑29.15%；实现扣非净利润1.48 亿元，同比下滑29.85%。 毛利率保持提升，持续做好费用控制。2024 年公司整体毛利率达到40.6%，相较于2023 年提升 1.76pct，继续保持良好增长趋势。费用方面，2024 年公司销售、管理、研发费用同比变化分别 为-29%、-5%、基本持平，费用投入方面继续保持良好的控制能力。进一步看2025Q1，公司持续做好 费用控制，25Q1 销售、管理、研发费用同比变动分别为-50%、 ...

原标题：韩国釜山地铁市内站点全线支持微信支付 中国游客出行更便捷 近年来微信支付在韩国的覆盖量不断扩大。2024年，微信支付在韩国的线下交易笔数较2019年同期 实现了超翻倍增长。目前，在首尔、釜山、济州等知名景点、购物中心、连锁便利商超及网红商圈，都 可以看到微信支付的标识，覆盖全韩的Zero Pay也支持中国用户使用微信支付。 不仅如此，微信支付当天还宣布推出专项优惠活动，4月28日至7月27日，使用"Triplabo旅韩"微信 小程序首次购买釜山地铁票即享7折优惠，最高可省20元。 釜山交通公社长李炳振表示，此次和微信支付的合作，是为中国游客提供交通服务的新模式，希望 可以帮助中国游客大幅度降低使用公共交通的障碍。微信支付东北亚及中亚负责人Cece也在签约现场说 道："通过与釜山交通公社的合作，能够为来釜山的中国游客提供更便捷的智慧城市体验，非常有意 义。" "很丝滑、很方便！不用兑换现金、也不用买交通卡，用的是我们熟悉的微信支付和小程序，就和 在国内坐地铁一样。"旅行博主敏珠当天在釜山海云台站用微信购票乘坐地铁后评价道。 釜山观光公社数据显示，外国游客在釜山使用的交通方式中，城市地铁占比最高。随着中国 ...

万事达卡为商家增加稳定币结算支持 金十数据4月29日讯，万事达卡公司宣布，随着全球对通常与法定货币挂钩的数字资产的监管越来越清 晰，它将为商家提供接受稳定币支付的选择。万事达卡在一份新闻稿中表示，它正在与支付处理商 Nuvei、稳定币发行商Circle和Paxos等公司合作，以实现加密货币支付。今年早些时候，美国立法者推 出了《指导和建立美国稳定币创新法案》 （GENIUS Act），旨在为美国的稳定币创建一个监管框架。 该法案于今年3月通过了参议院委员会的投票，有望成为法律。渣打银行在最近的一份报告中估计，在 未来三年内，稳定币市场可能会飙升至2万亿美元。与此同时，万事达卡还表示，它正在与加密货币交 易所OKX合作，推出一种新卡。 ...

Group 1 - The stock market saw significant trading activity with a total turnover of 1.11 trillion yuan, a decrease of 120.7 billion yuan compared to the previous trading day [2] - Several sectors experienced gains, including PEEK materials, electricity, pet economy, vitamins, and banking, while sectors like newly listed stocks, software development, and cloud computing faced declines [2] - Notable high-performing stocks included Guofang Group, which achieved a 10.04% increase and recorded 13 trading days with gains [2][3] Group 2 - The top three net buying stocks on the Dragon and Tiger list were Hailian Jinhui, Qingdao Jinwang, and Shuangcheng Pharmaceutical, with net purchases of 201 million yuan, 115 million yuan, and 112 million yuan respectively [4] - The top three net selling stocks were Huaxi Energy, Tianyouwei, and Xianda Co., with net sales of 135 million yuan, 82.5 million yuan, and 78.9 million yuan respectively [5] - Hailian Jinhui's stock surged by 9.95%, with a turnover rate of 37.27% and a total transaction volume of 3.876 billion yuan [7] Group 3 - Qingdao Jinwang's stock rose by 2.24%, with a turnover rate of 57.39% and a total transaction volume of 3.639 billion yuan, while institutional investors net bought 236 million yuan [12] - Shuangcheng Pharmaceutical's stock saw a significant increase, with a turnover rate of 23.40% and a total transaction volume of 936 million yuan, despite a net sell-off by institutional investors [15] - The stock of Yufu Co. increased by 9.95%, with a turnover rate of 17.60% and a total transaction volume of 1.419 billion yuan, while institutional investors net sold 18.5 million yuan [19]