Core Viewpoint - The stock of Huijin Technology, once a tenfold bull stock, has faced a trading halt due to impending ST risk, despite its poor fundamentals and revenue below 100 million yuan [1][3]. Group 1: Company Performance and Financials - Huijin Technology's main business involves providing "cloud + end" solutions for the financial industry using technologies like IoT and AI [1]. - The company revised its 2024 performance forecast, projecting revenue between 88.85 million yuan and 93.80 million yuan, down from the previous estimate of 101 million to 103 million yuan [3]. - The net loss forecast for 2024 was expanded from a pre-loss of 14.5 million to 19.8 million yuan to a new range of 17.2 million to 22.2 million yuan [3]. - The company reported a revenue of 68.55 million yuan for the third quarter, a year-on-year decrease of 38.51%, with a net loss of 4.08 million yuan [9]. Group 2: Regulatory and Compliance Issues - Huijin Technology received a warning from regulators for failing to disclose the risk of ST status and for not reporting revenue below 100 million yuan in a timely manner [4][5]. - The company’s executives were held responsible for the disclosure violations, leading to administrative measures against them [4][5]. Group 3: Market Activity and Investor Behavior - Despite poor financial performance, Huijin Technology's stock was heavily speculated upon, leading to a market capitalization exceeding 20 billion yuan [10][12]. - Institutional investors, including Huabao Fund, entered the stock market, acquiring over 220,000 shares, with Huabao Fund being the largest new investor with over 136,000 shares [12][13]. - The stock's trading activity was primarily driven by retail investors and speculative trading, raising questions about the sustainability of its valuation [12]. Group 4: Control Change and Future Prospects - The actual controller of Huijin Technology is planning a change in control, with a framework agreement signed for transferring 20% of shares to Zibo High-tech State-owned Capital Investment Co., Ltd. [6][7]. - The first share transfer is pending approval from relevant state-owned asset supervision authorities, creating uncertainty about the completion of the control change [8].

外资态度来看，本期较上一期持股增加的外资基金共计1个，即香港中央结算有限公司，持股增加占比 小幅上涨。本期较上一季度持股减少的外资基金共计1个，即PORT WING DEVELOPMENT COMPANY LIMITED，持股减少占比达0.21%。 2025年3月31日，宇信科技(300674.SZ)发布2024年年度报告。截至2025年3月30日，共有124个机构投资 者披露持有宇信科技A股股份，合计持股量达2.87亿股，占宇信科技总股本的40.72%。其中，前十大机 构投资者包括珠海宇琴鸿泰创业投资集团有限公司、PORT WING DEVELOPMENT COMPANY LIMITED、百度(中国)有限公司、北京宇信科技集团股份有限公司回购专用证券账户、香港中央结算有 限公司、招商银行股份有限公司-南方中证1000交易型开放式指数证券投资基金、中国建设银行股份有 限公司-华宝中证金融科技主题交易型开放式指数证券投资基金、广发中证1000ETF、万家中证1000指 数增强A、招商量化精选股票发起式A，前十大机构投资者合计持股比例达39.85%。相较于上一季度， 前十大机构持股比例合计下跌了0.53个百分点。 ...

Financial Performance - The company reported a basic earnings per share of 0.5500 yuan for 2024, an increase of 17.02% compared to 0.4700 yuan in 2023 [1] - The net profit for 2024 was 3.8 billion yuan, reflecting a growth of 16.56% from 3.26 billion yuan in 2023 [1] - Operating revenue decreased to 39.58 billion yuan in 2024, down 23.94% from 52.04 billion yuan in 2023 [1] - The return on equity increased to 9.15% in 2024, up from 8.19% in 2023, marking an increase of 11.72% [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 30,659.56 million shares, accounting for 43.61% of the circulating shares, with a decrease of 523.05 million shares compared to the previous period [1] - Zhuhai Yuqin Hongtai Venture Capital Group Co., Ltd. remains the largest shareholder with 18,425.69 million shares, unchanged from the previous report [2] - New entrants in the top ten shareholders include China Merchants Bank Co., Ltd. - Southern CSI 1000 ETF with 465.05 million shares and China Construction Bank Co., Ltd. - Huabao CSI Financial Technology Theme ETF with 464.48 million shares [2] Dividend Distribution - The company announced a dividend distribution plan of 10 shares for every 2.6 yuan (including tax) [3]

Core Viewpoint - The financial technology companies listed in the US and Hong Kong have shown stable performance in 2024, with various companies achieving growth in revenue and net profit, driven by digital transformation in the financial industry [2][3]. Financial Performance - Xinyi Technology achieved a revenue of 13.07 billion yuan, a year-on-year increase of 4.1%, with a net profit of 2.39 billion yuan, remaining stable [2]. - Lexin reported a revenue of 14.204 billion yuan, up 8.78% year-on-year, and a net profit of 1.1 billion yuan, an increase of 3.24% [2]. - Xiaoying Technology's total net income reached 5.8718 billion yuan, growing by 21.95%, with a net profit of 1.5399 billion yuan, up 29.75% [2]. - Qifu Technology achieved a revenue of 17.166 billion yuan, a 5.38% increase, and a net profit of 6.2 billion yuan, growing by 46% [2]. - Jiayin Technology reported a revenue of 5.801 billion yuan and a net profit of 1.057 billion yuan, with a loan matching transaction volume exceeding 100 billion yuan, up 14.4% [2]. International Business Expansion - Financial companies are actively expanding their international business, with Fintech One connecting with 197 clients across 20 countries and regions [4]. - Xinyi Technology has provided credit technology services to 7 million users internationally, with an annual transaction volume exceeding 10 billion yuan, a 27.8% increase [4]. AI Integration and Technological Advancements - Qifu Technology is advancing its "AI+" strategy, focusing resources on AI applications in credit scenarios [4]. - Jiayin Technology is enhancing AI technology in customer service, risk control, and marketing, achieving full-chain intelligent and digital upgrades [4]. - Xinyi Technology is increasing its investment in AI research and development, integrating AI deeply into business processes [4]. - Lexin's proprietary AI model "Singularity" is being applied in efficiency improvement and business empowerment [5]. - Fintech One is enhancing product intelligence and convenience through AI applications, improving sales and marketing quality and efficiency [5]. Overall Industry Outlook - The financial technology companies listed in the US and Hong Kong are demonstrating strong resilience in their performance, with a dual development pattern of "technology-driven + globalization" [3][5].

Financial Data and Key Metrics Changes - Q4 gross originations grew 11.3% year over year to $75.2 million, with a two-year stack growth of 25.7% [37] - Q4 revenue increased by 9.4% to $63 million, marking the seventh consecutive quarter of year-over-year growth [41] - Full year 2024 gross profit was approximately $45.8 million, up about 10% compared to 2023, with a gross margin of 18.5% [43][44] Business Line Data and Key Metrics Changes - For Q4, gross originations from the top 25 merchants grew 10%, while excluding home furnishings and mattress categories, gross originations grew over 50% year over year [40][38] - Approximately 68% of total gross originations in 2024 came from direct and waterfall merchants [27] Market Data and Key Metrics Changes - Approximately $127 million of gross originations in 2024 began in the Catapult app, with K Pay enabling nearly $77 million of those originations [12] - Total app originations grew by 32% year over year in Q4, with K Pay originations up approximately 52% year over year [18] Company Strategy and Development Direction - The company has transformed from a single input-driven business to a multi-dimensional growth engine, focusing on consumer and merchant engagement [7][16] - Plans for 2025 include driving additional top-of-funnel activity, enhancing consumer engagement, and improving unit economics [16][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued growth despite a challenging macro environment, particularly in the home furnishings and mattress category [51][52] - The company anticipates gross originations growth of at least 20% and revenue growth of at least 20% for 2025 [53] Other Important Information - The company reported a Q4 adjusted EBITDA loss of $1.1 million, which was below expectations due to strong top-line growth and lease depreciation costs [47] - As of December 31, 2024, total cash and cash equivalents were $16.6 million, with $82.8 million in outstanding debt on the revolving credit facility [49] Q&A Session Summary Question: Outlook for margin in 2025 - Management expects gross profit to remain in the 18% to 20% range for 2025, consistent with previous years [56] Question: Changes in consumer behavior due to tariffs - Management has not observed significant changes in consumer behavior related to tariffs, with delinquencies remaining stable [58][59] Question: Drivers for improved EBITDA margin - The improvement in EBITDA margin is primarily due to diligent expense management and investments in technology and marketing [67] Question: Growth in Wayfair originations - Wayfair's gross origination growth continues to be down, but the business outside of Wayfair remains strong, growing at 50% [68][69] Question: Merchant acquisition in uncertain macro environments - Management believes that uncertainty can accelerate merchant acquisition as they seek growth opportunities [74][75]

Core Insights - Qifu Technology announced a significant capital market action by planning to issue up to $600 million in convertible senior notes, maturing in 2030, with an option for initial buyers to purchase an additional $90 million within 13 days of issuance [1][4] - The net proceeds from the note issuance will primarily fund a new share repurchase plan, which aims to enhance the earnings per American Depositary Share (EPADS) immediately after the completion of the note issuance [1][4] Capital Market Actions - The notes will be unsecured general debt and are set to mature on April 1, 2030, unless repurchased, redeemed, or converted prior to that date [4] - Noteholders can request cash repurchase of their notes at 100% of the principal amount on April 3, 2028, or upon certain fundamental changes [4] ESG Report Highlights - Qifu Technology released its 2024 Environmental, Social, and Governance (ESG) report, showcasing significant progress in inclusive finance, rural revitalization, green low-carbon initiatives, and user rights protection [4][5] - In inclusive finance, the company developed an advanced three-dimensional knowledge graph system that accurately identifies small and micro enterprises with a coverage rate of 97.26% [4] - The company assisted financial institutions in providing over 100 billion yuan to small and micro enterprises in 2024, accounting for 31.2% of its overall business scale [4] Green Initiatives - Qifu Technology supported 242,000 environmentally friendly enterprises with 19.16 billion yuan in funding, focusing on renewable energy and clean technology [5] - The company promoted green consumption through 31.86 billion yuan in loans for new energy vehicle owners, serving 191,000 users [5] User Rights Protection - The company established a comprehensive data protection system covering the entire data lifecycle, processing billions of data interactions through a newly launched data exchange gateway [5] - The zero-trust security architecture improved access control list (ACL) opening efficiency by 30%, while the security situation awareness system identified millions of fraudulent information instances, successfully preventing losses amounting to 259 million yuan [5]

Core Insights - The report emphasizes the importance of technology-driven initiatives and collaborative efforts in enhancing consumer rights protection, showcasing significant achievements in fraud prevention and user satisfaction [1][4][7] Group 1: Consumer Rights Protection Achievements - In 2024, the company blocked over 26,000 fraud attempts, preventing losses of nearly 370 million yuan [1][7] - The user satisfaction rate reached 98.6%, with a first-contact resolution rate of 74.1% [4][6] - The company provided financial support totaling 1.018 billion yuan to users through its upgraded consumer protection assistance mechanism [6] Group 2: Technological Innovations - The company developed a comprehensive fraud prevention technology matrix, integrating advanced technologies such as voiceprint recognition and real-time connections to industry databases [9] - It sent out 6.4 million risk alert messages to over 13.52 million users, enhancing risk awareness [9] Group 3: Collaborative Efforts and Public Education - The company launched a series of financial consumer education initiatives, reaching over one million users across various provinces [10][11] - It collaborated with multiple financial institutions to promote consumer rights protection education, implementing joint activities in several regions [11][12] Group 4: Future Outlook - The company acknowledges the ongoing challenges in consumer rights protection and aims to enhance its efforts through technology, system improvements, and collaborative approaches [4]

天阳科技获ESG评级A级认证 展现金融科技行业可 持续发展成果 海南绿色发展信用评级有限公司（以下简称"绿发信评"）近日发布评估结果，天阳宏业科技股份有限公 司（以下简称"天阳科技"）在环境、社会和公司治理（ESG）领域的综合表现获评A级，为金融科技服 务行业可持续发展提供实践参考。 绿发信评从环境责任履行、社会责任担当及公司治理效能三大维度对天阳科技展开系统评估。结果显 示，天阳科技在环境领域通过绿色办公、节能减排等举措有效降低资源消耗，践行碳中和承诺；在社会 责任方面，企业构建了员工职业发展体系与激励机制，提供多样化福利保障，客户满意度保持行业前 列；在公司治理层面，其风险管理与内控制度完善，运营透明度较高，并已取得环境、质量、信息安全 等多项管理体系认证。 绿发信评相关负责人表示，此次评级体现了天阳科技在平衡经济效益与社会责任方面的积极探索，反映 出金融科技行业对可持续发展理念的重视。"天阳科技在细分领域的技术积累与实践经验，为行业提供 了有益借鉴。"该负责人指出。 公开资料显示，天阳科技长期专注于银行数字化转型、金融云平台建设等核心业务，多项技术应用处于 行业领先水平。此次获评A级ESG认证，标志着企 ...

Financial Data and Key Metrics Changes - IDT Corporation generated record levels of gross profit, income from operations, and adjusted EBITDA in the second quarter, with consolidated adjusted EBITDA reaching a record $34 million, bringing the total for the first half of the year to $63 million [21][11][12] - The company expects to achieve approximately 40% adjusted EBITDA growth in fiscal 2025, building on the record $90 million obtained in fiscal 2024 [21] Business Line Data and Key Metrics Changes - NRS reported a 32% growth in recurring revenue, with adjusted EBITDA exceeding $10 million, and $310 in recurring revenue per terminal [15][11] - BOSS Money achieved a transaction volume of 5.7 million, with digital transactions representing over 80% of all remittances, and gross profit growth of 35% to a record $22 million [16][17] - net2phone's subscription revenue increased by 9% to $21 million, with a 14% increase on a constant currency basis [18] Market Data and Key Metrics Changes - Same-store sales at NRS retailers increased by 3.5% year-over-year in February, indicating healthy business activity [22] - BOSS Money's transaction volume in February increased by over 30% compared to the previous year, achieving the second highest weekly remittance transaction volume in its history [22] Company Strategy and Development Direction - The company is focusing on deepening market penetration and enhancing the value of its solutions for retailers through new features and functionalities [7] - IDT plans to continue returning value to shareholders through stock repurchases and increasing dividends, with a 20% increase in the quarterly dividend announced [11][26] Management's Comments on Operating Environment and Future Outlook - Management remains cautiously optimistic about the impact of new federal immigration policies, noting no significant slowdown in business across segments [22] - The company is optimistic about the trajectory and opportunities in the U.S. market, with no immediate plans for organic international expansion [35] Other Important Information - The company provided capital expenditures from each reporting segment for the first time, offering greater clarity into cash generation [13] - IDT's traditional communications segment has seen adjusted EBITDA increase for three consecutive quarters, surpassing $20 million for the first time since fiscal 2022 [11][20] Q&A Session Summary Question: NRS terminal growth guidance - Management acknowledged a slight delay in adding units but expressed confidence in making up for it over the year due to new sales personnel [36] Question: Advertising revenue performance - Advertising revenue increased by 12% year-over-year, with data side growth of nearly 40% [34] Question: International expansion plans for NRS - Management indicated that international expansion is not a current focus, with potential acquisitions being a more likely route for entering new markets [35] Question: net2phone revenue growth despite low seat count addition - Management noted a good pipeline of larger deals and expects better performance in the second half of the year [39] Question: BOSS Money working capital requirements - Management clarified that the strong balance sheet supports working capital needs, allowing avoidance of financing costs [45] Question: Balancing profitability and growth in BOSS Money - Management emphasized a cautious approach to growth, focusing on profitability while exploring opportunities for investment in customer acquisition [51][56] Question: Expansion into new verticals for BOSS Money - Management reported positive initial results from new markets like Venezuela, while Brazil is still in the launch phase [62]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 TradeGo FinTech Limited 捷利交易寶金融科技有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：8017） 自願公告 二零二五年二月之未經審核營運數據 本公告乃由捷利交易寶金融科技有限公司（「本公司」，連 同 其 附 屬 公 司 統 稱「本 集 團」）自 願 刊 發。 本公司董事（「董 事」）會（「董事會」）欣然宣佈本集團截至二零二五年二月止之未 經審核營運數據（「營運數據」）以使本公司股東（「股 東」）及潛在投資者（「潛在投 資 者」）知 悉 本 集 團 最 新 資 料。營 運 數 據 僅 供 參 考，並 不 代 表 本 集 團 任 何 收 入 增 長 趨 勢。 | | 二零二五年 | 二零二四年 | | | --- | --- | --- | --- | | | 二 月 | 二月 | 同 ...