Core Insights - The digital transformation in the restaurant industry is accelerating, with a reported revenue of 1.82 trillion yuan in the first four months of 2025, reflecting a year-on-year growth of 4.8% [1][3] - There is a significant demand for digital tools among restaurant owners due to inefficiencies in traditional cash register systems and marketing challenges, presenting a lucrative opportunity for service providers like KERUYUN [1][3] Group 1: KERUYUN's Competitive Advantages - KERUYUN has established itself as a leading player in the restaurant SaaS market, covering various dining formats and lowering the barriers for merchants to adopt digital solutions [3] - The company offers a comprehensive solution that addresses the entire lifecycle of restaurant operations, from ordering and payment to marketing and customer retention [3] - KERUYUN provides a full-service support system, including 24/7 customer service and localized engineering support, ensuring a seamless experience for new service providers [3][10] Group 2: Revenue Model and Incentives - KERUYUN has designed a sustainable revenue structure for its service providers, which includes hardware and software margins, annual fees, payment sharing, and company incentives [6] - The successful completion of the "Annual Service Provider Incentive Program" in May 2025 rewarded top-performing service providers with luxury cars, highlighting the company's commitment to shared success [6][8] Group 3: Resource Empowerment and Growth Opportunities - KERUYUN regularly provides service providers with high-intent customer leads and accompanies them on visits to help them quickly build a quality client base [10] - The company offers systematic growth pathways for service providers, including digital marketing courses and immersive experiences to enhance team management skills [11] - KERUYUN's rapid software and hardware updates keep its offerings at the forefront of the industry, enabling service providers to leverage new features and resources effectively [12]

Core Viewpoint - Lakala, a leading third-party payment company, is making significant strategic moves by investing in Tian Cai Shang Long while divesting from Baotou Rural Commercial Bank, indicating a shift back to its core payment business [3][5][6]. Investment Actions - Lakala announced a strategic investment of 250 million yuan in Tian Cai Shang Long, becoming its largest institutional shareholder with over 35% ownership [3][6]. - The company exited its investment in Baotou Rural Commercial Bank by divesting its shares at zero cost, resulting in a fair value change of approximately -135 million yuan [3][5][7]. Financial Performance - For the year 2024, Lakala reported a revenue of 5.759 billion yuan, a decrease of 2.96% year-on-year, and a net profit of 351 million yuan, down 23.26% [5][6]. - The decline in revenue was attributed to reduced hardware sales and technology service income [6][12]. Strategic Focus - The shift from financial investments to the restaurant sector is seen as a crucial step for Lakala to refocus on its payment services [5][6]. - The collaboration with Tian Cai Shang Long aims to leverage technology to reduce operational costs for merchants, enhancing their focus on product innovation and service upgrades [11][13]. Market Outlook - The restaurant industry is experiencing growth, with Tian Cai Shang Long reporting a 23.86% increase in sales during the May Day holiday compared to 2024 [10]. - Lakala plans to deepen its "payment + SaaS" strategy in the restaurant sector, having added over 10,000 SaaS service stores with a transaction amount growth of 65% [13]. Future Plans - Both companies are exploring overseas expansion, targeting regions such as Hong Kong, Macau, Japan, and Southeast Asia [14]. - They are set to launch a new lightweight restaurant software product named "Qing Cheng Restaurant Cloud" [14].