移卡2025年上半年业绩分析显示，尽管公司在海外扩张和AI应用方面取得进展，但核心支付业务的交 易量下滑暴露出增长乏力的隐忧。截至2025年6月30日止六个月，移卡总支付交易量为人民币11444亿 元，较去年同期下降1.9%，这一数据反映出公司在激烈的市场竞争中面临的挑战。 海外业务快速增长但规模仍显有限 移卡在海外市场扩张方面表现积极，成功获得美国MSB联邦支付牌照后，又顺利取得亚利桑那州MTL 州级支付牌照，并获得日本经济产业省批准在日本展开线上线下扫码收单业务。这些牌照的获得为公司 全球化布局奠定了基础，显示出管理层对国际市场的重视。 海外业务的财务表现确实亮眼。报告期内海外业务交易量超过人民币15亿元，已超过去年全年约11亿元 的交易量，海外支付费率达到67.0个基点，毛利率超过50%，远高于国内业务水平。海外商户单户季度 交易量也远高于国内水平，体现出海外市场的盈利潜力。 然而，需要注意的是，海外业务虽然增长迅速，但在公司整体业务中的占比仍然较小。15亿元的海外交 易量相比11444亿元的总交易量，占比不足0.15%。这意味着海外业务虽然具有较高的盈利能力，但短 期内难以对公司整体业绩产生实质性影响 ...

坚持国际化布局与产品创新双轮驱动。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 移卡有限公司（以下简称 "移卡"，9923.HK） 于 8月21日 发布 了 2025年 中期业绩 。 2025年上半年 ， 移卡营收为 16.42亿元 （ 人民币， 下同），同比 增长 4.0%；期内利润为 4137万元， 同比 增长 27% 。 其中，移卡一站式支付服务 2025年上半年支付GPV近1.14万亿元，日交易笔数峰值近6,000万笔 。值得注意的是， 海外业务作为移卡近年来发力的重点 ， 2025年上半年交易量超越上年全年交易 量，达15亿元 。 渠道方面，继成功取得美国 MSB（Money Services Business）后，移卡顺利获得亚利桑那州 MTL（Money Transmitter License）州级支付牌照，持续拓展全球主要经济体的版图。同时，移 卡支撑战略合作伙伴汇丰银行提升其收款管理方案，新增支持支付宝、支付宝香港及微信支付等方 式，并共同探索数字货币及海外市场的进一步合作。 值得一提的是，移卡在 7月份获得日本经济产业省 ...

每经记者｜潘婷 每经编辑｜张益铭 8月21日，移卡发布2025年中期业绩。报告期内，公司实现营收16.42亿元人民币，与上年同期相比增长 4%；实现期内利润4137万元人民币，与上年同期相比增长27%。 其中，移卡一站式支付服务业绩亮眼，2025年上半年支付GPV（总支付额）近1.14万亿元人民币，日交 易笔数峰值近6000万笔；海外业务快速增长，上半年交易量超越上年全年交易量，达15亿元人民币。 另外，人工智能技术持续渗透移卡集团各业务线并带来积极改变。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%，各项费用全线下降。 移卡表示，公司已经在海外市场建立起一套相对成熟且易于复制的业务模式并累积了良好业绩。随着陆 续获得美国、日本等主要市场的本地支付牌照，海外业务对支付总毛利的贡献预期也将持续攀升。 封面图片来源：图片来源：每日经济新闻 刘国梅 摄 2025年上半年，移卡支付业务的费率与盈利能力逐步回升。 其中，一站式支付服务营收同比增长6.1%至14.29亿元人民币，业务毛利润同比大幅提升110.3%至人民 币1.95亿元，毛利率同步攀升至13.7%，显著优化了支付服务的盈利能力。 移卡 ...

同时，2025年移卡海外业务实现稳健高速增长，上半年海外GPV突破人民币15亿元，超越去年全年约11 亿元的交易额，展现出强劲的市场拓展能力与客户认可度。 渠道方面，据披露，继成功取得美国MSB（Money Services Business）后，移卡顺利获得亚利桑那州 MTL（Money Transmitter License）州级支付牌照，持续拓展全球主要经济体的版图。同时，该公司支 持战略合作伙伴汇丰银行提升其收款管理方案，新增支持支付宝、支付宝香港及微信支付等方式，并共 同探索数字货币及海外市场的进一步合作。另外，移卡在7月份获得日本经济产业省的正式批准，授权 在日本开展线上线下（300959）扫码收单业务，进一步巩固当地团队与既有业务基础，增强商业化实 力。 本报讯 （记者李冰）8月21日，港股上市的基于支付的科技平台移卡有限公司（以下简称"移卡"）发布 2025年中期业绩：2025年上半年营收为16.42亿元，与上年同期相比增长4.0%；期内利润为4137万元， 与上年同期相比增长27%。 财报显示，移卡2025年上半年支付GPV近1.14万亿元，日交易笔数峰值近6000万笔；海外业务作为移卡 近 ...

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].

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Group 1: Macro Insights - The report identifies resilient export products under tariff impacts, highlighting that products with technical barriers and differentiation show stronger pricing power in the long term, leading to a virtuous cycle of "volume and price increase + increased dependency" [2] - In the short term, a general decline in exports is observed, with more resilience reflected through re-export trade, and high-dependency products showing weak overseas substitution effects [2] Group 2: Market Performance - The A-share and Hong Kong stock markets are expected to be minimally affected by the recent Middle East tensions, as historical data shows limited impact during such events [3] - The report notes that the share of the Middle East in China's import and export trade is low, indicating a weak direct impact on the domestic economy [3] Group 3: Financial Sector Analysis - The report discusses the weak demand affecting credit expansion, with May's financial data showing a year-on-year decrease in credit growth, although government bond issuance supports social financing growth at a stable rate of 8.7% [8] - M1 growth rebounded due to a low base, while M2 growth remains stable [8] Group 4: Semiconductor Industry - Strong AI demand and rising storage prices are expected to boost the semiconductor sector, particularly benefiting companies like SMIC and Hua Hong Semiconductor due to domestic substitution trends [9] - The report recommends focusing on companies with robust performance in non-volatile storage and FPGA sectors [9] Group 5: Real Estate Market - The report indicates that the transaction area of new homes in 30 core cities remained stable year-on-year, with average prices increasing by 5.6% [10] - Key cities like Beijing and Shanghai show significant price increases, suggesting a stabilization in high-tier cities [10] Group 6: Agricultural Sector - The report highlights a potential recovery in pig prices as inventory levels decrease, with policies driving the industry towards destocking [12] - Long-term profitability is anticipated post-destocking, with recommendations for companies like Muyuan Foods and Zhengbang Technology [12] Group 7: Energy Sector - The report notes that seasonal demand for electricity is expected to support stable coal prices, with recommendations for companies with high long-term contracts like China Shenhua [13] - Geopolitical risks in the Middle East are also discussed, with rising oil prices observed [14] Group 8: Non-Banking Financial Services - The report emphasizes the growth potential of Yika, a leading commercial empowerment technology platform, predicting net profits of 101 million, 112 million, and 123 million yuan for 2025-2027 [15] - The company is expected to benefit from a competitive landscape in the payment sector [15] Group 9: Telecommunications Sector - The report projects significant growth for Shengyi Technology, driven by AI-related demand, with net profit forecasts of 2.628 billion and 3.280 billion yuan for 2025-2026 [16] - The long-term growth potential of the company is highlighted [16] Group 10: Retail Sector - The report indicates a significant improvement in operating profit margins for Chow Tai Fook, with a forecasted recovery in net profit for FY2026 and FY2027 [17] - The company's transformation strategy is showing positive results, with expectations of increased consumer demand for gold jewelry [17]

Core Viewpoint - The company is experiencing a recovery in performance driven by its global expansion strategy and continuous growth in its marketing services customer base [2]. Financial Performance - In 2024, the company achieved total operating revenue of 3.09 billion, a year-on-year decrease of 21.9%, while the net profit attributable to shareholders was 82 million, showing a slight increase [3]. - The company's payment service fee rate for 2024 was 11.9 basis points, consistent with industry trends, indicating stable commercialization capabilities [3]. Payment Business - The revenue from the one-stop payment service in 2024 was 2.69 billion, down 22.9% year-on-year, primarily due to macroeconomic fluctuations affecting average transaction amounts [4]. - The gross margin for the one-stop payment service reached 14.2%, an increase of 4.5 percentage points year-on-year, demonstrating significant profitability resilience [4]. - The company maintains a leading position in the industry, with peak daily transaction counts approaching 60 million and a 32% year-on-year increase in the number of SaaS partners [4]. Merchant Solutions - Revenue from merchant solutions in 2024 was 340 million, a decrease of 6.4% from 360 million in 2023, but the gross margin remained stable at 87.2% [5]. - The company focuses on higher profitability customer segments, maintaining strong product profitability and cost control [5]. E-commerce Services - Revenue from in-store e-commerce services was 60 million in 2024, down 40.4% from 100 million in 2023, although the gross margin improved from 80.3% to 81.3% [7]. - The company optimized its charging model, ensuring that upfront revenue contributed 50% to in-store e-commerce income, which supports the profitability of each service project [7]. International Expansion - The company's overseas GPV transaction volume exceeded 1.1 billion in 2024, a nearly fivefold year-on-year increase, indicating strong market expansion capabilities [8]. - The company deepened its penetration into vertical markets, adding well-known brands such as Clinique, Bose, Leica, and Xiaomi to its client roster, enhancing business resilience [8]. - The company joined major payment networks like Visa, Mastercard, and UnionPay International, and established deep collaborations with banks such as Citibank, HSBC, and Barclays to improve global payment network coverage [8].

Business Overview - The company aims to continuously create value for merchants and consumers by building an independent and scalable commercial digitalized ecosystem[4] - The company focuses on one-stop payment services, merchant solutions, and in-store e-commerce services[12] - The penetration rate of self-operated takeaway mini-programs in 2020 was 0.8%[10] - The 2021 integrated payment penetration rate forecast is 29.6%[10] - The 2025E local lifestyle services online penetration rate is 30.8%[11] Operating Metrics - In-store E-commerce Services GMV in the first half of 2022 was greater than RMB 1,355.2 million, a year-over-year growth of 1,789.7%[16] - The company had 9.7 million paying consumers in the first half of 2022, a year-over-year growth of 578.9%[16] - The total GPV for one-stop payment services in the first half of 2022 was approximately RMB 1.06 trillion, a year-over-year growth of 7.4%[18] - The company had over 7.6 million active payment merchants in the first half of 2022, a year-over-year growth of 24.1%[18] Financial Highlights - The company's revenue for the first half of 2022 was RMB 1,641.8 million, a year-over-year growth of 17.1%[24] - Gross profit for the first half of 2022 was RMB 529.3 million, a year-over-year increase of 52.1%, with a GPM of 32.2%, a year-over-year increase of 7.4 percentage points[25] - Adjusted EBITDA for the first half of 2022 was RMB 69.7 million, a half-on-half growth of 39.7%[25] - In-store e-commerce services revenue was RMB 161.6 million, a year-over-year growth of 259.4%[22]

1 Legal Disclaimer 2 • This document has been prepared by YEAHKA LIMITED (the "Company" or "us") for a limited number of recipients and for information purposes only and not for public dissemination. You and your directors, officers, employees, agents and affiliates must hold this document and any oral information provided in connection with this document in strict confidence and may not communicate, reproduce, distribute or disclose it to any other person, or refer to it publicly, in whole or in part at an ...